Contents
目錄
1
Interim Report 2017 二零一七年度中期報告
Corporate Information
2
公司資料
Condensed Consolidated Statement of Profit or Loss
and Other Comprehensive Income
4
簡明綜合損益及其他全面收益表
Condensed Consolidated Statement of
Financial Position
5
簡明綜合財務狀況表
Condensed Consolidated Statement of
Changes in Equity
7
簡明綜合權益變動表
Condensed Consolidated Statement of
Cash Flows
8
簡明綜合現金流量表
Notes to the Condensed Consolidated
Financial Statements
10
簡明綜合財務報表附註
Management Discussion and Analysis
41
管理層討論及分析
Additional Information
53
其他資料
Corporate Information
公司資料
2
International Business Settlement Holdings Limited 國際商業結算控股有限公司
董事會
執行董事
袁亮
欒利
胡建軍
獨立非執行董事
葉勇
張光生
陳少達
邵平
公司秘書
鍾有棠
核數師
德勤 . 關黃陳方會計師行
審核委員會
葉勇（主席）
張光生
陳少達
邵平
薪酬委員會
陳少達（主席）
葉勇
張光生
邵平
提名委員會
張光生（主席）
葉勇
陳少達
邵平
BOARD OF DIRECTORS
Executive Directors
Yuen Leong
Luan Li
Hu Jianjun
Independent non-executive Directors
Yap Yung
Zhang Guangsheng
Chan Siu Tat
Shao Ping
COMPANY SECRETARY
Chung Yau Tong
AUDITOR
Deloitte Touche Tohmatsu
AUDIT COMMITTEE
Yap Yung (chairman)
Zhang Guangsheng
Chan Siu Tat
Shao Ping
REMUNERATION COMMITTEE
Chan Siu Tat (chairman)
Yap Yung
Zhang Guangsheng
Shao Ping
NOMINATION COMMITTEE
Zhang Guangsheng (chairman)
Yap Yung
Chan Siu Tat
Shao Ping
Corporate Information
公司資料
3
Interim Report 2017 二零一七年度中期報告
註冊辦事處
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
總辦事處及香港主要營業地點
香港
灣仔
港灣道26號
華潤大廈
23樓2310室
主要股份過戶登記處
MUFG Fund Services (Bermuda) Limited
The Belvedere Building
69 Pitts Bay Road
Pembroke HM 08
Bermuda
香港股份過戶登記分處
卓佳秘書商務有限公司
香港
皇后大道東183號
合和中心22樓
股份代號
00147
公司網址
www.ibsettlement.com
REGISTERED OFFICE
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
HEAD OFFICE AND PRINCIPAL PLACE OF
BUSINESS IN HONG KONG
Room 2310, 23rd Floor
China Resources Building
26 Harbour Road
Wanchai
Hong Kong
PRINCIPAL SHARE REGISTRAR
MUFG Fund Services (Bermuda) Limited
The Belvedere Building
69 Pitts Bay Road
Pembroke HM 08
Bermuda
HONG KONG BRANCH SHARE REGISTRAR
Tricor Secretaries Limited
Level 22, Hopewell Centre
183 Queen’s Road East
Hong Kong
STOCK CODE
00147
COMPANY WEBSITE
www.ibsettlement.com
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
簡明綜合損益及其他全面收益表
For the six months ended 30 September 2017 截至二零一七年九月三十日止六個月
4
International Business Settlement Holdings Limited 國際商業結算控股有限公司
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
Notes
HK$』000
HK$』000
附註
千港元
千港元
(unaudited)
(unaudited)
（未經審核）
（未經審核）
(restated)
（經重列）
Revenue
收入
3
14,764
58,468
Cost of sales and services
銷售及服務成本
(6,069)
(42,334)
Gross profit
毛利
8,695
16,134
Other income, gains and losses
其他收入、收益及虧損
4
24,911
2,027
Selling expenses
銷售費用
(7,119)
(9,552)
Administrative expenses
行政費用
(43,514)
(23,288)
Finance costs
融資成本
5
(10,789)
(11,732)
Loss before taxation
除稅前虧損
(27,816)
(26,411)
Income tax
所得稅
6
(4,784)
(4,562)
Loss for the period
期內虧損
7
(32,600)
(30,973)
Other comprehensive income
(expense) for the period
期內其他全面收入
（開支）
Item that will not be reclassified
subsequently to profit or loss:
其後不會重新分類至
損益之項目：
Exchange differences arising on
translation
換算所產生之匯兌差額
1,143
4,720
Total comprehensive expense
for the period
期內全面開支總額
(31,457)
(26,253)
Loss for the period
attributable to
應佔期內虧損
Owners of the Company
本公司擁有人
(29,877)
(27,263)
Non-controlling interests
非控制權益
(2,723)
(3,710)
(32,600)
(30,973)
Total comprehensive
income (expense)
attributable to:
應佔全面收入（開支）
總額：
Owners of the Company
本公司擁有人
(28,727)
(21,977)
Non-controlling interests
非控制權益
(2,730)
(4,276)
(31,457)
(26,253)
Loss per share
每股虧損
9
Basic (HK cent)
基本（港仙）
(0.15)
(0.14)
Condensed Consolidated Statement of Financial Position
簡明綜合財務狀況表
At 30 September 2017 於二零一七年九月三十日
5
Interim Report 2017 二零一七年度中期報告
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
Notes
HK$』000
HK$』000
附註
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
NON-CURRENT ASSETS
非流動資產
Property, plant and equipment
物業、廠房及設備
10
20,864
22,381
Intangible assets
無形資產
11
47,816
32,538
Interests in associates
於聯營公司之權益
–
–
Long-term receivables
長期應收賬項
12
124,407
68,254
Finance lease receivables
融資租賃應收款項
–
283
Deferred tax assets
遞延稅項資產
13
36,568
35,936
Deposits for purchase of
equipment
購買設備之按金
–
50,743
229,655
210,135
CURRENT ASSETS
流動資產
Land development expenditure
土地開發支出
14
–
151,904
Properties for sale
待售物業
15
2,698,009
2,349,883
Trade and other receivables
應收貿易賬項及
其他應收賬項
16
339,213
123,578
Finance lease receivables
融資租賃應收款項
–
122
Restricted bank deposits
有限制銀行存款
17
18,105
32,336
Bank balances and cash
銀行結存及現金
1,040,125
1,513,380
4,095,452
4,171,203
Condensed Consolidated Statement of Financial Position
簡明綜合財務狀況表
At 30 September 2017 於二零一七年九月三十日
6
International Business Settlement Holdings Limited 國際商業結算控股有限公司
CURRENT LIABILITIES
流動負債
Trade and other payables
應付貿易賬項及
其他應付賬項
18
524,047
475,735
Deposits received for sale of
properties
銷售物業的已收按金
1,281,705
1,211,182
Borrowings – due within one year
借款－一年內到期
19
1,027,055
885,699
Amount due to non-controlling
interests
應付非控制權益款項
55,365
54,639
Amount due to ultimate holding
company
應付最終控股公司款項
2,308
2,309
Tax liabilities
稅項負債
17,521
19,713
2,908,001
2,649,277
NET CURRENT ASSETS
流動資產淨值
1,187,451
1,521,926
TOTAL ASSETS LESS
CURRENT LIABILITIES
總資產減流動負債
1,417,106
1,732,061
NON-CURRENT LIABILITIES
非流動負債
Borrowings – due after one year
借款－一年後到期
19
73,961
355,204
Deferred revenue
遞延收益
–
2,255
73,961
357,459
NET ASSETS
資產淨值
1,343,145
1,374,602
CAPITAL AND RESERVES
股本及儲備
Share capital
股本
20
20,319
20,319
Reserves
儲備
1,313,634
1,342,361
Equity attributable to owners of
the Company
本公司擁有人應佔權益
1,333,953
1,362,680
Non-controlling interests
非控制權益
9,192
11,922
TOTAL EQUITY
權益總額
1,343,145
1,374,602
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
Notes
HK$』000
HK$』000
附註
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
Condensed Consolidated Statement of Changes in Equity
簡明綜合權益變動表
For the six months ended 30 September 2017 截至二零一七年九月三十日止六個月
7
Interim Report 2017 二零一七年度中期報告
Attributable to owners of the Company
本公司擁有人應佔
Share
capital
Statutory
reserve
Share
premium
Contributed
surplus
Capital
redemption
reserve
Translation
reserve
Accumulated
losses
Total
Non-
controlling
interests
Total
股本
法定儲備
股份溢價
實繳盈餘
資本
贖回儲備
換算儲備
累計虧損
總額
非控制權益
總額
HK$』000
HK$』000
HK$』000
HK$』000
HK$』000
HK$』000
HK$』000
HK$』000
HK$』000
HK$』000
千港元
千港元
千港元
千港元
千港元
千港元
千港元
千港元
千港元
千港元
At 1 April 2016 (audited)
於二零一六年四月一日
（經審核）
19,039
216
7,423,879
51,655
3,781
3,657
(7,657,211)
(154,984)
19,935
(135,049)
Exchange difference arising
on translation
換算時產生之兌換差額
–
–
–
–
–
5,286
–
5,286
(566)
4,720
Loss for the period
期內虧損
–
–
–
–
–
–
(27,263)
(27,263)
(3,710)
(30,973)
Total comprehensive income
(expense) for the period
期內全面收入（開支）總額
–
–
–
–
–
5,286
(27,263)
(21,977)
(4,276)
(26,253)
At 30 September 2016
(unaudited)
於二零一六年九月三十日
（未經審核）
19,039
216
7,423,879
51,655
3,781
8,943
(7,684,474)
(176,961)
15,659
(161,302)
At 1 April 2017 (audited)
於二零一七年四月一日
（經審核）
20,319
848
9,009,799
51,655
3,781
12,588
(7,736,310)
1,362,680
11,922
1,374,602
Exchange difference arising
on translation
換算時產生之兌換差額
–
–
–
–
–
1,150
–
1,150
(7)
1,143
Loss for the period
期內虧損
–
–
–
–
–
–
(29,877)
(29,877)
(2,723)
(32,600)
Total comprehensive income
(expense) for the period
期內全面收入（開支）總額
–
–
–
–
–
1,150
(29,877)
(28,727)
(2,730)
(31,457)
At 30 September 2017
(unaudited)
於二零一七年九月三十日
（未經審核）
20,319
848
9,009,799
51,655
3,781
13,738
(7,766,187)
1,333,953
9,192
1,343,145
Condensed Consolidated Statement of Cash Flows
簡明綜合現金流量表
For the six months ended 30 September 2017 截至二零一七年九月三十日止六個月
8
International Business Settlement Holdings Limited 國際商業結算控股有限公司
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
HK$』000
HK$』000
千港元
千港元
(unaudited)
(unaudited)
（未經審核）
（未經審核）
(restated)
（經重列）
OPERATING ACTIVITIES
經營活動
Operating cash flows before
movements in working capital
營運資金變動前之
營運現金流量
(33,039)
(18,418)
Decrease (increase) in long-term
receivables
長期應收賬項減少（增加）
(52,397)
15,798
Decrease in land development
expenditure
土地開發支出減少
161,759
49,009
Increase in properties for sale
待售物業增加
(198,291)
(203,923)
Decrease in finance lease receivables
融資租賃應收款項減少
405
73
Increase in trade and other receivables
應收貿易賬項及
其他應收賬項增加
(162,719)
(45,610)
Increase in deposits received for sale of
properties
銷售物業的已收按金增加
21,810
331,287
Increase in trade and other payables
應付貿易賬項及
其他應付賬項增加
63,616
50,221
CASH (USED IN) FROM OPERATIONS
經營業務（所用）所得之
現金
(198,856)
178,437
Income taxes and land appreciation
taxes paid, net
已付所得稅及土地增值稅，
淨額
(8,419)
(4,897)
Interest paid
已付利息
(90,203)
(77,540)
NET CASH (USED IN) FROM
OPERATING ACTIVITIES
經營活動（所用）
所得之現金淨額
(297,478)
96,000
INVESTING ACTIVITIES
投資活動
Interest received
已收利息
4,496
1,806
Purchases of property,
plant and equipment
購買物業、廠房及設備
(442)
(45)
Deposits for purchase of equipment
購買設備之按金
–
(38,793)
Placement of restricted bank deposits
存入受限制銀行存款
(82,678)
(77,717)
Release of restricted bank deposits
解除受限制銀行存款
100,635
43,637
Repayment of advances to third parties
償還第三方墊款
–
4,610
Net cash inflow from acquisition of a
subsidiary
收購一間附屬公司之
現金流入淨額
–
4,013
Purchases of intangible assets
購買無形資產
(13,814)
–
Condensed Consolidated Statement of Cash Flows
簡明綜合現金流量表
For the six months ended 30 September 2017 截至二零一七年九月三十日止六個月
9
Interim Report 2017 二零一七年度中期報告
NET CASH FROM (USED IN) INVESTING
ACTIVITIES
投資活動所得（所用）
現金淨額
8,197
(62,489)
FINANCING ACTIVITIES
融資活動
New borrowings raised
新籌集借款
160,795
28,213
Repayment of borrowings
借款還款
(344,153)
(76,129)
Advance from ultimate holding
company
來自最終控股公司之墊款
–
12,334
Advances from third parties
來自第三方之墊款
4,612
–
Repayment of advances from
third parties
償還來自第三方之墊款
(4,612)
(16,513)
NET CASH USED IN FINANCING
ACTIVITIES
融資活動所用現金淨額
(183,358)
(52,095)
NET DECREASE IN CASH AND CASH
EQUIVALENTS
現金及現金等價物減少淨額
(472,639)
(18,584)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF THE PERIOD
期初之現金及現金等價物
1,513,380
36,567
EFFECT OF FOREIGN EXCHANGE RATE
CHANGES
外幣匯率變動之影響
(616)
(4,731)
CASH AND CASH EQUIVALENTS
AT END OF THE PERIOD,
期末之現金及
現金等價物，
represented by bank balances
and cash
銀行結存及現金
1,040,125
13,252
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
HK$』000
HK$』000
千港元
千港元
(unaudited)
(unaudited)
（未經審核）
（未經審核）
(restated)
（經重列）
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 September 2017 截至二零一七年九月三十日止六個月
10
International Business Settlement Holdings Limited 國際商業結算控股有限公司
1. 編製基準
國際商業結算控股有限公司（「本公
司」）及其附屬公司（統稱「本集團」）
於截至二零一七年九月三十日止六個
月期間（「期內」或「報告期間」）的簡
明綜合財務報表乃根據香港會計師
公會（「香港會計師公會」）頒佈之香
港 會 計 準 則 第34號「中 期 財 務 報 告」
（「香港會計準則第34號」）及香港聯
合交易所有限公司（「聯交所」）證券
上市規則（「上市規則」）附錄十六之
適用披露規定編製。
2. 主要會計政策
簡明綜合財務報表乃按歷史成本基準
編製。歷史成本一般基於換取商品及
服務而付出之代價之公允值。
除下文闡述者外，截至二零一七年九
月三十日止六個月之簡明綜合財務
報表所採用之會計政策及計算方法，
與編製本集團截至二零一七年三月
三十一日止年度之年度財務報表所採
用者相同。
採用新訂及經修訂香港財務報告準則
（「香港財務報告準則」）
於本中期期間，本集團已首次應用香
港會計師公會頒佈之下述香港財務報
告準則之新訂修訂本，其於本中期期
間強制生效：
香港會計準則第7號
（修訂本）
披露主動性
香港會計準則第12號
（修訂本）
就未變現虧損確認遞延
稅項資產
香港財務報告準則第12號
（修訂本）
作為香港財務報告準則
二零一四年至二零
一六年週期之年度改
進之一部分
1. BASIS OF PREPARATION
The condensed consolidated financial statements of
International Business Settlement Holdings Limited (the
「Company」) and its subsidiaries (collectively referred to
as the 「Group」) for the six months ended 30 September
2017 (the 「period」 or 「reporting period」) have been
prepared in accordance with Hong Kong Accounting
Standard 34 「Interim Financial Reporting」 (「HKAS 34」)
issued by the Hong Kong Institute of Certified Public
Accountants (「HKICPA」) as well as with the applicable
disclosure requirements of Appendix 16 to the Rules
Governing the Listing of Securities (the 「Listing Rules」)
on The Stock Exchange of Hong Kong Limited (the 「Stock
Exchange」).
