YUNFENG FINANCIAL GROUP LIMITED Suites 3201-3204, One Exchange Square, 8 Connaught Place, Central, Hong Kong T 852 2843 1488
雲鋒金融集團有限公司 香港中環康樂廣場8號交易廣場1座3201-3204室 電話 852 2843 1488
2016 ANNUAL REPORT
二零一六年度年報
STOCK CODE 股份代號：376
YUN
FEN
G FIN
AN
CIAL GROUP LIM
ITED 雲
鋒
金
融
集
團
有
限
公
司
AN
N
UAL REPORT 2016 年
度
年
報
This annual report, in both English and Chinese versions, is available on the Company’s website at
(the “Company Website”).
Shareholders who have chosen or have been deemed consented to receive the corporate
communications of the Company (the “Corporate Communications”) via the Company Website
and who for any reason have difficulty in receiving or gaining access to the annual report posted on
the Company Website will promptly upon request be sent the annual report in printed form free of
charge.
Shareholders may at any time change their choice of the means of receipt (either in printed form or
via the Company Website) of Corporate Communications.
Shareholders may send their request to receive the annual report in printed form, and/or to change
their choice of the means of receipt of Corporate Communications by notice in writing to the share
registrar of the Company, Computershare Hong Kong Investor Services Limited at 17M Floor,
Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong or by sending an email to the share
registrar of the Company at @.
本年度報告的中、英文本已登載於本公司網站（「本公司網站」）。
已選擇或被視為同意透過本公司網站收取本公司的公司通訊（「公司通訊」）的股東，如因任何理由在收取或下
載於本公司網站登載的年度報告有任何困難，只要提出要求，均可立刻獲免費發送本年度報告的印刷本。
股東可隨時更改收取公司通訊的方式的選擇（即收取公司通訊的印刷本，或透過本公司網站取得公司通訊）。
股東可以書面通知本公司的股份過戶登記處，香港中央證券登記有限公司，地址為香港灣仔皇后大道東 183
號合和中心 17M樓，或以電郵致本公司的股份過戶登記處（電郵地址為 @computershare.
）提出收取本年度報告印刷本的要求，及╱或更改收取公司通訊的方式。
1雲鋒金融集團有限公司二零一六年年報
Contents
目錄
Pages
頁次
Corporate Information 2
公司資料
CEO’s Statement 4
行政總裁報告
Management Discussion and Analysis 9
管理層討論及分析
Biographical Details of Directors and Senior Management 21
董事及高級管理人員履歷
Corporate Governance Report 28
企業管治報告
Report of the Directors 44
董事會報告
Environmental, Social and Governance Report 60
環境、社會及管治報告
Independent Auditor’s Report 70
獨立核數師報告
Consolidated Income Statement 81
綜合收益表
Consolidated Statement of Comprehensive Income 82
綜合全面收益表
Consolidated Statement of Financial Position 83
綜合財務狀況表
Consolidated Statement of Changes in Equity 85
綜合權益變動表
Consolidated Statement of Cash Flows 86
綜合現金流量表
Notes to the Financial Statements 88
財務報表附註
Five Year Financial Summary 184
五年財務概要
2 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Corporate information
公司資料
Board of direCtors
Chairman
Mr. Yu Feng (Non-Executive Director)
executive directors
Ms. Li Ting (Chief Executive Officer)
Mr. Huang Xin
Non-executive directors
Mr. Ko Chun Shun, Johnson
Mr. Huang Youlong
Ms. Hai Olivia Ou
independent Non-executive directors
Mr. Lin Lijun
Mr. Qi Daqing
Mr. Chu Chung Yue, Howard
Dr. Wong Yau Kar, David, BBS, JP
audit Committee
Mr. Chu Chung Yue, Howard (Chairman)
Mr. Lin Lijun
Mr. Qi Daqing
Dr. Wong Yau Kar, David, BBS, JP
remuNeratioN Committee
Mr. Lin Lijun (Chairman)
Mr. Qi Daqing
Mr. Huang Xin
Mr. Chu Chung Yue, Howard
NomiNatioN Committee
Mr. Yu Feng (Chairman)
Mr. Lin Lijun
Mr. Qi Daqing
Mr. Chu Chung Yue, Howard
authorised represeNtatives
Ms. Li Ting
Mr. Chan Man Ko
董事會
主席
虞鋒先生（非執行董事）
執行董事
李婷女士（行政總裁）
黃鑫先生
非執行董事
高振順先生
黃有龍先生
海歐女士
獨立非執行董事
林利軍先生
齊大慶先生
朱宗宇先生
黃友嘉博士 , BBS, JP
審核委員會
朱宗宇先生（主席）
林利軍先生
齊大慶先生
黃友嘉博士 , BBS, JP
薪酬委員會
林利軍先生（主席）
齊大慶先生
黃鑫先生
朱宗宇先生
提名委員會
虞鋒先生（主席）
林利軍先生
齊大慶先生
朱宗宇先生
授權代表
李婷女士
陳文告先生
3雲鋒金融集團有限公司二零一六年年報
Corporate information
公司資料
CompaNy seCretary
Mr. Chan Man Ko
auditor
KPMG
Certified Public Accountants
BaNkers
The Hongkong and Shanghai Banking Corporation
Limited
China Citic Bank International
China Construction Bank (Asia)
Bank of China (Hong Kong)
Bank of Communications
registered aNd priNCipal offiCe
Suites 3201-3204
One Exchange Square
8 Connaught Place
Hong Kong
share registrar
Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Floor, Hopewell Centre
183 Queen’s Road East
Wanchai, Hong Kong
WeBsite
stoCk Code
376
公司秘書
陳文告先生
核數師
畢馬威會計師事務所
執業會計師
主要往來銀行
滙豐銀行
中信銀行（國際）
中國建設銀行（亞洲）
中國銀行（香港）
交通銀行
註冊及主要辦事處
香港
康樂廣場八號
交易廣場一座
3201至 3204室
股份過戶登記處
香港中央證券登記有限公司
香港灣仔
皇后大道東 183 號
合和中心 17 樓 1712-1716 室
網站
股票代號
376
4 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
CEO’s Statement
行政總裁報告
Year 2016 was a year of twists and turns for the global
economy. To the Company, it was a year of making
suitable readjustment, strengthening its foundation,
continuing with innovation and sailing against the
wind. Building on its accomplishments in year 2016,
each line of business of the Company became more
sophisticated and together offered a well-balanced,
diversified and one-stop service. This laid a foundation
for the Company’s long term development strategy.
In year 2017, the Company’s goal will continue to
be building a leading Asia focused investment and
financing platform. The Company will keep abreast
of changes in our concerned industries, boost our
core businesses’ competiveness, enhance the user
experience of our products, thus providing better
financial services to more clients.
a defiNed direCtioN amidst
uNCertaiNties
The world is ever changing and year 2016 was no
exception. Last year, there were a number of “black
swan” events such as the increase in volatility of the
global financial market, suspension in growth and
subsequent growth of the economy and change in
direction of policies from currency focused to fiscal
focused. The economy is struggling to recover and this
poses not just new threats but also new opportunities.
Against this background, Chinese and some other
economies are still doing well and bringing hope to
the global economy. This includes the progressive
implementation of the Belt and Road initiative, the
increased interact ion between China and Asian
markets, and the inclusion of renminbi currency in
the Special Drawing Rights basket as an international
currency. All these help to open up capital markets.
The increased interaction with the rest of the world
in 2016 was a turning point for Chinese enterprises’
overseas strategy; the focus of enterprises changed
from exporting products to exporting capital and there
were attempts of strategic mergers and technical
b reak th roughs , a l l o f wh ich se t the scene fo r
establishing a cross border business. In this process,
Hong Kong remains a bridgehead for mainland China
to connect with the global market as well as a key
region where capital exports and overseas mergers
take place. The Company will make full use of its
geographical location to assist Chinese enterprises
understand and move into the global market, as
illustrated by its vision “Established in Hong Kong,
Connecting China with the world”.
2016年全球經濟在變化與曲折中行進，對於
公司這是適度調整、夯實基礎、堅持創新、砥
礪前行的一年。通過 2016年的攻堅，公司的
各條業務線陸續完善，形成多元化佈局、一
站式服務、齊頭並進發展的格局，為公司的長
期發展戰略奠定基礎。2017年公司將繼續以
建設亞洲領先投融資平台為目標，關注行業變
化，加強核心業務競爭力，優化產品體驗，爭
取為更多客戶提供更優質的金融服務。
在不確定中堅定方向
世界處於無往而不前的變化中，2016年亦是
如此。去年全球「黑天鵝」事件頻發，國際金融
市場波動幅度增加，經濟從增長停滯到通脹、
政策從貨幣刺激到財政刺激等諸多趨勢性轉變
已初現端倪，全球經濟艱難復蘇，新的格局、
新的形勢、新的機遇在醞釀之中。
在當前的全球經濟土壤中，仍有中國等經濟體
保持較旺盛活力，為世界經濟帶來生機。一帶
一路戰略的循序推進，中國與亞洲市場互動
頻率增加，人民幣成功加入SDR成為國際貨
幣，奠定了資本市場的開放基礎。與世界聯繫
的變化使得 2016年成為中國企業海外戰略的
轉捩點，企業重心從輸出產品轉變為輸出資
本，尋求戰略性併購和技術突破，為建立跨國
性企業做事先準備。在這個過程中，香港依然
是大陸連接全球市場的橋頭堡，也是中國企業
完成資本輸出、海外併購的最佳助跑區。公
司將發揮地理位置優勢，「立足香港，連接中
外」，幫助中國企業走向國際市場、理解國際
市場。
5雲鋒金融集團有限公司二零一六年年報
CEO’s Statement
行政總裁報告
In view of the current economic situation, individuals
are also experiencing unprecedented changes. In
the financial sector, FinTech started to emerge in
the United States, China and other countries and
developed rapidly in different ways. The development
of FinTech/financial technology allowed the interaction
b e t w e e n i n d i v i d u a l s t h e m s e l v e s a n d b e t w e e n
individuals and corporates to go beyond physical
contact, and this is transforming the way we live
and how we invest. FinTech stimulated a shift in
the investor landscape whereby “inclusive finance”
targeting ordinary individual investors has already
developed into a huge market. Private banks are also
making a change. There are still opportunities in the
market, for example there is still a lack of provision of
tailor made products for the middle class. Given how
the Company positions itself, the Company invests
heavily in financial technology and is dedicated to
create a professional and convenient one-stop service
financial services platform.
lookiNg BaCk at 2016
Year 2016 marked the Company’s completion of its
strategy planning and technical platform building.
Combining our knowledge and experience in the
internet business and the financial field, the Company
has completed the sett ing up of i ts f ive l ines of
business, namely secur i t ies t rading, employees’
shareholding service, wealth management, investment
research and corporate f inance. Fur ther to the
introduction and upgrading works done in 2016, all five
lines of business are now on-line and synchronised.
In 2016, the Company launched its first end-user
software on mobile devices designed for securities
trading cl ients, “Youyu Stock”, and has invested
substantial resources in improving it. The software
has since been upgraded from version to version
offering new functions including streamlined online
transactions, real-t ime market information inquiry
system and data analysis tools which enhanced users’
experience significantly.
In 2016, the Company established a new l ine of
business, employees’ shareholding service. This is one
of our core businesses which sets us apart from other
financial institutions and gives us a competitive edge.
This line of business offers a tailor-made employee
equity management system based on corporate clients’
actual needs. In 2016, the employees’ shareholding
service has gone onl ine with a strong back-end
support system. A number of breakthroughs have been
made in streamlining the processing and cross-selling
this service with our other products. The service offers
immense convenience to corporates and the Company
has already secured its first batch of clients in the first
year.
在當前的格局中，個人所面臨的經濟社會生態
也在發生著前所未有的改變。在金融領域，
FinTech先後在美國、中國等國家崛起，並沿
著不盡相同的線路快速發展。金融科技的發展
打破了原有的物理空間限制，個人與個人，個
人與企業之間的經濟交換方式、連接途徑發生
了翻天覆地的變化，這一變化正改變著我們的
生活，也改變著我們對待投資的態度與思維。
不同層次的需求得到激發，市場供給因此而迸
發，面向普通投資者的普惠金融已經發展成一
個龐大的市場，私人銀行也在進行互聯網化的
改造。但是市場仍有空白，金融服務的專業性
仍有極大的發揮空間，例如社會中堅層的個性
化需求與供給產品的匹配度仍然較低。基於對
市場的清晰定位，公司在金融科技領域大力投
資，立志於打造專業便捷的一體化金融服務平
台。
2016年回顧
2016年是公司完成戰略佈局和技術攻堅之
年，基於我們對互聯網行業和金融行業的理解
和融合，公司完成了在證券交易、員工持股、
財富管理、投資研究、企業融資五條業務線的
佈局，經過 2016年的開發和升級更新，五條
業務線已經全部具備上線能力，並發揮協同效
應。
2016年公司推出了第一款面向證券交易客戶
的移動用戶端軟體—「有魚股票」，並在 2016
年度投入大量技術研發精力對其做了連續地升
級迭代、改版優化工作，將「有魚股票」的版本
從 升級到 版，實現了在線快速交易、
行情實時查詢、數據分析等功能，極大提升了
公司對原有客戶和新增客戶的服務體驗。
公司在 2016年新設立了員工持股服務業務
線，這是我們區別于其他金融公司、形成差異
化競爭優勢的核心業務之一，該業務線基於企
業客戶的實際情況為其提供定制化的員工股權
管理系統。2016年員工持股服務業務完成了
系統平台原型開發、後台數據系統架構、帳戶
管理系統和盡職調查等工作，並在流程優化、
體驗改進、交叉銷售等方面獲得突破。該系統
能極大提升企業管理的便利度，公司的業務在
2016年首推即贏得了第一批企業用戶。
6 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
CEO’s Statement
行政總裁報告
The Company’s wealth management line of business
also made substantive progress in 2016. After having
analysed the global financial market, we shortlisted
and connected with over 50 international top grade
fund managers and added closed to 10,000 funds to
our database. In 2016, we completed developing and
testing version of our end-user software on mobile
devices and carefully selected 145 funds as its first
batch of products.
Our wealth management business has also made
subs tan t i ve p rog ress o f f l i ne . I n end -2016 , we
successfully issued our first private equity fund of
fund product designed for professional investors. We
partner with top grade private equity fund managers
who invest in the commerc ia l rea l es ta te debt
market and the private direct lending market in the
United States which we believe are good investment
opportunit ies. We have successful ly locked in a
handful of rare investment targets and have received
numerous subscriptions by different categories of
investors including professional institutional investors,
small and medium sized enterprises investors, and
high net worth individual investors. We expect to
receive investment returns which are better than the
market’s overall performance. This project not only
demonstrated our market power and competitive edge
in selecting financial products in the global market
but also provided actual market experience in issuing
a Yunfeng financial product thus showcasing our
capabilities in building a leading financial platform in
Asia.
Our corporate finance team provided advisory services
to 30 corporate clients during the year. We believe
that there will still be a large number of such capital
market demands in the future as a result of corporate
development in mainland China and Hong Kong. We
are committed to provide listing and merger support
as well as financing and consultancy services to our
client. Our corporate finance team will also use its
experience and connection to provide support to the
Company’s other lines of business.
Our investment research business has completed
building its team in the second half of 2016 and
provides support to our other lines of business in a
number of areas including investment decision making,
research and analysis, and investment education
and training. With the high quality analysis reports
and featured research articles, our research team’s
influence in the market has significantly increased.
Within a few months of its launch, our corporate
WeChat publ ic p lat form account which contains
contents contributed by our investment research team
has become one of the most popular professional
financial WeChat public platform accounts.
財富管理業務的推進也在 2016年獲得實質性
進展，我們對全球金融市場進行了梳理，與
50家以上的國際一線基金經理人建立聯繫，
將接近 10,000支以上的基金錄入數據庫；我
們在 2016年完成了財富管理業務移動用戶端
的開發測試工作，並對其進行升級，精選
了 145支基金作為第一批產品為移動用戶端上
作準備。
我們的財富管理業務線下金融服務也有了實質
性推進，2016年末我們成功發行了第一支針
對專業投資人的私募基金母基金產品，該母基
金與國際一線私募基金管理人合作，投資於我
們認為具備良好投資機會的美國商業房地產債
市場與私募直接借貸市場，已成功鎖定數個
具有稀缺性的優質投資標的，並獲得包括大型
專業金融機構投資人、中小型企業機構投資人
和高淨值個人投資人等多類型投資人的積極認
購，預期將幫助投資人實現優於市場總體表現
的投資收益。這個項目的運作成功，不僅體現
了我們的團隊在全球範圍內獲取、篩選金融產
品的掌控力和競爭力，也為公司今後發行具有
雲鋒特質的金融產品提供了實際的市場經驗，
凸顯了我們團隊對打造亞洲領先金融投資平台
的信心。
企業融資業務在年中為 30家企業客戶提供了
諮詢服務，我們相信未來在內地及香港區域內
仍會有大量因企業發展而帶來的資本市場需
求，我們會致力於為其提供上市及併購幫助和
融資、顧問服務，並依託於企業融資部的專業
技能以及與業界的聯繫為公司其他業務線提供
支持。
投資研究業務在 2016年下半年完成了團隊組
建工作，在投資決策、研究分析、投教培訓等
方面為其他業務線提供了研究和決策支持，憑
藉高品質的分析報告和專題研究，我們的研究
團隊在業內的影響力獲得顯著提升。以投資研
究團隊撰寫內容為基礎的公司官方公眾號在運
營數月之內躋身專業財經類公眾號一線陣營，
獲得了非常高的關注度。
7雲鋒金融集團有限公司二零一六年年報
CEO’s Statement
行政總裁報告
在 2016年我們還完成了集團的正式更名工
作，「雲鋒金融」作為公司新名稱在香港聯交所
等平台上統一對外使用，公司的品牌辨識度和
形象得到提升。
2016年公司建立了穩固的基礎架構，員工數
量增加至 220人以上，其中技術開發人員的數
量數倍於上一年，他們為公司的業務發展和技
術開發提供了堅實支持。目前公司聚攏了在互
聯網技術和金融領域的頂尖人才，通過他們的
技術、知識、經驗和對金融科技的深入理解，
通過科學技術和專業能力來提升金融服務的質
量。
2017年展望
憑藉我們對互聯網行業和金融行業的理解和融
合，我們將著重實現互聯網技術、平台與金融
服務的完美結合，以及海外財富管理與資產的
合理配置，並以此為目標不斷優化升級我們的
產品。
在業務方面，除了積極進行市場拓展，我們還
將著重于開發經紀業務的特色服務，完成多平
台交易系統開發和增值服務接入，避免進入佣
金競爭陷阱，提升獨特性和用戶體驗；突出財
富管理的核心優勢，把公司在全球範圍內選擇
頂尖基金管理人、獲得稀缺產品的能力發揮到
極致，快速迭代智投應用軟體，開發分享、搜
索等能增加用戶互動和粘性的便捷功能；企業
融資業務抓住香港的金融地位效應，進一步整
合公司股東資源，發揮協作效應，在上市融資
和海外併購等領域為中國企業走出去提供專業
服務；擴大員工持股業務線，積極拓展企業客
戶，加強導流和協同能力；在技術開發方面保
證持續投入，完善開戶、出入金換匯、交易、
智慧投顧等環節的用戶體驗，打造高流暢性、
豐富度、可靠性的金融服務鏈條。
In 2016, we have also completed the official renaming
of our group. “Yunfeng Financial”, as the Company’s
new name used on the Hong Kong Stock Exchange
and o the r p l a t f o rms , h as an e nh anced b rand
recognition and corporate image.
The Company has formed a solid employee base in
2016 by increasing the number of staff to over 220, out
of which the number of technical development experts
has multiplied compared with the previous year. Our
technical development experts provide invaluable
support to our business and product development. At
present, the Company has hired the top notch talents
in the FinTech field. Through their technical skill,
knowledge, experience and deep understanding of
the operation of financial technology, they are here to
enhance the quality of financial products.
lookiNg forWard to 2017
We will continue to upgrade our products by using our
knowledge in the internet and financial businesses.
We will make the best use of online technology in the
provision of financial services, as well as our overseas
wealth management experience in asset management.
As far as our lines of business are concerned, apart
from business development, we will focus on building
a unique brokerage service and completing our multi-
platform trading system and value added services
projects. At the same time, we wil l enhance our
uniqueness and product user experience and wil l
prevent ourselves from falling into the commission
trap. The Company will make the best use of our
wealth management expertise, and select the best
fund managers in the world and identify sought after
products. As part of our plan, we will launch new
funct ions on our investment appl icat ion. Against
the background of Hong Kong be ing a lead ing
financial centre, our corporate finance business will
real locate the Company’s shareholder resources
and assist Chinese enterprises to go global in the
areas of l ist ing and mergers. The Company wi l l
expand its employees’ shareholding service business
by promoting it to corporate clients. With regard to
technology development, we will commit to placing
resources in this area to streamline account opening,
funds transfer, transaction processing and investment
advisory processes.
8 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
CEO’s Statement
行政總裁報告
In 2016, we have reached a number of milestones. In
2017, we will promote our several lines of business
to the market by using cross selling effects, Yunfeng
F inanc ia l ’s shareho lder ’s exper t ise in f inanc ia l
technology and big data, and cross-border resources.
On the other hand, to real ise the development
strategy of the Group, different course of corporate
plan will be considered including through acquisition
or self-developed projects related to personal wealth
management business, financial technology and other
projects having synergic impact on our the existing
business lines. As a result, the Company has kept
abreast of market opportunities and has also been
examining the feasibility of different projects (including
acquisit ion project) and the strategic cooperation
with other companies. We anticipate that 2017 will
be a difficult year due to the uncertainty in the global
economy and China’s rapid economic downturn.
However, we will as a team embrace the changes
ahead. We believe that top notch companies and
individuals will flourish no matter how challenging is
the situation. We hereby express our heartfelt gratitude
to our shareholders and partners for their support and
trust.
li ting
Chief Executive Officer
Hong Kong, 28 March 2017
2016年我們取得了階段性成果，2017年我們
將適時把各條業務線推向市場，挖掘多元化經
營的價值，發揮各業務線之間的協同效應，借
助雲鋒金融的股東之互聯網科技及大數據技
術，以及其跨國資源的優勢，實現我們的既定
目標。另一方面，為落實公司發展策略，將採
取不同行動，包括收購或開設與個人財富管理
業務相關、金融科技領域相關，及為現有業務
帶來協力的項目。為此，本公司一直關注市場
機會，進行針對不同項目（包括收購項目）及與
其他公司戰略合作的可行性研究。2017年，
全球經濟的不確定性和中國經濟的增速下行壓
力會帶來一定挑戰，但我們會齊心協力應對變
局，並根據市場情況靈活調整策略。我們認為
每一個行業和市場都有發展壯大的空間，優秀
的企業和優秀的人才總是能夠在市場中獲得勝
出的機會。我們也衷心感謝給予我們支持和信
任的股東及合作者。
行政總裁
李婷
香港，二零一七年三月二十八日
9雲鋒金融集團有限公司二零一六年年報
Management Discussion and Analysis
管理層討論及分析
BusiNess revieW
By the end of 2015, a group of investors led by
Yunfeng Financial Holdings Limited completed the
capital injection to Yunfeng Financial Group Limited
(the “Company”) and its subsidiaries (the “Group”) and
put in place new business development strategies. The
year 2016 sets the stage for the development of the
Group’s new business. During the year, the Group has
made significant investments primarily in developing
its financial technology related infrastructure. Those
significant investments include the establishment of the
information technology and product development teams
as well as the high performance trading order system.
During the year, the number of employees increased
by 141 and most of them are internet products and
technology development design technicians. On the
other hand, the Group has also assembled a team
of professionals with years of international and PRC
market experience and expertise including financial
products, risk management, legal and compliance
and financial control in the financial industry. With
the blend of talents in both “financial” and “technical”
a reas , i t p rov ides t he Group w i t h t he un ique
competitive advantage to realise the long term vision
of becoming a “financial technology” centric wealth
management and employee stock ownership plan
related service platform. During the year 2016, the
Group conducted a comprehensive review on the
existing systems and gradually upgraded its software
and hardware including the trading order system,
server rooms, dedicated data transfer l ines, and
database management system.
Brokerage Business
During the year, the Group has generated brokerage
income of HK$ million representing a decrease of
% compared to that of year 2015. The trading
volume of Hong Kong equi ty market decreased
by % compared to that of 2015. During the
year, the trading volume of the Group’s brokerage
business amounted approximately to HK$ billion,
representing a decrease of % as compared with
the prior year.
financial Consultancy and advisory Business
The Group’s corporate f inance business provides
financial consultancy service primarily to Hong Kong
listed companies. During the year, the Group has
completed 39 f inancial consultancy projects and
recorded an income of HK$ million, representing
a decrease of % as compared with the prior year.
The decrease is mainly attributable to the revenue
generated from certain major projects recorded in the
last year.
業務回顧
以雲鋒金融控股有限公司為首的投資者，已於
2015年年底完成入股雲鋒金融集團有限公司
（「本公司」）及附屬公司（「本集團」），並制定
了新業務發展策略。2016年是新業務開局之
年，本年內的工作主要集中在「金融科技」的基
礎建設上，當中包括建設資訊科技及產品研發
團隊，以及搭建優質的交易系統等。本年內員
工人數淨增加為 141人，當中大部份屬於互聯
網產品、技術開發等方面的技術人員。加上本
集團儲備及增添了一批從事金融業多年，擁有
豐富國際及國內經驗，熟悉金融產品、風險管
控、法務合規及財務監控等領域的專才，適度
結合「金融」及「科技」專才，為本集團長遠成為
「金融科技」為核心的財富管理及員工持股服務
平台，提供獨特優勢及條件。於 2016年，本
集團全面檢視及提升交易系統、機房、專線、
數據管理等軟硬體方面的建設，為下一步業務
發展打下重要的基礎。
經紀業務
本年內，本集團來自經紀業務的佣金收入為
380萬港元，較 2015年下跌 %。2016年
香港股票交易量亦較 2015年下跌 %。本
集團本年的經紀交易總值約為 24億港元，較
上年度下降 ％。
財務顧問及諮詢業務
本集團的企業融資業務主要為香港上市公司提
供財務顧問服務。年內，本集團已完成 39個
財務顧問項目，該業務板塊的收入為 4,230萬
港元，較上年度下降 ％。減少主要是由
於主要是去年錄得大宗項目收入。
10 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Management Discussion and Analysis
管理層討論及分析
BusiNess revieW (Continued)
financial assets at fair value through profit or loss
As at 31 December 2016, the fair values of financial
assets (measured at fair value through profit or loss)
held by the Group was HK$ mil l ion mainly
comprised of listed equity investments. On the basis
of comparing the respective historical acquisition costs
to the fair values of financial assets, the portfolio
brought a “realised gain” of HK$ million and an
“unrealised gain” of HK$ million to the Group.
However, in accordance with the prevailing accounting
standards, the realised and unrealised gains/losses
of the portfolio were measured comparing the sales
proceeds received during the year or fair value as of
31 December 2016 to the fair value as of 31 December
2015. Consequently, the “realised loss” of HK$
million and “unrealised loss” of HK$ million were
recorded in the consolidated income statement for the
year.
Consolidated financial results review
The financial highlights of the Group were as follows:
Consolidated profit and loss analysis for the year
ended 31 December, HK$ million
2016 2015 Change
二零一六年 二零一五年 變化
Revenue 收益 %
Net loss on financial assets at
fair value through profit or
loss
按公平值計入損益
之金融資產虧損
淨額 () () %
Staff costs 員工成本 () () %
Other operating expenses 其他經營開支 () () %
Loss before taxation 除稅前虧損 () () %
Loss for the year 本年度虧損 () () %
Loss attributable to owners
本公司權益持有人應佔
虧損 () () %
Basic loss per share (HK$) 每股虧損（港元） () () %
Final dividend proposed 派發末期股息建議 — — —
業務回顧（續）
按公平值計入損益之金融資產
截止 2016年 12月 31日，本集團持有之金融
資產（按公平值計入損益）的公平值為 億港
元，主要是上市權益類資產。按購入的歷史成
本與其公平值差異的口徑計算，投資組合為
本集團帶來「已實現收益」5,140萬港元及「未
實現收益」億港元。但按照現行會計準則
計算，投資組合的「已實現」及「未實現」收益
或虧損是基於 2016年 12月 31日的公平值或
年中出售時所得款與 2015年 12月 31日的公
平值作比較計算，導致年內綜合收益表上產
生「已實現虧損」4,360萬港元及「未實現虧損」
3,210萬港元。
綜合財務表現回顧
本集團年內重點財務表現如下 :
截至十二月三十一日止年度的綜合損益分析，
百萬港元
11雲鋒金融集團有限公司二零一六年年報
Management Discussion and Analysis
管理層討論及分析
BusiNess revieW (Continued)
revenue
For the year 2016, revenue amounted to HK$
million, representing a % decrease compared to
that of last year as follows:
HK$ million
2016 2015 Change
二零一六年 二零一五年 變化
Turnover 交易總值 2, 4, %
Revenue 收益
Brokerage commission 經紀佣金 %
Consultancy and advisory fees 顧問及諮詢費 %
Total 總計 %
Net loss on financial assets at fair value through
profit or loss
For the year 2016, the net loss on financial assets at
fair value through profit or loss amounted to HK$
million, representing % decrease compared to that
of last year as follows:
HK$ million
2016 2015 Change
二零一六年 二零一五年 變化
Net unrealised (loss)/gain on
financial assets at fair value
through profit or loss
按公平值計入損益
之金融資產未變現
（虧損）╱收益淨額 () —
Net realised loss on financial
asset at fair value through
profit or loss
按公平值計入損益
之金融資產已變現
虧損 () () %
Total loss on financial assets
at fair value through profit or
loss
按公平值計入損益
之金融資產虧損
總額 () () %
staff costs
For the year of 2016, the staf f costs amounted
to HK$ mill ion represents a % increase
compared to that of last year. The number of full time
employees increased from 87 to 229 with most working
in the internet products and technology development
fields. The growth in staff costs is considered in
keeping pace with the Group’s business developments
and expansions.
業務回顧（續）
收益
二零一六年之收入為 4,610萬港元，較上年度
減少 ％。 收益概述如下 :
百萬港元
按公平值計入損益之金融資產未變現虧損淨額
二零一六按公平值計入損益之金融資產虧損為
7,570萬港元，較去年同期減少 %，概述
如下 :
百萬港元
員工成本
於二零一六年，員工成本為 2億港元，較上年
度增加 %。全職員工人數從 87人增加到
229人，大多數在互聯網產品和技術開發領域
工作。員工成本的增長與本集團的業務發展及
擴展步伐保持同步。
12 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Management Discussion and Analysis
管理層討論及分析
BusiNess revieW (Continued)
other operating expenses
For the year 2016, other operating expenses amounted
to HK$ million, representing a % increase
compared to that of the prior year as follows:
hk$ million
2016 2015 Change
二零一六年 二零一五年 變化
Information, data and
communication expenses
資訊、數據及
通訊開支 %
Legal and professional fee
expenses 法律及專業費用 %
Operating lease charges in
respect of properties
物業之經營租約
費用 %
Business promotion and
marketing expense 業務推廣費用 — —
Depreciation and amortisation 折舊和攤銷 %
Others 其他費用 %
Total 總計 %
Consolidated financial position analysis as at 31
December, HK$ million
2016 2015 Change
二零一六年 二零一五年 變化
Total assets 資產總值 4, 5, %
Total equity 權益總值 4, 4, %
Owner’s equity 股東應佔權益 4, 4, %
— Per share (HK$) — 每股（港元） %
The Group’s total shareholders’ equity amounted to
approximately HK$4, million as at 31 December
2016 as compared to the total shareholders’ equity of
HK$4, million reported at the end of last year.
The decrease is mainly due to the operating loss and
the decrease in fair value of financial asset at fair
value through profit or loss.
業務回顧（續）
其他經營開支
於二零一六年，其他經營支出為 億港
元，較去年增加 % ，支出概述如下 :
百萬港元
於十二月三十一日的綜合財務分析，百萬港元
於二零一六年十二月三十一日，本集團之股東
權益總額約為 億港元，而去年底錄得之
股東權益總額則為 億港元。股東權益減
少主要是由經營虧損及按公平值計入損益之金
融資產減值所致。
13雲鋒金融集團有限公司二零一六年年報
Management Discussion and Analysis
管理層討論及分析
BusiNess revieW (Continued)
other operating expenses (Continued)
Changes in owner’s equity, HK$ million
2016 2015
二零一六年 二零一五年
Balance at 1 January 一月一日之結存 4, 1,
Issue of subscription shares 發行認購股份 — 3,
Loss for the year 本年度虧損 () ()
Others 其他 ()
Balance at 31 December 於十二月三十一日之結存 4, 4,
Attributable to: 應佔權益：
— equity shareholders of the Company — 本公司權益持有人應佔 4, 4,
— non-controlling interests — 非控股權益
Total equity 權益總值 4, 4,
prospeCts
Looking forward to the year 2017, as far as our lines
of business are concerned, apart f rom business
development, we wil l focus on building a unique
brokerage service and completing our multi-platform
trading system and value added services projects. At
the same time, we will enhance our uniqueness and
product user experience and will prevent ourselves
from falling into the commission trap. The Company
will make the best use of our wealth management
expertise, and select the best fund managers in the
world and identify sought after products. As part of our
plan, we will launch new functions on our investment
application. Against the background of Hong Kong
being a leading financial centre, our corporate finance
business will reallocate the Company’s shareholder
resources and assist Chinese enterprises to go global
in the areas of listing and mergers. The Company will
expand its employees’ shareholding service business
by promoting it to corporate clients. With regard to
technology development, we will commit to placing
resources in this area to streamline account opening,
funds transfer, transaction processing and investment
advisory processes.
業務回顧（續）
其他經營開支（續）
股東權益變動，百萬港元
展望
在二零一七年除了積極進行市場拓展，我們還
將著重于開發經紀業務的特色服務，完成多平
台交易系統開發和增值服務接入，避免進入佣
金競爭陷阱，提升獨特性和用戶體驗；突出財
富管理的核心優勢，把公司在全球範圍內選擇
頂尖基金管理人、獲得稀缺產品的能力發揮到
極致，快速迭代智投應用軟體，開發分享、搜
索等能增加用戶互動和粘性的便捷功能；企業
融資業務抓住香港的金融地位效應，進一步整
合公司股東資源，發揮協作效應，在上市融資
和海外併購等領域為中國企業走出去提供專業
服務；擴大員工持股業務線，積極拓展企業客
戶，加強導流和協同能力；在技術開發方面保
證持續投入，完善開戶、出入金換匯、交易、
智慧投顧等環節的用戶體驗，打造高流暢性、
豐富度、可靠性的金融服務鏈條。
14 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Management Discussion and Analysis
管理層討論及分析
prospeCts (Continued)
In 2016, we have reached a number of milestones. In
2017, we will promote our several lines of business
to the market by using cross selling effects, Yunfeng
F inanc ia l ’s shareho lder ’s exper t ise in f inanc ia l
technology and big data, and cross-border resources.
On the other hand, to real ise the development
strategy of the Group, different course of corporate
plan will be considered including through acquisition
or self-developed projects related to personal wealth
management business, financial technology and other
projects having synergic impact on our the existing
business lines. As a result, the Company has kept
abreast of market opportunities and has also been
examining the feasibility of different projects (including
acquisition project) and the strategic cooperation with
other companies.
We anticipate that 2017 will be a difficult year due
to the uncertainty in the global economy and China’s
rapid economic downturn. However, we will as a team
embrace the changes ahead with different strategies
depending on market situation and strive to improve
the operation situation considerably. We believe that
top notch companies and individuals will flourish no
matter how challenging is the situation. We hereby
express our heartfelt gratitude to our shareholders and
partners for their support and trust.
liquidity aNd fiNaNCial resourCes
As at 31 December 2016, the Group had fixed bank
deposits with original maturity over 3 months and cash
and cash equivalents of approximately HK$4,
mil l ion (31 December 2015: HK$4, mil l ion).
The Group generally financed its daily operations
with internal resources and had no bank or other
borrowings except for HK$ million finance lease
obligation with minimal impact on Group’s gearing ratio
at the end of the reporting period (31 December 2015:
nil).
Capital struCture
Details of movements in share capital of the Company
during the year are set out in note 28 to the financial
statements.
展望（續）
二零一六年我們取得了階段性成果，二零一七
年我們將適時把各條業務線推向市場，挖掘多
元化經營的價值，發揮各業務線之間的協同效
應，借助雲鋒金融的股東之互聯網科技及大數
據技術，以及其跨國資源的優勢，實現我們的
既定目標。另一方面，為落實公司發展策略，
將採取不同行動，包括收購或開設與個人財富
管理業務相關、金融科技領域相關，及為現有
業務帶來協力的項目。為此，本公司一直關注
市場機會，進行針對不同項目（包括收購項目）
及與其他公司戰略合作的可行性研究。
二零一七年，全球經濟的不確定性和中國經濟
的增速下行壓力會帶來一定挑戰，但我們會齊
心協力應對變局，並根據市場情況靈活調整策
略，爭取本集團二零一七年的經營情況大幅改
善。我們認為每一個行業和市場都有發展壯大
的空間，優秀的企業和優秀的人才總是能夠在
市場中獲得勝出的機會。我們也衷心感謝給予
我們支持和信任的股東及合作者。
流動資金及財務資源
於二零一六年十二月三十一日，本集團之到期
期限多於三個月的銀行存款和現金及現金等
值項目合共為 4,164,700,000港元（二零一五
年：4,162,900,000港元）。本集團一般以內
部資源作為其日常營運資金。於二零一六年
十二月三十一日及於報告期內，除了對集團資
產負債率影響輕微的 220萬港元融資租賃負債
以外，本集團沒有銀行或其他借貸（二零一五
年：無）。
資本架構
本年度本公司股本變動詳情載於財務報表附註
28。
15雲鋒金融集團有限公司二零一六年年報
Management Discussion and Analysis
管理層討論及分析
equity priCe risk
The Group is exposed to equity price changes arising
from equity investments and derivative instruments
classified as financial assets at fair value through
profit or loss held by the Group. The underlying equity
securities of the Group’s unlisted derivative is listed
on The Stock Exchange of Hong Kong Limited. Gains
and losses arising from changes in the fair value of
financial assets at fair value through profit or loss are
dealt with in the consolidated income statement. On
the other hand, the Group has invested in available
for sale financial assets with the fair value change
going through reserve. The investment performance
is monitored regularly as set out in note 31(e) to the
financial statements, together with an assessment of
its relevance to the Group’s strategic plans.
foreigN exChaNge risk
The Group has assets and liabilities denominated in
currencies other than its functional currency and that
are subject to fluctuation in foreign exchange amounts
in the different currencies. The Group is exposed to
currency risk arising from various currency exposures
mainly to the extent of its bank balances in US dollar
(“USD”) and Renminbi as set out in note 31(d) to
the financial statements. Management of the Group
monitors the foreign exchange exposure and wil l
hedge significant foreign currency exposure should the
need arise.
Dur ing the year ended 31 December 2016, the
Group did not engage in the use of other financial
instruments for hedging purposes, and there were no
hedging instruments outstanding as at 31 December
2016.
material aCquisitioNs aNd disposals
of suBsidiaries aNd assoCiates
The Group did not have any material acquisitions and
disposals of subsidiaries and associates during the
year ended 31 December 2016.
Charges oN assets
At the year ended December 2016, the Group did not
have any charges on assets, other than a security
deposit of HK$45,600,000 for banking facilities.
股權價格風險
本集團面對股權投資引起的股權價格變動，以
及歸類為以公平價值計量且其變動計入本集團
損益的金融資產的衍生工具。本集團非上市衍
生工具的相關權益證券於香港聯合交易所有限
公司上市。以公平價值計量且其變動計入當期
損益的金融資產公平價值變動形成的收益或損
失，在綜合收益表中列示。另一方面，本集團
已投資於可供出售資產，其公平價值變動於儲
備反映。如附註 31(e)所披露，其投資表現連
同其與本集團戰略相關性的評估，受到定期監
測。
外匯風險
本集團擁有以其功能貨幣以外的貨幣計值的資
產和負債，並受外匯匯率變動的影響。本集團
面臨各種貨幣風險產生的貨幣風險，主要是由
於其在美元（「美元」）和人民幣的銀行結餘，如
財務報表附註 31(d) 所示。本集團管理層監控
外匯風險並在需要時對沖重大外匯風險。
截至二零一六年十二月三十一日止年度，本集
團並無運用任何金融工具作對沖用途，於二零
一六年十二月三十一日亦無任何未平倉對沖工
具。
附屬公司及聯營公司之重大收購及出售
本集團於截至二零一六年十二月三十一日止年
度並無任何附屬公司及聯營公司之重大收購及
出售。
資產抵押
於二零一六年十二月三十一日，除就銀行融資
額度提供之保證金 45,600,000港元外，本集
團並無任何資產抵押。
16 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Management Discussion and Analysis
管理層討論及分析
future plaNs for material
iNvestmeNts aNd expeCted sourCes
of fuNdiNg
Save as discussed elsewhere under the sect ion
headed “Management Discussion and Analysis”, as
at 31 December 2016, the Group had no future plans
for material investments. The Company considers
new investments as part of its normal business, and
therefore, management publically announces these
plans as they become disclosable based on regulatory
requ i rement or such announcement cons idered
appropr iate by management on voluntary basis.
Given the current uncertain market conditions, the
management may fund new projects through fund
raising or loans while reserve the internal resources
for its existing business plans.
CommitmeNts
Details of commitments are set out in note 30 to the
financial statements.
segmeNt iNformatioN
Details of segments are set out in note 12 to the
financial statements.
CoNtiNgeNt liaBilities
The Group did not have any significant contingent
liabilities as at 31 December 2016.
staffiNg aNd remuNeratioNs
As at 31 December 2016, the Group employed 229
(2015: 87) full time employees, 82 (2015: 60) of which
were located in Hong Kong, 2 (2015: 2) in the United
States and 145 (2015: 25) in the People’s Republic of
China. The remuneration of employees includes salary
and discretionary bonus. The Group also adopted
share option and share award schemes to provide an
incentive to the employees.
The remunerat ion pol icy and package, including
the share options and share awards (if any), of the
Group’s employees are maintained at market level and
reviewed annually by the management.
未來重大資產投資計劃與預期資金來源
至二零一六年十二月三十一日，除「管理層討
論與分析」一節所披露外，本集團並無未來重
大投資計劃。本公司將新投資視為其正常業務
的一部分，因此，當該等計劃根據監管要求需
要披露時，管理層會對外公佈該等計劃，或由
管理層適當考慮後自願公佈該等計劃。鑑於目
前市況不明朗，管理層可能透過集資或貸款為
新項目提供資金，同時為現有業務計劃保留內
部資源。
承擔
承擔詳情載於財務報表附註 30。
分部信息
分部信息詳情載於財務報表附註 12。
或然負債
於二零一六年十二月三十一日，本集團並無任
何重大或然負債。
員工及薪酬
於二零一六年十二月三十一日，本集團僱用
229（二零一五年：87）名全職僱員，當中 82
（二零一五：60）名位於香港，2（二零一五：
2）名位於美國及 145（二零一五：25）名位於
中華人民共和國。僱員薪酬包括薪金及酌情花
紅。本集團亦採納購股權及股份獎勵計劃，向
僱員提供獎勵。
本集團僱員之薪酬政策及待遇（包括購股權及
股份獎勵）維持於市場水平，並每年由管理層
進行檢討。
17雲鋒金融集團有限公司二零一六年年報
Management Discussion and Analysis
管理層討論及分析
use of Net proCeeds from
suBsCriptioN shares
The proceeds from subscription shares as disclosed
in note 28 of the financial statements have been
utilised subsequent to the subscription as set out
under the section “Use of Proceeds” of the Company’s
circular dated 18 August 2015 (the “Circular”) and
subsequent to adjustment in use of proceeds as
set out in the announcement of the Company dated
18 October 2016. The below table sets out the
proposed application of net proceeds before and after
adjustments and usage up to the following dates:
original
proposed
application
of the
proceeds
actual
usage up
to 30
september
2016
unutilised
proceeds adjustments
use of
proceeds
after
adjustments
actual
usage from
1 october
2016 to 31
december
2016
unutilised
proceeds
up to 31
december
2016
所得款項
原擬定
用途
截至
二零一六年
九月
三十日止
使用情況
尚未
使用款項 調整
調整後
所得款項
用途
自
二零一六年
十月一日至
二零一六年
十二月
三十一日
止使用情況
截至
二零一六年
十二月
三十一日止
尚未使用
款項
HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million
百萬港元 百萬港元 百萬港元 百萬港元 百萬港元 百萬港元 百萬港元
a B C=a-B d e=C+/-d f g=e-f
Setting up new branches
and IT infrastructure
設立新分行及資訊科技
基礎建設 —
Recruitment of
professionals (note 1)
招聘專業人士
（附註 1） —
Enhancement of the capital
resources (note 2)
增強資本
（附註 2） 1, () — — —
Establishment of a private
wealth management
platform (note 3)
設立私人財富
管理平台
（附註 3） —
Development of a financial
services ecosystem
(note 4)
金融服務生態
系統之發展
（附註 4） —
Expansion into markets
outside of Hong Kong
擴展香港境外
市場 1, — 1, (1,) — — —
General capital
management (note 5)
自有資金管理
（附註 5） — — — 2, 2, 2,
Total: 總計 3, 3, — 3, 3,
Notes:
1. main ly u t i l ised on the recru i tment and employment
o f i n te rne t p roduc ts and techno logy deve lopmen t
professionals to assist on the expansion of retail brokerage
businesses.
股份認購所得款項用途
載於財務報告附註 28之新股份認購所得款項
淨額將於認購完成後，根據本公司於二零一五
年八月十八日通函「所得款項用途」之擬定用途
及本公司於日期為二零一六年十月十八日公告
所載之「調整所得款項用途」使用。下表載列截
至以下日期止的所得款項淨額（調整前與調整
後）擬定用途及使用情況 :
附註 :
1. 主要用於招聘及僱用互聯網產品、技術開發的技
術人員，以支援零售經紀業務擴展。
18 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Management Discussion and Analysis
管理層討論及分析
股份認購所得款項用途（續）
附註 :（續）
2. 用於向受證券及期貨事務監察委員會監管持牌證
券公司（全資附屬公司）的增資。
3. 主要用於招聘及僱用擁有資產及財富管理專業知
識之專業人士。
4. 主要用於市場推廣及網上銷售平台建設。
5. 請參考下文將所得款用作自有資金管理而調整所
得款項用途之原因。
調整所得款項用途之原因
本公司不時檢討所得款項約 3,879,000,000港
元之用途。於二零一六年九月三十日，未動
用所得款項約為 3,678,000,000港元，其中約
983,000,000港 元 及 1,988,000,000港 元（合
共 2,971,000,000港元）擬分別用於滿足有關
證券經紀業務之資金需求及擴大香港以外市場
所需之財務資源。茲提述下表，內容有關香港
股市於二零一五年及二零一六年之總交易量。
use of Net proCeeds from
suBsCriptioN shares (Continued)
Notes: (Continued)
2. utilised on capital injection to a licensed wholly owned
subsid iary regulated by the Secur i t ies and Futures
Commission of Hong Kong.
3. m a i n l y u t i l i s e d o n r e c r u i t m e n t a n d e m p l o y m e n t
o f p ro fess iona ls spec ia l i s i ng i n asse t and wea l th
management.
4. mainly utilised on marketing and setting up of online sales
platform.
5. please refer to reasons for the adjustment in the use of
proceeds below for use of proceed under general capital
management
reasoNs for the adjustmeNt iN use
of proCeeds
The Company reviewed the use of the approximately
HK$3,879 mill ion Proceeds from time to time. As
at 30 September 2016, the unut i l ised Proceeds
amount to approximately HK$3,678 million, of which
approximately HK$983 million and HK$1,988 million
(together HK$2,971 million), were intended to be used
to meet capital requirements relating to the securities
brokerage business and the f inancia l resources
required for expansion into markets outside Hong
Kong respectively. Reference is made to table below
regarding the total trading volume in Hong Kong’s
stock market in 2015 and 2016.
for the year 2016
turnover
in value For the year 2015
Turnover in
value
Year-on-year
change
於二零一六年度 交易額 於二零一五年度 交易額 同比變動
(HK$ billion) (HK$ billion)
（十億港元） （十億港元）
Q1 2016 4, Q1 2015 5, %
二零一六年第一季度 二零一五年第一季度
Q2 2016 3, Q2 2015 9, %
二零一六年第二季度 二零一五年第二季度
Q3 2016 4, Q3 2015 6, %
二零一六年第三季度 二零一五年第三季度
Q4 2016 3, Q4 2015 4, %
二零一六年第四季度 二零一五年第四季度
Year 2016 total 16, Year 2015 total 26, %
二零一六年總計 二零一五年總計
19雲鋒金融集團有限公司二零一六年年報
Management Discussion and Analysis
管理層討論及分析
reasoNs for the adjustmeNt iN use
of proCeeds (Continued)
At the time of issue of the Circular dated 18 August
2015, the Company based on the trading volume in
Hong Kong’s stock market in the first two quarters of
2015 to predict the trading prospects of its brokerage
business, the Company was also optimistic about the
market growth and expected that the trading volume
wil l further increase in the second half of 2016,
thus the Company contemplated that its brokerage
businesses will surge together with the trading volume.
Hence, a substantial portion of the Proceeds was
reserved for such purpose.
However, the actual trading volume in second half of
2015 and first three quarters of 2016 was lower than
the level anticipated by Company which led to the
amount of Proceeds being allocated for enhancement
of the Group’s capital resources become excessive.
After considering capital requirements linked to the
trading volume of its Hong Kong securities brokerage
business, and the significant uncertainties as to the
specific timing for funding needs in connection with
potential mergers and acquisition projects outside
Hong Kong, the Company considers that the current
management of the unutilised Proceeds (as mentioned
above) may not be most efficient and effective.
Consistent with the established long term goal of
supporting the sustainable and healthy development
of the Company’s pr inc ipal operat ing act iv i t ies,
the Company intends to apply the following capital
management and in ter im deployment s t ra teg ies
in respect of the abovementioned approximately
HK$2,971 million of the Proceeds:
1. As the Company’s wealth management platform
is expected to be launched shortly, it will also
commence work on developing its own asset
management products . To ach ieve pos i t ive
syne rg ies be tween the Company ’ s cap i ta l
management and growth of its asset management
business, and facilitate external fundraising for
such products, the Company intends to provide
seed capital, as direct investor or co-investor in
fund products and high-quality early-stage private
equity products developed by the Company;
2. Used as standby capital to support the securities
brokerage business and the securities financing
business when needed;
調整所得款項用途之原因（續）
於二零一五年八月十八日發佈通函時，本公司
根據二零一五年前兩季度之香港股市交易量預
測其經紀業務之交易前景，本公司亦對市場增
長持樂觀態度，預計二零一六年下半年交易量
將進一步增加，故本公司預期其經紀業務將與
交易量同步上升。因此，所得款項之大部分留
作該用途。
然而，二零一五年下半年及二零一六年前三季
度之實際交易量低於本公司預期之水平，導致
用於增加本集團資本資源之所得款項金額過
多。本公司考慮到香港證券經紀業務的交易量
對資本金的需求，及物色香港境外併購項目的
具體用款時間存在較大不確定性，本公司認為
上述尚未使用款項的現有管理方式並非調配本
公司資源最有效率及效益的方法。
為配合支持本公司主營業務持續健康發展的既
定長期目標，本公司擬將上述約 億港元
的所得款項用作以下自有資金管理及過渡期發
展策略：
1. 本公司財富管理平台即將啟動，將陸續
自行開發基金業務產品。為使自有資金
與基金管理業務實現良性互動，藉此推
動基金向外募資，本公司擬通過種子資
金、先期投入及共投或跟投本公司發起
的基金產品及尚處於成長期的高品質的
私募基金產品；
2. 適時用於支持證券經紀業務及證券融資
業務所需的資金；
20 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Management Discussion and Analysis
管理層討論及分析
reasoNs for the adjustmeNt iN use
of proCeeds (Continued)
3. Towards acquisition or development of projects
re la ted to the Company ’s persona l wea l th
management business or financial technologies
development or into opportunities that provide
synergies with other businesses of the Company;
and
4. For better effectiveness and returns in respect
of the Company’s capital management, and to
improve cash flow management, the Company
shall adopt a treasury management model that
may involve (but shall not be limited to) holding
f ixed income instruments, high grade equity
instruments and other financial investments.
Other than as stated above, the original proposed
application of the funds remains unchanged, and
the Company shall continue to deploy resources to
build and strengthen its capabilities to deliver fin-tech
services.
eveNt after the reportiNg period
Details of event after the reporting period are set out
in note 38 to the financial statements.
調整所得款項用途之原因（續）
3. 適時用於收購或開設與個人財富管理業
務相關、金融科技領域相關，及為現有
業務帶來協力的項目；及
4. 為提升公司資金使用效率及收益，優化
現金流，將通過司庫的形式持有包括（但
不限於）固定收益債券、優質的股本投資
及其他財務投資。
除上述情況外，資金之原建議用途保持不變，
本公司將繼續部署資源，以構建及加強其提供
金融科技服務之能力。
報告期後的事件
報告期後的事件信息詳情載於財務報表附註
38。
21雲鋒金融集團有限公司二零一六年年報
Biographical Details of Directors and Senior Management
董事及高級管理人員履歷
ChairmaN
mr. yu feng , aged 53 , was appo in ted as the
Cha i rman and a non-execut ive D i rec tor o f the
Company and the chairman of Nomination Committee
of the Company in November 2015. Mr. Yu is the
founder and chairman of Yunfeng Capital, a private
equity firm founded by Mr. Yu together with other
entrepreneurs in 2010. Mr. Yu served as an executive
director of Media Asia Group Holdings Limited (stock
code: 08075) , a company l is ted on the Growth
Enterprise Market of The Stock Exchange of Hong
Kong Limited (the “Stock Exchange”) from June 2011
to September 2015. Mr. Yu served as a non-executive
director of Alibaba Health Information Technology
Limited (stock code: 00241), a company listed on the
Main Board of the Stock Exchange from April 2014 to
September 2015, a director of Huayi Brothers Media
Corporation (stock code: 300027), a company listed
on the Growth Enterprise Market of the Shenzhen
Stock Exchange, from August 2014 to June 2015 and
a director of Shanghai Guangdian Electric Group Co.,
Ltd (stock code: 601616), a company listed on the
Shanghai Stock Exchange, from December 2010 to
April 2014. Mr. Yu served as a co-chairman of Focus
Media Holding Limited from February 2006 to May
2008 and as chairman and chief executive officer of
Target Media Holdings Limited prior to its acquisition
by Focus Media Holding Limited.
Mr. Yu is a director of Yunfeng Financial Holdings
Limited (“YFHL”) and Jade Passion Limited (“Jade
Passion), both YFHL and Jade Passion are substantial
shareholders of the Company.
Mr. Yu obtained an EMBA degree from China Europe
International Business School, the PRC in March 2001
and a master of arts degree in philosophy from Fudan
University, the PRC in July 1991.
exeCutive direCtors
ms. li ting, aged 44, was appointed as an executive
Director of the Company in November 2015. Ms. Li is
currently the Chief Executive Officer of the Company.
Ms. Li has over 20 years of experience in the financial
industry, including f ixed income and der ivat ives
analytics, risk management, portfolio management,
sa les and marke t deve lopments , and bus iness
planning and execution, in the ., the PRC and
Hong Kong. Prior to joining the Group, Ms. Li was a
senior managing director and head of Asia ex-Japan of
State Street Global Advisors.
Ms. Li holds a bachelor’s degree in finance from
Nankai University, the PRC, and a master’s degree in
finance from Boston College, the ..
主席
虞鋒先生，53歲，於二零一五年十一月獲委
任為本公司主席兼非執行董事，以及本公司提
名委員會主席。虞先生為雲鋒基金創辦人及主
席，該私募基金由虞先生與其他企業家於二零
一零年成立。虞先生於二零一一年六月至二零
一五年九月擔任寰亞傳媒集團有限公司（股份
代號：08075）之執行董事，該公司於香港聯
合交易所香港有限公司（「聯交所」）創業板上
市。虞先生於二零一四年四月至二零一五年
九月擔任阿里健康信息技術有限公司（股份代
號：00241）之非執行董事，該公司於聯交所
主板上市。虞先生亦於二零一四年八月至二零
一五年六月擔任華誼兄弟傳媒股份有限公司
（股份代號：300027，為深圳證券交易所創業
板上市之公司）之董事及於二零一零年十二月
至二零一四年四月出任上海廣電電氣（集團）股
份有限公司（股份代號：601616，為上海證券
交易所上市之公司）之董事。二零零六年二月
至二零零八年五月期間，虞先生曾任分眾傳媒
控股有限公司聯席主席，及在分眾傳媒控股有
限公司收購聚眾傳媒控股有限公司之前，擔任
聚眾傳媒控股有限公司主席兼行政總裁。
虞先生為雲鋒金融控股有限公司（「雲鋒金
融 控 股 」）及 Jade Passion Limited（「Jade
Passion」）之董事，雲鋒金融控股及 Jade
Passion均為本公司之主要股東。
虞先生於二零零一年三月獲授中國中歐國際工
商學院高級管理人員工商管理碩士學位，並於
一九九一年七月獲授中國復旦大學哲學碩士學
位。
執行董事
李婷女士，44歲，於二零一五年十一月獲委
任為本公司執行董事。李女士為本公司現任行
政總裁。李女士於美國、中國及香港金融行業
擁有超過二十年經驗，當中包括定息收入及衍
生工具分析、風險管理、投資組合管理、銷售
及市場發展以及業務規劃及執行。加入本集團
前，李女士曾任道富環球投資管理之高級董事
總經理及亞洲區（日本除外）主管。
李女士持有中國南開大學金融學學士學位及美
國波士頓學院金融學碩士學位。
22 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Biographical Details of Directors and Senior Management
董事及高級管理人員履歷
exeCutive direCtors (Continued)
mr. huang xin , aged 41, was appointed as an
executive Director of the Company and a member
of the Remuneration Committee of the Company in
November 2015. Mr. Huang is a partner and a member
of the investment committee of Yunfeng Capital. Mr.
Huang served as vice president of Shanghai Kaituo
Capital Limited from 2006 to 2010, where he was in
charge of various investments. Mr. Huang was vice
president of finance at Target Media Holdings Limited
from 2005 to 2006, where Mr. Huang managed its
daily financial operations and led its equity financing
and merger and integration with Focus Media Holding
L imi ted. Mr . Huang worked at Genera l E lect r ic
Company from 1997 to 2005.
Mr . Huang i s a d i rec to r o f Jade Pass ion , the
substantial shareholder of the Company.
M r . H u a n g o b t a i n e d a m a s t e r o f b u s i n e s s
administration degree from China Europe International
Business School, the PRC in October 2011 and a
bachelor’s degree in accounting from Fudan University,
the PRC in July 1997.
NoN-exeCutive direCtors
mr. ko Chun shun, johnson, aged 65, joined the
Board in August 2011 as an executive Director and
has been re-designated from an executive Director to
a non-executive Director of the Company on 1 April
2016. He was the Chairman of the Company, the
chairman of the Nomination Committee and a member
of the Remuneration Committee of the Company until
he resigned from these positions in November 2015.
Mr. Ko beneficially holds 100% interest in Gainhigh
Holdings Limited (“Gainhigh”). He is also a director of
Gainhigh and Insula Holdings Limited, the substantial
shareholders of the Company. Mr. Ko was appointed
as an independent non-executive director of Meitu,
Inc. (stock code: 01357) on 15 December 2016.
Currently, Mr. Ko is the deputy chairman and an
executive director of Frontier Services Group Limited
(stock code: 00500), and an executive director of
KuangChi Science Limited (stock code: 00439). Mr.
