Contents
目錄
Directors’ Statement 董事會致辭 2
Management Discussion and Analysis 管理層討論及分析
Business Review 業務回顧 5
Prospects 前景 5
Financial Review 財務回顧 6
Financial Key Performance 主要財務表現 6
Liquidity and Financial Resources 流動資金及財政資源 7
Directors and Senior Management Profile 董事及高級管理層履歷 18
Directors’ Report 董事會報告 21
Corporate Governance Report 企業管治報告 32
Environmental, Social and Governance Report 環境、社會及管治報告 46
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 81
Consolidated Statement of Financial Position 綜合財務狀況表 83
Consolidated Statement of Changes in Equity 綜合權益變動表 85
Consolidated Statement of Cash Flows 綜合現金流量表 87
Notes to the Consolidated Financial Statements 綜合財務報表附註 89
Financial Summary 財務摘要 205
Corporate Information 公司資料 207
Directors’ Statement
董事會致辭
2 KK Culture Holdings Limited Annual Report 2020
Dear Shareholders,
I hereby present you with the 2020 Annual Report of KK Culture
Holdings Limited (the “Company”) and its subsidiaries (collectively the
“Group”) for the year ended 31 December 2020 (“FY2020”).
2020 is probably the most challenging year for the Company
in history. Although the death rate of the Novel Coronavirus
(“COVID-19”) is far below the Severe Acute Respiratory Syndrome
(“SARS”) when it outbroke in 2003, this epidemic is highly contagious
and spreads throughout the whole world that literally no one single
country is exceptional. Many lives were taken away and death tolls
are still rising and the world economics has been seriously impacted
by this virus. Many countries have locked down, sealing borders with
their neighbours, substantially disrupting international trade that
the ripple effect has radiated to many other industries and sectors.
The demand for goods and services, for example, has been severely
depressed, factories were forced to stop to operate as inventory piled
up; the need for transportation of goods and logistics services reduced
significantly, the retail sales slumped, further weakening the demand
for goods and services that exacerbated the negative economic
loop. Financial sector, of course, is no exception. Investors were in a
despair when the stock and commodities markets plummeted which,
in particular, the West Texas Intermediate crude price went negative
to historic -US$ per barrel in April 2020. Before this happened,
negative pricing could only be found in textbooks.
In the past year, Hong Kong has been specifically suffered because of
three reasons: Hong Kong started to have entered into recession since
the second quarter of 2019 as mentioned in our previous 2019 annual
report, the COVID-19 epidemic, and the poor disease prevention
measures taken by the Hong Kong government, leading to multiple
resurge of the epidemic and loss of lives which could have avoided.
Businesses were forced to suspend which have created grave pressure
on Hong Kong’s labour market. Moreover, there was news even
reported that the disappointing performance has put extra burden to
officials in Shenzhen and Guangdong Province to tackle confirmed
cases from Hong Kong and further infections to local people. The
interruption of connection with mainland China is also the chill wind
of Hong Kong’s contracting economy.
各位股東：
本人謹此呈報KK文化控股有限公司（「本公司」）及
其附屬公司（統稱「本集團」）截至二零二零年十二月
三十一日止年度（「二零二零年財政年度」）的二零二
零年年報。
二零二零年可能是本公司歷史上最具挑戰的一年。
雖然新型冠狀病毒（「2019冠狀病毒病」）的死亡率
遠低於二零零三年爆發的嚴重急性呼吸系統綜合症
（「沙士」），但此次疫情具有高度傳染性，並在全球
擴散，幾乎無一國家幸免。很多生命被奪去，死亡
人數仍在上升，全球經濟也因此病毒而遭受嚴重影
響。許多國家已實施封鎖，並將鄰國的關口封閉，
使國際貿易嚴重中斷，其連鎖反應已經蔓延至許多
其他行業和界別。例如，商品和服務的需求被嚴重
壓抑，工廠因庫存堆積而被迫停產；商品運輸和物
流服務的需求大幅減少，零售額下滑，進一步削弱
商品和服務的需求，加劇經濟負循環。誠然，金融
業也不能獨善其身。股市和商品市場暴跌，使投資
者陷於絕望，其中西德克薩斯中質原油價格跌至
負值的歷史低位，於二零二零年四月錄得每桶負
美元。此前，負價格可是只見於教科書而已。
過去一年，香港尤其深受影響，原因有三。正如我
們之前在二零一九年年報中所述，香港由二零一九
年第二季度開始進入經濟衰退，2019冠狀病毒病
疫情和香港政府的防疫措施成效不彰，導致疫情多
次復發，造成本可避免的人命損失。企業被強制停
工，對香港的勞動市場構成嚴重壓力。此外，更有
報導稱，本地表現令人失望，加重了深圳市和廣東
省官員處理香港輸入確診個案和當地民眾進一步受
感染的負擔。與中國內地的聯繫中斷，也是香港經
濟收縮下面臨的寒風。
二零二零年年報 KK 文化控股有限公司 3
Directors’ Statement
董事會致辭
RECRUIT雜誌
我們的主要業務是從事招聘廣告，其與香港經濟狀
況息息相關而具有週期性。雖然香港的失業率由二
零一九年第四季度開始惡化，但今年設定的上述
因素已經將香港的勞動力推向自沙士爆發以來最壞
的境況。根據香港政府統計處的資料，失業率由二
零一九年九月至十一月期間的%飆升至二零二
零年十一月至二零二一年一月期間的%，同期
就業不足率亦由%飆升至%。其中，遭受最
大影響的行業是1)進出口貿易和批發業、2)零售、
住宿和餐飲服務業、3)金融、保險、房地產、專業
和商業服務業及4)公共行政、社會和人員及專業服
務業。這些行業的失業率至少增加了300%，而來
自這些行業的客戶約佔我們客戶群的70%，這導
致我們截至二零二零年十二月三十一日止年度的收
益大幅下降。面對嚴峻的形勢，我們採取了果斷而
又嚴厲的措施，將雜誌的發行量由每週兩次減少至
僅每週一次，並裁減冗餘人手。同時，我們盡可能
舉辦招聘會，得到積極的回響，並且帶來可觀的收
益。遺憾的是，我們在二零二零年中期報告中提到
的拒絕全面停擺使這些努力付諸流水。我們亦已將
業務從印刷轉為數碼化，採用「從線下至線上」策略
發展數碼化業務，從而加強效率與營銷力，使業務
相關成本更具效益。
醫療及保健服務
據二零二零年中期報告所披露，本集團已於二零二
零年下半年就醫療及保健服務板塊展開新業務。於
報告期內，我們主要專注於為公眾提供2019冠狀
病毒病檢測的個人化服務，包括但不限於高準確度
測試高達99%、檢測後24小時內快速出具報告、
提供2019冠狀病毒病檢測結果出行認證及結果快
速送達服務。我們的客戶包括大型企業、上市及私
人公司、各行各業的知名企業以及政府資助的機
構。此外，我們亦提供荷爾蒙測試、基因測試及運
動測試。另外，我們亦有持牌醫生及合資格的營養
師提供跟進服務，根據測試結果提供專業分析及建
議。該新業務於年內已產生約1,800,000港元的收
入。我們相信此項新業務是一項長遠可持續發展的
業務，可為本集團帶來可觀的收益。
RECRUIT MAGAZINE
As our main business is engaged in recruitment advertising, it is
highly correlated and cyclical to the economic condition in Hong
Kong. While Hong Kong’s unemployment rate started to deteriorate
in the fourth quarter of 2019, the aforementioned factors set in this
year have driven Hong Kong’s labour to the worst situation since the
outbreak of SARS. According to Census and Statistics Department
of the Hong Kong Government, the unemployment rate skyrocketed
from % during the period from September to November 2019 to
% for the period from November 2020 to January 2021 and the
underemployment rate also spiked from % to % in the same
period. Of which, the most affected industries are 1) import/export
trade and wholesale, 2) retail, accommodation and food services, 3)
financing, insurance, real estate, professional and business services
and 4) public administration, social and person and professional
services. The unemployment rate of these business sectors have
increased by at least 300% and our clients from these sections
constitute about 70% of our client base which have led to our
significant drop in our revenue for the year ended 31 December 2020.
In face of the dire situation, we have taken decisive yet stringent
measure by reducing our magazine issuance from twice per week
once per week only and reducing redundant headcounts. Meanwhile,
we have organised job fairs whenever possible which have received
positive feedback and contributed considerable revenue. Sadly, such
effort was wiped out because of the refusal of complete lock down
as mentioned in our 2020 interim report. We have also shifted our
business to digital over print and developed our digital business by
adopting “offline to online” strategy to increase its efficiency and
marketing power, making business-related cost more efficient.
MEDICAL AND HEALTH SERVICES
As disclosed in the 2020 interim report, our Group has commenced
a new business on medical and health services sector in the second
half of 2020. During the reporting period, we mainly concentrated
on providing COVID-19 testing to the public with personalised
services including but not limited to high accuracy testing up to
99%, fast report within 24-hours after test, providing certification for
COVID-19 testing result for traveling and fast-delivery services of the
certification. Our clienteles consist of sizable companies, listed and
private, well known enterprises from different industries as well as
government-funded institutes. Besides, we provide hormone testing,
genetic testing and sports testing. Follow-up services are also provided
by licensed doctors and qualified dieticians to provide professional
analysis and advice based on the test results. The new business has
generated approximately HK$ million revenue during the year. We
believe this new business is a viable long-term business which can
contribute significant revenue to the Group.
4 KK Culture Holdings Limited Annual Report 2020
Directors’ Statement
董事會致辭
前景
擬寫此篇致辭之時，2019冠狀病毒病疫苗已開始
引進多個國家和社區，全球確診個案亦已開始減
少。在市民的生活恢復正常的同時，香港的經濟也
有望重拾升軌甚至反彈，而勞動市場也會再現朝
氣，企業恢復招聘新員工，而我們的Recruit雜誌業
務也定會有起色。我們相信，如無意外，以上的都
會在今年發生。同時，我們仍會把握一切機遇發展
業務。在2019冠狀病毒病檢測業務方面，我們正
計畫推出其他增值服務，例如飲食和基因篩查的醫
療諮詢。這些服務可以識別出任何因基因缺陷而導
致的潛在疾病傾向，而我們的專業人員可以建議客
戶注意自己的生活方式，以盡量減低此類由基因誘
發的疾病發生的可能性。此外，我們亦會不斷探尋
任何合適的商機。
最後，我們衷心感謝股東、員工和其他持份者一直
與我們共同度過這非常艱難的一年。我們相信，我
們已經走過黯夜最黑暗的時刻，黎明離我們不遠
了。
祝願大家二零二一年平安、健康、富足。
執行董事
曾慶贇
香港，二零二一年三月三十日
PROSPECTS
By the time of drafting this statement, the COVID-19 vaccine has
started to introduce into many countries and communities and the
worldwide confirmed cases have begun to decrease. While people’s
living is going back to normal, Hong Kong’s economy has hope
to recover or even rebound where the labour market will revive as
companies will resume to recruit new headcount and our Recruit
Magazine business will pick up again. We believe that if nothing
surprising happens, all these will happen in this year. In the meantime,
we will still grab every opportunity to develop the business. Regarding
our COVID-19 testing business, we are planning to roll out other
value adding services, such as medical advisory on dietary and genetic
screening. Such services can identify any potential disease tendency as
a result genetic deficiency and our professional can advise our client
to be aware of their living style in order to minimise the possibility of
these genetically induced disease to occur. Furthermore, we will also
keep sourcing any business opportunities suitable to us.
Last but not least, our sincere gratitude goes to our shareholders, staff
and other stakeholders who have been staying with us to go through
this very difficult year. We believe that we have passed through the
darkest hour of the night and the dawn is not too far away from us.
We wish you all a peaceful, healthy and wealthy year 2021.
Tsang Hing Bun
Executive Director
Hong Kong, 30 March 2021
Management Discussion and Analysis
管理層討論與分析
二零二零年年報 KK 文化控股有限公司 5
BUSINESS REVIEW
Recruit Magazine
Turnover for the recruitment advertising business recorded a
% decrease from approximately HK$ million in 2019 to
approximately HK$ million in 2020. The decrease was mainly
attributed to the contraction of labour market as a result of economic
downturn and the outbreak of COVID-19 in Hong Kong.
Medical and health services
Turnover for the medical and health services recorded approximately
HK$ million since start off in July 2020. The turnover was
derived from providing of COVID-19 testing and the respective
complementary services.
Principal risk and uncertainties
In general, the Company’s businesses are subject to the following
factors: (i) the overall macroeconomic condition in PRC; (ii) economic
and employment condition in Hong Kong; and (iii) the situation of the
COVID-19 epidemic.
These factors may or may not have material impact on the Group’s
financial conditions and results of its operation. The Company will
continue to implement prudential, operational and financial policies in
seeking to address the impact of these uncertain factors.
PROSPECTS
The outbreak of COVID-19 and its consequences have posted
negative impact to the Recruit Magazine business as the pandemic
has led to a spike of unemployment rate as a result of employers
stopped recruiting or even downsizing the headcounts of their
companies, leading to a drop in advertising revenue of the magazine.
As the COVID-19 vaccines being introduced and administered and the
confirmed cases steadily decreasing, it is believed that Hong Kong’s
commercial activities will be resuming and its economy will recover or
even rebound. As demand for goods and services comes back with
spending stimulated, companies will start to increase headcounts and
the Recruit Magazine business will go back to the uptrend.
Having considered that the Recruit Magazine and its website is still
a core strength of the Group that has commandeered over years,
we will continue to preserve our position in employment and print
media industry through maintaining stringent cost control, making
improvements in work flow efficiencies, as well as restructuring and
streamlining management and operational processes.