2. PRINCIPAL ACCOUNTING POLICIES
The condensed consolidated financial statements have
been prepared on the historical cost basis. Historical
cost is generally based on the fair values of the
consideration given in exchange for goods and services.
Except as described below, the accounting policies
and methods of computation used in the condensed
consolidated financial statements for the six months
ended 30 September 2017 are the same as those
followed in the preparation of the Group’s annual
financial statements for the year ended 31 March 2017.
Application of new and revised Hong Kong Financial
Reporting Standards (「HKFRSs」)
In the current interim period, the Group has applied, for
the first time, the following new amendments to HKFRSs
issued by the HKICPA that are mandatorily effective for
the current interim period:
Amendments to HKAS 7
Disclosure Initiative
Amendments to HKAS 12
Recognition of Deferred Tax Assets
for Unrealised Losses
Amendments to HKFRS 12
As part of annual improvements to
HKFRSs 2014–2016 cycle
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 September 2017 截至二零一七年九月三十日止六個月
11
Interim Report 2017 二零一七年度中期報告
2. 主要會計政策（續）
採用新訂及經修訂香港財務報告準則
（「香港財務報告準則」）（續）
於本中期期間應用以上香港財務報告
準則（修訂本）並無對該等簡明綜合
財務報表所呈報之金額及╱或該等簡
明綜合財務報表所載之披露產生重
大影響。有關因應用香港會計準則第
7號（修訂本）而自融資活動產生之負
債變動（包括自現金流量產生之變動
以及非現金變動）之額外披露將於截
至二零一八年三月三十一日止年度之
綜合財務報表內提供。
本集團並無提前採納任何於該等簡明
綜合財務報表獲授權刊發日期已頒佈
但尚未生效之香港財務報告準則之修
訂本。
3. 收入及分類資料
本集團通過業務分類管理其業務，而
業務分類由不同業務線組成，方式與
向本集團執行董事（即主要營運決策
者（「主 要 營 運 決 策 者」））內 部 呈 報
資料以用於資源分配及績效評估之方
法一致。
2. PRINCIPAL ACCOUNTING POLICIES (Continued)
Application of new and revised Hong Kong Financial
Reporting Standards (「HKFRSs」) (Continued)
The application of the above amendments to HKFRSs in
the current interim period has had no material effect on
the amounts reported in these condensed consolidated
financial statements and/or disclosures set out in
these condensed consolidated financial statements.
Additional disclosures about changes in liabilities
arising from financing activities, including both changes
from cash flows and non-cash changes on application
of amendments to HKAS 7 will be provided in the
consolidated financial statements for the year ending 31
March 2018.
The Group has not early applied any amendments
to HKFRSs that have been issued at the date of these
condensed consolidated financial statements are
authorised for issuance but are not yet effective.
3. REVENUE AND SEGMENT INFORMATION
The Group manages its businesses by divisions, which
are organised by different business lines. In a manner
consistent with the way in which information is
reported internally to the Group’s Executive Directors,
being the chief operating decision maker (「CODM」), for
the purposes of resource allocation and performance
assessment.
3. 收入及分類資料（續）
本集團已識別以下可呈報分類。
物業開發
－
在中國開發及銷售商
業 住 宅 物 業，包 括 在
中國承接一級土地開
發業務。
國際商業
結算
－
通過與各國央行實時
清 算 系 統 連 接，為 國
與 國 之 間 提 供 一 條
快 捷、高 效 及 低 成 本
的 金 融 高 速 路。基 於
獨特的區塊鏈的區域
清 算 環 技 術，本 集 團
將開發一個多幣種、
國 際 化、分 佈 式 的 全
球 清 算 平 臺，旨 在 為
全球跨境貿易企業及
個人實現全球範圍內
點 到 點、「7X24」（ 即
一 天 2 4 小 時，一 週 7
天）、多幣種、實時的
資金清結算。
融資業務
－
透 過 放 債 服 務、融 資
租 賃、租 賃、保 理 及
其他相關服務提供融
資。
3. REVENUE AND SEGMENT INFORMATION (Continued)
The Group has identified the following reportable
segment.
Property
development
–
D e v e l o p i n g a n d s e l l i n g o f
c omme r c i a l a n d r e s i d e n t i a l
properties, including undertaking
of primar y land development
activities, in the PRC.
International
business
settlement
–
Providing a fast, highly efficient
and low cost financial expressway
between different countries by
connecting their central banks』
real-time settlement and clearing
s y s tem. Based on i t s unique
block chain regional settlement
circle technology, the Group is
de veloping a mul t i - cur renc y,
internationalized and distributed
global settlement platform, which
aimed at realizing point-to-point,
「7X24」 (i.e. 24 hours a day, 7 days
a week), multi-currency and realtime
fund settlement and clearing
for cross border trading business
and individuals around the world.
Financing
business
–
Provi s ion of f inance through
money lending services, finance
leases, leasing, factoring and other
related services.
3. 收入及分類資料（續）
於本中期期間擴大融資業務後，主要
營運決策者認為，物業開發分類、國
際商業結算分類以及融資業務分類為
本集團的主要業務線及可呈報經營分
類。除該三個分類以外的業務營運對
本集團而言並不重大，故就呈報用途
呈列為「其他」。
由於上述變動，若干過往期間數據已
重列，以與期內呈列貫徹一致。
分類收入及業績
截至二零一七年九月三十日止六個月
（未經審核）
3. REVENUE AND SEGMENT INFORMATION (Continued)
Following the expansion of financing business in current
interim period, the CODM considered that the property
development segment, international business settlement
segment and financing business segment are the main
businesses lines and reportable operating segments of
the Group. Operations other than these three segments
are not significant to the Group and presented as
「Others」 for reporting purpose.
As a result of above changes, certain prior period figures
have been restated to conform with current period
presentation.
Segment revenue and results
Six months ended 30 September 2017 (unaudited)
Property
development
International
business
settlement
Financing
business
Others
Total
物業開發
國際
商業結算
融資業務
其他
總額
HK$』000
HK$』000
HK$』000
HK$』000
HK$』000
千港元
千港元
千港元
千港元
千港元
REVENUE
收入
External sales and segment revenue
對外銷售及分類收入
9,258
–
5,506
–
14,764
Segment (loss) profit
分類（虧損）溢利
(5,077)
(14,864)
4,478
(327)
(15,790)
Unallocated corporate expenses
未分配公司費用
(16,521)
Interest income
利息收入
4,495
Loss before taxation
除稅前虧損
(27,816)
3. 收入及分類資料（續）
分類收入及業績（續）
截至二零一六年九月三十日止六個月
（未經審核）
3. REVENUE AND SEGMENT INFORMATION (Continued)
Segment revenue and results (Continued)
Six months ended 30 September 2016 (unaudited)
Property
development
International
business
settlement
Financing
business
Others
Total
物業開發
國際
商業結算
融資業務
其他
總額
HK$』000
HK$』000
HK$』000
HK$』000
HK$』000
千港元
千港元
千港元
千港元
千港元
(restated)
(restated)
（經重列）
（經重列）
REVENUE
收入
External sales and segment revenue
對外銷售及分類收入
50,584
–
7,884
–
58,468
Segment (loss) profit
分類（虧損）溢利
(7,797)
(992)
3,799
(767)
(5,757)
Unallocated corporate expenses
未分配公司費用
(22,459)
Interest income
利息收入
1,805
Loss before taxation
除稅前虧損
(26,411)
3. 收入及分類資料（續）
分類資產及負債
3. REVENUE AND SEGMENT INFORMATION (Continued)
Segment assets and liabilities
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
(restated)
（經重列）
ASSETS
資產
Segment assets
分類資產
Property development
物業開發
2,836,818
2,655,601
International business
settlement
國際商業結算
94,174
54,745
Financing business
融資業務
350,908
151,733
Reportable segments total
可呈報分類總額
3,281,900
2,862,079
Others
其他
905
857
Total segment assets
分類資產總額
3,282,805
2,862,936
Unallocated assets
未分配資產
Bank balances and cash
銀行結存及現金
1,040,125
1,513,380
Other assets
其他資產
2,177
5,022
Total unallocated assets
未分配資產總額
1,042,302
1,518,402
Consolidated total assets
綜合資產總額
4,325,107
4,381,338
3. 收入及分類資料（續）
分類資產及負債（續）
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
(restated)
（經重列）
LIABILITIES
負債
Segment liabilities
分類負債
Property development
物業開發
(2,939,666)
(2,978,341)
International business
settlement
國際商業結算
(33,188)
(17,083)
Financing business
融資業務
(2,317)
(4,016)
Reportable segments total
可呈報分類總額
(2,975,171)
(2,999,440)
Others
其他
(721)
(692)
Total segment liabilities
分類負債總額
(2,975,892)
(3,000,132)
Unallocated liabilities
未分配負債
Other liabilities
其他負債
(6,070)
(6,604)
Total unallocated liabilities
未分配負債總額
(6,070)
(6,604)
Consolidated total liabilities
綜合負債總額
(2,981,962)
(3,006,736)
3. REVENUE AND SEGMENT INFORMATION (Continued)
Segment assets and liabilities (Continued)
3. 收入及分類資料（續）
地理區域資料
本集團之業務主要位於註冊成立國家
中國。所有來自外部客戶之收入均來
自中國客戶。本集團所有非流動資產
主要位於中國。
4. 其他收入、收益及虧損
3. REVENUE AND SEGMENT INFORMATION (Continued)
Information about geographical areas
The Group’s operations are principally located in the
PRC (country of domicile). All revenue from external
customers were generated from customers in the PRC.
All non-current assets of the Group are mainly located in
the PRC.
4. OTHER INCOME, GAINS AND LOSSES
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
HK$』000
HK$』000
千港元
千港元
(unaudited)
(unaudited)
（未經審核）
（未經審核）
(restated)
（經重列）
Interest income
利息收入
4,495
1,805
Net exchange gain
匯兌收益淨額
8,306
–
Reversal of allowance for bad
and doubtful debts
呆壞賬撥備撥回
2,708
–
Reversal of impairment loss
on land development
expenditure (note 14)
土地開發支出之
減值虧損撥回（附註14）
6,428
–
Government grant
政府資助
2,306
–
Finance lease income
融資租賃收入
–
28
Others
其他
668
194
24,911
2,027
5. 融資成本
兩個中期期間資本化之借款成本乃於
特定用作獲取合資格資產之借款中產
生。
5. FINANCE COSTS
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
HK$』000
HK$』000
千港元
千港元
(unaudited)
(unaudited)
（未經審核）
（未經審核）
Interest on borrowings
借款之利息
– Bank borrowings
－銀行借款
49,792
67,640
– Other borrowings
－其他借款
9,757
9,900
59,549
77,540
Less: capitalised in properties
for sale
減：待售物業資本化
(48,760)
(65,808)
10,789
11,732
Borrowings costs capitalised during both interim periods
arose from borrowings specifically for the purpose of
obtaining qualifying assets.
