2016
Interim Report 中期報告
05117_EC01_Content Time/date: 10-09-2016_00:22:47
Corporate Information
公司資料
Independent Review Report
獨立審閱報告
Condensed Consolidated Statement of Profit or Loss
簡明綜合損益表
Condensed Consolidated Statement of Comprehensive Income
簡明綜合全面收益報表
Condensed Consolidated Statement of Financial Position
簡明綜合財務狀況報表
Condensed Consolidated Statement of Changes in Equity
簡明綜合權益變動表
Condensed Consolidated Statement of Cash Flows
簡明綜合現金流量表
Notes to Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
Management Discussion and Analysis
管理層討論及分析
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Contents 目錄
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05117_EC02_Corporate Information Time/date: 10-09-2016_00:22:48
CORPORATE INFORMATION
公司資料
2 Pacific Plywood Holdings Limited Interim Report 2016
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BOARD OF DIRECTORS
Executive Directors
Mr. HUANG Chuan Fu, Chairman
Mr. LIANG Jian Hua
Ms. JIA Hui
Mr. JIANG Yi Ren
Independent Non-executive Directors
Mr. WONG Chun Hung
Mr. ZHENG Zhen
Mr. TO Langa Samuelson
CHIEF EXECUTIVE OFFICER
Ms. YU Yang (appointed on 20 January 2016)
COMPANY SECRETARY
Ms. ZHANG Tan Fung
AUDIT COMMITTEE MEMBERS
Mr. WONG Chun Hung, Chairman
Mr. ZHENG Zhen
Mr. TO Langa Samuelson
NOMINATION COMMITTEE MEMBERS
Mr. WONG Chun Hung, Chairman
Mr. ZHENG Zhen
Mr. TO Langa Samuelson
REMUNERATION COMMITTEE MEMBERS
Mr. WONG Chun Hung, Chairman
Mr. HUANG Chuan Fu
Mr. ZHENG Zhen
Mr. TO Langa Samuelson
AUDITOR
Zenith CPA Limited
10/F., China Hong Kong Tower
8–12 Hennessy Road
Wanchai
Hong Kong
PRINCIPAL BANKER
DBS Bank (Hong Kong) Limited
董事會
執行董事
黃傳福先生,主席
梁建華先生
賈輝女士
蔣一任先生
獨立非執行董事
黃鎮雄先生
鄭楨先生
杜朗加先生
行政總裁
余楊女士(於二零一六年一月二十日獲委任)
公司秘書
張丹鳳女士
審核委員會成員
黃鎮雄先生,主席
鄭楨先生
杜朗加先生
提名委員會成員
黃鎮雄先生,主席
鄭楨先生
杜朗加先生
薪酬委員會成員
黃鎮雄先生,主席
黃傳福先生
鄭楨先生
杜朗加先生
核數師
誠豐會計師事務所有限公司
香港
灣仔
軒尼詩道8–12號
中港大廈10樓
主要往來銀行
星展銀行(香港)有限公司
05117_EC02_Corporate Information Time/date: 10-09-2016_00:22:48
CORPORATE INFORMATION
公司資料
3太平洋實業控股有限公司 二零一六年中期報告
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PRINCIPAL SHARE REGISTRAR AND TRANSFER
OFFICE
MUFG Fund Services (Bermuda) Limited
The Belvedere Building
69 Pitts Bay Road
Pembroke HM08
Bermuda
HONG KONG BRANCH SHARE REGISTRAR AND
TRANSFER OFFICE
Computershare Hong Kong Investor Services Limited
Shops 1712–1716
17th Floor, Hopewell Centre
183 Queen’s Road East
Wanchai
Hong Kong
REGISTERED OFFICE
Canon’s Court
22 Victoria Street
Hamilton, HM 12
Bermuda
PRINCIPAL OFFICE
Units 3301–3303, 33/F.
West Tower Shun Tak Centre
168–200 Connaught Road Central
Sheung Wan
Hong Kong
COMPANY’S WEBSITE
公司中文名稱之譯名,原因為該公司並無已登
記之英文名稱。
17. ACQUISITION OF A SUBSIDIARY
On 14 January 2016, a subsidiary of the Company entered
into a sale and purchase agreement with an independent
third party, pursuant to which the Group acquired a 100%
interest in Beijing Ling Sheng Tian Xia Technology Limited#
(“Ling Sheng”). Ling Sheng planned to engage in an
internet financing platform in the PRC, but at the time of
acquisition, Ling Sheng did not have any employees and
had not actively engaged in internet financing business.
Accordingly, in the opinion of the directors, the acquisition
of Ling Sheng does not constitute a business combination
but an acquisition of assets and liabilities. The carrying
amounts of the identifiable assets and liabilities of Ling
Sheng as at the date of acquisition were as follows:
# The English name of this company represents management’s best
effort to translate the Chinese name of this company, as no English
name has been registered.
30 June
2016
二零一六年
六月三十日
(Unaudited)
(未經審核)
HK$’000
千港元
Net assets acquired: 所收購資產淨值:
Cash and bank balances 現金及銀行結餘 487
Other receivables 其他應收款項 104
Other payables 其他應付款項 (591)
—
05117_EC09_Notes Time/date: 10-09-2016_00:22:55
27太平洋實業控股有限公司 二零一六年中期報告
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
中期簡明綜合財務報表附註
Six months ended 30 June 2016
截至二零一六年六月三十日止六個月
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17. 收購一間附屬公司(續)
有關收購一間附屬公司之現金流量分析如
下:
18. 出售附屬公司
於截至二零一六年六月三十日止六個月,
本公司與一名獨立第三方訂立一份買賣協
議,以出售一組附屬公司之全部股權。該
組附屬公司以往於巴布亞新畿內亞獨立國
從事森林業務。於本報告日期,出售附屬
公司之代價10,000,000港元已經全數收取。
已出售附屬公司之負債淨額及包括已轉讓
予買家之貸款於出售日期為1,425,000港
元,產生之出售附屬公司收益11,425,000
港元已於期內在簡明綜合損益表中確認。
17. ACQUISITION OF A SUBSIDIARY (Continued)
An analysis of cash flows in respect of the acquisition of a
subsidiary is as follows:
30 June
2016
二零一六年
六月三十日
(Unaudited)
(未經審核)
HK$’000
千港元
Consideration 代價 –
Cash and bank balances acquired 所收購現金及銀行結餘 487
Net inflow of cash and cash equivalents included
in cash flows from investing activities
計入投資活動之現金流量之現金及
現金等價物流入淨額 487
18. DISPOSAL OF SUBSIDIARIES
During the six months ended 30 June 2016, the Company
entered into a sale and purchase agreement with an
independent third party to dispose of the entire equity
interest of a group of subsidiaries, which was engaged in
forestry business in the Independent State of Papua New
Guinea previously. The consideration of HK$10,000,000 for
the disposal of subsidiaries has been received in full as at
the date of this report. The net liabilities of the subsidiaries
being disposed of, and including loans assigned to the
purchaser at the date of disposal was HK$1,425,000, and
resulted in a gain on disposal of subsidiaries of
HK$11,425,000 recognised in the condensed consolidated
statement of profit or loss during the period.
