[公告]新维国际控股:二零一八年至二零一九年中期业绩公告

时间:2019年02月12日 07:26:00 中财网


香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不
負責,對其準確性或完整性亦不發表任何聲明,並明確表示概不就因本公告
全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。




Sino Vision Worldwide Holdings Limited

新維國際控股有限公司


(於開曼群島註冊成立及於百慕達存續之有限公司)

(股份代號:8086)

二零一八年至二零一九年中期業績公告

新維國際控股有限公司(「本公司」,連同其附屬公司,統稱「本集團」)董事(「董事」)
會(「董事會」)欣然公佈本集團截至二零一八年十二月三十一日止六個月之未
經審核業績。本公告載有本公司二零一八年至二零一九年中期業績報告全文,
乃符合香港聯合交易所有限公司GEM證券上市規則(「GEM上市規則」)中有關
中期業績初步公告附載資料之相關要求。本公司二零一八年至二零一九年中
期報告的印刷版本將會寄發予本公司股東,並可於二零一九年二月十五日在
聯交所網站www.hkexnews.hk及本公司網站www.sinovisionworldwide.com閱覽。


代表董事會

新維國際控股有限公司

主席

潘文森

香港,二零一九年二月十一日

於本公告日期,執行董事為潘文森先生及艾奎宇先生;及獨立非執行董事為
黃智穎先生、唐家興先生及廖珮珊女士。


本公告之資料乃遵照聯交所
GEM上市規則而刊載,旨在提供有關本公司之資料;
董事願就本公告之資料共同及個別地承擔全部責任。各董事在作出一切合理
查詢後,確認就其所知及所信,本公告所載資料在各重要方面均屬準確及完備,
沒有誤導或欺詐成份,且並無遺漏任何事項,足以令致本公告或其所載任何
陳述產生誤導。


本公告將由刊發日期起計最少一連七天載於GEM網站http://www.hkgem.com之「最
新公司公告」網頁內及本公司之網站http://www.sinovisionworldwide.com內。



Sino Vision Worldwide Holdings Limited

新維國際控股有限公司


(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

(於開曼群島註冊成立及於百慕達存續之有限公司)

Stock Code 股份代號
: 8086

Interim Report

中期報告

2018/19


CHARACTERISTICS OF THE GEM OF THE STOCK EXCHANGE OF HONG KONG
LIMITED (THE “STOCK EXCHANGE”)

GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a
higher investment risk may be attached than other companies listed on the Main Board. Prospective investors
should be aware of the potential risks of investing in such companies and should make the decision to invest only
after due and careful consideration.

Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities
traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the
Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange take no responsibility for the contents of this
report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever
for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.

This report, for which the directors of the Company (the “Directors”) collectively and individually accept full
responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving
information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the
best of their knowledge and belief the information contained in this report is accurate and complete in all material
respects and not misleading or deceptive and there are no other matters the omission of which would make any
statement herein or this report misleading.

香港聯合交易所有限公司(「聯交所」)GEM之特色


GEM的定位,乃為相比起其他在主板上市之公司帶有較高投資風險之中小型公司提供一個上市之市場。有意投資者應了解投資該
等公司之潛在風險,並應經過審慎周詳之考慮後方作出投資決定。


由於GEM上市公司普遍為中小型公司,在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之市場波動風險,同時無法
保證在GEM買賣之證券會有高流通量之市場。


香港交易及結算所有限公司及聯交所對本報告之內容概不負責,對其準確性或完整性亦不發表任何聲明,並明確表示概不就因本
報告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。


本報告的資料乃遵照GEM上市規則之規定而刊載,旨在提供有關本公司的資料;本公司的董事(「董事」)願就本報告的資料共同及
個別地承擔全部責任。董事在作出一切合理查詢後,確認就其所知及所信,本報告所載資料在各重要方面均屬準確完備,沒有誤
導或欺詐成份,且並無遺漏任何其他事項,足以令致本報告或其所載任何陳述產生誤導。



The board of directors (the “Board”) of Sino Vision Worldwide
Holdings Limited (the “Company”) announced the unaudited
condensed consolidated interim results of the Company and
its subsidiaries (the “Group”) for the three months and six
months ended 31 December 2018 together with the unaudited
comparative figures for the corresponding periods in 2017 as
follows:

CONDENSED CONSOLIDATED STATEMENT
OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME

新維國際控股有限公司(「本公司」)董事會(「董事會」)
宣佈,本公司及其附屬公司(「本集團」)截至二零一八
年十二月三十一日止三個月及六個月之未經審核簡明
綜合中期業績,連同截至二零一七年同期未經審核之
比較數字如下:

簡明綜合損益及其他全面收益表

For the three months ended For the six months ended
31 December 31 December
截至十二月三十一日止三個月截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

二零一七年


Notes

HK$’000

HK$’000

附註

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)

(未經審核)


(Restated)

(Restated)

(經重列)

(經重列)


CONTINUING OPERATIONS 持續經營業務
REVENUE收入
3

41,495
(33,608)
79,124
Cost of sales and services銷售成本和服務成本
6

(55,792)

Gross profitOther income and gainsSelling and distribution costsAdministrative and other expensesFair value loss on contingent

consideration payable
Finance costs

毛利


7,887
10,934
(8,363)
(20,724)
(111)
(3,021)
23,332

其他收入及收益


394

銷售及分銷成本


(15,244)

行政及其他費用


(49,226)

應付或然代價之
公平值虧損



融資成本
5

(2,569)

LOSS BEFORE TAX除稅前虧損
6

(13,398)
(235)
(43,313)
Income tax expense所得稅費用
7

(402)
LOSS FOR THE PERIOD FROM CONTINUING 本期間來自持續經營業務
OPERATIONS之虧損


(13,633)
(43,715)

99,961
(68,985)
30,976
11,172
(17,438)
(48,159)
(335)
(6,672)
(30,456)
(1,087)
(31,543)
151,537
(105,451)

46,086

838
(30,877)
(50,675)


(3,639)

(38,267)

(610)
(38,877)


CONDENSED CONSOLIDATED STATEMENT
OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME (CONTINUED)

Note

附註

簡明綜合損益及其他全面收益表
(續)

For the three months ended For the six months ended
31 December 31 December

截至十二月三十一日止三個月截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
二零一七年


HK$’000

HK$’000

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)

(未經審核)


(Restated)

(Restated)

(經重列)

(經重列)


DISCONTINUED OPERATION 終止經營業務
(Loss)/profit for the period from
discontinued operation
本期間來自終止經營業務
(虧損)╱盈利(8,875) (1,363) (9,479) 1,211
LOSS FOR THE PERIOD 本期間虧損(22,508) (45,078) (41,022) (37,666)
Loss attributable to:應佔虧損:
Owners of the Company本公司擁有人(20,569) (40,788) (35,680) (30,391)
Non-controlling interests非控股權益(1,939) (4,290) (5,342) (7,275)
(22,508) (45,078) (41,022) (37,666)

LOSS PER SHARE ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE COMPANY
本公司普通股權益持有人
應佔之每股虧損10
Basic and diluted (Hong Kong cents) 基本及攤薄(港仙)
– Loss for the period-本期間虧損(0.67)
– Loss from continuing operations-持續經營業務的虧損(0.38)
– Loss from discontinued operation-終止經營業務的虧損(0.29)
(1.47)
(1.21)
(0.89)
(1.09)
(1.42)
(1.14)
(0.05) (0.32) 0.05

CONDENSED CONSOLIDATED STATEMENT 簡明綜合損益及其他全面收益表
OF PROFIT OR LOSS AND OTHER (續)
COMPREHENSIVE INCOME (CONTINUED)


For the three months ended For the six months ended
31 December 31 December

截至十二月三十一日止三個月截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

二零一七年


HK$’000

HK$’000

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)

(未經審核)


(Restated)

(Restated)

(經重列)

(經重列)


Loss for the period本期間虧損
(45,078) (37,666)

Other comprehensive income to be 其他綜合收益在以後會計
reclassified to profit or loss in subsequent 期間重新分類為損益:
period:

– Exchange difference arising on
-轉換境外業務時產生
translation of foreign operations之匯兌差額
(22,508)
(96)


34

(41,022)
(1,340)


77

– Decrease in fair value of financial
-按公平值計入其他全
assets at fair value through other 面收益之金融資產
comprehensive income公平值減少


(5,700)

– Release of reserve upon disposal of
-出售按公平值計入其
financial assets at fair value through 他全面收益之金融
other comprehensive income資產的儲備回撥
6,095

6,095

TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD
本期間全面收益總額
(22,604)
Total comprehensive income
attributable to:
應佔全面收益總額:
Owners of the Company本公司擁有人(20,665)
Non-controlling interests非控股權益(1,939)
(38,949)

(42,362)
(37,194)

(34,647)

(36,851)
(5,511)
(29,896)
(4,302)

(7,298)


(22,604) (38,949) (42,362) (37,194)


CONDENSED CONSOLIDATED STATEMENT 簡明綜合財務狀況表
OF FINANCIAL POSITION

31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June

於二零一八年
六月三十日


Notes

HK$’000

附註

千港元


(Audited)

(經審核)


NON-CURRENT ASSETS

Property, plant and equipment

Goodwill

Other intangible assets

Interests in an associate

Financial assets at fair value through other
comprehensive income

Deferred tax asset

Total non-current assets

CURRENT ASSETS

Inventories

Trade receivables

Loan and interest receivables

Prepayments, deposits and
other receivablesEquity investments at fair value through

profit or loss

Pledged deposits

Cash and cash equivalents

Total current assets

CURRENT LIABILITIES

Trade payablesOther payables and accrualsDeposits received in advanceTax payablesConvertible bondsContingent consideration payable

Total current liabilities

NET CURRENT ASSETS

非流動資產


物業、廠房及設備


5,016
111,091
8,279
1,014
10,000
2,991
6,179
商譽
11 140,075

其他無形資產


8,887
聯營公司權益
23 1,085

按公平值計入其他
全面收益之金融資產
19

13,000

遞延稅項資產


3,011

非流動資產總額


138,391
172,237

流動資產


存貨


8,944
10,305
70,715
58,402
35,351
310
39,135
1,656
應收貿易賬款
13

25,236
應收貸款及利息賬款
12

89,090

預付款項、按金及
其他應收款項


84,466

按公平值計入損益之
股本投資
19

40,995
已抵押存款
14

310
現金及現金等值項目
14

43,046

流動資產總額


223,162
284,799

流動負債


應付貿易賬款
15

21,064
21,060
1,745
218
1,250

22,084

其他應付款項及應計費用


52,629

預收按金


2,258

應付稅項


2,799
可換股債券
16



應付或然代價


13,156

流動負債總額


45,337
92,926

流動資產淨值


177,825
191,873


CONDENSED CONSOLIDATED STATEMENT 簡明綜合財務狀況表(續)
OF FINANCIAL POSITION (CONTINUED)

31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June
2018

於二零一八年
六月三十日


Notes

HK$’000

附註

千港元


(Audited)

(經審核)


NON-CURRENT LIABILITIES非流動負債


Convertible bonds可換股債券
16

110,130

138,179
Contingent consideration payable應付或然代價


12,714

150,893

213,217

EQUITY權益


Equity attributable to owners of 本公司擁有人應佔權益
the Company
Share capital股本
17


27,762
Reserves儲備


169,613

Total non-current liabilities非流動負債總額110,130
Net assets資產凈值206,086
30,661
165,094
195,755
10,331
197,375
Non-controlling interests非控股權益


15,842

206,086 213,217

Total equity權益總額

CONDENSED CONSOLIDATED STATEMENT 簡明綜合現金流量報表
OF CASH FLOWS

For the six months ended
31 December

截至十二月三十一日止六個月

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年


HK$’000

千港元


(Audited)

(經審核)


NET CASH FLOW FROM/(USED IN) 經營業務之現金所得╱
OPERATING ACTIVITIES(支出)淨額

4,094
(8,000)

(31,500)

NET CASH FLOW USED IN INVESTING 投資活動之現金支出淨額
ACTIVITIES

(19,617)

NET CASH FLOW FROM FINANCING 融資活動之現金所得淨額
ACTIVITIES

117,500

NET (DECREASE)/INCREASE IN CASH AND
CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT
BEGINNING OF THE PERIOD

EFFECT OF FOREIGN EXCHANGE RATE
CHANGES, NET

現金及現金等值項目(減少) ╱
增加淨額

(3,906)
43,046
(5)
66,383

期初之現金及現金等值項目

94,458

匯率變動之影響,淨額

(10)
CASH AND CASH EQUIVALENTS AT END OF 期末之現金及現金等值項目
THE PERIOD

39,135
160,831

ANALYSIS OF BALANCES OF CASH AND 現金及現金等值項目結餘之分析
CASH EQUIVALENTSCash and bank balances現金及銀行結餘
39,135 160,831



CONDENSED CONSOLIDATED STATEMENT 簡明綜合權益變動表
OF CHANGES IN EQUITY

Attributable to owners of the Company
本公司擁有人應佔
Issued
capital
Share
premium
Convertible
bonds
equity
reserve
Contributed
surplus
Treasury
share
reserve
Share
option
reserve
Investment
revaluation
reserve
Exchange
fluctuation
reserve
Other
reserve
Accumulated
losses Total
Non-
controlling
interests
Total
equity
已發行股本股份溢價賬
可換股債券
權益儲備實繳盈餘
庫存股本
儲備購股權儲備投資重估儲備
外匯浮動
儲備其他儲備累計虧損合計非控股權益權益總額
HK$’000 HK$’000 HK$’000 HK$’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千港元千港元千港元
27,762 263,871 37,894 77,068 3,526 5,691 – (1,850) (8,344) (208,243) 197,375 15,842 213,217
At 1 July 2018 (Audited) 於二零一八年
七月一日

(經審核)
Loss for the period本期間虧損
– – – – – – – (1,171) – – (1,171) (169) (1,340)
– – – – – – – – – (35,680) (35,680) (5,342) (41,022)
Exchange differences arising 轉換境外業務時產

on translation of foreign 生之匯兌差額
operations


Total comprehensive income 本期間全面收益
for the period總額
– – – – – – – (1,171) – (35,680) (36,851) (5,511) (42,362)
Equity-settled share option 股權結算的購股權
arrangements (note 18)安排(附註
18)


Issue of shares upon 於兌換可換股債券
conversion of convertible 時發行股份
bonds (note 17)(附註
17)


– – – – – 1,760 – – – – 1,760 – 1,760
2,899 40,433 (9,861) – – – – – – – 33,471 – 33,471
At 31 December 2018 於二零一八年
(Unaudited)十二月三十一日
(未經審核)


30,661 304,304 28,033 77,068 3,526 7,451 – (3,021) (8,344) (243,923) 195,755 10,331 206,086

CONDENSED CONSOLIDATED STATEMENT 簡明綜合權益變動表(續)
OF CHANGES IN EQUITY (CONTINUED)

Attributable to owners of the Company
本公司擁有人應佔
Issued
capital
Share
premium
Convertible
bonds
equity
reserve
Contributed
surplus
Treasury
share
reserve
Share
option
reserve
Investment
revaluation
reserve
Exchange
fluctuation
reserve
Other
reserve
Accumulated
losses Total
Non-
controlling
interests
Total
equity
已發行股本股份溢價賬
可換股債券
權益儲備實繳盈餘
庫存股本
儲備購股權儲備投資重估儲備
外匯浮動
儲備其他儲備累計虧損合計非控股權益權益總額
HK$’000 HK$’000 HK$’000 HK$’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千港元千港元千港元
At 1 July 2017 (Audited)於二零一七年
七月一日
(經審核)27,762 263,871 – 77,068 3,526 – (395) (437) – (130,268) 241,127 (20) 241,107
Loss for the period本期間虧損– – – – – – – – – (30,391) (30,391) (7,275) (37,666)
Exchange differences arising
on translation of foreign
operations
轉換境外業務時產
生之匯兌差額
– – – – – – – 100 – – 100 (23) 77
Decrease in fair value
of available-for-sales
investments
可供出售投資公平
值之減少
– – – – – – (5,700) – – – (5,700) – (5,700)
Release of reserve upon
disposal of available-for-sales
investments
出售可供出售投資
的儲備回撥
– – – – – – 6,095 – – – 6,095 – 6,095
Total comprehensive income
for the period
本期間全面收益
總額– – – – – – 395 100 – – (29,896) (7,298) (37,194)
Deemed partial disposal of
interest in subsidiaries
視作出售附屬公司
部分權益– – – – – – – – (8,344) – (8,344) 28,344 20,000
Issue of convertible bonds發行可換股債券– – 45,454 – – – – – – – 45,454 – 45,454
At 31 December 2017
(Unaudited)
於二零一七年
十二月三十一日
(未經審核)27,762 263,871 45,454 77,068 3,526 – – (337) (8,344) (160,659) 248,341 21,026 269,367

1. CORPORATE AND GROUP 1. 公司及集團資料
INFORMATION
The Company was a limited liability company incorporated 本公司於二零零零年三月十五日根據開曼群島
in the Cayman Islands on 15 March 2000 under the 公司法在開曼群島註冊成立為有限責任公司,
Companies Law of the Cayman Islands and changed 並於二零一五年八月二十一日遷冊至百慕達以
its domicile to Bermuda with limited liability on 21 August 有限公司形式存續。本公司股份於二零零零
2015. The shares of the Company were listed on GEM of 年八月二日在香港聯合交易所有限公司(「聯交
The Stock Exchange of Hong Kong Limited (the “Stock 所」)
GEM上市。

Exchange”) on 2 August 2000.
The registered office of the Company was located at 本公司註冊辦事處位於Clarendon House,
Clarendon House, 2 Church Street, Hamilton HM11, 2 Church Street, Hamilton HM11,
Bermuda. Bermuda。

The principal place of business of the Company was 本公司主要營業地點在香港黃竹坑香葉道28號
located at Unit 2, 28/F, Vertical Square, No. 28 Heung Yip 嘉尚匯28樓2室。

Road, Wong Chuk Hang, Hong Kong.
At the beginning of the Period, the Group is principally 於本期間初,本集團主要從事(i)電子商務及提
engaged in (i) e-commerce and provision of online sales 供網上銷售平台;(ii)借貸業務;(iii)知識產權
platform; (ii) money-lending business; (iii) intellectual 授權及國際知識產權開發、媒體綜合營銷以及
property (“IP”) rights licensing and international IP 分銷代理運動用品業務;及
(iv)於本期間本集
development, media integrated marketing and distribution 團已不再進行的於香港提供物業管理及物業代
agency of sports goods business; and (iv) provision of 理服務。

property management and property agency services in
Hong Kong which the Group has ceased its operation
during the Period.