Ko had also been the chairman and an executive
director of Varitronix International Limited (Stock Code:
00710) until April 2016, and the vice chairman and
an executive director of Concord New Energy Group
Limited (Stock Code: 00182) until June 2015, the
shares of which are all listed on the Stock Exchange.
Mr. Ko has extensive experience in corporate finance,
corporate restructuring, and mergers and acquisitions,
and also has extensive experience in international
trade, investment, media and technology businesses.
執行董事（續）
黃鑫先生，41歲，於二零一五年十一月獲委
任為本公司執行董事，以及本公司薪酬委員會
成員。黃先生為雲鋒基金合夥人及其投資委員
會成員。黃先生於二零零六年至二零一零年擔
任上海開拓投資有限公司副總裁，負責多個投
資項目。黃先生於二零零五年至二零零六年出
任聚眾傳媒控股有限公司財務副總裁，負責其
日常財務運作事宜並主導其股權融資及與分眾
傳媒控股有限公司的併購與整合。黃先生曾在
一九九七年至二零零五年任職通用電氣公司。
黃先生為 Jade Passion之董事，該公司為本
公司之主要股東。
黃先生於二零一一年十月自中國中歐國際工商
學院取得工商管理碩士學位，並於一九九七年
七月自中國復旦大學取得會計學學士學位。
非執行董事
高振順先生，65歲，於二零一一年八月加入
董事會，為本公司執行董事，並於二零一六年
四月一日由執事董事調任為非執行董事。彼曾
任本公司主席，本公司提名委員會主席及薪酬
委員會成員，直至二零一五年十一月辭任上述
職位為止。
高先生於Gainhigh Holdings Limited（「Gainhigh」）
實 益 持 有100%權 益。 彼 亦 為Gainhigh及
Insula Holdings Limited之董事，該等公司
為本公司之主要股東。高先生於二零一六年
十二月十五日獲委任為美圖公司（股份代號：
01357）之獨立非執行董事。高先生現為先豐
服務集團有限公司（股份代號：00500）之副主
席兼執行董事，及光啟科學有限公司（股份代
號：00439）之執行董事。高先生亦曾任精電
國際有限公司（股份代號：00710）之主席兼執
行董事直至二零一六年四月為止，以及協合新
能源集團有限公司（股份代號：00182）之副主
席兼執行董事至二零一五年六月為止，該等公
司之股份均於聯交所上市。
高先生於企業融資、企業重組及併購方面擁有
豐富經驗，亦於國際貿易、投資、媒體及科技
等業務上擁有豐富經驗。
23雲鋒金融集團有限公司二零一六年年報
Biographical Details of Directors and Senior Management
董事及高級管理人員履歷
NoN-exeCutive direCtors (Continued)
ms. hai, olivia ou, aged 37, was appointed as a
non-executive Director of the Company in November
2015. Ms. Hai is a managing director of Yunfeng
Capital and specialises in investments related to the
financial services industry. Prior to joining Yunfeng
Capital, Ms. Hai was an actuarial partner at Deloitte
China from 2012, and was engaged in the provision
of consult ing services to overseas and domestic
insurance companies. Ms. Hai has also worked at
HSBC Insurance (Asia) Limited in Hong Kong from
2010 to 2012 and PricewaterhouseCoopers LLP in the
United Kingdom from 2002 to 2010.
Ms. Hai is a qualified fellow member of the Institute
and Faculty of Actuaries in the United Kingdom and
is a board representative of both the Life Board and
the Education Board of the Institute and Faculty of
Actuaries in the United Kingdom. She is also a fellow
member of the China Association of Actuaries.
mr. huang youlong, aged 40, was appointed as a
non-executive Director of the Company in November
2015. Mr. Huang is the chairman of Damo Gold Ocean
Group Limited, the chairman of Mongolian Desert
Resources LLC. and the chairman of Grand Asia
Pacific Investment Holding Pte. Ltd.. Mr. Huang was
appointed as the chairman and an executive director
of Sino Golf Holdings Limited (Stock code: 00361)
on 7 November 2016, a company listed on the Stock
Exchange.
Mr . Huang i s a d i rec to r o f Jade Pass ion , the
substantial shareholder of the Company.
iNdepeNdeNt NoN-exeCutive
direCtors
mr. l in l i jun , aged 43, was appo in ted as an
independent non-executive Director of the Company
and a member of the Audit Committee and Nomination
Committee and the chairman of the Remuneration
Commit tee of the Company in November 2015.
Mr. Lin was the founder of China Universal Asset
Management Co., Ltd., an award-winning and diverse
asset management company founded by Mr. Lin
in April 2004 and at which he had served as chief
executive officer until April 2015. Mr. Lin has extensive
experience in investment management as well as risk
management.
非執行董事（續）
海歐女士，37歲，於二零一五年十一月獲委
任為本公司非執行董事。海女士為雲鋒基金的
董事總經理，並專注於金融服務行業的投資。
在加入雲鋒基金之前，海女士自二零一二年起
擔任德勤華永會計師事務所的精算合夥人，為
中國內地及海外的保險公司提供諮詢服務。海
女士亦曾於二零一零年至二零一二年於香港滙
豐保險（亞洲）有限公司任職，及於二零零二年
至二零一零年於英國普華永道會計師事務所任
職。
海女士為英國精算師協會資深會員，且為英國
精算師協會壽險委員會及教育委員會的理事會
代表。海女士也是中國精算師協會的資深會
員。
黃有龍先生，40歲，於二零一五年十一月獲
委任為本公司非執行董事。黃先生現時擔任
大漠金海集團有限公司的董事長、蒙古大漠資
源有限責任公司的董事長，以及新亞太投資控
股公司的董事長。黃先生於二零一六年十一月
七日獲委任為順龍控股有限公司（股份代號：
00361）之主席兼執行董事，該公司於聯交所
上市。
黃先生為 Jade Passion之董事，該公司為本
公司之主要股東。
獨立非執行董事
林利軍先生，43歲，於二零一五年十一月獲
委任為本公司獨立非執行董事，以及本公司
審核委員會及提名委員會成員兼薪酬委員會主
席。林先生是匯添富基金管理有限公司的創辦
人，並一直擔任其首席執行官直至二零一五年
四月。匯添富基金管理有限公司是林先生於二
零零四年四月創立的一家屢獲殊榮的多元化資
產管理公司。林先生於投資管理及風險管理方
面具備豐富經驗。
24 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Biographical Details of Directors and Senior Management
董事及高級管理人員履歷
iNdepeNdeNt NoN-exeCutive
direCtors (Continued)
Mr. L in was appointed as an independent non-
executive director of Xiao Nan Guo Restaurants
Holdings Limited (Stock code: 03666) on 23 March
2016, a company listed on the Stock Exchange. Mr.
Lin is an independent director of Shanghai Chengtou
Holding Co., Ltd. (stock code: 600649), a company
listed on the Shanghai Stock Exchange. Mr. Lin had
also been an independent director of Shanda Games
Limited, a company with i ts American depositary
shares listed on NASDAQ (symbol: GAME).
Mr. Lin obtained a bachelor’s degree and a master’s
degree in economics from Fudan University, the
PRC, in 1994 and 1997 respectively, and a master
of business administrat ion degree f rom Harvard
University, the . in 2003.
mr. qi daqing , aged 52, was appointed as an
independent non-executive Director of the Company,
and a member of the Audit Committee, Nomination
Commit tee and Remunerat ion Commit tee of the
Company on 18 February 2016. Mr. Qi is currently
a professor of Cheung Kong Graduate School of
Business. He previously served as director and
associate dean of the executive master of business
administration department. Mr. Qi’s research interests
primari ly focus on f inancial accounting, f inancial
reporting and their impact on corporate business
strategy. Mr. Qi has publ ished many art ic les in
account ing and f inance journals. Mr. Qi worked
at The Chinese University of Hong Kong and the
Feature Syndicate of the Department of Home News
for Overseas, Xinhua News Agency prior to joining
Cheung Kong Graduate School of Business in 2002.
Mr. Qi currently serves as independent director of
Inc. (NASDAQ: SOHU), iKang Healthcare
Group , Inc . (NASDAQ: KANG) and Momo Inc .
(NASDAQ: MOMO) , a l l o f wh ich a re l i s ted on
NASDAQ; and independent non-executive director
of Honghua Group Limited (stock code: 00196);
SinoMedia Holding Limited (stock code: 00623) and
Jutal Offshore Oil Services Limited (stock code:
03303), all of which are listed on the Stock Exchange.
Mr. Qi served as an independent non-execut ive
director of Dalian Wanda Commercial Properties Co.,
Ltd. (stock code: 03699) from 29 January 2016 to 20
September 2016, a company delisted from the Stock
Exchange on 20 September 2016. Mr. Qi had also
been an independent director of Focus Media Holding
Limited (NASDAQ: FMCN) and AutoNavi Holdings
Ltd. (NASDAQ: AMAP), all of which were listed on
NASDAQ, an independent director of Bona Film Group
Limited which was listed on NASDAQ and ceased to
be a public company in April 2016, and an independent
director of China Vanke Co., Ltd. (a company listed on
the Shenzhen Stock Exchange, stock code: 000002;
and listed on the Stock Exchange, stock code: 02202).
獨立非執行董事（續）
林先生於二零一六年三月二十三日獲委任為小
南國餐飲控股有限公司（股份代號：03666）之
獨立非執行董事，該公司於聯交所上市。林先
生為上海城投控股股份有限公司（股份代號：
600649）之獨立董事，該公司為上海證券交易
所上市之公司。林先生亦曾為盛大遊戲有限公
司（股份代號：GAME）之獨立董事，該公司的
美國預託證券於納斯達克股票交易所上市。
林先生於一九九四年及一九九七年分別自中國
復旦大學取得經濟學學士及碩士學位，並於二
零零三年自美國哈佛大學取得工商管理碩士。
齊大慶先生，52歲，於二零一六年二月十八
日獲委任為本公司獨立非執行董事，以及本
公司審核委員會、提名委員會及薪酬委員會成
員。齊先生現為長江商學院教授，曾任該學院
高級管理人員工商管理碩士主任及副院長，齊
先生的主要研究領域為財務會計、財務報告及
其對企業業務戰略的影響。齊先生曾在財務及
會計刊物上發表過多篇論文。齊先生於二零零
二年加入長江商學院前曾任職於香港中文大學
及新華社對外部特稿社。
齊大慶先生現任在美國納斯達克上市的搜狐網
絡有限公司（股份代號：SOHU）、愛康國賓健
康體檢管理集團有限公司（股份代號：KANG）
及陌陌科技公司（股份代號：MOMO）的獨立
董事 ; 以及在聯交所上市的宏華集團有限公司
（股份代號：00196）、中視金橋國際傳媒控股
有限公司（股份代號：00623）及巨濤海洋石油
服務有限公司（股份代號：03303）的獨立非執
行董事。齊先生曾於二零一六年一月二十九
日至二零一六年九月二十日擔任大連萬達商
業地產股份有限公司（股份代號：03699）之
獨立非執行董事，該公司於二零一六年九月
二十日於聯交所除牌。齊先生亦曾任在美國納
斯達克上市的分眾傳媒控股有限公司（股份代
號：FMCN）和高德軟件有限公司（股份代號：
AMAP）之獨立董事、博納影業集團有限公司
（曾於美國納斯達克上市，於二零一六年四月
不再為上市公司）之獨立董事及在深圳證券交
易所及在聯交所上市的萬科企業股份有限公司
（深圳證券交易所股份代號：000002和聯交所
股份代號：02202）之獨立董事。
25雲鋒金融集團有限公司二零一六年年報
Biographical Details of Directors and Senior Management
董事及高級管理人員履歷
iNdepeNdeNt NoN-exeCutive
direCtors (Continued)
Mr. Qi graduated with a doctoral degree in accounting
from The Eli Broad Graduate School of Management
of Michigan State University in the . in 1996. He
also obtained a master’s degree in management from
University of Hawaii in the in 1992 and dual
bachelor’s degrees (in biophysics and international
news) f rom Fudan Universi ty in 1985 and 1987
respectively.
mr . Chu Chung yue , howard , aged 68 , was
appointed as an independent non-executive Director,
the chairman of the Audit Committee and a member
of the Remuneration Committee and the Nomination
Committee of the Company in August 2011.
Mr. Chu was the vice president, Asia and chief
representative, China of Teck Resources Limited. Mr.
Chu was responsible for the development of an Asian
strategy for the company, monitoring China’s economic
performance and promoting business development
opportunities in China. Mr. Chu held various positions
including corporate controller for Teck Resources
Limited from 1978 to 2007 and was the vice president,
Asia and chief representative, China from 2007 to April
2011.
Mr. Chu holds a bachelor degree in commerce from
University of British Columbia and was a member of
the Chartered Professional Accountants of Canada.
dr. Wong yau kar, david, BBS, JP, aged 59, was
appointed as an independent non-executive Director
and a member of the Audit Committee of the Company
in December 2012. Dr. Wong received a doctorate in
Economics from the University of Chicago in 1987.
Dr. Wong has extensive experience in manufacturing,
direct investment and international trade. Dr. Wong is
active in public service. He is a Hong Kong deputy of
the 12th National People’s Congress of the People’s
Republic of China. He is also Chairman of the Land
and Development Advisory Committee, Mandatory
Provident Fund Schemes Authority and Protection
of Wages on Insolvency Fund Board. Dr. Wong was
appointed a Justice of Peace (JP) in 2010 and was
awarded a Bronze Bauhinia Star (BBS) in 2012 for his
valuable contribution to the society.
獨立非執行董事（續）
齊先生於一九九六年取得美國密歇根州立大學
艾利布羅管理研究院會計學博士學位，並於
一九九二年取得美國夏威夷大學的管理碩士學
位及於一九八五年及一九八七年取得復旦大學
的雙學士學位（生物物理及國際新聞）。
朱宗宇先生，68歲，於二零一一年八月獲委
任為本公司之獨立非執行董事、審核委員會主
席，以及薪酬委員會及提名委員會成員。
朱先生為 Teck Resources Limited之亞洲區
副總裁兼中國區首席代表。朱先生負責發展
該公司之亞洲策略、 監察中國之經濟表現及促
進中國之業務發展機會。朱先生自一九七八
年至二零零七年間曾擔任 Teck Resources
Limited 之多個職務（包括財務審計總監），及
自二零零七年至二零一一年四月間曾出任亞洲
區副總裁及中國區首席代表。
朱先生持有英屬哥倫比亞大學之商業學士學
位，並為加拿大特許專業會計師公會之會員。
黃友嘉博士 , BBS, JP，59歲，於二零一二年
十二月獲委任為本公司獨立非執行董事及審核
委員會成員。黃博士持有芝加哥大學之經濟學
博士學位，並於製造業、直接投資及國際貿易
方面擁有豐富經驗。黃博士積極參與公共服
務，現為中華人民共和國第十二屆全國人民代
表大會香港區代表，同時擔任土地及建設諮詢
委員會、強制性公積金計劃管理局及破產欠薪
保障基金委員會之主席。黃博士於二零一零年
獲委任為太平紳士，於於二零一二年就彼對社
會之寶貴貢獻獲頒銅紫荊勳章。
26 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Biographical Details of Directors and Senior Management
董事及高級管理人員履歷
iNdepeNdeNt NoN-exeCutive
direCtors (Continued)
Dr. Wong is currently an independent non-executive
director of Concord New Energy Group Limited (stock
code: 00182), Huayi Tencent Entertainment Company
Limited (stock code: 00419), Redco Properties Group
Limited (stock code: 01622), Shenzhen Investment
Limited (stock code: 00604) and Sinopec Kantons
Holdings Limited (stock code: 00934), Dr. Wong had
also been a non-executive director of FDG Kinetic
Limited (stock code: 00378) until March 2015, the
shares of which are all listed on the Stock Exchange.
seNior maNagemeNt
mr. john maguire , aged 53, jo ined the Group
in September 2011. Mr. Maguire is the Head of
Corporate Finance and Senior Managing Director of
the Group. Prior to joining the Group, Mr. Maguire
was the managing director and a co-founder of a
boutique corporate finance firm from 2000 to 2011.
Before that, Mr. Maguire was, from 1995 to 2000, an
executive director in the corporate finance arm of an
international broking and corporate finance group,
responsible for the group’s corporate finance activities
in Hong Kong and South East Asia. From 1991 to
1995, Mr. Maguire worked as a solicitor in Hong Kong.
Prior to relocating to Hong Kong in 1991, Mr. Maguire
worked as a solicitor in the City of London.
Mr. Maguire is a member of the Listing Committee of
the Stock Exchange. Mr. Maguire is a deputy chairman
of the Takeovers and Mergers Panel, a member of
the Takeovers Appeal Committee and a member of
the Securities and Futures Commission’s Committee
on Real Estate Investment Trusts. Mr. Maguire is the
chairman of the Hong Kong Securities and Investment
Institute and a senior fel low of the Institute. Mr.
Maguire is a member of the HKTDC Financial Services
Advisory Committee, a member of the Asian Financial
Forum Steering Committee and a member of the
Executive Committee of the Asian Securit ies and
Investment Federation.
Mr. Maguire is a solicitor admitted in England and
Wales (non-practicing) and in Hong Kong. Mr. Maguire
is a member of the Law Society of Hong Kong’s
Company Law Committee.
獨立非執行董事（續）
黃博士現為協合新能源集團有限公司（股份代
號：00182）、華誼騰訊娛樂有限公司（股份代
號：00419）、力高地產集團有限公司（股份代
號：01622）、深圳控股有限公司（股份代號：
00604）及中石化冠德控股有限公司（股份代
號：00934）之獨立非執行董事 ; 彼亦曾為五
龍動力有限公司（股份代號：00378）之非執行
董事直至二零一五年三月，該等公司之股份均
於聯交所上市。
高級管理人員
john maguire先生，53歲，於二零一一年
九月加入本集團。Maguire先生為本集團之企
業融資部主管及高級董事總經理。加入本集
團前，Maguire先生於二零零零年至二零一一
年為一家精品企業融資公司之董事總經理及聯
席創辦人。Maguire先生於一九九五年至二零
零零年為一家國際性之經紀及企業融資集團之
企業融資部執行董事，負責集團於香港及東南
亞之企業融資活動。Maguire先生於一九九一
年至一九九五年於香港任職律師。於一九九一
年遷居香港前，Maguire先生於倫敦市任職律
師。
Maguire先生現為聯交所上市委員會之委員。
Maguire先生亦為證券及期貨事務監察委員會
收購及合併委員會副主席、收購上訴委員會委
員，以及房地產投資信託基金委員會委員。
Maguire先生亦為香港證券及投資學會之主席
及傑出資深會員。Maguire先生亦為香港貿易
發展局金融服務諮詢委員會委員，亞洲金融論
壇策劃委員會委員及亞洲證券暨投資聯合會執
行委員會委員。
Maguire先生為英格蘭及威爾士及香港認許之
律師（非執業）。Maguire先生為香港律師會公
司法委員會委員。
27雲鋒金融集團有限公司二零一六年年報
Biographical Details of Directors and Senior Management
董事及高級管理人員履歷
seNior maNagemeNt (Continued)
mr. Chan man ko, aged 42, joined the Group in
November 2015, is the Chief F inancia l Of f icer ,
Company Secretary and a Senior Managing Director
of the Group. Before joining the Group, Mr. Chan
worked for China Taiping Insurance Holdings Company
Limited (stock code: 00966) for over 11 years and
had served several positions including deputy general
manager of finance department, chief financial officer
and company secretary. Prior to this, he worked for
Deloitte Touche Tohmatsu for 7 years.
Mr. Chan is an associate member of Institute of
Chartered Accountants in England and Wales, and
associate member and practicing member of Hong
Kong Institute of Certified Public Accountants.
ms. li yuan, aged 39, joined the Group in April
2016, is the Head of Wealth Management and a
Senior Managing Director of the Group. Ms. Li has
around 15 years’ experience in the asset management
industry. Prior to joining the Group, Ms. Li was the
managing director of State Street Global Advisors in
Hong Kong, leading both the sales and client services
team to develop and maintain business relationships
with financial institutions of North Asia. Before that,
Ms. Li served as an executive director of the global
portfolio investment department and the private equity
department at Goldman Sachs (Tokyo) and Goldman
Sachs (Hong Kong). Ms. Li has extensive experience
i n bus i ness de ve l op me n t a n d e xce l l en t sa l es
capability. Ms. Li has a deep insight in global assets
allocation and multi-asset allocation strategy. Ms. Li
is very skilled in designing and executing customized
investment plans. Ms. Li also has rich experience in
quantitative model in creating investment strategy with
US$50 billion assets under management.
Ms. Li graduated from Tokyo Institute of Technology,
and obtained a Bachelor degree in Computer Science
and a Master degree in Communication Engineering.
高級管理人員（續）
陳文告先生，42歲，於二零一五年十一月加
入本集團，為本集團之首席財務總監、公司秘
書及高級董事總經理。加入本集團之前，陳先
生於中國太平保險控股有限公司（股份代號：
00966）工作超過 11年，並曾擔任財務部副總
經理、財務總監及公司秘書等職位。此前，彼
曾於德勤．關黃陳方會計師行工作 7年。
陳先生為英格蘭及威爾斯特許會計師協會會
員、香港會計師公會會員及執業會計師。
李瑗女士，39歲，於二零一六年四月加入本
集團，為本集團財富管理主管兼高級董事總
經理。李女士擁有約 15年的資產管理行業工
作經驗。加入本集團前，李女士曾在香港出
任道富環球投資管理 (State Street Global
Advisors)的董事總經理，帶領銷售和客戶服
務團隊開拓及維護北亞區域金融機構的業務關
係。在此之前，李女士也曾任職高盛資產管理
（東京）及高盛資產管理（香港），擔任其全球
組合投資部門及私募部門的執行董事。李女士
擁有豐富的業務開拓實戰經歷和出色的銷售能
力。李女士對全球資產配置和多資產投資組合
策略有深入的瞭解，熟悉為客戶量身定制的投
資方案的設計執行，並在開發投資方案的計量
模型方面有豐富經驗，負責 500億美元投資組
合的管理。
李女士畢業於日本東京工業大學，獲得電腦科
學的學士學位及通信工程的碩士學位。
28 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Corporate Governance Report
企業管治報告
The board of directors (the “Board”) of Yunfeng
F i n a n c i a l G r o u p L i m i t e d ( t h e “ C o m p a n y ” ) i s
committed to maintaining high standards of corporate
governance. I t bel ieves that a high standard of
corporate governance provides a framework and solid
foundation for attracting and retaining high calibre
and talented management, promoting high standards
of accountability and transparency and meeting the
expectations of all the shareholders of the Company
(the “Shareholders”).
The principles of corporate governance adopted by the
Company and its subsidiaries (collectively the “Group”)
stress the importance of a qual i ty board, sound
internal controls, and transparency and accountability
to all the Shareholders.
Throughout year ended 31 December 2016 ( the
“Year”), the Company has complied with the applicable
code provisions of the Corporate Governance Code
(the “CG Code”), as set out in Appendix 14 to the
Rules Governing the Listing of Securities (the “Listing
Rules”), except for certain deviat ions which are
summarised below:
(a) Code provision
Code provision provides that non-executive
directors should be appointed for a specific term,
subject to re-election. The Company deviates
from this provision because the non-executive
D i r e c t o r s a n d i n d e p e n d e n t n o n - e x e c u t i v e
Directors do not currently have specific terms of
appointment. However, the articles of association
of the Company states that one-third of the
Directors for the time being or, if the number is
not a multiple of three, then, the number nearest
to but not less than one-third, shall retire from
office by rotation, provided that every Directors
shall be subject to retirement by rotation at least
once every three years at each annual general
meeting, and offer themselves for re-election.
As such, the Board considers that suff icient
measures have been put in place to ensure
the Company’s corporate governance practice
in this aspect provides sufficient protection for
the interests of Shareholders to a standard
commensurate with that of the code.
(B) Code provision
Due to other engagement, Mr. Yu Feng, the
Chairman of the Group, was unable to attend the
annual general meeting of the Company held on
31 May 2016.
雲鋒金融集團有限公司（「本公司」）董事會
（「董事會」）致力維持高水準之企業管治，相
信高水準之企業管治能提供有效架構及穩固根
基，吸引及挽留能力出眾及富有才幹之管理
層、促進高標準之問責及透明度及達致本公司
全體股東（「股東」）之期望。
本公司及其附屬公司（統稱「本集團」）採納之企
業管治原則著重高質素之董事會、健全之內部
監控以及對全體股東保持透明及問責。
於二零一六年十二月三十一日止年度（「本年
度」）內，本公司已遵守證券上市規則（「上市規
則」）附錄十四所載之相關企業管治守則（「企管
守則」）條文，惟下文所述之偏離除外 :
(a) 守則條文第 條
根據守則條文第條，非執行董事
應以指定任期聘任並須接受重選。由
於目前本公司之非執行董事及獨立非執
行董事並無指定任期，故本公司偏離此
條文。然而，根據本公司之組織章程細
則，當時三分之一之在任董事（倘人數並
非三之倍數，則最接近但不少於三分之
一之人數）須輪值卸任。於每屆股東週年
大會上，每位董事需要至少每三年須輪
席退任一次，並膺選連任。因此，董事
會認為此方面已採取足夠措施確保本公
司之企業管治常規可充分保障股東之權
益，並符合守則所規定的標準。
(B) 守則條文第 條
由於其他事務，主席虞鋒先生未能出席
於二零一六年五月三十一日舉行之股東
週年大會。
29雲鋒金融集團有限公司二零一六年年報
Corporate Governance Report
企業管治報告
(C) 守則條文第 條
內部及外部審核被視為本集團風險管理
及內部控制系統的第三道防線，因此，
其重要性受到高度重視。目前，由於本
集團仍然處於過渡期，其正在制訂及設
立內部政策及程序，故仍然缺乏內部審
核職能。內部檢討頻繁地進行，詳情載
於本企業管治報告「風險管理及內部控
制」一節。目前，外部審核負責核實內部
監控制度，並對所遵守及遵循的政策及
程序提供額外保證。本集團將審查設立
內部審計職能的必要性，並在出現需求
時將其列入議程。
進行證券交易之行為守則
本公司已採納一套有關董事進行證券交易之行
為守則，其條款不遜於上市規則附錄十所載之
上市發行人董事進行證券交易的標準守則（「標
準守則」）所規定的標準。經本公司作出具體查
詢後，本公司全體董事（「董事」）已確認，彼等
於本年度內一直遵守標準守則規定的標準。
董事會
董事會負責制訂本集團之策略、政策及業務規
劃、規範及檢討風險管理及內部監控體系、制
訂本集團之企業管治政策，及監督本集團之業
務營運管理，確保實現業務目標。董事會亦確
保董事會成員具備充足的資源、資歷及經驗。
本集團高級管理人員負責本集團之日常營運，
並對董事會負責。
(C) Code provision
Internal and external audit are regarded as
the 3rd l ine of defense in the Group’s r isk
management and internal control systems and
therefore the importance is highly regarded.
Currently, the internal audit function is absent
as the Group is s t i l l in t rans i t iona l per iod
where in ternal pol ic ies and procedures are
be ing fo rmula ted and es tab l ished. In terna l
reviews are being conducted quite frequently,
detai ls are disclosed in the sect ion headed
“Risk Management and Internal Control” of this
Corporate Governance Report. For the time being,
external auditing is responsible for verifying the
internal control system and providing additional
assurance that the policies and procedures are
respected and followed. The Group will review the
need for setup of internal audit function and put it
on the agenda when the need for one arises.
Code of CoNduCt for seCurities
traNsaCtioNs
The Company has adopted the code of conduct
regarding director’s securities transactions with terms
no less exacting than the required standard set out
in the Model Code for Securities Transactions by
Directors of Listed Issuers as set out in Appendix 10
of the Listing Rules (the “Model Code”). Following
specific enquiry by the Company, all the directors of
the Company (the “Directors”) have confirmed that
they have complied with the required standards as
stated in the Model Code throughout the Year.
the Board
The Board is responsible for the formulation of the
Group’s strategies, pol ic ies and business plans,
regulating and reviewing risk management and internal
control systems, formulating the Group’s corporate
governance policy, and supervising the management of
the business operations of the Group to ensure that its
business objectives are met. The Board also ensures
adequacy of resources, qualifications and experience
of the Board members. The senior management of the
Group is responsible for the day-to-day operations of
the Group and accountable to the Board.
30 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Corporate Governance Report
企業管治報告
the Board (Continued)
The Board has a balance of skills and experience
appropriate for the requirements of the business of
the Group. As at the date of this report, the Board
comprises the following Directors:
Chairman
Mr. Yu Feng (Non-executive Director)
Executive Directors
Ms. Li Ting (Chief Executive Officer)
Mr. Huang Xin
Non-executive directors
Mr. Ko Chun Shun, Johnson
Ms. Hai Olivia Ou
Mr. Huang Youlong
independent non-executive directors
Mr. Lin Lijun
Mr. Qi Daqing
Mr. Chu Chung Yue, Howard
Dr. Wong Yau Kar, David, BBS, JP
The current Directors and their brief biographical
details are set out in the section headed “Biographical
Details of Directors and Senior Management” of this
annual report.
There are no f inancial, business, family or other
ma te r i a l / r e levan t re la t i onsh ips be tween Board
members and between the Chairman and the chief
executive officer (the “CEO”).
The Company has been maintaining the number of
independent non-executive Directors at not less than
one-third of the number of the Board members and
has ensured that at least one of the independent
non-executive Directors has appropriate professional
qual i f icat ions, or account ing or related f inancial
management expertise as required by the Listing
Rules. The participation of independent non-executive
Directors in the Board brings independent judgement
to ensure the interests of all Shareholders have been
duly considered.
董事會（續）
董事會兼具本集團業務所需之適當技能和經
驗。於報告日期，董事會由以下董事組成：
主席
虞鋒先生（非執行董事）
執行董事
李婷女士（行政總裁）
黃鑫先生
非執行董事
高振順先生
海歐女士
黃有龍先生
獨立非執行董事
林利軍先生
齊大慶先生
朱宗宇先生
黃友嘉博士 , BBS, JP
現任董事及其簡歷載於本年報「董事及高級管
理人員履歷」一節。
董事之間及主席與行政總裁（「行政總裁」）之間
並無任何財務、業務、家屬或其他重大╱相關
關係。
本公司一直維持獨立非執行董事人數不少於董
事人數三分之一，並確保至少有一名獨立非執
行董事具備上市規則規定之適當專業資格或會
計或相關財務管理專長。獨立非執行董事之參
與賦予董事會獨立判斷，確保全體股東之利益
得到妥善考慮。
31雲鋒金融集團有限公司二零一六年年報
Corporate Governance Report
企業管治報告
the Board (Continued)
For a Director to be considered independent, that
Director should not have any direct or indirect material
interest in the Group. In determining the independence
of Directors, the Board follows the requirement set
out in the Listing Rules. The Company has received
from each of the independent non-executive Directors
a confirmation of his independence pursuant to Rule
of the Listing Rules in respect of the year ended
31 December 2016 and the Company considers that
they are independent.
The ro l es o f t he Cha i rman and t he CEO a re
complementary, but importantly they are distinct and
separate with a clear and well established division of
responsibilities.
T h e C h a i r m a n ( a s s u m e d b y M r . Y u F e n g ) i s
responsible for setting strategic targets, providing
l e a d e r s h i p t o t h e B o a r d , m o n i t o r i n g B o a r d
effectiveness and fostering constructive relationship
between Directors.
The CEO (assumed by Ms. Li Ting) is responsible
for managing the business of the Group, attending
to the formulation and implementation of Group’s
policies, and assuming ful l accountabil i ty for the
Group’s operations. Acting as the principal manager
of the Group’s business, the CEO develops a strategic
operating plan that reflects the long-term objectives
and pr ior i t ies establ ished by the Board, and is
directly responsible for maintaining the operational
performance of the Group. Working with the senior
management and the Board, the CEO ensures that
the funding requirements of the business are met and
closely monitors the operating and financial results
against the plans. The CEO also takes remedial
actions when necessary and advises the Board of any
significant developments and issues of the Group.
董事會（續）
就被視為獨立之董事而言，其不得於本集團擁
有任何直接或間接重大權益。於釐定董事之獨
立性時，董事會遵循上市規則之規定。本公
司已收到各獨立非執行董事根據上市規則第
條發出的截至二零一六年十二月三十一
日止年度的獨立性確認函，而本公司認為彼等
均屬獨立。
主席與行政總裁兩個角色有互補作用，但重要
的是兩者獨立分明、分工清晰妥當。
主席（由虞鋒先生擔任）負責制定戰略目標、領
導董事會、確保董事會具成效及促進董事良好
關係。
行政總裁（由李婷女士擔任）負責管理本集團業
務，參與制訂及實行本集團政策，並全權負責
本集團營運。身為本集團業務之主要管理人，
行政總裁切合董事會所訂立的長期目標及發展
重點制訂策略性經營規劃，並直接負責維持本
集團之營運表現。行政總裁與高級管理人員及
董事會合作，確保滿足業務之資金要求，並密
切監督經營及財務業績是否符合規劃。行政總
裁亦於有需要時採取補救措施，並就本集團之
任何重大發展及事項向董事會提供建議。
32 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Corporate Governance Report
企業管治報告
the Board (Continued)
The Board meets regularly and at least 4 times a year.
Between scheduled meetings, senior management of
the Group provides to the Directors the information
on the activities and developments in the businesses
of the Group on a timely basis and, when required,
addit ional Board meetings are held. In addit ion,
the Directors have full access to the information of
the Group and to independent professional advice
whenever should they consider necessary. During the
year ended 31 December 2016, a total of 5 Board
meetings and 2 general meetings, including the annual
general meeting (“2016 AGM”) were held and the
attendance of each Director is set out below:
Number of meetings attended in the year ended
31 december 2016/Number of meeting eligible to attend
截至二零一六年十二月三十一日出席
會議次數╱合資格參加的會議次數
Board NC rC aC agm egm
董事會
提名
委員會
薪酬
委員會
審核
委員會
股東
週年大會
股東
特別大會
Chairman 主席
Mr. Yu Feng 虞鋒先生 4/5 1/1 — — 0/1 0/1
executive directors 執行董事
Ms. Li Ting 李婷女士 5/5 — — — 1/1 1/1
Mr. Huang Xin 黃鑫先生 5/5 — 1/1 — 1/1 0/1
Mr. Brett McGonegal
(resigned on
2 February 2016)
Brett McGonegal
先生（於
二零一六年
二月二日辭任） 0/1 — — — 0/0 0/0
Non-executive
directors
非執行董事
Mr. Ko Chun Shun,
Johnson
高振順先生
5/5 — — — 1/1 0/1
Ms. Hai Olivia Ou 海歐女士 5/5 — — — 0/1 1/1
Mr. Huang Youlong 黃有龍先生 2/5 — — — 0/1 0/1
independent non-
executive directors
獨立
非執行董事
Mr. Lin Lijun 林利軍先生 0/5 0/1 0/1 0/2 0/1 0/1
Mr. Qi Daqing
(appointed on
18 February 2016)
齊大慶先生
（於二零一六年
二月十八日
獲委任） 3/3 1/1 1/1 0/1 1/1 0/1
Mr. Chu Chung Yue,
Howard
朱宗宇先生
5/5 1/1 1/1 2/2 1/1 0/1
Mr. Liu Zhengui
(resigned on
1 April 2016)
劉珍貴先生
（於二零一六年
四月一日辭任） 2/2 0/0 0/0 1/1 0/0 0/0
Dr. Wong Yau Kar,
David, BBS, JP
黃友嘉博士 ,
BBS, JP 5/5 — — 2/2 1/1 0/1
董事會（續）
董事會定期召開會議，每年至少舉行 4次。於
已定會期的會議之間，本集團高級管理人員及
時向董事提供有關本集團業務活動和發展之資
料，並於有需要時舉行額外的董事會會議。此
外，董事可於彼等認為有需要時全面獲得本集
團資料及獨立的專業意見。於截至二零一六年
十二月三十一日止年度，本公司合共舉行 5次
董事會會議及 2次股東大會，包括股東週年大
會（「二零一六年股東週年大會」），各董事之出
席情況載列如下 :
33雲鋒金融集團有限公司二零一六年年報
Corporate Governance Report
企業管治報告
the Board (Continued)
Note:
NC – Nomination Committee
RC – Remuneration Committee
AC – Audit Committee
AGM – annual general meeting held on 31 May 2016
EGM – extraordinary general meeting held on 13 October 2016
professioNal traiNiNg for direCtors
All Directors, including independent non-executive
D i rec to rs , shou ld a lways know the i r co l lec t i ve
responsibilities as Directors and of the businesses and
activities of the Group. Each newly appointed Director
would receive an induction package covering the
Group’s businesses and the statutory and regulatory
obligations of a director of a listed company.
Dur ing the year ended 31 December 2016, a l l
Directors have received the following trainings and
provided relevant records to the Company:
directors
training on corporate governance,
regulatory development and other
relevant topics
董事
有關企業管治、監管發展及
其他相關課題之培訓
Chairman 主席
Mr. Yu Feng 虞鋒先生 3
executive directors 執行董事
Ms. Li Ting 李婷女士 3
Mr. Huang Xin 黃鑫先生 3
Non-executive directors 非執行董事
Mr. Ko Chun Shun, Johnson 高振順先生 3
Ms. Hai Olivia Ou 海歐女士 3
Mr. Huang Youlong 黃有龍先生 3
independent non-executive
directors
獨立非執行董事
Mr. Lin Lijun 林利軍先生 3
Mr. Qi Daqing 齊大慶先生 3
Mr. Chu Chung Yue, Howard 朱宗宇先生 3
Dr. Wong Yau Kar, David,
BBS, JP
黃友嘉博士 ,
BBS, JP 3
董事會（續）
附註 :
NC – 提名委員會
RC – 薪酬委員會
AC – 審核委員會
AGM – 於二零一六年五月三十一日舉行的股東週年大會
EGM –於二零一六年十月十三日舉行的股東特別大會
董事專業培訓
全體董事（包括獨立非執行董事）應清楚彼等
身為董事之共同責任並了解本集團的業務及活
動。每名新上任之董事將收到一套入職資料，
涵蓋本集團業務及上市公司董事須承擔之法定
及監管責任。
於截至二零一六年十二月三十一日止年度，全
體董事已接受下列培訓並提供相關記錄予本公
司 :
34 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Corporate Governance Report
企業管治報告
Board diversity poliCy
The Company has adopted a board diversity policy in
October 2013 which sets out the approach to achieve
and maintain diversi ty on the Board in order to
enhance the effectiveness of the Board.
The Company recognises the benefits of a Board that
possesses an appropriate balance and levels of skills,
experience, expertise and diversity of perspectives
essential to support the execution of its corporate
and business strategies and to enhance the quality
and effectiveness of its performance. Board diversity
will strengthen the Company’s strategic objectives in
driving business results; enhancing good corporate
governance and reputa t ion ; and a t t rac t ing and
retaining talent for the Board.
The Company seeks to achieve Board diversity through
the consideration of a number of factors, including
professional qualifications and experience, cultural
and educat ional background, race and ethnici ty,
gender, age and length of service. The Company will
also take into consideration factors based on its own
business model and specific needs from time to time
in determining the optimum composition of the Board.
The Board composi t ion under major cr i ter ia for
diversity was summarised as follows:
0
1
2
3
4
5
6
7
8
9
10
Executive
Directors
執行董事
Doctorate Degree
博士學位
Master Degree
碩士學位
Bachelor Degree
學士學位
Investment
投資
Scholar
學者
Accounting and
Finance
會計及財務
Government Authority
Regulatory Body
政府監管機構
Actuarial
精算
Financial Institution
金融機構
Other
其他
Female
女
Male
男
Non-executive
Directors
非執行董事
Independent
Non-executive
Directors
獨立非執行董事
66-70
61-65
56-60
51-55
41-45
36-40
<1
1-5
>5
Designation
任職
Gender
性別
Age Group
年齡
Education Background
教育背景
Professional
Experience
專業經驗
Directorship with
Company
(no. of years)
服務年期
董事會成員多元化政策
公司於二零一三年十月採納董事會成員多元化
政策，當中載列為達致及維持董事會成員多元
化，提升董事會運作效率而採取之方針。
本公司了解，具備平衡之結構及適當水平之技
能、經驗、專長及不同觀點，對支持董事會執
行企業及業務策略及提升其運作質素及效率至
關重要。董事會成員多元化將增強本公司提升
經營業績、完善良好的企業管治及聲譽及為董
事會吸引及挽留人才之策略目標。
本公司力求考慮多項因素（包括專業資格及經
驗、文化及教育背景、種族、性別、年齡及服
務時間），貫徹董事會成員多元化。於釐定董
事會之最優配置時，本公司亦會根據自身業務
模式及不時之需考慮其他因素。
按主要的多元角度之董事會的組成概覧如下 :
35雲鋒金融集團有限公司二零一六年年報
Corporate Governance Report
企業管治報告
Board diversity poliCy (Continued)
T h e B o a r d c o n s i d e r s t h a t t h e c u r r e n t b o a r d
composition is diverse and meets the criteria of the
board diversity policy. Accordingly, no measurable
objectives have been set for implementing the said
policy. The Board will review the policy from time
to time to ensure that the board diversity policy is
complied with.
A copy of the board diversity policy is published on the
Company’s website for public information.
Board Committees
Regarding the corporate governance function, during
the year ended 31 December 2016, the Board has
reviewed and monitored the training and continuous
professional development of Directors and senior
management. The Board has also reviewed and
ensured comp l iance o f the re levan t l ega l and
regulatory requirements, the code of conducts, and
the disclosure in the Corporate Governance Report.
Besides, the Company has set up three committees
including, the nomination committee, the remuneration
committee and the audit committee. Each committee
has its specific terms of reference with reference to
the CG Code.
remuNeratioN Committee
The remuneration committee of the Company (the
“Remuneration Committee”) was chaired by Mr. Lin
Lijun with existing and former members of Mr. Huang
Xin, Mr. Liu Zhengui, Mr. Chu Chung Yue, Howard
and Mr. Qi Daqing. Mr. Qi Daqing was appointed
as a member of the Remuneration Committee on
18 February 2016 and Mr. Liu Zhengui resigned
as a member of the Remuneration Committee on
1 Apr i l 2016. The Remunera t ion Commi t tee i s
responsible to make recommendation to the Board
on the remunerat ion packages of Directors and
senior management of the Group. In addition, the
Remuneration Committee shall meet as and when
required to consider remuneration related matters
such as making recommendations to the Board on the
Group’s policy and structure for the remuneration of
Directors and senior management, and to assist the
Group in the administration of the fair and transparent
procedure for setting policies on the remuneration of
Directors and senior management of the Group. The
written terms of reference are posted on the websites
of the Company and the Stock Exchange, Code
provision (c)(ii) was adopted by the Remuneration
Committee.
董事會成員多元化政策（續）
董事會認為現行董事會的組成是多樣的，符合
董事會多元化政策的標準。據此，概無制定可
計量目標對該政策加以落實。董事會將不時檢
討董事會的多樣性，以確保符合董事會的多元
化政策。
董事會成員多元化政策之文本載於本公司網
站，供公眾查閱。
董事委員會
就企業管治職能而言，於截至二零一六年十二
月三十一日止年度，董事會已檢討及監察董事
及高級管理人員之培訓及持續職業發展。董事
會亦已檢討及確保遵守相關法律及監管規定、
行為守則，及企業管治報告之披露。此外，本
公司已設立三個委員會，包括提名委員會、薪
酬委員會及審核委員會。各委員會均已參考企
管守則制定明確的職權範圍。
薪酬委員會
本公司之薪酬委員會（「薪酬委員會」）由林利軍
先生擔任主席，現有成員及前成員包括黃鑫先
生、劉珍貴先生、朱宗宇先生及齊大慶先生。
齊大慶先生於二零一六年二月十八日獲委任為
薪酬委員會成員，及劉珍貴先生於二零一六年
四月一日辭任薪酬委員會成員。薪酬委員會負
責就本集團董事及高級管理人員之薪酬待遇向
董事會提供建議。此外，薪酬委員會須於有
需要時舉行會議，考慮薪酬相關事宜（如就本
集團之董事及高級管理人員薪酬政策及架構向
董事會提供建議），及協助本集團於制訂董事
及本集團高級管理人員之薪酬政策時落實公平
透明之程序。書面職權範圍載於本公司及聯交
所網站。薪酬委員會已採納守則條文(c)
(ii)。
36 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Corporate Governance Report
企業管治報告
remuNeratioN Committee (Continued)
During the Year, the Remuneration Committee held
1 meeting. The Remuneration Committee reviewed
the remuneration packages for Directors and senior
management of the Group and remuneration package
of new independent non-executive Director.
Details of the remuneration of the Directors during the
Year are set out in note 8 to the financial statements.
The remuneration of the senior management during
the Year falls within the following bands:
Number of individual
僱員人數
Nil to HK$5,000,000 5,000,000港元以下 2
HK$15,000,001 to
HK$16,000,000
15,000,001港元至
16,000,000港元 1
NomiNatioN Committee
The nominat ion committee of the Company ( the
“Nomination Committee”) was chaired by Mr. Yu Feng
with existing and former members of Mr. Lin Lijun,
Mr. Liu Zhengui, Mr. Chu Chung Yue, Howard and
Mr. Qi Daqing. Mr. Qi Daqing was appointed as a
member of the Nomination Committee on 18 February
2016 and Mr. Liu Zhengui resigned as a member
of the Nomination Committee on 1 April 2016. The
terms of reference of the Nomination Committee have
been determined with reference to the CG Code and
posted on the websites of the Company and the Stock
Exchange.
The roles and functions of the Nomination Committee
include reviewing the structure, size and composition
of the Board at least once every year , making
recommendations on any proposed changes to the
Board to complement the Group’s corporate strategy,
identifying individuals suitably qualified to become
members of the Board and select ing individuals
nominated for directorship (if necessary), assessing
the independence of the independent non-executive
Directors and making recommendations to the Board
on the appointment or re-appointment of directors
and succession planning for directors, in particular
the Chairman and the chief executive officers. In
considering the nomination of new directors, the Board
will take into account the qualification, ability, working
experience, leadership and professional ethics of the
candidates.
薪酬委員會（續）
本年度內，薪酬委員會舉行 1次會議。薪酬委
員會已審閱本集團董事及高級管理人員之薪酬
待遇，及新獨立非執行董事之薪酬待遇。
年內，有關董事的薪酬披露載於綜合財務報表
附註 8，高級管理層的薪酬介乎下列範圍 :
提名委員會
本公司之提名委員會（「提名委員會」）由虞鋒先
生擔任主席，現有成員及前成員包括林利軍先
生、劉珍貴先生、朱宗宇先生及齊大慶先生。
齊大慶先生於二零一六年二月十八日獲委任為
提名委員會成員，及劉珍貴先生於二零一六年
四月一日辭任提名委員會成員。提名委員會之
職權範圍乃參考企管守則釐定，並載於本公司
及聯交所網站。
提名委員會之角色及職能包括至少每年檢討董
事會之架構、人數及組成一次，就擬對董事會
作出調整以補充本集團之企業策略的事項提供
建議，物色合資格擔任董事者及甄選獲提名擔
任董事者（如需要），評核獨立非執行董事之
獨立性，及就董事之委任或重新委任以及董事
（尤其是主席及行政總裁）繼任計劃向董事會提
供建議。考慮提名新董事時，董事會將考慮候
選人之資歷、能力、工作經驗、領導才能及職
業操守。
37雲鋒金融集團有限公司二零一六年年報
Corporate Governance Report
企業管治報告
NomiNatioN Committee (Continued)
The Nomination Committee is also responsible for
the review of the board’s diversity policy, considering
factors including but not limited to gender, age, cultural
and educational background, ethnicity, professional
experience, skills, knowledge and length of service of
Board members, and review the measurable objectives
that the Board has set for implementing the board
diversity policy (if any), and monitor the progress on
achieving the measurable objectives (if any).
During the Year, the Nomination Committee held
1 meeting. The committee reviewed the structure,
size and composition of the Board and the board
diversity policy and nomination the appointment of new
independent non-executive Director.
During 2016, Mr. Qi Daqing was appointed as Director
of the Company. In considering the new appointment
of director and position, the Nomination Committee
assessed the candidate on criteria such as integrity,
independent mindedness, experience, skill and ability
to commit time and effort to carry out duties and
responsibilities effectively as well as assessed the
independence to be appointed as an independent non-
executive director, etc. and made recommendation to
the Board for approval.
audit Committee
The audit committee of the Company (the “Audit
Commit tee”) is chaired by Mr. Chu Chung Yue,
Howard, with existing and former members of Mr.
Lin Lijun, Mr. Qi Daqing, Mr. Liu Zhengui and Dr.
Wong Yau Kar, David, BBS, JP. Mr. Qi Daqing was
appointed as a member of the Audit Committee on
18 February 2016 and Mr. Liu Zhengui resigned as a
member of the Audit Committee on 1 April 2016.
Mr. Chu holds a bachelor’s degree in commerce from
University of British Columbia and is a member of the
Chartered Professional Accountants of Canada. Mr.
Chu has appropriate professional qualifications as
required under Rules (2) and of the Listing
Rules.
提名委員會（續）
提名委員會亦負責檢討董事會成員多元化政
策，所考慮因素包括（但不限於）董事之性別、
年齡、文化及教育背景、種族、專業經驗、技
能、知識及服務時間，並會檢討董事會為實
施董事會成員多元化政策而制定之可計量目標
（如有），以及監督可計量目標（如有）之完成進
度。
本年度內，提名委員會舉行 1次會議。委員會
已檢討董事會之架構、人數及組成，及提名委
任新獨立非執行董事。
於二零一六年，齊大慶先生獲委任為本公司董
事。考慮新委任董事及職位時，提名委員會以
誠信、獨立思維、經驗、技能及投入時間及努
力以有效履行職務及職責之能力等因素，評估
有關人選，並已評估獲提名為獨立非執行董事
人選之獨立性，並向董事會提出建議以供審
批。
審核委員會
本公司之審核委員會（「審核委員會」）由朱宗
宇先生擔任主席，現有成員及前成員包括林利
軍先生、齊大慶先生、劉珍貴先生及黃友嘉博
士 , BBS, JP。齊大慶先生於二零一六年二月
十八日獲委任為審核委員會成員，及劉珍貴先
生於二零一六年四月一日辭任審核委員會成
員。
朱先生持有英屬哥倫比亞大學之商業學士學
位，並為加拿大特許專業會計師公會會員。朱
先生具備上市規則第 (2)及第 條規定
之適當專業資格。
38 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Corporate Governance Report
企業管治報告
audit Committee (Continued)
The terms of reference of the Audit Committee are in
line with the CG Code and are posted on the websites
of the Company and the Stock Exchange. Under its
amended terms of reference, dated 21 December
2015, the Audit Committee is required, amongst other
things, to oversee the relationship with the external
auditors, to review the Group’s preliminary results,
interim results and annual financial statements and to
monitor the integrity of the financial statements of the
Group, to review the scope, extent and effectiveness
of the Company’s financial controls, risk management
and internal control systems, internal audit and to
review the Group’s financial and accounting policies.
The Audit Committee held 2 meetings during the Year.
There is no disagreement between the Board and
the Audit Committee on the selection, appointment,
resignation or dismissal of the external auditors.
The Audit Committee has reviewed, inter alia, the
accounting principles and practices adopted by the
Group and discussed internal controls, f inancial
reporting and risk management matters of the Group.
The Audit Committee has also reviewed, and had
discussions with external auditors, on the interim and
annual consolidated financial statements of the Group.
auditor’s remuNeratioN
A summary of fees for audit and non-audit services is
as follows:
31 december
2016
31 December
2015
Nature of services 服務性質
於二零一六年
十二月三十一日
於二零一五年
十二月三十一日
HK$’000 HK$’000
千港元 千港元
Audit services 審計服務 1,850 1,385
Other non-audit services 其他非審計服務 910 338
Total 總計 2,760 1,723
direCtors’ respoNsiBility for
prepariNg the fiNaNCial statemeNts
The directors acknowledge that it is their responsibility
for preparing financial statements which give a true
and fair view.
The statement of the auditor of the Company on their
responsibilities on the financial statements is set out in
the Independent Auditor’s Report.
審核委員會（續）
審核委員會之職權範圍符合企管守則，並載於
本公司及聯交所網站。根據其於二零一五年
十二月二十一日之經修訂職權範圍，審核委員
會須（其中包括）監督與外聘核數師之關係，
審閱本集團之初步業績、中期業績及年度財務
報表，監察本集團財務報表之完整性，檢討本
公司財務監控，風險管理及內部監控體系之範
圍、程度及成效，以及審閱本集團之財務及會
計政策。
本年度內，審核委員會舉行 2次會議。董事會
與審核委員會對於挑選、委任、辭退或罷免外
聘核數師並無分歧。審核委員會已審閱（其中
包括）本集團採納之會計原則和實務，並已討
論本集團之內部監控、財務報告及風險管理事
宜。審核委員會亦已審閱並與外聘核數師討論
本集團之中期及年度綜合財務報表。
核數師酬金
審計與非審計服務之費用概列如下：
董事負責編製財務報表
董事確認編製真實與公平的財務報表是彼等的
責任。
本公司的核數師就財務報表應承擔的責任聲
明，詳列於獨立核數師報告書內。
39雲鋒金融集團有限公司二零一六年年報
Corporate Governance Report
企業管治報告
risk maNagemeNt aNd iNterNal
CoNtrol
Whi le Yunfeng Financia l Group pursues growth
in business, it also recognises the importance of
effectively managing various risks associated with its
operations. The Group aims to achieve a good balance
between risks and growth by implementing appropriate
risk management and internal control.
organisation
The Board has the overall responsibility for evaluating
and determining the nature and extent of the risks it
is willing to take in achieving the Group’s strategic
object ives, and maintaining sound and ef fect ive
r i sk management and in te rna l con t ro l sys tems
(including reviewing their effectiveness) to safeguard
Shareholders’ investment and the Group’s assets. To
this end, management continues to allocate resources
for a risk management and internal control systems to
provide reasonable, though not absolute, assurance
against material misstatement or loss and to manage
rather than eliminate the risk of failure to achieve
business objectives.
Corporate governance committee of the Group (the
“Corporate Governance Committee”) is made up
of the Chief Executive Officer and members who
represent each of the key departments or business
units, including finance, technology, risk management,
operations, legal, compliance and project management
with the responsibility to oversee the Group’s overall
risk management and internal control systems and
has the ultimate responsibility for the establishment
and implementation of risk governance framework,
a p p e t i t e / t o l e r a n c e s , s t r a t e g i e s , p o l i c i e s a n d
procedures. The compliance manual sets out the
guidel ines on report ing and disseminating inside
information, and the Corporate Governance Committee
is delegated with the continuing responsibi l i ty to
monitor adherence and compliance with all significant
legal and regulatory requirements. The Risk Oversight
Committee (ROC) is a sub-committee under the
Corporate Governance Committee, responsible for the
risk management and internal control.
The ROC comprises business heads, general counsel,
head of compliance and head of risk management and
is chaired by the Chief Executive Officer. Authority is
delegated from the Corporate Governance Committee
and the function of the committee is risk governance
for the Group.
The Chief Risk Officer (the “CRO”) is responsible for
maintaining the effectiveness of the risk management
framework and for supervision of daily operation of the
risk management department.
風險管理及內部監控
雲鋒金融集團在追求業務增長的同時，也認識
到有效管理與經營相關的各種風險的重要性。
本集團旨在通過實施適當風險管理及內部監
控，在風險及增長間實現良好的平衡。
組織
董事會全面負責評估及釐定為達成本集團戰略
目標所願承擔風險的性質及程度，以及維持
穩健及有效的風險管理及內部監控系統（包括
檢討有關成效），以保障股東投資及本集團資
產。為此，管理層繼續分配資源予風險管理及
內部監控系統，為不會有重大的失實陳述或損
失作出合理（而非絕對）的保證，並管理（而非
消除）未能達到業務目標的風險。
本集團企業管治委員會（「企業管治委員會」）
由行政總裁及各主要部門或業務單位（包括財
務、技術、風險管理、營運、法律、合規及項
目管理）之成員組成，負責監督本集團的整體
風險管理及內部監控系統，並負有最終責任設
立及實施風險管治框架、偏向╱承受能力、戰
略、政策及程序。合規手冊載列有關報告及發
佈內幕消息的指引，而企業管治委員會獲授權
持續負責監督貫徹執行及遵守所有重大法律及
監管規定。風險監督委員會（「風險監督委員
會」）為隸屬企業管治委員會的小組委員會，負
責風險管理及內部監控。
風險監督委員會由業務主管、總法務顧問、合
規主管及風險管理主管組成，由行政總裁擔任
主席。授權由企業管治委員會授出，該委員會
的職責為行使本集團風險管治職能。
首席風險官（「首席風險官」）負責維持風險管理
框架的有效性，並負責監督風險管理部門的日
常營運。
40 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Corporate Governance Report
企業管治報告
risk maNagemeNt aNd iNterNal
CoNtrol (Continued)
risk management and internal Control systems
Based on industry practice, the Group adopts the
industry s tandard “Three L ines of Defense” for
the management of risks, comprising the following
elements:
(1) 1st Line of Defense: The business which owns
and manages its risks;
(2) 2nd Line of Defense: The risk management and
operation function, which defines and co-ordinates
the operational risk strategy and framework; and
(3) 3rd Line of Defense: Internal and external audit,
who provide independent assurance.
Each of the Group’s departments conducts r isk
management and internal control that responds to the
risk profile and size of each business in accordance
with basic policies. Risk management department,
together with other concerned management functions,
monitor and communicate the risk exposures and
issues to the management. Critical issues will be
escalated to different committees according to pre-set
rules, discussions will be held and resolutions will be
found by responsible committees. The process used to
identify, evaluate and manage significant risks is set
out in the Report of the Directors on pages 44 to 48 of
this annual report.
risk management and internal Control review
Risk management department, led by the Chief
Risk Off icer, working under the guidance of r isk
m a n a g e m e n t p o l i c i e s , h a s d e v e l o p e d v a r i o u s
procedures to manage, monitor and report identified
risk factors that the Group’s might encounter on a daily
basis. Apart from periodic risk reports that are sent
out to major management members and stakeholders,
communicat ions are a lso conducted on regular
Corporate Governance Committee meetings. Ad hoc
risk reports would also be produced, whenever there
are risk issues that need to be addressed immediately.
2016 has been a fruitful year so far as the Group has
built a solid foundation for future growth, focusing on
developing infrastructure and establishing internal
control as well as cultivating a sound risk management
culture. As of the time when the annual review is
composed, there are not any risk incidents that have
caused direct financial losses to the Group due to
control failures.
風險管理及內部監控（續）
風險管理及內部控制系統
根據行業慣例，本集團就管理風險採納「三道
防線」的行業標準，其包括以下元素：
(1) 第一道防線：業務部門擁有並管理其風
險；
(2) 第二道防線：風險管理及營運職能，定
義並協調營運風險戰略及框架；及
(3) 第三道防線：內部及外部審核，提供獨
立保證。
本集團各部門按照基本方針進行風險管理及內
部監控，以對各業務的風險狀況及規模作出反
應。風險管理部門連同其他相關管理職能監督
並向管理層傳達風險敞口及問題。重要議題將
根據預先設定的規則上呈不同的委員會，負責
委員會將進行討論並作出決議。用於識別、評
估和管理重大風險的過程載於本年度報告的董
事會報告 44至 48頁。
風險管理及內部控制檢討
風險管理部門由首席風險官領導，該部門根據
風險管理政策指引工作，並已制定各種程序管
理、監察及報告本集團每天可能遇到的已識別
風險因素。除發送予主要管理層成員及利益相
關者的定期風險報告外，亦舉行定期企業管治
委員會會議。每當出現需要即時處理的風險問
題時，亦將編製特定風險報告。
鑑於本集團為未來增長奠定了堅實基礎，並集
中發展基礎設施及設立內部監控以及培養有效
的風險管理文化，因此，二零一六年實為成果
豐碩的一年。截至編製年度審閱報告時，概無
因控制失當而對本集團造成直接財務損失的任
何風險事件。
41雲鋒金融集團有限公司二零一六年年報
Corporate Governance Report
企業管治報告
risk maNagemeNt aNd iNterNal
CoNtrol (Continued)
risk management and internal Control review
(Continued)
The review of the effectiveness of the Group’s risk
management and internal control systems has been
conducted annually by the Board. During the Year, the
Board and the Audit Committee, through the Corporate
Governance Committee, has reviewed the adequacy
and effectiveness of the Group’s risk management
and internal control systems and consider the risk
management and internal control systems effective and
adequate. The Group’s Risk Management and Internal
Control Report for 2016 was compiled to cover (i)
the top risks of the Group; (ii) changes in nature and
extent of the significant risks since 2015, and ability
to respond to changes in its business and the external
environment; (iii) associated action plans and controls
designated to mitigate the top risks, where applicable,
at appropriate level; (iv) the adequacy of resources,
qualifications and experience, training programs and
budget of accounting, internal audit and financial
report ing funct ions; and (v) the compliance with
relevant laws and regulations that have a significant
impact on the business and operation of the Group.