05117_EC09_Notes Time/date: 10-09-2016_00:22:55
28 Pacific Plywood Holdings Limited Interim Report 2016
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
中期簡明綜合財務報表附註
Six months ended 30 June 2016
截至二零一六年六月三十日止六個月
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19. 經營租賃安排
本集團根據經營租賃安排租賃若干辦公室
物業。物業租賃經磋商後之年期介乎一至
五年。
於二零一六年六月三十日,本集團根據不
可撤銷經營租賃之日後最低租賃款項總額
之到期情況如下:
20. 資本承擔
於二零一六年六月三十日,本集團並無任
何重大資本承擔(二零一五年十二月三十一
日:無)。
21. 金融工具之公平值
於二零一六年六月三十日及二零一五年十
二月三十一日,本集團之可供出售投資包
括於香港上市股本證券之投資及於在中國
成立之非上市基金信託之投資。
於按公平值初步確認後,於聯交所上市股
本證券之投資乃按活躍市場上之報價(未
經調整)計量(第一級公平值計量)。於二零
一六年六月三十日,963,858,000港元(二
零一五年十二月三十一日:1,127,088,000港
元)之股本證券投資乃經常性以公平值計
量。
19. OPERATING LEASES ARRANGEMENTS
The Group leases certain of its office premises under
operating lease arrangements. Leases for properties are
negotiated for terms ranging from one to five years.
At 30 June 2016, the Group had total future minimum
lease payments under non-cancellable operating leases
falling due as follows:
30 June
2016
31 December
2015
二零一六年
六月三十日
二零一五年
十二月三十一日
(Unaudited) (Audited)
(未經審核) (經審核)
HK$’000 HK$’000
千港元 千港元
Within one year 一年內 10,813 21,058
In the second to fifth years, inclusive 第二年至第五年(包括
首尾兩年) 5,875 11,067
16,688 32,125
20. CAPITAL COMMITMENT
The Group did not have any significant capital commitment
as at 30 June 2016 (31 December 2015: Nil).
21. FAIR VALUE OF FINANCIAL INSTRUMENTS
At 30 June 2016 and 31 December 2015, the Group’s
available-for-sale investments include investment in equity
securities listed in Hong Kong and investment in an unlisted
fund trust established in the PRC.
Subsequent to initial recognition at fair value, investment in
equity securities listed on the Stock Exchange is measured
based on the quoted price (unadjusted) in active market
(Level 1 fair value measurement). At 30 June 2016,
HK$963,858,000 (31 December 2015: HK$1,127,088,000)
investment in equity securities is measured at fair value on
a recurring basis.
05117_EC09_Notes Time/date: 10-09-2016_00:22:55
29太平洋實業控股有限公司 二零一六年中期報告
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
中期簡明綜合財務報表附註
Six months ended 30 June 2016
截至二零一六年六月三十日止六個月
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21. 金融工具之公平值(續)
於二零一六年六月三十日,21,880,000港元
(二零一五年十二月三十一日:41,672,000
港元)、於中國成立之非上市基金信託之投
資乃按成本計量,原因為於非上市股本工
具之投資並無市場報價,且公平值無法可
靠地計量。
公平值級別乃於本集團截至二零一五年十
二月三十一日止年度之綜合財務報表中界
定。本集團認為,中期簡明綜合財務報表
中按攤銷成本計量之金融資產及金融負債
之賬面金額與公平值相若。於當前及過往
期間,第一級與第二級之間並無轉撥。
22. 關連人士交易
(a) 與一名關連人士進行之交易
於截至二零一六年六月三十日止六個
月,因應本公司強制性可換股票據所
附之轉換權按轉換價每股港元獲
行使,本公司向其控股股東 Allied
Summit Inc.發行1,088,000,000股本
公司股份。有關進一步詳情載於本公
司日期為二零一六年五月二十六日之
公告。
(b) 本集團主要管理人員之補償
董事認為,本公司董事及最高行政人
員指本集團之主要管理人員,彼等之
補償詳情載於下文:
21. FAIR VALUE OF FINANCIAL INSTRUMENTS
(Continued)
At 30 June 2016, HK$21,880,000 (31 December 2015:
HK$41,672,000) investment in an unlisted fund trust
established in the PRC is measured at cost since the
investment in unlisted equity instrument does not have a
quoted market price and the fair value cannot be measured
reliably.
Fair value hierarchy has been defined in the Group’s
consolidated financial statements for the year ended 31
December 2015. The Group considers that the carrying
amounts of financial assets and financial liabilities measured
at amortised cost in the interim condensed consolidated
financial statements approximate to their fair values. There
was no transfer between Level 1 and 2 in the current and
prior periods.
22. RELATED PARTY TRANSACTIONS
(a) Transaction with a related party
During the six months ended 30 June 2016,
1,088,000,000 shares of the Company were issued to
Allied Summit Inc., a controlling shareholder of the
Company, upon exercise of the conversion rights
attaching to the mandatory convertible notes of the
Company at a conversion price of HK$ per share.
Further details of which are set out in the Company’s
announcement dated 26 May 2016.
(b) Compensation of key management personnel
of the Group
In the opinion of the directors, the directors and chief
executive of the Company represented the key
management personnel of the Group and whose
compensation are set out as follows:
Six months ended 30 June
截至六月三十日止六個月
2016 2015
二零一六年 二零一五年
(Unaudited) (Unaudited)
(未經審核) (未經審核)
HK$’000 HK$’000
千港元 千港元
Short-term employee benefits 短期僱員福利 1,149 238
05117_EC09_Notes Time/date: 10-09-2016_00:22:55
30 Pacific Plywood Holdings Limited Interim Report 2016
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
中期簡明綜合財務報表附註
Six months ended 30 June 2016
截至二零一六年六月三十日止六個月
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23. 報告期末後事項
(a) 於二零一六年七月八日,本集團與一
名借款人(「首名借款人」,為獨立第
三方)訂立貸款協議,據此,本集團
同意根據有關條款向首名借款人提
供本金額最多為2,000,000港元之貸
款。於二零一六年七月八日前,本集
團已向首名借款人及其聯繫人(定義
見上市規則)提供前貸款融資,貸款
本金額合共為97,100,000港元。於本
報告日期,向首名借款人及其聯繫人
提供之前貸款已獲悉數償還或尚未
到期。有關進一步詳情載於本公司日
期為二零一六年七月八日之公告內。
(b) 於二零一六年八月二十三日,本集團
與一名借款人(「第二名借款人」,為獨
立第三方)訂立貸款協議,據此,本
集團同意根據有關條款向第二名借
款人提供本金額最多為82,000,000港
元之貸款。於二零一六年八月二十三
日前,本集團已向第二名借款人提供
前 貸款融資,貸款本金額合共為
206,000,000港元。於本報告日期,
向第二名借款人提供之前貸款已獲
悉數償還或尚未到期。有關進一步
詳情載於本公司日期為二零一六年八
月二十三日之公告內。
24. 比較金額
若干比較金額已重列,以符合本期間之呈
列方式及披露事項。
25. 批准未經審核中期簡明綜合財務
報表
未經審核中期簡明綜合財務報表已經由董
事會於二零一六年八月二十六日批准並授
權刊發。
23. EVENT AFTER THE END OF THE REPORTING
PERIOD
(a) On 8 July 2016, the Group entered into a loan
agreement with a borrower (the “First Borrower”), an
independent third party, pursuant to which the Group
has agreed to provide loan with principal amount of
up to HK$2,000,000 to the First Borrower in
accordance with the terms thereunder. Prior to 8 July
2016, the Group provided the previous loan facilities
to the First Borrower and its associates (as defined
under the Listing Rules) with loan principal amounts of
HK$97,100,000 in aggregate. As at the date of this
report, the previous loans to the First Borrower and
its associates have either been fully repaid or have
not been due. Further details of which are set out in
the Company’s announcement dated 8 July 2016.
(b) On 23 August 2016, the Group entered into a loan
agreement with a borrower (the “Second Borrower”),
an independent third party, pursuant to which the
Group has agreed to provide loan with principal
amount of up to HK$82,000,000 to the Second
Borrower in accordance with the terms thereunder.
Prior to 23 August 2016, the Group provided the
previous loan facilities to the Second Borrower with
loan principal amounts of HK$206,000,000 in
aggregate. As at the date of this report, the previous
loans to the Second Borrower have either been fully
repaid or have not been due. Further details of which
are set out in the Company’s announcement dated 23
August 2016.
