[HK]亞洲資源:中期報告2020/2021

2020-12-16 中財網

[HK]亞洲資源:中期報告2020/2021

時間：2020年12月15日 12:21:21&nbsp中財網

原標題:亞洲資源:中期報告2020/2021

Asia Resources Holdings Limited

亞洲資源控股有限公司

Stock Code 股份代號 : 899

2020/21中期報告

INTERIM REPORT

*For identification purpose only 僅供識別

CONTENTS

CORPORATE INFORMATION

公司資料

MANAGEMENT DISCUSSION AND ANALYSIS

管理層討論及分析

OTHER INFORMATION

其他資料

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

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

簡明綜合財務狀況表

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

簡明綜合權益變動表

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

簡明綜合現金流量表

NOTES TO THE INTERIM FINANCIAL REPORT

中期財務報告附註

BOARD OF DIRECTORS

Executive Directors

Mr. Li Yuguo (Chairman)

Mr. Liu Yan Chee James (Chief Executive Officer)

Ms. Guo Yumei

Non-executive Directors

Mr. Yang Xiaoqiang (Vice Chairman)

Mr. Huang Yilin

Independent Non-executive Directors

Mr. Ba Junyu

Mr. Zhu Xueyi

Mr. Wong Chung Man

COMPANY SECRETARY

Mr. Wu Ho Wai

AUDIT COMMITTEE

Mr. Ba Junyu

Mr. Zhu Xueyi (Chairman)

Mr. Wong Chung Man

REMUNERATION COMMITTEE

Ms. Guo Yumei

Mr. Ba Junyu (Chairman)

Mr. Zhu Xueyi

Mr. Wong Chung Man

NOMINATION COMMITTEE

Mr. Li Yuguo (Chairman)

Mr. Ba Junyu

Mr. Zhu Xueyi

Mr. Wong Chung Man

STOCK CODE

董事會

執行董事

李玉國先生（主席）

劉恩賜先生（行政總裁）

果玉梅女士

非執行董事

楊小強先生（副主席）

黃逸林先生

獨立非執行董事

巴俊宇先生

朱學義先生

黃仲文先生

公司秘書

胡可為先生

審核委員會

巴俊宇先生

朱學義先生（主席）

黃仲文先生

薪酬委員會

果玉梅女士

巴俊宇先生（主席）

朱學義先生

黃仲文先生

提名委員會

李玉國先生（主席）

巴俊宇先生

朱學義先生

黃仲文先生

股份代號

899

AUDITORS

Lau & Au Yeung C.P.A. Limited

Certified Public Accountants

21/F, Tai Yau Building

181 Johnston Road

Wanchai, Hong Kong

PRINCIPAL BANKERS

China Construction Bank (Asia) Corporation Limited

Bank of Communications Co., Ltd. Hong Kong Branch

The Hongkong and Shanghai Banking Corporation Limited

REGISTERED OFFICE

Clarendon House, 2 Church Street

Hamilton HM11, Bermuda

PRINCIPAL PLACE OF BUSINESS

IN HONG KONG

Room 2601, 26/F, West Tower

Shun Tak Centre

168-200 Connaught Road Central

Sheung Wan, Hong Kong

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFFICE (IN BERMUDA)

Conyers Corporate Services (Bermuda) Limited

Clarendon House, 2 Church Street

Hamilton HM11, Bermuda

BRANCH SHARE REGISTRAR AND

TRANSFER OFFICE (IN HONG KONG)

Tricor Secretaries Limited

Level 54, Hopewell Centre

183 Queen’s Road East

Hong Kong

WEBSITE

http://www.asiaresources899.com.hk

核數師

劉歐陽會計師事務所有限公司

執業會計師

香港灣仔

莊士敦道181號

大有大廈21樓

主要往來銀行

中國建設銀行（亞洲）股份有限公司

交通銀行股份有限公司香港分行

香港上海滙豐銀行有限公司

註冊辦事處

Clarendon House, 2 Church Street

Hamilton HM11, Bermuda

香港主要營業地點

香港上環

幹諾道中168-200號

信德中心

西座26樓2601室

主要股份過戶登記處（百慕達）

Conyers Corporate Services (Bermuda) Limited

Clarendon House, 2 Church Street

Hamilton HM11, Bermuda

股份過戶登記分處（香港）

卓佳秘書商務有限公司

香港

皇后大道東183號

合和中心54樓

網址

http://www.asiaresources899.com.hk

FINANCIAL REVIEW

Revenue

For the six months ended 30 September 2020 (the 「Reporting Period」),

the revenue of Asia Resources Holdings Limited (the 「Company」)

and its subsidiaries (collectively the 「Group」) was approximately

HK$17,957,000, of which revenue from sales of properties, rental income

and sales of bottled water products were approximately HK$13,255,000,

HK$4,701,000 and HK$1,000 respectively (six months ended 30

September 2019: approximately HK$168,618,000, of which revenue from

sales of properties and sales of bottled water products were approximately

HK$168,355,000 and HK$263,000 respectively). The decrease was mainly

because (i) over 72% of total saleable area of the completed properties

held for sale in Dalian, the People’s Republic of China (the 「PRC」) had

been handed over to buyers for which the corresponding revenue was

recognised for the year ended 31 March 2020 and as a result the remaining

saleable area significantly decreased; and (ii) the sales and handover of the

remaining completed properties held for sale were slowed down during the

Reporting Period due to the outbreak of COVID-19 pandemic.

Cost of Sales

For the Reporting Period, the Group’s cost of sales mainly represented the

cost of properties sold of approximately HK$11,314,000.

For the six months ended 30 September 2019, total cost of sales was

approximately HK$208,922,000 of which the costs of properties and

bottled water products sold were approximately HK$208,726,000 and

HK$196,000 respectively.

Operating Profit/Loss

For the Reporting Period, the Group recorded an operating profit of

approximately HK$6,643,000. The operating profit was mainly attributable

to rental income after acquisition of Chi Sheng Trading Company Limited,

which in turn wholly-owned a subsidiary in Zhejiang, the PRC and minimal

profit from sales of properties.

For the six months ended 30 September 2019, the Group recorded an

operating loss of approximately HK$40,304,000. The operating loss was

mainly attributable to the loss on sales of properties in Dalian due to higher

development costs arising from the delay of the property development,

and downturn of the property market in Dalian resulting in a drop in selling

price.

Other Gains

For the Reporting Period, the Group recorded other gains of approximately

HK$52,118,000 (six months ended 30 September 2019: approximately

HK$624,000). The increase was mainly due to interest income receivable

by the Group relating to the termination of acquisition of properties

located in Shenyang, the PRC (the 「Shenyang Properties」) (details of which

were disclosed in the circular of the Company dated 24 August 2020) and

exchange gains of monetary assets derived from appreciation of Renminbi.

財務回顧

收入

截至二零二零年九月三十日止六個月（「報

告期間」），亞洲資源控股有限公司（「本公

司」）及其附屬公司（統稱「本集團」）之收入

約為17,957,000港元，當中來自銷售物業、

租金收入及銷售瓶裝水產品的收入分別約為

13,255,000港元、4,701,000港元及1,000港元

（截至二零一九年九月三十日止六個月：約

168,618,000港元，當中來自銷售物業及銷售

瓶裝水產品的收入分別約為168,355,000港

元及263,000港元）。該減少主要由於(i)截至

二零二零年三月三十一日止年度，已向買家

交付位於中華人民共和國（「中國」）大連的

持作出售之已落成物業超過其總可售面積之

72%，其相應收入亦於上述年度內確認，故

餘下可售面積大幅減少；及(ii)因COVID-19疫

情爆發，餘下持作出售之已落成物業的銷售

及交付於報告期間有所放緩。

銷售成本

於報告期間，本集團的銷售成本主要為已售

物業成本約11,314,000港元。

截至二零一九年九月三十日止六個月，總銷

售成本約為208,922,000港元，當中已售物業

及瓶裝水產品之成本分別約為208,726,000港

元及196,000港元。

經營溢利╱虧損

於報告期間，本集團錄得經營溢利約

6,643,000港元。經營溢利乃主要源自收購熾

盛貿易有限公司（其因此全資擁有一間在中國

浙江的附屬公司）後的租金收入以及銷售物業

的微薄溢利。

截至二零一九年九月三十日止六個月，本集

團錄得經營虧損約40,304,000港元。經營虧損

乃主要源自銷售大連物業之虧損，其虧損乃

由於物業開發出現延誤，令開發成本上升以

及大連房地產市場下滑，從而導致房價下跌。

其他收益

於報告期間，本集團錄得其他收益約

52,118,000港元（截至二零一九年九月三十日

止六個月：約

624,000港元）。該增加乃主要

由於有關終止收購位於中國瀋陽的物業（「瀋

陽物業」）的應收利息收入（有關詳情於本公

司日期為二零二零年八月二十四日之通函中

披露）及人民幣升值所產生的貨幣資產匯兌收

益。

Selling and Distribution Expenses

For the Reporting Period, selling and distribution expenses primarily consist

of agency fee and promotion fee, which were approximately HK$430,000

(six months ended 30 September 2019: approximately HK$6,361,000). The

decrease was mainly attributable to the slowdown of sales of properties in

Dalian due to the outbreak of COVID-19 pandemic.

Administrative Expenses

For the Reporting Period, administrative expenses primarily consist of

directors』 emoluments, other staff costs and benefits, depreciation, legal

and professional fee and other general office expenses, which were

approximately HK$15,102,000 (six months ended 30 September 2019:

approximately HK$19,629,000). The decrease was mainly due to drop in

staff costs as a result of the decrease in the number of staff.

Share of Results of Associates

For the Reporting Period, share of losses of associates was approximately

HK$3,330,000 (six months ended 30 September 2019: approximately

HK$3,746,000). Decrease in losses was because the associates had a slight

growth in sales and received a development reward from Luocheng County

Finance Bureau, Hechi City, Guangxi Province* (廣西省河池市羅城縣財

政局) during the Reporting Period.

Profit/Loss attributable to Owners of the Company

For the Reporting Period, the Group recorded a profit attributable to

owners of the Company, amounted to approximately HK$41,433,000 (six

months ended 30 September 2019: loss of approximately HK$69,306,000).

The turnaround from loss for the period in 2019 to profit for the Reporting

Period was mainly attributable to (i) a turnaround from gross loss to gross

profit on sales of properties located in Dalian; (ii) interest income receivable

by the Group relating to the termination of acquisition of the Shenyang

Properties; and (iii) exchange gains of monetary assets derived from

appreciation of Renminbi.

BUSINESS REVIEW

The Group continuously focuses its effort on its core businesses including

water business, property development and property investment business.

Affected by Sino-US trade dispute and the outbreak of COVID-19

pandemic, it gives rise to an uncertain economic environment to the global

market and the PRC’s economic growth has slowed down. The Group is

facing challenges on its core businesses from these factors.

WATER BUSINESS

The Group recorded a loss from water business segment of approximately

HK$2,328,000 for the Reporting Period (six months ended 30 September

2019: approximately HK$5,563,000). The decrease in loss was mainly

attributable to the decrease in advertising expenses and staff costs.

* For identification purpose only

銷售及分銷開支

於報告期間，銷售及分銷開支主要包括代理

費及推廣費，金額約為430,000港元（截至二

零一九年九月三十日止六個月：約

6,361,000

港元）。該減少乃主要由於位於大連的物業銷

售因COVID-19疫情爆發而放緩。

行政開支

於報告期間，行政開支主要為董事酬金、

其他員工成本及福利、折舊、法律及專業

費用以及其他一般辦公室開支，金額約為

15,102,000港元（截至二零一九年九月三十日

止六個月：約

19,629,000港元）。該減少乃主

要由於員工人數減少導致員工成本下跌。

分佔聯營公司業績

於報告期間，分佔聯營公司虧損約為

3,330,000港元（截至二零一九年九月三十日止

六個月：約

3,746,000港元）。虧損減少乃由於

聯營公司的銷售於報告期間輕微增長，並獲

廣西省河池市羅城縣財政局給予發展獎勵。

本公司擁有人應佔溢利╱虧損

於報告期間，本集團錄得本公司擁有人應佔

溢利約41,433,000港元（截至二零一九年九月

三十日止六個月：虧損約

69,306,000港元）。

於報告期間由二零一九年的期內虧損轉虧為

盈乃主要由於(i)位於大連的物業銷售由毛損

轉為毛利；

(ii)本集團就終止收購瀋陽物業而

應收的利息收入；及

(iii)人民幣升值所帶來的

貨幣資產匯兌收益。

業務回顧

本集團持續專注其核心業務，包括水業務、

物業發展及物業投資業務。受中美貿易糾紛

及COVID-19疫情爆發所影響，全球市場處

於不明朗的經濟環境，亦令中國經濟增長放

緩。本集團的核心業務正因該等因素而面對

挑戰。

水業務

於報告期間，本集團自水業務分類錄得約

2,328,000港元之虧損（截至二零一九年九月

三十日止六個月：約

5,563,000港元）。該虧損

減少主要由於廣告開支及員工成本減少。

Water Production and Sales

The Group holds 20% equity interests in Hong Kong Spring Water Ding

Dong Group Company Limited (「Spring Water Ding Dong」) which has a

wholly-owned subsidiary in Guangxi (「Guangxi Spring Water Ding Dong」).

Guangxi Spring Water Ding Dong possesses a water procurement permit

for production and sales of bottled water and is currently in operation in

Guangxi.

During the Reporting Period, the Group shared losses of associates

of approximately HK$3,330,000 (six months ended 30 September

2019: approximately HK$3,746,000), which were mainly caused by the

depreciation of property, plant and equipment and amortization of water

procurement permit. Losses decreased because Guangxi Spring Water

Ding Dong had a slight growth in sales and received a development reward

from Luocheng County Finance Bureau, Hechi City, Guangxi Province* (廣

西省河池市羅城縣財政局) during the Reporting Period.

For the Group’s trading of bottled products, affected by the outbreak

of COVID-19 pandemic, the Group recorded a minimal revenue from

sales of bottled water products of approximately HK$1,000 during the

Reporting Period (six months ended 30 September 2019: approximately

HK$263,000).

Water Mining

The Group holds 67% equity interests in Good Union (China) Limited

which has a wholly-owned subsidiary in Hunan. It possesses a water mining

licence for exploitation of mineral water in Hunan. Due to the outbreak

of COVID-19 pandemic since January 2020, the construction works of the

factory are suspended and delayed. We have been actively communicating

with the local government authorities and contractors in order to

resume the construction works as soon as possible. We expect that the

construction works will be resumed in early 2021 and will be completed

in late 2021. The production is expected to commence in the first half of

2022.

In accordance with the sale and purchase agreement dated 23 May 2017,

the vendor, who is currently the minority shareholder of Good Union

(China) Limited, has committed a production volume guarantee on Hunan

project from 2019 to 2028. For details, please refer to the announcement

of the Company dated 23 May 2017. However, the vendor was not able to

satisfy the production volume guarantee for the year 2019 since production

has not commenced yet. The Group has issued a demand letter to the

vendor and is currently negotiating with the vendor.

* For identification purpose only

水生產及銷售

本集團持有香港泉水叮咚集團有限公司（「泉

水叮咚」）（其於廣西擁有一間全資附屬公司

（「廣西泉水叮咚」））之20%股本權益。廣西泉

水叮咚持有取水證以生產及銷售瓶裝水，並

正於廣西經營。

於報告期間，本集團分佔聯營公司虧損約

3,330,000港元（截至二零一九年九月三十日止

六個月：約

3,746,000港元），其主要由於物

業、廠房及設備折舊及取水證攤銷。虧損減

少乃由於廣西泉水叮咚的銷售於報告期間輕

微增長，且獲廣西省河池市羅城縣財政局給

予發展獎勵。

就本集團買賣瓶裝水產品而言，受到

COVID-19疫情爆發所影響，本集團於報告

期間錄得來自銷售瓶裝水產品的微薄收入約

1,000港元（截至二零一九年九月三十日止六

個月：約263,000港元）。

泉水開採

本集團持有滙聯（中國）有限公司（其擁有一間

位於湖南的全資附屬公司）之67%股本權益。

其持有採水證以於湖南開採礦泉水。由於

COVID-19疫情自二零二零年一月起爆發，工

廠的建造工程遭到停工及延誤。我們正積極

與當地政府機關及承建商溝通，以於可行情

況盡快恢復建造工程。我們預期建造工程將

於二零二一年初恢復，並將於二零二一年底

完成。生產則預期將於二零二二年上半年開

始。

根據日期為二零一七年五月二十三日的買賣

協議，賣方（其現時為滙聯（中國）有限公司的

少數股東）已承諾於二零一九年至二零二八年

期間就湖南項目作出產量保證。有關詳情，

請參閱本公司日期為二零一七年五月二十三

日的公佈。然而，由於生產尚未開始，賣方

無法履行二零一九年的產量保證。本集團已

向賣方發出一份催款函件，且目前正與賣方

磋商。

PROPERTY DEVELOPMENT AND PROPERTY

INVESTMENT BUSINESS

The Group recorded a profit from property development and investment

segment of approximately HK$57,565,000 for the Reporting Period (six

months ended 30 September 2019: loss of approximately HK$49,863,000).

Turnaround from loss to profit was attributable to (i) turnaround from

gross loss to gross profit on sales of properties located in Dalian; (ii)

interest income receivable by the Group relating to the termination of

acquisition of the Shenyang Properties; and (iii) exchange gains of monetary

assets derived from appreciation of Renminbi.