The Risk Management and Internal Control Report was
presented to the Audit Committee and the Board for
review in March 2017.
dissemiNatioN of iNside iNformatioN
The Company is committed to a consistent practice of
timely, accurate and sufficiently details disclosure of
material information about the Group. The Company
has adopted a policy regarding the disclosure of inside
information which sets out the obligations, guidelines
and procedures for handl ing and d isseminat ion
of inside information. With those guidel ines and
procedures, the Group has management controls in
place to ensure that potential inside information can
be promptly identified, assessed and escalated for the
attention of the Board to decide about the need for
disclosure.
CompaNy seCretary
All Directors have access to the advice and services
of the Company Secretary. The Company Secretary
reports to the Board, and is responsible for ensuring
that Board procedures are followed and for facilitating
information flows and communications among Directors
as well as with Shareholders and the management.
Mr. Chan Man Ko has been appointed as the company
secretary of the Company on 18 February 2016. Mr.
Chan has complied with the training requirement of the
Listing Rules during the Year.
風險管理及內部監控（續）
風險管理及內部控制檢討（續）
董事會每年檢討一次本集團風險管理和內部控
制系統的有效性。於本年內，董事會及審核委
員會已通過企業管治委員會，檢討本集團風險
管理及內部監控系統的充分性及有效性，並認
為風險管理及內部監控系統屬有效及充分。本
集團已編製二零一六年風險管理及內部監控報
告，以匯報 (i)本集團的主要風險；(ii)自二零
一五年以來重大風險的性質及幅度的轉變，以
及應對其業務及外部環境變化的能力；(iii)在
適當層面（如適用）用以減輕主要風險的相關行
動計劃及監控措施；(iv)會計、內部審核及財
務報告職能的資源、資格及經驗、培訓計劃及
預算的充足性；及（v)遵守對本集團業務及營
運有重大影響的相關法律法規。風險管理及內
部監控報告已於二零一七年三月提交審核委員
會及董事會審閱。
發佈內幕消息
本公司致力貫徹執行及時、準確及充份詳細地
披露本集團之重大消息。本公司已採納有關內
幕消息披露政策，當中載有處理及發佈內幕消
息之責任、指引及程序。在該等指引及程序之
基礎下，本集團已設有管理監控，確保可即時
識別、評估及提交潛在內幕消息以供董事會決
定是否需要作出披露。
公司秘書
所有董事均可以取得公司秘書的建議和享用其
服務。公司秘書向董事會匯報，並負責確保董
事會程序得到遵守、促進董事之間的信息流和
相互溝通、以及股東與管理層之溝通。
陳文告先生自二零一六年二月十八日起獲委任
為本公司之公司秘書。於本年度，陳先生已遵
守上市規則的培訓要求。
42 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Corporate Governance Report
企業管治報告
shareholders’ right
how shareholders Can Convene an extraordinary
general meeting (“egm”)
An EGM may be convened by the Directors on
requisit ion of Shareholders holding not less than
one-twentieth (5%) of the total voting rights of all
Shareholders or by such Shareholder(s) who made the
requisition (as the case may be) pursuant to section
566 to 568 of the Companies Ordinance (Chapter 622,
Laws of Hong Kong) (the “Companies Ordinance”) and
the articles of association of the Company. The objects
of the meeting must be stated in the requisition which
must be signed by the requisitionist(s) and deposited
at the registered office of the Company. Shareholders
should follow the requirements and procedures as
set out in the Companies Ordinance for convening an
EGM.
procedures for putting forward proposals at a
general meeting
Pursuant to the Companies Ordinance, Shareholders
representing not less than one-fortieth (%) of the
total voting rights of all Shareholders; or not less
than 50 Shareholders on which there has been paid
up an average sum, per Shareholder, of not less
than HK$2,000, may make requisition in writing for
proposing resolution or business to be dealt with at
the next general meeting. Shareholders should follow
the requirements and procedures as set out in section
615 of the Companies Ordinance for putting forward a
proposal at a general meeting.
procedures for directing shareholders’ enquiries
to the Board
Shareholders may at any time send their enquiries and
concerns to the Board in writing through the company
secretary whose contact details are as follows:
S u i t e s 3 2 0 1 - 3 2 0 4 , O n e E x c h a n g e S q u a r e ,
8 Connaught Place, Central, Hong Kong
Fax: (852) 2845 9036/(852) 3102 9022
Email: ir@
Shareholders may also make enquiries with the Board
at the general meetings of the Company.
股東權利
股東召開股東特別大會（「股東特別大會」）之條
件
股東特別大會可由董事因應持有不少於本公
司所有股東總投票權二十分之一 (5%)的本公
司股東之要求召開，或由根據香港法例第 622
章公司條例（「公司條例」）第 566至 568條及本
公司組織章程細則提出要求（視情況而定）之股
東召開。大會之目的必須於請求書中說明，並
由請求人簽署後存放於本公司之註冊辦事處。
股東必須遵守公司條例所載有關召開股東特別
大會之規定及程序。
於股東大會上提出建議之程序
根據公司條例，持有不少於全體股東總投票
權四十分之一 (%)之股東，或不少於 50名
本公司股東，且每人已繳足平均款項不少於
2,000港元，可書面要求於下屆股東大會上提
呈審議決議案或事項。股東於股東大會上提出
建議須遵守公司條例第 615條所載之規定及程
序。
股東向董事會作出查詢之程序
股東可隨時以書面形式透過公司秘書向董事會
提出查詢及問題，公司秘書之聯絡方式如下：
香港中環康樂廣場 8號交易廣場一座 3201至
3204室
傳真 :(852) 2845 9036/(852) 3102 9022
電郵 : ir@
股東亦可於本公司股東大會上向董事會作出查
詢。
43雲鋒金融集團有限公司二零一六年年報
Corporate Governance Report
企業管治報告
iNvestor relatioNs
The Board is commit ted to prov id ing c lear and
ful l performance information of the Group to the
Shareholders through the publication of interim and
annual reports. In addition to the circulars, notices and
financial reports sent to the Shareholders, additional
information of the Group is also available to the
Shareholders on the Group’s website.
Shareholders are encouraged to attend the annual
general meeting for which at least 20 clear business
days’ notice is given. The Chairman and Directors
(including chairman/members of the Audit Committee,
the Nomination Committee and the Remuneration
Committee) as well as the representative of external
auditor, should attend and answer questions on the
Group’s business at the meeting. All resolutions at
the general meeting are decided by a poll which is
conducted by the Group’s share registrar.
Dur ing the year ended 31 December 2016, the
Company also held an extraordinary general meeting
(“EGM”) to consider and approve the proposed change
of company name from “REORIENT GROUP LIMITED
瑞東集團有限公司 ” to “Yunfeng Financial Group Limited
雲鋒金融集團有限公司 ”. The Directors attended the EGM
to answer related questions.
The Group values feedback from the Shareholders on
its effort to promote transparency and foster investor
relationships. Comments and suggestions are always
welcomed.
CoNstitutioNal doCumeNts
In order to bring the existing articles of association
of the Company in l ine with the new Companies
Ordinance which came into effect on 3 March 2014
and given the numerous changes brought about by
the new Companies Ordinance, Shareholders have
passed a special resolution for the adoption of the new
Articles of Association at the annual general meeting
held in May 2016, consolidating all previous and
proposed amendments, to replace the memorandum
of association and existing articles of association. The
latest version of the Articles of Association, which was
adopted by Shareholders is posted on the websites of
the Company and the Stock Exchange.
投資者關係
董事會透過刊發中期及年度報告，致力向股東
提供有關本集團表現的清晰及全面之資料。除
向股東寄發的通函、通告及財務報告外，股東
亦可登入本集團網站，查詢本集團之其他資
料。
本集團鼓勵股東出席股東週年大會，並會至少
提前 20個完整營業日發出通告。主席與董事
（包括審核委員會、提名委員會及薪酬委員會
主席╱成員）以及外聘核數師代表需要出席大
會，解答有關本集團業務之問題。股東大會上
提呈之所有決議案均以投票方式表決，票數由
本集團之股份過戶登記處點算。
於截至二零一六年十二月三十一日止年
度，本公司亦曾舉行一次股東特別大會，
以考慮及批淮建議公司名稱由「REORIENT
GROUP LIMITED 瑞東集團有限公司」更改為
「Yunfeng Financial Group Limited 雲鋒金
融集團有限公司」。本公司董事出席股東特別
大會以解答相關問題。
本集團致力提高透明度及鞏固投資者關係，十
分重視股東之反饋意見。歡迎股東隨時提供寶
貴的意見與建議。
憲章文件
為使本公司現行章程細則切合於二零一四年三
月三日生效的新公司條例的規定及基於推行新
公司條例帶來的許多變動，本公司股東於二零
一六年五月舉行的股東週年大會以特別決議案
方式採納了新組織章程細則，整合所有先前和
建議修訂，以取代組織章程大綱及現有組織章
程細則。經本公司股東採納的組織章程細則最
新版本載於本公司及聯交所網站。
44 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Report of the Directors
董事會報告
The directors of Yunfeng Financial Group Limited (the
“Director”) submit herewith their report together with
the audited consolidated financial statements for the
year ended 31 December 2016 (the “Year”).
BusiNess revieW
Detailed business review is set out in “Management
Discussion and Analysis (“MD&A”) section in this
annual report from pages 9 to 13. Future development
of the Company’s business is set out in the “CEO’s
Statement” section and MD&A in this annual report
from pages 4 to 8 and page 13 to 14 respectively. An
analysis of the Group’s performance during the Year
using financial key performance indictors is provided
in MD&A in this annual report from pages 9 to 16.
Discussions on the Group’s environmental policies
and performance, compliance with relevant laws and
regulations that have a significant impact on the Group
and key relationships with employees, customers,
suppliers and other stakeholders are set out in the
Environmental, Social and Governance Report of this
annual report.
key risks aNd uNCertaiNties
The Board is ult imately responsible for ensuring
that the risk management practices of the Group
are sufficient to mitigate the risks present in our
businesses and operations as efficiently and effectively
as possib le. The Board delegates some of th is
responsibility to various operational departments.
The Group’s financial position, operations, business
and prospects may be affected by the fol lowing
identified risks and uncertainties. The Group adopts
risk management policies, measures and monitoring
systems to pre-empt and contain exposures associated
with the identified risks.
regulatory risk
Our businesses operate in highly-regulated markets
and our success and operations can be impacted
by changes to the regulatory environment and the
structure of these markets. The Group pays close
at tent ion to f inanc ia l regula tory and leg is la t ive
developments of the markets it operates and actively
monitors and consults with regulators of the markets
on changes which could impact our business. Many
of our key businesses are also subject to direct
regulatory oversight and we are required to maintain
the appropriate regulatory approvals and licenses to
operate, and in some cases adhere to certain stringent
financial and capital covenants.
雲鋒金融集團有限公司董事（「董事」）提呈彼等
之報告連同截至二零一六年十二月三十一日止
年度（「本年度」）之經審核綜合財務報表。
業務回顧
詳細業務回顧載於本年報「管理層討論及分
析」一節第 9至 13頁。本公司業務之未來發展
分別載於本年報「行政總裁報告」第 4至 8頁及
「管理層討論及分析」一節第 13至 14頁。本年
報「管理層討論及分析」第 9至 16頁提供了本
集團採用財務主要表現指標衡量本年度之表現
分析。關於本集團環境政策和表現，遵守對本
集團以及對員工、客戶、供應商和其他利益相
關者的主要關係有重大影響的相關法律法規，
載於本年度報告的環境，社會與管治報告。
主要風險與不確定因素
董事會最終負責保障本集團有充足的風險管理
常規，能盡可能直接有效地減低業務營運中的
風險。董事會將部分職責下放予各個經營部
門。
本集團的財務狀況、經營、業務及前景會受以
下已識別風險及不確定因素影響。本集團採用
風險管理政策、措施及監控系統，防範及控制
所面臨的相應已識別風險。
監管風險
我們在受到高度監管的市場經營業務，而我們
的成功與營運會受監管環境及市場結構的變動
影響。本集團密切關注經營所在市場的金融監
管及立法發展，積極監測並向市場監管機構諮
詢可能影響我們業務的變化。我們的許多核心
業務亦受監管機構的直接監督，須取得經營所
需的適當監管批文及牌照，且在一些情況下還
須遵循一些嚴格的金融及資本契諾。
45雲鋒金融集團有限公司二零一六年年報
Report of the Directors
董事會報告
key risks aNd uNCertaiNties (Continued)
operational risk
This is the risk of loss resulting from inadequate or
failed internal processes, people or system issues
and from unforeseen external events. Operational risk
usually includes the risks resulted from human error
in internal operation, imperfection of internal process,
information system fault or imperfection, trading failure
and other reasons.
Our business and operations are at risk of disruption
f rom techno log ies and p rocesses . I n fo rma t ion
technology and systems is crit ical to the Group’s
operation and business development of securities
trading, settlement and service, etc. The unreliability of
system, imperfection of network technology and data
error will inflict damage and economic losses to the
Company.
The Group is responsible for managing client data
and undertakes volumes of transactional processes
via information technology and systems. There is a
risk that failure to process these transactions correctly
could result in loss and liabilities being incurred to third
parties, and result in breach of certain regulations of
the Securities & Futures Commission (“SFC”), namely,
the SFC (Client Money) Rules under the Securities
and Futures Ordinance, which stipulates that clients’
money held-in-trust by the Group’s relevant operating
subsidiaries must be reconciled, restored daily and
segregated from those of the Group.
In order to manage these risks, the Group invests
signif icantly in technology, human resources and
automated processes, business continuity plans to
cope with events of operation and system failures
and disaster recovery, and has also established, a
dedicated . team which is responsible for handling
and responding rapidly to emergencies in a systematic
manner to eliminate disruptions and disasters, and
to ensure business continuity. The . team also
plays an important role in assessing the technological
requirements and their viability of new business ideas
and initiatives of the Group.
The Group remains proactive in its monitoring and
improving the internal control mechanisms, l imits
on authority and reporting of operational processes,
strengthening the inspection and audit, intensifying
the compliance and accountability system, to reduce
the possib i l i ty of operat ional r isks and act ive ly
and properly dealing with the adverse effects. The
responsibility for managing operational risks rests
with each and every employee, functions, divisions
and departments of the Group. The responsibility is
continuous and we adapt our response accordingly to
the changing operating environment.
主要風險與不確定因素（續）
經營風險
該風險指因內部流程不足或無效、人員或系統
問題及無法預見的外部事件引起損失的風險。
經營風險通常包括由內部操作中的人為錯誤、
內部流程存在缺陷、資訊系統故障或不完善、
交易錯誤及其他原因造成的風險。
我們的業務及經營面臨技術及流程中斷的風
險。資訊科技及系統對本集團證券交易、交收
及服務等的經營及業務發展至關重要。系統不
可靠、網絡技術有缺陷及數據錯誤將導致本公
司蒙受損害及經濟損失。
本集團負責管理客戶數據，並利用資訊科技及
系統進行大量交易程序。無法正確處理該等交
易有可能導致第三方產生損失及法律責任，並
造成違反證券及期貨事務監察委員會的特定規
例，即《證券及期貨條例》下的《證券及期貨（客
戶款項）規則》，該規則規定本集團的相關營運
附屬公司以信託方式持有的客戶款項須每日核
對、補還並與本集團之資金劃分開來。
為管理該等風險，本集團大力投資技術、人力
資源及自動化流程、應對運作及系統故障的業
務持續性計劃以及災難復原，並已建立專責
資訊科技團隊，負責有條不紊地處理及及時
應對突發狀況，排解干擾與災難及確保業務持
續性。資訊科技團隊亦在評估本集團的新業務
構思與計劃的技術要求及可行性中發揮重要角
色。
本集團堅持積極監測及完善內部監控機制、權
限及經營流程報告，加強監察與審核，強化合
規及問責體系以降低發生經營風險的可能性，
並積極妥善處理不利影響。管理經營風險之職
責依賴本集團每位僱員及所有職能、機構及部
門。這是一項持續性職責，我們會因應不斷變
化的經營環境調整應對措施。
46 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Report of the Directors
董事會報告
key risks aNd uNCertaiNties (Continued)
operational risk (Continued)
The Group recognises that operational risks cannot be
eliminated completely, but will strive to persist in its
strengthening and implementation of robust compliance
and risk management measures, improve business
processes, strengthen the professional integrity and
ethics of staff through education and training to avoid,
detect and identify risks, prevent money-laundering,
insider dealing, conflict of interest and other possible
violations, to pre-empt, manage and reduce these
operational risks exposure.
Credit risk
Credit risks will arise when a client/counter-party fails
to perform its financial and contractual obligations.
To minimise and control this risk, the Group has
established and enforced str ingent due di l igence
assessment and credit control procedures to evaluate
the creditworthiness of its clients and counterparties.
Preventa t i ve ly and c lear ly de f ined r i sk cont ro l
measures have been deployed to screen, evaluate
potent ia l c l ients and determine and assess the
relevant creditworthiness and credit ratings which are
used to determine appropriate trading and credit limits
for all clients/counterparties, including existing clients/
counterparties.
The safeguard and risk control measures include
performing pre-screening and assess the client’s credit
rating by reputable credit rating agencies; identify
and review client’s investment objectives, investment
history, trading frequency and risk appetite; examine
and review c l ient ’s /counterparty ’s past payment
records and history of defaults; identify and review the
client’s capital base and the existence and amount of
guarantees and by whom such guarantees are given, if
any; identify and review any known events which may
have an adverse impact on the client’s/counterparty’s
financial status, potential for default or accuracy of
information stored regarding the client/counterparty.
Trading and credit limits, subject to the enforced and
pre-determined maximum, are set specif ical ly for
each client in accordance with our assessments and
their respective credit rating and trading needs. The
Group’s exposure to the client’s and counterparties’
credit risks is continually monitored.
主要風險與不確定因素（續）
經營風險（續）
本集團深知經營風險無法完全消除，惟仍將竭
盡全力，堅持鞏固與實施穩健的合規及風險管
理措施、完善業務流程以及透過教育和培訓加
強員工的職業誠信與道德，以避免、偵測及識
別風險，防止洗錢、內幕交易、利益衝突及其
他潛在的違規行為，以及防範、管理及減低所
面臨的經營風險。
信貸風險
倘客戶╱對手方未能履行財務及合約責任將引
發信貸風險。為最大程度減低及控制該風險，
本集團已制訂並執行嚴格的盡職審查評估及信
用監控程序，評定客戶及對手方的信譽度；實
施明確界定的防範性風險控制措施，篩選和評
估潛在客戶，並釐定和評定相關信譽度及信用
評級，用於為所有客戶╱對手方（包括現有客
戶╱對手方）釐定適當的交易及信貸額度。
安全保障及風險控制措施包括預先篩選並由知
名的信用評級機構評定客戶的信用評級；識別
及審閱客戶的投資目標、投資歷史、交易頻率
及風險偏好；檢查和審閱客戶╱對手方的過往
還款記錄及違約記錄；識別及審查客戶的資本
基礎，是否有擔保，以及擔保金額與擔保人
（如有）；識別及審查可能對客戶╱對手方的財
務狀況、違約可能性或已存置的客戶╱對手方
資料的準確性產生不利影響的任何已知事件。
每名客戶的交易及信用額度（以已執行及預設
的最大值為限）乃根據我們的評估結果與客戶
的信用評級及交易需求具體設定。本集團將持
續監察所面臨其客戶及對手方的信貸風險。
47雲鋒金融集團有限公司二零一六年年報
Report of the Directors
董事會報告
key risks aNd uNCertaiNties (Continued)
liquidity risk
Liquidity risk is the potential that the Group will be
unable to meet its obligations when they fall due
because of an ability to obtain adequate funding or
liquidate assets. In managing liquidity risk, the Group
continually monitors cash flows and maintains an
adequate level of cash and credit facilities to ensure
the abil i ty to f inance the Group’s operations and
reduce the effects of cash flow fluctuations.
Certain principal operating subsidiaries of the Group
are regulated by the SFC, the f inancia l market
regulators and are subject to various liquidity and
capital requirements as prescribed by the rules of
the SFC. The Group has established procedures and
monitoring systems, monitoring on a daily basis, to
ensure that it maintains adequate and necessary liquid
capital to facilitate its operating capability, to fund its
business commitments as well as to comply with the
relevant rules including the Financial Resources Rules.
The Group has maintained banking faci l i t ies and
financing arrangement to meet cash flow contingencies
in its operations. The Company will also consider
the need to raise capital funding in order to meet
the Group’s expansion and growth in its business
operations. The management believes that the Group’s
current level of working capital is adequate to meet its
operational and financial obligations.
market risk
The operating performance of the Group highly relates
to the changes in the economy, sentiments of the
investors and securities market and has risks, volatility
and uncertainties.
Market risk is the risk that the Group’s earnings and
capital or its ability to meet its business objectives
will be adversely affected by movement in foreign
exchange rates, interest rates and equity prices.
Price risks of the Group include equity price risk,
interest rate and exchange rate and fluctuation risks
involved in the brokerage business, financial advisory
and underwriting business and other business.
The Group currently has minimal exposure to foreign
currency risk, but continues to monitor the relative
foreign exchange positions of the mix of its assets
and liabilities. When appropriate, hedging instruments
including forward contracts, swaps and currency
loans would be used to manage the foreign exchange
exposure. The foreign currency risk is managed and
monitored on an on-going basis by senior management
and relevant operation staff of the Group.
主要風險與不確定因素（續）
流動資金風險
流動資金風險指本集團因未能獲得足夠資金或
將資產變現而無法履行到期責任的風險。於管
理流動資金風險時，本集團持續監察現金流量
並維持水平充足的現金及信貸額度，以確保能
夠撥支本集團之經營所需及降低現金流量波動
之影響。
本集團多間主要營運附屬公司受證監會及多個
金融市場監管機構規管，須遵循證監會規則所
規定的多項流動資金及資本要求。本集團已制
訂多項程序及監測機制進行日常監測，確保維
持充足及必要的流動資本支持其經營能力，撥
支業務承擔及遵循相關規則（包括財政資源規
則）。
本集團維持銀行授信及融資安排，應對營運過
程中出現的現金流量突然不足。本公司亦將考
慮籌措股本融資之需要，以配合本集團業務營
運之擴張及增長。管理層認為，本集團目前的
營運資金水平足以應付其營運及財務責任。
市場風險
本集團的營運表現與經濟、投資者情緒及證券
市場的變動密切相關，並承受風險、波動及不
確定因素。
市場風險指本集團的盈利和資本或其達致業務
目標之能力受到匯率、利率及股價波動的不利
影響之風險。
本集團的價格風險包括經紀業務、財務顧問及
承銷業務及其他業務涉及的股價風險、利率和
匯率波動風險。
本集團目前已將外匯風險敞口降至最低，惟仍
將繼續監察資產負債組合的相對外匯頭寸，並
將於適當時採用對沖工具（包括遠期合約、掉
期及貨幣貸款）管理匯兌風險。外匯風險由本
集團高級管理層及相關營運人員持續管理及監
察。
48 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Report of the Directors
董事會報告
key risks aNd uNCertaiNties (Continued)
market risk (Continued)
Equity price risk arises from fluctuation in market
prices of the Group’s investment in financial assets.
Senior management regularly reviews and monitors the
mix of securities in its investment portfolio based on its
fair value to ensure the loss arising from the changes
in the market values of the investment portfolios is
minimised and contained within an acceptable range.
priNCipal aCtivities
The principal activity of Yunfeng Financial Group
Limited (the “Company”) is investment holding. The
activities of the principal subsidiaries are set out in
note 15 to the financial statements. An analysis of
the revenue and the results of the Company and its
subsidiaries (collectively the “Group”) by business
segments during the Year are set out in note 12 to the
financial statements.
results aNd divideNds
The resul ts of the Group for the Year, and the
statement of financial position of the Group as of 31
December 2016 are set out in the financial statements
on pages 81 to 84.
The Directors do not recommend the payment of a
final dividend for the Year (2015: nil).
share Capital
Details of the movements in the share capital of the
Company during the Year are set out in note 28(e) to
the financial statements.
distriButaBle reserves
Details of the distributable reserves of the Company
as at 31 December 2016 are set out in note 28(a) to
the financial statements.
five year fiNaNCial summary
A summary of the results and of the assets and
liabilities of the Group for the last five financial years
is set out on page 184.
主要風險與不確定因素（續）
市場風險（續）
股權價格風險產生自本集團所投資金融資產的
市場價格波動。高級管理層定期按公平值審查
及監察投資組合內的證券，確保將由投資組合
市值變動產生的損失將至最低並控制在可接受
範圍內。
主要業務
雲鋒金融集團有限公司（「本公司」）之主要業務
為投資控股。主要附屬公司之業務載於財務報
表附註 15。本公司及其附屬公司（統稱「本集
團」）於本年度之業務分部收入及業績分析載於
財務報表附註 12。
業績及股息
本集團於本年度之業績以及本集團於二零一六
年十二月三十一日之財務狀況表載於財務報表
第 81至 84頁。
董事不建議派付本年度末期股息（二零一五
年：無）。
股本
本公司於本年度之股本變動詳情載於財務報表
附註 28(e)。
可分派儲備
本公司於二零一六年十二月三十一日之可分派
儲備詳情載於財務報表附註 28(a)。
五年財務概要
本集團於過去五個財政年度之業績及資產與負
債概要載於第 184頁。
49雲鋒金融集團有限公司二零一六年年報
Report of the Directors
董事會報告
purChase, sale or redemptioN of the
listed seCurities of the CompaNy
During the Year, other than acting as an agent for
clients of the Group, neither the Company nor any of
its subsidiaries had purchased, sold or redeemed any
of the listed securities of the Company.
equity liNked agreemeNts
Details of the equity-linked agreements entered into
during the Year or subsisting at the end of the Year
are set out below:
share optioNs sCheme
The Company has adopted a share option scheme on
21 July 2011 (the “Share Option Scheme”).
The purpose of the Share Option Scheme is to provide
the Company with a flexible means of giving incentive
to reward ing, remunerat ing, compensat ing and/
or providing benefits to the participants (being any
employee (whether full-time or part-time), Directors or
consultants of each member of the Group, provided
that the board of Di rectors may have absolute
discretion to determine whether or not one falls within
the above category) and for such other purposes as
the Board may approve from time to time.
Pursuant to this 10-year term Share Option Scheme,
the Company can grant options to participants for a
consideration of HK$ for each grant payable by
the participant.
No participant shall be granted an option, if the total
number of shares issued and to be issued upon
exercise of all the options granted and to be granted
to such participant under the Share Option Scheme
and any other share option schemes of the Company
( inc luding exerc ised, cancel led and outstanding
options) in any 12-month period up to and including
the date of such further grant would exceed 1% of
the shares in issue or for independent non-executive
Director, substantial shareholder or any of his/her
associates would exceed % of the shares in issue
and having aggregate market value in excess of HK$5
million, unless such further grant has been approved
by the shareholders of the Company (“Shareholders”)
in general meeting with the participant or independent
non-executive Director or substantial shareholder and
any of his/her associates abstaining from voting.
購買、出售或贖回本公司上市證券
於本年度內，除作為本集團客戶之代理外，本
公司或其任何附屬公司概無購買、出售或贖回
本公司任何上市證券。
股票掛鈎協議
於年內訂立或於年末績存之股票掛鈎協議詳情
載列如下 :
購股權計劃
本公司於二零一一年七月二十一日採納一項購
股權計劃（「購股權計劃」）。
購股權計劃旨在為本公司提供靈活之激勵方
法，以獎賞、酬謝、補償及╱或提供福利予參
與者（即本集團各成員公司之任何僱員（不論全
職或兼職）、董事或顧問，惟董事會可全權釐
定有關人士是否屬於上述類別），以及為董事
會可不時批准之其他目的而設。
根據此 10年期購股權計劃，本公司可向參與
者授出購股權，代價為參與者須就每次授出支
付 港元。
倘於截至授出購股權當日止（包括該日）任何
12個月期間，根據購股權計劃及本公司任何
其他購股權計劃，已授予及將授予某參與者之
所有購股權（包括已行使、已註銷及尚未行使
之購股權）獲行使後所發行及將發行之股份總
數超過已發行股份之 1%或如為本公司獨立非
執行董事，主要股東或其聯繫人士，則超過已
發行股份之 %及總市值超過 5百萬港元，
則不得向該等參與者或獨立非執行董事，主要
股東，或其聯繫人士授出購股權，除非該進一
步授出已在參與者或獨立非執行董事或主要股
東及其聯繫人士放棄投票之股東大會上獲本公
司股東（「股東」）批准。
50 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Report of the Directors
董事會報告
share optioNs sCheme (Continued)
Subscription price in respect of each share issued
pursuant to the exercise of options granted hereunder
shall be a price solely determined by the Board and
notified to a participant and shall be at least the
highest of: (a) the closing price of the shares as stated
in the Stock Exchange daily quotation sheet on the
date on which the option is offered to a participant,
which must be a trading day; (b) a price being the
average of the closing prices of the shares as stated
in the Stock Exchange’s daily quotation sheets for the
5 trading days immediately preceding the date of offer;
and (c) the nominal value of a share.
According to the Share Opt ion Scheme, unless
otherwise determined by the Board, there shall be no
minimum holding period for the exercise of the options
but the options are exercisable within the option period
as determined by the Board and in any event such
period shall not be longer than 10 years from the date
upon which any particular option is granted.
The total number of share option that could be granted
was 38,449,452, representing approximately 10% of
the total issued shares of the Company on the date
of passing the resolution to refresh the Share Option
Scheme limit at the annual general meeting on 26
March 2012.
As at the date of this report, the total number of
share option that can be granted was 27,954,040,
representing approximately % of the total issued
shares of the Company.
Movements of the share options are set out in note 29
to the consolidated financial statements.
share aWard sChemes
The Board had approved the adoption of two share
award schemes respectively on 30 October 2014 (the
“2014 Share Award Scheme”) and on 12 December
2016 (the “2016 Share Award Scheme”).
The purposes of the above share award schemes are
to (i) encourage or facilitate the holding of Shares by
the selected participants; (ii) encourage and retain
such individual to work with the Group; and (iii) provide
additional incentive for them to achieve performance
goals.
The maximum number of shares can be issued or
purchased under the 2016 Share Award Scheme and
the 2014 Share Award Scheme is 10% of the Shares
in issue from time to time (. 242,332,639 Shares,
representing 10% of total issued Shares as at the date
of this report).
購股權計劃（續）
因行使根據購股權計劃授出之購股權而發行之
每股股份之認購價由董事會全權決定及通知
參與者，且至少為下列各項中的最高者：(a)
於向參與者提呈購股權要約之日（該日須為交
易日）股份在聯交所日報表所載之收市價；(b)
於要約日期前 5個交易日股份在聯交所日報表
所載收市價之均價；及 (c)股份面值。
根據購股權計劃，除非由董事會另行釐定，概
無行使購股權前須持有購股權之最短期限。購
股權可在董事會釐定之購股權期限內行使，惟
自授出任何特定購股權之日起的上述期限無論
如何不得超過 10年。
可授出之購股權總數為 38,449,452份，相當
於本公司於二零一二年三月二十六日之股東週
年大會上通過更新購股權計劃上限之決議案當
日之已發行股本約 10%。
於本報告日期，可予授出之購股權數目總數
為 27,954,040份，佔本公司已發行股本約
%。
購股權之變動載於綜合財務報表附註 29。
股份獎勵計劃
董事會分別於二零一四年十月三十日（「二零
一四年股份獎勵計劃」）及二零一六年十二月
十二日（「二零一六年股份獎勵計劃」）批淮通過
兩項股份獎勵計劃。
股份獎勵計劃旨在 (i)鼓勵或促進獲選參與者
持有本公司股份；(ii)鼓勵及挽留有關個人於
本集團工作；及 (iii)向彼等提供額外獎勵，激
勵其達成表現目標。
根據二零一六年股份獎勵計劃及二零一四
年股份獎勵計劃可發行或購買之最高股份
數目為本公司不時發行股份數目的 10%（即
242,332,639股股份，相當於本報告日期已發
行股份之 10%）。
51雲鋒金融集團有限公司二零一六年年報
Report of the Directors
董事會報告
share aWard sChemes (Continued)
2014 share award scheme
Since the date of adoption of 2014 Share Award
Scheme (. 30 October 2014) (the “2014 Adoption
Date”) and up to the date of this report, a total of
9,330,239 Shares have been awarded under the 2014
Share Award Scheme, representing about % of
the total number of Shares in issue as at the 2014
Adoption Date and about % of the total issued
Shares as at the date of this report.
During the Year, no Shares had been awarded under
the 2014 Share Award Scheme and as at 31 December
2016, 26,667 Shares were held by the trustee under
the 2014 Share Award Scheme.
Further details of the 2014 Share Award Scheme
are set out in Note 29 to the consolidated financial
statements. Detai ls and other pr incipal terms of
the 2014 Share Award Scheme are set out in the
announcement of the Company dated 30 October
2014.
2016 share award scheme
Since the date of adoption of 2016 Share Award
Scheme (. 12 December 2016) (the “2016 Adoption
Date”) and up to the date of this report, 9,330,239
Shares have been awarded pursuant to the 2014
Share Award Scheme while 23,990,000 Shares have
been awarded pursuant to the 2016 Share Award
Scheme, representing in aggregate about % of
the total number of Shares in issue as at the 2016
Adoption Date and about % of the total issued
shares as at the date of this report.
TMF Trust (HK) Limited (“TMF Trustee”) and Bank
o f C o m m u n i c a t i o n s T r u s t e e L i m i t e d ( “ B o C o m
Trustee”) have been appointed as the trustees for the
administration of the 2016 Share Award Scheme. TMF
Trustee shall hold the Shares for the benefit of the
selected participants who are not connected persons
(as defined under the Listing Rules) of the Company.
BoCom Trustee shall hold the Shares for the benefit of
the selected participants who are connected persons
of the Company. BoCom Trustee and/or TMF Trustee
shall not be entitled to exercise any voting rights in
respect of any Shares held under the trust.
股份獎勵計劃（續）
二零一四年股份獎勵計劃
自採納二零一四年股份獎勵計劃日期起（即二
零一四年十月三十日）（「二零一四年採納日
期」）及截至本報告日期，已根據二零一四年股
份獎勵計劃授出合共 9,330,239股股份，相當
於二零一四年採納日期已發行股份數目總數約
%，及於報告日期已發行股份數目總數約
%。
於本年度，概無根據二零一四年股份獎勵計
劃授出股份，且於二零一六年十二月三十一
日，信託人根據二零一四年股份獎勵計劃持有
26,667股股份。
二零一四年股份獎勵計劃之進一步詳情載於綜
合財務報表附註 29。二零一四年股份獎勵計
劃之詳情及其他主要條款載於本公司日期為二
零一四年十月三十日之公告。
二零一六年股份獎勵計劃
自採納二零一六年股份獎勵計劃日期起（即二
零一六年十二月十二日）（「二零一六年採納日
期」）及截至本報告日期，已根據二零一四年
股份獎勵計劃授出 9,330,239股股份及根據二
零一六年股份獎勵計劃授出 23,990,000股股
份，相當於約二零一六年採納日期已發行股份
數目總數約 %，及於報告日期已發行股份
數目總數約 %。
達盟信託服務（香港）有限公司（「達盟信託
人」）及交通銀行信託有限公司（「交通銀行信託
人」）已獲委任為管理二零一六年股份獎勵計劃
之信託人。達盟信託人將為非本公司關連人士
（定義見上市規則）之獲選參與者持有股份。交
通銀行信託人將為屬本公司關連人士之獲選參
與者持有股份。交通銀行信託人及╱或達盟信
託人不得行使於信託項下持有之任何股份之任
何投票權。
52 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Report of the Directors
董事會報告
share aWard sChemes (Continued)
2016 share award scheme (Continued)
During the Year, no Shares had been awarded
under the 2016 Share Award Scheme and as at 31
December 2016, no Shares were held by the trustees
under the 2016 Share Award Scheme. On 24 January
2017, 23,990,000 Shares had been issued and held by
TMF Trustee under the 2016 Share Award Scheme.
Details and other principal terms of the 2016 Share
Award Scheme are set out in the announcements of
the Company dated 12 December 2016, 11 January
2017 and 24 January 2017.
direCtors
The directors of the Company during the Year and up
to the date of this report are:
Chairman
Mr. Yu Feng (Non-executive Director)
executive directors
Ms. Li Ting (Chief Executive Officer)
Mr. Huang Xin
Mr. Brett McGonegal (resigned on 2 February
2016)
Non-executive directors
Mr. Ko Chun Shun, Johnson
Ms. Hai Olivia Ou
Mr. Huang Youlong
independent non-executive
directors
Mr. Lin Lijun
Mr. Qi Daqing (appointed on 18 February
2016)
Mr. Chu Chung Yue, Howard
Mr. Liu Zhengui (resigned on 1 April 2016)
Dr. Wong Yau Kar, David, BBS, JP
In accordance with article 103(A) of the Company’s
articles of association, Mr. Huang Xin, Ms. Hai Olivia
Ou, Mr. Huang Youlong and Mr. Chu Chung Yue,
Howard shall retire by rotation and, being eligible, offer
themselves for re-election at the forthcoming annual
general meeting of the Company.
股份獎勵計劃（續）
二零一六年股份獎勵計劃（續）
於本年度，概無根據二零一六年股份獎勵計劃
授出股份。於二零一六年十二月三十一日，概
無股份為信託人根據二零一六年股份獎勵計劃
所持有。於二零一七年一月二十四日，已根據
二零一六年股份獎勵計劃發行 23,990,000股
股份並由達盟信託人持有。
二零一六年股份獎勵計劃之詳情及其他主要條
款載於本公司日期為二零一六年十二月十二
日、二零一七年一月十一日及二零一七年一月
二十四日之公告。
董事
本公司於本年度內及截至本報告日期之董事包
括：
主席
虞鋒先生（非執行董事）
執行董事
李婷女士（行政總裁）
黃鑫先生
Brett McGonegal先生（於二零一六年
二月二日辭任）
非執行董事
高振順先生
海歐女士
黃有龍先生
獨立非執行董事
林利軍先生
齊大慶先生 （於二零一六年
二月十八日獲委任）
朱宗宇先生
劉珍貴先生 （於二零一六年
四月一日辭任）
黃友嘉博士 , BBS, JP
根據本公司組織章程細則第 103(A)條，黃鑫
先生、海歐女士、黃有龍先生及朱宗宇先生須
於本公司應屆股東週年大會上輪值告退，並符
合資格及願膺選連任。
53雲鋒金融集團有限公司二零一六年年報
Report of the Directors
董事會報告
direCtors (Continued)
The Company has rece i ved f r om each o f t he
independent non-executive Directors a confirmation
of his independence pursuant to Rule of the
Listing Rules in respect of the Year and the Company
considers that they are independent.
ChaNges of direCtors’ iNformatioN
The Change of directors’ information as required to
be disclosed pursuant to Rule (1) of the Listing
Rules is set out below:
Mr. Ko Chun Shun, Johnson was appointed as an
independent non-executive director of Meitu, Inc.
(stock code: 01357) on 15 December 2016, a company
listed on the Stock Exchange.
Mr. Huang Youlong was appointed as the chairman
and an executive director of Sino Golf Holdings
Limited (Stock code: 00361) on 7 November 2016, a
company listed on the Stock Exchange.
Mr. Lin Lijun was appointed as an independent non-
executive director of Xiao Nan Guo Restaurants
Holdings Limited (Stock code: 03666) on 23 March
2016, a company listed on the Stock Exchange.
Mr. Qi Daqing served as an independent non-executive
director of Dal ian Wanda Commercial Propert ies
Co., Ltd. (stock code: 03699) from 29 January 2016
to 20 September 2016, a company delisted from
the Stock Exchange on 20 September 2016. Mr. Qi
Daqing resigned as an independent director of Bona
Film Group Limited on 5 April 2016. Bona Film Group
Limited ceased to be a public company in April 2016.
direCtors of suBsidiaries
The names of directors who have served on the
boards of the subsidiar ies of the Company (the
“subsidiaries”) during the year ended 31 December
2016 and up to the date of this report included: Ms.
Li Ting, Mr. Ko Chun Shun, Johnson2, Mr. Chen
Shengjie2, Mr. Brett McGonegal1, Mr. Jason Boyer1,
Mr. John Maguire, Mr. Szeto Winston1, Ms. Liao Yee
Ching, Mr. He Shiqiang2, Mr. Chan Man Ko, Mr. Lo
Ming Kit, Mr. Wang Yanzheng2, Mr. Cai Junyi2, Ms.
Qiao Chun Ping2, Mr. Uwe Parpart1, Mr. Ho Cecil Te-
hwai1, Ms. Angela Waiyin2 and Mr. Anthony Wilson1.
Notes:
1. No longer directors of the subsidiaries as at the date of
this report
2. C o m p a n i e s i n w h i c h t h e y s e r v e a s d i r e c t o r s a r e
incorporated in places other than Hong Kong
董事（續）
本公司已接獲各獨立非執行董事根據上市規則
第 條就其於本年度之獨立性提交之確認
函，而本公司認為彼等均屬獨立。
董事資料之變動
根據上市規則第 (1)條須予披露之董事
資料變動載列如下：
高振順先生於二零一六年十二月十五日獲委
任為美圖公司（於聯交所上市之公司，股份代
號：01357）之獨立非執行董事。
黃有龍先生於二零一六年十一月七日獲委任為
順龍控股有限公司（於聯交所上市之公司，股
份代號：00361）之主席兼執行董事。
林利軍先生於二零一六年三月二十三日獲委任
為小南國餐飲控股有限公司（於聯交所上市之
公司，股份代號：03666）之獨立非執行董事。
齊大慶先生於二零一六年一月二十九日至二零
一六年九月二十日擔任大連萬達商業地產股份
有限公司（於二零一六年九月二十日於聯交所
除牌之公司，股份代號：03699）之獨立非執
行董事。齊大慶先生於二零一六年四月五日辭
任博納影業集團有限公司之獨立董事。博納影
業集團有限公司於二零一六年四月不再為公眾
公司。
附屬公司董事
於截至二零一六年十二月三十一日止年度至本
報告日期，曾於本公司附屬公司服務之董事包
括 : 李婷女士、高振順先生 2、陳勝杰先生 2、
Brett McGonegal先生 1、Jason Boyer先生 1、
John Maguire先生、司徒治權先生 1、廖義
禎女士、何世強先生 2、陳文告先生、盧銘傑
先生、王延正先生 2、蔡俊毅先生 2、喬春萍
女士 2、Uwe Parpart先生 1、賀德懷先生 1、
Angela Waiyin女士 2及Anthony Wilson先生 1。
附註 :
1. 於本報告日期已不再擔任附屬公司董事
2. 彼等擔任董事之公司乃於香港以外地方註冊成立
54 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Report of the Directors
董事會報告
direCtors’ serviCe CoNtraCts
None of the Directors has a service contract with the
Group which requires the Group to give a period of
notice of more than one year, or to pay compensation
or make other payments equivalent to more than one
year’s emolument.
direCtors’ aNd Chief exeCutive’s
iNterests aNd/or short positioNs iN
the shares, uNderlyiNg shares aNd
deBeNtures of the CompaNy or aNy
assoCiated CorporatioNs
As at 31 December 2016, the interests and short
posi t ions of each di rector of the Company ( the
“D i rec to r ” ) and ch ie f execu t i ve in the shares ,
underlying shares and debentures of the Company or
any of its associated corporations (within the meaning
of Part XV of the Securities and Futures Ordinance
(the “SFO”)), as recorded in the register required to
be kept by the Company pursuant to Section 352 of
the SFO, or as otherwise notified to the Company and
The Stock Exchange of Hong Kong Limited (the “Stock
Exchange”) pursuant to Part XV of the SFO or the
Model Code for Securities Transactions by Directors
of Listed Issuers (the “Model Code”) under the Rules
Governing the Listing of Securities (the “Listing Rules”)
on the Stock Exchange, or known to the Company,
were as follows:
Long positions in the ordinary shares of the Company
(“Shares”) and the underlying Shares:
Number of shares held
所持股份數目
Name of director Capacity/Nature of interests
long
position
percentage
of share-
holding
董事姓名 身份╱權益性質 好倉 持股百分比
Mr. Yu Feng (note 1) Held by controlled corporation/
Corporate interest
1,342,976,000 %
虞鋒先生（附註1） 由受控制法團持有╱法團權益
Mr. Ko Chun Shun, Johnson (note 2) Held by controlled corporation/
Corporate interest
229,180,726 %
高振順先生（附註2） 由受控制法團持有╱法團權益
Notes:
(1) Mr. Yu Feng, Chairman of the Group and non-executive
Director of the Company, was interested in 1,342,976,000
Shares through Jade Passion Limited (“Jade Passion”), a
company which is owned as to % of its issued share
capital by Key Imagination Limited (“Key Imagination”).
91% of the issued share capital of Key Imagination is
owned by Yunfeng Financial Holdings Limited (“YFHL”),
the issued share capital of which in turn, is owned as to
% by Mr. Yu Feng.
(2) Mr. Ko Chun Shun, Johnson, a non-executive Director
of the Company, was interested in 229,180,726 Shares
through Gainhigh Holdings Limited (“Gainhigh”). 100% of
the issued share capital of Gainhigh was held by Insula
Holdings Limited, a company wholly-owned by Mr. Ko Chun
Shun, Johnson.
董事之服務合約
概無董事與本集團訂有規定本集團須給予超過
一年之通知期，或支付相等於超過一年酬金之
報酬或其他付款之服務合約。
董事及主要行政人員於本公司或任何相
聯法團之股份、相關股份及債券中擁有
之權益及╱或淡倉
於二零一六年十二月三十一日，本公司各董事
（「董事」）及主要行政人員於本公司或其任何相
聯法團（定義見證券及期貨條例（「證券及期貨
條例」）第XV部）之股份、相關股份及債券中
擁有已記錄於本公司須根據證券及期貨條例第
352 條存置之登記冊內，或已根據證券及期貨
條例第 XV 部或聯交所證券上市規則（「上市規
則」）下上市公司董事進行證券交易的標準守則
（「標準守則」）知會本公司及香港聯合交易所有
限公司（「聯交所」），或本公司已知悉之權益及
淡倉如下：
於本公司普通股（「股份」）及相關股份之好倉：
附註 :
(1) 本集團主席兼本公司非執行董事虞鋒先生透
過 Jade Passion Limited（「Jade Passion」）
於 1,342,976,000股 股 份 中 擁 有 權 益，Key
Imagination Limited（「Key Imagination」）擁
有 Jade Passion已發行股本之 %， 雲鋒
金融控股有限公司（「雲鋒金融控股」）擁有Key
Imagination已發行股本之 91%，而虞鋒先生擁
有雲鋒金融控股已發行股本之 %。
(2) 本公司非執行董事高振順先生透過Gainhigh
Holdings Limited（「Gainhigh」）於 229,180,726
股 股 份 中 擁 有 權 益， 而 Insula Holdings
Limited（由高先生全資擁有）持有Gainhigh之
100%已發行股本。
55雲鋒金融集團有限公司二零一六年年報
Report of the Directors
董事會報告
direCtors’ aNd Chief exeCutive’s
iNterests aNd/or short positioNs iN
the shares, uNderlyiNg shares aNd
deBeNtures of the CompaNy or aNy
assoCiated CorporatioNs (Continued)
long positions in the shares and the underlying
shares of associated corporations:
Number of shares held in
associated Corporation
於相聯法團所持股份數目
Name of associated
Corporation Name of director
Capacity/
Nature of interests long position
percentage
of
shareholding
相聯法團名稱 董事姓名 身份╱權益性質 好倉 持股百分比
Yunfeng Financial
Holdings Limited
雲鋒金融控股有限公司
Mr. Yu Feng Beneficial owner/
Beneficial interest
94 %
虞鋒先生 實益擁有人╱實益權益
Key Imagination Limited Mr. Yu Feng (Note 1)
虞鋒先生（附註 1）
Held by controlled
corporation/Corporate
interest
由受控制法團持有╱
法團權益
9,100 91%
Mr. Huang Xin (Note 2)
黃鑫先生（附註 2）
Held by controlled
corporation/Corporate
interest
由受控制法團持有╱
法團權益
900 9%
Jade Passion Limited Mr. Yu Feng (Note 1)
虞鋒先生（附註 1）
Held by controlled
corporation/Corporate
interest
由受控制法團持有╱
法團權益
7,321 %
Mr. Huang Youlong
(Note 3)
黃有龍先生（附註 3）
Held by controlled
corporation/Corporate
interest
由受控制法團持有╱
法團權益
2,679 %
Notes:
(1) Mr. Yu Feng, Chairman of the Group and non-executive
Director of the Company was interested in 9,100 shares,
representing 91% of equity interest in Key Imagination
through YFHL, the substantial shareholder of the Company.
Mr . Yu Feng was a lso in terested in 7 ,321 shares,
representing % of equity interest in Jade Passion
through Key Imagination. Both Key Imagination and Jade
Passion are substantial shareholders of the Company.
(2) Mr. Huang Xin, an executive Director of the Company, is
the sole shareholder of Perfect Merit Limited which owns
900 shares, representing 9% of the equity interest in Key
Imagination.
(3) Mr. Huang Youlong, a non-executive Director of the
Company , i s the so le shareho lder o f Go ld Ocean
Inves tments Group Inc . wh ich owns 2 ,679 shares ,
representing % equity interest in Jade Passion.
董事及主要行政人員於本公司或任何相
聯法團之股份、相關股份及債券中擁有
之權益及╱或淡倉（續）
於相聯法團股份及相關股份之好倉：
附註 :
(1) 本集團主席兼本公司非執行董事虞鋒先生
透 過 本 公 司 之 主 要 股 東 雲 鋒 金 融 控 股
於Key Imagination擁有9,100股股份，佔Key
Imagination之 91% 股權。虞鋒先生亦透過Key
Imagination於 Jade Passion擁 有 7,321股 股
份，佔 Jade Passion之 % 股權。Key
Imagination 及 Jade Passion 均為本公司之主
要股東。
(2) 本公司之執行董事黃鑫先生為Perfect Merit
Limited之唯一股東，Perfect Merit Limited擁
有Key Imagination 900股股份，佔Key Imagination
之 9%股權。
(3) 本公司非執行董事黃有龍先生為Gold Ocean
Investments Group Inc.之 唯 一 股 東，Gold
Ocean Investments Group Inc.擁 有 Jade
Passion 2,679股 股 份， 佔 Jade Passion之
%股權。
56 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Report of the Directors
董事會報告
direCtors’ aNd Chief exeCutive’s
iNterests aNd/or short positioNs iN
the shares, uNderlyiNg shares aNd
deBeNtures of the CompaNy or aNy
assoCiated CorporatioNs (Continued)
Save as disclosed above, as at 31 December 2016,
none of the Directors and chief executive of the
Company and/or any of their respective associates had
any interest or short position in the shares, underlying
shares or debentures of the Company and/or any of
its associated corporations (within the meaning of Part
XV of the SFO) as recorded in the register required
to be kept by the Company under Section 352 of the
SFO, or as otherwise notified to the Company and the
Stock Exchange pursuant to Part XV of the SFO or the
Model Code adopted by the Company.
direCtors’ rights to aCquire shares
Save as disclosed above and in this report, at no
time during the Year was the Company, or any of its
subsidiaries or associated corporations, a party to any
arrangement to enable the Directors (including their
respective spouses and children under the age of 18)
to acquire benefits by the means of the acquisition of
the shares or underlying shares in, or debentures of,
the Company or any other body corporations.
suBstaNtial shareholders’ aNd
other persoNs’ iNterests iN shares
As at 31 December 2016, the Company was notified
of the following substantial Shareholders’ and other
persons’ interests, being 5% or more of the Company’s
issued shares that recorded in the register under
Section 336 of the SFO.
Number of shares held
所持股份數目
Name of substantial shareholder Capacity/Nature of interests long position
percentage of
shareholding
主要股東姓名 身份╱權益性質 好倉 持股百分比
Mr. Yu Feng (Note 1) Held by controlled corporation/
Corporate interest
1,342,976,000 %
虞鋒先生（附註 1） 由受控制法團持有╱法團權益
Yunfeng Financial Holdings Limited
(Note 1)
Held by controlled corporation/
Corporate interest
1,342,976,000 %
雲鋒金融控股有限公司（附註1） 由受控制法團持有╱法團權益
Key Imagination Limited (Note 1) Held by controlled corporation/
Corporate interest
1,342,976,000 %
Key Imagination Limited（附註1） 由受控制法團持有╱法團權益
Jade Passion Limited (Note 1) Beneficial owner/Beneficial interest 1,342,976,000 %
Jade Passion Limited（附註1） 實益擁有人╱實益權益
董事及主要行政人員於本公司或任何相
聯法團之股份、相關股份及債券中擁有
之權益及╱或淡倉（續）
於除上文所披露者外，於二零一六年十二月
三十一日，概無本公司董事及主要行政人員
及╱或任何彼等各自之聯繫人士於本公司及╱
或其任何相聯法團（定義見證券及期貨條例第
XV部）之股份、相關股份或債券中擁有任何已
記錄於本公司須根據證券及期貨條例第 352條
存置之登記冊內，或已根據證券及期貨條例第
XV 部或本公司採納之標準守則已知會本公司
及聯交所之權益或淡倉。
董事收購股份之權利
除上文及本報告所披露者外，本公司或其任何
附屬公司或相聯法團概無訂立任何安排，致令
董事（包括彼等各自之配偶及 18歲以下子女）
可藉購入本公司或其他法團之股份或相關股份
或債券而獲利。
主要股東及其他人士於股份之權益
於二零一六年十二月三十一日，本公司獲知會
下列主要股東及其他人士權益，即根據證券及
期貨條例第 336條存置於登記冊內之本公司已
發行股份中 5%或以上之權益。
57雲鋒金融集團有限公司二零一六年年報
Report of the Directors
董事會報告
Number of shares held
所持股份數目
Name of substantial shareholder Capacity/Nature of interests long position
percentage of
shareholding
主要股東姓名 身份╱權益性質 好倉 持股百分比
Mr. Ko Chun Shun, Johnson (Note 2) Held by controlled corporation/
Corporate interest
229,180,726 %
高振順先生（附註2） 由受控制法團持有╱法團權益
Insula Holdings Limited (Note 2) Held by controlled corporation/
Corporate interest
229,180,726 %
Insula Holdings Limited（附註2） 由受控制法團持有╱法團權益
Gainhigh Holdings Limited (Note 2) Beneficial owner/Beneficial interest 229,180,726 %
Gainhigh Holdings Limited（附註2） 實益擁有人╱實益權益
Ms. Lian Yi (Note 3) Held by controlled corporation/
Corporate interest
167,872,000 %
連軼女士（附註3） 由受控制法團持有╱法團權益
Clear Expert Limited (Note 3) Held by controlled corporation/
Corporate interest
167,872,000 %
Clear Expert Limited（附註3） 由受控制法團持有╱法團權益
Violet Passion Holdings Limited (Note 3) Beneficial owner/Beneficial interest 167,872,000 %
Violet Passion Holdings Limited（附註3） 實益擁有人╱實益權益
Notes:
1. Mr. Yu Feng, Chairman of the Group and a non-executive
Director of the Company was interested in 1,342,976,000
shares through Jade Passion, a company which is
owned as to % of its issued share capital by Key
Imagination. 91% of the issued share capital of Key
Imagination is owned by YFHL, the issued share capital of
which in turn, is owned as to % by Mr. Yu Feng.
2. Mr. Ko Chun Shun, Johnson, a non-executive Director
of the Company, was interested in 229,180,726 shares
through Gainhigh. 100% of the issued share capital of
Gainhigh was held by Insula Holdings Limited, a company
wholly-owned by Mr. Ko Chun Shun, Johnson.
3. Ms. Lian Yi was interested in 167,872,000 shares through
Violet Passion Holdings Limited, a wholly-owned subsidiary
of Clear Expert Limited, which in turn is a company wholly-
owned by Ms. Lian Yi.
Save as disclosed above, as at 31 December 2016,
there were no other persons who had an interest or
short position in the shares or underlying shares of
the Company which would fall to be disclosed to the
Company under the SFO, or which were recorded in
the register to be kept by the Company under Section
336 of the SFO.
suBstaNtial shareholders’ aNd
other persoNs’ iNterests iN shares
(Continued)
主要股東及其他人士於股份之權益（續）
附註 :
1. 本集團主席兼本公司非執行董事虞鋒先生透過
Jade Passion擁有1,342,976,000股股份之權益，
Key Imagination擁有Jade Passion已發行股本之
%，雲鋒金融控股擁有Key Imagination
已發行股本之 91%，而虞鋒先生擁有雲鋒金融
控股已發行股本之 %。
2. 本公司非執行董事高振順先生透過Gainhigh
於229,180,726股股份中擁有權益。Insula Holdings
Limited（由高先生全資擁有之公司）持有Gainhigh
之 100%已發行股本。
3. 連軼女士透過 Violet Passion Holdings Limited
（Clear Expert Limited 之全資附屬公司）於
167,872,000 股股份中擁有權益， 而 Clear
Expert Limited 則由連軼女士全資擁有。
除上文所披露者外，於二零一六年十二月
三十一日，概無其他人士於本公司之股份或相
關股份中擁有須根據證券及期貨條例向本公司
披露，或根據證券及期貨條例第 336條記錄於
本公司存置之登記冊內之權益或淡倉。
58 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Report of the Directors
董事會報告
direCtors’ iNterests iN
traNsaCtioNs, arraNgemeNts or
CoNtraCts
Save as d isc losed e lsewhere in th is report , no
transactions, arrangements or contracts of significance
(i) to which the Company, its holding company or
any of their subsidiaries was a party, and in which
a Director or his connected entities was materially
interested, whether directly or indirectly, subsisted at
any time during the Year or at the end of the Year, nor
(ii) between the Company, or one of its subsidiaries,
and a controlling shareholder or any of its subsidiaries.
CoNNeCted traNsaCtioNs
Significant related party transactions entered into by
the Group during the year ended 31 December 2016,
which may also constitute connected transactions
under the Listing Rules, are disclosed in Note 33 to
the financial statements.
Dur ing the Year , the Group d id no t have any
c o n n e c t e d t r a n s a c t i o n s t h a t w e r e s u b j e c t t o
the repor t i ng , announcement and independen t
shareholders’ approval requirements under Chapter
14A of the Listing Rules.
maNagemeNt CoNtraCts
No con t rac ts concern ing the management and
administration of the whole or any substantial part of
the business of the Company were entered into or
existed during the Year.
major suppliers aNd major
Customers
During the Year, revenue derived from the Group’s 5
largest customers accounted for approximately 62% of
the total revenue for the Year, with the single largest
customer contributing approximately 26%.
The Group is a provider of financial services. In the
opinion of the Board, it is therefore of no value to
disclose details of the Group’s suppliers.
