(Stock Code 股份代號: 1229)
(Incorporated in Bermuda with limited liability)
（於百慕達註冊成立之有限公司）
2021/22
年報 Annual Report
This annual report is prepared in English and Chinese.
In case of inconsistency, please refer to the English version as it shall prevail.
本年報以中英文編製。
如有任何歧義，敬請參閱英文版本，並以英文版本為準。
CONTENT 目錄
2 Corporate Information 公司資料
4 Chairman’s Statement 主席報告
12 Management Discussion and Analysis 管理層討論及分析
28 Biography of Directors and Senior Management 董事及高級管理人員簡歷
31 Corporate Governance Report 企業管治報告
53 Report of the Directors 董事會報告
63 Independent Auditor’s Report 獨立核數師報告
74 Consolidated Statement of Profit or Loss and Other Comprehensive Income
綜合損益及其他全面收益表
75 Consolidated Statement of Financial Position 綜合財務狀況表
77 Consolidated Statement of Changes in Equity 綜合權益變動表
79 Consolidated Statement of Cash Flows 綜合現金流量表
81 Notes to the Consolidated Financial Statements 綜合財務報表附註
211 Five-Year Financial Summary 五年財務摘要
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司2
CORPORATE INFORMATION
公司資料
Board of directors
Executive Directors
Kwan Man Fai (Chairman & Managing Director)
Wang Xiangfei (resigned on 17 September 2021)
Wong Sze Wai
Li Chun Fung (appointed on 17 September 2021)
Independent Non-executive Directors
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
Alternate Director
Wang Xiaoyao (alternate to Wang Xiangfei until 16 September 2021)
audit committee
Pak Wai Keung Martin (Chairman)
Wong Man Hin Raymond
Chan Yiu Fai Youdey
remuneration committee
Wong Man Hin Raymond (Chairman)
Kwan Man Fai
Wong Sze Wai
Chan Yiu Fai Youdey
Pak Wai Keung Martin
nomination committee
Kwan Man Fai (Chairman)
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
comPanY secretarY
Li Chun Fung
auditor
Mazars CPA Limited
42/F., Central Plaza
18 Harbour Road
Wanchai, Hong Kong
董事會
執行董事
關文輝（主席兼董事總經理）
王翔飛（於二零二一年九月十七日辭任）
王四維
李震鋒（於二零二一年九月十七日獲委任）
獨立非執行董事
黃文顯
陳耀輝
白偉強
替代董事
王小曜（替代王翔飛
直至二零二一年九月十六日止）
審核委員會
白偉強（主席）
黃文顯
陳耀輝
薪酬委員會
黃文顯（主席）
關文輝
王四維
陳耀輝
白偉強
提名委員會
關文輝（主席）
黃文顯
陳耀輝
白偉強
公司秘書
李震鋒
核數師
中審眾環（香港）會計師事務所有限公司
香港灣仔
港灣道18號
中環廣場42樓
3Annual Report 2021/22 年報
CORPORATE INFORMATION 公司資料
法律顧問
康德明律師事務所
香港中環
康樂廣場8號
交易廣場1座2901室
主要往來銀行
中國工商銀行（亞洲）有限公司
中信銀行（國際）有限公司
註冊辦事處
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
總辦事處及主要營業地點
香港金鐘
夏愨道18號
海富中心
2座8樓
股份過戶登記總處
MUFG Fund Services (Bermuda) Limited
4th floor North Cedar House
41 Cedar Avenue
Hamilton HM12
Bermuda
香港股份過戶登記分處
聯合證券登記有限公司
香港北角
英皇道338號
華懋交易廣場2期
33樓3301-04室
香港聯合交易所股份代號
1229
網站
LeGaL adViser
Conyers Dill and Pearman
2901, One Exchange Square
8 Connaught Place
Central, Hong Kong
PrinciPaL BanKers
Industrial and Commercial Bank of China (Asia) Limited
China CITIC Bank International Limited
reGistered office
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
Head office and PrinciPaL PLace of Business
8/F., Tower 2
Admiralty Centre
18 Harcourt Road
Admiralty, Hong Kong
PrinciPaL sHare reGistrar and
transfer office
MUFG Fund Services (Bermuda) Limited
4th floor North Cedar House
41 Cedar Avenue
Hamilton HM12
Bermuda
HonG KonG BrancH sHare reGistrar and
transfer office
Union Registrars Limited
Suites 3301-04, 33/F.
Two Chinachem Exchange Square
338 King’s Road
North Point, Hong Kong
HonG KonG stocK eXcHanGe stocK code
1229
WeBsite
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司4
CHAIRMAN’S STATEMENT
主席報告
to aLL sHareHoLders
On behalf of the board of directors (the “Directors”) (the “Board”) of
Nan Nan Resources Enterprise Limited (the “Company”), I present
to you the audited consolidated final results of the Company and its
subsidiaries (collectively the “Group”) for the year ended 31 March
2022 (the “Year”).
resuLts and diVidends
The below summaries the results and dividends of the Group for the
years ended 31 March 2022 and 31 March 2021 respectively:
2022 2021
二零二二年 二零二一年
Notes HK$’000 HK$’000
附註 千港元 千港元
Revenue 收益 1 300,241 130,521
Cost of services and goods sold 已售服務及貨品成本 (137,645) (75,914)
Gross profit 毛利 1, 2 b) 162,596 54,607
Other revenue 其他收益 2 c) 1,305 8,661
Selling and distribution expenses 銷售及分銷費用 (1,376) (642)
Administrative and other operating expenses 行政及其他經營費用 2 d) (42,084) (34,505)
Exchange (loss)/gain, net 匯兌（虧損）╱收益淨額 2 a) (4,091) 7,979
Finance costs 融資成本 2 g) (10,342) (9,626)
Change in fair value of contingent consideration receivables 應收或然代價之公平值變動 2 f) – (3,648)
Change in fair value of convertible bond designated as
financial liabilities at fair value through profit or loss
(“FVPL”)
指定為按公平值列賬並在
損益內處理之金融負債之
可換股債券之公平值變動 2 e) (11,254) (24,857)
Impairment loss on goodwill 商譽減值虧損 2 h) (5,814) (14,503)
Profit/(Loss) before tax 除稅前溢利╱（虧損） 88,940 (16,534)
Income tax (expenses)/credit 所得稅（開支）╱抵免 2 i) (22,940) 14,326
Profit/(Loss) for the year 年內溢利╱（虧損） 1,2 66,000 (2,208)
Notes:
1. For the Year, the Group recorded a revenue of approximately
HK$300,241,000 (2021: approximately HK$130,521,000), gross profit of
approximately HK$162,596,000 (2021: approximately HK$54,607,000) and
net profit of approximately HK$66,000,000 (2021: net loss of approximately
HK$2,208,000) respectively. The Board does not recommend the payment
of any dividend for the Year (2021: Nil).
2. Profit for the Year of the Group was approximately HK$66,000,000
(2021: loss of approximately HK$2,208,000), representing an upturn of
approximately HK$68,208,000 as compared with the previous year. The
upturn was mainly due to the net effect of the following:
a) the exchange loss of approximately HK$4,091,000 (2021: exchange
gain of approximately HK$7,979,000);
致各位股東
本人謹代表南南資源實業有限公司（「本公
司」）董事（「董事」）會（「董事會」）向 閣下提
呈本公司及其附屬公司（統稱「本集團」）截至
二零二二年三月三十一日止年度（「本年度」）
之經審核綜合末期業績。
業績及股息
以下分別概述本集團截至二零二二年三月
三十一日及二零二一年三月三十一日止年度
的業績及股息：
附註：
1. 本年度，本集團分別錄得收益約300,241,000
港元（二零二一年：約130,521,000港元）、
毛 利 約 162,596,000 港 元（ 二 零 二 一 年： 約
54,607,000港元）及溢利淨額約為66,000,000
港元（二零二一年：虧損淨額約2,208,000港
元）。董事會不建議就本年度派付任何股息（二
零二一年：無）。
2. 本集團於本年度之溢利約為66,000,000港元
（二零二一年：虧損約2,208,000港元），較去
年轉虧為盈，增加約68,208,000港元，主要由
於以下各項原因之淨影響：
a) 匯兌虧損約4,091,000港元（二零二一
年：匯兌收益約7,979,000港元）；
5Annual Report 2021/22 年報
CHAIRMAN’S STATEMENT 主席報告
業績及股息（續）
附註： （續）
2. （續）
b) 毛利增加約為107,989,000港元；
c) 其他收益減少約7,356,000港元；
d) 行政及其他經營費用增加約7,579,000
港元；
e) 指定為按公平值列賬並在損益內處理
之金融負債之可換股債券之公平值虧
損約為11,254,000港元（二零二一年：
約24,857,000港元），顯示指定為按公
平值列賬並在損益內處理之金融負債
之可換股債券之公平值進一步增加約
11,254,000港元；
f) 應收或然代價之公平值虧損為零（二零
二一年：約3,648,000港元）；
g) 融資成本增加約716,000港元；
h) 商譽減值虧損約5,814,000港元（二零
二一年：約14,503,000港元），顯示商
譽進一步出現減值虧損約5,814,000港
元；及
i) 由 上 一 年 度 錄 得 所 得 稅 抵 免 約
14,326,000港元轉為本年度錄得所得
稅開支約22,940,000港元，原因為本
集團與中華人民共和國（「中國內地」）的
相關稅項機關就扣除截至二零二零年三
月三十一日止年度已產生若干開支的優
惠稅務待遇與中華人民共和國（「中國內
地」）的相關稅項機關接洽，據此，本集
團自相關稅項機關獲退稅，並已於截至
二零二一年三月三十一日止年度確認為
所得稅抵免，而於本年度已於動用所有
結轉稅項虧損後計入重大企業所得稅，
及確認無形資產重大遞延稅項負債。
resuLts and diVidends (continued)
Notes: (continued)
2. (continued)
b) the increase of gross profit by approximately HK$107,989,000;
c) the decrease of other revenue by approximately HK$7,356,000;
d) the increase of administrative and other operating expenses by
approximately HK$7,579,000;
e) fair value loss of convertible bond designated as financial liabilities
at FVPL of approximately HK$11,254,000 (2021: approximately
HK$24,857,000), representing a further increase in fair value
of convertible bond designated as financial liabilities at FVPL of
approximately HK$11,254,000;
f) No fair value loss of contingent consideration receivables (2021:
approximately HK$3,648,000);
g) the increase in the finance costs by approximately HK$716,000;
h) impairment loss on goodwill of approximately HK$5,814,000 (2021:
approximately HK$14,503,000), representing a further impairment
loss of goodwill of approximately HK$5,814,000; and
i) the turnaround from income tax credi t of approximately
HK$14,326,000 in the previous year to income tax expenses of
approximately of HK$22,940,000 for the Year as the Group reached
tax authority in the People’s Republic of China (the “Mainland China”)
for a preferential tax treatment on the deductibility of certain expenses
incurred during the year ended 31 March 2020, and accordingly
a tax refund was received from the relevant tax authority and was
recognised as income tax credit for the year ended 31 March 2021,
while the significant enterprise income tax was charged after the
utilisation of all tax losses brought forward and the recognition of
significant deferred tax liabilities of intangible assets for the Year.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司6
CHAIRMAN’S STATEMENT 主席報告
業務概覽
於本年度，本集團從事三個業務分類：(1)煤
礦業務；(2)可再生能源業務；及(3)資訊科技
服務（定義見下文）業務。我們的主要業務為
於中華人民共和國（「中國內地」）新疆維吾爾
自治區（「新疆」）從事煤礦開採及煤炭銷售。
新疆遠離中國內地主要工業城市，因此，基
於物流及運輸成本之因素，新疆所產煤炭主
要在當地使用。於二零一八年十月八日，我
們完成有關新能源租賃科技有限公司及其全
資 附 屬 公 司 NEFIN Technologies (Malaysia)
Sdn. Bhd. （統稱為「新能源集團」）（主要於馬
來西亞從事可再生能源解決方案業務）的收
購事項。自始我們進一步分配資源於太陽能
項目，連同現有的太陽能資產能夠實現更高
的效益。於二零一九年四月二十三日，我們
完成有關港海控股有限公司（「港海控股」）及
其附屬公司（統稱「港海集團」）（主要業務為
主要於香港提供的資訊科技（「資訊科技」）外
包、諮詢及技術服務（統稱「資訊科技服務」）
以及於英國（「英國」）、馬來西亞以及新加坡
的拓展業務）的收購事項。本集團將繼續專
注發展現有業務。長遠而言，我們將銳意及
致力發展成為一間從事多元化業務的企業。
重大事項
收購經擴大凱源煤礦之新採礦權
誠如本公司日期為二零一一年十一月十一
日、二零一二年三月二十一日、二零一二
年六月十五日、二零一四年三月二十一日、
二零一七年八月十五日、二零一八年三月
二十八日、二零一八年十二月十四日、二零
一八年十二月三十一日、二零一九年五月
十五日、二零一九年五月三十一日、二零
一九年十一月四日及二零一九年十一月十五
日之公告所披露，本集團與中國內地新疆維
吾爾自治區自然資源廳（「新疆自然資源廳」）
磋商凱源露天煤礦（「凱源煤礦」）（即於新疆
經營本集團之煤礦）之優化及升級方案#，尤
其是擴大凱源煤礦之開採面積及取得相應之
新採礦權。
# 「優化升級方案」之前於本公司日期為二零一一
年十一月十一日之公告以及本公司其後之公
告、通告、通函、中報及年報中稱為「管理重
組計劃」。
Business oVerVieW
For the Year, the Group was engaged in three business segments,
(1) coal mining business; (2) renewable energy business and (3) IT
Services (as defined below) business. Our main business is coal
mining and sales of coal in Xinjiang Uygur Autonomous Region
(“Xinjiang”) of the People’s Republic of China (the “Mainland China”).
Xinjiang is remote from major industrial cities in the Mainland China,
and hence coal produced in Xinjiang is mainly consumed locally due
to the logistic and the transportation costs. On 8 October 2018, we
completed the acquisition of NEFIN Leasing Technologies Limited
and its wholly owned subsidiary, NEFIN Technologies (Malaysia)
Sdn. Bhd. (together the “NEFIN Group”) which is principally engaged
in renewable energy solutions in Malaysia. We further allocated
resources into the solar energy projects since then so as to enable
higher efficiency together with the existing solar assets. On 23 April
2019, we completed the acquisition of Harbour Group Holdings
Limited (“Harbour Group Holdings”) and its subsidiaries (collectively
the “Harbour Group”) which is principally engaged in the provision of
information technology (“IT”) outsourcing, consultancy and technical
services (together referred to as “IT Services”) mainly in Hong Kong
with expanding business in the United Kingdom (“UK”), Malaysia
and Singapore. Our Group will continue our focus on developing the
existing business. In the long run, we will aspire and strive to grow into
an enterprise with a diversified business.
maJor eVents
Acquisition of the New Mining Right of the Enlarged
Kaiyuan Mine
As disclosed in the announcements of the Company dated 11
November 2011, 21 March 2012, 15 June 2012, 21 March 2014,
15 August 2017, 28 March 2018, 14 December 2018, 31 December
2018, 15 May 2019, 31 May 2019, 4 November 2019 and 15
November 2019, the Group negotiated with the Department of
Natural Resources of Xinjiang Uygur Autonomous Region* (新疆維
吾爾自治區自然資源廳) of the Mainland China (the “Xinjiang Natural
Resources Department”) regarding the Optimization and Upgrading
Plan# relating to the Kaiyuan Open Pit Coal Mine (the “Kaiyuan Mine”)
(. the operating coal mine of the Group in Xinjiang), in particular,
to increase the mining area of the Kaiyuan Mine and obtain the
corresponding new mining right.