Property Development

Dalian Properties

Our indirect wholly-owned subsidiary in the PRC, Dalian Chuanghe

Landmark Co. Ltd* (大連創和置地有限公司) (「Dalian Chuanghe」)

engages in the development of urban land for residential usage in Dalian,

which planned to develop 55 buildings on the said land with 21 buildings in

the first phase (「Phase I」) and 34 buildings in the second phase (「Phase ll」).

Phase l named 「Xin Tian Jia Yuan」 had been completed in March 2019.

There are 21 buildings established in Phase I with total saleable areas of

approximately 42,540 square metres including 4 eight-storey apartments

(小高層), 9 garden villas (洋房) and 8 garden houses (聯排別墅). Dalian

Chuanghe commenced to handover the properties to buyers in April

2019. For the Reporting Period, approximately 1,800 square metres (six

months ended 30 September 2019: approximately 25,930 square metres)

of properties had been handed over and revenue of approximately

HK$13,255,000 (six months ended 30 September 2019: approximately

HK$168,355,000) was recorded. Up to 30 September 2020, over 75% of

the total saleable areas of Phase 1 had been handed over to the buyers.

As at 30 September 2020, Dalian Chuanghe had sale contracts with total

contract amount of approximately RMB38,573,000 with gross saleable

areas of around 5,000 square metres which would be handed over

gradually afterwards.

For Phase II, there are 34 buildings with aggregate saleable area of

approximately 69,000 square metres. Due to the outbreak of COVID-19

pandemic and the slowdown of PRC’s economic growth, we have

re-scheduled the development of Phase II and the construction of Phase

II is expected to commence in around 2021.

* For identification purpose only

物業發展及物業投資業務

於報告期間，本集團錄得自物業發展及投資

分類約57,565,000港元的溢利（截至二零一九

年九月三十日止六個月：虧損約

49,863,000港

元）。轉虧為盈主要由於（i）位於大連的物業

銷售由毛損轉為毛利；

(ii)本集團就終止收購

瀋陽物業的應收利息收入；及

(iii)來自人民幣

升值的貨幣資產匯兌收益。

物業發展

大連物業

我們於中國之間接全資附屬公司大連創和置

地有限公司（「大連創和」）於大連從事開發城

市用地作住宅用途，其計劃於該土地開發55

幢樓宇，其中第一期（「一期」）為21幢樓宇，

第二期（「二期」）為34幢樓宇。

一期「心田佳苑」已於二零一九年三月竣工。

一期共有21幢樓宇，總可售面積約為42,540

平方米，包括四幢小高層、九幢洋房及八幢

聯排別墅。大連創和於二零一九年四月開

始向買家移交物業。於報告期間，已移交

約1,800平方米之物業（截至二零一九年九月

三十日止六個月：約

25,930平方米），並錄

得收入約13,255,000港元（截至二零一九年九

月三十日止六個月：約

168,355,000港元）。

直至二零二零年九月三十日，一期的總可售

面積超過75%已移交買家。於二零二零年九

月三十日，大連創和共有合約總額約人民幣

38,573,000元的銷售合約，總可售面積約為

5,000平方米，其將於日後逐步移交。

二期共有34幢樓宇，總可售面積約為69,000

平方米。由於COVID-19疫情爆發及中國經濟

增長放緩，故我們已重新計劃二期的開發，

而二期的建造則預期約於二零二一年開始。

Property Investment 物業投資

Yantian Properties 鹽田物業

(A) The Group entered into an acquisition agreement on 24 June 2014, a (A) 於二零一四年六月二十四日，本集團訂

supplemental agreement on 15 April 2015, the second supplemental 立一份收購協議，並於二零一五年四月

agreement on 12 July 2016, the third supplemental agreement on 十五日訂立補充協議、於二零一六年七

17 May 2017 and the fourth supplemental agreement on 3 May 月十二日訂立第二份補充協議、於二零

2018 to purchase the property at a consideration of approximately 一七年五月十七日訂立第三份補充協議

RMB100,000,000 (equivalent to approximately HK$126,000,000). 及於二零一八年五月三日訂立第四份補

充協議，以代價約人民幣100,000,000元

（相當於約126,000,000港元）收購物業。

The property comprises 46 units of Jinma Creative Industry Park 該物業包括位於中國深圳市鹽田區鹽田

(formerly known as 「Kingma Information Logistic Park」) which is 保稅區物流園內三號路與深鹽路交匯處

situated at Depot No. 2, 3rd Road and Shenyan Road Intersect, Inner 二號堆場之金馬創新產業園（前稱為「金

Logistic Park, Yantian Bonded Area, Yantian District, Shenzhen City, 馬訊息物流園」）（「金馬創新產業園」）內

the PRC* (中國深圳市鹽田區鹽田保稅區物流園內三號路與深鹽46個單位，總建築面積約為8,699平方

路交匯處二號堆場

) (「Jinma Creative Industry Park」) with a total 米。

gross floor area of approximately 8,699 square metres.

As at 30 September 2020, the Group had obtained physical 於二零二零年九月三十日，本集團已取

possession of the property and paid conditionally refundable 得該物業的實際擁有權並已按照買賣協

deposit in the aggregate sum of RMB90,000,000 in accordance with 議所述付款條款支付有條件可退還按金

the payment terms stated in the sales and purchase agreement. 總額人民幣90,000,000元。代價之餘額

The remaining balance of the consideration of approximately 約人民幣10,000,000元須於向買方（本公

RMB10,000,000 shall be paid within 30 days from the date on which 司之一間間接全資附屬公司，「金馬產

the relevant building ownership certificates have been issued in favour 業園之買方」）發出有關房屋所有權證日

of the purchaser which is an indirectly wholly-owned subsidiary of 期起30日內支付。賣方須於二零一八年

the Company (the 「Jinma Industry Park Purchaser」). The vendor shall 十二月三十一日或之前（或其他雙方可

Park Purchaser on or before 31 December 2018 (or such other date 義登記物業業權。

as may be mutually agreed).

(B) The Group entered into the second acquisition agreement on 15 (B) 於二零一五年五月十五日，本集團訂立

May 2015, a supplemental agreement on 12 July 2016, the second 第二份收購協議，並於二零一六年七月

supplemental agreement on 17 May 2017 and the third supplemental 十二日訂立補充協議、於二零一七年五

agreement on 3 May 2018 to purchase additional property at a 月十七日訂立第二份補充協議及於二零

consideration of approximately RMB65,100,000 (equivalent to 一八年五月三日訂立第三份補充協議，

approximately HK$81,400,000). The property comprises 30 units 以代價約人民幣65,100,000元（相當於約

of Jinma Creative Industry Park with a total gross floor area of 81,400,000港元）購買額外物業。該物業

approximately 5,400 square metres. 包括金馬創新產業園內30個單位，總建

築面積約為5,400平方米。

* For identification purpose only

As at 30 September 2020, the Group had obtained physical

possession of the property and paid conditionally refundable

deposit in the aggregate sum of RMB60,000,000 in accordance with

the payment terms stated in the sales and purchase agreement.

The remaining balance of the consideration of approximately

RMB5,100,000 shall be paid within 30 days from the date on which

the property has been registered under the name of the Jinma

Industry Park Purchaser. The vendor shall register the title of the

property under the name of the Jinma Industry Park Purchaser on or

before 31 December 2018 (or such other date as may be mutually

agreed).

(C)

The Group entered into the third acquisition agreement on 10

November 2015, a supplemental agreement on 17 May 2017

and the second supplemental agreement on 3 May 2018 to

purchase additional property at a consideration of approximately

RMB101,600,000 (equivalent to approximately HK$122,000,000). The

property to be acquired, being a single-storey reinforced concrete

building designated for office and storage uses is located at the Block

2 of Jinma Creative Industry Park with a total gross floor area of

approximately 4,957 square metres.

As at 30 September 2020, the Group had obtained physical

possession of the property and paid conditionally refundable

deposit in the aggregate sum of RMB100,000,000 in accordance

with the payment terms stated in the sales and purchase agreement.

The remaining balance of the consideration of approximately

RMB1,600,000 shall be paid within 30 days from the date on which

the property has been registered under the name of the Jinma

Industry Park Purchaser. The vendor shall register the title of the

property under the name of the Jinma Industry Park Purchaser on or

before 31 December 2018 (or such other date as may be mutually

agreed).

For Yantian Properties (A), (B) and (C), as at the date of this interim

financial report, the vendor has still not registered the titles of the

properties under the name of the Jinma Industry Park Purchaser. The

approval from the PRC government authority for issuing the building

ownership certificates remained pending. In May 2020, the Company

received a letter from the vendor requesting for an extension of the

deadline to 31 December 2020 for handling the matter of building

ownership certificates. The Company has engaged a PRC law firm to

negotiate with the vendor to resolve this matter.

於二零二零年九月三十日，本集團已取

得該物業的實際擁有權並已按照買賣協

議所述付款條款支付有條件可退還按金

總額人民幣60,000,000元。代價之餘額

約人民幣5,100,000元須於該物業以金馬

產業園之買方名義登記日期起30日內支

付。賣方須於二零一八年十二月三十一

日或之前（或其他雙方可能協定之日期）

以金馬產業園之買方名義登記物業業

權。

(C)

於二零一五年十一月十日，本集團訂立

第三份收購協議，並於二零一七年五

月十七日訂立補充協議及於二零一八

年五月三日訂立第二份補充協議，以

代價約人民幣101,600,000元（相當於約

122,000,000港元）購買額外物業。所收

購之物業位於金馬創新產業園2座指定

作辦公及倉儲用途之單層鋼筋混凝土大

樓，總建築面積約為4,957平方米。

於二零二零年九月三十日，本集團已取

得該物業的實際擁有權並已按照買賣協

議所述付款條款支付有條件可退還按金

總額人民幣100,000,000元。代價之餘額

約人民幣1,600,000元須於該物業以金馬

產業園之買方名義登記日期起30日內支

付。賣方須於二零一八年十二月三十一

日或之前（或其他雙方可能協定之日期）

以金馬產業園之買方名義登記物業業

權。

就鹽田物業

(A)、(B)及(C)而言，於本中期財

務報告日期，賣方尚未以金馬產業園之買方

名義登記該等物業業權。中國政府機關就發

出房屋所有權證的批准尚未發出。於二零二

零年五月，本公司接獲賣方的信函，要求延

長有關處理房屋所有權證事宜的最後期限至

二零二零年十二月三十一日，本公司已委聘

一家中國律師事務所與賣方磋商，以解決此

事宜。

Beijing Properties

The Group entered into an acquisition agreement on 28 February 2017

to purchase (a) the office premises with a total gross floor area of 8,335

square metres and (b) the underground car park with a total gross

floor area of 3,100 square metres located in the Phase III of the Beijing

Convention and Exhibition International Port (Exhibition Centre Ancillary

Facilities) Project* (北京會展國際港展館配套設施項目第三期) at a

consideration of approximately RMB220,000,000 (subject to adjustments).

As at 30 September 2020, the Group paid the consideration of

RMB200,000,000 in accordance with the payment terms stated in the sales

and purchase agreement. The remaining balance of the consideration of

approximately RMB20,000,000 shall be paid upon the execution of the

pre-sale agreement between the vendor and the purchaser, an indirect

wholly-owned subsidiary of the Company and the building ownership

certificate having been obtained by the purchaser. In May 2020, the

Company received a letter from the vendor explaining the reasons of

delay in construction works and requesting for an extension of handover

of the properties. Due to the outbreak of COVID-19 pandemic, the

construction works were temporarily suspended and the progress was

delayed. Currently, the vendor has resumed the construction works and the

construction is expected to be completed on or before 30 June 2021.

Zhejiang Properties

During the Reporting Period, the Group acquired 100% equity interest of

Chi Sheng Trading Company Limited which has a wholly-owned subsidiary

in Zhejiang, the PRC. The subsidiary holds the land use rights in respect

of an industrial land parcel with site area of approximately 31,950 square

metres and a two-storey industrial building with a total gross floor area

of approximately 45,330 square metres together with another land parcel

with a total site area of approximately 74,960 square metres located in

Zhejiang. The acquisition has been completed on 24 June 2020.

The industrial lands and building are currently leased to tenants for rental

income. For the Reporting Period, the Group recorded rental income of

approximately HK$4,701,000 (six months ended 30 September 2019: Nil).

北京物業

於二零一七年二月二十八日，本集團訂立收

購協議，以代價約人民幣220,000,000元（可予

調整）收購位於北京會展國際港展館配套設施

項目第三期之(a)總建築面積為8,335平方米之

辦公室物業及(b)總建築面積為3,100平方米之

地下停車場。

於二零二零年九月三十日，本集團按照

買賣協議所述付款條款支付代價人民幣

200,000,000元。代價餘額約人民幣20,000,000

元應於賣方與買方（為本公司之一間間接全資

附屬公司）簽立預售協議及買方已取得房屋所

有權證後支付。於二零二零年五月，本公司

接獲賣方的信函，解釋建造工程延誤之原因

及要求延期移交物業。由於COVID-19疫情爆

發，故建造工程曾暫時停工，且進度有所延

誤。現時，賣方已恢復進行建造工程，且預

期工程將於二零二一年六月三十日或之前竣

工。

浙江物業

於報告期間，本集團收購熾盛貿易有限公司

（其於中國浙江擁有一間全資附屬公司）的

100%股權。有關附屬公司持有位於浙江的一

幅工業用地（土地面積約為31,950平方米）及

一棟雙層工業建築（總建築面積約

45,330平方

米），連同另一幅總土地面積約

74,960平方米

的土地之土地使用權。收購已於二零二零年

六月二十四日完成。

工業用地及建築目前出租予租戶以賺取租金

收入。於報告期間，本集團錄得租金收入約

4,701,000港元（截至二零一九年九月三十日止

六個月：無）。

* For identification purpose only

PROSPECT

Despite the short-term economic downturn resulting from, inter alia,

the Sino-US trade dispute and the COVID-19 pandemic, the directors

of the Company (the 「Directors」) are optimistic about the economic

development of the PRC in the long run and the demands for water

products and properties in the PRC will remain strong and sustainable.

The Group will continue to strengthen its competitive strengths in its core

businesses, i.e. water business and property development and property

investment business, and look for appropriate business and investment

opportunities in these areas. The management also remains open for other

business opportunities whenever the same arise.

RESPONSE TO OUTBREAK OF COVID-19

PANDEMIC

Since mid-January 2020, COVID-19 pandemic spread across worldwide.

Facing the ongoing situation of the COVID-19 pandemic, the Group has,

in a timely manner, put in place numerous precautionary measures and

procured essential protective supplies to ensure the health and safety

of all its employees in different regions. At the same time, the Group

has proactively taken steps in ensuring stable operations. The Group is

coordinating with various parties from time to time and takes swift actions

whenever necessary. It actively discusses with the vendors and customers

on the effect of delay in the delivery due to the travel restrictions and

movement controls imposed by the PRC government authorities. The

Group also implements various flexible working arrangements for its

staff. The Group has used, and will continue to use, its best endeavors to

mitigate the adverse impact of the COVID-19 pandemic on the Group.

The Group will closely monitor the development of the COVID-19

pandemic and ensure the safety of employees and stable operations. As

and when appropriate, the Group will adjust its measures and plans for

pandemic prevention, operations and business development accordingly.

The Group will make timely disclosure on any significant matters which may

arise in the future.

展望

儘管（其中包括）中美貿易糾紛及COVID-19

疫情導致短期經濟下滑，惟本公司董事（「董

事」）對中國長遠經濟發展感到樂觀，而對中

國水產品及物業的需求將保持強勁及具可持

續性。本集團將繼續加強其核心業務（即水業

務及物業發展及物業投資業務）的競爭優勢，

並於該等範疇尋求合適的商機及投資機會。

管理層亦一直於其他商機隨時出現時保持開

放態度。

應對COVID-19疫情爆發

自二零二零年一月中起，COVID-19疫情於世

界各地蔓延。面對COVID-19疫情的持續情

況，本集團已及時採取多項預防措施並採購

必要的防護物資，以確保其位於不同地區的

所有僱員健康及安全。同時，本集團已積極

採取行動，確保營運穩定。本集團不時與不

同人士協調並迅速採取相應行動。本集團積

極與賣方及客戶就中國政府機關施加旅遊限

制及行動管制而導致交付延誤的影響進行磋

商。本集團亦為其員工實施各種彈性工作安

排。本集團已盡最大努力且將繼續盡最大努

力減輕COVID-19疫情對本集團造成的不利影

響。

本集團將密切監察COVID-19疫情的發展，並

確保僱員安全及營運穩定。於適當情況下，

本集團將相應地調整其就防止疫情、營運及

業務發展的措施及計劃。本集團將就未來可

能發生的任何重大事宜及時作出披露。

SIGNIFICANT INVESTMENTS 重大投資

As at 30 September 2020, the Group had significant investments in equity 於二零二零年九月三十日，本集團擁有分類

securities classified as financial assets at fair value through profit or loss. The 為按公平值計入損益之金融資產的重大股本

details are set out as follows: 證券投資。詳情載列如下：

Percentage of

Unrealised

total financial

fair value

assets at fair Percentage of

Number of Percentage of Carrying loss for

value through total assets of

shares held shareholdings amount the six months Fair value profit or loss the Group

as at as at as at ended as at as at as at

Name of investee 30 September 30 September 31 March 30 September 30 September 30 September 30 September

Stock code company 2020 2020 2020 2020 2020 2020 2020

截至

二零二零年

於二零二零年

九月三十日

九月三十日於二零二零年

止六個月

佔按公平值九月三十日

於二零二零年於二零二零年於二零二零年未實現之於二零二零年計入損益佔本集團

九月三十日九月三十日三月三十一日公平值九月三十日之金融資產資產總值之

股份代號投資目標公司名稱之持股數量之持股比例之賬面值虧損之公平值總額之百分比百分比

HK$』000 HK$』000 HK$』000

千港元千港元千港元

640 Infinity Development 1,000,000 0.17% 720 (70) 650 26.17% 0.03%

Holdings Company

Limited

星謙發展控股有限公司

747 Shenyang Public Utility 13,100,000 2.16% 2,135 (301) 1,834 73.83% 0.08%

Holdings Company

Limited

瀋陽公用發展股份有限

公司

2,855 (371) 2,484 100.00% 0.11%

Brief description of the principal business and the future prospect of the 投資目標公司主要業務及未來前景簡介載列

investee companies are set out below: 如下：

Name of investee company Principal business and future prospect

投資目標公司名稱主要業務及未來前景

Infinity Development Holdings That company is principally engaged in the manufacturing and sales of adhesives,

Company Limited primers, hardeners, vulcanised shoes adhesive related products used by the footwear

manufacturers.