Save as disclosed elsewhere in this report, none of the
Directors, their close associates or any shareholders,
which to the knowledge of the Directors own more than
5% of the Company’s issued shares, had an interest in
the major customers.
董事於交易、安排或合約之權益
除本報告其他部分所披露者外，概無 (i)由本
公司、其控股公司或其任何附屬公司所訂立、
董事直接或間接在其中擁有重大權益，且於
本年度內任何時間或於本年度末仍然生效；或
(ii)由本公司或其附屬公司與控股股東或其任
何附屬公司訂立的重大合約。
關連交易
本集團於截至二零一六年十二月三十一日止年
度進行之重大關連人士交易（其根據上市規則
亦有可能構成關連交易），已載於財務報表附
註 33。
於本年度內，本集團並無任何須遵守上市規則
第 14A章有關申報、公告及獨立股東批准之規
定的關連交易。
管理合約
於本年度內，並無訂立或存有有關本公司全部
或任何重大業務之管理及行政的合約。
主要供應商及主要客戶
於本年度內，來自本集團五大客戶之收入佔本
年度總收入約 62%，其中單一最大客戶約佔
26%。
本集團為金融服務供應商。因此，董事會認為
披露本集團供應商之詳情並無意義。
除上文所披露者外，概無董事、彼等之聯繫人
士或據董事所知擁有本公司 5%以上股本之任
何股東於主要客戶中擁有權益。
59雲鋒金融集團有限公司二零一六年年報
Report of the Directors
董事會報告
Corporate goverNaNCe
The Company is committed to maintain a high standard
of corporate governance practices. Information on the
corporate governance practice of the Company is set
out in the Corporate Governance Report of this annual
report.
iNdemNity of direCtors
A permitted indemnity provision as set out in the
articles of association of the Company that provides
for indemnity against liability incurred by directors and
executive officers of the Group is currently in force
and was in force throughout the Year.
suffiCieNCy of puBliC float
Based on the information that is publicly available
to the Company and within the knowledge of the
Directors, as at the date of this report, there was
sufficient public float of the Company’s securities as
required under the Listing Rules.
iNdepeNdeNt auditors
The consolidated f inancial statements have been
audited by KPMG who will retire at the forthcoming
annual general meeting of the Company. A resolution
for reappointment of KPMG wil l be proposed for
Shareholders’ approval at the forthcoming annual
general meeting.
revieW By audit Committee
As at the date of this report, the Audit Committee
comprised four independent non-executive Directors.
The Audit Committee is chaired by Mr. Chu Chung
Yue, Howard wi th Mr. L in L i jun, Mr. Qi Daqing
and Dr. Wong Yau Kar, David, BBS, JP being the
other members. The terms of reference of the Audit
Committee are in line with the Corporate Governance
Code as set out in Appendix 14 of the Listing Rules.
The Group’s audited consolidated financial statements
for the year ended 31 December 2016 have been
reviewed by the Audit Committee.
By order of the Board
li ting
Executive Director and Chief Executive Officer
Hong Kong, 28 March 2017
企業管治
本公司致力維持高水平之企業管治常規。有關
本公司所採納企業管治守則之資料載於年報之
企業管治報告內。
董事彌償
載有對本集團及其附屬公司之董事及高級職員
所產生的負債進行彌償之經批准彌償條文（如
本公司組織章程細則所載）現仍有效，且於本
年度內持續有效。
足夠公眾持股量
按本公司可公開取得之資料及據董事所知，於
本報告日期，本公司證券擁有上市規則所規定
之足夠公眾持股量。
獨立核數師
綜合財務報表由畢馬威會計師事務所審核，彼
將於本公司應屆股東週年大會上退任。續聘畢
馬威會計師事務所之議案將於下屆股東週年大
會上提呈供股東批准。
審核委員會審閱
於報告日期，審核委員會由四名獨立非執行董
事組成。主席由朱宗宇先生擔任，成員包括林
利軍先生、齊大慶先生及黃友嘉博士 , BBS,
JP。審核委員會之職權範圍符合上市規則附
錄十四所載之企業管治守則。本集團截至二零
一六年十二月三十一日止年度之經審核綜合財
務報表已由審核委員會審閱。
代表董事會
執行董事兼行政總裁
李婷
香港，二零一七年三月二十八日
60 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Environmental, Social and Governance Report
環境、社會及管治報告
The Group is commi t ted to main ta in ing a h igh
standard of corporate social governance to establish
and implement a framework for constantly improving
our effort in improving environmental and social
surroundings of the Group and creating a sustainable
return to our shareholders with deliberate decision
making process. The report covers all business sectors
within the Group operated in Hong Kong and other
jurisdictions for the year ended 31 December 2016.
In dai ly operat ion, we have regular engagement
with our identified stakeholder groups. Through our
interaction with different stakeholder groups, we have
summarised below topics of discussion presented in
table below which covering all material environmental,
social and governance issues identified in terms of
their impact on business growth, profitability, capital
e f f ic iency and r isk re lated to Group’s business
operation and validated by management.
stakeholder groups
Communication
and feedback
channels frequency topics of discussion
利益相關者團體 溝通及反饋渠道 頻率 討論主題
— Employees — Meeting
— Performance review
— Internal email
correspondences
— Annually
— Monthly
— Event driven basis
— Talent attraction,
development and
retention
— 員工 — 會議
— 表現評估
— 內部電郵往來
— 每年
— 每月
— 事件驅動基準
— 人才吸引、發展及挽留
— Shareholders — Annual general meeting
(“AGM”), extraordinary
general meeting (“EGM”)
— Announcements, annual
report, interim report, circular
— Annually for AGM
— The other channels are on
event driven basis
— Business development
— Financial performance
— Corporate governance
— Major corporate actions
and transactions
— 股東 — 股東週年大會（「股東週年大
會」）、股東特別大會（「股東特
別大會」）
— 公告、年報、中期報告及通函
— 每年召開股東週年大會
— 按事件驅動基準之其他渠道
— 業務發展
— 財務表現
— 企業管治
— 主要公司行動及交易
— Regulators — Correspondence mail/email
— Phone call
— Site visit
— Event driven basis — Compliance with
regulations
— Business development
— 監管部門 — 郵件 ／電郵往來
— 電話
— 實地視察
— 事件驅動基準 — 遵守法規
— 業務發展
— Clients — Know your client onboarding
process
— Face to face meeting our
business representative
— Phone call and email with our
client service representatives
— Meeting/phone call, emails
on event driven basis
— Electronic trading platform
on event driven basis
— Product and trading system
quality and development
— Fair and transparent
dealing practice
— Enterprise branding
— 客戶 — 了解客戶引導流程
— 與業務代表之面對面會議
— 與客戶服務代表之電話及電郵往
來
— 按事件驅動基準之會議 ／電
話、電郵
— 按事件驅動基準之電子交易
平台
— 產品及交易系統質素及發展
— 公平透明之交易慣例
— 企業品牌
本集團致力維持高水平之企業社會管治，以建
立及實施一個不斷提升我們在改善本集團環保
及社會環境方面之努力，並通過深思熟慮之決
策過程為股東創造可持續回報之框架。本報告
涵蓋了截至 2016年底本集團在香港和其他管
轄區內經營的所有業務部門的信息。
於日常營運中，我們與我們之利益相關者團
體定期互動。通過與我們利益相關者團體之
互動，我們在以下表格總結討論主題，其中涵
蓋所有已識別並由管理層驗證對本集團業務增
長、盈利能力、資本效率之影響及業務營運之
風險之重大環境、社會及管治問題。
61雲鋒金融集團有限公司二零一六年年報
Environmental, Social and Governance Report
環境、社會及管治報告
stakeholder groups
Communication
and feedback
channels frequency topics of discussion
利益相關者團體 溝通及反饋渠道 頻率 討論主題
— Business partners — On site visit
— Meetings
— Conference call
— Event driven basis — Business development
— Fair business practice and
market reputation
— Sounded financial strength
and management
— 商業夥伴 — 實地視察
— 會議
— 電話會議
— 事件驅動基準 — 業務發展
— 公平商業慣例及市場聲譽
— 健全之財務管理
— Media — Press released
— Marketing campaign
— Exhibitions
— Event driven basis — Business development and
strategies
— Product and service
promotion
— 媒體 — 新聞稿
— 營銷活動
— 展覽
— 事件驅動基準 — 業務發展及戰略
— 產品及服務推廣
— Communities — On site visit
— Meetings
— Event driven basis — Policy and commitment to
communities
— 社區 — 實地視察
— 會議
— 事件驅動基準 — 對社區之政策及承諾
BusiNess developmeNt, fiNaNCial
performaNCe aNd Corporate
goverNaNCe
In relation to the business development and financial
per formance d iscuss ion, p lease re fer to CEO’s
Statement and Business Review under Management
Discussion and Analysis section of the annual report.
In relation to the corporate governance discussion,
please refer to Corporate Governance Report section
of the annual report.
eNviroNmeNtal
emissions
The current businesses of the Group focused on
financial technologies development, financial advisory
services and securities broking with low impact on
carbon emission. Although the Group advocates the
principle of environmental protection, our operations
are confirmed within the off ice environment with
relatively insignificant emissions, we have not prepared
any specific policy related to air and greenhouse
gas emissions, discharges into water and land and
generating of hazardous and non-hazardous waste
in view of the Group’s current operation model. We
shall continue monitoring our operation and assess if
relevant policy needed to be implement.
業務發展、財務業績及企業管治
關於業務發展及財務業績討論，請分別參閱年
報之行政總裁報告及管理層討論及分析部分之
業務回顧。關於企業管治討論，請參閱年報之
企業管治報告部分。
環境
排放
本集團目前之業務集中於之金融科技開發、金
融諮詢服務及證券經紀，對碳排放影響較小。
雖然集團倡導環保原則，我們的業務僅限於排
放量相對較小的辦公環境，鑒於本集團目前之
營運模式，我們並無制定任何有關空氣及溫室
氣體排放、向水及土地排污及產生有害及無害
廢物之具體政策。我們將繼續監測我們的運
作，並評估是否需要實施相關政策。
62 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Environmental, Social and Governance Report
環境、社會及管治報告
eNviroNmeNtal (Continued)
use of resources
The Group commits to the principle and practice of
recycling and reducing consumption of resources.
To help conserve the environment, we implement
green off ice practices such as encourage use of
recycled paper for printing and copying, double-sided
printing and copying, setting up recycling bins, reduce
energy consumption by switching off idle lightings,
air conditioning and electrical appliances. It includes
the policy of switching off all lights after working/non
office hours, during weekends and public holidays,
maintaining recycle bins in office areas and encourage
to our own employees and business partners to opt for
electronic media and billing.
the environmental and Natural resources
The Group considers protection of our environment
being imperative for the well-being of society and also
our next generation. The Group strives to raise the
awareness of minimizing in consumption of natural
resources and adopts the environmental best practices
across the Group’s businesses. The Group regularly
reviews i ts environmental pract ices from t ime to
time and considers implementing further eco-friendly
measures, sustainability targets and practices in the
operation of the Group’s businesses to reinforce the
principles of reduce, recycle and reuse, and further
minimise our already low impact on the natural
environment.
soCial
employment and labour practice
To enable us to deliver value to our shareholders and
serve our clients, we endeavor attracting and retaining
best talents, which reflects in our recruitment and
ongoing staff development effort.
The Group considered itself to be an equal opportunity
employer and encourages diversity regardless of age,
gender, marital status and race. A well-established
board diversity policy, as further discussed under
the Corporate Governance Report, with the aim of
enhancing the quality of the Board’s performance
by promoting diversity in the composition of board
members based on their experiences and background
considered relevant to the Group’s operation and
strategies, is adopted. During the year, the nomination
committee of the Company has followed the policy
when considers appointing new director to the Board.
環境（續）
使用資源
本集團致力於循環再造及減少資源消耗之原則
及實踐。為保護環境，我們落實綠色辦公室實
踐，例如鼓勵使用再生紙進行打印及複印、雙
面打印及複印、設置回收箱、通過關閉閒置照
明、空調及電器來減少能源消耗。其包括於辦
公時間後、周末及公眾假期關閉所有燈光之政
策，在辦公區域放置回收箱，鼓勵我們之員工
及業務夥伴選擇電子媒介及賬單。
環境及自然資源
本集團認為保護我們之環境就社會福祉及下一
代而言勢在必行。本集團致力提高最大限度減
少自然資源消耗之意識，並採納本集團業務過
程中之環保最佳實踐。本集團不時定期檢討其
環保實務，並考慮在本集團業務營運中實施進
一步環保措施、可持續發展目標及實務，以強
化減少、循環及再利用之原則，並進一步最大
限度減少其對自然環境已經較低之影響。
社會
僱傭及勞工常規
為使我們能夠為股東創造價值並為客戶服務，
我們努力吸引及挽留最優秀之人才，此舉反映
於我們之招聘及持續之員工發展工作。
本集團認為自身是一個給予均等機會之雇主，
並鼓勵多樣化，而不論年齡、性別、婚姻狀況
及種族。本集團採納完善之董事會多元化政
策，誠如企業管治部分之進一步討論，旨在通
過基於董事會成員的多元化營運及戰略相關之
經驗及背景，促進董事會成員組成之多樣性，
從而提高董事會績效之質量。於本年度，提名
委員會於考慮委任新董事進入董事會時遵循該
政策。
63雲鋒金融集團有限公司二零一六年年報
Environmental, Social and Governance Report
環境、社會及管治報告
soCial (Continued)
employment and labour practice (Continued)
To recruit and retain premier talents, we provided
competi t ive remuneration package to attract and
motivate our employees. We offered competi t ive
remuneration, share option and share award schemes,
retirement and medical benefits, insurance coverage
and leave ent i t lement commensurate to market
standards. The remuneration package of employees
is reviewed regularly based on individual performance
and market conditions.
As part of the effort to retain talent, we offer the
internal mobility opportunities, which is able to drive
the overall eff iciency of operation through better
matching of required skills with talents. During the
year, some of our employees have taken advantage of
internal mobility opportunities.
During the year, the Group is ful ly committed to
comply with the Employment Ordinance and other
relevant local regulations without identifying any non-
compliance incidence in 2016.
key statistics
The group has 229 employees.
Female represents 23% as senior management and
39% of total workforce. Geographically, around 35%
of our employees resides in Hong Kong and the
remaining resides in PRC and USA..
Demographic information of different employees age
group within the Group
Age Group %
16-24 16
25-44 74
45-64 10
Turnover rate by gender, age group and geographical
region.
Turnover rate of male employee is 21% and female
employee is 20%.
Turnover rate of employee resides in Hong Kong is
19% with 22% for employee resides in PRC.
Demographic turnover rate information of different
employees age group within the Group
Age Group %
16-24 6
25-44 31
45-64 4
社會（續）
僱傭及勞工常規（續）
為招聘及挽留優秀人才，我們提供有競爭力之
薪酬計劃吸引及激勵我們之員工。我們提供相
比市場標準具競爭性之薪酬、購股權及股份獎
勵計劃、退休及醫療福利、保險範圍及休假權
利。根據個人績效及市場條件定期檢討員工之
薪酬計劃。
作為挽留人才工作之一部分，我們提供內部流
動機會，可通過更好地匹配所需之技能及人
才，提高整體營運效率。於本年度，我們一些
員工已利用內部流動機會。
於本年度，本集團全面承諾遵守「僱傭條例」及
其他當地有關規例，而於二零一六年未發現任
何違規事件。
主要統計數字
本集團有 229名員工。
女性員工佔高級管理層之 23%及總勞動力之
39%。地區方面，35%員工居住於香港，餘
下員工居住於中國及美國。
本集團內不同員工年齡組別統計資料
年齡組別 %
16-24 16
25-44 74
45-64 10
按性別、年齡組別及地理區域劃分之流動率。
男性員工之流動率為 21%，女性員工之流動
率為 20%。
居住於香港之員工流動率為 19%，而居住於
中國之員工流動率為 22%。
本集團內不同員工年齡組別統計流動率資料
年齡組別 %
16-24 6
25-44 31
45-64 4
64 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Environmental, Social and Governance Report
環境、社會及管治報告
soCial (Continued)
health and safety
Management emphas ize the impor tance o f the
health of employee and convey the message to all
department heads at meet ings to exuberate the
awareness of occupational health and safety issues to
all staff within the Group. Policies related to upgrades
and maintenance of office and . equipment, regular
office hygiene keepings are implemented regularly
to cope with the needs of employees. To provide a
hygienic and healthy working environment to all staffs
and cleaning of carpets are carried out at regular
intervals. When there is a fire drill initiated by the
office building management, we encourage our staffs
to participate in such fire drill.
Employees are also expected to take all practical
measures to ensure a safe and healthy working
e n v i r o n m e n t , i n k e e p i n g w i t h t h e i r d e f i n e d
responsibilities and applicable laws.
To improve the wel l-being of i ts employees, the
Group provides sufficient health coverage. Staff is
entitled to medical insurance benefits as well as other
health awareness programs. As part of the monitoring
process and policy, our human resources department
has observed if the existing health coverage can cover
the average employee’s claim per year and also seek
for employee’s feedback in the process to further
enhance the existing health program to make it more
staff benefit oriented.
Dur ing the year , there is not any work- re la ted
fatality. We have followed the implemented relevant
occupational safety and Health Ordinance, other
re levan t l oca l regu la t i ons and po l i ces w i thou t
identifying any non-compliance incidence in 2016.
development and training
Rega rd i ng t o s t a f f deve lopmen t and t r a i n i ng ,
we provide on-the- job tra in ing and development
opportuni t ies to enhance our employees’ career
progression implemented by different department
heads. We encourage staff participation of external
seminars, lectures and industrial events to keep up
with abreast of changes in areas of legal, compliance
and market industry practices. Through relevant,
systemat ic and organised t ra in ing p lat form, our
goal is to align staff knowledge and skills sets with
our Group’s business object ives and operat ions
requirement, which al l are conducive to promote
efficiency and productivity. With staffs equipped with
better skill set, we believe it can reduce the overall
operation risk of the Group in the long run.
社會（續）
健康及安全
管理層強調員工健康之重要性，並於會議上向
所有部門負責人傳達信息，以提高本集團內所
有員工對職業健康及安全問題之意識。定期實
施與辦公室及信息科技設備升級及維護以及保
持辦公室衛生相關之政策，以應付員工所需。
為提供衛生及健康之工作環境予所有員工，定
期清潔地毯。當辦公樓管理處發起消防演習
時，我們鼓勵員工參加有關消防演習。
員工還應採取一切可行措施，確保安全健康之
工作環境，以履行其界定責任及遵守適用之法
律。
為提升員工之福祉，本集團提供充足之醫療保
障。員工有權享受醫療保險福利及其他健康意
識計劃。作為監測過程及政策之一部分，我們
之人力資源部門已觀察現有醫療保障是否可以
負擔每年平均員工索賠，並尋求員工之反饋意
見，以進一步加強現有之健康計劃，使福利更
加以員工為本。
於本年度沒有任何與工作有關之死亡個案。於
二零一六年，我們遵循職業安全及健康條例、
其他相關當地條例及已實施之相關政策，未發
現任何違規事件。
發展及培訓
關於員工發展及培訓方面，我們提供在職培訓
及發展機會，以提升由不同部門主管實施之員
工職業發展。我們鼓勵員工參與外部研討會、
講座及行業活動，以跟上法律、合規及市場行
業實務方面之變化。通過相關、系統化及有組
織之培訓平台，我們之目標是使員工之知識及
技能組合與本集團之業務目標及營運要求保持
一致，其有利於提高效率及生產力。隨著員工
具備更佳技能，我們相信其可減少本集團之長
期整體經營風險。
65雲鋒金融集團有限公司二零一六年年報
Environmental, Social and Governance Report
環境、社會及管治報告
soCial (Continued)
development and training (Continued)
On the o the r hand , the Group emphas ise the
importance of continuous professional development
training for the directors to develop and refresh their
knowledge and skills on regulatory requirements and
development and corporate governance practices.
To promote and cultivate the ongoing professional
development of al l employees, the Group offers
seminar including various team building training,
Foreign Account Tax Compliance Act and Common
Report ing Standard updates, the Secur i t ies and
Future Commission seminars with regulation updates,
financial reporting updates which staff could join on
voluntarily basis. The Group has also financed and
reimbursed the external training courses attended by
our staff, which is relevant in their career development
and enhancement of their job performance approved
by business head and senior management.
labour standards
Our Group s t r i c t l y adhe res to Emp loymen t o f
Children Regulations and other regulations made
under the Employment Ordinance or other relevant
laws in other jurisdiction, which prohibits any illegal
employment of children, forced or compulsory labor.
The Group has implemented comprehensive human
resources po l icy th rough our human resources
department to verify candidates’ relevant information
f i l led in their respective job application including
personal ident i f icat ion, curr iculum checking and
other documents checking considered necessary.
On the o ther hand, the Group has d is t r ibu ted
employee handbooks outlining terms and conditions of
employment, expectations for employees’ conduct and
behavior, employees’ rights and benefits. We establish
and implement policies that promote a harmonious and
productive workplace. We have followed the relevant
regulations and the implemented human resources
po l ices w i thout ident i fy ing any non-compl iance
incidence in 2016.
社會（續）
發展及培訓（續）
另一方面，本集團強調董事透過持續專業發展
培訓以開發及更新對於監管要求及發展以及企
業管治實務方面之知識及技能之重要性。
為促進慮及培養所有員工之持續專業發展，本
集團提供研討會，包括員工可自願參加之各種
團隊建設培訓、海外帳戶稅收合規法案及共同
匯報標準更新，以及證監會有關法規更新之研
討會、財務報告更新等。本集團亦資助及報銷
我們員工參加由業務主管及高級管理層批准之
外部培訓課程，其與彼等之職業發展及提升彼
等之業務表現相關。
勞工標準
本集團嚴格遵守僱用兒童條例及僱傭條例項下
作出之其他法規或其他司法轄區之相關法例，
其禁止非法僱用兒童、強迫或強制勞工。本集
團透過人力資源部門實施全面之人力資源政
策，以核實應徵者於彼等各自職位申請中填入
之有關資料，包括個人身份、簡歷檢查及認為
必要之其他文件檢查。另一方面，本集團分發
員工手冊，概述僱用條款及條件，對員工表現
及行為之期望，以及員工之權利及福利。我們
制定並實施促進工作場所之和諧及生產力之政
策。我們遵循相關條例及已實施之人力資源政
策，於二零一六年未發現任何違規事件。
66 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Environmental, Social and Governance Report
環境、社會及管治報告
soCial (Continued)
operating practice
Supply Chain and Counterparties Management
The Group recognize one of the crucial element of
operation risk management being counterparties and
transaction due diligence. The overall governance
effort is led by Corporate Governance Committee
for the establ ishment and implementat ion of the
operational risk governance framework, strategies,
po l ic ies and procedure and the implementat ion
is coordinated through Risk Oversight Committee
(“ROC”). The ROC is a sub-committee under the
Corporate Governance Committee, it is chaired by
chief executive officer comprising with our business
heads, legal counsel, head of compliance and head of
risk management.
Effective counterparties and transaction due diligence
processes are the foundation of our approach to
form long-term partnerships with our valued business
partners, by working together to manage risks in
our business activities. To implement the policy, we
promote an ownership system within our Group, which
counterparties to be selected and transaction to be
entered being the responsibilities of service/business
user within the Group. The user is responsible to
gather suff icient information and use appropriate
mechanism to address different business, financial
and legal and compliance related concerns raised
by relevant internal functions. Upon all concerns
are being addressed and cleared by al l relevant
internal functions governed by internal new business
approval process, the proposed transactions are then
recommended to senior management for final approval
and execution. When significant concerns and issues
are identified, the proposed transactions together with
department heads’ recommendation will be escalated
to Group’s senior management and Risk Oversight
Committee for thorough review and discussion to
determine next course of actions to be taken.
社會（續）
經營規範
供應鍊及交易對手管理
本集團認識到經營風險管理之關鍵要素之一是
對交易對手及交易之盡職調查。整體管治工作
由企業管治委員會牽頭，負責建立及實施經營
風險管治框架、戰略、政策及程序，並通過風
險監督委員會（「風險監督委員會」）協調實施。
風險監督委員會（「風險監督委員會」）為隸屬企
業管治委員會的小組委員會，由業務主管、總
法務顧問、合規主管及風險管理主管組成，由
行政總裁擔任主席。
通過共同管理我們業務活動中之風險，有效之
交易對手及交易盡職調查流程是我們與我們尊
貴之商業夥伴建立長期合作關係之基礎。為實
施該政策，我們在本集團內推行所有權制度，
將選擇之交易對手及將進行之交易為本集團內
之服務╱業務用戶的責任。該用戶有責任收集
足夠之信息並使用適當之機制來解決集團內部
職能部門提出之不同業務、財務、法律及合規
性相關問題。跟據新業務審批流程，在內部職
能部門確認解決所有關注事項後，建議交易屆
時由高級管理層推薦以作最終批准及執行。當
確定重大關注事項及問題時，建議交易連同部
門主管之建議將提交至本集團高級管理層及風
險監督委員會進行徹底審查及討論，以確定下
一步行動。
67雲鋒金融集團有限公司二零一六年年報
Environmental, Social and Governance Report
環境、社會及管治報告
soCial (Continued)
operating practice (Continued)
Supply Chain and Counterparties Management
(Continued)
As part of the implementat ion of counterpart ies
management policy, our risk management, finance and
legal and compliance team review transaction terms
and related documents and determine the need for,
and depth of, additional due diligence of counterparties
including counterparties risk and corresponding the
extent of onboarding procedures required. We have
outlined activit ies and type of counterparties that
our Group does not associate with, such as those
where there is evidence of forced or child labor,
i l legal logging and certain transactions involving
market misconduct, mis-selling or those with negative
publicity. For service quality maintenance purpose,
we continue monitoring the market reputation and
business practice of all existing counterparties.
In relation to the sourcing of professional service and
financial data providers, the Group has established
proper tendering and quotation procedures to engage
the most suitable service providers with criteria tailored
for covering areas such as products/services quality
together with internal control and risk management
requirements to manage various operational r isk
including credit, reputational and concentration risks.
Consequently, the selection of counterparties/service
providers will factor in all relevant factors in addition
to pricing evaluation.
For internal developed service provision process with
the aim to maximize automation and segregation
of duties to reduce human error, our Group has set
up project management and quality control team to
liaise among different areas of operation including
the development of dif ferent products init iat ives,
financial infrastructure and applications by developing
procedural manual and regular progress meetings.
The teams ensure the quality services and product
delivered at the standard set by senior management
on a timely manner.
Lastly, business continuity plan (“BCP”) are also
developed in case of major financial events and a
disruption occur with our counterparties in the supply
chain to ensure the going concern of our Group
business and serve our customers.
During the year 2016, the Group has engaged more
than 60 counterparties, professional service providers
and financial data suppliers mainly from Hong Kong
and China. We have not identified any non-compliance
incidence against our counterparties management and
professional sourcing policy in 2016.
社會（續）
經營規範（續）
供應鍊及交易對手管理（續）
作為執行交易對手管理政策之一部分，我們之
風險管理、財務、法律及合規團隊審查交易條
款及相關文件，並確定交易對手之額外盡職調
查之需要及深度，包括交易對手風險及相應引
導程序之程度要求。我們概述與本集團無關聯
之交易對手之活動及類型，例如有證據表明存
在強迫或童工勞動、非法採伐及若干涉及市場
失當、誤銷或負面宣傳之交易。為維持服務質
素，我們繼續監控所有現有交易對手之市場聲
譽及商業慣例。
關於專業服務及金融數據提供商之採購，本集
團已經建立了適當之招標及報價程序，按為涵
蓋如產品╱服務質量連同內部控制及風險管理
要求所制定之標準委聘最適合之服務提供商，
以管理各種營運風險，包括信用、聲譽及集中
風險。因此，除定價評估外，選擇交易對手╱
服務提供商將考慮所有相關因素。
就旨在最大限度地實現自動化及職責分離以減
少人為錯誤之內部開發服務提供過程而言，本
集團設立項目管理及質量控制團隊，於不同運
營領域進行聯絡，包括通過制定程序手冊及定
期舉行進度會議開發不同產品計劃、金融基礎
設施及應用。團隊確保高質素服務及按照高級
管理層設定之標準及時交付產品。
最後，倘發生重大財務事件及與供應鏈之交易
對手發生中斷，本集團亦已制定業務連續性計
劃（「業務連續性計」），以確保業務持續進行，
並為我們之客戶服務。
於二零一六年，本集團主要從香港及中國吸納
60多家交易對手、專業服務提供商及金融數
據供應商。我們於二零一六年並無發現交易對
手管理及專業採購政策之任何不合規事件。
68 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Environmental, Social and Governance Report
環境、社會及管治報告
soCial (Continued)
operating practice (Continued)
Product Responsibility
Business integrity and treating customers fairly are
the Group’s core values. The investment committee,
chaired by chief executive officer of the Group with
committee members, oversees al l the investment
decision and financial products/services launching
process. To mit igate r isks in the new products,
the Group governs the process of introducing new
products with an internal approval process, which
requires approvals from all relevant middle and back
office functions to ensure that our products can meet
high standards based on market practices and related
regulation requirement. All employees are required to
maintain a high level of business ethics and adhere
to all relevant regulations and best practice in the
industry. Throughout different operational regions, the
Group strives to comply with local laws and regulations
imposed by different regulators in the areas including
sales practice, know-your-client check, credit control,
compliance, risk disclosure, information protection and
data security as well as trademarks and intellectual
property. For instance, we have laid out policies and
procedures required under the Securities and Futures
Ordinance and other relevant regulat ions, which
reviewed by our legal and compliance department
and approved by Corporate Governance Committee to
enable us to live up to the expectation from our valued
customer and community. During the year, we have
successfully launched the mobile phone application,
w i th one new fund inves tment p roduct opened
for subscription, and prepared to launch a wealth
management financial product trading platform in early
2017.
For our commitment to deliver quality products and
services to our valued customers, we have taken steps
to receive customers’ direct feedbacks through our
website, customer service hotline or via a range of
other channels. In addition, we have put mechanisms
including regular meetings in place to seek inputs
from our front-l ine business units with f irst hand
daily interactions with our customers to look for area
of improvement required. During the year, we have
promptly handled all inquire from our clients mainly
handled by our customer service team with satisfactory
result.
Throughout our promot ion campaign and press
release, we value the importance of making clear,
concise and transparent information disclosures. It
serves as the key of developing our financial products
and services, which empowers our customers to make
informed choices with their personal wealth and future
growth opportunities.
社會（續）
經營規範（續）
產品責任
誠信經營及公平對待客戶是本集團之核心價值
觀。由本集團行政總裁擔任主席之投資委員會
負責監督所有投資決策及金融產品╱服務發佈
流程。為降低新產品之風險，本集團管理採用
新產品推出的內部審批流程，該流程需要所有
相關中後台職能之審批。集團所有員工須保持
高水平之商業道德，並遵守行業中之所有相關
法規及最佳業務標準，以確保我們之產品於市
場實務中達致高標準要求。在不同經營區域，
本集團致力於嚴格遵守不同監管機構於銷售實
務、「認識你的客戶」檢查、信用控制、合規、
風險披露、信息保護及數據安全以及商標及知
識產權等領域施當地相關法律法規。例如，我
們已跟據「證券及期貨條例」及其他有關規例
所規定制定政策及程序，由我們之法律及合規
部門審查，並獲企業管治委員會批准，使我們
能夠達到我們尊貴客戶及社區之期望。於本年
度，我們已成功推出手機應用程式，一個新的
基金投資產品開始接受認購，並準備於 2017
年初推出理財金融產品交易平台。
就承諾為我們尊貴客戶提供優質產品及服務而
言，我們已採取措施，通過我們之網站、客戶
服務熱線或通過一系列其他渠道接收客戶直接
反饋。此外，我們還建立包括定期會議等機制
向我們的前線業務部門了解與我們之客戶日常
互動情況，尋找業務需要改進的方向。於本年
度，客戶所有查詢已獲得處理並得到滿意結
果。
於我們之宣傳活動及新聞稿中，我們重視清
晰、簡潔及透明資料披露之重要性，並作為
我們發展金融產品及服務之關鍵，促使客戶能
夠根據個人財富及未來增長的機會作出知情選
擇。
69雲鋒金融集團有限公司二零一六年年報
Environmental, Social and Governance Report
環境、社會及管治報告
soCial (Continued)
operating practice (Continued)
Product Responsibility (Continued)
To serve a l l o f our va lued cus tomers , we are
committed to develop innovative solution and user-
friendly technology to offer all clients with high-quality,
affordable products and services tailored for their
needs on a consistent basis. We have not identified
any non-compliance against any applicable regulation
and our new bus iness and product rev iew and
monitoring policy in 2016.
A n t i - c o r r u p t i o n , c o m p l i a n c e w i t h l a w a n d
regulation
Our Group mainly operates in financial service sector
in Hong Kong and we need to be in full compliance
with al l related law and regulat ion including the
Secur i t ies and Futures Ordinances. The overal l
governance effort is led by Corporate Governance
Commi t tee and imp lemented p r imar i l y th rough
our legal, compliance and risk management team.
During the year, we have invested and expanded
our compliance team and encourage our employee
in relevant business functions to attend different
regulatory training courses for our employees attaining
the up-to-date knowledge with the new regulations
and market practices. We keep ourselves informed of
the law and regulations applicable to our business,
including the Competition Ordinance, as well as their
changes, and also take consideration of the principals
set forth in the applicable laws and regulations when
conduct ing our business. Where necessary, we
further implement internal policies to strengthen the
internal controls and compliance regime of the Group
. in areas of data privacy, anti-bribery, anti-money
laundering.
At the corporate level, we adhere to the requirements
of the Hong Kong Companies Ordinance and the Rules
Governing the Listing of Securities (the “Listing Rules”)
requirement without identifying any non-compliance
against relevant regulation.
Community Investment
The Group is committed to participating in community
events. When we are approached by the charitable
organisation, we would perform due diligence covering
their background, mission and plan. I f they are
matched with the vision of the Group for those in need
for help, we will provide financial and other assistance
to maximum practicable extent for us on a case by
case basis.
社會（續）
經營規範（續）
產品責任（續）
我們致力於服務所有來自不同市場客戶群，並
開發創新之新產品及服務。為更好地服務我們
尊貴之客戶，我們致力開發創新解決方案和開
發高品質及方便使用的技術，為所有客戶的需
求量身定制價格合理的產品。我們於二零一六
年並無發現違反適用條例及我們之新業務及產
品審查及監督政策。
反貪污、遵守法律法規
本集團主要於香港經營金融服務業，我們需要
完全遵守所有相關法律法規，包括證券及期貨
條例。整體管治工作由企業管治委員會領導，
主要通過我們之法律、合規及風險管理團隊執
行。於本年度，我們投資並擴大合規團隊，並
鼓勵我們之員工參加不同監管培訓課程，讓我
們之員工獲得最新法規及市場實務知識。我們
隨時了解適用於我們業務之法律法規（包括競
爭條例）及其變更，並在開展業務時考慮相關
法律法規中規定之原則。在必要時，我們進一
步實施內部政策，以加強本集團在數據隱私、
反賄賂、反洗錢等領域之內部控制及合規制
度。
於企業層面，我們遵守香港公司條例及香港聯
合交易所有限公司證券上市規則（「上市規則」）
之規定，並無發現違反任何有關規定。
社區投資
本集團致力於參與社區活動。當慈善組織聯絡
我們時，我們將進行盡職調查，涵蓋相關之組
織背景、使命及計劃。倘彼等符合本集團對有
需要幫助之人之願景，我們將根據具體情況為
相關慈善組織提供最大可行範圍內之財務及其
他援助。
70 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
independent auditor’s report
獨立核數師報告
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited)
(Incorporated in Hong Kong with limited liability)
opinion
We have audited the consolidated financial statements
of Yunfeng Financial Group Limited (“the Company”)
and its subsidiaries (“the Group”) set out on pages 81
to 183, which comprise the consolidated statement
of financial position as at 31 December 2016, the
consol idated income statement, the consol idated
statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated
statement of cash flows for the year then ended
and notes to the consolidated financial statements,
including a summary of significant accounting policies.
In our opinion, the consolidated financial statements
give a true and fair view of the consolidated financial
position of the Group as at 31 December 2016 and
of the its consolidated financial performance and
its consolidated cash flows for the year then ended
in accordance with Hong Kong Financial Reporting
Standards (“HKFRSs”) issued by the Hong Kong
Institute of Certified Public Accountants (“HKICPA”)
and have been properly prepared in compliance with
the Hong Kong Companies Ordinance.
Basis for opinion
We conducted our audit in accordance with Hong
Kong Standards on Auditing (“HKSAs”) issued by the
HKICPA. Our responsibilities under those standards
are further described in the Auditor’s responsibilities
for the audit of the consolidated financial statements
section of our report. We are independent of the Group
in accordance with the HKICPA’s Code of Ethics for
Professional Accountants (“the Code”) and we have
fulfilled our other ethical responsibilities in accordance
with the Code. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide
a basis for our opinion.
key audit matters
Key audit matters are those matters that, in our
professional judgement, were of most significance in
our audit of the consolidated financial statements of
the current period. These matters were addressed in
the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters.
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員
（於香港註冊成立的有限公司）
意見
我們已審計列載於第 81至第 183頁雲鋒金融
集團有限公司（「貴公司」）及其附屬公司 （「貴
集團」）的綜合財務報表，此綜合財務報表包括
於二零一六年十二月三十一日的綜合財務狀況
表和截至該日止年度的綜合損益表、綜合全面
收益表、綜合權益變動表和綜合現金流量表，
以及綜合財務報表附註，包括主要會計政策概
要。
我們認為，該等綜合財務報表已根據香港會計
師公會頒布的《香港財務報告準則》真實而中肯
地反映了貴集團於二零一六年十二月三十一日
的綜合財務狀況及截至該日止年度的綜合財務
表現及綜合現金流量，並已遵照香港《公司條
例》妥為擬備。
意見基礎
我們已根據香港會計師公會頒布的《香港審計
準則》進行審計。我們在該等準則下承擔的責
任已在本報告「核數師就審計綜合財務報表承
擔的責任」部分中作進一步闡述。根據香港會
計師公會頒布的《專業會計師道德守則》（以下
簡稱「守則」），我們獨立於 貴集團，並已履
行守則中的其他專業道德責任。我們相信，我
們所獲得的審計憑證能充足及適當地為我們的
審計意見提供基礎。
關鍵審計事項
關鍵審計事項是根據我們的專業判斷，認為對
本期綜合財務報表的審計最為重要的事項。這
些事項是在我們審計整體綜合財務報表及出具
意見時進行處理的。我們不會對這些事項提供
單獨的意見。
71雲鋒金融集團有限公司二零一六年年報
independent auditor’s report
獨立核數師報告
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
revenue recognition: Consultancy and advisory
fees
Refe r t o no te 3 t o t he conso l i da ted f i nanc ia l
statements and the accounting policies on pages 109
to 110 page.
the key audit matter how the matter was addressed in
our audit
關鍵審計事項 我們的審計如何處理該事項
Consultancy and advisory fees
represented 92% of the total
revenue of the Group for the
year ended 31 December 2016.
C o n s u l t a n c y a n d a d v i s o r y
f e e s p r i n c i p a l l y c o m p r i s e
underwr i t ing and sponsor ing
fees, financial advisory fees and
investment advisory fees.
Underwri t ing and sponsoring
fees, f inancial advisory fees
a n d i n v e s t m e n t a d v i s o r y
f e e s a r e r e c o g n i s e d w h e n
the corresponding service is
provided or when the Group
i s e n t i t l e d t o r e c e i v e t h e
fees in accordance with the
terms of the related service
agreement. When the service
arrangement covers a range
o f se rv i ces to be p rov ided
over time, the determination of
the timing and the proportion
o f revenue recogn i t ion may
involve significant management
judgement.
Ou r aud i t p rocedu res t o assess
the recognition of consultancy and
advisory fees included the following:
• assessing the design, implementation
and operating effectiveness of key
internal controls relating to revenue
recognition, including deal approval,
invoicing and journal entry approval;
• p e r f o r m i n g t h e f o l l o w i n g
p r o c e d u r e s t o a s s e s s t h e
recognition of revenue for a sample
of specif ic revenue transactions
recorded during the current year:
○ evaluating whether revenue was
r e c o g n i s e d b a s e d o n t h e
c o n t r a c t u a l t e r m s i n t h e
executed service agreements
a n d t h e G r o u p ’ s r e v e n u e
r e c o g n i t i o n p o l i c i e s w i t h
reference to the requirements
of the prevai l ing account ing
standards;
○ inspecting relevant documentation
s u c h a s c i r c u l a r s i s s u e d
b y l i s t e d c o m p a n i e s a n d
correspondence with customers
to assess whether the service
h a d b e e n p e r f o r m e d a n d
completed in accordance with
t h e t e r m s o f t h e e x e c u t e d
service agreements;
截 至 二 零 一 六 年 十 二 月
三十一日止年度，顧問及
咨詢費佔貴集團總收入的
92%。
顧問及咨詢費主要包括包銷
及保薦費、財務咨詢費和投
資咨詢費。
包銷及保薦費、財務咨詢費
和投資咨詢費於相關服務提
供時或當貴集團有權根據相
關服務協議的條款收取費用
時確認。如果服務安排包含
在一段時間內提供的多項服
務，收人確認的時間點和比
例的釐定可能涉及管理層作
出重大的判斷。
我們評估顧問及咨詢費的確
認的審計程序包括：
• 評估與收入確認有關的關
鍵內部控制的設計，實施
和運行有效性，包括交易
審批，發票出具和會計分
錄審批；
• 執行以下程序以對本年度
記錄的特定收入交易樣本
的收入確認進行評估：
○ 參照現行會計準則的
要求，評價收入是否
根據已執行服務協議
的合同條款以及貴集
團的收入確認政策進
行確認；
○ 檢查相關文件，如上
市公司發佈的通函及
與客戶的溝通信函，
以此評估是否已根據
已 執 行 服 務 協 議 的
條款來執行和完成服
務；
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
收入確認：顧問及咨詢費
請參閱綜合財務報表附註 3及第 109至 110頁
的會計政策。
72 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
independent auditor’s report
獨立核數師報告
the key audit matter how the matter was addressed in
our audit
關鍵審計事項 我們的審計如何處理該事項
We identified the recognition of
consultancy and advisory fees
as a key audit matter because
i t is subject to management
j u d g e m e n t a n d b e c a u s e
revenue i s one o f t he key
performance indicators of the
Group and therefore there is
an inherent risk that the timing
and amount of revenue could
be manipulated to meet specific
targets or expectations.
○ whe re pa r t i a l r evenue was
r e c o g n i s e d b e f o r e p r o j e c t
completion, making enquiries
of relevant the business teams
to unders tand the bas is o f
pa r t i a l f ee recogn i t i on and
assessing whether the related
revenue was recognised in the
appropriate accounting period
in accordance with the Group’s
revenue recognition policies;
• o b t a i n i n g a n a n a l y s i s o f
consul tancy and adv isory fees
recogn ised a f te r the repor t ing
d a t e a n d i n s p e c t i n g r e l e v a n t
documentation, including circulars
issued by l isted companies and
correspondence with customers,
to assess whether any income
should have been recognised in
the current year; and
• c ompa r i n g d e t a i l s o f j o u r n a l
entries raised during the current
year which affected revenue with
under ly ing documentat ion on a
sample basis.
我們把顧問及咨詢費的確認
列為關鍵審計事項，是因為
顧間及咨詢費的確認需要管
理層作出判斷，同時也因為
收入是貴集團的關鍵績效指
標之一，因此存在收入確認
的時間點和金額會被人為操
縱以達到特定目標或期望的
內在風險。
○ 如果部分收入已在項
目完成前確認，詢問
相關業務團隊以了解
該部分費用確認的依
據，並評估有關收入
是否已根據貴集團的
收入確認政策在恰當
的會計期間內確認；
• 獲取對在報告日後確認的
顧問及咨詢費的分析，並
審查相關文件，包括上市
公司發佈的通函及與客戶
的溝通信函，以此評估是
否存在本應在本年度確認
的收入；及
• 在抽樣基礎上，將本年度
出現的且影響收入的會計
分錄的詳情與相關文件進
行比較。
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
revenue recognition: Consultancy and advisory
fees (Continued)
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
收入確認：顧問及咨詢費（續）
73雲鋒金融集團有限公司二零一六年年報
independent auditor’s report
獨立核數師報告
the key audit matter how the matter was addressed in
our audit
關鍵審計事項 我們的審計如何處理該事項
A t 3 1 D e c e m b e r 2 0 1 6
accounts receivable and other
receivables total led HK$
mil l ion. Of the total balance,
receivables totalling HK$
million were unsecured.
M a n a g e m e n t a s s e s s e s
impairment on an indiv idual
basis by evaluating for each
c o u n t e r p a r t y t h e a g e i n g
o f t h e r e c e i v a b l e , t h e
creditworthiness of the client
and the past collection history.
This assessment can involve
t h e e x e r c i s e o f s i g n i f i c a n t
management judgement. During
the year, the Group recorded
impairment of other receivables
of HK$ million and reversed
impairment recorded in prior
years of HK$ million.
W e i d e n t i f i e d a s s e s s i n g
impairment of receivables as a
key audit matter because the
assessment of the appropriate
level of impairment requires
the application of management
judgement.
Our audit procedures to assess the
impairment of receivables included the
following:
• unde r s t and i ng and assess i ng
the design, implementation and
opera t ing e f fec t i veness o f the
key internal management controls
over deal acceptance, invoicing,
credit management and impairment
assessment procedures;
• o b t a i n i n g a n u n d e r s t a n d i n g
o f m a n a g e m e n t ’ s i m p a i r m e n t
a s s e s s m e n t i n r e s p e c t o f a l l
receivables by d iscuss ing wi th
m a n a g e m e n t t h e i r p r o c e s s e s
and policies and procedures for
identifying receivable balances for
which impairment may be required;
• comparing the total balance of
the accounts receivable ageing
report, which contains information
of long overdue balances used
by management to assess the
al lowances for impairment, with
the general ledger and comparing
ind iv idua l i tems in the age ing
report, on a sample basis, with the
underlying invoices and related
d o c u m e n t a t i o n t o a s s e s s t h e
presentation of the information in
the ageing report;
於二零一六年十二月三十一
日，應收賬款和其他應收款
總計 3,110萬港元。其中，
數額為 1870萬港元的應收款
項並無抵押。
管理層通過評估各交易對手
應收款項的賬齡、信譽以及
過往的收款紀錄來進行個別
減值評估。評估需要管理層
作出重大的判斷。於年內，
貴集團就其他應收款計提減
值 820萬港元，並撥回上年
度計提的減值 130萬港元。
我們把應收款項的減值評估
列為關鍵審計事項，是因為
評估合適程度的減值需要管
理層作出判斷。
我們評估應收款項減值的審
計程序包括：
• 了解和評估有關交易受
理、發票出具、信貸管理
和減值評估程序的關鍵內
部管理控制的設計、實施
及運行有效性；
• 通過與管理層討論其用於
識別可能需要計提減值的
應收款項結餘的程序、政
策和流程，了解管理層
對所有應收款項的減值評
估；
• 將應收賬款賬齡報告（包
括管理層用於評估減值撥
備的超長逾期款項的信
息）中的總結余與總賬進
行對比，並在抽樣基礎上
將賬齡報告中的個別項目
與相關發票和文件進行比
較，以此評估賬齡報告所
呈列的信息。
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
impairment assessment of receivables
Refer to notes 20 and 21 to the consolidated financial
statements and the accounting policies on pages 97 to
98.
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
應收款項的減值評估
請參閱綜合財務報表附註 20及 21及第 97至
98頁的會計政策。
74 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
independent auditor’s report
獨立核數師報告
the key audit matter how the matter was addressed in
our audit
關鍵審計事項 我們的審計如何處理該事項
• c h a l l e n g i n g m a n a g e m e n t ’ s
j udgemen t i n de te rm in ing t he
recoverable amount of individual
receivable balances which were
l o n g o v e r d u e . T h i s i n c l u d e d
obtaining direct confirmations from
the debtors, comparing the receipt
of the settlement of the overdue
balance after the reporting date
with bank statements and other
relevant underlying documentation,
assessing the financial condition
of the counterparties by reviewing
the latest avai lable informat ion
and performing news searches and
rev iewing correspondence f i les
to identify any disputes with the
clients;
• performing a retrospective review
of impairment allowances to assess
the accuracy of management ’s
process for determining impairment
allowances by comparing write-offs,
recoveries and new impairment
allowances in the current year for
accounts receivable balances as at
31 December 2015; and
• inspec t ing re levan t under ly ing
documentation in respect of cash
sett lements received during the
year which resulted in the reversal
of previously recorded impairment.
• 就管理層對逾期時間較長
的個別應收款項的可收回
數額的判斷進行質詢。這
包括直接向債務人獲取詢
證函，將在報告日後結算
的逾期款項的收據與銀行
對賬單和其他相關文件進
行對比，以及通過審閱最
新信息、進行新聞搜索和
審閱通信文件來評估交易
對手的財務狀況，以此識
別與客戶存在的糾紛；
• 通過將本年度應收賬款的
沖銷、收回和新的減值撥
備與於二零一五年十二月
三十一日的應收賬款結餘
進行對比，對減值撥備進
行追溯複核，以此評估管
理層用於確定減值撥備的
程序的準確性；及
• 翻查相關文件了解年內收
取的現金結算額，因而撥
回先前記錄的減值。
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
impairment assessment of receivables (Continued)
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
應收款項的減值評估（續）
75雲鋒金融集團有限公司二零一六年年報
independent auditor’s report
獨立核數師報告
the key audit matter how the matter was addressed in
our audit
關鍵審計事項 我們的審計如何處理該事項
A s a t 3 1 D e c e m b e r 2 0 1 6 ,
the fair value of the Group’s
f inancial instruments total led
H K $ 3 1 0 . 1 m i l l i o n o f w h i c h
HK$204 .8 m i l l i on , HK$80 .9
mi l l ion and HK$ mi l l ion
were c lass i f i ed as l eve l 1 ,
level 2 and level 3 f inancial
instruments respectively under
the fair value hierarchy.
Level 1 instruments are stated
a t t h e i r f a i r v a l u e s a t t h e
report ing date based on the
market prices as at that date.
Management has developed
i ts own models to va lue a l l
level 2 f inancial instruments,
w h i c h i n v o l v e s s i g n i f i c a n t
management judgement.
The level 3 financial instrument
represented an investment in
an un l is ted fund which was
acquired close to the reporting
date. Management determined
that the cost of the investment
approximated its fair value at
the reporting date.
We have identified assessing
t h e f a i r v a l u e o f f i n a n c i a l
i ns t ruments as a key aud i t
matter because of the degree of
complexity involved in valuing
certain f inancial instruments
and because o f the degree
o f j udgemen t exe rc i sed by
management in de termin ing
the inputs used in the valuation
models.
Our audit procedures to assess the
fair value of f inancial instruments
included the following:
• a s s e s s i n g t h e d e s i g n ,
imp lemen ta t i on and ope ra t i ng
e f f e c t i v e n e s s o f k e y i n t e r n a l
controls over the valuation and
v a l u a t i o n m o d e l a p p r o v a l f o r
financial instruments;
• assessing the fair values of al l
level 1 f inancial instruments by
comparing the fair values applied
by the Group with publicly available
market data;
• reading the investment agreements
for all level 2 and level 3 financial
instruments acquired during the
current year to understand the
re levant investment terms and
ident i fy ing any cond i t ions that
were relevant to the valuation of
financial instruments;
• engaging our internal valuat ion
s p e c i a l i s t s t o a s s i s t u s i n
evaluating the valuation models
used by the Group to value al l
level 2 financial instruments and to
perform independent valuations for
all level 2 financial instruments and
compare these valuations with the
Group’s valuations. This included
comparing the Group’s valuation
models w i th our knowledge o f
current and emerging pract ice,
test ing inputs to the fair value
calculations and establishing our
own valuation models to perform
revaluations;
於二零一六年十二月三十一
日， 貴集團金融工具的公允
價值總計 億港元，其
中 億港元、8,090萬港
元和 2,440萬港元分別劃分
為公允價值層級下的第一層
級、第二層級和第三層級金
融工具。
第一層級的金融工具根據報
告日的市場價格以其公允價
值列賬。
管理層已自行開發相關模型
來評估第二層級的所有金融
工具，這涉及管理層作出重
大的判斷。
第三層級的金融工具是指對
某個非上市基金的投資，該
基金於報告日前後購入。管
理層確定，該項投資成本與
基金於報告日當天的公允價
值相近。
我們把金融工具公允價值的
評估列為關鍵審計事項，是
因為某些金融工具的估值所
涉及的複雜程度，同時也因
為管理層在決定估值模型所
用的輸入值時需要作出判斷
的程度。
我們評估金融工具公允價值
的審計程序包括：
• 評估與金融工具估值和估
值模型審批有關的關鍵內
部控制的設計、實施及運
行有效性；
• 將 貴集團採用的公允價
值與公開市場數據進行對
比，以此評估第一層級所
有金融工具的公允價值；
• 就本年度購入的所有第二
層級和第三層級金融工具
閱讀相關的投資協議，以
此了解相關的投資條款和
識別與金融工具估值有關
的條件；
• 聘用我們的內部估值專家
來協助我們對 貴集團用
於評估所有第二層級金融
工具的估值模型進行評
價，並對所有第二層級
金融工具執行獨立的估
值，隨後將該等估值結果
與 貴集團的估值進行對
比。這包括將 貴集團的
估值模型與我們所知悉的
當前和新出現的實踐進行
對比，測試公允價值計算
中的輸入數據以及建立我
們自身的估值模型來執行
估值；
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
assessing the fair value of financial instruments
Refer to notes 18 and 19 to the consolidated financial
statements and the accounting policies on pages 101
to 103.
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
評估金融工具的公允價值
請參閱綜合財務報表附註 18及 19及第 101至
103頁的會計政策。
76 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
independent auditor’s report
獨立核數師報告
the key audit matter how the matter was addressed in
our audit
關鍵審計事項 我們的審計如何處理該事項
• assessing the appropriateness of
the use of the transaction price
as the fair value of the level 3
financial instrument at reporting
date. This included assessing any
events which had occurred the
transaction date and the reporting
date which may have impacted
the value of the investment based
on market in format ion and the
va luat ion prov ided by externa l
fund managers as at the reporting
date; and assessing whether the
disclosures in the consol idated
financial statements appropriately
reflected the Group’s exposure to
financial instrument valuation risk
with reference to the requirements
o f t h e p r e v a i l i n g a c c o u n t i n g
standards.
• 就使用交易價格作為第三
層級金融工具於報告日的
公允價值的恰當性進行評
估。這包括根據市場信息
和外部基金經理於報告日
提供的估值結果，評估在
交易日和報告日發生的、
可能影響投資價值的任何
事件；並參照現行會計準
則的要求，評估綜合財務
報表的披露是否恰當反映
貴集團對金融工具估值風
險的敞口。
information other than the consolidated financial
statements and auditor’s report thereon
The directors are responsible for the other information.
The other information comprises all the information
i nc luded i n the annua l repo r t , o the r t han the
consolidated financial statements and our auditor’s
report thereon.
Our opinion on the consolidated financial statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the consol idated
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
the other information is materially inconsistent with the
consolidated financial statements or our knowledge
obtained in the audit or otherwise appears to be
materially misstated.
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
assessing the fair value of financial instruments
(Continued)
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
評估金融工具的公允價值（續）
綜合財務報表及其核數師報告以外的信息
董事須對其他信息負責。其他信息包括刊載於
年報內的全部信息，但不包括綜合財務報表及
我們的核數師報告。
我們對綜合財務報表的意見並不涵蓋其他信
息，我們亦不對該等其他信息發表任何形式的
鑒證結論。
結合我們對綜合財務報表的審計，我們的責任
是閱讀其他信息，在此過程中，考慮其他信息
是否與綜合財務報表或我們在審計過程中所了
解的情況存在重大抵觸或者似乎存在重大錯誤
陳述的情況。
77雲鋒金融集團有限公司二零一六年年報
independent auditor’s report
獨立核數師報告
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
information other than the consolidated financial
statements and auditor’s report thereon (Continued)
If, based on the work we have performed, we conclude
that there is a material misstatement of this other
information; we are required to report that fact. We
have nothing to report in this regard.
r e s p o n s i b i l i t i e s o f t h e d i r e c t o r s f o r t h e
consolidated financial statements
The directors are responsible for the preparation of
the consolidated financial statements that give a true
and fair view in accordance with HKFRSs issued by
the HKICPA and the Hong Kong Companies Ordinance
and for such internal control as the directors determine
is necessary to enable the preparation of consolidated
f inancial statements that are f ree f rom mater ia l
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the
directors are responsible for assessing the Group’s
ability to continue as a going concern, disclosing,
as applicable, matters related to going concern and
using the going concern basis of accounting unless
the directors either intend to liquidate the Group or to
cease operations, or have no realistic alternative but
to do so.
The directors are assisted by the Audit Committee in
discharging their responsibilities for overseeing the
Group’s financial reporting process.
auditor’s responsibil it ies for the audit of the
consolidated financial statements
Our objectives are to obtain reasonable assurance
about whether the consolidated financial statements as
a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report
that includes our opinion. This report is made solely to
you, as a body, in accordance with section 405 of the
Hong Kong Companies Ordinance, and for no other
purpose. We do not assume responsibility towards or
accept liability to any other person for the contents of
this report.
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
綜合財務報表及其核數師報告以外的信息（續）
基於我們已執行的工作，如果我們認為其他信
息存在重大錯誤陳述，我們需要報告該事實。
在這方面，我們沒有任何報告。
董事就綜合財務報表須承擔的責任
董事須負責根據香港會計師公會頒布的《香港
財務報告準則》及香港《公司條例》擬備真實而
中肯的綜合財務報表，並對其認為為使綜合財
務報表的擬備不存在由於欺詐或錯誤而導致的
重大錯誤陳述所需的內部控制負責。
在擬備綜合財務報表時，董事負責評估貴集團
持續經營的能力，並在適用情況下披露與持續
經營有關的事項，以及使用持續經營為會計基
礎，除非董事有意將貴集團清盤或停止經營，
或別無其他實際的替代方案。
審計委員會協助董事履行監督貴集團的財務報
告過程的責任。
核數師就綜合財務報表審計承擔的責任
我們的目標，是對綜合財務報表整體是否不存
在由於欺詐或錯誤而導致的重大錯誤陳述取得
合理保證，並出具包括我們意見的核數師報
告。我們是按照香港《公司條例》第 405條的規
定，僅向全體成員報告。除此以外，我們的報
告不可用作其他用途。我們概不就本報告的內
容，對任何其他人士負責或承擔法律責任。
78 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
independent auditor’s report
獨立核數師報告
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
auditor’s responsibil it ies for the audit of the
consolidated financial statements (Continued)
Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in
accordance with HKSAs will always detect a material
misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably
be expected to influence the economic decisions
of users taken on the basis of these consolidated
financial statements.
As part of an audi t in accordance with HKSAs,
we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
• I den t i f y and assess t he r i s ks o f ma te r i a l
miss ta tement o f the conso l ida ted f inanc ia l
statements, whether due to fraud or error, design
and perform audit procedures responsive to
those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material
misstatement resul t ing f rom fraud is h igher
than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
control.
• Obtain an understanding of internal contro l
r e l e v a n t t o t h e a u d i t i n o r d e r t o d e s i g n
audit procedures that are appropriate in the
c i rcumstances , bu t no t fo r the purpose o f
expressing an opinion on the effectiveness of the
Group’s internal control.
• Evaluate the appropr iateness of account ing
p o l i c i e s u s e d a n d t h e r e a s o n a b l e n e s s o f
accounting estimates and related disclosures
made by the directors.