24. COMPARATIVE AMOUNTS
Certain comparative amounts have been re-presented to
conform to current period’s presentation and disclosures.
25. APPROVAL OF THE UNAUDITED INTERIM
CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
The unaudited interim condensed consolidated financial
statements were approved and authorised for issue by the
Board on 26 August 2016.
05117_EC10_MD&A Time/date: 10-09-2016_00:22:56
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
31太平洋實業控股有限公司 二零一六年中期報告
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DIVIDENDS
The board of directors (the “Directors”) (the “Board”) of Pacific
Plywood Holdings Limited (the “Company”) has resolved not to
declare an interim dividend for the six months ended 30 June
2016 (six months ended 30 June 2015: Nil).
BUSINESS REVIEW
During the six months ended 30 June 2016, the Company and its
subsidiaries (collectively referred to as the “Group”), were
principally engaged in the business of operation of peer-to-peer
(“P2P”) financing platform and other loan facilitation services,
money lending and provision of credit, securities investments,
provision of corporate secretarial and consultancy services and
forestry business.
Operation of P2P Financing Platform and Other Loan
Facilitation Services Business
Since the completion of the acquisition of Katar Global Limited
and its subsidiaries (the “Katar Global Group”) on 20 October
2015, the Group, through relevant structured contracts (the
“Structured Contracts”), has been engaging in the operation of
a P2P financing platform in the People’s Republic of China (the
“PRC”), matching borrowers with private lenders for various
financial products through the internet under the “CAIJIA” (“財
加”) brand, which is conducted via the website .
com. During the six months ended 30 June 2016, a segment
revenue of approximately HK$158,780,000 (six months ended 30
June 2015: Nil) and a segment profit of approximately
HK$92,119,000 (six months ended 30 June 2015: Nil) were
recorded.
Compliance of Structured Contracts with the PRC Laws,
Rules and Regulations for Operation of P2P Financing
Platform
During the six months ended 30 June 2016 and up to the date of
this report, there is no evidence that comes to the attention of
the Company that the parties to the Structured Contracts have
not performed their obligations in compliance with the Structured
Contracts. Moreover, as at the date of this report, the Group has
not encountered any interference or encumbrance from any
governing bodies in operating its business under the Structured
Contracts. Thus, the Board considered that the implementation of
the Structured Contracts is satisfactory and in compliance and
the Structured Contracts shall be enforceable under the PRC laws
and regulations.
股息
太平洋實業控股有限公司(「本公司」)董事(「董
事」)會(「董事會」)議決不宣派截至二零一六年六
月三十日止六個月之中期股息(截至二零一五年
六月三十日止六個月:無)。
業務回顧
於截至二零一六年六月三十日止六個月,本公司
及其附屬公司(統稱「本集團」)主要從事經營對
等網絡(「P2P」)融資平台及其他貸款中介服務、
借貸及提供信貸、證券投資、提供企業秘書及
諮詢服務業務及森林業務。
經營P2P融資平台及其他貸款中介服務業務
自二零一五年十月二十日完成收購加達環球有限
公司及其附屬公司(「加達環球集團」)以來,本集
團一直透過相關結構合約(「結構合約」)於中華人
民共和國(「中國」)以「財加」品牌經營P2P融資平
台,並透過網站 ()操作,透過
互聯網就各種金融產品配對借款人與私人貸款
人。於截至二零一六年六月三十日止六個月,分
部收益及分部溢利分別約為158,780,000港元(截
至二零 一五年六 月三十日止 六 個 月:無)及
92,119,000港元(截至二零一五年六月三十日止六
個月:無)。
結構合約符合有關經營P2P融資平台之中國
法律、規例及法規
於截至二零一六年六月三十日止六個月及直至
本報告日期,本公司並無發現任何證據顯示結
構合約訂約方未有履行彼等遵守結構合約之義
務。另外,於本報告日期,本集團於經營結構合
約下之業務時並未遭到任何監管機構之任何干
預或阻礙。因此,董事會認為履行結構合約之
情況令人滿意及屬合規,且結構合約應可根據
中國法律及法規強制執行。
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MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
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Efforts and Actions on Complying with the Qualification
Requirement for Operation of P2P Financing Platform
Under the Regulations for the Administration of Foreign-invested
Telecommunications Enterprises promulgated by the State
Council on 11 December 2001, which were subsequently
amended on 10 September 2008, foreign ownership of
companies that provide value-added telecommunication services,
which include the operation of P2P financing platform, is limited
to 50% and a foreign investor who invests in a value-added
telecommunications business in the PRC must possess prior
experience in operating value-added telecommunications
businesses and a proven track record of business operations
overseas (the “Qualification Requirement”). In order to unveil
the uncertainties on the Structured Contracts as well as to
prepare for the possible unwinding of Structured Contracts in the
future, the Group is making effort to meet the Qualification
Requirement. The Group is adding some e-commerce elements
in the existing finance business of the Group by setting up a
website for Joy Wealth Finance Limited (“Joy Wealth”), a
w h o l l y - o w n e d s u b s i d i a r y o f t h e C o m p a n y , a t
, and through such website, Joy Wealth
will accept applications from borrowers online.
Money Lending and Provision of Credit Business
Since obtaining the money lenders licence under the Money
Lenders Ordinance (Chapter 163 of the Laws of Hong Kong) in
2011, Joy Wealth has provided a wide variety of loans with an
accumulated amount of approximately HK$1,957 million. Interest
rates ranged from 10% to 36% per annum during the six months
ended 30 June 2016 (six months ended 30 June 2015: 10% to
24%) with interest income of approximately HK$28,843,000 (six
months ended 30 June 2015: HK$26,083,000) generated. There
was no reversal of impairment of loan and interest receivables
(six months ended 30 June 2015: HK$9,000,000) recognised for
the current period. Details on the loan and interest receivables
are set out in note 14 to the interim condensed consolidated
financial statements.