星謙發展控股有限公司該公司主要從事製造及銷售製鞋廠所使用的膠黏劑、處理劑、硬化劑、硫化鞋膠

黏劑相關產品。

As disclosed in the interim report of that company for the six months ended 31 March

2020, in view of the current epidemic effect upon the global, it is difficult to predict

how long it will last. The market currently adopts a wait-and-see approach to the

epidemic effect. As such, it is more difficult for the board of directors of that company

to predict its sales performance in 2020. Due to the global demand for footwear still

growing continually, more stringent requirement from the manufacturers for the quality

of adhesives which would gradually eliminate industry players with less competitiveness,

the demand for the use of environmental water-based adhesive products by

footwear brands and manufacturers is still growing, the effect of the previous regional

deployments of that company has become prominent under the changes in the market.

That company has been maintaining good relationships with its prestigious customers

for a number of years. As such, that company expects that the growth of its sales in the

medium to long term will remain stable. That company will devote necessary resources

to further increase its market share if appropriate.

誠如該公司截至二零二零年三月三十一日止六個月的中期報告所披露，鑒於全球

現時受疫情影響，難以預計情況將會持續多久。市場現時對疫情影響採取靜待觀

望態度。因此，該公司董事會更為難以預計其於二零二零年的銷售業績。由於全

球鞋履需求仍持續增長，製造商對膠黏劑的品質要求更為嚴格，並使競爭力稍遜

的行業參與者將逐漸被淘汰，鞋履品牌與製造商對使用環保水性膠黏劑產品之需

求仍持續增長，該公司之前所作的區域佈局在市場變遷下已漸見成效。該公司多

年來與其尊貴客戶維持良好的關係。因此，該公司預期其中長期的銷售增長將維

持穩定。該公司將投入必需的資源以進一步提升其市場佔有率（倘適用）。

Shenyang Public Utility Holdings That company’s principal businesses are infrastructure construction and property

Company Limited investment and credit business.

瀋陽公用發展股份有限公司該公司的主要業務是基礎設施建設及物業投資以及信貸業務。

As disclosed in the interim report of that company for the six months ended 30 June

2020, affected by the pandemic in 2020, the global economic situation is uncertain, that

company will adhere to the development objective of making steady progress, continue

to maintain its core competitiveness. That company will actively respond to the state’s

policy of increasing infrastructure investment and push ahead the development of

existing projects. That company will maintain its core business, improve its ability to

resist risks, and at the same time promote the operation of existing property projects

and open up new profit points. In addition, the board of directors of that company will

continue to devote efforts to explore various investment opportunities and enhance its

market competitiveness.

誠如該公司截至二零二零年六月三十日止六個月的中期報告所披露，二零二零年

受疫情影響，全球經濟形勢不明朗，該公司將繼續堅持穩中求進的發展目標，保

持核心競爭力。該公司積極響應國家加大基礎設施建設投資的政策，努力推動既

有項目發展。該公司將保持核心業務，提高其抗禦風險能力，同時推進現有物業

項目的運營，開闢新的盈利點。此外，該公司董事會將繼續致力於開拓不同的投

資機遇及提升其市場競爭力。

The Directors believe that the future performance of the equity securities 董事認為本集團所持之聯交所上市公司股本

of companies listed on the Stock Exchange held by the Group will be 證券之未來表現將受整體經濟環境、資本市

affected by the overall economic environment, capital market conditions, 場狀況、投資者氣氛及投資目標公司的業務

investor sentiment and the business performance of the investee 表現的影響。董事會將繼續尋求可為其股東

companies. The Board will continue to look for attractive investment 帶來更佳回報及具吸引力之投資機遇。

opportunities which can generate better returns to its shareholders.

Save as disclosed above, there were no other significant investments by the 除上文所披露外，本集團於報告期間並無進

Group during the Reporting Period. 行其他重大投資。

INTERIM DIVIDEND 中期股息

The Board has resolved not to declare an interim dividend for the 董事會議決不宣派於報告期間之中期股息（截

Reporting Period (six months ended 30 September 2019: Nil). 至二零一九年九月三十日止六個月：無）。

FUND RAISING ACTIVITIES OF THE GROUP

Placing of Shares on 3 August 2018

The net proceeds (net of all relevant costs and expenses) from placing

of shares under special mandate on 3 August 2018 were approximately

HK$316,500,000. Details of the placing of shares were set out in the

announcements of the Company dated 17 April 2018 and 3 August 2018

and the circular of the Company dated 5 June 2018.

Up to 30 September 2020, the Group had used the net proceeds as

follows:

Intended use

of net proceeds

Original allocation

of net proceeds

Actual use

of net proceeds

Actual allocation

of net proceeds

Utilisation

up to

30 September

2020

Remaining

balance of net

proceeds as at

30 September

2020

所得款項淨額之擬定用途所得款項淨額之原先分配所得款項淨額之實際用途所得款項淨額之實際分配

截至

二零二零年

九月三十日

已使用

於二零二零年

九月三十日

所得款項淨額

之餘額

HK$』 million

% of net

proceeds HK$』 million

% of net

proceeds HK$』 million HK$』 million

百萬港元

佔所得款項

淨額百分比百萬港元

佔所得款項

淨額百分比百萬港元百萬港元

Capital expenditure on 56.0 17.7% Capital expenditure on

the production facilities of the production facilities of

Hunan Xintian Hunan Xintian

湖南新田生產設施之湖南新田生產設施之

資本開支資本開支

Potential acquisition of 213.0 67.3% Acquisition of Shenyang

business or companies Properties

潛在業務或公司收購收購瀋陽物業

Working capital of the Group 47.5 15.0% Working capital of the Group

本集團之營運資金本集團之營運資金

本集團之集資活動

於二零一八年八月三日配售股份

於二零一八年八月三日，根據特別授權配售

股份之所得款項淨額（扣除所有相關成本及開

支）約為316,500,000港元。配售股份之詳情載

於本公司日期為二零一八年四月十七日及二

零一八年八月三日之公佈以及本公司日期為

二零一八年六月五日之通函內。

截至二零二零年九月三十日，本集團已使用

所得款項淨額如下：

56.0 17.7% 6.6 49.4

213.0 67.3% 213.0 –

47.5 15.0% 47.5 –

316.5 100.0% 316.5 100.0% 267.1 49.4

With a view to putting the Company’s resources to a better use, the Board

had therefore temporarily re-allocated the aforesaid unutilised net proceeds

for the use of acquisition of Shenyang Properties in previous years. Referring

to the announcements dated 24 April 2019 and 7 July 2020 and the circular

dated 24 August 2020, the acquisition of the Shenyang Property had been

terminated and the Group entered into supplemental agreements with

Mr. Li Yuguo, a substantial shareholder, the chairman and an executive

Director of the Company to recover the outstanding sum in relation to

the termination of the acquisition of the Shenyang Property before July

2021. The Directors are still assessing the most appropriate time to utilise

the said net proceeds. The Board will deploy the unutilised net proceeds

of approximately HK$49.4 million back to the capital expenditure on

production facilities of Hunan Xintian as and when appropriate after taking

into account the market environment at the material time.

The unutilised net proceeds for the use of the capital expenditure on the

production facilities of Hunan Xintian is expected to be utilised between

November 2020 to late 2021.

CAPITAL STRUCTURE

Total equity attributable to owners of the Company increased from

approximately HK$1,811,528,000 as at 31 March 2020 to approximately

HK$1,890,128,000 as at 30 September 2020. The increase arose from the

total comprehensive income attributable to owners of the Company. There

were no other material change in the capital structure of the Group during

the Reporting Period.

LIQUIDITY AND FINANCIAL RESOURCES

As at 30 September 2020, the Group had total assets of

approximately HK$2,196,690,000 (as at 31 March 2020: approximately

HK$2,115,424,000) which was financed by current liabilities of

approximately HK$172,602,000 (as at 31 March 2020: approximately

HK$190,585,000), non-controlling interests of approximately

HK$102,338,000 (as at 31 March 2020: approximately HK$102,189,000)

and the shareholder’s equity of approximately HK$1,890,128,000 (as at 31

March 2020: approximately HK$1,811,528,000).

As at 30 September 2020, the Group’s current ratio was approximately

5.77 (as at 31 March 2020: approximately 5.61). Current ratio is calculated

based on current assets divided by current liabilities.

As at 30 September 2020 and 31 March 2020, the Group had no

borrowings and therefore the gearing ratio was not applicable. Gearing

ratio is calculated based on total borrowings divided by total equity.

為更善用本公司資源，董事會因此於以前年

度暫時重新分配上述未使用所得款項淨額用

作收購瀋陽物業。茲提述日期為二零一九年

四月二十四日及二零二零年七月七日之公佈

以及日期為二零二零年八月二十四日之通

函，瀋陽物業之收購已經終止，而本集團與

本公司主要股東、主席兼執行董事李玉國先

生訂立補充協議，以於二零二一年七月前收

回有關終止收購瀋陽物業的未償還款項。董

事仍在評估使用上述所得款項淨額的最適當

時間。董事會將考慮有關時間的市場環境，

於適當情況下將未使用的所得款項淨額約

49,400,000港元撥回湖南新田生產設施之資本

開支。

用於湖南新田生產設施之資本開支之未使用

所得款項淨額預計將於二零二零年十一月至

二零二一年底期間動用。

資本架構

本公司擁有人應佔權益總額由二零二零年三

月三十一日約

1,811,528,000港元增加至二零

二零年九月三十日約

1,890,128,000港元。該

增加乃來自本公司擁有人應佔全面收益總

額。於報告期間，本集團的資本架構並無其

他重大變動。

流動資金及財務資源

於二零二零年九月三十日，本集團之資產總

值約2,196,690,000港元（於二零二零年三月

三十一日：約

2,115,424,000港元），乃由流

動負債約172,602,000港元（於二零二零年三

月三十一日：約

190,585,000港元）、非控股

權益約102,338,000港元（於二零二零年三月

三十一日：約

102,189,000港元）及股東權益約

1,890,128,000港元（於二零二零年三月三十一

日：約1,811,528,000港元）組成。

於二零二零年九月三十日，本集團之流動比

率約為5.77（於二零二零年三月三十一日：約

5.61）。流動比率乃按流動資產除以流動負債

計算。

於二零二零年九月三十日及二零二零年三月

三十一日，本集團並無任何借款，因此資產

負債比率並不適用。資產負債比率乃按借款

總額除以總權益計算。

MATERIAL ACQUISITIONS OR DISPOSALS

Acquisition

On 26 May 2020, the Group entered into a sale and purchase agreement

to acquire 100% of the issued share capital of, and the shareholder’s loan

advanced to, Chi Sheng Trading Company Limited at a consideration of

RMB100 million. Its wholly-owned subsidiary, Zhejiang Shangshui Jieyun

Food Co., Ltd.* (浙江上水捷運食品有限公司), holds, inter alia, the

land use rights in respect of an industrial land parcel and a two-storey

industrial building together with another land parcel located at Chen

Village, Shanghua Street, Lanxi City, Jinhua, Zhejiang Province, the PRC*

(中國浙江省金華蘭溪市上華街道沈村), which are currently leased to

tenants for rental income. The acquisition has been completed on 24 June

2020. Details of the acquisition are set out in the announcements of the

Company dated 26 May 2020 and 24 June 2020.

Save as disclosed above, the Group has no other material acquisition during

the Reporting Period.

Disposal

The Group has no material disposal during the Reporting Period.

SUBSEQUENT EVENTS

As at 30 September 2020 to the date of this interim financial report, the

Board is not aware of any significant events that have occurred which

require disclosure herein.

EXPOSURE TO FLUCTUATION IN EXCHANGE

RATES

The Group is mainly exposed to fluctuation in the exchanges rate of

RMB, arising from relevant group entities』 monetary assets and liabilities

denominated in foreign currency for the Group’s operating activities.

The Group currently does not have a foreign currency hedging policy

to eliminate the currency exposures. However, the management closely

monitors the relevant foreign currency exposure from time to time and will

consider hedging significant foreign currency exposures should the need

arise.

* For identification purpose only

重大收購或出售

收購

於二零二零年五月二十六日，本集團訂立買

賣協議收購熾盛貿易有限公司之

100%已發行

股本及向其墊付的股東貸款，代價為人民幣

100,000,000元。其全資附屬公司浙江上水捷

運食品有限公司持有（其中包括）位於中國浙

江省金華蘭溪市上華街道沈村的一幅工業用

地及一棟雙層工業建築連同另一幅土地的土

地使用權，該工業用地及建築目前出租予租

戶以收取租金收入。收購已於二零二零年六

月二十四日完成。收購詳情載列於本公司日

期為二零二零年五月二十六日及二零二零年

六月二十四日之公佈。

除上文所披露外，本集團於報告期間並無其

他重大收購。

出售

本集團於報告期間並無重大出售。

結算日後事項

於二零二零年九月三十日直至本中期財務報

告日期，董事會並不知悉任何重大事件已發

生並須於本報告內披露。

匯率波動風險

相關集團實體就本集團的經營活動所用以外

幣計值的貨幣資產與負債令本集團主要面臨

人民幣之匯率波動風險。

本集團現時並無就消除貨幣風險設定外幣對

沖政策。然而，管理層會不時密切監察相關

的外幣風險，需要時將考慮對沖重大的外幣

風險。

EMPLOYEE AND REMUNERATION POLICY

The Group has a total of approximately 33 employees in Hong Kong

and the PRC as at 30 September 2020. The total staff costs (staff

salaries, directors』 emoluments and other staff costs) for the Reporting

Period amounted to approximately HK$4,556,000 (six months ended 30

September 2019: HK$7,421,000). Remuneration packages are generally

structured according to market environment and individual performance.

Apart from the mandatory provident fund and statutory retirement

benefits, the Group also provides medical benefits and subsidies employees

in various training and continuous education programs.

CAPITAL COMMITMENTS AND CONTINGENT

LIABILITIES

Save as disclosed in note 24 to the interim financial report, the Group

did not have other capital commitments and contingent liabilities as at 30

September 2020.

FINANCIAL GUARANTEE CONTRACTS

Save as disclosed in note 23 to the interim financial report, the Group did

not have other financial guarantee contracts as at 30 September 2020.

CHARGES ON GROUP ASSETS

The Group did not create any charges over the Group’s assets as at 30

September 2020.

僱員及薪酬政策

於二零二零年九月三十日，本集團在香港及

中國共聘用約33名僱員。於報告期間，員工

薪金、董事酬金及其他員工成本等總員工成

本約為4,556,000港元（截至二零一九年九月

三十日止六個月：

7,421,000港元）。薪酬待遇

一般按照市場狀況及個人表現而釐定。除強

制性公積金及法定退休福利外，本集團亦提

供醫療福利和津貼僱員參加各種培訓及持續

教育計劃。

資本承擔及或然負債

除本中期財務報告附註24所披露者外，本集

團於二零二零年九月三十日概無其他資本承

擔及或然負債。

財務擔保合約

除中期財務報告附註23所披露者外，本集團

於二零二零年九月三十日概無其他財務擔保

合約。

本集團資產抵押

本集團於二零二零年九月三十日並無抵押任

何本集團資產。

DIRECTORS』 AND CHIEF EXECUTIVES』

INTERESTS AND SHORT POSITIONS IN

SHARES, UNDERLYING SHARES AND

DEBENTURES OF THE COMPANY

As at 30 September 2020, the interests and short positions of the Directors

and chief executives of the Company in the shares, underlying shares

and debentures of the Company or any of its associated corporations

(within the meaning of Part XV of the Securities and Futures Ordinance

(「SFO」)), as recorded in the register maintained by the Company under

Section 352 of the SFO or as otherwise notified to the Company and the

Stock Exchange pursuant to the Model Code for Securities Transactions

by Directors of Listed Companies as set out in Appendix 10 (the 「Model

Code」) to the Rules Governing the Listing of Securities on the Stock

Exchange (the 「Listing Rules」) were as follows:

Long positions in shares, underlying shares and

debentures of the Company

董事及主要行政人員於本公司

之股份、相關股份及債權證之

權益及淡倉

於二零二零年九月三十日，根據本公司遵照

證券及期貨條例（「證券及期貨條例」）第352條

所存置之登記冊所記錄，董事及本公司主要

行政人員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）之股份、相關股份

及債權證中擁有之權益及淡倉，或根據聯交

所證券上市規則（「上市規則」）附錄十所載之

上市公司董事進行證券交易的標準守則﹙「標

準守則」）須另行知會本公司及聯交所之權益

及淡倉如下︰

於本公司股份、相關股份及債權證之

好倉

Name of directors Capacity

Number of

issued

ordinary

shares held

Approximate

percentage

of the issued

share capital of

the Company

董事姓名身份

持有之

已發行

普通股數目

佔本公司

已發行股本

之概約百分比

(Note)

（附註）

Li Yuguo Beneficial owner 2,268,000,000 29.80%

李玉國實益擁有人

Yang Xiaoqiang Beneficial owner 354,820,000 4.66%

楊小強實益擁有人

Liu Yan Chee James Beneficial owner 104,800,000 1.38%

劉恩賜實益擁有人

Huang Yilin Beneficial owner 70,000 0.00%

黃逸林實益擁有人

Wong Chung Man Beneficial owner 1,650,000 0.02%

黃仲文實益擁有人

Note: 附註：

The percentages calculated are based on the total number of issued shares of the Company of 該等百分比乃根據本公司於二零二零年九月三十日之已發

7,611,690,000 Shares as at 30 September 2020.行股份總數7,611,690,000股股份計算。

Save as disclosed above, as at 30 September 2020, none of the Directors

or the chief executives of the Company or their associates had any

interests or short positions in any shares, underlying shares or debentures

of the Company or any of its associated corporations (within the meaning

of Part XV of the SFO) as recorded in the register required to be kept

under Section 352 of the SFO or as otherwise notified to the Company and

the Stock Exchange pursuant to the Model Code.

