(Stock Code 股份代號: 1229)
(Incorporated in Bermuda with limited liability)
（於百慕達註冊成立之有限公司）
2020/21
年報 Annual Report
This annual report is prepared in English and Chinese.
In case of inconsistency, please refer to the English version as it shall prevail.
本年報以中英文編製。
如有任何歧義，敬請參閱英文版本，並以英文版本為準。
CONTENT 目錄
2 Corporate Information 公司資料
4 Chairman’s Statement 主席報告
12 Management Discussion and Analysis 管理層討論及分析
26 Biography of Directors and Senior Management 董事及高級管理人員簡歷
31 Corporate Governance Report 企業管治報告
52 Report of the Directors 董事會報告
63 Independent Auditor’s Report 獨立核數師報告
74 Consolidated Statement of Profit or Loss and Other Comprehensive Income
綜合損益及其他全面收益表
75 Consolidated Statement of Financial Position 綜合財務狀況表
77 Consolidated Statement of Changes in Equity 綜合權益變動表
79 Consolidated Statement of Cash Flows 綜合現金流量表
81 Notes to the Consolidated Financial Statements 綜合財務報表附註
223 Five-Year Financial Summary 五年財務摘要
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司2
CORPORATE INFORMATION
公司資料
BOARD OF DIRECTORS
Executive Directors
Kwan Man Fai (Chairman & Managing Director)
Wang Xiangfei
Wong Sze Wai
Independent Non-executive Directors
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
Alternate Director
Wang Xiaoyao (alternate to Wang Xiangfei)
AUDIT COMMITTEE
Pak Wai Keung Martin (Chairman)
Wong Man Hin Raymond
Chan Yiu Fai Youdey
REMUNERATION COMMITTEE
Wong Man Hin Raymond (Chairman)
Kwan Man Fai
Wong Sze Wai
Chan Yiu Fai Youdey
Pak Wai Keung Martin
NOMINATION COMMITTEE
Kwan Man Fai (Chairman)
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
COMPANY SECRETARY
Li Chun Fung
AUDITOR
Mazars CPA Limited
42/F., Central Plaza
18 Harbour Road
Wanchai, Hong Kong
董事會
執行董事
關文輝（主席兼董事總經理）
王翔飛
王四維
獨立非執行董事
黃文顯
陳耀輝
白偉強
替代董事
王小曜（替代王翔飛）
審核委員會
白偉強（主席）
黃文顯
陳耀輝
薪酬委員會
黃文顯（主席）
關文輝
王四維
陳耀輝
白偉強
提名委員會
關文輝（主席）
黃文顯
陳耀輝
白偉強
公司秘書
李震鋒
核數師
中審眾環（香港）會計師事務所有限公司
香港灣仔
港灣道18號
中環廣場42樓
Annual Report 2020/21 年報 3
CORPORATE INFORMATION 公司資料
法律顧問
康德明律師事務所
香港中環
康樂廣場8號
交易廣場1座2901室
主要往來銀行
中國工商銀行（亞洲）有限公司
中信銀行（國際）有限公司
註冊辦事處
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
總辦事處及主要營業地點
香港金鐘
夏愨道18號
海富中心
2座8樓
股份過戶登記總處
MUFG Fund Services (Bermuda) Limited
4th floor North Cedar House
41 Cedar Avenue
Hamilton HM12
Bermuda
香港股份過戶登記分處
聯合證券登記有限公司
香港北角
英皇道338號
華懋交易廣場2期
33樓3301-04室
香港聯合交易所股份代號
1229
網站
LEGAL ADVISER
Conyers Dill and Pearman
2901, One Exchange Square
8 Connaught Place
Central, Hong Kong
PRINCIPAL BANKERS
Industrial and Commercial Bank of China (Asia) Limited
China CITIC Bank International Limited
REGISTERED OFFICE
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS
8/F., Tower 2
Admiralty Centre
18 Harcourt Road
Admiralty, Hong Kong
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFFICE
MUFG Fund Services (Bermuda) Limited
4th floor North Cedar House
41 Cedar Avenue
Hamilton HM12
Bermuda
HONG KONG BRANCH SHARE REGISTRAR AND
TRANSFER OFFICE
Union Registrars Limited
Suites 3301-04, 33/F.
Two Chinachem Exchange Square
338 King’s Road
North Point, Hong Kong
HONG KONG STOCK EXCHANGE STOCK CODE
1229
WEBSITE
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司4
CHAIRMAN’S STATEMENT
主席報告
TO ALL SHAREHOLDERS
On behalf of the board of directors (the “Directors”) (the “Board”) of
Nan Nan Resources Enterprise Limited (the “Company”), I present
to you the audited consolidated final results of the Company and its
subsidiaries (collectively the “Group”) for the year ended 31 March
2021 (the “Year”).
RESULTS AND DIVIDENDS
The below summaries the results and dividends of the Group for
the year ended 31 March 2021 and the year ended 31 March 2020
respectively:
2021 2020
二零二一年 二零二零年
Notes HK$’000 HK$’000
附註 千港元 千港元
Revenue 收益 1 130,521 127,989
Cost of services and goods sold 已售服務及貨品成本 (75,914) (75,775)
Gross profit 毛利 1, 2 c) 54,607 52,214
Other revenue 其他收益 2 d) 8,661 5,833
Selling and distribution expenses 銷售及分銷費用 (642) (367)
Administrative and other operating expenses 行政及其他經營費用 2 e) (34,505) (49,411)
Exchange gain/(loss), net 匯兌收益╱（虧損）淨額 2 b) 7,979 (4,672)
Finance costs 融資成本 2 h) (9,626) (6,952)
Supplemental resources fee 補充資源費用 2 a) – (85,688)
Change in fair value of contingent consideration receivables 應收或然代價之公平值變動 2 g) (3,648) 3,009
Change in fair value and gain arising from modification of
convertible bond designated as financial liabilities
at fair value through profit or loss (“FVPL”)
調整指定為按公平值列賬並在
損益內處理之金融負債之
可換股債券之公平值變動及
產生之收益 2 f) (24,857) 71,443
Impairment loss on goodwill 商譽減值虧損 2 i) (14,503) (3,831)
Loss before tax 除稅前虧損 (16,534) (18,422)
Income tax credit/(expenses) 所得稅抵免╱（開支） 2 j) 14,326 (6,182)
Loss for the year 年內虧損 1,2 (2,208) (24,604)
Notes:
1. For the Year, the Group recorded a revenue of approximately
HK$130,521,000 (2020: approximately HK$127,989,000) and gross profit
of approximately HK$54,607,000 (2020: approximately HK$52,214,000)
but net loss of approximately HK$2,208,000 (2020: approximately
HK$24,604,000) respectively. The Board does not recommend the payment
of any dividend for the Year (2020: Nil).
2. Loss for the Year of the Group was approximately HK$2,208,000 (2020: loss
of approximately HK$24,604,000), representing an upturn of approximately
HK$22,396,000 as compared with last year. The upturn was mainly due to
the net effect of the following:
a) the saving of a supplemental resources fee in the current year (2020:
approximately HK$85,688,000);
b) the exchange gain of approximately HK$7,979,000 (2020: exchange
loss of approximately HK$4,672,000);
致各位股東
本人謹代表南南資源實業有限公司（「本公
司」）董事（「董事」）會（「董事會」）向 閣下提
呈本公司及其附屬公司（統稱「本集團」）截至
二零二一年三月三十一日止年度（「本年度」）
之經審核綜合末期業績。
業績及股息
以下分別概述本集團截至二零二一年三月
三十一日止年度及截至二零二零年三月
三十一日止年度的業績及股息：
附註：
1. 本年度，本集團分別錄得收益約130,521,000
港 元（ 二 零 二 零 年 ： 約 127,989,000 港 元 ）
及毛利約54,607,000港元（二零二零年：約
52,214,000港元），但虧損淨額約為2,208,000
港元（二零二零年：約24,604,000港元）。董
事會不建議就本年度派付任何股息（二零二零
年：無）。
2. 本集團於本年度之虧損約為2,208,000港元（二
零二零年：虧損約24,604,000港元），較去年
的虧損大幅減少約22,396,000港元，主要由於
以下各項原因之淨影響：
a) 本年度節省補充資源費（二零二零年：
約85,688,000港元）；
b) 匯兌收益約7,979,000港元（二零二零
年：匯兌虧損約4,672,000港元）；
Annual Report 2020/21 年報 5
CHAIRMAN’S STATEMENT 主席報告
業績及股息（續）
附註：（續）
2. （續）
c) 毛利增加約為2,393,000港元；
d) 其他收益增加約2,828,000港元；
e) 行政及其他經營費用減少約14,906,000
港元；
f) 指定為按公平值列賬並在損益內處理之
金融負債之可換股債券之公平值變動約
為24,857,000港元（二零二零年：調整
指定為按公平值列賬並在損益內處理之
金融負債之可換股債券之公平值變動及
產生之收益約為71,443,000港元）；
g) 應 收 或 然 代 價 之 公 平 值 虧 損 約
3,648,000港元（二零二零年：公平值收
益約3,009,000港元）；
h) 融資成本增加約2,674,000港元；
i) 商譽減值虧損約14,503,000港元（二零
二零年：約3,831,000港元）；及
j) 由 上 一 年 度 錄 得 所 得 稅 開 支 約
6,182,000港元轉為本年度錄得所得稅
抵免約14,326,000港元，原因本集團
與中華人民共和國（「中國內地」）的相關
稅項機關就扣除若干截至二零二零年三
月三十一日止年度已產生若干開支的優
惠稅務待遇達成協議，據此，本集團自
相關稅項機關獲退稅，並已於截至二零
二一年三月三十一日止年度確認為所得
稅抵免。
RESULTS AND DIVIDENDS (continued)
Notes: (continued)
2. (continued)
c) the increase of gross profit by approximately HK$2,393,000;
d) the increase of other revenue by approximately HK$2,828,000;
e) the decrease of administrative and other operating expenses by
approximately HK$14,906,000;
f) change in fair value of convertible bond designated as financial
liabilities at FVPL of approximately HK$24,857,000 (2020: change
in fair value and gain arising from modification of convertible
bond designated as financial liabilities at FVPL of approximately
HK$71,443,000);
g) fair value loss of contingent considerat ion receivables of
approximately HK$3,648,000 (2020: fair value gain of approximately
HK$3,009,000);
h) the increase in the finance costs by approximately HK$2,674,000;
i) impairment loss on goodwill of approximately HK$14,503,000 (2020:
approximately HK$3,831,000); and
j) the turnaround from income tax expenses of approximately
of HK$6,182,000 in the previous year to income tax credit of
approximately of HK$14,326,000 for the Year as the Group reached
an agreement with relevant tax authority in the People’s Republic of
China (the “Mainland China”) for a preferential tax treatment on the
deductibility of certain expenses incurred during the year ended 31
March 2020, and accordingly a tax refund was received from the
relevant tax authority and was recognised as income tax credit for the
year ended 31 March 2021.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司6
CHAIRMAN’S STATEMENT 主席報告
業務概覽
於本年度，本集團擁有三個業務分類：(1)煤
礦業務；(2)可再生能源業務；及(3)資訊科技
（「資訊科技」）服務業務。我們的主要業務包
括於中國內地新疆維吾爾自治區（「新疆」）從
事煤礦開採及煤炭銷售。新疆遠離中國內地
主要工業城市，因此，基於物流及運輸成本
之因素，新疆所產煤炭主要在當地使用。
於二零一八年十月八日，我們完成有關新
能源租賃科技有限公司及其全資附屬公司
NEFIN Technologies (Malaysia) Sdn. Bhd.
（統稱為「新能源集團」）（主要於馬來西亞從
事可再生能源解決方案業務）的收購事項。
於本年度，我們進一步分配資源於太陽能項
目，連同現有的太陽能資產能夠實現更高的
效益。
於二零一九年四月二十三日，我們進一步完
成有關港海控股有限公司（「港海控股」）及其
附屬公司（統稱「港海集團」）（主要業務為主
要於中華人民共和國香港特別行政區（「香港
特區」或「香港」）提供的資訊科技外包、諮詢
及技術服務（統稱「資訊科技服務」）以及於英
國（「英國」）、馬來西亞以及新加坡的拓展業
務）的收購事項。本集團將繼續主力發展現
有業務。長遠而言，我們將銳意及致力發展
成為一間從事多元化業務的企業。
重大事項
收購經擴大凱源煤礦之新採礦權
誠如本公司日期為二零一一年十一月十一
日、二零一二年三月二十一日、二零一二
年六月十五日、二零一四年三月二十一日、
二零一七年八月十五日、二零一八年三月
二十八日、二零一八年十二月十四日、二零
一八年十二月三十一日、二零一九年五月
十五日、二零一九年五月三十一日、二零
一九年十一月四日及二零一九年十一月十五
日之公告所披露，本集團與中國內地新疆維
吾爾自治區自然資源廳（「新疆自然資源廳」）
磋商凱源露天煤礦（「凱源煤礦」）（即於新疆
經營本集團之煤礦）之優化及升級方案#，尤
其是擴大凱源煤礦之開採面積及取得相應之
新採礦權。
BUSINESS OVERVIEW
For the Year, the Group was engaged in three business segments,
(1) coal mining business; (2) renewable energy business; and (3)
information technology (“IT”) services business. Our main business
includes coal mining and sales of coal in Xinjiang Uygur Autonomous
Region (“Xinjiang”) of the Mainland China. Xinjiang is remote from
major industrial cities in the Mainland China, and hence coal produced
in Xinjiang is mainly consumed locally due to the logistic and the
transportation costs.
On 8 October 2018, we completed the acquisition of NEFIN Leasing
Technologies Limited and its wholly-owned subsidiary, NEFIN
Technologies (Malaysia) Sdn. Bhd. (together the “NEFIN Group”)
which is principally engaged in renewable energy solutions in
Malaysia. We further allocated resources into the solar energy projects
during the Year so as to enable higher efficiency together with the
existing solar assets.
On 23 April 2019, we further completed the acquisition of Harbour
Group Holdings Limited (“Harbour Group Holdings”) and its
subsidiaries (collectively the “Harbour Group”) which is principally
engaged in the provision of IT outsourcing, consultancy and technical
services (together referred to as the “IT Services”) mainly in Hong
Kong Special Administrative Region of the People’s Republic of China
(“HKSAR” or “Hong Kong”) with expanding business in the United
Kingdom (the “UK”), Malaysia and Singapore. Our Group will continue
our focus on developing the existing business. In the long run, we will
aspire and strive to grow into an enterprise with a diversified business.
MAJOR EVENTS
Acquisition of the New Mining Right of the Enlarged
Kaiyuan Mine
As disclosed in the announcements of the Company dated 11
November 2011, 21 March 2012, 15 June 2012, 21 March 2014,
15 August 2017, 28 March 2018, 14 December 2018, 31 December
2018, 15 May 2019, 31 May 2019, 4 November 2019 and 15
November 2019, the Group negotiated with the Department of
Natural Resources of Xinjiang Uygur Autonomous Region* (新疆維
吾爾自治區自然資源廳) of the Mainland China (the “Xinjiang Natural
Resources Department”) regarding the Optimization and Upgrading
Plan# relating to the Kaiyuan Open Pit Coal Mine (the “Kaiyuan Mine”)
(. the operating coal mine of the Group in Xinjiang), in particular,
to increase the mining area of the Kaiyuan Mine and obtain the
corresponding new mining right.