遵守經營P2P融資平台資格規定所作之努力
及行動
根據國務院於二零零一年十二月十一日頒佈(其
後於二零零八年九月十日修訂)之外商投資電信
企業管理規定,提供增值電信服務(包括經營
P2P融資平台)公司之外商所有權以50%為限,
且投資於中國增值電信業務之外商投資者須具
有經營增值電信業務之過往經驗及海外業務經
營之良好往績記錄(「資格規定」)。為消除結構合
約之不確定性及為未來可能解除結構合約作準
備,本集團盡力符合資格規定。本集團正通過
為本公司全資附屬公司寶欣財務有限公司(「寶
欣」)設立網站 (),將若干
電子商務元素注入本集團現有融資業務,且透
過該網站,寶欣將於網上接納借款人申請。
借貸及提供信貸業務
自二零一一年根據香港法例第163章放債人條例
取得放債人牌照後,寶欣提供廣泛類型貸款,
累計金額約為1,957,000,000港元。截至二零一
六年六月三十日止六個月之年利率介乎10厘至36
厘(截至二零一五年六月三十日止六個月:10厘
至24厘),產生利息收入約28,843,000港元(截至
二零一五年六月三十日止六個月:26,083,000港
元)。於本期間並無就應收貸款及利息確認減值
撥回(截至二零一五年六月三十日止六個月:
9,000,000港元)。應收貸款及利息詳情載於中
期簡明綜合財務報表附註14。
05117_EC10_MD&A Time/date: 10-09-2016_00:22:56
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
33太平洋實業控股有限公司 二零一六年中期報告
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證券投資業務
於二零一六年六月三十日,本集團持有多項於香
港聯合交易所有限公司(「聯交所」)上市之股本證
券作為長期投資,公平值約為963,858,000港元
(二零一五年十二月三十一日:1,127,088,000港
元)。截至二零一六年六月三十日止六個月,該
等上市證券投資產生之公平值 虧損 淨額約
155,568,000港元(截至二零一五年六月三十日止
六個月:公平值收益淨額1,422,754,000港元)被
確 認 為一項 其他全面虧 損,而出售收 益 約
4,824,000港元(截至二零一五年六月三十日止六
個月:2,868,000港元)則於未經審核簡明綜合損
益表內確認。重大上市證券投資論述如下:
於博華太平洋股份之投資
本集團持有博華太平洋國際控股有限公司(其股
份於聯交所上市之公司,股份代號:1076)(「博
華太平洋」)之5,426,900,000股股份,佔博華太平
洋於二零一六年六月三十日已發行股本約%。
博華太平洋透過其附屬公司主要從事 (i)博彩及
度假村業務,包括發展及營運塞班島綜合度假
村;及 (ii)食品產品(主要包括冷凍及功能性食品
產品)加工及貿易(已於二零一六年五月二十六日
結束並終止經營)。
於二零一六年六月三十日,本集團持有之博華太
平洋股份之公平值約為770,620,000港元(二零一
五年十二月三十一日:917,146,000港元),佔本
集團於上市證券總投資約80%(二零一五年十二
月三十一日:81%)。截至二零一六年六月三十日
止六個月已確認為於博華太平洋股份之投資之
一項其他全面虧損 之公平值 虧損 淨額約為
146,526,000港元(截至二零一五年六月三十日止
六個月:公平值收益淨額1,111,324,000港元)。
Securities Investments Business
As at 30 June 2016, the Group is holding several investments
which are equity securities listed on The Stock Exchange of
Hong Kong Limited (the “Stock Exchange”) for long term
investment with fair value of approximately HK$963,858,000 (31
December 2015: HK$1,127,088,000). During the six months
ended 30 June 2016, these investments in listed securities led to
a net fair value loss being recognised as an other comprehensive
loss in an amount of approximately HK$155,568,000 (six months
ended 30 June 2015: net fair value gain of HK$1,422,754,000)
while there was gain on disposal of approximately HK$4,824,000
(six months ended 30 June 2015: HK$2,868,000) recognised in
the unaudited condensed consolidated statement of profit or loss.
Significant investments in listed securities are discussed as
below:
Investment in shares of Imperial Pacific
The Group held 5,426,900,000 shares of Imperial Pacific
International Holdings Limited (a company whose shares are
listed on the Stock Exchange with stock code: 1076) (“Imperial
Pacific”), representing approximately % of the issued share
capital of Imperial Pacific as at 30 June 2016. Imperial Pacific,
through its subsidiaries, is mainly engaged in (i) gaming and
resort business, including the development and operation of
integrated resort on the Island of Saipan; and (ii) processing and
trading of food products which mainly include frozen and
functional food products (which ceased and was discontinued on
26 May 2016).
As at 30 June 2016, the fair value of the shares of Imperial
Pacific held by the Group amounted to approximately
HK$770,620,000 (31 December 2015: HK$917,146,000),
representing approximately 80% (31 December 2015: 81%) of the
Group’s total investment in the listed securities. The net fair
value loss recognised as an other comprehensive loss for the
investment in shares of Imperial Pacific for the six months
ended 30 June 2016 was approximately HK$146,526,000 (six
months ended 30 June 2015: net fair value gain of
HK$1,111,324,000).
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MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
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於華融金控股份之投資
本集團亦持有華融國際金融控股有限公司(其股
份於聯交所上市之公司,股份代號:993)(「華融
金控」)之56,786,000股股份,佔華融金控於二零
一六年六月三十日已發行股本約%。華融金
控透過其附屬公司主要從事證券、期貨及期權
合約經紀、提供孖展融資、企業融資及資產管
理服務、股本、債券、基金、衍生工具及其他
金融產品之直接投資以及提供借貸服務。
於二零一六年六月三十日,本集團持有之華融金
控股份之公平值約為155,594,000港元(二零一五
年十二月三十一日:181,142,000港元),佔本集
團於上市證券總投資約16%(二零一五年十二月
三十一日:16%)。截至二零一六年六月三十日止
六個月已確認為於華融金控股份之投資之一項
其他全面虧損之公平值虧損淨額約為19,074,000
港元(截至二零一五年六月三十日止六個月:公
平值收益淨額287,395,000港元)。
提供企業秘書及諮詢服務業務
本公司全資附屬公司泓智諮詢服務有限公司(「泓
智」)從事提供企業秘書及諮詢服務之業務。於
截至二零一六年六月三十日止六個月,分部收益
及分部虧損分別約為350,000港元(截至二零一
五年六月三十日止 六個 月:636,000港 元)及
1,353,000港元(截至二零一五年六月三十日止六
個月:589,000港元)。由於企業秘書及諮詢服務
競爭激烈,該業務分部於過去數年表現未如理
想,持續錄得虧損。
Investment in shares of Huarong Int Fin
The Group also held 56,786,000 shares of Huarong International
Financial Holdings Limited (a company whose shares are listed on
the Stock Exchange with stock code: 993) (“Huarong Int Fin”),
representing approximately % of the issued share capital of
Huarong Int Fin as at 30 June 2016. Huarong Int Fin, through its
subsidiaries, is principally engaged in securities, futures and
options contracts brokerage, provision of margin financing,
corporate finance and asset management services, direct
investment in equities, bonds, funds, derivative instruments and
other financial products and provision of money lending services.
As at 30 June 2016, the fair value of the shares of Huarong Int
F in he ld by the Group amounted to approx imate ly
HK$155,594,000 (31 December 2015: HK$181,142,000),
representing approximately 16% (31 December 2015: 16%) of the
Group’s total investment in the listed securities. The net fair
value loss recognised as an other comprehensive loss for the
investment in shares of Huarong Int Fin for the six months
ended 30 June 2016 was approximately HK$19,074,000 (six
months ended 30 June 2015: net fair value gain of
HK$287,395,000).
Provision of Corporate Secretarial and Consultancy
Services Business
Pacific Vision Advisory Services Limited (“Pacific Vision”), a
wholly-owned subsidiary of the Company, was engaged in the
provision of corporate secretarial and consultancy services
business. During the six months ended 30 June 2016, a
segment revenue of approximately HK$350,000 (six months
ended 30 June 2015: HK$636,000) and a segment loss of
approximately HK$1,353,000 (six months ended 30 June 2015:
HK$589,000) were recorded. Due to keen competition for
corporate secretarial and consultancy services, such business
segment has underperformed and recorded continuous losses for
the past years.
