Bossini International : INTERIM REPORT 20/21

Global distribution network Όଢʱቖၣഖ

Hong Kong and Macau ࠰ಥʿዦژ

Mainland China ʕ਷ɽ௔ Singapore อ̋ս

37 (38)

136 (154)

17 (17)

Bangladesh ֗̋ז Brunei ӡഺ Czech Republic ઠд΍ձ਷ Dominican Republic ε׼̵̋΍ձ਷ India Ιܓ Indonesia Ι̵ Laos ϼዅ

Middle East* ʕ؇* Myanmar ᇚӳ Nepal ̵غဧ

Reunion Island व̵׶ࢥ Romania ᖯ৵̵ԭ Rwanda ጅ׶༺ Thailand इ਷ Venezuela ։ʫ๿ז Vietnam ൳ی

• 1 (1)

• 1 (1)

• 2 (2)

  370 (405)

  234 (230)

  • 1 (1)

• 4 (4)

• 0 (8)

  19 (19)

  • 0 (2)

  • 2 (1)

  • 4 (4)

    * The Middle East includes Armenia, Bahrain, Jordan, Kuwait,

  • 1 (1)

  80 (80)

  10 (6)

  8 (8)

  Lebanon, Oman, Qatar, Saudi Arabia and UAE ʕ؇ܼ̍ԭߕ̵ԭeˋ؍eߒ͇e߅۾तe ኇˋྲeڛਟe̔෫ဧeӍतڛזЬʿڛזЬᑌΥࠞڗ਷ ( ) Figures at 30 June 2020 are shown in brackets ׵ɚཧɚཧϋʬ˜ɧɤ˚ʘᅰο˸ܼ໮ڌͪ

Financial and operational highlights 財務及營運摘要

Revenue ϗू Gross profit ˣл

Loss from operating activities ᐄ༶ุਕᑦฦ

Loss for the period attributable to owners# ኹϞɛᏐЦಂʫᑦฦ#

Basic loss per share# (HK cents) ӊٰਿ͉ᑦฦ€ಥ̀

Gross margin (%) ˣлଟ€ % Operating margin (%) ᐄ༶๐лଟ€ %

Net margin# (%) ଋ๐лଟ€ %

#

EBITDA ͊ࠇлࢹe೼ධeұᔚʿᛅቖۃޮл

#

EBITDA margin (%) ͊ࠇлࢹe೼ධeұᔚʿᛅቖۃޮлଟ€ %

Capital expenditure# ༟͉ක˕#

Key financial indicators# ˴ࠅৌਕܸᅺ#

Inventory turnover* (days) π஬մᔷಂ*€˂

Inventory level (HK$mn) π஬˥̻€ಥ࿆ϵຬʩ

Current ratio (times) ݴਗˢଟ€࠴

Time deposits, cash and bank balances (HK$mn)

֛ಂπಛձତږʿვБഐቱ€ಥ࿆ϵຬʩ

Net cash† (HK$mn) ତږଋᕘ† €ಥ࿆ϵຬʩ

Total liabilities to equity ratio (%) ᐼࠋව࿁ٰ؇ᛆूˢଟ€ %

30 June 2020 ɚཧɚཧϋ ʬ˜ɧɤ˚

31624%

(79)2%

(94)7%

(5.71)7%

51%

1% pt ࡈϵʱᓃ

• -13%4% pts ࡈϵʱᓃ

• -15%4% pts ࡈϵʱᓃ

25 4% 16

Change ᔷᜊ

123 210 1.49

20 days ˂

16%8%

176

41%

116

114%

175%

69% pts ࡈϵʱᓃ

31 December 2019 ɚཧɓɘϋ ɤɚ˜ɧɤɓ˚

123%5% pts ࡈϵʱᓃ

81%

Change ᔷᜊ

142 267 1.66

1 day ˂

34%17%

262

5%

232

7%

110%134% pts ࡈϵʱᓃ

Hong Kong and Macau ࠰ಥʿዦژ

Directly managed stores ٜટ၍ଣֳ⧕

Mainland China ʕ਷ɽ௔

Directly managed stores ٜટ၍ଣֳ⧕

Singapore อ̋ս

Directly managed stores ٜટ၍ଣֳ⧕

Other countries Չ˼਷࢕

Export franchised stores ̈ɹत஢຾ᐄֳ⧕

Taiwan^ ̨ᝄ^

Directly managed stores ٜટ၍ଣֳ⧕

Total Υ΍

Directly managed stores ٜટ၍ଣֳ⧕ Export franchised stores ̈ɹत஢຾ᐄֳ⧕

30 June 2020 ɚཧɚཧϋ ʬ˜ɧɤ˚

^

From discontinued operation

ԸІʊ୞˟ุਕ

Revenue by geographical market 按區域分類之收益

Six months ended 31 December 2020 截至二零二零年十二月三十一日止六個月

Hong Kong and Macau 香港及澳門 55% (66%)

Change ᔷᜊ

38

31 December 2019 ɚཧɓɘϋ ɤɚ˜ɧɤɓ˚

1

39

154

Change ᔷᜊ

18

180

17

0

17

773

36

799

-

0

209 773 982

193655

51

28797

79962

1,086

2

44

0

6251

159

Mainland China 中國大陸35% (26%)

( ) Figures for the six months ended 31 December 2019 are shown in brackets 截至二零一九年十二月三十一日止六個月之數字以括號表示

Same-store sales growth (%)*

Νֳቖਯᕘᄣڗ€ %*

Net retail floor area (sq. ft.)

ଋཧਯᅽࠦࠦጐ€̻˙ъ

Same-store sales growth is the comparison of sales of the same stores having full month operations in comparable periods

Νֳቖਯᕘᄣڗމ޴Νֳ⧕׵ˢ༰ಂʫҁ዆˜΅ʘቖਯᕘˢ༰

^

From discontinued operation

ԸІʊ୞˟ุਕ

CONTENTS

目 錄

FINANCIAL AND OPERATIONAL HIGHLIGHTS 財務及營運摘要

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

• • OVERVIEW 概覽

• • RESULTS OF CONTINUING OPERATIONS 持續經營業務業績

• • DISTRIBUTION NETWORK 分銷網絡

• • ANALYSIS BY MARKET 市場分析

• • FINANCIAL POSITION 財務狀況

• • OUTLOOK 未來展望

INTERIM DIVIDEND 中期股息

SUPPLEMENTARY INFORMATION 補充資料

FINANCIAL RESULTS 財務業績

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

  Inside Front Cover 封面內頁 >

  1 2 4 5 8 10 11 12

  > > > > > > > >

  36

  >

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

• • CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 簡明綜合權益變動報表

• • CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 簡明綜合現金流量表

• • NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 簡明綜合中期財務報表附註

38 40 42 43

> > > >

MANAGEMENT DISCUSSION AND ANALYSIS OVERVIEW

Group revenue for the six months ended 31 December 2020 was HK$468 million (2019: HK$625 million) at a gross margin of 52% (2019: 51%). Table 1 provides details of the Group's results of continuing operations in core markets. Loss attributable to owners of the Company was HK$87 million (2019: HK$94 million), a decrease of 7% from 2019. The Group's same-store sales and same-store gross profit were down by 22% (2019: 10% decline) and 25% (2019: 15% decline), respectively. Net cash balance was HK$248 million (2019: HK$232 million) as of 31 December 2020.

၍ଣᄴীሞʿʱؓ ฿ᚎ ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ˜d ͉ණྠϗूމಥ࿆4.68ᄂʩ€ɚཧɓɘϋjಥ ࿆6.25 ᄂʩdˣлଟމ 52%€ɚཧɓɘϋj 51%fڌɓމ͉ණྠ׵ࣨː̹ఙʘܵᚃ຾ᐄ ุਕุᐶ༉ઋf͉ʮ̡ኹϞɛᏐЦᑦฦމಥ ࿆8.7ɷຬʩ€ɚཧɓɘϋjಥ࿆9.4ɷຬʩd ༰ɚཧɓɘϋಯˇ7%f͉ණྠٙΝֳቖਯᕘ ʿΝֳˣлʱйɨൻ22%€ɚཧɓɘϋj10% ൻషʿ25%€ɚཧɓɘϋj15%ൻషf׵ɚ ཧɚཧϋɤɚ˜ɧɤɓ˚dତږଋᕘഐቱމ ಥ࿆2.48ᄂʩ€ɚཧɓɘϋjಥ࿆2.32ᄂʩf

RESULTS OF CONTINUING OPERATIONS

Table 1: Group's results of continuing operations

ܵᚃ຾ᐄุਕุᐶ ڌɓj͉ණྠʘܵᚃ຾ᐄุਕุᐶ

For the six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

2020 ɚཧɚཧϋ

2019 ɚཧɓɘϋ

HK$mn ಥ࿆ ϵຬʩ

% to sales

HK$mn ಥ࿆ ϵຬʩ

% to sales

Change

Цቖਯᕘ ϵʱˢ

Цቖਯᕘ ϵʱˢ

ᔷᜊ

Hong Kong and Macau Mainland China Singapore

࠰ಥʿዦژ ʕ਷ɽ௔ อ̋ս

255 165 48

55% 410

35% 162

10% 53

66% (38%)