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
核數師就綜合財務報表審計承擔的責任（續）
合理保證是高水平的保證，但不能保證按照
《香港審計準則》進行的審計，在某一重大錯誤
陳述存在時總能發現。錯誤陳述可以由欺詐或
錯誤引起，如果合理預期它們單獨或滙總起來
可能影響綜合財務報表使用者依賴財務報表所
作出的經濟決定，則有關的錯誤陳述可被視作
重大。
在根據《香港審計準則》進行審計的過程中，我
們運用了專業判斷，保持了專業懷疑態度。我
們亦：
• 識別和評估由於欺詐或錯誤而導致綜合
財務報表存在重大錯誤陳述的風險，
設計及執行審計程序以應對這些風險，
以及獲取充足和適當的審計憑證，作為
我們意見的基礎。由於欺詐可能涉及串
謀、偽造、蓄意遺漏、虛假陳述，或凌
駕於內部控制之上，因此未能發現因欺
詐而導致的重大錯誤陳述的風險高於未
能發現因錯誤而導致的重大錯誤陳述的
風險。
• 了解與審計相關的內部控制，以設計適
當的審計程序，但目的並非對 貴集團
內部控制的有效性發表意見。
• 評估董事所採用會計政策的恰當性及作
出會計估計和相關披露的合理性。
79雲鋒金融集團有限公司二零一六年年報
independent auditor’s report
獨立核數師報告
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
auditor’s responsibil it ies for the audit of the
consolidated financial statements (Continued)
• Conclude on the appropriateness of the director’s
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
Group’s ability to continue as a going concern.
I f we conc lude that a mater ia l uncer ta in ty
exists, we are required to draw attention in
our auditor’s report to the related disclosures
in the consolidated financial statements or, if
such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s
report. However, future events or conditions may
cause the Group to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and
content of the consolidated financial statements,
inc lud ing the d isc losures, and whether the
consolidated financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.
• Obtain suff ic ient appropr iate audi t evidence
regarding the financial information of the entities
o r bus iness ac t i v i t i es w i th in the Group to
express an opinion on the consolidated financial
statements. We are responsible for the direction,
supervision and performance of the group audit.
We remain sole ly responsib le for our audi t
opinion.
We communicate with the Audit Committee regarding,
among other matters, the planned scope and timing
of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
We a l so p rov i de t he Aud i t C ommi t t ee w i t h a
s tatement that we have compl ied wi th re levant
ethical requirements regarding independence and
communicate with them all relationships and other
matters that may reasonably be thought to bear on
our independence and, where applicable, related
safeguards.
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
核數師就綜合財務報表審計承擔的責任（續）
• 對董事採用持續經營會計基礎的恰當性
作出結論。根據所獲取的審計憑證，
確定是否存在與事項或情況有關的重大
不確定性，從而可能導致對貴集團的持
續經營能力產生重大疑慮。如果我們認
為存在重大不確定性，則有必要在核數
師報告中提請使用者注意綜合財務報
中的相關披露。假若有關的披露不足，
則我們應當修改我們的意見。我們的結
論是基於核數師報告日止所取得的審計
憑證。然而，未來事項或情況可能導
致 貴集團不能持續經營。
• 評價綜合財務報表的整體列報方式、結
構和內容，包括披露，以及綜合財務報
表是否中肯反映相關交易和事項。
• 就 貴集團內實體或業務活動的財務信
息獲取充足、適當的審計憑證，以便對
綜合財務報表發表意見。我們負責貴集
團審計的方向、監督和執行。我們為審
計意見承擔全部責任。
除其他事項外，我們與審計委員會溝通了計劃
的審計範圍、時間安排、重大審計發現等，包
括我們在審計中識別出內部控制的任何重大缺
陷。
我們還向審計委員會提交聲明，說明我們已符
合有關獨立性的相關專業道德要求，並與他們
溝通有可能合理地被認為會影響我們獨立性的
所有關係和其他事項，以及在適用的情況下，
相關的防範措施。
80 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
independent auditor’s report
獨立核數師報告
iNdepeNdeNt auditor’s report to the
memBers of yuNfeNg fiNaNCial group
limited (formerly kNoWN as reorieNt
group limited) (Continued)
auditor’s responsibil it ies for the audit of the
consolidated financial statements (Continued)
From the mat ters communicated wi th the Audi t
Committee, we determine those matters that were
of most significance in the audit of the consolidated
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that
a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.
The engagement partner on the audit resulting in this
independent auditor’s report is Liu Yun Bonn.
kpmg
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
28 March 2017
致雲鋒金融集團有限公司（前稱瑞東集
團有限公司）成員（續）
核數師就綜合財務報表審計承擔的責任（續）
從與審計委員會溝通的事項中，我們確定哪些
事項對本期綜合財務報表的審計最為重要，因
而構成關鍵審計事項。我們在核數師報告中描
述這些事項，除非法律法規不允許公開披露這
些事項，或在極端罕見的情況下，如果合理預
期在我們報告中溝通某事項造成的負面後果超
過產生的公眾利益，我們決定不應在報告中溝
通該事項。
出具本獨立核數師報告的審計項目合夥人是廖
潤邦。
畢馬威會計師事務所
執業會計師
香港中環
遮打道 10號
太子大廈 8樓
二零一七年三月二十八日
81雲鋒金融集團有限公司二零一六年年報
Consolidated income statement
綜合收益表
For the year ended 31 December 2016 截至二零一六年十二月三十一日止年度
第 88至 183頁之附註組成本財務報表一部
份。年內已宣派之股息詳情載於附註 28(d)。
2016 2015
二零一六年 二零一五年
Note HK$’000 HK$’000
附註 千港元 千港元
revenue 收益 3 46,120 193,967
Other operating income 其他經營收入 4 34,981 3,475
Net loss on financial assets at fair
value through profit or loss
按公平值計入損益之金融資
產虧損淨額 5 (75,688) (99,899)
5,413 97,543
Staff costs 員工成本 6(a) (200,094) (107,613)
Depreciation and amortisation 折舊和攤銷 (7,992) (2,567)
Other operating expenses 其他經營開支 6(b) (113,981) (66,555)
loss from operations 經營虧損 (316,654) (79,192)
Finance costs 融資成本 6(c) (97) (60)
Share of results of associates 應佔聯營公司業績 — 567
Provision for impairment loss of
interest in an associate
於聯營公司權益減值虧損之
撥備 — (714)
Net provision for impairment loss 淨減值虧損之撥備 6(d) (8,118) (16,588)
Gain on disposal of an associate 出售聯營公司之收益 — 18,118
loss before taxation 除稅前虧損 6 (324,869) (77,869)
Income tax 所得稅 7(a) 8,327 (79,172)
loss for the year 本年度虧損 (316,542) (157,041)
Loss attributable to equity
shareholders of the Company
本公司權益持有人應佔虧損
(316,688) (152,419)
Profit /(loss) attributable to non-
controlling interests
非控股權益應佔溢利╱
（虧損） 146 (4,622)
loss per share attributable to
equity shareholders of the
Company
本公司權益持有人應佔每股
虧損
Basic (HK$) 基本（港元） 11(a) () ()
Diluted (HK$) 攤薄（港元） 11(b) () ()
The notes on pages 88 to 183 form part of these
financial statements. Details of dividends declared
for the year are set out in note 28(d) to the financial
statements.
82 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Consolidated statement of Comprehensive income
綜合全面收益表
For the year ended 31 December 2016 截至二零一六年十二月三十一日止年度
第88至183頁之附註組成本財務報表一部份。
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
loss for the year 本年度虧損 (316,542) (157,041)
other comprehensive income for the
year (after tax and reclassification
adjustments)
本年度其他全面收益（稅後和重
新分類調整）
Item that may be reclassified
subsequently to profit or loss:
其後可重新分類至損益之項目 :
Available-for-sale financial assets: net
movement in fair value reserve
可供出售金融資產：公平值儲
備的淨變動 (2,141) —
Exchange differences arising on
translation of results of foreign
operations
換算外國業務業績產生之匯兌
差額
(621) (612)
total comprehensive income for the
year
本年度全面收益總額
(319,304) (157,653)
total comprehensive income for the
year attributable to:
應佔本年度全面收益總額：
— equity shareholders of the Company — 本公司權益持有人 (319,375) (152,722)
— non-controlling interests — 非控股權益 71 (4,931)
(319,304) (157,653)
The notes on pages 88 to 183 form part of these
financial statements.
83雲鋒金融集團有限公司二零一六年年報
Consolidated statement of financial position
綜合財務狀況表
At 31 December 2016 於二零一六年十二月三十一日
2016 2015
二零一六年 二零一五年
Note HK$’000 HK$’000
附註 千港元 千港元
Non-current assets 非流動資產
Property and equipment 物業及設備 13 21,418 13,930
Goodwill and other intangible
assets
商譽及無形資產
14 21,512 550
Available-for-sale financial assets 可供出售金融資產 18 99,853 —
Deferred tax assets 遞延所得稅資產 27(b) 508 —
Other non-current assets 其他非流動資產 17 10,176 15,260
total non-current assets 非流動資產總值 153,467 29,740
Current assets 流動資產
Financial assets at fair value
through profit or loss
按公平值計入損益之
金融資產 19 210,270 410,620
Accounts receivable and accrued
income
應收賬款及應計收入
20 23,611 296,254
Other receivables, deposits and
prepayments
其他應收款項、按金及
預付款項 21 15,024 18,669
Bank balance – trust and
segregated accounts
銀行結存 — 信託及
獨立賬戶 22(a) 358,544 169,319
Fixed bank deposits with original
maturity over 3 months
到期期限多於三個月的
銀行定期存款 524,187 —
Cash and cash equivalents 現金及現金等值項目 22(a) 3,640,494 4,162,922
total current assets 流動資產總值 4,772,130 5,057,784
Current liabilities 流動負債
Accounts payable 應付賬款 23 370,677 197,621
Accrued expenses and other
payables
應計費用及其他應付
款項 24 55,483 48,938
Obligation under finance lease 融資租賃款項 26 842 —
Current taxation 當期稅項 27(a) 53,087 61,451
total current liabilities 流動負債總額 480,089 308,010
Net current assets 流動資產淨值 4,292,041 4,749,774
Non-current liabilities 非流動負債
Obligation under finance lease 融資租賃款項 26 1,385 —
Deferred tax liabilities 遞延稅項負債 27(b) — 18,171
Net assets 資產淨值 4,444,123 4,761,343
84 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Consolidated statement of financial position
綜合財務狀況表
At 31 December 2016 於二零一六年十二月三十一日
於二零一七年三月二十八日獲董事會批准及授
權刊發並由下列代表簽署：
huang xin
黃鑫
Executive Director
執行董事
第88至183頁之附註組成本財務報表一部份。
2016 2015
二零一六年 二零一五年
Note HK$’000 HK$’000
附註 千港元 千港元
equity 權益
Share capital 股本 28(e) 4,499,548 4,499,548
Reserves 儲備 (56,532) 260,759
4,443,016 4,760,307
Non-controlling interests 非控股權益 1,107 1,036
total equity 權益總額 4,444,123 4,761,343
Approved and authorised for issue by the Board on 28
March 2017 and are signed on its behalf by:
li ting
李婷
Executive Director and Chief Executive Officer
執行董事兼行政總裁
The notes on pages 88 to 183 form part of these
financial statements.
85雲鋒金融集團有限公司二零一六年年報
Consolidated statement of Changes in equity
綜合權益變動表
For the year ended 31 December 2016 截至二零一六年十二月三十一日止年度
att
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Bal
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於二
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—
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s
發行
認購
股份
3,8
85,
040
—
—
—
—
—
—
—
3,8
85,
040
—
3,8
85,
040
Cos
t of
iss
uan
ce
of s
ubs
crip
tion
sh
are
s
發行
認購
股份
之成
本
(6,3
58)
—
—
—
—
—
—
—
(6,3
58)
—
(6,3
58)
Los
s fo
r th
e y
ear
本年
度虧
損
—
—
—
—
—
—
—
(15
2,4
19)
(15
2,4
19)
(4,6
22)
(15
7,0
41)
Oth
er c
om
pre
hen
sive
inc
om
e fo
r th
e
yea
r
本年
度其
他全
面收
益
—
—
—
—
—
(30
3)
—
—
(30
3)
(30
9)
(61
2)
Bal
anc
e a
t 31
de
cem
ber
20
15
and
1 j
anu
ary
20
16
於二
零一
五年
十二
月三
十一
日及
二零
一六
年一
月一
日之
結存
4,4
99,
548
(8,0
42)
5,9
31
2,6
50
—
(10
2)
—
260
,32
2
4,7
60,
307
1,0
36
4,7
61,
343
Ch
ang
es
in e
qui
ty f
or
the
ye
ar
end
ed
31
dec
em
ber
20
16:
截至
二零
一六
年十
二月
三十
一日
止
年度
之權
益變
動：
Equ
ity
set
tled
sh
are
-ba
sed
tra
nsa
ctio
n
以股
份權
益為
結算
基礎
的交
易
—
—
2,0
84
—
—
—
—
—
2,0
84
—
2,0
84
Sha
res
ve
ste
d u
nde
r sh
are
aw
ard
sch
em
e
根據
股份
獎勵
計劃
歸屬
之股
份
29(
b)(i
i)
—
7,9
45
(7,9
45)
—
—
—
—
—
—
—
—
(Lo
ss)
/ pr
ofit
for
the
ye
ar
本年
度虧
損╱
（溢
利）
—
—
—
—
—
—
—
(31
6,6
88)
(31
6,6
88)
146
(31
6,5
42)
Oth
er c
om
pre
hen
sive
inc
om
e fo
r th
e
yea
r
本年
度其
他全
面收
益
—
—
—
—
(2,1
41)
(54
6)
—
—
(2,6
87)
(75
)
(2,7
62)
App
rop
riat
ion
to
sta
tuto
ry r
ese
rve
s
劃撥
至法
定儲
備
—
—
—
—
—
—
219
(21
9)
—
—
—
Bal
anc
e a
t 31
de
cem
ber
20
16
於二
零一
六年
十二
月三
十一
日之
結存
4,4
99,
548
(97
)
70
2,6
50
(2,1
41)
(64
8)
219
(56
,58
5)
4,4
43,
016
1,1
07
4,4
44,
123
86 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Consolidated statement of Cash flows
綜合現金流量表
For the year ended 31 December 2016 截至二零一六年十二月三十一日止年度
2016 2015
二零一六年 二零一五年
Note HK$’000 HK$’000
附註 千港元 千港元
operating activities 經營活動
Cash generated from operations 經營產生之現金 22(b) 132,169 179,280
tax paid: 已付稅款：
— Hong Kong profit tax paid — 已付香港利得稅 (18,255) —
— Overseas tax paid — 已付海外稅 (429) —
Net cash generated from
operating activities
經營活動產生之現金淨額
113,485 179,280
investing activities 投資活動
Proceeds from disposal of an
associate
出售於聯營公司權益之收益
— 40,978
Payment for acquisition of
subsidiaries, net of cash
支付購買附屬公司淨額
15(c) (1,165) (3,338)
Payment for purchase of property
and equipment
支付購買物業及設備
(13,149) (10,981)
Payment for purchase of intangible
asset
支付無形資產
(8,911) —
Deposit made to other non-current
asset
支付其他非流動資產按金
(12,154) —
Payment for acquisition of
available-for-sale financial assets
支付可供出售金融資產
(101,994) —
Increase in fixed bank deposit
placed with original maturity over
3 months
原定期限超過 3個月的固定
銀行存款增加
(524,187) —
Interest received 已收利息 26,320 674
Net cash (used in)/generated
from investing activities
投資活動（耗用）╱產生之現
金淨額 (635,240) 27,333
financing activities 融資活動
Net proceeds from issuance of
shares under share option
scheme
根據購股權計劃發行股份之
所得款淨額
— 3,679
Net proceeds from issuance of
subscription shares
發行認購股份之所得款淨額
28(e) — 3,878,682
Interest paid 已付利息 — (60)
Net cash generated from
financing activities
融資活動所產生之現金淨額
— 3,882,301
Net (decrease)/increase in cash
and cash equivalents
現金及現金等值項目之
（減少）╱增加淨額 (521,755) 4,088,914
Cash and cash equivalents at
1 January
於一月一日之現金及
現金等值項目 4,162,922 74,620
Effect of foreign exchange rate
changes
匯率變動之影響
(673) (612)
Cash and cash equivalents at 31
december
於十二月三十一日之現金及
現金等值項目 22(a) 3,640,494 4,162,922
87雲鋒金融集團有限公司二零一六年年報
Consolidated statement of Cash flows
綜合現金流量表
For the year ended 31 December 2016 截至二零一六年十二月三十一日止年度
第88至183頁之附註組成本財務報表一部份。
Cash flow from operating
activities includes:
經營業務產生之現金包括：
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Interest received from client 已收客户利息 27 94
The notes on pages 88 to 183 form part of these
financial statements.
88 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
1 geNeral iNformatioN
Yunfeng Financial Group Limited (the “Company”)
is a l imited l iabil i ty company incorporated in
Hong Kong, the shares of which are listed on The
Stock Exchange of Hong Kong Limited. On 28
October 2016, the Certificate of Change of Name
of the Company was issued by the Registrar
of Companies in Hong Kong. Accordingly, the
name of the Company has been changed from
“REORIENT GROUP LIMITED瑞東集團有限公司 ”
to “Yunfeng Financial Group Limited雲鋒金融集團
有限公司 ”. The registered office of the Company
is Suites 3201-3204, One Exchange Square,
8 Connaught Place, Central, Hong Kong. The
consolidated financial statements for the year
ended 31 December 2016 comprise the Company
and its subsidiaries (collectively the “Group”) and
the Group’s interests in associates.
The principal activities of the Group are securities
broking, placing and underwriting, provision of
consultancy and advisory services and investment
ho ld ing . The pr inc ipa l ac t i v i t ies and o ther
particulars of its principal subsidiaries are set out
in note 15 to the financial statements.
The conso l ida ted f inanc ia l s ta tements a re
presented in Hong Kong dollars (“HKD”), which
is the functional currency of the Company, and
all values are rounded to the nearest thousand
except when otherwise indicated.
2 sigNifiCaNt aCCouNtiNg poliCies
(a) statement of compliance
These f inanc ia l s ta tements have been
prepared in accordance with all applicable
Hong Kong Financial Reporting Standards
(“HKFRSs”), which collective term includes
all applicable individual Hong Kong Financial
Reporting Standards, Hong Kong Accounting
Standards (“HKASs”) and Interpretations
i ssued by the Hong Kong Ins t i t u te o f
Certif ied Public Accountants (“HKICPA”),
and accounting principles generally accepted
in Hong Kong and the requirements of the
Hong Kong Companies Ordinance. These
financial statements also comply with the
applicable disclosure provisions of the Rules
Governing the List ing of Securi t ies (the
“List ing Rules”) on The Stock Exchange
of Hong Kong Limited. A summary of the
significant accounting policies adopted by
the Group is set out below.
1 一般資料
雲鋒金融集團有限公司（「本公司」）乃
於香港註冊成立之有限公司，其股份在
香港聯合交易所有限公司上市。於二零
一六年十月二十八日，香港公司註冊處
處長已簽發公司更改名稱證書。因此，
本公司名稱已由「REORIENT GROUP
LIMITED瑞東集團有限公司」更改為
「Yunfeng Financial Group Limited 雲
鋒金融集團有限公司」。本公司之註冊
辦事處位於香港中環康樂廣場 8號交易
廣場 1座 3201-3204室。截至二零一六
年十二月三十一日止年度之綜合財務報
表包括本公司及其附屬公司（統稱「本集
團」）及本集團於聯營公司之權益。
本集團之主要業務為證券經紀、配售及
包銷、提供顧問及諮詢服務，以及投資
控股。其主要附屬公司之主要業務及其
他詳情載於財務報表附註 15。
綜合財務報表以港元呈列，港元亦為本
公司之功能貨幣，除另有指明者外，所
有數值均以最接近之千位列值。
2 主要會計政策
(a) 遵例聲明
本財務報表乃根據所有適用香港財
務報告準則（「香港財務報告準則」）
（此統稱包括香港會計師公會（「香
港會計師公會」）所頒佈之所有適用
個別香港財務報告準則、香港會計
準則（「香港會計準則」）及詮釋）及
香港公認會計原則之規定而編製。
本財務報表亦符合香港公司條例之
適用規定。本財務報表亦符合香港
聯合交易所有限公司證券上市規則
（「上市規則」）之適用披露條文。本
集團採納之主要會計政策概要載列
如下。
89雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(a) statement of compliance (Continued)
The HKICPA has issued certain new and
revised HKFRSs that are first effective or
available for early adoption for the current
accounting period of the Group and the
Company. Note 2(c) provides information on
any changes in accounting policies resulting
from initial application of these developments
to the extent that they are relevant to the
Group for the current and prior accounting
p e r i o d s r e f l e c t e d i n t h e s e f i n a n c i a l
statements.
(b) Basis of preparat ion of the f inancial
statements
T h e m e a s u r e m e n t b a s i s u s e d i n t h e
preparation of the financial statements is the
historical cost basis except that the following
assets are stated at their fair value as
explained in the accounting policies set out
below:
— Financial assets at fair value through
profit or loss (see note 2(j))
— Derivative financial instruments (see
note 2(k))
— Available-for-sale financial assets (see
note 2(m))
The preparat ion of f inancial statements
i n c o n f o r m i t y w i t h H K F R S s r e q u i r e s
management to make judgements, estimates
and assumptions that affect the application
of policies and reported amounts of assets,
l i ab i l i t i es , i ncome and expenses . The
es t imates and assoc ia ted assumpt ions
are based on histor ical exper ience and
various other factors that are believed to
be reasonable under the circumstances, the
results of which form the basis of making the
judgements about carrying values of assets
and liabilities that are not readily apparent
from other sources. Actual results may differ
from these estimates.
2 主要會計政策（續）
(a) 遵例聲明（續）
香港會計師公會已頒佈若干於本集
團及本公司本會計期間首次生效或
可供提前採納之新訂及經修訂香港
財務報告準則。附註 2(c)就與於本
會計期間及過往會計期間與本集團
有關並已於本財務報表內反映初步
應用該等發展而產生之任何會計政
策變動提供資料。
(b) 財務報表之編製基準
誠如以下所載之會計政策所解釋，
除以下資產按其公平值列賬外，編
製財務報表所採用之計量基準為歷
史成本基準 :
— 按公平值計入損益之金融資產
（見附註 2(j)）
— 衍生金融工具（見附註 2(k)）
— 可供出售金融資產（見附註
2(m)）
編製符合香港財務報告準則之財務
報表時，管理層須作出判斷、估計
及假設，有關判斷、估計及假設會
影響政策之應用以及資產、負債、
收入及開支之呈報金額。該等估計
及相關假設乃建基於過往經驗及其
他在有關情況下被認為合理之各種
因素，從而作為判斷未能從其他
來源確定之資產及負債之賬面值之
基準。實際結果或會有別於該等估
計。
90 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(b) Basis of preparat ion of the f inancial
statements (Continued)
The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in
the period in which the estimate is revised
if the revision affects only that period, or in
the period of the revision and future periods
if the revision affects both current and future
periods.
(c) Changes in accounting policies
The HKICPA has i ssued a number o f
amendments to HKFRSs tha t a re f i r s t
effective for the current accounting period
of the Group. None of these developments
have had a mater ia l ef fect on how the
Group’s results and financial position for the
current or prior periods have been prepared
or presented.
The Group has not applied any new standard
or interpretation that is not yet effective for
the current account period.
(d) subsidiaries and non-controlling interests
Subsidiaries are entities controlled by the
Group. The Group controls an entity when
it is exposed, or has r ights, to variable
returns from its involvement with the entity
and has the ability to affect those returns
through its power over the entity. When
assessing whether the group has power, only
substantive rights (held by the group and
other parties) are considered.
An investment in a subsidiary is consolidated
into the consolidated financial statements
from the date that control commences until
the date that control ceases. Intra-group
balances, transactions and cash flows and
any unrealised profits arising from intra-
group transactions are el iminated in ful l
in prepar ing the consol idated f inanc ia l
statements. Unrealised losses resulting from
intra-group transactions are eliminated in
the same way as unrealised gains but only
to the extent that there is no evidence of
impairment.
2 主要會計政策（續）
(b) 財務報表之編製基準（續）
本集團會持續檢討該等估計及相關
假設。會計估計之修訂如只影響修
訂估計之期間，則於該期間確認；
或修訂如影響本期間及未來期間，
則於修訂期間及未來期間確認。
(c) 會計政策之變動
香港會計師公會已頒佈若干對本集
團於本會計期間首次生效的香港財
務報告準則的修訂。這些發展對於
本集團的當前或以前期間的結果和
財務狀況並無構成重大影響。
本集團沒有應用任何未生效的香港
財務報告準則的修訂。
(d) 附屬公司及非控股權益
附屬公司指本集團控制之實體。當
本集團因參與實體之營運而承受或
享有其可變回報，並有能力透過其
對實體之權力影響該等回報，則本
集團對實體擁有控制權。當評估本
集團是否擁有權力時，僅考慮實質
權力（由本集團及其他人士持有）。
於附屬公司之投資自控制權開始之
日直至控制權終止之日綜合計入綜
合財務報表內。集團內公司間之結
存、交易及現金流量，以及集團內
公司間交易所產生之任何未變現溢
利，在編製綜合財務報表時均全數
對銷。集團內公司間交易所產生之
未變現虧損則僅在無出現減值證據
之情況下，以與對銷未變現收益相
同之方法對銷。
91雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(d) subsidiaries and non-controlling interests
(Continued)
Non-controlling interests represent the equity
in a subsidiary not attributable directly or
indirectly to the Company, and in respect
of which the Group has not agreed any
additional terms with the holders of those
interests which would result in the Group
as a whole having a contractual obligation
in respect of those interests that meets the
definition of a financial liability. For each
business combination, the Group can elect to
measure any non-controlling interests either
at fair value or at their proportionate share of
the subsidiary’s net identifiable assets.
Non-contro l l ing in terests are presented
in the consolidated statement of financial
position within equity, separately from equity
attributable to the equity shareholders of
the Company. Non-contro l l ing in terests
in the results of the Group are presented
on the face of the consol idated income
statement and the consolidated statement
of comprehensive income as an allocation
o f t h e t o t a l p r o f i t o r l o s s a n d t o t a l
comprehensive income for the year between
non-control l ing interests and the equi ty
shareholders of the Company. Loans from
holders of non-controlling interests and other
contractual obligations towards these holders
are presented as financial liabilities in the
consolidated statement of financial position
depending on the nature of the liability.
Changes in the Group ’s in teres ts in a
subsid iary that do not resul t in a loss
o f cont ro l are accounted for as equi ty
t ransact ions , whereby ad jus tments are
made to the amounts of controlling and non-
control l ing interests wi th in consol idated
equi ty to ref lect the change in re lat ive
interests, no gain or loss is recognised.
2 主要會計政策（續）
(d) 附屬公司及非控股權益（續）
非控股權益指非直接或間接歸屬於
本公司之附屬公司權益，且本集團
就此並無與該等權益持有人協定任
何額外條款，致使本集團整體須就
該等符合金融負債定義之權益承擔
合約責任。就各業務合併而言，本
集團可選擇按公平值或按佔附屬公
司可識別淨資產之比例而計量任何
非控股權益。
非控股權益於綜合財務狀況表之權
益內呈列，獨立於本公司權益持有
人應佔權益。本集團業績之非控股
權益乃於綜合收益表及綜合全面收
益表列作本公司非控股權益及權益
持有人之間本年度溢利或虧損總額
及全面收益總額之分配結果。非控
股權益持有人提供之貸款及向該等
持有人承擔之其他合約責任乃視乎
負債之性質於綜合財務狀況表列作
金融負債。
倘本集團於附屬公司之權益變動不
會導致喪失控制權，則作為股權交
易入賬，據此，於綜合權益內之控
股及非控股權益金額會作出調整，
以反映相關權益轉變，惟不會確認
盈虧。
92 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(d) subsidiaries and non-controlling interests
(Continued)
W h e n t h e G r o u p l o s e s c o n t r o l o f a
subsidiary, it is accounted for as a disposal
of the entire interest in that subsidiary, with
a resulting gain or loss being recognised in
profit or loss. Any interest retained in that
former subsidiary at the date when control
is lost is recognised at fair value and this
amount is regarded as the fair value on initial
recognition of a financial asset or, when
appropriate, the cost on initial recognition
of an investment in an associate or joint
venture.
In the Company’s statement of f inancial
posi t ion, an investment in a subsid iary
is stated at cost less impairment losses
(see note 2(i)(i)), unless the investment is
classified as held for sale (or included in a
disposal group that is classified as held for
sale).
The Group served as the manager of funds.
The funds invest mainly in equities, debt
securities and monetary market instruments.
The Group’s percentage ownership in these
structured entities can fluctuate from day to
day according to the Group’s and third-party
participation in them. Where the Group is
deemed to control such funds, with control
determined based on an analysis of the
guidance in HKRS 10 “Consolidated financial
statements”, they are consolidated, with the
interests of parties other than the Group
being classified as liabilities because there
is a contractual obligation for the relevant
group entity as an issuer to repurchase or
redeem units or return of capital in such
funds for cash. These are presented as
“Third-party interests in consolidated funds”
within other liabilities in the consolidated
statement of financial position.
(e) associates
An associate is an entity in which the Group
has significant influence, but not control or
joint control, over its management, including
participation in the financial and operating
policy decisions.
2 主要會計政策（續）
(d) 附屬公司及非控股權益（續）
當本集團喪失對附屬公司之控制
權，將按出售於該附屬公司之所有
權益入賬，而所產生之盈虧於損益
中確認。任何在喪失控制權之日仍
保留之該前附屬公司權益按公平值
確認，而此金額被視為初步確認金
融資產之公平值，或（如適用）初步
確認於聯營公司或合營公司之投資
之成本。
於本公司之財務狀況表中，於附屬
公司之投資乃按成本扣除減值虧損
（見附註 2(i)(i)）列賬，除非該投資
乃分類為持作出售（或計入分類為
持作出售之出售組別）。
本集團擔任基金的管理人。此等基
金主要投資於股票、債務證券和貨
幣市場工具。本集團在此類結構化
主體中的持股比例可能隨著本集團
及第三方對該等主體的參股情況每
日波動。此類集合資產管理計劃及
基金若被視為由本集團控制（控制
是基於對香港財務報告準則第 10
號「綜合財務報表」中指引的分析加
以確定），其將被納入合併範圍；
由於相關集團實體（作為發行人）具
有以現金回購或贖回此類集合資產
管理計劃及基金份額的合同義務，
因此除本集團外的其他方的權益將
歸類為負債。相關金額在綜合財務
狀況表中其他負債下的「納入合併
範圍的基金中的第三方權益」內列
示。
(e) 聯營公司
聯營公司指本集團對該實體之管理
層有重大影響力（而非控制或共同
控制），包括參與其財務及經營決
策。
93雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(e) associates (Continued)
An investment in an associate is accounted
for in the consolidated financial statements
under the equ i t y method , un less i t i s
classified as held for sale (or included in
a disposal group that is classified as held
for sale). Under the equity method, the
investment is in i t ia l ly recorded at cost ,
adjusted for any excess of the Group’s share
of the acquisition-date fair values of the
investee’s identifiable net assets over the
cost of the investment (if any). Thereafter,
the investment is adjusted for the post
acquisition change in the Group’s share of
the investee’s net assets and any impairment
loss relating to the investment (see note
2(i)(i)). Any acquisit ion-date excess over
c o s t , t h e G r o u p ’ s s h a r e o f t h e p o s t -
acquisition, post-tax results of the investees
and any impairment losses for the year
are recognised in the consolidated income
statement, whereas the Group’s share of
the post-acquisition post-tax items of the
investees’ other comprehensive income is
recognised in the consolidated statement of
comprehensive income.
When the Group’s share of losses exceeds
its interest in the associate, the Group’s
interest is reduced to nil and recognition of
further losses is discontinued except to the
extent that the Group has incurred legal or
constructive obligations or made payments
on behalf of the investee. For this purpose,
the Group’s interest is the carrying amount
of the investment under the equity method
together with the Group’s long-term interests
that in substance form part of the Group’s
net investment in the associate.
Unrealised profits and losses resulting from
transact ions between the Group and i ts
associates are eliminated to the extent of
the Group’s interest in the investee, except
where unrealised losses provide evidence
of an impairment of the asset transferred, in
which case they are recognised immediately
in profit or loss.
2 主要會計政策（續）
(e) 聯營公司（續）
於聯營公司之投資按權益法於綜合
財務報表入賬，除非該投資分類為
持作出售（或計入分類為持作出售
之出售組別）。根據權益法，投資
初步按成本記賬，並按本集團應佔
被投資公司於收購日期可識別淨資
產之公平值超過投資成本之任何差
額（如有）作出調整。其後，該投資
乃就本集團應佔被投資公司在收購
後之淨資產變動及有關該投資之任
何減值虧損（見附註 2(i)(i)）作出調
整。於收購日期超過成本之任何差
額、本集團應佔被投資公司於收購
後之除稅後業績及本年度任何減值
虧損於綜合收益表中確認，而本集
團應佔被投資公司於收購後及除稅
後其他全面收益項目則於綜合全面
收益表中確認。
當本集團應佔聯營公司之虧損超過
其權益時，本集團之權益將減至
零，而除非本集團已承擔法定或推
定責任或代表該被投資公司作出付
款，否則將不再確認進一步虧損。
就此而言，本集團之權益為根據權
益法計算之投資賬面值，連同實質
上構成本集團於聯營公司淨投資一
部份之本集團長期權益。
本集團與其聯營公司間之交易所產
生之未變現損益乃以本集團於被投
資公司之權益為限予以抵銷，除非
未變現虧損提供已轉讓資產之減值
證據，在此情況下，則該等未變現
虧損會即時於損益中確認。
94 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(e) associates (Continued)
If an investment in an associate becomes
an investment in a joint venture, retained
interest is not remeasured. Instead, the
investment continues to be accounted for
under the equity method.
When the Group ceases to have significant
influence over an associate, it is accounted
for as a disposal of the entire interest in
that investee, with a resulting gain or loss
being recognised in prof i t or loss. Any
interest retained in that former investee at
the date when significant influence is lost
is recognised at fair value and this amount
is regarded as the fa i r value on in i t ia l
recognition of a financial asset.
(f) goodwill
Goodwill represents the excess of
(i) the aggregate of the fair value of the
consideration transferred, the amount
of any non-controlling interest in the
acqui ree and the fa i r va lue of the
Group’s previously held equity interest
in the acquiree; over
(ii) the net fair value of the acquiree’s
i d e n t i f i a b l e a s s e t s a n d l i a b i l i t i e s
measured as at the acquisition date.
When (ii) is greater than (i), then this excess
is recognised immediately in profit or loss as
a gain on a bargain purchase.
Goodwill is stated at cost less accumulated
impairment losses. Goodwill arising on a
business combination is allocated to each
cash-generating unit , or groups of cash
generating units, that is expected to benefit
from the synergies of the combination and
is tested annually for impairment (see note
2(i)).
On d isposal o f a cash generat ing un i t
during the year, any attributable amount
of purchased goodwill is included in the
calculation of the profit or loss on disposal.
2 主要會計政策（續）
(e) 聯營公司（續）
倘於聯營公司之投資成為於合營公
司之投資，保留權益則不予重新計
量。反之，該投資繼續根據權益法
入賬。
當本集團不再對聯營公司有重大影
響力，其乃被視作出售於該被投資
公司之所有權益，而所產生之盈虧
於損益中確認。任何在喪失重大影
響力之日仍保留在該前被投資公司
之權益按公平值確認，而此金額被
視為初步確認金融資產之公平值。
(f) 商譽
商譽指以下
(i) 所轉讓代價之公平值、於被收
購方之任何非控股權益金額，
以及本集團先前持有被收購方
權益之公平值之總和；大於
(ii) 被收購方之可識別資產及負債
於收購當日之公平淨值。
當 (ii)較 (i)大時，則此差額即時在
損益中確認為議價購買收益。
商譽乃按成本減累計減值虧損列
賬。來自業務合併之商譽將分配至
預期可受惠於合併協同效益之各現
金產生單位或現金產生單位組合，
並會每年進行減值測試（見附註
2(i)）。
倘於年內出售現金產生單位，則任
何應佔已收購商譽之金額乃計入出
售事項之損益中。
95雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(g) property and equipment
Property and equipment are stated in the
consolidated statement of financial position
at cost less accumulated depreciation and
impairment losses (see note 2(i)(ii)).
Gains or losses arising from the retirement
or d isposal of an i tem of property and
equipment are determined as the difference
between the net disposal proceeds and
the carrying amount of the item and are
recognised in profit or loss on the date of
retirement or disposal.
Depreciation is calculated to write off the
cost of items of property and equipment, less
their estimated residual value, if any, using
the straight-line method over their estimated
useful lives as follows:
— Leasehold
improvements
Shorter of the
unexpired term of
lease and 5 ears
— Office equipment
and furniture
5 years
— Computers
equipment
3-5 years
Both the useful l i fe of an asset and i ts
residual value, if any, are reviewed annually
by the Group.
(h) leased assets
Assets that are held by the Group under
l e a s e s w h i c h t r a n s f e r t o t h e G r o u p
substantially all the risks and rewards of
ownership are classified as being held under
finance leases. Leases which do not transfer
substantially all the risks and rewards of
ownership to the Group are classified as
operating leases.
2 主要會計政策（續）
(g) 物業及設備
物業及設備乃按成本扣除累計折舊
及減值虧損（見附註 2(i)(ii)）於綜合
財務狀況表列賬。
報廢或出售物業及設備項目所產生
之盈虧按出售所得款項淨額與項目
賬面值之差額釐定，並於報廢或出
售當日於損益內確認。
物業及設備項目採用直線法於其估
計可使用年期內計算折舊，以撇銷
其成本扣除其估計剩餘價值（如有）
如下：
— 租賃物業裝修 未屆滿租期與
5年之較短者
— 辦公室設備及
傢俬
5 年
— 電腦設備 3-5 年
本集團會每年檢討資產之可使用年
期及其剩餘價值（如有）。
(h) 租賃資產
由集團持有的租賃資產當大部分所
有權的風險和報酬轉讓給集團，均
歸屬於融資租賃。不將租賃所有權
的大部分風險和報酬轉讓給集團劃
分為經營租賃。
96 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(h) leased assets (Continued)
Where the Group acqu i res the use o f
assets under finance leases, the amounts
representing the fair value of the leased
asset, or, if lower, the present value of the
minimum lease payments, of such assets are
recognised as property and equipment and
the corresponding liabilities, net of finance
charges, are recorded as obligations under
finance leases and impairment losses (see
note 2(i)(i i)). Depreciation is provided at
rates which write off the cost or valuation
of the assets over the term of the relevant
lease or, where it is likely the Group will
obtain ownership of the asset, the life of
the asset. Finance charges implicit in the
lease payments are charged to profit or
loss over the period of the leases so as to
produce an approximately constant periodic
rate of charge on the remaining balance of
the obligations for each accounting period.
Contingent rentals are charged to profit or
loss in the accounting period in which they
are incurred.
Where the Group has the use of assets
held under operat ing leases, payments
made under the leases are charged to
profit or loss in equal instalments over the
accounting periods covered by the lease
term, except where an alternative basis is
more representative of the pattern of benefits
to be derived from the leased asset. Lease
incentives received are recognised in profit
or loss as an integral part of the aggregate
net lease payments made.
2 主要會計政策（續）
(h) 租賃資產（續）
本集團取得融資租賃資產的情況
下，將該等資產的租賃資產的公允
價值，或最低租賃付款現值較低的
金額確認為財產及設備及相應負債
扣除融資費用，計入融資租賃和減
值虧損（見附註 2(i)(ii)）。折舊是以
相關租賃期限內的資產成本或估值
的價格提供的，或者本集團有可能
獲得資產所有權的資產的壽命。在
租賃期間隱含的融資費用在租賃期
內計入損益，以便在每個會計期間
的相關租賃餘額中產生大致恆定的
定期收費。或有租賃在事項發生的
會計期間計入當期損益。
倘本集團有權使用根據經營租賃持
有之資產，則租賃付款於租期所涵
蓋之會計期間內以等額自損益扣
除，惟如有其他基準能更清楚地反
映租賃資產所產生之收益模式則除
外。所得租賃獎勵金於損益內確認
為租賃淨付款總額之組成部份。
97雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(i) impairment of assets
(i) I m p a i r m e n t o f i n v e s t m e n t s i n
subsidiaries, associates, available
for sale financial assets, accounts
receivable and other receivables
Investments in subsidiaries, associates,
a c c o u n t s r e c e i v a b l e a n d o t h e r
receivables that are carr ied at cost
or amor t ised cost are rev iewed at
each repo r t i ng da te t o de te rm ine
whether there is objective evidence of
impairment. If any such evidence exists,
any impairment loss is determined and
recognised as follows:
— For investments in subsidiar ies
and associates, the impairment
loss is measured by comparing
the recoverable amount in the
investment with its carrying amount
in accordance with note 2(i)( i i).
The impairment loss is reversed
i f there has been a favourable
change in the estimates used to
determine the recoverable amount
in accordance with note 2(i)(ii).
— F o r a c c o u n t s r e c e i v a b l e a n d
o t h e r r e c e i v a b l e s c a r r i e d a t
amort ised cost, the impairment
loss is measured as the difference
b e t w e e n t h e a s s e t ’ s c a r r y i n g
amount and the present va lue
of est imated future cash f lows,
discounted at the financial asset’s
o r ig ina l e f fec t i ve in te res t ra te
( i .e . the ef fect ive in terest rate
computed at initial recognition of
these assets), where the effect
of discounting is material . This
assessment is made collectively
where financial assets carried at
amortised cost share similar risk
character ist ics, such as simi lar
past due status, and have not been
individually assessed as impaired.
Future cash f lows for f inancia l
assets which are assessed for
impairment collectively are based
o n h i s t o r i c a l l o s s e x p e r i e n c e
f o r a s s e t s w i t h c r e d i t r i s k
c h a r a c t e r i s t i c s s i m i l a r t o t h e
collective group.
2 主要會計政策（續）
(i) 資產減值
(i) 於附屬公司及聯營公司之投
資、可供出售金融資產、應收
賬款及其他應收款項之減值：
按成本或攤銷成本列賬之於附
屬公司及聯營公司之投資、應
收賬款及其他應收款項乃於各
報告日檢討，以釐定是否有客
觀減值證據。倘存在任何有關
證據，則按以下方式釐定及確
認任何減值虧損：
— 就於附屬公司及聯營公
司之投資而言，減值虧
損乃根據附註 2(i)(ii)藉
比較投資之可收回金額
與其賬面值計算。倘根
據附註 2(i)(ii)用以釐定
可收回金額之估計出現
有利變動，則減值虧損
予以撥回。
— 按攤銷成本列賬之應收
賬款及其他應收款項而
言，減值虧損乃按資產
賬面值與估計未來現金
流量現值之差額計量。
倘貼現影響重大，估計
未來現金流量現值乃按
金融資產原實際利率（即
該等資產初步確認時計
算之實際利率）貼現。
倘按攤銷成本列賬之金
融資產具有類似風險特
徵，例如具有類似過往
欠款情況及未進行個別
減值評估，則進行綜合
評估。進行綜合減值評
估之金融資產之未來現
金流量乃按具有與該組
合小組類似信貸風險特
徵之資產之過往虧損經
驗計算。
98 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(i) impairment of assets (Continued)
(i) I m p a i r m e n t o f i n v e s t m e n t s i n
subsidiaries, associates, available
for sale financial assets, accounts
receivable and other receivables
(Continued)
I f i n a subsequent per iod the
amount o f an impa i rment loss
decreases and the decrease can
be linked objectively to an event
occurring after the impairment loss
was recognised, the impairment
loss is reversed through profit or
loss. A reversal of an impairment
loss shall not result in the asset’s
carrying amount exceeding that
which would have been determined
had no impa i rmen t l oss been
recognised in prior years.
— For an available-for-sale financial
assets, a significant or prolonged
d e c l i n e i n t h e f a i r v a l u e o f
that investment be low i ts cost
i s cons ide red to be ob jec t i ve
ev idence of impai rment . When
an ava i l ab le - fo r -sa le f i nanc ia l
a s s e t i s c o n s i d e r e d t o b e
impa i red , cumu la t i ve ga ins o r
l o s s e s p r e v i o u s l y r e c o g n i s e d
in other comprehensive income
are reclassified to profit or loss
in the period. Losses previously
recognised in profit or loss are not
reversed through profit or loss. Any
increase in fair value subsequent
to impairment loss is recognised
direct ly in other comprehensive
income and accumulated in the
investment revaluation reserve. In
respect of available-for-sale debt
investments, impairment losses
are subsequently reversed through
profit or loss if an increase in the
fair value of the investment can
be objectively related to an event
occurring after the recognition of
the impairment loss.
2 主要會計政策（續）
(i) 資產減值（續）
(i) 於附屬公司及聯營公司之投
資、可供出售金融資產、應收
賬款及其他應收款項之減值：
（續）
倘於隨後期間減值虧損
金額減少，而該減少與
減值虧損確認後發生之
事件有客觀關連，則減
值 虧 損 可 透 過 損 益 撥
回。減值虧損撥回不得
導致資產賬面值超過倘
過往年度並無減值虧損
而原應釐定之金額。
— 對於可供出售金融資產
的公平價值顯著或長期
下降低於其成本被認為
是減值的客觀證據。當
可供出售金融資產被視
為減值時，先前在其他
綜合收益中確認的累計
收益或損失在本期間重
分類至損益。以前在損
益中確認的損失不通過
損益轉回。減值損失後
公平價值的任何增加直
接在其他綜合收益中確
認，並在投資重估儲備
中累計。對於可供出售
債務投資，如果投資的
公平價值增加可以客觀
地與確認減值損失後發
生的事項相關，則減值
損失隨後轉回損益。
99雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(i) impairment of assets (Continued)
(ii) Impairment of other assets
I n t e r n a l a n d e x t e r n a l s o u r c e s o f
i n fo rma t i on a re rev iewed a t each
reporting date to identify indications that
the following assets may be impaired
o r a n i m p a i r m e n t l o s s p r e v i o u s l y
recognised no longer exists or may
have decreased:
— property and equipment;
— intangible assets; and
— goodwill
If any such indication exists, the asset’s
recoverable amount is estimated. In
addition, for goodwill, intangible assets
that are not yet available for use and
intangible assets that have indefinite
useful lives, the recoverable amount is
estimated annually whether or not there
is any indication of impairment.
— Calculation of recoverable amount
The recoverable amount o f an
asset is the greater of i ts fa i r
value less costs to sell and value
in use. In assessing value in use,
the estimated future cash flows
are discounted to their present
value using a pre- tax d iscount
rate that reflects current market
assessments o f t ime va lue o f
money and the risks specific to
the asset. Where an asset does
not generate cash inflows largely
independent of those from other
assets, the recoverable amount is
determined for the smallest group
o f assets that generates cash
inflows independently (. a cash-
generating unit).
2 主要會計政策（續）
(i) 資產減值（續）
(ii) 其他資產之減值
來自內部及外部資料會於各報
告日審閱，以確定是否有跡象
顯示下列資產可能已減 值，
或先前確認之減值虧損不再存
在或有所減少：
— 物業及設備；
— 無形資產；及
— 商譽
倘存在任何有關跡象，則估計
資產之可收回金額。此外，對
於商譽，尚未使用的無形資產
和無限期使用壽命的無形資
產，無論是否存在減值跡象，
每年均估計其可收回金額。
— 計算可收回金額
資產之可收回金額乃其
公平值扣除出售成本及
使用價值中之較高者。
評估使用價值時，估計
未來現金流量乃採用反
映貨幣時間價值之當前
市場評估及資產特有風
險之稅前貼現率貼現至
其現值。倘資產未能在
大致獨立於其他資產之
情況下產生現金流入，
則可收回金額乃就獨立
產生現金流入之最小資
產 組 別（即 現 金 產 生 單
位）釐定。
100 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(i) impairment of assets (Continued)
(ii) Impairment of other assets (Continued)
— Recognition of impairment losses
An impairment loss is recognised
in prof i t or loss i f the carrying
amount of an asset, or the cash-
generating unit to which it belongs,
exceeds its recoverable amount.
Impairment losses recognised in
respect of cash-generating units
are allocated first to reduce the
carrying amount of any goodwill
allocated to the cash generating
unit (or group of units) and then,
to reduce the carrying amount of
the assets in the unit (or group of
units) on a pro rata basis, except
that the carrying value of an asset
w i l l no t be reduced be low i t s
individual fair value less costs of
disposal (if measurable), or value
in use (if determinable).
— Reversals of impairment losses
In respect of assets other than
goodwil l , an impairment loss is
reve rsed i f t he re has been a
favourable change in the estimates
used to determine the recoverable
amount. An impairment loss in
respect of goodwill is not reversed.
A reversal of impairment loss is
l imi ted to the asset ’s car ry ing
amount tha t wou ld have been
determined had no impairment loss
been recognised in prior years.
Reversals of impairment losses
are credited to profit or loss in the
year in which the reversals are
recognised.
2 主要會計政策（續）
(i) 資產減值（續）
(ii) 其他資產之減值（續）
— 確認減值虧損
倘資產或其所屬現金產
生單位之賬面值超出其
可收回金額，則減值虧
損於損益內確認。惟資
產賬面值不會減至低於
其個別公平值扣除出售
成本或使用價值之水平
（如可釐定）。
— 撥回減值虧損
減值虧損撥回之金額以
倘過往年度並無減值虧
損而原應釐定之資產賬
面值為限。減值虧損撥
回於撥回確認之年度計
入損益。
101雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(j) financial assets at fair value through
profit or loss
Financ ia l asse ts a t fa i r va lue th rough
profit or loss are measured initially at fair
value, which normally will be equal to the
transact ion price. Transact ion costs are
expensed immediately.
The Group recognises f inanc ia l assets
at fair value through profit or loss on the
date it becomes a party to the contractual
provisions of the instrument, using trade date
accounting.
Financial assets at fair value through profit
or loss comprise financial assets held for
trading and those designated as at fair value
through profit or loss upon initial recognition,
but exclude those investments in equity
instruments that do not have a quoted
market price and whose fair value cannot be
reliably measured.
Financial assets at fair value through profit
or loss are carried at fair value. Changes
in the fair value are included in the income
statement in the period in which they arise.
Upon disposal or repurchase, the difference
between the net sale proceeds or the net
payment and the carrying value is included
in the income statement.
The fair value of f inancial assets at fair
value through profit or loss is based on their
quoted market prices at the end of reporting
period without any deduction for estimated
future selling costs. Financial assets are
priced at current bid prices, while financial
liabilities are priced at current asking prices.
I f there is no pub l ic ly ava i lab le la tes t
traded price nor a quoted market price on a
recognised stock exchange or a price from
a broker/dealer for non-exchange-traded
financial instruments, or if the market for it
is not active, the fair value of the instrument
is est imated using valuat ion techniques
that provide a reliable estimate of prices
which could be obtained in actual market
transactions. The inputs of the valuation
techniques are based on market data.
2 主要會計政策（續）
(j) 按公平值計入損益之金融資產
按公平值計入損益之金融資產初步
按公平值計量，一般將與交易價格
相等。交易成本乃即時列作開支。
本集團於其成為訂立工具合約條文
之訂約方當日，按交易日會計法確
認按公平值計入損益之金融資產。
按公平值計入損益之金融資產包括
持作買賣及於初步確認後指定按公
平值計入損益之金融資產，惟不包
括並無市場報價及其公平值無法可
靠地計量之股權工具投資。
按公平值計入損益之金融資產乃以
公平值列賬。公平值變動乃於其產
生期間計入收益表。於出售或購回
後，銷售所得款項淨額或付款淨額
與賬面值之差額乃計入收益表。
按公平值計入損益之金融資產之公
平值乃按報告期末之市場報價計
量，而並無扣減任何估計未來銷售
成本。金融資產乃以現時買入價定
價，而金融負債則以現時賣出價定
價。
倘並無公開可獲取之最新買賣價或
認可證券交易所之市場報價，或自
經紀╱證券商之非交易所買賣之金
融工具價格，或倘其市場並非活躍
市場，則金融工具之公平值乃採用
可自實際市場交易獲取之能提供可
靠估計價格之估值方法作出估計。
估值方法之輸入數據以市場數據為
基準。
102 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(j) financial assets at fair value through
profit or loss (Continued)
A financial asset is derecognised when the
contractual rights to receive the cash flows
from the financial asset expire, or where the
financial asset together with substantially all
the risks and rewards of ownership, have
been transferred.
The Group uses the weighted average
method to determine realised gains and
losses to be recognised in the income
statement on derecognition.
(k) derivative financial instruments
D e r i v a t i v e f i n a n c i a l i n s t r u m e n t s a r e
recognised ini t ial ly at fair value. At the
end o f each repo r t i ng pe r i od the fa i r
value is remeasured. The gain or loss on
remeasurement to fair value is recognised
immediately in profit or loss.
(l) accounts receivable and other receivables
Accounts receivable and other receivables
are init ially recognised at fair value and
thereafter stated at amortised cost using
the effective interest method less allowance
for impairment of doubtful debts (see note
2(i)(i)), except where the receivables are
interest-free loans made to related parties
without any fixed repayment terms or the
effect of discounting would be immaterial.
In such cases, the receivables are stated
at cost less allowance for impairment of
doubtful debts.
(m) available-for-sale financial assets
Available-for-sale financial assets are non-
derivatives that are either designated or not
classified as financial assets as at fair value
through profit or loss, loans and receivables
or held-to-maturity investments.
2 主要會計政策（續）
(j) 按公平值計入損益之金融資產（續）
倘自金融資產獲取現金流量之合約
權利屆滿，或倘金融資產連同擁有
權之絕大部份風險及回報已轉讓，
則不再確認金融資產。
於不再確認時，本集團採用加權平
均法釐定將在收益表中確認之已變
現盈虧。
(k) 衍生金融工具
衍生金融工具初步按公平值確認。
於各報告期末，公平值乃重新計
量。重新計量公平值之收益或虧損
即時於損益確認。
(l) 應收賬款及其他應收款項
應收賬款及其他應收款項初步按公
平值確認，其後則採用實際利率法
按攤銷成本扣除呆賬減值虧損撥備
（見附註 2(i)(i)）列賬，惟在應收款
項屬給予關聯人士之免息貸款且無
任何固定還款期或貼現影響輕微之
情況則作別論。在該等情況下，應
收款項乃按成本扣除呆賬減值虧損
撥備列賬。
(m) 可供出售金融資產
可供出售金融資產為非衍生金融資
產，包括未指定為或並非歸類為以
公平價值計量且其變動計入當期損
益的金融資產、貸款及應收款項或
持有至到期投資的非衍生金融資
產。
103雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(m) available-for-sale financial assets
(Continued)
Ava i lab le - fo r -sa le f i nanc ia l asse ts a re
measured at fair value at the end of the
reporting period. Changes in the carrying
amount o f ava i lab le - fo r -sa le mone ta ry
financial assets relating to interest income
ca lcu la ted us ing the e f fec t i ve in te res t
method and div idends on avai lable- for-
sale equity investments are recognised in
profit or loss. Other changes in the carrying
amount of available-for-sale financial assets
are recognised in other comprehensive
income and accumulated in the investment
reva luat ion reserve, un t i l the f inanc ia l
asset is disposed of or is determined to
be impaired, at which time, the cumulative
gain or loss previously accumulated in the
investment revaluation reserve is reclassified
to profit or loss.
D iv idends on ava i lab le - fo r -sa le equ i t y
inst ruments are recognised in prof i t or
loss when the Group’s right to receive the
dividends is established.
(n) intangible assets
The intangible assets that are acquired
by the Group a re s ta ted a t cos t l ess
a c c u m u l a t e d a m o r t i s a t i o n ( w h e r e t h e
estimated useful life is finite) and impairment
losses (see note 2(i)(ii)). Amortisation begins
when the asset is available for use, ie when
it is in the location and condition necessary
for i t to be capable of operating in the
manner intended.
Amortisation of intangible assets with finite
useful lives is charged to profit or loss on a
straight-line basis over the assets’ estimated
useful lives as follows:.
— Computers software 3-5 years
Intangible assets are not amortised while
the i r use fu l l i ves a re assessed to be
indefinite. Any conclusion that the useful
life of an intangible asset is indefinite is
reviewed annual ly to determine whether
even ts and c i rcumstances con t inue to
support the indefinite useful life assessment
for that asset. If they do not, the change in
the useful life assessment from indefinite to
finite is accounted for prospectively from the
date of change and in accordance with the
policy for amortisation of intangible assets
with finite lives as set out above.
2 主要會計政策（續）
(m) 可供出售金融資產（續）
可供出售金融資產在報告期末按照
公平價值計量。可供出售貨幣金融
資產賬面值與按實際利率法計算的
利息收入及可供出售股本投資股息
有關的變動於損益中確認。可供出
售金融資產賬面值的其他變動在其
他全面收益確認並在投資重估儲備
累積，直至該金融資產被處置或確
定為減值，此時先前在投資重估儲
備累積的收益或損失重新歸類至損
益。
當本集團收取可供出售股本工具股
息的權利確立時，相關股息於損益
中確認。
(n) 無形資產
本集團購買之無形資產乃按成本減
累計攤銷（倘具有有限估計可使用
年期）及減值虧損列賬（見附註 2(i)
(ii)）。資產可以使用時即當其處於
必要的位置和條件下以能夠以預期
的方式運行時開始攤銷。
具有有限可使用年期之無形資產之
攤銷乃於資產估計可使用年期內以
直線法在損益中扣除如下。
— 電腦軟件 3-5年
評估為具有無限可使用年期之無形
資產不會攤銷。任何確定為具有無
限可使用年期之無形資產會每年檢
討，以釐定事件及情況是否繼續支
持該資產列為具有無限可使用年
期。倘並無無限可使用年期，則資
產之使用年期評估會由無限變成有
限，並自變動日期起根據上文所載
使用年期有限之無形資產攤銷政策
於未來入賬。
104 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(o) accounts payable and other payables
Accoun ts payab le and o the r payab les
are init ially recognised at fair value and
thereafter stated at amortised cost unless the
effect of discounting would be immaterial, in
which case they are stated at cost.
(p) interest-bearing borrowings
Interest-bearing borrowings are recognised
in i t i a l l y a t fa i r va lue less a t t r i bu tab le
t ransact ion costs. Subsequent to in i t ia l
recognition, interest-bearing borrowings are
stated at amortised cost with any difference
between the amount initially recognised and
redemption value being recognised in profit
or loss over the period of the borrowings,
together with any interest and fees payable,
using the effective interest method.
(q) Cash and cash equivalents
Cash and cash equivalents comprise cash
at bank and on hand, demand deposits with
banks.
(r) employee benefits
(i) S a l a r i e s , a n n u a l b o n u s e s , p a i d
annual leave, contributions to defined
con t r i bu t i on re t i r emen t p l ans and
the cos t o f non-monetary benef i t s
are accrued in the year in which the
associated services are rendered by
employees.
(ii) Contributions to Mandatory Provident
Funds as required under the Hong Kong
Mandatory Provident Fund Schemes
O r d i n a n c e a r e r e c o g n i s e d a s a n
expense in profit or loss as incurred.
2 主要會計政策（續）
(o) 應付賬款及其他應付款項
應付賬款及其他應付款項初步按公
平值確認，其後則按攤銷成本列
賬，除非貼現影響輕微， 則在該情
況下按成本列賬。
(p) 計息借貸
計息借貸初步按公平值扣除應佔交
易成本確認。於初步確認後，計息
借貸乃按攤銷成本列賬，而初步確
認金額與贖回價值之任何差額，連
同任何應付利息及費用，均採用實
際利率法在借貸期間於損益內確
認。
(q) 現金及現金等值項目
現金及現金等值項目包括銀行及手
頭現金、存放於銀行之活期存款。
(r) 僱員福利
(i) 薪金、年終花紅、有薪年假、
定額供款退休計劃供款及非貨
幣福利成本乃於僱員提供相關
服務之年度累算。
(ii) 香港強制性公積金計劃條例規
定須作出之強制性公積金供款
乃於產生時於損益內確認為開
支。
105雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(r) employee benefits (Continued)
(iii) The fair value of share awards and
share options granted to employees is
recognised as an employee cost with
a corresponding increase in share-
based payment capital reserve within
equity. The fair value is measured at
grant date using the Black-Scholes
model, taking into account the terms
and conditions upon which the share
awards and opt ions were granted.