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MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
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森林業務
於二零一二年四月十二日,本集團收購雄利企業
有限公司(「雄利」)全部已發行股本30%。雄利透
過其附屬公司於巴布亞新畿內亞獨立國(「巴布
亞新畿內亞」)一個面積約65,800公頃之森林擁
有砍伐權。根據巴布亞新畿內亞法律及法規,
本集團須取得若干批准、執照、登記、確認及╱
或許可證(「正式批准」),方可於巴布亞新畿內亞
進行森林相關業務及享有砍伐權。於截至二零
一六年六月三十日止六個月,鑑於在何時取得
相關政府機關之正式批准方面存在極大不確定
性,本集團已按代價10,000,000港元向一名獨立
第三方出售於雄利之所有權益,以變現該項投
資。本集團已就出售雄利確認收益約11,425,000
港元。
展望
經營P2P融資平台及其他貸款中介服務業務
中國之互聯網金融產品需求旺盛,本集團認為
P2P融資平台及其他貸款中介服務業務乃具有巨
大增長潛力之新業務。此外,本集團借貸及提
供信貸業務之相關經驗將對經營P2P融資平台及
其他貸款中介服務業務產生協同效應。預期經
營P2P融資平台及其他貸款中介服務業務於來年
將對本集團產生正面現金流。
為免本集團倚賴經營P2P融資平台時採納之結
構合約(見本公司日期為二零一五年九月二十九
日有關收購加達環球集團之通函),從而消除相
關風險,本公司一直尋求收購機會以收購外資
公司(主要從事電子商貿相關業務並具往績記
錄),或考慮自行開創海外電子商貿相關業務,
以獲取國外電子商貿經驗,藉以解除結構合約。
本公司亦計劃及打算日後為加達環球集團採納
新業務模式,從而在無需結構合約,且不會造成
重大不利影響之情況下經營業務。
Forestry Business
On 12 April 2012, the Group acquired 30% of the entire issued
share capital of Profit Grand Enterprises Limited (“Profit
Grand”), which through its subsidiary has the logging rights
within a forest sized approximately 65,800 hectares in the
Independent State of Papua New Guinea (the “PNG”). Certain
approvals, licenses, registrations, confirmations and/or permits
are required under the laws and regulations of the PNG (the
“Official Approvals”) in order for the Group to conduct forestry
related business and to enjoy logging concession right in the
PNG. During the six months ended 30 June 2016, in the view
that it was highly uncertain when the Official Approvals could be
obtained from the relevant government authorities, the Group
sold all of its interest in Profit Grand to an independent third
party at the consideration of HK$10,000,000 in order to realise
such investment and a gain on disposal of Profit Grand of
approximately HK$11,425,000 was recognised.
OUTLOOK
Operation of P2P Financing Platform and Other Loan
Facilitation Services Business
There is strong demand of online financial products in the PRC
and the Group is of the view that P2P financing platform and
other loan facilitation services business is a new business with
enormous growth potential. Moreover, the relevant experience in
the money lending and provision of credit business of the Group
would generate synergies to the operation of P2P financing
platform and other loan facilitation services business. It is
expected that the operation of P2P financing platform and other
loan facilitation services business will generate positive cash flow
to the Group in the coming years.
In order to remove the Company’s reliance on, and hence forth
the risks associated with the adoption of, the Structured
Contracts in the operation of P2P financing platform as
mentioned in the circular of the Company dated 29 September
2015 in relation to the acquisition of the Katar Global Group, the
Company has been looking for acquisition opportunities of foreign
companies principally engaged in e-commerce related business
with track records or considering the establishment of
e-commerce related business overseas by itself to gain foreign
e-commerce experiences in order to unwind the Structured
Contracts. It has also been the Company’s plan and intention to
adopt a new business model for the Katar Global Group in the
future such that its business could be carried on without the
Structured Contracts and without material adverse impact.
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MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
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借貸及提供信貸業務
借貸及提供信貸業務將繼續為本集團其中一個
主要業務分部,為本集團貢獻穩定利息收入。
本集團將進一步發展此業務分部、多元化發展
客戶組合及物色與業務夥伴合作之新機會。
證券投資業務
作為日常操作一部分,本公司檢討其現有投資
組合表現及評估本公司所發掘其他投資機會之
投資潛力。基於有關檢討結果,本公司可能因
應當時情況及可取得之資料作出適當投資決定,
當中可能涉及全部或局部出售現有投資組合,
及╱或更改投資組合之組成部分及╱或投資組
合之資產分配及╱或擴闊及分散投資組合,以
變現及╱或改善預期回報及減低風險。
提供企業秘書及諮詢服務業務
由於此業務分部過去數年表現欠佳,並持續錄
得虧損,故本集團透過於二零一六年六月三十
日後出售泓智變現該業務,並將內部資源從該
分部重新調配至其他前景理想之業務分部,如
新收購之P2P融資平台及其他貸款中介服務業務
以及借貸及提供信貸業務。
森林業務
於本期間出售雄利後,本集團已將內部資源從
森林業務重新調配至其他前景理想之業務分部,
如經營P2P融資平台及其他貸款中介服務業務以
及借貸及提供信貸業務。
Money Lending and Provision of Credit Business
Money lending and provision of credit business will continue to
be one of the major business segments of the Group and
contribute stable interest income to the Group. The Group will
further develop this business segment, diversify the customer
portfolio and seek new opportunities to cooperate with its
business partners.
Securities Investments Business
As part of its routine exercise, the Company reviews the
performance of its existing investment portfolio and evaluating
the investment potentials of other investment opportunities
available to the Company. Subject to the results of such reviews,
the Company may make suitable investment decisions according
to the then circumstance and information available which may
involve the disposal of the whole or part of its existing
investment portfolio and/or the change of the components and/or
the asset allocation of its investment portfolio and/or broaden
and diversify its investment portfolio with a view of realising and/
or optimising the expected return and minimising the risks.
Provision of Corporate Secretarial and Consultancy
Services Business
As this business segment has underperformed and recorded
continuous losses for the past years, the Group realised this
business by selling Pacific Vision subsequently after 30 June
2016 and reallocated its internal resources from this segment to
other promising business segments of the Group, such as the
newly acquired P2P financing platform and other loan facilitation
services business and money lending and provision of credit
business.
Forestry Business
Following the disposal of Profit Grand during the current period,
the Group has reallocated its internal resources from the forestry
business to other promising business segments of the Group,
such as the operation of P2P financing platform and other loan
facilitation services business and the money lending and
provision of credit business.
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管理層討論及分析
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財務回顧
財務業績
於截至二零一六年六月三十日止六個月,本集團
之收益約為187,973,000港元(截至二零一五年六
月三十日止六個月:26,719,000港元)。於截至二
零一六年六月三十日止六個月,本集團錄得溢利
約90,373,000港元(截至二零一五年六月三十日
止六個月:2,360,000港元),而每股基本及攤薄
盈利分別為港仙及港仙(截至二零一五
年六月三十日止六個月:每股基本及攤薄盈利
港仙)。
流動資金及財務資源
於二零一六年六月三十日,本集團錄得流動資產
淨值約903,391,000港元(二零一五年十二月三十
一日:806,909,000港元);以及現金及銀行結餘
約263,383,000港元(二零一五年十二月三十一
日: 197,059,000港元)。本集團並無訂立任何金
融工具作對沖用途。
資本結構
於二零一六年六月三十日,已發行普通股總數為
3,870,102,650股(二零一五年十二月三十一日:
2,782,102,650股)每股面值港元之普通股。
本公司股本於截至二零一六年六月三十日止六個
月之變動詳情載於中期簡明綜合財務報表附註
16。
營運資金及資產負債比率
由於本集團於二零一六年六月三十日及二零一五
年十二月三十一日處於現金淨額狀況,並無借
貸,故資產負債比率並不適用。
重大投資、收購及出售
除本報告其他部分所披露者外,截至二零一六
年六月三十日止六個月概無進行須知會本公司
股東(「股東」)之重大投資以及關於附屬公司及
聯營公司之收購及出售。本集團於回顧期間之
重大投資表現及前景在上文「證券投資業務」各
節討論。
FINANCIAL REVIEW
Financial Results
For the six months ended 30 June 2016, the Group’s revenue
was approximately HK$187,973,000 (six months ended 30 June
2015: HK$26,719,000). The Group recorded a profit of
approximately HK$90,373,000 for the six months ended 30 June
2016 (six months ended 30 June 2015: HK$2,360,000), the basic
and diluted earnings per share were cents and
cents respectively (six months ended 30 June 2015: basic and
diluted earnings per share of cents).
Liquidity and Financial Resources
As at 30 June 2016, the Group had recorded net current assets
of approximately HK$903,391,000 (31 December 2015:
HK$806,909,000); and cash and bank balances of approximately
HK$263,383,000 (31 December 2015: HK$197,059,000). The
Group did not enter into any financial instruments for hedging
purpose.