業務回顧
Recruit雜誌
招聘廣告業務的營業額由二零一九年約53,000,000
港元減少%至二零二零年約18,200,000港元。
減少乃主要由於香港經濟轉差及2019冠狀病毒病
爆發，導致勞動市場萎縮所致。
醫療及保健服務
醫療及保健服務自二零二零年七月開業以來錄得營
業額約1,800,000港元。該營業額乃源於提供2019
冠狀病毒病檢測及相關配套服務。
主要風險及不確定性
本公司的業務一般受以下因素所影響：(i)中國整
體宏觀經濟環境；(ii)香港經濟及就業情況；及(iii)
2019冠狀病毒病的情況。
此等因素可能會或不會對本集團之財務狀況及經營
業績有重大影響。本公司將繼續採取審慎之經營及
財務政策，以應對此等不確定因素的影響。
前景
2019冠狀病毒病爆發及其後續狀況已對Recruit雜
誌業務造成負面影響，因疫情下僱主暫停招聘甚
或公司縮減人手，以致失業率飆升，使雜誌的廣告
收入下降。隨著2019冠狀病毒病疫苗獲引進並接
種，確診個案穩步回落，預料香港商業活動將會逐
步恢復，經濟會復甦甚至反彈。人們對商品和服務
的需求回升刺激消費，企業將會開始增加人手，而
Recruit雜誌業務也會再現升勢。
考慮到Recruit雜誌及網站仍為本集團之核心優勢，
且多年來一直佔據主導地位，我們將繼續透過保持
嚴格成本控制、改善工作流程效率以及重組及簡化
管理及運營流程，以維持於就業及印刷媒體行業之
地位。
6 KK Culture Holdings Limited Annual Report 2020
Management Discussion and Analysis
管理層討論與分析
本集團之基本業務策略為透過提供優質內容及服
務，贏得廣告商之信心。此外，本公司將繼續探索
和把握業務發展機會。因此，我們認為，如發現具
潛力的業務，將其加入為新分部符合本公司及其股
東的整體利益，因我們可以通過各種新的業務模
式、投資及╱或收購促進業務擴張及發展。
財務回顧
截至二零二零年十二月三十一日止年度的營業額
約為20,000,000港元（二零一九年：57,200,000港
元），較去年同期減少%，主要由於2019冠狀
病毒病爆發而引致勞動市場趨於保守及出售鐵路媒
體業務（該業務於二零一九年貢獻約4,000,000港元
收益）。整體毛利率由二零一九年之%下降至
二零二零年之%，因為銷售組合改變所引致。
其他收入於二零二零年減少%至約6,500,000
港元（二零一九年：9,000,000港元），由於與京基
企業管理有限公司之特許協議已於二零二零年五月
到期，相對應之特許收入自那以後已停止。
行政及其他經營費用減少%至約25,000,000港
元（二零一九年：57,100,000港元），主要由於(i)因
裁減冗員令員工成本減少約8,000,000港元；(ii)訂
立辦公室續租安排後，租賃面積減少，令使用權資
產折舊減少約5,500,000港元；及(iii)法律及專業費
用減少3,000,000港元。
於二零二零年十二月三十一日，自數名客戶之若
干應收款項已於本公司授予信貸期逾期未付。因
此，彼等被視為不可能收回及已確認減值虧損約
100,000港元（二零一九年：1,100,000港元）。截至
二零二零年十二月三十一日止年度並無對其他資產
作出減值（二零一九年：無）。
主要財務表現
選擇於本年報呈列上述財務數字，是因為其對本集
團於本財政年度及╱或上一個財政年度之財務報表
有重大財務影響，其變動可能會對收益及溢利構成
顯著影響。相信呈列此等財務數字之變動能有效地
解釋本集團於截至二零二零年十二月三十一日止年
度之財務表現。
The fundamental business strategy of the Group is to make it
well positioned through high quality content and services in order
to capture the advertiser’s confidence. Besides, the Company
will continue to explore and grasp opportunities for business
development. Therefore, we consider that, once identified, the
addition of a potential new sector could accelerate our business
expansion and development through various new business model,
investment and/or acquisition which is in the interest of the Company
and its shareholders as a whole.
FINANCIAL REVIEW
Turnover for the year ended 31 December 2020 was approximately
HK$ million (2019: HK$ million) and represented a decrease
of % from the corresponding year which was mainly due to the
outbreak of COVID-19 pandemic and lead to conservative labour
market and disposal of Train Media business which contributed
approximately HK$ million revenue in 2019. The gross profit
margin decreased from % in 2019 to % in 2020 as a result
of the change in sales mix.
Other income decreased by % to approximately HK$ million
(2019: HK$ million) in 2020 due to expiry of the licence agreement
with Kingkey Management Limited in May 2020 and the respective
licensing income ceased since then.
The administrative and other operating expenses decreased by %
to approximately HK$ million (2019: HK$ million) mainly
due to (i) decrease in staff cost of approximately HK$ million as a
result of reducing redundant headcount; (ii) decrease in depreciation
on right-of-use assets of approximately HK$ million as a result of
decrease in leasing area after the renewal of the lease arrangement
of the office; and (iii) decrease in legal and professional fee of HK$
million.
As at 31 December 2020, certain receivables from several customers
have been aged over the credit period granted by the Company.
As a result, they were considered not probable to be collected and
an impairment loss of approximately HK$ million (2019: HK$
million) has been recognised. No impairment on other assets was
made for the year ended 31 December 2020 (2019: nil).
FINANCIAL KEY PERFORMANCE
The above financial data were chosen to present in this annual
report as they represent a material financial impact on the financial
statements of the Group for the current and/or the previous financial
year, that a change of which could affect the revenue and profit
conspicuously. It is believed that by presenting the changes of these
financial data can effectively explain the financial performance of the
Group for the year ended 31 December 2020.
二零二零年年報 KK 文化控股有限公司 7
Management Discussion and Analysis
管理層討論與分析
流動資金及財政資源
於二零二零年十二月三十一日，本集團之流動
資產淨值約為 96,800,000港元（二零一九年：
111,400,000港元）。本集團於二零二零年十二月
三十一日之流動比率（其定義為流動資產除以流
動負債）為（二零一九年：）。於二零二零年
十二月三十一日，本集團之現金及銀行結餘總額約
為92,600,000港元（二零一九年：100,200,000港
元）。
本集團於二零二零年十二月三十一日的資本負債
比率為（二零一九年：），此乃根據本集
團之計息債務總額除以股東權益總額而計算。於
二零二零年十二月三十一日之其他借貸總額約為
5,800,000港元（二零一九年：5,800,000港元）。於
二零二零年十二月三十一日，概無銀行貸款（二零
一九年：零）。
本集團採納集中的融資及庫務政策，確保有效運用
本集團資金。本集團以穩健的態度監控外匯風險及
利率風險，並於適當時使用遠期合約對沖其於買賣
活動及資本開支中的外匯風險。
資本架構
於二零二零年十二月三十一日，本公司之已發行股
份（「股份」）總數為446,614,000股（二零一九年：
446,614,000股股份），每股面值為港元。
購股權
截至二零二零年十二月三十一日止年度，概無未行
使購股權及概無購股權已授出、失效、獲行使或註
銷。
其後於二零二一年一月二十二日，本公司根據本公
司股東於二零一五年十二月二十九日通過之一項普
通決議案而批准及採納之購股權計劃（「該計劃」）
向若干合資格人士（定義見該計劃之規則）（「承授
人」）授出合共22,300,000份購股權（「購股權」）（相
當於本公司已發行股本約%），以認購本公司
最多22,300,000股每股面值港元之普通股（「股
份」），惟須待承授人接納後，方可作實。詳情請參
閱在「董事會報告」中的「購股權」一節。
LIQUIDITY AND FINANCIAL RESOURCES
As at 31 December 2020, the Group had net current assets of
approximately HK$ million (2019: HK$ million). The Group’s
current ratio as at 31 December 2020, which is defined as current
assets over current liabilities, was (2019: ). As at 31 December
2020, the Group had a total cash and bank balance of approximately
HK$ million (2019: HK$ million).
The Group’s gearing ratio as at 31 December 2020 was (2019:
), which is calculated on the basis of the Group’s total interest-
bearing debts over the total equity interest. Total other borrowing
as at 31 December 2020 was approximately HK$ million (2019:
HK$ million). There was no bank loan as at 31 December 2020
(2019: nil).
The Group adopts centralised financing and treasury policies in order
to ensure the Group’s funding is utilised efficiently. Conservative
approach is adopted on monitoring foreign exchange exposure and
interest rate risk. Forward contracts were used to hedge the foreign
currency exposure in trading and capital expenditure when it was
considered appropriate.
CAPITAL STRUCTURE
As at 31 December 2020, the total issued shares of the Company
(“Shares”) was 446,614,000 (2019: 446,614,000 Shares) at HK$
each.
Share Options
For the year ended 31 December 2020, there were no outstanding
share options and no share options were granted, lapsed, exercised or
cancelled.
Subsequently on 22 January 2021, a total of 22,300,000 share
options (the “Share Options”) to subscribe for a maximum of
22,300,000 ordinary shares of par value HK$ each of the Company
(the “Shares”), representing approximately % of the issued share
capital of the Company, were granted by the Company under its share
option scheme approved and adopted by the Company pursuant to
an ordinary resolution passed by the shareholders of the Company on
29 December 2015 (the “Scheme”) to certain of its eligible persons
(as defined in the rules of the Scheme) (the “Grantees”), subject to
the acceptance of the Grantees. For details, please refer to the section
headed “Share Option” in “Directors’ Report”.
8 KK Culture Holdings Limited Annual Report 2020
Management Discussion and Analysis
管理層討論與分析
集資活動
於二零一八年七月三十一日，本公司與寶橋融資有
限公司（「寶橋」，即「配售代理」）訂立配售協議，據
此，本公司已有條件同意，根據本公司股東於二零
一八年六月八日舉行之股東週年大會授出之一般授
權，透過配售代理以每股港元之價格按竭盡所
能基準向承配人配售最多74,000,000股股份。該
等承配人及其最終實益擁有人為獨立於本公司及其
關連人士（定義見上市規則）之第三方，且與彼等概
無關連。配售合共74,000,000股股份之所得款項
總額及所得款項淨額分別為約103,600,000港元及
103,000,000港元，該等所得款項之擬定用途為一
般營運資金及未來業務與投資機遇。下表概述(i)配
售事項所得款項淨額；(ii)配售事項所得款項之擬定
用途；(iii)配售事項所得款項於二零二零年十二月
三十一日之實際用途；及(iv)配售事項於二零二零
年十二月三十一日之餘下所得款項淨額。
Fund Raising Activity
On 31 July 2018, the Company entered into a placing agreement
with BaoQiao Partners Capital Limited (“BaoQiao”, the “Placing
Agent”) pursuant to which the Company conditionally agreed to
place, through the Placing Agent, on a best-effort basis, a maximum
of 74,000,000 Shares under the general mandate granted by the
shareholders of the Company at the annual general meeting held on
8 June 2018 to placees who and whose ultimate beneficial owners
were third parties independent of and not connected with the
Company and its connected persons as defined in the Listing Rules
at a price of HK$ per share. The gross and net proceeds raised
from the placing of a total of 74,000,000 Shares were approximately
HK$ million and HK$ million respectively where the
intended use of proceeds was for general working capital and future
business and investment opportunities. Set out below is the table
summarising (i) the net proceeds from the Placing; (ii) the intended use
of proceeds from the Placing; (iii) the actual use of proceeds from the
Placing as at 31 December 2020; and (iv) the remaining net proceeds
from the Placing as at 31 December 2020.
No.
Net proceeds
from the Placing
Intended use of proceeds
from the Placing
Actual use of proceeds
from the Placing
as at 31 December 2020
Remaining net proceeds
from the Placing
as at 31 December 2020
號 配售事項所得款項淨額
配售事項所得款項
之擬定用途
配售事項所得款項
於二零二零年十二月三十一日
之實際用途
配售事項
於二零二零年十二月三十一日
之餘下所得款項淨額
(i) Approximately HK$10 million For general working capital in the
daily operation of the Group
Fully utilised by the Company
for general working capital in
the daily operation of the Group
Not applicable
(i) 約10,000,000港元 用於本集團日常營運中之一般
營運資金
已全數動用作本集團日常
營運中之一般營運資金
不適用
(ii) Approximately HK$93 million For any potential investment
opportunities as identified
by the Group
Not yet utilized by the Group Approximately HK$93 million and
is expected to be utilized by the
end of 2021
(ii) 約93,000,000 港元 用於本集團物色到之任何潛在
投資機會
本集團尚未動用 約93,000,000港元，預期
於二零二一年完結前動用
Total Approximately HK$103 million
總計 約103,000,000港元
二零二零年年報 KK 文化控股有限公司 9
Management Discussion and Analysis
管理層討論與分析
於二零二零年十二月三十一日，本集團尚無物色到
任何符合本集團商業策略之適合投資項目，本集團
將繼續物色任何其他潛在投資機會。詳細時間表視
乎整體經濟狀況、本公司之發展及市場狀況而定。
整體而言，董事會謹此宣佈，配售事項所得款項之
擬定用途於二零二零年十二月三十一日並無重大變
動。
除上文所披露者外，二零二零年財政年度並無進行
任何集資活動。
資本承擔
於二零二零年十二月三十一日，本集團並無重大資
本承擔（二零一九年：無）。
或然負債
於二零二零年十二月三十一日，本集團並無任何或
然負債（二零一九年：無）。
股息
董事會並不建議就此報告期間派付末期股息（二零
一九年：無）。
持續關連交易
獨立非執行董事已審閱及確認，於二零二零年財政
年度所進行之全部持續關連交易均為(i)於本集團日
常及一般業務過程中；(ii)按一般商業條款或更佳條
款進行；及(iii)根據相關規管協議進行，且其條款
誠屬公平合理，且符合本公司股東之整體利益。此
外，根據上市規則第條，本公司核數師已
向董事會提供無保留意見函件，當中載有彼等就本
報告期間發生之持續關連交易之發現及結論。本公
司已向聯交所提交核數師函件副本。有關持續關連
交易之詳請，請參閱「董事會報告」中的「持續關連
交易」一節。
As at 31 December 2020, the Group has not identified any suitable
investment in line with the business strategies of the Group and it will
continue to identify any further potential investment opportunities.
Detailed schedule depends on the overall economic conditions, the
development of the Company and market situation.
In all, the Board would like to announce that there is no material
change in the intended use of proceeds from the Placing as at 31
December 2020.
Save as disclosed above, there was no fund raising activity taken place
during FY2020.
CAPITAL COMMITTEE
As at 31 December 2020, the Group did not have any significant
capital commitments (2019: nil).
CONTINGENT LIABILITIES
As at 31 December 2020, the Group had no contingent liabilities
(2019: nil).
DIVIDENDS
The Board does not recommend any payment of a final dividend in
respect of the reporting period (2019: nil).
CONTINUING CONNECTED TRANSACTIONS
The independent non-executive directors have reviewed and
confirmed that all the continuing connected transactions taken
place during FY2020 were (i) in the ordinary and usual course of
business of the Group; (ii) on normal commercial terms or better;
and (iii) in accordance with the relevant agreements governing the
same on terms that are fair and reasonable and in the interests of
the Company’s shareholders as whole. Moreover, the Company’s
auditor has provided an unqualified letter to the Board containing
their findings and conclusions in respect of the continuing connected
transactions taken place during the reporting period in accordance
with Rule of the Listing Rules. A copy of the auditor’s letter
has been provided by the Company to the Stock Exchange. For details
of the continuing connected transactions, please refer to the section
headed “Continuing Connected Transactions” in “Directors’ Report”.