Where the employees have to meet
vest ing condi t ions before becoming
unconditionally entitled to the options,
the total estimated fair value of the
opt ions is spread over the vest ing
p e r i o d , t a k i n g i n t o a c c o u n t t h e
probability that the options will vest.
During the vesting period, the number
of share awards and share options that
are expected to vest is reviewed. Any
resulting adjustment to the cumulative
fair value recognised in prior years is
charged/credited to the profit or loss
for the year of the review, unless the
or ig inal employee expenses qual i fy
for recognit ion as an asset, with a
corresponding adjustment to the share-
based payment reserve. On vesting
date, the amount recognised as an
expense is ad jus ted to re f lec t the
actual number of share awards and
options that vest (with a corresponding
ad jus tment to the cap i ta l reserve)
except where forfei ture is only due
to not achieving vest ing condi t ions
that relate to the market price of the
company’s shares. The equity amount
i s r ecogn i sed i n t he sha re -based
payment reserve until either the option
is exercised (when it is included in the
amount recognised in share capital for
the shares issued) or the option expires
(when it is released directly to retained
profit).
2 主要會計政策（續）
(r) 僱員福利（續）
(iii) 授予僱員之股份獎勵及購股權
之公平值確認為僱員成本，而
權益內之以股份為基礎之付款
儲備將相應增加。公平值於授
出日期按柏力克 — 舒爾斯模
式及考慮授出股份獎勵及購股
權之條款及條件而計量。倘僱
員須符合歸屬條件才可以無條
件享有此等購股權，則購股權
之估計總公平值會於考慮購股
權歸屬之可能性後在歸屬期內
攤分。
於歸屬期內，將會檢討預期會
歸屬之股份獎勵及購股權數
目。任何對過往年度確認之累
計公平值所作之調整會在回顧
年度之損益內扣除╱計入，除
非原有僱員開支符合資格確認
為資產，則以股份為基礎之付
款儲備將作出相應調整。於歸
屬日，確認為支出之金額會作
出調整，以反映歸屬之股份獎
勵及購股權實際數目（以股份
為基礎之付款儲備將作出相應
調整），惟僅於未能達到有關
本公司股份市價之歸屬條件時
方會沒收其購股權。權益金額
於以股份為基礎之付款儲備內
確認，直至購股權獲行使（即
計入就已發行股份於股本確認
之金額時）或購股權屆滿（即直
接撥回保留溢利時）。
106 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(s) income tax
Income tax for the year comprises current
tax and movements in deferred tax assets
and liabilities. Current tax and movements
in deferred tax assets and liabil i t ies are
recognised in profit or loss except to the
extent that they relate to items recognised
in other comprehensive income or directly in
equity, in which case the relevant amounts
of tax are recognised in other comprehensive
income or directly in equity, respectively.
Current tax is the expected tax payable on
the taxable income for the year, using tax
rates enacted or substantively enacted at the
reporting date, and any adjustment to tax
payable in respect of previous years.
Deferred tax assets and liabilities arise from
deductible and taxable temporary differences
respectively, being the differences between
the carrying amounts of assets and liabilities
for financial reporting purposes and their tax
bases. Deferred tax assets also arise from
unused tax losses and unused tax credits.
Apart from certain limited exceptions, all
deferred tax l iabi l i t ies, and al l deferred
tax assets to the extent that it is probable
that future taxable profits will be available
against which the asset can be utilised, are
recognised. Future taxable profits that may
support the recognition of deferred tax assets
arising from deductible temporary differences
include those that will arise from the reversal
of existing taxable temporary differences,
provided those differences relate to the same
taxation authority and the same taxable
entity, and are expected to reverse either in
the same period as the expected reversal
of the deductible temporary difference or in
periods into which a tax loss arising from
the deferred tax asset can be carried back
or forward. The same criteria are adopted
when determining whether existing taxable
temporary differences support the recognition
of deferred tax assets arising from unused
tax losses and c red i t s , t ha t i s , t hose
differences are taken into account if they
relate to the same taxation authority and the
same taxable entity, and are expected to
reverse in a period, or periods, in which the
tax loss or credit can be utilised.
2 主要會計政策（續）
(s) 所得稅
本年度所得稅包括當期稅項及遞延
稅項資產與負債變動。當期稅項及
遞延稅項資產與負債變動乃於損益
內確認，惟倘涉及於其他全面收益
內確認或直接於權益內確認之項
目，則在該情況下，相關稅額乃分
別於其他全面收益內確認或直接於
權益內確認。
當期稅項乃本年度應課稅收入之預
期應繳稅項（採用於報告日已頒佈
或實質上已頒佈之稅率計算）及過
往年度應繳稅項之任何調整。
遞延稅項資產與負債乃分別來自可
扣稅及應課稅暫時差額，即用作財
務報告之資產與負債賬面值與其稅
基之間之差額。遞延稅項資產亦可
來自未動用稅項虧損及未動用稅項
抵免。
除若干有限之例外情況外，所有
遞延稅項負債及所有遞延稅項資
產（只限於可能有未來應課稅溢利
可利用該資產抵銷之部份）均予確
認。可支持確認來自可扣減暫時差
額之遞延稅項資產之未來應課稅溢
利包括來自撥回現有應課稅暫時差
額之金額，惟該等差額必須與同一
稅務機關及同一應課稅實體有關，
並預期在可扣減暫時差額預期撥回
之同一期間或遞延稅項資產所產生
稅項虧損可向後期或向前期結轉之
期間內撥回。在釐定現有應課稅暫
時差額是否支持確認來自未動用稅
項虧損及抵免之遞延稅項資產時，
亦會採用同一準則，即該等差額若
與同一稅務機關及同一應課稅實體
有關，並預期在可動用稅項虧損或
抵免之同一期間內撥回，則會被考
慮。
107雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(s) income tax (Continued)
The l imited exceptions to recognit ion of
de fe r red tax asse ts and l iab i l i t i es a re
those temporary differences arising from
goodwill not deductible for tax purposes,
the initial recognition of assets or liabilities
that affect neither accounting nor taxable
prof i t (prov ided they are not par t o f a
bus iness combina t ion ) , and temporary
d i f f e rences re la t i ng to i nves tmen ts i n
subsidiaries to the extent that, in the case
of taxable differences, the Group controls
the timing of the reversal and it is probable
that the d i f ferences wi l l not reverse in
the foreseeable future, or in the case of
deductible differences, unless it is probable
that they will reverse in the future.
T h e c a r r y i n g a m o u n t o f d e f e r r e d t a x
recogn ised i s measured based on the
expected manner of realisation or settlement
of the carrying amount of the assets and
l i ab i l i t i es , us ing tax ra tes enac ted o r
substantively enacted at the reporting date.
Deferred tax assets and liabilities are not
discounted.
The carrying amount of a deferred tax asset
is reviewed at each reporting date and is
reduced to the extent that it is no longer
probable that sufficient taxable profit will be
available to allow the related tax benefit to
be utilised. Any such reduction is reversed
to the extent that it becomes probable that
sufficient taxable profits will be available.
Additional income taxes that arise from the
distribution of dividends are recognised when
the liability to pay the related dividends is
recognised.
2 主要會計政策（續）
(s) 所得稅（續）
確認遞延稅項資產與負債之有限例
外情況乃來自不可扣稅商譽之暫時
差額、初步確認不影響會計溢利亦
不影響應課稅溢利之資產或負債
（惟並非業務合併之一部份），以及
涉及於附屬公司之投資之暫時差額
（只限於就應課稅差額而言，本集
團可控制撥回時間且可能差額不會
於可見將來撥回之部份，或就可扣
稅差額而言，除非將於未來撥回之
部份）。
已確認遞延稅項金額乃按資產與負
債賬面值之預期變現或清償方式，
採用於報告日已頒佈或實質上已頒
佈之稅率計算。遞延稅項資產與負
債均不貼現計算。
遞延稅項資產賬面值乃於各報告日
檢討，倘不再可能有足夠應課稅溢
利動用以抵銷相關稅務利益，即會
調低。倘可能有足夠應課稅溢利，
則任何有關減少予以撥回。
分派股息所產生之額外所得稅乃於
支付相關股息之責任確認時確認。
108 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(s) income tax (Continued)
Current tax ba lances and defer red tax
ba lances, and movements there in , a re
presented separately from each other and
are not offset. Current tax assets are offset
against current tax liabilities, and deferred
tax assets against deferred tax liabilities if
the Group has the legally enforceable right
to set off current tax assets against current
tax liabilities and the following additional
conditions are met:
— in the case of current tax assets and
l iabi l i t ies, the Group intends ei ther
to settle on a net basis, or to realise
t h e a s s e t a n d s e t t l e t h e l i a b i l i t y
simultaneously; or
— in the case of deferred tax assets and
liabilities, if they relate to income taxes
levied by the same taxation authority on
either:
— the same taxable entity; or
— different taxable entit ies, which,
in each future per iod in which
significant amounts of deferred tax
liabilities or assets are expected to
be settled or recovered, intend to
realise the current tax assets and
settle the current tax liabilities on
a net basis or realise and settle
simultaneously.
(t) provisions and contingent liabilities
Provisions are recognised for other liabilities
of uncertain t iming or amount when the
Group has a legal or constructive obligation
arising as a result of a past event, it is
p robab le tha t an ou t f l ow o f economic
benef i t s w i l l be requ i red to se t t le the
obligation and a reliable estimate can be
made. Where the time value of money is
material, provisions are stated at the present
value of the expenditure expected to settle
the obligation.
2 主要會計政策（續）
(s) 所得稅（續）
當期稅項結餘與遞延稅項結餘及當
中變動分開呈列，且不予抵銷。倘
本集團有可合法行使之權利以當期
稅項資產抵銷當期稅項負債，且符
合以下額外條件，則當期稅項資產
乃與當期稅項負債抵銷，遞延稅項
資產亦與遞延稅項負債抵銷：
— 就當期稅項資產與負債而言，
本集團擬按淨額基準清償，或
同時變現資產及清償負債；或
— 就遞延稅項資產與負債而言，
倘涉及同一稅務機關對以下實
體徵收之所得稅：
— 同一應課稅實體；或
— 不同應課稅實體，此等
實體擬在日後每個預期
有大額遞延稅項負債或
資產需要清償或可以收
回之期間內，按淨額基
準變現當期稅項資產及
清償當期稅項負債，或
同時變現該資產及清償
該負債。
(t) 撥備及或然負債
倘本集團因已發生事件而承擔法律
或推定責任，並可能須為履行該責
任而流出經濟利益，且能夠作出可
靠估計，即會就未能確定時間或金
額之其他負債確認撥備。倘貨幣時
間價值重大，則撥備乃按預期履行
責任所需開支之現值列賬。
109雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(t) provis ions and cont ingent l iabi l i t ies
(Continued)
Where it is not probable that an outflow
of economic benefits will be required, or
the amount cannot be estimated reliably,
the obligation is disclosed as a contingent
l iabil ity, unless the probability of outflow
of economic benefits is remote. Possible
ob l iga t ions , whose ex is tence w i l l on ly
be confirmed by the occurrence or non-
occurrence of one or more future events
are also disclosed as contingent liabilities
unless the probability of outflow of economic
benefits is remote.
(u) revenue recognition
Revenue is measured at the fair value of
the consideration received or receivable.
Provided it is probable that the economic
benef i ts wi l l f low to the Group and the
revenue and costs, if applicable, can be
measured reliably, revenue is recognised in
profit or loss as follows:
(i) Brokerage commission income
B r o k e r a g e c o m m i s s i o n i n c o m e i s
recognised on a trade date basis when
the relevant transactions are executed.
(ii) Interest income
Interest income is recognised as i t
accrues using the effect ive interest
method.
(iii) Handling and settlement fee income,
placing and underwriting commission
income and consultancy and advisory
fee income
Handling and settlement fee income,
placing and underwriting commission
income and consultancy and advisory
fee income are recognised when the
related services are rendered.
2 主要會計政策（續）
(t) 撥備及或然負債（續）
倘不大可能需要流出經濟利益，或
金額無法可靠地估計，則該責任會
披露為或然負債，惟流出經濟利益
之可能性極低之情況則作別論。倘
可能須承擔之責任須視乎一宗或多
宗未來事件是否發生才能確定是否
存在，則該等責任亦會披露為或然
負債，惟流出經濟利益之可能性極
低之情況則作別論。
(u) 收入確認
收入乃按已收或應收代價之公平值
計量。倘可能有經濟利益流入本集
團，且收入及成本（如適用）能可靠
地計量，則按以下方式於損益內確
認收入：
(i) 經紀佣金收入
經紀佣金收入於進行相關交易
時按交易日期基準確認。
(ii) 利息收入
利息收入於其產生時採用實際
利率法確認。
(iii) 手續費及結算費用收入、配售
及包銷佣金收入，以及顧問及
諮詢費收入
手續費及結算費用收入、配售
及包銷佣金收入，以及顧問及
諮詢費收入於提供相關服務時
確認。
110 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(u) revenue recognition (Continued)
(iv) Consultancy and advisory fee settled
with non-cash consideration
Consultancy and advisory fee settled
with non-cash transaction is recognised
at the fair value of the consideration
received or receivable, which represents
a t t h e t r a n s a c t i o n p r i c e o f s u c h
consideration as initially determined.
When the outcome of the transaction
involv ing the render ing of serv ices
can be est imated re l iably, revenue
associated with the transaction shall be
recognised by reference to the stage of
completion of the transaction at the end
of the reporting period.
(v) translation of foreign currencies
Foreign currency transactions during the
year are translated at the foreign exchange
ra tes ru l i ng a t t he t ransac t i on da tes .
Monetary assets and liabilities denominated
in foreign currencies are translated at the
foreign exchange rates ruling at the end of
reporting period. Exchange gains and losses
are recognised in profit or loss.
Non-monetary assets and l iabi l i t ies that
are measured in terms of historical cost
in a foreign currency are translated using
the foreign exchange rates ruling at the
transaction dates.
Exchange differences relating to investments
at fa ir value through prof i t or loss and
derivative financial instruments are included
in gains less losses from trading securities
or financial instruments designated at fair
value through profit or loss.
2 主要會計政策（續）
(u) 收入確認（續）
(iv) 以非現金代價結算之顧問及諮
詢費用
以非現金代價結付之顧問及諮
詢費按初步釐定代價時已收或
應收代價之公平值（即交易價）
確認，倘涉及提供服務之交易
之結果可予可靠估算，與交易
相關之收益將按照交易完成階
段，於報告期末確認。
(v) 外幣換算
年內之外幣交易按交易日期之現行
外幣匯率換算。以外幣計值之貨幣
資產與負債按報告期末之現行外幣
匯率換算。匯兌盈虧於損益內確
認。
按外幣以歷史成本計量之非貨幣資
產與負債採用交易日期之現行外幣
匯率換算。
有關按公平值計入損益之投資及衍
生金融工具之匯兌差額乃計入交易
用途證券或指定按公平值計入損益
之金融工具之收益減虧損。
111雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(v) translation of foreign currencies
(Continued)
The resu l t s o f f o re ign ope ra t i ons a re
translated into Hong Kong dollars at the
exchange rates approximating the foreign
exchange rates ruling at the dates of the
transactions. Items of statement of financial
pos i t ion , inc lud ing goodwi l l a r i s ing on
consolidation of foreign operations acquired
on or after 1 January 2005, are translated
in to Hong Kong do l la rs a t the fo re ign
exchange rates ruling at the end of reporting
period. The resulting exchange differences
are recognised in other comprehensive
income and accumulated separately in equity
in the exchange reserve. Goodwill arising on
consolidation of a foreign operation acquired
before 1 January 2005 is translated at the
foreign exchange rate that applied at the
date of acquisition of the foreign operation.
On disposal of a foreign operat ion, the
c u m u l a t i v e a m o u n t o f t h e e x c h a n g e
differences relating to that foreign operation
is reclassified from equity to the income
statement when the profit or loss on disposal
is recognised.
(w) fiduciary activities
The Group maintains segregated accounts
with authorised institutions to hold clients’
monies ar is ing f rom i ts normal course
of the regulated business activit ies. The
Group has classified the bank balances –
trust and segregated accounts within the
current assets in the consolidated statement
o f f i n a n c i a l p o s i t i o n a n d r e c o g n i s e d
the corresponding account payables to
respective clients and other institutions on
the grounds that it is liable for any loss or
misappropriation of clients’ monies.
The Group i s no t a l l owed to use the
clients’ monies to settle its own obligations.
The cash held on behalf of customers is
restricted and governed by the Securities
and Futures (Client Money) Rules under the
Securities and Futures Ordinance.
2 主要會計政策（續）
(v) 外幣換算（續）
海外業務之業績是按照貼近交易
日之匯率折算為港幣。資產負債
表項目（包括二零零五年一月一日
或以後購入之海外業務在綜合賬目
時所產生之商譽）以結算日之匯率
折算。所得匯兌差額會於其他全面
收益及權益的匯兌儲備內作獨立確
認。就二零零五年一月一日或以前
購入之海外業務在綜合賬目時所產
生之商譽，以在購入該海外業務當
日的匯率作換算。
於出售海外業務時 , 有關該海外業
務之匯兌差額累計金額乃於確認出
售事項之損益時自權益重新分類至
收益表。
(w) 受信活動
本集團於認可機構開立獨立賬戶，
以持有其正常受規管活動業務過程
中產生之客戶款項。本集團已將銀
行結存 －信託及獨立賬戶分類為綜
合財務狀況表之流動資產項下，並
因須就客戶款項之任何損失或不當
挪用負責而確認相應之應付予有關
各戶及其他機構之賬款。
本集團不得使用客戶款項清償其本
身債務。代客戶持有之現金受證券
及期貨條例下之證券及期貨（客戶
款項）規則限制及規管。
112 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(x) related parties
(i) A person, or a close member of that
person’s family, is related to the Group
if that person:
(1) has control or joint control over the
Group;
(2) has significant influence over the
Group; or
(3) i s a m e m b e r o f t h e k e y
management pe rsonne l o f the
Group or the Group’s parent.
(ii) An entity is related to the Group if any
of the following conditions applies:
(1) The en t i t y and the Group are
members of the same group (which
means that each parent, subsidiary
and fellow subsidiary is related to
the others).
(2) One entity is an associate or joint
venture of the other entity (or an
associate or jo int venture of a
member of a group of which the
other entity is a member).
(3) Both entities are joint ventures of
the same third party.
(4) One entity is a joint venture of a
third entity and the other entity is
an associate of the third party.
(5) The entity is a post-employment
benef i t p lan for the benef i t o f
employees of either the Group or
an entity related to the Group.
(6) The entity is controlled or jointly
controlled by a person identified in
(i).
(7) A person identified in (i)(1) has
s i gn i f i can t i n f l uence ove r t he
entity or is a member of the key
management pe rsonne l o f the
entity (or of a parent of the entity).
2 主要會計政策（續）
(x) 關聯人士
(i) 任何人士或其近親如屬以下情
況，即視為與本集團有關聯：
(1) 控制或共同控制本集團；
(2) 對 本 集 團 有 重 大 影 響
力；或
(3) 為本集團或本集團母公
司之主要管理層成員。
(ii) 倘以下情況適用，則任何實體
即視為與本集團有關聯：
(1) 該實體與本集團為同一
集團成員（即母公司、附
屬公司及同系附屬公司
各自互相有關聯）。
(2) 一個實體為另一實體之
聯營公司或合營公司（或
為另一實體所屬集團成
員公司之聯營公司或合
營公司）。
(3) 兩個實體均為同一第三
方之合營公司。
(4) 一個實體為第三間實體
之合營公司，而另一實
體為第三方之聯營公司。
(5) 該實體乃為本集團或與
本集團有關聯實體之僱
員提供福利之離職後福
利計劃。
(6) 該實體受 (i)所識別人士
控制或共同控制。
(7) (i)(1)所識別人士對該實
體有重大影響力，或為
該 實 體（或 該 實 體 母 公
司）之主要管理層成員。
113雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
2 sigNifiCaNt aCCouNtiNg poliCies
(Continued)
(x) related parties (Continued)
(ii) An entity is related to the Group if any
of the fo l lowing condi t ions appl ies:
(Continued)
(8) The entity, or any member of a
group of which it is a part, provides
k e y m a n a g e m e n t p e r s o n n e l
se r v i ces t o t he Group o r t he
Group’s parent.
C lose members o f the fami ly o f a
pe rson a re those fami l y members
who may be expected to influence, or
be influenced by, that person in their
dealings with the entity.
(y) segment reporting
Opera t ing segments , and the amounts
o f each segment i tem repor ted in the
conso l ida ted f inanc ia l s ta tements , a re
ident i f ied from the f inancial informat ion
provided regularly to the Group’s most senior
executive management for the purposes of
allocating resources to, and assessing the
performance of, the Group’s various lines of
business and geographical locations.
Individual ly material operating segments
are not aggregated for financial reporting
purposes unless the segments have similar
economic characteristics and are similar
in respect of the nature of products and
services, the nature of production processes,
the type or class of customers, the methods
used to distribute the products or provide the
services, and the nature of the regulatory
environment. Operating segments which are
not individually material may be aggregated
if they share a majority of these criteria.
2 主要會計政策（續）
(x) 關聯人士（續）
(ii) 倘以下情況適用，則任何實體
即視為與本集團有關聯：（續）
(8) 該實體或其所屬集團的
任何成員向本集團或本
集團的母公司提供關鍵
管理人員服務。
某人士之近親指預期在與該實
體交易時可能影響該人士或受
該人士影響之家族成員。
(y) 分部報告
經營分部及綜合財務報表所呈報各
分部項目之金額，乃識別自定期向
本集團最高行政管理層提供以向本
集團各項業務及地理位置分配資源
及評估有關表現之財務資料。
個別重大之經營分部不會為財務報
告目的而合併計算，除非有關分部
具有類似經濟特徵，並具有類似之
產品及服務性質、生產工序性質、
客戶類型或階層、分銷產品或提供
服務方法，以及監管環境性質。個
別非重大之經營分部倘符合以上大
多數準則，則可合併計算。
114 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
3 reveNue
The principal activities of the Group are securities
broking, placing and underwriting, provision of
consultancy and advisory services and investment
holding.
Revenue represents the gross amount recognised
during the year. An analysis of the Group’s
revenue for the year is as follows:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Brokerage commission 經紀佣金 3,819 10,965
Consultancy and advisory fees 顧問及諮詢費 42,274 182,908
Interest income from clients 來自客戶之利息收入 27 94
46,120 193,967
4 other operatiNg iNCome
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Handling and settlement fees 手續費及結算費用 458 811
Bank and other interest income 銀行及其他利息收入 32,926 1,356
Research and other fee 研究及其他費用 1,526 1,245
Miscellaneous income 雜項收入 71 63
34,981 3,475
3 收益
本集團之主要業務為證券經紀、配售及
包銷、提供顧問及諮詢服務以及投資控
股。
收益指年內已確認之總額。本集團於本
年度之收益額分析如下 :
4 其他經營收入
115雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
5 Net loss oN fiNaNCial assets at
fair value through profit aNd
loss
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Net unrealised (loss)/gain on financial
assets at fair value through profit or
loss
按公平值計入損益之金融資產
未變現（虧損）╱收益淨額
— Options — 購股權 (20,124) 13,322
— Equity investment listed outside
Hong Kong
— 香港境外上市股權投資
(29,143) 19,435
— Equity investment listed in
Hong Kong
— 香港上市股權投資
17,211 195,238
(32,056) 227,995
Net realised (loss)/gain on financial
assets at fair value through profit or
loss
按公平值計入損益之金融資產
已變現（虧損）╱收益淨額
— Equity investment listed outside
Hong Kong
— 香港境外上市股權投資
— 157
— Equity investment listed in Hong
Kong
— 香港上市股權投資
(43,632) (328,051)
(43,632) (327,894)
Net loss 虧損淨額 (75,688) (99,899)
6 loss Before taxatioN
Loss before taxation is arrived at after charging:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
(a) staff costs (a) 員工成本
Commission paid 已付佣金 84 1,312
Equity-settled share-based
payment expenses (note 29)
股權結算以股份為基礎之
付款開支（附註 29） 2,084 15,734
Salaries, allowances and benefits
in kind
薪金、津貼及實物福利
166,789 84,074
Resignation and termination
benefit
離職和辭退福利
23,900 5,613
Social welfare 社會福利 7,237 880
200,094 107,613
5 按公平值計入損益之金融資產虧損
淨額
6 除稅前虧損
除稅前虧損已扣除下列各項：
116 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
6 loss Before taxatioN (Continued)
(a) staff costs (Continued)
The Group operates the Mandatory Provident
Fund Scheme for all qualified employees in
Hong Kong. The Group contributes certain
percentage of relevant payroll costs to the
scheme, and the contribution is matched
by employees but subject to a maximum
amount for each employee. The assets of
the scheme are held separately from those
of the Group, in funds under the control of
trustees.
The domestic employees of the Group in
the PRC participate in state-managed social
wel fare p lans, inc luding socia l pension
insurance, unemployment insurance, health
care insurance, housing funds and other
social welfare plan operated by the relevant
mun ic ipa l and prov inc ia l governments .
According to the relevant regulations, the
premiums and welfare benefit contributions
borne by the Group are calculated and paid
to the relevant labour and social welfare
authorities on a regular basis. The social
pens ion i nsu rance and unemp loymen t
insurance are defined contribution plans.
The contributions to the defined contribution
plans are expensed as incurred.
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
(b) other operating expenses (b) 其他經營開支
Auditors’ remuneration 核數師酬金 1,850 1,385
Legal and professional costs 法律及專業費用 20,553 7,282
Operating lease payments —
property rentals
經營租賃款項 —
物業租金 19,854 11,822
Information, data and
communication expenses
資訊、數據
及通訊開支 30,467 16,430
Provision for impairment loss of
accounts receivable
應收賬款減值虧損之
撥備 93 389
Net exchange loss 匯兌虧損淨額 3,609 1,277
Entertainment and travelling 應酬及差旅 5,457 5,652
(c) finance costs (c) 融資成本
Interest expense on bank loans
and overdrafts
銀行貸款及透支利息開支
— 51
Finance lease expense 融資租賃費用 97 9
97 60
6 除稅前虧損（續）
(a) 員工成本（續）
本集團為香港的所有合資格僱員執
行強制性公積金計劃。本集團按有
關薪酬成本的若干百分比向計劃供
款，僱員亦按相同比例供款，惟為
各僱員設有最高金額。計劃資產與
本集團資產分開處理，由受託人管
理的基金持有。
本集團亦為於中國境內的僱員參加
由國家管理的社會福利計劃，包括
由相關的市級和省級政府負責管理
的養老金保險、失業保險、醫療保
險、住房公積金及其他社會褔利供
款。根據相關規例，本集團承擔的
保費及福利供款定期計算並支付予
相關的勞動及社會福利部門。養
老金保險及失業保險為設定供款計
劃。對設定供款計劃的繳款在發生
時計入費用。
117雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
6 loss Before taxatioN (Continued)
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
(d) Net provision for impairment
loss of
(d) 淨減值虧損之撥備
— goodwill — 商譽 1,165 3,484
— other receivables — 其他應收賬款 6,953 13,104
8,118 16,588
7 iNCome tax
(a) T a x a t i o n i n t h e c o n s o l i d a t e d i n c o m e
statement represents:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Current tax 當期稅項
Provision for the year – Hong Kong 本年度撥備 -香港 11,254 60,849
Provision for the year – Overseas 本年度撥備 -香港境外 1,298 —
(Over)/under-provision in respect of
prior years
過往年度撥備（轉回）╱
不足 (2,176) 152
Total current tax charge for the year 本年度稅項支出總額 10,376 61,001
deferred tax 遞延稅項
(Reversal)/origination of temporary
differences
（轉回）╱產生之暫時性差異
(18,703) 18,171
Total tax (credit)/charge for the year 本年度總所得稅項（轉回）╱
開支 (8,327) 79,172
The provision for Hong Kong profits tax for
2016 is calculated at % (2015: %) of
the estimated assessable profits for the year.
Taxation for overseas subsidiaries is charged
at the appropriate current rates of taxation
ruling in the relevant countries.
6 除稅前虧損（續）
7 所得稅
(a) 綜合收益表之稅收變動代表：
於二零一六年香港利得稅之撥備以
本年度之估計應課稅利潤 %
（二零一五年 : %）計算。海外
附屬公司之稅項會以相關國家之現
行稅率計算。
118 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
7 iNCome tax (Continued)
(b) Reconcil iat ion between tax expense and
accounting loss at applicable tax rates:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Loss before taxation 除稅前虧損 (324,869) (77,869)
Notional tax on loss before taxation,
calculated at the rate applicable
to profit in the country concerned
按相關國家之稅率計算之
除稅前虧損之名義稅項
(55,567) (13,776)
Tax effect of non-deductible
expenses
不可扣稅支出之稅務影響
47,056 58,895
Tax effect of non-taxable revenue 毋須繳稅收入之稅務影響 (15,052) (9,511)
Tax effect of utilisation of tax losses
previously not recognised
先前尚未確認已動用稅項
虧損之稅務影響 (633) (1,599)
Tax effect of tax losses not
recognised
未確認稅項虧損之稅務影響
35,529 1,115
(Over)/under-provision in prior
years
過往年度（轉回）╱撥備不足
(2,176) 152
Taxable temporary difference
reversal
轉回之暫時性差異
(18,171) —
Others 其他 687 43,896
Actual tax (credit)/expense 實際稅項（轉回）╱開支 (8,327) 79,172
7 所得稅（續）
(b) 稅項開支與按適用稅率計算之會計
溢利之對賬 :
119雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
8 董事酬金
根據新香港公司條例第 383(1)條例及公
司（披露董事利益資料）規則第 2部披露
之董事酬金如下：
附註 :
i. 於二零一六年四月一日被調任為非執行董
事。
ii. 於二零一六年二月二日辭任執行董事。一
筆約 3,101,000港元的酌情花紅，於二零
一五年累計，並於二零一六年支付。
iii. 於二零一六年四月一日辭任獨立非執行董
事職務。
iv. 酌情花紅金額代表於二零一六年度累計及
核准之累計花紅。此外，於二零一五年累
計及於二零一六年度分配及支付之酌情花
紅金額為 9,360,000港元。
v. 所有董事無權就附註 2(r)(iii)所載獲取股份
獎勵或購股權。
vi. 於二零一六年二月十八日被委任為獨立非
執行董事。
8 directors’ emoluments
Directors’ emoluments disclosed pursuant to
section 383(1) of the Hong Kong Companies
Ordinance and part 2 of the Company (Disclosure
of In format ion about Benef i ts o f D i rectors)
Regulations are as follows:
2016
二零一六年
directors’
fees
salaries,
allowances
and benefits
in kind
discretionary
bonus
Contributions
to mandatory
provident
fund sub-total
share-based
payments
(note v)
resignation
payment total
董事袍金
薪金、
津貼及
實物利益 酌情性花紅
強制性
公積金供款 小計
以股份為
基礎之付款
（附註5） 離職付款 總數
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
Chairman 主席
Yu Feng 虞鋒 — — — — — — — —
executive directors 執行董事
Huang Xin 黃鑫 — — — — — — — —
Li Ting (note iv) 李婷（附註 iv） — 7,644 9,360 18 17,022 — — 17,022
Brett McGonegal (note ii) Brett McGonegal（附註 ii） 494 — — 3 497 — 16,279 16,776
Non-executive directors 非執行董事
Ko Chun Shun, Johnson
(note i) 高振順（附註 i） 300 11 — 4 315 — — 315
Hai Olivia Ou 海歐 — — — — — — — —
Huang Youlong 黃有龍 — — — — — — — —
independent non-executive
directors
獨立非執行董事
Chu Chung Yue, Howard 朱宗宇 360 18 — — 378 — — 378
Lin Lijun 林利軍 240 12 — — 252 — — 252
Qi Daqing (note vi) 齊大慶 （附註 vi） 209 10 — — 219 — — 219
Liu Zhengui (note iii) 劉珍貴（附註 iii） 75 4 — — 79 — — 79
Dr. Wong Yau Kar, David 黃友嘉博士 300 15 — — 315 — — 315
Total 總計 1,978 7,714 9,360 25 19,077 — 16,279 35,356
Notes:
i. Redesignated as non-executive director on 1 April
2016.
ii. Resigned as executive director on 2 February 2016.
There is an amount of approximately HK$3,101,000
discretionary bonus accrued in 2015 and paid in
2016.
iii. Resigned as independent non-executive director on 1
April 2016.
iv. The discretionary bonus amount represents bonus
accrued and approved for the year 2016. In addition,
there is an amount of HK$9,360,000 discretionary
bonus accrued in 2015, allocated and paid in 2016.
v. All directors are not entitled to share awards or share
options as set out in note 2(r)(iii).
vi. appointed as independent non-executive director on
18 February 2016.
120 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
8 directors’ emoluments (Continued)
2015
二零一五年
Directors’
fees
Salaries,
allowances
and benefits
in kind
Discretionary
bonus
Contributions
to Mandatory
Provident
Fund Sub-total
Share-based
payments
Resignation
payments Total
董事袍金
薪金、 津貼及
實物利益 酌情性花紅
強制性
公積金供款 小計
以股份為
基礎之付款 離職付款 總數
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
Chairman 主席
Yu Feng 虞鋒 — — — — — — — —
executive directors 執行董事
Jason Boyer Jason Boyer — — — — — — — —
Chen Shengjie 陳勝杰 243 — — 12 255 — — 255
Huang Xin 黃鑫 — — — — — — — —
Ko Chun Shun, Johnson 高振順 285 — 28,687 14 28,986 — — 28,986
Ko Wing Yan, Samantha 高穎欣 243 — — 12 255 — — 255
Li Ting 李婷 — 2,187 — 8 2,195 — — 2,195
Brett McGonegal Brett McGonegal 5,930 — 26,027 18 31,975 — — 31,975
Tsoi Tong Hoo, Tony 蔡東豪 243 — — 12 255 — — 255
Non-executive directors 非執行董事
Dorian M. Barak Dorian M. Barak 243 12 — — 255 — — 255
Hai Olivia Ou 海歐 — — — — — — — —
Huang Youlong 黃有龍 — — — — — — — —
independent non-
executive directors
獨立非執行董事
Chu Chung Yue, Howard 朱宗宇 330 17 — — 347 — — 347
Ding Kebai 丁克白 15 1 — — 16 — — 16
Lin Lijun 林利軍 35 2 — — 37 — — 37
Liu Zhengui 劉珍貴 285 14 — — 299 — — 299
Dr. Wong Yau Kar, David 黃友嘉博士 285 14 — — 299 — — 299
Total 總計 8,137 2,247 54,714 76 65,174 — — 65,174
The execut ive directors’ emoluments shown
above were mainly for their services in connection
wi th the management o f the a f fa i rs o f the
Company and the Group.
The non-executive directors and independent
non-executive directors’ emoluments shown above
were mainly for their services as directors of the
Company.
8 董事酬金（續）
上述執行董事酬金主要為其與本公司及
本集團事務管理有關的服務。
上述非執行董事及獨立非執行董事酬金
主要為本公司董事服務。
121雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
9 iNdividual With highest
emolumeNts
O f t h e f i v e i n d i v i d u a l s w i t h t h e h i g h e s t
emoluments (including the discretionary bonus
accrued and allocated in 2016 and excluding
the discretionary bonus accrued in 2015, which
is allocated and paid in 2016), two (2015: one,
excluding the discretionary bonus accrued in
2014, which were allocated and paid during the
year of 2015) are directors whose emoluments
are disclosed in note 8. The aggregate of the
emoluments in respect of the other three (2015:
four) individuals are as follows:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Salaries, allowances and benefits in
kind
薪金、津貼及實物利益
20,823 14,378
Discretionary bonus (note 1) 酌情花紅（附註 1） 3,609 —
Equity-settled share-based payment
expenses
股權結算以股份為基礎之付款
開支 — 26,644
Contributions to Mandatory Provident
Fund
強制性公積金供款
50 57
24,482 41,079
Note 1: For the year 2016, the amount includes the bonus
accrued and allocated in 2016. For the year 2015,
the bonus accrued in 2015 has not been allocated
to individual. .
The emoluments ( including the discret ionary
bonus accrued and a l loca ted in 2016 and
excluding the discretionary bonus accrued in
2015, which is allocated and paid in 2016) of
the five (2015: five, excluding the discretionary
bonus accrued in 2014, which were allocated and
paid during the year of 2015) individuals with
the highest emoluments are within the following
bands:
Number of individuals
僱員人數
2016 2015
二零一六年 二零一五年
HK$3,500,001 to HK$4,000,000 3,500,001港元至 4,000,000港元 1 —
HK$5,500,001 to HK$6,000,000 5,500,001港元 至 6,000,000港元 — 1
HK$7,000,001 to HK$7,500,000 7,000,001港元 至 7,500,000港元 1 1
HK$9,000,001 to HK$9,500,000 9,000,001 港元至 9,500,000港元 — 1
HK$11,500,001 to HK$12,000,000 11,500,001港元 至 12,000,000港元 — 1
HK$13,000,001 to HK$13,500,000 13,000,001 港元至 13,500,000港元 1 1
HK$16,500,001 to HK$17,000,000 16,500,001港元 至 17,000,000港元 1 —
HK$17,000,001 to HK$17,500,000 17,000,001 港元至 17,500,000港元 1 —
9 最高薪人士
五名最高薪人士當中（包括於二零一六年
度累計及分配之酌情花紅和不包括於二
零一五年度累計於二零一六年期間已分
配及支付之酌情花紅），二名（二零一五
年：一名 , 不包括於二零一四年度累計於
二零一五年期間已分配及支付之酌情花
紅）為董事及其酬金已披露於附註 8。 有
關另外三名（二零一五年：四名）人士之
酬金總額如下：
附註 1： 就二零一六年而言，金額包括二零一六
年累計和分配之花紅。就二零一五年而
言，二零一五年之累計花紅未分配予個
別人仕。
五名最高薪人士（包括於二零一六年度
累計及分配之酌情花紅和不包括於二零
一五年度累計及於二零一六年期間已分
配及支付之酌情花紅）（二零一五年：五
名 , 不包括於二零一四年度累計及於二零
一五年分配及支付之酌情花紅）之酬金處
於以下範圍：
122 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
10 loss attriButaBle to equity
shareholders of the CompaNy
The consol idated loss at t r ibutable to equi ty
shareho lders o f the Company inc ludes an
approximate loss of HK$207,430,000 (2015: a
profit of HK$33,068,000) which has been dealt
with in the financial statements of the Company.
11 loss per share
(a) Basic loss per share
The calculat ion of basic loss per share
i s b a s e d o n t h e l o s s a t t r i b u t a b l e t o
e q u i t y s h a r e h o l d e r s o f t h e C o m p a n y
for the year ended 31 December 2016
o f H K $ 3 1 6 , 6 8 8 , 0 0 0 ( 2 0 1 5 : a l o s s o f
HK$152,419,000), and the weighted average
number of shares in issue during the year
ended 31 December 2016 of 2,399,336,394
(2015: 733,062,612).
Weighted average number of ordinary
shares
2016 2015
二零一六年 二零一五年
Issued ordinary shares at 1 January 於一月一日已發行之普通股 2,399,336,394 455,651,221
Effect of issue of shares under share
option scheme
根據購股權計劃發行
股份之影響 — 502,818
Effect of issue of subscription shares 發行認購股份之影響 — 276,908,573
Weighted average number of ordinary
shares at 31 December
於十二月三十一日已發行
股份之加權平均數 2,399,336,394 733,062,612
10 本公司權益持有人應佔虧損
本公司權益持有人應佔綜合虧損包括虧
損 207,430,000 港元（二零一五年：溢利
33,068,000港元），已於本公司財務報
表內處理。
11 每股虧損
(a) 每股基本虧損
每股基本虧損乃按截至二零一六年
十二月三十一日止年度之本公司權
益持有人應佔虧損 316,688,000港
元（二零一五年：虧損 152,419,000
港元）及截至二零一六年十二月
三十一日止年度內已發行股份之加
權 平 均 數 2,399,336,394股（二 零
一五年：733,062,612股）計算。
普通股之加權平均數
123雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
11 loss per share (Continued)
(b) diluted loss per share
T h e c a l c u l a t i o n o f d i l u t e d l o s s p e r
share is based on the loss at tr ibutable
to equi ty shareholders of the Company
for the year ended 31 December 2016
o f H K $ 3 1 6 , 6 8 8 , 0 0 0 ( 2 0 1 5 : a l o s s o f
HK$152,419,000), and the weighted average
number of shares during the year ended 31
December 2016 of 2,399,336,394 (2015:
733,062,612).
Weighted average number of ordinary
shares (diluted)
2016 2015
二零一六年 二零一五年
Weighted average number of
ordinary shares at 31 December
於十二月三十一日普通股之
加權平均數 2,399,336,394 733,062,612
Weighted average number of
ordinary shares (diluted) at 31
December
於十二月三十一日已發行
股份之加權平均數（攤薄）
2,399,336,394 733,062,612
12 segmeNt reportiNg
The operating segments have been determined
based on the reports reviewed by the executive
directors of the Company that are used for
performance assessment and to make strategic
decisions. The Group’s operating businesses are
structured and managed separately according to
the nature of their operations and the products
and services they provide. Each of the Group’s
opera t ing segments represents a s t ra teg ic
business unit that offers products and services
which are subject to risks and returns that are
different from those of other operating segments.
T h e G r o u p c u r r e n t l y h a s t h r e e o p e r a t i n g
segments:
(i) Securities brokerage;
(ii) Securities placing and underwriting; and
(iii) Consultancy and advisory services.
The accoun t i ng po l i c i es and the bas i s o f
segmentation of the reportable segments are the
same as those followed by the Group in the last
annual financial statements.
11 每股虧損（續）
(b) 每股攤薄虧損
每股攤薄虧損乃按截至二零一六年
十二月三十一日止年度之本公司權
益持有人應佔虧損 316,688,000 港
元（二零一五年：虧損 152,419,000
港元）及截至二零一六年十二月
三十一日止年度內已發行股份之加
權平均數 2,399,336,394 股（二零
一五年：733,062,612股）計算。
普通股之加權平均數（攤薄）
12 分部報告
經營分部乃根據本公司執行董事所審閱
並用於評估表現及作出策略性決定之報
告而釐定。本集團之經營業務乃根據其
業務性質及所提供之產品及服務個別進
行組織及管理。本集團各經營分部代表
一個策略性業務單位，提供之產品及服
務所承擔之風險及所得之回報與其他經
營分部不同。本集團現有三個經營分
部，即：
(i) 證券經紀；
(ii) 證券配售及包銷；及
(iii) 顧問及諮詢服務。
可報告分部之會計政策及分類基準與本
集團於最近年度財務報表所依循者相同。
124 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
12 segmeNt reportiNg (Continued)
Segmen t revenue rep resen ts t he revenue
generated by each operat ing segment f rom
externa l cus tomers . In ter -segment revenue
r e p r e s e n t s i n t e r - s e g m e n t s e r v i c e s w h i c h
were transacted with reference to the normal
commercial price made to third parties at the then
prevailing market prices.
Segment results represent specif ic operating
pe r fo rmance o f the repor ted segments by
allocating all specific and related operating costs,
excluding other corporate, general administrative,
and f inanc ia l expenses, taxa t ion and non-
operating costs. This is the measure reported to
the chief operating decision-maker, at the relevant
times, for the purposes of resource allocation and
performance assessment.
(a) segment revenue and results
2016
二零一六年
securities
brokerage
securities
placing and
underwriting
Consultancy
and advisory
services total
證券經紀
證券包銷及
配售
顧問及
諮詢服務 總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Revenue from external
parties
來自外部人士之收入
3,819 — 42,274 46,093
Interest income from clients 來自客戶之利息收入 27 — — 27
Allocated other operating
income
已分配其他經營收入
2,056 — — 2,056
Allocated operating costs 已分配經營成本 (38,785) (5,804) (28,387) (72,976)
Reportable segment (loss)/
profit
可報告分部（虧損）╱溢利
(32,883) (5,804) 13,887 (24,800)
Unallocated other operating
income
未分配其他經營收入
32,926
Net loss on financial assets
at fair value through
profit or loss
按公平值計入損益金融資
產之虧損淨額
(75,688)
Net provision for
impairment loss of other
receivables
其他應收賬款減值虧損之
淨撥備
(6,953)
Provision for impairment
loss of goodwill
商譽減值虧損之撥備
(1,165)
Depreciation and
amortisation
折舊和攤銷
(7,992)
Finance costs 融資成本 (97)
Unallocated legal and
professional expenses
未分配法律及專業費用
(20,100)
Taxation 稅項 8,327
Other central administrative
and unallocated
operating costs (Note)
其他中央行政管理成本及
未分配經營成本（附註）
(221,000)
Loss for the year 本年度虧損 (316,542)
12 分部報告（續）
分部收入指各經營分部自外部客戶產生
之收入。分部間收入指參照按當時市價
向第三方作出之一般商業價格而進行交
易之分部間服務。
分部業績指呈報分部透過分配所有特定
及相關經營成本（不包括其他公司、一般
行政及財政開支、稅項及非經營成本）計
算之特定經營表現，此乃於有關時間匯
報予主要經營決策者作資源分配及表現
評估用途之衡量基準。
(a) 分部收入及業績
125雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
12 segmeNt reportiNg (Continued)
(a) segment revenue and results (Continued)
Note: T h e o t h e r c e n t r a l a d m i n i s t r a t i v e a n d
u n a l l o c a t e d o p e r a t i n g c o s t i n c l u d e s
a d m i n i s t r a t i v e e x p e n s e s , r e s e a r c h a n d
development costs, staff costs and data and
technology related expenses related to the
Group’s financial technology activities.
2015
二零一五年
Securities
brokerage
Securities
placing and
underwriting
Consultancy
and advisory
services Total
證券經紀
證券包銷及
配售
顧問及
諮詢服務 總計
HK’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Revenue from external
parties
來自外部人士之收入
10,965 — 182,908 193,873
Interest income from clients 來自客戶之利息收入 94 — — 94
Allocated other operating
income
已分配其他經營收入
2,119 — — 2,119
Allocated operating costs 已分配經營成本 (44,663) (7,111) (40,934) (92,708)
Allocated finance costs 已分配融資成本 (47) (5) — (52)
Reportable segment (loss)/
profit
可報告分部（虧損）╱溢利
(31,532) (7,116) 141,974 103,326
Unallocated other operating
income
未分配其他經營收入
1,356
Net loss on financial assets
at fair value through
profit or loss
按公平值計入損益金融資產
之虧損淨額
(99,899)
Share of results of
associates
應佔聯營公司業績
567
Gain on disposal of an
associate
出售聯營公司之收益
18,118
Provision for impairment
loss of interest in an
associate
於聯營公司權益減值虧損之
撥備
(714)
Provision for impairment
loss of other receivables
其他應收賬款減值虧損之
撥備 (13,104)
Provision for impairment
loss of goodwill
商譽減值虧損之撥備
(3,484)
Depreciation 折舊 (2,567)
Finance costs 融資成本 (8)
Legal and professional
expenses
法律及專業費用
(5,717)
Taxation 稅項 (79,172)
Other central administrative
costs
其他中央行政管理成本
(75,743)
Loss for the year 本年度虧損 (157,041)
12 分部報告（續）
(a) 分部收入及業績（續）
附註： 其他中央行政管理及未分配的經營
成本主要包括行政管理費用及與金
融技術有關的研發成本、人員成本
及數據和開發技術的相關費用。
126 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
12 segmeNt reportiNg (Continued)
(b) segment assets and liabilities
As the assets and liabilities are regularly
reviewed by the executive directors of the
Company as a whole, the measure of total
assets and liabilities by operating segment is
therefore not presented.
(c) geographical segment information
The Group’s customers , operat ion and
administration are mainly located in Hong
Kong and research and development on
financial technologies divisions are located
in the People’s Republic China.
(d) information about major customers
revenue from
major customers
來自主要客戶之收入
2016 2015
二零一六年 二零一五年
operating segment HK$’000 HK$’000
經營分部 千港元 千港元
Customer A Consultancy and advisory 12,000 —
客戶A 顧問及諮詢
Customer B Consultancy and advisory 7,366 —
客戶B 顧問及諮詢
Customer C Consultancy and advisory 3,288 —
客戶C 顧問及諮詢
The transactions with these customers did
not account for more than 10% of the total
revenue of the Group for the year ended 31
December 2015. These customers are all
related parties to the Group.
12 分部報告（續）
(b) 分部資產及負債
由於本集團執行董事定期整體審閱
資產及負債，因此並無呈列按經營
分部劃分之總資產及負債衡量基
準。
(c) 地區分部資料
本集團之客戶，業務及行政管理主
要位於香港，而集團的金融技術研
發部則設立於中國。
(d) 有關主要客戶之資料
概無客戶進行之交易佔本集團截至
二零一五年十二月三十一日止年度
之總收益 10%以上。這些客戶均為
本集團的關聯方。
127雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
13 property aNd equipmeNt
leasehold
improvements
office
equipment
and furniture
Computers
equipment
motor
vehicles total
租賃物業裝修 辦公設備及傢俬 電腦設備 車輛 總計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Cost 成本
At 1 January 2015 於二零一五年一月一日 7,127 4,158 4,781 — 16,066
Additions 添置 5,331 1,252 3,916 726 11,225
Disposals 出售 (5,391) — — — (5,391)
At 31 December 2015 於二零一五年十二月
三十一日 7,067 5,410 8,697 726 21,900
At 1 January 2016 於二零一六年一月一日 7,067 5,410 8,697 726 21,900
Additions 添置 4,796 1,330 8,745 — 14,871
Exchange alignment 外幣報表折算差額的影響 (193) (67) (95) — (355)
at 31 december 2016 於二零一六年
十二月三十一日 11,670 6,673 17,347 726 36,416
Accumulated depreciation 累計折舊
At 1 January 2015 於二零一五年一月一日 6,202 2,141 2,434 — 10,777
Charge for the year 本年度支出 705 833 989 40 2,567
Written off on disposals 出售時註銷 (5,374) — — — (5,374)
At 31 December 2015 於二零一五年
十二月三十一日 1,533 2,974 3,423 40 7,970
At 1 January 2016 於二零一六年一月一日 1,533 2,974 3,423 40 7,970
Charge for the year 本年度支出 2,706 1,001 3,147 242 7,096
Exchange alignment 外幣報表折算差額的影響 (34) (11) (23) — (68)
at 31 december 2016 於二零一六年
十二月三十一日 4,205 3,964 6,547 282 14,998
Net carrying amount 賬面淨值
at 31 december 2016 於二零一六年
十二月三十一日 7,465 2,709 10,800 444 21,418
At 31 December 2015 於二零一五年
十二月三十一日 5,534 2,436 5,274 686 13,930
13 物業及設備
128 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
14 goodWill aNd other iNtaNgiBle
assets
(a) goodwill
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Cost 成本
At 1 January 於一月一日 3,484 —
Additions 添置 1,165 3,484
At 31 December 於十二月三十一日 4,649 3,484
Accumulated impairment loss 累計減值虧損
At 1 January 於一月一日 (3,484) —
Charge for the year 本年度變化 (1,165) (3,484)
At 31 December 於十二月三十一日 (4,649) (3,484)
Carrying amount 賬面值
At 31 December 於十二月三十一日 — —
The impairment loss recognised during the
year relates to the Group’s newly acquired
subsidiary, Youyu Capital Markets (NZ)
Limited. The recoverable amount of the
subsidiary was based on their value in
use, determined by discounting the future
cash f l ows t o be gene ra ted f r om the
continuing use. Management consider that
it is uncertain for the entity to generate
future cashflows. Therefore, the carrying
amount was determined to be higher than its
recoverable amount and an impairment loss
of HK$1,165,000 was made during 2016.
The impairment loss was fully allocated to
goodwill.
14 商譽及其他無形資產
(a) 商譽
本年度確認的減值損失，與本集團
新收購的附屬公司Youyu Capital
Markets (NZ) Limited有關。附屬
公司的可收回金額以其使用價值為
基礎，通過貼現持續使用產生的未
來現金流量確定。管理層認為，該
實體產生未來現金流量是不確定
的。因此，賬面金額被確定為高於
其可收回金額，並於 2016年度作
出減值虧損 1,165,000港元。減值
虧損已全數分配至商譽。
129雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
14 goodWill aNd other iNtaNgiBle
assets (Continued)
(b) other intangible assets
Trading
Rights Membership
Computer
software total
交易權 會員會籍 電腦軟件 總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
At cost 按成本
At 1 January 2015, 31
December 2015 and 1
January 2016
於二零一五年一月一
日，於二零一五年
十二月三十一日及
二零一六年一月一日 6,550 — — 6,550
Exchange alignment 外幣報表折算差額的
影響 — (21) (21)
Additions (Note) 添置（附註） — 2,930 18,945 21,875
At 31 December 2016 於二零一六年十二月
三十一日 6,550 2,930 18,924 28,404
Accumulated amortisation
and impairment
累計攤銷及減值
At 1 January 2015,
31 December 2015 and
1 January 2016
於二零一五年一月
一日，於二零一五年
十二月三十一日及
二零一六年一月一日 6,000 — — 6,000
Exchange alignment 外幣報表折算差額的
影響 — — (4) (4)
Charge for the year 本年度支出 — — 896 896
At 31 December 賬面值 6,000 — 892 6,892
Carrying amount
At 31 December 2016 於二零一六年
十二月三十一日 550 2,930 18,032 21,512
At 31 December 2015 於二零一五年
十二月三十一日 550 — — 550
As at 31 December 2016, the Group had
three (2015: three) trading rights in The
Stock Exchange of Hong Kong Limited (the
“Stock Exchange”) and one (2015: one)
t rading r ight in the Hong Kong Futures
Exchange Limited (the “Futures Exchange”),
of which two trading rights in the Stock
Exchange and one t rad ing r ight in the
Futures Exchange were fully amortised as at
31 December 2010. The Group also acquired
one club membership with indefinite useful
life similar to the trading rights.
Note: During the year, the addit ion of computer
software amounted to HK$18,945,000 includes
computer software under development totalling
HK$10,896,000. The computer software was
not available for use as of 31 December 2016
and therefore amortisation has not commenced.
14 商譽及其他無形資產（續）
(b) 其他無形資產
截至二零一六年十二月三十一日，
本集團持有 3個聯交所之交易權（二
零一五年：3個）及 1個期交所之交
易權（二零一五年：1個），其中聯
交所的 2個交易權及期交所的 1個
交易權已二零一零年十二月三十一
日完全攤銷。本集團亦獲得一個俱
樂部會員資格，其使用期限與交易
權利類似。
附註： 本 年 內， 電 腦 軟 件 增 加 合 共
18,945,000港元，其中電腦軟件
開發總額為 10,896,000港元。截
至 2016年 12月 31日，電腦軟件
尚未可供使用，因此攤銷尚未開
始。
130 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
15 iNterests iN suBsidiaries
(a) details of the subsidiaries principally
affected the results and assets of the
group
proportion of ownership interest
擁有權權益比例
Name of company
place of
incorporation
and business
particular of
issued/
registered and
fully paid-up
capital (note)
group’s
effective
interest
held by
the
Company
held by a
subsidiary principal activities
公司名稱 註冊成立地點
已發行╱註冊及
繳足股本（附註）
本集團之
實際權益
由本公司
持有
由附屬
公司持有 主要業務
Cannon Investment Advisors
(HK) Limited
Hong Kong 3,910,000 shares 100% — 100% Provision of assets
management services
香港 3,910,000股股份 提供資產管理服務
Fast Capital Holdings Limited Hong Kong 10,000 shares 100% — 100% Investment holding
漢生控股有限公司 香港 10,000股股份 投資控股
Yunfeng Securities Limited
(formerly known as
REORIENT Capital Markets
Limited)
Hong Kong 113,000,000 shares 100% — 100% Securities broking
雲鋒證券有限公司（前稱瑞東
資本市場有限公司）
香港 113,000,000股股份 證券經紀
REORIENT Finance Limited Hong Kong 1 share 100% 100% — Money lending
瑞東金融有限公司 香港 1股股份 貸款
REORIENT Financial Markets
Limited
Hong Kong 125,000,000 shares 100% — 100% Securities broking, securities
placing and underwriting,
and provision of
consultancy and advisory
services
瑞東金融市場有限公司 香港 125,000,000股股份 證券經紀、證券配售及包銷以及
提供顧問及諮詢服務
REORIENT Global Limited Hong Kong 1 share 100% 100% — Provision of administrative
services
瑞東環球有限公司 香港 1 股股份 提供行政服務
REORIENT Holdings Limited Hong Kong 1 share 100% 100% — Investment holding
瑞東控股有限公司 香港 1 股股份 投資控股
REORIENT Share Award
Scheme Nominee Limited
Hong Kong 1,000 shares 100% 100% — Administering and holding the
Company’s shares for the
Share Award Scheme
瑞東股份獎勵計劃代理人
有限公司
香港 1,000股股份 管理及為股份獎勵計劃持有股份
15 於附屬公司之權益
(a) 主要影響本集團業績及資產之附屬
公司詳情
131雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
proportion of ownership interest
擁有權權益比例
Name of company
place of
incorporation
and business
particular of
issued/
registered and
fully paid-up
capital (note)
group’s
effective
interest
held by
the
Company
held by a
subsidiary principal activities
公司名稱 註冊成立地點
已發行╱註冊及
繳足股本（附註）
本集團之
實際權益
由本公司
持有
由附屬
公司持有 主要業務
REORIENT Financial Markets
(USA) LLC
USA 550,000 shares of
US$1 each
100% — 100% Securities broking
美國 550,000股每股面值
1美元之股份
證券經紀
Reorient Strategic Limited British Virgin
Islands
1 share of US$1
each
100% — 100% Investment holding
英屬處女群島 1股每股面值1美元
之股份
投資控股
Profit Trigger Limited British Virgin
Islands
1 share of US$1
each
100% 100% — Holding of brands and
trademarks
創富有限公司 英屬處女群島 1股每股面值1美元
之股份
品牌及商標
REORIENT Asset
Management Limited
British Virgin
Islands
1 share of US$1
each
100% — 100% Investment holding
英屬處女群島 1股每股面值1美元
之股份
投資控股
Wise Point Holdings Limited British Virgin
Islands
1 share of US$1
each
100% 100% — Investment holding
英屬處女群島 1股每股面值1美元
之股份
投資控股
Beijing Chengtong REORIENT
Investment Consultancy
Limited
PRC Registered capital
RMB10,000,000
Paid-up capital
RMB9,892,400
Paid
51% — 51% Investment management,
consulting and advisory
services
北京誠通瑞東投資顧問有限公司 中國 人民幣10,000,000
註冊資本人民幣
9,892,400實繳
資本
投資管理、顧問及諮詢服務
Beijing REORIENT Universal
Investment Consultancy
Limited
PRC Registered capital
RMB70,000,000
Paid-up capital
RMB24,581,039
100% — 100% Investment consulting and
advisory services
北京瑞東環球投資咨詢
有限公司
中國 人民幣70,000,000
註冊資本人民幣
24,581,039實繳
資本
投資顧問及諮詢服務
15 iNterests iN suBsidiaries (Continued)
(a) details of the subsidiaries principally
affected the results and assets of the
group (Continued)
15 於附屬公司之權益（續）
(a) 主要影響本集團業績及資產之附屬
公司詳情（續）
132 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
proportion of ownership interest
擁有權權益比例
Name of company
place of
incorporation
and business
particular of
issued/
registered and
fully paid-up
capital (note)
group’s
effective
interest
held by
the
Company
held by a
subsidiary principal activities
公司名稱 註冊成立地點
已發行╱註冊及
繳足股本（附註）
本集團之
實際權益
由本公司
持有
由附屬
公司持有 主要業務
Shenzhen Youyu Smart
Technologies Limited
(formerly known as
Shenzhen Ruifu Technology
Limited)
PRC Registered capital
RMB100,000,000
Paid-up capital
RMB5,010,000
100% — 100% Technological development
of computer software
and hardware, technical
consulting, technology
services, database and
computer network services
深圳市有魚智能科技有限公司
（前稱深圳市瑞富科技
有限公司）
中國 人民幣100,000,000
註冊資本人民幣
5,010,000實繳
資本
發展電腦軟件及硬件之技術、技
術諮詢、技術服務、數據庫
及電腦網路的服務
Majik Asset Management
(Cayman) Limited
Caymans
Island
1 share of
US1 each
100% — 100% Fund management
開曼群島 1 股每股面值
1美元之股份
基金管理
Majik Cayman GP 1 Limited Caymans
Island
1 share of
US1 each
100% — 100% Fund management
開曼群島 1 股每股面值
1美元之股份
基金管理
Majik Cayman SPV 1 Limited Caymans
Island
1 share of
US1 each
100% — 100% Investment holdings
開曼群島 1 股每股面值
1美元之股份
投資控股
Note: The class of shares held is ordinary shares
unless otherwise stated.
proportion of ownership interest
擁有權權益比例
Name of fund
place of
incorporation
and business
particular of
commitment
(note)
group’s
effective
interest
held by
the
Company
held by a
subsidiary principal activities
公司名稱 註冊成立地點 承諾本（附註）
本集團之
實際權益 由本公司持有
由附屬
公司持有 主要業務
Majik Access
USD Fund 1 .