* English translation for identification purposes only.
# “Optimization and Upgrading Plan” was previously referred to as
“Management Restructuring Plan” in the announcement of the Company
dated 11 November 2011 and in the announcements, notices, circulars,
interim reports and annual reports of the Company thereafter.
7Annual Report 2021/22 年報
CHAIRMAN’S STATEMENT 主席報告
重大事項（續）
收購經擴大凱源煤礦之新採礦權（續）
(i) 本公司間接全資附屬公司木壘縣凱源
煤炭有限責任公司（「凱源公司」）（作為
受讓方）與新疆自然資源廳（作為出讓
方）訂立日期為二零一九年十二月二日
之出讓協議（「出讓協議」），據此，凱
源公司向新疆自然資源廳收購凱源煤
礦於新疆之經擴大礦區（包括原礦區約
平方公里）平方公里（「經
擴大凱源煤礦」）之新採礦權（「新採礦
權」），年期由二零一九年八月起至二
零四九年八月止為期三十年，以於經
擴大凱源煤礦進行採礦業務，代價為
人民幣（「人民幣」）160,978,000元（「收
購事項」）；
(ii) 根據出讓協議，就30年之開採壽命而
言，經擴大凱源煤礦之估計煤礦資源
為百萬噸；
(iii) 凱源公司於二零一八年十一月三日獲
授有關新採礦權之新採礦許可證（「新
採礦許可證」）（開採期限由二零一八
年十二月二十一日起至二零一九年
十二月二十一日止為期一年），該許
可證已重續兩年，由二零一九年十二
月二十一日起至二零二一年十二月
二十一日止； 於二零二一年十月十
日，新採礦權已再次重續，由二零
二一年十月十一日至二零三一年十月
十一日止，為期十年；
(iv) 根據出讓協議，凱源公司有權就新採
礦權之餘下期限申請重續新採礦許可
證；
(v) 代 價 人 民 幣 160,978,000 元 將 由 凱
源公司分十五期向新疆自然資源廳
以現金結付： (a)第一期金額人民幣
32,200,000元由凱源公司支付；(b)第
二至十四期每期金額人民幣9,200,000
元將於二零二零年至二零三二年期間
每年十一月二十日前支付；及(c)最後
一期金額人民幣9,178,000元將於二零
三三年十一月二十日前支付；
(vi) 根據香港聯合交易所有限公司證券上
市規則（「上市規則」），收購事項構成
本公司之非常重大收購事項，而有關
收購事項之進一步資料已於日期為二
零二零年八月十九日之通函內披露；
及
maJor eVents (continued)
Acquisition of the New Mining Right of the Enlarged
Kaiyuan Mine (continued)
(i) Mulei County Kai Yuan Company Limited* (木壘縣凱源煤炭有
限責任公司) (“Kaiyuan Company”), an indirect wholly-owned
subsidiary of the Company, as the transferee and Xinjiang
Natural Resources Department as the transferor entered into
the transfer agreement (the “Transfer Agreement”) dated 2
December 2019, pursuant to which Kaiyuan Company acquired
the new mining right (the “New Mining Right”) of the Kaiyuan
Mine with an enlarged mining area (including the original mining
area of approximately km2) of km2 in Xinjiang
(the “Enlarged Kaiyuan Mine”) for 30 years from August 2019 to
August 2049 from the Xinjiang Natural Resources Department
to conduct mining activities at the Enlarged Kaiyuan Mine
at a consideration of Renminbi (“RMB”) 160,978,000 (the
“Acquisition”);
(ii) the estimated coal resources of the Enlarged Kaiyuan Mine are
million tonnes for the mining life of 30 years under the
Transfer Agreement;
(iii) the new mining permit (the “New Mining Permit”) in respect
of the New Mining Right with mining term of 1 year from 21
December 2018 to 21 December 2019 regarding the New
Mining Right was granted to Kaiyuan Company on 3 November
2018, which has been renewed for two years from 21
December 2019 to 21 December 2021; On 10 October 2021,
the New Mining Right has been further renewed for ten years
from 11 October 2021 to 11 October 2031;
(iv) Kaiyuan Company has the right to apply for the renewal of New
Mining Permit for the remaining period of the New Mining Right
under the Transfer Agreement;
(v) the consideration of RMB160,978,000 shall be settled in
cash and paid by Kaiyuan Company to the Xinjiang Natural
Resources Department in fifteen instalments: (a) the first
instalment in an amount of RMB32,200,000 was paid by
Kaiyuan Company; (b) the second to fourteenth instalments
in an amount of RMB9,200,000 each shall be paid before 20
November of every year from 2020 to 2032; and (c) the last
instalment in an amount of RMB9,178,000 shall be paid before
20 November 2033;
(vi) the Acquisition constituted a very substantial acquisition for the
Company under the Rules Governing the Listing of Securities on
the Stock Exchange of Hong Kong Limited (the “Listing Rules”)
and further information on the Acquisition was disclosed in the
circular dated 19 August 2020; and
* English translation for identification purposes only.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司8
CHAIRMAN’S STATEMENT 主席報告
重大事項（續）
收購經擴大凱源煤礦之新採礦權（續）
(vii) 作為出讓協議之一部分，凱源公司須
就凱源煤礦之百萬噸煤炭（即凱
源煤礦於二零一七年末之累計產出量
百萬噸與產出量百萬噸
之間的差額）向新疆自然資源廳支付補
充資源費人民幣76,502,500元（「資源
費」）（該產出量之資源費已由凱源公司
向新疆自然資源廳支付），並已於截至
二零二零年三月三十一日止年度損益
內確認。根據本公司有關中國內地法
律的法律顧問所給予之意見，除支付
資源費外，根據出讓協議之條款凱源
公司毋須支付任何與原凱源煤礦有關
之費用。
暫停經擴大凱源煤礦
誠如本公司日期為二零一九年十二月二十日
及二零二零年三月十六日之公告所披露，由
於新採礦許可證於二零一九年十二月二十一
日到期及重續新採礦許可證延期，故自二零
一九年十二月二十一日起曾經暫停經擴大凱
源煤礦之銷售及營運（「暫停」）。
新採礦許可證已於二零二零年三月獲重續，
而復產申請已於二零二零年八月二日由新疆
准東經濟技術開發區（「經濟區」）的安全生產
監督管理局（「安全局」）所批准。於二零二零
年八月二日，經濟區安全局批准復工復產，
獲准恢復採礦經營及銷售。
收購港海控股的股份及認購其新股份
茲提述本公司日期為二零一九年三月十一日
及二零一九年四月二十三日之公告以及本公
司日期為二零一九年四月一日之通函，內容
有關收購港海控股之股份及認購其新股份。
maJor eVents (continued)
Acquisition of the New Mining Right of the Enlarged
Kaiyuan Mine (continued)
(vii) as part of the Transfer Agreement, Kaiyuan Company
is requi red to pay a supplementa l resources fee of
RMB76,502,500 (the “Resources Fee”) to the Xinjiang Natural
Resources Department for million tonnes of coal of
Kaiyuan Mine, which represented the difference between the
accumulated output of million tonnes of the Kaiyuan Mine
at the end of 2017 and the output of million tonnes
(Resources Fee of such output had been paid by Kaiyuan
Company to the Xinjiang Natural Resources Department) and
recognised in the profit or loss for the year ended 31 March
2020. Based on the advice given by the legal adviser of the
Company as to the laws of the Mainland China, other than the
payment of the Resources Fee, Kaiyuan Company will not be
subject to any fees relating to the original Kaiyuan Mine pursuant
to the terms of the Transfer Agreement.
Temporary Suspension of Enlarged Kaiyuan Mine
As disclosed in the announcements of the Company dated 20
December 2019 and 16 March 2020, the sales and operation of
the Enlarged Kaiyuan Mine was temporarily suspended since 21
December 2019 (the “Temporary Suspension”) due to the expiry
of the New Mining Permit on 21 December 2019 and the delay in
renewal of the New Mining Permit.
The New Mining Permit was renewed in March 2020 and the
resumption application has been approved by the Production
Safety Supervision and Administration Bureau* （ 安 全 生 產 監 督 管
理 局 ） (“Safety Bureau”) of the Xinjiang Zhundong Economic and
Technological Development Zone* （ 新 疆 准 東 經 濟 技 術 開 發 區 ）
(“Economic Zone”) on 2 August 2020. On 2 August 2020 the approval
on the resumption application issued by the Safety Bureau of the
Economic Zone was received and was allowed to resume mining
operations and sales.
Acquisition of shares and subscription of new shares in
Harbour Group Holdings
References are made to announcements of the Company dated 11
March 2019 and 23 April 2019 and the circular of the Company dated
1 April 2019 in relation to the acquisition of shares and subscription of
new shares in Harbour Group Holdings.
* English translation for identification purpose only.
9Annual Report 2021/22 年報
CHAIRMAN’S STATEMENT 主席報告
重大事項（續）
收購港海控股的股份及認購其新股份
（續）
於二零一九年三月十一日，(i)裕智創投有限
公司（「裕智創投」）（為本公司間接全資附屬
公司）與獨立第三方（「賣方」）訂立買賣協議
（「買賣協議」），據此，賣方有條件同意出
售，而裕智創投有條件同意購買港海控股
80%的股權，代價為35,712,000港元（「港
海集團收購事項」）；及(ii)裕智創投與港海控
股訂立認購協議，據此，港海控股有條件同
意向裕智創投發行及配發，而裕智創投有條
件同意認購港海控股450股普通股（相當於
認購協議日期港海控股已發行股份總數約
%），總認購價（「認購價」）為2,008,800
港元（「認購事項」）。於二零一九年四月
二十三日完成港海集團收購事項及認購事項
後，本公司間接擁有港海控股%已發
行股份的權益。
港海集團收購事項之代價已由裕智創投向
賣方以現金支付28,512,000港元，而餘下
7,200,000港元乃由本公司向賣方發行三
份承兌票據（「承兌票據」），各本金額均為
2,400,000港元。認購價已以現金結付。
港 海 集 團 由 港 海 控 股 、 Harbour Group
(Singapore) Pte. Ltd. 、 Harbour Group
Consulting (UK) Limited 、 HGH Technology
Sdn. Bhd.、峻嶺雲端顧問有限公司及領導
商業服務有限公司組成。港海集團主要業務
為主要於香港提供的資訊科技服務以及於英
國、馬來西亞以及新加坡的拓展業務。董事
相信，港海集團收購事項及認購事項日後可
拓寬本集團的收益基礎，並從多元化回報中
受益。港海集團收購事項及認購事項構成業
務合併，並已根據香港財務報告準則（「香港
財務報告準則」）第3號業務合併採用收購法
入賬。
maJor eVents (continued)
Acquisition of shares and subscription of new shares in
Harbour Group Holdings (continued)
On 11 March 2019, (i) Ample Talent Ventures Limited (“Ample
Talent”), an indirect wholly-owned subsidiary of the Company,
entered into a sale and purchase agreement (the “Sale and Purchase
Agreement”) with an independent third party (the “Vendor”), pursuant
to which the Vendor conditionally agreed to sell, and Ample Talent
conditionally agreed to purchase 80% shareholding interest in
Harbour Group Holdings at a consideration of HK$35,712,000 (the
“Harbour Group Acquisition”); and (ii) Ample Talent and Harbour
Group Holdings entered into a subscription agreement, pursuant
to which Harbour Group Holdings conditionally agreed to issue
and allot to Ample Talent, and Ample Talent conditionally agreed
to subscribe for 450 ordinary shares of Harbour Group Holdings,
representing approximately % of the total number of shares
of Harbour Group Holdings in issue as at the date of subscription
agreement at an aggregate subscription price (the “Subscription
Price”) of HK$2,008,800 (the “Subscription”). The Company indirectly
interests in % shares of Harbour Group Holdings in issue upon
completion of the Harbour Group Acquisition and Subscription on 23
April 2019.
The consideration for the Harbour Group Acquisition was settled
in cash of HK$28,512,000 by Ample Talent to the Vendor and the
remaining amount of HK$7,200,000 by means of the issue of the
three promissory notes (“Promissory Note(s)”), each in the principal
amount of HK$2,400,000 by the Company to the Vendor. The
Subscription Price was settled in cash.
Harbour Group consists of Harbour Group Holdings, Harbour Group
(Singapore) Pte. Ltd., Harbour Group Consulting (UK) Limited,
HGH Technology Sdn. Bhd., Mountain Managed Cloud Consulting
Limited and Vanguard Business Services Limited. Harbour Group
is principally engaged in the provision of IT Services mainly in Hong
Kong with expanding business in the UK, Malaysia and Singapore.
The Directors are of the view that the Harbour Group Acquisition and
the Subscription can broaden the Group’s revenue base and benefit
from the diversified return in future. The Harbour Group Acquisition
and the Subscription constituted a business combination and was
accounted for using the acquisition method under Hong Kong
Financial Reporting Standard (“HKFRS”) 3 Business Combinations.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司10
CHAIRMAN’S STATEMENT 主席報告
重大事項（續）
收購港海控股的股份及認購其新股份
（續）
根據買賣協議，賣方已同意保證，截至二零
一八年十二月三十一日止年度（「二零一八年
財政年度」）、二零一九年十二月三十一日止
年度（「二零一九年財政年度」）及二零二零年
十二月三十一日止年度（「二零二零年財政年
度」，而各十二個月期間稱為「溢利保證十二
個月期間」），根據香港財務報告準則編製的
港海集團於一般及日常業務過程中經營活動
產生的經審核綜合純利（「純利」）將不少於每
年7,200,000港元（「保證溢利」）。倘各溢利
保證十二個月期間的純利少於保證溢利，賣
方無條件及不可撤回地承諾及保證，作為持
續義務，以現金及╱或自本公司因向賣方發
行承兌票據所欠付金額中抵銷同等金額的方
式向本集團支付乘以比率的不足金額。
二零一八年財政年度之溢利保證已達成，但
二零一九年財政年度及二零二零年財政年度
之溢利保證未有實現。
誠如日期為二零二零年四月七日之公告所披
露，二零一九年財政年度之溢利保證之不足
金額相等於2,187,091港元（約整至最接近的
整數）。該金額已從本金額為2,400,000港元
的承兌票據中扣除，而本集團已向賣方支付
承兌票據的未償還金額212,909港元（即扣除
不足金額後）。
誠如日期為二零二一年五月七日的公告所
披露，二零二零年財政年度之溢利保證之
不足金額相等於2,538,041港元（約整至最
接近的整數）。該金額已從承兌票據本金額
2,400,000港元中扣除，從承兌票據扣除後
的未償還金額138,041港元已由賣方支付予
本集團。
maJor eVents (continued)
Acquisition of shares and subscription of new shares in
Harbour Group Holdings (continued)
Pursuant to the Sale and Purchase Agreement, the Vendor agreed
to guarantee that the audited consolidated net profit generated from
operating activities of the Harbour Group in its ordinary and usual
course of business, prepared in accordance with HKFRSs (the “Net
Profit”), for the years ended 31 December 2018 (“FY2018”), 31
December 2019 (“FY2019”) and 31 December 2020 (“FY2020”, and
each such 12-month period, a “PG 12-Month Period”) shall be no less
than HK$7,200,000 per annum (the “Guaranteed Profit”). In the event
that the Net Profit during the each PG 12-Month Period is less than
the Guaranteed Profit, the Vendor unconditionally and irrevocably
undertakes and guarantees, as a continuing obligation, to pay the
shortfall multiplied by the ratio of to the Group by way of cash
and/or setting off the same amount from the amount owed by the
Company under the Promissory Note(s) issued to the Vendor.