Capital Structure
As at 30 June 2016, the total number of the issued ordinary
shares with the par value of HK$ each was 3,870,102,650
(31 December 2015: 2,782,102,650). Details of movements of the
share capital of the Company during the six months ended 30
June 2016 are set out in note 16 to the interim condensed
consolidated financial statements.
Working Capital and Gearing Ratio
As the Group had a net cash position as at 30 June 2016 and 31
December 2015 with no borrowing, the gearing ratios were not
applicable.
Significant Investment, Acquisition and Disposal
Save for disclosed elsewhere in this report, there was no
significant investment, acquisition or disposal of subsidiaries and
associated companies that should be notified to the shareholders
of the Company (the “Shareholders”) for the six months ended
30 June 2016 incurred. The performance and prospect of the
significant investments of the Group during the period under
review were discussed under the sections of “Securities
Investments Business” above.
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分部資料
本集團截至二零一六年六月三十日止六個月之分
部資料詳情載於中期簡明綜合財務報表附註5。
僱員
於二零一六年六月三十日,本集團聘有355名(二
零一五年十二月三十一日:1,078名)員工,有關
薪酬於中期簡明綜合財務報表附註7披露。本集
團為其員工提供在職培訓計劃,以增進彼等之
技術及工作知識。管理層將繼續與員工維持緊
密合作關係。
本集團將不時檢討僱員薪酬,且一般會每年批
准加薪,或視乎年資及表現適時作出特別調整。
除薪金外,本集團提供醫療及強制性公積金等
僱員福利。董事亦可視乎本集團財務表現及僱
員表現,酌情向本集團僱員授出購股權及花紅。
資產押記詳情
於二零一六年六月三十日,本集團並無向銀行或
其他財務機構質押任何資產(二零一五年十二月
三十一日:無)。
Segment Information
Details of segment information of the Group for the six months
ended 30 June 2016 are set out in note 5 to the interim
condensed consolidated financial statements.
Employees
As at 30 June 2016, 355 staff members have been employed (31
December 2015: 1,078) and relevant remuneration was disclosed
in note 7 to the interim condensed consolidated financial
statements. In-house training programs were provided for the
staff to enhance their skills and job knowledge. The management
would continue to foster close cooperation among the staff.
The Group will review employee remuneration from time to time
and salary increment is normally approved annually or by special
adjustment depending on length of services and performance
when warranted. In addition to salaries, the Group provides
employee benefits including medical and mandatory provident
funds. Share options and bonuses are also available to
employees of the Group at the discretion of the Directors and
depending on the financial performance of the Group and the
performance of the employees.
Details of Charges on Assets
As at 30 June 2016, the Group did not pledge any assets to
banks or other financial institutions (31 December 2015: Nil).
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重大投資或資本資產之未來計劃
本集團之企業使命為繼續尋求方法提升財務表
現,多元化發展業務至盈利能力更高之新行業,
並在可承受風險水平下擴闊收益來源。因此,
在符合本公司及股東整體利益之情況下,本公司
不排除可能投資於或改為從事其他有利可圖業
務。此外,作為日常操作一部分,本公司不時檢
討其現有投資組合表現及評估本公司所發掘其
他投資機會之投資潛力。基於有關檢討結果,
本公司可能因應當時情況及可取得之資料作出
適當投資決定,當中可能涉及全部或局部出售
現有投資組合,及╱或更改投資組合之資產分
配及╱或擴闊投資組合,以變現及╱或改善預
期回報及減低風險。與此同時,由於投資者不
時就潛在投資項目與本公司接洽,本公司不排除
於合適集資機會出現時落實進行債務及╱或股
本集資計劃,以應付本集團任何業務發展所產
生融資需要及改善財務狀況。
除本報告其他部分披露者外,於本報告日期,本
公司並無訂立任何須根據聯交所證券上市規則
(「上市規則」)及香港法例第571章證券及期貨條
例(「證券及期貨條例」)披露之協議、安排、諒
解、意向或商談。
理財政策
本集團已於二零一一年五月二十四日採納有關本
集團投資於其他聯交所上市公司證券之理財政
策,旨在讓本集團得以控制及監管可能於未來
進行之證券投資(如有,可能會或可能不會發
生)。
Future Plans for Material Investment or Capital Assets
It is the Group’s corporate mission to continue to explore ways
to improve its financial performance, to diversify its operations
into new and more profitable businesses and to broaden the
sources of revenue within acceptable risk level. Hence, the
Company does not rule out the possibility of investing in or
changing to other profitable business as long as it is in the
interest of the Company and the Shareholders as a whole. Also,
as part of its routine exercise, the Company reviews the
performance of its existing investment portfolio and evaluating
the investment potentials of other investment opportunities
available to the Company from time to time. Subject to the
results of such reviews, the Company may make suitable
investment decisions according to the then circumstance and
information available which may involve the disposal of the whole
or part of its existing investment portfolio and/or change of the
asset allocation of its investment portfolio and/or expanding its
investment portfolio with a view of realising and/or optimising
the expected return and minimising the risks. Meanwhile, the
Company does not preclude the possibility that the Company
may implement debt and/or equity fund raising plan(s) to satisfy
the financing needs arising out of any business development of
the Group as well as to improve its financial position in the event
that suitable fund raising opportunities arise, as the Company has
from time to time been approached by investors for potential
investment projects.
Save as disclosed elsewhere in this report, as at the date of this
report, the Company had not entered into any agreement,
arrangement, understanding, intention or negotiation that should
be disclosed pursuant to the Rules Governing the Listing of
Securities on the Stock Exchange (the “Listing Rules”) and the
Securities and Futures Ordinance (Chapter 571 of the Laws of
Hong Kong) (the “SFO”).
Treasury Policy
The Group has adopted a treasury policy on 24 May 2011 in
relation to the Group’s investment in securities of other listed
companies on the Stock Exchange. The objective of the policy is
to enable the Group to control and govern the possible future
securities investments (if any, which may or may not occur).
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外匯風險
本集團之業務交易主要以港元及人民幣計值。
本集團現時並無採取任何外匯對沖政策。然而,
鑑於人民幣近年波動,管理層會持續監察外匯
風險,並於有關風險對本集團造成重大影響時
考慮對沖外匯風險。
資本承擔
於二零一六年六月三十日,本集團並無重大資本
承擔(二零一五年十二月三十一日:無)。
或然負債
於二零一六年六月三十日,本集團並無重大或然
負債(二零一五年十二月三十一日:無)。
報告期末後事項
於報告期後發生之重大事項詳情載於中期簡明
綜合財務報表附註23。
董事及最高行政人員於本公司或任何
相聯法團之股份、相關股份及債券之
權益及╱或淡倉
於二零一六年六月三十日,概無董事為根據證券
及期貨條例第XV部第2及3分部之條文持有須向
本公司披露之本公司股份及相關股份之權益或
淡倉之公司之董事或僱員,且概無董事、本公司
最高行政人員或彼等之聯繫人(定義見上市規則)
於本公司股份、本公司或任何相聯法團(定義見
證券及期貨條例第XV部)相關股份及債券中,擁
有任何其他權益或淡倉而(a)須根據證券及期貨
條例第XV部第7及8分部通知本公司及聯交所(包
括彼等根據證券及期貨條例有關條文被認為或
視作擁有之權益或淡倉);或 (b)須根據證券及期
貨條例第352條記入本公司存置之登記冊內;或
(c)須根據上市規則附錄十所載上市發行人董事
進行證券交易的標準守則通知本公司或聯交所。
Foreign Exchange Exposures
Business transactions of the Group are mainly denominated in
Hong Kong dollars and Renminbi. The Group has not
implemented any foreign currency hedging policy at the moment.
However, in the view of the fluctuation of Renminbi in recent
years, continuous monitoring on the foreign exchange exposure is
carried out and the management will consider hedging the
foreign exchange exposure if it has material impact on the
Group.