Annual Report 2020/21 年報 7
CHAIRMAN’S STATEMENT 主席報告
重大事項（續）
收購經擴大凱源煤礦之新採礦權（續）
(i) 本公司間接全資附屬公司木壘縣凱源
煤炭有限責任公司（「凱源公司」）（作為
受讓方）與新疆自然資源廳（作為出讓
方）訂立日期為二零一九年十二月二日
之出讓協議（「出讓協議」），據此，凱
源公司向新疆自然資源廳收購凱源煤
礦於新疆之經擴大礦區（包括原礦區約
平方公里）平方公里（「經
擴大凱源煤礦」）之新採礦權（「新採礦
權」），年期由二零一九年八月起至二
零四九年八月止為期三十年，以於經
擴大凱源煤礦進行採礦業務，代價為
人民幣（「人民幣」）160,978,000元（「收
購事項」）；
(ii) 根據出讓協議，就30年之開採壽命而
言，經擴大凱源煤礦之估計煤礦資源
為百萬噸；
(iii) 凱源公司於二零一八年十一月三日獲
授有關新採礦權之新採礦許可證（「新
採礦許可證」）（開採期限由二零一八
年十二月二十一日起至二零一九年
十二月二十一日止為期一年），該許
可證已重續兩年，由二零一九年十二
月二十一日起至二零二一年十二月
二十一日止；
(iv) 根據出讓協議，凱源公司有權就新採
礦權之餘下期限申請重續新採礦許可
證；
(v) 代 價 人 民 幣 160,978,000 元 將 由 凱
源公司分十五期向新疆自然資源廳
以現金結付： (a)第一期金額人民幣
32,200,000元由凱源公司支付；(b)第
二至十四期每期金額人民幣9,200,000
元將於二零二零年至二零三二年期間
每年十一月二十日前支付；及(c)最後
一期金額人民幣9,178,000元將於二零
三三年十一月二十日前支付；
(vi) 根據香港聯合交易所有限公司證券上
市規則（「上市規則」），收購事項構成
本公司之非常重大收購事項，而有關
收購事項之進一步資料已於日期為二
零二零年八月十九日之通函內披露；
及
MAJOR EVENTS (continued)
Acquisition of the New Mining Right of the Enlarged
Kaiyuan Mine (continued)
(i) Mulei County Kai Yuan Company Limited* (木壘縣凱源煤炭有
限責任公司) (“Kaiyuan Company”), an indirect wholly-owned
subsidiary of the Company, as the transferee and Xinjiang
Natural Resources Department as the transferor entered into
the transfer agreement (the “Transfer Agreement”) dated 2
December 2019, pursuant to which Kaiyuan Company acquired
the new mining right (the “New Mining Right”) of the Kaiyuan
Mine with an enlarged mining area (including the original mining
area of approximately km2) of km2 in Xinjiang
(the “Enlarged Kaiyuan Mine”) for 30 years from August 2019 to
August 2049 from the Xinjiang Natural Resources Department
to conduct mining activities at the Enlarged Kaiyuan Mine
at a consideration of Renminbi (“RMB”) 160,978,000 (the
“Acquisition”);
(ii) the estimated coal resources of the Enlarged Kaiyuan Mine are
million tonnes for the mining life of 30 years under the
Transfer Agreement;
(iii) the new mining permit (the “New Mining Permit”) in respect
of the New Mining Right with mining term of 1 year from 21
December 2018 to 21 December 2019 regarding the New
Mining Right was granted to Kaiyuan Company on 3 November
2018, which has been renewed for two years from 21
December 2019 to 21 December 2021;
(iv) Kaiyuan Company has the right to apply for the renewal of New
Mining Permit for the remaining period of the New Mining Right
under the Transfer Agreement;
(v) the consideration of RMB160,978,000 shall be settled in
cash and paid by Kaiyuan Company to the Xinjiang Natural
Resources Department in fifteen instalments: (a) the first
instalment in an amount of RMB32,200,000 was paid by
Kaiyuan Company; (b) the second to fourteenth instalments
in an amount of RMB9,200,000 each shall be paid before 20
November of every year from 2020 to 2032; and (c) the last
instalment in an amount of RMB9,178,000 shall be paid before
20 November 2033;
(vi) the Acquisition constituted a very substantial acquisition for the
Company under the Rules Governing the Listing of Securities on
the Stock Exchange of Hong Kong Limited (the “Listing Rules”)
and further information on the Acquisition was disclosed in the
circular dated 19 August 2020; and
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司8
CHAIRMAN’S STATEMENT 主席報告
重大事項（續）
收購經擴大凱源煤礦之新採礦權（續）
(vii) 作為出讓協議之一部分，凱源公司須
就凱源煤礦之百萬噸煤炭（即凱
源煤礦於二零一七年末之累計產出量
百萬噸與產出量百萬噸
之間的差額）向新疆自然資源廳支付補
充資源費人民幣76,502,500元（「資源
費」）（該產出量之資源費已由凱源公司
向新疆自然資源廳支付），並已於截至
二零二零年三月三十一日止年度損益
內確認。根據本公司有關中國內地法
律的法律顧問所給予之意見，除支付
資源費外，根據出讓協議之條款凱源
公司毋須支付任何與原凱源煤礦有關
之費用。
暫停經擴大凱源煤礦
誠如本公司日期為二零一九年十二月二十日
及二零二零年三月十六日之公告所披露，由
於新採礦許可證於二零一九年十二月二十一
日到期及重續新採礦許可證延期，故自二零
一九年十二月二十一日起曾經暫停經擴大凱
源煤礦之銷售及營運（「暫停」）。
新採礦許可證已於二零二零年三月獲重續，
而復產申請已於二零二零年八月二日由新疆
准東經濟技術開發區（「經濟區」）的安全生產
監督管理局（「安全局」）所批准。於二零二零
年八月二日，經濟區安全局批准復工復產，
獲准恢復採礦經營及銷售。
# 「優化升級方案」之前於本公司日期為二零一一
年十一月十一日之公告以及本公司其後之公
告、通告、通函、中報及年報中稱為「管理重
組計劃」。
收購港海控股的股份及認購其新股份
茲提述本公司日期為二零一九年三月十一日
及二零一九年四月二十三日之公告以及本公
司日期為二零一九年四月一日之通函，內容
有關收購港海控股之股份及認購其新股份。
MAJOR EVENTS (continued)
Acquisition of the New Mining Right of the Enlarged
Kaiyuan Mine (continued)
(vii) as part of the Transfer Agreement, Kaiyuan Company
is requi red to pay a supplementa l resources fee of
RMB76,502,500 (the “Resources Fee”) to the Xinjiang Natural
Resources Department for million tonnes of coal of
Kaiyuan Mine, which represented the difference between the
accumulated output of million tonnes of the Kaiyuan Mine
at the end of 2017 and the output of million tonnes
(Resources Fee of such output had been paid by Kaiyuan
Company to the Xinjiang Natural Resources Department) and
recognised in the profit or loss for the year ended 31 March
2020. Based on the advice given by the legal adviser of the
Company as to the laws of the Mainland China, other than the
payment of the Resources Fee, Kaiyuan Company will not be
subject to any fees relating to the original Kaiyuan Mine pursuant
to the terms of the Transfer Agreement.
Temporary Suspension of Enlarged Kaiyuan Mine
As disclosed in the announcements of the Company dated 20
December 2019 and 16 March 2020, the sales and operation of
the Enlarged Kaiyuan Mine was temporarily suspended since 21
December 2019 (the “Temporary Suspension”) due to the expiry
of the New Mining Permit on 21 December 2019 and the delay in
renewal of the New Mining Permit.
The New Mining Permit was renewed in March 2020 and the
resumption application has been approved by the Production
Safety Supervision and Administration Bureau* （ 安 全 生 產 監 督 管
理 局 ） (“Safety Bureau”) of the Xinjiang Zhundong Economic and
Technological Development Zone* （ 新 疆 准 東 經 濟 技 術 開 發 區 ）
(“Economic Zone”) on 2 August 2020. On 2 August 2020 the approval
on the resumption application issued by the Safety Bureau of the
Economic Zone was received and was allowed to resume mining
operations and sales.
# “Optimization and Upgrading Plan” was previously referred to as
“Management Restructuring Plan” in the announcement of the Company
dated 11 November 2011 and in the announcements, notices, circulars,
interim reports and annual reports of the Company thereafter.
Acquisition of shares and subscription of new shares in
Harbour Group Holdings
References are made to announcements of the Company dated 11
March 2019 and 23 April 2019 and the circular of the Company dated
1 April 2019 in relation to the acquisition of shares and subscription of
new shares in Harbour Group Holdings.
Annual Report 2020/21 年報 9
CHAIRMAN’S STATEMENT 主席報告
重大事項（續）
收購港海控股的股份及認購其新股份
（續）
於二零一九年三月十一日，(i)裕智創投有限
公司（「裕智創投」）（為本公司間接全資附屬
公司）與獨立第三方（「賣方」）訂立買賣協議
（「買賣協議」），據此，賣方有條件同意出
售，而裕智創投有條件同意購買港海控股
80%的股權，代價為35,712,000港元（「港
海集團收購事項」）；及(ii)裕智創投與港海控
股訂立認購協議，據此，港海控股有條件同
意向裕智創投發行及配發，而裕智創投有條
件同意認購港海控股450股普通股（相當於
認購協議日期港海控股已發行股份總數約
%），總認購價（「認購價」）為2,008,800
港元（「認購事項」）。於二零一九年四月
二十三日完成港海集團收購事項及認購事項
後，本公司間接擁有港海控股%已發
行股份的權益。
港海集團收購事項之代價已由裕智創投向
賣方以現金支付28,512,000港元，而餘下
7,200,000港元乃由本公司向賣方發行三
份承兌票據（「承兌票據」），各本金額均為
2,400,000港元。認購價已以現金結付。
港 海 集 團 由 港 海 控 股 、 Harbour Group
(Singapore) Pte. Ltd. 、 Harbour Group
Consulting (UK) Limited 、 HGH Technology
Sdn. Bhd.、峻嶺雲端顧問有限公司及領導
商業服務有限公司組成。港海集團主要業務
為主要於香港特區提供的資訊科技服務以及
於英國、馬來西亞以及新加坡的拓展業務。
董事相信，港海集團收購事項及認購事項日
後可拓寬本集團的收益基礎，並從多元化回
報中受益。港海集團收購事項及認購事項構
成業務合併，並已根據香港財務報告準則
（「香港財務報告準則」）第3號業務合併採用
收購法入賬。
MAJOR EVENTS (continued)
Acquisition of shares and subscription of new shares in
Harbour Group Holdings (continued)
On 11 March 2019, (i) Ample Talent Ventures Limited (“Ample
Talent”), an indirect wholly-owned subsidiary of the Company,
entered into a sale and purchase agreement (the “Sale and Purchase
Agreement”) with an independent third party (the “Vendor”), pursuant
to which the Vendor conditionally agreed to sell, and Ample Talent
conditionally agreed to purchase 80% shareholding interest in
Harbour Group Holdings at a consideration of HK$35,712,000 (the
“Harbour Group Acquisition”); and (ii) Ample Talent and Harbour
Group Holdings entered into a subscription agreement, pursuant
to which Harbour Group Holdings conditionally agreed to issue
and allot to Ample Talent, and Ample Talent conditionally agreed
to subscribe for 450 ordinary shares of Harbour Group Holdings,
representing approximately % of the total number of shares
of Harbour Group Holdings in issue as at the date of subscription
agreement at an aggregate subscription price (the “Subscription
Price”) of HK$2,008,800 (the “Subscription”). The Company indirectly
interests in % shares of Harbour Group Holdings in issue upon
completion of the Harbour Group Acquisition and Subscription on 23
April 2019.
The consideration for the Harbour Group Acquisition was settled
in cash of HK$28,512,000 by Ample Talent to the Vendor and the
remaining amount of HK$7,200,000 by means of the issue of the
three promissory notes (“Promissory Note(s)”), each in the principal
amount of HK$2,400,000 by the Company to the Vendor. The
Subscription Price was settled in cash.
Harbour Group consists of Harbour Group Holdings, Harbour Group
(Singapore) Pte. Ltd., Harbour Group Consulting (UK) Limited,
HGH Technology Sdn. Bhd., Mountain Managed Cloud Consulting
Limited and Vanguard Business Services Limited. Harbour Group is
principally engaged in the provision of IT Services mainly in HKSAR
with expanding business in the UK, Malaysia and Singapore. The
Directors are of the view that the Harbour Group Acquisition and the
Subscription can broaden the Group’s revenue base and benefit from
the diversified return in future. The Harbour Group Acquisition and the
Subscription constituted a business combination and was accounted
for using the acquisition method under Hong Kong Financial
Reporting Standard (“HKFRS”) 3 Business Combinations.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司10
CHAIRMAN’S STATEMENT 主席報告
重大事項（續）
收購港海控股的股份及認購其新股份
（續）
根據買賣協議，賣方已同意保證，截至二零
一八年十二月三十一日止年度（「二零一八年
財政年度」）、二零一九年十二月三十一日止
年度（「二零一九年財政年度」）及二零二零年
十二月三十一日止年度（「二零二零年財政年
度」，而各十二個月期間稱為「溢利保證十二
個月期間」），根據香港財務報告準則編製的
港海集團於一般及日常業務過程中經營活動
產生的經審核綜合純利（「純利」）將不少於每
年7,200,000港元（「保證溢利」）。倘各溢利
保證十二個月期間的純利少於保證溢利，賣
方無條件及不可撤回地承諾及保證，作為持
續義務，以現金及╱或自本公司因向賣方發
行承兌票據所欠付金額中抵銷同等金額的方
式向本集團支付乘以比率的不足金額。
二零一八年財政年度之溢利保證已達成，但
二零一九年財政年度及二零二零年財政年度
之溢利保證未有實現。
誠如日期為二零二零年四月七日之公告所披
露，二零一九年財政年度之溢利保證之不足
金額相等於2,187,091港元（約整至最接近的
整數）。該金額已從本金額為2,400,000港元
的承兌票據中扣除，而本集團已向賣方支付
承兌票據的未償還金額212,909港元（即扣除
不足金額後）。
誠如日期為二零二一年五月七日的公告所
披露，二零二零年財政年度之溢利保證之
不足金額相等於2,538,041港元（約整至最
接近的整數）。該金額已從承兌票據本金額
2,400,000港元中扣除，從承兌票據扣除後
的未償還金額138,041港元已由賣方支付予
本集團。
MAJOR EVENTS (continued)
Acquisition of shares and subscription of new shares in
Harbour Group Holdings (continued)
Pursuant to the Sale and Purchase Agreement, the Vendor agreed
to guarantee that the audited consolidated net profit generated from
operating activities of the Harbour Group in its ordinary and usual
course of business, prepared in accordance with HKFRSs (the “Net
Profit”), for the years ended 31 December 2018 (“FY2018”), 31
December 2019 (“FY2019”) and 31 December 2020 (“FY2020”, and
each such 12-month period, a “PG 12-Month Period”) shall be no less
than HK$7,200,000 per annum (the “Guaranteed Profit”). In the event
that the Net Profit during the each PG 12-Month Period is less than
the Guaranteed Profit, the Vendor unconditionally and irrevocably
undertakes and guarantees, as a continuing obligation, to pay the
shortfall multiplied by the ratio of to the Group by way of cash
and/or setting off the same amount from the amount owed by the
Company under the Promissory Note(s) issued to the Vendor.