The profit guarantee for FY2018 was met but the profit guarantee for
FY2019 and FY2020 was not fulfilled.
As disclosed in the announcement dated 7 April 2020, the shortfall
for FY2019 profit guarantee equals to HK$2,187,091 (rounded to the
nearest dollar). Such amount was deducted from the Promissory Note
in the principal amount of HK$2,400,000 and the outstanding amount
of HK$212,909 (. after deduction of the shortfall amount) of the
Promissory Note was paid to the Vendor by the Group.
As disclosed in the announcement dated 7 May 2021, the shortfall
for FY2020 profit guarantee equals to HK$2,538,041 (rounded to the
nearest dollar). Such amount was deducted from the Promissory Note
in the principal amount of HK$2,400,000 and the outstanding amount
of HK$138,041 after deduction of the Promissory Note was paid by
the Vendor to the Group.
11Annual Report 2021/22 年報
CHAIRMAN’S STATEMENT 主席報告
前景
自二零一一年以來，本集團積極進行經擴大
凱源煤礦新採礦權之優化升級方案。收購事
項已擴大本集團之煤礦資源，有助本集團日
後進一步發展凱源煤礦的銷售業務。董事認
為，該交易與本集團擴大其煤礦業務之戰略
相一致。於本年度，凱源公司成功重續並獲
新疆自然資源廳簽發經重續新採礦許可證，
據此，經擴大凱源煤礦的採礦權期限重續期
由二零二一年十月十一日至二零三一年十月
十一日止，為期十年。
來年，本集團將(i)就資本資產預計作出合理
開支，尤其是用於環保補救工程之新廠房及
機器；及(ii)就安全局要求提高我們煤礦的安
全標準所作工作支付合理開支。預期資金來
源主要來自本集團之煤炭銷售收益及外部銀
行融資。
除煤礦開採外，本集團尋求開拓新市場及擴
大其於技術及可再生能源分部之業務範圍，
具體而言，於二零一九年收購港海集團及二
零一八年收購新能源集團。本集團目標之一
是將其業務組合多元化，進入能提供較高增
長動力的行業。
由於COVID-19於香港及全球各地持續，我
們一直面臨嚴峻的營商環境，此對我們於香
港的資訊科技服務業務造成負面影響。我
們期望香港的COVID-19情況於未來數月緩
和，及我們的資訊科技服務業務回復增長。
董事會將繼續留意COVID-19的最新發展情
況，並將盡最大努力管理本集團的業務組
合，旨在改善本集團的財務表現及提升股東
價值。
致謝
本人謹此答謝各董事、管理層及員工努力不
懈，為本公司之業務發展作出貢獻。本人謹
代表董事會就各股東、客戶、供應商、僱員
及業務夥伴一直以來對本公司之鼎力支持深
表謝意。
承董事會命
關文輝
主席
香港，二零二二年六月二十四日
ProsPects
The Group actively proceeded with the Optimization and Upgrading
Plan since 2011 in relation to the New Mining Right of the Enlarged
Kaiyuan Mine. The Acquisition enlarged the Group’s coal resources
and allowed the Group to enhance the development of its sales
operations of Kaiyuan Mine in the future. The Directors consider that
the transaction is in line with the Group’s strategy to expand the coal
mining business of the Group. During the Year, Kaiyuan Company
successfully renewed and received the renewed New Mining Permit
issued by the Xinjiang Natural Resources Department, pursuant to
which the term of the mining right of the Enlarged Kaiyuan Mine is
renewed for a period of 10 years from 11 October 2021 to 11 October
2031.
In the coming years, there will be (i) a reasonable expected amount
of expenditure in capital assets, in particular for the new plants and
machines for the environmental protection remedial works and (ii)
reasonable expenditure for works required by the Safety Bureau to
improve safety standard of our coal mine. Sources of funding are
expected to come primarily from the coal sales revenue and external
banking facilities of the Group.
In addition to coal mining, the Group has been exploring new markets
and seeking to develop its business coverage on technological and
renewable energy sectors, in particular, the acquisition of Harbour
Group in 2019 and NEFIN Group in 2018. It is one of the objectives of
the Group to diversify its business portfolio into sectors offering higher
growth momentum.
Due to the subsistence of COVID-19 in Hong Kong and worldwide,
we have been facing the difficult business environment, which
negatively impacted the growth of our IT Services business in Hong
Kong. We hope the COVID-19 situation in Hong Kong will ease in the
coming months and our IT Services business will resume its growth.
The Board will continue to keep track of the latest development of
the COVID-19 and will use its best endeavors to manage the Group’s
business portfolio with a view to improving the Group’s financial
performance and enhance shareholders’ value.
aPPreciation
I wish to thank my fellow directors, management and staff for their
unrelentless efforts for the business development of the Company.
On behalf of the Board, I express our sincere gratitude to our
shareholders, customers, suppliers, employees and business
partners for their continuing support of the Company.
By Order of the Board
Kwan Man Fai
Chairman
Hong Kong, 24 June 2022
* English translation for identification purpose only.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司12
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
financiaL reVieW
Revenue
The Group recorded a revenue of approximately HK$300,241,000
for the Year (2021: approximately HK$130,521,000). It represents
an increase of approximately HK$169,720,000 or approximately
% as compared with the previous year.
Coal Mining Business
During the Year, revenue of approximately HK$275,463,000 of the
coal mining business is increased by approximately HK$174,775,000
or approximately % as compared to approximately
HK$100,688,000 in previous year. The increase in revenue of the
coal mining business was mainly due to the strong local demand
and facilitated supply arrangement by the local authorities; and also
increase in selling price. The Group sold approximately 1,988,282
tonnes (2021: approximately 1,438,392 tonnes) of coal during the
Year, increased by approximately % in volume compared to that
in the previous year.
Renewable Energy Business
During the Year, the renewable energy business recorded a
turnover of approximately HK$3,781,000 (2021: approximately
HK$1,285,000). The increase in revenue of the renewable energy
business amounting to approximately HK$2,496,000 was mainly due
to the enhanced production capacity since early 2021.
IT Services Business
During the Year, the IT Services business contributed a revenue
o f approx imate ly HK$20,997,000 (2021: approx imate ly
HK$28,548,000). The decrease in revenue of approximately
HK$7,551,000, representing a decrease of approximately %
was mainly due to the subsistence of the COVID-19 in Hong Kong
and worldwide.
Cost of services and goods sold
Coal Mining Business
The cost of sales of the coal mining business for the Year
was approximately HK$117,557,000 (2021: approximately
HK$53,913,000). The cost mainly comprises direct labor cost, cost
for explosive works, depreciation, amortisation and cost of materials,
etc. The increase in cost of sales was mainly in line with the increase
in sales volume and selling price during the Year as compared with
previous year.
Renewable Energy Business
During the Year, the cost of services of the renewable energy
business was approximately HK$2,129,000 (2021: approximately
HK$517,000). The increase in cost of services of the renewable
energy business was mainly due to the enhanced production capacity
since early 2021 amounting to approximately HK$1,612,000.
財務回顧
收益
於 本 年 度 內 ， 本 集 團 錄 得 收 益 約
300,241,000 港 元（ 二 零 二 一 年 ： 約
130,521,000 港 元 ）， 與 去 年 相 比 增 加 約
169,720,000港元或約%。
煤礦業務
於本年度內，煤礦業務收益約275,463,000
港元，與去年約100,688,000港元相比增加
約174,775,000港元或約%。煤礦業
務收益增加主要由於地方需求旺盛及由地方
機關協調的供應安排；亦受惠於售價上升。
本集團於本年度銷售約1,988,282噸（二零
二一年：約1,438,392噸）煤炭，數量較去年
增加約%。
可再生能源業務
於本年度內，可再生能源業務錄得營業額約
3,781,000港元（二零二一年：約1,285,000
港 元 ）。 可 再 生 能 源 業 務 收 益 增 加 約
2,496,000港元主要由於自二零二一年初起
產能提高。
資訊科技服務業務
於本年度內，資訊科技服務業務貢獻收
益 約 20,997,000 港 元（ 二 零 二 一 年 ： 約
28,548,000港元）。收益減少約7,551,000港
元，相當於減少約%，主要由於香港
及全球COVID-19疫情持續。
已售服務及貨品成本
煤礦業務
於 本 年 度 ， 煤 礦 業 務 之 銷 售 成 本 約
117,557,000 港 元（ 二 零 二 一 年 ： 約
53,913,000港元）。成本主要包括直接勞動
成本、爆破工程成本、折舊、攤銷以及材料
成本等。與去年比較，銷售成本增加與本年
度銷量及售價增幅大致一致。
可再生能源業務
於本年度內，可再生能源業務之服務成本
約2,129,000港元（二零二一年：約517,000
港元）。可再生能源業務之服務成本增加
主要由於自二零二一年初起產能上升約
1,612,000港元。
13Annual Report 2021/22 年報
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
financiaL reVieW (continued)
Cost of services and goods sold (continued)
IT Services Business
During the Year, the cost of services and goods sold of the IT Services
business is approximately HK$17,959,000 (2021: approximately
HK$21,484,000). The decrease in cost of services and goods sold
was largely in line with the drop of revenue during the Year, particularly
the significant curtail of operations in Malaysia and Hong Kong by the
subsidiaries of Harbour Group, as compared with the previous year.
Gross profit
The gross profit of the Group for the Year increased to approximately
HK$162,596,000 (2021: approximately HK$54,607,000). It
represents an increase of approximately HK$107,989,000 or
approximately % and gross profit margin increased by
approximately % to approximately % for the Year as
compared with the previous year. Coal mining business contributed
significantly amounting to approximately HK$157,906,000 (2021:
approximately HK$46,775,000); IT Services business contributed
approximately HK$3,038,000 (2021: approximately HK$7,064,000);
and renewable energy business contributed approximately
HK$1,652,000 (2021: approximately HK$768,000).
Other revenue
The Group’s other revenue for the Year was approximately
HK$1,305,000 (2021: approximately HK$8,661,000), representing a
decrease of approximately HK$7,356,000 or approximately %
as compared with last financial year. This is mainly due to the net
effect of 1) decrease of interest income on bank deposits substantially
from the coal mining business of approximately HK$4,923,000;
and 2) no government grants for the Year (2021: approximately
HK$2,403,000) from the Anti-epidemic Fund set up by the Hong
Kong government under an Employment Support Scheme as time-
limited financial support to employers to retain employees who may
otherwise be made redundant.
Administrative and other operating expenses
The Group’s administrative and other operating expenses for the
Year was approximately HK$42,084,000 (2021: approximately
HK$34,505,000), representing an increase of approximately
HK$7,579,000 or approximately % as compared with the
previous year. This was mainly due to the 1) the increase in salaries
and bonus and staff welfare of approximately HK$6,260,000 and
2) the additional maintenance cost and the increase of low-value
consumables and accessories of approximately HK$1,090,000 as
a result of the significant increase of sales volume of coal mining
business during the Year.
財務回顧（續）
已售服務及貨品成本（續）
資訊科技服務業務
於本年度內，資訊科技服務業務之已售服
務及貨品成本約17,959,000港元（二零二一
年：約21,484,000港元）。與去年比較，本
年度已售服務及貨品成本減幅與收益減幅基
本一致，尤其是港海集團附屬公司於馬來西
亞及香港的業務經營大幅縮減。
毛利
本 集 團 於 本 年 度 之 毛 利 增 加 至 約
162,596,000 港 元（ 二 零 二 一 年 ： 約
54,607,000港元），較上一財政年度增加
約 107,989,000 港 元 或 約 % ， 而 本
年度之毛利率較去年增加約%至約
%。煤礦業務大幅貢獻約157,906,000
港元（二零二一年：約46,775,000港元），而
資訊科技服務業務及可再生能源業務分別貢
獻約3,038,000（二零二一年：約7,064,000
港元）及約1,652,000港元（二零二一年：約
768,000港元）。
其他收益
本集團於本年度之其他收益約1,305,000港
元（二零二一年： 約8,661,000港元），較
上一財政年度減少約7,356,000港元或約
%，此乃主要由於以下各項原因之淨
影響：1）煤礦業務的銀行存款利息收入顯著
減少約4,923,000港元；及2)本年度並無獲
得香港政府「保就業」計劃下抗疫基金的政府
補助（二零二一年：約2,403,000港元），該
補助為僱主提供有時限的財務支持，以留聘
在其他情況下可能被裁的僱員。
行政及其他經營費用
於本年度，本集團之行政及其他經營費
用 約 42,084,000 港 元（ 二 零 二 一 年 ： 約
34,505,000港元），較去年增加約7,579,000
港元或約%，主要由於1)薪金及獎金
以及員工褔利增加約6,260,000港元；及2)
年內煤礦業務的銷量顯著增加，導致產生額
外維簡費用以及低值消費品及配件增加約
1,090,000港元。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司14
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
financiaL reVieW (continued)
Profit for the Year
Profit for the Year of the Group was approximately HK$66,000,000
(2021: loss of approximately HK$2,208,000), representing an upturn
of approximately HK$68,208,000 as compared with last year. The
upturn was mainly due to the net effect of the following:
a) the exchange loss of approximately HK$4,091,000 (2021:
exchange gain of approximately HK$7,979,000);
b) the increase of gross profit by approximately HK$107,989,000;
c) the decrease of other revenue by approximately HK$7,356,000;
d) the increase of administrative and other operating expenses by
approximately HK$7,579,000;
e) fair value loss of convertible bond designated as financial
liabilities at fair value through profit or loss (“FVPL”) of
approximately HK$11,254,000 (2021: approximately
HK$24,857,000); representing a further increase in fair value of
convertible bond designated on financial liabilities at FVPL of
approximately HK$11,254,000;
f) no fair value loss of contingent consideration receivables
(2021: approximately HK$3,648,000);
g) the increase in the finance costs by approximately HK$716,000;
h) impairment loss on goodwill of approximately HK$5,814,000
(2021: approximately HK$14,503,000); representing a further
impairment loss of goodwill of approximately HK$5,814,000;
and
i) the turnaround from income tax credit of approximately
HK$14,326,000 in the previous year to income tax expenses
of approximately of HK$22,940,000 for the Year as the Group
reached tax authority in the Mainland China for a preferential
tax treatment on the deductibility of certain expenses incurred
during the year ended 31 March 2020, and accordingly a tax
refund was received from the relevant tax authority and was
recognized as income tax credit for the year ended 31 March
2021, while the significant enterprise income tax was charged
after the utilisation of all tax losses brought forward and the
recognition of significant deferred tax liabilities of intangible
assets for the Year.