6. 所得稅
由於本集團於香港並無產生應課稅溢
利，故於兩個中期期間內並無就香港
利得稅作出撥備。
中國企業所得稅按應課稅溢利之適用
稅 率 計 算（ 如 適 用）。於 兩 個 中 期 期
間，本公司中國附屬公司之適用企業
所得稅稅率為25%。
本 集 團 須 根 據 中 國 相 關 稅 務 規 例，
就預售物業發展項目預付土地增值
稅及企業所得稅。於二零一七年九月
三十日，有關出售物業收取按金的已
預付土地增值稅及企業所得稅金額
約為5,960,000港元（二零一七年三月
三 十 一 日：11,571,000港 元），並 扣 除
各附屬公司於簡明綜合財務狀況表之
稅項負債。
6. INCOME TAX
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
HK$』000
HK$』000
千港元
千港元
(unaudited)
(unaudited)
（未經審核）
（未經審核）
Current tax in PRC
中國之即期稅項
Enterprise Income Tax (「EIT」)
企業所得稅
（「企業所得稅」）
1,213
1,034
Land Appreciation Tax (「LAT」)
土地增值稅
（「土地增值稅」）
2,741
(867)
3,954
167
Deferred tax
遞延稅項
Current period
期內
830
4,395
Taxation expense
稅項開支
4,784
4,562
No provision for Hong Kong Profits Tax has been made
for both interim periods as the Group has no assessable
profit arising in Hong Kong.
The PRC EIT is calculated based on the applicable tax
rate on assessable profits, if applicable. The applicable
EIT rate for the Company’s PRC subsidiaries during both
interim periods is 25%.
The Group is required to prepay LAT and EIT in
accordance with the relevant PRC tax rules in respect
of pre-sale of property development projects. As at 30
September 2017, the amount of prepaid LAT and EIT
in respect of deposits received for sales of properties
amounted to approximately HK$5,960,000 (31 March
2017: HK$11,571,000), which has been presented as
deduction against the tax liabilities of the respective
subsidiary in the condensed consolidated statement of
financial position.
7. 期內虧損
期內虧損已扣除：
8. 股息
於報告期間，並無派付、宣派或擬派
任何股息。本公司董事不建議派付中
期股息（二零一六年：無）。
7. LOSS FOR THE PERIOD
Loss for the period has been arrived at after charging:
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
HK$』000
HK$』000
千港元
千港元
(unaudited)
(unaudited)
（未經審核）
（未經審核）
Directors』 emoluments
董事酬金
2,060
1,089
Other staff salaries, wages and
allowances
其他員工薪金、工資及津貼
19,170
9,284
Other staff retirement scheme
contributions
其他員工之退休計劃供款
971
572
22,201
10,945
Less: staff costs capitalised in
properties for sale
減：於待售物業資本化之
員工成本
(997)
(772)
Total staff costs
員工成本總額
21,204
10,173
Depreciation of property,
plant and equipment
物業、廠房及設備之折舊
2,806
1,370
Professional fee regarding the
acquisition of a subsidiary
有關收購一間附屬公司之
專業費用
–
1,577
Rental expenses in respect of
rented premises
有關租賃物業之租金開支
9,845
2,780
Research and development
expense not capitalised
未撥充資本化之研發開支
2,384
–
8. DIVIDENDS
No dividends were paid, declared or proposed during
the reporting period. The directors of the Company do
not recommend the payment of an interim dividend
(2016: Nil).
9. 每股虧損
本公司擁有人應佔本中期期間每股基
本虧損乃按以下數據計算得出：
由於兩個期間並無潛在已發行普通
股，故並無呈列每股攤薄盈利。
9. LOSS PER SHARE
The calculation of the basic loss per share for the
interim periods attributable to the owners of the
Company is based on the following data:
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
HK$』000
HK$』000
千港元
千港元
(unaudited)
(unaudited)
（未經審核）
（未經審核）
Profit and loss
溢利及虧損
Loss for the period attributable
to owners of the Company
for the purpose of basic loss
per share
用於計算每股基本虧損之
本公司擁有人應佔
期內虧損
(29,877)
(27,263)
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
Number of shares
股份數目
Weighted average number of
shares for the purposes of
basic loss per share
用於計算每股基本虧損之
加權平均股份數目
20,319,072,320
19,039,072,320
No diluted earnings per share were presented as there
were no potential ordinary shares in issue for both
periods.
10. 物業、廠房及設備
於本中期期間，物業、廠房及設備之
變動概述如下：
11. 無形資產
無形資產於本中期期內之變動概述如
下：
本集團向一家獨立軟體公司付款以協
助本集團開發與「一帶一路」沿線國
家央行及商業銀行的系統對接之結算
平臺。該平臺現處於測試對接銀行系
統階段，本公司董事認為，該平臺將
於未來產生經濟利益。平臺之預期使
用年期為10年，而當該無形資產準備
使用時將予以攤銷。
10. PROPERTY, PLANT AND EQUIPMENT
The movements in property, plant and equipment
during the current interim period is summarised as
follows:
HK$』000
千港元
As at 1 April 2017 (audited)
於二零一七年四月一日（經審核）
22,381
Additions
添置
442
Depreciation
折舊
(2,806)
Translation adjustments
匯兌調整
847
As at 30 September 2017 (unaudited)
於二零一七年九月三十日
（未經審核）
20,864
11. INTANGIBLE ASSETS
The movements in intangible assets during the current
interim period is summarised as follows:
HK$』000
千港元
As at 1 April 2017 (audited)
於二零一七年四月一日（經審核）
32,538
Additions
添置
13,814
Translation adjustments
匯兌調整
1,464
As at 30 September 2017 (unaudited)
於二零一七年九月三十日
（未經審核）
47,816
The Group paid to an independent software company
to assist the Group in developing a settlement platform
for connecting with the systems of the central banks
and commercial banks of the countries along the 「one
belt and one road」. The platform is in the stage of
testing in docking with banking system, in the view of
directors of the Company, the platform will generate
future economic benefits. The expected useful life of
the platform is 10 years and the intangible assets will be
amortised when it is ready for use.
12. 長期應收賬項
賬面值包括以下各項：
12. LONG-TERM RECEIVABLES
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
Carrying amount of lease and
factoring receivables
應收租賃及保理款項之
賬面值
150,047
99,964
Less: amounts due within one
year shown under current
assets (note 16)
減：流動資產項下所示之
一年內到期之款項
（附註16）
(25,640)
(31,710)
Amounts shown under noncurrent
assets
非流動資產項下
所示之款項
124,407
68,254
The carrying amount consists of the followings:
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
– Lease receivable (note a)
－應收租賃款項（附註a ）
150,047
–
– Factoring receivable (note b)
－應收保理款項（附註b ）
–
99,964
150,047
99,964
12. 長期應收賬項（續）
附註：
(a) 於二零一七年六月，本集團與一名獨
立第三方訂立銷售及回租安排（「該
安排」）。根據該安排，本集團按固定
年利率6%向承租人墊付合共人民幣
131,300,000元（相當於約154,144,000
港 元 ），分30期 按 季 度 償 還。本 集
團 自 承 租 人 取 得 市 值 約 為 人 民 幣
131,300,000元 的 若 幹 苗 圃（ 即 該 安
排的標的財產）的所有權。本集團亦
自承租人的中間控股公司取得擔保
以就本集團的應收租賃款項提供擔
保，以防承租人違約拖欠付款。於承
租人解除其於該安排下的全部責任
後，本集團將按面額向承租人退還
苗圃的所有權。
(b) 於二零一七年三月三十一日之結餘
指應收福建萬嘉貿易有限公司（「福
建 萬 嘉」）之 款 項。於 二 零 一 四 年
二月，福建萬嘉與一名非關聯第三
方承租人訂立一份協議，以租賃由
福建萬嘉擁有之物業，租期截至二
零二四年。於二零一五年五月十一
日，本集團與福建萬嘉訂立一份金
額 為 人 民 幣120,000,000元（ 相 當 於
約147,122,000港元）的保理協議。據
此，本集團有權收取物業租賃產生之
租金收入。褔建萬嘉負責代表本集
團收取租金。倘承租人違約拖欠付
款，福建萬嘉須償還到期款項。該款
項按固定年利率13%計息，且須於五
年內按季度償還。於二零一五年五
月七日，本集團自福建高德貿易有
限公司（「福建高德」，福建萬嘉的關
聯公司）取得擔保，福建高德同意就
應收保理款項向本集團提供擔保，
以防違約。於本中期期間，經雙方同
意，福建萬嘉以現金提早向本集團
償還全部未償還結餘並終止協議。
12. LONG-TERM RECEIVABLES (Continued)
Notes:
(a) In June 2017, the Group has entered into sale
and lease back arrangement (the 「Arrangement」)
with an independent third party. Pursuant to the
Arrangement, the Group advanced an aggregate amount
of RMB131,300,000 (equivalent to approximately
HK$154,144,000) to the lessee at a fixed rate of 6% per
annum and are repayable by 30 quarterly instalments.
The Group obtained the title of certain nursery-grown
plant, being the subject property of the Arrangement
from the lessee with a market value of approximately
RMB131,300,000. The Group also obtained a guarantee
from the intermediate holding company of the lessee to
provide a guarantee of the lease receivable due to the
Group in case of default in the payment by the lessee.
Upon the lessee discharging all its obligations under the
Arrangement, the Group will return the ownership title
of the nursery-grown plant to the lessee for a nominal
amount.
(b) The balance as at 31 March 2017 represented the amount
due from 福建萬嘉貿易有限公司 (Fujian Wanjia Trading
Co., Ltd) (「Fujian Wanjia」)*. In February 2014, Fujian
Wanjia entered into an agreement with a non-related
third party leasee for the lease of a property owned by
Fujian Wanjia for a term up to 2024. On 11 May 2015,
the Group entered into a factoring agreement with Fujian
Wanjia for an amount of RMB120,000,000 (equivalent
to approximately HK$147,122,000). Pursuant to which
the Group is entitled to receive the rental income
generated from the lease of the property. Fujian Wanjia
is responsible for collecting the rentals on behalf of the
Group and is required to repay the amounts due if the
leasee defaults the payment. The amount carries interest
at a fixed rate of 13% per annum and repayable quarterly
over five years. On 7 May 2015, the Group obtained a
guarantee from 福建高德貿易有限公司 (Fujian Gaode
trading Co., Limited) (「Fujian Gaode」)*, a related company
of Fujian Wanjia, that Fujian Gaode agreed to provide
guarantee of the factoring receivables to the Group in
case of default. During the current interim period, under
mutual consent, Fujian Wanjia early repaid the entire
outstanding balance in cash to the Group and terminated
the agreement.
* The English name is for identification purpose only
13. 遞延稅項
已確認之遞延稅項資產於本中期期間
之變動如下：
附註：
自二零一零年起，柳州正和樺桂置業集團有
限公司（「柳州正和」）一直從事土地開發項
目，在本集團收購柳州正和前數年，柳州正
和開發的四幅土地被公開拍賣，並由柳州正
和本身投得作物業開發用途。柳州正和與聯
合開發商分成相關溢利，並就分成溢利支付
稅項。於本集團綜合入賬時，此分成溢利部
分計入待售物業且予以抵銷。就此項分成溢
利支付之相關稅項被視為遞延稅項資產，
將於相關物業售出時解除。於二零一七年九
月三十日，本集團之一級土地開發項目溢利
分成產生之遞延稅項資產約為36,376,000港
元（二零一七年三月三十一日：35,089,000港
元）。
14. 土地開發支出
於 本 中 期 期 間，土 地 開 發 成 本 約
人 民 幣 1 4 0 , 2 8 5 , 0 0 0 元（ 相 當 於 約
161,759,000港元）已收回並撥回早前
確認的減值虧損6,428,000港元。
13. DEFERRED TAXATION
Deferred tax assets recognised and movements during
the current interim period are as follow:
Profit sharing
from land
development
expenditure
Others
Total
土地開發
支出溢利分成
其他
總額
HK$』000
HK$』000
HK$』000
千港元
千港元
千港元
(note)
（附註）
As at 1 April 2017 (audited)
於二零一七年四月一日（經審核）
35,089
847
35,936
Charged to profit or loss
於損益表扣除
(153)
(677)
(830)
Translation adjustment
匯兌調整
1,440
22
1,462
As at 30 September 2017 (unaudited)
於二零一七年九月三十日
（未經審核）
36,376
192
36,568
Note:
Starting from 2010, 柳州正和樺桂置業集團有限公司 (「Liuzhou
Zhenghe Huagui Zhiye Real Estate Group Company Limited」)
(「Liuzhou Zhenghe」)* has been engaged in land development
project and in previous years before Liuzhou Zhenghe was
acquired by the Group, 4 parcels of land developed by Liuzhou
Zhenghe were put on public auction and acquired by Liuzhou
Zhenghe itself for property development purpose. Liuzhou
Zhenghe shared the related profit with joint developer and paid
tax on the shared profit. On the Group’s consolidation, this shared
profit element was included in properties for sale and eliminated.
The related tax paid on this shared profit was treated as deferred
tax assets and will be released when the related properties are
sold. As at 30 September 2017, the Group’s deferred tax assets
arising from profit sharing of the primary land development
project amounting to approximately HK$36,376,000 (31 March
2017: HK$35,089,000).