2. BASIS OF PRESENTATION 2. 編製基準
These unaudited condensed consolidated financial 該等未經審核簡明綜合財務報表乃根據香港會
statements have been prepared in accordance with Hong 計師公會(「香港會計師公會」)頒佈之香港會計
Kong Accounting Standard (“HKAS”) 34 “Interim Financial 準則第34號「中期財務報告」及香港公司條例
Reporting” issued by the Hong Kong Institute of Certified 之適用披露規定及聯交所GEM證券上市規則
Public Accountants (“HKICPA”), the applicable disclosure (「GEM上市規則」)而編撰。財務報表乃按過往
requirements of the Hong Kong Companies Ordinance and 成本法編撰,惟按公平值計入損益之股本投
the Rules Governing the Listing of Securities on GEM of the 資、按公平值計入其他全面收益之股本投資及
Stock Exchange (the “GEM Listing Rules”). They have been 應付或然代價乃按公平值計量。

prepared under the historical cost convention, except for
equity investments at fair value through profit or loss, equity
investments at fair value through other comprehensive
income and contingent consideration payable, which
have been measured at fair value.
The accounting policies adopted in the preparation of the 編製本期間之未經審核簡明綜合財務報表時所
unaudited condensed consolidated financial statements 採用之會計政策,與本集團編製其截至二零
for the Period are consistent with those adopted by the 一八年六月三十日止年度之年度財務報表時所
Group in its annual financial statements for the year ended 採用者貫徹一致。

30 June 2018.
In the Period, the Group has adopted the following new 於本期間,本集團採納了下列適用於二零一八
standards and interpretation to HKFRSs which are pertinent 年七月一日或之後開始的會計期間並與本集團
to the Group’s operations and effective for accounting 業務有關的香港財務報告準則新準則及詮釋:
periods beginning on or after 1 July 2018:
HKFRS 9 (2014) Financial Instruments 香港財務報告準則第9號財務工具
(二零一四年)
HKFRS 15 Revenue from Contracts with 香港財務報告準則第15號客戶合約收益
Customers
HK(IFRIC)–Int 22 Foreign Currency Transactions and 香港(國際財務報告詮釋外幣交易及預付代
Advance Consideration 委員會)
–詮釋第22號價



2. BASIS OF PRESENTATION (CONTINUED) 2. 編製基準(續)
(a) Adoption of HKFRS 9 (2014) (a) 採納香港財務報告準則第9號
(二零一四年)
The adoption of HKFRS 9 (2014) resulted in changes 採納香港財務報告準則第9號(二零一四
in accounting policies and adjustments to amounts 年)令會計政策有所改變及簡明綜合財
recognised in the condensed consolidated financial 務報表內確認的金額須作調整。

statements.
Classification and measurement 分類及計量
Prior to the adoption of HKFRS 9 (2014), unlisted 採納香港財務報告準則第9號(二零一四
equity investments amounting to approximately 年)之前,非上市股本投資於二零一八
HK$13,000,000 as at 30 June 2018 were classified 年六月三十日總值約13,000,000港元,
as available-for-sales investments measured at 列作可供出售投資並按成本減任何減值
cost less any impairment losses. These equity 虧損列賬計量。本集團持有該等股本投
investments are not held for trading purposes and 資並非用作買賣用途,於二零一八年七
at 1 July 2018, the Group makes an election to 月一日,本集團選擇將該等投資指定為
designate the investments at fair value through other 按公平值計入其他全面收益(「按公平值
comprehensive income (“FVOCI”) (non-recycling). 計入其他全面收益」)(非重撥)。

Impairment 減值
The new impairment model under HKFRS 9 (2014) 香港財務報告準則第9號(二零一四年)下
requires the recognition of provision for impairment 的新減值模式要求減值虧損撥備須按預
losses based on expected credit losses rather than 期信貸虧損確認,而不是按已產生的信
incurred credit losses. There was no material change 貸虧損確認。與按已產生的信貸虧損計
in the amount of provision for impairment losses 算的模式比較,按預期信貸虧損模式計
required under the expected credit loss model 算所需的減值虧損撥備金額並無重大變
compared with the incurred credit loss model, and 動,因此於二零一八年七月一日及截至
there was no material financial impact on such 二零一八年十二月三十一日止六個月,
change at 1 July 2018, and for the six months ended 該等變動均無造成重大財務影響。

31 December 2018.
Impact on the condensed consolidated 對簡明綜合財務報表的影響
financial statements
The Group has applied HKFRS 9 (2014) retrospectively 本集團由二零一八年七月一日起追溯
from 1 July 2018. As permitted by the respective 應用香港財務報告準則第9號(二零一四
transitional provisions of these accounting standards, 年)。按此等會計準則各自的過渡性條
comparatives for 2017 were not restated. The 款所容許,二零一七年的比較數字並未
reclassifications and adjustments were recognised in 重列。相關重新分類及調整乃於二零
the opening condensed consolidated statement of 一八年七月一日的期初簡明綜合財務狀
financial position on 1 July 2018. 況表內確認。




2. BASIS OF PRESENTATION (CONTINUED)
(a) Adoption of HKFRS 9 (2014) (CONTINUED)
The following table shows the adjustments recognised
for each individual line item. Line items that were not
2. 編製基準(續)
(a) 採納香港財務報告準則第9號
(二零一四年)(續)
下表顯示各個別項目確認的調整。不受
變動影響的項目並無包括在內。

affected by the changes have not been included.
30 June 2018
as originally
presented
二零一八年
HKFRS 9
(2014)
1 July 2018
restatedCondensed consolidated 六月三十日香港財務報告二零一八年
statement of financial position
(extract)
簡明綜合財務狀況表
(摘要)
原先呈列
的數額
HK$’000
準則第9號
(二零一四年)
HK$’000
七月一日
重列
HK$’000
千港元千港元千港元


Current assets流動資產
Available-for-sales investments可供出售投資
13,000 (13,000) –
Financial assets measured at按公平值計入其他
fair value through other全面收益的金融資產
comprehensive income – 13,000 13,000

(b) Adoption of HKFRS 15
(i)
Impact of adoption
The adoption of HKFRS 15 resulted in changes
in accounting policies and adjustments
to amounts recognised in the financial
statements. The adoption did not have any
material financial impact on the Group.
(c) Adoption of HK(IFRIC) – Interpretation 22
The Interpretation clarifies that the date of the
transaction for the purpose of determining the
exchange rate to be used on initial recognition of
the related asset, expense or income is the date
on which the Group initially pays or receives the
advance consideration. The adoption did not have
any material financial impact on the Group.

(b)
採納香港財務報告準則第15號
(i)
採納的影響
採納香港財務報告準則第15號令
會計政策有所改變及財務報表內
確認的金額須作調整。採納該準
則未有對本集團產生任何重大財
務影響。

(c)
採納香港(國際財務報告詮釋委
員會)
–詮釋第22號
此詮釋闡明,在確定首次確認相關資
產、支出或收益所使用的匯率時,交易
日期乃指本集團首次繳付或收取預付代
價的日期。採納該詮釋未有對本集團產
生任何重大財務影響。




3. REVENUE 3. 收入
An analysis of the Group’s revenue is as follows: 本集團之收入分析如下:


For the three months ended For the six months ended
31 December 31 December

截至十二月三十一日止三個月截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

二零一七年


HK$’000

HK$’000

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)

(未經審核)


Revenue:
Continuing operations:
E-commerce and provision of
online sales platformInterest income arising from
the money lending businessIntellectual property rights licensing
fee and sponsorship

收入:
持續經營業務:
電子商務及提供網上
銷售平台
72,627

25,238
1,852
14,405
139,735

借貸業務之利息收入


2,302

69,353
3,919
26,689
4,669

知識產權授權費及
贊助


4,195

7,133

41,495
79,124

99,961
151,537

Discontinued operation:終止經營業務:
Provision of property management 提供物業管理及物業
and property agency services代理服務



389

30
5,516


41,495 79,513 99,991 157,053


4. OPERATING SEGMENT INFORMATION
The Group was principally engaged in (i) e-commerce
and provision of online sales platform, (ii) money lending
business; (iii) IP rights licensing and international IP
development, media integrated marketing and distribution
agency of sports goods business; and (iv) provision of
property management and property agency services in
Hong Kong, of which the Group has ceased operation
during the Period. Details please refer to note 9.
4. 經營分部資料
本集團的主營業務是(i)電子商務及提供網上銷
售平台,(ii)借貸業務;(iii)知識產權授權及國
際知識產權開發、媒體綜合營銷以及分銷代理
運動用品業務;及
(iv)本集團於本期間已終止
之於香港提供物業管理及物業代理服務。詳情
請參閱附註9。

For management purposes, the Group is organised
into business units based on their nature. There are four
reportable operating segments as follows:
為方便管理,本集團按其性質組織業務單位,
現有如下四個可呈報業務分部:
(a) E-commerce and provision of online sales platform; (a) 電子商務及提供網上銷售平台;
(b) Money lending business; (b) 借貸業務;
(c) IP rights licensing and international IP development,
media integrated marketing and distribution agency
of sports goods business; and
(c) 知識產權授權及國際知識產權開發、媒
體綜合營銷以及分銷代理運動用品業
務;及
(d) Provision of property management and property
agency services.
(d) 提供物業管理及物業代理服務。

Management monitors the results of the Group’s operating
segments separately for the purpose of making decisions
about resources allocation and performance assessment.
Segment performance is evaluated based on reportable
segment (loss)/profit, which is a measure of adjusted loss
before tax from continuing operations. The adjusted loss
before tax is measured consistently with the Group’s loss
before tax from continuing operations except that interest
income, finance costs, gain/(loss) from equity investments
at fair value through profit or loss and available-for- sales
investments, as well as head office and corporate expenses
are excluded from such measurement.
管理層獨立監控其集團的經營分部業績,以便
就資源配置及績效評估制定決策。評估分部表
現時,乃按可呈報分部(虧損)╱盈利得出,即
計量由持續經營業務除稅前經調整虧損。計量
由持續經營業務除稅前經調整虧損時,與本集
團之除稅前虧損一致,惟利息收入、財務成
本、按公平值計入損益之股本投資及可供出售
投資之收益
╱(虧損)、連同總部及企業開支則
不計算在內。

Segment assets exclude equity investments at fair value
through other comprehensive income, equity investments
at fair value through profit or loss and unallocated head
office and corporate assets as these assets are managed
on a group basis.
分類資產並無包括按公平值計入其他全面收益
之股本投資、按公平值計入損益之股本投資和
未分配總部及企業資產,原因為該等資產乃按
集團層面管理。




4. OPERATING SEGMENT INFORMATION
(CONTINUED)
Segment liabilities exclude unallocated head office and
corporate liabilities as these liabilities are managed on a
group basis.
4. 經營分部資料(續)
分部負債並無包括未分配總部及企業負債,原
因為該等負債乃按集團層面管理。

Period ended 31 December 2018 截至二零一八年十二月三十一日止期間


Continued operations
Discontinued
operation
持續經營業務終止經營業務
E-commerce
and provision
of online
sales
platform
segment
Money
lending
business
segment
IP rights
licensing and
international IP
development,
media
integrated
marketing and
distribution
agency of
sports goods
business
Provision
of property
management
and property
agency
services
segment Total
電子商務及
提供網上
銷售平台分部借貸業務分部
知識產權授權及
國際知識產權
開發、媒體綜合
營銷以及分銷
代理運動用品
業務
提供物業管理及
物業代理
服務分部總計
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
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
(未經審核)(未經審核)(未經審核)(未經審核)(未經審核)
Segment revenue分部收入
Segment other income分部其他收入


Segment results分部業績


Unallocated other income and 未分配其他收入及
gains收益
Unallocated expenses未分配之費用


69,353 3,919 26,689 30 99,991
10,630 3 290 28 10,951
(10,898) 3,906 4,395 (9,508) (12,105)
249
(21,436)
Loss from operations營運虧損
Finance costs融資成本


(33,292)
(6,672)
Loss before tax除稅前虧損
Income tax expenses所得稅費用


(39,964)
(1,058)
Loss for the Period本期間虧損

(41,022)

Segment assets分部資產


Unallocated assets未分配之資產


55,310 89,355 128,413 805 273,883
87,670
Total assets總資產


361,553


4.
OPERATING SEGMENT INFORMATION 4. 經營分部資料(續)
(CONTINUED)
Period ended 31 December 2018 (Continued)
截至二零一八年十二月三十一日止期間(續)


Discontinued
Continued operations operation

持續經營業務終止經營業務


IP rights
licensing and
international IP
development,

media Provision
E-commerce

integrated of property
and provision

marketing and management
of online Money distribution and property

sales lending agency of agency
platform business sports goods services
segment segment business segment Total

知識產權授權及
國際知識產權
開發、媒體綜合

電子商務及

營銷以及分銷提供物業管理及
提供網上

代理運動用品物業代理
銷售平台分部借貸業務分部業務服務分部總計


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


(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

(未經審核)(未經審核)(未經審核)(未經審核)(未經審核)


Segment liabilities分部負債
34,542 – 7,185 13 41,740

Unallocated liabilities未分配之負債


113,727


Total liabilities總負債


155,467

Capital expenditure資本開支
61 –892 –953
Unallocated capital expenditure未分配之資本開支




Depreciation and amortisation折舊及攤銷
Unallocated depreciation and 未分配之折舊及攤銷
amortisation


953
132 – 40 1,706 1,878
468
2,346

Impairment of goodwill商譽減值
– – 26,205 8,158 34,363
Reversal of contingent 撥回應付或然代價


consideration payable

– – (26,205) – (26,205)


4.
OPERATING SEGMENT INFORMATION 4. 經營分部資料(續)
(CONTINUED)
Period ended 31 December 2017
截至二零一七年十二月三十一日止期間


Discontinued
Continued operations operation

持續經營業務終止經營業務


IP rights
licensing and
international IP
development,

media Provision
E-commerce

integrated of property
and provision

marketing and management
of online Money distribution and property

sales lending agency of agency
platform business sports goods services
segment segment business segment Total