財務回顧（續）
本年度溢利
本集團於本年度之溢利為約66,000,000港元
（二零二一年：虧損約2,208,000港元），較
去年轉虧為盈，改善約68,208,000港元，主
要由於以下各項原因之淨影響：
a) 匯兌虧損約4,091,000港元（二零二一
年：匯兌收益約7,979,000港元）；
b) 毛利增加約為107,989,000港元；
c) 其他收益減少約7,356,000港元；
d) 行政及其他經營費用增加約7,579,000
港元；
e) 指定為按公平值列賬並在損益內處理
（「按公平值列賬並在損益內處理」）之
金融負債之可換股債券之公平值虧損
約為11,254,000港元（二零二一年：約
24,857,000港元），顯示指定為按公
平值列賬並在損益內處理之金融負債
之可換股債券之公平值進一步增加約
11,254,000港元；
f) 應收或然代價之公平值虧損為零（二零
二一年：約3,648,000港元）；
g) 融資成本增加約716,000港元；
h) 商譽減值虧損約5,814,000港元（二零
二一年：約14,503,000港元），顯示商
譽進一步出現減值虧損約5,814,000港
元；及
i) 由 上 一 年 度 錄 得 所 得 稅 抵 免 約
14,326,000 港 元 轉 為 本 年 度 錄 得 所
得 稅 開 支 約 22,940,000 港 元 ， 原 因
為本集團就扣除截至二零二零年三
月三十一日止年度已產生若干開支的
優惠稅務待遇與中國內地的相關稅項
機關接洽，據此，本集團自相關稅項
機關獲退稅，並已於截至二零二一年
三月三十一日止年度確認為所得稅抵
免，而於本年度已於動用所有結轉稅
項虧損後計入重大企業所得稅，及確
認無形資產重大遞延稅項負債。
15Annual Report 2021/22 年報
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
financiaL reVieW (continued)
Profit for the Year (continued)
Change in fair value of convertible bond designated as financial
liabilities at FVPL
The zero coupon convertible bond (the “Convertible Bond”) of the
Company in the principal amount of HK$200,000,000 was issued on
14 March 2008 with a conversion price of HK$ per share (subject
to adjustments) and maturity date of 17 March 2011 (details of which
were set out in the announcements of the Company dated 28 January
2008 and 14 March 2008).
The maturity date of the Convertible Bond was then extended to 13
March 2014, 13 March 2017, 13 March 2020, and further extended
to 13 March 2023 (details of which were respectively set out in the
circulars of the Company dated 21 February 2011, 13 February 2014,
16 February 2017 and 24 February 2020 and announcements of the
Company dated 11 March 2011, 10 March 2014, 7 March 2017 and
11 March 2020).
As at the date of this annual report, the outstanding principal amount
of the Convertible Bond is HK$200,000,000.
The Company conducted valuation for the fair value of the Convertible
Bond every financial year after its issuance in compliance with the
relevant accounting policies. The Company has engaged ValQuest
Advisory Hong Kong Limited (“ValQuest”) as its independent
professional valuer for the purpose of assessing the fair value of the
Convertible Bond as at 31 March 2022. In assessing the fair value
of the Convertible Bond, the binomial option pricing model was
adopted and factors including stock price of the Company, specific
terms and structure of the Convertible Bond, trading conditions and
liquidity of the Convertible Bond, and ancillary effects associated with
the exercise or conversion and partial conversion of the Convertible
Bond were taken into account. The credit rating of our Company is
estimated to be CCC with reference to Standard & Poor’s Corporate
Rating Criteria, where Corporate Bond with issuer credit rating
from CCC- to CCC+ and similar time to maturity were selected, the
discount rate is % (2021: %).
財務回顧（續）
本年度溢利（續）
指定為按公平值列賬並在損益內處理之金融
負債之可換股債券之公平值變動
本公司本金額為200,000,000港元之零票息
可換股債券（「可換股債券」）於二零零八年三
月十四日發行，轉換價為每股股份港元
（可予調整）及到期日為二零一一年三月十七
日（有關詳情載列於本公司日期為二零零八
年一月二十八日及二零零八年三月十四日之
公告）。
可換股債券之到期日其後延長至二零一四年
三月十三日、二零一七年三月十三日、二零
二零年三月十三日及進一步延長至二零二三
年三月十三日（有關詳情分別載列於本公司
日期為二零一一年二月二十一日、二零一四
年二月十三日、二零一七年二月十六日及二
零二零年二月二十四日之通函及本公司日期
為二零一一年三月十一日、二零一四年三月
十日、二零一七年三月七日及二零二零年三
月十一日之公告）。
於本年報日期，可換股債券之尚未償還本金
額為200,000,000港元。
本公司自發行可換股債券以來每個財政年度
根據相關會計政策就可換股債券之公平值進
行估值。本公司已委任中誠達行（香港）有限
公司（「中誠達行」）擔任其獨立專業估值師，
以評估可換股債券於二零二二年三月三十一
日之公平值。評估可換股債券之公平值時採
納二項式期權定價模式並計及本公司股價、
可換股債券之特別條款及架構、可換股債券
之買賣狀況及流動性以及與行使或轉換及部
分轉換可換股債券有關之附帶影響等因素。
參照標準普爾企業評級標準，其中選取信貸
評級介乎CCC-至CCC+的發行人且到期日
相若的企業債券，本公司估計其信貸評級
為CCC，貼現率為%（二零二一年：
%）。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司16
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
financiaL reVieW (continued)
Profit for the Year (continued)
Change in fair value of convertible bond designated as financial
liabilities at FVPL (Continued)
The fair values of the Convertible Bond were approximately
HK$182,537,000 and approximately HK$171,283,000 as at 31
March 2022 and 2021, respectively. The amounts were assessed and
reviewed by the Directors and reviewed and audited by the auditor
of the Company. According to the relevant accounting policies, the
increase in fair value of the Convertible Bond represents an increase
in liabilities of the Company. The amount of the change in fair value of
the Convertible Bond of approximately HK$11,254,000 was derived
by taking the difference between the fair value of the Convertible Bond
as at 31 March 2022 and 2021. The significant change in fair value of
the Convertible Bond was mainly due to the significant change in the
stock price of the Company during the Year and the expected volatility
of the stock price of the Company. The closing stock prices of the
Company were HK$ and HK$ as at 31 March 2022 and
2021, respectively, and the expected volatility of the stock price of
the Company was % and % based on the historical price
volatility of the Company for the financial years ended 31 March 2022
and 2021, respectively.
seGment information
Business segment
Information reported to the executive directors, being identified as the
chief operating decision makers (the “CODM”), for the purposes of
resource allocation and assessment of segment performance focuses
on types of goods delivered or services rendered. No operating
segments identified by the CODM have been aggregated in arriving at
the reportable segments of the Group.
Specifically, the Group’s reportable and operating segments are as
follows:
(1) Coal mining business segment: mining and sales of coal mine in
the Xinjiang of the Mainland China;
(2) Renewable energy business segment: service income from
renewable energy solutions in Malaysia; and
(3) IT Services business segment: provision of IT Services in Hong
Kong, Singapore, Malaysia and the UK.
Segment revenue and results
Segment revenue represents revenue derived from (i) coal mining
business, (ii) renewable energy business and (iii) IT Services business.
財務回顧（續）
本年度溢利（續）
指定為按公平值列賬並在損益內處理之金融
負債之可換股債券之公平值變動（續）
二零二二年及二零二一年三月三十一日可換
股債券之公平值分別為約182,537,000港元
及約171,283,000港元。有關金額經董事評
估及審閱並經本公司核數師審閱及審核。根
據有關會計政策，可換股債券公平值增加即
本公司負債增加。可換股債券公平值之變動
約11,254,000港元經計及可換股債券於二零
二二年及二零二一年三月三十一日確認之公
平值之差額得出。可換股債券公平值重大改
變乃主要由於本公司股價於本年度出現重大
變動及本公司股價之預期波幅。本公司於二
零二二年及二零二一年三月三十一日之收市
價分別為港元及港元，而本公司
於截至二零二二年及二零二一年三月三十一
日止財政年度按本公司歷史價格波動計算之
股價預期波幅分別為%及%。
分類資料
業務分類
就資源分配及分類表現評估而向執行董事
（被認定為主要營運決策者（「主要營運決策
者」））報告之資料，主要集中於所交付貨品
或所提供服務之類型。於達致本集團之可報
告分類時概無匯集由主要營運決策者識別之
經營分類。
具體而言，本集團之可報告及經營分類如
下：
(1) 煤礦業務分類：於中國內地新疆之煤
礦開採及銷售；
(2) 可再生能源業務分類：馬來西亞可再
生能源解決方案之服務收入；及
(3) 資訊科技服務業務分類：於香港、新
加坡、馬來西亞及英國提供資訊科技
服務。
分類收益及業績
分類收益指(i)煤礦業務、(ii)可再生能源業務
及(iii)資訊科技服務業務所產生之收益。
17Annual Report 2021/22 年報
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
seGment information (continued)
Segment revenue and results (continued)
(i) Coal Mining Business
Coal mining is the major business of the Group at present. It
contributed a revenue of approximately HK$275,463,000 for
the Year (2021: approximately HK$100,688,000), representing
an increase of approximately % as compared with last
year.
Sale and Production of Coals
During the Year, the Group sold approximately 1,988,282
tonnes of coals (2021: approximately 1,438,392 tonnes) with
total sales income of approximately HK$275,463,000 (2021:
approximately HK$100,688,000). Details of sales of coals in
tonnes are listed in the below table:
2022 2021
二零二二年 二零二一年
Sales of coals 煤炭銷售
1,988,282
tonnes
噸
1,438,392
tonnes
噸
Coal Sales (tonnes) and Percentage of Coal Sales
Coal Sales Coal Sales
(tonnes) in %
煤炭銷售
（噸）
煤炭銷售
百分比
Mixed Coal 混合煤 214,763
Slack Coal 沫煤 1,534,935
Weathered Coal 風化煤 238,584
Total 總計 1,988,282 100
(ii) Renewable Energy Business
Service income from renewable energy business contributed
a revenue of approximately HK$3,781,000 for the Year (2021:
approximately HK$1,285,000). The increase in revenue of the
renewable energy business was mainly due to the enhanced
production capacity since early 2021.
(iii) IT Services Business
Service income from IT Services business contributed a
revenue of approximately HK$20,997,000 for the Year (2021:
approximately HK$28,548,000). The decrease in revenue was
mainly due to the subsistence of the COVID-19 in Hong Kong
and worldwide.
分類資料（續）
分類收益及業績（續）
(i) 煤礦業務
煤礦為本集團目前主要業務。於本年
度，該業務之收益約275,463,000港元
（二零二一年：約100,688,000港元），
較去年增加約%。
煤炭銷售及生產
於本年度，本集團售出約1,988,282噸
煤炭（二零二一年：約1,438,392噸），
總銷售收入約275,463,000港元（二零
二一年：約100,688,000港元）。以噸
計之煤炭銷售詳情載於下表：
(ii) 可再生能源業務
於本年度，可再生能源業務產生之服
務收入貢獻收益約3,781,000港元（二
零二一年：約1,285,000港元）。可再
生能源業務收益增加主要由於自二零
二一年初起產能提升所致。
(iii) 資訊科技服務業務
於本年度，資訊科技服務業務產生之
服務收入貢獻收益約20,997,000港元
（二零二一年：約28,548,000港元）。
收益減少主要由於香港及全球各地
COVID-19疫情持續所致。
煤炭銷售（噸）及煤炭銷售百分比
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司18
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
seGment information (continued)
Reserves and Resources
The Group owns a mining right located in Xinjiang. The estimated
remaining reserve in Kaiyuan Mine (excluding the Enlarged Kaiyuan
Mine (as defined in “Major Events”)) was approximately million
tonnes as at 31 March 2020.
On 2 December 2019, the Transfer Agreement was officially passed
by the Xinjiang Natural Resources Department to Kaiyuan Company.
According to the Competent Person’s report and valuation report
of the Enlarged Kaiyuan Mine dated 19 August 2020, the probable
reserve in the Enlarged Kaiyuan Mine was approximately million
tonnes as at the date of acquisition of the Enlarged Kaiyuan Mine.
During the Year, approximately million tonnes of coal was
extracted (2021: approximately million tonnes).
Total approximate reserve of the mine in Xinjiang as at 31 March 2022
is equivalent to million tonnes (. the sum of the estimated
remaining coal reserve in Kaiyuan Mine including the Enlarged
Kaiyuan Mine) (2021: approximately million tonnes).
Coal Reserve as at 31 March 2022 = Coal Reserve as at 31 March
2021 – Amount of coal extracted by the Group during the Year.
分類資料（續）
儲量及資源
本集團擁有一項位於新疆之採礦權。於二零
二零年三月三十一日，凱源煤礦（不包括經
擴大凱源煤礦）（定義見「重大事項」）估計剩
餘儲量約百萬噸。
於二零一九年十二月二日，新疆自然資源廳
正式通過凱源公司之出讓協議。根據經擴大
凱源煤礦日期為二零二零年八月十九日的合
資格人士報告及估值報告，經擴大凱源煤礦
於收購經擴大凱源煤礦日期的概算儲量約為
百萬噸。
本年度開採約百萬噸（二零二一年：約
百萬噸）煤炭。
於二零二二年三月三十一日，新疆的煤礦之
總概約儲量相等於百萬噸（即凱源煤礦
（包括經擴大凱源煤礦）之估計剩餘煤炭儲備
總量）（二零二一年：約百萬噸）。
於二零二二年三月三十一日的煤炭儲備＝於
二零二一年三月三十一日的煤炭儲備—本集
團本年度開採的煤炭數量。
19Annual Report 2021/22 年報
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
seGment information (continued)
Geographical segment
The geographical location of customers is determined based on the
location where the goods are delivered or services are rendered. The
Group’s revenue and results from operations are mainly derived from
activities in the Mainland China, Hong Kong, Singapore, the UK and
Malaysia. Activities outside these five locations are insignificant. The
principal assets of the Group are located in the Mainland China, Hong
Kong and Malaysia.
Goodwill
(a) IT Services CGU
The major goodwill of the Group arises from the acquisition of
% equity interests in Harbour Group on 23 April 2019 with
cash-generating unit (“CGU”) engaged in IT Services (the “IT
Services CGU”).
As at 31 March 2022, the Directors assessed the recoverable
amount of the IT Services CGU with reference to value-in-
use (“VIU”) calculations using cash flow projections based on
financial budgets and forecasts covering a five-year period and
extrapolation of cash flows beyond such period conducted by
ValQuest.
Key assumptions used for cash flow projections to undertake
impairment testing of the goodwill allocated to IT Services CGU
are as follows:
As at
31 March
2022
於二零二二年
三月三十一日
Growth in revenue year-on-year
during the five-year period
五年期間之按年收益增長
%
Budgeted gross profit margin 目標毛利率 %
Perpetual growth rate 永續增長率 %
Discount rate (pre-tax) 貼現率（稅前） %
The Directors determined the growth rates are based on past
performance and the expectation of market development. The
discount rate used is pre-tax and reflects specific risks relating
to the IT Services CGU.