Capital Commitment
As at 30 June 2016, the Group had no material capital
commitment (31 December 2015: Nil).
Contingent Liability
As at 30 June 2016, the Group had no material contingent
liability (31 December 2015: Nil).
EVENT AFTER THE END OF THE REPORTING
PERIOD
Details of significant events occurring after the reporting period
are set out in note 23 to the interim condensed consolidated
financial statements.
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS
AND/OR SHORT POSITIONS IN THE SHARES,
UNDERLYING SHARES AND DEBENTURES OF THE
COMPANY OR ANY ASSOCIATED CORPORATION
As at 30 June 2016, none of the Directors is a director or
employee of a company which has an interest or short position
in the shares and underlying shares of the Company which would
fall to be disclosed to the Company under the provision of
Divisions 2 and 3 Part XV of the SFO and none of the Directors,
the chief executive of the Company nor their associates (as
defined in the Listing Rules) had any other interests or short
positions in the shares of the Company, underlying shares and
debentures of the Company or any associated corporations
(within the meaning of Part XV of the SFO) which (a) were
required to be notified to the Company and the Stock Exchange
pursuant to Divisions 7 and 8 of Part XV of the SFO (including
interests or short positions which any such Directors or the chief
executive of the Company is taken or deemed to have under
such provisions of the SFO; or (b) were required to be entered
into the register maintained by the Company, pursuant to Section
352 of the SFO; or (c) were required to be notified to the
Company or the Stock Exchange, pursuant to the Model Code for
Securities Transactions by Directors of Listed Issuers as set out
in Appendix 10 of the Listing Rules.
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董事於競爭業務之權益
就董事所深知,概無董事及彼等各自之聯繫人
(定義見上市規則)被視為於對本集團業務直接
或間接構成競爭或可能構成競爭之業務(董事獲
委任以董事身分代表本公司及╱或本集團權益
之業務除外)中擁有任何權益。
主要股東於本公司股份及相關股份之
權益及╱或淡倉
於二零一六年六月三十日,根據證券及期貨條例
第XV部第336條規定存置之主要股東登記冊所
記錄,本公司獲知會以下主要股東擁有本公司已
發行股本5%或以上之權益及淡倉。
於本公司普通股之好倉:
附註1: Allied Summit Inc.由蘇維標先生擁有80%權
益,而吳國輝先生則擁有餘下20%權益。
附註2: Allied Summit Inc.持有 i) 2,709,219,755股本公
司股份,相當於本報告日期本公司已發行股本
約%;及 ii) 本 公 司 所 發 行 本 金 額 為
2,182,400,000港元之可換股票據(於悉數轉換
後可轉換為10,912,000,000股本公司換股股份,
相 當 於本 報 告日期 本公 司 已發 行 股 本 約
%)。該等可換股票據項下之換股權僅
於符合上市規則第條項下之公眾持股量規
定後方可行使。
DIRECTORS’ INTERESTS IN A COMPETING
BUSINESS
To the best knowledge of the Directors, none of the Directors
and their respective associates (as defined in the Listing Rules) is
considered to have any interests in the businesses which
compete or are likely to compete, either directly or indirectly,
with the business of the Group, other than those businesses
where the Directors were appointed as directors to represent the
interests of the Company and/or the Group.
SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND/
OR SHORT POSITIONS IN THE SHARES AND
UNDERLYING SHARES OF THE COMPANY
The register of substantial Shareholders required to be kept
under section 336 of Part XV of the SFO shows that as at 30
June 2016, the Company had been notified of the following
substantial Shareholders’ interests and short positions, being 5%
or more of the Company’s issued share capital.
Long position in ordinary shares of the company:
Name Capacity and nature of interest
Number of shares
interested
Percentage of the
Company’s
issued share
capital (%)
姓名╱名稱 身分及權益性質
擁有權益之
股份數目
佔本公司
已發行股本
百分比(%)
Su Weibiao Held by controlled corporation 13,621,219,755
蘇維標 由受控制公司持有
Allied Summit Inc.
(Notes 1 and 2)
Beneficial owner 13,621,219,755
Allied Summit Inc.(附註1及2) 實益擁有人
Note 1: Allied Summit Inc. is owned as to 80% by Mr. Su Weibiao and as to
remaining 20% by Mr. Ng Kwok Fai.
Note 2: Allied Summit Inc. holds i) 2,709,219,755 shares of the Company,
representing approximately % of the issued share capital of the
Company as at the date of this report; and ii) the convertible notes
i s su e d by t he C o m p any i n t he p r i n c i p a l a m o unt o f
HK$2,182,400,000 which are convertible into 10,912,000,000
conversion shares of the Company upon full conversion,
representing approximately % of the issued share capital of
the Company as at the date of this report. The conversion rights
under such convertible notes shall only be exercisable provided that
the public float requirements under Rule of the Listing Rules is
satisfied.
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購股權
本公司根據於二零一二年六月十二日(「採納日期」)
通過之普通決議案採納購股權計劃(「購股權計
劃」),並終止於二零一二年六月二十一日屆滿之
過往購股權計劃。購股權計劃旨在向承授人(包
括本集團之僱員、高級職員、代理顧問或代表
(包括本集團任何成員公司之執行或非執行董事))
提供貢獻本集團之獎勵,並讓本集團可招募對
本集團有價值之高質素僱員及吸納資源。購股
權計劃將自採納日期起計有效及生效十年,並
將於二零二二年六月十一日屆滿。
於二零一三年十二月十八日舉行之股東特別大會
上,股東正式批准,在聯交所上市委員會批准
因行使根據本公司購股權計劃可能授出之購股
權而發行之本公司股份上市及買賣後,更新及重
訂有關根據購股權計劃授出可認購本公司股份
之購股權之現有計劃授權上限,惟因根據購股
權計劃授出購股權或因購股權獲行使(不包括根
據購股權計劃先前已授出、未行使、已註銷、已
失效或已行使之購股權)而可能予以配發及發行
之本公司股份總數不得超過二零一三年十二月十
八日之本公司已發行股份之10%(即278,210,265
股本公司股份),並授權董事在遵守上市規則之
前提下,根據購股權計劃授出數目最高達更新
上限之購股權,並行使本公司一切權力以配發、
發行及處理因根據購股權計劃所授出之該等購
股權獲行使而發行之本公司股份。認購價將為
董事會釐定之價格,並最少為下列三者中之最
高者:(a)於購股權授出日期(必須為營業日)股份
於聯交所每日報價表所報收市價;(b)於緊接購
股權授出日期前五個營業日股份於聯交所每日
報價表所報平均收市價;及(c)股份面值。因行使
購股權而可能發行之股份總數,不得超過不時
之已發行股份數目30%。倘授出購股權將導致
超過該30%限額,則不得授出任何購股權。詳
情載於本公司日期為二零一三年十二月二日之通
函內。
SHARE OPTIONS
The Company has adopted the share option scheme (the “Share
Option Scheme”) pursuant to an ordinary resolution passed on
12 June 2012 (the “Adoption Date”) and terminated the previous
share option scheme which had expired on 21 June 2012. The
purpose of the Share Option Scheme is to provide incentives to
the grantee, including employee, officer, agent consultant or
representative of the Group (including any executive or non-
executive director of any member of the Group), to contribute to
the Group and to enable the Group to recruit high-calibre
employees and attract resources that are valuable to the Group.
The Share Option Scheme shall be valid and effective for a
period of ten years commencing from the Adoption Date and will
expire on 11 June 2022.