知識產權授權及
國際知識產權
開發、媒體綜合

電子商務及

營銷以及分銷提供物業管理及
提供網上

代理運動用品物業代理
銷售平台分部借貸業務分部業務服務分部總計


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


(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

(未經審核)(未經審核)(未經審核)(未經審核)(未經審核)


Segment revenueSegment other incomeSegment results
分部收入
分部其他收入
分部業績
139,735
824
(17,521)
4,669

4,611
7,133
2
3,023
5,516

1,441
157,053
826
(8,446)
Unallocated other income and
gainsUnallocated expensesLoss from operationsFinance costsLoss before taxIncome tax expensesLoss for the PeriodSegment assetsUnallocated assetsTotal assets
未分配其他收入及
收益
未分配之費用
營運虧損
融資成本
除稅前虧損
所得稅費用
本期間虧損
分部資產
未分配之資產
總資產
123,768 89,930 13,661 6,026
12
(24,754)
(33,188)
(3,639)
(36,827)
(839)
(37,666)
233,385
254,656
488,041


4.
OPERATING SEGMENT INFORMATION 4. 經營分部資料(續)
(CONTINUED)
Period ended 31 December 2017 (Continued)
截至二零一七年十二月三十一日止期間(續)


Discontinued
Continued operations operation

持續經營業務終止經營業務


IP rights
licensing and
international IP
development,

media Provision
E-commerce

integrated of property
and provision

marketing and management
of online Money distribution and property

sales lending agency of agency
platform business sports goods services
segment segment business segment Total

知識產權授權及
國際知識產權
開發、媒體綜合

電子商務及

營銷以及分銷提供物業管理及
提供網上

代理運動用品物業代理
銷售平台分部借貸業務分部業務服務分部總計


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


(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

(未經審核)(未經審核)(未經審核)(未經審核)(未經審核)


Segment liabilitiesUnallocated liabilities
分部負債
未分配之負債
76,137 – 4,343 226 80,706
137,968
Total liabilities總負債
218,674
Capital expenditureUnallocated capital expenditure
資本開支
未分配之資本開支
392 – 2,699 181 3,272
3,977
7,249
Depreciation and amortisationUnallocated depreciation and
amortisation
折舊及攤銷
未分配之折舊及攤銷
279 – 332 70 681
508

1,189


4.
OPERATING SEGMENT INFORMATION
(CONTINUED)
Geographical information
(a)
Revenue from external customers
The revenue information is based on the location of
the customers:

Period ended 31 December 2018 (Unaudited)

4.
經營分部資料(續)
地區資料


(a)
源自外間客戶之收入
下列收入資料按顧客地區分類:
截至二零一八年十二月三十一日止期間
(未經審核)


North
America
South
America Africa Europe Asia Oceania Consolidated
北美洲南美洲非洲歐洲亞洲大洋洲合併
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
Segment revenue:

Continuing operations:
E-commerce and provision of online
sales platformMoney lending businessIP rights licensing and international
IP development, media integrated
marketing and distribution agency
of sports goods business

分部收入:


持續經營業務:
電子商務及提供網上銷

售平台
借貸業務
知識產權授權及國際知

識產權開發、媒體綜
合營銷以及分銷代理
運動用品業務


8,371 8,636 523 44,004 5,014 2,805 69,353
– – – – 3,919 – 3,919
– – – – 26,689 – 26,689
Discontinued operation:終止經營業務:
Provision of property management 提供物業管理及物業代
and property agency services理服務


8,371 8,636 523 44,004 35,622 2,805 99,961
– – – – 30 – 30
8,371 8,636 523 44,004 35,652 2,805 99,991


4.
OPERATING SEGMENT INFORMATION
(CONTINUED)
Geographical information (Continued)
(a)
Revenue from external customers
(Continued)
Period ended 31 December 2017 (Unaudited)
North South
America America

北美洲南美洲

HK$’000 HK$’000

千港元千港元

4.
經營分部資料(續)
地區資料(續)


(a)
源自外間客戶之收入(續)
截至二零一七年十二月三十一日止期間
(未經審核)


Africa Europe Asia Oceania Consolidated
非洲歐洲亞洲大洋洲合併
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


Segment revenue:

Continuing operations:
E-commerce and provision of
online sales platformMoney lending businessIP rights licensing and international
IP development, media
integrated marketing and
distribution agency of sports
goods business

分部收入:


持續經營業務:
電子商務及提供網上

銷售平台
借貸業務
知識產權授權及國際

知識產權開發、媒
體綜合營銷以及分
銷代理運動用品業



12,509 19,995 1,675 75,994 26,073 3,489 139,735
– – – – 4,669 – 4,669

– – – – 7,133 – 7,133

Discontinued operation:
Provision of property management
and property agency services
終止經營業務:
提供物業管理及物業
代理服務
12,509

19,995

1,675

75,994

37,875
5,516
3,489

151,537
5,516
12,509 19,995 1,675 75,994 43,391 3,489 157,053


5. FINANCE COSTS 5. 融資成本
For the three months ended For the six months ended
31 December 31 December

截至十二月三十一日止三個月截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

二零一七年


HK$’000

HK$’000

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)

(未經審核)


Imputed interest expenses on convertible 可換股債券之推算利息
bonds (note 16)開支(附註
16)


3,021
2,569

6,672
3,639

Finance costs:融資成本:


Attributable to continuing operations持續經營業務應佔


3,021

2,569

6,672

3,639
Attributable to discontinued operation 終止經營業務應佔
(note 9)(附註
9)







3,021 2,569 6,672 3,639


6. LOSS BEFORE TAX
6. 除稅前虧損
Loss before tax is arrived at after charging/(crediting):
除稅前虧損乃扣除╱(計入)及下列各項後計
算:

For the three months ended For the six months ended
31 December 31 December

截至十二月三十一日止三個月截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
二零一七年


HK$’000

HK$’000

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)

(未經審核)


Cost of sales and services 銷售及服務成本
Continuing operation持續經營業務


33,608
23,345
10,263



55,792

68,985
57,956
11,029



105,451
Cost of sales銷售成本


54,587

103,483
Cost of services服務成本


1,205

1,968
Discontinued operation (note9)終止經營業務(附註9)



1,331
Cost of sales銷售成本





Cost of services服務成本




1,331

33,608
55,792

68,985
106,782

Technical expenses included in “Cost of 計入綜合損益表持續經營
sales” in the consolidated statement of 業務之「銷售成本」中的
profit or loss from continuing operation技術開支


1,938
505
490
15
360
1,436

314
255
3,502
1,700

3,090
1,002
962
40
834
3,080

314
3,533
4,793
3,491
Depreciation of property, plant and 物業、廠房及設備折舊
equipment

626

1,078
Continuing operation持續經營業務


586

1,008
Discontinued operation終止經營業務


40

70
Amortisation of other intangible assets其他無形資產攤銷


70

111

Minimum lease payments under 土地及樓宇經營租賃項下
operating leases in respect of land 之最低租賃付款
and building

1,325

2,689
Write-off of property, plant and 撇銷物業、廠房及設備
equipment

256

256
Loss on disposal of property, plant and 出售物業、廠房及設備之
equipment虧損






Fair value loss/(gain) on equity 按公平值計入損益之股票
investments at fair value through profit 投資之公平值虧損╱
or loss, net(收益),凈值


7,097

(8,063)
Loss on disposal of equity investments at 出售按公平值計入損益之
fair value through profit or loss股票投資之虧損


2,201

2,201


6. LOSS BEFORE TAX (CONTINUED) 6. 除稅前虧損(續)
For the three months ended For the six months ended
31 December 31 December

截至十二月三十一日止三個月截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

二零一七年


HK$’000

HK$’000

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)

(未經審核)


Loss on disposal of available-for-sales 出售可供出售投資之虧損
investment


237
34,363
26,205
8,158
6,495
63

604
20,199


761
34,363
26,205
8,158
15,004
171
614
2,011
20,199
Auditors’ remuneration核數師薪酬


340

705
Impairment loss on goodwill商譽減值虧損





Continuing operation持續經營業務





Discontinued operation終止經營業務





Staff costs員工成本
Wages and salaries工資及薪金


8,414

14,073
Housing allowances住房津貼


94

130
Equity-settled share option expenses股本結算購股權開支





Net pension scheme contributions退休金供款淨額


588

1,019

7,162
9,096

17,800
15,222

Equity-settled share option expenses股本結算購股權開支



540
(10,363)
(26,205)


1,146
1,359
(10,363)
(26,205)

Foreign exchange loss, net外匯虧損淨額


608

1,724
Reversal of the provision of litigation and 撥回訴訟及法律費用撥備
legal fee




Reversal of contingent consideration 撥回應付或然代價
payable






7. INCOME TAX EXPENSE
7. 所得稅費用
For the three months ended
31 December

截至十二月三十一日止三個月

For the six months ended
31 December

截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
二零一七年


HK$’000

HK$’000

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)

(未經審核)


Income tax (credit)/expense for 本期間所得稅(抵免)

the current period:費用:
Profits tax – Hong Kong利得稅-香港


(27)
213
20
(251)
10
1,028
20
229
Profits tax – Elsewhere利得稅-其他地區


401

610
Deferred tax遞延稅項







Total tax charged
稅項支出總額
206 150 1,058 839

Income tax expense/(credit):所得稅費用╱(抵免):
Continuing operations持續經營業務


235
(29)
402

1,087
(29)
610
Discontinued operation終止經營業務


(252)
229
206 150 1,058 839


Hong Kong Profits tax has been provided at the rate of
16.5% on the estimated assessable profits for the Period (six
months ended 31 December 2017: 16.5%).

Taxes on profits in respect of Group companies operating
elsewhere have been calculated at the rates of tax
prevailing in the respective tax countries/jurisdictions
in which they operate based on existing legislation,
interpretations and practices in respect thereof.

8.
DIVIDENDS
The Board does not recommend the payment of interim
dividend for the Period (six months ended 31 December
2017: Nil).

香港利得稅按本期間內之估計應課稅盈利以
稅率16.5%計提撥備(截至二零一七年十二月
三十一日止六個月:16.5%)。


本集團於其他地區經營之公司之盈利稅項,已
根據所在地之現有法例、詮釋及慣例,按各自
稅務司法權區之現行稅率計算。



8.
股息
董事會並不建議派發本期間的中期股息(截至
二零一七年十二月三十一日止六個月:無)。




9.
DISCONTINUED OPERATION
During the Period, the Group has ceased the operation
of the provision of property management and property
agency services and the segment has been included as
discontinued operation.

The unaudited results of the discontinued operation
included in the loss for the period are set out below:

9.
終止經營業務
於本期間,本集團已終止提供物業管理及物業
代理服務經營業務且該分部已被列為終止經營
業務。


計入本期間虧損的終止經營業務之未經審核業

績載列如下:

For the three months ended
31 December

截至十二月三十一日止三個月

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

HK$’000

千港元

(Unaudited)

(未經審核)

For the six months ended
31 December

截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年


HK$’000

千港元


(Unaudited)

(未經審核)


Revenue
收入




389

30

5,516
Cost of sales銷售成本




(1,331)

Gross profit
毛利




(8,904)
389

30
28
(9,566)
4,185
Other income and gains其他收入及收益





Administrative and other expenses行政及其他費用


(2,004)

(2,744)

(Loss)/profit before tax除稅前(虧損)╱盈利


(8,904)
29
(1,615)

(9,508)
29
1,441
Income tax credit所得稅撥回


252

(230)
(Loss)/profit for the period from 本期間來自終止經營業務之
discontinued operation(虧損)╱盈利


(8,875)
(1,363)

(9,479)
1,211

(Loss)/profit attributable to 本公司擁有人
owners of the Company應佔(虧損)╱盈利


(8,875)
(1,363)

(9,479)
1,211

The net cash flow incurred by the 終止經營業務導致的現金流

discontinued operation are as 量淨額如下:


follows:

Operating activities經營活動


Investing activities
投資活動


Financing activities
融資活動


(3,579) (2,204) (3,111) 3,575
– – – –
– – – –
Net cash (outflow)/inflow現金(流出)╱流入淨額
(3,579) (2,204) (3,111) 3,575


10. LOSS PER SHARE ATTRIBUTABLE TO
10. 本公司普通股權益持有人應佔
ORDINARY EQUITY HOLDERS OF THE 之每股虧損
COMPANY
The calculations of basic and diluted loss per share are 每股基本及攤薄虧損按以下基準計算:
based on:

For the three months ended For the six months ended
31 December 31 December

截至十二月三十一日止三個月截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
二零一七年


HK$’000

HK$’000

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)

(未經審核)


Loss attributable to ordinary equity 本公司普通股權益持有人
holders of the Company應佔虧損
(20,569) (40,788) (35,680) (30,391)

Attributable to:以下應佔:
Continuing operations持續經營業務


(11,694)
(8,875)
(39,425)

26,201
(9,479)
(31,602)
Discontinued operation終止經營業務


(1,363)

1,211


(20,569) (40,788) (35,680) (30,391)

Numbers of shares

股份數目


For the three months ended For the six months ended
31 December 31 December

截至十二月三十一日止三個月截至十二月三十一日止六個月


2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
2017

二零一七年

二零一七年


HK$’000

HK$’000

千港元

千港元


(Unaudited)

(Unaudited)

(未經審核)
2018
二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)(未經審核)


Number of shares:
股份數目:


Weighted average number of ordinary shares 用以計算每股基本虧損之期內
in issue during the period used in the basic 已發行普通股加權平均數
loss per share calculation


3,066,070,496
2,776,215,424

2,946,347,749
2,776,215,424


10. LOSS PER SHARE ATTRIBUTABLE TO
ORDINARY EQUITY HOLDERS OF THE
COMPANY (CONTINUED)
No adjustment has been made to the basic loss per share
amounts presented for the three months and six months
ended 31 December 2018 and 2017 in respect of a dilution
as the impact of the share options and convertible bonds
outstanding had an anti-dilutive effect on the basic loss per
share amounts presented.

11. GOODWILL
Goodwill is allocated to the Group’s cash generating units
(“CGU”) that are expected to benefit from that business. A
summary of goodwill by each reporting operating CGU is
presented below:

10. 本公司普通股權益持有人應佔
之每股虧損(續)
截至二零一八年及二零一七年十二月三十一日
止三個月及六個月期間,並無就攤薄對列報的
每股基本虧損金額作出調整,原因為尚未行使
之購股權及可換股債券對列報的每股基本虧損
金額產生了反攤薄效應。



11. 商譽
商譽分配至本集團預期可從該業務獲益的現金
產生單位(「現金產生單位」)。按各報告經營現
金產生單位劃分的商譽概要載列如下:


31 December 2018
二零一八年十二月三十一日
HK$’000
千港元
30 June 2018

二零一八年六月三十日


HK$’000

千港元


Provision of online sales platforms

Property management and property agency
services (note a)

Money-lending business

IP rights licensing and international IP
development, media integrated marketing
and distribution agency
of sports goods business

– arising from the Sense Media acquisition
– arising from the Strong Network acquisition
(note b)
– arising from the Great Window acquisition
(note 19)
提供網上銷售平台




1,000
72,729
31,983
5,379

物業管理及物業代理服務(附註
a)
8,158

借貸業務


1,000

知識產權授權及國際知識產權開
發、媒體綜合營銷及分銷代理
運動用品業務


-由三思收購事項而產生


72,729
-由Strong Network收購事項
而產生(附註
b)


58,188

-由大創收購事項而產生
(附註
19)





111,091 140,075


11. GOODWILL (CONTINUED)
(a) Provision of property management and
property agency services CGU
The recoverable amounts of the provision of property
management and property agency services CGU
have been determined on the basis of their value in
use using discounted cash flow method.

The Directors prepared the cash flow forecast to
determine the recoverable amount of the CGU.

During the Period, the Group has ceased the
operation of the provision of property management
and property agency services and the segment
has been included as discontinued operation.
Accordingly, an impairment loss on goodwill of
HK$8,158,000 arising from the provision of property
management and property agency services CGU
was provided during the period.

(b) Strong Network CGU
The Strong Network CGU provides key distribution
channels to the Sense Media CGU and the Group
for their downstream businesses and provision of
steady expansion of commercialised IPs within the
PRC, through engagement with various cooperation
partners which covers different provinces in the PRC.
In addition, the Strong Network CGU commenced its
business of distribution agency of sports goods.