分類資料（續）
地區分類
客戶地區位置依據貨品交付，或提供服務之
地點釐定。本集團之收益及經營業績主要源
自中國內地、香港、新加坡、英國及馬來西
亞之業務。上述五個地區以外之業務微不足
道。本集團之主要資產位於中國內地、香港
及馬來西亞。
商譽
(a) 資訊科技服務現金產生單位
本集團商譽主要產生自於二零一九年
四月二十三日收購港海集團%股
權連同從事資訊科技服務的現金產生
單位（「現金產生單位」）（「資訊科技服
務現金產生單位」）。
於二零二二年三月三十一日，董事參
照使用現金流量預測計算的使用價值
（「使用價值」）評估資訊科技服務現金
產生單位的可收回金額，而現金流量
預測根據財務預算及五年期預測及中
誠達行作出之超過五年後之推斷現金
流量計算。
為分配至資訊科技服務現金產生單位
的商譽進行減值測試而作出現金流量
預測所用之主要假設如下：
董事按過往表現及市場發展預期釐定
增長率。所用貼現率為稅前，並反映
涉及資訊科技服務現金產生單位的具
體風險。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司20
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
seGment information (continued)
Goodwill (continued)
(a) IT Services CGU (continued)
As at 31 March 2022, in light of keen competition from the IT
Services sector and the subsistence of COVID-19 in Hong Kong
and worldwide, which are expected to have a negative impact
on the revenue and growth rate of the IT Services CGU, the
recoverable amount of the IT Services CGU of approximately
HK$7,898,000 (2021: approximately HK$18,772,000) fell
below its then carrying amount. Accordingly, the goodwill
allocated to the IT Services CGU was impaired by approximately
HK$5,814,000 (2021: approximately of HK$14,503,000) during
the Year.
Yet, the IT Services segment would continue to sustain its
established foothold in Hong Kong, the UK, Malaysia and
Singapore in responding to the business development of its
existing customers in the IT Services and also cloud related
services, though the Group did not tend to enter into long term
written service agreements with these customers. The Group
expects the existing customers from the information technology
and communication industry worldwide would gradually recover
once the pandemic is over. In addition, in view of the Hong
Kong government’s continuous policy measure to facilitate
the multi-faceted development of IT industry in Hong Kong,
which includes establishing specific government authorities
(. the Innovative and Technology Bureau in 2015) to promote
the industry, setting up funding schemes to support industry-
oriented research and development and nurturing technological
entrepreneurship, the Group expects such measures could aid
the recovery of the industry once the COVID-19 is contained.
(b) Renewable Energy CGU
Another major goodwill of the Group is the goodwill arising from
the acquisition of 90% equity interests in NEFIN Leasing and its
subsidiary on 8 October 2018 with CGU engaged in renewable
energy solutions and solar farm development (the “Renewable
Energy CGU”).
As at 31 March 2022 and 2021, the Directors assessed the
recoverable amount of the Renewable Energy CGU with
reference to VIU calculations using cash flow projections based
on financial budgets and forecasts covering a five-year period
and extrapolation of cash flows beyond such period conducted
by ValQuest.
分類資料（續）
商譽（續）
(a) 資訊科技服務現金產生單位（續）
於二零二二年三月三十一日，鑒於資
訊科技服務分部競爭激烈以及香港
及全球各地的COVID-19疫情持續，
預期會對資訊科技服務現金產生單
位的收益及增長率產生負面影響，
故資訊科技服務現金產生單位的可
收回金額約7,898,000港元（二零二一
年：約18,772,000港元）低於其當時
之賬面值。因此，本年度分配至資
訊科技服務現金產生單位的商譽減值
約為5,814,000港元（二零二一年：約
14,503,000港元）。
然而，資訊科技服務分部將繼維持其
於香港、英國、馬來西亞及新加坡建
立的立足點，以回應其資訊科技服務
及雲相關服務現有客戶的業務發展，
惟本集團並無意與該等客戶訂立長期
書面服務協議。本集團預期全球的資
訊科技及傳訊業現有客戶將於疫情過
後逐步恢復。再者，香港政府已持續
採納政策措施，以促進香港資訊科技
業的多方位發展，當中包括成立特別
政府部門（即於二零一五年成立的創新
及科技局）以推廣該行業、設立基金
計劃以支持行業研發以及培育科技企
業，本集團預期一旦COVID-19疫情受
控，該等措施將有助行業復甦。
(b) 可再生能源現金產生單位
另一項主要商譽為本集團於二零一八
年十月八日收購新能源租賃及其附屬
公司90%股權連同從事提供可再生能
源解決方案及太陽能發電站開發業務
的現金產生單位（「可再生能源現金產
生單位」）產生商譽。
於 二 零 二 二 年 及 二 零 二 一 年 三 月
三十一日，董事參照使用現金流量預
測計算的使用價值評估可再生能源現
金產生單位的可收回金額，而現金流
量預測根據財務預算及五年期預測及
中誠達行作出之超過五年後之推斷現
金流量計算。
21Annual Report 2021/22 年報
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
seGment information (continued)
Goodwill (continued)
(b) Renewable Energy CGU (continued)
Key assumptions used for cash flow projections to undertake
impairment testing of the goodwill allocated to Renewable
Energy CGU are as follows:
As at
31 March
2022
於二零二二年
三月三十一日
Growth in revenue year-on-year during the five-
year period
五年期間之按年收益增長
% – %
Budgeted gross profit margin 目標毛利率 %
Perpetual growth rate 永續增長率 %
Discount rate (pre-tax) 貼現率（稅前） %
The Directors determined the growth rates based on past
performance and the expectation of market development. The
discount rate used is pre-tax and reflects specific risks relating
to the Renewable Energy CGU.
As at 31 March 2022, the recoverable amount of the Renewable
Energy CGU is higher than its carrying amount by approximately
HK$22,940,000 (2021: approximately HK$9,669,000).
Accordingly, there was no impairment on the goodwill during
the years ended 31 March 2022 and 2021.
The Directors are of the opinion that they are not aware of any
material change in the key assumptions in determining the
recoverable amount of the CGU as at 31 March 2022 and 2021.
Intangible assets
The Directors conducted impairment review of the mining right
and stripping activity assets at the end of each reporting period or
when impairment indicator exists. In such connection, the Company
engaged ValQuest to assess the VIU of CGU of the coal mines
related non-current assets, including property, plant and equipment,
mining right, stripping activity assets and prepayments for acquisition
of property, plant and equipment of the individual mine site, of the
coal mining business of the Group (the “Coal Mining Assets”) for the
purpose of impairment testing as at 31 March 2022 and 2021.
分類資料（續）
商譽（續）
(b) 可再生能源現金產生單位（續）
為分配至可再生能源現金產生單位的
商譽進行減值測試而作出現金流量預
測所用之主要假設如下：
董事按過往表現及市場發展預期釐定
增長率。所用貼現率為稅前，並反映
涉及可再生能源現金產生單位的具體
風險。
於二零二二年三月三十一日，可再生
能源現金產生單位的可收回金額高於
其賬面值約22,940,000港元（二零二一
年：約9,669,000港元）。因此，截至
二零二二年及二零二一年三月三十一
日止年度並無商譽減值。
董事認為，彼等於二零二二年及二零
二一年三月三十一日未有發現任何用
於釐定現金產生單位可收回金額之主
要假設出現任何重大轉變。
無形資產
於各報告期間結束或出現減值跡象時，董事
對採礦權及剝離活動資產進行減值檢討。因
此，於二零二二年及二零二一年三月三十一
日，本公司已委聘中誠達行評估與本集團煤
礦業務之非流動採礦資產（包括各礦場之物
業、廠房及設備、採礦權及剝離活動資產以
及收購物業、廠房及設備預付款項）（「煤礦
資產」）現金產生單位之使用價值，以作減值
測試。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司22
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
seGment information (continued)
Intangible assets (continued)
During the years ended 31 March 2022 and 2021, with reference
to valuations conducted by ValQuest using discounted cash
flow method, the Directors expected that the VIU of the Coal
Mining Assets is higher than its carrying amount by approximately
HK$32,865,000 (2021: approximately HK$23,773,000) and thus
concluded that no impairment loss was recognised during the years
ended 31 March 2022 and 2021.
The directors of the Company had also considered the following
factors and concluded that no reversal of impairment loss was
required for the years ended 31 March 2022 and 2021:
(a) the impairment loss recognised in previous years was related
to the Coal Mining Assets of Kaiyuan Mine (as defined in Note
(i) below) before the completion of Optimization and Upgrading
Plan (as defined in Note (ii) below);
(b) the assessment of the VIU of Coal Mining Assets as at 31 March
2022 and 2021 was mainly represented by the VIU of Coal
Mining Assets of Enlarged Kaiyuan Mine (as defined in Note (ii)
below); and
(c) there is no comparability for the VIU of Coal Mining Assets as at
31 March 2022 and 2021 with the impairment loss recognised
in previous years.
In light of the current mining right which is expiring in August 2049 as
disclosed below, the Directors are of the opinion that, based on past
experience and current laws and regulations in the Mainland China,
the Group is eligible to further renew the mining right without incurring
significant incremental cost, given the Group continues to comply
with the requirements as required by the relevant local authorities in
the Mainland China. In this connection, when assessing the VIU of the
Coal Mining Assets, the Directors adopted a cash flow forecast which
covers beyond the expiry date, representing the remaining periods of
the mine until the expected coal reserves of the mine is fully utilised.
分類資料（續）
無形資產（續）
截至二零二二年及二零二一年三月三十一日
止年度，經參照中誠達行使用已貼現現金流
量方法作出之估值，董事預期煤礦資產之使
用價值高於其賬面值約32,865,000港元（二
零二一年：約23,773,000港元），因而斷定
截至二零二二年及二零二一年三月三十一日
止年度並無確認任何減值虧損。
本公司董事亦已考慮下列因素，並認為毋須
就截至二零二二年及二零二一年三月三十一
日止年度作出減值虧損撥回：
(a) 過往年度確認的減值虧損乃關於優化
升級方案（定義見下文附註(ii)）前凱源
煤礦（定義見下文附註(i)）的煤礦資產；
(b) 於 二 零 二 二 年 及 二 零 二 一 年 三 月
三十一日對煤礦資產使用價值的評估
主要為經擴大凱源煤礦（定義見下文附
註(ii)）煤礦資產的使用價值；及
(c) 於 二 零 二 二 年 及 二 零 二 一 年 三 月
三十一日的煤礦資產使用價值與過往
年度確認的減值虧損並無可比性。
有關下文披露將於二零四九年八月屆滿之
現時採礦權，董事認為，根據過往經驗及
中國內地現時的法例及規例，由於本集團一
直符合相關中國內地地方機關要求的條件，
故合資格可不在招致額外大額成本下進一步
重續採礦權。因此，評估煤礦資產之使用價
值時，董事採用了一個涵蓋屆滿日期後（直
至完全動用估計的礦場煤炭儲量止剩餘的時
間）的現金流量預測方式。
23Annual Report 2021/22 年報
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
分類資料（續）
無形資產（續）
考慮有關二零四九年八月後任何採礦活動的
潛在成果之敏感度分析以及參照中國內地律
師發表的法律意見所得成功重續採礦權的可
能性後，董事認為，二零四九年八月後重續
採礦權並無會對煤礦資產之使用價值造成重
大影響。
於評估現金產生單位之使用價值時，煤礦業
務之未來現金流量採用可反映當前所評估之
貨幣時間值及相關業務特定風險之除稅前貼
現率貼現至相關現值。預測現金流量所使用
之參數分別包括但不限於反映市場及本集團
現狀以及未來估計走勢之煤炭售價及銷量、
生產成本及其他開支、資本開支、生產計劃
及貼現率。尤其是，本集團或會按照不時公
佈的最新政府政策，修訂全年生產計劃及現
金流量預測中採納的預期煤炭銷量。
於評估各現金產生單位之適用貼現率時，已
採用資本資產定價模式（「資本資產定價模
式」）。根據資本資產定價模式，合適之預期
回報率為無風險回報與投資者為彌補所承擔
市場風險而須取得之權益風險溢價兩者之總
和。此外，預期現金產生單位之預期回報率
將受到整體市場以外之其他企業特定風險因
素所影響。權益成本乃按無風險利率、市場
回報及現金產生單位之估計貝塔系數以及企
業特定風險因素釐定。因此，本集團可參照
最新市場資訊以及根據從有關合適來源（如
礦產儲量的合資格人士報告）可得最近期證
明得出該公司的特定風險因素，更新貼現率
輸入數據及其他估值參數。
seGment information (continued)
Intangible assets (continued)
Having considered the sensitivity analysis about the possible
outcomes for any mining activities after August 2049 and the
likelihood of successful renewal of the mining right with reference to a
legal opinion issued by the lawyer in the Mainland China, the Directors
considered the risk exposed to the renewal of mining right after
August 2049 may not have significant impact on the VIU of the Coal
Mining Assets.
In assessing the VIU of the CGUs, the future cash flows of the coal
mining business are discounted to the related present values using a
pre-tax discount rate that reflects current assessment of the time value
of money and the risks specific to such business. Parameters used
in the projected cash flows included but were not limited to selling
prices and sales volumes of coal, production cost and other expenses,
capital expenditure, production plan and discount rate, respectively,
which reflected the current conditions of the market and the Group and
estimated trend in the future. In particular, the Group may revise the
annual production plan and the expected sales volumes of coal adopted
in the cash flows projection with reference to the latest government
policies announced from time to time.
When evaluating the appropriate discount rate for each of the CGUs,
the Capital Asset Pricing Model (“CAPM”) had been used. Under
CAPM, the appropriate expected rate of return was the sum of the
risk-free return and the equity risk premium required by investors to
compensate for the market risk assumed. In addition, the expected
rate of return of the CGUs was expected to be affected by other firm
specific risk factors that are independent of the general market. The
cost of equity was determined by the risk-free rate, market return and
estimated beta of the CGUs and firm specific risk factors. Therefore,
the Group may update the inputs of discount rate and other valuation
parameters with reference to the latest market information and
the firm’s specific risk factors based on the most recent available
evidences from the relevant appropriate sources, . the competent
person’s report on mine reserve.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司24
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
seGment information (continued)
Intangible assets (continued)
Key assumptions used for cash flow projections to undertake
impairment assessment of the Coal Mining Assets are as follows:
As at
31 March
2022
於二零二二年
三月三十一日
Growth in revenue 收益增長 %
Budgeted gross profit margin 目標毛利率 %
Long-term growth rate 長期增長率 %
Discount rate (pre-tax) 貼現率（稅前） %
Details of the Group’s mining right at the end of the reporting period
are as follows:
Mining right Location Expiry date
採礦權 地點 屆滿日期
Kaiyuan Mine and the Enlarged
Kaiyuan Mine
Inside Zhundong Meitian Xiheishan Coal Mining
Area in Xinjiang
Mining right expired
in August 2049
with existing
mining permit until
11 October 2031
(renewable)
凱源煤礦及經擴大凱源煤礦 新疆准東煤田西黑山煤炭礦區 採礦權於二零四九年八月
屆滿，而現有採礦許可
證有效期至二零三一年
十月十一日為止
（可重續）
分類資料（續）
無形資產（續）
評估煤礦資產的減值時使用的現金流量預測
所作的主要假設如下：
有關本集團於報告期末之採礦權詳情如下：
25Annual Report 2021/22 年報
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
seGment information (continued)
Intangible assets (continued)
The as-mined coal from Kaiyuan Mine or Enlarge Kaiyuan Mine is
screened to various sizes and to the local thermal coal market. The
mine has an established thermal coal sales market with low risk for
future sales. The significant customers include thermal coal domestic
and industry in the local areas.