14. LAND DEVELOPMENT EXPENDITURE
During the current interim period, land development
cost amounted to approximately RMB140,285,000
(equivalent to approximately HK$161,759,000) has
been received and an impairment loss of HK$6,428,000
previously recognised was reversed.
* The English name is for identification purpose only
15. 待售物業
於二零一七年九月三十日，賬面值約
為971,087,000港元（二零一七年三月
三十一日：969,207,000港元）之若干待
售物業已予質押，作為本集團若干銀
行借款之擔保。
由於可變現淨值高於賬面值，兩個中
期期間均無確認減值虧損。
15. PROPERTIES FOR SALE
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
Completed properties for sale
已落成待售物業
473,785
433,434
Properties under development
for sale
持作出售發展中物業
2,224,224
1,916,449
2,698,009
2,349,883
Carrying amount of properties
under development for sale
expected to be completed:
預期落成之持作出售
發展中物業之賬面值：
– within one year
－一年內
1,035,265
883,496
– after one year
－一年後
1,188,959
1,032,953
2,224,224
1,916,449
As at 30 September 2017, certain properties for sale with
carrying amount of approximately HK$971,087,000 (31
March 2017: HK$969,207,000) were pledged to secure
certain bank borrowings granted to the Group.
No impairment loss is recognised as the net realisable
value is higher than the carrying amount for both
interim periods.
16. 應收貿易賬項及其他應收賬項
16. TRADE AND OTHER RECEIVABLES
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
Trade receivables
應收貿易賬項
2,529
5,078
Less: allowance for bad and
doubtful debts
減：呆壞賬撥備
(2,295)
(4,852)
234
226
Other receivables and
prepayments:
其他應收賬項及
預付款項
Other deposits (note a)
其他按金（附註a ）
12,464
11,938
Prepayments for construction
work
建築工程之預付款項
35,668
39,150
Other receivables
其他應收賬項
8,498
8,875
Other prepayments
其他預付款項
5,796
1,207
Receivables for platform fee
平臺費用應收款項
–
3,383
Amounts due from a third
party (note b)
應收一名第三方款項
（附註b ）
23,480
27,063
Other tax prepayment (note c)
其他稅項預付款項
（附註c ）
27,103
26
Lease receivable (note 12)
應收租賃款項（附註12）
25,640
–
Loan receivable (note d)
應收貸款（附註d ）
80,000
–
Factoring receivables (note e)
應收保理款項（附註e ）
117,398
31,710
Interest receivable
應收利息
2,932
–
Total trade and other
receivables
應收貿易賬項及
其他應收賬項總額
339,213
123,578
16. 應收貿易賬項及其他應收賬項（續）
附註：
a. 於二零一七年九月三十日，其他按
金包括本集團向地方政府支付一筆
約11,153,000港元（二零一七年三月
三 十 一 日：10,713,000港 元）的 保 證
金，以在柳州市建造一家酒店。該筆
款項將在酒店竣工及開始運營後悉
數退回，酒店預計會於一年內竣工
及開始運營。
b. 應收一名第三方款項的結餘為非貿
易相關、無抵押及須按要求償還。其
因廣西正桓貿易有限公司（「廣西正
桓」，柳州正和之全資附屬公司）代
表廣西正和實業集團有限公司（「廣
西正和實業」，於作出借款時為柳州
正和前主要股東之控股公司）向銀行
作出的貸款而產生，該筆銀行貸款
乃以廣西正和實業的資產作抵押。
該筆銀行貸款計息，為銀行就廣西
正桓提取的借款所收取的款項。
c. 該 結 餘 主 要 指 預 付 企 業 所 得 稅
1 3 , 9 7 5 , 0 0 0 港 元 及 預 付 增 值 稅
4,394,000港元，乃與預收客戶款項有
關。
d. 於二零一七年八月，本集團就向一名
獨立第三方提供120,000,000港元的
過渡貸款訂立協議。該筆貸款按固
定年利率10%計息，且須於二零一七
年九月償還。應收貸款由借款人於
一項投資基金擁有的100%股權及其
全資附屬公司的10%股權作擔保。於
二零一七年九月三十日，40,000,000
港元已償還而餘額80,000,000港元連
同其應計利息已逾期。本集團期後
收回該筆餘額80,000,000港元連同有
關利息。
16. TRADE AND OTHER RECEIVABLES (Continued)
Notes:
a. As at 30 September 2017, other deposits include an
amount of approximately HK$11,153,000 (31 March
2017: HK$10,713,000) guarantee deposits paid to the
local government for the Group to construct a hotel in
Liuzhou city. The amount will be fully refunded upon the
completion of the construction and commencement of
hotel operation, which is expected to be within one year.
b. The balance of the amount due from a third party is nontrade
related, unsecured and repayable on demand. It
arises from a bank loan borrowed by 廣西正桓貿易有
限公司 (Guangxi Zhenghuan Trading Company Limited)
(「Guangxi Zhenghuan」)*, a wholly owned subsidiary of
Liuzhou Zhenghe, on behalf of 廣西正和實業集團有
限公司 (Guangxi Zhenghe Industrial Co., Ltd) (「Guangxi
Zhenghe Industrial」)*, which was the holding company
of former substantial shareholder of Liuzhou Zhenghe at
the time of the borrowing and the bank loan is secured
by the assets of Guangxi Zhenghe Industrial. The interest
element of the bank loan represents the amount charged
by the bank on the same borrowing drawn by Guangxi
Zhenghuan.
c. The balance mainly represent the prepaid EIT amounting
to HK$13,975,000 and prepaid VAT amounting to
HK$4,394,000, which is paid in relation to the receipt in
advance from customers.
d. In August 2017, the Group entered into an agreement
to offer a bridging loan of HK$120,000,000 to an
independent third party. The loan carries interest at
a fixed rate of 10% per annum and is repayable in
September 2017. The loan receivable is secured by 100%
equity interest in an investment fund owned by the
borrower and a 10% equity interest in its wholly-owned
subsidiary. As at 30 September 2017, HK$40,000,000 was
repaid and the remaining balance of HK$80,000,000
together with accrued interests thereon have been
overdue. The remaining balance of HK$80,000,000
tog e the r wi th the re lat ed int e re s t s hav e be en
subsequently received by the Group.
* The English name is for identification purpose only
16. 應收貿易賬項及其他應收賬項（續）
附註：（續）
e. 於本中期期間，本集團與六名獨立
第三方（「賣方」）訂立六份總金額為
人民幣100,000,000元的保理協議。據
此，本集團有權就賣方貼現予本集
團的應收票據收取現金。賣方負責
代表本集團收取現金及須償還本集
團應收保理款項。應收保理款項按固
定年利率6.5%計息，且須於一年內按
季度償還。賣方的一家關聯公司已
就本集團應收保理款項提供擔保。
於二零一七年九月三十日，未收回
應收保理款項為117,398,000港元。
本集團之應收貿易賬項（扣除呆壞賬
撥備）於報告期末之賬齡分析（按向
客戶交付物業日期及提供顧問服務日
期計算）如下：
於二零一七年九月三十日，由於信貸
質素並無任何重大變動及有關金額基
於過往經驗仍被視為可收回，本集團
應收貿易賬項234,000港元（二零一七
年三月三十一日：226,000港元）已逾
期而本集團尚未作出減值虧損撥備。
本集團並無就該等結餘持有任何抵押
品。
16. TRADE AND OTHER RECEIVABLES (Continued)
Notes: (Continued)
e. During the current interim period, the Group entered
into six factoring agreements with six independent
third parties (the 「Sellers」) for an aggregate amount of
RMB100,000,000. Pursuant to which the Group is entitled
to the rights to receive cash for those bills receivables
discounted to the Group by the Sellers. The Sellers are
responsible for collecting the cash on behalf of the Group
and is required to repay the factoring receivables due to
the Group. The factoring receivables carry interest at a
fixed rate of 6.5% per annum and are repayable quarterly
over one year. A related company of the Sellers provided
guarantee for the factoring receivables due to the Group.
As at 30 September 2017, the outstanding factoring
receivables are HK$117,398,000.
The following is an aged analysis of trade receivables
(net of allowance for bad and doubtful debt) of
the Group presented based on the date of delivery
of properties to the customers and the date the
consultancy services provided, at the end of the
reporting period:
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
More than one year
一年以上
234
226
At 30 September 2017, the Group’s trade receivables of
HK$234,000 (31 March 2017: HK$226,000) were past due
for which the Group has not provided for impairment
loss as there has not been a significant change in credit
quality and amounts are still considered recoverable
based on historical experience. The Group does not hold
any collateral over these balances.
17. 有限制銀行存款
於二零一七年九月三十日，有限制銀
行存款約18,105,000港元（二零一七年
三 月 三 十 一 日：32,336,000港 元），主
要指預售物業的所得款項，只限用於
支付有關物業項目的建築成本，存款
將於有關項目竣工後解除。
18. 應付貿易賬項及其他應付賬項
17. RESTRICTED BANK DEPOSITS
Restricted bank deposits amounting to approximately
HK$18,105,000 as at 30 September 2017 (31 March 2017:
HK$32,336,000) mainly represent the proceeds from
pre-sale of properties with the restriction of use for
settlement of construction costs for relevant property
project, which will be released upon the completion of
the relevant project.
18. TRADE AND OTHER PAYABLES
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
Trade payables
應付貿易賬項
13,594
13,712
Accrued construction costs to
contractors
應付承包商之應計建築成本
446,031
355,239
Interest payable
應付利息
10,946
40,492
Amounts due to third parties
(note)
應付第三方款項
（附註）
23,564
27,144
Other payables
其他應付賬項
10,865
5,793
Other tax payables
其他應付稅項
3,368
11,479
Bill payables
應付票據
–
16,914
Receipt in advance from
customers
預收客戶款項
15,679
4,962
524,047
475,735
18. 應付貿易賬項及其他應付賬項（續）
附註： 結餘指應付第三方之非貿易相關、無
抵押、免息及按要求償還款項。於二
零一七年九月三十日，計入應付福建
萬嘉貿易有限公司及福州大展實業
有限公司款項約15,209,000港元（二
零一七年三月三十一日：19,119,000
港元）指該等訂約方為柳州正和當
時前股東之業務夥伴時所作出之墊
款。
以下為本集團應付貿易賬項於報告期
末根據已收取材料日期的賬齡分析：
18. TRADE AND OTHER PAYABLES (Continued)
Note: The balances represent the amounts due to third parties
which were non-trade related, unsecured, interest-free
and repayable on demand. As at 30 September 2017,
included amounts of approximately HK$15,209,000 (31
March 2017: HK$19,119,000) due to 福建萬嘉貿易有
限公司 and 福州大展實業有限公司, which represent
monies advanced by these parties when they were
business partners of the then former shareholder of
Liuzhou Zhenghe.
The following is an aged analysis of the Group’s trade
payables presented based on the date of materials
received at the end of the reporting period:
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
0-90 days
0至90日
13,594
13,712
19. 借款
19. BORROWINGS
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
Bank borrowings, secured
有抵押銀行借款
906,058
902,613
Other borrowings, unsecured
無抵押其他借款
194,958
338,290
1,101,016
1,240,903
Carrying amount of
borrowings repayable:
按下列情況償還的
借款賬面值：
Within one year
一年內
1,027,055
885,699
More than one year, but not
exceeding two years
超過一年，但不超過兩年
73,961
323,630
More than two year, but not
exceeding five years
超過兩年，但不超過五年
–
31,574
1,101,016
1,240,903
Less: amounts shown under
current liabilities
減：流動負債項下
所示之款項
(1,027,055)
(885,699)
Amounts shown under
non-current liabilities
非流動負債項下
所示之款項
73,961
355,204
19. 借款（續）
於兩個期間內，所有借款均為固定利
率借款，且以人民幣計值。
有關本集團固定利率借款之實際利率
之範圍如下：
於二零一七年九月三十日，本集團其
他借款指(i)一名第三方提供的無抵押
借款117,398,000港元（二零一七年三
月三十一日：315,737,000港元），該借
款按固定年利率5%（二零一七年三月
三十一日：6%）計息，須於二零一八
年七月償還；(ii)另一名第三方提供的
無抵押借款22,265,000港元（二零一七
年三月三十一日：22,553,000港元），
該借款按固定年利率24%（二零一七
年三月三十一日：24%）計息，須於二
零一八年三月償還；及(iii)另一名第三
方提供的無抵押借款55,295,000港元
（二零一七年三月三十一日：零），該
借款按固定年利率24%計息，須於二
零一七年十二月償還。
19. BORROWINGS (Continued)
Al l bor rowings were f ixed- rate bor rowings and
denominated in RMB during both periods.
The ranges of effective interest rates on the Group’s
fixed-rate borrowings are as follows:
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
Effective interest rate
實際利率
5%-30%
6%-24%
As at 30 September 2017, the Group’s other borrowings
represent (i) an unsecured borrowing of HK$117,398,000
(31 March 2017: HK$315,737,000) provided by a third
party with interest at a fixed rate of 5% (31 March
2017: 6%) per annum and repayable in July 2018; (ii)
an unsecured borrowing of HK$22,265,000 (31 March
2017: HK$22,553,000) provided by another third party
with interest at a fixed rate of 24% (31 March 2017: 24%)
per annum and repayable in March 2018; and (iii) an
unsecured borrowing of HK$55,295,000 (31 March 2017:
Nil) provided by another third party with interest at a
fixed rate of 24% per annum and repayable in December
2017.