The profit guarantee for FY2018 was met but the profit guarantee for
FY2019 and FY2020 was not fulfilled.
As disclosed in the announcement dated 7 April 2020, the shortfall
for FY2019 profit guarantee equals to HK$2,187,091 (rounded to the
nearest dollar). Such amount was deducted from the Promissory Note
in the principal amount of HK$2,400,000 and the outstanding amount
of HK$212,909 (. after deduction of the shortfall amount) of the
Promissory Note was paid to the Vendor by the Group.
As disclosed in the announcement dated 7 May 2021, the shortfall
for FY2020 profit guarantee equals to HK$2,538,041 (rounded to the
nearest dollar). Such amount was deducted from the Promissory Note
in the principal amount of HK$2,400,000 and the outstanding amount
of HK$138,041 after deduction of the Promissory Note was paid by
the Vendor to the Group.
Annual Report 2020/21 年報 11
CHAIRMAN’S STATEMENT 主席報告
前景
自二零一一年以來，本集團積極進行經擴大
凱源煤礦新採礦權之優化升級方案。收購事
項已擴大本集團之煤礦資源，有助本集團日
後進一步發展凱源煤礦的銷售業務。董事認
為，該交易與本集團擴大其煤礦業務之戰略
相一致。
來年，本集團將(i)就資本資產預計作出合理
開支，尤其是用於環保補救工程之新廠房及
機器；及(ii)就安全局要求提高我們煤礦的安
全標準所作工作支付合理開支。預期資金來
源主要來自本集團之煤炭銷售收益及外部銀
行融資。
除煤礦開採外，本集團尋求開拓新市場及擴
大其於技術及可再生能源分部之業務範圍，
具體而言，於二零一九年收購港海集團及二
零一八年收購新能源集團。本集團目標之一
是將其業務組合多元化，進入能提供較高增
長動力的行業。
由於香港特區近期社會及政治局勢不穩定，
再加上全球爆發COVID-19，我們面臨嚴峻
的營商環境，這對我們的業務增長產生負
面影響。尤其是香港特區的資訊科技服務
業務預期將因香港特區長期的社會動盪及
COVID-19疫情持續受到沉重打擊。
董事會將繼續留意COVID-19的最新發展情
況，並將盡最大努力管理本集團的業務組
合，旨在改善本集團的財務表現及提升股東
價值。
致謝
本人謹此答謝各董事、管理層及員工努力不
懈，為本公司之業務發展作出貢獻。本人謹
代表董事會就各股東、客戶、供應商、僱員
及業務夥伴一直以來對本公司之鼎力支持深
表謝意。
承董事會命
關文輝
主席
香港，二零二一年六月二十二日
PROSPECTS
The Group actively proceeded with the Optimization and Upgrading
Plan since 2011 in relation to the New Mining Right of the Enlarged
Kaiyuan Mine. The Acquisition enlarged the Group’s coal resources
and allowed the Group to enhance the development of its sales
operations of Kaiyuan Mine in the future. The Directors consider that
the transaction is in line with the Group’s strategy to expand the coal
mining business of the Group.
In the coming years, there will be (i) a reasonable expected amount
of expenditure in capital assets, in particular for the new plants and
machines for the environmental protection remedial works and (ii)
reasonable expenditure for works required by the Safety Bureau to
improve safety standard of our coal mine. Sources of funding are
expected to come primarily from the coal sales revenue and external
banking facilities of the Group.
In addition to coal mining, the Group has been exploring new markets
and seeking to develop its business coverage on technological and
renewable energy sectors, in particular, the acquisition of Harbour
Group in 2019 and NEFIN Group in 2018. It is one of the objectives of
the Group to diversify its business portfolio into sectors offering higher
growth momentum.
Due to the recent social and political instability in HKSAR and the
outbreak of COVID-19 worldwide, we are facing the difficult business
environment, which negatively impact the growth of our business. In
particular IT Services business in HKSAR is expected to be hit hard
by the prolonged social unrest and subsistence of the COVID-19 in
HKSAR.
The Board will continue to keep track of the latest development of
the COVID-19 and will use its best endeavors to manage the Group’s
business portfolio with a view to improving the Group’s financial
performance and enhance shareholders’ value.
APPRECIATION
I wish to thank my fellow directors, management and staff for their
unrelentless efforts for the business development of the Company.
On behalf of the Board, I express our sincere gratitude to our
shareholders, customers, suppliers, employees and business
partners for their continuing support of the Company.
By Order of the Board
Kwan Man Fai
Chairman
Hong Kong, 22 June 2021
* English translation for identification purpose only.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司12
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
FINANCIAL REVIEW
Revenue
The Group recorded a revenue of approximately HK$130,521,000
for the Year (2020: approximately HK$127,989,000). It represents an
increase of approximately HK$2,532,000 or approximately % as
compared with the previous year.
Coal Mining Business
During the Year, the revenue of approximately HK$100,688,000
of the coal mining business is increased by approximately
HK$26,778,000 or approximately % as compared to
approximately HK$73,910,000 last year. The increase in revenue
of the coal mining business was mainly due to the reason that the
Group sold approximately 1,438,392 tonnes (2020: approximately
1,037,492 tonnes) of coal during the Year, representing an increase
by approximately % in volume compared to that in the previous
year.
Renewable Energy Business
During the Year, the renewable energy business recorded a turnover
of approximately HK$1,285,000 (2020: approximately HK$775,000).
The increase in revenue of the renewable energy business was mainly
due to the enhanced production capacity during the Year.
IT Services Business
During the Year, the IT Services business contributed a revenue
o f approx imate ly HK$28,548,000 (2020: approx imate ly
HK$53,304,000). The decrease in revenue of approximately
HK$24,756,000, representing a decrease of approximately %
was mainly due to the prolonged social unrest in HKSAR and
subsistence of the COVID-19 worldwide.
Cost of services and goods sold
Coal Mining Business
The cost of sales of the coal mining business for the Year
was approximately HK$53,913,000 (2020: approximately
HK$31,765,000). The cost mainly comprises direct labor cost, cost
for explosive works, depreciation, amortisation and cost of services
and materials, etc. The increase in cost of sales was mainly due to
absorption of fixed costs to cost of goods sold which are unamortised
to inventories due to the suspension of mining operations until August
2020, and also the increase of coal extracted for million tonnes
for the Year.
Renewable Energy Business
During the Year, the cost of services of the renewable energy business
is approximately HK$517,000 (2020: approximately HK$306,000).
財務回顧
收益
於 本 年 度 內 ， 本 集 團 錄 得 收 益 約
130,521,000 港 元（ 二 零 二 零 年 ： 約
127,989,000 港 元 ）， 與 去 年 相 比 增 加 約
2,532,000港元或約%。
煤礦業務
於本年度內，煤礦業務收益約100,688,000
港元，與去年約73,910,000港元相比增加
約 26,778,000 港 元 或 % 。 煤 礦 業 務
收益增加主要由於本集團於本年度銷售約
1,438,392噸（二零二零年：約1,037,492噸）
煤炭，數量較去年增加約%。
可再生能源業務
於本年度內，可再生能源業務錄得營業額約
1,285,000港元（二零二零年：約775,000港
元）。可再生能源業務收益增加主要由於本
年度內的產量提高。
資訊科技服務業務
於本年度內，資訊科技服務業務貢獻收
益 約 28,548,000 港 元（ 二 零 二 零 年 ： 約
53,304,000港元）。收益減少約24,756,000
港元，相當於減少約%，主要由於香
港特區長期的社會動盪及全球COVID-19疫
情持續。
已售服務及貨品成本
煤礦業務
於 本 年 度 ， 煤 礦 業 務 之 銷 售 成 本 約
53,913,000 港 元（ 二 零 二 零 年 ： 約
31,765,000港元）。成本主要包括直接勞動
成本、爆破工程成本、折舊、攤銷以及服務
及材料成本等。銷售成本增加主要由於將固
定成本吸收至已售貨品成本，該等成本因煤
礦業務暫停至二零二零年八月及本年度開
採煤炭量增加百萬噸而被列為未攤銷存
貨。
可再生能源業務
於本年度內，可再生能源業務之服務成本
約517,000港元（二零二零年：約306,000港
元）。
Annual Report 2020/21 年報 13
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
FINANCIAL REVIEW (continued)
Cost of services and goods sold (continued)
IT Services Business
During the Year, the cost of services and goods sold of the IT Services
business is approximately HK$21,484,000 (2020: approximately
HK$43,704,000). The decrease in cost of services and goods sold
was largely in line with the drop of revenue during the Year, particularly
the significant curtail of operations in Malaysia and HKSAR by the
subsidiaries of Harbour Group, as compared with the previous year.
Gross profit
The gross profit of the Group for the Year increased to approximately
HK$54,607,000 (2020: approximately HK$52,214,000). It represents
an increase of approximately HK$2,393,000 or approximately %
and gross profit margin increased by approximately % for the
Year to approximately % as compared with last financial year.
Coal mining business contributed approximately HK$46,775,000
(2020: approximately HK$42,145,000), IT Services business
contributed approximately HK$7,064,000 (2020: approximately
HK$9,600,000) and renewable energy business contributed
approximately HK$768,000 (2020: approximately HK$469,000).
Other revenue
The Group’s other revenue for the Year was approximately
HK$8,661,000 (2020: approximately HK$5,833,000), representing an
increase of approximately HK$2,828,000 or approximately %
as compared with last financial year. This is mainly due to the net
effect of 1) increase of interest income on bank deposits substantially
from the coal mining business of approximately HK$2,639,000;
2) no sales derived from the coal gangue in the Year (2020:
approximately HK$2,041,000); and 3) government grants amounting
to approximately HK$2,403,000 (2020: Nil) from the Anti-epidemic
Fund set up by the HKSAR government under an Employment
Support Scheme as time-limited financial support to employers to
retain employees who may otherwise be made redundant during the
Year.
Administrative and other operating expenses
The Group’s administrative and other operating expenses for the
Year was approximately HK$34,505,000 (2020: approximately
HK$49,411,000), representing a decrease of approximately
HK$14,906,000 or approximately % as compared with the
previous year. This was mainly due to the 1) the saving of payment
of additional land fee in the current year (2020: approximately
HK$7,579,000); 2) the reduction of legal and professional fee for
approximately HK$3,173,000; and 3) the decrease in salaries and
allowances for approximately HK$2,477,000.
財務回顧（續）
已售服務及貨品成本（續）
資訊科技服務業務
於本年度內，資訊科技服務業務之已售服
務及貨品成本約21,484,000港元（二零二零
年：約43,704,000港元）。與去年比較，本
年度已售服務及貨品成本減幅與收益減幅基
本一致，尤其是港海集團附屬公司於馬來西
亞及香港特區的業務經營大幅縮減。
毛利
本集團於本年度之毛利增加至約54,607,000
港元（二零二零年：約52,214,000港元），
較上一財政年度增加約2,393,000港元或
約%，而本年度之毛利率較上一財政
年度增加%至約%。煤礦業務、
資訊科技服務業務及可再生能源業務分別
貢獻約46,775,000港元（二零二零年： 約
42,145,000港元）、約7,064,000港元（二零
二零年：約9,600,000港元）及約768,000港
元（二零二零年：約469,000港元）。
其他收益
本集團於本年度之其他收益約8,661,000
港元（二零二零年： 約5,833,000港元），
較上一財政年度增加約2,828,000港元或
%，此乃主要由於以下各項原因之淨
影響：1）煤礦業務的銀行存款利息收入顯著
增加約2,639,000港元；2）於本年度並無來
自銷售煤矸石（二零二零年：約2,041,000港
元）；及3）本年度香港特區政府「保就業」計
劃下抗疫基金的政府補助約2,403,000港元
（二零二零年：無），為僱主提供有時限的財
務支持，以挽留在其他情況下可能被裁的僱
員。
行政及其他經營費用
本 集 團 於 本 年 度 之 行 政 及 其 他 經 營 費
用 約 34,505,000 港 元（ 二 零 二 零 年 ：
約 49,411,000 港 元 ）， 較 去 年 減 少 約
14,906,000港元或約%，主要由於1)
本年度節省額外土地費付款（二零二零年：
約7,579,000港元）；2)法律及專業費用減少
約3,173,000港元；及3)薪金及津貼減少約
2,477,000港元。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司14
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
FINANCIAL REVIEW (continued)
Loss for the Year
Loss for the Year of the Group was approximately HK$2,208,000
(2020: loss of approximately HK$24,604,000), representing an upturn
of approximately HK$22,396,000 as compared with last year. The
upturn was mainly due to the net effect of the following:
a) the saving of a supplemental resources fee in the current year
(2020: approximately HK$85,688,000);
b) the exchange gain of approximately HK$7,979,000 (2020:
exchange loss of approximately HK$4,672,000);
c) the increase of gross profit by approximately HK$2,393,000;
d) the increase of other revenue by approximately HK$2,828,000;
e) the decrease of administrative and other operating expenses by
approximately HK$14,906,000;
f) change in fair value of convertible bond designated as financial
liabilities at fair value through profit or loss of approximately
HK$24,857,000 (2020: change in fair value and gain arising
from modification of convertible bond designated as financial
liabilities at FVPL of approximately HK$71,443,000);
g) fair value loss of contingent consideration receivables of
approximately HK$3,648,000 (2020: fair value gain of
approximately HK$3,009,000);
h) the increase in the f inance costs by approx imate ly
HK$2,674,000;
i) impairment loss on goodwill of approximately HK$14,503,000
(2020: approximately HK$3,831,000); and
j) the turnaround from income tax expenses of approximately
of HK$6,182,000 in the previous year to income tax credit
of approximately of HK$14,326,000 for the Year as the
Group reached an agreement with relevant tax authority in
the Mainland China for a preferential tax treatment on the
deductibility of certain expenses incurred during the year ended
31 March 2020, and accordingly a tax refund was received from
the relevant tax authority and was recognized as income tax
credit for the year ended 31 March 2021.
財務回顧（續）
本年度虧損
本集團於本年度之虧損約為2,208,000港元
（二零二零年：虧損約24,604,000港元），較
去年的虧損大幅減少約22,396,000港元，主
要由於以下各項原因之淨影響：
a) 本年度節省補充資源費（二零二零年：
約85,688,000港元）；
b) 匯兌收益約7,979,000港元（二零二零
年：匯兌虧損約4,672,000港元）；
c) 毛利增加約為2,393,000港元；
d) 其他收益增加約2,828,000港元；
e) 行 政 及 其 他 經 營 費 用 減 少 約
14,906,000港元；
f) 指定為按公平值列賬並在損益內處理
之金融負債之可換股債券之公平值變
動約為24,857,000港元（二零二零年：
調整指定為按公平值列賬並在損益內
處理之金融負債之可換股債券之公平
值變動及產生之收益約為71,443,000
港元）；
g) 應 收 或 然 代 價 之 公 平 值 虧 損 約
3,648,000港元（二零二零年：公平值
收益約3,009,000港元）；
h) 融資成本增加約2,674,000港元；
i) 商譽減值虧損約14,503,000港元（二零
二零年：約3,831,000港元）；及
j) 由 上 一 年 度 錄 得 所 得 稅 開 支 約
6,182,000港元轉為本年度錄得所得稅
抵免約14,326,000港元，原因本集團
與中國內地的相關稅項機關就扣除若
干截至二零二零年三月三十一日止年
度已產生若干開支的優惠稅務待遇達
成協議，據此，本集團自相關稅項機
關獲退稅，並已於截至二零二一年三
月三十一日止年度確認為所得稅抵免。
Annual Report 2020/21 年報 15
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
FINANCIAL REVIEW (continued)
Loss for the Year (continued)
Change in fair value and gain arising from modification of
convertible bond designated as financial liabilities at FVPL
The zero coupon convertible bond (the “Convertible Bond”) of the
Company in the principal amount of HK$200,000,000 was issued on
14 March 2008 with a conversion price of HK$ per share (subject
to adjustments) and maturity date of 17 March 2011 (details of which
were set out in the announcements of the Company dated 28 January
2008 and 14 March 2008).