26% 2%

8% (9%)

Group revenue

ණྠϗू

468

100% 625

100% (25%)

Gross profit

Total operating expenses

ˣл ᐼᐄ༶ක˕

Loss from operating activities ᐄ༶ุਕᑦฦ

Finance costs EBITDA

Loss attributable to owners

ፄ༟ϓ͉ ͊ࠇлࢹe೼ධeұᔚ ʿᛅቖۃޮл ኹϞɛᏐЦᑦฦ

242 (344) (77) (7)

52% 316 (73%) (407)

• (17%) (79)

  (1%) (9)

  (6) (87)

  (1%) 25

• (19%) (94)

51% (24%)

(65%) 16%

(13%) 2%

(1%) 26%

4% (123%)

(15%) 7%Group same-store sales growth*

Group same-store gross profit growth*

ණྠΝֳቖਯᕘᄣڗ*

ණྠΝֳˣлᄣڗ*

(22%) (10%)

(25%) (15%)Net cash at 31 December*

׵ɤɚ˜ɧɤɓ˚ ʘତږଋᕘ*

248 232 7%

31 December* Inventory turnover (days)Inventory level at

at 31 December*

׵ɤɚ˜ɧɤɓ˚ ʘπ஬˥̻* ׵ɤɚ˜ɧɤɓ˚ ʘπ஬մᔷಂ€˂*

177 267 (34%)

143 142

1

*

Including continuing and discontinued operations

* ܼ̍ܵᚃ຾ᐄʿʊ୞˟ุਕ

RESULTS OF CONTINUING OPERATIONS Revenue and gross profit

The pandemic of COVID-19 outbreak continued to adversely affect the local retail sectors and suppress many economic activities globally. During the period under review, the Group recorded revenue of HK$468 million (2019: HK$625 million), which fell by 25%. Gross profit decreased by 24% to HK$242 million (2019: HK$316 million), with gross margin increased by 1% point to 52%

(2019: 51%).

ܵᚃ຾ᐄุਕุᐶ ϗूʿˣл อۨڿًषݭޥઋᖑ೯ܵᚃ࿁͉ήཧਯุி ϓ ʔ л ᅂ ᚤdԨ ҵ Փ Ό ଢ ε ධ ຾ ᏶ ݺ ਗfΫ ᚥಂʫd͉ණྠ፽੻ϗूಥ࿆ 4.68ᄂ ʩ€ɚ ཧɓɘϋjಥ࿆6.25ᄂʩdɨൻ25%fˣл ɨൻ24%Їಥ࿆2.42ᄂʩ€ɚཧɓɘϋjಥ࿆ 3.16 ᄂʩdˣлଟۆᄣ̋ 1ࡈϵʱᓃЇ52%

€ɚཧɓɘϋj51%f

Total operating expenses and loss from operating activities

The total operating expense to sales ratio increased to 73% (2019: 65%). The pandemic had a significant negative impact on the assessment of the Group's non-financial assets and impact on the results for the period under review. Consequently, the Group recognised non-cash impairment on non-financial assets of HK$30 million (2019: Nil) during the period under review.

ᐼᐄ༶ක˕ʿᐄ༶ุਕᑦฦ ᐼᐄ༶ක˕ЦቖਯᕘˢଟɪʺЇ73% €ɚཧ ɓɘϋj65%fޥઋ࿁͉ණྠٙڢږፄ༟ପ ൙ПிϓࠠɽࠋࠦᅂᚤdԨᅂᚤΫᚥಂʫٙ ุ ᐶfΪ Ϥd͉ ණ ྠ ׵ Ϋ ᚥ ಂ ʫ ᆽ Ⴉ ڢ ږ ፄ ༟ପʘڢତږಯ࠽ಥ࿆3.0 ɷຬʩ€ɚཧɓɘ ϋjೌf

Finance costs

Finance costs were HK$7 million (2019: HK$9 million), which comprised of interest on loan from immediate holding company and interest on lease liabilities. The interest on lease liabilities of HK$5 million (2019: HK$8 million) was due to the adoption of HKFRS 16, under which the Group (as lessee in numerous tenancy agreements) recognises the imputed interest expense accrued on the outstanding balance of the lease liabilities.

ፄ༟ϓ͉ ፄ༟ϓ͉މಥ࿆7 ϵຬʩ€ɚཧɓɘϋjಥ࿆ 9 ϵຬʩdՉʕܼٜ̍ટછٰʮ̡൲ಛʘл ࢹʿॡ༣ࠋවʘлࢹfॡ༣ࠋවʘлࢹމಥ ࿆5 ϵຬʩ€ɚཧɓɘϋjಥ࿆ 8ϵ ຬ ʩdɗ ͟׵મॶ࠰ಥৌਕිజ๟ۆୋ16໮ܝd͉ණ ྠ€Ъމεධॡ༣՘ᙄٙוॡɛᆽႩॡ༣ࠋ ව͊ᎵᒔഐቱᏐࠇٙПၑлࢹක˕f

Loss attributable to owners of the Company

Loss attributable to owners of the Company decreased by 7%, as shown in Table 1. Net margin was negative 19% (2019: negative 15%), an increase of 4% points. The preceding commentaries cite the reasons.

͉ʮ̡ኹϞɛᏐЦᑦฦ ༐νڌɓהͪd͉ʮ̡ኹϞɛᏐЦᑦฦಯˇ 7% fଋ๐лଟމࠋ 19% €ɚཧɓɘϋjࠋ 15%dɪ ʺ4ࡈϵʱᓃfɪ˖ʊΐᑘࡡΪf

DISTRIBUTION NETWORK

As of 31 December 2020, the Group had a presence in 25 countries and regions around the world, and had 927 (30 June 2020: 982) stores comprised of 190 (30 June 2020: 209) directly managed stores and 737 (30 June 2020: 773) franchised stores.

ʱቖၣഖ ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠุਕ ཁбΌଢ25 ࡈ਷࢕ձήਜdֳ⧕ᅰͦމ 927 ග€ɚཧɚཧϋʬ˜ɧɤ˚j 982ගd̍ ܼ 190ග€ɚཧɚཧϋʬ˜ɧɤ˚j209ගٜટ ၍ଣֳ⧕ʿ737ග€ɚཧɚཧϋʬ˜ɧɤ˚j 773 ගत஢຾ᐄֳ⧕f

Table 2: Store composition by type and geographical location

ڌɚjֳܲ⧕ᗳۨʿήਹྌʱʘֳ⧕ʱб

ANALYSIS BY MARKET Hong Kong and Macau

The retail sector in Hong Kong continued to record a material decline since mid-2019. According to the statistics from the Census and Statistics Department of The Government of the Hong Kong Special Administrative Region, the wearing apparel retail sales value decreased by 26% on a period-on-period basis for the period from July 2020 to December 2020, and tourist arrivals plunged by 99.7% according to the statistics from the Hong Kong Tourism Board.

̹ఙʱؓ ࠰ಥʿዦژ ࠰ಥཧਯุІɚཧɓɘϋϋʕৎܵᚃ፽੻ ࠠɽൻషf࣬ኽ࠰ಥतйБ݁ਜִ݁୕ࠇஈ ٙ୕ࠇᅰኽd׵ɚཧɚཧϋɖ˜Їɚཧɚཧ ϋɤɚ˜ಂගd؂ༀཧਯุٙቖਯᄆ࠽ܲಂ ɨൻ26%dϾ࣬ኽ࠰ಥ༷ࣚ೯࢝҅ٙᅰኽᜑ ͪdࣚ܄ɛᅰܢൻ99.7%f

The pandemic of COVID-19 has severely affected the retail consumption in Hong Kong and Macau. Travel restrictions and border control were in force, while a series of social-distancing measures were imposed, which consequentially impaired the consumer sentiment and stifled customer traffic. During the period under review, the third and fourth waves of local COVID-19 infections at alarming levels induced stricter social distancing measures, including but not limited to the banning of evening dine-in services, which sharply reduced shopping activities and foot traffic as a result.