19. 借款（續）
為本集團之銀行借款作擔保之本集團
若干已抵押資產的賬面值載列如下：
除本集團自身已抵押之資產外，廣西
正和實業（柳州正和之前關聯人士）
及柳州正和前股東之其他關聯人士亦
向銀行抵押若干資產以為本集團借款
作擔保。
19. BORROWINGS (Continued)
The followings show the carrying amounts of certain
assets of the Group pledged to secure the bank
borrowings provided to the Group:
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
Secured by:
由下列項目抵押：
Properties for sale (note 15)
待售物業（附註15）
971,087
969,207
In addition to the Group’s own assets pledged, Guangxi
Zhenghe Industrial, the former related party of Liuzhou
Zhenghe and other related parties of former shareholder
of Liuzhou Zhenghe had also pledged certain assets to
the bank to secure the borrowings granted to the Group.
20. 股本
20. SHARE CAPITAL
Number of shares
Amount
股份數目
金額
HK$』000
千港元
Authorised:
法定：
Ordinary shares of
HK$0.001 each
每股面值0.001港元之
普通股
At 1 April 2017 and
30 September 2017
於二零一七年四月一日及
二零一七年九月三十日
498,000,000,000
498,000
Non-voting convertible
preference shares of
HK$0.001 each
每股面值0.001港元之
無投票權可換股優先股
At 1 April 2017 and
30 September 2017
於二零一七年四月一日及
二零一七年九月三十日
2,000,000,000
2,000
500,000,000,000
500,000
Issued and fully paid:
已發行及繳足：
Ordinary shares of
HK$0.001 each
每股面值0.001港元之
普通股
At 1 April 2017 and
30 September 2017
於二零一七年四月一日及
二零一七年九月三十日
20,319,072,320
20,319
21. 經營租約承擔
本集團作為承租人
本集團於本中期期間根據租賃物業
及辦公設備之經營租約作出之最低
租 約 付 款 約 為9,845,000港 元（ 截 至
二 零 一 六 年 九 月 三 十 日 止 六 個 月：
2,780,000港元）。
於報告期末，本集團根據不可撤銷經
營租約而須於以下到期日支付之最低
日後租金承擔約16,064,000港元（二零
一七年三月三十一日：3,520,000港元）
如下：
租約協定為期一至三年，並已固定租
金。
21. OPERATING LEASE COMMITMENTS
The Group as lessee
The Group made minimum lease payment s of
approximately HK$9,845,000 (six months ended 30
September 2016: HK$2,780,000) under operating leases
during the current interim period in respect of rented
premises and office equipment.
At the end of the reporting period, the Group had
commitments for future minimum lease payments
of approximately HK$16,064,000 (31 March 2017:
HK$3,520,000) under non-cancellable operating leases
which fall due as follows:
30 September 2017
31 March 2017
二零一七年九月三十日
二零一七年三月三十一日
Rented
premises
Office
equipment
Rented
premises
Office
equipment
租賃物業
辦公設備
租賃物業
辦公設備
HK$』000
HK$』000
HK$』000
HK$』000
千港元
千港元
千港元
千港元
(unaudited)
(unaudited)
(audited)
(audited)
未經審核
未經審核
經審核
經審核
Within one year
一年內
7,359
2
3,224
6
In the second to fifth year
inclusive
第二年至第五年
（包括首尾兩年）
8,703
–
290
–
16,062
2
3,514
6
Leases are negotiated for a term of 1 to 3 years with
fixed rentals.
22. 其他承擔
22. OTHER COMMITMENTS
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
Commitments contracted for
but not provided in the
condensed consolidated
financial statements in
respect of:
已訂約但未於簡明綜合
財務報表中撥備之
承擔如下：
– construction for properties
for sale
－待售物業之建設
711,449
916,197
– development of settlement
platform
－結算平臺之開發
35,781
44,292
– purchase of equipment
－購買設備
–
50,743
747,230
1,011,232
23. 或然負債
本集團就若干銀行授出之按揭融資
提供擔保，該等按揭融資涉及由本集
團物業買家所訂立之按揭貸款。根據
擔保之條款，倘該等買家拖欠按揭款
項，本集團須負責向銀行償還買家結
欠之按揭貸款連同其應計利息及任何
罰款，而本集團屆時有權接管有關物
業之法定所有權。擔保期限由相關按
揭貸款授出日期起計，並於買家取得
個別房產證後結束。
23. CONTINGENT LIABILITIES
30 September
2017
31 March
2017
二零一七年
九月三十日
二零一七年
三月三十一日
HK$』000
HK$』000
千港元
千港元
(unaudited)
(audited)
（未經審核）
（經審核）
Guarantees given to banks for
mortgage facilities granted
to purchasers of the Group’s
properties
就授予本集團物業買家之
按揭融資向銀行提供之
擔保
484,508
481,828
The Group had provided guarantees in respect of
mortgage facilities granted by certain banks in
connection with the mortgage loans entered into by
purchasers of the Group’s properties. Pursuant to
the terms of the guarantees, if there is default of the
mortgage payments by these purchasers, the Group is
responsible for repaying the outstanding mortgage loans
together with accrued interests thereon and any penalty
owed by the defaulted purchaser to banks, the Group is
then entitled to take over the legal title of the related
properties. The guarantee period commences from
the dates of grant of the relevant mortgage loans and
ends after the buyers obtained the individual property
ownership certificate.
24. 關聯方交易
除該等財務資料其他章節所披露的交
易及結餘外，本集團於期內與關聯人
士進行下列交易：
主要管理人員之報酬
期內本公司董事及本集團主要管理人
員之其他成員之薪酬如下：
主要管理人員之薪酬乃經考慮個別人
士之績效及市場趨勢釐定。
24. RELATED PARTY TRANSACTIONS
In addition to the transactions and balances disclosed
elsewhere in these financial information, the Group has
the following transactions with related parties during
the period:
Compensation of key management personnel
The remuneration of directors of the Company and
other members of key management of the Group during
the period were as follows:
Six months ended 30 September
截至九月三十日止六個月
2017
2016
二零一七年
二零一六年
HK$』000
HK$』000
千港元
千港元
(Unaudited)
(Unaudited)
（未經審核）
（未經審核）
Short-term benefits
短期福利
2,572
1,950
Retirement benefits scheme
contribution
退休福利計劃供款
26
23
2,598
1,973
The remuneration of key management is determined
having regard to the performance of individuals and
market trends.
25. 公允值計量
本公司董事認為，於簡明綜合財務報
表內按攤銷成本列賬之金融資產及金
融負債之賬面值與其公允值相若。
26. 比較數字
若干比較數字已重新分類，以符合期
內的呈列方式。
25. FAIR VALUE MEASUREMENT
The directors of the Company consider the carrying
amounts of financial assets and financial liabilities
recorded at amor t i sed cos t in the condensed
consolidated financial statements approximate their fair
values.
26. COMPARATIVE FIGURES
Certain comparative figures have been reclassified to
conform with current period’s presentation.
Management Discussion and Analysis
管理層討論及分析
41
Interim Report 2017 二零一七年度中期報告
整體業績
本集團於報告期間錄得營業額約14,764,000
港元，較二零一六年同期約58,468,000港元
大幅下降74.75%。期內營業額主要來自柳州
正和樺桂置業集團有限公司（「柳州正和」）
所建造的正和城（「正和城」）物業的銷售及
來自融資業務的利息收入。
於報告期間錄得毛利約8,695,000港元（二零
一六年：16,134,000港元）。
期內錄得虧損約32,600,000港元，較上一年
度同期約30,973,000港元上升5.25%。於報告
期間每股基本虧損為0.15港仙，較二零一六
年同期0.14港仙略微上升7.14%。
Overall results
For the reporting period, the Group recorded a turnover of
approximately HK$14,764,000, representing a significant
decrease of 74.75% against approximately HK$58,468,000 for
the same period in 2016. The turnover for the period were
mainly contributed by the sales of the properties in 正和城
(「Zhenghe City」*) which are constructed by 柳州正和樺桂置
業集團有限公司 (Liuzhou Zhenghe Huagui Real Estate Group
Company Limited*) (「Liuzhou Zhenghe」) and interest income
from financing business.
A gross profit amounted to approximately HK$8,695,000 was
recorded for the reporting period (2016: HK$16,134,000).
A loss of approximately HK$32,600,000 was recorded for the
period, representing an increase of 5.25% from approximately
HK$30,973,000 for the same period of last year. The basic
loss per share for the reporting period was HK0.15 cent which
represented a slight increase of 7.14% from HK0.14 cent for the
same period in 2016.
* The English name is for identification purpose only
Management Discussion and Analysis
管理層討論及分析
42
International Business Settlement Holdings Limited 國際商業結算控股有限公司
經營業務回顧及前景
國際商業結算
集 團 自 行 開 發 的 全 球 清 結 算 網 絡 (Ne x t
Generation Settlement Network)（「NGSN」）主
要是為市場提供另一清結算的途徑，給接入
網絡的銀行及客戶提供多一條全天候，多幣
種的匯劃渠道選擇，同時還可以幫助銀行及
客戶打開海外市場，並配合國家政策，可以
有效地幫助接入的國家或地區提高貿易結
算的便利性，為「一帶一路」沿線國家的銀
行及客戶拓展業務提供支持。
於主要經營項目方面，集團積極拓展銀行
客戶。到目前為止，有幾家大規模銀行（包
括國內及國外銀行）目前正計劃實施參與，
並與20餘家意向銀行客戶保持持續溝通，集
團希望在二零一八年實現國內外大、中、小
銀行共計40餘家建立全方面的合作關係。此
外，集團也與多家大型企業簽署合作意向
書，計劃於二零一八年內實現運營的經營目
標。在與客戶商討合作時，多家銀行及企業
客戶也充分認識到NGSN解決方案所帶來的
價值，以及NGSN可以助力國家主導的「一帶
一路」戰略，其負責人十分關注此事，並希
望NGSN系統早日投入使用。但由於NGSN屬
於支付類的清結算系統，系統中所接入的銀
行與非銀金融機構數量將會決定其價值與
影響力，故公司希望盡可能在二零一八年底
前實現NGSN為客戶提供運營的經營策略。
Review of operations and prospect
International Business Settlement
The self-developed Next Generation Settlement Network (the
「NGSN」) mainly aims to provide an alternative settlement
channel to the market, to provide an alternative around the
clock and multi-currency remittance channel to banks and
customers connected to the network. NGSN can help banks
and customers to tap into overseas markets as well. In line
with the national policies, NGSN can effectively facilitate trade
settlement of countries and regions connected to the network,
and providing support to banks and customers in countries
along the 「one belt and one road」 to expand their business.
The Group has been actively expanding its bank customer base
for NGSN. Up till now, several large-scale banks (including
domestic and international banks) are currently planning to
connect to the network and the Group maintains continuous
communication with about 20 intended banks. The Group is
expecting to establish comprehensive cooperative relationships
with about 40 small, medium-sized and large banks at home
and abroad in 2018. In addition, the Group has also entered
into memorandums of understanding with several large-scale
enterprises, with an aim to provide services in 2018. While
discussing cooperation with our customers, several banks and
enterprise customers have also realized the values brought by
the NGSN resolution and realized that the NGSN could facilitate
the implementation of the 「one belt and one road」 strategy
led by China. Management of the above customers attach
great importance to the NGSN and hope that the NGSN system
can be put into use soon. However, as the NGSN is a payment
settlement system, and its value and influence will depend
on the numbers of banks and other financial institutions
connected to the system. Thus, the Group has been trying its
best to implement its operating strategy to provide services to
its customers by the end of 2018.
經營業務回顧及前景（續）
國際商業結算（續）
集團在電子貨幣及跨境支付方面亦正積極
發展，計劃在佈局、連接、服務三方面推動
該業務，為股東創造價值。
集 團 於 去 年 獲 得 由 立 陶 宛 央 行 頒 發 的 電
子 貨 幣 機 構(Electronic Money Institution)
（「EMI 」）許可證。該許可證在歐盟範圍內通
行，長期有效。基於該許可證，集團可為來
自全球的企業和個人開立賬戶，並面向所有
歐洲國家提供電子貨幣發行、兌換以及支付
服務。直至目前，歐洲電子銀行系統、統一
客戶審查系統已經完成技術研發，預計本年
度十二月可向立陶宛及歐盟提供服務，集成
支付網關預計本年度十二月可以完成國內
支付機構、立陶宛電子銀行的接入。分佈式
點對點清算系統預計本年度內開始系統開
發工作，並根據集團業務發展，適時推出。
除歐洲外，集團在重點佈局「一帶一路」沿
線國家，目前集團已經著手申請吉爾吉斯
斯坦的NBKR Payment License以及開展港澳
臺、東南亞等地區的準備工作。
Review of operations and prospect (Continued)
International Business Settlement (Continued)
The Group is actively developing its electronic money and
cross-border payment business as well, and plans to promote
its business development in three aspects, which are strategic
planning, connection and services, so as to create values for the
shareholders.
The Group was granted an Electronic Money Institution (「EMI」)
License by the Central Bank of Lithuania last year. The license is
valid in the European Union for a long term. With this license,
the Group can open accounts for enterprises and individuals
all around the globe and provide electronic money issue,
exchange and payment services to all European countries. The
technology research and development on European electronic
banking system and the integrated know your customer system
has been completed. The systems are expected to provide
services to Lithuania and the European Union in December
2017. It is expected that the integrated payment gateway will
be connected to domestic payment institutions and electronic
banks of Lithuania in December 2017. The development of
the distributed point-to-point clearing system is expected
to commence during the year. The system will be launched
to the market when appropriate according to the business
development of the Group.