The maturity date of the Convertible Bond was then extended to 13
March 2014, 13 March 2017, 13 March 2020, and further extended
to 13 March 2023 (details of which were respectively set out in the
circulars of the Company dated 21 February 2011, 13 February 2014,
16 February 2017 and 24 February 2020 and announcements of the
Company dated 11 March 2011, 10 March 2014, 7 March 2017 and
11 March 2020).
As at the date of this annual report, the outstanding principal amount
of the Convertible Bond is HK$200,000,000.
The Company conducted valuation for the fair value of the Convertible
Bond every financial year after its issuance in compliance with the
relevant accounting policies. The Company has engaged ValQuest
Advisory Hong Kong Limited (“ValQuest”) as its independent
professional valuer for the purpose of assessing the fair value of the
Convertible Bond as at 31 March 2021. In assessing the fair value
of the Convertible Bond, the binomial option pricing model was
adopted and factors including stock price of the Company, specific
terms and structure of the Convertible Bond, trading conditions and
liquidity of the Convertible Bond, and ancillary effects associated with
the exercise or conversion and partial conversion of the Convertible
Bond were taken into account. The credit rating of our Company is
estimated to be CCC with reference to Standard & Poor’s Corporate
Rating Criteria, where Corporate Bond with issuer credit rating
from CCC- to CCC+ and similar time to maturity were selected, the
discount rate is % (2020: %).
財務回顧（續）
本年度虧損（續）
調整指定為按公平值列賬並在損益內處理之
金融負債之可換股債券之公平值變動及產生
之收益
本公司本金額為200,000,000港元之零票息
可換股債券（「可換股債券」）於二零零八年三
月十四日發行，轉換價為每股股份港元
（可予調整）及到期日為二零一一年三月十七
日（有關詳情載列於本公司日期為二零零八
年一月二十八日及二零零八年三月十四日之
公告）。
可換股債券之到期日其後延長至二零一四年
三月十三日、二零一七年三月十三日、二零
二零年三月十三日及進一步延長至二零二三
年三月十三日（有關詳情分別載列於本公司
日期為二零一一年二月二十一日、二零一四
年二月十三日、二零一七年二月十六日及二
零二零年二月二十四日之通函及本公司日期
為二零一一年三月十一日、二零一四年三月
十日、二零一七年三月七日及二零二零年三
月十一日之公告）。
於本年報日期，可換股債券之尚未償還本金
額為200,000,000港元。
本公司自發行可換股債券以來每個財政年度
根據相關會計政策就可換股債券之公平值進
行估值。本公司已委任中誠達行（香港）有限
公司（「中誠達行」）擔任其獨立專業估值師，
以評估可換股債券於二零二一年三月三十一
日之公平值。評估可換股債券之公平值時採
納二項式期權定價模式並計及本公司股價、
可換股債券之特別條款及架構、可換股債券
之買賣狀況及流動性以及與行使或轉換及部
分轉換可換股債券有關之附帶影響等因素。
參照標準普爾企業評級標準，其中選取信貸
評級介乎CCC-至CCC+的發行人且到期日
相若的企業債券，本公司估計其信貸評級
為CCC，貼現率為%（二零二零年：
%）。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司16
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
FINANCIAL REVIEW (continued)
Loss for the Year (continued)
Change in fair value and gain arising from modification of
convertible bond designated as financial liabilities at FVPL
(Continued)
The fair values of the Convertible Bond were approximately
HK$171,283,000 and approximately HK$146,426,000 as at 31
March 2021 and 2020, respectively. The amounts were assessed and
reviewed by the Directors and reviewed and audited by the auditor
of the Company. According to the relevant accounting policies, the
increase in fair value of the Convertible Bond represents an increase
in liabilities of the Company. The amount of the change in fair value of
the Convertible Bond of approximately HK$24,857,000 was derived
by taking the difference between the fair value of the Convertible Bond
as at 31 March 2021 and 2020. The significant change in fair value
of the Convertible Bond was mainly due to the significant change in
the stock price of the Company during the Year and the expected
volatility of the stock price of the Company. The closing stock prices
of the Company were HK$ and HK$ as at 31 March 2021
and 2020, respectively and the expected volatility of the stock price of
the Company was % and % based on the historical price
volatility of the Company for the financial years ended 31 March 2021
and 2020, respectively.
SEGMENT INFORMATION
Business segment
Information reported to the executive Directors, being identified as the
chief operating decision makers (the “CODM”), for the purposes of
resource allocation and assessment of segment performance focuses
on types of goods delivered or services rendered. No operating
segments identified by the CODM have been aggregated in arriving at
the reportable segments of the Group.
Specifically, the Group’s reportable and operating segments are as
follows:
(1) Coal mining business segment: mining and sales of coal mine in
the Xinjiang of the Mainland China;
(2) Renewable energy business segment: service income from
renewable energy solutions in Malaysia; and
(3) IT Services business segment: provision of IT Services in
HKSAR, Singapore, Malaysia and the UK.
Segment revenue and results
Segment revenue represents revenue derived from (i) coal mining
business, (ii) renewable energy business and (iii) IT Services business.
財務回顧（續）
本年度虧損（續）
調整指定為按公平值列賬並在損益內處理之
金融負債之可換股債券之公平值變動及產生
之收益（續）
於二零二一年及二零二零年三月三十一日可
換股債券之公平值分別為約171,283,000港
元及約146,426,000港元。有關金額經董事
評估及審閱並經本公司核數師審閱及審核。
根據有關會計政策，可換股債券公平值增加
即本公司負債增加。可換股債券公平值之變
動約24,857,000港元經計及可換股債券於二
零二一年及二零二零年三月三十一日確認之
公平值之差額得出。可換股債券公平值重大
改變乃主要由於本公司股價於本年度出現重
大變動及本公司股價之預期波幅。本公司於
二零二一年及二零二零年三月三十一日之收
市價分別為港元及港元，而本公司
於截至二零二一年及二零二零年三月三十一
日止財政年度按本公司歷史價格波動計算之
股價預期波幅分別為%及%。
分類資料
業務分類
就資源分配及分類表現評估而向執行董事
（被認定為主要營運決策者（「主要營運決策
者」））報告之資料，主要集中於所交付貨品
或所提供服務之類型。於達致本集團之可報
告分類時概無匯集由主要營運決策者識別之
經營分類。
具體而言，本集團之可報告及經營分類如
下：
(1) 煤礦業務分類：於中國內地新疆之煤
礦開採及銷售；
(2) 可再生能源業務分類：馬來西亞可再
生能源解決方案之服務收入；及
(3) 資訊科技服務業務分類： 於香港特
區、新加坡、馬來西亞及英國提供資
訊科技服務。
分類收益及業績
分類收益指(i)煤礦業務、(ii)可再生能源業務
及(iii)資訊科技服務業務所產生之收益。
Annual Report 2020/21 年報 17
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
SEGMENT INFORMATION (continued)
Segment revenue and results (continued)
(i) Coal Mining Business
Coal mining is the major business of the Group at present. It
contributed a revenue of approximately HK$100,688,000 for
the Year (2020: approximately HK$73,910,000), representing
an increase of approximately % as compared with last
year.
Sale and Production of Coals
During the Year, the Group sold approximately 1,438,392
tonnes of coals (2020: approximately 1,037,492 tonnes) with
total sales income of approximately HK$100,688,000 (2020:
approximately HK$73,910,000). Details of sales of coals in
tonnes are listed in the below table:
2021 2020
二零二一年 二零二零年
Sales of coals 煤炭銷售
1,438,392
tonnes
噸
1,037,492
tonnes
噸
Coal Sales (tonnes) and Percentage of Coal Sales
Coal Sales Coal Sales
(tonnes) in %
煤炭銷售
（噸）
煤炭銷售
百分比
Slack Coal 沫煤 1,002,548
Weathered Coal 風化煤 435,844
Total 總計 1,438,392
(ii) Renewable Energy Business
Service income from renewable energy business contributed
a revenue of approximately HK$1,285,000 for the Year (2020:
approximately HK$775,000). The increase in revenue of the
renewable energy business was mainly due to the enhanced
production capacity during the Year.
(iii) IT Services Business
Service income from IT Services business contributed a
revenue of approximately HK$28,548,000 for the Year (2020:
approximately HK$53,304,000). The decrease in revenue
was mainly due to the prolonged social unrest in HKSAR and
subsistence of the COVID-19 worldwide.
分類資料（續）
分類收益及業績（續）
(i) 煤礦業務
煤礦為本集團目前主要業務。於本年
度，該業務之收益約100,688,000港元
（二零二零年：約73,910,000港元），
較去年增加約%。
煤炭銷售及生產
於本年度，本集團售出約1,438,392噸
煤炭（二零二零年：約1,037,492噸），
總銷售收入約100,688,000港元（二零
二零年：約73,910,000港元）。以噸計
之煤炭銷售詳情載於下表：
(ii) 可再生能源業務
於本年度，可再生能源業務產生之服
務收入貢獻收益約1,285,000港元（二
零二零年：約775,000港元）。可再生
能源業務收益增加主要由於本年度產
能提升所致。
(iii) 資訊科技服務業務
於本年度，資訊科技服務業務產生之
服務收入貢獻收益約28,548,000港元
（二零二零年：約53,304,000港元）。
收益減少主要由於香港特區長期的社
會動盪及全球COVID-19疫情持續所
致。
煤炭銷售（噸）及煤炭銷售百分比
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司18
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
SEGMENT INFORMATION (continued)
Reserves and Resources
The Group owns a mining right located in Xinjiang. The estimated
remaining reserve in Kaiyuan Mine (excluding the Enlarged Kaiyuan
Mine (as defined in “Major Events”)) was approximately million
tonnes as at 31 March 2020.
On 2 December 2019, the Transfer Agreement was officially passed
by the Xinjiang Natural Resources Department to Kaiyuan Company.
According to the Competent Person’s report and valuation report
of the Enlarged Kaiyuan Mine dated 19 August 2020, the probable
reserve in the Enlarged Kaiyuan Mine was approximately million
tonnes as at the date of acquisition of the Enlarged Kaiyuan Mine.
During the Year, approximately million tonnes of coal was
extracted (2020: approximately million tonnes).
Total approximate reserve of the mine in Xinjiang as at 31 March 2021
is equivalent to million tonnes (. the sum of the estimated
remaining coal reserve in Kaiyuan Mine including the Enlarged
Kaiyuan Mine) (2020: approximately million tonnes).
Coal Reserve as at 31 March 2021 = Coal Reserve as at 31 March
2020 – Amount of coal extracted by the Group during the Year + the
probable reserve in the Enlarged Kaiyuan Mine.
分類資料（續）
儲量及資源
本集團擁有一項位於新疆之採礦權。於二零
二零年三月三十一日，凱源煤礦（不包括經
擴大凱源煤礦）（定義見「重大事項」）估計剩
餘儲量約百萬噸。
於二零一九年十二月二日，新疆自然資源廳
正式通過凱源公司之出讓協議。根據經擴大
凱源煤礦日期為二零二零年八月十九日的合
資格人士報告及估值報告，經擴大凱源煤礦
於收購經擴大凱源煤礦日期的概算儲量約為
百萬噸。
本年度開採約百萬噸（二零二零年：約
百萬噸）煤炭。
於二零二一年三月三十一日，新疆的煤礦之
總概約儲量相等於百萬噸（即凱源煤礦
（包括經擴大凱源煤礦）之估計剩餘煤炭儲備
總量）（二零二零年：約百萬噸）。
於二零二一年三月三十一日的煤炭儲備＝於
二零二零年三月三十一日的煤炭儲備—本集
團本年度開採的煤炭數量＋經擴大凱源煤礦
的概算儲備。
Annual Report 2020/21 年報 19
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
SEGMENT INFORMATION (continued)
Geographical segment
The geographical location of customers is determined based on the
location where the goods are delivered or services are rendered.
The Group’s revenue and results from operations are mainly derived
from activities in the Mainland China, HKSAR, Singapore, the UK
and Malaysia. Activities outside these five locations are insignificant.
The principal assets of the Group are located in the Mainland China,
HKSAR and Malaysia.
Goodwill
The major goodwill of the Group arises from the acquisition of
% equity interests in Harbour Group on 23 April 2019 with
cash-generating unit (“CGU”) engaged in IT Services (the “IT Services
CGU”).
As at 31 March 2021, the Directors assessed the recoverable
amount of the IT Services CGU with reference to value-in-use (“VIU”)
calculations using cash flow projections based on financial budgets
and forecasts covering a five-year period and extrapolation of cash
flows beyond such period conducted by ValQuest.
Key assumptions used for cash flow projections to undertake
impairment testing of the goodwill allocated to IT Services CGU are as
follows:
As at
31 March
2021
於二零二一年
三月三十一日
Growth in revenue year-on-year
during the five-year period
五年期間之按年收益增長
%
Budgeted gross profit margin 目標毛利率 %
Perpetual growth rate 永續增長率 %
Discount rate (pre-tax) 貼現率（稅前） %
The Directors determined the growth rates are based on past
performance and the expectation of market development. The
discount rate used is pre-tax and reflects specific risks relating to the
IT Services CGU.
分類資料（續）
地區分類
客戶地區位置依據貨品交付，或提供服務之
地點釐定。本集團之收益及經營業績主要源
自中國內地、香港特區、新加坡、英國及馬
來西亞之業務。上述五個地區以外之業務微
不足道。本集團之主要資產位於中國內地、
香港特區及馬來西亞。
商譽
本集團商譽主要產生自於二零一九年四月
二十三日收購港海集團%股權連同從
事資訊科技服務的現金產生單位（「現金產生
單位」）（「資訊科技服務現金產生單位」）。
於二零二一年三月三十一日，董事參照使用
現金流量預測計算的使用價值(「使用價值」)
評估資訊科技服務現金產生單位的可收回金
額，而現金流量預測根據財務預算及五年期
預測及中誠達行作出之超過五年後之推斷現
金流量計算。
為分配至資訊科技服務現金產生單位的商譽
進行減值測試而作出現金流量預測所用之主
要假設如下：
董事按過往表現及市場發展預期釐定增長
率。所用貼現率為稅前，並反映涉及資訊科
技服務現金產生單位的具體風險。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司20
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
SEGMENT INFORMATION (continued)
Goodwill (continued)
As at 31 March 2021, in light of keen competition from the IT Services
sector and the recent development of COVID-19, which are expected
to have a negative impact on the revenue and growth rate of the IT
Services CGU, the recoverable amount of the IT Services CGU of
approximately HK$18,772,000 fell below its then carrying amount.
Accordingly, the goodwill allocated to the IT Services CGU was
impaired by approximately HK$14,503,000 during the year ended 31
March 2021.