10 KK Culture Holdings Limited Annual Report 2020
Management Discussion and Analysis
管理層討論與分析
報告期後事項
除已披露者外，報告期末後並無發生重大事項。
有關附屬公司之重大收購及出售
除已披露者外，本集團於本年度並無進行任何其他
有關附屬公司之重大收購或出售。
環境政策及遵守相關法律及規例
詳情請參閱下文「環境、社會及管治報告」一節。本
公司並無發現與環境有關之相關法律及規例對業務
營運造成重大影響。
與僱員、客戶及供應商之主要關係
請參閱「董事會報告」中「主要供應商及客戶」及「僱
員及酬金政策」兩節。
EVENT AFTER REPORTING PERIOD
Save as disclosed, there is no significant event subsequent to the end
of reporting period.
MATERIAL ACQUISITION AND DISPOSAL OF
SUBSIDIARIES
Save as disclosed, the Group did not have any other material
acquisition or disposal of subsidiaries during the year.
ENVIRONMENTAL POLICIES AND COMPLIANCE
WITH RELEVANT LAWS AND REGULATIONS
Please refer section headed “Environmental, Social and Governance
Report” below for details. No material impact of the relevant laws
and regulations in relation to environment is identified on business
operations.
KEY RELATIONSHIPS WITH EMPLOYEES,
CUSTOMERS AND SUPPLIERS
Please refer to sections headed “Major Suppliers and Customers” and
“Employees and Emolument Policy” in “Directors’ Report”.
二零二零年年報 KK 文化控股有限公司 11
Management Discussion and Analysis
管理層討論與分析
證券投資
於二零二零年十二月三十一日，本公司已投資兩項
證券。其詳情、明細及年內變動概述如下：
INVESTMENTS IN SECURITIES
As at 31 December 2020, the Company has invested in two securities.
The details of, the breakdown and the movement of which during the
year is summarised below:
Principal business No. of share
% of
shareholding
At
1 January
2020 Addition Disposal
Fair value
changed
during
the year
At
31 December
2020
% to the
Group’s total
assets as at
31 December
2020
% to the
Group’s net
assets as at
31 December
2020
主要業務 股份數目 股權%
於
二零二零年
一月一日 增持 減持
年內之
公平價值變動
於
二零二零年
十二月三十一日
於二零二零年
十二月
三十一日
佔本集團
資產總值％
於二零二零年
十二月
三十一日
佔本集團
資產淨值％
HK$ HK$ HK$ HK$ HK$
港元 港元 港元 港元 港元
Listed equity securities – Hong Kong
上市股本證券－香港
Kingkey Financial International
(Holdings) Limited
(HK: 1468)# (Note 1)
(i) securities brokerage;
(ii) wealth management;
and (iii) other financial services,
mink farming and trading of
mink’s fur skin.
115,740,000 % 44,559,900 – – (13,310,100) 31,249,800 % %
京基金融國際（控股）
有限公司 (HK: 1468)# （附註1）
(i)證券經紀；(ii)財富管理；
及(iii)其他金融服務、
水貂養殖及買賣水貂毛皮。
China Baoli Technology (Holdings)
Limited (HK: 0164)#
(i) mobile and multi-media
technologies; (ii) gamma ray
radiation services; (iii) tourism
and hospitality business; and
(iv) train media.
57,916,665 % 5,555,646 – – (577,646) 4,978,000 % %
中國寶力科技控股有限公司
(HK: 0164)#
(i)手機及多媒體技術；(ii)伽瑪
射線照射服務；(iii)旅遊及消閒
業務；及(iv)鐵路媒體。
Total
總值 50,115,546 – – (13,887,746) 36,227,800 % %
# Included in equity instruments at fair value through other
comprehensive income
# 計入按公平價值計入其他全面收益之股本工具
12 KK Culture Holdings Limited Annual Report 2020
Management Discussion and Analysis
管理層討論與分析
附註1： 上述上市證券為本公司於二零二零年十二月
三十一日持有的重大投資。投資成本總額約為
24,996,000港元。於年內並無從相關投資收到股
息。
本公司相信，將若干資本調配至證券投資，乃本集
團分散風險之其中一個方法，同時整體回報可以提
高，從而提升本公司之價值，整體上對股東有利。
按香港財務報告準則，該等證券投資乃分類為按公
平價值計入其他全面收益之股本工具。本公司考慮
於i)營運資金需求；ii)資金不足以償還到期債務；
或iii)達到有利回報時出售部份或全部該等投資。
除上文所披露者外，於截至二零二零年十二月
三十一日止年度，並無作出主要證券投資及並無自
上述證券收取股息。
Note 1: The above listed securities was a significant investment held by the
Company as at 31 December 2020. The aggregate cost of investment
was approximately HK$24,996,000. No dividend was received from
the investment during the year.
The Company believes that, to allocate certain capital to securities
investment is a means of diversifying the Group’s risk while a higher
return in general can be improved which can in turn enhance the
Company’s value and is beneficial to the shareholders as a whole.
These securities investments are categorised as equity instrument at
fair value through other comprehensive income accordingly to Hong
Kong Financial Reporting Standards and the Company consider to sell
some or all of these investments when i) there is a working capital
need; ii) shortfall of fund to repay the due debts; or iii) a profitable
return is achieved.
Save as disclosed above, no significant securities investments were
made and no dividend was received from the above securities during
the year ended 31 December 2020.
二零二零年年報 KK 文化控股有限公司 13
Management Discussion and Analysis
管理層討論與分析
於二零一九年三月二十九日，本公司與中國寶力科
技控股有限公司（「中國寶力」或「買方」，於百慕達
註冊成立的有限公司，其股份於香港聯合交易所
有限公司（「聯交所」）主板上市（股份代號：164））
訂立買賣協議（「協議」），據此，本公司有條件同
意出售而買方有條件地同意收購Fullmoon Global
Limited（「目標公司」）全部已發行股本，Fullmoon
為本公司當時之直接全資附屬公司，當時持有香港
製作（媒體）有限公司（「香港製作」）及博功有限公
司（「博功」）之（以上公司為本集團之鐵路媒體業務
之載體）60%股權，總代價為34,750,000港元（「代
價」）。代價是根據協議之條款及條件以發行價每股
港元向本公司或其指定代名人按批次配發及發
行買方股本每股面值港元的普通股股份（「買方
股份」）（「代價股份」）支付。代價乃根據以下方式由
買方以發行價每股買方股份港元向本公司或其
指定代名人按批次配發及發行代價股份支付：
(i) 其中11,583,333港元（代表代價三分之一）
將由買方於完成日期向本公司或其指定代
名人配發及發行57,916,665股買方股份
（「第一批代價股份」）支付；
(ii) 其中 11,583,333港元（代表代價三分之
一）將由買方於第二批代價股份發行日
期向本公司或其指定代名人配發及發行
57,916,665股買方股份（「第二批代價股
份」）支付，前提是香港製作及廣州聲煜金
線廣告有限公司（「廣州聲煜」）簽立協議（形
式及內容均獲買方信納）將香港製作合約
的期限延長三年至二零二三年六月三十日
（「第二批代價股份條件」）；及
On 29 March 2019, the Company and China Baoli Technologies
Holdings Limited (“China Baoli” or the “Purchaser”), a company
incorporated in Bermuda with limited liability, the shares of which are
listed on the Main Board of the Stock Exchange of Hong Kong Limited
(the “Stock Exchange”) (stock code: 164), entered into the sale and
purchase agreement (the “Agreement”), pursuant to which the
Company conditionally agreed to sell and the Purchaser conditionally
agreed to acquire the entire issued share capital of Fullmoon Global
Limited (the “Target Company”), the then direct wholly-owned
subsidiary of the Company which then held 60% interest in Hong
Kong Made (Media) Limited (“Hong Kong Made”) and Ample Success
Limited (“Ample Success”), the train media business vehicle of the
Group, for an aggregate consideration of HK$34,750,000 (the
“Consideration”), which shall be satisfied by the allotment and issue
of the shares (the “Consideration Shares”) in tranches at the issue
price of HK$ per share of the Purchaser at HK$ per ordinary
share in the share capital of the Purchaser (the “Purchaser Shares”)
to the Company or its designated nominee(s) in accordance with the
terms and conditions of the Agreement. The Consideration is satisfied
by the allotment and issue of the Consideration Shares in tranches at
the issue price of HK$ per Purchaser Share by the Purchaser to the
Company or its designated nominee(s) in the following manner:
(i) as to HK$11,583,333, representing one third of the
Consideration, shall be paid by the Purchaser to the Company
or its designated nominee(s) by the allotment and issue of
57,916,665 Purchaser Shares upon the Completion Date (the
“First Tranche Consideration Shares”);
(ii) as to HK$11,583,333, representing one third of the
Consideration, shall be paid by the Purchaser to the
Company or its designated nominee(s) by the allotment
and issue of 57,916,665 Purchaser Shares (the “Second
Tranche Consideration Shares”) upon the Second Tranche
Consideration Shares Issue Date, subject to Hong Kong Made
and 廣州聲煜金線廣告有限公司 (“Guangzhou Shengyu
Golden Line Advertising Company Limited” for identification
purpose only) (“Guangzhou Shengyu”) having executed
an agreement (in form and substance satisfactory to the
Purchaser) to extend the term of the Hong Kong Made
Contract for three years to 30 June 2023 (the “Second
Tranche Consideration Shares Conditions”); and
14 KK Culture Holdings Limited Annual Report 2020
Management Discussion and Analysis
管理層討論與分析
(iii) 其中 11,583,334港元（代表代價三分之
一）將由買方於第三批代價股份發行日
期向本公司或其指定代名人配發及發行
57,916,670股買方股份（「第三批代價股
份」）支付，前提是滿足下列條件（「第三批
代價股份條件」）：(a)香港製作及廣州聲煜
簽立協議（形式及內容均獲買方信納）將香
港製作合約的期限再延長兩年至二零二五
年六月三十日；及 (b)博功及廣州聲煜簽
立協議（形式及內容均獲買方信納）將博功
合約的期限再延長兩年至二零二四年三月
三十日。
倘第二批代價股份條件及╱或第三批代價股份條件
獲達成，則買方將分別於第二批代價股份發行日期
及╱或第三批代價股份發行日期（視情況而定）配發
及發行第二批代價股份及╱或第三批代價股份（視
情況而定）。
代價乃經本公司與買方按正常商業條款公平磋商釐
定，當中已考慮（其中包括）香港製造及博功欠目標
公司以及香港製造及博功當時股東之若干貸款資本
化後目標公司擁有的香港製造及博功股權及參考目
標集團於二零一八年十二月三十一日的資產淨值溢
價計算。出售事項已於二零一九年六月六日完成，
而本公司已收到第一批代價股份。
(iii) as to HK$11,583,334, representing one third of the
Consideration, shall be paid by the Purchaser to the
Company or its designated nominee(s) by the allotment and
issue of 57,916,670 Purchaser Shares (the “Third Tranche
Consideration Shares”) upon the Third Tranche Consideration
Shares Issue Date, subject to the satisfaction of the following
conditions (the “Third Tranche Consideration Shares
Conditions”): (a) Hong Kong Made and Guangzhou Shengyu
having executed an agreement (in form and substance
satisfactory to the Purchaser) to further extend the term of
the Hong Kong Made Contract for two years to 30 June
2025; and (b) Ample Success and Guangzhou Shengyu having
executed an agreement (in form and substance satisfactory
to the Purchaser) to further extend the term of the Ample
Success Contract for two years to 30 March 2024.
In the event that the Second Tranche Consideration Shares Condition
and/or the Third Tranche Consideration Shares Conditions are
satisfied, the Purchaser shall allot and issue the Second Tranche
Consideration Shares and/or the Third Tranche Consideration Shares
(as the case may be) on the Second Tranche Consideration Shares Issue
Date and/or the Third Tranche Consideration Shares Issue Date (as the
case may be).
The Consideration was determined on an arm’s length basis under
normal commercial terms pursuant to the negotiation between the
Company and the Purchaser after taking into account, among others,
the equity interest of Hong Kong Made and Ample Success owned
by the Target Company after capitalisation of certain loans owed by
Hong Kong Made and Ample Success to the Target Company and
the then shareholders of Hong Kong Made and Ample Success and
calculated by reference to a premium over the net asset value of the
Target Group as at 31 December 2018. The disposal was completed
on 6 June 2019 and the Company received the First Tranche
Consideration Shares.
二零二零年年報 KK 文化控股有限公司 15
Management Discussion and Analysis
管理層討論與分析
於二零二零年八月十四日，本公司與買方就協議訂
立補充協議（「補充協議」），據此，補充協議訂約方
同意修訂協議之若干條款。
(I) 修訂「第二批代價股份發行日期」
及「第三批代價股份發行日期」之
定義
根據協議之定義，「第二批代價股份發行日
期」之涵義為「完成日期滿一週年當日或達
成第二批代價股份條件當日後第五個營業
日（以較早者為準）或買方與本公司可能書
面協定之其他日子」，而「第三批代價股份
發行日期」之涵義為「完成日期滿二週年當
日或達成第三批代價股份條件當日後第五
個營業日（以較早者為準）或買方與本公司
可能書面協定之其他日子」。根據補充協議
之條款及條件，上述定義已予分別修訂為
「達成第二批代價股份條件當日後第五個營
業日或買方與本公司可能書面協定之其他
日子」及「達成第三批代價股份條件當日後
第五個營業日或買方與本公司可能書面協
定之其他日子」。
On 14 August 2020, the Company and the Purchaser entered into
a supplemental agreement (the “Supplemental Agreement”) to
the Agreement, pursuant to which the parties to the Supplemental
Agreement agreed to amend certain terms of the Agreement.
(I) AMENDMENT TO THE DEFINITIONS OF
“SECOND TRANCHE CONSIDERATION
SHARES ISSUE DATE” AND “THIRD
TRANCHE CONSIDERATION SHARES ISSUE
DATE”
Pursuant to the definitions of the Agreement, the Second
Tranche Consideration Shares Issue Date shall have the
meaning of “the first anniversary date of the Completion
Date or 5th Business Day after the date on which the
Second Tranche Consideration Shares Conditions are fulfilled
(whichever occurs the earlier) or such other date as may
be agreed by the Purchaser and the Company in writing”
and the Third Tranche Consideration Shares Issue Date
shall have the meaning of “the second anniversary date of
the Completion Date or 5th Business Day after the date on
which the Third Tranche Consideration Shares Conditions are
fulfilled (whichever occurs the earlier) or such other date as
may be agreed by the Purchase and the Company in writing”.
Pursuant to the terms and conditions of the Supplemental
Agreement, the above definitions have been amended to “5th
Business Day after the date on which the Second Tranche
Consideration Shares Conditions are fulfilled or such other
date as may be agreed by the Purchaser and the Company in
writing” and “5th Business Day after the date on which the
Third Tranche Consideration Shares Conditions are fulfilled or
such other date as may be agreed by the Purchaser and the
Company in writing” respectively.