In addition to Europe, the Group focuses on the countries
along the 「one belt and one road」. Currently, the Group has
commenced the application for the NBKR Payment License in
Kyrgyzstan and also carried out the preparatory work in Hong
Kong, Macau, Taiwan, Southeast Asia and other regions.
經營業務回顧及前景（續）
國際商業結算（續）
基於NGSN技術沉澱，亦在建設多個IT系統以
支撐業務佈局，集團希望為企業客戶、個人
客戶提供網絡支付、跨境匯款、貨幣兌換等
基礎金融服務。於去年集團已完成了與歐洲
SEPA系統對接的概念驗證項目，有效驗證了
NGSN對歐接口的可行性，待NGSN發展成熟
後，EMI的系統可接入NGSN，讓NGSN為EMI的
客戶提供服務，二者即可協同發展，互相促
進，為集團創造更大的貢獻。
於報告期間，本分類沒有新機構成員加入
網絡據此沒有錄得任何會員費收入，並產
生約14,864,000港元之虧損（二零一六年：
992,000港元）。期內主要費用是辦事處租金
開支、研發費用及工資。
柳州正和
正和城為混合多功能綜合項目，提供多種不
同類型物業，包括由柳州正和所開發的別
墅、聯排屋、商業大樓、辦公大樓、酒店及高
層公寓。
Review of operations and prospect (Continued)
International Business Settlement (Continued)
Leveraging on the consolidation of the NGSN technology, the
Group has been establishing various information technology
systems to support its business strategy. The Group is expecting
to provide its enterprise customers and individual customers
with online payment, cross-border remittance, currency
exchange and other basic financial services. Last year, the
Group completed the proof of concept project connected with
the European SEPA system, which verified the feasibility of the
NGSN against the European interface. Once the NGSN becomes
mature, the EMI system can be connected to the NGSN,
enabling the NGSN to provide services to the EMI’s customers.
Thus, both systems can benefit from the synergic development
and mutual promotion, creating greater contributions to the
Group.
During the reporting period, no new institutional members
joined the network and no membership fee received as
revenue in this segment. Segment loss of approximately
HK$14,864,000 (2016: HK$992,000) was recorded. The major
expenses for the period were office rental expenses, research
and development expenses and staff costs.
Liuzhou Zhenghe
Zhenghe City is a mix-used complex project which offers a wide
range of properties, including villas, townhouses, commercial
buildings, office buildings, hotels and high rise apartments
developed by Liuzhou Zhenghe.
經營業務回顧及前景（續）
柳州正和（續）
正和城項目由兩期構成，一期提供多幢建
築 面 積 約500,000平 方 米 及 可 出 售 面 積 約
474,570平方米之住宅及商業物業。二期將另
外提供多幢住宅及商業物業，總建築面積約
為580,000平 方 米，可 出 售 面 積 約 為536,199
平方米。一期與二期均已開始施工及在開發
中。各期項目進程如下所示：
Review of operations and prospect (Continued)
Liuzhou Zhenghe (Continued)
Zhenghe City comprises two phases with Phase I providing a
stack of residential and commercial properties with gross floor
area of approximately 500,000 square meters and a saleable
area of approximately 474,570 square meters. Phase II will
provide another stack of residential and commercial properties
with a total gross floor area of approximately 580,000
square meters and a saleable area of approximately 536,199
square meters. Both Phase I and Phase II have commenced
construction and under development. The progress of each
phases are shown as follows:
Property type
Status
物業類型
情況
Phase I:
一期：
Zone A
A區
Villas and high-rise apartment
buildings
別墅及高層公寓
Construction work completed and most of the properties were sold.
建築工程已竣工且大部分物業已出售。
Zone B
B區
Villas and high-rise apartment
buildings
別墅及高層公寓
Construction work completed and most of the properties were sold.
建築工程已竣工且大部分物業已出售。
Zone C
C區
Residential and commercial
complexes and studio/office
buildings
住宅及商業綜合樓及
工作室╱辦公大樓
Construction work of 7 blocks of residential and commercial complexes
were completed and the acceptance certificate of completion were
granted. Most of the residential complexes were sold.
7幢住宅及商業綜合樓的建築工程已竣工且工程竣工驗收證書已授
出。大部分住宅綜合樓已出售。
3 blocks of studio/office buildings are under construction. The pre-sale
permits were granted and the acceptance certificate of completion are
expected to be granted in first half of 2018.
3幢工作室╱辦公大樓仍處於建設中。預售許可證已授出而工程竣工
驗收證書預計於二零一八年上半年授出。
經營業務回顧及前景（續）
柳州正和（續）
Property type
Status
物業類型
情況
Phase II:
二期：
Zone D1
D1區
Villas
別墅
Construction work completed. 16 villas with a total saleable area of 8,008
square meters are held for sale.
建築工程已竣工。總可出售面積為8,008平方米的16幢別墅乃持作出
售。
Zone D1
D1區
High-rise apartment buildings
高層公寓
5 blocks of high-rise apartment buildings are under construction. The
pre-sale permits were granted and the acceptance certificate of
completion is expected to be granted in late 2017.
正在建設5幢高層公寓。預售許可證已授出而工程竣工驗收證書預計
於二零一七年年末授出。
Zone D2
D2區
Villas
別墅
Construction work completed. 8 villas with a total saleable area of 4,684
square meters are held for sale.
建築工程已竣工。總可出售面積為4,684平方米的8幢別墅乃持作出
售。
Zone E
E區
Hotel and serviced apartment
酒店及服務式公寓
A hotel building and a block of serviced apartment are under
construction. The pre-sale permit for the serviced apartment was
granted and the acceptance certificate of completion is expected to be
obtained in late 2017.
正在建設酒店及服務式公寓。服務式公寓預售許可證已授出而工程
竣工驗收證書預計於二零一七年年末取得。
Zone F
F區
Residential and commercial
complexes
住宅及商業綜合樓
6 blocks of residential and commercial complexes are under construction.
正在建設6幢住宅及商業綜合樓。
The pre-sale permit of 3 blocks were granted and the acceptance
certificate of completion are expected to be obtained in the first half of
2018.
3幢綜合樓的預售許可證已授出而工程竣工驗收證書預計於二零一八
年上半年取得。
The pre-sale permit of the remaining 3 blocks are expected to be granted
in the late 2017 and the acceptance certificate of completion are
expected to be obtained in the second half of 2019.
餘下3幢綜合樓的預售許可證預計於二零一七年年末授出而工程竣
工驗收證書預計於二零一九年下半年取得。
Review of operations and prospect (Continued)
Liuzhou Zhenghe (Continued)
經營業務回顧及前景（續）
柳州正和（續）
於截至二零一七年九月三十日止期間，面積
約1,152平方米（二零一六年：4,841平方米）
已 出 售。期 內 產 生 分 類 營 業 額 約9,258,000
港元（二零一六年：50,584,000港元）。期內
錄得分類虧損5,077,000港元（二零一六年：
7,797,000港元）。
報告期間銷售數字較低乃主要因為期內無
向客戶交付新竣工單位。由於D1區高層公寓
的工程竣工驗收證書預期於二零一七年年
末取得，預期於截至二零一八年三月三十一
日止財政年度的銷售物業的收入將大幅增
加。
外部專家戴德梁行有限公司已獲委任以協助
評估物業開發項目於二零一七年九月三十
日的公允值。已就已竣工及待售的物業使用
直接比較法，參考相關市場上可得的可比較
銷售交易。在建物業的價值乃使用直接比較
法得出，當中假設物業的建築工程已於估值
日期竣工，並計及預計建築成本及為完成開
發將支銷的成本。由於可變現淨值高於賬面
值，截至二零一七年九月三十日止期間無須
作出減值虧損。
柳州正和將繼續開發正和城二期及於廣西
或中國其他省份積極尋找其他物業發展機
會。
Review of operations and prospect (Continued)
Liuzhou Zhenghe (Continued)
During the period ended 30 September 2017, an area of
approximately 1,152 square meters (2016: 4,841 square meters)
was sold and generated a segment turnover of approximately
HK$9,258,000 for the current period (2016: HK$50,584,000).
A segment loss of HK$5,077,000 was recorded for the current
period (2016: HK$7,797,000).
The relatively small sales figures in the reporting period was
mainly due to no newly completed units was delivered to
customers. As the acceptance certificate of completion for the
high-rise apartment buildings of Zone D1 are expected to be
obtained in late 2017, it is expected that the revenue from sales
of properties in the financial year ending 31 March 2018 will
increase significantly.
An external expert, DTZ Cushman & Wakefield Limited, was
engaged to help to assess the fair value of the properties
development project as at 30 September 2017. For those
properties which had completed the construction work and
held for sale, direct comparison method by making reference
to comparable sales transactions as available in the relevant
market is used. For those properties still under construction,
the value is derived from by using direct comparison method
with the assumption that the construction works of the
properties would have been completed at the date of valuation
and have taken into account the construction costs expected
and costs that will be expended to complete the development.
No impairment loss is required for the period ended 30
September 2017 as the net realisable value is higher than
carrying amount.
Liuzhou Zhenghe will continue to develop the Phase II of
Zhenghe City and actively seek other property development
opportunity in Guangxi or other provinces in the PRC.
經營業務回顧及前景（續）
融資業務
於二零一五年，本集團取得中國（上海）自
由貿易試驗區管理委員會之批准並於中國
（上海）自由貿易試驗區成立外商獨資企業
（「外商獨資企業」），以在中國進行融資業
務。經 營 範 圍 包 括 融 資 租 賃 業 務；租 賃 業
務；向國內外市場購買租賃資產；租賃資產
之殘值處理及維修；提供租賃交易諮詢和擔
保以及從事商業保理業務。外商獨資企業之
註冊資本為100,000,000美元（約人民幣6.2億
元）及於二零一五年對外商獨資企業之第一
階段注資為20,000,000美元（約人民幣1.24億
元）。
於 報 告 期 間，已 向 外 商 獨 資 企 業 注 資
15,000,000美元（約人民幣1.01億元）拓寬融
資業務，以拓展本集團之收入來源及動用本
集團資源充分提升本公司及其股東之整體
回報。
於 報 告 期 間，本 分 類 錄 得 利 息 收 入 約
5,506,000港元（二零一六年：7,884,000港元）
及 分 類 溢 利4,478,000港 元（ 二 零 一 六 年：
3,799,000港元）。
Review of operations and prospect (Continued)
Financing business
In 2015, the Group obtained an approval f rom the
Management Committee of China (Shanghai) Pilot Free Trade
Zone（ 中 國（ 上 海 ）自 由 貿 易 試 驗 區 管 理 委 員 會 ）and
established a wholly foreign owned enterprise (「WFOE」) in the
China (Shanghai) Pilot Free Trade Zone to carry out financing
business in the PRC. The scope of business including finance
leasing business; leasing business; purchasing of leased assets
at domestic and foreign markets; disposal of residual value and
maintenance of leased assets; provision of consultation and
guarantees for lease transactions and engaging in commercial
factoring business. The registered capital of the WFOE is
USD100 million (approximately RMB620 million) and the first
phase of capital contribution injected to the WFOE in 2015 was
USD20 million (approximately RMB124 million).
In the reporting period, USD15 million (approximately RMB101
million) was injected to WFOE to expand the financing business
in order to diversify the revenue streams of the Group and
utilize the resources of the Group to maximize the return to the
Company and its shareholders as a whole.
Dur ing the repor t ing per iod, thi s segment recorded
approx imatel y HK$5,506,000 interes t income (2016:
HK$7,884,000) and the segment profit was HK$4,478,000 (2016:
HK$3,799,000).
經營業務回顧及前景（續）
其他經營業務
本集團的其他經營業務涵蓋提供顧問服務、
商品貿易及營運電子商貿平臺及投資金礦。
於報告期間，此等其他經營業務概無產生
營業額，惟產生虧損327,000港元（二零一六
年：767,000港元）。管理層將定期檢討有關
情況，並發掘可行的改善方案為股東帶來回
報。
於位於吉爾吉斯共和國的金礦的27%實際股
權在上年悉數減值。採礦場及其他基礎設施
的建設工程出現延誤，預期將於二零一八年
開始試採礦。本公司於金礦的股權已獲質
押，為礦業公司借入的銀行貸款提供擔保，
以為其運營提供資金。
重大收購以及出售附屬公司及聯營公司
於報告期間，概無進行任何重大收購及出售
附屬公司及聯營公司。
Review of operations and prospect (Continued)
Other operations
Other operations of the Group include the provision of
consultancy services, trading of goods and operation of
e-commerce platforms and an investment in a gold mine.
No turnover was generated for these other operations during
the reporting period and the loss incurred was HK$327,000
(2016: HK$767,000). The management will continue review
the situation regularly and explore the possible solution for
improvement to generate returns for the shareholders.
The 27% effective equity interest in the gold mine in the
Republic of Kyrgyz was fully impaired in previous year.
The progress of the construction of mining plants and
other infrastructure are delayed and test-run of the mining
production is expected to be commenced in 2018. The
Company’s shareholding in the gold mine had been pledged
to secure a bank loan borrowed by the mining company to
finance its operation.
Material acquisitions and disposals of subsidiaries and
associated companies
There was no material acquisitions and disposal of subsidiaries
and associated companies during the reporting period.