Yet, the IT Services segment would continue to sustain its established
foothold in HKSAR, the UK, Malaysia and Singapore in responding
to the business development of its existing customers in the IT
Services and also cloud related services, though the Group did
not enter into long term written service agreements with these
customers. The Group expects the existing customers from the
information technology and communication industry worldwide
would gradually recover once the pandemic is over. In addition, in
view of the HKSAR government’s continuous policy measure to
facilitate the multi-faceted development of IT industry in HKSAR,
which includes establishing specific government authorities (. the
Innovative and Technology Bureau in 2015) to promote the industry,
setting up funding schemes to support industry-oriented research and
development and nurturing technological entrepreneurship, the Group
expects such measures could aid the recovery of the industry once
the COVID-19 is contained.
Intangible assets
The Directors conducted impairment review of the mining right
and stripping activity assets at the end of each reporting period or
when impairment indicator exists. In such connection, the Company
engaged ValQuest to assess the VIU of CGU of the non-current
mining assets, including property, plant and equipment, mining right,
stripping activity assets and prepayment for acquisition of property,
plant and equipment of the individual mine site, of the coal mining
business of the Group (the “Coal Mining Assets”) for the purpose of
impairment testing as at 31 March 2021 and 2020.
分類資料（續）
商譽（續）
於二零二一年三月三十一日，鑒於資訊科技
服務分部競爭激烈以及COVID-19的近期發
展情況，預期會對資訊科技服務現金產生
單位的收益及增長率產生負面影響，故資
訊科技服務現金產生單位的可收回金額約
18,772,000港元低於其當時之賬面值。因
此，截至二零二一年三月三十一日止年度，
分配至資訊科技服務現金產生單位的商譽減
值約為14,503,000港元。
然而，資訊科技服務分部將繼維持其於香港
特區、英國、馬來西亞及新加坡建立的立足
點，以回應其資訊科技服務及雲相關服務現
有客戶的業務發展，惟本集團未有與該等客
戶訂立長期書面服務協議。本集團預期全球
的資訊科技及傳訊業現有客戶將於疫情過後
逐步恢復。再者，香港特區政府已持續採納
政策措施，以促進香港特區資訊科技業的多
方位發展，當中包括成立特別政府部門（即
於二零一五年成立的創新及科技局）以推廣
該行業、設立基金計劃以支持行業研發以及
培育科技企業，本集團預期一旦COVID-19
疫情受控，該等措施將有助行業復甦。
無形資產
於各報告期間結束或出現減值跡象時，董事
對採礦權及剝離活動資產進行減值檢討。因
此，於二零二一年及二零二零年三月三十一
日，本公司已委聘中誠達行評估與本集團煤
礦業務之非流動採礦資產（包括各礦場之物
業、廠房及設備、採礦權及剝離活動資產以
及收購物業、廠房及設備預付款項）（「煤礦
資產」）現金產生單位之使用價值，以作減值
測試。
Annual Report 2020/21 年報 21
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
SEGMENT INFORMATION (continued)
Intangible assets (continued)
During the years ended 31 March 2021 and 2020, with reference
to valuations conducted by ValQuest using discounted cash flow
method, the Directors expected that the VIU of the Coal Mining Assets
is higher than its carrying amount by approximately HK$23,773,000
and thus concluded that no impairment loss was recognised during
the year ended 31 March 2021.
In light of the current mining right which is expiring in August 2049 as
disclosed below, the Directors are of the opinion that, based on past
experience and current laws and regulations in the Mainland China,
the Group is eligible to further renew the mining right without incurring
significant incremental cost, given the Group continues to comply
with the requirements as required by the relevant local authorities in
the Mainland China. In this connection, when assessing the VIU of the
Coal Mining Assets, the Directors adopted a cash flow forecast which
covers beyond the expiry date, representing the remaining periods of
the mine until the expected coal reserves of the mine is fully utilised.
Having considered the sensitivity analysis about the possible
outcomes for any mining activities after August 2049 and the
likelihood of successful renewal of the mining right with reference to a
legal opinion issued by the lawyer in the Mainland China, the Directors
considered the risk exposed to the renewal of mining right after
August 2049 may not have significant impact on the VIU of the Coal
Mining Assets.
In assessing the VIU of the Coal Mining Assets, the future cash flows
of the coal mining business are discounted to the related present
values using a pre-tax discount rate that reflects current assessment
of the time value of money and the risks specific to such business.
Parameters used in the projected cash flows included but were
not limited to selling prices and sales volumes of coal, production
cost and other expenses, capital expenditure, production plan and
discount rate, respectively, which reflected the current conditions
of the market and the Group and estimated trend in the future. In
particular, the Group may revise the annual production plan and the
expected sales volumes of coal adopted in the cash flows projection
with reference to the latest government policies announced from time
to time.
分類資料（續）
無形資產（續）
截至二零二一年及二零二零年三月三十一日
止年度，經參照中誠達行使用已貼現現金流
量方法作出之估值，董事預期煤礦資產之使
用價值高於其賬面值約23,773,000港元，因
而斷定截至二零二一年三月三十一日止年度
並無確認任何減值虧損。
有關下文披露將於二零四九年八月屆滿之
現時採礦權，董事認為，根據過往經驗及
中國內地現時的法例及規例，由於本集團一
直符合中國內地相關地方機關要求的規定，
故合資格可不在招致額外大額成本下進一步
重續採礦權。因此，評估煤礦資產之使用價
值時，董事採用了一個涵蓋屆滿日期後（直
至完全動用預計的礦場煤炭儲量止剩餘的時
間）的現金流量預測方式。
考慮有關二零四九年八月後任何採礦活動的
潛在成果之敏感度分析以及參照中國內地律
師發表的法律意見所得成功重續採礦權的可
能性後，董事認為，重續二零四九年八月以
後採礦權涉及的風險未必對煤礦資產之使用
價值構成重大影響。
於評估煤礦資產之使用價值時，煤礦業務之
未來現金流量採用可反映當前所評估之貨幣
時間值及相關業務特定風險之除稅前貼現率
貼現至相關現值。預測現金流量所使用之參
數分別包括但不限於反映市場及本集團現狀
以及未來估計走勢之煤炭售價及銷量、生產
成本及其他開支、資本開支、生產計劃及貼
現率。尤其是，本集團或會按照不時公佈的
最新政府政策，修訂全年生產計劃及現金流
量預測中採納的預期煤炭銷量。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司22
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
SEGMENT INFORMATION (continued)
Intangible assets (continued)
When evaluating the appropriate discount rate for the CGU, the
Capital Asset Pricing Model (“CAPM”) had been used. Under CAPM,
the appropriate expected rate of return was the sum of the risk-
free return and the equity risk premium required by investors to
compensate for the market risk assumed. In addition, the expected
rate of return of the CGU was expected to be affected by other firm
specific risk factors that are independent of the general market. The
cost of equity was determined by the risk-free rate, market return and
estimated beta of the CGU and firm specific risk factors. Therefore,
the Group may update the inputs of discount rate and other valuation
parameters with reference to the latest market information and
the firm’s specific risk factors based on the most recent available
evidences from the relevant appropriate sources, . the competent
person’s report on mine reserve.
Key assumptions used for cash flow projections to undertake
impairment assessment of the Coal Mining Assets are as follows:
As at
31 March
2021
於二零二一年
三月三十一日
Growth in revenue 收益增長 %
Budgeted gross profit margin 目標毛利率 %
Long-term growth rate 長期增長率 %
Discount rate (pre-tax) 貼現率（稅前） %
Details of the Group’s mining right at the end of the reporting period
are as follows:
Mining right Location Expiry date
採礦權 地點 屆滿日期
Kaiyuan Mine and
the Enlarged Kaiyuan
Mine
Inside Zhundong Meitian Xiheishan Coal Mining
Area in Xinjiang
Mining right expired in August 2049
with existing mining permit until 21
December 2021 (renewable)
凱源煤礦及經擴大凱源煤礦 新疆准東煤田西黑山煤炭礦區 採礦權於二零四九年八月屆滿，
而 現 有 採 礦 許 可 證 有 效 期 至
二零二一年十二月二十一日為止
（可重續）
分類資料（續）
無形資產（續）
於評估現金產生單位之適用貼現率時，已
採用資本資產定價模式（「資本資產定價模
式」）。根據資本資產定價模式，合適之預期
回報率為無風險回報與投資者為彌補所承擔
市場風險而須取得之權益風險溢價兩者之總
和。此外，預期現金產生單位之預期回報率
將受到整體市場以外之其他企業特定風險因
素所影響。權益成本乃按無風險利率、市場
回報及現金產生單位之估計貝塔系數以及企
業特定風險因素釐定。因此，本集團可參照
最新市場資訊以及根據從有關合適來源（如
礦產儲量的合資格人士報告）可得最近期證
明得出該公司的特定風險因素，更新貼現率
輸入數據及其他估值參數。
評估煤礦資產的減值時使用的現金流量預測
所作的主要假設如下：
有關本集團於報告期末之採礦權詳情如下：
Annual Report 2020/21 年報 23
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
SEGMENT INFORMATION (continued)
Intangible assets (continued)
The as-mined coal from Kaiyuan Mine or Enlarge Kaiyuan Mine is
screened to various sizes and to the local thermal coal market. The
mine has an established thermal coal sales market with low risk for
future sales. The significant customers include thermal coal domestic
and industry in the local areas.
Xinjiang is remote from major industrial cities in the Mainland China,
and hence coal produced in Xinjiang is mainly consumed locally by
customers due to the logistic and the transportation costs. The Group
did not enter into long term written service agreements with the
existing customers.
However, the management of the Group closely monitors the
short-term operation strategy and profit margin of different coal
products and, if necessary, modifies the production plan through
understanding the local government’s policies and the coal market
demand. The Group keeps strict control over the costs and expenses
to maintain a strong financial position in the coal mining business
segment.
SIGNIFICANT INVESTMENTS HELD, MATERIAL
ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,
AND FUTURE PLANS FOR MATERIAL INVESTMENTS
OR CAPITAL ASSETS
Save as otherwise disclosed, there were neither significant
investments held as at 31 March 2021 nor material acquisitions and
disposals of subsidiaries during the Year.
Save as otherwise disclosed, the Group does not have any future
plans for material investments. There will, however, be a reasonable
expected amount of expenditure in capital assets, in particular for the
new plants and machines for the environmental protection remedial
works. Sources of funding are expected to come primarily from the
coal sales revenue and also external banking facilities of the Group.
分類資料（續）
無形資產（續）
凱源煤礦或經擴大凱源煤礦原煤經篩選後分
為不同大小，並運抵致當地動力煤市場。該
煤礦擁有成熟的動力煤銷售市場，其未來銷
售風險較低。主要客戶包括當地動力煤家用
及工業用戶。
新疆遠離中國內地主要工業城市，因此，基
於物流及運輸成本之因素，新疆所產煤炭主
要由當地客戶使用。本集團未有與現有客戶
訂立長期書面服務協議。
然而，本集團管理層密切監察短期營運策略
及不同煤炭產品的溢利率，如需要，透過瞭
解當地政府政策及煤市場需求以調整生產計
劃。本集團將嚴格控制成本及開支以維持煤
炭開採業務分部強勁的財務狀況。
所持重大投資、附屬公司之重大收
購及出售事項以及重大投資或資本
資產之未來計劃
除另行披露者外，於二零二一年三月三十一
日並無持有重大投資，於本年度亦無附屬公
司之重大收購或出售事項。
除另行披露者外，本集團並無任何重大投資
之未來計劃。然而，本集團預期將就資本資
產作出合理開支，尤其是用於環保補救工程
之新廠房及機器。預期資金來源主要來自本
集團之煤炭銷售收益及外部銀行融資。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司24
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
流動資金及財務資源
於二零二一年三月三十一日，本集團有：
• 流動資產淨值約87,610,000港元（二零
二零年：約127,070,000港元）。
• 現金及現金等值項目約204,079,000
港元（二零二零年：約235,126,000港
元），包括受限制銀行結餘零（二零二
零年：約73,760,000港元）及銀行結
餘及現金約204,079,000港元（二零二
零年：約161,366,000港元）為本集團
流動資產約240,342,000港元（二零二
零年：約259,694,000港元）之主要組
成部分。所有現金及現金等值項目以
及受限制銀行結餘均以港元、馬來西
亞令吉（「馬幣」）、新加坡元（「新加坡
元」）、英鎊（「英鎊」）、美元（「美元」）
及人民幣計值（二零二零年：港元、
馬幣、新加坡元、英鎊、美元及人民
幣）。
• 流 動 負 債 約 152,732,000 港 元（ 二 零
二 零 年 ： 約 132,624,000 港 元 ），
主要包括應付貨款及其他應付款項
約 81,071,000 港 元（ 二 零 二 零 年 ：
約 54,929,000 港 元 ）及 計 息 借 貸 約
60,636,000 港 元（ 二 零 二 零 年 ： 約
63,345,000港元）。
計息借貸須於其開始起計介乎兩年至
五年內償還。每年計息借貸之平均實
際利率介乎%至%（二零二零
年：%至%）之間。該等計息借
貸以港元及人民幣（二零二零年：港元
及人民幣）計值。
• 非流動負債約257,873,000港元（二零
二零年：約233,637,000元），包括指
定為按公平值列賬並在損益內處理之
金融負債之可換股債券約171,283,000
港元（二零二零年：約146,426,000元）
及應付採礦權款項之應付非即期部分
約82,522,000港元（二零二零年：約
80,155,000元）。
本集團之資產負債比率約為（二零二零
年：約），乃按總負債（指定為按公平值
列賬並在損益內處理之金融負債之可換股債
券、應付採礦權款項、承兌票據、租賃負債
及計息借貸）除以總權益計算。
LIQUIDITY AND FINANCIAL RESOURCES
As at 31 March 2021, the Group had:
• net current assets of approximately HK$87,610,000 (2020:
approximately HK$127,070,000).
• cash and cash equivalents of approximately HK$204,079,000
(2020: approximately HK$235,126,000), which comprised
restr icted bank balances of Ni l (2020: approximately
HK$73,760,000) and the bank balances and cash of
approximately HK$204,079,000 (2020: approximately
HK$161,366,000), were the major components of the Group’s
current assets of approximately HK$240,342,000 (2020:
approximately HK$259,694,000). All the cash and cash
equivalents and restricted bank balances are denominated in
HK$, Malaysian Ringgit (“MYR”), Singapore Dollars (“S$”), Great
Britain Pound (“GBP”), United States Dollars (“US$”) and RMB
(2020: HK$, MYR, S$, GBP, US$ and RMB).
• current liabilities of approximately HK$152,732,000 (2020:
approximately HK$132,624,000) which comprised mainly
trade and other payables of approximately HK$81,071,000
(2020: approximately HK$54,929,000) and interest-bearing
borrowings of approximately HK$60,636,000 (2020:
approximately HK$63,345,000).
The interest-bearing borrowings are repayable from within two
years to five years since their inception. The average effective
interest rates on the interest-bearing borrowings were ranging
from % – % (2020: % – %) per annum. The
interest-bearing borrowings are denominated in HK$ and RMB
(2020: HK$ and RMB).
• non-current liabilities of approximately HK$257,873,000 (2020:
approximately HK$233,637,000) which comprised convertible
bond designated as financial liabilities at FVPL of approximately
HK$171,283,000 (2020: approximately HK$146,426,000) and
non-current portion payable of approximately HK$82,522,000
(2020: approximately HK$80,155,000) related to mining right
payables.
The Group’s gearing ratio was approximately (2020:
approximately ). The computation is based on total debt
(convertible bond designated as financial liabilities at FVPL, mining
right payables, promissory notes, lease liabilities and interest-bearing
borrowings) divided by total equity.