16 KK Culture Holdings Limited Annual Report 2020
Management Discussion and Analysis
管理層討論與分析
(II) 修訂有關第二批代價股份之代價
條款
根據協議之條款及條件，買方將於第二批
代價股份發行日期（即(i)完成日期滿一週年
當日或達成第二批代價股份條件後第五個
營業日（以較早者為準）；或(ii)本公司與買
方可能書面協定之其他日子）向本公司或其
指定代名人支付第二批代價股份，前提是
香港製作及廣州聲煜簽立協議（形式及內容
均獲買方信納）將香港製作合約的期限延長
三年至二零二三年六月三十日。根據補充
協議之條款及條件，上述條款已予修訂為
「買方將於二零二二年七月十五日或之前向
本公司或其指定代名人支付第二批代價股
份，前提是香港製作及廣州聲煜簽立協議
（形式及內容均獲買方信納）將香港製作合
約的期限延長三年至二零二三年六月三十
日。」
(III) 修訂有關第三批代價股份之代價
條款
根據協議之條款及條件，買方將於第三批
代價股份發行日期（即(i)完成日期滿二週年
當日或達成第三批代價股份條件後第五個
營業日（以較早者為準）；或(ii)本公司與買
方可能書面協定之其他日子）向本公司或其
指定代名人支付第三批代價股份，前提是
滿足第三批代價股份條件。根據補充協議
之條款及條件，上述條款已予修訂為「買方
將於二零二三年七月十五日或之前向本公
司或其指定代名人支付第三批代價股份，
前提是滿足第三批代價股份條件」。
(II) AMENDMENT TO THE TERMS OF THE
CONSIDERATION RELATING TO THE
SECOND TRANCHE CONSIDERATION
SHARES
Pursuant to the terms and conditions of the Agreement, the
Second Tranche Consideration Shares shall be paid by the
Purchaser to the Company or its designated nominee(s) upon
the Second Tranche Consideration Shares Issue Date (. (i)
the first anniversary date of the Completion Date or the 5th
Business Day after the satisfaction of the Second Tranche
Consideration Shares Conditions (whichever is earlier); or
(ii) such other date as may be agreed by the Company and
the Purchaser in writing), subject to Hong Kong Made and
Guangzhou Shengyu having executed an agreement (in form
and substance satisfactory to the Purchaser) to extend the
term of the Hong Kong Made Contract for three years to
30 June 2023. Pursuant to the terms and conditions of the
Supplemental Agreement, the above term has been amended
to “the Second Tranche Consideration Shares shall be paid by
the Purchaser to the Company or its designated nominee(s)
on or before 15 July 2022, subject to Hong Kong Made and
Guangzhou Shengyu having executed an agreement (in form
and substance satisfactory to the Purchaser) to extend the
term of the Hong Kong Made Contract for three years to 30
June 2023.
(III) AMENDMENT TO THE TERMS OF THE
CONSIDERATION RELATING TO THE THIRD
TRANCHE CONSIDERATION SHARES
Pursuant to the terms and conditions of the Agreement,
the Third Tranche Consideration Shares shall be paid by the
Purchaser to the Company or its designated nominee(s) upon
the Third Tranche Consideration Shares Issue Date (. (i)
the second anniversary date of the Completion Date or the
5th Business Day after the satisfaction of the Third Tranche
Consideration Shares Conditions (whichever is earlier); or
(ii) such other date as may be agreed by the Company and
the Purchaser in writing), subject to the satisfaction of the
Third Tranche Consideration Shares Conditions” Pursuant to
the terms and conditions of the Supplemental Agreement,
the above term has been amended to “the Third Tranche
Consideration Shares shall be paid by the Purchaser to the
Company or its designated nominee(s) on or before 15
July 2023, subject to the satisfaction of the Third Tranche
Consideration Share Conditions.
二零二零年年報 KK 文化控股有限公司 17
Management Discussion and Analysis
管理層討論與分析
鑒於中國爆發2019冠狀病毒病疫情，香港製作及
廣州聲煜均未能確定最終落實香港製作合約之延長
期限之日期，而本公司與買方均互相協定，有關第
二批代價股份發行日期及第三批代價股份發行日期
之代價條款已修改為分別於(i)二零二二年七月十五
日或之前；及(ii)二零二三年七月十五日或之前支
付。考慮到上述延期給予本公司機會爭取第二批代
價股份及第三批代價股份，惟須達成第二批代價股
份條件及第三批代價股份條件後方可作實。董事認
為該延期並不會對代價條款構成重大變動，而補充
協議之條款屬公平合理且符合本公司及股東之利
益。
集團資產抵押
於報告期末，本集團並無抵押集團資產（二零一九
年：零）。
其他資料
除已披露者外，截至二零二零年十二月三十一日止
財政年度，概無由本集團訂立，而任何董事或與任
何董事關連的實體於其中直接或間接擁有重大利益
之重大交易、安排或合約。
In light of the COVID-19 outbreak in the PRC, both Hong Kong
Made and Guangzhou Shengyu are unable to ascertain with certainty
the date of finalizing the extension term of the Hong Kong Made
Contract, it was mutually agreed between the Company and the
Purchaser that the terms of the Consideration relating to the Second
Tranche Consideration Shares Issue Date and the Third Tranche
Consideration Shares Issue Date were revised to be paid on (i) on or
before 15 July 2022; and (ii) on or before 15 July 2023, respectively.
Having considered that the aforesaid extension offers the Company
an opportunity to strive for the Second Tranche Consideration
Shares and the Third Tranche Consideration Shares, subject to the
satisfaction of the Second Tranche Consideration Shares Conditions
and the Third Tranche Consideration Shares Conditions, the Directors
are of the view that such extension does not constitute a material
variation of the terms of the Consideration and the terms of the
Supplemental Agreement are fair and reasonable and in the interest
of the Company and the Shareholders.
CHARGES ON GROUP ASSETS
The Group has no charges on group assets at the end of the reporting
period (2019: nil).
MISCELLANEOUS
Save as disclosed, during the financial year ended 31 December 2020,
there were no transactions, arrangements or contracts of significance
entered into by the Group in which any Director or an entity
connected with any Director are or were materially interested, either
directly or indirectly.
Directors and Senior Management Profile
董事及高級管理層履歷
18 KK Culture Holdings Limited Annual Report 2020
EXECUTIVE DIRECTOR
Mr. Tsang Hing Bun (“Mr. Tsang”), aged 41, was appointed
as Executive Director of the Company on 8 September 2015 and
subsequently a director of several subsidiaries of the Company.
He holds a Bachelor Degree of Social Science from the Chinese
University of Hong Kong and a Master of Science Degree in Finance
from City University of Hong Kong. He has around 20 years of
experience in audit, accounting, corporate finance and compliance.
Mr. Tsang is a member of The Hong Kong Institute of Certified Public
Accountants, an associate member of The Hong Kong Institute of
Chartered Secretaries and The Chartered Governance Institute. He is
also a financial risk manager granted by Global Association of Risk
Professionals. On 28 August 2020, Mr. Tsang has been appointed
as non-executive director of Sino Oil and Gas Holdings Limited, a
company whose shares are listed on the mainboard of the Stock
Exchange (stock code: 702).
NON-EXECUTIVE DIRECTOR
Mr. Yiu Yu Cheung (“Mr. Yiu”), aged 38, was appointed as Non-
executive Director on 8 September 2015. He obtained a Bachelor
of Arts degree from Simon Fraser University in Canada in 2006 and
a Master Degree in Business and Administration from University of
Wales, Newport in 2015. Mr. Yiu has experience in banking and
securities industry.
INDEPENDENT NON-EXECUTIVE DIRECTOR
Dr. Leung Ka Kit (“Dr. Leung”), aged 43, was appointed as
Independent Non-executive Director on 10 June 2019. He obtained a
doctorate degree and a master degree in education management at
the Tarlac State University in the year of 2013 and 2011 respectively.
Dr. Leung also obtained a master degree of science in environmental
science at the Hong Kong University of Science and Technology in
2009 and a bachelor degree of science in health and safety at Curtin
University of Technology in 2006. Dr. Leung is the leading auditor
for ISO9001 and ISO14001 quality management system and has
almost 15 years of management experience in various multinational
enterprises, focusing on nuclear power, thermal power, hydraulic
engineering, quality management, environmental safety and
comprehensive enterprise system management. Dr. Leung had been
an executive director of Artgo Holdings Limited, a company whose
shares are listed on the Main Board of the Stock Exchange (stock
code: 3313), from 8 June 2016 to 11 October 2019.
執行董事
曾慶贇先生（「曾先生」），41歲，於二零一五年九
月八日獲委任為本公司執行董事，其後則獲委任為
數間附屬公司之董事。彼持有香港中文大學社會
科學學士學位，以及香港城市大學理學碩士（金融
學）學位。彼擁有約20年之核數、會計、企業融資
及遵例事務經驗。曾先生為香港會計師公會會員、
香港特許秘書公會會員以及英國特許公司治理公會
會員。彼亦獲全球風險管理專業人士協會授予金融
風險管理師頭銜。於二零二零年八月二十八日，曾
先生被委任為中國油氣控股有限公司的非執行董
事，該公司的股份於聯交所主板上市（股份代號：
702）。
非執行董事
姚宇翔先生（「姚先生」），38歲，於二零一五年九
月八日獲委任為非執行董事。彼於二零零六年取得
加拿大西門菲沙大學之文學士學位及於二零一五年
取得University of Wales, Newport工商管理碩士學
位。姚先生擁有豐富之銀行及證券業經驗。
獨立非執行董事
梁迦傑博士（「梁博士」），43歲，於二零一九年六
月十日獲委任為獨立非執行董事。彼先後於二零
一三年及二零一一年獲太歷國立大學頒授教育管
理博士學位及碩士學位。梁博士亦分別於二零零
九年及二零零六年取得香港科技大學理學（環境科
學）碩士學位及科廷科技大學(Curtin University of
Technology)理學（健康與安全）學士學位。梁博士
為ISO9001及ISO14001質量管理體系主任審核員，
並擁有近15年跨國企業管理經驗，專注於核電、
火電、水利工程、質量管理、環境安全及綜合企
業體系管理。梁博士自二零一六年六月八日至二
零一九年十月十一日擔任雅高控股有限公司執行
董事，該公司股份於聯交所主板上市（股份代號：
3313）。
二零二零年年報 KK 文化控股有限公司 19
Directors and Senior Management Profile
董事及高級管理層履歷
葉偉其先生（「葉先生」），54歲，於二零一五年九
月八日獲委任為獨立非執行董事。葉先生現時為一
間就企業融資事宜提供意見之持牌法團之董事總經
理。葉先生為中國天弓控股有限公司（股份代號：
428）之非執行董事；亦為辰罡科技有限公司（股份
代號：8131）之獨立非執行董事。於二零一三年一
月十一日至二零一七年十二月二十九日期間，彼曾
為永保林業控股有限公司（股份代號：723）之獨立
非執行董事。於二零一五年八月十二日至二零一六
年九月三十日期間，彼曾為平安證劵集團（控股）
有限公司（股份代號：231）之非執行董事。於二零
一二年一月一日至二零一五年十月十六日期間，彼
曾為意達利控股有限公司（股份代號：720）之執行
董事，而於二零零八年九月二十六日至二零一一年
九月三十日、二零零八年六月二十日至二零一四年
九月二十七日、二零一三年一月七日至二零一四年
八月二十九日及二零一三年二月一日至二零一五年
四月三十日各期間，彼亦分別為金山能源集團有限
公司（股份代號：663）、青島控股國際有限公司（股
份代號：499）、宜租互聯網租車有限公司（股份代
號：1822）及中國金融租賃集團有限公司（股份代
號：2312）之獨立非執行董事。彼取得香港大學法
律學士學位及加拿大英屬哥倫比亞大學工商管理碩
士學位。
Mr. William Keith Jacobsen (“Mr. Jacobsen”), aged 54, was
appointed as Independent Non-executive Director on 8 September
2015. Mr. Jacobsen is currently the managing director of a
corporation to advise on corporate finance matters. Mr. Jacobsen is
a non-executive director of Cocoon Holdings Limited (stock code:
428) and an independent non-executive director of abc Multiactive
Limited (stock code: 8131). He was an independent non-executive
director of Sustainable Forest Holdings Limited (stock code: 723) from
11 January 2013 to 29 December 2017, a non-executive director of
Ping An Securities Group (Holdings) Limited (stock code: 231) from
12 August 2015 to 30 September 2016, an executive director of
Auto Italia Holdings Limited (stock code: 720) from 1 January 2012
to 16 October 2015, and also an independent non-executive director
of King Stone Energy Limited (stock code: 663), Qingdao Holdings
International Limited (stock code: 499), E-Rental Car Company
Limited (stock code: 1822) and China Financial Leasing Group Limited
(stock code: 2312) for the period from 26 September 2008 to 30
September 2011, from 20 June 2008 to 27 September 2014, from
7 January 2013 to 29 August 2014 and from 1 February 2013 to 30
April 2015 respectively. He obtained a Bachelor of Laws degree from
the University of Hong Kong and a Master of Business Administration
from the University of British Columbia.
20 KK Culture Holdings Limited Annual Report 2020
Directors and Senior Management Profile
董事及高級管理層履歷
陳釗洪先生（「陳先生」），54歲，於二零一六年三
月三十一日獲委任為獨立非執行董事。彼於一九九
零年自香港浸會大學畢業，取得工商管理（榮譽）學
士學位，主修金融。彼於二零一二年十二月完成香
港會計師公會專業稅務高級文憑，並獲接納為英格
蘭及威爾士特許會計師協會會員。陳先生目前為英
國特許公司治理公會資深會員、香港特許秘書公會
資深會員、英國特許公認會計師公會資深會員及香
港會計師公會會員。陳先生擁有18年有關在香港
及新加坡上市之不同行業公司之會計、財務管理及
監管遵例經驗。於二零一五年十二月十二日至二
零一七年十二月十八日期間，彼曾為恆勤集團有
限公司（股份代號：8331）獨立非執行董事，而於
二零一五年二月二十五日至二零一七年五月十七日
期間，彼曾為長城一帶一路控股有限公司（股份代
號：524）獨立非執行董事。於二零一五年三月至
二零一五年十月期間，彼曾為亞洲電視控股有限公
司（股份代號：707）之獨立非執行董事。陳先生目
前為仁德資源控股有限公司（股份代號：8125）之
獨立非執行董事。
高級管理層
陳善美女士（「陳女士」），50歲，為本集團招聘廣
告部門之總經理。彼於二零一四年十月再度加入
本集團。陳女士負責本集團之招聘及顯示廣告業
務。陳女士擁有逾25年之廣告業經驗。陳女士於
一九九二年四月九日至二零零二年七月期間擔任本
集團招聘廣告部門之客戶經理。彼於加入本集團前
曾擔任Careertimes Online Limited之助理業務總監。
Mr. Chan Chiu Hung Alex (“Mr. Chan”), aged 54, was appointed
as Independent Non-executive Director on 31 March 2016. He
graduated from the Hong Kong Baptist University with a bachelor
of business administration (honours) degree in finance in 1990. He
completed an advanced diploma in specialist taxation with the Hong
Kong Institute of Certified Public Accountants in December 2012
and was admitted as an associate with the Institute of Chartered
Accountants in England and Wales. Mr. Chan is currently a fellow
of the Chartered Governance Institute, a fellow of the Hong Kong
Institute of Chartered Secretaries, a fellow of the Association of
Chartered Certified Accountants and an associate of the Hong Kong
Institute of Certified Public Accountants. Mr. Chan has 18 years of
experience in accounting, financial management and regulatory
compliance of various industries listed in Hong Kong and Singapore.