Caymans
Island
— 100% — 100% Investment
開曼群島 投資
Note: the balance represents capital commitment
b e i n g m a d e b y L i m i t e d p a r t n e r s t o t h e
partnership. As of 31 December 2016, the
first closing of limited partnership is not yet
completed.
15 iNterests iN suBsidiaries (Continued)
(a) details of the subsidiaries principally
affected the results and assets of the
group (Continued)
15 於附屬公司之權益（續）
(a) 主要影響本集團業績及資產之附屬
公司詳情（續）
附註： 除另有說明外，所持股份之類別為
普通股。
附註： 承諾代表有限合夥人向合夥基金作
出的資本承諾。截至 2016年 12月
31日，尚未簽定相關有限合夥協
議。
133雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
15 iNterests iN suBsidiaries (Continued)
(b) information about material non-controlling
interest
The following table lists out the information
re la t ing to Bei j ing Chengtong Reor ient
I n v e s t m e n t C o n s u l t a n c y L i m i t e d , t h e
only subsidiary of the Group which has
material non-controlling interest (NCI). The
summarised financial information presented
below represents the amounts before any
inter-company elimination.
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
NCI percentage 非控股權益百分比 49% 49%
Current assets 流動資產 2,330 2,159
Non-current assets 非流動資產 2 3
Current liabilities 流動負債 (39) (13)
Non-current liabilities 非流動負債 — —
Net assets 資產淨值 2,293 2,149
Carrying amount of NCI 非控股權益之賬面值 1,106 1,036
Revenue 收益 — —
Profit/(loss) for the year 本年度溢利╱（虧損） 299 (9,433)
Total comprehensive income 全面收益總額 144 (10,063)
Profit/(loss) allocated to NCI 分配至非控股權益之溢利╱
（虧損） 146 (4,622)
Dividend paid to NCI 支付予非控股權益之股息 — —
Cash flows from operating activities 來自經營活動之現金 166 (2,660)
Cash flows from investing activities 來目投資活動之現金 7 20
Cash flows from financing activities 來目融資活動之現金 — —
(c) acquisition of subsidiaries
On 7 October 2016, Wise Point Holdings
L im i ted , a who l l y -owned subs id ia ry o f
the Company , acqu i red 100% in te res t
in Youyu Capi ta l Markets (NZ) L imi ted
( “Youyu (NZ) ” ) f o r a cons ide ra t i on o f
approximately HK$1,165,000. The goodwill
of HK$1,165,000 arising from the acquisition
is attributable to the exploration of potential
oversea market for business opportunity. The
goodwill was fully impaired during the Year
as set out in note 14(a) to the consolidated
financial statements. None of the goodwill
r ecogn ised f rom these acqu is i t i ons i s
expected to be deductible for income tax
purpose.
Youyu (NZ) did not generate any revenue
and income since its acquisition date.
15 於附屬公司之權益（續）
(b) 有關於重大非控股權益之資料
下表載列出有關北京誠通瑞東投資
顧問有限公司（唯一一間本集團擁
有重大非控股權益之附屬公司）之
資料。下文呈列之財務資料概述為
任何公司間撇銷之金額。
(c) 收購附屬公司
於 二 零 一 六 年 十 月 七 日， 本 公
司 之 全 資 附 屬 公 司Wise Point
Hold ings L imi ted 收 購 Youyu
Capital Markets (NZ) Limited
（「Youyu (NZ)」）100% 權益，代價
約為 1,165,000港元。本次收購產
生的商譽為 1,165,000港元，主要
是本集團探索潛在海外市場商機的
機會。如合併財務報表附註 14(a)
所列，商譽於本年度全面減值。從
該等收購中確認的商譽，預計不能
用於所得稅目的。
Youyu (NZ)自收購之日起沒有產生
任何收益和收入。
134 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
16 iNterests iN assoCiates
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Share of net assets 應佔資產淨值 714 714
Goodwill 商譽 — —
714 714
Less: provision for impairment loss of
interest in an associate
減：於聯營公司權益減值虧損
之撥備 (714) (714)
— —
During 2015, a petition was filed against ReOil,
LLC (“ReOil”) for breach of contract. Management
believes that ReOil was unlikely to be able to pay
the damages and has ceased operations since
February 2015.
During 2016, the petit ion f i led against ReOil
was dismissed and ReOil continues to cease its
operations.
The recoverable amount of the investment in
ReOil was estimated based on its value in use,
determined by discounting the future cash flows
to be generated from the continuing use of the
investment in ReOil. The carrying amount of the
investment was determined to be higher than its
recoverable amount and an impairment loss of
HK$714,000 was recognised.
17 other NoN-CurreNt assets
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Statutory deposits with exchanges and
clearing house
存放於交易所及結算所之法定
按金 934 634
Rental deposits 租金按金 7,984 6,689
Other deposit for acquisition of
leasehold improvement and
equipment
其他用於購買租賃物業裝修和
設備之按金 1,258 —
Other receivables 其他應收款項 8,210 7,937
Less: provision for impairment of other
receivable
減：其他應收款項減值虧損之
撥備 (8,210) —
10,176 15,260
16 於聯營公司之權益
2015年，針對ReOil，LLC（「ReOil」）提
出了違反合同呈請。管理層認為，ReOil
不太可能支付損失賠償，並於 2015年 2
月起停止運營。
2016年，針對ReOil提出了的違反合同
呈請已獲撤消，及ReOil繼續停止運營。
ReOil投資的可收回金額是根據其使用價
值估算的，通過貼現由繼續使用ReOil
投資產生的未來現金流量來確定。該投
資的賬面金額確定為高於其可收回金
額，確認減值損失 714,000港元。
17 其他非流動資產
135雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
17 other NoN-CurreNt assets
(Continued)
impairment of non-current other receivable
Othe r r ece i vab le i s f u l l y impa i red as t he
recoverability of loan is considered uncertain after
credit assessment performed by management.
The full provision of impairment for the other
receivable is recognised in the consolidated
income statement for the year.
The movement of the allowance for doubtful debts
during the year is as follows:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
At 1 January 於一月一日 — —
Provision for impairment loss
recognised
已確認減值虧損
之撥備 8,210 —
Amount written off 已撇銷款項 — —
At 31 December 於十二月三十一日 8,210 —
18 availaBle-for-sale fiNaNCial
assets
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Non-current available-for-sales
financial assets
非流動可供出售金融資產
measured at fair value 以公平價值計量的
— Investment funds — 投資基金 24,430 —
— Perpetual capital — 永續資本 75,423 —
99,853 —
Fair value of the Group’s avai lable- for-sale
financial assets are determined in the manner
described in note 31(f). In the opinion of the
directors of the Company, non-current available-
for-sale financial assets are not expected to be
realised within one year from the end of the year.
17 其他非流動資產（續）
其他非流動應收賬款之減值
因為在管理層進行信用評估後，其他應
收款的可回收性被認為是不確定的。其
他應收款全額計提減值準備，計入當期
合併利潤表。
年內之呆賬撥備變動如下：
18 可供出售金融資產
本集團可供出售金融資產的公允平價值
按附註 31(f)中所述方式確定。本公司董
事認為，非流動可供出售金融資產預計
自年底起一年內無法變現。
136 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
19 fiNaNCial assets at fair value
through profit or loss
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Financial assets at fair value
through profit or loss
按公平值計入損益之金融資產
Investment designated at fair value
through profit or loss
指定按公平值計入損益之投資
— Equity investment listed in Hong
Kong
— 於香港上市之股權投資
186,100 337,182
— Equity investment listed outside
Hong Kong
— 非香港上市之股權投資
18,700 47,844
held for trading 持作買賣
— Options — 購股權 5,470 25,594
210,270 410,620
20 aCCouNts reCeivaBle aNd
aCCrued iNCome
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Accounts receivable arising from
securities brokerage:
證券經紀產生之應收賬款：
— Cash clients — 現金客戶 12,668 29,059
— Margin clients — 保證金客戶 26,122 26,122
— Clearing house, brokers and dealers — 結算所、經紀及證券商 9,796 5
48,586 55,186
Accounts receivable arising from
consultancy and advisory services
顧問及諮詢服務產生之
應收賬款
— Corporate clients — 企業客戶 1,926 26,037
— Accounts receivable arising from
disposal of financial assets at fair
value through profit or loss
— 出售按公平值計入損益之
金融資產所產生之應收
賬款 — 243,700
50,512 324,923
Less: allowance for doubtful debts 減：呆賬撥備 (26,901) (28,669)
23,611 296,254
The ba lances o f accounts rece ivab le f rom
consultancy and advisory services does not have
any fees accrued (2015: HK$1,763,000) for on-
going advisory projects which have not been
billed.
T h e f a i r v a l u e o f a c c o u n t s r e c e i v a b l e
approximates its carrying amount.
19 按公平值計入損益之金融資產
20 應收賬款及應計收入
來自諮詢及顧問服務的應收賬款結餘，
並沒有尚未計算的持續諮詢項目的應計
費用（2015年：1,763,000港元）。
應收賬款之公平值與其賬面值相若。
137雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
20 aCCouNts reCeivaBle aNd
aCCrued iNCome (Continued)
(a) ageing analysis of accounts receivable
The ageing analysis of accounts receivable
net of allowance for doubtful debts as of the
end of the reporting period is as follows:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Current 即期 22,043 274,255
Less than 1 month past due 逾期少於 1個月 863 13,436
1 to 3 months past due 逾期 1至 3個月 95 7,039
More than 3 months past due 逾期 3個月以上 610 1,524
Amounts past due 逾期款項 1,568 21,999
23,611 296,254
The Group has procedures and pol icies
to assess the cl ient’s credit quali ty and
defines credit limits for each client. All client
acceptance and credit limit are approved
by designated approvers according to the
client’s credit worthiness.
(b) accounts receivable which are past due
but not impaired
Included in the Group’s accounts receivable
balance are debtors wi th an aggregate
carrying amount of HK$1,568,000 (2015:
HK$21,999,000) which are past due at the
end of the reporting period for which the
Group has not made provision for impairment
loss.
Accounts receivable from cash clients which
are past due but not impaired represent
client trades with carrying amount of 2016:
HK$154,000 (2015: HK$264,000) which
are unsettled beyond the settlement date.
No impairment loss was provided for these
balances as either the Group held securities
collateral for those balances with fair values
in excess of the past due amounts or the
balances have been settled subsequently.
Col la tera ls held against such accounts
receivable are publicly traded securities.
20 應收賬款及應計收入（續）
(a) 應收賬款之賬齡分析
於報告期末之應收賬款（扣除呆賬
撥備）賬齡分析如下：
本集團設有程序及政策評估潛在客
戶之信貸質素，並界定各客戶之信
貸限額。所有接納客戶之事宜及信
貸限額須經指定批核人依據有關客
戶之信用審批。
(b) 已逾期但未減值之應收賬款
本集團之應收賬款結存包括賬面總
值為 1,568,000港元（二零一五年：
21,999,000港元）之應收賬款，該
等款項於報告期末已逾期，且本集
團並無就此作出減值虧損撥備。
來自現金客戶之已逾期但未減值
應收賬款 154,000港元（二零一五
年：264,000港元）分別指於結算日
期後仍未清償之客戶賬款。由於本
集團就該等結存持有公平值高於逾
期款項之證券抵押品或結餘其後已
清償，故並無就該等結存作出減值
虧損撥備。就該等應收賬款持有之
抵押品為上市買賣證券。
138 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
20 aCCouNts reCeivaBle aNd
aCCrued iNCome (Continued)
(b) accounts receivable which are past due
but not impaired (Continued)
Accounts receivable from corporate clients of
HK$1,414,000 (2015: HK$21,735,000) which
are past due but not impaired represent
accounts receivable arising from provision of
corporate finance, consultancy and advisory
services which have not yet been settled and
aged by their invoice date. No impairment
loss was provided for these balances as
these clients are trade counterparties with
sound credit rating and/or reputation.
(c) impairment of accounts receivable
The Group has a po l icy fo r a l lowance
for doubtful debts which is based on the
evaluation of collectability, ageing analysis
of accounts and management’s judgement
including the creditworthiness, collaterals
and the past collection history of each client.
The movement of the allowance for doubtful
debts during the year is as follows:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
At 1 January 於一月一日 28,669 28,281
Provision for impairment loss
recognised
已確認減值虧損之撥備
94 389
Amount recovered during the year 年內收回之款項 — (1)
Amount written off 已撇銷款項 (1,862) —
At 31 December 於十二月三十一日 26,901 28,669
Inc luded in the a l lowance for doubt fu l
debts were individually impaired accounts
receivable which have financial difficulties
in making payments. Among the allowance
f o r d o u b t f u l d e b t s , a p p r o x i m a t e l y
HK$26,122,000 (2015: HK$26,122,000)
re la tes to ind iv idua l ly impai red marg in
cl ients accounts receivable, HK$267,000
(2015: HK$174,000) relates to individually
impaired accounts receivable arising from
the business of dealing in securities and
HK$512,000 (2015: HK$2,373,000) relates to
impaired accounts receivable from corporate
clients.
The Group ceased providing margin financing
service since 2004 and the balance represented
the past due amounts due from margin clients
brought forward from 2004.
20 應收賬款及應計收入（續）
(b) 已逾期但未減值之應收賬款（續）
來自企業客戶之已逾期但未減值應
收賬款 1,414,000港元（二零一五
年：21,735,000港元）指提供企業
融資、顧問及諮詢服務產生之應收
賬款，其於發票日期起計仍未清
償及已到期。由於該等客戶為信貸
評級及╱或聲譽良好之交易對手，
故並無就該等結存作出減值虧損撥
備。
(c) 應收賬款之減值
本集團設有計提呆賬撥備之政策，
有關政策以可收回性評估、賬項之
賬齡分析及管理層對各客戶之信
譽、抵押品及過往收款記錄之判斷
為基礎。
年內之呆賬撥備變動如下：
呆賬撥備包括有重大財務困難之個
別已減值應收賬款。於呆賬撥備
中，約 26,122,000港元（二零一五
年：26,122,000港元）與個別已減
值之應收保證金客戶賬款有關，
而 267,000港 元（二 零 一 五 年：
174,000港元）與個別已減值之證
券買賣業務產生之應收賬款有關，
而 512,000港 元（二 零 一 五 年：
2,373,000港元）與已減值之應收企
業客戶賬款有關。
本集團自二零零四年起停止提供保
證金融資服務，而有關餘額指自二
零零四年起結轉之應收保證金客戶
之逾期款項。
139雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
20 aCCouNts reCeivaBle aNd
aCCrued iNCome (Continued)
(d) Balance with related parties
As at 31 December 2016, included in the
accounts receivable from corporate clients
are amounts of:
(i) At 31 December 2016, no outstanding
accounts receivable (2015: HK$1,613,000)
from companies where our non-executive
director, Mr. Ko Chun Shun, Johnson
(“Mr. Ko”), is a substantial shareholder
and an executive director for one of the
companies and an executive director for
the other one.
(ii) A t 3 1 D e c e m b e r 2 0 1 6 , a c c o u n t s
r e c e i v a b l e o f H K $ 5 1 9 , 0 0 0 ( 2 0 1 5 :
HK$20,620,000) are receivable from
companies where Mr. Ko is a substantial
shareholder.
21 other reCeivaBles, deposits aNd
prepaymeNts
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Rental and other deposits 租金及公用事業按金 665 1,976
Prepayments 預付款項及其他按金 6,845 9,062
Other receivables, net of provisions 應收利息及其他應收款項
（扣除撥備） 7,514 7,631
15,024 18,669
Included in the other receivable amounted to
HK$8,585,000 were individually fully impaired
accoun t s r ece i vab l e w h i ch have f i nanc i a l
difficulties in making payments. During the year,
there is no additional provision made or reversed
to consolidated income statement.
The fair values of other receivables, deposits and
prepayments approximate their carrying amounts.
The above balances are expected to be recovered
within one year.
20 應收賬款及應計收入（續）
(d) 與關聯人士之結餘
於二零一六年十二月三十一日，來
自企業客戶之應收賬款包括 :
(i) 於二零一六年十二月三十日，
概無應收公司之款項（二零
一五年：1,613,000港元）（本
公司非執行董事高振順先生
（「高先生」）為其中一間公司之
主要股東兼及執行董事和另一
間公司之執行董事）；及
(ii) 於 二 零 一 六 年 十 二 月 三 十
日， 應 收 一 間 公 司 之 款 項
519,000港元（二零一五年：
20,620,000港元）（高先生為
該公司之主要股東）。
21 其他應收款項、按金及預付款項
包括在其他應收款項總額為 8,585,000
港元的個別應財政困難無法支付款項而
全面減值應收賬款。本年度內，本集團
沒有增加減值或轉回相關應收賬減值款
至綜合收益表。
其他應收款項、按金及預付款項之公平
值與其賬面值相若。上述結餘預期將於
一年內收回。
140 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
22 Cash aNd Cash equivaleNts
(a) Cash and cash equivalents comprise:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Deposits with bank 銀行存款 45,600 30,000
Fixed bank deposits with original
maturity less than 3 months
到期期限少於三個月的
銀行定期存款 3,526,079 3,900,000
Cash at bank and in hand 銀行及手頭現金 68,815 232,922
3,640,494 4,162,922
As at 31 December 2016, deposits with
bank amounted to HK$45,600,000 (2015:
HK$30,000,000) were deposits secured for
banking facilities.
The Group maintains segregated accounts
with authorised institutions to hold clients’
monies arising from its normal course of
business of the regulated activit ies. The
Group has classif ied the bank balances
– t rust and segregated accounts under
current assets in the consolidated statement
o f f i n a n c i a l p o s i t i o n a n d r e c o g n i s e d
the corresponding account payables to
respective clients and other institutions on
the grounds that it is liable for any loss or
misappropriat ion of cl ients’ monies. The
Group is not allowed to use the clients’
m o n i e s t o s e t t l e i t s o w n o b l i g a t i o n s .
The cash held on behalf of customers is
restricted and governed by the Securities
and Futures (Client Money) Rules under the
Securities and Futures Ordinance. As at 31
December 2016, client money maintained
i n s e g r e g a t e d a c c o u n t s a m o u n t e d t o
HK$358,544,000 (2015: HK$169,319,000).
22 現金及現金等值項目
(a) 現金及現金等值項目包括：
於二零一六年十二月三十一日，計
入銀行存款之金額 45,600,000港元
（二零一五年： 30,000,000港元）已
抵押作為銀行透支融資之擔保。
本集團於認可機構開立獨立賬戶，
以持有其正常受規管活動業務過程
中產生之客戶款項。本集團已將銀
行結存—信託及獨立賬戶分類為綜
合財務狀況表之流動資產項下，並
因須就客戶款項之任何損失或不當
挪用負責而確認相應之應付予有關
客戶及其他機構之賬款。本集團不
得使用客戶款項清償其本身債務。
代客戶持有之現金受證券及期貨條
例下之證券及期貨（客戶款項）規
則限制及規管。於二零一六年十二
月三十一日，存置於獨立賬戶之客
戶款項為 358,544,000港元（二零
一五年 : 169,319,000港元）。
141雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
22 Cash aNd Cash equivaleNts
(Continued)
(b) Reconciliation of loss before taxation to cash
used in operating activities:
2016 2015
二零一六年 二零一五年
Note HK$’000 HK$’000
附註 千港元 千港元
Loss before taxation 除稅前虧損 (324,868) (77,869)
Adjustments for: 經調整：
Non-cash consideration for
consultancy and advisory fees
非現金之顧問及諮詢費
— (91,406)
Share of results of associates 應佔聯營公司業績 — (567)
Gain on disposal of an associate 出售聯營公司之收益 — (18,118)
Net loss on financial assets 淨金融資產虧損 75,688 99,899
Depreciation and amortisation 折舊及攤銷 7,992 2,567
Written back on disposal of plant,
property and equipment
物業及設備出售時抵押
— 17
Finance costs 融資成本 97 60
Interest income 利息收入 (32,357) (1,356)
Provision for impairment loss of
goodwill
商譽減值虧損之撥備
14(a) 1,165 3,484
Provision for impairment loss of
accounts receivable
應收賬款之減值虧損
93 389
Provision for impairment loss of
other receivable
其他應收款項減值虧損之
撥備 8,210 13,104
Provision for impairment loss of
interest in an associate
於聯營公司之權益之減值
虧損 — 714
Equity-settled share-based
payment expenses
以權益結算並以股份支付
之開支 2,084 15,734
(261,896) (53,348)
Changes in working capital: 營運資金變動：
Increase in other non-current
assets
其他非流動資產增加
(1,683) (6,404)
Net proceeds from disposal and
used in acquisition of financial
asset at fair value through
profit or loss
出售按公平值計入損益之
金融資產之所得款
368,362 328,158
Decrease in accounts receivable 應收賬款減少 28,850 159,476
Increase in other receivables,
deposits and prepayments
其他應收款項、按金及預
付款項增加 8,081 (9,832)
Increase in bank balances —
trust and segregated accounts
銀行結存 — 信託及獨立
賬戶增加 (189,008) (145,320)
Increase in accounts payable 應付賬款增加 172,838 5,931
Increase/(decrease) in accrued
expenses and other payables
應計費用及其他應付款項
增加╱（減少） 6,774 (98,999)
Decrease in amounts due to
directors
應付董事款項減少
(149) (382)
Net cash generated from operating
activities
經營業務產生之現金淨額
132,169 179,280
22 現金及現金等值項目（續）
(b) 除稅前虧損與經營業務耗用之現金
之對賬 :
142 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
23 aCCouNts payaBle
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Accounts payable 應付賬款
— Cash clients — 現金客戶 360,474 171,927
— Brokers and dealers — 經紀及證券商 10,203 25,694
370,677 197,621
Inc luded in accounts payab le are amounts
payable to clients and other institutions in respect
of the t rust and segregated bank balances
received and held for clients and other institutions
in the course o f the conduc t o f regu la ted
act iv i t ies, which amount to HK$358,469,000
(2014: HK$169,319,000).
All of the accounts payable are aged and due
within one month or on demand.
(a) Balance with related parties
At 31 December 2016, accounts payable
of HK$230,000 (2015: HK$230,000) are
payable to Mr. Ko and HK$524,000 (2015:
HK$139 ,000) a re accoun ts payab le to
the related companies where Mr. Ko are
substantial shareholder and director.
24 aCCrued expeNses aNd other
payaBles
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Accrued staff costs 應計員工成本 41,777 38,687
Other payables and accruals 其他應付款項及應計費用 13,706 10,102
Amount due to directors 應付董事費用 — 149
55,483 48,938
All accrued expenses and other payables are
expected to be settled within one year or will be
settled in the Group’s normal operating cycle.
23 應付賬款
應付賬款包括就於進行受規管活動過程
中為客戶及其他機構收取及持有之信託
及獨立銀行結存而應付客戶及其他機構
之款項 358,469,000港元（二零一五年：
169,319,000港元）。
所有應付賬款之賬齡為於一個月內到期
或按要求償還。
(a) 與關聯方的結餘
截至二零一六年十二月三十一日，
應付高先生之款項 230,000港元
（二零一五年：230,000港元）及應
付高先生關聯公司之款項 524,000
港元（二零一五年：139,000港元）
（高先生為該等公司之主要股東及
董事）。
24 應計費用及其他應付款項
所有應計費用及其他應付款項預期將於
一年內清償，或將於本集團之正常經營
週期內清償。
143雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
25 employee retiremeNt BeNefits —
defiNed CoNtriButioN retiremeNt
plaN
The Group operates a Mandatory Provident
Fund Scheme (the “MPF scheme”) under the
Hong Kong Mandatory Provident Fund Schemes
Ordinance for employees employed under the
ju r isd ic t ion o f the Hong Kong Employment
Ord inance. The MPF scheme is a de f ined
contr ibut ion ret irement plan administered by
independent trustees. Under the MPF scheme,
the employer and i t s emp loyees a re each
required to make contributions to the plan at 5%
of the employees’ relevant income, subject to a
cap of monthly relevant income of HK$30,000
(2015: HK$30,000). Contributions to the plan vest
immediately.
26 oBligatioN uNder fiNaNCe lease
At 31 December 2016, the Group had obligations
under finance leases repayable as follows:
2016 2015
二零一六年 二零一五年
present
value of the
minimum
lease
payment
total
minimum
lease
payment
Present
Value of the
Minimum
lease
payment
Total
minimum
lease
payment
現值的最低
租賃付款
最低租賃
付款總額
現值的最低
租賃付款
最低租賃
付款總額
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Within one year 一年以內 842 977 — —
After one but within 2 years 一年後但兩年內 907 977 — —
After 2 years but within 5 years 兩年後但五年內 478 489 — —
2,227 2,443 — —
Less: finance cost 減：融資成本 (216) —
present value lease obligation 現值租賃負債 2,227 —
25 僱員退休福利 — 定額供款退休計
劃
本集團按香港強制性公積金計劃條例為
在香港僱傭條例管轄範圍內受僱及之前
未受定額福利退休計劃保障之僱員提供
強制性公積金計劃（「強積金計劃」）。強
積金計劃為由獨立受託人管理之定額供
款退休計劃。根據強積金計劃，僱主及
其僱員各自須按僱員有關入息 5%對計劃
作出供款，每月有關入息上限為 30,000
港元（二零一五年每月有關入息上限為
30,000港元）。計劃供款即時歸屬。
26 融資租賃負債
於二零一六年十二月三十一日，本集團
於融資租賃之責任如下：
144 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
27 iNCome tax iN the statemeNt of
fiNaNCial positioN
(a) Current taxat ion in the statement of
financial position represents:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Provision for Hong Kong Profits Tax
for the year
本年度香港利得稅
撥備 53,087 61,451
Provisional Profits Tax paid 已付暫繳利得稅 — —
53,087 61,451
(b) d e f e r r e d t a x a s s e t s a n d l i a b i l i t i e s
recognised:
The components of deferred tax liabilities/
(assets) recognised in the consol idated
statement of f inancia l posi t ion and the
movements during the year are as follows:
accelerated tax
depreciation tax losses
Net unrealised
gain on
financial assets
at fair value
through profit
or loss
decelerated
tax on expense
incurred total
提前稅項
折舊 稅項虧損
按公平值
計入損益之
金融資產
之未變現收益 減緩費用 總額
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
deferred tax liabilities/(assets)
arising from:
以下各項產生之遞延稅項
負債╱（資產）：
At 1 January 2015 於二零一五年一月一日 502 (502) — — —
(Credited)/charged to profit or loss （計入）╱扣自損益 855 (14,004) 31,320 — 18,171
at 31 december 2015 於二零一五年
十二月三十一日 1,357 (14,506) 31,320 — 18,171
At 1 January 2016 於二零一六年一月一日 1,357 (14,506) 31,320 18,171
Exchange alignment 外幣報表折算差額的影響 — — — 24 24
(Credited)/charged to profit or loss 扣自╱（計入）損益 (60) 13,209 (31,320) (532) (18,703)
at 31 december 2016 於二零一六年
十二月三十一日 1,297 (1,297) — (508) (508)
27 於財務狀況表中之所得稅
(a) 財務狀況表內之當期稅項指：
(b) 遞延稅項資產及負債之確認：
本年度於綜合財務狀況表確認之遞
延稅項負債╱（資產）部份及變動如
下：
145雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
27 iNCome tax iN the statemeNt of
fiNaNCial positioN (Continued)
(b) d e f e r r e d t a x a s s e t s a n d l i a b i l i t i e s
recognised: (Continued)
At 31 December 2016, no deferred tax asset
has been recognised in respect of the tax
losses of HK$ 627 million (2015: HK$352
million) to the extent that it is not probable
that future taxable profit against which the
losses can be utilised will be available in the
relevant tax jurisdiction and entity. The tax
losses amounting to HK$598 million (2015:
HK$421 million) do not expire under current
tax legislation.
28 Capital, reserves aNd divideNds
(a) movements in components of equity
The reconciliation between the opening and
closing balances of each component of the
Group’s consolidated equity is set out in the
consolidated statement of changes in equity
on page 85. Details of the changes in the
Company’s individual components of equity
between the beginning and the end of the
year are set out below:
The Company
share capital
shares held by
share award
scheme
share-based
payment
reserve
accumulated
losses total
股本
股份獎勵計劃
所持有之股份
以股份基礎之
付款儲備 累計虧損 總計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
at 1 january 2015 於二零一五年一月一日 614,416 (23,013) 7,436 (116,025) 482,814
Equity settled share-based
transactions
以股份權益為結算基礎
的交易 — — 15,160 — 15,160
Shares vested under share award
scheme
根據股份獎勵計劃歸屬
之股份 — 14,971 (14,971) — —
Exercise of share options 行使購股權 5,947 — (1,694) — 4,253
Issue of subscription shares 發行認購股份 3,885,040 — — — 3,885,040
Cost of issuance of subscription
shares
發行認購股份之成本
(6,358) — — — (6,358)
Total comprehensive income for the
year
本年度全面收益總額
— — — 33,068 33,068
at 31 december 2015 and
1 january 2016
於二零一五年十二月
三十一日及二零一六年
一月一日 4,499,045 (8,042) 5,931 (82,957) 4,413,977
Equity settled share-based
transactions
以股份權益為結算基礎
的交易 — — 2,084 — 2,084
Shares vested under share award
scheme
根據股份獎勵計劃歸屬
之股份 — 7,945 (7,945) — —
Total comprehensive income for the
year
本年度全面收益總額
— — — (207,430) (207,430)
at 31 december 2016 於二零一六年十二月
三十一日 4,499,045 (97) 70 (290,387) 4,208,631
27 於財務狀況表中之所得稅（續）
(b) 遞延稅項資產及負債之確認：（續）
於二零一六年十二月三十一日，並
無 就 稅 項 虧 損 627,000,000港 元
（二零一五年：352,000,000港元）
確認遞延稅項資產，由於相關稅務
司法權區及實體不大可能有未來應
課稅溢利可利用該虧損抵銷。稅項
虧損 598,000,000港元（二零一五
年：421,000,000港元）根據現行稅
務法例不會屆滿。
28 資本、儲備及股息
(a) 權益部份之變動
本集團綜合權益各部份之年初與年
終結存之對賬載於第 85頁之綜合權
益變動表。本公司個別權益部份於
年初及年終之變動詳情載列如下：
本公司
146 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
28 Capital, reserves aNd divideNds
(Continued)
(b) Nature and purpose of reserves
(i) Share held by share award scheme
and share-based payment reserve
The Company’s shares held by Reorient
Share Award Scheme Nominee Limited
f o r t h e s h a r e a w a r d s c h e m e a r e
presented as a deduction in equity as
shares held for share award scheme.
S h a r e - b a s e d p a y m e n t r e s e r v e
represents the grant date fair value of
unexercised share options granted to
employees of the company that has
been recognised in accordance with the
accounting policy adopted for share-
based payments.
(ii) asset revaluation reserve
The asset revaluation reserve arose
on the revaluation of the trading rights
in the exchanges in Hong Kong in
prior years. The carrying value of the
trading rights have been fully amortised
i n p rev ious yea rs . The rema in ing
revaluat ion reserve wi l l be real ised
when the Group disposes of the trading
rights.
(iii) exchange reserve
The exchange reserve comprises all
foreign exchange differences arising
from the translation of the f inancial
statements of foreign operations. The
reserve is dealt with in accordance with
the accounting policies set out in note
2(v).
(iv) statutory reserve
Pursuan t t o t he Company Law o f
t he PR C , i n acco rdance w i t h t he
Company ’s ar t ic les o f assoc ia t ion ,
10% of the net profit of the Company,
determined in accordance wi th the
relevant accounting rules and financial
regulations applicable to enterprises in
the PRC (“PRC GAAP”), is required to
be transferred to the statutory reserve
un t i l such t ime when th is reserve
reaches 50% of the registered capital
of the subsidiary incorporated in PRC.
The reserve appropriated can be used
for expansion of business scale and
capitalization. If the statutory reserve
is capitalised into registered capital,
the remaining reserve is required to be
no less than 25% of the subsidiary’s
registered capital before capitalization.
28 資本、儲備及股息（續）
(b) 儲備之性質及用途
(i) 就股份獎勵計劃持有之股份及
以股份為基礎之付款儲備
由瑞東股份獎勵計劃代理人有
限公司持有之本公司股份作為
一個扣減項目在股本權益中呈
報，列作就股份獎勵計劃而持
有之股份。
以股份為基礎之付款儲備乃指
向本公司僱員授出而尚未行使
之購股權於授出日期之公平
值，其已根據以股份為基礎之
付款而採納之會計政策確認。
(ii) 資產重估儲備
資產重估儲備於重估過往年度
於香港之交易所之交易權時產
生。交易權之賬面值已於過往
年度悉數攤銷。餘下重估儲備
將於本集團出售交易權時變
現。
(iii) 匯兌儲備
匯兌儲備包括所有換算外國業
務財務報表產生之匯兌差額。
該儲備根據附註 2(v)所載之會
計政策予以處理。
(iv) 法定儲備
根據中華人民共和國公司法之
公司章程，按照適用於中國企
業的有關會計規則和財務條例
確定的本公司淨利潤的 10％
（「中國GAAP」），須轉入法定
公積金，直至該儲備金達到在
中國註冊成立的附屬公司註冊
資本的 50％。所佔用的儲備
金可用於擴大業務規模和資本
化。法定公積金轉為註冊資本
時，剩餘股份在資本化前不少
於附屬公司註冊資本的25％。
147雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
28 Capital, reserves aNd divideNds
(Continued)
(c) distributability of reserves
As at 31 December 2016, the Company
did not have any reserves avai lable for
distribution to equity shareholders of the
Company, as calculated under the provisions
of Part 6 of the new Hong Kong Companies
Ordinance (Cap. 622) (2015: nil).
(d) dividend
No dividend was paid or proposed for the
year ended 31 December 2016 (2015: nil),
nor has dividend been proposed since the
end of the reporting period.
(e) share capital
Movements o f the Company ’s ord inary
shares are set out below:
2016 2015
二零一六年 二零一五年
Number of
shares HK$’000
Number of
shares HK$’000
股份數目 千港元 股份數目 千港元
issued and fully paid 已發行及繳足
Balance brought forward 承前結存 2,399,336,394 4,499,548 455,651,221 614,919
Issue of subscription shares
less costs of issuance of
subscriptions shares
發行認購股份減發行認購股
份之成本
— — 1,942,520,000 3,878,682
Shares issued under share option
scheme
根據購股權計劃發行之股份
— — 1,165,173 5,947
Balance carried forward 結轉結存 2,399,336,394 4,499,548 2,399,336,394 4,499,548
The holders of ordinary shares are entitled
to receive dividends as declared from time to
time and are entitled to one vote per share
at meetings of the Company. All ordinary
shares rank equal ly wi th regard to the
Company’s residual assets.
28 資本、儲備及股息（續）
(c) 儲備之可分派性
於二零一六年十二月三十一日，根
據新香港公司條例（第 622章）第 6
部份的條文計算，本公司並無任何
可供分派予本公司股權擁有人之儲
備 （二零一五年：無）。
(d) 股息
截至二零一六年十二月三十一日
止年度並無派付或擬派股息（二零
一五年：無），而自報告期末起亦
無建議派付任何股息。
(e) 股本
本公司普通股之變動載列如下：
普通股持有人有權收取不時宣派之
股息，且於本公司大會上每股可投
一票。所有普通股就本公司之剩餘
資產均享有同等地位。
148 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
28 Capital, reserves aNd divideNds
(Continued)
(e) share capital (Continued)
(i) Issue of subscription shares
On 7 May 2015, the Company entered
into five conditional share subscription
ag reements w i th each o f Yun feng
Financial Holdings Limited, Harbour
Yields Limited, Violet Passion Holdings
Limited, Gentle Bright Development
Limited and Chosen Global Holdings
Limited (col lect ively, referred to as
the “Investors”). Pursuant to which the
Investors have condit ional ly agreed
to subscr ibe for, and the Company
has conditionally agreed to allot and
issue, a total of 1,942,520,000 ordinary
share of the Company (“Subscription
Shares”) at an issue price of HK$
p e r S u b s c r i p t i o n S h a r e t o t h e
Investors in an aggregate amount of
HK$3,885,040,000. Af ter deduct ing
the expenses in connection with the
transaction amounting to HK$6,358,000,
the net proceeds from the subscription
were HK$3,878,682,000. Out of the
1,942,520,000 Subscr ipt ion Shares,
1 ,342,976,000 Subscr ip t ion Shares
representing a shareholding percentage
of approximately 56% as enlarged by
the issue of the Subscription Shares
upon the completion of the subscription,
wou ld be subsc r i bed f o r by Jade
Passion Limited (“Jade Passion”), an
indirect subsidiary owned as to %
by YFHL. As a result, at the completion
o f the subsc r ip t ion , Jade Pass ion
became the new controlling shareholder
and YFHL became the ultimate holding
company of the Company.
(ii) Issue of shares under share option
scheme
On 30 October 2014, 10,495,412 share
options were granted by the Company
under its share option scheme to eligible
persons (the “Share Option Grantees”)
to subscribe for the same number of
ordinary shares of the Company. As
of 31 December 2016 and 2015, no
share opt ion remained outs tanding
and exercisable. Details of the grant
of share options were disclosed in the
Company’s announcement dated 30
October 2014.
28 資本、儲備及股息（續）
(e) 股本（續）
(i) 發行認購股份
於二零一五年五月七日，本
公司及雲鋒金融控股有限公
司（「雲鋒金融控股」）、港利
有 限 公 司、Violet Passion
Holdings Limited、Gentle
Bright Development Limited
及Chosen Global Holdings
Limited Limited（統 稱 為「投
資者」）訂立五份有條件股份認
購協議。據此，投資者已有條
件地同意認購及本公司已有條
件地同意按每股認購股份
港元之發行價配發及發行合共
1,942,520,000 股本公司股份
（「認購股份」）予投資者，總金
額為 3,885,040,000 港元。扣
除與交易總額 6,358,000港元
有關的開支後，認購事項之所
得款項淨額為 3,878,682,000
港 元。1,942,520,000 股 認
購股份當中，Jade Passion
Limited （「Jade Passion」）
（雲鋒金融控股擁有 %
之 間 接 附 屬 公 司 ）將 認 購
1,342,976,000 股認購股份
（佔完成認購後本公司經擴大
之已發行認購股份約 56%）。
因此，在認購完成後，Jade
Passion為新的控股股東，而
雲鋒金融控股則為本公司最終
控股公司。
(ii) 據購股權計劃發行股份
於二零一四年十月三十日，本
公司根據其購股權計劃向合資
格人士 （「購股權承授人」） 授
出 10,495,412份購股權，以
認購本公司同等數量的普通
股。截至二零一六年及二零
一五年十二月三十一日，沒有
購股權仍未行使及可行使。授
出購股權之詳情已於本公司日
期為二零一四年十月三十日之
公告披露。
149雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
28 Capital, reserves aNd divideNds
(Continued)
(f) Capital management
Capi ta l compr ises of share capi ta l and
reserves stated on the Group’s and the
Company’s statement of financial position.
The Group ’ s p r ima ry ob jec t i ves when
managing capi ta l are to safeguard the
Group’s ab i l i ty to cont inue as a go ing
concern, so that it can continue to provide
returns for the shareholders and benefits
for other stakeholders, by pricing services
commensurately with the level of risk and by
securing access to finance at a reasonable
cost.
The Company manages capital by regularly
monitoring its current and expected liquidity
requirements rather than using debt/equity
analyses. Nei ther the Company nor i ts
subsidiaries, except for Reorient Financial
Markets Limited (“RFM”), Yunfeng Securities
Limited (“YFSL”) and Cannon Investment
Advisors (HK) Limited (“Cannon”), is subject
to externally imposed capital requirements.
RFM, YFSL and Cannon are regulated by the
Securities and Futures Commission (“SFC”)
and are required to comply with certain
minimum capital requirements according to
the Securities and Futures Ordinance.
The management monitors RFM, YFSL and
Cannon’s liquid capital daily to ensure they
meet the minimum liquid capital requirement
in accordance w i th the Secur i t ies and
Futures (Financial Resources) Rules (“FRR”)
adopted by SFC. Under the FRR, RFM and
YFSL must maintain i ts l iquid capital in
excess of HK$3 million or 5% of their total
adjusted liabilities whichever is higher. The
required information was filed with SFC on a
monthly basis. RFM, YFSL and Cannon were
in compliance with the capital requirements
imposed by FRR during the current and prior
year.
28 資本、儲備及股息（續）
(f) 資本管理
資本包括於本集團及本公司之財務
狀況表所列之股本及儲備。本集團
管理資本之主要目標為透過訂定與
風險水平相稱之服務價格以及以合
理成本取得融資，保障本集團之持
續經營能力，以便繼續為股東帶來
回報及為其他利益相關者帶來利
益。
本公司透過定期監察其現時及預
期流動資金需求而並非運用債務
╱股權分析管理資本。本公司或
其附屬公司（瑞東金融市場有限公
司（「瑞東金融市場」）﹑雲鋒證券
有限公司（「雲鋒證券」）及Cannon
I n v e s t m e n t A d v i s o r s ( H K )
Limited（「Cannon」)除外）毋須遵
守外界制定之資本規定。瑞東金融
市場﹑雲鋒證券及Cannon受證券
及期貨事務監察委員會（「證監會」）
所規管，並須根據證券及期貨條例
遵守若干最低資本規定。
管理層根據證監會採納之證券及期
貨（財政資源）規則（「財政資源規
則」）每日監察瑞東金融市場﹑雲
鋒證券及Cannon之流動資金以確
保其符合最低流動資金需求。根據
財政資源規則，瑞東金融市場及雲
鋒證券須維持 3,000,000港元或佔
其經調整負債總額 5%（以較高者為
準）以上之流動資金。所需資料乃
每月提交予證監會備案。瑞東金融
市場﹑雲鋒證券及Cannon於本年
度及上年度遵守財政資源規則所制
定之資本規定。
150 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
29 employee share-Based
arraNgemeNts
(a) share option scheme
(i) The number and weighted average
exercise prices of share options are as
follows:
2015
二零一五年
Weighted
average
exercise
price
Number of
options
加權平均
行使價
購股權
數目
HK$
港元
Outstanding at the beginning
of the year
於年初尚未行使
1,165,173
Granted during the year 年內已授出 —
Exercised during the year 年內已行使 (1,165,173)
Outstanding at the end of the
year
於年終尚未行使
—
Exercisable at the end of the
year
於年終可予行使
—
(ii) fa i r va lue of share opt ions and
assumptions
The fair value of services received
in return for share options granted is
measured by reference to the fair value
of share options granted. The estimate
of the fair value of the share options is
measured based on the Black-Scholes
Option-Pricing model. The contractual
life of the share option is used as an
input into this model.
fair value of share options and
assumptions
On the date of issuance
Fair value at measurement
date HK$
Share price HK$
Exercise price HK$
Expected volatility %
Option life 3 years
Risk-free interest rate
(based on Exchange
Fund Notes) %
29 僱員股份安排
(a) 購股權計劃
(i) 購股權之數目及加權平均行使
價如下：
(ii) 購股權公平值及假設
交換所授出購股權而收取服務
之公平值乃參考所授出購股權
之公平值計量。購股權之估計
公平值乃基於「柏力克—舒爾
斯」期權定價模式計量。購股
權之合約期限用作該模式之輸
入數據。
購股權公平值及假設
發行日期
於計量日之
公平值 港元
股份價格 港元
行使價 港元
預期波幅 %
購股權年期 3年
無風險利率
（按外匯基金
票據計算） %
151雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
29 employee share-Based
arraNgemeNts (Continued)
(a) share option scheme (Continued)
(ii) fa i r va lue of share opt ions and
assumptions (Continued)
The expected volatility is based on the
historic volatility (calculated based on
the weighted average remaining l i fe
of the share options), adjusted for any
expected changes to future volati l i ty
based on publicly available information.
C h a n g e s i n t h e s u b j e c t i v e i n p u t
assumptions could materially affect the
fair value estimate.
Share options were granted under a
service condition. This condition has
not been taken into account in the
grant date fair value measurement of
the services received. There were no
market conditions associated with the
share option grants.
(b) share award scheme
On 17 October 2014, the board of directors
approved the adoption of the share award
scheme. The purpose of the share award
scheme is to ( i ) encourage or faci l i tate
the ho ld ing o f shares by the se lec ted
participants; (ii) encourage and retain such
individuals to work with the Company and the
Group and (iii) provide additional incentive
for them to achieve performance goals, and
the share award scheme took effect on 30
October 2014.
The awarded shares are awarded by issuing
new ordinary shares. Before vesting, the
awarded shares are held in a trust set up by
the scheme.
The fair value of the awarded shares at the
date of the grant is charged to staff costs
and related expenses over the projected
vesting period being the period for which the
services from the employees are rendered
with a corresponding credit to employee
share-based payment reserve.
29 僱員股份安排（續）
(a) 購股權計劃（續）
(ii) 購股權公平值及假設（續）
預期波幅乃以按購股權之加權
平均剩餘年期計算之歷史波幅
為基準，並就按公開可得資料
計算之任何預期日後波幅變動
作出調整。主觀假設之變動可
能對所估計之公平值構成重大
影響。
購股權乃根據服務條件而授
出。此條件並無計入所得服務
於授出日期之公平值計量。
授出購股權並無附帶市場條
件。
(b) 股份獎勵計劃
於二零一四年十月十七日，董事會
批准採納股份獎勵計劃。股份獎勵
計劃旨在 (i)鼓勵或促進獲選參與
者持有股份；(ii)鼓勵及挽留有關
個別人士於本公司及本集團工作；
及 (iii)提供額外激勵予彼等達成表
現目標，及股份獎勵計劃已於二零
一四年十月三十日生效。
獎勵股份乃透過發行新普通股授
出。於歸屬前，該等獎勵股份由該
計劃設立之受託人持有。
獎勵股份於授出日期之公平值在
預計歸屬期（即有關僱員提供服務
之期間）內攤作員工成本及相關開
支，並相應記入以股份為基礎之僱
員付款儲備。
152 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
29 employee share-Based
arraNgemeNts (Continued)
(b) share award scheme (Continued)
Upon vesting and transfer to the awardees,
the related costs of the shares are credited
to share held for share award scheme,
and the related fair value of the shares are
debited to share-based payment reserve.
(i) D e t a i l s o f t h e a w a r d e d s h a r e s
awarded
date of approval
by Board date of award
awarded
sum
Number
of shares
issued
Number of
awarded
shares
awarded
average fair
value per
share vesting period
董事會
批准日期 授出日期 獎勵金額
已發行
股份數目
已授出獎勵股
份數目
每股平均
公平值 歸屬期
HK$’000 HK$
千港元 港元
30 Oct 2014 31 Oct 2014 11,042 3,025,206 3,025,206 31 Oct 2014 – 31 Dec 2014
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一四年十二月三十一日
30 Oct 2014 31 Oct 2014 904 247,660 247,660 31 Oct 2014 – 01 Feb 2015
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一五年二月一日
30 Oct 2014 31 Oct 2014 1,298 355,667 355,667 31 Oct 2014 – 18 Feb 2015
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一五年二月十八日
30 Oct 2014 31 Oct 2014 1,620 443,791 443,791 31 Oct 2014 – 26 Feb 2015
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一五年二月二十六日
30 Oct 2014 31 Oct 2014 2,731 748,345 748,345 31 Oct 2014 – 20 Mar 2015
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一五年三月二十日
30 Oct 2014 31 Oct 2014 562 153,968 153,968 31 Oct 2014 – 14 Aug 2015
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一五年八月十四日
30 Oct 2014 31 Oct 2014 3,650 1,000,000 1,000,000 31 Oct 2014 – 16 Sep 2015
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一五年九月十六日
30 Oct 2014 31 Oct 2014 2,835 776,666 776,666 31 Oct 2014 – 30 Oct 2015
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一五年十月三十日
30 Oct 2014 31 Oct 2014 1,371 375,629 375,629 31 Oct 2014 – 14 Dec 2015
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一五年十二月十四日
30 Oct 2014 31 Oct 2014 904 247,660 247,660 31 Oct 2014 – 02 Jan 2016
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一六年一月二日
30 Oct 2014 31 Oct 2014 2,732 748,345 748,345 31 Oct 2014 – 20 Mar 2016
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一六年三月二十日
30 Oct 2014 31 Oct 2014 562 153,968 153,968 31 Oct 2014 – 14 Aug 2016
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一六年八月十四日
30 Oct 2014 31 Oct 2014 3,650 1,000,000 1,000,000 31 Oct 2014 – 16 Sep 2016
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一六年九月十六日
30 Oct 2014 31 Oct 2014 97 26,667 26,667 31 Oct 2014 – 29 Oct 2016
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一六年十月二十九日
30 Oct 2014 31 Oct 2014 97 26,667 26,667 31 Oct 2014 – 29 Oct 2017
二零一四年
十月三十日
二零一四年
十月三十一日
二零一四年十月三十一日至
二零一七年十月二十九日
29 僱員股份安排（續）
(b) 股份獎勵計劃（續）
於歸屬及轉讓予獲授人後，該等股
份之有關成本記入就股份獎勵計劃
所持之股份，而該等股份之有關公
平值則自以股份為基礎之付款儲備
扣除。
(i) 已授出之獎勵股份詳情
153雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
29 employee share-Based
arraNgemeNts (Continued)
(b) share award scheme (Continued)
(ii) Details of the awarded shares vested
during the year
2016 2015
二零一六年 二零一五年
Average fair
value per share
Number of
awarded
shares vested
fair value
of related
awarded
shares
Number of
awarded
shares
vested
Fair value
of related
awarded
shares
Date of award 授出日期
每股平均
公平值
已歸屬獎勵
股份數目
相關獎勵股份之
公平值
已歸屬獎勵
股份數目
相關獎勵股份之
公平值
HK$ HK$’000 HK$’000
港元 千港元 千港元
01 Feb 2015 二零一五年二月一日 — — 247,660 904
18 Feb 2015 二零一五年二月十八日 — — 355,667 1,298
26 Feb 2015 二零一五年二月二十六日 — — 443,791 1,620
20 Mar 2015 二零一五年三月二十日 — — 748,345 2,731
14 Aug 2015 二零一五年八月十四日 — — 153,968 562
16 Sep 2015 二零一五年九月十六日 — — 1,000,000 3,650
30 Oct 2015 二零一五年十月三十日 — — 776,666 2,835
14 Dec 2015 二零一五年十二月十四日 — — 375,629 1,371
02 Jan 2016 二零一六年一月二日 247,660 904 — —
20 Mar 2016 二零一六年三月二十日 748,345 2,732 — —
14 Aug 2016 二零一六年八月十四日 153,968 562 — —
16 Sep 2016 二零一六年九月十六日 1,000,000 3,650 — —
29 Oct 2016 二零一六年十月二十九日 26,667 97 — —
2,176,640 7,945 4,101,726 14,971
(iii) Movements in the number of awarded
shares awarded
2016 2015
二零一六年 二零一五年
Number of
awarded
shares
Number of
awarded
shares
獎勵股份數目 獎勵股份數目
HK$’000 HK$’000
千港元 千港元
Outstanding at 1 January 於一月一日尚未行使 2,203,307 6,305,033
Awarded 已授出 — —
Vested 已歸屬 (2,176,640) (4,101,726)
Outstanding at 31 December 於十二月三十一日
尚未行使 26,667 2,203,307
29 僱員股份安排（續）
(b) 股份獎勵計劃（續）
(ii) 於年內已歸屬之獎勵股份詳情
(iii) 已授出獎勵股份數目之變動
154 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
30 CommitmeNts
operating lease commitments
As lessee
As a t 31 December 2016, the to ta l fu tu re
minimum lease payments under non-cancellable
operating leases are payable as follows:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Within one year 一年內 21,345 13,733
After one year but within five years 一年後但五年內 23,647 24,450
44,992 38,183
The Group leases a number of offices under
operating leases. The leases run for an initial
period of one to five years. None of the leases
includes contingent rentals.
other commitments
As at 31 December 2016, capital commitments on
leasehold improvement, equipment and intangible
asset amounted to HK$22,422,000 (2015: nil).
As at 31 December 2016, the Group has a US$25
million capital commitment (2015: nil) to two third
party managed funds with US$ million capital
having been contributed.
As d i sc losed i n the announcement o f t he
Company dated 4 February 2016, Reor ient
Financial Markets Limited (“Reorient Financial
M a r k e t s ” ) , a w h o l l y o w n e d s u b s i d i a r y o f
the Company, entered in to a jo in t venture
agreement wi th Giant Investment Co., Ltd. ,
and Jiangsu YuWell Technology Development
Co., Ltd. (“Jiangsu Limited”) on that day. As
disclosed in the circular of the Company dated
29 Apr i l 2016, the jo int venture agreement
was superseded and replaced by the amended
and restated joint venture agreement entered
among Reorient Financial Markets, Hangzhou
Dr . Herbs E lec t ron ics Commerce Company
Limited and Jiangsu Limited on 13 April 2016.
Upon establishment of the joint venture company
a f t e r ob ta in ing a l l necessa ry app rova l as
defined and disclosed in the circular, Reorient
Financial Markets is committed to contribute
RMB1,290,000,000 of the registered capital of the
joint venture company.
30 承擔
經營租賃承擔
作為承租人
於二零一六年十二月三十一日，根據不
可撤銷經營租約之未來最低應付租賃款
項總額如下：
本集團根據經營租賃租用多個辦公室。
租期初步為期一至五年。概無租賃包括
或然租金。
其他承擔
截至二零一六年十二月三十一日，本集
團用於購買租賃物業裝修、設備和無形
資產之資本承擔為 22,422,000港元（二
零一五年：無）。
於二零一六年十二月三十一日，本集團
已向兩個第三方管理基金提供 2,500萬
美元的資本承擔（二零一五年：無），其
中已提供 315萬美元資本。
誠如二零一六年二月四日刊發之本公司
公告所披露，於二零一六年二月四日，
本公司的全資附屬公司瑞東金融市場有
限公司（「瑞東金融市場」），與巨人投
資有限公司（「巨人投資」）及江蘇魚躍
科技發展有限公司（「江蘇公司」）簽立
有關成立合營公司的發起人協議。誠如
二零一六年四月二十九日本公司通函所
披露，於二零一六年四月十三日，瑞東
金融市場與杭州禾博士電子商務有限公
司 （「禾博士」）和江蘇公司簽立有關成立
合營公司的經修訂及重列發起人協議取
替及取代有關成立合營公司的發起人協
議。誠如通函所定義及披露，瑞東金融
市場在合營公司取得所有必須的批准後
為合營公司註冊資本承擔的出資金額為
1,290,000,000人民幣。
155雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
30 CommitmeNts (Continued)
other commitments (Continued)
As d i sc losed i n the announcement o f t he
Company da ted 6 Ap r i l 2016 , P ro f i t M ind
Global Limited (“Profit Mind”), a wholly owned
subsidiary of the Company, entered into a share
subscription agreement to subscribe 71,428,571
ordinary shares of Culturecom Holdings Limited
(“CHL”) for a total consideration of HK$15 million.
Pursuant to another agreement made between
CHL and Reorient Financial Markets, CHL shall
pay a fee of HK$12 million (“Fee”) to Reorient
Financia l Markets. With the agreement and
acknowledgement between CHL and Profit Mind,
the consideration paid by Profit Mind to CHL
is the balance in cash after setting off against
the Fee not have been paid by CHL to Reorient
Financial Markets. Subsequent to 31 December
2016, as disclosed in the announcement of
the Company dated 10 March 2017, the Group
received a notice from CHL to terminate the share
subscription agreement.
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt
Exposure to credit, liquidity, interest rate and
foreign currency risks arises in the normal course
of the Group’s business. The Group’s exposure
to these risks and the financial risk management
policies and practices used by the Group to
manage these risks are described below.
(a) Credit risk
T h e G r o u p ’ s c r e d i t r i s k i s p r i m a r i l y
a t t r i b u t a b l e t o a c c o u n t s a n d o t h e r
receivables and bank balances (segregated
and general accounts). Management has
a credit policy in place and the exposures
to these credit risks are monitored on an
ongoing basis.
In respect of accounts and other receivables,
individual credit evaluations are performed
on al l customers requiring credit over a
certain amount. These evaluations focus
on the customer’s past history of making
payments when due and current abi l i ty
to pay, and take into account information
specific to the customer as well as pertaining
to the economic environment in which the
customer operates.
30 承擔（續）
其他承擔（續）
誠如二零一六年四月六日本公司公告
所披露，本公司之全資附屬公司 Profit
Mind Global Limited（「Profit Mind」）
簽訂一份認購協議，認購文化傳信集團
有限公司（「文化傳信」）71,428,571股
普通股，總代價為 15,000,000港元。
而根據文化傳信與瑞東金融市場簽訂之
協議，文化傳信須向瑞東金融市場支付
12,000,000港元之費用（「費用」）。文
化傳信及Profit Mind同意及確認，倘完
成認購事項後文化傳信並無向瑞東金融
市場支付費用，該未獲支付費用須用作
抵銷由Profit Mind向文化傳信支付之代
價，而Profit Mind須以現金支付餘額予
文化傳信。至報告期末二零一六年十二
月三十一日後，誠如本公司日期為二零
一七年三月十日之公佈所披露，本集團
收到Culturecom控股有限公司的通知，
以終止股份認購協議。
31 財務風險管理及金融工具之公平值
本集團在正常業務過程中面對信貸、流
動資金、利率及外幣風險。本集團面對
之有關風險，以及本集團為控制該等風
險而採用之財務風險管理政策及慣例載
述如下。
(a) 信貸風險
本集團之信貸風險主要來自應收賬
款及其他應收款項以及銀行結存
（獨立及一般賬戶）。管理層訂有信
貸政策，並持續監控該等信貸風險
承擔。
就應收賬款及其他應收款項而言，
信貸超過某一數額之所有客戶均須
通過獨立信貸評估。此等評估著重
於客戶過往支付到期款項之記錄，
以及現時付款能力，並計及客戶特
定之賬戶資料及參考客戶經營業務
所在地之經濟環境。
156 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(a) Credit risk (Continued)
T h e G r o u p ’ s e x p o s u r e t o c r e d i t r i s k
i s i n f luenced ma in ly by the ind iv idua l
character ist ics of each customer rather
than the industry or country in which the
customers operate and therefore significant
concentrations of credit risk primarily arise
when the Group has significant exposure to
individual customers. At the end of the year,
no (2015: nil) and no (2015: 25% of the total
account and other receivables) accounts
and other receivables was due from the five
largest customers respectively.