อۨڿًषݭޥઋᘌࠠᅂᚤ࠰ಥʿዦژٙཧ ਯ ऊ ൬fྼ ݄ ࣚ ༷ ࠢ Փ ʿ ᗙ ྤ ၍ Փd̋ ɪ ɓ ӻΐٟٙʹ൷ᕎણ݄dѩۂࢮऊ൬จ૧ʿ䁌 ˇ ᚥ ܄ ݴ ඎf׵ Ϋ ᚥ ಂ ʫd͉ ή อ ۨ ڿ ً ष ݭୋɧتʿୋ̬تชݑɛᅰ˿ɛᅊᅇdˏ೯ һᘌᄒٟٙʹ൷ᕎણ݄dܼ̍Шʔࠢ׵ຫ˟ ૉගੀ࠮؂ਕdኬߧᒅيݺਗʿɛݴᜑഹಯ ˇf

During the period under review, revenue in Hong Kong and Macau including the retail and export franchising business was HK$255 million (2019: HK$410 million), representing a 38% decline. Same-store sales for directly managed stores fell 28% (2019: 14% decline) while same-store gross profit declined 33% (2019: 20% decline). Total net retail floor area decreased to 105,700 sq. ft. (2019: 111,000 sq. ft.), and sales per sq. ft. declined 26% to HK$4,500 (2019: HK$6,100). The number of directly managed stores was 37 (30 June 2020: 38). Segment result was HK$74 million loss (2019: HK$49 million loss).

׵Ϋᚥಂʫd࠰ಥʿዦژܼ̍ཧਯʿ̈ɹत ஢຾ᐄุਕٙϗूމಥ࿆2.55ᄂʩ€ɚཧɓɘ ϋjಥ࿆4.10ᄂʩdൻషމ38%fٜટ၍ଣ ֳ⧕ٙΝֳቖਯᕘɨൻ28% €ɚཧɓɘϋj 14%ൻషdΝֳˣлۆɨൻ33%€ɚཧɓɘ ϋj20% ൻషfଋཧਯᅽࠦᐼࠦጐಯˇЇ 105,700 ̻˙ъ€ɚཧɓɘϋj 111,000 ̻˙ ъdӊ̻˙ъቖਯᕘɨࠥ 26%Їಥ࿆4,500 ʩ€ɚཧɓɘϋjಥ࿆6,100ʩfٜટ၍ଣֳ ⧕ᅰͦމ37 ග€ɚཧɚཧϋʬ˜ɧɤ˚j 38 ගfʱᗳุᐶމಥ࿆ 7.4 ɷຬʩᑦฦ€ɚཧ ɓɘϋjಥ࿆4.9 ɷຬʩᑦฦf

ANALYSIS BY MARKET Mainland China

In and out of lockdown ahead of many other countries, the economy in mainland China powered ahead while much of the world was still struggling. Although GDP expanded year-on-year in the fourth quarter of 2020, growth in retail sales towards end of year was less than expected. Our business in mainland China is currently under structural transformation, covering areas from product development, distribution channels to logistics. We are also focusing on off-season stock clearance and paving the way for the execution of our new product strategy in the near future.

Revenue in mainland China increased by 2% to HK$165 million (2019: HK$162 million). Same-store sales dropped 8% (2019: 5% decline) and same-store gross profit registered a 10% decline (2019: 11% decline). Sales per sq. ft. increased by 19% to HK$1,900 (2019: HK$1,600) while total net retail floor area decreased by 24% to 129,200 sq. ft. (2019: 170,000 sq. ft.). There was a total of 136 (30 June 2020: 154) directly managed stores in mainland China. Segment result was HK$16 million loss (2019: HK$33 million loss).

̹ఙʱؓ ʕ਷ɽ௔ ʕ਷ɽ௔ˢ஢εՉ˼਷࢕һϘආɝԨ༆ৰ܆ ً۬࿒d͍຅Όଢɽ௅ʱ਷࢕ٙ຾᏶ஈ׵ᑙ ᗭًٙرʕdʕ਷ɽ௔ٙ຾᏶ᄣڗۍჇჇჯ ΋fᒱ್׵ɚཧɚཧϋୋ̬֙ܓٙ਷ʫ͛ପ ᐼ࠽ܲϋᄣ̋dШᑗڐϋֵٙཧਯቖਯᕘᄣ ڗჅ׵ཫಂfͦۃdҢࡁ׵ʕ਷ɽ௔ุٙਕ ͍ίආБഐ࿴׌ᔷۨdᔷۨ଄ႊପۜ޼೯e ʱቖಬ༸ʿيݴഃჯਹfϤ̮dҢࡁ͍ਖ਼ء ஈଣཀ֙π஬dԨ׵ʔɮٙਗ਼ԸމੂБอପ ۜഄଫ቗༩f ʕ਷ɽ௔̹ఙٙϗूᄣ̋2%Їಥ࿆1.65ᄂʩ €ɚཧɓɘϋjಥ࿆1.62ᄂʩfΝֳቖਯᕘɨ ൻ8%€ɚཧɓɘϋj5% ൻషdΝֳˣлۆ ፽੻10% ൻష€ɚཧɓɘϋj 11%ൻ షfӊ ̻˙ъቖਯᕘᄣ̋19%Їಥ࿆1,900ʩ€ɚ ཧ ɓɘϋjಥ࿆1,600 ʩdϾଋཧਯᅽࠦᐼࠦ ጐಯˇ24%Ї129,200 ̻˙ъ€ɚཧɓɘϋj 170,000 ̻˙ъf׵ʕ਷ɽ௔̹ఙٜٙટ၍ ଣֳ⧕ᐼᅰމ 136 ග€ɚཧɚཧϋʬ˜ɧɤ ˚j154ගfʱᗳุᐶމಥ࿆1.6ɷຬʩᑦฦ €ɚཧɓɘϋjಥ࿆3.3 ɷຬʩᑦฦf

ANALYSIS BY MARKET Singapore

The revenue of Singapore operation dropped by 9% to HK$48 million (2019: HK$53 million) during the period under review. Same-store sales registered a 6% decline (2019: 5% decline) compared to last period. Same-store gross profit recorded a 9% decline (2019: 5% decline). Total net retail floor area decreased by 6% to 22,200 sq. ft. (2019: 23,600 sq. ft.). Sales per sq. ft. decreased by 2% to HK$4,400 (2019: HK$4,500). The number of directly managed stores stood steady at 17 (30 June 2020: 17). The segment result was HK$7 million profit (2019: HK$7 million loss).

̹ఙʱؓ อ̋ս ׵Ϋᚥಂʫdอ̋սุਕٙϗूމಥ࿆4.8ɷ ຬʩ€ɚཧɓɘϋjಥ࿆ 5.3 ɷຬʩdɨൻ 9%fΝֳቖਯᕘܲಂɨൻ6%€ɚཧɓɘϋj 5% ൻషdΝֳˣлۆ፽੻ 9% ൻష€ɚཧ ɓɘϋj5% ൻషfଋཧਯᅽࠦᐼࠦጐಯˇ 6%Ї22,200 ̻˙ъ€ɚཧɓɘϋj 23,600̻ ˙ъdӊ̻˙ъቖਯᕘɨൻ2%Їಥ࿆4,400 ʩ€ɚཧɓɘϋjಥ࿆4,500ʩfٜટ၍ଣֳ ⧕ٙᅰͦމ17 ග€ɚཧɚཧϋʬ˜ɧɤ˚j 17 ගdڭ̻ܵᖢfʱᗳุᐶމಥ࿆ 7ϵຬʩ ๐л€ɚཧɓɘϋjಥ࿆ 7 ϵຬʩᑦฦf

Discontinued operation Taiwan

The Group had ceased its retail operation in Taiwan by end of June 2020. Taiwan commenced operation in 1992 and had a significant role in promoting the brand name of the Group in the Southeast Asia region, thus spearing ahead the Group's presence in the Greater China region. However, due to the continuing sluggish consumer market in Taiwan over the last two decades, the Taiwan segment has been loss making since the financial year of 2005/06. In the face of the challenging market conditions prevailing in Hong Kong and mainland China, the two main retailing divisions of the Group, the Group believes that it is in the best interests of the Company and its shareholders to cease the Taiwan operation so that the Group can better utilise its resources in its other core markets.

ʊ୞˟ุਕ ̨ᝄ ͉ණྠʊ׵ɚཧɚཧϋʬ˜ֵۃഐҼ̨ᝄ ٙཧਯุਕf̨ᝄุਕ׵ɓɘɘɚϋක֐ ᐄ༶dߧɢ׵؇یԭήਜપᄿ͉ණྠۜ೐d ੽Ͼ౤ʺ͉ණྠ׵ɽʕശήਜٙٝΤܓf್ Ͼd͟׵̨ᝄٙऊ൬٫̹ఙ׵ཀ̘ɚɤϋܵ ᚃहࢮd̨ᝄʱ௅ІɚཧཧʞŊཧʬϋৌ݁ ϋܓৎɓٜ፽੻ᑦฦfࠦ࿁࠰ಥʿʕ਷ɽ௔ €͉ණྠՇࡈ˴ࠅཧਯุਕʱᗳͦۃ̂တܿ ኷ ʘ ̹ رd͉ ණ ྠ Ⴉ މd୞ ˟ ̨ ᝄ ุ ਕ Ϟ п ͉ණྠ׵Չ˼ࣨː̹ఙһഛ͜༟๕dୌΥ͉ ʮ̡ʿՉٰ؇ٙ௰Գлूf

FINANCIAL POSITION

Liquidity and Financial Resources

As of 31 December 2020, the Group had cash and bank balances of HK$248 million (2019: HK$262 million) and net cash balance at HK$248 million (2019: HK$232 million). The current ratio was at 1.37 times (2019: 1.66 times) with a total liabilities to equity ratio at 244% (2019: 110%). As of 31 December 2019, bank borrowings of HK$30 million were recorded and the gearing ratio determined by bank borrowings divided by total equity was 5%.