The recoverable amounts of the Strong Network CGU
have been determined on the basis of their value in
use using discounted cash flow method.

The cash flow forecasts are prepared based on the
most recent financial budgets approved by the senior
management of the Group for the next five years
from 2019 to 2023 (the “Sense and Strong Network
Budget Period”) with the residual period.

11.
商譽(續)
(a)
提供物業管理及物業代理服務
現金產生單位
提供物業管理及物業代理服務現金產生
單位之可收回金額已採用貼現現金流量
法根據其使用價值釐定。


董事編製現金流量預測以釐定現金產生
單位之可收回金額。


於本期間,本集團已終止提供物業管理
及物業代理服務經營業務且該分部已被
列為終止經營業務。因此,於期內計提
提供物業管理及物業代理服務現金產生
單位產生之商譽減值虧損8,158,000港
元。



(b) Strong Network現金產生單位
Strong Network現金產生單位為三思
傳媒現金產生單位及本集團的下游業務
提供主要分銷渠道,並透過與涵蓋中國
不同省份的各類合作夥伴接觸穩步擴張
中國商業化知識產權。此外,Strong
Network現金產生單位開始分銷代理運
動用品業務。



Strong Network現金產生單位之可收回
金額已採用貼現現金流量法根據其使用
價值釐定。


現金流量預測乃基於經本集團高級管理
層批准二零一九年至二零二三年未來五
年(「三思及
Strong Network預算期」)及
剩餘期間之最近財務預算作出。




11. GOODWILL (CONTINUED)
(b) Strong Network CGU (Continued)
The key assumptions for the discounted cash flow
method are those regarding the discount rate,
growth rate, terminal growth rate, gross margin and
turnover during the Sense and Strong Network Budget
Period. The Group estimates discount rates using
pretax rates that reflect current market assessments of
the time value of money and the risks specific to the
CGUs. The terminal growth rate is based on historical
growth rate of the geographical area in which the
businesses of the CGUs operate. These rates do not
exceed the average long-term growth rates for the
relevant markets. Budgeted revenue based on past
performance and expectations regarding market
development and expenses are based on historical
performance of the CGUs projected with growth rate
not exceed the inflation rate.

Pursuant to the cash flow forecasts, the recoverable
amounts of the Strong Network CGU as at 31
December 2018 was assessed to be HK$42,096,000.
The decrease in the recoverable amount of the
strong Network CGU mainly due to the decline
in budgeted revenue. Accordingly, provision of
approximately HK$26,205,000 for impairment loss
on goodwill arising from the Strong Network CGU is
considered necessary.

11. 商譽(續)
(b)
Strong Network現金產生單位
(續)
貼現現金流量法的主要假設與三思及
Strong Network預算期內貼現率、增長
率、終端增長率、毛利率及收入有關。

本集團採用可反映目前市場對貨幣時間
價值的評估及現金產生單位特定風險的
稅前比率以估計貼現率。終端增長率乃
以現金產生單位經營業務所在地區的歷
史增長率為基準。該等比率並不超過相
關市場的平均長期增長率。預算收益乃
以市場發展的過往表現及預期為基準及
開支乃基於現金產生單位之過往表現釐
定,預計增長率不高於通脹率。


根據現金流量預測,Strong Network現
金產生單位於二零一八年十二月三十一
日之可收回金額被評估為42,096,000
港元。Strong Network現金產生單位
之可收回金額減少主要是由於預算收益
減少。因此,須就Strong Network現
金產生單位產生之商譽減值虧損計提
26,205,000港元的撥備。




12. LOAN AND INTEREST RECEIVABLES 12. 應收貸款及利息賬款
31 December 2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June 2018

於二零一八年
六月三十日


HK$’000

千港元


(Audited)
(經審核)

Loan receivables應收貸款賬款


70,240
475

108,062
Interest receivables應收利息賬款


1,028
Impairment減值


(20,000)

Net carrying amounts賬面淨值


70,715
(70,715)
89,090
Less: Ba lances due within one year 減:於一年內到期而計入
included in current assets流動資產之結餘


(89,090)


Non-current portion非流動部分
– -

Loan and interest receivables represent outstanding 應收貸款及利息賬款指由本集團借貸業務所產
principals and interest arising from the money lending 生之尚未收回本金及利息。所有該等應收貸
business of the Group. All of the loan receivables are 款賬款所訂合約到期日介乎於
6個月至12個月
entered with contractual maturity within 6 months to 12 內。本集團力求維持嚴格控制其應收貸款及利
months. The Group seeks to maintain strict control over its 息賬款,透過審查借款人之財務狀況,以降低
loan and interest receivables in order to minimise credit risk 信貸風險。

by reviewing the borrowers’ financial positions.

The loan receivables are interest-bearing at rates mutually 應收貸款賬款按訂約方之間相互協定之利率介
agreed between the contracting parties, ranging from 乎每年8%至12%計息。於二零一八年十二月
8% to 12% per annum. As at 31 December 2018, loan 三十一日,應收貸款賬款為無抵押。

receivables were unsecured.


12. LOAN AND INTEREST RECEIVABLES
(CONTINUED)
The loan and interest receivables at the end of the
reporting period are analysed by the remaining period to

contractual maturity date as follows:

Receivable:
Within 3 months3 months to 1 yearOver 1 year

12. 應收貸款及利息賬款(續)
於報告期末,根據合同到期日餘下期間計算之
應收貸款及利息賬款之分析如下:


31 December 2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
應收款:
三個月內
三個月至一年
超過一年


23,890
46,825

30 June 2018

於二零一八年
六月三十日


HK$’000

千港元


(Audited)
(經審核)

1,002
88,088
-

70,715
(70,715)
89,090
Less: C urrent portion of loan and 減:應收貸款及利息賬款之
interest receivables流動部分


(89,090)

Non-current portion of loan and 應收貸款及利息賬款之非流
interest receivables動部分



-

Loan and interest receivables were neither past due nor 於報告期末,應收貸款及利息賬款概無逾期或
impaired at the end of the reporting period.減值。



13. TRADE RECEIVABLES 13. 應收貿易賬款
31 December 2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June 2018

於二零一八年
六月三十日


HK$’000

千港元


(Audited)
(經審核)

Trade receivables 應收貿易賬款


10,305

25,335

Impairment減值


(99)
10,305 25,236

An aged analysis of trade receivables as at the end of the 於報告期末,根據發票日期計算之應收貿易賬
reporting period, based on invoice date, is as follows: 款之賬齡分析如下:

31 December 2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June 2018

於二零一八年
六月三十日


HK$’000

千港元


(Audited)
(經審核)

Current即期


4,743
82
47
4,733
700
14,245

31–60 days 31–60天


6,987

61–90 days 61–90天


3,881

91–180 days 91–180天


123

Over 180 days超過180天


-


10,305 25,236

The Group’s terms on credit sales primarily range from 30 to 本集團之賒銷期限一般由30天至180天不等
180 days (2017: 30 to 180 days). (二零一七年:
30天至180天)。


Overdue balances are reviewed regularly by senior 高級管理層定期檢討逾期結餘。鑑於上述各項
management. In view of the aforementioned and the fact 及本集團之應收貿易賬款乃與分散客戶有關,
that the Group’s trade receivables relate to diversified 故並無重大信貸風險集中之情況。應收貿易賬
customers, there is no significant concentration of credit 款為不計息。

risk. Trade receivables are non-interest bearing.


14. CASH AND CASH EQUIVALENTS AND
14. 現金及現金等值項目及已抵押
PLEDGED DEPOSITS 存款
31 December 2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June 2018

於二零一八年
六月三十日


HK$’000

千港元


(Audited)
(經審核)

Cash and bank balances現金及銀行結餘


39,135
310
43,046
Time deposits定期存款


310

39,445
(310)
43,356

Less: Pl edged time deposits for 減:為獲取就銀行及其他
securing banking and other 融資而抵押之定期
facilities存款


(310)
39,135 43,046

15. TRADE PAYABLES
15. 應付貿易賬款
An aged analysis of trade payables as at the end of 於報告期末,根據付款到期日計算之應付貿易
the reporting period, based on payment due date, 賬款之賬齡分析如下:
respectively, is as follows:


31 December 2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June 2018

於二零一八年
六月三十日


HK$’000

千港元


(Audited)
(經審核)

Current
即期


7,619
3
1,021
1,309
11,112
10,293
31–60 days 31–60天


1,163
61–90 days 61–90天


107
91–180 days 91–180天


-
Over 180 days超過180天


10,521


21,064 22,084


16. CONVERTIBLE BONDS
The Group issued 2 convertible bonds in August 2017 (the
“August 2017 CB”) and December 2017 (the “December
2017 CB”), respectively, with details as follows:

The August 2017 CB

On 7 August 2017, the Company issued a zero coupon
redeemable convertible bond with nominal value
of HK$70,000,000 due in August 2020, comprising of
HK$40,000,000 (the “1st Tranche Lockup CB”) and
HK$30,000,000 (the “2nd Tranche Lockup CB”) as part of
the consideration for the Sense Media acquisition. The
1st Tranche Lockup CB and the 2nd Tranche Lockup CB
are conditionally convertible into ordinary shares of the
Company at an initial conversion price of HK$0.138 per
conversion share (subject to adjustments in accordance
with the terms of the August 2017 CB).

Based on the conversion price of HK$0.138 per conversion
share (subject to adjustments), a maximum number of
507,246,376 conversion shares will be allotted and issued,
representing 18.27% of the existing issued share capital
of the Company and approximately 15.45% of the issued
share capital of the Company as enlarged by the allotment
and issue of the conversion shares.

The 1st Tranche Lockup CB shall be convertible when (i)
the audited consolidated financial statements of the Sense
Media Group for the first guarantee period is issued and
the first year target profit is achieved; and (ii) if the first
year target profit is not achieved, full payment of cash
compensation has been made to the Company.

The 2nd Tranche Lockup CB shall be convertible when (i)
the audited consolidated financial statements of the Sense
Media Group for the second guarantee period is issued
and the second year target profit is achieved; and (ii) if the
second year target profit is not achieved, full payment of
the cash compensation has been made to the Company.

16. 可換股債券
本集團分別於二零一七年八月(「二零一七年
八月可換股債券」)及二零一七年十二月(「二零
一七年十二月可換股債券」)發行2批可換股債
券,詳情如下:

二零一七年八月可換股債券

於二零一七年八月七日,本公司發行面值為
70,000,000港元並於二零二零年八月到期的零
票息可贖回可換股債券,當中包括
40,000,000
港元(「第一批禁售可換股債券」)及30,000,000
港元(「第二批禁售可換股債券」)作為三思收購
事項的部分代價。第一批禁售可換股債券及第
二批禁售可換股債券可有條件按初步換股價每
股換股股份
0.138港元(可根據二零一七年八月
可換股債券條款予以調整)轉換為本公司普通
股。


按換股價每股換股股份0.138港元(可予調整)
計算,最多507,246,376股換股股份將予以配
發及發行,相當於本公司現有已發行股本之


18.27%及經配發及發行換股股份擴大之本公
司已發行股本約15.45%。

第一批禁售可換股債券於以下條件獲達成時可
予轉換:(i)就首個擔保期間出具三思傳媒集團
經審核綜合財務報表及達成第一年目標溢利;
及(ii)倘第一年目標溢利未達成,向本公司全
數支付現金補償。


第二批禁售可換股債券於以下條件獲達成時可
予轉換:(i)就第二個擔保期間出具三思傳媒
集團經審核綜合財務報表及達成第二年目標溢
利;及(ii)倘第二年目標溢利未達成,向本公
司全數支付現金補償。



16. CONVERTIBLE BONDS (CONTINUED)
The August 2017 CB (Continued)
The fair value of the liability component of the August
2017 CB was calculated using a market interest rate for an
equivalent non-convertible bond. The liability component
of the August 2017 CB is subsequently stated at amortised
cost until extinguished on conversion or maturity of the
bonds. The residual amount represented the conversion
option and was included in shareholders’ equity.

Imputed interest expense on the August 2017 CB is
calculated using the effective interest method by applying
the effective interest rate of 9.9% per annum.

The December 2017 CB

On 1 December 2017, the Company further issued a
convertible bond with nominal value of HK$100,000,000
carrying a coupon rate of 2.5% due in November 2020. The
December 2017 CB is convertible into ordinary shares of
the Company at an initial conversion price of HK$0.181 per
conversion share (subject to adjustments in accordance
with the terms of the December 2017 CB).

Based on the conversion price of HK$0.181 per conversion
share (subject to adjustments), a maximum number of
552,486,187 conversion shares will be allotted and issued,
representing approximately 19.90% of the existing issued
share capital of the Company and approximately 16.60%
of the issued share capital of the Company as enlarged by
the allotment and issue of the conversion shares.

The fair value of the liability component of the December
2017 CB was calculated using a market interest rate for an
equivalent non-convertible bond. The liability component of
the December 2017 CB is subsequently stated at amortised
cost until extinguished on conversion or maturity of the
bonds. The residual amount represented the conversion
option and was included in shareholders’ equity.

Imputed interest expense on the December 2017 CB is
calculated using the effective interest method by applying
the effective interest rate of 11.9% per annum.

16. 可換股債券(續)
二零一七年八月可換股債券(續)

二零一七年八月可換股債券之負債部份公平值
乃使用等同不可換股債券之市場利率計算。二
零一七年八月可換股債券之負債部份其後按攤
銷成本列賬直至於債券獲轉換或到期時消失為
止。剩餘金額反映轉換權,乃列入股東權益。


二零一七年八月可換股債券之推算利息開支乃
採用實際利率法,按實際年利率9.9%計算。


二零一七年十二月可換股債券

於二零一七年十二月一日,本公司進一步發行
面值為100,000,000港元的可換股債券,票面
息率為
2.5%,於二零二零年十一月到期。二
零一七年十二月可換股債券可按初步換股價每
股換股股份
0.181港元(可按二零一七年十二月
可換股債券的條款予以調整)轉換為本公司普
通股。


按換股價每股換股股份0.181港元(可予調整)
計算,最多552,486,187股換股股份將予以配
發及發行,相當於本公司現有已發行股本約


19.90%及經配發及發行換股股份擴大之本公
司已發行股本約16.60%。

二零一七年十二月可換股債券之負債部份公平
值乃使用等同不可換股債券之市場利率計算。

二零一七年十二月可換股債券之負債部份其後
按攤銷成本列賬直至於債券獲轉換或到期時消
失為止。剩餘金額反映轉換權,乃列入股東權
益。


二零一七年十二月可換股債券之推算利息開
支乃採用實際利率法,按實際年利率11.9%計
算。




16. CONVERTIBLE BONDS (CONTINUED)
The December 2017 CB (Continued)
The August 2017 CB and the December 2017 CB have been
split into the liability and equity components as follows:


16.
可換股債券(續)
二零一七年十二月可換股債券(續)

二零一七年八月可換股債券及二零一七年十二
月可換股債券已分為負債及權益部分如下:


August December
2017 CB 2017 CB Total
二零一七年二零一七年
八月十二月
可換股債券可換股債券總計
HK$’000 HK$’000 HK$’000
千港元千港元千港元


Nominal value of convertible 發行的可換股債券面值
bonds issued


70,000 100,000 170,000

Equity component權益部分
(17,259) (21,164) (38,423)

Direct transaction costs 負債部分應佔直接交易成

attributable to the liability 本*

component*

– (1,971) (1,971)
Liability component at the 於發行日期的負債部分
issuance date


52,741 76,865 129,606
Imputed interest expense 推算利息開支(附註
5)
(note 5)

6,560 10,136 16,696
Interest paid已付利息
– (1,451) (1,451)
Conversion of convertible bonds兌換可換股債券
(33,471) – (33,471)

Liability component at 於二零一八年十二月

31 December 2018三十一日的負債部分
25,830 85,550 111,380

Less: Classified as current portion減:歸類為流動部分
– (1,250) (1,250)

Classified as non-current portion歸類為非流動部分
25,830 84,300 110,130

*
The direct transaction costs arising from the issuance * 發行二零一七年十二月可換股債券產生直接
of the December 2017 CB amounted to HK$2,500,000, 交易成本2,500,000港元,其中權益部分應
of which, HK$529,000 was attributed to the equity 佔529,000港元,而負債部分應佔餘下結餘
component and the remaining balances of HK$1,971,000 1,971,000港元。

was attributed to the liability component.