Xinjiang is remote from major industrial cities in the Mainland China,
and hence coal produced in Xinjiang is mainly consumed locally by
customers due to the logistic and the transportation costs. The Group
did not enter into long term written service agreements with the
existing customers.
However, the management of the Group closely monitors the
short-term operation strategy and profit margin of different coal
products and, if necessary, modifies the production plan through
understanding the local government’s policies and the coal market
demand. The Group keeps strict control over the costs and expenses
to maintain a strong financial position in the coal mining business
segment.
siGnificant inVestments HeLd, materiaL
acquisitions and disPosaLs of suBsidiaries,
and future PLans for materiaL inVestments
or caPitaL assets
Save as otherwise disclosed, there were neither significant
investments held as at 31 March 2022 nor material acquisitions and
disposals of subsidiaries during the Year.
Save as otherwise disclosed, the Group does not have any future
plans for material investments. There will, however, be a reasonable
expected amount of expenditure in capital assets, in particular for the
new plants and machines for the environmental protection remedial
works. Sources of funding are expected to come primarily from the
coal sales revenue and also external banking facilities of the Group.
分類資料（續）
無形資產（續）
凱源煤礦或經擴大凱源煤礦原煤經篩選後分
為不同大小，並運抵致當地動力煤市場。該
煤礦擁有成熟的動力煤銷售市場，其未來銷
售風險較低。主要客戶包括當地動力煤家用
及工業用戶。
新疆遠離中國內地主要工業城市，因此，基
於物流及運輸成本之因素，新疆所產煤炭主
要由當地客戶使用。本集團未有與現有客戶
訂立長期書面服務協議。
然而，本集團管理層密切監察短期營運策略
及不同煤炭產品的溢利率，如需要，透過瞭
解當地政府政策及煤市場需求以調整生產計
劃。本集團將嚴格控制成本及開支以維持煤
炭開採業務分部強勁的財務狀況。
所持重大投資、附屬公司之重大收
購及出售事項以及重大投資或資本
資產之未來計劃
除另行披露者外，於二零二二年三月三十一
日並無持有重大投資，於本年度亦無附屬公
司之重大收購或出售事項。
除另行披露者外，本集團並無任何重大投資
之未來計劃。然而，本集團預期將就資本資
產作出合理開支，尤其是用於環保補救工程
之新廠房及機器。預期資金來源主要來自本
集團之煤炭銷售收益及外部銀行融資。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司26
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
流動資金及財務資源
於二零二二年三月三十一日，本集團有：
• 流動負債淨額約32,068,000港元（二零
二一年：流動資產淨值約87,610,000
港元）。
• 現金及現金等值項目約260,753,000
港 元（ 二 零 二 一 年： 約 204,079,000
港 元 ）， 包 括 銀 行 結 餘 及 現 金 約
260,753,000（ 二 零 二 一 年 ： 約
204,079,000港元），為本集團流動資
產約274,922,000港元（二零二一年：
約 240,342,000 港 元 ）之 主 要 組 成 部
分。所有現金及現金等值項目均以港
元、馬來西亞令吉（「馬幣」）、新加坡
元（「新加坡元」）、英鎊（「英鎊」）、美
元（「美元」）及人民幣計值（二零二一
年：港元、馬幣、新加坡元、英鎊、
美元及人民幣）。
• 流 動 負 債 約 306,990,000 港 元（ 二 零
二 一 年 ： 約 152,732,000 港 元 ），
主要包括應付貨款及其他應付款項
約 70,444,000 港 元（ 二 零 二 一 年 ：
約 81,071,000 港 元 ）、 計 息 借 貸 約
37,254,000 港 元（ 二 零 二 一 年 ： 約
60,636,000港元）及可換股債券之即
期部分約182,537,000港元（二零二一
年：無）。
計息借貸須於其開始起計介乎一年至
五年（二零二一年：兩年至五年）內償
還。每年計息借貸之平均實際利率介
乎%至%（二零二一年：%至
%）之間。該等計息借貸以港元及
人民幣（二零二一年：港元及人民幣）
計值。
• 非流動負債約85,091,000港元（二零
二一年：約257,873,000元），包括可
換股債券之非即期部分約零（二零二一
年：約171,283,000元）及應付採礦權
款項之應付非即期部分約81,011,000
港元（二零二一年：約82,522,000元）。
本集團之資產負債比率約為（二零二一
年：約），乃按總負債（可換股債券、應
付採礦權款項、承兌票據、租賃負債及計息
借貸）除以總權益計算。
LiquiditY and financiaL resources
As at 31 March 2022, the Group had:
• net current liabilities of approximately HK$32,068,000 (2021:
net current assets approximately HK$87,610,000).
• cash and cash equivalents of approximately HK$260,753,000
(2021: approximately HK$204,079,000), which comprised the
bank balances and cash of approximately HK$260,753,000
(2021: approximately HK$204,079,000), were the major
components of the Group’s current assets of approximately
HK$274,922,000 (2021: approximately HK$240,342,000).
All the cash and cash equivalents are denominated in HK$,
Malaysian Ringgit (“MYR”), Singapore Dollars (“S$”), Great
Britain Pound (“GBP”), United States Dollars (“US$”) and RMB
(2021: HK$, MYR, S$, GBP, US$ and RMB).
• current liabilities of approximately HK$306,990,000 (2021:
approximately HK$152,732,000) which comprised mainly trade
and other payables of approximately HK$70,444,000 (2021:
approximately HK$81,071,000), interest-bearing borrowings
of approximately HK$37,254,000 (2021: approximately
HK$60,636,000) and current portion of Convertible Bond of
approximately HK$182,537,000 (2021: Nil).
The interest-bearing borrowings are repayable from within one
year to five years (2021: two years to five years) since their
inception. The average effective interest rates on the interest-
bearing borrowings were ranging from % – % (2021:
% – %) per annum. The interest-bearing borrowings are
denominated in HK$ and RMB (2021: HK$ and RMB).
• non-current liabilities of approximately HK$85,091,000 (2021:
approximately HK$257,873,000) which comprised non-
current portion of Convertible Bond of approximately Nil (2021:
approximately HK$171,283,000) and non-current portion
payable related to mining right payables of approximately
HK$81,011,000 (2021: approximately HK$82,522,000).
The Group’s gearing ratio was approximately (2021:
approximately ). The computation is based on total debt
(Convertible Bond, mining right payables, promissory notes, lease
liabilities and interest-bearing borrowings) divided by total equity.
27Annual Report 2021/22 年報
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析
caPitaL structure
The capital of the Group comprises only ordinary shares.
As at 31 March 2022, there were 765,373,584 ordinary shares of the
Company in issue.
The Convertible Bond of the Company with an aggregate principal
amount of HK$200,000,000 were issued on 14 March 2008 the
maturity date of which was approved to be further extended for 36
months to 13 March 2023 by the shareholders of the Company on 11
March 2020.
cHarGes on GrouP’s assets
As at 31 March 2022, the Group had pledged its mining right
with carrying amount of approximately HK$128,446,000 (2021:
approximately HK$132,175,000).
foreiGn eXcHanGe eXPosure
The Group mainly earns revenue in RMB, HK$ and MYR and incurs
costs in RMB, HK$ and MYR. The Group is exposed to foreign
exchange risk based on fluctuations between HK$ and RMB arising
from its core operation in the Mainland China as well as HK$ and MYR
arising from its operation in Malaysia. The currency exchange risk for
the Year is mainly derived from the net exchange gain on convertible
bond designated as financial liabilities at FVPL, which is a result from
the currency appreciation of RMB against HK$. In order to minimise
the foreign currency risk exposure between these two currencies, the
Group maintained cash balances in both currencies that are sufficient
to meet several months’ operating cash flows requirements of the
Group.
treasurY PoLicies
Apart from the issuance of Convertible Bond at their face
value of HK$200,000,000 and the interest-bearing borrowings
amounting to approximately HK$37,254,000 (2021: approximately
HK$60,636,000), the Group finances its operation mainly by internal
generated resources.
continGent LiaBiLities
As at 31 March 2022, the Group did not have any material contingent
liabilities (2021: Nil).
emPLoYees
As at 31 March 2022, the Group had 140 employees (2021: 120)
spreading amongst Hong Kong, Malaysia, Singapore, the UK and the
Mainland China. Total staff costs (excluding directors’ emoluments)
for the Year amounted to approximately HK$38,954,000 (2021:
approximately HK$33,406,000), representing a significant reduction
of manpower in Hong Kong and Malaysia under the IT Services
segment, and the increase in number of staff in the coal mining
business in Xinjiang. Employment relationship has been well
maintained by the Group with its employees.
資本結構
本集團資本僅包括普通股。
於二零二二年三月三十一日，本公司有
765,373,584股已發行普通股。
本公司已於二零零八年三月十四日發行本金
總額為200,000,000港元之可換股債券，本
公司股東於二零二零年三月十一日批准進一
步將其到期日延長36個月至二零二三年三月
十三日。
本集團資產抵押
於二零二二年三月三十一日，本集團已抵押
賬面值約128,446,000港元（二零二一年：約
132,175,000港元）之採礦權。
外匯風險
本集團之收益主要以人民幣、港元及馬幣
計值，而開支亦以人民幣、港元及馬幣計
值。本集團面對其於中國內地之核心業務所
產生港元與人民幣之間兌換以及其馬來西亞
業務產生港元與馬幣兌換波動之外匯風險。
本年度之貨幣兌換風險主要源自因人民幣兌
港元升值所導致指定為按公平值列賬並在損
益內處理之金融負債之可換股債券匯兌收益
淨額。為將該兩類貨幣間之外幣風險減至最
低，本集團以該兩類貨幣持有足夠應付其數
個月經營現金流量需要之現金結餘。
庫存政策
除發行面值為200,000,000港元之可換股債
券及計息借貸約37,254,000港元（二零二一
年：約60,636,000港元）外，本集團主要透
過內部產生資源撥付其營運之資金需求。
或然負債
於二零二二年三月三十一日，本集團並無任
何重大或然負債（二零二一年：無）。
僱員
於二零二二年三月三十一日，本集團有
140名（二零二一年：120名）僱員，遍佈
香港、馬來西亞、新加坡、英國及中國內
地。於本年度，員工成本總額（不包括董事
酬金）約38,954,000港元（二零二一年：約
33,406,000港元），代表香港及馬來西亞資
訊科技服務分部的人力資源大幅減少，而新
疆採煤業務的員工數目則有所增加。本集團
與僱員一直保持良好僱傭關係。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司28
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員簡歷
eXecutiVe directors
Mr. Kwan Man Fai (“Mr. Kwan”), aged 53, is an executive Director
and authorised representative of the Company (under rule of
the Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited (the “Stock Exchange”) (the “Listing Rules”))
appointed on 25 March 2008. Mr. Kwan has been the chairman
and managing director of the Company since March 2017 and is
a member of the remuneration committee and the chairman of the
nomination committee of the Company. He is also a director of certain
subsidiaries of the Company. Mr. Kwan graduated from the University
of Hong Kong with a bachelor degree in laws and a postgraduate
certificate in laws. Mr. Kwan also holds a master degree in laws from
The London School of Economics and Social Sciences, the University
of London and a master degree in the Mainland China law from
the City University of Hong Kong. Mr. Kwan is now a consultant of
Messrs. Anthony Siu & Co., a law firm in Hong Kong. Mr. Kwan has
over 10 years of experience in corporate finance and banking work,
including assisting various companies in their listing on the Main
Board and the GEM of the Stock Exchange.
Mr. Wong Sze Wai, aged 39, is an executive Director appointed on
20 November 2018. Mr. Wong Sze Wai is a member of remuneration
committee of the Company. Mr. Wong Sze Wai is also a director of
certain subsidiaries of the Company. Mr. Wong Sze Wai obtained a
master degree in Social Science from the University of Hong Kong
in 2010 and an honours bachelor degree in Science from McMaster
University of Canada in 2007. Mr. Wong Sze Wai is currently a director
of several private companies in Hong Kong. His industrial experience
includes research and development, business development, and legal
and compliance, etc. Mr. Wong Sze Wai is a director of Ascent Goal
Investments Limited, the controlling shareholder of the Company.
Mr. Li Chun Fung (“Mr. Li”), aged 40, is an executive Director and
authorised representative of the Company (under rule of the
Listing Rules) appointed on 17 September 2021. Mr. Li has been
the financial controller of the Company since 14 April 2015 and
the company secretary of the Company since 21 April 2015. Mr.
Li graduated from the Imperial College, University of London with a
master degree in chemical engineering in August 2004. Mr. Li became
a member of Hong Kong Institute of Certified Public Accountants
in October 2014. He is currently a director of APEC Business
Consultancy Limited. Mr. Li has been providing corporate services to
a variety of Hong Kong listed companies and offshore companies and
has extensive experience in corporate governance and compliance
matters. Mr. Li is currently the company secretary of Grand Power
Logistics Group Limited (stock code: 8489), a company listed on
GEM of the Stock Exchange.
執行董事
關文輝先生（「關先生」），53歲，於二零零八
年三月二十五日獲委任為執行董事及香港聯
合交易所有限公司（「聯交所」）證券上市規則
（「上市規定」）第條項下本公司之授權代
表。關先生自二零一七年三月起出任本公司
主席兼董事總經理，為本公司薪酬委員會成
員及提名委員會主席。彼亦為本公司若干附
屬公司之董事。關先生畢業於香港大學，獲
頒法學士學位及法學專業證書。關先生亦持
有倫敦大學倫敦經濟社會科學院法律碩士學
位及香港城市大學法律碩士學位（中國內地
法）。關先生現為香港律師事務所蕭一峰律
師行之顧問律師。關先生於企業融資及銀行
業務方面擁有逾十年經驗，當中包括協助多
間公司於聯交所主板及GEM上市之經驗。
王四維先生，39歲，於二零一八年十一月
二十日獲委任為執行董事。王四維先生為本
公司薪酬委員會成員。王四維先生亦擔任本
公司若干附屬公司之董事。王四維先生於二
零一零年取得香港大學社會科學碩士學位，
以 及 於 二 零 零 七 年 取 得 加 拿 大 McMaster
University（麥馬斯達大學）理學士榮譽學位。
王四維先生現時擔任香港若干私人公司董
事。彼之行業經驗包括研究及開發、業務發
展及法律合規等。王四維先生為本公司控股
股東晉標投資有限公司之董事。
李震鋒先生（「李先生」），40歲，於二零二一
年九月十七日獲委任為本公司執行董事及上
市規則第條項下之授權代表。李先生自
二零一五年四月十四日起擔任本公司財務總
監及自二零一五年四月二十一日起擔任本公
司公司秘書。李先生於二零零四年八月畢業
於倫敦大學帝國學院，獲頒授化學工程碩士
學位。李先生於二零一四年十月成為香港會
計師公會會員。彼目前為雅博策略顧問有限
公司之董事。李先生一直以來向香港多間上
市公司及離岸公司提供企業服務，並於企業
管治及合規事宜方面擁有豐富經驗。李先生
現為聯交所GEM上市公司裕程物流集團有限
公司（股份代號：8489）的公司秘書。
29Annual Report 2021/22 年報
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理人員簡歷
indePendent non-eXecutiVe directors
Dr. Wong Man Hin Raymond, aged 56, is an independent non-
executive Director appointed on 25 March 2008. Dr. Wong Man
Hin Raymond is the chairman of the remuneration committee of
the Company and a member of both the audit committee and
the nomination committee of the Company. Dr. Wong Man Hin
Raymond is a member of American Institute of Certified Public
Accountants (CPA), a Certified Management Accountant (CMA) and
holds a certificate in financial management (CFM). Dr. Wong Man
Hin Raymond holds a bachelor degree in chemical engineering, a
master degree in economics and a doctorate degree in business
administration. Dr. Wong Man Hin Raymond is an executive director
and chairman of Raymond Industrial Limited (stock code: 229), a
company whose shares are listed on the Main Board of the Stock
Exchange. Dr. Wong Man Hin Raymond is also an independent
non-executive director of Modern Healthcare Technology Holdings
Limited (formerly Modern Beauty Salon Holdings Limited) (stock code:
919) and Tak Lee Machinery Holdings Limited (stock code: 2102),
companies whose shares are listed on the Main Board of the Stock
Exchange. Dr. Wong Man Hin Raymond was an independent non-
executive director of Zhejiang United Investment Holdings Group
Limited (stock code: 8366), a company whose shares are listed on
GEM of the Stock Exchange, from July 2017 to March 2021. Dr.