The Group had investments and operations in countries that use currencies other than United States dollar and Hong Kong dollar, and therefore mitigated its foreign currency risk by entering into forward currency contracts to reduce exposure to exchange rate fluctuations in material transactions denominated in those currencies.

ৌਕًر ݴਗ༟ږʿৌ݁༟๕ ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠ፽੻ ତږʿვБഐቱމಥ࿆ 2.48 ᄂʩ€ɚཧɓɘ ϋjಥ ࿆2.62ᄂʩdϾତږଋᕘഐቱމಥ࿆ 2.48 ᄂʩ€ɚཧɓɘϋjಥ࿆ 2.32ᄂ ʩf͉ ණྠݴਗˢଟމ 1.37 ࠴€ɚཧɓɘϋj 1.66 ࠴dᐼࠋව࿁ٰ؇ᛆूˢଟމ 244%€ɚ ཧɓɘϋj 110% f׵ɚཧɓɘϋɤɚ˜ ɧɤɓ˚d͉ණྠვБ൲ಛމಥ࿆ 3.0 ɷຬ ʩd༟ପࠋවˢଟމ5%dࠇၑਿ๟މვБ൲ ಛৰ˸ᐼᛆूf ͉ණྠϞ߰ʍҳ༟ʿᐄ༶ίԴ͜ߕʩʿಥ࿆ ˸̮஬࿆ٙ਷࢕ආБdΪϤʊீཀࠈͭჃಂ ஬࿆Υߒ˸ಯЭ༈ഃ஬࿆ࠇ࠽ʘࠠɽʹ׸ה ପ͛ʘ̮ිࠬᎈf

As of 31 December 2020, the Group's inventory turnover days# was 143 days, compared to 142 days in 2019. The return on equity ratio for the period under review was negative 87% (2019: negative 32%).

׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠπ஬ մᔷಂ#މ143˂d࿁ˢɚཧɓɘϋٙ142˂f ׵Ϋᚥಂʫd͉ණྠٰٙ؇ᛆूΫజଟމࠋ 87%€ɚཧɓɘϋjࠋ32%f

#

Inventory held at period end divided by annualised cost of sales times 365 days

# ಂഐ˚ʘπ஬ৰ˸ϋܓʷቖਯϓ͉࠱365˂

FINANCIAL POSITION Contingent Liabilities

During the period under review, the Group had no material changes in contingent liabilities since 30 June 2020.

ৌਕًر א್ࠋව ׵Ϋᚥಂʫd͉ණྠІɚཧɚཧϋʬ˜ɧɤ ˚ৎʘא್ࠋවԨೌࠠɽᜊਗf

Human Capital

As of 31 December 2020, the Group employed 1,300 (30 June 2020: 1,500) full-time equivalent employees in Hong Kong and Macau, mainland China and Singapore.

The Group adhere to a policy of acquiring, nurturing and retaining talented employees. We treasure and promote the team spirit, and strive to cultivate a proactive and ever-improving culture. Workshops in effective management and certified programmes were offered for office and shop staff at all levels.

ɛɢ༟๕ ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠ׵࠰ ಥʿዦژeʕ਷ɽ௔ʿอ̋ս΍໌͜޴຅׵ 1,300 Τ€ɚཧɚཧϋʬ˜ɧɤ˚j 1,500Τ Όᔖࡰʈf ͉ණྠߧɢ׵іॶe੃ԃʿၪᖩᎴӸࡰʈf ҢࡁࠠൖԨપਗྠඟၚग़dрɢ੃ቮጐ฽ආ ՟dʔ ᓙ ආ Ӊ ٙ ˖ ʷdމ ΢ ॴ ፬ ʮ ܃ ʿ ֳ ⧕ ࡰʈ౤Զ၍ଣࣖଟձႩᗇሙ೻f

We believe a vibrant and competent workforce is indispensable in driving business growth. We treasure knowledge sharing and life-long learning. We encourage employees to progress and excel every day through the "bossini e-academy", our e-platform which is devised to offer practical and experience-based knowledge and skills in customer service, retailing, products, and other latest marketing information.

Ңࡁ޴ڦ̂တݺɢʿঐ฀ٙʈЪྠඟุ݊ਕ ᄣڗٙࡡਗɢfҢࡁࠠൖٝᗆʱԮձ୞Ԓኪ ୦fீཀ˜ఝ๸Ꮂኪ৫™dҢࡁོᎸࡰʈӊ˚ ʔᓙආӉdၚूӋၚf˜ఝ๸Ꮂኪ৫™݊Ңࡁ ٙၣɪኪ୦̨̻dί܄˒؂ਕeཧਯeପۜ ձՉ˼௰อٙᐄቖڦࢹഃ˙ࠦdމࡰʈ౤Զ ྼ͜ձܔਿ׵ྼ኷຾᜕ٙٝᗆձҦঐf

We also continued to remunerate employees based on performance, including discretionary bonuses, share options and wide-ranging employee benefits such as insurance and retirement schemes.

Ңࡁ͵ᘱᚃમ͜ၾʈЪڌତન㢈ʘᑚཇዚ Փd̍ ܼ ڀ ߎeᒅ ٰ ᛆ ࠇ ྌ ʿ ɓ ӻ ΐ ࡰ ʈ ၅ лνڭᎈʿৗ;ࠇྌf

OUTLOOK

It is widely anticipated that COVID-19 will continue to impact consumer behaviour, economic activities and business environment globally for a certain period. The Group's performance is expected to remain under significant pressure for the remaining financial year with travel restrictions and social-distancing measures still largely in place. Nevertheless, we will continue to work towards a positive turnaround of our businesses with focus on our core markets and to closely monitor the market dynamics in order to timely adjust our plan.

͊Ը࢝ૐ ̹ఙ౷ཁཫಂdอۨڿًषݭ׵߰ʍಂගʫ ਗ਼ᘱᚃᅂᚤΌଢٙऊ൬٫Бމe຾᏶ݺਗʿ ᐄਠᐑྤf͟׵༷ࣚࠢՓʿٟʹ൷ᕎણ݄ί ܘɽ೻ܓɪʥึᘱᚃྼ݄dཫಂ͉ණྠ׵ቱ ɨৌ݁ϋܓุٙᐶʥוաࠠɽᏀɢf್Ͼd Ңࡁਗ਼ᘱᚃߧɢ˿ุਕᔷᑦމޮdණʕ೯࢝ Ңࡁٙࣨː̹ఙdԨ੗ʲवจ̹ఙਗ࿒d˸ ʿࣛሜ዆Ңࡁٙࠇྌf

For the Hong Kong and Macau market, the Group does not anticipate a significant rebound of tourist arrivals or the retail environment to resume normal within a short period of time. We therefore intend to maintain a lean operational and administrative structure and to re-focus resources on this market. The overall shop rental expenses remained at a very unreasonable level with several landlords still unwilling to provide rent concessions, despite some landlords had already switched to pure turnover-rent arrangement. This will inevitably involve the closure of certain loss-making retail shops, as the Group aims to operate in an appropriate scale as a viable retail business and retain the Group's financial capacity. We will continue to renegotiate with landlords to seek rent relief and reduction. Where landlords are reluctant to respond reasonably to our requests, we will close those shops accordingly.

ఱ࠰ಥʿዦژ̹ఙϾԊd͉ණྠཫಂ׵೵ಂ ʫࣚ܄ɛᅰʔึɽషˀᅁאཧਯᐑྤᗭ˸ ܨూ͍੬fΪϤdҢࡁ͂ၑၪܵၚᔊٙᐄ༶ ʿ၍ଣݖ࿴dԨਗ਼༟๕ࠠอණʕ׵வࡈ̹ఙ ɪf዆᜗ֳ⧕ॡږක˕ʥ್ၪܵίɓࡈڢ੬ ʔΥଣٙ˥̻dኋ၍Ϟ௅΅ุ˴ʊᔷމܲॱ ᐄุᕘࠇၑϗ՟ॡږdઓϞ௅΅ุ˴ʥʔᗴ จ౤Զॡږᄱеf͟׵͉ණྠᏝܲቇ຅ٙ஝ ᅼ຾ᐄ̙БٙཧਯุਕdԨၪ͉ܵණྠٙৌ ݁ྼɢdΪϤᗭеცࠅᗫௐ߰ʍ፽੻ᑦฦٙ ཧਯֳ⧕fҢࡁਗ਼ᘱᚃၾุ˴ࠠอਠীd˸ రӋॡږᄱеʿಯॡfࡊุ߰˴ʔᗴจఱҢ ࡁٙࠅӋЪ̈ΥଣΫᏐdҢࡁਗ਼ᗫௐ޴ᗫֳ ⧕f

OUTLOOK

Mainland China remains to be a market we have confidence in and has growth potential. The Group will continue to focus on business expansion and enlarge our footprint in this market in 2021, mainly focusing on opening directly managed stores in better shopping malls and reigniting franchised shops in various provinces and cities. The Group is also committed to further developing its e-commerce business and strengthening cooperation with various e-commerce platforms in mainland China, aiming to sustain the growth in e-commerce revenue with higher operational efficiency in this financial year.