He was an independent non-executive director of Hangkan Group
Limited (stock code: 8331) for the period from 12 December 2015 to
18 December 2017, an independent non-executive director of Great
Wall Belt & Road Holdings Limited (stock code: 524) for the period
from 25 February 2015 to 17 May 2017 and an independent non-
executive director of Asia Television Holdings Limited (stock code:
707), for the period from March 2015 to October 2015. Currently,
Mr. Chan is an independent non-executive director of Royal Century
Resources Holdings Limited (stock code: 8125).
SENIOR MANAGEMENT
Ms. Chan Sin Mei, Garfield (“Ms. Chan”), aged 50, is the General
Manager of our recruitment advertising division. She rejoined the
Group in October 2014. Ms. Chan is responsible for the recruitment
and display advertising business of the Group. Ms. Chan has over
25 years of experience in the advertising industry. Ms. Chan was
the Account Director of the Group’s recruitment advertising division
during the period from 9 April 1992 to July 2002. She was the
Associate Sales Director of Careertimes Online Limited before joining
the Group.
Directors’ Report
董事會報告
二零二零年年報 KK 文化控股有限公司 21
The Directors present their annual report and the audited financial
statements of the Company and the Group for the year ended 31
December 2020.
PRINCIPAL ACTIVITIES
The Company acts as an investment holding company and provides
corporate management services. The activities of its principal
subsidiaries are set out in note 39 to the consolidated financial
statements.
BUSINESS REVIEW AND PERFORMANCE
A fair review of the Group’s businesses comprising analysis of the
Group performance during the year under review using financial
key performance indicators, description of the principal risks and
uncertainties facing the Group, are set out in the section headed
“Management Discussion and Analysis” in this annual report. The
Group is looking for quality investment opportunities on an on-going
basis and will make announcements where appropriate.
RESULTS AND APPROPRIATIONS
The results of the Group for the year ended 31 December 2020 are
set out in the consolidated statement of profit or loss and other
comprehensive income on pages 81 to 82.
DIVIDEND
The Directors did not recommend any final dividend for the year
ended 31 December 2020 (2019: nil).
RESERVES
Details of movements in the reserves of the Group and of the
Company during the year are set out in the consolidated statement of
changes in equity on pages 85 to 86 and note 36 to the consolidated
financial statements respectively.
FINANCIAL SUMMARY
A summary of the results and of the assets and liabilities of the Group
for the past five financial years is set out on pages 205 to 206 of the
annual report.
董事謹此提呈彼等之年報及本公司及本集團截至二
零二零年十二月三十一日止年度之經審核財務報
表。
主要業務
本公司為投資控股公司，並提供企業管理服務。本
公司旗下各主要附屬公司之業務載於綜合財務報表
附註39。
業務回顧及表現
有關本集團業務之中肯審視（包括採用財務表現關
鍵指標對本集團於回顧年度內表現之分析及本集團
面對之主要風險及不確定性之闡述）載於本年報「管
理層討論與分析」一節。本集團目前正在按持續基
準尋找投資良機，並將在適當的情況下刊發公佈。
業績及分配
本集團截至二零二零年十二月三十一日止年度之業
績載於第81至82頁之綜合損益及其他全面收益表。
股息
董事不建議派發截至二零二零年十二月三十一日止
年度之末期股息（二零一九年：無）。
儲備
本集團及本公司儲備於本年度之變動詳情分別載於
第85至86頁之綜合權益變動表及綜合財務報表附
註36。
財務摘要
本集團於過往五個財政年度之業績及資產負債狀況
概述於年報第205至206頁。
22 KK Culture Holdings Limited Annual Report 2020
Directors’ Report
董事會報告
物業、廠房及設備
本集團旗下物業、廠房及設備於本年度之變動詳情
載於綜合財務報表附註17。
股本
本公司股本於本年度之變動詳情載於綜合財務報表
附註34。
集資活動
請參閱「資本架構」項下「集資活動」一節。
優先購股權
本公司公司細則或百慕達法律中並無優先購股權規
定，使本公司須按比例向現有股東提呈發售新股
份。
購買、贖回或出售本公司上市證券
截至二零二零年十二月三十一日止年度，本公司概
無購買、贖回或出售本公司任何上市證券。
董事
於本年度及直至本報告日期，本公司之董事如下：
執行董事
曾慶贇先生
非執行董事
姚宇翔先生
獨立非執行董事
梁迦傑博士
葉偉其先生
陳釗洪先生
根據本公司公司細則第87條，曾慶贇先生及陳釗
洪先生將於應屆股東週年大會上退任，彼等符合資
格並將膺選連任。
PROPERTY, PLANT AND EQUIPMENT
Details of movements during the year in the property, plant and
equipment of the Group are set out in note 17 to the consolidated
financial statements.
SHARE CAPITAL
Details of movements during the year in the share capital of the
Company are set out in note 34 to the consolidated financial
statements.
FUND RAISING ACTIVITIES
Please refer to “Fund Raising Activity” under section headed “Capital
Structure”.
PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the Company’s
Byelaws or the laws of Bermuda, which would oblige the Company to
offer new shares on a pro rata basis to existing shareholders.
PURCHASE, REDEMPTION OR SALE OF LISTED
SECURITIES OF THE COMPANY
During the year ended 31 December 2020, the Company did not
purchase, redeem or sell any of the Company’s listed securities.
DIRECTORS
The Directors of the Company during the year and up to the date of
this report were:
Executive Director
Mr. Tsang Hing Bun
Non-executive Director
Mr. Yiu Yu Cheung
Independent Non-Executive Directors
Dr. Leung Ka Kit
Mr. William Keith Jacobsen
Mr. Chan Chiu Hung, Alex
In accordance with No. 87 of the Company’s bye-laws, Mr. Tsang
Hing Bun and Mr. Chan Chiu Hung Alex will retire at the forthcoming
annual general meeting and, being eligible, will offer themselves for
re-election.
二零二零年年報 KK 文化控股有限公司 23
Directors’ Report
董事會報告
董事之服務合約
每位非執行董事已與本公司訂立服務協議而每位獨
立非執行董事已與本公司訂立委任函，當中訂有指
定任期並可由任何一方透過向另一方發出不少於三
個月之事先書面通知而終止。
擬在應屆股東週年大會上參加連任選舉之董事，概
無與本公司或其任何附屬公司簽訂任何服務合約規
定本集團若不支付法定賠償以外之賠償則不可在一
年內終止有關合約。
董事及最高行政人員於本公司股份及
相關股份之權益及淡倉
於二零二零年十二月三十一日，本公司之董事及最
高行政人員於本公司或任何相聯法團（定義見證券
及期貨條例（「證券及期貨條例」）第XV部）之股份、
相關股份或債券中，擁有按本公司根據證券及期貨
條例第352條之規定所存置之登記冊所記錄之權益
及淡倉，或根據上市發行人董事進行證券交易的標
準守則（「標準守則」）須知會本公司及香港聯合交易
所有限公司（「聯交所」）之權益及淡倉如下：
本公司之權益－於本公司股份之好倉
DIRECTORS’ SERVICE CONTRACTS
Each of the non-executive director has entered into a service
agreement and each of independent non-executive directors has
entered into an appointment letter with the Company for a specific
term and is subject to termination by either party giving not less than
three months’ prior written notice to another.
None of the directors being proposed for re-election at the
forthcoming annual general meeting has any service contract with the
Company or any of its subsidiaries which is not determinable by the
Group within one year without payment of compensation other than
statutory compensation.
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS
AND SHORT POSITIONS IN THE SHARES AND
UNDERLYING SHARES OF THE COMPANY
As at 31 December 2020, the interests and short positions of
the Directors and chief executives of the Company in the shares,
underlying shares or debentures of the Company or any associated
corporations, within the meaning of Part XV of the Securities and
Futures Ordinance (the “SFO”), as recorded in the register maintained
by the Company required to be kept under section 352 of the SFO,
or as otherwise notified to the Company and The Stock Exchange of
Hong Kong Limited (the “Stock Exchange”) pursuant to the Model
Code for Securities Transactions by Directors of Listed Issuers (the
Model Code”) were as follows:
Interests in the Company – Long position in shares of the
Company
Name Nature of interest
Number
of Shares
Approximate
percentage
in the issued
Share Capital
of the Company
姓名 權益性質 股份數目
佔本公司
已發行股本
之概約百分比
Mr. YIU Yu Cheung Beneficial owner 3,330,000 %
姚宇翔先生 實益擁有人
Mr. TSANG Hing Bun Beneficial owner 500,000 %
曾慶贇先生 實益擁有人
24 KK Culture Holdings Limited Annual Report 2020
Directors’ Report
董事會報告
除上文所披露者外，於二零二零年十二月三十一
日，概無董事或本公司最高行政人員於本公司及
其相聯法團（定義見證券及期貨條例第XV部）的股
份、相關股份及債權證中，擁有(i)根據證券及期貨
條例第XV部第7及8分部須知會本公司及聯交所之
權益或淡倉（包括根據證券及期貨條例之相應條文
被視為及當作擁有之權益及淡倉）；或(ii)已記入根
據證券及期貨條例第352條須予存置之登記冊內之
權益或淡倉；或(iii)根據標準守則須知會本公司及
聯交所之權益或淡倉。
購股權
本公司於年內設有一項購股權計劃。本公司於二零
零七年七月十三日採納之購股權計劃（「舊計劃」）已
於二零一五年十二月二十九日終止並由同日採納之
新購股權計劃（「該計劃」）代替。
該計劃旨在令本集團能夠向合資格參與者授出購股
權，以激勵或獎勵其為本集團所作貢獻。該計劃之
合資格參與者包括（但不限於）本集團之僱員、高
級職員、代理、顧問或代表。該計劃待聯交所於二
零一六年一月五日批准根據行使該計劃項下授出之
任何購股權而將予發行之股份上市及准予買賣時成
為無條件，除非經註銷或修訂，否則於採納日期起
10年內有效。
於任何12個月期間，根據該計劃以及其他計劃（如
有）授予各合資格參與者之購股權可予發行股份最
高數目不得超過本公司當時已發行股本之1%。向
任何合資格參與者進一步授出超越此限額之購股權
須先獲股東於股東大會上批准。根據該計劃以及其
他計劃（如有）將予授出之所有購股權獲行使時可予
發行之股份總數，合共不得超過本公司於二零一五
年十二月二十九日（即股東於股東特別大會通過
批准及採納該計劃之決議案之日期）已發行股份之
10%（「10%上限」）。本公司可隨時按照上市規則
於股東大會上尋求其股東批准更新10%上限。
Save as disclosed above, as at 31 December 2020, neither of the
Directors nor the chief executives of the Company had interests or
short positions in the shares, underlying shares and debentures of
the Company and its associated corporations (within the meaning
of Part XV of the SFO) which (i) were required to be notified to the
Company and the Stock Exchange pursuant to Divisions 7 and 8 of
Part XV of the SFO (including interests and short positions which they
are taken or deemed to have under such provisions of the SFO); or (ii)
were recorded in the register required to be kept under section 352
of the SFO; or (iii) had to be notified to the Company and the Stock
Exchange pursuant to the Model Code.
SHARE OPTIONS
The Company maintained a share option scheme during the year. The
share option scheme adopted by the Company on 13 July 2007 (“Old
Scheme”) was terminated on 29 December 2015 and replaced by a
new share option scheme (the “Scheme”) adopted on the same date.
The purpose of the Scheme is to enable the Group to grant options
to eligible participants as incentives or rewards for their contribution
to the Group. Eligible participants of the Scheme include, without
limitation, any persons who are employees, officers, agents,
consultants or representatives of the Group. The Scheme became
unconditional upon the Stock Exchange granting on 5 January
2016 the approval of the listing of and the permission to deal in the
shares falling to be issued pursuant to the exercise of any options
to be granted under the Scheme and, unless otherwise cancelled or
amended, shall remain in for 10 years from the adoption date.
The maximum number of shares issuable under share options to each
eligible participant in the Scheme and the other scheme (if any) in any
12-month’s period shall not exceed 1% of the issued share capital of
the Company for the time being. Any further grant of share options to
any eligible participant in excess of this limit is subject to shareholders’
approval in a general meeting. The total number of shares which may
be issued upon exercise of all share options to be granted under the
Scheme and the other schemes (if any) must not in aggregate exceed
10% of the shares of the Company in issue (the “10% Limit”) as at
29 December 2015, being the date of passing the resolution by the
shareholders at the special general meeting approving and adopting
the Scheme. The Company may seek approval of its shareholders in a
general meeting to refresh the 10% Limit at any time in accordance
with the Listing Rules.
二零二零年年報 KK 文化控股有限公司 25
Directors’ Report
董事會報告
因行使合資格參與人根據該計劃及其他計劃（如有）
授出所有尚未行使惟將予行使之購股權可能配發及
發行之股份合共最多不得超過本公司不時已發行股
本30%。向任何董事、本公司之最高行政人員或
主要股東、或彼等各自之任何聯繫人士作出要約須
先獲獨立非執行董事（不包括彼或其聯繫人士為購
股權之建議承授人之任何獨立非執行董事）批准。
此外，於任何12個月期間內，向本公司之主要股
東或獨立非執行董事、或彼等各自之任何聯繫人
士授出超逾本公司當時已發行股份之%，或總
值（按本公司股份於授出日期之收市價計算）超逾
5,000,000港元之購股權須遵照上市規則於股東大
會上獲股東批准。
合資格參與者可就少於要約建議之股份數目接納任
何要約建議，惟該數目必須清楚載於本公司於要
約建議可能註明之時間（不得遲於要約日期起計21
日）接獲該合資格參與者妥為簽署之要約建議接納
函件副本，連同支付予本公司之匯款港元。購
股權之行使價由董事釐定不可低於(i)本公司股份於
要約日期在聯交所每日報價上所報之收市價；(ii)本
公司股份於緊接要約日期前五個交易日聯交所每日
報價表上所報之平均收市價；及(iii)本公司股份之
面值（以最高者為準）。
截至二零二零年十二月三十一日止年度，概無購股
權已授出、獲行使、失效或註銷。於二零二零年
十二月三十一日，概無購股權尚未行使。
其後於二零二一年一月二十二日，本公司向若干合
資格人士授出合共22,300,000份購股權，以認購
本公司每股面值港元之普通股，該等合資格人
士包括執行董事曾慶贇先生及非執行董事姚宇翔先
生，各人均獲授出4,460,000份行使價為每股
港元之購股權。每份購股權可用作認購一股本公司
股份。購股權可於二零二一年一月二十二日至二零
二三年一月二十一日期間行使，不設歸屬期。詳情
請參閱本公司日期為二零二一年一月二十二日的公
告。
The maximum number of shares which may be allotted and issued
upon exercise of all outstanding options granted and yet to be
exercised under the Scheme and other schemes (if any) shall not
exceed 30% of the share capital of the Company in issue from time
to time. The making of an offer to any Director, chief executive or
substantial shareholder of the Company, or any of their respective
associates must be approved by the independent non-executive
Directors (excluding any independent non-executive Director who or
whose associate is a proposed grantee of the share options).