SHARE OPTION SCHEME

The share option scheme adopted by the Company on 14 January 2002

had been terminated on 9 August 2011 and a new share option scheme

(the 「2011 Share Option Scheme」) was adopted by the Company on 9

August 2011.

Reference is also made to the circular of the Company dated 2 August

2018. On 31 August 2018, an ordinary resolution was duly passed by the

shareholders at annual general meeting of the Company, approving, inter

alia, to refresh the scheme mandate limit under the 2011 Share Option

Scheme of the Company adopted on 9 August 2011. The refreshed

scheme limit was 761,169,000 shares.

2011 Share Option Scheme

The 2011 Share Option Scheme is adopted for the purposes of recognition

of significant contribution of and for the provision of incentives to any

directors, employees (whether full-time or part-time), consultants,

customers, suppliers, agents, partners or advisors of or contractors to the

Group or affiliates (「Eligible Persons」).

除上文所披露者外，於二零二零年九月三十

日，概無董事或本公司主要行政人員或彼等

之聯繫人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）之任何股份、相關

股份或債權證中擁有記錄於根據證券及期貨

條例第352條所存置之登記冊之任何權益或淡

倉，或根據標準守則須另行知會本公司及聯

交所之任何權益或淡倉。

購股權計劃

本公司於二零零二年一月十四日採納之購股

權計劃已於二零一一年八月九日被終止，而

本公司已於二零一一年八月九日採納一項新

購股權計劃（「二零一一年購股權計劃」）。

茲亦提述本公司日期為二零一八年八月二日

之通函。於二零一八年八月三十一日，一項

普通決議案於本公司之股東週年大會上獲股

東正式通過，以批准（其中包括）更新本公司

於二零一一年八月九日採納之二零一一年購

股權計劃項下之計劃授權限額。已更新計劃

限額為761,169,000股。

二零一一年購股權計劃

採納二零一一年購股權計劃旨在肯定本集團

或聯屬公司之任何董事、僱員（不論全職或兼

職）、顧問、客戶、供應商、代理人、合夥人

或諮詢人或承辦商（「合資格人士」）所作出之

重要貢獻，並向彼等提供獎勵。

Under the terms of the 2011 Share Option Scheme, the Board of Directors

of the Company may for a nominal consideration of HK$1 grant option

to the Eligible Persons to subscribe for shares in the Company at a price

no less than the higher of (i) the closing price of the Company’s shares as

stated in the Stock Exchange’s daily quotations sheet on the date of offer

of the option (which must be a business day); (ii) the average closing price

of the shares as stated in the Stock Exchange’s daily quotations sheets

for the five business days immediately preceding the date of offer of the

option. Options granted under the 2011 Share Option Scheme must

be taken up within 28 business days from the date on which the offer is

made by returning a written acceptance of the offer signed by the Eligible

Persons together with the payment of HK$1 per option (the 「Acceptance

Conditions」). Options granted and accepted may be exercised at any time

for 10 years commencing on the date on which an option is accepted in

accordance with the Acceptance Conditions under the 2011 Share Option

Scheme (the 「Option Period」). Options granted under the Scheme will be

exercisable in the Option Period notwithstanding that the scheme period

of the 2011 Share Option Scheme does not prescribe any minimum period

for which an option must be held before it can be exercised and has not

specified that the exercise of an option is subject to any performance

target.

The maximum number of shares which may be issued upon exercise of

all options to be granted under the 2011 Share Option Scheme cannot

exceed 10% of the issued share capital of the Company at the date of

adoption of the 2011 Share Option Scheme, excluding any options lapsed

in accordance with the terms of the 2011 Share Option Scheme and any

other share option schemes.

The maximum number of shares which may be issued upon exercise of all

outstanding options granted and yet to be exercised under the Scheme and

any other share option schemes of the Company shall not, in aggregate,

exceed 30% of the total number of shares in issue from the time to time.

Option will not be granted to any Eligible Persons if the exercise in full of

all options, including any unexercised options and shares already issued

under all previous option granted, would in the 12-month period up to and

including the date of such further grant enable that relevant Eligible Person

to have shares exceeding 1% of the issued shares of the Company for the

time being unless separate approval by the shareholders in general meeting

is obtained.

As at 30 September 2020, there was no outstanding share options under

the 2011 Share Option Scheme.

根據二零一一年購股權計劃之條款，本公司

董事會可以象徵式代價1港元向合資格人士授

出購股權，以不少於(i)提呈購股權當日（必須

為營業日）本公司股份在聯交所每日報價表所

示之收市價；

(ii)緊接提呈購股權當日前五個

營業日股份在聯交所每日報價表所示之平均

收市價（以較高者為準）之價格認購本公司股

份。根據二零一一年購股權計劃授出之購股

權必須以交回合資格人士所簽署之書面要約

接納函件，連同按每份購股權繳付1港元（「接

納條件」）於進行要約當日起計28個營業日

內獲接納。獲授及接納之購股權可根據二零

一一年購股權計劃按接納條件由接納購股權

當日起計十年內（「購股權期間」）隨時行使。

根據計劃授出之購股權須於購股權期間內行

使，儘管二零一一年購股權計劃並無規定購

股權於行使前之最短持有期，亦無指定行使

購股權須先達到任何表現目標。

根據二零一一年購股權計劃將授出之所有購

股權獲行使時可發行之股份數目最多不可超

過本公司於採納二零一一年購股權計劃當日

已發行股本之10%（不包括根據二零一一年購

股權計劃及任何其他購股權計劃之條款已失

效之任何購股權）。

根據計劃及本公司任何其他購股權計劃授出

之所有尚未行使之購股權在獲行使時可予發

行之股份數目，最多合共不得超過不時已發

行股份總數之30%。倘於直至及包括該進一

步授予之日期之12個月期間悉數行使全部購

股權（包括任何尚未行使之購股權及根據所有

過往授出之購股權所發行之股份）導致任何合

資格人士擁有本公司當時之已發行股份超過

1%，則購股權將不會授予有關合資格人士，

惟已於股東大會上取得股東另行批准者除外。

於二零二零年九月三十日，二零一一年購股

權計劃項下並沒有任何尚未行使之購股權。

DIRECTORS』 RIGHT TO ACQUIRE SHARES OR

DEBENTURE

At no time during the Reporting Period was the Company or any of

its subsidiaries, a party to any arrangement to enable the Directors to

acquire benefits by means of the acquisition of shares in, or debt securities

(including debentures) of, the Company or any other body corporate.

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS

Save as disclosed in the paragraph headed 「Director’s and Chief Executives』

Interests and Short Positions in Shares, Underlying Shares and Debentures

of the Company」, the Company had not been notified and is not aware

of any other person who had an interest or short position in the shares

or underlying shares of the Company which would fall to be disclosed to

the Company under the provisions of Divisions 2 and 3 of Part XV of the

SFO, or as recorded in the register required to be kept by the Company

pursuant to Section 336 of the SFO as having an interest of 5% or more in

the issued share capital of the Company as at 30 September 2020.

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY』S LISTED SECURITIES

No purchase, sale or redemption of the Company’s listed securities was

made by the Company or any of its subsidiaries during the Reporting

Period.

CONNECTED TRANSACTIONS

Termination of the Acquisition of Shenyang Properties

Asiaciti Investment Limited (「Asiaciti」), an indirect wholly-owned subsidiary

of the Company, as purchaser, entered into sale and purchase agreement

on 12 October 2017 (the 「Sale and Purchase Agreement」) with the

vendor,遼寧京豐置業有限公司, to purchase the properties comprising

Floors 7 to 35 of Building T3 situated at 46 Nanjing North Street, Heping

District, Shenyang City, Liaoning Province, PRC under the Shenyang

Commodity Housing Pre-sale Permit No. 16122 for a total consideration

of RMB625,000,000 (subject to adjustment). The vendor was a company

incorporated in the PRC with limited liability and beneficially owned by

Mr. Li Yuguo (「Mr. Li」), a substantial shareholder, the chairman and an

executive Director of the Company.

董事購入股份或債權證之權利

本公司或其任何附屬公司於報告期間任何時

間概無參與訂立任何安排，致使董事可藉購

入本公司或任何其他法人團體之股份或債務

證券（包括債權證）而獲益。

主要股東之權益及淡倉

除「董事及主要行政人員於本公司之股份、相

關股份及債權證之權益及淡倉」一段所披露者

外，於二零二零年九月三十日，本公司並無

獲通知且並不知悉有任何其他人士因於本公

司已發行股本中擁有5%或以上的權益而於本

公司股份或相關股份中擁有權益或淡倉，而

須根據證券及期貨條例第XV部第2及第3分部

之條文向本公司作出披露，或記錄於本公司

根據證券及期貨條例第336條須存置之登記冊

內。

購買、出售或贖回本公司之上

市證券

於報告期間，本公司或其任何附屬公司概無

購買、出售或贖回本公司之上市證券。

關連交易

終止購買瀋陽物業

本公司間接全資附屬公司國成投資有限公司

（「國成」，作為買方）與賣方（遼寧京豐置業

有限公司）於二零一七年十月十二日訂立買賣

協議（「買賣協議」），以購買根據瀋陽市商品

房預售許可證第16122號，由位於中國遼寧省

瀋陽市和平區南京北街46號的T3大樓的第7

層至35層組成的該等物業，總代價為人民幣

625,000,000元（可予調整）。賣方為一間於中

國註冊成立之有限公司，並由本公司主要股

東、主席兼執行董事李玉國先生（「李先生」）

實益擁有。

On 24 April 2019, the vendor and Asiaciti entered into a termination

agreement (the 「Termination Agreement」), pursuant to which, (i)

the parties have mutually agreed to terminate the Sale and Purchase

Agreement and no parties shall have any claim against each other; and (ii)

on or prior to 24 October 2019, the vendor shall refund a total amount of

RMB562,500,000 paid by Asiaciti (the 「Refund Amount」) and shall pay a

lump sum of RMB11,250,000, being 2% of the Refund Amount, to Asiaciti

as monetary compensation.

On 1 November 2019, Asiaciti and Mr. Li entered into a supplemental

agreement (the 「Supplemental Agreement」), pursuant to which, Mr. Li

agreed to take up the responsibilities to repay the Refund Amount and the

related compensation and interests to Asiaciti. Asiaciti agreed to extend

the repayment date to 24 April 2020, with an interest rate of 5.25% per

annum. The Supplemental Agreement shall be subject to the fulfilment of

the condition precedent on or before 24 January 2020. On 22 January 2020

and 27 February 2020, the said long stop date was extended twice to 29

February 2020 and 15 March 2020 respectively.

On 3 July 2020, Asiaciti and Mr. Li entered into a further supplemental

agreement (the 「Further Supplemental Agreement」), pursuant to

which, Mr. Li agreed to repay Asiaciti the outstanding amount in sum of

RMB584,778,676.47 (the 「Outstanding Sum」) in the following manner: (a)

10% of the Outstanding Sum shall be repaid on or before 2 January 2021;

and (b) 90% of the Outstanding Sum together with the interest to be

accrued on the Outstanding Sum at an interest rate of 10% per annum shall

be repaid on or before 2 July 2021.

The Supplemental Agreement and the Further Supplemental Agreement

constituted connected transactions under Chapter 14A of the Listing Rules.

The Supplemental Agreement and the Further Supplemental Agreement

were approved by the independent shareholders at the special general

meetings of the Company held on 3 March 2020 and 15 September 2020

respectively.

Details of the above transactions were disclosed in the announcements of

the Company dated 12 October 2017, 24 April 2019, 1 November 2019,

22 January 2020, 27 February 2020, 29 April 2020, 8 May 2020 and 7 July

2020 and the circulars of the Company dated 22 January 2018, 6 February

2020 and 24 August 2020 respectively.

於二零一九年四月二十四日，賣方與國成訂

立終止協議（「終止協議」），據此(i)各方相互

同意終止買賣協議，而各方並無向另一方索

償；及

(ii)於二零一九年十月二十四日或之

前，賣方將退回國成已支付的款項合共人民

幣562,500,000元（「退款金額」）及向國成支付

一筆金額為人民幣11,250,000元，即退款金額

之2%的款項作為補償。

於二零一九年十一月一日，國成與李先生訂

立補充協議（「補充協議」），據此，李先生同

意承擔責任向國成償還退款金額以及相關賠

償及利息。國成同意將還款日期延長至二零

二零年四月二十四日，年利率為

5.25%。補充

協議須待先決條件於二零二零年一月二十四

日或之前獲達成方可作實。於二零二零年一

月二十二日及二零二零年二月二十七日，上

述最後截止日期已兩度分別延長至二零二零

年二月二十九日及二零二零年三月十五日。

於二零二零年七月三日，國成與李先生訂立

一項進一步補充協議（「進一步補充協議」），

據此，李先生同意向國成償還總金額人民幣

584,778,676.47元的未償還款項（「未償還款

項」），償還方式如下︰(a)未償還款項的10%

須於二零二一年一月二日或之前償還；及

(b)

未償還款項的90%連同未償還款項按年利率

10%計算之累計利息須於二零二一年七月二

日或之前償還。

補充協議及進一步補充協議構成上市規則第

14A章項下之關連交易。補充協議及進一步

補充協議於本公司分別於二零二零年三月三

日及二零二零年九月十五日舉行之股東特別

大會上獲獨立股東批准。

上述交易的詳情分別於本公司日期為二零

一七年十月十二日、二零一九年四月二十四

日、二零一九年十一月一日、二零二零年一

月二十二日、二零二零年二月二十七日、二

零二零年四月二十九日、二零二零年五月八

日及二零二零年七月七日之公佈以及本公司

日期為二零一八年一月二十二日、二零二零

年二月六日及二零二零年八月二十四日之通

函中披露。

Up to 30 September 2020, the Group has received from Mr. Li the accrued

interest of RMB15,076,270.14 in accordance with the Supplemental

Agreement and partial repayment of the Outstanding Sum of RMB82

million in accordance with the Further Supplemental Agreement.

CORPORATE GOVERNANCE PRACTICES

The Company recognises the importance of maintaining a high standard of

corporate governance with an aim to protect the interest of shareholders.

The Company has adopted the Corporate Governance Code contained

in Appendix 14 (the 「Code」) of the Listing Rules. During the Reporting

Period, the Company complied with all applicable provisions of the Code

except for the deviations as stated below:

Under Code provision A.1.8, the Company should arrange

appropriate insurance cover in respect of legal action which may

be taken against the Directors. The directors』 and officers』 liability

insurance maintained by the Company expired on 20 May 2018.

As the Company has not yet reached an agreement with an insurer

regarding the terms and insurance premium of new insurance policy,

the insurance cover in respect of legal action which may be taken

against the Directors has not been in place since 21 May 2018. The

Company liaised with various insurance companies and brokers and

will continue to liaise with them to arrange appropriate insurance

cover for the Directors and officers.

Under Code provision A.6.7, independent non-executive directors

and other non-executive directors, as equal board members, should

give the board and any committees on which they serve the benefit

of their skills, expertise and varied backgrounds and qualifications

through regular attendance and active participation. They should also

attend general meetings and develop a balanced understanding of the

views of shareholders. Due to other business engagement, two nonexecutive

Directors and three independent non-executive Directors

of the Company were unable to attend the annual general meeting of

the Company held on 25 August 2020 and the special general meeting

of the Company held on 15 September 2020.