17. SHARE CAPITAL 17. 股本
(Audited)
(已審核)
Number of
shares
股份數目
Nominal
value
面值
HK$’000
千港元


Authorised:法定:
Ordinary shares of HK$0.01 each,
as at 1 July 2017 and 30 June 2018
於二零一七年七月一
日及二零一八年六月
三十日,每股面值
0.01港元之普通股10,000,000,000 100,000
Issued and fully paid:已發行及繳足:
Ordinary shares of HK$0.01 each as
at 1 July 2017 and 30 June 2018
於二零一七年七月一
日及二零一八年六月
三十日,每股面值
0.01港元之普通股2,776,215,424 27,762

17. SHARE CAPITAL (CONTINUED) 17. 股本(續)
(Unaudited)
(未經審核)
Number of shares Nominal value


股份數目面值


Note

HK$’000

附註

千港元


Authorised:
Ordinary shares of HK$0.01
each as at 1 July 2018 and
31 December 2018
法定:
於二零一八年七月一日
及二零一八年十二月
三十一日之每股面值
0.01港元之普通股
10,000,000,000 100,000
Issued and fully paid:
Ordinary shares of HK$0.01
each as at 1 July 2018
已發行及繳足:
於二零一八年七月一日
之每股面值0.01港元
之普通股
2,776,215,424 27,762
Issue of shares upon
conversion of convertible
bonds
於兌換可換股債券時發
行股份
(a)
289,855,072 2,899
Ordinary shares of HK$0.01
each as at 31 December
2018
於二零一八年十二月
三十一日之每股面值
0.01港元之普通股
3,066,070,496 30,661
Note: 附註:
(a) On 1 4 September 2 0 1 8 , principal amount of
HK$40,000,000 of the 1st Tranche Lockup CB (as defined
in the circular of the Company dated 18 July 2017) was
converted into 289,855,072 new shares of the Company
at the conversion price of HK$0.138 per share.
(a) 於二零一八年九月十四日,本金為
40,000,000港元之第一批禁售可換股債券
(定義見本公司日期為二零一七年七月十八
日的通函)已按換股價每股0.138港元轉換為
本公司289,855,072股新股份。



18. SHARE OPTION SCHEME 18. 購股權計劃
The movement of number of share options under the share 以下為截至二零一八年十二月三十一日止期間
option scheme during the period ended 31 December 根據購股權計劃之購股權數目之變動:
2018 is as follows:
Number of share options
購股權數目


Outstanding Granted
Name or category of as at during

Outstanding
as at
31 December
2018
於二零一八年
十二月三十一曰
尚未行使
Date of grant of Exercisable period of Exercise price of
participant 1 July 2018 the Period share options share options share options*

於二零一八年
七月一曰
參與者名稱或所屬類別尚未行使本期間授出

授出購股權日期購股權之行使期購股權之行使價*

HK$ per share

每股港元


Directors

董事


Mr. POON Man Sum

潘文森先生


Mr. AI Kuiyu

艾奎宇先生


Employees and other participants

員工及其他參與者


25,000,000 –

25,000,000
25,000,000
227,000,000
12 February 2018

二零一八年二月十二日


25,000,000 –

12 February 2018

二零一八年二月十二日


227,000,000 –

12 February 2018

二零一八年二月十二日


12 August 2018 to
11 February 2020

二零一八年八月十二日至
二零二零年二月十一日


12 August 2018 to
11 February 2020

二零一八年八月十二日至
二零二零年二月十一日


12 August 2018 to
11 February 2020

二零一八年八月十二日至
二零二零年二月十一日


0.27

0.27

0.27


277,000,000 – 277,000,000

*
The exercise price of the share options is subject to
adjustment in the case of rights or bonus issues, or other
similar changes in the Company's share capital.
The closing price of the shares of the Company
immediately before the date on which these share options
were granted was HK$0.26 per share.

*
購股權之行使價可視乎供股或發行紅股,或
本公司股本之其他類似變動而可予調整。

本公司股份於緊接授出該等購股權日期前之收
市價為每股0.26港元。



18. SHARE OPTION SCHEME (CONTINUED)
The Group recognised a total expenses of approximately
HK$1,760,000 during the Period in relation to share options
granted by the Company in which, as to approximately (i)
HK$236,000 was included in the directors’ remuneration;

(ii) approximately HK$378,000 was included in staff costs;
(iii) approximately HK$226,000 was included in marketing
expenses; and (iv) approximately HK$920,000 was included
in legal and professional expenses.
No options were granted, exercised, expired or lapsed
under the Group’s existing share option scheme during the
Period.

19. FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value hierarchy
The following table illustrates the fair value measurement
hierarchy of the Group’s financial instruments:

Assets measured at fair value

18. 購股權計劃(續)
本集團於本期間就本公司授出的購股權確認總
開支約1,760,000港元,其中(i) 約236,000港
元已計入董事酬金;(ii) 約378,000港元已計
入員工成本;
(iii)約226,000港元已計入營銷
開支;及(iv) 約920,000港元已計入法律及專
業費用。


概無購股權於本期間根據本集團現有購股權計
劃被授出、行使、屆滿或失效。



19. 財務工具公平值
公平值層級

下表列示本集團財務工具的公平值計量層級:

按公平值計量的資產


Fair value measurement using

公平值計量使用


Quoted prices in active markets Significant observable inputs Significant unobservable inputs

(level 1) (level 2)

於活躍市場報價(第一級)重大可觀察輸入數據(第二級)

31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June

31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June
2018

2018

於二零一八年

於二零一八年
六月三十日

六月三十日

HK$’000

HK$’000

千港元

千港元

(Audited)

(Audited)
(經審核)

(經審核)

(level 3)

重大不可觀察輸入數據(第三級)

31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June
2018

於二零一八年
六月三十日

HK$’000

千港元

(Audited)
(經審核)

Total

總計


31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June

於二零一八年
六月三十日


HK$’000

千港元


(Audited)
(經審核)

comprehensive income投資



35,351






10,000

13,000

10,000
35,351
13,000

Equity investments at fair 按公平值計入損益
value through profit or 之股本投資
loss40,995





40,995

Assets measured at fair
value

Equity investments at fair
value through other

按公平值計量的
資產


按公平值計入其他
全面收益之股本


19. FAIR VALUE OF FINANCIAL INSTRUMENTS
19. 財務工具公平值(續)
(CONTINUED)
Fair value hierarchy (Continued) 公平值層級(續)
Assets measured at fair value (Continued) 按公平值計量的資產(續)


Fair value measurement using

公平值計量使用


Quoted prices in active markets Significant observable inputs Significant unobservable inputs
(level 1) (level 2) (level 3) Total

於活躍市場報價(第一級)重大可觀察輸入數據(第二級)重大不可觀察輸入數據(第三級)總計


31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June

31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June

31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June

31 December
2018
於二零一八年
十二月三十一日
HK$’000
千港元
(Unaudited)
(未經審核)
30 June
2018

2018

2018

2018

於二零一八年

於二零一八年

於二零一八年

於二零一八年
六月三十日

六月三十日

六月三十日

六月三十日


HK$’000

HK$’000

HK$’000

HK$’000

千港元

千港元

千港元

千港元


(Audited)

(Audited)

(Audited)

(Audited)
(經審核)

(經審核)

(經審核)

(經審核)

Liabilities measured at 按公平值計量的負
fair value債


Contingent consideration 應付或然代價
payable









25,870


25,870

20. OPERATING LEASE ARRANGEMENTS 20. 經營租約安排
The Group leases certain of its office properties and staff 本集團根據經營租約安排租用若干辦公室物業
quarters under operating lease arrangements. Such leases 及員工宿舍。經協商之物業租賃期介乎一至三
are negotiated for terms ranging from one to three years. 年。



20. OPERATING LEASE
ARRANGEMENTS(CONTINUED)
At 31 December 2018, the Group had total future minimum
lease payments under non-cancellable operating leases
falling due as follows:

20. 經營租約安排(續)
於二零一八年十二月三十一日,根據不可撤銷
經營租約,本集團須按以下年期支付未來最低
應付租金總額如下:


As at 31 December

十二月三十一日


2018
於二零一八年
HK$’000
千港元
(Unaudited)
(未經審核)
於二零一七年


HK$’000

千港元


(Unaudited)
(未經審核)

Within one year一年內

6,365
4,833
4,175
In the second to fifth years, inclusive第二至第五年
(包括首尾兩年
)

5,008
11,198 9,183


21. COMPARATIVE FIGURES
Certain comparative figures have been reclassified to
conform with the current period’s presentation.

22. EVENTS AFTER THE END OF THE
REPORTING PERIOD
There is no significant event after the end of the reporting
period.

21. 比較數字
若干比較數字已重列以符合本期間之呈列方
式。



22. 報告期末後事項
報告期末後並無發生重大事項。



FINANCIAL REVIEW
Continuing Operations

Revenue
During the Period, the Group recorded an unaudited
consolidated revenue of approximately HK$99,961,000
(six months ended 31 December 2017: approximately
HK$151,537,000), representing a decrease of approximately 34%.


The consolidated revenue for the Period from continuing
operations was mainly contributed by the revenue of (i) the
e-commerce business of approximately HK$69,353,000; (ii) the
money lending business of approximately HK$3,919,000; and (iii)
franchise income arising from IP rights licensing, international
IP development, media integrated marketing, and distribution
agency of sports goods of approximately HK$26,689,000.


The intense competition in the e-commerce industry has led to a
decline of revenue of the Group, which outweighed the income
growth and contribution from new businesses of the Group.


Gross Profit and Gross Profit Margin
The gross profit dropped from approximately HK$46,086,000
during the corresponding period in last year to approximately
HK$30,976,000 during the Period, representing a drop of
approximately 33%, while the gross profit margin increased
from approximately 30% to 31%, representing an increase of
approximately 1%.


Other Income and Gains
The increase of other income and gains mainly attributable
to the reversal of the provision for litigation fee of e-commerce
business of approximately HK$10,363,000.


Selling and Distribution Costs
The expenses mainly attributable to e-commerce business.
The drop in the expenses was resulted from (i) the decrease in
revenue of e-commerce business; (ii) decrease of transportation
cost of approximately HK$11,460,000 due to change in sales mix;
and (iii) adoption of fiscal austerity policies during the Period.


Administrative and other expenses
The decrease in the expenses was mainly attributable to lesser
general administrative expenses incurred by adoption of fiscal
austerity policies.


財務回顧

持續經營業務

收入
於本期間,本集團未經審核綜合收入為約
99,961,000港元(截至二零一七年十二月三十一日止
六個月:約151,537,000港元),減少約34%。


本期間的持續經營業務綜合收益主要來自
(i)電子商
務業務的收益約69,353,000港元;(ii)借貸業務的收
益約
3,919,000港元;及
(iii)知識產權授權產生的特
許經營之收入、國際知識產權開發、媒體綜合營銷以
及分銷代理運動用品的收入約26,689,000港元。


電子商務行業競爭激烈,導致本集團收益進一步下
跌,而其影響大於本集團新業務的收入增長及貢獻。


毛利及毛利率
毛利由去年同期約為
46,086,000港元下降至本期間
約為30,976,000港元,減少約33%。而毛利率由約
30%上升至31%,較去年上升約1%。


其他收入及收益
其他收入及收益增加主要由於撥回電子業務之訴訟費
用撥備約10,363,000港元。


銷售及分銷成本
費用主要產生自電子商務業務,費用下降乃由於本期
間內(i)電子商務業務的收益減少;
(ii)銷售組合變更
導致運輸成本減少約11,460,000港元;(iii)採取財政
緊縮政策。


行政及其他費用
費用減少主要由於採納財政緊縮政策引致一般行政費
用減少。




Finance Costs
The finance costs during the Period amounted to approximately
HK$6,672,000 (six months ended 31 December 2017:
HK$3,639,000). The increase in the finance costs was attributable
to the imputed interest expense of the convertible bonds issued
during the Period.

Loss for the Period
The Group recorded a loss of approximately HK$41,022,000
during the Period and representing an increase of approximately
9% as compared with that of the corresponding period in last
year of approximately HK$37,666,000.

Even though there is profits from the new business segments of
the Group, the profits was fully outweighed by:

.
the loss on disposal of the available-for-sales investments;
.
the continuing loss from e-commerce business; and
.
increase in finance costs.
Discontinued Operation – Property management
and property agency services
The Group ceased the operation of the provision of property
management and property agency services during the Period.
For details, please refer to note 9.

BUSINESS REVIEW
Continuing operation

(i)
E-commerce
The Group engaged in the business of e-commerce mainly
through its B2C foreign trade e-commerce on-line sales
platform, namely DX.com. The e-commerce business of
the Group has been adversely affected by the increasingly
intensifying competition within the e-commerce industry in
recent years. The Group’s platform recorded a continuous
decrease in revenue from HK$139,735,000 for the same
period last year to HK$69,353,000 for the current period.
Gross profit margin dropped from 25.9% to approximately
18.1%.
To cope with the adverse business environment, the Group
has adopted fiscal austerity policies to control its cost and
extended the range of its trading products. Further, the
Group will continue to develop its back-end system and
shopping process optimization.

融資成本
本期間的融資成本約為6,672,000港元(截至二零一七
年十二月三十一日止六個月:
3,639,000港元)。財
務費用增加因本期間內發行可換股債券之推算利息開
支。


本期間虧損
本集團於本期間錄得虧損約為
41,022,000港元,與
去年同期約為37,666,000港元相比增加約9%。


儘管本集團新業務分部產生溢利,但溢利被以下各項
完全蓋過:


.
出售可供出售投資的虧損;
.
電子商務業務的持續虧損;及
.
財務費用增加。

終止經營業務-物業管理及物業代理服務

本集團於本期間停止提供物業管理及物業代理服務。

有關詳情,請參閱附註9。


業務回顧

持續經營業務


(i)
電子商務業務
本集團的電子商務業務主要藉外貿電子商務
網上銷售平台DX.com以企業對消費者方式經
營。近年來,電子商務行業競爭日漸加劇,
本集團電子商務業務因而受到不利影響。

本集團的平台收入持續下跌,由去年同期
139,735,000港元下跌至本期間
69,353,000港
元。毛利率由25.9%下跌至約18.1%。

為應對不利營商環境,本集團已採納財務緊縮
政策以控制其成本,並擴大貿易產品範圍。此
外,本集團會繼續發展其後台系統及優化採購
流程。



The e-commerce business of the Group is carried on 本集團之電子商務業務是通過其全資附屬
through its wholly-owned subsidiary EPRO E-Commerce 公司EPRO E-Commerce Group LimitedGroup Limited (“EPRO”) and its subsidiaries (the “EPRO (「EPRO」)及其附屬公司(「EPRO集團」)進行。

Group”). By the introduction of a new investor of EPRO 藉於二零一七年八月為EPRO引入新投資者,
in August 2017, the Group’s equity interest in EPRO was 本集團持有之EPRO股權因此由100%減少至
reduced from 100% to 51%, accordingly. The Group expects 51%。本集團預期於可見將來減少其對EPROto reduce its funding commitment to the EPRO Group in the 集團之資金承擔。

foreseeable future.
(ii) Money-lending (ii) 借貸業務
During the Period, the revenue of the Group’s money於
本期間內,本集團之借貸業務錄得
lending business amounted to HK$3,919,000 (2017: 3,919,000港元(二零一七年:
4,669,000港元)
HK$4,669,000). Further, the Group offered loans to clients 收入。此外,本集團向客戶提供貸款,利率介
at an interest rate ranging from 8% to 12%. The Group will 乎8%至12%。本集團將繼續維持均衡的組合
continue to maintain a balanced portfolio, and review its 及審視貸款組合以控制債務違約風險。

loan portfolio so as to control the risks of debt default.
Subsequent to the end of the reporting period, a loan 於報告期末後,已違約之應收貸款金額為
receivable amounted to HK$20,000,000 was default. The 20,000,000港元。本集團於二零一八年十二月
Group has made sufficient provision regarding the loan 三十一日已就相關應收貸款作出充足撥備。

receivable as at 31 December 2018.
(iii) IP rights licensing and international IP development, (iii) 知識產權授權及國際知識產權開發、
media integrated marketing and distribution 媒體綜合營銷以及分銷代理運動用品
agency of sports goods business 業務
The Group marched into the IP rights licensing and 本集團於完成收購三思傳媒有限公司(連同其
international IP development and the media integrated 附屬公司,統稱「三思傳媒集團」)後進軍知識
marketing business upon the completion of the acquisition 產權授權及國際知識產權開發,以及媒體綜合
of Sense Media Group Limited (together with its subsidiaries, 營銷業務。三思傳媒集團將其定位為知識產權
the ”Sense Media Group”). The Sense Media Group 綜合運營平台,專門從事媒體綜合營銷業務,
positioned itself as a comprehensive operation platform 包括為品牌提供綜合營銷、規劃及設計服務。

for IP rights, specialising in media integrated marketing 其利用大中華地區內可用的豐富資源及本公司
business, including provision of integrated marketing, 的強勁經營靈活性,對授權知識產權及品牌進
planning and design service for brands. It capitalises 行產品設計以及商業運作。三思傳媒集團亦是
on the abundant resources available within the Greater 中國「知識產權
+增強現實技術+餐飲」經營理
China region and the strong operational flexibility of the 念的先驅。其授權知識產權「Le Petit Chef」及
Company, and conducts product design and commercial 「『晚餐故事』:Marco Polo」已授出予不同用
operation in respect of licensed IP rights and brands. Sense 戶及為本集團帶來新商機及收入。於本期間,
Media Group is also a pioneer of the “Intellectual Property + 此業務為本集團產生收入約6,106,000港元。

Augmented Reality + Food & Beverage” business concept
in China. Its licensed IP rights “Le Petit Chef” and “‘Dinner
Time Story’: Marco Polo”, were licensed out to various
users and had generated new business opportunities and
revenue to the Group. During the Period, the revenue of
approximately HK$6,106,000 was generated for the Group
from such business.