In addition, any share options granted to a substantial shareholder
or an independent non-executive Director of the Company or any
of their respective associates, in excess of % of the shares of the
Company in issue at any time or with an aggregate value (based on
the closing price of the Company’s shares at the date of the offer) in
excess of HK$5,000,000, within any 12-month’s period, are subject
to the shareholders’ approval in a general meeting in accordance with
the Listing Rules.
Any offer may be accepted by an eligible participant in respect of
less than the number of shares which are offered provided that such
number is clearly stated in the duplicate letter comprising acceptance
of the offer duly signed by such eligible participants and received by
the Company together with a remittance in favour of the Company
of HK$ (which shall not be later than 21 days from the offer
date). The exercise price of the share options is determinable by the
Directors, but shall not be less than the highest of (i) the closing
price of the Company’s shares as stated in the Stock Exchange’s
daily quotations on the offer date; (ii) the average closing price of
Company’s shares as stated in the Stock Exchange’s daily quotations
sheets for the five trading days immediately preceding the offer date;
and (iii) the nominal value of the Company’s shares.
For the year ended 31 December 2020, no share options were
granted, exercised, lapsed or cancelled. As at 31 December 2020, no
share options were outstanding.
Subsequently on 22 January 2021, a total of 22,300,000 share
options to subscribe for ordinary shares of par value HK$ each of
the Company were granted to several eligible persons, including Mr.
Tsang Hing Bun, Executive Director and Mr. Yiu Yu Cheung, Non-
executive Director where each of them was granted 4,460,000 share
options at the exercise price of HK$ each. Each share option
is eligible for subscription of one share of the Company. The share
options were exercisable from 22 January 2021 to 21 January 2023
and had no vesting period. For details, please refer to the Company’s
announcement dated 22 January 2021.
26 KK Culture Holdings Limited Annual Report 2020
Directors’ Report
董事會報告
主要股東及其他人士於股份及相關股
份之權益及淡倉
於二零二零年十二月三十一日，以下人士（不包括
董事及本公司之最高行政人員）於本公司之股份或
相關股份中，擁有本公司根據證券及期貨條例第
336條須予存置之權益登記冊所記錄之權益或淡
倉：
本公司股份之好倉
SUBSTANTIAL SHAREHOLDERS’ AND OTHER
PERSONS’ INTERESTS AND SHORT POSITIONS IN
SHARES AND UNDERLYING SHARES
As at 31 December 2020, the following parties (in addition to the
Directors and chief executive of the Company) had interests or short
positions in the shares or underlying shares of the Company which
were recorded in the register of interests required to be kept by the
Company under section 336 of the SFO:
Long position in shares of the Company
Name Nature of interest
Number
of Shares
Approximate
percentage
in the issued
Share Capital
of the Company
名稱 權益性質 股份數目
佔本公司
已發行股本
之概約百分比
Upsky Global Limited (Note 1) Beneficial owner 95,037,657 %
立天環球有限公司（附註1） 實益擁有人
Champion Ease Group Limited (Note 2) Beneficial owner 74,000,000 %
冠逸集團有限公司（附註2） 實益擁有人
Polaris Investment Management Limited
(Note 3)（附註3）
Beneficial owner
實益擁有人
50,248,828 %
Notes:
1. Upsky Global Limited is wholly and beneficially owned by Mr. Chen
Jiajun.
2. Champion Ease Group Limited is interested as to 50% by each of Ms.
Zhan Meiqing and Mr. Liu Guoliang.
3. Polaris Investment Management Limited is wholly and beneficially
owned by Mr. Liu Gary Wei.
Save as disclosed above, as at 31 December 2020, the Directors are
not aware of any persons (other than the Directors or chief executive
of the Company) have interests or short positions in the shares or
underlying shares of the Company which were recorded in the register
of interests required to be kept by the Company under section 336 of
the SFO.
附註：
1. 立天環球有限公司由陳家俊先生全資實益擁有。
2. 冠逸集團有限公司由詹美清女士及劉國梁先生各
自擁有50%之權益。
3. Polaris Investment Management Limited由劉維先
生全資實益擁有。
除上文所披露者外，於二零二零年十二月三十一
日，董事並不知悉任何人士（董事或本公司最高行
政人員除外）於本公司之股份或相關股份中擁有權
益或淡倉，而已記入本公司根據證券及期貨條例第
336條須予存置之權益登記冊中。
二零二零年年報 KK 文化控股有限公司 27
Directors’ Report
董事會報告
關連交易
於二零一七年六月九日，京基實業香港有限公司
（「京基實業」）及本公司（作為聯名承租人）與一名獨
立第三方（作為業主）就二零一七年五月十六日起至
二零二零年五月十五日止三年期間租賃灣仔一棟辦
事處物業訂立租賃協議。由於京基實業由本公司前
主席及前任主要股東陳家荣先生全資擁有，故訂立
租賃協議構成本公司之關連交易。由於根據上市規
則計算最高適用百分比率高於%，但低於5%，
因此根據租賃協議擬進行之交易須遵守申報、年度
審閱及公佈規定，但獲豁免遵守通函（包括獨立財
務意見）及獨立股東批准之規定。
持續關連交易
於二零一九年一月二十四日，本公司與京基實業
（作為特許人）及英裘企業管理有限公司（現稱「京基
企業管理有限公司」）（「京基企業管理」）（作為獲特
許人，英裘（控股）有限公司（（現稱「京基金融國際
（控股）有限公司」）（「京基金融國際」），於開曼群島
註冊成立之有限公司，其已發行股份於聯交所主板
第一上市（股份代號：1468））之全資附屬公司）訂
立特許協議（「特許協議」），據此，特許人同意於
二零一九年一月二十四日至二零二零年五月十五
日（包括首尾兩日）期間向獲特許人租出香港灣仔
港灣道1號會展廣場辦公大樓44樓之辦公室物業之
若干面積，每月租金為580,000港元（不包括政府
差餉、管理費及空調費）。截至二零一九年十二月
三十一日止年度及二零二零年十二月三十一日止年
度，本公司所述租賃的全年上限分別為6,600,000
港元及2,700,000港元。
特許協議之條款乃按公平基準磋商，且根據特許協
議收取之租金乃經考慮本公司委聘之獨立測量師所
告知的現行市場租金後而釐定。董事（包括獨立非
執行董事）認為，特許協議乃於本公司之日常及一
般業務過程中訂立，且其條款按正常商業條款達
成，屬公平合理，符合本公司及股東之整體利益。
CONNECTED TRANSACTIONS
On 9 June 2017, the Company entered into a tenancy agreement
together with Kingkey Enterprise Hong Kong Limited (“Kingkey
Enterprise”) as joint tenant with an independent third party as
landlord to rent an office premise in Wan Chai for a period of three
years from 16 May 2017 to 15 May 2020. Since Kingkey Enterprise
is wholly owned by Mr. Chen Jiarong, the former Chairman and a
former substantial shareholder of the Company, the signing of the
tenancy agreement constitutes a connected transaction which, under
the applicable percentage ratio under the Listing Rules is more than
% and less than 5%, is subject to reporting, annual review and
announcement but exempt from circular (including independent
financial advice) and independent shareholders’ approval requirement.
CONTINUING CONNECTED TRANSACTIONS
On 24 January 2019, the Company entered into a licensing agreement
(the “Licence Agreement”) with Kingkey Enterprise (as Licensors) and
UKF Management Limited (currently known as “Kingkey Management
Limited”) (“KKM”) (as Licensee), a wholly owned subsidiary of
UKF (Holdings) Limited (currently known as “Kingkey Financial
international (Holdings) Limited”) (“KKFI”), a company incorporated
in the Cayman Islands with limited liability, the issued shares of which
are primary listed on the Main Board of the Stock Exchange (stock
code: 1468), where the Licensors agreed to lease certain areas of the
office premises of 44/F, Officer Tower, Convention Plaza, 1 Harbour
Road, Wan Chai, Hong Kong To Licensee for the period from 24
January 2019 to 15 May 2020 (both days inclusive), at a monthly rent
HK$580,000 (exclusive of Government rates, management fee and
air-conditioning charges). The annual cap of the said leasing for the
Company for the year ended 31 December 2019 and year ended 31
December 2020 is HK$6,600,000 and HK$2,700,000 respectively.
The terms of the Licence Agreement were negotiated on an arm’s
length basis and the rental chargeable under the Licence Agreement
was determined after taking into account the prevailing market
rental rates as advised by an independent surveyor engaged by the
Company. The Directors (including the independent non-executive
directors) considered that the Licence Agreement was entered into
in the ordinary and usual course of business of the Company, and its
terms are on normal commercial terms and are fair and reasonable,
and are in the interests of the Company and the Shareholders as a
whole.
28 KK Culture Holdings Limited Annual Report 2020
Directors’ Report
董事會報告
由於京基實業由本公司主要股東陳家俊先生全資擁
有，彼持有本公司%之權益，且為英裘之主
要股東，故京基實業及京基金融國際為本公司之關
連人士。因此，根據上市規則第14A章，據此擬進
行之交易構成本公司之關連交易。
由於根據上市規則計算有關特許協議下建議全年上
限之最高適用百分比率超過5%但低於25%，而建
議全年上限少於10,000,000港元，故根據上市規則
第(2)條，特許協議項下擬進行之交易須遵
守申報、年度審閱及公佈規定，惟獲豁免遵守通函
（獨立財務意見）及本公司股東批准規定。
除上文所披露者外，於截至二零二零年十二月
三十一日止年度，本集團於年內概無訂立任何須根
據上市規則第14A章披露之任何關連交易或持續關
連交易。與此同時，本公司已有必需之內部監控，
確保所有關連交易或持續關連交易（如有）屬公平合
理，並符合本公司及股東之整體利益。
主要供應商及客戶
本集團五名最大供應商合計及單一最大供應商分別
佔本集團截至二零二零年十二月三十一日止年度持
續經營業務之總採購額約100%及77%。
本集團五名最大客戶合計及單一最大客戶分別佔本
集團截至二零二零年十二月三十一日止年度持續經
營業務之總銷售額約21%及8%。
於年內任何時間，概無董事、董事之聯繫人士（定
義見上市規則）或本公司之股東（據董事所知擁有本
公司股本5%以上者）在本集團五名最大供應商及
五名最大客戶中擁有任何權益。
As Kingkey Enterprise is wholly-owned by Mr. Chen Jiajun, the
substantial Shareholder of the Company, holding % interest of
the Company and also a substantial shareholder of KKFI, therefore
Kingkey Enterprise and KKFI are connected persons of the Company.
Accordingly, the transaction contemplated thereby constitutes a
connected transaction for the Company under Chapter 14A of the
Listing Rules.
As the highest applicable percentage ratio calculated under the
Listing Rules in respect of the proposed annual cap under the
Licence Agreement is more than 5% but less than 25% and the
proposed annual cap is less than HK$10,000,000, the transaction
contemplated under the Licence Agreement is subject to reporting,
annual review and announcement requirements but exempt from
circular (independent financial advice) and approval of the Company’s
shareholders requirements pursuant to Rule (2) of the Listing
Rules.
Save as disclosed above, during the year ended 31 December 2020,
the Group has not entered into any connected transactions or
continuing connected transaction for the year which are required to
disclose pursuant to Chapter 14A of the Listing Rules. Meanwhile, the
Company has the necessary internal controls in place to ensure that
the terms of all connected or continuing connected transactions, if
any, are fair and reasonable and in the interest of the Company and
Shareholders as a whole.
MAJOR SUPPLIERS AND CUSTOMERS
The top five suppliers in aggregate and the single largest supplier
of the Group accounted for approximately 100% and 77% of the
Group’s total purchases in continuing operations for the year ended
31 December 2020 respectively.
The top five customers in aggregate and the single largest customer
of the Group accounted for approximately 21% and 8% of the
Group’s total sales in continuing operations for the year ended 31
December 2020 respectively.
At no time during the year did a Director, an associate of a Director,
within the meaning of the Listing Rules, or a shareholder of the
Company which to the knowledge of the Directors owns more than
5% of the Company’s share capital have any interest in the Group’s
five largest suppliers and five largest customers.
二零二零年年報 KK 文化控股有限公司 29
Directors’ Report
董事會報告
與客戶及供應商之主要關係
本集團高度重視與僱員、客戶及供應商之關係，視
彼等為本集團賴以成功之基礎。
客戶
本集團直接向客戶提供服務╱貨品，並通過調查與
客戶互動，收集市場分析及回饋。本集團給予其貿
易客戶7天至120天（二零一九年：7天至120天）之
信貸期。本集團亦不斷評估其客戶之信貸風險，以
確保授出之信貸額適當。本集團按個別客戶之財務
狀況的評估給予客戶信貸條款。報告期間後並無發
現任何重大可收回性問題。
供應商
本集團之供應商乃具長久歷史或知名度之企業，確
保彼等能按要求交付貨品╱服務。此外，本公司亦
已制訂反賄賂政策，以供所有員工遵守。
未來前景及發展
2019冠狀病毒病疫苗已開始引進多個國家和社
區，全球確診個案亦已開始減少。在市民的生活恢
復正常的同時，香港的經濟也有望重拾升軌甚至反
彈，而勞動市場也會再現朝氣，企業恢復招聘新員
工，而我們的Recruit雜誌業務也定會有起色。我們
相信，如無意外，以上的都會在今年發生。同時，
我們仍會把握一切機遇發展業務。在醫療及保健服
務業務方面，我們正計田推出其他增值服務，例
如飲食和基因篩查的醫療諮詢。這些服務可以識別
出任何因基因缺陷而導致的潛在疾病傾向，而我們
的專業人員可以建議客戶注意自己的生活方式，以
盡量減低此類由基因誘發的疾病發生的可能性。此
外，我們亦會不斷探尋任何合適的商機。
具競爭性權益
於二零二零年十二月三十一日，並無董事涉及構成
競爭的業務或於從事與本集團構成競爭的業務之公
司中擁有權益。
Key Relationships with Customers and Suppliers
The Group highly values the relationships with employees, customers
and suppliers as they are the foundation of the Group’s success.