直至二零二零年九月三十日，本集團已收到

李先生根據補充協議所支付之累計利息人民

幣15,076,270.14元，以及根據進一步補充協

議所支付未償還款項中的部分還款人民幣82

百萬元。

企業管治常規

本公司深知維持高水平企業管治之重要性，

藉以保障股東之利益。

本公司已採納上市規則附錄14所載之企業管

治守則（「該守則」）。於報告期間，本公司已

遵守該守則之所有適用條文，惟下文所述之

偏離情況除外：

根據守則條文第A.1.8條，本公司應就董

事可能會面對的法律行動作適當的投保

安排。本公司投購的董事及高級人員責

任保險於二零一八年五月二十日到期。

由於本公司尚未與保險公司就新保單的

條款及保金數額達成共識，自二零一八

年五月二十一日起就董事可能會面對的

法律行動尚未有任何保險保障。本公司

已與多間保險公司及經紀接洽，並將繼

續與彼等接洽以就董事及高級人員安排

合適的保障範圍。

根據守則條文第A.6.7條，獨立非執行

董事及其他非執行董事作為與其他董事

擁有同等地位的董事會成員，應定期出

席董事會及由彼等擔任委員會成員的委

員會會議並積極參與會務，以彼等之技

能、專業知識及不同的背景及資格作出

貢獻。彼等並應出席股東大會，對股東

意見有公正的了解。本公司的兩名非執

行董事及三名獨立非執行董事因有其他

公務在身而未能出席本公司於二零二零

年八月二十五日舉行之股東週年大會及

本公司於二零二零年九月十五日舉行之

股東特別大會。

MODEL CODE FOR SECURITIES

TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as set out in Appendix 10

to the Listing Rules. Having made specific enquiry of all Directors, the

Directors confirmed that they have fully complied with the required

standards as set out in the Model Code throughout the Reporting Period.

AUDIT COMMITTEE

The audit committee of the Company currently consists of three

independent non-executive Directors, namely Mr. Zhu Xueyi, Mr. Ba Junyu

and Mr. Wong Chung Man. Its primary duties are to review and supervise

the financial reporting system, risk management and internal control system

of the Group and its effectiveness, and review and monitor the integrity of

financial statements of the Company and the Company’s annual report and

interim report.

The audit committee of the Company has reviewed with the management

the accounting standards and practices adopted by the Group, and

discussed financial reporting matters including the review of the unaudited

condensed consolidated financial statements for the six months ended

30 September 2020 and is of the opinion that the preparation of such

statements complied with the applicable accounting standards and

adequate disclosures have been made in respect thereof.

By Order of the Board

Li Yuguo

Chairman

Hong Kong, 24 November 2020

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之標準守

則。經向全體董事作出具體查詢後，全體董

事均確認，於報告期間，彼等已全面遵守標

準守則所載之規定標準。

審核委員會

本公司之審核委員會現時由三名獨立非執行

董事，即朱學義先生、巴俊宇先生及黃仲文

先生組成。審核委員會之主要職責為審閱及

監督本集團之財務申報制度、風險管理及內

部監控制度以及其有效性，並審閱及監察本

公司財務報表以及本公司年報及中期報告的

完整性。

本公司之審核委員會已與管理層審閱本集團

所採納之會計準則及慣例，並討論有關財務

申報事宜，包括審閱截至二零二零年九月

三十日止六個月之未經審核簡明綜合財務報

表，並認為該等報表已按照適用會計準則而

編製，且已作充分披露。

承董事會命

主席

李玉國

香港，二零二零年十一月二十四日

The Board of Directors (the 「Board」) of Asia Resources Holdings Limited

(the 「Company」) is pleased to announce the unaudited interim results

of the Company and its subsidiaries (collectively referred to as the

「Group」) for the six months ended 30 September 2020 together with the

comparative figures for the previous corresponding period as follows:

亞洲資源控股有限公司（「本公司」）董事會

（「董事會」）欣然宣佈本公司及其附屬公司（統

稱「本集團」）截至二零二零年九月三十日止六

個月之未經審核中期業績及去年同期之比較

數字如下：

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 2020 截至二零二零年九月三十日止六個月

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

Notes HK$』000 HK$』000

附註千港元千港元

(unaudited)(unaudited)

（未經審核）

RevenueCost of sales

Operating profit/(loss)

Other gainsSelling and distribution expensesAdministrative expenses

Share of results of associatesGain on bargain purchase

Finance costs

Profit/(loss) before taxationTaxation

Profit/(loss) for the period

Other comprehensive income,

net of tax

Exchange differences on translating foreign

operationsShare of other comprehensive income of

associates

Other comprehensive income

for the period, net of tax

Total comprehensive income

for the period

收入

銷售成本

經營溢利╱（虧損）

其他收益

銷售及分銷開支

行政開支

分佔聯營公司業績

議價收購收益

融資成本

除稅前溢利╱（虧損）

稅項

期內溢利╱（虧損）

其他全面收益，除稅後

換算海外業務產生之

匯兌差額

分佔聯營公司其他全面收益

期內其他全面收益，除稅後

期內全面收益總額

17,957

(11,314)

6,643

52,118

(430)

(15,102)

(3,330)

1,856

(357)

41,398

(36)

41,362

37,351

37,387

78,749

168,618

(208,922)

(40,304)

624

(6,361)

(19,629)

(3,746)

–

(205)

(69,621)

–

(69,621)

(36,322)

(36,221)

(105,842)

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 2020 截至二零二零年九月三十日止六個月

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

Notes HK$』000 HK$』000

附註千港元千港元

(unaudited)

（未經審核）

(unaudited)

（未經審核）

Profit/(loss) attributable to:應佔溢利╱（虧損）：

41,433

(71)

41,362

78,600

149

78,749

HK$

港元

(69,306)

– Owners of the Company－本公司擁有人

(315)

– Non-controlling interests－非控股權益

(69,621)

Total comprehensive income 應佔全面收益總額：

attributable to:

(105,207)

– Owners of the Company－本公司擁有人

(635)

– Non-controlling interests－非控股權益

(105,842)

HK$

港元

Earnings/(loss) per share attributable to 本公司擁有人應佔每股

owners of the Company:盈利╱（虧損）：

0.005

(0.009)

– Basic and diluted－基本及攤薄

CONDENSED CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

簡明綜合財務狀況表

At 30 September 2020於二零二零年九月三十日

Non-current assets

Investment properties

Property, plant and equipment

Intangible assets

Interests in associates

Deposits paid

Right-of-use assets

Current assets

Properties under developmentCompleted properties held for saleInventoriesTrade receivablesPrepayments, deposits and

other receivablesAmount due from an associateFinancial assets at fair value through

profit or loss

Income tax prepaid

Restricted bank deposit

Bank balances and cash

Current liabilities

Trade payables

Other payables and accruals

Contract liabilities

Lease liabilities

Tax payables

非流動資產

投資物業

物業、廠房及設備

無形資產

於聯營公司之權益

已付按金

使用權資產

流動資產

發展中物業

持作出售之已落成物業

存貨

貿易應收賬款

預付款項、按金及其他

應收賬款

應收一間聯營公司之款項

按公平值計入損益之

金融資產

預付所得稅

受限制銀行存款

銀行結餘及現金

流動負債

貿易應付賬款

其他應付賬款及應計費用

合約負債

租賃負債

應付稅項

Notes

附註

30 September

2020

於二零二零年

九月三十日

HK$』000

千港元

(unaudited)

（未經審核）

125,092

32,521

337,225

197,782

507,409

1,547

1,201,576

227,440

89,407

577

651,409

2,274

2,484

2,591

18,932

995,114

74,590

53,525

42,994

1,489

172,602

1,045,726

218,330

99,265

299

234

697,500

2,420

2,855

248

2,484

46,063

1,069,698

72,995

61,833

52,966

2,356

190,585

31 March

於二零二零年

三月三十一日

HK$』000

千港元

(audited)

（經審核）

–

17,890

336,766

201,076

487,084

2,910

CONDENSED CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

簡明綜合財務狀況表

At 30 September 2020於二零二零年九月三十日

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

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）

Net current assets

Total assets less current liabilities

Capital and reserves

Share capital

Reserves

Total equity attributable to owners

of the Company

Non-controlling interests

Non-current liabilities

Deferred tax liabilities

Lease liabilities

822,512

2,024,088

76,117

1,814,011

1,890,128

102,338

1,992,466

31,622

2,024,088

879,113

流動資產淨值

1,924,839

資產總值減流動負債

資本及儲備

76,117

股本

1,735,411

儲備

本公司擁有人應佔權益

總額

1,811,528

102,189

1,913,717

非控股權益

非流動負債

10,577

遞延稅項負債

545

11,122

1,924,839

租賃負債

CONDENSED CONSOLIDATED STATEMENT OF

CHANGES IN EQUITY

簡明綜合權益變動表

For the six months ended 30 September 2020截至二零二零年九月三十日止六個月

Attributable to owners of the Company

本公司擁有人應佔

Attributable

Share-based to non-

Share Share Capital payment Special Translation Accumulated controlling

capital premium reserve reserve reserve reserve losses Sub-total interests Total

以股份非控股權益

股本股份溢價股本儲備支付儲備特別儲備匯兌儲備累計虧損小計應佔總計

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 2019 (audited)於二零一九年四月一日

（經審核）

76,117 1,597,179 2,025,156 15,948 92,926 (115,244) (1,478,474) 2,213,608 118,690 2,332,298

Loss for the period期內虧損

– – – – – – (69,306) (69,306) (315) (69,621)

Other comprehensive income 期內其他全面收益

for the period– – – – – (35,901) – (35,901) (320) (36,221)

Total comprehensive income 期內全面收益總額

for the period– – – – – (35,901) (69,306) (105,207) (635) (105,842)

Lapse of share options購股權失效

– – – (15,948) – – 15,948 – – –

At 30 September 2019 於二零一九年九月三十日

(unaudited)（未經審核）

76,117 1,597,179 2,025,156 – 92,926 (151,145) (1,532,832) 2,108,401 118,055 2,226,456

At 1 April 2020 (audited)於二零二零年四月一日

（經審核）

Profit for the period期內溢利

Other comprehensive income 期內其他全面收益

for the period

Total comprehensive income 期內全面收益總額

for the period

At 30 September 2020 於二零二零年九月三十日

(unaudited)（未經審核）

76,117 1,597,179 2,025,156 92,926 (178,540) (1,801,310) 1,811,528 102,189 1,913,717

41,433 41,433 (71) 41,362

37,167 37,167 220 37,387

37,167 41,433 78,600 149 78,749

76,117 1,597,179 2,025,156 92,926 (141,373) (1,759,877) 1,890,128 102,338 1,992,466

CONDENSED CONSOLIDATED STATEMENT OF

CASH FLOWS

簡明綜合現金流量表

For the six months ended 30 September 2020截至二零二零年九月三十日止六個月

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

Cash used in operationsCash payments for interest portion of

the lease liabilities

Net cash used in operating activities

Investing activities

Deposit for acquisition of investment

properties/buildingsNet cash outflow from acquisition of

subsidiaries

Refund of deposit paid relating to

termination of acquisition of

Shenyang Properties

Interest received relating to termination of

acquisition of Shenyang PropertiesPurchase of property, plant and equipmentInterest received

Net cash generated from/(used in)

from investing activities

Financing activities

Interest paidPrincipal portion of lease payments

Net cash used in financing activities

Net decrease in cash and cash equivalents

Cash and cash equivalents at

the beginning of the period

Effect of foreign exchange rate changes

Cash and cash equivalents at

the end of the period

Analysis of the balances of cash and

cash equivalents

Bank balances and cash

營運業務所用現金

租賃負債利息部分之現金付款

經營活動所用現金淨額

投資活動

收購投資物業╱樓宇之按金

收購附屬公司之現金流出淨額

終止收購瀋陽物業之

已付按金之退款

終止收購瀋陽物業之

已收利息

購買物業、廠房及設備

已收利息

投資活動產生╱（所用）

現金淨額

融資活動

已付利息

租賃付款本金部份

融資活動所用現金淨額

現金及現金等價物減少淨額

於期初之現金及現金

等價物

外匯匯率變動影響

於期末之現金及現金

等價物

現金及現金等價物之結餘

分析

銀行結餘及現金

(27,984)

(100)

(28,084)

(106,781)

92,098

16,441

(94)

1,739

(257)

(1,420)

(1,677)

(28,022)

46,063

891

18,932

(9,526)

(205)

(9,731)

(73,964)

–

(7,201)

(81,086)

–

(1,304)

(92,121)

127,285

(3,026)

32,138

1. GENERAL 1. 總則

Asia Resources Holdings Limited (the 「Company」) was incorporated 亞洲資源控股有限公司（「本公司」）在

in Bermuda as an exempted company with limited liability. Its shares 百慕達註冊成立為受豁免有限公司，其

are listed on The Stock Exchange of Hong Kong Limited (the 「Stock 股份在香港聯合交易所有限公司（「聯

Exchange」). The address of the registered office is Clarendon House, 交所」）上市。本公司之註冊辦事處地

2 Church Street, Hamilton HM II, Bermuda and its principal place of 址為

Clarendon House, 2 Church Street,

business of the Company is Room 2601, 26/F, West Tower, Shun Tak Hamilton HM II, Bermuda，而其主要營業

Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. 地點之地址為香港上環幹諾道中168-200

號信德中心西座26樓2601室。

The Company acts as an investment holding company, while its 本公司為一間投資控股公司，而其附

subsidiaries (hereinafter the Company and its subsidiaries are 屬公司（下文本公司及其附屬公司統稱

collectively referred to as the 「Group」) are principally engaged in 為「本集團」）則主要於中華人民共和國

property sales, investment operations and tradings of bottle water in （「中國」）從事物業銷售、投資營運及瓶

the People’s Republic of China (the 「PRC」). 裝水貿易。

The interim financial report is presented in Hong Kong dollars 中期財務報告以港元呈列。除另有說明

(HK$) and all amounts have been rounded to the nearest thousand 外，所有金額均湊整至最接近千位（千

(HK$』000), unless otherwise indicated. 港元）。

2. BASIS OF PREPARATION 2. 編製基準

The interim financial report has been prepared in accordance with 中期財務報告乃根據聯交所證券上市規

the applicable disclosure requirements set out in Appendix 16 of 則（「上市規則」）附錄十六所載之適用披

the Rules Governing the Listing of Securities on the Stock Exchange 露規定及香港會計師公會（「香港會計師

(the 「Listing Rules」) and with Hong Kong Accounting Standard 公會」）頒佈之香港會計準則（「香港會計

(「HKAS」) 34 「Interim Financial Reporting」 issued by the Hong 準則」）第34號「中期財務報告」編製。中

Kong Institute of Certified Public Accountants (the 「HKICPA」). The 期財務報告須與根據香港財務報告準則

interim financial report should be read in conjunction with the annual （「香港財務報告準則」）編製之截至二零

financial statements for the year ended 31 March 2020, which have 二零年三月三十一日止年度之年度財務

been prepared in accordance with Hong Kong Financial Reporting 報表一併閱讀。

Standards (「HKFRSs」).

This interim financial report was approved for issue on 24 November 本中期財務報告已於二零二零年十一月

2020. This interim financial report has not been audited. 二十四日獲批准刊發。本中期財務報告

未經審核。

3. SIGNIFICANT ACCOUNTING POLICIES 3. 主要會計政策

The interim financial report has been prepared on the historical

cost basis except for investment properties and certain financial

instruments, which are measured at fair values.

中期財務報告乃根據歷史成本法編製，

惟以公平值計量之投資物業及若干金融

工具除外。

The interim financial report has been prepared in accordance with

the same accounting policies adopted in the Group’s consolidated

financial statements for the year ended 31 March 2020, except for

the adoption of the following new and revised HKFRSs issued by the

HKICPA, which are or have become effective for the Group’s financial

year beginning on 1 April 2020.