͊Ը࢝ૐ ʕ਷ɽ௔ʥ್݊ҢࡁϞڦːԨՈϞᄣڗᆑ ɢ̹ٙఙf͉ණྠਗ਼׵ɚཧɚɓϋᘱᚃਖ਼ء ׵ุਕן࢝dԨᓒɽҢࡁ׵༈̹ఙٙوྡd ˴ࠅණʕ׵༰Գٙᒅيʕːකணٜટ၍ଣֳ ⧕dԨ׵ʔΝ޲̹ࠠอකணत஢຾ᐄֳ⧕f ͉ණྠ͵ߧɢආɓӉ೯࢝Չཥɿਠਕุਕd Ԩ̋੶ၾʕ਷ɽ௔΢၇ཥɿਠਕ̨̻ٙΥ ЪdਕӋ׵͉ৌ݁ϋܓၪܵཥɿਠਕϗूᄣ ڗʿ༺ߧһ৷ᐄ༶ࣖूf

Overall, the Group is formulating and implementing strategies ranging from brand re-positioning, product segmentation and pricing, distribution channels, production and supply chain management, marketing and promotion to IT infrastructure. We believe all of these would collaboratively equip us with a solid foundation and pave the way for our expansion and tap into market opportunities in the mid- to long-term.

ᐼ᜗ϾԊd͉ණྠ͍ίՓ֛ʿྼ݄ۜ͟೐ࠠ ෧eପۜྌʱʿ֛ᄆeʱቖಬ༸e͛ପʿԶ Ꮠ ᗡ ၍ ଣe̹ ఙ ᐄ ቖ ʿ ڮ ቖd˸ Ї ༟ ৃ ߅ Ҧ ਿ ᓾ ண ݄ ٙ ഄ ଫfҢ ࡁ ޴ ڦd༈ ഃ ણ ݄ ѩ Ϟ пҢࡁίʕڗಂʫܔͭᖢոਿᓾdމҢࡁٙ ᓒ࢝቗ணੰ୿ɽ༸dԨ౛౥̹ఙਠዚf

INTERIM DIVIDEND

The Board does not recommend payment of any interim dividend (2019: Nil) for the six months ended 31 December 2020.

ʕಂٰࢹ ໨ԫึʔܔᙄݼ೯࿚Їɚཧɚཧϋɤɚ˜ ɧɤɓ˚˟ʬࡈ˜ʕಂٰࢹ€ɚཧɓɘϋj ೌf

SUPPLEMENTARY INFORMATION DIRECTORS' PROFILES EXECUTIVE DIRECTORS

Mr. CHEUNG Chi, aged 54, was appointed as the Co-Chief Executive Officer in July 2020, is also a member of the Remuneration Committee and Nomination Committee of the Company. He is currently the chief financial officer and company secretary of Viva China Holdings Limited ("Viva China") (Stock code: 8032). Mr. Cheung is also a director of Dragon Leap Developments Limited ("Dragon Leap"), being the substantial shareholder of the Company (within the meaning of the Securities and Futures Ordinance). He has over 25 years' experience in financial management, corporate finance and administrative management. Mr. Cheung also possesses extensive experience in apparel business. He was an executive director and the chief financial officer of Win Hanverky Holdings Limited (Stock code: 3322), an integrated sportswear manufacturer, distributor and retailer for international sports and fashion brands, the shares of which are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). He was the executive vice president and chief financial officer of Aspire Holdings Limited, which is a member of China Mobile Limited. Mr. Cheung was also the chief financial officer of eBIS Company Ltd. and NIT Education Group, the financial controller of Liuzhou ZF Machinery Co. Ltd. and a senior consultant of Arthur Andersen (Shanghai) Business Consulting Co. Ltd.

໾̂༟ࣘ ໨ԫᔊʧ ੂБ໨ԫ ੵ౽΋͛dତϋ54๋d׵ɚཧɚཧϋɖ˜ᐏ ։΂މᑌࢩБ݁ᐼ൒d־͵މ͉ʮ̡ᑚཇ ։ࡰึʿ౤Τ։ࡰึʘϓࡰf־ତ΂ڢɭʕ ਷છٰϞࠢʮ̡€˜ڢɭʕ਷™€ٰ΅˾໮j 8032 ʘ࠯ࢩৌਕ֜ʿʮ̡।ࣣfੵ΋͛͵ މ͉ʮ̡ʘ˴ࠅٰ؇€ܲᗇՎʿಂ஬ૢԷʘ଄ ່Ꮂᚔ೯࢝Ϟࠢʮ̡€˜Ꮂᚔ™ʘ໨ԫf־ ׵ৌਕ၍ଣeΆุፄ༟ʿБ݁၍ଣ˙ࠦጐଢ଼ གྷɚɤʞϋ຾᜕fੵ΋͛͵׵؂ༀБุኹϞ ᔮబ຾᜕f־ಀ΂͑ྗණྠછٰϞࠢʮ̡€ٰ ΅˾໮j 3322 ʘੂБ໨ԫʿ࠯ࢩৌਕ֜d ༈ʮ̡຾ᐄ਷ყ᜗ԃʿࣛༀۜ೐ʘၝΥ༶ਗ ؂ ͛ ପeʱ ቖ ʿ ཧ ਯ ุ ਕdՉ ٰ ΅ ׵ ࠰ ಥ ᑌ Υʹ׸הϞࠢʮ̡€˜ᑌʹה™˴ؐɪ̹f־ ͵ಀዄ΂ʕ਷୅ਗϞࠢʮ̡᙮ɨʘՙૐછٰ Ϟࠢʮ̡ʘੂБਓᐼ൒ʿ࠯ࢩৌਕ֜fੵ΋ ͛͵ಀމeBIS Company Ltd.ʿฌ㡯઺ԃණྠ ʘ࠯ࢩৌਕ֜eݣψમࡾѿዚ૛Ϟࠢʮ̡ʘ ৌਕᐼ္ʿτ༺ڦ€ɪऎΆุፔ༔Ϟࠢʮ̡ ʘ৷ॴᚥਪf

Mr. Cheung holds a Degree of Bachelor of Arts (Hons) in Accountancy from the City University of Hong Kong and a Degree

• of Master of Business Administration from The Chinese University

• of Hong Kong. He is a fellow member of the Hong Kong Institute

• of Certified Public Accountants and the Association of Chartered

Certified Accountants.

ੵ΋͛ܵϞ࠰ಥ۬ឈɽኪึࠇኪ࿲ᚑ˖ኪɻ ኪЗʿ࠰ಥʕ˖ɽኪʈਠ၍ଣ၂ɻኪЗdԨ މ࠰ಥึࠇࢪʮึʿत஢ʮႩึࠇࢪʮึʘ ༟ଉึࡰf

DIRECTORS' PROFILES EXECUTIVE DIRECTORS

Mr. ZHAO Jianguo, aged 56, was appointed in July 2020. He has extensive experience in business operation and marketing and distribution of consumer products in mainland China and is the head of the consumables business of Viva China (Stock code: 8032). He is the founder and a director of ̏ԯ㛬ոҳ༟၍ଣϞࠢ ʮ̡ (Beijing Henggu Investment Management Co., Ltd.) which is principally engaged in investment and asset management since May 2008. Mr. Zhao was also a director of ̏ԯϼ᜻ҳ༟ਿږ ၍ଣϞࠢʮ̡ (Beijing Eagles Fund Management Co., Ltd) from November 2015 to January 2019. This fund management company focuses on diversified technology investment, including mobile internet and technology, media, and telecom sectors. Mr. Zhao is the brother-in-law of Mr. LI Chun and Mr. LI Ning, both being substantial shareholders of the Company (within the meaning of the Securities and Futures Ordinance).