Customers
The Group provides direct services/goods to customers and conduct
surveys to interact with them to gain market insights and feedback.
The Group allows a credit period from 7 to 120 days (2019: 7 to 120
days) to its customers. The Group also continuously evaluates the
credit risk of its customers to ensure appropriateness of the amount
of credit granted. Credit terms are extended to customers based
on the evaluation of individual customer’s financial conditions. No
significant recoverability problem is identified subsequent to the
reporting period.
Suppliers
The Group has either long established suppliers or suppliers from
well-known enterprises to ensure that they are able to deliver
the goods/services as requested. Furthermore, the Company has
formulated anti-bribery policies for all staff to comply.
FUTURE PROSPECTS & DEVELOPMENT
The COVID-19 vaccine has started to introduce into many countries
and communities and the worldwide confirmed cases have begun to
decrease. While people’s living is going back to normal, Hong Kong’s
economy has hope to recover or even rebound where the labour
market will revive as companies will resume to recruit new headcount
and our Recruit Magazine business will pick up again. We believe that
if nothing surprising happens, all these will happen in this year. In the
meantime, we will still grab every opportunity to develop the business.
Regarding our Medical and Health Services business, we are planning
to roll out other value adding services, such as medical advisory on
dietary and genetic screening. Such services can identify any potential
disease tendency as a result genetic deficiency and our professional
can advise our client to be aware of their living style in order to
minimise the possibility of these genetically induced disease to occur.
Furthermore, we will also keep sourcing any business opportunities
suitable to us.
COMPETING INTERESTS
As at 31 December 2020, no Directors have involved in competing
business or have interests in companies engaging in competing
business with the Group.
30 KK Culture Holdings Limited Annual Report 2020
Directors’ Report
董事會報告
於重大合約之權益
就董事所知，於年內任何時間，本公司或其任何附
屬公司以及控股股東或其任何附屬公司均未曾訂立
任何重大合約或就董事或控股股東或彼等之任何附
屬公司向本公司或其任何附屬公司提供服務訂立任
何重大合約。
董事收購股份或債券的權利
於年內任何時間，本公司及其任何附屬公司及相關
法團概無訂立任何安排，使董事或最高行政人員或
其任何配偶或未滿18歲子女可藉收購本公司或任
何其他法人團體之股份或債券而獲益。
購買股份之安排
於年內任何時間，本公司或其附屬公司或同系附屬
公司概無訂立任何安排，使董事可藉著購入本公司
或任何其他法人團體之股份而獲益。
充足公眾持股量
截至二零二零年十二月三十一日止整個年度及於本
年報日期，根據本公司從公開途徑所得的資料及
據董事所知，董事確認，本公司一直維持上市規
則所規定的公眾持股量（佔本公司已發行股份超過
25%）。
獨立非執行董事之任命
本公司確認已接獲其每位獨立非執行董事根據上市
規則第條確認其獨立身份之年度確認書，而本
公司亦認為全體獨立非執行董事屬於獨立人士。
企業管治
有關本公司所採納之企業管治常規的報告載於年報
第32至45頁。
INTERESTS IN SIGNIFICANT CONTRACTS
As far as the Directors are aware, at no time during the year had the
Company or any of its subsidiaries, and the controlling shareholders
or any of its subsidiaries entered into any contracts of significance
or any contracts of significance for the provision of services by the
Directors or controlling shareholders or any of their subsidiaries to the
Company or any of its subsidiaries.
DIRECTORS’ RIGHT TO ACQUIRE SHARES OR
DEBENTURES
At no time during the year was the Company and any of its
subsidiaries of the Company and its associated corporations a party
to any arrangement to enable the Directors or chief executive or any
of their spouse or children under the age of 18 to acquire benefits by
means of the acquisition of shares in or debentures of the Company
or any other body corporate.
ARRANGEMENTS TO PURCHASE SHARES
At no time during the year was the Company or any of its subsidiaries
or fellow subsidiaries, a party to any arrangements to enable the
Directors to acquire benefits by means of the acquisition of shares in
the Company or any other body corporate.
SUFFICIENCY OF PUBLIC FLOAT
Throughout the year ended 31 December 2020 and as at the date
of this annual report, based on information that is publicly available
to the Company and within the knowledge of the Directors, the
Directors confirm that the Company maintained a sufficient prescribed
public float of more than 25% of the Company’s issued shares as
required under the Listing Rules.
APPOINTMENT OF INDEPENDENT NON-
EXECUTIVE DIRECTOR
The Company has received, from each of the Independent Non-
Executive Directors, an annual confirmation of his independence
pursuant to Rule of the Listing Rules. The Company considers all
of the Independent Non-Executive Directors are independent.
CORPORATE GOVERNANCE
A report on the corporate governance practices adopted by the
Company is set out on pages 32 to 45 of the annual report.
二零二零年年報 KK 文化控股有限公司 31
Directors’ Report
董事會報告
環境政策及遵守相關法律及規例
詳情請參閱下文「環境、社會及管治報告」一節。本
公司並無發現與環境有關之相關法律及規例對業務
營運造成重大影響。
僱員及酬金政策
於二零二零年十二月三十一日，本集團聘用22名
員工（二零一九年：50名）。本集團僱員之薪級具
競爭力，而僱員亦會根據本集團整體之薪金及花紅
制度架構，因應個別之表現獲得獎勵。其他僱員福
利包括公積金、保險及醫療保障。
與僱員之主要關係
本公司嚴格遵守所有有關僱傭之所有適用規則與規
例，例如是僱傭條例、強制性公積金條例及個人資
料（私隱）條例等。本集團已為其員工購買所有必須
之保險並作每月供款，並有措施致力保障所有員工
之個人資料。員工可透過不同渠道就發表有關其工
作之意見。此外，本集團亦致力提供安全、健康及
和諧之工作環境，對各性別之員工提供公平及平等
之機會。
報告日後事項
除已披露者外，於截至二零二零年十二月三十一日
止財政年度後並無發生任何重大事項。
核數師
本公司將於應屆股東週年大會上提呈決議案，續聘
香港立信德豪會計師事務所有限公司為本公司之核
數師。
代表董事會
執行董事
曾慶贇
香港，二零二一年三月三十日
ENVIRONMENTAL POLICIES AND COMPLIANCE
WITH RELEVANT LAWS AND REGULATIONS
Please refer section headed “Environmental, Social and Governance
Report” below for details. No material impact of the relevant laws
and regulations in relation to environment is identified on business
operations.
EMPLOYEES AND EMOLUMENT POLICY
As at 31 December 2020, the Group had 22 employees (2019: 50).
The pay scale of the Group’s employees is maintained at a competitive
level and employees are rewarded on a performance-related basis
within the general framework of the Group’s salary and bonus
system. Other employees’ benefits include provident fund, insurance
and medical cover.
Key Relationship with Employees
The Company strictly complies with all the applicable rules
and regulations in relation to employment, to name a few, the
Employment Ordinance, Mandatory Provident Fund Ordinance and
Personal Data (Privacy) Ordinance, etc. The Group has purchased
all necessary insurance and made monthly contributions for its staff
and has measures in place endeavored to protect all staff’s personal
information. There are channels for staff to express their opinions
with regard to their work. Moreover, the Group also strives to provide
a safe, healthy and harmonious workplace with fair and equal
opportunities for staff of both genders.
EVENTS AFTER REPORT DATE
Save as disclosed, no significant events occurred after the financial
year ended 31 December 2020.
AUDITOR
A resolution will be proposed at the forthcoming annual general
meeting to re-appoint BDO Limited as auditor of the Company.
On behalf of the Board
Tsang Hing Bun
Executive Director
Hong Kong, 30 March 2021
Corporate Governance Report
企業管治報告
32 KK Culture Holdings Limited Annual Report 2020
The Group has adopted practices which meet the Corporate
Governance Code and Corporate Governance Report for the year
(the “Code”) as set out in Appendix 14 to the Rules Governing the
Listing of Securities (the “Listing Rules”) on The Stock Exchange of
Hong Kong Limited (the “Stock Exchange”). The report describes
its corporate governance practices, explains the applications of the
principles of the Code and deviations, if any.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions
by Directors of Listed Issuers (the “Model Code”) as set out in
Appendix 10 to the Listing Rules as its own code of conduct regarding
Directors’ securities transactions. Having made specific enquiry of
all Directors, the Company was not aware of any non-compliance
with the required standard as set out in the Model Code regarding
securities transactions by the Directors throughout the year ended 31
December 2020.
BOARD OF DIRECTORS
The Board currently comprises five Directors, of whom one is
an Executive Director, one is a Non-executive Director and three
are Independent Non-executive Directors. The Board has in its
composition a balance of skills and experience necessary for decision
making and fulfilling its business needs. The participation of non-
executive Directors in the Board brings independent judgement
on issues relating to the Group’ strategy, performance, conflicts of
interest and management process to ensure that the interests of all
shareholders of the Company have been duly considered.
The Board considers that all of the Independent Non-executive
Directors are independent and has received from each of them the
annual confirmation of independence by the Listing Rules.
本集團於本年度已採納符合香港聯合交易所有限公
司（「聯交所」）證券上市規則（「上市規則」）附錄十四
所載之企業管治守則及企業管治報告（統稱為「該守
則」）之常規。本報告描述本集團之企業管治常規，
並解釋應用及偏離該守則之原則之處（如有）。
董事之證券交易
本公司已採納上市規則附錄十所載之上市發行人董
事進行證券交易的標準守則（「標準守則」）作為董事
進行證券交易之行為守則。本公司經向所有董事
明確查詢後，並無發現於截至二零二零年十二月
三十一日止整個年度有不遵守董事進行證券交易之
標準守則所載的必守準則之情況。
董事會
董事會目前由五位董事組成，其中一位為執行董
事，一位為非執行董事及三位為獨立非執行董事。
董事會之組成具備為作決策及符合其業務需要所必
須的技能和經驗之均衡搭配。非執行董事參與董事
會，為有關本集團之策略、表現、利益衝突及管理
程序等事項提供獨立判斷，以確保本公司全體股東
之利益得到充份考慮。
董事會認為所有獨立非執行董事均為獨立人士，並
已接獲每位獨立非執行董事根據上市規則規定發出
之年度獨立身份確認書。
二零二零年年報 KK 文化控股有限公司 33
Corporate Governance Report
企業管治報告
於截至二零二零年十二月三十一日止年度之董事會
成員為：
執行董事
曾慶贇先生
非執行董事
姚宇翔先生
獨立非執行董事
梁迦傑博士
葉偉其先生
陳釗洪先生
董事會負責批准及監察本集團之整體策略及政策；
批准業務計劃；評估本集團之表現及管理層之監
管。董事會亦負責透過指導及監察本公司之事務來
促進本公司及其業務之成功發展。
董事會專注於整體策略及政策，尤其著重本集團之
增長及財務表現。董事會將本集團之日常營運工作
交予執行董事及各業務分部之高級管理層處理，同
時保留若干主要事項由其批准。
董事會透過出席董事會會議之執行董事向管理層傳
達其決定。
本公司已為本集團之董事及高級人員投購適當之責
任保險，以對彼等因企業活動而產生之責任提供彌
償。
年內，全體董事每月均獲本集團管理層提供有關本
集團之最新資料，以便彼等掌握本集團之事務狀況
及履行彼等於上市規則相關規定下的職責。
The Board members during the year ended 31 December 2020 were:
Executive Director
Mr. Tsang Hing Bun
Non-Executive Director
Mr. Yiu Yu Cheung
Independent Non-Executive Directors
Dr. Leung Ka Kit
Mr. William Keith Jacobsen
Mr. Chan Chiu Hung, Alex
The Board is responsible for the approval and monitoring of
the Group’s overall strategies and policies; approval of business
plans; evaluating the performance of the Group and oversight of
management. It is also responsible for promoting the success of
the Company and its businesses by directing and supervising the
Company’s affairs.
The Board focuses on overall strategies and policies with particular
attention paid to the growth and financial performance of the Group.
The Board delegates day-to-day operations of the Group to Executive
Directors and senior management of every business segment, while
reserving certain key matters for its approval.
Decisions of the Board are communicated to the management
through Executive Directors who have attended Board meetings.
The Company had arranged for appropriate liability insurance for the
Directors and officers of the Group for indemnifying their liabilities
arising from corporate activities.
During the year, all Directors have been provided, on a monthly basis,
with the Group’s management information updates to give them
aware of the Group’s affairs and facilitates them to discharge their
duties under the relevant requirements of the Listing Rules.
34 KK Culture Holdings Limited Annual Report 2020
Corporate Governance Report
企業管治報告
於二零二零年曾舉行四次董事會會議及一次股東週
年大會（「股東週年大會」），惟未曾召開股東特別大
會。各董事之出席率詳情如下：
There were four Board meetings and one annual general meeting
(“AGM”) but nil special general meetings held in 2020. Details of the
attendance of each director are as follows:
Attended/Held
出席次數╱會議次數
Board meeting AGM
Directors 董事 董事會會議 股東週年大會
Mr. Tsang Hing Bun 曾慶贇先生 4/4 1/1
Mr. Yiu Yu Cheung 姚宇翔先生 4/4 1/1
Mr. William Keith Jacobsen 葉偉其先生 4/4 0/1
Mr. Chan Chiu Hung Alex 陳釗洪先生 4/4 1/1
Dr. Leung Ka Kit 梁迦傑博士 4/4 1/1
Board minutes are kept by the Company Secretary and are open for
inspection by the Directors. Every Board member is entitled to have
access to materials and has unrestricted access to the advice and the
Company Secretary, and has the right to seek external professional
advice if so required.
DIRECTORS AND OFFICERS INSURANCE
Appropriate insurance covers on directors’ and officers’ liabilities have
been in force to protect the Directors and officers of the Group from
their risk exposure arising from the business of the Group.
ACCOUNTABILITY AND AUDIT
The Directors were responsible for overseeing the preparation of the
financial statements for the year ended 31 December 2020.
The Directors’ responsibilities for the preparation of the financial
statements and the auditor’s responsibility are set out in the
“Independent Auditor’s Report”.