中期財務報告已根據本集團截至二零二

零年三月三十一日止年度之綜合財務報

表所採納之相同會計政策編製，惟採納

以下由香港會計師公會頒佈的新訂及經

修訂香港財務報告準則（其現時或已經

於本集團二零二零年四月一日開始之財

政年度生效）除外。

HKFRS 3 (Amendments) Definition of a Business 香港財務報告準則第3號

(修訂本)

業務的定義

HKFRS 9, HKAS 39 and Interest Rate Benchmark Reform 香港財務報告準則第9號、利率基準改革

HKFRS 7 (Amendments) 香港會計準則第39號及

香港財務報告準則第7號

(修訂本)

HKAS 1 and HKAS 8 Definition of Material 香港會計準則第1號及重大的定義

(Amendments) 香港會計準則第8號

(修訂本)

Revised Conceptual Revised Conceptual Framework 經修訂概念框架財務報告之經

Framework for Financial Reporting 修訂概念框

架

The adoption of these amendments to HKFRSs does not have a 採納該等香港財務報告準則之修訂本不

material impact on the interim condensed consolidated financial 會對本集團之中期簡明綜合財務報表造

statements of the Group. The Group has not early adopted any other 成重大影響。本集團概無提早採納任何

standards, interpretation or amendments that have been issued but 其他已頒佈但尚未生效之準則、詮釋或

are not yet effective. 修訂本。

In addition, the Group has applied the following accounting policies 此外，本集團已應用以下於本期間與本

which became relevant to the Group in the current period. 集團相關之會計政策。

(a) Investment properties (a) 投資物業

Investment properties are properties held to earn rentals and/or 投資物業指持作賺取租金及╱或資

for capital appreciation. 本增值之物業。

Investment properties are initially measured at cost, including 投資物業首次按成本（包括任何直

any directly attributable expenditure. Subsequent to initial 接應佔開支）計量。於首次確認

recognition, investment properties, including those held for sale, 後，投資物業（包括持作出售物業）

are measured at fair value using the fair value model adjusted to 採用經調整以排除任何預付或應付

exclude any prepaid or accrued operating lease income. All of 經營租賃收益的公平值模式按其公

the Group’s property interests held under operating leases to 平值計量。本集團按經營租賃持有

earn rentals or for capital appreciation purposes are classified 以賺取租金或作資本增值用途的所

and accounted for as investment properties and are measured 有物業權益，乃分類為投資物業及

using the fair value model. Gains or losses arising from changes 以此入賬，並以公平值模式計量。

in the fair value of investment properties are included in profit or 投資物業公平值變動所產生之收益

loss for the period in which they arise. 或虧損乃計入產生期間之損益。

3. SIGNIFICANT ACCOUNTING POLICIES 3. 主要會計政策（續）

(CONTINUED)

(a) Investment properties (Continued) (a) 投資物業（續）

An investment property is derecognised upon disposal or when 投資物業於出售或永久停止使用及

the investment property is permanently withdrawn from use and 預計不會從出售中獲得未來經濟利

no future economic benefits are expected from its disposals. Any 益時，會被終止確認。終止確認該

gain or loss arising on derecognition of the property (calculated 物業所產生之任何收益或虧損（按

as the difference between the net disposal proceeds and the 該資產之出售所得款項淨額與其賬

carrying amount of the asset) is included in the profit or loss in 面值之間的差額計算）計入該物業

the period in which the property is derecognised. 終止確認期間之損益。

(b) Leases (b) 租賃

The Group as a lessor 本集團作為出租人

When the Group acts as a lessor, it classifies at lease inception 本集團作為出租人於租賃開始（或

(or when there is a lease modification) each of its leases as either 出現租賃修改）時將各租賃分類為

an operating lease or a finance lease. Whenever the terms of 經營租賃或融資租賃。每當租賃的

the lease transfer substantially all the risks and rewards incidental 條款將相關資產的擁有權所附帶

to ownership of an underlying asset to the lessee, the contract 的絕大部分風險及回報轉移予承租

is classified as a finance lease. All other leases are classified as 人，則合約分類為融資租賃。所有

operating leases. 其他租賃分類為經營租賃。

Rental income from operating leases is recognised in profit or 經營租賃的租金收入在相關租賃期

loss on a straight-line basis over the term of the relevant lease. 內按直線基準於損益確認。磋商及

Initial direct costs incurred in negotiating and arranging an 安排經營租賃時產生的首次直接成

operating lease are added to the carrying amount of the leased 本計入租賃資產的賬面值，有關成

asset, and such costs are recognised as an expense on a straight本

於租賃期內按直線基準確認為開

line basis over the lease term except for investment properties 支，除投資物業則按公平值模式計

measured under fair value model. Variable lease payments for 量。取決於指數或比率的經營租賃

operating leases that depend on an index or a rate are estimated 之可變租賃付款進行估算，並計入

and included in the total lease payments to be recognised on a 以直線基準於租賃期內予以確認的

straight-line basis over the lease term. Variable lease payments 租賃付款總額中。並非取決於指數

that do not depend on an index or a rate are recognised as 或比率而定的可變租賃付款於產生

income when they arise. 時確認為收入。

In the event that lease incentives, including rent free periods, 倘於訂立經營租賃時給予租金優惠

are given to enter into operating leases, such incentives are （包括免租期），則該優惠確認為遞

recognised as deferred lease payments. The aggregate benefit 延租賃付款。優惠利益總額以直線

of incentives is recognised as a reduction of rental income on a 基準確認為租金收入下調（除非有

straight-line basis, except where another systematic basis is more 其他更具代表性的時間模式的系統

representative of the time pattern in which economic benefits 性基準，以確認來自租賃資產的經

from the leased asset are consumed. 濟利益的消耗）。

Rental income which are derived from the Group’s ordinary 於本集團一般業務過程中產生的租

course of business is presented as revenue. 金收入呈列為收入。

3. SIGNIFICANT ACCOUNTING POLICIES

(CONTINUED)

Rental income is recognised on a time proportion basis over

the lease terms. Variable lease payments that do not depend on

an index or a rate are recognised as income in the accounting

period in which they are incurred.

3. 主要會計政策（續）

租金收入於租期內按時間比例基準

確認。並非取決於指數或比率的可

變租賃付款於產生的會計期間確認

為收入。

(d) Government grants

Government grants are not recognised until there is reasonable

assurance that the Group will comply with the conditions

attaching to them and that the grants will be received.

(d) 政府補助

政府補助將不會確認，直至能合理

確定本集團將遵守政府補助所附帶

之條件及將獲發有關補助為止。

Government grants are recognised in profit or loss on a

systematic basis over the periods in which the Group recognises

as expenses the related costs for which the grants are intended

to compensate.

政府補助於本集團就該等補助擬用

於抵償的相關成本確認為開支的期

間內有系統地在損益中確認。

Government grants that are receivable as compensation for

expenses or losses already incurred or for the purpose of giving

immediate financial support to the Group with no future related

costs are recognised in profit or loss in the period in which they

become receivable.

作為補償已產生之開支或虧損或就

給予本集團即時財務支援且未來並

無相關成本之應收政府補助於其成

為應收款項期間在損益中確認。

4. SEGMENT INFORMATION

The Group’s operating segments are identified on the basis of internal

reports which provides information about components of the Group.

These information are reported to and received by the chief operating

decision maker (「CODM」) for the purpose of resource allocation and

performance assessment.

4. 分類資料

本集團營運分類按提供有關本集團各部

分資料之內部申報基準區分。該等資料

會呈報予主要營運決策者（「主要營運決

策者」）並由其審閱，以分配資源及評估

表現。

The Group has the following operating segments during the period.

These segments are managed separately.

本集團於期內擁有下列營運分類。該等

分類乃受個別管理。

4. SEGMENT INFORMATION (CONTINUED)

(1) For water business, the CODM regularly reviews the

performance of the water business in the PRC. These operations

have been aggregated into a single operating segment and

named 「Water business」.

4. 分類資料（續）

(1) 就水業務而言，主要營運決策者定

期檢討中國水業務的表現。該等業

務已合計為名為「水業務」之單一經

營分類。

(2) For property development and property investment business,

the CODM regularly reviews the performance of the property

development and property investment business. These

operations have been aggregated into a single operating segment

and named 「Property development and investment」.

(2) 就物業發展及物業投資業務而言，

主要營運決策者定期檢討物業發展

及物業投資業務的表現。該等業務

已合計為名為「物業發展及投資」之

單一經營分類。

The following is an analysis of the Group’s revenue and results by

reportable segments for the periods:

以下為本集團按可呈報分類劃分之期內

收入及業績之分析：

For the six months ended 30 September 截至九月三十日止六個月

Water business

水業務

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

Property development and

investment

物業發展及投資

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

Consolidation

綜合

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

Sales to external customers向外部客戶銷售

1 263 17,956 168,355 17,957 168,618

(2,328)

263

17,956

57,565

168,355

17,957

55,237

(371)

(11,637)

1,856

(3,330)

(357)

168,618

Segment results分類業績

Total revenue總收入

(5,563)

(49,863)

(55,426)

Fair value losses on financial assets at fair value 按公平值計入損益之金融資產之

through profit or loss公平值虧損

(831)

Central administration costs中央行政成本

(9,413)

Gain on bargain purchase議價收購收益

–

Share of results of associates分佔聯營公司業績

(3,746)

Finance costs融資成本

(205)

Profit/(loss) before taxation除稅前溢利╱（虧損）

41,398 (69,621)

4. SEGMENT INFORMATION (CONTINUED) 4. 分類資料（續）

The following is an analysis of the Group’s assets and liabilities by 以下為本集團按可呈報分類劃分之資產

reportable segments: 及負債分析：

Water business

Property development and

investment Consolidation

水業務物業發展及投資綜合

30 September

2020

31 March

2020

30 September

2020

31 March

2020

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

三月三十一日

於二零二零年

九月三十日

於二零二零年

三月三十一日

於二零二零年

九月三十日

於二零二零年

三月三十一日

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

(unaudited) (audited) (unaudited) (audited) (unaudited)

(restated and

audited)

（未經審核）（經審核）（未經審核）（經審核）（未經審核）

（經重列

及審核）

ASSETS資產

371,056

(4,758)

371,019

1,609,266

(178,139)

1,496,306

1,980,322

216,368

2,196,690

(182,897)

(21,327)

1,867,325

Unallocated corporate assets未分配企業資產

Segment assets分類資產

248,099

2,115,424

LIABILITIES負債

(5,120)

(159,077)

(164,197)

Unallocated corporate liabilities未分配企業負債

Segment liabilities分類負債

(37,510)

(204,224) (201,707)

5. REVENUE 5. 收入

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

13,255

14,701

17,957

168,355

Sales of properties銷售物業

263

Sales of bottled water products銷售瓶裝水產品

–

168,618

Rental income租金收入

6. OTHER GAINS 6. 其他收益

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

Interest income relating to termination of 終止收購瀋陽物業之

acquisition of Shenyang Properties利息收入

29,383

22,601

52,118

–

Interest income on bank deposit銀行存款利息收入

Exchange gain, net匯兌收益，淨額

201

Sundry雜項

344

624

7. FINANCE COSTS 7. 融資成本

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

100

257

357

205

Interest on other payables其他應付賬款利息

Interest on lease liabilities租賃負債利息

–

205

8. PROFIT/(LOSS) BEFORE TAXATION 8. 除稅前溢利╱（虧損）

The Group’s profit/(loss) before taxation

is arrived at after charging:

100

1,371

1,331

4,556

261

371

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited)

（未經審核）

(unaudited)

（未經審核）

本集團之除稅前溢利╱（虧損）

乃於扣除下列各項後得出：

103

Depreciation of right-to-use assets使用權資產折舊

Amortisation of land use right土地使用權攤銷

1,379

Depreciation of property, 物業、廠房及設備折舊

plant and equipment

412

Staff costs (including directors』 remuneration)員工成本（包括董事酬金）

7,421

Lease payment not include in the measurement 並未計入租賃負債計量的

of lease liabilities租賃付款

–

Fair value loss on financial assets at fair value 按公平值計入損益之金融

through profit or loss資產之公平值虧損

831

9. TAXATION 9. 稅項

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited)

（未經審核）

(unaudited)

（未經審核）

Current tax:

– PRC Enterprise Income TaxOver-provision in prior years

即期稅項：

－中國企業所得稅

過往年度超額撥備

Charge for the period期內支出

Hong Kong Profits Tax has been provided at the rate of 16.5% on the

assessable profit arising in Hong Kong for the six months ended 30

September 2020 (six months ended 30 September 2019: Nil).

Subsidiaries in the PRC are subject to the PRC Enterprise Income Tax

at 25% for the six months ended 30 September 2020 and 2019.

(21)

–

36 –

截至二零二零年九月三十日止六個月，

於香港產生之應課稅溢利已按稅率16.5%

撥備香港利得稅（截至二零一九年九月

三十日止六個月：無）。

截至二零二零年及二零一九年九月三十

日止六個月，中國之附屬公司須按25%

繳付中國企業所得稅。

10. EARNINGS/(LOSS) PER SHARE

10. 本公司擁有人應佔每股

ATTRIBUTABLE TO OWNERS OF THE 盈利╱（虧損）

COMPANY

The calculation of basic earnings/(loss) per share attributable to 本公司擁有人應佔每股基本盈利╱（虧

owners of the Company is based on the following data: 損）乃根據以下數據計算︰

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited)(unaudited)

（未經審核）

Profit/(Loss)

溢利╱（虧損）

Profit/(Loss) for the period attributable to 本公司擁有人應佔期內之

the owners of the Company溢利╱（虧損）

41,433

(69,306)

』000 Shares 』000 Shares

千股千股

(unaudited) (unaudited)

（未經審核）（未經審核）

Number of ordinary shares普通股數目

Weighted average number of 用作計算每股基本

ordinary shares for the purpose of 盈利╱（虧損）之

basic earnings/(loss) per share普通股加權平均數

7,611,690

The basic and diluted earnings per share are the same for the six 由於概無任何具潛在攤薄影響之普通

months ended 30 September 2020 and 2019, as there are no dilutive 股，故此截至二零二零年及二零一九年

potential ordinary shares in existence. 九月三十日止六個月每股基本及攤薄盈

利相同。

11. DIVIDENDS 11. 股息

No interim dividend was declared by the Company for the six months 本公司並無就截至二零二零年九月三十

ended 30 September 2020 (six months ended 30 September 2019: 日止六個月宣派中期股息（截至二零

Nil). 一九年九月三十日止六個月：無）。

12. INVESTMENT PROPERTIES 12. 投資物業

30 September

2020

於二零二零年

九月三十日

HK$』000

千港元

(unaudited)

（未經審核）

Acquisition of a subsidiary (note 22)收購一間附屬公司（附註22）

Exchange realignment匯兌調整

At the end of the period

期末

120,830

4,262

125,092

(a)

Amount recognised in profit or loss for investment (a) 於損益中就投資物業的已確

properties 認金額

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited)

（未經審核）

(audited)

（經審核）

Rental income from operating leases來自經營租賃的租金收入

Direct operating expenses on investment 投資物業的直接經營開支

properties

On 24 June 2020, the Group completed the acquisition of

investment properties through acquisition of a subsidiary at a

consideration of RMB100,000,000. Investment properties are

situated in PRC and are held under medium-term leases. Details

of the acquisition are set out in note 22.

4,701

123

–

於二零二零年六月二十四日，本

公司已透過收購一間附屬公司完

成收購投資物業，代價為人民幣

100,000,000元。投資物業位於中國

及按中期租賃持有。收購事項的詳

情載於附註22。

13. PROPERTY, PLANT AND EQUIPMENT 13. 物業、廠房及設備

During the six months ended 30 September 2020, the Group 截至二零二零年九月三十日止六個月，

purchased property, plant and equipment of approximately 本集團買入約94,000港元（截至二零一九

HK$94,000 (six months ended 30 September 2019: approximately 年九月三十日止六個月：約

7,201,000港

HK$7,201,000) and acquired property, plant and equipment through 元）之物業、廠房及設備，並透過收購

acquisition of a subsidiary of approximately HK$14,619,000 (six 一間附屬公司而收購物業、廠房及設備

months ended 30 September 2019: Nil). 約14,619,000港元（截止二零一九年九月

三十日止六個月：無）。

14. INTANGIBLE ASSETS 14. 無形資產

Land Water

use mining

right licence Total

土地使用權採水證總計

HK$』000 HK$』000 HK$』000

千港元千港元千港元

(Note i) (Note ii)

（附註i）（附註ii）

Cost成本

At 1 April 2019 (audited)於二零一九年四月一日（經審核）

10,613 374,412 385,025

Exchange realignment匯兌調整

(709) (280) (989)

At 31 March 2020 (audited)於二零二零年三月三十一日

（經審核）

9,904 374,132 384,036

Exchange realignment匯兌調整

414 163 577

At 30 September 2020 (unaudited)於二零二零年九月三十日

（未經審核）

10,318 374,295 384,613

Accumulated 累計攤銷及減值

amortisation and impairment

At 1 April 2019 (audited)於二零一九年四月一日（經審核）

150 – 150

Amortisation for the year年內攤銷

203 – 203

Impairment for the year年內減值

– 46,932 46,932

Exchange realignment匯兌調整

(15) – (15)

At 31 March 2020 (audited)於二零二零年三月三十一日

（經審核）

338 46,932 47,270

Amortisation for the period期內攤銷

100 – 100

Exchange realignment匯兌調整

18 –18

At 30 September 2020 (unaudited)於二零二零年九月三十日

（未經審核）

456 46,932 47,388

Carrying amount賬面值

At 30 September 2020 (unaudited)於二零二零年九月三十日

（未經審核）

9,862 327,363 337,225

At 31 March 2020 (audited)於二零二零年三月三十一日

（經審核）

9,566 327,200 336,766

14. INTANGIBLE ASSETS (CONTINUED) 14. 無形資產（續）

Notes: 附註：

(i) Land use right represents the right to use the land for water exploitation activities (i) 土地使用權指於湖南作水開採活動之土地之

in Hunan. The land is located at 湖南新田縣新圩鎮新嘉公路三佔塘段西側. The 使用權利。該土地位於湖南新田縣新圩鎮新

land use right is valid for 50 years. 嘉公路三佔塘段西側。土地使用權有效期為

50年。

Land use right is amortized on a straight-line basis over its lease term. The lease 土地使用權於其租賃期按直線法攤銷。土地

term of the land use right is 50 years. 使用權的租賃期為50年。

(ii) Water mining licence represents the right to conduct water exploitation activities (ii) 採水證指於湖南進行水開採活動的權利。附

in Hunan. The subsidiary,湖南新田富鍶礦泉水有限公司 had entered into an 屬公司湖南新田富鍶礦泉水有限公司已與湖

agreement with Hunan Government to grant the subsidiary a water mining licence 南政府訂立協議以授予該附屬公司為期五年

for exploitation of mineral water for 5 years. The subsidiary has the priority to 之開採礦泉水採水證。該附屬公司其後可優

extend the mineral water mining licence afterwards. The mine is located at 湖南新先延長礦泉水採水證。礦泉位於湖南新田縣

田縣三佔塘. The subsidiary has the exclusive rights and authorities to manage and 三佔塘。該附屬公司擁有獨家權利及權力管

arrange all activities in the mining area. 理及安排於礦區進行之所有活動。

Water mining licence is amortised on a straight-line basis over its estimated useful 採水證於其估計可用經濟年期按直線法攤

economic life. The useful economic life of the water mining licence was estimated 銷。採水證之可使用經濟年期乃參照本集團

with reference to the validity of the operation licence held and the productions 所持經營許可證之有效期及生產計劃而估

plans of the Group. No amortisation was provided as commercial production has 計。由於期內尚未開始商業生產，故並無作

not yet commenced during the period. 出攤銷。

The Directors of the Company have assessed the recoverable amount of the water 本公司董事已評估採水證的可收回金額，金

mining licence, which exceeds its carrying amount and therefore no impairment 額超過其賬面值，故期內並無確認減值虧損。

loss was recognised during the period.