໨ԫᔊʧ ੂБ໨ԫ Ⴛܔ਷΋͛dତϋ56๋d׵ɚཧɚཧϋɖ˜ ᐏ։΂f־׵ʕ਷ɽ௔ٙऊ൬ุۜਕᐄ༶ʿ ̹ఙᐄቖʿʱቖ˙ࠦኹϞᔮబ຾᜕d־ତ΂ ڢɭʕ਷€ٰ΅˾໮j8032ʘऊ൬ุۜਕᐼ ္fІ ɚ ཧ ཧ ɞ ϋ ʞ ˜ ৎd־ މ ̏ ԯ 㛬 ո ҳ ༟၍ଣϞࠢʮ̡ʘ௴፬ɛʿ໨ԫd༈ʮ̡˴ ࠅ੽ԫҳ༟ʿ༟ପ၍ଣfႻ΋͛͵ಀ׵ɚཧ ɓʞϋɤɓ˜Їɚཧɓɘϋɓ˜ዄ΂̏ԯϼ ᜻ҳ༟ਿږ၍ଣϞࠢʮ̡ʘ໨ԫd༈ਿږ၍ ଣʮ̡ਖ਼ء׵εʩʷʘ߅Ҧҳ༟dܼ̍୅ਗ ʝ ᑌ ၣ ʿ ߅ Ҧeద ᜗ ʿ ஷ ڦ ପ ุfႻ ΋ ͛ މ ͉ʮ̡˴ࠅٰ؇€ܲᗇՎʿಂ஬ૢԷהረʚ ʘ଄່ҽආ΋͛ʿҽྐྵ΋͛ʘ֊˃f

Mr. Zhao graduated from Tianjin University of Sport in 1987 with professional physical qualification. In 1985, he won the National Gymnastics Championship in mainland China.

Mr. CHAN Cheuk Him Paul, aged 50, was appointed as an Executive Director and the Director of Finance of the Group in August 2010. Mr. Chan graduated from the University of Toronto, Canada and the Hong Kong University of Science and Technology with a Master's Degree in Business Administration. He is also a member of the American Institute of Certified Public Accountants and a member of the Hong Kong Institute of Certified Public Accountants. He has over 26 years' experience in auditing and financial management with audit firm and various listed companies in Hong Kong.

Ⴛ΋͛׵ɓɘɞɖϋଭุ׵˂ݵ᜗ԃኪ৫d ՟ ੻ ༶ ਗ ӻ ਖ਼ ߅ ༟ ࣸf׵ ɓ ɘ ɞ ʞ ϋd־ ׵ ʕ਷ɽ௔՟੻Ό਷᜗዁ᎀᅺᒄΌঐڿࠏf ௓ՙᑹ΋͛dତϋ50๋d׵ɚཧɓཧϋɞ˜ ᐏ։΂މ͉ණྠʘੂБ໨ԫʿৌਕ໨ԫf௓ ΋͛ଭุ׵̋ࣅɽεࡐεɽኪʿ࠰ಥ߅Ҧ ɽ ኪdܵ Ϟ ʈ ਠ ၍ ଣ ၂ ɻ ኪ Зf־ ͵ މ ߕ ਷ ึࠇࢪʮึʿ࠰ಥึࠇࢪʮึึࡰf௓΋͛ ׵ᄲࠇࢪᅽʿ࠰ಥεගɪ̹ʮ̡dʊጐଢ଼གྷ ɚɤʬϋᄲࠇձৌਕ၍ଣٙ຾᜕f

DIRECTORS' PROFILES NON-EXECUTIVE DIRECTORS

Mr. Victor HERRERO, aged 52, was appointed in July 2020 and is also the Chairman of the Nomination Committee. He has extensive experience in corporate management and business operations in the consumables industry. From 2015 to 2019, Mr. Herrero served as the chief executive officer and director of Guess Inc. (listed on the New York Stock Exchange), which is principally engaged in designing, marketing, distributing and licensing a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products around the world. Prior to joining Guess Inc., Mr. Herrero served as the head of Asia Pacific and managing director of Greater China of Industria de Diseño Textil, S.A. (Inditex Group), an international fashion retailer with brands including Zara, Massimo Dutti, Pull & Bear, Bershka and Stradivarius.

໨ԫᔊʧ ڢੂБ໨ԫ

Victor HERRERO ΋͛ dତ ϋ 52 ๋d׵ɚཧ ɚཧϋɖ˜ᐏ։΂d͵މ౤Τ։ࡰึ˴ࢩf ־׵ऊ൬ۜБุʘΆุ၍ଣʿุਕᐄ༶˙ ࠦኹϞᔮబ຾᜕f͟ɚཧɓʞϋЇɚཧɓɘ ϋdHerrero ΋͛ಀዄ΂ Guess Inc. €׵ॲߒ ᗇՎʹ׸הɪ̹ʘ࠯ࢩੂБ֜ʿ໨ԫd༈ ʮ̡˴ࠅ׵˰ޢ΢ή੽ԫ຅˾؂ུeˬ˺؂ ུe˓஛eഡ፶eቨᄵʿՉ˼޴ᗫऊ൬ۜʘ ͛ݺࣛ֠ӻΐʘணࠇeᐄቖeʱቖʿબᛆ஢ ̙fHerrero΋͛׵̋ɝGuess Inc.ʘۃdಀዄ ΂Industria de Diseño Textil, S.A€. Inditexණ ྠԭ˄ਜᐼ္ʿɽʕശਜ໨ԫᐼ຾ଣd༈ ණྠ݊ɓ࢕਷ყࣛༀཧਯਠd࿩ɨۜ೐ܼ̍ ZaraeMassimo DuttiePull & BeareBershka ʿStradivariusf

Mr. Herrero is a board member of Global Fashion Group S.A., (e-commerce fashion site operator and owner of Zalora and The Iconic, the shares of which are listed on the Frankfurt Stock Exchange), G-III Apparel Group, Ltd (US manufacturer and distributor operating through a portfolio of brands, the shares of which are listed on NASDAQ), Gruppo Coppel (Mexican consumer finance and retail conglomerate) and Clarks (British based international shoe manufacturer and retailer). Mr. Herrero is a non-executive director of Viva China (Stock code: 8032). Prior to this appointment, Mr. Herrero was a senior advisor of Viva China.

Herrero΋͛݊Global Fashion Group S.A€. ཥ ɿਠਕࣛ֠ၣ१༶ᐄਠdኹϞ ZaloraʿThe Iconicۜ೐dՉٰ΅׵جᚆд၅ᗇՎʹ׸הɪ ̹eG-III Apparel Group, Ltd€ஷཀۜ೐ଡ଼Υ ຾ᐄʘߕ਷ႡிਠʿʱቖਠdՉٰ΅׵ॶ౶ ༺дɪ̹e Gruppo Coppe€l ኈГࡩऊ൬٫ ږፄʿཧਯණྠʿ Clarks€ߵ ਷ ʘ ਷ ყ ቨ ᄵ Ⴁிਠʿཧਯਠʘ໨ԫึϓࡰf Herrero΋ ͛ତމڢɭʕ਷€ٰ΅˾໮j8032ʘڢੂБ ໨ԫfHerrero΋͛ί༈։΂ۃ͵ዄ΂ڢɭʕ ਷ʘ৷ॴᚥਪf

Mr. Herrero graduated with a Master's Degree in Business Administration from Kellogg School of Management at Northwestern University in 2003. He obtained a Bachelor's Degree in Business Administration from ESCP Europe in Paris, France in 1992 and a Bachelor's Degree in Law from the University of Zaragoza in Spain in 1993. He was also awarded "Best CEO in the Sustainable Apparel Industry" in 2018 by the European CEO Magazine.

Herrero ΋͛׵ɚཧཧɧϋଭุ׵ߕ਷Г̏ ɽኪ௱ݾࣸ၍ଣኪ৫dᐏ੻ʈਠ၍ଣ၂ɻኪ Зf־׵ɓɘɘɚϋᐏ੻׵ج਷ˋኇٙESCP ᆄݲʈਠ၍ଣኪɻኪЗdԨ׵ɓɘɘɧϋᐏ ੻Гफ˫ᔜזˑᔜɽኪجܛኪɻኪЗf־͵ ׵ɚཧɓɞϋᐏEuropean CEO Magazine൙ ፯މ˜̙ܵᚃ؂ༀБุ௰ԳБ݁ᐼ൒™f

DIRECTORS' PROFILES NON-EXECUTIVE DIRECTORS

Mr. LAW Ching Kit Bosco, age 42, was appointed in July 2020. He is currently the deputy chairman and chief executive officer of Laws Fashion Group Limited (the "LAWSGROUP"), one of the global industry leader in garment manufacturing and fashion retailers. LAWSGROUP is also engaged in property development and investment in Hong Kong. Mr. Law is responsible for overseeing the LAWSGROUP's manufacturing operations, fashion retailing, property development and series of industrial building revitalization projects including D2 Place One and Two in Lai Chi Kok, Connaught Marina in Sheung Wan, East 350 in Kwun Tong and other property sites.