Annual Report 2020/21 年報 25
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
CAPITAL STRUCTURE
The capital of the Group comprises only ordinary shares.
As at 31 March 2021, there were 765,373,584 ordinary shares of the
Company in issue.
The Convertible Bond of the Company with an aggregate principal
amount of HK$200,000,000 were issued on 14 March 2008 the
maturity date of which was approved to be further extended for 36
months to 13 March 2023 by the shareholders of the Company on 11
March 2020.
CHARGES ON GROUP’S ASSETS
As at 31 March 2021, the Group had pledged its mining right with
carrying amount of approximately HK$132,175,000 (2020: restricted
bank balances of approximately HK$73,760,000) to the bank as a
security for interest-bearing borrowings.
FOREIGN EXCHANGE EXPOSURE
The Group mainly earns revenue in RMB, HK$ and MYR and incurs
costs in RMB, HK$ and MYR. The Group is exposed to foreign
exchange risk based on fluctuations between HK$ and RMB arising
from its core operation in the Mainland China as well as HK$ and MYR
arising from its operation in Malaysia. The currency exchange risk for
the Year is mainly derived from the net exchange gain on convertible
bond designated as financial liabilities at FVPL, which is a result from
the currency appreciation of RMB against HK$. In order to minimise
the foreign currency risk exposure between these two currencies, the
Group maintained cash balances in both currencies that are sufficient
to meet several months’ operating cash flows requirements of the
Group.
TREASURY POLICIES
Apart from the issuance of Convertible Bond at their face
value of HK$200,000,000 and the interest-bearing borrowings
amounting to approximately HK$60,636,000 (2020: approximately
HK$65,345,000), the Group finances its operation mainly by internal
generated resources.
CONTINGENT LIABILITIES
As at 31 March 2021, the Group did not have any material contingent
liabilities (2020: Nil).
EMPLOYEES
As at 31 March 2021, the Group had 120 employees (2020: 126)
spreading amongst HKSAR, Malaysia, Singapore, the UK and the
Mainland China. Total staff costs (excluding directors’ emoluments)
for the Year amounted to approximately HK$33,406,000 (2020:
approximately HK$50,609,000), representing a significant reduction
of manpower in HKSAR and Malaysia under the IT Services segment,
and the increase in number of staff in the coal mining business in
Xinjiang. Employment relationship has been well maintained by the
Group with its employees.
* English translation for identification purpose only.
資本結構
本集團資本僅包括普通股。
於二零二一年三月三十一日，本公司有
765,373,584股已發行普通股。
本公司已於二零零八年三月十四日發行本金
總額為200,000,000港元之可換股債券，本
公司股東於二零二零年三月十一日批准進一
步將其到期日延長36個月至二零二三年三月
十三日。
本集團資產抵押
於二零二一年三月三十一日，本集團已向銀
行抵押賬面值約132,175,000港元（二零二零
年：受限制銀行結餘約73,760,000港元）之
採礦權作為計息借貸擔保。
外匯風險
本集團之收益主要以人民幣、港元及馬幣
計值，而開支亦以人民幣、港元及馬幣計
值。本集團面對其於中國內地之核心業務所
產生港元與人民幣之間兌換以及其馬來西亞
業務產生港元與馬幣兌換波動之外匯風險。
本年度之貨幣兌換風險主要源自因人民幣兌
港元升值所導致指定為按公平值列賬並在損
益內處理之金融負債之可換股債券匯兌收益
淨額。為將該兩類貨幣間之外幣風險減至最
低，本集團以該兩類貨幣持有足夠應付其數
個月經營現金流量需要之現金結餘。
庫存政策
除發行面值為200,000,000港元之可換股債
券及計息借貸約60,636,000港元（二零二零
年：約65,345,000港元）外，本集團主要透
過內部產生資源撥付其營運之資金需求。
或然負債
於二零二一年三月三十一日，本集團並無任
何重大或然負債（二零二零年：無）。
僱員
於二零二一年三月三十一日，本集團有120
名（二零二零年：126名）僱員，遍佈香港
特區、馬來西亞、新加坡、英國及中國內
地。於本年度，員工成本總額（不包括董事
酬金）約33,406,000港元（二零二零年：約
50,609,000港元），代表香港特區及馬來西
亞資訊科技服務分部的人力資源大幅減少，
而新疆採煤業務的員工數目則有所增加。本
集團與僱員一直保持良好僱傭關係。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司26
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員簡歷
EXECUTIVE DIRECTORS
Mr. Kwan Man Fai (“Mr. Kwan”), aged 52, is an executive Director
appointed on 25 March 2008. Mr. Kwan has been the chairman
and managing director of the Company since March 2017 and is
a member of the remuneration committee and the chairman of the
nomination committee of the Company. He is also a director of certain
subsidiaries of the Company. Mr. Kwan graduated from the University
of Hong Kong with a bachelor degree in laws and a postgraduate
certificate in laws. Mr. Kwan also holds a master degree in laws from
The London School of Economics and Social Sciences, the University
of London and a master degree in the Mainland China law from
the City University of Hong Kong. Mr. Kwan is now a consultant of
Messrs. Anthony Siu & Co., a law firm in Hong Kong. Mr. Kwan has
over 10 years of experience in corporate finance and banking work,
including assisting various companies in their listing on the Main
Board and the GEM of The Stock Exchange of Hong Kong Limited
(the “Stock Exchange”).
Mr. Wang Xiangfei, aged 69, is an executive Director appointed
on 25 March 2008. Mr. Wang Xiangfei is also a director of certain
subsidiaries of the Company. Mr. Wang Xiangfei graduated from
Renmin University of China with a bachelor degree in economics
in 1982. Mr. Wang Xiangfei is now a senior accountant. Mr. Wang
Xiangfei serves as the financial advisor of CSIH Limited. Mr. Wang
Xiangfei is also an independent non-executive director of Tianjin
Capital Environmental Protection Group Company Limited, a
company whose shares are listed on the Stock Exchange (stock
code: 1065) and the Shanghai Stock Exchange. Mr. Wang Xiangfei
is a director of Ascent Goal Investments Limited, the controlling
shareholder of the Company. Mr. Wang Xiangfei is the father of Mr.
Wong Sze Wai, an executive Director, and the brother of Mr. Wang
Xiaoyao, the alternate Director to Mr. Wang Xiangfei. In addition,
Mr. Wang Xiangfei and Mr. Wong Sze Wai have cross-directorships
in Ascent Goal Investments Limited, Alpha Apex Global Limited,
Brilliant Kirin Limited, Starry Bridge Limited, Outstanding Pro
Investments Limited, True Spirit Holdings Limited, Pallotta Limited,
CIF Petrochemical Co., Limited, CIF Airport Company Limited and
Golden Access International Limited.
執行董事
關文輝先生（「關先生」），52歲，於二零零八
年三月二十五日獲委任為執行董事。關先生
自二零一七年三月起出任本公司主席兼董事
總經理，為本公司薪酬委員會成員及提名委
員會主席。彼亦為本公司若干附屬公司之董
事。關先生畢業於香港大學，獲頒法學士學
位及法學專業證書。關先生亦持有倫敦大學
倫敦經濟社會科學院法律碩士學位及香港城
市大學法律碩士學位（中國內地法）。關先生
現為香港律師事務所蕭一峰律師行之顧問律
師。關先生於企業融資及銀行業務方面擁有
逾十年經驗，當中包括協助多間公司於香港
聯合交易所有限公司（「聯交所」）主板及GEM
上市之經驗。
王翔飛先生，69歲，於二零零八年三月
二十五日獲委任為執行董事。王翔飛先生亦
為本公司若干附屬公司之董事。王翔飛先生
於一九八二年畢業於中國人民大學並獲頒經
濟學士學位。王翔飛先生現為高級會計師。
王翔飛先生現擔任安中國際石油控股有限公
司之財務顧問。王翔飛先生亦為天津創業環
保集團股份有限公司（其股份於聯交所（股份
代號：1065）及上海證券交易所上市之公司）
之獨立非執行董事。王翔飛先生為本公司控
股股東晉標投資有限公司之董事。王翔飛先
生為執行董事王四維先生之父親及王小曜先
生（王翔飛先生之替代董事）之胞兄。此外，
王翔飛先生及王四維先生均於晉標投資有限
公司、Alpha Apex Global Limited、明麒有
限公司、星橋有限公司、Outstanding Pro
Investments Limited 、 True Spirit Holdings
Limited、Pallotta Limited、中基國際石油化
工有限公司、中基機場建設有限公司及浩金
國際有限公司擔任董事職務。
Annual Report 2020/21 年報 27
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理人員簡歷
EXECUTIVE DIRECTORS (continued)
In addition, Mr. Wang Xiangfei was an independent non-executive
director of Chongqing Iron & Steel Company Limited, a company
whose shares are listed on the Stock Exchange (stock code: 1053)
and the Shanghai Stock Exchange, from July 2002 to June 2009
and China CITIC Bank Corporation Limited, a company whose
shares are listed on the Stock Exchange (stock code: 998) and the
Shanghai Stock Exchange, from December 2006 to November 2012.
Mr. Wang Xiangfei was an independent non-executive director of
Shandong Chenming Paper Holdings Limited from April 2010 to May
2013, a company whose shares are listed on the Stock Exchange
(stock code: 1812), and the Shenzhen Stock Exchange. Mr. Wang
Xiangfei was an independent non-executive director of SEEC Media
Group Limited (stock code: 205), a company whose shares are listed
on the Stock Exchange, from June 2003 to May 2015 and China
Development Bank International Investment Limited (stock code:
1062), a company whose shares are listed on the Stock Exchange,
from March 2012 to January 2021. Mr. Wang Xiangfei was also an
external supervisor of Shenzhen Rural Commercial Bank from April
2009 to May 2015.
Mr. Wong Sze Wai, aged 38, is an executive Director appointed
on 20 November 2018 and was an alternate director to Mr. Wang
Xiangfei, the executive Director, from 18 July 2017 to 16 March 2020.
Mr. Wong Sze Wai is the member of remuneration committee of the
Company. Mr. Wong Sze Wai is also a director of certain subsidiaries
of the Company. He was the personal assistant to Mr. Wang Xiangfei
during the period from 1 August 2018 to 19 November 2018. Mr.
Wong Sze Wai is also the alternate director to Mr. Wang Xiangfei in
several subsidiaries of the Company. Mr. Wong Sze Wai obtained a
master degree in Social Science from the University of Hong Kong in
2010 and a bachelor degree in Science from McMaster University of
Canada in 2007. Mr. Wong Sze Wai is currently a director of several
private companies in Hong Kong. His industrial experience includes
research and development, business development, and legal and
compliance, etc. Mr. Wong Sze Wai is a director and an alternate
director to Mr. Wang Xiangfei of Ascent Goal Investments Limited,
the controlling shareholder of the Company. Mr. Wong Sze Wai is
the son of Mr. Wang Xiangfei, an executive Director, and the nephew
of Mr. Wang Xiaoyao, the alternate Director to Mr. Wang Xiangfei.
In addition, Mr. Wong Sze Wai and Mr. Wang Xiangfei have cross-
directorships in Ascent Goal Investments Limited, Alpha Apex Global
Limited, Brilliant Kirin Limited, Starry Bridge Limited, Outstanding Pro
Investments Limited, True Spirit Holdings Limited, Pallotta Limited,
CIF Petrochemical Co., Limited, CIF Airport Company Limited and
Golden Access International Limited.
執行董事（續）
此外，王翔飛先生曾於二零零二年七月至二
零零九年六月期間於重慶鋼鐵股份有限公司
（其股份於聯交所（股份代號：1053）及上海
證券交易所上市之公司）及曾於二零零六年
十二月至二零一二年十一月期間於中信銀行
股份有限公司（其股份於聯交所（股份代號：
998）及上海證券交易所上市之公司）擔任獨
立非執行董事。王翔飛先生曾於二零一零年
四月至二零一三年五月期間於山東晨鳴紙業
集團股份有限公司（其股份於聯交所（股份代
號：1812）及深圳證券交易所上市之公司）
擔任獨立非執行董事。王翔飛先生曾於二零
零三年六月至二零一五年五月期間於財訊傳
媒集團有限公司（其股份於聯交所上市之公
司，股份代號：205）及於二零一二年三月
至二零二一年一月於國開國際投資有限公司
（其股份於聯交所上市，股份代號：1062）擔
任獨立非執行董事。王翔飛先生亦曾於二零
零九年四月至二零一五年五月期間於深圳農
村商業銀行擔任外部監事。
王四維先生，38歲，分別於二零一八年十一
月二十日獲委任為執行董事及於二零一七年
七月十八日至二零二零年三月十六日為執行
董事王翔飛先生之替代董事。王四維先生為
本公司薪酬委員會成員。王四維先生亦擔任
本公司若干附屬公司之董事。於二零一八年
八月一日至二零一八年十一月十九日期間，
彼為王翔飛先生之個人助理。王四維先生亦
於本公司若干附屬公司出任王翔飛先生之替
代董事。王四維先生於二零一零年取得香港
大學社會科學碩士學位，以及於二零零七年
取得加拿大McMaster University（麥馬斯達大
學）理學士學位。王四維先生現時擔任香港
若干私人公司董事。彼之行業經驗包括研究
及開發、業務發展及法律合規等。王四維先
生為本公司控股股東晉標投資有限公司之董
事及王翔飛先生之替代董事。王四維先生為
執行董事王翔飛先生之兒子，亦為王小曜先
生（王翔飛先生之替代董事）的侄子。此外，
王四維先生及王翔飛先生均於晉標投資有限
公司、Alpha Apex Global Limited、明麒有
限公司、星橋有限公司、Outstanding Pro
Investments Limited 、 True Spirit Holdings
Limited、Pallotta Limited、中基國際石油化
工有限公司、中基機場建設有限公司及浩金
國際有限公司擔任董事職務。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司28
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理人員簡歷
INDEPENDENT NON-EXECUTIVE DIRECTORS
Dr. Wong Man Hin Raymond, aged 55, is an independent non-
executive Director appointed on 25 March 2008. Dr. Wong Man
Hin Raymond is the chairman of the remuneration committee of
the Company and a member of both the audit committee and
the nomination committee of the Company. Dr. Wong Man Hin
Raymond is a member of American Institute of Certified Public
Accountants (CPA), a Certified Management Accountant (CMA) and
holds a certificate in financial management (CFM). Dr. Wong Man
Hin Raymond holds a bachelor degree in chemical engineering, a
master degree in economics and a doctorate degree in business
administration. Dr. Wong Man Hin Raymond is an executive director
and deputy chairman of Raymond Industrial Limited (stock code:
229), a company whose shares are listed on the Main Board of the
Stock Exchange. Dr. Wong Man Hin Raymond is also an independent
non-executive director of Modern Healthcare Technology Holdings
Limited (formerly Modern Beauty Salon Holdings Limited) (stock code:
919) and Tak Lee Machinery Holdings Limited (stock code: 2102),
companies whose shares are listed on the Main Board of the Stock
Exchange. Dr. Wong Man Hin Raymond was an independent non-
executive director of Zhejiang United Investment Holdings Group
Limited (stock code: 8366), a company whose shares are listed on
GEM of the Stock Exchange, from July 2017 to March 2021. Dr.
Wong Man Hin Raymond is the vice president and council member of
the Hong Kong Independent Non-Executive Director Association and
an independent manager of TWGHs Wong Fut Nam College.