Further, in January 2018, the Group acquired (the “Strong
Network Acquisition”) Strong Network International
Limited (together with its subsidiaries, the “Strong Network
Group”), a service provider for distribution agency, sales
and marketing channel of licensed IP products, with its
distribution channel within the PRC through engagement
with various cooperation partners which cover different
provinces of the PRC. In addition, Strong Network Group
commenced its business of distribution agency of sports
goods in February 2018.

During the Period, the business has been adversely
affected by the business environment and failed to meet
the profit guarantee of HK$10,000,000 for the financial
year ending 31 December 2018, hence, the remaining of
HK$30,000,000 of the consideration is waived. Contingent
consideration payable of approximately HK$26,205,000
has been written off and impairment on goodwill of
approximately HK$26,205,000 has been made during the
period in view of the latest development and lowered
projected profit. Strong Network Group contributed a
revenue of approximately HK$20,653,000 to the Group
during the Period.

Discontinued Operation – Property management
and property agency services

The property management and property agency services
business has been adversely affected by the intensifying
competition within the industry. During the period, the Group
has ceased its operation in view of the latest development and
prospect of the segment. As at 31 December 2018, a provision
of impairment loss on goodwill of HK$8,158,000 (30 June 2018:
HK$8,251,000) has been made by the Group. During the Period,
the revenue of property management and property agency
services decreased from approximately HK$5,516,000 in the
same period in 2017 to approximately HK$30,000.

此外,於二零一八年一月,本集團收購了
Strong Network International Limited(連
同其附屬公司,統稱「Strong Network集團」)

(「Strong Network收購事項」),該集團為授
權知識產權產品的分銷代理、銷售及營銷渠道
服務供應商,透過其於中國的分銷渠道與涵蓋
中國不同省份的各類合作夥伴接觸。此外,
Strong Network集團於二零一八年二月開展
分銷代理運動用品的業務。


於本期間,該業務受業務環境造成不利影響,
且於截至二零一八年十二月三十一日止財政年
度未能達成
10,000,000港元溢利擔保,因此,
餘下代價
30,000,000港元已獲豁免,應付或然
代價約26,205,000港元已於本期間撤回。鑒
於最新發展及較低的預測溢利,本期間已就商
譽減值作出撥備約
26,205,000港元。

Strong
Network集團於本期間為本集團貢獻收入約
20,653,000港元。


終止經營業務—物業管理及物業代理服務
業務

由於物業管理及物業代理服務行業競爭日漸加劇,物
業管理及物業代理服務業務因而受到不利影響。於本
期間,鑒於該分部的最新發展及前景,本集團已終止
其經營。於二零一八年十二月三十一日,本集團已作
出商譽減值虧損撥備8,158,000港元(二零一八年六月
三十日:8,251,000港元)。於本期間,物業管理及物
業代理服務收入由二零一七年同期約5,516,000港元
下跌至約30,000港元。



PROSPECT

The Group has been patiently exploring various potential
business opportunities to diversify its sources of revenue.

The Board believes that the outlook of licensed IP rights business is
challenging but still with potential for development, in particular,
through leveraging on the development of internet technology
and the upgrade of domestic consumer industries. The board
believes that by being a pioneer in the IP commercialisation
industry, the financial performance of the Group will be benefited
and the Group’s commencement of operations in the areas of
media integrated marketing and distribution agency of sports
goods will further diversify the sources of income of the Group.

The Board considers that while Sense Media Group focuses
on the sourcing and procurement of IP with the capabilities to
disseminate its IP portfolio within certain major cities in the PRC,
the core focus of Strong Network Group is and will continue to
be the nation-wide distributor of commercialised IPs. Though the
performance of Strong Network Group was below expectation
and the business environment is challenging, the Board is of
the view that the distribution channel of Strong Network Group
will assist the development of the Group’s IP commercialisation
business.

Looking ahead, in respect of the e-commerce business, the
Group will strive to control its costs and expand its clientele in
order to maintain its competitiveness.

The Board is of the view that the above mentioned series of new
measures and acquisitions had laid a solid foundation for the
diversification of the Group’s development, and will provide
new impetus to the Group’s growth and benefit the long-term
development of the Group. The Group will continue to widen its
business scope to generate fruitful returns for its shareholders.

前景

本集團一直耐心開拓不同潛在商機,以擴闊收入來
源。


董事會相信授權知識產權業務的前景是有挑戰性,但
仍具有發展潛力的,尤其是透過利用互聯網科技之發
展及國內消費產業升級。董事會認為成為知識產權商
業化行業的先驅者將有利於本集團的財務表現,而本
集團開展媒體綜合營銷及分銷代理運動用品領域之業
務將進一步擴闊本集團的收入來源。


董事會認為三思傳媒集團專注於採購知識產權並有
能力在中國若干主要城市內傳播其知識產權組合,
Strong Network集團的核心重點為成為並將繼續
成為商業化知識產權之全國分銷商。儘管Strong
Network集團的表現低於預期,營商環境充滿挑戰,
但董事會認為Strong Network集團的分銷渠道將促
進本集團知識產權商業化業務的發展。


展望未來,就電子商務業務而言,本集團會致力控制
成本及擴大客戶群,以維持此業務之競爭力。


董事會認為,上述一系列的新舉措及收購事項已為本
集團多元化發展奠定堅實基礎並將為本集團之增長提
供新的發展動力,有利本集團之長遠發展。本集團將
繼續開拓業務版圖,致力為其股東締造理想回報。



LIQUIDITY AND FINANCIAL RESOURCES

During the Period, the Group financed its operations by internally
generated cash flow and proceeds from issuance of convertible
bonds.

As at 31 December 2018, the consolidated shareholders’
equity, current assets and net current assets of the Group
were approximately HK$206,086,000 (as at 30 June 2018:
HK$213,217,000), HK$223,162,000 (as at 30 June 2018:
HK$284,799,000) and HK$177,825,000 (as at 30 June 2018:
HK$191,873,000) respectively.

In respect of the Group’s total current assets, trade receivables
and loan and interest receivables (net of provision for doubtful
debts) accounted for approximately 36.3% (as at 30 June 2018:
40.1%) whilst pledged deposits, cash and cash equivalents
accounted for approximately 17.7% (as at 30 June 2018:
15.2%). As at 31 December 2018, the Group’s pledged deposits
amounted to approximately HK$310,000 (as at 30 June 2018:
HK$310,000) and cash and cash equivalents amounted to
HK$39,135,000 (as at 30 June 2018: HK$43,046,000).

The Group’s cash and cash equivalents were denominated in
Hong Kong dollars, Pound Sterling, Euro, Renminbi, Canadian
dollars, Swiss Franc, Australian dollars, Japanese Yen, Mexican
Peso, Brazilian Real, Argentine Peso and United States dollars.

As at 31 December 2018, there was no bank or other borrowings
(as at 30 June 2018: Nil), and there was no revolving loan facility
from other financial institution (as at 30 June 2018: Nil).

MATERIAL ACQUISITIONS, DISPOSALS AND
SIGNIFICANT INVESTMENTS

(i)
Save as disclosed in note 19 of the condensed
consolidated financial statement and business review, the
Group did not make any material acquisition or disposal
of subsidiaries during the six months ended 31 December
2018.
流動資金及財務資源

於本期間,本集團以內部產生之現金流量及發行可換
股債券之所得款項,為其營運提供資金。


於二零一八年十二月三十一日,本集團之綜合股
東權益、流動資產及流動資產淨值,分別約為
206,086,000港元(於二零一八年六月三十日:
213,217,000港元)、
223,162,000港元(於二零一八
年六月三十日:
284,799,000港元)及
177,825,000港
元(於二零一八年六月三十日:
191,873,000港元)。


就本集團之流動資產總額而言,應收貿易賬款及應
收貸款及利息賬款(扣除呆賬撥備)約佔36.3%(於二
零一八年六月三十日:40.1%),而已抵押存款、現
金及現金等值項目則約佔17.7%(於二零一八年六月
三十日:15.2%)。於二零一八年十二月三十一日,
本集團之已抵押存款約為310,000港元(於二零一八
年六月三十日:310,000港元)以及現金及現金等值
項目為39,135,000港元(於二零一八年六月三十日:
43,046,000港元)。


本集團現金及現金等值項目乃以港元、英鎊、歐元、
人民幣、加拿大元、瑞士法郎、澳元、日元、墨西哥
披索、巴西雷亞爾、阿根廷比索及美元計值。


於二零一八年十二月三十一日,概無銀行及其他借款
(於二零一八年六月三十日:無),亦無自其他金融機

構取得循環貸款(於二零一八年六月三十日:無)。


重大收購、出售事項及重大投資


(i)
除簡明綜合財務報表附註19及業務回顧所披
露,本集團於截至二零一八年十二月三十一日
止六個月並無任何重大收購或出售附屬公司之
事項。


(ii) Significant Investment (ii) 重大投資
The Directors consider that investment with a market 董事認為,市值佔本集團於報告期末之總資
value that account for more than 5% of the Group’s total 產超過5%之投資屬於重要投資。二零一八年
assets as at the end of the reporting period as significant 十二月三十一日的權益股份投資之詳情載列如
investment. The details of the equity shares investment as 下:
at 31 December 2018 is set out below:

Percentage Percentage
of total Percentage of total Percentageissued share to issued share to
capital of the Group’s capital of the Group’s
Number of the investee Carryingaudited Number of the investee audited
shares held company amount total assets shares held companyMarket valuetotal assets
as at as at as at as at as at as at as at as at
31 December 31 December 31 December 31 December 30 June 30 June 30 June 30 June
Description of investment 2018 2018 2018 2018 2018 2018 2018 2018
佔被投資公司佔本集團佔被投資公司佔本集團
於二零一八年於二零一八年於二零一八年於二零一八年
於二零一八年十二月三十一日於二零一八年十二月三十一日於二零一八年六月三十日於二零一八年六月三十日
十二月三十一日已發行股本總額十二月三十一日之經審核總資產六月三十日已發行股本總額六月三十日之經審核總資產
投資概述所持股份數目之百分比之賬面值之百分比所持股份數目之百分比之市值之百分比
HK$’000 HK$’000
千港元千港元


Financial assets measured
at fair value through other
comprehensive income
按公平值計入其他全面收益的金融資產
Unlisted investments, at cost
非上市投資,按成本
Flowerfruit Limited
Other investments
其他投資
25 20.00% 10,000

10,000
2.77% 25 20.00% 10,000
3,000
13,000
0.66%
Equity investments at fair value
through profit or loss
按公平值計入損益之股本投資
Listed investments, at fair value
上市股份,按公平值
Season Pacific Holdings Limited
(note a)
雲裳衣控股有限公司(附註
a)
Yadea Group Holdings Limited
(note b)
雅迪集團控股有限公司(附註
b)
Wan Kei Group Holdings Limited
(note c)
宏基集團控股有限公司(附註
c)
Other listed equity investments
其他上市股份
31,302,000

27,890,000
1.04%

2.91%
14,712

20,639

35,351
4.07%

5.71%

35,002,000
4,000,000

3.11%
0.13%

21,001
11,640

8,354
40,995
4.60%
2.55%

1.83%


Performance of the Group’s significant investments 本集團於本期間之主要投資之表現及未來
for the period and its future prospects 前景
(a) Season Pacific Holdings Limited (“Season (a) 雲裳衣控股有限公司(「雲裳衣控股」)
Pacific”)
As at 31 December 2018, the Company acquired 於二零一八年十二月三十一日,本公司已收購
31,302,000 shares of Season Pacific at investment cost of 31,302,000股雲裳衣控股股份,投資成本約為
approximately HK$18,951,000. 18,951,000港元。

Season Pacific (the shares of which are listed on Main 雲裳衣控股(其股份於聯交所主板上市(股份代
Board of the Stock Exchange (stock code: 1709)) is 號:1709)
))主要從事服裝產品銷售及向客戶提
principally engaged in the sales of apparel products and 供供應鏈管理總體解決方案。

the provision of supply chain management total solutions
to customers.
As disclosed in the interim report of Season Pacific for the 誠如雲裳衣控股截至二零一八年九月三十日
period ended 30 September 2018, Season Pacific recorded 止中期報告所披露,雲裳衣控股於截至二零
a net loss of approximately HK$3,271,000 for the six months 一八年九月三十日止六個月期間錄得虧損約
period ended 30 September 2018 as compared with that of 為3,271,000港元,較二零一七年同期的約
approximately HK$16,923,000 for the corresponding period 16,923,000港元下降約119.33%。

in 2017 with a decrease of approximately 119.33%.
Season Pacific has been strategically diversifying its 雲裳衣控股一直在戰略性地使其客戶地理分配
customer geographic allocation and expanding its market 多樣化,並擴大其在服裝產品和提供供應鏈管
share in the industry of apparel products and provision 理整體解決方案中的市場份額。歐洲客戶的銷
of supply chain management total solutions. There was 售額大幅增加,其中包括向總部位於西班牙的
a significant increase in sales from European customers 全球最大時裝零售商之一的銷售。董事認為,
which included amongst others, sales to one of the world’s 它將在歐洲經濟復甦中享有更大份額的利益。

largest fashion retailers headquartered in Spain. The
Directors consider that it will enjoy the benefit of a larger
share in the recovery of Europe economy.
(b) Yadea Group Holdings Limited (“Yadea (b) 雅迪集團控股有限公司(「雅迪控股」)
Holdings”)
As at 30 June 2018, the Company acquired 4,000,000 於二零一八年六月三十日,本公司已收購
shares of Yadea Holdings at investment cost of 4,000,000股雅迪控股股份,投資成本約為
approximately HK$12,450,000. The Group disposed all 12,450,000港元。於本期間,本集團已出售所
shares of Yadea Holdings during the period and loss of 有雅迪控股股份,確認出售虧損約645,000港
disposal of approximately HK$645,000 was recognised. 元。

Yadea Holdings (the shares of which are listed on Main 雅迪控股(其股份於聯交所主板上市(股份代
Board of the Stock Exchange (stock code: 1585)) is 號:1585)
))主要在中國從事電動車及相關配件
principally engaged in the development, manufacture and 的開發、製造及銷售。

sale of electric vehicles and related accessories in the PRC.