During the special general meeting held on 18 December 2013,
the Shareholders duly approved that, subject to and conditional
upon the listing committee of the Stock Exchange granting listing
of and permission to deal in the shares of the Company to be
issued upon the exercise of options which may be granted under
the Company’s Share Option Scheme, the existing scheme
mandate limit in respect of the granting of options to subscribe
for shares of the Company under the Share Option Scheme be
refreshed and renewed provided that the total number of shares
of the Company which may be allotted and issued pursuant to
the grant or exercises of the options under the Share Option
Scheme (excluding options previously granted, outstanding,
cancelled, lapsed or exercised under the Share Option Scheme)
shall not exceed 10% of the shares of the Company in issue as
at 18 December 2013, that is 278,210,265 shares of the
Company. The Directors are authorised, subject to compliance
with the Listing Rules, to grant options under the Share Option
Scheme up to the refreshed limit and to exercise all the powers
of the Company to allot, issue and deal with shares of the
Company pursuant to the exercise of such options granted under
the Share Option Scheme. The subscription price will be a price
determined by the Board and at least the highest of: (a) the
closing price of the shares as stated in the Stock Exchange’s
daily quotations sheets on the date of grant of the option, which
must be a business day; (b) the average closing price of the
shares as stated in the Stock Exchange’s daily quotation sheets
for the five business days immediately preceding the date of
grant of the option; and (c) the nominal value of the shares. The
total number of shares which may be issued upon exercise of
options must not exceed 30% of the number of shares in issue
from time to time. No options may be granted if such grant
would result in the 30% limit being exceeded. Details were
shown in the circular of the Company dated 2 December 2013.
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自採納購股權計劃以來,概無授出或行使任何
購股權。於二零一六年三月二十四日(本公司二
零一五年年報日期)及本報告日期,購股權計劃
項下可供發行之本公司股份總數為278,210,265
股,相當於本公司於二零一六年三月二十四日及
本報告日期已發行股本分別%及%。
企業管治
於截至二零一六年六月三十日止六個月,本公司
已遵守上市規則附錄十四所載企業管治守則(「企
業管治守則」)之守則條文(「守則條文」),惟以下
偏離事項除外:
守則條文
企業管治守則之守則條文規定非執行董事
須按特定任期委任,並須重選連任。一名於過
往年度獲委任之獨立非執行董事並非按特定任
期委任,惟須根據本公司之公司細則於股東週
年大會輪值告退並膺選連任,故被視為足以達
致企業管治守則相關條文所規定之目標。此外,
董事會認為,鑒於董事須致力為股東爭取長遠
利益,故指定董事之服務任期並不適合。
守則條文
企業管治守則之守則條文規定,董事會主
席須出席本公司股東週年大會。董事會主席黃
傳福先生因其他重要事務而未能出席本公司於
二零一六年六月三日舉行之股東週年大會(「股東
週年大會」)。獨立非執行董事黃鎮雄先生主持上
述股東週年大會並回答股東提問。
No share option has been granted or exercised since the
adoption of the Share Option Scheme. The total number of
shares of the Company for issue under the Share Option
Scheme as at 24 March 2016 (the date of the Company’s annual
report 2015) and the date of this report was 278,210,265
shares, representing % and % of the issued share capital
of the Company as at 24 March 2016 and the date of this report
respectively.
CORPORATE GOVERNANCE
The Company has complied with the code provisions (the “Code
Provisions”) set out in the Corporate Governance Code (the “CG
Code”) contained in Appendix 14 of the Listing Rules for the six
months ended 30 June 2016 except the following deviations:
Code Provision
Code Provision of the CG Code stipulates that non-
executive directors should be appointed for a specific term and
subject to re-election. One independent non-executive Director
who was appointed in previous years is not appointed for a
specific term but is subject to retirement by rotation and re-
election at the annual general meeting in accordance with the
Bye-Laws of the Company. As such, it is considered that such
provisions are sufficient to meet the underlying objectives of the
relevant provisions of the CG Code. Also, the Board does not
believe that arbitrary term limits on Director’s service are
appropriate given that Directors ought to be committed to
representing the long-term interests of the Shareholders.
Code Provision
Code provision of the CG Code stipulates that the chairman
of the Board should attend the annual general meeting of the
Company. Mr. Huang Chuan Fu, the chairman of the Board, did
not attend the annual general meeting of the Company held on 3
June 2016 (the “AGM”) due to his other important engagement.
Mr. Wong Chun Hung, an independent non-executive Director,
had chaired the said AGM and answered questions from the
Shareholders.
05117_EC10_MD&A Time/date: 10-09-2016_00:22:56
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
44 Pacific Plywood Holdings Limited Interim Report 2016
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EN
R
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CODE OF CONDUCT REGARDING DIRECTORS’
SECURITIES TRANSACTIONS
The Company has adopted the terms contained in the Model
Code for Security Transactions by Directors of Listed Issuers as
set out in Appendix 10 of the Listing Rules as the Company’s
code of conduct for security transactions and dealing (the
“Model Code”). All existing Directors, upon specific enquiry,
have confirmed that they have complied with the Model Code
during the six months ended 30 June 2016.
PURCHASE, SALE OR REDEMPTION OF SHARES
For the six months ended 30 June 2016, neither the Company
nor any of its subsidiaries had purchased, sold or redeemed any
of the Company’s listed shares. As at 30 June 2016,
3,870,102,650 ordinary shares with the par value of HK$
each were issued.
AUDIT COMMITTEE
The audit committee of the Company (the “Audit Committee”)
comprises of three independent non-executive Directors, Mr.
Wong Chun Hung, Mr. Zheng Zhen and Mr. To Langa Samuelson.
The Audit Committee has adopted terms of reference which are
in line with the CG Code.
The unaudited condensed consolidated results for the six months
ended 30 June 2016 have been reviewed by the Audit
Committee.
As at the date of this report, the Directors are:
Executive Directors Independent Non -executive
Directors
Mr. Huang Chuan Fu (Chairman) Mr. Wong Chun Hung
Mr. Liang Jian Hua Mr. Zheng Zhen
Ms. Jia Hui Mr. To Langa Samuelson
Mr. Jiang Yi Ren
By order of the Board
Pacific Plywood Holdings Limited
Huang Chuan Fu
Chairman and Executive Director
Hong Kong, 26 August 2016
In case of any inconsistency, the English text of this report shall
prevail over the Chinese text.
董事進行證券交易之操守守則
本公司已採納上市規則附錄十所載上市發行人
董事進行證券交易的標準守則所載條款,作為
本公司進行證券交易及買賣之操守守則(「標準守
則」)。經向全體現任董事作出具體查詢後,彼
等均已確認,彼等於截至二零一六年六月三十日
止六個月一直遵守標準守則。
購回、出售或贖回股份
於截至二零一六年六月三十日止六個月,本公司
或其任何附屬公司概無購買、出售或贖回任何
本公司上市股份。於二零一六年六月三十日,已
發行3,870,102,650股每股面值港元之普通
股。
審核委員會
本公司審核委員會(「審核委員會」)由三名獨立非
執行董事黃鎮雄先生、鄭楨先生及杜朗加先生
組成。審核委員會已採納符合企業管治守則之
職權範圍。
截至二零一六年六月三十日止六個月之未經審
核簡明綜合業績已經由審核委員會審閱。
於本報告日期,董事如下:
執行董事 獨立非執行董事
黃傳福先生(主席) 黃鎮雄先生
梁建華先生 鄭楨先生
賈輝女士 杜朗加先生
蔣一任先生
承董事會命
太平洋實業控股有限公司*
主席兼執行董事
黃傳福
香港,二零一六年八月二十六日
本報告之中英文本如有任何歧義,概以英文本
為準。
* 僅供識別
2016
Interim Report 中期報告
封面
目錄
公司資料
獨立審閱報告
簡明綜合損益表
簡明綜合全面收益報表
簡明綜合財務狀況報表
簡明綜合權益變動表
簡明綜合現金流量表
中期簡明綜合財務報表附註
管理層討論及分析
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