Bank balances (segregated and general
accounts) are placed with high-credit-quality
institutions and management considers that
the credit risk for such is minimal.
The maximum exposure to credit risk without
taking account of any col lateral held is
represented by the carrying amount of each
financial asset in the consolidated statement
of f inancial posit ion after deducting any
impairment allowance. The Group does not
provide any guarantees which would expose
the Group to credit risk.
Further quantitative disclosures in respect of
the Group’s exposure to credit risk arising
from accounts receivable are set out in note
20.
(b) liquidity risk
Ind iv idua l operat ing ent i t ies wi th in the
Group are responsible for their own cash
management, including the raising of loans
to cover expected cash demands, and to
ensure compliance with FRR. The Group’s
policy is to regularly monitor its l iquidity
requirement and its compliance with lending
covenants , to ensure that i t main ta ins
sufficient reserves of cash and adequate
commi t ted l ines o f fund ing f rom major
f inancial institutions to meet i ts l iquidity
requirements in the short and long term.
31 財務風險管理及金融工具之公平值
（續）
(a) 信貸風險（續）
本集團之信貸風險承擔主要受各客
戶之個別特徵而非客戶經營業務所
處行業或國家影響，故信貸風險重
大集中情況主要在本集團對個別客
戶承擔重大風險時產生。於各報告
期末，沒有應收賬款及其他應收款
項總額（二零一五年：無）及沒有
（二零一五年：25%）分別應收本集
團最大客戶及五大客戶。
銀行結存（獨立及一般賬戶）乃存放
於信貸質素高之機構，管理層認為
有關信貸風險輕微。
未計任何持有之抵押品之最高信貸
風險承擔乃按綜合財務狀況表中各
金融資產之賬面值扣除任何減值撥
備後列賬。本集團並無提供任何會
令其面對信貸風險之擔保。
有關本集團因應收賬款而面對之信
貸風險之進一步定量披露資料載於
附註 20。
(b) 流動資金風險
本集團內個別經營實體負責本身之
現金管理，包括以籌措貸款以應付
預期現金需要，及確保遵守財務資
源規則。本集團之政策為定期監控
其流動資金需要及遵守借貸契諾之
情況，以確保有足夠現金儲備及來
自大型金融機構之充足承諾資金額
度應付其短期及長期流動資金需
要。
157雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(b) liquidity risk (Continued)
The following table shows the remaining
contractual maturi t ies at the end of the
repor t ing per iod o f the Group and the
Company’s financial l iabil it ies, which are
based on contractual undiscounted cash
flows (including interest payments computed
using contractual rates or, if floating, based
on rates current at the end of the reporting
period) and the earliest date the Group and
the Company, as applicable, can be required
to pay:
Contractual undiscounted cash outflow
合約未貼現現金流出
Within 1 year
or on
demand
more than
1 year but
within 5 year total
Carrying
amount at
31 december
一年內或
按要求
超過一年
但五年內 總計
於十二月
三十一日之
賬面值
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
as at 31 december 2016 於二零一六年十二月十一日
Accounts payable 應付賬款 370,677 — 370,677 370,677
Accrued expenses and other
payables
應計費用及其他
應付款項 55,483 — 55,483 55,483
Finance lease liability 融資租賃負債 977 1,466 2,443 2,227
427,137 1,466 428,603 428,387
Contractual undiscounted cash outflow
合約未貼現現金流出
Within 1 year
or on
demand
More than
1 year but
within 5 year Total
Carrying
amount at
31 December
一年內或
按要求
超過一年
但五年內 總計
於十二月
三十一日之
賬面值
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
As at 31 December 2015 於二零一五年十二月
三十一日
Accounts payable 應付賬款 197,621 — 197,621 197,621
Accrued expenses and other
payables
應計費用及其他應付款項
48,789 — 48,789 48,789
Amounts due to directors 應付董事款項 149 — 149 149
246,559 — 246,559 246,559
31 財務風險管理及金融工具之公平值
（續）
(b) 流動資金風險（續）
下表顯示本集團及本公司金融負債
於報告期末之餘下合約到期期限，
乃按合約未貼現現金流量（包括採
用合約利率或（倘浮動）按於報告期
末之現行利率計算之利息款項）及
本集團及本公司（視情況而定）可能
須支付之最早日期計算得出：
158 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(c) interest rate risk
The Group’s exposure to cashflow interest
rate risk is mainly attributable to its bank
balances (trust, segregated and general
accounts). The Group’s fair value interest
ra te r isk re la tes pr imar i ly to f ixed-rate
overdue accounts rece ivable and f ixed
deposits held under bank balance – trust and
segregated accounts.
T h e G r o u p c u r r e n t l y d o e s n o t h a v e
any i n te res t ra te hedg ing po l i cy . The
management monitors the Group’s exposure
on an ongoing bas is and wi l l cons ider
hedging interest rate risk should the need
arise.
(i) Interest rate profile
As of 31 December 2016 and 2015,
the Group is not exposed to cash flow
interest rate risk with all the financial
instruments is carried at nil or fixed
interest rate. Therefore, no sensitivity
analysis is performed on cash f low
in te res t ra te r i sk . As mos t o f the
f inancial instruments on ni l or f ixed
interest rate having relat ively short
maturity, the Group is not exposed to
material fair vale interest rate risk.
(d) foreign currency risk
T h e G r o u p h a s a s s e t s a n d l i a b i l i t i e s
denominated in currencies other than its
functional currency and that are subject to
f luctuation in foreign exchange amounts
in the different currencies. The Group is
exposed to currency risk arising from various
currency exposures, mainly to the extent of
its and bank balances in currencies such
as the USD and Renminbi. Management of
the Group monitors the foreign exchange
exposure and will hedge significant foreign
currency exposure should the need arise.
During the year ended 31 December 2016,
the Group did not engage in the use of other
financial instruments for hedging purposes,
and there were no hedging instruments
outstanding as at 31 December 2016.
31 財務風險管理及金融工具之公平值
（續）
(c) 利率風險
本集團之現金流量利率風險主要來
自其銀行結存（信託、獨立及一般
賬戶）。本集團之公平值利率風險
主要涉及定息逾期應收賬款及於銀
行結存—信託及獨立賬戶持有之定
期存款。
本集團目前並無任何利率對沖政
策。管理層持續監控本集團之風
險，並將於有需要時考慮對沖利率
風險。
(i) 利率概況
於二零一六年及二零一五年
十二月三十一日，本集團不存
在現金流量利率風險，所有金
融工具均以零利率或固定利率
支付。因此，對現金流量利率
風險不進行敏感性分析。由於
大多數無金融工具或固定利率
的成熟期相對較短，本集團不
存在重大公允價值利率風險。
(d) 外幣風險
本集團擁有以其功能貨幣以外的貨
幣計值的資產和負債，並受外幣兌
換貨幣波動的影響。本集團主要在
其以美元及人民幣為單位之銀行結
存方面承擔不同貨幣所產生之貨幣
風險。然而，管理層監察外匯風
險，並將於有需要時考慮對沖重大
外幣風險。
截至二零一六年十二月三十一日止
年度，本集團並無運用其他金融工
具作對沖用途，於二零一六年十二
月三十一日亦無任何未平倉對沖工
具。
159雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(d) foreign currency risk (Continued)
(i) Exposure to currency risk
The following table details the Group’s
exposure at the end of the reporting
period to currency r isk arising from
r e c o g n i s e d a s s e t s o r l i a b i l i t i e s
denominated in a currency other than
the Group’s funct iona l cur rency o f
Hong Kong dollars. For presentation
purposes, the amounts of the exposure
are expressed in Hong Kong dollars.
2016
二零一六年
united
states
japanese
yen renminbi
australian
dollars
united
kingdom
sterling
singapore
dollars
Canadian
dollars
美元 日圓 人民幣 澳元 英鎊 新加坡元 加元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元 千港元
Accounts and other
receivables
應收賬款及其他應
收款項 9,792 — — — 1 1 1
Bank balance — trust
and segregated
accounts
銀行結存
— 信託及獨立
賬戶 1,526 — 17 123 46 7
Cash and cash
equivalents
現金及現金等值
項目 1,947,715 1 13,397 4 — — 18
Accounts and other
payables
應付賬款及其他應
付款項 (1,422) — (17) (99) (46) (7) (18)
Net exposure to
currency risk
貨幣風險承擔
淨額 1,957,611 1 13,397 28 1 1 1
2015
二零一五年
United
States
Japanese
Yen Renminbi
Australian
Dollars
United
Kingdom
Sterling
Singapore
Dollars
Canadian
Dollars
美元 日圓 人民幣 澳元 英鎊 新加坡元 加元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元 千港元
Accounts and other
receivables
應收賬款及其他應
收款項 1 — — — 2 1 1
Bank balance — trust
and segregated
accounts
銀行結存
— 信託及獨立
賬戶 1,745 — 123 115 54 1 15
Cash and cash
equivalents
現金及現金等值
項目 12,867 80 3,815 624 37 293 42
Accounts and other
payables
應付賬款及其他應
付款項 (1,745) — (123) (115) (54) (1) (15)
Net exposure to
currency risk
貨幣風險承擔
淨額 12,868 80 3,815 624 39 294 43
31 財務風險管理及金融工具之公平值
（續）
(d) 外幣風險（續）
(i) 貨幣風險承擔
下表詳列本集團於報告期末對
以本集團功能貨幣港元以外貨
幣計值之已確認資產或負債所
產生貨幣風險之承擔。就呈列
而言，風險承擔額乃以港元列
值。
160 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(d) foreign currency risk (Continued)
(ii) Sensitivity analysis
The Group’s significant net exposure
to Renminbi and United States Dollars
at the reporting date and the estimated
impact to the Group’s profit/(loss) for
the year had the foreign exchange rates
of Renminbi and United States Dollars
changed at that date are i l lustrated
below. In this respect, it is assumed
that the linked exchange rate between
the HKD and the USD would remain
unchanged and therefore, f luctuate
between lower l imi t of to
USD1 and upper limit of to
USD1.
2016 2015
二零一六年 二零一五年
Net assets
in foreign
currency
appreciation/
(depreciation)
in foreign
currency
effect on
profit after tax
and retained
profits
Net assets
in foreign
currency
Appreciation/
(depreciation)
in foreign
currency
Effect on profit
after tax and
retained profits
外幣資產淨值
外幣升值╱
（貶值）
對除稅後
溢利及保留
溢利之影響
外幣資產
淨值
外幣升值╱
（貶值）
對除稅後
溢利及保留
溢利之影響
HK$’000 % HK$’000 HK$’000 % HK$’000
千港元 千港元 千港元 千港元
Renminbi 人民幣 13,397 10 1,119 3,815 10 319
(10) (1,119) (10) (319)
United States dollars 美元 1,957,611 19,896 12,868 138
() (1,810)
The sensitivity analysis assumes that
the change in foreign exchange rates
had been applied to re-measure those
f inancia l inst ruments which expose
the Group to foreign currency risk at
the reporting period. The analysis is
performed on the same basis for 2015.
31 財務風險管理及金融工具之公平值
（續）
(d) 外幣風險（續）
(ii) 敏感度分析
本集團於報告日面對之重大人
民幣及美元風險承擔淨額及於
該日之人民幣及美元匯率改變
對本集團本年度溢利╱（虧損）
之估計影響說明如下。就此而
言，假設港元與美元之聯繫匯
率不變，因此，下限為
港幣至 1美元，上限為 港
幣至 1美元。
敏感度分析假設匯率變動已應
用於重新計量該等於報告期末
令本集團面對外幣風險之金融
工具。二零一五年之分析乃按
相同基準進行。
161雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(e) equity price risk
The Group is exposed to equ i ty p r ice
changes arising from equity investments and
derivative instruments classified as financial
assets at fair value through profit or loss
(see note 19) held by the Group. Gains and
losses arising from changes in the fair value
of financial assets at fair value through profit
or loss are dealt with in consolidated income
statement. For investment fund and perpetual
cap i ta l c lass i f i ed as ava i lab le - fo r -sa le
financial assets (see note 18), the Group
relied on recent price of the investment and
broker quote and therefore considered not
meaningful to present sensitivity analysis
for those investments. The performance
is monitored regularly, together with an
assessment of its relevance to the Group’s
strategic plans.
The under ly ing equi ty secur i t ies of the
Group’s unlisted derivative are l isted on
The Stock Exchange of Hong Kong Limited.
At 31 December 2016, it is estimated that
an increase/decrease of 5% in the relevant
stock, with all other variables held constant,
would have increased/decreased the Group’s
profit after tax (and retained earnings) as
follows:
2016 2015
二零一六年 二零一五年
effect on profit
after tax and
retained profit
Effect on profit
after tax and
retained profit
Appreciation/
(depreciation)
in foreign
currency
Change in the relevant equity
price risk variable:
相關股價風險可變因素之
變動：
對除稅後溢利及
保留溢利之影響
對除稅後溢利及
保留溢利之影響
外幣升值╱
（貶值）
% HK$’000 % HK$’000
千港元 千港元
Increase 增加 5 9,540 5 17,616
Decrease 減少 (5) (9,540) (5) (17,597)
31 財務風險管理及金融工具之公平值
（續）
(e) 股價風險
本集團面對本集團持有分類為按公
平值計入損益之金融資產之股本投
資及衍生工具（見附註 19）所產生之
股價變動風險。按公平值計入損益
之金融資產公平值變動產生之盈虧
乃於綜合收益表中處理。對於歸類
為可供出售金融資產的投資基金和
永續資本（見附註 18），本集團依賴
最近的投資價格和經紀商報價，因
此認為對這些投資的敏感性分析沒
有意義。其表現乃受定期監察，並
就與本集團策略性計劃之相關性作
出評估。
本集團非上市衍生工具之相關股本
證券乃於香港聯合交易所有限公司
上市。於二零一六年十二月三十一
日，估計倘相關股票增加╱減少
5%，而所有其他可變因素維持不
變，本集團之除稅後溢利（及保留
盈利）將增加╱減少如下 :
162 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(f) fair value measurement
Financial instrument measured at fair
value
(i) Fair value hierarchy
The following table presents the fair
value of the Group’s financial instrument
measured at the end of the reporting
period on a recurring basis, categorised
into the three-level fair value hierarchy
as defined in HKFRS 13, Fair value
measurement. The level into which a
fair value measurement is classif ied
is determined with reference to the
observabil i ty and significance of the
inputs used in the valuation technique
as follows:
• Leve l 1 va luat ions: Fa i r va lue
measured using only Level 1 inputs
. unadjusted quoted prices in
active markets for identical assets
or liabilities at the measurement
date.
• Leve l 2 va luat ions: Fa i r va lue
measured using Level 2 inputs
. observable inputs which fail
to meet Level 1, and not using
signif icant unobservable inputs.
Unobservable inputs are inputs
for which market data are not
available.
• Leve l 3 va luat ions: Fa i r va lue
m e a s u r e d u s i n g s i g n i f i c a n t
unobservable inputs.
31 財務風險管理及金融工具之公平值
（續）
(f) 公平值計量
以公平值計量之金融工具
(i) 公平值架構
下表呈列以經常性準則於報告
期末計量之本集團金融工具公
平值，乃根據香港財務報告準
則第 13號，公平值計量所界
定分類為三級公平值架構。公
平值計量之級別參考估值方法
所用之輸入數據之可觀察性及
重要性而分類及釐定如下：
• 第一級估值：公平值僅
使用第一級輸入數據（即
於計量日期之相同資產
或負債在活躍市場之未
經調整報價）計算。
• 第二級估值：公平值使
用第二級輸入數據（即未
能達到第一級之可觀察
輸入數據），且並無使用
重大不可觀察輸入數據
計算。不可觀察輸入數
據為並無市場數據之輸
入數據。
• 第三級估值：公平值使
用重大不可觀察之輸入
數據計算。
163雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(f) fair value measurement (Continued)
Financial instrument measured at fair
value (Continued)
(i) Fair value hierarchy (Continued)
The table below analyses f inancia l
instrument carr ied at fair value, by
valuation method:
fair value measurements as at
31 december 2016 categorised into
Fair value measurements as at
31 December 2015 categorised into
於二零一六年十二月三十一日
之公平值計量歸類為
於二零一五年十二月三十一日
之公平值計量歸類為
level 1 level 2 level 3 Level 1 Level 2
第一級 第二級 第三級 第一級 第二級
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
recurring fair value
measurement
經常性公平值
計量
investment
designated as at
fair value through
profit or loss:
按公平值計入損益
之指定投資：
Trading securities: 交易證券：
— Listed — 上市 204,800 — — 385,026 —
Held for trading: 持作買賣：
— Unlisted share
option
— 非上市
購股權
— 5,470 — — 25,594
available-for-sales
investment
可供出售金融資產
— Investment funds
measured at
fair value
— 以公平價值計
量的
投資基金
— — 24,430 — —
— Perpetual capital
measured at
fair value
— 以公平價值計
量的
永續
— 75,423 — — —
204,800 80,893 24,430 385,026 25,594
There were no transfers between Level
1 and Level 2, or transfers into or out
of Level 3. The Group’s policy is to
recognise transfers between levels of
fair value hierarchy as at the end of the
reporting period in which they occur.
31 財務風險管理及金融工具之公平值
（續）
(f) 公平值計量（續）
以公平值計量之金融工具（續）
(i) 公平值架構（續）
下表根據估值方法分析以公平
值列賬之金融工具：
第一級與第二級之間並無轉
移，或第三級亦並無轉入或轉
出。本集團之政策是於轉移、
轉入或轉出發生之報告期末確
認公平值架構級別之間之轉
移。
164 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(f) fair value measurement (Continued)
Financial instrument measured at fair
value (Continued)
(ii) Valuation techniques and inputs used in
Level 2 fair value measurements
The Group determines the fair value
of share option by applying an option
valuation model technique such as the
Black-Scholes Option-Pricing model.
The Group determines the fair value of
perpetual capital by making reference
to the brokers’ quote as there is over-
the-counter markets for such financial
instrument at the end of the reporting
period.
(iii) Valuation techniques and inputs used in
Level 3 fair value measurements
The Group has determined that the fair
value of investment fund based on the
recent transaction price.
The reconciliation of financial assets
and liabilities under Level 3 fair value
measurements is as follows:
Available for sale financial assets
2016
二零一六年
HK$’000
千港元
At 1 January 2016 於二零一六年一月一日 —
Purchase 採購 24,430
Disposal 處置 —
(Credited)/charged to other
comprehensive income
（計入）╱扣自其他
綜合收益 —
At 31 December 2016 於二零一六年十二月三十一日 24,430
31 財務風險管理及金融工具之公平值
（續）
(f) 公平值計量（續）
以公平值計量之金融工具（續）
(ii) 第二級公平值計量所用之估值
方法及輸入數據
本集團透過應用「柏力克—舒
爾斯」期權定價模式等期權估
值模式方法釐定購股權之公平
值。本集團透過應用現金流量
貼現法釐定可換股優先股之公
平值，輸入數據以結算日之市
場相關數據為基準。因為報告
期末該永續資本存在場外市
場，本集團參考經紀報價確定
永續資本的公平價值。
(iii) 第三級公平值計量所用之估值
方法及輸入數據
本集團已確定近期交易價格為
非上市外國投資基金的公平價
值。
在第三級公平價值計量下的金
融資產和負債的對賬如下：
可供出售金融資產
165雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(g) offsetting financial assets and financial
liabilities
(i) F i n a n c i a l a s s e t s s u b j e c t t o
offsetting, enforceable master netting
arrangements or similar agreements
as at 31 december 2016
於二零一六年十二月三十一日
related amounts not offset in the consolidated statement
of financial position
並無於綜合財務狀況表中抵銷之相關金額
gross
amount of
recognised
financial
assets
gross
amount of
recognised
financial
liabilities
offset in the
consolidated
statement
of financial
position
Net amount
of financial
assets
presented
in the
consolidated
statement
of financial
position
Cash
collateral
received
Net
amount
type of financial assets 金融資產類別
已確認
金融資產
總額
於綜合
財務狀況表
中抵銷之
已確認金融
負債總額
於綜合
財務狀況表
中呈列之
金融資產淨額
已收取之
現金抵押品 淨額
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Accounts receivable due
from clearing house
應收結算所之
應收賬款 2,012 (2,012) — — —
31 財務風險管理及金融工具之公平值
（續）
(g) 抵銷金融資產及金融負債
(i) 受限於抵銷、有約束力之主要
淨額協議或類似協議之金融資
產
166 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(g) offsetting financial assets and financial
liabilities (Continued)
(i) F i n a n c i a l a s s e t s s u b j e c t t o
offsetting, enforceable master netting
arrangements or similar agreements
(Continued)
As at 31 December 2015
於二零一五年十二月三十一日
Related amounts not offset in the consolidated statement
of financial position
並無於綜合財務狀況表中抵銷之相關金額
Gross
amount of
recognised
financial
assets
Gross
amount of
recognised
financial
liabilities
offset in the
consolidated
statement
of financial
position
Net amount
of financial
assets
presented
in the
consolidated
statement
of financial
position
Cash
collateral
received
Net
amount
Type of financial assets 金融資產類別
已確認
金融資產
總額
於綜合
財務狀況表
中抵銷之
已確認金融
負債總額
於綜合
財務狀況表
中呈列之
金融資產淨額
已收取之
現金抵押品 淨額
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Accounts receivable due
from clearing house
應收結算所之
應收賬款 2,842 (2,842) — — —
31 財務風險管理及金融工具之公平值
（續）
(g) 抵銷金融資產及金融負債（續）
(i) 受限於抵銷、有約束力之主要
淨額協議或類似協議之金融資
產（續）
167雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(g) offsetting financial assets and financial
liabilities (Continued)
(ii) F i n a n c i a l l i a b i l i t i e s s u b j e c t t o
offsetting, enforceable master netting
arrangements or similar agreements
as at 31 december 2016
於二零一六年十二月三十一日
related amounts not offset in the consolidated statement
of financial position
並無於綜合財務狀況表中抵銷之相關金額
gross
amount of
recognised
financial
liabilities
gross
amount of
recognised
financial
assets
offset in the
consolidated
statement
of financial
position
Net amount
of financial
liabilities
presented
in the
consolidated
statement
of financial
position
Collateral
pledged Net amount
type of financial liabilities 金融負債類別
已確認
金融負債
總額
於綜合
財務狀況表
中抵銷之
已確認金融
資產總額
於綜合
財務狀況表
中呈列之
金融負債淨額
已質押之
抵押品 淨額
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Accounts payable due to
clearing house
應付結算所之賬款
12,215 (2,012) 10,203 — 10,203
31 財務風險管理及金融工具之公平值
（續）
(g) 抵銷金融資產及金融負債（續）
(ii) 受限於抵銷、有約束力之主要
淨額協議或類似協議之金融負
債
168 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(g) offsetting financial assets and financial
liabilities (Continued)
(ii) F i n a n c i a l l i a b i l i t i e s s u b j e c t t o
offsetting, enforceable master netting
arrangements or similar agreements
(Continued)
As at 31 December 2015
於二零一五年十二月三十一日
Related amounts not offset in the consolidated statement of
financial position
並無於綜合財務狀況表中抵銷之相關金額
Gross
amount of
recognised
financial
liabilities
Gross
amount of
recognised
financial
assets
offset in the
consolidated
statement
of financial
position
Net amount
of financial
liabilities
presented
in the
consolidated
statement
of financial
position
Collateral
pledged Net amount
Type of financial liabilities 金融負債類別
已確認
金融負債
總額
於綜合
財務狀況表
中抵銷之
已確認金融
資產總額
於綜合
財務狀況表
中呈列之
金融負債淨額
已質押之
抵押品 淨額
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Accounts payable due to
clearing house
應付結算所之賬款
28,536 (2,842) 25,694 — 25,694
31 財務風險管理及金融工具之公平值
（續）
(g) 抵銷金融資產及金融負債（續）
(ii) 受限於抵銷、有約束力之主要
淨額協議或類似協議之金融負
債（續）
169雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
31 財務風險管理及金融工具之公平值
（續）
(g) 抵銷金融資產及金融負債（續）
(iii) 下表為上文所載「於綜合財務
狀況表中呈列之金融資產及金
融負債淨額」與於綜合財務狀
況表中呈列之應收賬款及應付
賬款之對賬。
32 或然負債
於二零一六年及二零一五年十二月
三十一日，本集團並無任何重大或然負
債。
31 fiNaNCial risk maNagemeNt
aNd fair value of fiNaNCial
iNstrumeNt (Continued)
(g) offsetting financial assets and financial
liabilities (Continued)
(iii) T h e t a b l e s b e l o w r e c o n c i l e t h e
“net amounts of f inancial assets
and financial l iabil it ies presented
in the consol idated statement of
financial position”, as set out above,
t o t h e a c c o u n t s r e c e i v a b l e a n d
accounts payable presented in the
consolidated statement of financial
position.
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Net amount of financial assets
after offsetting as stated above
誠如上文所列於抵銷後之
金融資產淨額 — —
Financial assets not in scope of
offsetting disclosure
並非於抵銷披露範圍內之
金融資產 50,513 324,923
Impairment losses 減值虧損 (26,902) (28,669)
23,611 296,254
Net amount of financial liabilities
after offsetting as stated above
誠如上文所列於抵銷後之
金融負債淨額 10,203 25,694
Financial liabilities not in scope
of offsetting disclosure
並非於抵銷披露範圍內之
金融負債 360,256 171,927
370,459 197,621
32 CoNtiNgeNt liaBilities
The Group did not have any significant contingent
liabilities as at 31 December 2016 and 2015.
170 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
33 material related party transactions
In addi t ion to the re lated party in format ion
disclosed elsewhere in the financial statements,
the Group entered into the following material
related party transactions.
(a) key management personnel remuneration
R e m u n e r a t i o n f o r k e y m a n a g e m e n t
personnel of the Group is as follows:
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Short-term benefits 短期福利 48,725 56,577
Post-employment benefits 離職後福利 — —
48,725 56,577
Total remuneration is included in “staff costs”
(see note 6(a)).
(b) other transactions with related parties
2016 2015
二零一六年 二零一五年
HK$’000 HK$’000
千港元 千港元
Brokerage fee income (note (i)) 經紀費收入（附註 (i)） 349 5,448
Advisory fee income (note (ii)) 諮詢費收入（附註 (ii)） 29,984 144,353
30,333 149,801
33 重大關聯人士交易
除財務報表其他部份所披露之關聯人士
資料外，本集團進行以下重大關聯人士
交易。
(a) 主要管理人員酬金
本集團之主要管理人員酬金如下：
酬金總額計入「員工成本」（見附註
6(a)）。
(b) 與關聯人士進行之其他交易
171雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
33 material related party transactions
(Continued)
(b) other transactions with related parties
(Continued)
Notes:
(i) During the year ended 31 December 2016,
the Group provided brokerage services to (i) a
company where our independent non-executive
director, Dr. Wong Yau Kar, David, BBS, JP,
is an independent non-executive director; and
(ii) a company where Mr. Ko is a substantial
shareholder and an executive director; and
(iii) a company where Mr. Ko is a director and
substantial shareholder.
During the year ended 31 December 2015,
the Group provided brokerage services to (i) a
company where our independent non-executive
director, Dr. Wong Yau Kar, David, BBS, JP,
is an independent non-executive director; and
(ii) a company where Mr. Ko is a substantial
shareholder and an executive director.
(ii) During the year ended 31 December 2016,
the Group provided advisory services to (i) a
company where our chairman, Mr. Yu Feng
(“Mr. Yu”), is a substantial shareholder and our
independent non-executive director, Dr. Wong
Yau Kar, David, BBS, JP, is an independent
non-executive director of this company; (i i)
two companies where Mr. Ko is a substantial
shareholder and an executive director; ( i i i)
a company where Mr. Yu is a director; and
(iv) companies where Mr. Ko is a substantial
shareholder.
During the year ended 31 December 2015,
the Group provided advisory services to (i) a
company where our independent non-executive
director, Dr. Wong Yau Kar, David, BBS, JP,
is an independent non-executive director; and
(ii) a company where Mr. Ko is an executive
director.
(iii) During the year ended 31 December 2016, the
Group provided securities custodian service to
a company where our executive director, Mr,
Huang Xin is the director and Mr. Yu is the
substantial shareholder.
33 重大關聯人士交易（續）
(b) 與關聯人士進行之其他交易（續）
附註：
(i) 於二零一六年十二月三十一日止年
度，本集團向 (i)一間公司（本公司
之獨立非執行董事黃友嘉博士，
BBS，JP為該公司之獨立非執行董
事）；(ii)一間公司（高先生為該公司
之主要股東及執行董事）及：(iii)一
間公司（高先生為董事及主要股東）
提供經紀服務。
於二零一五年十二月三十一日止年
度，本集團向 (i)一間公司（本公司
之獨立非執行董事黃友嘉博士，
BBS，JP為該公司之獨立非執行董
事）：及 (ii)一間公司（高先生為該公
司之主要股東及執行董事）提供經紀
服務。
(ii) 於二零一六年十二月三十一日止年
度，本集團向 (i)一間公司（本公司
主席虞鋒先生（「虞先生」）為該公司
主要股東及本公司之獨立非執行董
事及黃友嘉博士，BBS，JP為該公
司之獨立非執行董事 )；(ii)兩間公
司（高先生為該等公司之主要股東
及執行董事）；(iii) 一間公司（虞先
生為該公司董事）；及 (iv)數間公司
（高先生為該等公司之主要股東）提
供諮詢服務。
於二零一五年十二月三十一報止年
度，本集團向 (i)一間公司（本公司
之獨立非執行董事黃友嘉博士，
BBS，JP為該公司之獨立非執行董
事）；及 (ii)一間公司（高先生為該公
司之執行董事）提供諮詢服務。
(iii) 截至二零一六年十二月三十一日止
年度，本集團向一家公司提供證券
託管服務，其中執行董事黃鑫先生
為董事，而虞先生為主要股東。
172 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
34 CompaNy-level statemeNt of
fiNaNCial positioN
2016 2015
二零一六年 二零一五年
Note HK$’000 HK$’000
附註 千港元 千港元
Non-current assets 非流動資產
Interests in subsidiaries 於附屬公司之權益 180,695 226,326
total non-current assets 非流動資產總值 180,695 226,326
Current assets 流動資產
Financial assets at fair value
through profit or loss
按公平值計入損益之
金融資產 59,256 101,418
Other receivable and
prepayment
其他應收款項及
預付款項 6,766 978
Cash and cash equivalents 現金及現金等值項目 3,961,917 4,085,409
total current assets 流動資產總值 4,027,939 4,187,805
Current liabilities 流動負債
Accrued expenses and other
payables
應計費用及其他應付款項
3 10
Amounts due to directors 應付董事款項 — 144
total current liabilities 流動負債總值 3 154
Net current assets 流動資產淨值 4,027,936 4,187,651
Net assets 資產淨值 4,208,631 4,413,977
equity 權益
Share capital 股本 28(a) 4,499,045 4,499,045
Reserves 其他儲備 28(a) (290,414) (85,068)
total equity 權益總值 4,208,631 4,413,977
Approved and authorised for issue by the Board
on 28 March 2017 and are signed on its behalf
by:
li ting huang xin
李婷 黃鑫
Executive Director and Chief Executive Officer Executive Director
執行董事及行政總裁 執行董事
34 公司層面之財務狀況報表
於二零一七年三月二十八日獲董事會批
准及授權刊發並由下列代表簽署：
173雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
35 immediate aNd ultimate holdiNg
CompaNy
At 31 December 2016, the directors consider the
immediate parent and ultimate holding company
of the Company to be Yunfeng Financial Holdings
Limited which is incorporated in the Cayman
Islands and beneficially owned as to %
and % by Mr. Ma Yun and Mr. Yu Feng,
respectively. Yunfeng Financial Holdings Limited
does not produce financial statements available
for public use.
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016
Up to the date o f issue o f these f inanc ia l
s ta tements , the HKICPA has issued a few
amendments/new standards which are not yet
effective for the year ended 31 December 2016
and which have not been adopted in these
financial statements. These include the following
which may be relevant to the Group.
effective for
accounting periods
beginning on or after
由會計期開始
或以後起生效
Amendments to HKAS 7, Statement of cash flows: Disclosure initiative 1 January 2017
經修訂《香港會計準則》第 7號「現金流報表：披露計劃」 二零一七年一月一日
Amendments to HKAS 12, Income taxes: Recognition of deferred tax
assets for unrealised losses 1 January 2017
經修訂《香港會計準則》第12號「所得稅：確認未實現虧損的遞延稅項資產」 二零一七年一月一日
HKFRS 9, Financial instruments 1 January 2018
《香港財務報告準則》第9號「金融工具」 二零一八年一月一日
HKFRS 15, Revenue from contracts with customers 1 January 2018
《香港財務報告準則》第15號「與客戶之間的合同產生的收入」 二零一八年一月一日
Amendments to HKFRS 2, Share-based payment: Classification and
measurement of share-based payment transactions 1 January 2018
經修訂《香港財務報告準則》第2號「以股份為基礎作支付：以股份為基礎作支付
交易的分類及計量」
二零一八年一月一日
HKFRS 16, Leases 1 January 2019
《香港財務報告準則》第16號「租賃」 二零一九年一月一日
35 直接及最終控股公司
董事認為本公司於二零一六年十二月
三十一日之直接母公司及最終控股公司
為雲鋒金融控股有限公司，該公司於開
曼群島註冊成立，並由馬雲先生及虞鋒
先生實益擁有 %及 %股權。
雲鋒金融控股有限公司並無編製財務報
表以供公眾人士使用。
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響
直至此等財務報表之發布日期，香港會
計師公會已頌布了多項修訂及新準則；
但該等修訂和新準則於截至二零一六年
十二月三十一日止會計年度尚未生效，
因此尚未應用於此等財務報表。可能與
本集團有關之修訂和新準則如下。
174 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016 (Continued)
The Group is in the process of making an
a s s e s s m e n t o f w h a t t h e i m p a c t o f t h e s e
amendments and new standards is expected to
be in the period of initial application. So far the
Group has identified some aspects of the new
standards which may have a significant impact
on the consolidated financial statements. Further
details of the expected impacts are discussed
below.
hkfrs 9, financial instruments
HKFRS 9 will replace the current standard on
account ing for f inanc ia l inst ruments, HKAS
39, F inanc ia l ins t ruments: Recogni t ion and
m e a s u r e m e n t . H K F R S 9 i n t r o d u c e s n e w
requirements for classification and measurement
of f inancial assets, calculation of impairment
of financial assets and hedge accounting. On
the other hand, HKFRS 9 incorporates without
s u b s t a n t i v e c h a n g e s t h e r e q u i r e m e n t s o f
HKAS 39 for recognition and derecognition of
financial instruments and the classification of
financial liabilities. Expected impacts of the new
requirements on the group’s financial statements
are as follows:
(a) Classification and measurement
H K F R S 9 c o n t a i n s t h r e e p r i n c i p a l
classification categories for financial assets:
measured at (1) amortised cost, (2) fair value
through profit or loss (FVTPL) and (3) fair
value through other comprehensive income
(FVTOCI) as follows:
— The classification for debt instruments
is determined based on the entity’s
bus iness mode l f o r manag ing the
f inancial assets and the contractual
cash flow characteristics of the asset.
I f a deb t i ns t rumen t i s c l ass i f i ed
as FVTOCI then ef fect ive in terest ,
i m p a i r m e n t s a n d g a i n s / l o s s e s o n
disposal will be recognised in profit or
loss.
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響（續）
本集團正在評估這些修訂和新標准在初
始適用期內的預期影響。到目前為止，
集團已確定新標準的某些方面可能對合
併財務報表產生重大影響。下面討論預
期影響的更多細節。
《香港財務報告準則》第 9號「金融工具」
《香港財務報告準則》第 9號將取代現時
金融工具的會計準則《香港會計準則》第
39號「金融工具：確認與計量」。《香港
財務報告準則》第 9號於金融資產的分類
和計量、金融資產的減值計算及對沖會
計法引進新的要求。另一方面，《香財務
報告準則》第 9號納入了《香港會計準則
第 39號》裹金融工具的確認和終止及金
融負債的分類的相關要求並沒有重大改
變。新要求對本集團的財務報表的預計
影響簡述如下：
(a) 分類及計量
《香港財務報告準則》第 9號規定金
融資產有三大分類，計量類別分類
為：(1)攤銷成本、(2) 通過損益以
反映公平價值及 (3) 通過其他全面
收益以反映公平價值，簡述如下：
— 債務工具之分類取決於實體管
理金融資產的商業模式及該資
產的合約現金流特徵。若以通
過其他全面收益以反映公平價
值作分類，其有效利息、減值
準備及終止確認時之損益將於
收益表內確認。
175雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016 (Continued)
hkfrs 9, financial instruments (Continued)
(a) Classification and measurement (Continued)
— For equity securities, the classification
is FVTPL regardless of the ent i ty ’s
business model. The only exception
is if the equity security is not held for
trading and the entity irrevocably elects
to designate that security as FVTOCI.
If an equity security is designated as
FVTOCI then only dividend income on
that security will be recognised in profit
or loss. Gains, losses and impairments
on that security will be recognised in
other comprehensive income without
recycling.
Based on the pre l im inary assessment ,
the group expects that its financial assets
currently measured at amortised cost and
FVTPL will continue with their respective
classification and measurements upon the
adoption of HKFRS 9.
With respect to the group’s financial assets
currently classified as “available-for-sale”,
these are investments in equity securities
which the group may classi fy as ei ther
FVTPL or irrevocably elect to designate as
FVTOCI (without recycling) on transition to
HKFRS 9. The group has not yet decided
whether it will irrevocably designate these
investments as FVTOCI or classify them
as FVTPL. Either classification would give
rise to a change in accounting policy as
the current accounting policy for available-
for-sale equity investments is to recognise
fair value changes in other comprehensive
income until disposal or impairment, when
gains or losses are recycled to profit or loss
in accordance with the group’s policies set
out in notes 2(j) and 2(m). This change in
policy will have no impact on the group’s net
assets and total comprehensive income but
will impact on reported performance amounts
such as profit and earnings per share.
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響（續）
《香港財務報告準則》第9號「金融工具」
（續）
(a) 分類及計量（續）
— 股份證券應按通過損益以反映
公平價值作分類而無需考慮實
體的商業模式。唯一的例外是
對於持有作非交易用途之股份
工具，實體可於初始確認時作
出不可撤回的選擇，將該等股
份工具指定分類為通過其他全
面收益以反映公平價值。通過
其他全面收益以反映公平價值
的股份工具之股息將於收益表
內確認，而其收益或虧損及減
值將確認於其他全面收益。而
日後即使出售相關工具，記於
其他全面收益的收益或虧損亦
不可轉回收益表內。
根據初步評估，本集團預期其以攤
餘成本及通過損益以反映公平價值
歸類的金融資產將在採用《香港財
務報告準則》第 9號後，繼續按其原
來類別分類和計量。
對於目前集團歸類為「可供出售」的
金融資產，這些是股權類投資，集
團可能在採用《香港財務報告準則》
第 9號後，將其歸類為通過損益以
反映公平價值或不可逆轉的選擇為
通過其他全面收益以反映公平價值
（無轉回）。集團尚未決定是否將不
可逆轉的將其可供出售金融資產歸
類為通過損益以反映公平價值或不
可逆轉的選擇為通過其他全面收益
以反映公平價值。歸類會引起會計
政策變更，因為可供出售金融資產
的現行會計政策是將公允價值變動
確認為其他綜合收益，直至處置或
減值時的收益或虧損按照附註 2(j)
和 2(m)中列出的會計政策轉回至
損益。這種政策變更對集團的淨資
產和全面綜合收益沒有影響，但會
影響報告的業績，如利潤和每股收
益。
176 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016 (Continued)
hkfrs 9, financial instruments (Continued)
(a) Classification and measurement (Continued)
T h e c l a s s i f i c a t i o n a n d m e a s u r e m e n t
requirements for financial liabilities under
HKFRS 9 a re la rge ly unchanged f rom
HKAS 39, except that HKFRS 9 requires
the fair value change of a financial liability
designated at FVTPL that is attributable to
changes of that financial liability’s own credit
risk to be recognised in other comprehensive
income (without reclassification to profit or
loss). The group currently does not have
any financial liabilities designated at FVTPL
and therefore this new requirement may not
have any impact on the group on adoption of
HKFRS 9.
(b) impairment
The new impairment model in HKFRS 9
replaces the “incurred loss” model in HKAS
39 with an “expected credit loss” model.
Under the expected cred i t loss model ,
it will no longer be necessary for a loss
event to occur before an impairment loss
is recognised. Instead, an entity is required
to recognise and measure expected credit
losses as either 12-month expected credit
losses or lifetime expected credit losses,
depending on the asset and the facts and
circumstances. This new impairment model
may result in an earlier recognition of credit
losses on the group’s trade receivables and
other f inancial assets. However, a more
detailed analysis is required to determine the
extent of the impact.
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響（續）
《香港財務報告準則》第9號「金融工具」
（續）
(a) 分類及計量（續）
《香港財務報告準則》第 9號下，對
金融負債的分類及計量的要求與
《香港會計準則》第 39號大致維持
不變，惟指定為通過損益以反映
公平價值的金融負債的本身信貸風
險之公平價值變動，將於其他全面
收益確認﹝並不會重新分類至收益
表內 ﹞。這新要求對本集團的淨資
產及全面收益總額並無影響，但會
減低收益表因指定為通過損益以反
映公平價值的金融負債之本身信貸
風險的改變而導致的溢利或虧損波
動。本集團預期此要求對收益表之
影響並不重大。本集團正檢視分類
及計量的評估結果對商業組合管理
及系統轉變之影響，並正修訂集團
的相關會計政策及流程。
(b) 減值
在香港財務報告準則第 9號中，新
的減值計量方法使用「預期信用損
失」模型來替代香港會計準則第 39
號中的「已發生損失」模型。在香港
財務報告準則第 9號下，不必在信
用事件發生後才確認信用損失。相
反，根據資產狀況、事實情況和所
屬環境，本集團需要確認和計量 12
個月內之預期信用損失或合約期內
之預期信用損失。該新損失計量模
型可能導致集團較早確認應收賬款
及其他金融資產相關的信用損失。
但需更多詳細分析以確定其影響程
度。
177雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016 (Continued)
hkfrs 9, financial instruments (Continued)
(c) hedge accounting
HKFRS 9 does not fundamentally change
the requirements relating to measuring and
recognising ineffect iveness under HKAS
39. However, greater flexibil ity has been
introduced to the types of t ransact ions
eligible for hedge accounting. The group
pre l im inar i l y assesses the adopt ion o f
HKFRS 9 will not be significantly impact as
the Group has no hedging transactions.
hkfrs 15, revenue from contracts with
customers
H K F R S 1 5 e s t a b l i s h e s a c o m p r e h e n s i v e
framework for recognising revenue from contracts
wi th customers. HKFRS 15 wi l l replace the
existing revenue standards, HKAS 18, Revenue,
which covers revenue ar is ing f rom sa le o f
goods and rendering of services, and HKAS
11, Construct ion contracts , which speci f ies
the accounting for revenue from construction
contracts. The group is currently assessing the
impacts of adopting HKFRS 15 on its financial
statements. Based on the preliminary assessment,
the group has identified the following areas which
are likely to be affected:
(a) timing of revenue recognition
The group’s revenue recognition policies are
disclosed in note 2(u). Currently, revenue
arising from construction contracts and the
provision of services is recognised over time,
whereas revenue from the sale of goods
is generally recognised when the risks and
rewards of ownership have passed to the
customers.
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響（續）
《香港財務報告準則》第9號「金融工具」
（續）
(c) 對沖會計
《香港財務報告準則》第 9號並無根
本性改變《香港會計準則》第 39號
下對沖會計的非有效性對沖的計量
及確認，但對適用於對沖會計的交
易種類提供了更大的彈性。由於集
團沒有對沖交易，本集團預計採用
《香港財務報告準則》第 9號不會產
生重大影響。
《香港財務報告準則》第 15號 — 來自客
戶合約的收入
《香港財務報告》第 15號建立了一個確認
來自客戶合約收入的綜合框架。《香港財
務報告準則》第 15號將取代現有的收入
準則：香港會計準則第 18號 — 收入（涵
蓋銷售商品和提供服務產生的收入）和香
港會計準則第 11號 — 建造合約（規定了
建造合約收入的會計核算）。本集團正在
評估採用《香港財務報告準則》第 15號對
其財務報表的影響。根據初步評估，本
集團已識別了可能會受到影響的以下方
面：
(a) 收入確認時間
本集團的收入確認政策披露於附註
2(u)。目前，建築合約及提供服務
產生的收入在一段時間內確認，而
銷售貨品產生的收入通常在所有權
風險及回報轉移至客戶時確認。
178 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016 (Continued)
hkfrs 15, revenue from contracts with
customers (Continued)
(a) timing of revenue recognition (Continued)
Under HKFRS 15, revenue is recognised
when the customer obtains control of the
promised good or service in the contract.
HKFRS 15 identifies 3 situations in which
control of the promised good or service is
regarded as being transferred over time:
(i) When the customer s imul taneously
receives and consumes the benefits
provided by the entity’s performance, as
the entity performs;
(ii) When the entity’s performance creates
or enhances an asset (for example work
in progress) that the customer controls
as the asset is created or enhanced;
(iii) When the entity’s performance does
not create an asset with an alternative
use to the entity and the entity has
an enforceable right to payment for
performance completed to date.
I f t he con t rac t te rms and the en t i t y ’ s
activities do not fall into any of these 3
situations, then under HKFRS 15 the entity
recognises revenue for the sale of that
good or service at a single point in time,
being when control has passed. Transfer
of risks and rewards of ownership is only
one of the indicators that will be considered
in determining when the transfer of control
occurs.
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響（續）
《香港財務報告準則》第 15號 — 來自客
戶合約的收入（續）
(a) 收入確認時間（續）
根據《香港財務報告準則》第 15號，
收入於客戶獲得合約中承諾商品和
服務的控制權時確認。《香港財務
報告準則》第 15號確定了對承諾商
品或服務的控制被視為隨時間轉移
的三種情況：
(i) 當客戶同時取得及消耗實體履
約所提供的利益時；
(ii) 實體的履約行為創造或改良了
客戶在資產被創造或改良時就
控制的資產（如在建工程）;
(iii) 實體的履約行為並未創造一項
可被實體用於替代用途的資
產，並且實體具有就迄今為止
已完成的履約部分獲得客戶付
款的可執行權利。
如果合約條款及實體履約行為並不
屬於任何該等三種情況，則根據
《香港財務報告準則》第 15號，實體
於某一時間點（即控制權轉移時）就
銷售商品或服務確認收入。所有權
的風險及回報的轉移僅為於釐定控
制權轉移發生時將考慮的其中一項
指標。
179雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016 (Continued)
hkfrs 15, revenue from contracts with
customers (Continued)
(a) timing of revenue recognition (Continued)
As a result of this change from the risk-and-
reward approach to the contract-by-contract
transfer-of-control approach, it is possible
that once the group adopts HKFRS 15 some
of the group’s contract manufacturing and
residential property development activities
that are currently recognised at a point in
time may meet the HKFRS 15 criteria for
revenue recognit ion over t ime. This wi l l
depend on the terms of the sales contract
and the en fo rceab i l i t y o f any spec i f i c
performance clauses in that contract, which
may vary depending on the jurisdiction in
which the contract would be enforced. It is
also possible that for the remainder of the
group’s contracts the point in time when
revenue is recognised may be earlier or later
than under the current accounting policy.
However, further analysis is required to
determine whether this change in accounting
policy may have a material impact on the
amounts reported in any given f inancial
reporting period.
(b) significant financing component
HKFRS 15 requires an ent i ty to adjust
the transaction price for the time value of
money when a contract contains a significant
financing component, regardless of whether
the payments from customers are received
significantly in advance or in arrears.
Currently, the group would only apply such
a policy when payments are significantly
deferred, which is currently not common in
the group’s arrangements with its customers.
Currently, the group does not apply such
a policy when payments are received in
advance.
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響（續）
《香港財務報告準則》第 15號 — 來自客
戶合約的收入（續）
(a) 收入確認時間（續）
由於從風險及回報法向按合約轉移
控制權法轉變，本集團採用《香港
財務報告準則》第 15號後，本集團
目前在某一時時點上確認的來自製
造及住宅物業發展活動的收入，可
能符合《香港財務報告準則》第 15號
的標準，在一段時間內確認收入。
這將取決於銷售合約的條款和該合
約中任何具體履約條款的可執行情
況，可能會因為執行合約的司法管
轄區不同而變化。對於本集團合約
的其餘部分，收入確認的時點亦可
能較根據現有會計政策的時間點提
前或推遲。然而，釐定有關會計政
策變動是否會對任何特定財務報告
期間內匯報的金額產生重大影響仍
須待進一步分析。
(b) 重大融資部分
《香港財務報告準則》第 15號要求實
體於合約包含重大融資部分時就貨
幣時間價值調整交易價格，而不管
來自客戶的付款將大部分提前收取
或延後收取。
目前，本集團僅於付款大幅延期時
（目前本集團與其客戶間的安排並
不常見）採用此政策。目前，本集
團並無於付款提前收取時採用此政
策。
180 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016 (Continued)
hkfrs 15, revenue from contracts with
customers (Continued)
(b) significant financing component (Continued)
Advance payments are not common in the
group’s arrangements with its customers,
w i th the except ion o f when res ident ia l
properties are marketed by the group while
the property is still under construction. In
this situation, the group may offer buyers
a discount compared to the sales price
payable, provided the buyer agrees to pay
the balance of the purchase price early.
Currently, the revenue from property sales is
recognised when the property is complete,
measured at the amount received f rom
the customer, irrespective of whether the
customer pays ear ly or on complet ion.
However, under HKFRS 15 such advance
payment schemes are likely to be regarded
as including a financing component.
The Group is in the process of assessing
whether th is component in the group’s
a d v a n c e p a y m e n t s c h e m e s w o u l d b e
signif icant to the contract and therefore
whether, once HKFRS 15 is adopted, the
transaction price would need to be adjusted
for the purposes of recognising revenue. Any
adjustment to the transaction price under
HKFRS 15, if considered necessary, would
result in interest expense being recognised
wh i le the cons t ruc t ion work i s s t i l l i n
progress to reflect the effect of the financing
benefit obtained from the customers, with a
corresponding increase to revenue on sale
of properties recognised when control of
the completed property is transferred to the
customer.
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響（續）
《香港財務報告準則》第 15號 — 來自客
戶合約的收入（續）
(b) 重大融資部分（續）
提前付款在本集團與其客戶間的安
排並不常見，本集團於住宅物業在
建期間銷售物業時除外。在這種情
況下，本集團可能會向賣方就應付
售價提供折扣，前提是賣方同意提
前支付購買價格的餘額。
目前，物業銷售產生的收入在物業
完工時確認，按收到的客戶金額計
量，而不管客戶提前支付或於完工
時支付。然而，根據《香港財務報
告準則》第 15號，該等預付款計劃
可能會被視為包含融資部分。
本集團正在評估本集團提前付款計
劃中的該部分是否對合約而言屬重
大，因此本集團採用《香港財務報
告準則》第 15號後，需出於確認收
入的目的而調整交易價格。根據
《香港財務報告準則》第 15號，對交
易價格的任何調整（如需要）將會導
致在建築工程仍然在建時確認利息
開支，來反映從客戶取得的融資利
益的影響，同時於完工物業的控制
權轉移至客戶時確認物業銷售收入
的增加。
181雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016 (Continued)
hkfrs 15, revenue from contracts with
customers (Continued)
(c) sales with a right of return
Currently when the customers are allowed to
return the products, the group estimates the
level of returns and makes an adjustment
against revenue and cost of sales.
The Group expects that the adoption of
HKFRS 15 will not materially affect how the
Group recognises revenue and cost of sales
when the customers have a right of return.
However, the new requirement to recognise
separately a return asset for the products
expected to be returned wil l impact the
presentation in the consolidated statement
of financial position as the group currently
adjusts the carrying amounts of inventory for
the expected returns, instead of recognising
a separate asset.
HKFRS 16, Leases
As disclosed in note 2(h), currently the group
classifies leases into finance leases and
operating leases and accounts for the lease
arrangements differently, depending on the
classification of the lease. The group enters
into some leases as the lessee.
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響（續）
《香港財務報告準則》第 15號 — 來自客
戶合約的收入（續）
(c) 附退貨權的銷售
目前，當客戶可退回產品時，本集
團估計退貨水平，並對收入和銷售
成本進行調整。
本集團預計，當客戶有退貨權時，
採用《香港財務報告準則》第 15號不
會對本集團確認收入和銷售成本產
生重大影響。 然而，對預計將被退
回的產品單獨確認退貨資產的新要
求，將影響綜合財務狀況表中的列
報，因為本集團目前就預計退貨調
整存貨的賬面值，而不是確認一項
獨立的資產。
《香港財務報告準則》第 16號「租賃」
如在附註 2(h) 中所披露，本集團現
分類租賃為融資租賃和經營租賃，
本集團會按租賃的分類而採納不同
的會計方法來處理租賃安排。本集
團會以受租人身份簽訂租賃合約。
182 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
Notes to the financial statements
財務報表附註
36 possiBle impaCt of ameNdmeNts,
NeW staNdards aNd
iNterpretatioNs issued But Not
yet effeCtive for the year eNded
31 deCemBer 2016 (Continued)
hkfrs 15, revenue from contracts with
customers (Continued)
(c) sales with a right of return (Continued)
HKFRS 16, Leases (Continued)
HKFRS 16 i s no t expec ted t o impac t
significantly on the way that lessors account
for their r ights and obl igat ions under a
lease. However, once HKFRS 16 is adopted,
lessees will no longer distinguish between
finance leases and operating leases. Instead,
subject to pract ical expedients, lessees
will account for all leases in a similar way
to current finance lease accounting, . at
the commencement date of the lease the
lessee will recognise and measure a lease
liability at the present value of the minimum
future lease payments and will recognise
a corresponding “right-of-use” asset. After
initial recognition of this asset and liability,
the lessee will recognise interest expense
accrued on the outstanding balance of the
lease liability, and the depreciation of the
right-of-use asset, instead of the current
po l i cy o f recogn is ing ren ta l expenses
i ncu r red under ope ra t i ng l eases on a
systematic basis over the lease term. As
a practical expedient, the lessee can elect
not to apply this accounting model to short-
term leases (. where the lease term is 12
months or less) and to leases of low-value
assets, in which case the rental expenses
would cont inue to be recognised on a
systematic basis over the lease term.
36 在截至二零一六年十二月三十一日
止年度前已公布但尚未生效的修
訂、新標準和詮釋所產生的可能影
響（續）
《香港財務報告準則》第 15號 — 來自客
戶合約的收入（續）
(c) 附退貨權的銷售（續）
《香港財務報告準則》第 16號「租賃」
（續）
預計《香港財務報告準則》第 16號對
出租人根據他們在租賃的權利和義
務的會計處理方法未有重大影響。
但是，當採納《香港財務報告準則》
第 16號，受租人將毋須分辨融資租
賃及經營租賃。另外，視乎實際情
況，受租人將以現行相同的融資租
賃會計法處理所有租賃，即在租賃
之生效日受租人將按未來最低租賃
付款之現值確認及計算租賃負債，
亦會同時確認另一「可使用權利」資
產。在初始確認該資產及負債後，
受租人將按租賃負債的結餘確認應
計利息支出，以及可使用權利資產
的折舊，而並不是現行會計政策按
租賃期限分期確認為經營租賃的租
金支出。視乎實際情況，受租人可
選擇不採納此會計模式計算短期租
賃 (即租賃期是 12個月或以下 ) 以
及低價值資產之租賃，即仍繼續按
租賃期限分期確認為經營租賃的租
金支出。
183雲鋒金融集團有限公司二零一六年年報
Notes to the financial statements
財務報表附註
37 Comparative figures
Proceeds from disposal of financial assets at
fair value through profit or loss is reclassified
from investing activity to operating activity in the
consolidated statement of cash flows and certain
disclosure notes in the consolidated financial
statements are restated to conform to current
year presentation.
38 NoN-adjustiNg eveNt after the
reportiNg period
As disclosed in the announcement dated 24
January 2017, the Company issued an aggregate
of 23,990,000 shares at HK$ per share to a
total of 25 employees of the Group as awarded
shares pursuant to the 2016 Share Award
Scheme. The share awards shall be vested in
four tranches of 25% each on 4 May 2017 and on
every anniversary date thereafter until the third
anniversary.
37 比較數字
出售按公平值計入損益的金融資產之所
得款已於當期從簡明綜合現金流量表的
投資活動重新分類至經營活動並重述合
併財務報表中的部分披露資料，當前會
計期間比較數字已重新分類以符合當期
期間之呈現方式。
38 報告期後的非調整事件
誠如二零一七年一月二十四日刊發的公
告所披露，本公司根據二零一六年股份
獎勵計劃以每股股份 港元向本集團合
共 25名僱員發行合共 23,990,000股股
份作為獎勵股份。股份獎勵將分別於二
零一七年五月四日及其後每個周年分四
批每批 25%歸屬，直至第三週年為止。
184 YUNFENG FINANCIAL GROUP LIMITEDAnnual Report 2016
five year financial summary
五年財務概要
2016 2015 2014 2013 2012
二零一六年 二零一五年 二零一四年 二零一三年 二零一二年
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
results 業績
Revenue 收益 46,120 193,967 133,370 77,516 46,796
(Loss)/profit before taxation 除稅前（虧損）╱溢利 (324,869) (77,869) 759,327 (87,360) (96,307)
Taxation 稅項 8,327 (79,172) (450) — —
(Loss)/profit for the year 本年度（虧損）╱溢利 (316,542) (157,041) 758,877 (87,360) (96,307)
Basic (loss)/earnings per
share (HK$)
每股基本（虧損）╱盈利
（港元） () () () ()
assets aNd liaBilities 資產及負債
Property and equipment 物業及設備 21,418 13,930 5,289 6,247 6,897
Goodwill and intangible
assets 商譽及無形資產 10,616 550 550 550 —
Interest in associates 於聯營公司之權益 — — 27,311 33,076 —
Non-current financial assets
at fair value through profit
or loss
非流動性按公平值
計入損益之
金融資產 — — 556,427 — —
Available for sale financial
assets
可供出售
金融資產 99,853 — — — —
Other non-current assets 其他非流動資產 21,580 15,260 8,856 805 735
Net current assets 流動資產淨額 4,292,041 4,749,774 422,468 120,391 158,523
Non-current liabilities 非流動負債 (1,385) (18,171) — — —
4,444,123 4,761,343 1,020,901 161,069 166,155
Share capital 股本 4,499,548 4,499,548 614,919 498,231 416,273
Reserves 儲備 (56,532) 260,759 400,015 (343,184) (255,965)
4,443,016 4,760,307 1,014,934 155,047 160,308
Non-controlling interests 非控股權益 1,107 1,036 5,967 6,022 5,847
Total equity 權益總額 4,444,123 4,761,343 1,020,901 161,069 166,155
YUNFENG FINANCIAL GROUP LIMITED Suites 3201-3204, One Exchange Square, 8 Connaught Place, Central, Hong Kong T 852 2843 1488
雲鋒金融集團有限公司 香港中環康樂廣場8號交易廣場1座3201-3204室 電話 852 2843 1488
2016 ANNUAL REPORT
二零一六年度年報
STOCK CODE 股份代號：376
YUN
FEN
G FIN
AN
CIAL GROUP LIM
ITED 雲
鋒
金
融
集
團
有
限
公
司
AN
N
UAL REPORT 2016 年
度
年
報
封面
內封
目錄
公司資料
行政總裁報告
管理層討論及分析
董事及高級管理人員履歷
企業管治報告
董事會報告
環境、社會及管治報告
獨立核數師報告
綜合收益表
綜合全面收益表
綜合財務狀況表
綜合權益變動表
綜合現金流量表
財務報表附註
五年財務概要
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