໨ԫᔊʧ ڢੂБ໨ԫ ᖯ͍؏΋͛dତϋ42๋d׵ɚཧɚཧϋɖ˜ ᐏ։΂f־ତމᖯˤࣛༀණྠϞࠢʮ̡€˜ᖯ ˤණྠ™ਓ˴ࢩࡒБ݁ᐼ൒dᖯˤණྠ݊ Όଢ५ᔌႡВʿࣛༀཧਯБุჯኬ٫ʘɓf ᖯˤණྠ͵׵࠰ಥ੽ԫيุ೯࢝ʿҳ༟fᖯ ΋͛ࠋப္ຖᖯˤණྠʘ͛ପᐄ༶eࣛༀཧ ਯeيุ೯࢝ʿεࡈݺʷʈขධͦd຅ʕ̍ ܼট،ԉD2 Placeɓಂʿɚಂeɪᐑʍፕʕ ːeᝈ෨East 350ʿՉ˼يุධͦf

Mr. Law graduated from University of Toronto, Canada with major in Architecture and minor in Fine Art History and obtained Honours Bachelor of Arts in 2002. He is now the chairman of Hong Kong Woollen & Synthetic Knitting Manufacturers' Association Limited from 2019 to 2020 and has been the vice chairman of Textile Council of Hong Kong Limited since 2020.

ᖯ΋͛ଭุ׵̋ࣅɽεࡐεɽኪd˴ࡌܔጘ ʿਓࡌᖵஔዝ̦dԨ׵ɚཧཧɚϋᐏ༈ɽኪ ཯೯࿲ᚑ˖ኪኪɻኪЗf־ତމ࠰ಥϺˣʷ ᜄ ০ ᔌ ุ ᅀ ਠ ึ Ϟ ࠢ ʮ ̡ ึ ڗ€͟ ɚ ཧ ɓ ɘ ϋ Ї ɚ ཧ ɚ ཧ ϋʿ І ɚ ཧ ɚ ཧ ϋ ৎ ዄ ΂ ࠰ ಥ५ᔌุᑌึϞࠢʮ̡ਓึڗf

Mr. Law is a director and sole shareholder of Keystar Limited,a 20% shareholder of Dragon Leap, being the substantial shareholder of the Company (within the meaning of the Securities and Futures Ordinance). He is also a director of Dragon Leap Developments Limited.

ᖯ΋͛ତމ Keystar Limited €ՉމኹϞᎲᚔ

€͉ʮ̡ʘ˴ࠅٰ؇€ܲᗇՎʿಂ஬ૢԷʘ଄ ່20% ᛆूʘٰ؇ʘ໨ԫʿਬɓٰ؇f ־͵މᎲᚔ೯࢝Ϟࠢʮ̡ʘ໨ԫf

DIRECTORS' PROFILES

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. LEE Kwok Ming, aged 63, was appointed in July 2020, is also the Chairman of the Audit Committee and a member of the Remuneration Committee and the Nomination Committee of the Company. He holds a Higher Diploma in Accountancy from the Hong Kong Polytechnic and a Master of Science degree in Business Administration from the University of Bath, United Kingdom. Mr. Lee is currently an independent non-executive director of Want Want China Holdings Limited (Stock code: 151) and Lianhua Supermarket Holdings Co., Ltd. (Stock code: 980), the shares of which are listed on the Main Board of the Stock Exchange. From June 2007 to March 2020, he was the chief financial officer of Stella International Holdings Limited (Stock code: 1836), the shares of which are listed on the Main Board of the Stock Exchange. Mr. Lee has more than 30 years' financial management experience and extensive experience in corporate finance such as mergers and acquisitions. He assumed the position of chief financial officer in a number of listed companies in Hong Kong. Mr. Lee is a fellow member of the Hong Kong Institute of Certified Public Accountants and an associate member of the Chartered Institute of Management Accountants.

໨ԫᔊʧ ዹͭڢੂБ໨ԫ ҽ਷׼΋͛dତϋ63๋d׵ɚཧɚཧϋɖ˜ ᐏ։΂f־͵މ͉ʮ̡ᄲࣨ։ࡰึʘ˴ࢩ˸ ʿᑚཇ։ࡰึʿ౤Τ։ࡰึʘϓࡰf־ܵϞ ࠰ಥଣʈኪ৫཯બʘ৷ॴึࠇኪ˖ኯd˸ʿ ߵ਷ˋ౶ɽኪ཯બʘʈਠ၍ଣ߅ኪ၂ɻኪ Зfҽ΋͛ତމʕ਷׶׶છٰϞࠢʮ̡€ٰ΅ ˾໮j151 ʿᑌശ൴ٰ̹΅Ϟࠢʮ̡€ٰ΅ ˾໮j980 ʘዹͭڢੂБ໨ԫd༈ഃʮ̡ٙ ٰ΅׵ᑌʹה˴ؐɪ̹f־ಀ׵ɚཧཧɖϋ ʬ˜Їɚཧɚཧϋɧ˜ዄ΂ɘጳછٰϞࠢʮ ̡€ٰ΅˾໮j1836ʘ࠯ࢩৌਕ֜d༈ʮ̡ ٰٙ΅׵ᑌʹה˴ؐɪ̹fҽ΋͛׵ৌਕ၍ ଣ˙ࠦኹϞགྷɧɤϋ຾᜕d׵ԻᒅʿΆุፄ ༟˙ࠦ͵Ո௪ᄿع຾᜕f־ಀ׵εග࠰ಥɪ ̹ʮ̡ዄ΂࠯ࢩৌਕ֜ᔖЗfҽ΋͛ତމ࠰ ಥึࠇࢪʮึٙ༟ଉึࡰʿߵ਷त஢၍ଣึ ࠇࢪʮึึࡰf

DIRECTORS' PROFILES

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. CHEONG Shin Keong, aged 64, was appointed in September 2017, is also a member of the Audit Committee, the Remuneration Committee and the Nomination Committee of the Company. Mr. Cheong is currently an executive director of Purapharm Corporation Limited, a company listed on the Stock Exchange (stock code: 1498). He was the general manager and an executive director of Television Broadcasts Limited (stock code: 511) from 1 January 2015 to 31 December 2019. Mr. Cheong has extensive experience in the advertising and marketing industry and contributes actively to the professional development of marketing in Hong Kong through leading marketing industry bodies. He is a Fellow and a deputy chairman of the Hong Kong Management Association as well as a Fellow and the former president of the Hong Kong Regional Board of the Chartered Institute of Marketing.

໨ԫᔊʧ ዹͭڢੂБ໨ԫ ቍഛ੶΋͛dତϋ64๋d׵ɚཧɓɖϋɘ˜ ᐏ ։ ΂d͵ މ ͉ ʮ ̡ ᄲ ࣨ ։ ࡰ ึeᑚ ཇ ։ ࡰ ึʿ౤Τ։ࡰึϓࡰfቍ΋͛ତމ੃ɢછٰ Ϟࠢʮ̡€׵ᑌʹהɪ̹ʘʮ̡€ٰ΅˾໮j 1498 ʘੂБ໨ԫf־׵ɚཧɓʞϋɓ˜ɓ ˚Їɚཧɓɘϋɤɚ˜ɧɤɓ˚ಀዄ΂ཥൖ ᄿᅧϞࠢʮ̡€ٰ΅˾໮j 511 ʘᐼ຾ଣʿ ੂБ໨ԫfቍ΋͛࿁ᄿѓʿ̹ఙપᄿ९Ϟ຾ ᜕d͵ீཀ˴ࠅ̹ఙุਕྠ᜗ጐ฽ן͉࢝ಥ ̹ఙપᄿБุٙਖ਼ุ೯࢝f־ତމ࠰ಥ၍ଣ ਖ਼ุ՘ึ༟ଉึࡰࡒਓ˴ࢩ˸ʿߵ਷त஢̹ ਕኪึ༟ଉึࡰࡒ࠰ಥʱึۃ˴ࢩf

Prof. SIN Yat Ming, aged 65, was appointed in October 2005, is also the Chairman of the Remuneration Committee and a member of the Audit Committee and the Nomination Committee of the Company. Prof. Sin holds a Doctor of Philosophy in Business Administration from the University of British Columbia, Canada, a Master of Business Administration from the University of Texas at Arlington and a Bachelor of Business Administration from the Chinese University of Hong Kong ("CUHK"). Prof. Sin had been a member of the Faculty of Business Administration of CUHK for over 35 years. He had also been a professor of Department of Marketing of CUHK and an associate director of CUHK's Center for Hospitality and Real Estate Research until July 2016 on his retirement. He is now the Honorary Institute Fellow of the Asia-Pacific Institute of Business and Adjunct Professor, CUHK Business School. He is serving as the advisor for the Hong Kong Institute of Marketing. He is an independent non-executive director of Hung Fook Tong Group Holdings Limited (stock code: 1446) listed on the Stock Exchange.