Mr. Chan Yiu Fai Youdey (“Mr. Chan”), aged 51, is an independent
non-executive Director appointed on 25 March 2008. Mr. Chan is a
member of each of the audit committee, remuneration committee and
nomination committee of the Company. Mr. Chan graduated from
the University of Hong Kong with a bachelor degree in laws and a
postgraduate certificate in laws. Mr. Chan also holds master degrees
in laws from the City University of Hong Kong and from the People’s
University of China. Mr. Chan is currently a partner of Messrs. David
. Fung & Co., a law firm in Hong Kong. Mr. Chan has extensive
experience in civil and commercial crime litigation and also handles
various transactions for corporate clients and banks in Hong Kong.
Mr. Chan is also an independent non-executive director of Qinqin
Foodstuffs Group (Cayman) Company Limited (stock code: 1583),
a company whose shares are listed on the Main Board of the Stock
Exchange.
獨立非執行董事
黃文顯博士，55歲，於二零零八年三月
二十五日獲委任為獨立非執行董事。黃文顯
博士為本公司薪酬委員會主席，亦為本公司
審核委員會及提名委員會成員。黃文顯博士
為美國執業會計師公會(CPA)會員、註冊管
理會計師(CMA)，並持有財務管理師(CFM)
證書。黃文顯博士持有化學工程學士學位、
經濟碩士學位及工商管理博士學位。黃文顯
博士為利民實業有限公司（股份代號：229）
之執行董事兼副主席，該公司股份於聯交所
主板上市。黃文顯博士亦擔任現代健康科技
控股有限公司（前稱現代美容控股有限公司）
（股份代號：919）以及德利機械控股有限公
司（股份代號：2102）之獨立非執行董事，其
股份均於聯交所主板上市。黃文顯博士於二
零一七年七月至二零二一年三月為浙江聯合
投資控股集團有限公司（股份代號：8366）
之獨立非執行董事，其股份於聯交所GEM上
市。黃文顯博士為香港獨立非執行董事協會
副會長兼理事會成員及東華三院黃笏南中學
校董。
陳耀輝先生（「陳先生」），51歲，於二零零八
年三月二十五日獲委任為獨立非執行董事。
陳先生為本公司之審核委員會、薪酬委員會
及提名委員會各自之成員。陳先生畢業於香
港大學，獲頒法學士學位及法學專業證書。
陳先生亦持有香港城市大學及中國人民大學
之法律碩士學位。陳先生現為香港律師事務
所馮元鉞律師行之合夥人。陳先生於民事及
商業犯罪訴訟方面饒富經驗，亦為公司客戶
及銀行在香港處理各種交易。陳先生亦為親
親食品集團（開曼）股份有限公司（其股份於
聯交所主板上市，股份代號：1583）之獨立
非執行董事。
Annual Report 2020/21 年報 29
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理人員簡歷
INDEPENDENT NON-EXECUTIVE DIRECTORS
(continued)
Mr. Pak Wai Keung Martin (“Mr. Pak”), aged 57, is an independent
non-executive Director appointed on 19 September 2017. He is the
chairman of audit committee, a member of each of remuneration
committee and nomination committee of the Company. He is a
fellow of the Hong Kong Institute of Certified Public Accountants, an
associate of The Chartered Governance Institute and The Hong Kong
Institute of Chartered Secretaries. He has over 25 years of experience
in finance, accounting and corporate governance affairs. Mr. Pak had
held positions as the chief financial officer and the company secretary
at various listed companies in Hong Kong. Mr. Pak is currently an
independent non-executive director of Dragon Mining Limited (Stock
Code: 1712), the shares of which are listed on the Main Board of
the Stock Exchange. Mr. Pak is also an independent non-executive
director of Viva China Holdings Limited (Stock Code: 8032), the
shares of which are listed on GEM of the Stock Exchange. He had
been an independent non-executive director of Trony Solar Holdings
Company Limited (Stock Code: 2468) from January 2017 to August
2018, the shares of which were delisted on 23 August 2018 on the
Main Board of the Stock Exchange. He was an independent non-
executive director of China Huiyuan Juice Group Limited (Stock
Code: 1886) from June 2019 to January 2021, the shares of which
were delisted on 18 January 2021 on the Main Board of the Stock
Exchange. He was an independent non-executive director of Convoy
Global Holdings Limited (Stock Code: 1019) from December 2017
to May 2021, the shares of which were delisted on 4 May 2021 on
the Main Board of the Stock Exchange. He was an independent non-
executive director of Ta Yang Group Holdings Limited (Stock Code:
1991) from April 2016 to October 2018, the shares of which are listed
on the Main Board of the Stock Exchange.
獨立非執行董事（續）
白偉強先生（「白先生」），57歲，於二零一七
年九月十九日獲委任為獨立非執行董事。
彼為本公司審核委員會主席以及薪酬委員
會及提名委員會成員。彼為香港會計師公會
資深會員以及特許公司治理公會及香港特許
秘書公會會員。彼於財務、會計及企業管治
事務方面擁有逾25年經驗。白先生曾於多
間香港上市公司擔任財務總監及公司秘書等
職位。白先生現任龍資源有限公司（股份代
號：1712）獨立非執行董事，該公司之股份
在聯交所主板上市。白先生亦為非凡中國控
股有限公司（股份代號：8032）之獨立非執行
董事，該公司股份於聯交所GEM上市。彼於
二零一七年一月至二零一八年八月擔任創益
太陽能控股有限公司（股份代號：2468）之獨
立非執行董事，該公司股份二零一八年八月
二十三日於聯交所主板除牌。彼於二零一九
年六月至二零二一年一月擔任中國滙源果汁
集團有限公司（股份代號：1886）的獨立非執
行董事，該公司股份二零二一年一月十八日
於聯交所主板除牌。彼於二零一七年十二月
至二零二一年五月擔任康宏環球控股有限公
司（股份代號：1019）獨立非執行董事，該
公司股份二零二一年五月四日於聯交所主板
除牌。彼於二零一六年四月至二零一八年十
月擔任大洋集團控股有限公司（股份代號：
1991）之獨立非執行董事，該公司股份於聯
交所主板上市。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司30
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理人員簡歷
ALTERNATE DIRECTOR
Mr. Wang Xiaoyao, aged 68, is an alternate Director to Mr. Wang
Xiangfei with effect from 17 March 2020. Mr. Wang Xiaoyao has
been appointed as the personal assistant to Mr. Wang Xiangfei on
1 April 2020. Mr. Wang Xiaoyao graduated from the University of
International Business and Economics with a major in international
trade in 1990. Mr. Wang Xiaoyao has worked in the shipping
transportation department of COSCO Group for nearly 30 years.
Following his retirement in 2013, Mr. Wang Xiaoyao has worked for a
private shipping logistics company, where he has been responsible for
shipping logistics business.
Mr. Wang Xiaoyao is the brother and the uncle of Mr. Wang Xiangfei
and Mr. Wong Sze Wai, the executive Directors, respectively.
SENIOR MANAGEMENT
Mr. Li Chun Fung (“Mr. Li”), aged 39, is the company secretary of
the Company appointed on 21 April 2015. Mr. Li graduated from the
Imperial College, University of London with master degree in chemical
engineering. Mr. Li is a member of Hong Kong Institute of Certified
Public Accountants and has extensive experience in corporate
governance and compliance matters.
替代董事
王小曜先生，68歲，自二零二零年三月十七
日起為王翔飛先生之替代董事。王小曜先生
於二零二零年四月一日獲委任為王翔飛先生
之個人助理。王小曜先生於一九九零年取得
對外經濟貿易大學國際貿易專業學位。王小
曜先生在中遠集團航運運輸部門工作近30
年。王小曜先生於二零一三年退休後到民營
航運物流公司工作，負責航運物流業務。
王小曜先生分別為執行董事王翔飛先生及王
四維先生之胞弟及叔父。
高級管理人員
李震鋒先生（「李先生」），39歲，於二零一五
年四月二十一日獲委任為本公司公司秘書。
李先生畢業於倫敦大學帝國學院，獲頒授化
學工程碩士學位。李先生為香港會計師公會
會員，於企業管治及合規事宜方面擁有豐富
經驗。
Annual Report 2020/21 年報 31
CORPORATE GOVERNANCE REPORT
企業管治報告
COMMITMENT TO CORPORATE GOVERNANCE
The Company is committed to maintaining statutory and regulatory
standards and adherence to the principles of corporate governance
emphasizing on transparency, independence, accountability,
responsibility and fairness.
The Directors had reviewed the Company’s performance of its
corporate governance practices that the Company has complied with
the code provisions as set out in the Corporate Governance Code (the
“Code”) contained in Appendix 14 to the Rules Governing the Listing
of Securities on the Stock Exchange (the “Listing Rules”) throughout
the Year, save for the deviation from code provision of the Code
as set out in the section headed “Chairman and Chief Executive” of
this Corporate Governance Report.
THE BOARD
Roles and responsibilities
The Board assumes responsibility for leadership and control of the
Company and is collectively responsible for promoting the success of
the Company by directing and supervising the Company’s affairs. It
should act in the best interest of the Company and its shareholders at
all times. The Board sets strategies for the Company and monitors the
performance and activities of the senior management.
The executive Directors and the senior management of the Company
are responsible for the day to day operations of the Company
whereas the independent non-executive Directors are responsible
for ensuring a high standard of financial and management reporting
to the Board and shareholders of the Company as well as to provide
a balanced composition in the Board so that there is a strong
independent element on the Board.
企業管治承諾
本公司致力維持法定及法規標準，並恪守強
調透明、獨立、問責、負責任及公允之企業
管治原則。
董事已審閱本公司履行其企業管治常規之表
現，而本公司於本年度一直遵守聯交所證券
上市規則（「上市規則」）附錄十四所載《企業
管治守則》（「守則」）之守則條文，惟本企業
管治報告「主席及行政總裁」一節所載偏離守
則之守則條文第條之情況除外。
董事會
角色及責任
董事會承擔領導及監控本公司之責任，並整
體上透過督導及監管本公司事務推動本公司
取得佳績。董事會應時刻在符合本公司及其
股東最佳利益之前提下行事。董事會為本公
司制定策略及監察高級管理人員之表現及活
動。
本公司執行董事及高級管理人員負責本公司
之日常運作；獨立非執行董事負責確保向董
事會及本公司股東作出之財務及管理報告達
到高標準，平衡董事會之組成，使董事會具
有高度獨立地位。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司32
CORPORATE GOVERNANCE REPORT 企業管治報告
董事會（續）
董事會組成
於本年度內至本年報日期止，董事會成員如
下：
執行董事：
關文輝（主席兼董事總經理）
王翔飛
王四維
獨立非執行董事：
黃文顯
陳耀輝
白偉強
替代董事：
王小曜（替代王翔飛）
本公司提名委員會於二零二一年六月二十二
日舉行會議進行年度評核後，董事會認為，
所有董事於其各自專業領域擁有突出技能，
為就董事會有效運作提供均衡之所需技能、
知識和經驗以及成員多元化之裨益。董事會
目前由三名執行董事、三名獨立非執行董事
及一名替代董事組成。有關董事及高級管理
人員之履歷簡介及彼等之間之關係載於本年
報「董事及高級管理人員簡歷」一節。
董事會成員多元化
於二零一四年六月，本公司已就董事會成員
多元化採納政策，該政策已於二零一九年一
月修訂。該政策要求，在考慮多項因素（包
括但不限於性別、年齡、文化及教育背景、
種族、專業經驗、技能、知識及任期）後，
不時就任何董事委任、重選或任何繼任計劃
進行審閱、評核及向董事會提出推薦建議，
以迎合本公司之業務模式及特定需要。
THE BOARD (continued)
Board composition
The members of the Board during the Year and up to the date of this
annual report are as follows:
Executive Directors:
Kwan Man Fai (Chairman & Managing Director)
Wang Xiangfei
Wong Sze Wai
Independent Non-executive Directors:
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
Alternate Director:
Wang Xiaoyao (alternate to Wang Xiangfei)
After annual assessment by the nomination committee of the
Company at a meeting on 22 June 2021, the Board considers
that all the Directors have distinguished themselves in their field of
expertise so as to give a balance of skills, knowledge and experience,
and diversity of perspectives required for the running of an effective
Board. The Board currently comprises three executive Directors, three
independent non-executive Directors and one alternate Director. The
brief biographical details of the Directors and the senior management
and relationship among them are set out in the section headed
“Biography of Directors and Senior Management” of this annual
report.
Board diversity
In June 2014, the Company adopted a policy on diversity of the Board
members, which has been revised in January 2019. The policy is
to review, assess and recommend any appointment, re-election or
any succession plan of any Directors to the Board from time to time
after considering a number of factors, including but not limited to
gender, age, cultural and educational background, race, professional
experience, skills, knowledge and tenure of appointment to allow for
the Company’s business model and specific needs.
Annual Report 2020/21 年報 33
CORPORATE GOVERNANCE REPORT 企業管治報告
董事會（續）
董事會會議及股東大會
於本年度內，董事會曾舉行四次定期會議及
二次臨時會議，以及本公司曾舉行兩次股東
大會。個別董事於董事會會議及股東大會之
出席記錄載列如下：
董事姓名
出席╱
合資格
出席
董事會
會議次數
出席╱
合資格
出席
股東大會
次數
執行董事：
關文輝
（主席兼董事總經理）
6/6 2/2
王翔飛 6/6 2/2
（王小曜為其替代董事）
王四維 6/6 2/2
獨立非執行董事：
黃文顯 4/4 2/2
陳耀輝 4/4 2/2
白偉強 4/4 2/2
# 獨立非執行董事已於本年度內出席由董事會主席就
有關本集團策略及政策方向所舉行之獨立會議，執
行董事並無出席。
全體董事均可接觸本公司之公司秘書，而公
司秘書負責確保董事會程序得以遵守及所有
適用規則及規例得以遵循。
董事會確保其成員適時獲提供所有具適當形
式及質量之必要資料，以便董事會履行其職
責。
THE BOARD (continued)
Board meetings and general meetings
During the Year, the Board held four regular meetings and two
ad-hoc meetings, and the Company held two general meetings. The
attendance records of individual Directors at the Board meetings and
at the general meetings are set out below:
Name of Directors
Number of
Board meetings
attended/
eligible
to attend
Number of
general meetings
attended/
eligible
to attend
Executive Directors:
Kwan Man Fai
(Chairman & Managing Director)
6/6 2/2
Wang Xiangfei
(with Wang Xiaoyao as alternate)
6/6 2/2
Wong Sze Wai 6/6 2/2
Independent Non-executive Directors:
Wong Man Hin Raymond 4/4 2/2
Chan Yiu Fai Youdey 4/4 2/2
Pak Wai Keung Martin 4/4 2/2
# Independent non-executive Directors had attended meeting(s) independently held
with the chairman of the Board without the executive Directors present on the
direction of the Group’s strategy and policies during the Year.
All Directors have access to the company secretary of the Company
who is responsible for ensuring that Board procedures are followed
and all applicable rules and regulations are complied with.