15. INTERESTS IN ASSOCIATES 15. 於聯營公司之權益

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

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）

201,076

(3,294)

197,782

210,517

Share of post-acquisition losses and other 期內╱年內分佔收購後

comprehensive income during the period/year, 虧損及其他全面收益，

net of dividends received扣除已收股息

At the beginning of the period/year期初╱年初

(9,441)

201,076

At the end of the period/year 期末╱年末

15. INTERESTS IN ASSOCIATES (CONTINUED) 15. 於聯營公司之權益（續）

At At

30 September 31 March

2020 2020

於二零二零年於二零二零年

九月三十日三月三十一日

HK$』000 HK$』000

千港元千港元

(unaudited) (audited)

（未經審核）（經審核）

2,274

2,420

Amount due from an associate應收一間聯營公司之款項

Note:

Amount due from an associate is unsecured, interest-bearing at 10% per annum 附註：應收一間聯營公司之款項為無抵押、按10%年

and repayable within one year. 利率計息，並須於一年內償還。

Details of the Group’s associates, which were held indirectly by the 本集團聯營公司（於報告期末由本公司

Company at the end of reporting period, were as follows: 間接持有）之詳情如下：

Form of Place of Class of shares/ Proportion of nominal value of

business incorporation/ registered paid capital/registered capital Principal

Name of associates and structure operation capital held held by the Group activities

註冊成立╱持有之股份╱本集團持有之已付資本面值╱

聯營公司名稱業務形式及架構營運地點註冊資本類別註冊資本之百分比主要業務

At At

30 September 31 March

2020 2020

於二零二零年於二零二零年

九月三十日三月三十一日

(unaudited) (audited)

（未經審核）（經審核）

Hong Kong Spring Water IncorporatedHong KongOrdinary

20%

20% Investment holding and

Ding Dong Group 註冊成立

香港

普通

water businessCompany Limited

投資控股及水業務

香港泉水叮咚集團

有限公司

Guangxi Spring Water IncorporatedThe PRCRegistered

20% Production and sales of

Ding Dong Beverages 註冊成立

中國

已註冊

bottled waterCompany Limited*

生產及銷售瓶裝水

廣西泉水叮咚飲品

有限公司

* For identification purpose only

15. INTERESTS IN ASSOCIATES (CONTINUED) 15. 於聯營公司之權益（續）

Summarised financial information in respect of the Group’s associates 有關本集團聯營公司之財務資料概要載

is set out below: 列如下︰

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

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）

29,965

108,026

177,822

21,125

Current assets流動資產

106,871

Non-current assets非流動資產

177,632

Current liabilities流動負債

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

21,352

(16,652)

181

(16,471)

18,558

Revenue收入

(18,731)

Loss for the period期內虧損

507

Other comprehensive income期內全面收益

(18,224)

Total comprehensive income全面收益總額

15. INTERESTS IN ASSOCIATES (CONTINUED) 15. 於聯營公司之權益（續）

Reconciliation of the net liabilities of associates at the acquisition date 聯營公司於收購日期之負債淨與聯營公

to the carrying amount of the interests in associates recognised in the 司權益之賬面值之對賬於中期財務報告

interim financial report is as follows: 內確認如下：

At At

30 September 31 March

2020 2020

於二零二零年於二零二零年

九月三十日三月三十一日

HK$』000 HK$』000

千港元千港元

(unaudited) (audited)

（未經審核）（經審核）

Net liabilities of the associates as at 聯營公司於收購日期之負債

acquisition date淨額

(33,841)

20%

(6,768)

210,217

31,443

(37,110)

197,782

(33,841)

Proportion of the Group’s ownership interests 本集團於聯營公司之擁有

in the associates權權益百分比

20%

Cost of investments in associates unlisted in 投資香港境內非上市聯營公司

Hong Kong之成本

(6,768)

Valuation adjustment from acquisition收購之估值調整

210,217

Goodwill商譽

31,443

Share of post-acquisition losses 分佔收購後虧損及

and other comprehensive income, 其他全面收益，

net of dividends received扣除已收股息

(33,816)

Carrying amount of the Group’s interests 本集團於聯營公司之權益之

in associates賬面值

201,076

There is no commitment and contingent liabilities under the 該等聯營公司下並無任何承擔或然負

associates. 債。

16. PROPERTIES UNDER DEVELOPMENT 16. 發展中物業

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

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）

Properties under development發展中物業

Less: provision for impairment減：減值撥備

Properties under development are the residential properties located

at Beibu District, Jinshitan, Jinzhou New District, Dalian, the PRC

under development for sale.

As at 30 September 2020, the carrying amount of the properties

under development included land use rights of approximately

HK$117,850,000 (as at 31 March 2020: approximately

HK$113,130,000).

The carrying amount of properties under development was analysed

as follows:

320,533

(93,093)

227,440

307,694

(89,364)

218,330

發展中物業乃位於中國大連金州新區金

石灘北部區之已供出售之發展中住宅物

業。

於二零二零年九月三十日，該等發展

中物業之賬面值包括約

117,850,000港

元（於二零二零年三月三十一日：約

113,130,000港元）之土地使用權。

發展中物業之賬面值分析如下：

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

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）

Located in the PRC, held on:在中國持有：

Leases of between 10 and 50 years介乎10至50年之租賃

218,330

227,440

17. COMPLETED PROPERTIES HELD FOR SALE 17. 持作出售之已落成物業

At At

30 September 31 March

2020 2020

於二零二零年於二零二零年

九月三十日三月三十一日

HK$』000 HK$』000

千港元千港元

(unaudited) (audited)

（未經審核）（經審核）

146,699

(57,292)

89,407

162,005

Less: Provision for impairment減：減值撥備

Completed properties held for sale持作出售之已落成物業

(62,740)

99,265

The completed properties held for sale were located in the PRC 按中期租賃持作出售之已落成物業位於

under medium-term lease. Completed properties held for sale which 中國。預期將於報告日期超過十二個月

are expected to be recovered in more than twelve months after the 後收回之持作出售之已落成物業分類為

reporting date are classified under current assets as it is expected to 流動資產，此乃由於該等物業預期將於

be realised in the Group’s normal operating cycle.本集團正常營運週期變現。

18. TRADE RECEIVABLES 18. 貿易應收賬款

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

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貿易應收賬款

234

The aging analysis of the Group’s trade receivables as of each 本集團貿易應收賬款於各報告日期之賬

reporting date is as follows: 齡分析如下：

577

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

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）

389

188

577

234

0 to 180 days 0至180日

–

234

The Group’s trade receivables are denominated in RMB.本集團之貿易應收賬款以人民幣計值。

181 to 365 days 181至365日

19. PREPAYMENTS, DEPOSITS AND OTHER

19. 預付款項、按金及其他應收

RECEIVABLES 賬款

At At

30 September 31 March

2020 2020

於二零二零年於二零二零年

九月三十日三月三十一日

HK$』000 HK$』000

千港元千港元

(unaudited) (audited)

（未經審核）（經審核）

Non-current assets:

非流動資產：

Deposits for acquisition of 收購投資物業之

investment properties, net (notes i)按金淨額（附註i）

507,409

547,061

2,138

40,660

61,550

651,409

487,084

Current assets:

流動資產：

614,689

Prepayments (note iii)預付款項（附註iii）

Deposits paid, net (note ii)

已付按金淨額（附註ii）

1,560

Amount due from the substantial shareholder 應收主要股東款項（附註v）

(note v)

26,583

Other receivables, net (note iv)其他應收賬款淨額（附註iv）

54,668

697,500

Notes:

附註︰

(i)

Properties in Yantian (i) 鹽田物業

As at 30 September 2020, deposits paid of approximately HK$278,865,000 (net of 於二零二零年九月三十日，約278,865,000港

provision for impairment of approximately HK$5,435,000) (as at 31 March 2020: 元（已扣除減值撥備約5,435,000港元）（於二

approximately HK$267,694,000, net of provision for impairment of approximately 零二零年三月三十一日：約

267,694,000港元

HK$5,218,000) were related to three acquisitions of properties in Yantian where （已扣除減值撥備約5,218,000港元））之已付按

the physical possession of the properties has been delivered to the Group. 金與三項鹽田物業之收購相關，且該等物業

According to the supplemental agreement disclosed in the announcement dated 之實際擁有權已交付予本集團。根據日期為

3 May 2018, the titles of the three properties should be transferred to the Group 二零一八年五月三日之公佈所披露之補充協

before 30 December 2018. Nevertheless, according to the announcement dated 議，該三項物業之業權須於二零一八年十二

19 June 2019, the vendor has still not registered the title of the properties under 月三十日前移交予本集團。然而，根據日期

the name of the Group. The approval from the PRC government authority for 為二零一九年六月十九日之公佈，賣方尚未

issuing the building ownership certificate remained pending. In May 2020, the 以本集團名義登記該等物業之業權。有關批

Company received a letter from the vendor requesting for an extension of the 準尚待簽發房屋所有權證之中國政府機關發

deadline to 31 December 2020 for handling the matter of ownership certificate. 出。於二零二零年五月，本公司接獲賣方要

The Company has engaged a PRC law firm to negotiate with the vendor to resolve 求延長有關處理房屋所有權證事宜的最後

this matter. 限期至二零二零年十二月三十一日的信函。

本公司已委聘一家中國律師事務所與賣方磋

商，以解決此事宜。

19. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES (CONTINUED)

Notes: (Continued)

Properties in Beijing

As at 30 September 2020, deposit paid of approximately HK$208,108,000 (net of

provision for impairment of approximately HK$19,332,000) (as at 31 March 2020:

approximately HK$199,772,000, net of provision for impairment of approximately

HK$18,558,000) was related to acquisition of properties in Beijing. Details are set

out in the announcement of the Company dated 28 February 2017.

Naming right of buildings in Shenzhen

As at 30 September 2020, deposit paid of approximately HK$20,436,000 (as at 31

March 2020: approximately HK$19,618,000) was related to naming right of two

buildings located in Shenzhen.

(ii)

As at 30 September 2020, deposits paid were mainly relating to acquisition of

properties in Zengcheng and acquisition of properties in Shenyang (「Shenyang

Properties」).

Properties in Zengcheng

The acquisition of properties in Zengcheng was terminated on 18 January 2017.

Based on the Group’s historical credit loss experience, the Group recognised a

loss allowance for expected credit loss on the deposits paid. As at 30 September

2020, approximately HK$70,506,000 (as at 31 March 2020: approximately

HK$67,682,000) of the deposit paid was fully impaired. The Group’s legal advisors

has issued demand letters to the vendor for the repayment of the remaining

balance of the paid consideration and related compensation. The Group may take

further legal action to resolve this matter if necessary.

Shenyang Properties

As at 30 September 2020, deposits paid of approximately HK$546,424,000 (as

at 31 March 2020: approximately HK$614,053,000) was related to acquisition of

Shenyang Properties. Details of the acquisition of Shenyang Properties are set out

in the announcement and the circular of the Company dated 12 October 2017 and

22 January 2018 respectively.

On 24 April 2019, a termination agreement was entered into between the vendor

and the Group to terminate the sale and purchase agreement in relation to the

acquisition of Shenyang Properties. The vendor shall refund the total amount of

deposits of RMB562,500,000 paid by the Group (the 「Refund Amount」), together

with a monetary compensation of RMB11,250,000 on or prior to 24 October 2019,

details of which are set out in the announcement of the Company dated 24 April

2019.

19. 預付款項、按金及其他應收

賬款（續）

附註︰（續）

北京物業

於二零二零年九月三十日，約208,108,000港

元（已扣除減值撥備約19,332,000港元）（於二

零二零年三月三十一日：約

199,772,000港元

（已扣除減值撥備約18,558,000港元））之已付

按金與收購北京物業相關。詳情載於本公司

日期為二零一七年二月二十八日之公佈。

深圳樓宇命名權

於二零二零年九月三十日，約20,436,000港元

（於二零二零年三月三十一日：約

19,618,000

港元）之已付按金與兩幢位於深圳之樓宇命名

權相關。

(ii)

於二零二零年九月三十日，已付按金主要與

收購於增城的物業及收購於瀋陽的物業（「瀋

陽物業」）有關。

增城物業

收購增城物業已於二零一七年一月十八日終

止。根據本集團之過往信貸虧損經驗，本集

團就已付按金之預期信貸虧損確認虧損撥

備。於二零二零年九月三十日，已付按金約

70,506,000港元（於二零二零年三月三十一

日：約

67,682,000港元）已悉數減值。本集團

之法律顧問已向賣方發出催款函，要求償還

已付代價及相關補償之餘款。本集團或會必

要時採取進一步法律行動以解決事宜。

瀋陽物業

於二零二零年九月三十日，已付按金約

546,424,000港元（於二零二零年三月三十一

日：約

614,053,000港元）與收購瀋陽物業有

關。有關收購瀋陽物業之詳情載於本公司日

期分別為二零一七年十月十二日之公佈及二

零一八年一月二十二日之通函。

於二零一九年四月二十四日，賣方及本集

團訂立終止協議，以終止有關收購瀋陽物

業的買賣協議。賣方須於二零一九年十月

二十四日或之前退回本集團已付按金總額人

民幣562,500,000元（「退款金額」）及人民幣

11,250,000元之補償金。有關詳情載於本公司

日期為二零一九年四月二十四日之公佈。

19. PREPAYMENTS, DEPOSITS AND OTHER 19. 預付款項、按金及其他應收

RECEIVABLES (CONTINUED) 賬款（續）

Notes: (Continued) 附註︰（續）

On 1 November 2019, the Group entered into a supplemental agreement with 於二零一九年十一月一日，本集團與本公司

Mr. Li Yuguo, a substantial shareholder, the chairman and an executive Director of 主要股東、主席兼執行董事以及賣方的最終

the Company and the ultimate beneficial owner of the vendor pursuant to which, 實益擁有人李玉國先生訂立補充協議，據

Mr. Li agreed to take up the responsibilities to repay the Refund Amount and the 此，李先生同意承擔償還退款金額以及相

related compensation and interests to the Group, and provide his personal assets 關賠償及利息予本集團的責任，並提供彼之

as securities. The Group agreed to extend the repayment date to 24 April 2020, 個人資產以作抵押。本集團同意延長還款

with an interest rate of 5.25% per annum. Details of which are set out in the 日期至二零二零年四月二十四日，年利率為

announcements of the Company dated 1 November 2019, 22 January 2020 and 27 5.25%。有關詳情載於本公司日期分別為二零

February 2020 and the circular of the Company dated 6 February 2020. 一九年十一月一日、二零二零年一月二十二

日及二零二零年二月二十七日之公佈以及本

公司日期為二零二零年二月六日之通函。

On 29 April 2020, the Company published an announcement on the event of 於二零二零年四月二十九日，本公司就有關

default in relation to the payment of the Refund Amount and related compensation 支付退款金額以及相關賠償及應計利息的違

and interest accrued thereon. On 8 May 2020, the Company set up a special 約事件刊發公佈。於二零二零年五月八日，

committee, with 3 independent non-executive directors as members, to handle 本公司成立特別委員會（成員為三名獨立非執

the repayment and/or the recovery of the Refund Amount. The Company also 行董事），以處理償還及╱或收回退款金額。

engaged independent legal advisors to work with the special committee. Details of 本公司且委聘獨立法律顧問與特別委員會合

event of default and the special committee are set out in the announcements of the 作。違約事件及特別委員會之詳情分別載於

Company dated 29 April 2020 and 8 May 2020 respectively. 本公司日期為二零二零年四月二十九日及二

零二零年五月八日之公佈。

On 3 July 2020, the Group and Mr. Li entered into the further supplemental 於二零二零年七月三日，本集團與李先生訂

agreement, pursuant to which, Mr. Li agreed to repay the Group the outstanding 立進一步補充協議，據此，李先生同意向本

amount in sum of RMB584,778,676.47 (the 「Outstanding Sum」) in the following 集團償還總金額為人民幣

584,778,676.47元

manner: (a) 10% of the Outstanding Sum shall be repaid on or before 2 January 之未償還款項（「未償還款項」），償還方式如

2021; and (b) 90% of the Outstanding Sum together with the interest to be 下︰

(a)未償還款項的

10%須於二零二一年一

accrued on the Outstanding Sum at an interest rate of 10% per annum shall be 月二日或之前償還；及

(b)未償還款項的90%

repaid on or before 2 July 2021. Detail are set out in the announcement and the 連同未償還款項按年利率

10%計算之累計利息

circular of the Company dated 7 July 2020 and 24 August 2020 respectively. 須於二零二一年七月二日或之前償還。有關

詳情載於本公司日期分別為二零二零年七月

七日之公佈及二零二零年八月二十四日之通

函內。

Up to 30 September 2020, the Group has received from Mr. Li the accrued interest 直至二零二零年九月三十日，本集團已收到

of RMB15,076,270.14 in accordance with the supplemental agreement and partial 李先生根據補充協議所支付之累計利息人民

repayment of the Outstanding Sum of RMB82 million in accordance with the 幣15,076,270.14元，以及根據進一步補充協

further supplemental agreement. 議所支付未償還款項中的部分還款人民幣

82,000,000元。

(iii) As at 30 September 2020 and 31 March 2020, prepayments mainly comprised (iii) 於二零二零年九月三十日及二零二零年三月

prepayment of indirect cost incurred for properties under development. 三十一日，預付款項主要包括發展中物業所

產生之間接成本之預付款項。

(iv) As at 30 September 2020 and 31 March 2020, other receivables mainly comprised (iv) 於二零二零年九月三十日及二零二零年三月

other taxes prepaid in the PRC, advance payments for business related matters and 三十一日，其他應收賬款主要包括預付其他

cash advanced to staff. 中國稅項、業務相關事宜之墊款及墊付予員

工之現金。

(v) As at 30 September 2020 and 31 March 2020, amount due from the substantial (v) 於二零二零年九月三十日及二零二零年三月

shareholder, Mr. Li Yuguo, represented the compensation and interests receivable 三十一日，應收主要股東李玉國先生的款項

relating to the termination of the acquisition of Shenyang Properties as detailed 指於第(ii)段詳述與終止收購瀋陽物業有關的

in (ii). 賠償及應收利息。

20. TRADE PAYABLES 20. 貿易應付賬款

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

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貿易應付賬款

72,995

The following is an aging analysis of trade payables at the end of the 於報告期末根據合約日期或發票日期之

reporting period, based on the contract date or invoice date: 貿易應付賬款賬齡分析如下：

74,590

30 September

2020

31 March

2020

於二零二零年

九月三十日

於二零二零年

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）

10,213

64,377

74,590

8,337

0 to 180 days 0至180日

28,543

181 to 365 days 181至365日

36,115

72,995

Over 365 days超過365日

21. SHARE CAPITAL 21. 股本

Number of

ordinary shares

普通股數目

Amount

金額

HK$』000

千港元

Authorised:

Ordinary shares of HK$0.01 eachAt 1 April 2019 (audited),

31 March 2020 (audited),

1 April 2020 (audited) and

30 September 2020

(unaudited)

法定︰

每股面值0.01港元之普通股

於二零一九年四月一日（經審核）、

二零二零年三月三十一日

（經審核）、二零二零年

四月一日（經審核）及

二零二零年九月三十日

（未經審核）

250,000,000,000 2,500,000

Issued and fully paid:

Ordinary shares of HK$0.01 eachAt 1 April 2019 (audited),

31 March 2020 (audited),

1 April 2020 (audited) and

30 September 2020

(unaudited)

已發行及繳足︰

每股面值0.01港元之普通股

於二零一九年四月一日（經審核）、

二零二零年三月三十一日

（經審核）、二零二零年

四月一日（經審核）及

二零二零年九月三十日

（未經審核）

7,611,690,000 76,117

22. ACQUISITION OF SUBSIDIARIES

Acquisition of Chi Sheng Trading Company Limited

(「Chi Sheng」)

During the six months ended 30 September 2020, the Group

acquired 100% of the issued share capital of, and the shareholder’s

loan advance to, Chi Sheng at a consideration of RMB100 million. Chi

Sheng is principally engaged in investment holding and its subsidiary is

principally engaged in property investment. The acquisition has been

completed on 24 June 2020.