As disclosed in the interim results of Yadea Holdings for the
six months ended 30 June 2018, Yadea Holdings recorded
a net profit of approximately RMB195,269,000 for the six
months ended 30 June 2018 as compared with that of
approximately RMB171,591,000 for the corresponding
period in 2017 with an increase of approximately 13.80%.
誠如雅迪控股截至二零一八年六月三十日之止
六個月之中期業績所披露,雅迪控股於截至二
零一八年六月三十日止六個月錄得純利約為人
民幣195,269,000元,較二零一七年同期的約
人民幣171,591,000元上升約13.80%。

(c) Wan Kei Group Holdings Limited (“Wan Kei”)
As at 31 December 2018, the Company acquired
27,890,000 shares of Wan Kei at investment cost of
approximately HK$21,957,000.
(c) 宏基集團控股有限公司(「宏基」)
於二零一八年十二月三十一日,本公司已收
購27,890,000股宏基股份,投資成本約為
21,957,000港元。

Wan Kei (the shares of which are listed on Main Board
of the Stock Exchange (stock code: 1718)) is principally
engaged in the provision of foundation construction;
ground investigation services; and financial services.
宏基(
((其股份於聯交所主板上市(股份代號:
1718))主要從事地基建築、土地勘測服務及金
融服務。

As disclosed in the interim report of Wan Kei for the six
months ended 30 September 2018, Wan Kei recorded a
decrease in revenue from HK$139,530,000 to HK$78,929,000,
and loss attributable to the equity shareholders for the
six months ended 30 September 2018 increased from
HK$26,371,000 to HK$34,321,000.
誠如宏基截至二零一八年九月三十日止六個月
之中期報告所披露,宏基於截至二零一八年九
月三十日止六個月錄得之收入由139,530,000
港元減少至78,929,000港元,權益股東應佔
虧損由26,371,000港元增加至34,321,000港
元。

The Directors consider that although the growth of the
overall foundation industry in Hong Kong may slow down
in the coming years with intense competition continued
to impact the foundation industry in Hong Kong, the
Directors are of the view that the market for public sector
construction sites will start to improve. The Directors are
confident that the investment will ultimately contribute to
increasing shareholder value.
董事認為,儘管激烈競爭持續影響香港地基行
業,香港整體地基行業的增長於來年將有所放
緩,但公共區域建築地盤市場將開始改善。董
事相信,該項投資最終將有助於提升股東價
值。



General

The Group will continuously and closely monitor the performance
of its investments and the market trend.

Regarding the Group’s equity investments at fair value through
profit or loss, a fair value loss of approximately HK$8,326,000
was recorded during the Period (2017: gain of approximately
HK$5,862,000), which consisted of (i) approximately HK$3,533,000
loss due to change in fair value and (ii) approximately
HK$4,793,000 fair value loss recognised upon disposal.

During the three months ended 30 September 2017, the
available-for-sales investments of the Group recorded a fair value
loss of approximately HK$5,700,000, which was included in the
investment reserve.

Save for the above, the Company had no other significant
investments and material acquisitions or disposals during the
Period.

GEARING RATIO

As at 31 December 2018, the gearing ratio of the Group as a
ratio of net debt divided by the total capital plus net debt was
approximately 36% (as at 30 June 2018: 48%). Net debt includes
trade payables, other payables and accruals, deposits received
in advance, convertible bonds and contingent considerations
payable less pledged deposits and cash and cash equivalents.

CAPITAL STRUCTURE

The Group mainly finances its operation with internally resources
and proceeds from various fund raising. The Group continued to
exert stringent control over treasury policies.

On 14 September 2018, principal amount of HK$40,000,000 of
the 1st Tranche Lockup CB (as defined in the circular of the
Company dated 18 July 2017) was converted into 289,855,072
new shares of the Company at the conversion price of HK$0.138
per share.

一般事項

本集團將持續密切監控投資表現及市場趨勢。


於本期間,本集團之按公平值計入損益之股本投資錄
得公平值虧損約8,326,000港元(二零一七年:收益約
5,862,000港元
),其中包括
(i)因公平值變動產生之
虧損約3,533,000港元及
(ii)因出售確認之公平值虧損
約4,793,000港元。


於截至二零一七年九月三十日止三個月,本集團之可
供出售投資錄得公平值虧損約5,700,000港元,已計
入投資儲備。


除上述外,本公司於本期間內並無作出任何其他重大
投資及重大收購或出售事項。


資產負債比率

於二零一八年十二月三十一日,本集團之資產負債比
率(按債務淨值除以總資本加上債務淨值)約36%(於
二零一八年六月三十日:48%)。債務淨值包括應付
貿易賬款、其他應付款項及應計費用、預收按金、可
換股債券及應付或然代價減已抵押存款及現金及現金
等值項目。


資本架構

本集團主要以內部資源及不同的集資活動之所得款項
為其業務撥資。本集團繼續對庫務政策實施嚴格控
制。


於二零一八年九月十四日,本金為
40,000,000港元
之第一批禁售可換股債券(定義見本公司日期為二零
一七年七月十八日的通函)已按換股價每股0.138港元
轉換為本公司289,855,072股新股份。



CHARGES ON ASSETS

As at 30 June 2018, included in the prepayments, deposits
and other receivables were the balances of US$5,000,000
(equivalents to approximately HK$39,000,000) (as at 30 June
2018: US$5,000,000 equivalent to approximately HK$39,000,000),
which were frozen by Silicon Valley Bank and were temporarily
restrained from use as the Group was involved in a litigation.
During the Period, the District Court entered an order on the
Permanent Injunction and Final Judgement On Consent and
release all restrictions placed on EPRO EComm’s account with
the bank. Accordingly, the restrain on the frozen amount shall be
lifted. Detail of which are stated in section headed “Litigation”.

CONTINGENT LIABILITIES

As at 31 December 2018, the Group did not have any significant
contingent liabilities.

FOREIGN CURRENCY RISK

The Group mainly generated revenue and incurred costs in Hong
Kong dollars, Renminbi, Euro and United States dollars.

In accordance with the Group’s conservative treasury policy,
the Group had not entered any forward contract for hedging
during the Period. The Group will keep on monitoring the foreign
currency risk and consider any tool for hedging if necessary.

As at 31 December 2018, the Group has no outstanding forward
exchange contracts (as at 30 June 2018: Nil).

資產抵押

於二零一八年六月三十日,在預付款項、按金及其他
應收款項內有5,000,000美元(相等於約
39,000,000
港元)(於二零一八年六月三十日:
5,000,000美元(相
等於約39,000,000港元))被Silicon Valley Bank凍
結。因本集團牽涉在一項訴訟內,所以該凍結款項暫
時禁制動用。於本期間,區域法院已頒佈關於同意書
的永久禁令及最終判決的命令,解除對易寶電子商務
銀行賬戶施加的所有限制。因此,對已凍結金額的限
制將會取消。有關詳情載於「訴訟」一節。


或然負債

本集團於二零一八年十二月三十一日沒有任何重大之
或然負債。


外匯風險

本集團之所得收入及所致成本主要以港元、人民幣、
歐元及美元結算。


根據本集團之穩健庫務政策,本集團於期內並無訂定
任何遠期合約作對沖。本集團將繼續監察外匯風險並
於需要時考慮適當工具作對沖。


於二零一八年十二月三十一日,本集團並無任何未償
還之外匯遠期合約(於二零一八年六月三十日:無)。



DISCLOSURE OF INTERESTS UNDER PART
XV OF THE SECURITIES AND FUTURES
ORDINANCE (THE “SFO”)

A.
Directors and Chief Executives
As at 31 December 2018, the interests of the Directors
and the 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 SFO) as recorded in the register required to be
kept by the Company pursuant to Section 352 of the SFO,
or as otherwise notified to the Company and the Stock
Exchange pursuant to the required standard of dealings by
directors of the Company as referred to in Rule 5.46 of the
GEM Listing Rules were as follows:

1.
Interests in shares of the Company
No such interest was reported by the Directors.

2.
Interests in underlying shares of the Company
(physically settled equity derivatives)
Name of director Capacity

董事姓名
身份

根據證券及期貨條例(「證券及期貨
條例」)第XV部披露權益


A.
董事及主要行政人員
於二零一八年十二月三十一日,本公司董事及
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
份及債券中擁有須記入本公司根據證券及期貨
條例第352條存置之登記冊之任何權益,或根
據GEM上市規則第5.46條所載本公司董事進
行買賣之規定標準須知會本公司及聯交所之任
何權益如下:


1.
於本公司股份之權益
董事並無呈報該權益。



2.
於本公司相關股份之權益(實物交付股
本衍生工具)
Percentage
Number ofof the underlying
underlying shares shares over the
in respect of theCompany’s issued
options granted share capital*

已授出購股權涉及相關股份佔本公司
之相關股份數目已發行股本百分比*

Mr. Poon Man Sum Beneficial owner 25,000,000 0.8%
潘文森先生實益擁有人
Mr. Ai Kuiyu Beneficial owner 25,000,000 0.8%
艾奎宇先生實益擁有人
Details of the above share options as required to be 上述按GEM上市規則規定須披露之購股權詳
disclosed by the GEM Listing Rules have been disclosed in 情於附註18披露。

note 18.
* The percentage represents the number of underlying * 該百分比指擁有權益之相關股份數目除以本
shares interested divided by the number of issued shares 公司於二零一八年十二月三十一日之已發行
of the Company as at 31 December 2018.股份數目。



Save as disclosed above, as at 31 December 2018, none 除上文所披露者外,於二零一八年十二月
of the Directors nor the chief executives of the Company 三十一日,本公司董事或主要行政人員概無於
had any interests or short positions in the shares, underlying 本公司或其任何相聯法團(定義見證券及期貨
shares and debentures of the Company or any of its 條例第XV部)之股份、相關股份及債券中擁有
associated corporations (within the meaning of Part XV 須列入本公司根據證券及期貨條例第
352條予
of the SFO) as recorded in the register required to be kept 以存置之登記冊內之任何權益或淡倉,或根據
by the Company pursuant to Section 352 of the SFO, or as GEM上市規則第5.46條所載本公司董事進行
otherwise notified to the Company and the Stock Exchange 買賣之規定標準須向本公司及聯交所申報之任
pursuant to the required standard of dealings by directors 何權益或淡倉。

of the Company as referred to in Rule 5.46 of the GEM
Listing Rules.

B. Substantial Shareholders B. 主要股東
As at 31 December 2018, the following parties had interests 於二零一八年十二月三十一日,以下人士根據
of 5% or more in the shares and underlying shares of the 證券及期貨條例第
336條規定本公司存置之登
Company as recorded in the register required to be kept 記冊所記錄於本公司股份及相關股份中擁有
by the Company pursuant to Section 336 of the SFO: 5%或以上之權益:


(1) Ordinary shares of the Company (1) 本公司普通股
Number of Percentage of

Name of substantial Long position/ ordinary shares issued share

shareholder Capacity Short position interested capital*

擁有權益之佔已發行股本
主要股東名稱身份好倉╱淡倉普通股數目百分比*

Great Capital (H.K.)
Limited

港富(香港)有限公司


Swift Success
Enterprises Limited

Mr. XIA Boyu

夏博宇先生


Sense Media Group
Holdings Limited

Beneficial owner

實益擁有人


Interest of controlled
corporation

受控制法團權益


Interest of controlled
corporations

受控制法團權益


Beneficial owner

實益擁有人


Beneficial owner

實益擁有人


Long

好倉


Long

好倉


Long

好倉


Long

好倉


Long

好倉


198,288,000
(note (i))
(附註
(i))


198,288,000
(note (i))
(附註
(i))


198,288,000
(note (i))
(附註
(i))


69,264,000

289,855,072
(note (ii))
(附註
(ii))


6.47%

6.47%

6.47%

2.26%

9.45%


Number of Percentage of
Name of substantial Long position/ ordinary shares issued share
shareholder Capacity Short position interested capital*
擁有權益之佔已發行股本
主要股東名稱身份好倉╱淡倉普通股數目百分比*

Mr. WANG HeInterest of controlled Long289,855,072 9.45%
王赫先生
corporations好倉
(note (ii))
受控制法團權益
(附註
(ii))


Beneficial ownerLong21,920,000 0.71%

實益擁有人
好倉


China Overseas Beneficial ownerLong250,336,000 8.16%
International 實益擁有人
好倉
(note (iii))
Development Limited (附註
(iii))


Mr. XU JiancongInterest of controlled Long250,336,000 8.16%

許健聰先生
corporation好倉
(note (iii))

受控制法團權益
(附註
(iii))


Notes:
附註:


(i)
These 198,288,000 shares of the Company were (i) 本公司該等198,288,000 股股份
held by Great Capital (H.K.) limited, a corporation 由港富(香港)有限公司持有,港富
wholly controlled by Swift Success Enterprises (香港)有限公司為Swift Success
Limited which was in turn wholly controlled by Mr. Enterprises Limited全資控制的
XIA Boyu, Accordingly, Swift Success Enterprises 法團,
Swift Success Enterprises
limited and Mr. Xia were deemed to be interested in Limited則由夏博宇先生全資控制。

these shares of the Company held by Great Capital 因此,根據證券及期貨條例第
XV(H.K.) limited pursuant to Part XV of the SFO. 部,Swift Success Enterprises
Limited及夏先生被視為於港富(香
港)有限公司持有的本公司該等股份
中擁有權益。



(ii)
These 289,855,072 underlying shares of the (ii) 本公司該等289,855,072股相關股份
Company were held by Sense Media Group 由Sense Media Group Holdings
Holdings Limited. Sense Media Group Holdings Limited持有。

Sense Media
Limited was controlled as to 35% by Mr. WANG Group Holdings Limited由王赫
He. Accordingly, Mr. Wang was deemed to be 先生擁有35%。因此,根據證券及
interested in these underlying shares of the 期貨條例第XV部,王先生被視為於
Company held by Sense Media Group Holdings Sense Media Group Holdings
limited pursuant to Part XV of the SFO. Limited持有的本公司該等相關股份
中擁有權益。



(iii)
These 250,336,000 shares of the Company were (iii) 本公司該等250,336,000股股份由
held by China Overseas International Development China Overseas International
Limited. a corporation wholly controlled by Mr. XU Development Limited持有,
Jiancong. Accordingly, Mr. Xu was deemed to be China Overseas International
interested in these shares of the Company held by Development Limited為許健聰先
China Overseas International Development Limited 生全資控制的法團。因此,根據證
pursuant to Part XV of the SFO. 券及期貨條例第XV部,許先生被視
為於China Overseas International
Development Limited持有的本公司
該等股份中擁有權益。



*
The percentage represents the number of ordinary * 該百分比指所擁有權益之普通股股份
shares interested divided by the number of issued 數目除以本公司於二零一八年十二月
shares of the Company as at 31 December 2018.三十一日之已發行股份數目。


(2) Underlying shares of the Company – (2) 本公司相關股份-未上市衍生
unlisted derivatives (convertible bonds) 工具(可換股債券)
Number of Percentage of
Name of substantial Long position/ ordinary issued share
shareholder Capacity Short position shares interested capital*
擁有權益之佔已發行股本
主要股東名稱身份好倉╱淡倉普通股數目百分比 *

Sense Media Group Beneficial ownerLongHoldings Limited 實益擁有人
好倉


Mr. WANG He
王赫先生
Interest of controlled
corporation
受控制法團權益
Long
好倉
Excel Action Global
Limited
Beneficial owner
實益擁有人
Long
好倉


VSTECS Holdings LimitedInterest of controlled Long
偉仕佳杰控股有限公司
corporations好倉
受控制法團權益


Mr. LI JialinInterest of controlled Long
李佳林先生
corporations好倉
受控制法團權益


Ms. LIU LiInterest of controlled Long
劉莉女士
corporations好倉
受控制法團權益


Notes:

(i)
These 217,391,304 underlying shores of the
Company were held by Sense Media Group
Holdings Limited. Sense Media Group Holdings
Limited was controlled as to 35% by Mr. WANG
He. Accordingly, Mr. Wang was deemed to be
interested in these underlying shares of the
Company held by Sense Media Group Holdings
Limited pursuant to Part XV of the SFO.
(ii)
These 552,486,187 underlying shares of the
Company were held by Excel Action Global Limited,
a corporation wholly controlled by VSTECS Holdings
Limited. Accordingly, VSTECS Holdings Limited
was deemed to be interested in these underlying
shares of the Company held by Excel Action Global
Limited pursuant to Part XV of the SFO.
*
The percentage represents the number of
underlying shares interested divided by the
number of issued shares of the Company as at 31
December 2018.
217,391,304 7.09%
(Note (i))
(附註
(i))
217,391,304 7.09%
(Note (i))
(附註
(i))
552,486,187 18.02%
(Note (ii))
(附註
(ii))
552,486,187 18.02%
(Note (ii))
(附註
(ii))
552,486,187 18.02%
(Note (ii))
(附註
(ii))


552,486,187 18.02%
(Note (ii))
(附註
(ii))


附註:


(i)
本公司該等217,391,304股相關股份
由Sense Media Group Holdings
Limited持有。

Sense Media
Group Holdings Limited由王赫
先生擁有35%。因此,根據證券及
期貨條例第XV部,王先生被視為於
Sense Media Group Holdings
Limited持有的本公司該等相關股份
中擁有權益。

(ii)
本公司該等552,486,187股相關股份
由Excel Action Global Limited 持
有,該公司由偉仕佳杰控股有限公
司全資控制。因此,根據證券及期
貨條例第XV部,偉仕佳杰控股有限
公司被視為於Excel Action Global
Limited持有的本公司該等相關股份
中擁有權益。

*
該百分比指所擁有權益之相關股份數
目除以本公司於二零一八年十二月
三十一日之已發行股份數目。


Save as disclosed above, as at 31 December 2018, so far as is
known to any Director or chief executive of the Company, no
person had registered an interest or a short position in the shares
or underlying shares of the Company that was required to be
recorded under Section 336 of the SFO.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES

At no time during the Period were rights to acquire benefits
by means of the acquisition of shares in or debentures of the
Company granted to any Directors or their respective spouse or
children under 18 year of age, or were any rights exercised by
them; or was the Company, or any of its subsidiaries a party to
any arrangement to enable the Directors to acquire such rights
in any other body corporate.

SUFFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company
and within the knowledge of the Directors, at least 25% of the
Company’s total issued share capital was held by the public as
at the date of this report.

LITIGATION

On 16 August 2012, the plaintiff (the “Plaintiff”), Klipsch Group,
Inc., filed a suit in the federal district court (the “Court”) in the
United States (the “U.S.”) against certain defendants, including
one of the online sales platforms (the “Subject Domain”) of the
Group, in respect of (i) trademark counterfeiting; (ii) trademark
infringement; and (iii) false designation of origin (the “Litigation”).
The Plaintiff claimed that certain products (the “Klipsch-Branded
Items”) were registered by them in the U.S. and that infringing
Klipsch-Branded Items had been sold to customers in the U.S.
via the Subject Domain. The Plaintiff sought damages, attorneys’
fees and sanctions. Hence, the Plaintiff instructed PayPal to freeze
US$2,000,000 (equivalent to approximately HK$15,600,000) (the
“Frozen Amount”) from the Group’s PayPal account on 27 August
2012.

除上文所披露者外,於二零一八年十二月三十一日,
據本公司董事或主要行政人員所知悉並無任何人士已
登記須根據證券及期貨條例第336條予以記錄之本公
司股份或相關股份中之權益或淡倉。


董事收購股份之權利

於本期間任何時間概無授予任何董事或彼等各自之配
偶或未年滿十八歲之子女透過收購本公司股份或債券
以獲得利益之權利,或有該等權利由彼等行使;而本
公司或其任何附屬公司亦概無訂立任何安排,以致董
事可從任何其他公司實體獲得該等權利。


足夠公眾持股量

根據本公司獲得之公開資料及據董事所知,於本報
告日期,公眾人士持有本公司已發行股本總額至少
25%。


訴訟

於二零一二年八月十六日,原告Klipsch Group,
Inc.(「原告」)就(i)商標假冒;(ii)商標侵權;及(iii)虛
假指定原產地在美利堅合眾國(「美國」)聯邦區域法院

(「法院」)對若干被告(包括本集團其中一個線上銷售平
台(「被告人之網域」)
))提起訴訟(「訴訟」)。原告聲稱,
彼等在美國註冊若干產品(「Klipsch品牌產品」),而
侵權Klipsch品牌產品已透過被告人之網域售予美國
之客戶。據此,原告尋求損害賠償、律師費及制裁。

因此,原告於二零一二年八月二十七日指示PayPal
凍結本集團PayPal賬戶2,000,000美元(相當於約
15,600,000港元)(「凍結金額」)。



On 21 September 2012, the Group filed sales documents with
the Court indicating that the sales amount (the “Infringing
Sales Amount”) of the infringing Klipsch-Branded Items into the

U.S. amounted to less than US$700. The Court considered that
the Frozen Amount was excessive and accordingly, the Court
entered an order reducing the Frozen Amount from US$2,000,000
to US$20,000 (equivalent to approximately HK$156,000) on 11
October 2012. The Plaintiff asserted in December 2012 that the
Subject Domain continued to sell additional Klipsch-Branded
Items. The Group filed additional sales documents establishing
that the revenues derived from sales into the U.S. of the additional
Klipsch-Branded Items were less than US$125.
On 3 December 2013 the Plaintiff filed an amended complaint
naming EPRO E-commerce Limited (“EPRO EComm”), a wholly
owned subsidiary of the Company that operates the Subject
Domain as a defendant in place of the Subject Domain, and
naming as fictitious entities other domains operated by EPRO
EComm.

The Company was informed by its legal adviser as to United
States laws on 12 August 2014 that the United States District
Court for the Southern District of New York (the “District Court”)
entered an order temporarily restraining the use of US$5,000,000
(equivalent to approximately HK$39,000,000) (the “Restrained
Sum”) in the bank accounts and other financial accounts of
EPRO EComm (in addition to the Frozen Amount of US$20,000
(equivalent to approximately HK$156,000)). A hearing regarding
the asset restraining order was completed on 11 February 2015
(New York time).

The Company was informed by its legal adviser as to United
States laws on 3 November 2015, the District Court entered
an order to reduce the Restrained Sum from US$5,000,000
(equivalent to approximately HK$39,000,000) to US$25,000
(equivalent to approximately HK$195,000). The District Court
has also made an order for EPRO EComm to pay for reasonable
costs and fees incurred by the Plaintiff during certain legal
process relating to the above matter. However, the Company
was subsequently informed by its legal adviser as to United States
laws on 4 November 2015 that the District Court had granted
an application to delay the effectiveness of the reduction of the
Restrained Sum.

於二零一二年九月二十一日,本集團向法院遞交銷售
文件,證實進入美國之侵權Klipsch品牌產品之銷售
額(「侵權銷售額」)不足700美元。法院考慮到凍結金
額實屬過多,因此,於二零一二年十月十一日,法院
頒令將凍結金額由2,000,000美元減少至20,000美元
(相等於約
156,000港元)。原告於二零一二年十二月
指稱被告人之網域繼續銷售額外Klipsch品牌產品。

本集團已遞交額外銷售文件,證實銷往美國之額外


Klipsch品牌產品產生之收入不足125美元。


於二零一三年十二月三日,原告提交經修訂申訴,將
本公司之全資附屬公司易寶電子商務有限公司(「易寶
電子商務」)(其經營被告人之網域)稱為被告人,以代
替被告人之網域,並將易寶電子商務所營運之其他域
名稱為虛構實體。


本公司於二零一四年八月十二日獲其美國法律方面
之法律顧問告知,美國紐約州南區區域法院(「區域法
院」)已頒佈命令,除凍結金額20,000美元(相等於約
156,000港元)之外,亦暫時限制使用易寶電子商務
銀行賬戶及其他財務機構賬戶內5,000,000美元(相等
於約39,000,000港元)的款項(「受禁制金額」)。有關
資產禁制令之聆訊於二零一五年二月十一日完成(紐
約時間)。


於二零一五年十一月三日,本公司獲其美國法律方面
之法律顧問通知,區域法院頒佈命令,受禁制金額
由5,000,000美元(相等於約
39,000,000港元)減少至
25,000美元(相等於約
195,000港元)。區域法院亦已
頒佈命令,易寶電子商務須支付原告在有關上述事宜
之若干法律程序中所招致之合理成本及費用。但其後
於二零一五年十一月四日,本公司獲其美國法律方面
之法律顧問通知,區域法院批准將受禁制金額減少一
事押後生效之申請。



Another hearing was held on 10 November 2015 (New York time),
on which the District Court decided to continue to temporarily
restrain the use of the Restrained Sum. On 30 September 2016
(New York time) the District Court issued an order assessing costs
and fees against EPRO EComm in the amount of US$2,681,406.45
and retaining the Restrained Sum of US$5,000,000 (the “30
September 2016 Order”). On 26 October 2016 (New York Time),
EPRO EComm filed a Notice of Appeal against the 30 September
2016 Order. The parties completed appellate submissions and
the United States Court of Appeals for the Second Circuit held
oral argument concerning the appeal on 26 October 2017 (New
York time).

On 25 January 2018 (New York time), the United States Court
of Appeals for the Second Circuit issued an opinion affirming
the 30 September 2016 Order. On 8 February 2018 (New York
time), EPRO EComm filed a motion for rehearing en banc with
the United States Court of Appeals for the Second Circuit to
reconsider a decision and order of a panel of the court affirming
the 30 September 2016 Order. On 20 March 2018 (New York
time), the United States Court of Appeals issued the mandate
and affirmed the district court’s order imposing sanctions. On 12
September 2018 (New York time), the District Court has made
an order that the Plaintiff may obtain disbursement in the sum of
US$2,681,406.45 (“Disbursements”) from the Restrained Sum at
the bank and the bank shall continue to restrain the remainder
of the Restrained Sum pending further order of the District Court.

On 14 November 2018 (New York time), EPRO EComm has
entered into a settlement agreement with the Plaintiff to resolve
all disputes between both parties and agree to a settlement
payment of US$990,000 and agreed on the entry of a Permanent
Injunction and Final Judgement On Consent to the District Court.
On 6 December 2018 (New York time), the District Court entered
an order on the Permanent Injunction and Final Judgement On
Consent and release all restrictions placed on EPRO EComm’s
account with the bank. Accordingly, the restrain on the
remaining frozen amount of approximately US$1,328,000 shall be
lifted.

另一輪聆訊於二零一五年十一月十日(紐約時間)舉
行,區域法院決定繼續暫時限制使用受禁制金額。

於二零一六年九月三十日(紐約時間),區域法院頒
佈命令,評定易寶電子商務須支付2,681,406.45美
元的成本及費用以及保留受限制金額5,000,000美元
(「二零一六年九月三十日命令」)。於二零一六年十月
二十六日(紐約時間),易寶電子商務對二零一六年九
月三十日命令提交上訴通知。當事人已完成提交上
訴,而美國聯邦上訴法院第二巡迴審判庭已於二零
一七年十月二十六日(紐約時間)就該上訴進行口頭辯

論。


於二零一八年一月二十五日(紐約時間),美國聯邦
上訴法庭第二巡迴審判庭發表意見,確認二零一六
年九月三十日命令。於二零一八年二月八日(紐約時
間),易寶電子商務向美國聯邦上訴法庭第二巡迴審
判庭提出再聆訊呈請,要求重審法院合議庭有關確
認二零一六年九月三十日命令的判決及命令。於二
零一八年三月二十日(紐約時間),美國聯邦上訴法庭
頒佈書面命令並肯定區域法院實施制裁的命令。於
二零一八年九月十二日(紐約時間),區域法院已頒佈
命令,原告可以從銀行受禁制金額中獲得付款合共
2,681,406.45美元(「付款」),且銀行將繼續限制剩餘
的受禁制金額,以待區域法院另行頒佈命令。


於二零一八年十一月十四日(紐約時間),易寶電子商
務已與原告訂立和解協議,以解決雙方的所有爭議並
協定和解費款項
990,000美元,並同意簽署區域法院
頒佈的關於同意書的永久禁令及最終判決。於二零
一八年十二月六日(紐約時間),區域法院頒佈關於同
意書的永久禁令及最終判決的命令,解除對易寶電子
商務銀行賬戶施加的所有限制。因此,餘下凍結金額
約1,328,000美元的限制將予解除。



DIRECTORS’ INTERESTS IN A COMPETING
BUSINESS

None of the Directors and controlling shareholders of the
Company has an interest in a business which competes or may
compete with the business of the Group.

PURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES

During the Period, neither the Company nor any of its subsidiaries
had purchased, sold or redeemed any of the Company’s listed
securities.

SECURITIES TRANSACTIONS BY DIRECTORS

The Group has adopted stringent procedures governing
Director’s securities transaction in compliance with Rules 5.48
to 5.67 of the GEM Listing Rules. Relevant employees who are
likely to be in possession of unpublished inside information of the
Group are also subject to compliance with guidelines with no
less exacting terms than those set out in the rules. No incidence
of non-compliance was noted for the Period.

CORPORATE GOVERNANCE

The Company has compiled with the code provisions of the
Corporate Governance Code (the “CG Code”) set out in
Appendix 15 of the GEM Listing Rules throughout the Period,
except for the following deviation:

Code provision A.2.1 of the CG Code stipulates that the roles of
Chairman and Chief Executive Officer should be separate and
should not be performed by the same individual.

To achieve clear division of responsibilities between the
management of Board and the day-to-day management of
business and hence to ensure balance of power and authority,
there are separation of duties for the Chairman and Chief
Executive Officer of the Company. However, after the resignation
of Mr. CHOW Siu Kwong as the Chief Executive Officer of the
Company on 23 September 2016, Mr. Poon Man Sum, the
chairman of the Board, has temporarily taken up the function as
Chief Executive Officer of the Company for a transitional period
commencing on 18 May 2017 and this represented a deviation
from the code provision A.2.1 since then. The Group has been
looking for suitable candidate to fill for the post of Chief Executive
Officer.

董事於競爭業務之權益

本公司董事或控股股東概無於任何對本集團業務構成
競爭或可能構成競爭之業務中擁有權益。


購買、出售或贖回本公司上市證券

於本期間,本公司或其任何附屬公司並無購買、出售
或贖回本公司之任何上市證券。


董事進行之證券交易

本集團已遵照GEM上市規則第5.48條至第5.67條之
規定採納規管董事進行證券交易之嚴格常規。可能擁
有本集團尚未發表之內幕消息資料之相關僱員亦須遵
照不遜於該等規則所載者之指引。於本期間並未出現
任何未獲遵守之情況。


企業管治

於本期間本公司一直遵守GEM上市規則附錄十五所
載之企業管治守則(「企業管治守則」)之守則條文,惟
下列偏離事項除外:

企業管治守則之守則條文第A.2.1條規定主席及首席
執行官之角色應有區分,不應由一人同時兼任。


為明確區分董事會管理與日常業務管理之間的職責並
因此確保達致權力和授權分佈均衡,本公司區分主席
與首席執行官之職務。然而,自周兆光先生於二零
一六年九月二十三日辭任本公司首席執行官一職後,
董事會主席潘文森先生隨後已於二零一七年五月十八
日開始之過渡期內暫時擔任本公司首席執行官,自此
偏離守則條文第A.2.1條。本集團仍就首席執行官一
職物色合適人選。



AUDIT COMMITTEE

The Company set up an Audit Committee (the “Committee”) with
written terms of reference in compliance with the requirements
of the GEM Listing Rules. The primary duties of the Committee are
to review and provide supervision over the financial reporting
process and risk management and internal control systems of
the Group. The Committee comprises three independent nonexecutive
Directors, Mr. HUANG Zhiying, Mr. TONG Kar Hing
and Ms. LIU Pui Shan. The information contained in the Group’s
interim report for the Period has not been audited but has been
reviewed by the Committee, who was of opinion that such report
compiled with the applicable accounting standards, and the
GEM Listing Rules and legal requirements and that adequate
disclosures had been made.

DIRECTORS

As at the date of this report, the executive Directors are Mr. POON
Man Sum and Mr. AI Kuiyu; and the independent non-executive
Directors are Mr. HUANG Zhiying, Mr. TONG Kar Hing and Ms. LIU
Pui Shan.

By order of the Board

POON MAN SUM

Chairman

Hong Kong, 11 February 2019

審核委員會

本公司成立審核委員會(「委員會」),其書面職權範圍
乃遵照GEM上市規則釐定。委員會之首要職務為審
核及監督本集團之財務呈報過程,風險管理及內部監
控系統。委員會由三名獨立非執行董事黃智穎先生、
唐家興先生及廖珮珊女士組成。本集團於本期間之
中期報告所載之資料並未經審核,但經由委員會審
閱,而其認為該報告已遵守適用之會計準則及GEM
上市規則規定和法律規定,且已作出足夠披露。


董事

於本報告刊發日期,執行董事為潘文森先生及艾奎宇
先生,而獨立非執行董事為黃智穎先生、唐家興先生
及廖珮珊女士。


承董事會命
主席

潘文森

香港,二零一九年二月十一日


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