財務回顧
財務狀況、流動資金及資產負債比率
於二零一七年九月三十日，本集團之資產
及 負 債 總 額 分 別 為4,325,107,000港 元（ 二
零 一 七 年 三 月 三 十 一 日：4,381,338,000港
元 ）及2,981,962,000港 元（ 二 零 一 七 年 三
月 三 十 一 日：3,006,736,000港 元）。於 二 零
一七年九月三十日，本集團錄得權益總額
1,343,145,000港元（二零一七年三月三十一
日：1,374,602,000港元）。權益總額減少主要
由於期內產生虧損。
於二零一七年九月三十日，本集團錄得流
動資產淨值1,187,451,000港元（二零一七年
三 月 三 十 一 日：1,521,926,000港 元）。於 二
零一七年九月三十日，銀行結存及現金為
1,040,125,000港元（二零一七年三月三十一
日：1,513,380,000港 元），其 中 大 部 分 以 港
元、美元及人民幣計值。
本集團的流動比率（界定為流動資產除以流
動負債）為1.41（二零一七年三月三十一日：
1.57）。
於二零一七年九月三十日，本集團之借款
總額為1,182,253,000港元（二零一七年三月
三十一日：1,324,995,000港元），均以人民幣
計值，明細如下：
(i) 銀 行 及 其 他 借 款 為1,101,016,000港
元（ 二 零 一 七 年 三 月 三 十 一 日：
1,240,903,000港 元），實 際 利 率 介 乎
5.00%至30.00%不等；及
Financial review
Finance position, liquidity and gearing
At 30 September 2017, the total assets and liabilities of
the Group stood at HK$4,325,107,000 (31 March 2017:
HK$4,381,338,000) and HK$2,981,962,000 (31 March 2017:
HK$3,006,736,000) respectively. The Group recorded a total
equity amounted to HK$1,343,145,000 as at 30 September
2017 (31 March 2017: HK$1,374,602,000). The decrease of total
equity is mainly due to the loss incurred in the period.
The Group recorded net current assets of HK$1,187,451,000
as at 30 September 2017 (31 March 2017: HK$1,521,926,000).
The bank balances and cash as at 30 September 2017 was
HK$1,040,125,000 (31 March 2017: HK$1,513,380,000), of
which most were denominated in Hong Kong dollars, US dollars
and Renminbi.
The Group’s current ratio (defined as current assets divided by
current liabilities) was 1.41 (31 March 2017: 1.57).
As at 30 September 2017, the Group had total borrowing
amo u n t e d t o HK $ 1 , 1 8 2 , 2 5 3 , 0 0 0 ( 3 1 Ma r c h 2 0 1 7 :
HK$1,324,995,000) which were denominated in Renminbi. The
breakdowns are as follows:
(i) b a n k a n d o t h e r b o r r o w i n g s amo u n t e d t o
HK$1,101,016,000 (31 March 2017: HK$1,240,903,000)
with effective interest rates in the ranges of 5.00% to
30.00%; and
財務回顧（續）
財務狀況、流動資金及資產負債比率（續）
(ii) 應 付 第 三 方、最 終 控 股 公 司 及 非 控
制權益之免息貸款分別為23,564,000
港 元（ 二 零 一 七 年 三 月 三 十 一 日：
27,144,000港 元）、2,308,000港 元（ 二
零一七年三月三十一日：2,309,000港
元）及55,365,000港元（二零一七年三
月三十一日：54,639,000港元）。
於二零一七年九月三十日，資產負債比率
（即借款總額與權益總額之比例）為0.88（二
零一七年三月三十一日：0.96）。
財務資源
期內，本集團主要透過內部資源、借款以及
自上年進行股本融資所籌集之所得款項繼
續為其營運提供資金。管理層認為，本集團
將透過其業務營運產生流動資金，並將於必
要時考慮利用進一步股本融資。
股本架構
於 二 零 一 七 年 九 月 三 十 日，本 公 司 之 已
發 行 股 本 總 額 為2 0 , 3 1 9 , 0 7 2港 元，分 為
20,319,072,320股本公司普通股。
資產抵押
於 二 零 一 七 年 九 月 三 十 日，賬 面 值 為
971,087,000港 元（ 二 零 一 七 年 三 月 三 十 一
日：969,207,000港元）之若干待售物業已予
抵押，作為本集團所獲授若干銀行借款之擔
保。
Financial review (Continued)
Finance position, liquidity and gearing (Continued)
(ii) interest free loan due to third parties, ultimate holding
company and non-controlling interests amounted
to HK$23,564,000 (31 March 2017: HK$27,144,000),
HK$2,308,000 (31 March 2017: HK$2,309,000) and
HK$55,365,000 (31 March 2017: HK$54,639,000)
respectively.
The gearing ratio, as a ratio of total borrowings to total equity,
as at 30 September 2017 was 0.88 (31 March 2017: 0.96).
Financial resources
During the period, the Group’s operations continued to be
mainly financed by internal resources, borrowings as well as
proceeds raised from equity financing exercise from previously
year. The management believes that the Group will generate
its liquidity from business operations and will consider making
use of further equity financing when necessary.
Capital structure
As at 30 September 2017, the total issued share capital
of the Company was HK$20,319,072 which is divided into
20,319,072,320 shares of ordinary shares of the Company.
Charges on assets
As at 30 September 2017, certain properties for sale with
carr ying amount of HK$971,087,000 (31 March 2017:
HK$969,207,000) were pledged to secure certain bank
borrowings granted to the Group.
財務回顧（續）
或然負債
本集團就若干銀行授出之按揭融資提供擔
保，該等按揭融資涉及由本集團物業買家所
訂立之按揭貸款。根據擔保之條款，倘該等
買家拖欠按揭款項，本集團須負責向銀行償
還買家結欠之按揭貸款連同其應計利息及
任何罰款，而本集團屆時有權接管有關物業
之法定所有權。擔保期限由相關按揭貸款授
出日期起計，並於買家取得個別房產證後結
束。於二零一七年九月三十日，就上述之按
揭融資向銀行提供之擔保為484,508,000港元
（二零一七年三月三十一日：481,828,000港
元）。
外匯風險
本集團之部分資產與負債乃以人民幣、美元
及港元列值，為將外匯風險降至最低程度，
本集團盡量動用以相同貨幣列值之資金進
行交易。
僱員及薪酬政策
於二零一七年九月三十日，本集團僱用約
180名僱員。僱員薪金乃根據僱員之表現及
經驗每年檢討及調整。本集團之僱員福利
包括績效花紅、醫療保險、強制性公積金計
劃、地方市政府退休計劃，以及為員工提供
教育資助以鼓勵持續專業進修。
Financial review (Continued)
Contingent liabilities
The Group had provided guarantees in respect of mortgage
facilities granted by certain banks in connection with the
mortgage loans entered into by purchasers of the Group’s
properties. Pursuant to the terms of the guarantees, if there
is default of the mortgage payments by these purchasers, the
Group is responsible for repaying the outstanding mortgage
loans together with accrued interests thereon and any penalty
owed by the defaulted purchaser to banks, the Group is then
entitled to take over the legal title of the related properties.
The guarantee period commences from the dates of grant
of the relevant mortgage loans and ends after the buyer
obtained the individual property ownership certificate. As at 30
September 2017, the guarantee given to banks for the abovementioned
mortgage facilities amounted to HK$484,508,000
(31 March 2017: HK$481,828,000).
Foreign exchange exposure
As part of the Group’s assets and liabilities are denominated
in Renminbi, US dollars and Hong Kong dollars, in order to
minimize the foreign exchange risk, the Group aims to utilize
the fund for transactions that are denominated in the same
currency.
Employment and remuneration policy
As at 30 September 2017, the Group had approximately 180
employees. The employees』 salaries are reviewed and adjusted
annually based on their performance and experience. The
Group’s employee benefits include performance bonus, medical
insurance, mandatory provident fund scheme, local municipal
government retirement scheme and education subsidy to
encourage continuous professional development of staff.
Additional Information
其他資料
53
Interim Report 2017 二零一七年度中期報告
董事及最高行政人員於股份及相關股份之權
益
於二零一七年九月三十日，董事及最高行政
人員及彼等各自之聯繫人於本公司及其相
聯法團（定義見證券及期貨條例（「證券及
期貨條例」）第XV部）的股份中擁有(a)根據證
券及期貨條例第XV部第7及8分部須通知本
公司及聯交所之權益及淡倉（包括根據證券
及期貨條例之該等條文彼等被當作或視為
擁有之權益或淡倉）；或(b)根據證券及期貨
條例第352條須記入該條例所述登記冊之權
益及淡倉；或(c)根據上市公司董事進行證券
交易之標準守則規定須通知本公司及聯交
所之權益及淡倉如下：
(i) 於本公司之股份及相關股份之好倉
本公司每股面值0.001港元之普通股
Directors』 and chief executives』 interests in shares and
underlying shares
As at 30 September 2017, the interests and short positions of
the directors and the chief executive and their associates in
the shares of the Company and its associated corporations
(within the meaning of Part XV of the Securities and Futures
Ordinance (the 「SFO」)) (a) which were required to be notified
to the Company and the Stock Exchange pursuant to Divisions
7 and 8 of Part XV of the SFO (including interests or short
positions which they were taken or deemed to have under such
provisions of the SFO); or (b) which were required, pursuant to
Section 352 of the SFO, to be entered in the register referred
to therein; or (c) which were required to be notified to the
Company and the Stock Exchange pursuant to the Model Code
for Securities Transactions by Directors of Listed Companies,
were as follows:
(i) Long position in shares and underlying shares of the
Company
Ordinary shares of HK$0.001 each of the Company
Name of Director
Capacity in which
interests are held
Number of
Shares interested
Approximate
percentage of
the issued
share capital
of the Company
董事姓名
持有權益之身份
擁有權益之
股份數目
佔本公司
已發行股本之
概約百分比
Yuen Leong
Interest in controlled corporation
10,347,283,880
50.92%
袁亮
於受控制法團之權益
(Note 1)
（附註1）
Luan Li
Beneficial owner
9,400,000
0.05%
欒利
實益擁有人
Additional Information
其他資料
54
International Business Settlement Holdings Limited 國際商業結算控股有限公司
董事及最高行政人員於股份及相關股份之權
益（續）
(i) 於本公司之股份及相關股份之好倉
（續）
本公司每股面值0.001港元之普通股
（續）
附註：
(1) 該等10,347,283,880股股份乃由長鴻
有限公司持有，而其由任宇先生及袁
亮先生各合法及實益擁有70%及30%
權益。基於袁亮先生於長鴻有限公
司之30%直接權益，根據證券及期貨
條例，彼被視為或當作於長鴻有限
公司持有之10,347,283,880股股份中
擁有權益。
(ii) 於相聯法團之股份及相關股份之好倉
Directors』 and chief executives』 interests in shares and
underlying shares (Continued)
(i) Long position in shares and underlying shares of the
Company (Continued)
Ordinary shares of HK$0.001 each of the Company
(Continued)
Notes:
(1) These 10,347,283,880 shares are held by Long Grand
Limited which is legally and beneficially owned as to
70% by Mr. Yam Yu and as to 30% by Mr. Yuen Leong. By
virtue of his 30% direct interest in Long Grand Limited,
Mr. Yuen Leong is deemed or taken to be interested in the
10,347,283,880 shares held by Long Grand Limited for the
purposes of the SFO.
(ii) Long position in shares and underlying shares of
associated corporation
Number of ordinary shares
(long positions)
普通股數目（好倉）
Name of Director
Name of associated
corporation
Personal interest
Total number
of shares held
in associated
corporation
Approximate
percentage of
issued share
capital
of associated
corporation
董事姓名
相聯法團名稱
個人權益
持有相聯法團
之股份總數
佔相聯法團
已發行股本之
概約百分比
Yuen Leong
Long Grand Limited
Beneficial owner
300
30%
袁亮
長鴻有限公司
實益擁有人
董事及最高行政人員於股份及相關股份之權
益（續）
除上文所披露者外，於二零一七年九月三十
日，本公司各董事及最高行政人員概無於本
公司或其任何相聯法團（定義見證券及期貨
條例第XV部）的股份、相關股份及債券中擁
有(a)根據證券及期貨條例第XV部第7及8分部
須通知本公司及聯交所之權益或淡倉（包括
根據證券及期貨條例之該等條文彼等被當
作或視為擁有之權益及淡倉）；或(b)根據證
券及期貨條例第352條須記入該條例所述登
記冊之權益或淡倉；或(c)根據上市公司董事
進行證券交易之標準守則規定須通知本公
司及聯交所之權益或淡倉。
董事購入股份或債券之權利
除上述及上文「董事及最高行政人員於股份
及相關股份之權益」所披露者外，於截至二
零一七年九月三十日止六個月任何時間並
無向任何董事或彼等各自之配偶或未成年
子女授出可透過購入本公司股份或債券而
取得利益之權利，或彼等並無行使任何該
等權利，而本公司或其任何控股公司、同系
附屬公司或任何附屬公司並無訂立任何安
排，以致董事、彼等各自之配偶或未成年子
女可獲取任何其他法人團體之上述權利。
董事於競爭業務之權益及利益衝突
截至二零一七年九月三十日止期間，本公司
董事或任何彼等各自之聯繫人概無從事與
本集團業務存在競爭或可能存在競爭之任
何業務或與本集團有任何其他利益衝突。
Directors』 and chief executives』 interests in shares and
underlying shares (Continued)
Save as disclosed above, as at 30 September 2017, none of
the Directors and the chief executive of the Company had any
interest or short position in the shares, underlying shares and
debentures of the Company or any of its associated corporation
(within the meaning of Part XV of the SFO), (a) which were
required to be notified to the Company and the Stock Exchange
pursuant to Divisions 7 and 8 of Part XV of the SFO (including
interests and short positions which they were taken or deemed
to have under such provisions of the SFO); or (b) which were
required, pursuant to Section 352 of the SFO, to be entered in
the register referred to therein; or (c) which were required to
be notified to the Company and the Stock Exchange pursuant
to the Model Code for Securities Transactions by Directors of
Listed Companies.