Wong Man Hin Raymond is the vice president and council member of
the Hong Kong Independent Non-Executive Director Association and
an independent manager of TWGHs Wong Fut Nam College.
Mr. Chan Yiu Fai Youdey (“Mr. Chan”), aged 52, is an independent
non-executive Director appointed on 25 March 2008. Mr. Chan is a
member of each of the audit committee, remuneration committee and
nomination committee of the Company. Mr. Chan graduated from
the University of Hong Kong with a bachelor degree in laws and a
postgraduate certificate in laws. Mr. Chan also holds master degrees
in laws from the City University of Hong Kong and from the People’s
University of China. Mr. Chan is currently a partner of Messrs. David
. Fung & Co., a law firm in Hong Kong. Mr. Chan has extensive
experience in civil and commercial crime litigation and also handles
various transactions for corporate clients and banks in Hong Kong.
Mr. Chan is also an independent non-executive director of Qinqin
Foodstuffs Group (Cayman) Company Limited (stock code: 1583),
a company whose shares are listed on the Main Board of the Stock
Exchange.
獨立非執行董事
黃文顯博士，56歲，於二零零八年三月
二十五日獲委任為獨立非執行董事。黃文顯
博士為本公司薪酬委員會主席，亦為本公司
審核委員會及提名委員會成員。黃文顯博士
為美國執業會計師公會(CPA)會員、註冊管
理會計師(CMA)，並持有財務管理師(CFM)
證書。黃文顯博士持有化學工程學士學位、
經濟碩士學位及工商管理博士學位。黃文顯
博士為利民實業有限公司（股份代號：229）
之執行董事兼副主席，該公司股份於聯交所
主板上市。黃文顯博士亦擔任現代健康科技
控股有限公司（前稱現代美容控股有限公司）
（股份代號：919）以及德利機械控股有限公
司（股份代號：2102）之獨立非執行董事，其
股份均於聯交所主板上市。黃文顯博士於二
零一七年七月至二零二一年三月為浙江聯合
投資控股集團有限公司（股份代號：8366）
之獨立非執行董事，其股份於聯交所GEM上
市。黃文顯博士為香港獨立非執行董事協會
副會長兼理事會成員及東華三院黃笏南中學
校董。
陳耀輝先生（「陳先生」），52歲，於二零零八
年三月二十五日獲委任為獨立非執行董事。
陳先生為本公司之審核委員會、薪酬委員會
及提名委員會各自之成員。陳先生畢業於香
港大學，獲頒法學士學位及法學專業證書。
陳先生亦持有香港城市大學及中國人民大學
之法律碩士學位。陳先生現為香港律師事務
所馮元鉞律師行之合夥人。陳先生於民事及
商業犯罪訴訟方面饒富經驗，亦為公司客戶
及銀行在香港處理各種交易。陳先生亦為親
親食品集團（開曼）股份有限公司（其股份於
聯交所主板上市，股份代號：1583）之獨立
非執行董事。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司30
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理人員簡歷
indePendent non-eXecutiVe directors
(continued)
Mr. Pak Wai Keung Martin (“Mr. Pak”), aged 58, is an independent
non-executive Director appointed on 19 September 2017. He is the
chairman of audit committee, a member of each of remuneration
committee and nomination committee of the Company. He is a
fellow of the Hong Kong Institute of Certified Public Accountants, an
associate of The Chartered Governance Institute and The Hong Kong
Chartered Governance Institute (formerly known as The Hong Kong
Institute of Chartered Secretaries). He has over 25 years of experience
in finance, accounting and corporate governance affairs. Mr. Pak
had held positions as the chief financial officer and the company
secretary at various listed companies in Hong Kong. Mr. Pak is
currently an independent non-executive director of Dragon Mining
Limited (Stock Code: 1712), the shares of which are listed on the Main
Board of the Stock Exchange. Mr. Pak is also an independent non-
executive director of Viva China Holdings Limited (Stock Code: 8032),
the shares of which are listed on GEM of the Stock Exchange. He
was an independent non-executive director of China Huiyuan Juice
Group Limited (Stock Code: 1886) from June 2019 to January 2021,
the shares of which were delisted on 18 January 2021 on the Main
Board of the Stock Exchange. He was an independent non-executive
director of Convoy Global Holdings Limited (Stock Code: 1019) from
December 2017 to May 2021, the shares of which were delisted on 4
May 2021 on the Main Board of the Stock Exchange.
senior manaGement
Mr. Li Chun Fung, aged 40, is the company secretary of the
Company appointed on 21 April 2015. The brief biographical details
of Mr. Li are set out in the section headed “Executive Directors”
above.
獨立非執行董事（續）
白偉強先生（「白先生」），58歲，於二零一七
年九月十九日獲委任為獨立非執行董事。彼
為本公司審核委員會主席以及薪酬委員會及
提名委員會成員。彼為香港會計師公會資深
會員以及特許公司治理公會及香港公司治理
公會（前稱香港特許秘書公會）會員。彼於財
務、會計及企業管治事務方面擁有逾25年經
驗。白先生曾於多間香港上市公司擔任財務
總監及公司秘書等職位。白先生現任龍資源
有限公司（股份代號：1712）獨立非執行董
事，該公司之股份在聯交所主板上市。白先
生亦為非凡中國控股有限公司（股份代號：
8032）之獨立非執行董事，該公司股份於聯
交所GEM上市。彼於二零一九年六月至二零
二一年一月擔任中國滙源果汁集團有限公司
（股份代號：1886）的獨立非執行董事，該
公司股份二零二一年一月十八日於聯交所主
板除牌。彼於二零一七年十二月至二零二一
年五月擔任康宏環球控股有限公司（股份代
號：1019）獨立非執行董事，該公司股份二
零二一年五月四日於聯交所主板除牌。
高級管理人員
李震鋒先生，40歲，於二零一五年四月
二十一日獲委任為本公司公司秘書。李先生
的簡歷詳情載於上文「執行董事」一節。
31
CORPORATE GOVERNANCE REPORT
企業管治報告
Annual Report 2021/22 年報
commitment to corPorate GoVernance
The Company is committed to maintaining statutory and regulatory
standards and adherence to the principles of corporate governance
emphasizing on transparency, independence, accountability,
responsibility and fairness.
The Directors had reviewed the Company’s performance of its
corporate governance practices that the Company has complied with
the code provisions as set out in the Corporate Governance Code (the
“Code”) contained in Appendix 14 to the Listing Rules throughout the
Year, save for the deviation from code provision of the Code as
set out in the section headed “Chairman and Chief Executive” of this
Corporate Governance Report.
tHe Board
Roles and responsibilities
The Board assumes responsibility for leadership and control of the
Company and is collectively responsible for promoting the success of
the Company by directing and supervising the Company’s affairs. It
should act in the best interest of the Company and its shareholders at
all times. The Board sets strategies for the Company and monitors the
performance and activities of the senior management.
The executive Directors and the senior management of the Company
are responsible for the day to day operations of the Company
whereas the independent non-executive Directors are responsible
for ensuring a high standard of financial and management reporting
to the Board and shareholders of the Company as well as to provide
a balanced composition in the Board so that there is a strong
independent element on the Board.
企業管治承諾
本公司致力維持法定及法規標準，並恪守強
調透明、獨立、問責、負責任及公允之企業
管治原則。
董事已審閱本公司履行其企業管治常規之表
現，而本公司於本年度一直遵守上市規則附
錄十四所載《企業管治守則》（「守則」）之守則
條文，惟本企業管治報告「主席及行政總裁」
一節所載偏離守則之守則條文第條之
情況除外。
董事會
角色及責任
董事會承擔領導及監控本公司之責任，並整
體上透過督導及監管本公司事務推動本公司
取得佳績。董事會應時刻在符合本公司及其
股東最佳利益之前提下行事。董事會為本公
司制定策略及監察高級管理人員之表現及活
動。
本公司執行董事及高級管理人員負責本公司
之日常運作；獨立非執行董事負責確保向董
事會及本公司股東作出之財務及管理報告達
到高標準，平衡董事會之組成，使董事會具
有高度獨立地位。
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司32
CORPORATE GOVERNANCE REPORT 企業管治報告
董事會（續）
董事會組成
於本年度內至本年報日期止，董事會成員如
下：
執行董事：
關文輝（主席兼董事總經理）
王翔飛（於二零二一年九月十七日辭任）
王四維
李震鋒（於二零二一年九月十七日獲委任）
獨立非執行董事：
黃文顯
陳耀輝
白偉強
替代董事：
王小曜（替代王翔飛直至二零二一年九月
十六日止）
本公司提名委員會於二零二二年六月二十三
日舉行會議進行年度評核後，董事會認為，
所有董事於其各自專業領域擁有突出技能，
為就董事會有效運作提供均衡之所需技能、
知識和經驗以及成員多元化之裨益。董事會
目前由三名執行董事及三名獨立非執行董事
組成。有關董事及高級管理人員之履歷簡介
及彼等之間之關係載於本年報「董事及高級
管理人員簡歷」一節。
董事會成員多元化
於二零一四年六月，本公司已就董事會成員
多元化採納政策，該政策已於二零一九年一
月修訂。該政策要求，在考慮多項因素（包
括但不限於性別、年齡、文化及教育背景、
種族、專業經驗、技能、知識及任期）後，
不時就任何董事委任、重選或任何繼任計劃
進行審閱、評核及向董事會提出推薦建議，
以迎合本公司之業務模式及特定需要。
tHe Board (continued)
Board composition
The members of the Board during the Year and up to the date of this
annual report are as follows:
Executive Directors:
Kwan Man Fai (Chairman & Managing Director)
Wang Xiangfei (resigned on 17 September 2021)
Wong Sze Wai
Li Chun Fung (appointed on 17 September 2021)
Independent Non-executive Directors:
Wong Man Hin Raymond
Chan Yiu Fai Youdey
Pak Wai Keung Martin
Alternate Director:
Wang Xiaoyao (alternate to Wang Xiangfei until 16 September 2021)
After annual assessment by the nomination committee of the
Company at a meeting on 23 June 2022, the Board considers that all
the Directors have distinguished themselves in their field of expertise
so as to give a balance of skills, knowledge and experience, and
diversity of perspectives required for the running of an effective Board.
The Board currently comprises three executive directors and three
independent non-executive directors. The brief biographical details
of the Directors and the senior management and relationship among
them are set out in the section headed “Biography of Directors and
Senior Management” of this annual report.
Board diversity
In June 2014, the Company adopted a policy on diversity of the Board
members, which has been revised in January 2019. The policy is
to review, assess and recommend any appointment, re-election or
any succession plan of any Directors to the Board from time to time
after considering a number of factors, including but not limited to
gender, age, cultural and educational background, race, professional
experience, skills, knowledge and tenure of appointment to allow for
the Company’s business model and specific needs.
33Annual Report 2021/22 年報
CORPORATE GOVERNANCE REPORT 企業管治報告
董事會（續）
董事會會議及股東大會
於本年度內，董事會曾舉行四次定期會議及
一次臨時會議，以及本公司曾舉行一次股東
大會。個別董事於董事會會議及股東大會之
出席記錄載列如下：
董事姓名
出席╱
合資格
出席
董事會
會議次數
出席╱
合資格
出席
股東大會
次數
執行董事：
關文輝
（主席兼董事總經理）
5/5 1/1
王翔飛（於二零二一年
九月十七日辭任）
（王小曜為其替代董事
直至二零二一年九月
十六日止）
2/2
（由替代董事
出席）
1/1
（由替代董事
出席）
王四維 5/5 1/1
李震鋒（於二零二一年
九月十七日獲委任）
3/3 1/1
獨立非執行董事：
黃文顯 5/5 1/1
陳耀輝 5/5 1/1
白偉強 5/5 1/1
# 獨立非執行董事已於本年度內出席由董事會主席
就有關本集團策略及政策方向所舉行之獨立會
議，執行董事並無出席。
全體董事均可接觸本公司之公司秘書，而公
司秘書負責確保董事會程序得以遵守及所有
適用規則及規例得以遵循。
董事會確保其成員適時獲提供所有具適當形
式及質量之必要資料，以便董事會履行其職
責。
tHe Board (continued)
Board meetings and general meetings
During the Year, the Board held four regular meetings and one ad-hoc
meeting, and the Company held one general meeting. The attendance
records of individual Directors at the Board meetings and at the
general meeting are set out below:
Name of Directors
Number of
Board meetings
attended/
eligible
to attend
Number of
general meeting
attended/
eligible
to attend
Executive Directors:
Kwan Man Fai
(Chairman & Managing Director)
5/5 1/1
Wang Xiangfei (resigned on 17 September
2021) (with Wang Xiaoyao as alternate
until 16 September 2021)
2/2
(by alternate)
1/1
(by alternate)
Wong Sze Wai 5/5 1/1
Li Chun Fung
(appointed on 17 September 2021)
3/3 1/1
Independent Non-executive Directors:
Wong Man Hin Raymond 5/5 1/1
Chan Yiu Fai Youdey 5/5 1/1
Pak Wai Keung Martin 5/5 1/1
# Independent non-executive directors had attended meeting(s) independently
held with the chairman of the Board without the executive directors present on
the direction of the Group’s strategy and policies during the Year.
All Directors have access to the company secretary of the Company
who is responsible for ensuring that Board procedures are followed
and all applicable rules and regulations are complied with.