董事會會議記錄由公司秘書保存並可供董事查閱。
每名董事會成員均有權查閱資料，並可不受限制地
得到公司秘書之意見及服務，並有權於需要時尋求
外界專業意見。
董事及高級職員之保險
本公司已為本集團董事及高級職員購買合適之責任
保險，就彼等因本集團業務承擔之風險提供保障。
問責及審核
董事負責監督截至二零二零年十二月三十一日止年
度財務報表之編製。
董事編製財務報表之責任及核數師之責任載於「獨
立核數師報告」。
二零二零年年報 KK 文化控股有限公司 35
Corporate Governance Report
企業管治報告
內部審核及風險管理
於本財政年度，本集團已透過建立合適及有效的
風險管理及內部監控系統遵守企業管治守則第
條。管理層負責設計、實施及監管有關系統，而董
事會持續監控管理層履行其職責，以及每年對內部
監控及風險管理系統進行內部審核。風險管理及內
部監控系統的主要特點描述如下：
風險管理系統
本集團採納風險管理系統（管理與其業務及營運有
關的風險）。該系統包括以下階段：
• 識別：識別風險歸屬、商業目標及可影響
所達致目標之風險。
• 評估：分析風險出現之可能性及影響，並
相應評估風險組合。
• 管理：考慮應對風險之方式，確保與董事
會有效溝通及持續監控殘餘風險。
根據於本財政年度進行之風險評估，並無發現任何
重大風險。
內部監控制度
董事會對本公司內部監控負全責。董事會全力推行
有效而穩健之內部監控制度，以保障股東權益及本
集團之資產。推行內部監控制度令本集團可達致有
關營運效率及效能、財務報告可靠性及遵守適用法
律及法規之目標。
內部監控制度包括保障股東權益及本集團之資產。
董事會已根據明確之架構授權管理層實行所有有關
之財務、營運、遵例監控及風險管理職能。截至二
零二零年十二月三十一日止年度，董事會已檢討內
部監控制度，概無識別到監控方面之重大瑕疵。
INTERNAL AUDIT AND RISK MANAGEMENT
During the financial year, the Group has complied with principle
of the CG Code by establishing appropriate and effective risk
management and internal control systems. Management is responsible
for the design, implementation and monitoring of such systems,
while the Board oversees management in performing its duties on an
ongoing basis and an internal audit on the internal control and risk
management systems performed on an annual basis. Main features
of the risk management and internal control systems are described as
follows:
Risk Management System
The Group has adopted a risk management system which manages
the risk associated with its business and operations. The system
comprises the following phases:
• Identification: identify ownership of risks, business objectives
and risks that could affect the achievement of objectives.
• Evaluation: analyse the likelihood and impact of risks and
evaluate the risk portfolio accordingly.
• Management: consider the risk responses, ensure effective
communication to the Board and on-going monitor the
residual risks.
Based on the risk assessments conducted for the financial year, no
significant risk was identified.
Internal Control System
The Board has overall responsibility for the internal controls of the
Company. The Board is committed to implementing an effective
and sound internal control system to safeguard the interest of the
shareholders and the Group’s assets. The implementation enables the
Group to achieve objectives regarding effectiveness and efficiency
of operations, reliability of financial reporting and compliance with
applicable laws and regulations.
The internal control system includes safeguard of the interest of
shareholders and the Group’s assets. The Board has delegated
to management for the implementation of all relevant financial,
operational, compliance controls and risk management function
within a defined framework. During the year ended 31 December
2020, the Board has conducted a review of the system of internal
control and no significant control deficiency was identified.
36 KK Culture Holdings Limited Annual Report 2020
Corporate Governance Report
企業管治報告
內部審核
本集團按年輪流就本集團不同業務分部進行內部審
核，同時審視營運之管理及所致之風險。內部審核
期間並無發現不正規情況，商業風險狀況亦令人滿
意。
根據現有計劃，風險管理及內部監控系統乃每年進
行一次檢討，檢討結果其後經審核委員會向董事會
呈報。此舉確保內部監控行之有效。
風險管理及內部監控系統之效能
董事會對本集團內部監控及檢討其效能負全責，確
保已每年檢討該等系統之效能。董事會在檢討時考
慮多個層面，包括但不限於：(i)自最近一次年度檢
討以來，重大風險本質及程度之變化，以及本集團
應對業務及外界變動之能力；(ii)管理層對風險及內
部監控系統持續監控的範圍及質素。
董事會透過其檢討及審核委員會作出之檢討，得出
風險管理及內部監控系統有效而足夠之結論。然
而，有關系統乃為管理風險而非消除無法達致業務
目標的風險而設，且僅可就重大失實陳述或損失提
供合理而非絕對之保證。董事會亦認為，有關資
源、員工資質及相關員工之經驗充足，並已提供足
夠的培訓項目及預算。
Internal Audit
The Group performed an internal audit, on rotatory basis, on different
business segments of the Group annually as well as reviewed the
management or risks arisen from operations. No unusualness was
found during the course of internal audit while the business risk
profile was satisfactory.
According to the established plan, review of the risk management
and internal control systems is conducted annually and the results are
reported to the Board via Audit Committee afterwards. This could
ensure the internal control system is effective.
Effectiveness of the Risk Management and Internal
Control Systems
The Board is responsible for the risk management and internal control
systems of the Group and ensuring review of the effectiveness of
these systems has been conducted annually. Several areas have been
considered during the Board’s reviews, which include but not limited
to (i) the changes in the nature and extent of significant risks since the
last annual review, and the Group’s ability to respond to changes in
its business and the external environment; (ii) the scope and quality of
management’s ongoing monitoring of risks and of the internal control
systems.
The Board, through its reviews and the reviews made by the Audit
Committee, concluded that the risk management and internal control
systems were effective and adequate. Such systems, however, are
designed to manage rather than eliminate the risk of failure to achieve
business objectives, and can only provide reasonable and not absolute
assurance against material misstatement or loss. It is also considered
that the resources, staff qualifications and experience of relevant staff
were adequate and the training programs and budget provided were
sufficient.
二零二零年年報 KK 文化控股有限公司 37
Corporate Governance Report
企業管治報告
主席及行政總裁
現時主席及行政總裁的職位出現空缺，但執行董事
履行與行政總裁類似的職能。此外，董事會直接及
間接透過其委員會帶領及指導管理層，包括制定
戰略及監察管理層推行戰略。董事會監督本集團營
運及財務表現，並確保本集團制定有效的管治、企
業社會責任、政策及穩健的內部監控和風險管理制
度。因此，董事會認為，本公司已採取足夠措施以
確保其企業管治常規與守則條文所採納者相若。
專業發展
每名新委任的董事將獲履新培訓，確保彼對本集團
的業務及上市規則及相關法規及監管要求下其本身
的職務及責任有適當了解。本集團持續為董事提供
有關上市規則及其他適用監管規則最新發展之最新
資料，確保董事遵守有關規則及提高董事對良好企
業管治常規的意識。本集團亦向董事及高級管理層
發出通函及指引（如適用），確保彼等了解最佳企業
管治常規。
本公司亦定期提供本集團業務發展的最新資料。董
事獲定期提供有關上市規則及其他適用法律規定的
最新發展簡報，確保遵守及維持良好的企業管治常
規。此外，本公司一直鼓勵董事參與由香港專業團
體或商會舉辦，有關上市規則、公司條例及企業管
治常規的專業發展課程及研討會。全體董事均須根
據該守則之規定向本公司提供本身的培訓記錄。
全體董事於年內均已參加適當的持續專業發展，讓
彼等的知識及技能與時並進。完成專業發展的方式
包括出席有關業務或董事職務之簡報會、會議、論
壇、課程及研討會以及閱讀相關資料。
CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER
Currently, the positions of Chairman and Chief Executive Officer have
been vacant but the Executive Director performs similar function as
Chief Executive Officer. Besides, the Board directly, and indirectly
through its committees, leads and provides direction to management
by laying down strategies and overseeing their implementation by
management. The Board monitors the Group’s operating and financial
performance and ensures that effective governance and corporate
social responsibility and policies and sound internal control and risk
management systems are in place. As such, the Board considers that
sufficient measures have been taken to ensure that the Company’s
corporate governance practices are comparable to those in the Code
Provision.
PROFESSIONAL DEVELOPMENT
Every newly appointed Director will be given an induction training so as
to ensure that he/she has appropriate understanding of the Group’s
business and his/her duties and responsibilities under the Listing Rules
and the relevant statutory and regulatory requirements. The Group
continuously updates Directors on the latest developments regarding
the Listing Rules and other applicable regulatory requirements, to
ensure compliance and enhance their awareness of good corporate
governance practices. Circulars or guidance notes are issued to
Directors and senior management where appropriate, to ensure
awareness of best corporate governance practices.
The Company also provides regular updates on the business
development of the Group. The Directors are regularly briefed
on the latest development regarding the Listing Rules and other
applicable statutory requirements to ensure compliance and upkeep
of good corporate governance practices. In addition, the Company
has been encouraging the Directors to enroll in professional
development courses and seminars relating to the Listing Rules,
Companies Ordinance and corporate governance practices organized
by professional bodies chambers in Hong Kong. All directors are
requested to provide the Company with their respective training
records pursuant to the Code.
All Directors have participated in appropriate continuous professional
development and refresh their knowledge and skills during the year.
Such professional development was completed either by way of
attending briefings, conference, forum, courses and seminars and
self-reading which are relevant to the business or directors’ duties.
38 KK Culture Holdings Limited Annual Report 2020
Corporate Governance Report
企業管治報告
企業管治功能
董事會已將本集團之企業管治功能轉授審核委員會
負責。主要功能包括：
(a) 制定及檢討本公司的企業管治政策及常規；
(b) 檢討及監察董事及高級管理人員的培訓及
持續專業發展；
(c) 檢討及監察本公司在遵守法律及監管規定
方面的政策及常規；
(d) 制定、檢討及監察僱員及董事的操守準則
及合規手冊（如有）；及
(e) 檢討本公司遵守該守則的情況及在企業管
治報告內的披露。
公司秘書
於截至二零二零年十二月三十一日止年度，公司秘
書已妥為遵守上市規則第條之相關專業培訓規
定。
薪酬委員會
薪酬委員會由三位獨立非執行董事及一位非執行董
事組成，分別為葉偉其先生（主席）、梁迦傑博士、
陳釗洪先生及姚宇翔先生。
薪酬委員會之職權範圍刊載於本公司網站。其主要
職責包括：
– 就本公司有關董事及本集團高級管理層之
薪酬政策及架構向董事會提供推薦意見；
– 決定全體執行董事及本集團高級管理層之
薪酬組合；
– 參考董事會不時議決之企業宗旨及目標而
審批管理層之薪酬方案。
CORPORATE GOVERNANCE FUNCTIONS
The Board has delegated the Group’s corporate governance functions
to Audit Committee. The principal functions include:
(a) to develop and review the Company’s policies and practices
on corporate governance;
(b) to review and monitor the training and continuous professional
development of directors and senior management;
(c) to review and monitor the Company’s policies and practices in
compliance with legal and regulatory requirements;
(d) to develop, review and monitor the code of conduct and
compliance manual (if any) applicable to employees and
directors; and
(e) to review the Company’s compliance with the Code and
disclosure in the Corporate Governance Report.
COMPANY SECRETARY
During the year ended 31 December 2020, the Company Secretary
has duly complied with the relevant professional training requirement
under Rule of the Listing Rules.
REMUNERATION COMMITTEE
The Remuneration Committee comprises three Independent Non-
executive Directors and one Non-executive Director, namely Mr.
William Keith Jacobsen (Chairman), Dr. Leung Ka Kit, Mr. Chan Chiu
Hung, Alex and Mr. Yiu Yu Cheung.
The terms of reference of the Remuneration Committee are posted
on the Company’s website. The principal functions include:
– to recommend to the Board on the Company’s policies and
structure for the remuneration of the Directors and senior
management of the Group;
– to determine the remuneration packages of all Executive
Directors and senior management of the Group;
– to review and approve the management’s remuneration
proposals with reference to corporate goals and objectives
resolved by the Board from time to time.
二零二零年年報 KK 文化控股有限公司 39
Corporate Governance Report
企業管治報告
執行人員之薪酬組合之主要部份包括基本薪金、酌
情花紅及購股權。執行董事之酬金按照每位董事之
技能、知識及參與本公司事務之程度，並參照本公
司之表現及盈利能力以及業內薪酬基準及當時市況
而釐定。
年內，薪酬委員會召開了一次正式會議（全體成員
均已出席該次會議），以檢討薪酬政策及架構，並
釐定了執行董事及高級行政人員之全年薪津組合以
及其他相關事宜。
根據該守則第條，高級管理人員截至二零二
零年十二月三十一日止年度之薪酬按薪酬等級載列
如下：
The principal elements of executive remuneration package include
basic salary, discretionary bonus and share option. The emoluments
of Executive Directors are based on skill, knowledge and involvement
in the Company’s affairs of each Director and are determined by
reference to the Company’s performance and profitability, as well
as remuneration benchmark the industry and the prevailing market
conditions.
During the year, a meeting with 100% attendance of the
Remuneration Committee’s members at that time was duly held for
reviewing the remuneration policy and structure and determination of
the annual remuneration packages of the Executive Directors and the
senior executives and other related matters.
Pursuant to paragraph of Code, the remuneration of the
members of the senior management by band for the year ended 31
December 2020 is set out below:
No. of individuals
Remuneration band 薪酬等級 人數
HK$500,001–HK$1,000,000 500,001港元至1,000,000港元 1
NOMINATION COMMITTEE
The Nomination Committee of the Company was established in March
2012 comprising the three Independent Non-executive Directors
and one Non-executive Director, namely, Mr. Chan Chiu Hung, Alex
(Chairman), Dr. Leung Ka Kit, Mr. William Keith Jacobsen and Mr. Yiu
Yu Cheung. The terms of reference of the Nomination Committee are
posted on the Company’s website.
The roles and functions the Nomination Committee include reviewing
the structure, size and composition of the Board, identifying
individuals suitably qualified to become Directors, selecting or making
recommendations to the Board on nominations, appointment or
reappointment of Directors and Board succession, and assessing the
independence of the independent non-executive directors.
During the year, a meeting with 100% attendance of the Nomination
Committee’s members at that time was duly held for reviewing the
structure, size and composition, and assessing the independence of
the independent non-executive directors of the board of directors.
提名委員會
本公司之提名委員會乃於二零一二年三月成立，由
三位獨立非執行董事及一位非執行董事組成，分別
為陳釗洪先生（主席）、梁迦傑博士、葉偉其先生及
姚宇翔先生。提名委員會之職權範圍已刊載於本公
司網站。
提名委員會之角色及職能包括檢討董事會之架構、
人數及組成、物色適合成為董事之人選、就董事之
提名、委任或續聘以及董事會之繼任而作出選擇或
向董事會提供推薦建議，以及評估獨立非執行董事
之獨立性。
於年內，提名委員會召開了一次正式會議（全體成
員均已出席該次會議），以檢討董事會之架構、人
數及組成以及評估獨立非執行董事之獨立性。
40 KK Culture Holdings Limited Annual Report 2020
Corporate Governance Report
企業管治報告
審核委員會
審核委員會乃於二零零零年四月成立，由三位獨立
非執行董事陳釗洪先生（主席）、梁迦傑博士、葉偉
其先生、及一位非執行董事姚宇翔先生組成。
審核委員會之職權範圍符合上市規則之規定並且刊
載於本公司網站。根據職權範圍，審核委員會主要
負責就外聘核數師之委任、重聘及免職向董事會提
供推薦意見及批准聘任外聘核數師之薪酬及聘任條
款，以及考慮