The Board ensures that its members are supplied, in a timely manner,
with all necessary information in a form and of a quality appropriate to
enable the Board to discharge its duties.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司34
CORPORATE GOVERNANCE REPORT 企業管治報告
董事會（續）
董事會會議及股東大會（續）
董事會會議記錄對董事會所審議之事項及達
致之決定均有詳盡記錄，包括董事提出之任
何關注事項或所表達之不同意見。董事會會
議記錄由本公司之公司秘書保管，可供任何
董事查閱。
委任及重選董事
委任新董事為本公司提名委員會審議之事
項。根據本公司之公司細則，於每屆股東周
年大會上，三分之一在任董事須輪值告退，
惟每位董事必須至少每三年於股東周年大會
上退任一次。
獨立非執行董事
根 據 上 市 規 則 第 (1) 、(2) 及
條，本公司已委任三名獨立非執行董事，佔
董事會人數二分之一，其中兩位具備適當專
業資格或會計或相關財務管理專長。
守則之守則條文第條訂明，非執行董
事應按指定任期委任，並須重選連任。兩名
獨立非執行董事黃文顯博士及陳耀輝先生均
於二零零八年三月二十五日獲委任。彼等之
服務協議已自二零二一年三月二十五日起延
期一年。獨立非執行董事白偉強先生於二零
一七年九月十九日獲委任，而其服務協議自
二零二零年九月十九日起續期一年。然而，
根據本公司之公司細則條文，彼等仍須於
本公司之股東周年大會上輪值退任及重選連
任。
本公司已接獲各獨立非執行董事根據上市規
則第條發出之年度獨立確認書，而本公
司提名委員會於二零二一年六月二十二日舉
行會議進行年度評核後，本公司認為全體獨
立非執行董事均為獨立人士。
THE BOARD (continued)
Board meetings and general meetings (continued)
The minutes of Board meetings recorded all the details of the matters
considered by the Board and the decisions reached, including
any concerns raised by Directors or dissenting views expressed.
Minutes of Board meetings are kept by the company secretary of the
Company and are available for inspection by any Director.
Appointment and re-election of Directors
The appointment of new Directors is a matter for consideration by
the nomination committee of the Company. In accordance with the
Company’s Bye-laws, at each annual general meeting, one-third of
the Directors for the time being, shall retire from office by rotation
provided that every Director shall be subject to retirement at an annual
general meeting at least once every three years.
Independent Non-executive Directors
Pursuant to Rules (1), (2) and of the Listing Rules,
the Company has appointed three independent non-executive
Directors who represent half of the Board and with two of whom
hold appropriate professional qualifications or accounting or related
financial management expertise.
Code provision of the Code specifies that non-executive
directors should be appointed for a specific term, subject to
re-election. Two independent non-executive Directors, namely
Dr. Wong Man Hin Raymond and Mr. Chan Yiu Fai Youdey, were
appointed on 25 March 2008. Their service agreements have been
extended for one year commencing on 25 March 2021. Mr. Pak
Wai Keung Martin, the independent non-executive Director, was
appointed on 19 September 2017 and the service agreement has
been extended for one year commencing from 19 September 2020.
However, they are still subject to retirement by rotation and re-election
at the annual general meeting of the Company in accordance with the
provisions of the Company’s Bye-laws.
The Company has received from each of its independent non-
executive Directors an annual confirmation of independence pursuant
to Rule of the Listing Rules and after annual assessment by
the nomination committee of the Company at a meeting on 22 June
2021, the Company considers that all of the independent non-
executive Directors are independent.
Annual Report 2020/21 年報 35
CORPORATE GOVERNANCE REPORT 企業管治報告
董事會（續）
董事及高級職員之責任
本公司已就可能對董事及高級職員作出之法
律行動，為董事及高級職員提供適當責任保
險。
董事培訓及支持
全體董事須透徹瞭解彼等之集體責任，與時
並進。本集團提供簡介及其他訓練，以提高
及更新董事之相關知識及技能。本公司所獲
提供董事於本年度內參與持續專業培訓之詳
情載列如下：
董事姓名
參與研討會或
簡介會╱閱讀資料
執行董事：
關文輝
（主席兼董事總經理） ✔
王翔飛 ✔
王四維 ✔
獨立非執行董事：
黃文顯 ✔
陳耀輝 ✔
白偉強 ✔
替代董事：
王小曜
（替代王翔飛） ✔
董事證券交易
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之標準守則（「標準守
則」）作為其董事進行證券交易之操守守則。
全體董事已於本公司作出特定查詢後確認，
彼等於本年度一直遵守標準守則所載之規定
準則。
THE BOARD (continued)
Directors’ and Officers’ liability
Appropriate insurance cover on Directors and officers’ liabilities has
been provided to cover potential legal actions against Directors and
officers.
Training and support for Directors
All Directors must keep abreast of their collective responsibilities. The
Group provides briefings and other training to develop and refresh the
Directors’ knowledge and skills. Details of the continuous professional
development participated by the Directors for the Year, that the
Company received, are set out below:
Name of Directors
Attended seminars or
briefing/read materials
Executive Directors:
Kwan Man Fai
(Chairman & Managing Director) ✔
Wang Xiangfei ✔
Wong Sze Wai ✔
Independent Non-executive Directors:
Wong Man Hin Raymond ✔
Chan Yiu Fai Youdey ✔
Pak Wai Keung Martin ✔
Alternate Director:
Wang Xiaoyao
(alternate to Wang Xiangfei) ✔
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securit ies
Transactions by Directors of Listed Issuers (the “Model Code”) as
set out in Appendix 10 to the Listing Rules as its code of conduct
regarding securities transactions by the Directors. All Directors have
confirmed, following specific enquiry by the Company, that they have
complied with the required standard as set out in the Model Code
throughout the Year.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司36
CORPORATE GOVERNANCE REPORT 企業管治報告
主席及行政總裁
守則之守則條文第條規定主席及行政
總裁（「行政總裁」）之職務須予區分，不應由
同一人擔任。
於本年度內，本公司並無任何高級人員出任
行政總裁。本公司主席兼董事總經理關文輝
先生於本年度內亦履行行政總裁之職務。鑒
於本集團之營運規模，董事會認為，現時架
構能促進本公司策略之有效制定及落實，故
此架構更適合本公司。
董事委員會
董事會已成立三個委員會以監督本集團事務
之特定範疇及協助執行董事會職責。所有委
員會均有其各自之職權範圍。不同委員會所
提供之意見及建議不但可確保本集團獲得適
當之監控，更可保證本集團持續維持上市公
司應有之高標準企業管治。董事會定期檢討
委員會之架構及成員組合，尤其重視個別成
員之技能、知識及經驗。
審核委員會
本 公 司 審 核 委 員 會（「 審 核 委 員 會 」）於
一九九九年三月成立，並訂有特定職權範
圍。審核委員會之職權範圍（可於聯交所及
本公司網站查閱）包括守則之守則條文第
條所載之職責，並於需要時作出適當
修訂。為符合上市規則之修訂，審核委員會
之職權範圍已於二零一六年三月十五日作出
修訂。
審核委員會現時包括三名獨立非執行董事，
分別為白偉強先生（審核委員會主席）、黃文
顯博士及陳耀輝先生。
CHAIRMAN AND CHIEF EXECUTIVE
Code provision of the Code stipulates that the roles of chairman
and chief executive (the “CE”) should be separate and should not be
performed by the same individual.
During the Year, the Company did not have any officer with CE
title. Mr. Kwan Man Fai, the chairman and managing director of the
Company, also carried out the responsibility of CE during the Year. In
view of the size of operation of the Group, the Board considered that
this structure is more suitable for the Company as it can promote the
efficient formulation and implementation of the Company’s strategies.
BOARD COMMITTEES
The Board has established three committees to oversee particular
aspects of the Group’s affairs and to assist in the execution
of the Board’s responsibilities. All committees have their own
terms of reference. The views of different committees and their
recommendation not only ensure proper control of the Group but
also the continual achievement of the high corporate governance
standards expected of a listed company. The Board conducts
regular review of the structure and composition of the committees
with particular attention to the skills, knowledge and experience of
individual members.
Audit Committee
The audit committee of the Company (the “Audit Committee”) was
set up in March 1999 with specific terms of reference. The terms
of reference of the Audit Committee which are available on the
websites of the Stock Exchange and the Company have included the
duties which are set out in code provision of the Code, with
appropriate modifications when necessary. The terms of reference of
the Audit Committee were amended on 15 March 2016 in order to
comply with the amendments to the Listing Rules.
The Audit Committee currently consists of three independent
non-executive Directors namely, Mr. Pak Wai Keung Martin, the
chairman of the Audit Committee, Dr. Wong Man Hin Raymond and
Mr. Chan Yiu Fai Youdey.
Annual Report 2020/21 年報 37
CORPORATE GOVERNANCE REPORT 企業管治報告
董事委員會（續）
審核委員會（續）
於本年度內，共舉行兩次會議，個別成員之
出席記錄如下：
成員姓名
出席╱
合資格出席
會議次數
白偉強（主席） 2/2
黃文顯 2/2
陳耀輝 2/2
審核委員會連同本公司管理層已審閱本集團
採納之會計原則及常規，並討論風險管理、
內部監控及財務報告事宜，包括審閱本集團
於本年度之綜合財務報表。
於本年度，審核委員會已與外聘核數師審閱
中期及末期業績、風險管理及內部監控系統
以及財務申報事宜。審核委員會認同本公司
所採納之會計處理方式，並已盡力確保本年
報遵照適用會計準則及上市規則附錄十六所
載財務資料的披露，披露該等財務資料。
薪酬委員會
本公司薪酬委員會（「薪酬委員會」）於二零零
五年七月成立，並訂有特定職權範圍。薪酬
委員會之職權範圍（可於聯交所及本公司網
站查閱）包括守則之守則條文第條所載
之職責，並於需要時作出適當修訂。為符合
上市規則之修訂，薪酬委員會之職權範圍已
於二零一二年三月二十七日作出修訂。
BOARD COMMITTEES (continued)
Audit Committee (continued)
A total of two meetings were held during the Year and the
attendances of individual members are as follows:
Name of members
Number of
meetings attended/
eligible to attend
Pak Wai Keung Martin (Chairman) 2/2
Wong Man Hin Raymond 2/2
Chan Yiu Fai Youdey 2/2
The Audit Committee together with the management of the Company
have reviewed the accounting principles and practices adopted by the
Group and discussed risk management, internal controls and financial
reporting matters including the review of the consolidated financial
statements of the Group for the Year.
The Audit Committee reviewed the interim and annual results, risk
management and internal control systems, and financial reporting
matters in conjunction with the external auditors during the Year.
The Audit Committee endorsed the accounting treatment adopted
by the Company and had the best of its ability assured itself that the
disclosure of the financial information in this annual report complies
with the applicable accounting standards and Disclosure of Financial
Information set out in Appendix 16 to the Listing Rules.
Remuneration Committee
The remuneration committee of the Company (the “Remuneration
Committee”) was set up in July 2005 with specific terms of reference.
The terms of reference of the Remuneration Committee which are
available on the websites of the Stock Exchange and the Company
have included the duties which are set out in code provision of
the Code, with appropriate modifications when necessary. The terms
of reference of the Remuneration Committee were amended on 27
March 2012 in order to comply with the amendments to the Listing
Rules.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司38
CORPORATE GOVERNANCE REPORT 企業管治報告
董事委員會（續）
薪酬委員會（續）
薪酬委員會目前由五名成員組成，包括本公
司主席兼董事總經理關文輝先生、執行董事
王四維先生及三名獨立非執行董事黃文顯博
士（薪酬委員會主席）、陳耀輝先生及白偉強
先生。
本公司董事及高級管理人員之薪酬待遇由薪
酬委員會向董事會建議，並由董事會依據股
東於股東周年大會向其授出之權力，及經參
考本公司經營業績、個人表現及現行市況後
釐定。董事會定期檢討薪酬委員會之架構及
成員組合，尤其重視個別成員之技能、知識
及經驗。
於本年度內，薪酬委員會已舉行兩次會議並
已審閱董事會及本公司高級管理人員現有薪
酬待遇，並對全體董事及高級管理層的薪酬
待遇作出推薦建議。個別成員之出席記錄如
下：
成員姓名
出席╱
合資格出席
會議次數
黃文顯（主席） 2/2
關文輝 2/2
王四維 2/2
陳耀輝 2/2
白偉強 2/2
支付予高級管理人員之薪酬
本集團於本年度支付予高級管理人員之薪酬
介乎以下範圍：
BOARD COMMITTEES (continued)
Remuneration Committee (continued)
The Remuneration Committee currently comprises five members,
including the chairman and managing director of the Company, Mr.
Kwan Man Fai, the executive Director, Mr. Wong Sze Wai and three
independent non-executive Directors, Dr. Wong Man Hin Raymond
as the chairman of the Remuneration Committee, Mr. Chan Yiu Fai
Youdey and Mr. Pak Wai Keung Martin.
The remuneration packages of Directors and senior management of
the Company are recommended by the Remuneration Committee to
the Board for determination, as authorised by the shareholders at the
annual general meeting, having regard to the operating results of the
Company, individual performance and prevailing market conditions.
The Board conducts regular review of the structure and composition
of the Remuneration Committee with particular attention to the skills,
knowledge and experience of individual members.
During the Year, two meetings were held and the Remuneration
Committee had reviewed the existing remuneration packages of the
Board and the senior management of the Company and to make
recommendation on the remuneration package of all Directors and
senior management. The attendances of individual members are as
follows:
Name of members
Number of
meetings attended/
eligible to attend
Wong Man Hin Raymond (Chairman) 2/2
Kwan Man Fai 2/2
Wong Sze Wai 2/2
Chan Yiu Fai Youdey 2/2
Pak Wai Keung Martin 2/2
Remuneration paid to senior management
Senior management’s remuneration payment of the Group for the
Year falls within the following band:
Number of
individual(s)
人數
Nil to HK$1,000,000 零至1,000,000港元 1
Annual Report 2020/21 年報 39
CORPORATE GOVERNANCE REPORT 企業管治報告
董事委員會（續）
提名委員會
本公司提名委員會（「提名委員會」）於二零
一二年三月成立，並訂有特定職權範圍。提
名委員會之職權範圍（可於聯交所及本公司
網站查閱）包括守則之守則條文第條所
載之職責，並於需要時作出適當修訂。
提名委員會將考慮候選人之資歷、經驗、專
長、知識及成員多元化之裨益、本公司之適
用規定以及董事會之架構及組成，審慎識
別、審閱及提名具備合適資格可擔任董事會
成員之候選人，方會向董事會推薦最終委任
之人選。提名委員會亦考慮性別、年齡、文
化、教育背景及專業經驗等因素，以維持董
事會有均衡組合及成員多元化之裨益。
董事會已採納一項董事會多元化政策（「董事
會多元化政策」），載明董事會成員多元化措
施。董事會將根據多項因素甄選候選人，包
括但不限於性別、年齡、文化及教育背景、
種族、專業經驗、技能、知識以及任期。
董事會現時由不同性別及年齡之成員組成，
各具有中國內地（包括香港特區）及英國著名
大學經濟、法律、會計及化學工程專業之學
歷。董事會之商業及專業經驗更多元化，包
括但不限於跨國企業家；香港特區、上海及
深圳上市公司董事；香港特區執業律師；企
業融資及投資銀行、會計及審核以及財務管
理。
BOARD COMMITTEES (continued)
Nomination Committee
The nomination committee of the Company (the “Nomination
Committee”) was set up in March 2012 with specific terms of
reference. The terms of reference of the Nomination Committee
which are available on the websites of the Stock Exchange and the
Company have included the duties which are set out in code provision
of the Code, with appropriate modifications when necessary.
The Nomination Committee will take into consideration a candidate’s
qualification, experience, expertise, knowledge and diversity of
perspectives, the requirements applicable to the Company and the
structure and composition of the Board. The Nomination Committee
identifies, reviews and nominates with diligence and care that
candidates suitably qualified as