The Board ensures that its members are supplied, in a timely manner,
with all necessary information in a form and of a quality appropriate to
enable the Board to discharge its duties.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司34
CORPORATE GOVERNANCE REPORT 企業管治報告
董事會（續）
董事會會議及股東大會（續）
董事會會議記錄對董事會所審議之事項及達
致之決定均有詳盡記錄，包括董事提出之任
何關注事項或所表達之不同意見。董事會會
議記錄由本公司之公司秘書保管，可供任何
董事查閱。
委任及重選董事
委任新董事為本公司提名委員會審議之事
項。根據本公司之公司細則，於每屆股東周
年大會上，三分之一在任董事須輪值告退，
惟每位董事必須至少每三年於股東周年大會
上退任一次。
獨立非執行董事
根 據 上 市 規 則 第 (1) 、(2) 及
條，本公司已委任三名獨立非執行董事，佔
董事會人數二分之一，其中兩位具備適當專
業資格或會計或相關財務管理專長。
守則之守則條文第條訂明，非執行董
事應按指定任期委任，並須重選連任。兩名
獨立非執行董事黃文顯博士及陳耀輝先生均
於二零零八年三月二十五日獲委任。彼等之
服務協議已自二零二二年三月二十五日起延
期一年。獨立非執行董事白偉強先生於二零
一七年九月十九日獲委任，而其服務協議自
二零二一年九月十九日起續期一年。然而，
根據本公司之公司細則條文，彼等仍須於
本公司之股東周年大會上輪值退任及重選連
任。
本公司已接獲各獨立非執行董事根據上市規
則第條發出之年度獨立確認書，而本公
司提名委員會於二零二二年六月二十三日舉
行會議進行年度評核後，本公司認為全體獨
立非執行董事均為獨立人士。
tHe Board (continued)
Board meetings and general meetings (continued)
The minutes of Board meetings recorded all the details of the matters
considered by the Board and the decisions reached, including
any concerns raised by Directors or dissenting views expressed.
Minutes of Board meetings are kept by the company secretary of the
Company and are available for inspection by any Director.
Appointment and re-election of Directors
The appointment of new Directors is a matter for consideration by
the nomination committee of the Company. In accordance with the
Company’s Bye-laws, at each annual general meeting, one-third of
the Directors for the time being, shall retire from office by rotation
provided that every Director shall be subject to retirement at an annual
general meeting at least once every three years.
Independent Non-executive Directors
Pursuant to Rules (1), (2) and of the Listing Rules,
the Company has appointed three independent non-executive
directors who represent half of the Board and with two of whom
hold appropriate professional qualifications or accounting or related
financial management expertise.
Code provision of the Code specifies that non-executive
directors should be appointed for a specific term, subject to
re-election. Two independent non-executive directors, namely
Dr. Wong Man Hin Raymond and Mr. Chan Yiu Fai Youdey, were
appointed on 25 March 2008. Their service agreements have been
extended for one year commencing on 25 March 2022. Mr. Pak
Wai Keung Martin, the independent non-executive director, was
appointed on 19 September 2017 and the service agreement has
been extended for one year commencing from 19 September 2021.
However, they are still subject to retirement by rotation and re-election
at the annual general meeting of the Company in accordance with the
provisions of the Company’s Bye-laws.
The Company has received from each of its independent non-
executive directors an annual confirmation of independence pursuant
to Rule of the Listing Rules and after annual assessment by
the nomination committee of the Company at a meeting on 23 June
2022, the Company considers that all of the independent non-
executive directors are independent.
35Annual Report 2021/22 年報
CORPORATE GOVERNANCE REPORT 企業管治報告
董事會（續）
董事及高級職員之責任
本公司已就可能對董事及高級職員作出之法
律行動，為董事及高級職員提供適當責任保
險。
董事培訓及支持
全體董事須透徹瞭解彼等之集體責任，與時
並進。本集團提供簡介及其他訓練，以提高
及更新董事之相關知識及技能。本公司所獲
提供董事於本年度內參與持續專業培訓之詳
情載列如下：
董事姓名
參與研討會或
簡介會╱閱讀資料
執行董事：
關文輝
（主席兼董事總經理）
✔
王翔飛
（於二零二一年九月
十七日辭任）
✔
王四維 ✔
李震鋒（於二零二一年
九月十七日獲委任）
✔
獨立非執行董事：
黃文顯 ✔
陳耀輝 ✔
白偉強 ✔
替代董事：
王小曜
（替代王翔飛直至
二零二一年九月
十六日止）
✔
董事證券交易
本公司已採納上市規則附錄十所載上市發行
人董事進行證券交易之標準守則（「標準守
則」）作為其董事進行證券交易之操守守則。
全體董事已於本公司作出特定查詢後確認，
彼等於本年度一直遵守標準守則所載之規定
準則。
tHe Board (continued)
Directors’ and Officers’ liability
Appropriate insurance cover on Directors and officers’ liabilities has
been provided to cover potential legal actions against Directors and
officers.
Training and support for Directors
All Directors must keep abreast of their collective responsibilities. The
Group provides briefings and other training to develop and refresh the
Directors’ knowledge and skills. Details of the continuous professional
development participated by the Directors for the Year, that the
Company received, are set out below:
Name of Directors
Attended seminars or
briefing/read materials
Executive Directors:
Kwan Man Fai
(Chairman & Managing Director)
✔
Wang Xiangfei
(resigned on 17 September 2021)
✔
Wong Sze Wai ✔
Li Chun Fung
(appointed on 17 September 2021)
✔
Independent Non-executive Directors:
Wong Man Hin Raymond ✔
Chan Yiu Fai Youdey ✔
Pak Wai Keung Martin ✔
Alternate Director:
Wang Xiaoyao
(alternate to Wang Xiangfei until
16 September 2021)
✔
directors’ securities transactions
The Company has adopted the Model Code for Securit ies
Transactions by Directors of Listed Issuers (the “Model Code”) as
set out in Appendix 10 to the Listing Rules as its code of conduct
regarding securities transactions by the Directors. All Directors have
confirmed, following specific enquiry by the Company, that they have
complied with the required standard as set out in the Model Code
throughout the Year.
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司36
CORPORATE GOVERNANCE REPORT 企業管治報告
主席及行政總裁
守則之守則條文第條規定主席及行政
總裁（「行政總裁」）之職務須予區分，不應由
同一人擔任。
於本年度內，本公司並無任何高級人員出任
行政總裁。本公司主席兼董事總經理關文輝
先生於本年度內亦履行行政總裁之職務。鑒
於本集團之營運規模，董事會認為，現時架
構能促進本公司策略之有效制定及落實，故
此架構更適合本公司。
董事委員會
董事會已成立三個委員會以監督本集團事務
之特定範疇及協助執行董事會職責。所有委
員會均有其各自之職權範圍。不同委員會所
提供之意見及建議不但可確保本集團獲得適
當之監控，更可保證本集團持續維持上市公
司應有之高標準企業管治。董事會定期檢討
委員會之架構及成員組合，尤其重視個別成
員之技能、知識及經驗。
審核委員會
本 公 司 審 核 委 員 會（「 審 核 委 員 會 」）於
一九九九年三月成立，並訂有特定職權範
圍。審核委員會之職權範圍（可於聯交所及
本公司網站查閱）包括守則之守則條文第
條所載之職責，並於需要時作出適當
修訂。為符合上市規則之修訂，審核委員會
之職權範圍已於二零一六年三月十五日作出
修訂。
審核委員會現時包括三名獨立非執行董事，
分別為白偉強先生（審核委員會主席）、黃文
顯博士及陳耀輝先生。
cHairman and cHief eXecutiVe
Code provision of the Code stipulates that the roles of chairman
and chief executive (the “CE”) should be separate and should not be
performed by the same individual.
During the Year, the Company did not have any officer with CE
title. Mr. Kwan Man Fai, the chairman and managing director of the
Company, also carried out the responsibility of CE during the Year. In
view of the size of operation of the Group, the Board considered that
this structure is more suitable for the Company as it can promote the
efficient formulation and implementation of the Company’s strategies.
Board committees
The Board has established three committees to oversee particular
aspects of the Group’s affairs and to assist in the execution
of the Board’s responsibilities. All committees have their own
terms of reference. The views of different committees and their
recommendation not only ensure proper control of the Group but
also the continual achievement of the high corporate governance
standards expected of a listed company. The Board conducts
regular review of the structure and composition of the committees
with particular attention to the skills, knowledge and experience of
individual members.
Audit Committee
The audit committee of the Company (the “Audit Committee”) was
set up in March 1999 with specific terms of reference. The terms
of reference of the Audit Committee which are available on the
websites of the Stock Exchange and the Company have included the
duties which are set out in code provision of the Code, with
appropriate modifications when necessary. The terms of reference of
the Audit Committee were amended on 15 March 2016 in order to
comply with the amendments to the Listing Rules.
The Audit Committee currently consists of three independent
non-executive directors namely, Mr. Pak Wai Keung Martin, the
chairman of the Audit Committee, Dr. Wong Man Hin Raymond and
Mr. Chan Yiu Fai Youdey.
37Annual Report 2021/22 年報
CORPORATE GOVERNANCE REPORT 企業管治報告
董事委員會（續）
審核委員會（續）
於本年度內，共舉行兩次會議，個別成員之
出席記錄如下：
成員姓名
出席╱
合資格出席
會議次數
白偉強（主席） 2/2
黃文顯 2/2
陳耀輝 2/2
於本年度，審核委員會進行下列工作：
1. 財務報告
• 連同本公司外部核數師審閱截至
二零二一年三月三十一日止年度
之經審核綜合財務報表及截至二
零二一年九月三十日止六個月之
未經審核財務報表；
• 審閱本集團採納之會計原則及慣
例；
• 審閱重大營運及合規控制事宜；
• 審閱審核及財務報告事宜，包
括本公司截至二零二一年三月
三十一日止年度之年報所載截至
二零二一年三月三十一日止年度
之綜合財務報表之關鍵審核事
項；
• 連同外部核數師審閱截至二零
二二年三月三十一日止年度之審
核計劃；
Board committees (continued)
Audit Committee (continued)
A total of two meetings were held during the Year and the
attendances of individual members are as follows:
Name of members
Number of
meetings attended/
eligible to attend
Pak Wai Keung Martin (Chairman) 2/2
Wong Man Hin Raymond 2/2
Chan Yiu Fai Youdey 2/2
During the Year, the Audit Committee performed the following work:
1. Financial Reporting
• reviewed the audited consolidated financial statements
for the year ended 31 March 2021 and the unaudited
financial statements for the six months ended 30
September 2021 in conjunction with the external auditor
of the Company;
• reviewed the accounting principles and practices adopted
by the Group;
• reviewed the significant issues on operational and
compliance controls;
• reviewed the auditing and financial reporting matters,
including the key audit matters of the consolidated
financial statements for the year ended 31 March 2021
which are set out in the annual report of the Company for
the year ended 31 March 2021;
• reviewed the audit planning for the year ended 31 March
2022 in conjunction with the external auditor;
NAN NAN RESOURCES ENTERPRISE LIMITED 南南資源實業有限公司38
CORPORATE GOVERNANCE REPORT 企業管治報告
Board committees (continued)
Audit Committee (continued)
2. External Auditor
• reviewed the remuneration, terms of engagement and the
independence of the external auditors of the Company;
• reviewed the engagement of non-audit services and
relevant scope of works;
• reviewed with external auditor the convertible bond of the
Company;
• reviewed the re-appointment of external auditor of
the Company and was satisfied with their work, their
independence, and their objectivity, and therefore
recommended the re-appointment of Mazars CPA
Limited (which had indicated their willingness to continue
in office) as the Group’s external auditor for Shareholders’
approval at the annual general meeting held on 30 August
2021;
3. Internal Audit
• reviewed the internal audit plan in conjunction with the
independent professional adviser;
• reviewed the effectiveness of the internal audit function
performed by independent professional adviser;
• considered the major internal audit issues for the year
ended 31 March 2021;
4. Risk Management and Internal Controls
• reviewed the Internal Control Review Report;
• reviewed the effectiveness of risk management and
internal control systems; and
• reviewed the arrangements for employees to raise
concerns about possible improprieties.
Each member of the Audit Committee has unrestricted access to
the auditor and all senior management of the Group. During the year
ended 31 March 2022, the Audit Committee also met the external
auditor without the presence of the executive directors.
董事委員會（續）
審核委員會（續）
2. 外部核數師
• 審視本公司外部核數師的酬金、
委聘條款及獨立性；
• 審視非審核服務及有關工作範
圍；
• 與外部核數師審閱本公司之可換
股債券；
• 審視本公司外部核數師之續聘，
並信納其工作、獨立性及客觀
性，因此推薦續聘中審眾環（香
港）會計師事務所有限公司（已表
明願意繼續任職）為本集團外部
核數師，以供股東於二零二一年
八月三十日舉行之股東周年大會
上批准；
3. 內部審核
• 與獨立專業顧問審視內部審核計
劃；
• 檢討獨立專業顧問所進行內部審
核職能的成效；
• 考慮截至二零二一年三月三十一
日止年度的主要內部審核事宜；
4. 風險管理及內部監控
• 審閱內部監控檢討報告；
• 檢討風險管理及內部監控系統之
成效；及
• 審視供僱員就可能不當行為提出
疑慮之安排。
審核委員會各成員可無限制地接洽本集團審
核數師及全體高級管理層。於截至二零二二
年三月三十一日止年度，審核委員會亦已與
外部核數師會舉行會議，其中執行董事並無
出席。
39Annual Report 2021/22 年報
CORPORATE GOVERNANCE REPORT 企業管治報告
董事委員會（續）
薪酬委員會
本公司薪酬委員會（「薪酬委員會」）於二零零
五年七月成立，並訂有特定職權範圍。薪酬
委員會之職權範圍（可於聯交所及本公司網
站查閱）包括守則之守則條文第條所載
之職責，並於需要時作出適當修訂。為符合
上市規則之修訂，薪酬委員會之職權範圍已
於二零一二年三月二十七日作出修訂。
薪酬委員會目前由五名成員組成，包括本公
司主席兼董事總經理關文輝先生、執行董事
王四維先生及三名獨立非執行董事黃文顯博
士（薪酬委員會主席）、陳耀輝先生及白偉強
先生。
本公司董事及高級管理人員之薪酬待遇由薪
酬委員會向董事會建議，並由董事會依據股
東於股東周年大會向其授出之權力，及經參
考本公司經營業績、個人表現及現行市況後
釐定。董事會定期檢討薪酬委員會之架構及
成員組合，尤其重視個別成員之技能、知識
及經驗。
於本年度內，薪酬委員會已舉行三次會議並
已審閱董事會及本公司高級管理人員現有薪
酬待遇，並對全體董事及高級管理層的薪酬
待遇作出推薦建議。個別成員之出席記錄如
下：
成員姓名
出席╱
合資格出席
會議次數
黃文顯（主席） 3/3
關文輝 3/3
王四維 3/3
陳耀輝 3/3
白偉強 3/3
Board committees (continued)
Remuneration Committee
The remuneration committee of the Company (the “Remuneration
Committee”) was set up in July 2005 with specific terms of reference.
The terms of reference of the Remuneration Committee which are
available on the websites of the Stock Exchange and the Company
have included the duties which are set out in code provision of
the Code, with appropriate modifications when necessary. The terms
of reference of the Remuneration Committee were amended on 27
March 2012 in order to comply with the amendments to the Listing
Rules.
The Remuneration Committee currently comprises five members,
including the chairman and managing director of the Company, Mr.
Kwan Man Fai, the executive Director, Mr. Wong Sze Wai and three
independent non-executive Directors, Dr. Wong Man Hin Raymond
as the chairman of the Remuneration Committee, Mr. Chan Yiu Fai
Youdey and Mr. Pak Wai Keung Martin.
The remuneration packages of Directors and senior management of
the Company are recommended by the Remuneration Committee to
the Board for determination, as authorised by the shareholders at the
annual general meeting, having regard to the operating results of the
Company, individual performance and prevailing market conditions.
The Board conducts regular review of the structure and composition