Directors』 rights to acquire shares or debentures
Apart from the foregoing and save as disclosed under the
heading 「Directors』 and chief executives』 interests in shares and
underlying shares」 above, at no time during the six months
ended 30 September 2017 were rights to acquire benefits by
means of the acquisition of shares in or debentures of the
Company granted to any director or their respective spouse
or minor children, or were any such rights exercised by them
or was the Company, or any of its holding companies, its
fellow subsidiaries or any of its subsidiaries a party to any
arrangement to enable the directors, their respective spouse
or minor children to acquire such rights in or any other body
corporate.
Directors』 interests in competing businesses and conflicts
of interests
During the period ended 30 September 2017, none of the
directors of the Company or any of their respective associates
have engaged in any business that compete or may compete
with the businesses of the Group or have any other conflict of
interests with the Group.
主要股東之權益及淡倉
於二零一七年九月三十日，根據本公司按證
券及期貨條例第336條規定存置之登記冊所
示，下列公司擁有本公司已發行股本5%或以
上權益。
(L) 指好倉
(S) 指淡倉
Interests and short positions of substantial shareholders
As at 30 September 2017, the following interest of 5% or more
of the issued share capital of the Company were recorded in
the register of interests required to be kept by the Company
pursuant to Section 336 of the SFO.
Name
Capacity in which interests
are held
Number of
Shares interested
Approximate
percentage of
the issued
share capital
of the Company
名稱
持有權益身份
擁有權益之
股份數目
佔本公司
已發行股本之
概約百分比
Long Grand Limited (Note 1)
長鴻有限公司（附註1）
Beneficial owner
實益擁有人
10,347,283,880
(L)
50.92%
Power Trend Asset Holdings Limited
(Note 2)
Power Trend Asset Holdings Limited
（附註2）
Beneficial owner
實益擁有人
2,540,190,000
(L)
12.50%
China Cinda Asset Management Co.,
Ltd. (Note 3)
中國信達資產管理股份
有限公司（附註3）
Interest in controlled
corporation
於受控制法團之權益
1,280,000,000
640,000,000
(L)
(S)
6.30%
3.15%
China Cinda (HK) Holdings
Company Limited (Note 3)
中國信達（香港）控股
有限公司（附註3）
Interest in controlled
corporation
於受控制法團之權益
1,280,000,000
640,000,000
(L)
(S)
6.30%
3.15%
China Cinda (HK) Asset
Management Co., Limited
(Note 3)
中國信達（香港）資產管理
股份有限公司（附註3）
Interest in controlled
corporation
於受控制法團之權益
640,000,000
(L)
3.15%
Person having a security
interest in shares
於股份中擁有證券權益之個人
640,000,000
(L)
3.15%
Interest in controlled
corporation
於受控制法團之權益
640,000,000
(S)
3.15%
(L) denotes long position
(S) denotes short position
主要股東之權益及淡倉 （續）
附註：
(1) 長鴻有限公司分別由任宇先生及袁亮先生
合法及實益擁有70%及30%權益。
(2) Power Trend Asset Holdings Limited 由羅峰先
生（已於二零一七年九月二十二日退任本公
司執行董事兼主席）合法及實益擁有。
(3) 中國信達資產管理股份有限公司擁有中國
信達（香港）控股有限公司之全部控制權，
而中國信達（香港）控股有限公司擁有中國
信達（香港）資產管理股份有限公司之全部
控制權。
除上文所披露者及上文「董事及最高行政人
員於股份及相關股份之權益」一節中披露權
益之本公司董事外，於二零一七年九月三十
日，概無任何人士於本公司之股份或相關股
份中擁有須記錄於證券及期貨條例第336條
規定存置之登記冊內之權益或淡倉。
董事進行證券交易之標準守則
本公司已採納上市規則附錄十所載有關上市
發行人董事進行證券交易之標準守則（「標
準守則」）。經向全體董事作出特定查詢後，
本公司接獲全體董事之確認，彼等於整個報
告期間已遵守標準守則所載之規定標準及
董事進行證券交易之行為守則。
購買、出售或贖回本公司股份
於截至二零一七年九月三十日止六個月，本
公司或其任何附屬公司概無購買、出售或贖
回本公司任何證券。
Interests and short positions of substantial shareholders
(Continued)
Notes:
(1) Long Grand Limited is legally and beneficially owned as to 70% by
Mr. Yam Yu and as to 30% by Mr. Yuen Leong.
(2) Power Trend Asset Holdings Limited is legally and beneficially
owned by Mr. Luo Feng who retired as an executive Director and
Chairman of the Company on 22 September 2017.
(3) China Cinda Asset Management Co., Ltd. has 100% control of
China Cinda (HK) Holdings Company Limited, which has 100%
control of China Cinda (HK) Asset Management Co., Limited.
Save as disclosed above, as at 30 September 2017, no other
person, other than the director of the Company, whose
interests are disclosed under the heading 「Directors』 and chief
executives』 interests in shares and underlying shares」 above,
had registered an interest or short position in the shares or
underlying shares of the Company that was required to be
recorded pursuant to Section 336 of the SFO.
Model Code for Director’s dealing in securities
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Issuers (the 「Model Code」)
as set out in Appendix 10 of the Listing Rules. Having made
specific enquiry of all Directors, the Company received
confirmation from all of the Directors that they had complied
with the required standard set out in the Model Code and its
code of conduct regarding Directors』 securities transactions
throughout the reporting period.
Purchase, sales or redemption of the company’s shares
There was no purchase, sale or redemption by the Company, or
any of its subsidiaries, of the Company’s securities during the
six months ended 30 September 2017.
遵守企業管治常規守則
於截至二零一七年九月三十日止六個月整
個期間，本公司一直遵守上市規則附錄十四
所 載 之 企 業 管 治 常 規 守 則（「企 業 管 治 守
則」）所載列之守則條文，惟以下守則條文
第A.2.1、E.1.2、F.1.3及A.6.7條之偏離除外：
(a) 根據守則條文第A.2.1條，主席及行政
總裁（「行政總裁」）之職務不應由同
一人擔任。於二零一七年九月二十二
日本公司宣佈羅峰先生退任本公司主
席（先前亦擔任行政總裁職務）後，本
公司並無正式委任主席及行政總裁。
主席之職責及本集團業務之日常管理
由執行董事集體處理，且由高級管理
層團隊支持，而高級管理層團隊由兼
備相關專業知識及經驗之員工輔助。
董事會認為，此安排讓擁有不同專業
知識之全體執行董事均能作出貢獻，
且有利於延續本公司之政策及策略，
並符合本公司股東之整體利益。鑑於
本公司日後業務之發展，董事會將檢
討現有架構並考慮提名合適人選擔任
主席及行政總裁職務之事宜。
Compliance with the Code on Corporate Governance
Practices
The Company has complied with the code provisions set out
in the Code on Corporate Governance Practices (the 「CG Code」)
contained in Appendix 14 of the Listing Rules throughout the
six months ended 30 September 2017 except for the deviation
from the code provision A.2.1, E.1.2, F.1.3 and A.6.7 as follows:
(a) In accordance with the code provision A.2.1, the role of
Chairman and Chief Executive Officer (「CEO」) should not
be performed by the same individual. On 22 September
2017, after the Company announced the retirement of
Mr. Luo Feng as Chairman of the Company, who also
served the role of CEO previously, the Company did not
officially have Chairman and CEO. The responsibilities
of the Chairman and daily management of the
Group’s business is handled by the executive Directors
collectively and being supported by a team of senior
management which is in turn supported by staff with
relevant expertise and experience.
The Board cons ider s thi s ar rangement al lows
contributions from all executive Directors with different
expertise and is beneficial to the continuity of the
Company’s policies and strategies and the interest of the
shareholders of the Company as a whole. Depending on
the future development of the business of the Company,
the Board will review the existing structure and consider
the issue of nominating appropriate candidate to fill up
the role of Chairman and CEO.
遵守企業管治常規守則（續）
(b) 守則條文第E.1.2條規定，董事會主席
應 出 席 股 東 週 年 大 會。誠 如 上 文 所
述，本公司並無正式之主席。然而，出
席於二零一七年九月二十二日舉行之
股東週年大會之本公司其中一名董事
獲選為大會主席，以確保於大會上與
股東進行有效溝通。
(c) 守則條文第F.1.3條規定，公司秘書應
向主席及╱或行政總裁匯報。於二零
一七年九月二十二日羅峰先生退任
主席後，由於本公司並無主席及行政
總裁，故公司秘書自二零一七年九月
二十二日起向執行董事匯報。
(d) 就守則條文第A.6.7條而言，本公司之
獨立非執行董事邵平先生因彼之其他
事務而無法出席於二零一七年九月
二十二日舉行之股東週年大會。
除上文所述者外，董事認為，本公司於期內
已遵守企業管治守則之守則條文。
審核委員會
於二零一七年九月三十日，本公司之審核委
員會由葉勇先生（主席）、張光生先生、陳
少達先生及邵平先生四名獨立非執行董事
組成。彼等負責確保內部監控之質素及完整
性、審閱本集團之會計原則及常規、風險管
理，以及本集團之中期及年度賬目。
期內，審核委員會與管理層已審閱本集團採
納之會計原則及政策，以及本集團截至二零
一七年九月三十日止六個月之未經審核簡
明綜合中期財務報表。
Compliance with the code on Corporate Governance
Practices (Continued)
(b) Code provision E.1.2 stipulates that the chairman of
the board should attend the annual general meeting.
As stated above, the Company did not officially have
a chairman. However, one of the directors of the
Company present at the annual general meeting
held on 22 September 2017 was elected as chairman
thereof to ensure an effective communication with the
shareholders thereat.
(c) Code provision F.1.3 stipulates that the company
secretary should report to the Chairman and/or the
CEO. Following the retirement of Mr. Luo Feng as the
Chairman on 22 September 2017, the company secretary
reported to the executive Directors since 22 September
2017 as the Company has no Chairman or CEO.
(d) In respect of the Code Provision A.6.7, Mr. Shao Ping,
the independent non-executive director of the Company,
were unable to attend the annual general meeting
held on 22 September 2017 due to his other business
engagements.
Save as those mentioned above, in the opinion of the Directors,
the Company complied with the Code Provisions of the CG Code
during the period.
Audit Committee
On 30 September 2017, the Audit Committee of the Company
comprised of four independent non-executive Directors,
namely, Mr. Yap Yung (the chairman), Mr. Zhang Guangsheng,
Mr. Chan Siu Tat and Mr. Shao Ping. They are responsible
for ensuring the quality and integrity of internal control,
conducting review of the Group’s accounting principles and
practices, risk management and the Group’s interim and
annual accounts.
During the period, the Audit Committee and management have
reviewed the accounting principles and policies adopted by
the Group and the unaudited condensed consolidated interim
financial statements of the Group for the six months ended 30
September 2017.
中期股息
董事會不建議派付截至二零一七年九月三十
日止六個月之中期股息。
有關董事之資料變更
根據上市規則第13.51B(1)條，由2016/2017年
報日期起至本中期報告日期之董事資料變
動如下：
1. 胡建軍先生獲委任為執行董事，自二
零一七年八月二十二日起生效。
2. 羅峰先生於二零一七年九月二十二日
股東週年大會結束時已退任執行董事
及董事會主席。
3. 林文傑博士（「林博士」）已辭任獨立
非執行董事、董事會轄下之薪酬委員
會主席、提名委員會成員及審核委員
會成員，自二零一七年九月二十二日
起生效。
4. 獨立非執行董事陳少達先生已獲董事
會委任為薪酬委員會主席以代替林博
士，自二零一七年九月二十二日起生
效。
5. 本公司執行董事袁亮先生的薪酬已調
整為每月100,000港元，自二零一七年
十月一日起生效。
承董事會命
國際商業結算控股有限公司
執行董事
袁亮
香港，二零一七年十一月三十日
Interim dividend
The Board does not recommend the payment of an interim
dividend for the six months ended 30 September 2017.
Change in information of Directors
Pursuant to Rule 13.51B(1) of the Listing Rules, the change of
Directors』 information since the date of the 2016/2017 annual
report and up to the date of this interim report is as follows:
1. Mr. Hu Jianjun was appointed as an executive Director
with effect from 22 August 2017.
2. Mr. Luo Feng had retired from his appointment as
an executive Director and Chairman of the Board at
the conclusion of the annual general meeting of the
Company on 22 September 2017.
3. With effect from 22 September 2017, Dr. Lam Man Kit,
Dominic (「Dr. Lam」) has resigned as an independent
non-executive Director, chairman of the remuneration
committee and a member of each of the nomination
committee and the audit committee of the Board.
4. Mr. Chan Siu Tat, an independent non-executive
Director, has been appointed by the Board as the
chairman of the remuneration committee in place of Dr.
Lam with effect from 22 September 2017.
5. The remuneration for Mr. Yuen Leong, executive Director
of the Company, was adjusted to HK$100,000 per
month, with effect from 1 October 2017.
By order of the Board
International Business Settlement Holdings Limited
Yuen Leong
Executive Director
Hong Kong, 30 November 2017
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