22. 收購附屬公司

收購熾盛貿易有限公司（「熾盛」）

截至二零二零年九月三十日止六個月，

本集團收購熾盛之100%已發行股本及

向其墊付之股東貸款，代價為人民幣

100,000,000元。熾盛主要從事投資控

股及其附屬公司主要從事物業投資。是

項收購已於二零二零年六月二十四日完

成。

The identifiable assets acquired

and the liabilities assumed at

Carrying

value

Fair value

adjustment Fair value

賬面值公平值調整公平值

HK$』000 HK$』000 HK$』000

千港元千港元千港元

於收購日期所得可識別資產及

所承擔負債

the date of acquisitionInvestment properties投資物業 41,223 79,607 120,830

Property, plant and equipment物業、廠房及設備

14,619 – 14,619

Trade receivables貿易應收賬款

36 –36

Prepayments, deposits and 預付款項、按金及

other receivables其他應收賬款

1,969 – 1,969

Bank balances and cash銀行結餘及現金

3,064 – 3,064

Trade payables貿易應付賬款

(33) – (33)

Trade payables and accruals其他應付賬款及應計費用

(8,882) – (8,882)

Deferred tax liabilities遞延稅項負債

– (19,902) (19,902)

Identifiable net assets可識別資產淨值

51,996 59,705 111,701

Gain on bargain purchase議價收購收益

(1,856)

Total consideration總代價

109,845

HK$』000

千港元

Net cash outflow from the acquisitionCash consideration paidBank balances and cash acquired

來自收購之現金流出淨額

已付現金代價

所收購銀行結餘及現金

109,845

(3,064)

106,781

22. ACQUISITION OF SUBSIDIARIES

(CONTINUED)

Acquisition of Chi Sheng Trading Company Limited

(「Chi Sheng」) (Continued)

The Group recognised a gain on bargain purchase of approximately

HK$1,856,000 in the business combination as a result of the fair

value of Chi Sheng’s identifiable net assets over the sum of the

consideration transferred. The fair value of the identifiable net assets

at the date of acquisition is referenced to a valuation report issued by

AP Appraisal Limited, an independent qualified valuer.

Chi Sheng contributed a profit for the period of approximately

HK$3,724,000 to the Group’s results for the period between the date

of acquisition and the end of the reporting period.

If the acquisition had been completed on 1 April 2020, the

Group’s revenue for the period would have been approximately

HK$19,645,000, and the Group’s profit for the period would have

been approximately HK$42,080,000. The proforma information is for

illustrative purposes only and is not necessarily an indication of the

revenue and results of operations of the Group that actually would

have been achieved, had the acquisition been completed on 1 April

2020, nor is intended to be a projection of future results.

23. FINANCIAL GUARANTEE LIABILITIES

At 30 September 2020, a wholly owned subsidiary of the Company,

大連創和置地有限公司 (「大連創和」), incorporated in the PRC,

provided corporate guarantees to third parties amounting to

approximately RMB100,000,000 (At 31 March 2020: approximately

RMB100,000,000), detailed as follows:

(1)

On 17 April 2014,大連創和 provided a corporate guarantee

to 大連銀行第一中心支行

(「大連銀行（一）」) for a recurring

bank loan of RMB50,000,000 granted to a third party,大連東

潤物資回收有限公司

(「大連東潤」). In 2017,大連銀行（一）

took a legal action against大連東潤

for the recovery of the

aforesaid loan. On 21 December 2017,遼寧省大連市中級人民

法院 (the 「Court」) ordered 大連東潤 to repay the loan to 大

連銀行（一）, together with relevant legal cost and interest. Since

another independent guarantor of the loan, 大連順浩置業有限

公司 (「大連順浩」) has pledged its properties to大連銀行（一）

for this loan, it is believed that 大連銀行（一）can fully recover

the loan and interest from the sales proceeds of the pledged

properties.

22. 收購附屬公司（續）

收購熾盛貿易有限公司（「熾盛」）

（續）

由於熾盛之可識別資產淨值之公平值高

於轉讓代價，故本集團就業務合併確認

議價收購收益約1,856,000港元。於收購

日期，可識別資產淨值之公平值乃參考

獨立合資格估值師AP Appraisal Limited發

佈之估值報告。

熾盛於收購日期至報告期末期間為本集

團的期內業績帶來約3,724,000港元之期

內溢利。

倘收購事項已於二零二零年四月一

日完成，則本集團期內收入將約為

19,645,000港元，而本集團期內溢利將

約為42,080,000港元。備考資料僅用於

說明目的，並不一定表示倘收購事項於

二零二零年四月一日完成時實際將達致

的本集團收入及經營業績，亦並非擬作

為對未來業績的預測。

23. 財務擔保負債

於二零二零年九月三十日，本公司於中

國註冊成立之全資附屬公司大連創和置

地有限公司（「大連創和」）向第三方提

供公司擔保合計約人民幣100,000,000元

（於二零二零年三月三十一日：約人民

幣100,000,000元），詳述如下：

(1)

於二零一四年四月十七日，大連創

和就大連銀行第一中心支行（「大連

銀行（一）」）向第三方大連東潤物資

回收有限公司（「大連東潤」）授出之

循環銀行貸款人民幣50,000,000元

提供公司擔保。於二零一七年，大

連銀行（一）對大連東潤提出起訴，

以收回上述貸款。於二零一七年

十二月二十一日，遼寧省大連市中

級人民法院（「法院」）命令大連東潤

向大連銀行（一）償還貸款，連同相

關法律費用及利息。由於貸款的另

一個獨立擔保人大連順浩置業有限

公司（「大連順浩」）已就此貸款將其

物業抵押予大連銀行（一），因此相

信大連銀行（一）可以從抵押物業之

銷售所得款項中悉數收回貸款及利

息。

23. FINANCIAL GUARANTEE LIABILITIES

(CONTINUED)

(2)

On 23 May 2014,大連創和

provided a corporate guarantee

to 大連銀行（一）for a recurring bank loan of RMB50,000,000

granted to a third party, 大連連隆物資有限公司

(「大連連隆

」).

In 2017,大連銀行（一）took a legal action against大連連隆

for the recovery of the aforesaid loan. On 28 December 2017,

the Court ordered大連連隆

to repay the loan to大連銀行

（一）, together with relevant legal cost and interest. Since 大連

順浩 has pledged its properties to 大連銀行（一）for this loan,

it is believed that 大連銀行（一）can fully recover the loan and

interest from the sales proceeds of the pledged properties.

(3)

On 19 August 2014, 大連創和

provided a corporate guarantee

to 大連銀行（一）for a recurring bank loan of RMB50,000,000

granted to a third party, 大連澤琦貿易有限公司

(「大連澤琦

」).

In 2017,大連銀行（一）took a legal action against大連澤琦

for the recovery of the aforesaid loan. On 21 December 2017,

the Court ordered大連澤琦

to repay the loan to大連銀行

（一）, together with relevant legal cost and interest. The loan

principal of RMB50,000,000 had been repaid by大連澤琦 on

30 December 2017. Since 大連順浩 has pledged its properties

to 大連銀行（一）for this loan, it is believed that大連銀行

（一）can fully recover the outstanding interest from the sales

proceeds of the pledged properties.

Correspondingly,大連創和

obtained counter-guarantees by創達

地產（大連）有限公司

("創達地產"). 創達地產

undertook any legal

disputes and economic losses that may be suffered by大連創和

relation to all the aforesaid corporate guarantees.

23. 財務擔保負債（續）

(2)

於二零一四年五月二十三日，大

連創和就大連銀行（一）向第三方

大連連隆物資有限公司（「大連連

隆」）授出之循環銀行貸款人民幣

50,000,000元提供公司擔保。於二

零一七年，大連銀行（一）對大連連

隆提出起訴，以收回上述貸款。於

二零一七年十二月二十八日，法院

命令大連連隆向大連銀行（一）償還

貸款，連同相關法律費用及利息。

由於大連順浩已就此貸款將其物業

抵押予大連銀行（一），因此相信大

連銀行（一）可以從抵押物業之銷售

所得款項中悉數收回貸款及利息。

(3)

於二零一四年八月十九日，大連創

和就大連銀行（一）向第三方大連澤

琦貿易有限公司（「大連澤琦」）授出

之循環銀行貸款人民幣50,000,000

元提供公司擔保。於二零一七年，

大連銀行（一）對大連澤琦提出起

訴，以收回上述貸款。於二零一七

年十二月二十一日，法院命令大連

澤琦向大連銀行（一）償還貸款、

連同相關法律費用及利息。於二零

一七年十二月三十日，大連澤琦已

償還貸款之本金人民幣50,000,000

元。由於大連順浩已就此貸款將其

物業抵押予大連銀行（一），因此相

信大連銀行（一）可以從抵押物業之

銷售所得款項中悉數收回未償還之

利息。

相應地，大連創和自創達地產（大連）有

限公司（「創達地產」）獲得反擔保。如大

連創和就所有上述公司擔保遭受任何法

律糾紛和經濟損失，創達地產將一力承

擔。

23. FINANCIAL GUARANTEE LIABILITIES

(CONTINUED)

On 27 December 2017, a restructuring loan agreement was signed

by 大連順浩

with大連銀行. Under this agreement, a new loan of

RMB245,000,000 was granted to 大連順浩

for the repayment of the

loans, interests and other cost stated in (1), (2) and (3) and then

the corporate guarantee provided by大連創和

will be released.

However, the procedure to release the corporate guarantee is still in

progress.

The Directors are closely monitoring the situations and will continue

to use their best endeavor to resolve the remaining corporate

guarantee above. The Directors are also assessing the legal position of

the Group and may consider taking legal actions if appropriate.

Up to the date of this interim financial report, the Group did not suffer

any loss from the above corporate guarantees. Having considered

the counter-guarantees provided by創達地產, pledge of valuable

properties by大連順浩 and subsequent settlement arrangements as

stated above, in the opinion of the Directors, the fair values of the

financial guarantee contracts are insignificant at initial recognition as the

probability of suffering any significant loss by the Group from the above

corporate guarantees is low. Accordingly, no provision has been made

in the consolidated financial statements for these guarantees.

24. CAPITAL COMMITMENTS

At the end of the reporting period, the Group had the following

capital commitments:

Contracted but not provided for:已訂約但未撥備：

Acquisition of investment properties收購投資物業

Property development expenditure物業發展開支

Construction in-progress for 湖南水開採活動之

water exploitation activities in Hunan在建工程

23. 財務擔保負債（續）

於二零一七年十二月二十七日，大連順

浩與大連銀行簽立重組貸款協議。根據

此協議，人民幣245,000,000元的新貸款

將授予大連順浩以償還(1)、(2)及(3)所

述的貸款、利息及其他費用，且其後將

解除由大連創和所提供的公司擔保。然

而，解除公司擔保的程序仍在進行中。

董事正密切監察有關情況，並會繼續盡

最大努力解除上述餘下之公司擔保。董

事亦正評估本集團的法律狀況，並會考

慮採取適當的法律行動。

直至本中期財務報告日期，本集團並未

有因上述公司擔保而蒙受任何損失。經

審視創達地產提供的反擔保、大連順浩

具價值物業的抵押及上述之其後結算安

排後，董事認為財務擔保合約的公平值

於初始確認時並不重大，原因為本集團

因上述公司擔保而蒙受任何重大損失的

機會較小。因此，概無就該等擔保於綜

合財務報表中計提撥備。

24. 資本承擔

於報告期末，本集團有下列資本承擔：

At At

30 September 31 March

2020 2020

於二零二零年於二零二零年

九月三十日三月三十一日

HK$』000 HK$』000

千港元千港元

(unaudited) (audited)

（未經審核）（經審核）

44,096

103,700

804

148,600

42,330

99,935

772

143,037

25. MATERIAL RELATED PARTY TRANSACTIONS

Transactions between the Company and its subsidiaries, which

are related parties of the Company, have been eliminated on

consolidation and are not disclosed in this note. Save as disclosed

elsewhere in the consolidated financial statements, details of

transactions between the Group and other related parties are

disclosed below.

(a)

Transaction relating to a substantial shareholder

(i)

On 24 April 2019, the Group terminated the agreement to

acquire properties located at Shenyang from the 遼寧京豐

置業有限公司

(the 「Vendor」). The Vendor is beneficially

owned by Mr. Li Yuguo, who is a substantial shareholder,

the chairman and the executive Director of the Company.

For the details, please refer to note 19(ii). Relating to the

termination of the acquisition, interest income receivable

was recognised as follows:

25. 重要關連人士交易

本公司與其附屬公司（彼等乃本公司之

關連人士）間之交易已於綜合時抵銷，

且並無於本附註披露。除該等綜合財務

報表其他章節所披露者外，本集團與其

他關連人士間之交易詳情披露如下。

(a)

有關主要股東之交易

(i)

於二零一九年四月二十四日，

本集團終止有關收購自遼寧京

豐置業有限公司（「賣方」）位於

瀋陽的物業之協議。賣方由本

公司主要股東、主席兼執行董

事李玉國先生實益擁有。詳情

請參閱附註19(ii)。有關終止收

購之應收利息收入確認如下：

終止收購瀋陽物業之

利息收入

29,378

–

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

Interest income relating to termination of

acquisition of Shenyang Properties

(ii)

On 4 April 2019, the Group entered into a supply (ii) 於二零一九年四月四日，本集

agreement with the associate,廣西泉水叮咚飲品有限公團與聯營公司廣西泉水叮咚飲

司, pursuant to which the associate has agreed to supply, 品有限公司訂立一份供應協

and the Group has agreed to procure the bottled water 議，據此，聯營公司已同意

products at a consideration approximately RMB1,440,000. 供應，而本集團已同意採購瓶

Details of which are set out in the announcement of the 裝水產品，代價約為人民幣

Company dated 4 April 2019. 1,440,000元。有關詳情載於本

公司日期為二零一九年四月四

日之公佈。

25. MATERIAL RELATED PARTY TRANSACTIONS

(CONTINUED)

(b) Remuneration of key management personnel

The remuneration of key management personnel during the

reporting period was at follows:

Short-term benefits短期福利

Retirement benefits scheme退休福利計劃

26. APPROVAL OF THE INTERIM FINANCIAL

REPORT

The interim financial report was approved and authorised for issue by

the Board on 24 November 2020.

25. 重要關連人士交易（續）

(b) 主要管理人員之薪酬

主要管理人員於報告期間的薪酬如

下：

For the six months ended

30 September

截至九月三十日止六個月

2020 2019

二零二零年二零一九年

HK$』000 HK$』000

千港元千港元

(unaudited) (unaudited)

（未經審核）（未經審核）

1,568

1,621

1,667

1,722

26. 批准中期財務報告

董事會於二零二零年十一月二十四日批

準及授權刊發中期財務報告。

Asia Resources Holdings Limited

亞洲資源控股有限公司*

For identification purpose only 僅供識別* For identification purpose only 僅供識別*

　中財網

[HK]亞洲資源:中期報告2020/2021

[HK]亞洲資源:中期報告2020/2021

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