ᤑ˚׼઺બdତϋ65๋d׵ɚཧཧʞϋɤ˜ ᐏ։΂d͵މ͉ʮ̡ᑚཇ։ࡰึʘ˴ࢩʿᄲ ࣨ։ࡰึʿ౤Τ։ࡰึϓࡰfᤑ઺બܵϞ̋ ࣅɽߵ᙮ࡩࡐˢԭɽኪʈਠ၍ଣࡪኪ௹ɻ ኪЗeᅃψɽኪڛᜳ཭ʱࣧʈਠ၍ଣ၂ɻኪ Зʿ࠰ಥʕ˖ɽኪ€˜ʕɽ™ʈਠ၍ଣኪɻ ኪЗfᤑ઺બ׵ʕɽʈਠ၍ଣኪ৫ʈЪ൴ཀ ɧɤʞϋdಀމʕɽ̹ఙኪӻ઺બʿʕɽৢ ֳe༷ࣚʿʔਗପ޼Ӻʕːਓ˴΂ٜЇɚཧ ɓʬϋɖ˜ৗ;fତމ࠰ಥʕ˖ɽኪਠኪ৫ ʘԭ˄ʈਠ޼ӺהΤᚑ઺޼ኪɛʿ࠰ಥʕ˖ ɽኪਠኪ৫܄ࢭ઺બf־މ࠰ಥ̹ਕኪึᚥ ਪf־ତމᒿ၅ੀණྠછٰϞࠢʮ̡€ٰ΅˾ ໮j1446 €׵ᑌʹהɪ̹ʘʮ̡ʘዹͭڢ ੂБ໨ԫf

DIRECTORS' INTERESTS IN SHARES AND UNDERLYING SHARES As at 31 December 2020, the interests or short positions of each of the Directors and chief executive of the Company in the shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the "SFO")) which were (i) required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which he was taken or deemed to have under such provisions of SFO); (ii) required, pursuant to Section 352 of the SFO, to be entered in the register referred to therein; or (iii) required, pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules"), to be notified to the Company and the Stock Exchange were as follows:

໨ԫ׵ٰ΅ʿ޴ᗫٰ΅ʘᛆू ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d໨ԫʿ͉ʮ ̡௰৷Б݁ɛࡰ΢І׵͉ʮ̡אՉ޴ᑌجྠ €ՈϞᗇՎʿಂ஬ૢԷ€˜ᗇՎʿಂ஬ૢԷ™ୋ XV ௅הረʚʘ଄ٰ່ٙ΅e޴ᗫٰ΅אව ᛆᗇʕኹϞ(i)࣬ኽᗇՎʿಂ஬ૢԷୋXV௅ୋ 7ʿ8ʱ௅඲ٝึ͉ʮ̡ʿᑌʹהٙᛆूא૱ ࡑ€ܼ̍Չ࣬ኽᗇՎʿಂ஬ૢԷٙϞᗫૢ˖ ஗຅Ъא஗ൖމኹϞٙᛆूʿ૱ࡑi(ii)࣬ኽ ᗇՎʿಂ஬ૢԷୋ352ૢٙ஝֛඲༱ɝ༈ૢ ה ܸ ೮ া ̅ ʫ ٙ ᛆ ू א ૱ ࡑiא(iii)࣬ኽᑌʹ ה ᗇ Վ ɪ ̹ ஝ ۆ€˜ɪ ̹ ஝ ۆ™ڝ ፽ ɤ ה ༱ ɪ ̹೯Бɛ໨ԫආБᗇՎʹ׸ٙᅺ๟ςۆ€˜ᅺ ๟ςۆ™඲ٝึ͉ʮ̡ʿᑌʹהٙᛆूא૱ ࡑνɨj

DIRECTORS' INTERESTS IN SHARES AND UNDERLYING SHARES

Long positions in the shares and the underlying shares in associated corporations of the Company

(a)Interests in Viva China Holdings Limited ("Viva China"), the issued shares of which are listed on GEM of the Stock Exchange (stock code: 8032)

Name of Directors

໨ԫ֑Τ

Mr. CHEUNG Chi ੵ౽΋͛

Mr. ZHAO Jianguo

Ⴛܔ਷΋͛

Mr. CHAN Cheuk Him Paul ௓ՙᑹ΋͛

Mr. Victor HERRERO Victor HERRERO΋͛

Capacity and nature of interest

Ԓ΅ʿᛆू׌ሯ

Beneficial owner ྼूኹϞɛ

Beneficial owner ྼूኹϞɛ

Interest of controlled

corporation (note 1)

288,000,000 - 3.03%

12,963,200 - 0.14%

໨ԫ׵ٰ΅ʿ޴ᗫٰ΅ʘᛆू ׵͉ʮ̡޴ᑌجྠʘٰ΅ʿ޴ᗫٰ΅ʘλࡑ

(a)

Number of ordinary shares of Viva China held

׵ڢɭʕ਷છٰϞࠢʮ̡€˜ڢɭʕ ਷™ʘᛆूdՉʊ೯Бٰ΅׵ᑌʹה GEM ɪ̹€ٰ΅˾໮j 8032

Approximate

Number of percentage of share options Viva China's of Viva China issued share held capital

ܵϞڢɭʕ਷ ౷ஷٰᅰͦ

ܵϞڢɭʕ਷ Цڢɭʕ਷ʊ೯Б

ᒅٰᛆᅰͦ

ٰ͉฿ߒϵʱˢ

(note 3) €ڝൗ3

200,000

60,000,000 0.63%

աછՓجྠᛆू€ڝൗ 1

Interest of spouse (note 2)

ৣਅᛆू€ڝൗ 2

Beneficial owner ྼूኹϞɛ

Beneficial owner ྼूኹϞɛ

-

700,000,000 7.37%

400,000 - 0.0042%

1,168,000 - 0.01%

• (1) As at 31 December 2020, these 12,963,200 shares in Viva China were directly held by Double Essence Limited, which was in turn directly owned as to 50% by Mr. ZHAO Jianguo. Therefore, Mr. ZHAO Jianguo was deemed to be interested in the same number of shares in Viva China held by Double Essence Limited under Part XV of the SFO.

  • (1) ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d༈ഃ 12,963,200 ٰڢɭʕ਷ٰ΅͟ Double Essence Limited ٜટܵϞdϾ Double Essence Limited ͟Ⴛܔ਷΋ٜ͛ટܵϞ 50% ᛆूfΪϤd࣬ኽᗇՎʿಂ஬ૢԷ ୋ XV ௅dႻܔ਷΋͛஗ൖމ׵ Double Essence LimitedהܵϞ޴Νᅰͦʘڢɭʕ ਷ٰ΅ʕኹϞᛆूf

• (2) As at 31 December 2020, Ms. LI Ying, the spouse of Mr. ZHAO Jianguo, was interested in 700,000,000 share options of Viva China. Therefore, Mr. ZHAO Jianguo was deemed to be interested in the same number of share options in Viva China held by his spouse, Ms. LI Ying, under Part XV of the SFO.

  • (2) ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚dႻܔ਷΋ ͛ʘৣਅҽڎɾɻܵϞ700,000,000΅ڢ ɭʕ਷ᒅٰᛆfΪϤd࣬ኽᗇՎʿಂ஬ૢ ԷୋXV௅dႻܔ਷΋͛஗ൖމ׵Չৣਅҽ ڎɾɻהܵϞʘ޴Νᅰͦڢɭʕ਷ᒅٰᛆ ʕኹϞᛆूf

• (3) As at 31 December 2020, the total number of shares in issue of Viva China was 9,496,332,726 shares.

• (3) ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚dڢɭʕ਷ ʘʊ೯Бٰ΅ᐼᅰމ9,496,332,726ٰf

DIRECTORS' INTERESTS IN SHARES AND UNDERLYING SHARES Long positions in the shares and the underlying shares in associated corporations of the Company

(b) Interests in Dragon Leap

Name of Director

໨ԫ֑Τ

Mr. LAW Ching Kit, Bosco

ᖯ͍؏΋͛

Capacity and nature of interest

Ԓ΅ʿᛆू׌ሯ

໨ԫ׵ٰ΅ʿ޴ᗫٰ΅ʘᛆू ׵͉ʮ̡޴ᑌجྠʘٰ΅ʿ޴ᗫٰ΅ʘλࡑ

(b)

Interest of controlled corporation (note 1) աછՓجྠᛆू€ڝൗ 1

׵Ꮂᚔٙᛆू

Number of ordinary shares of Dragon Leap held

ܵϞᎲᚔ ౷ஷٰᅰͦ

20

Approximate percentage of Dragon Leap's issued share capital

ЦᎲᚔʊ೯Б ٰ͉฿ߒϵʱˢ

(note 2) €ڝൗ2

20%

Notes:

ڝൗj

• (1) As at 31 December 2020, Dragon Leap was directly owned as to 20% by Keystar Limited, which was in turn directly wholly-owned by Mr. LAW Ching Kit, Bosco. Therefore, Mr. LAW Ching Kit, Bosco was deemed to be interested in the same number of shares in Dragon leap held by Keystar Limited under Part XV of the SFO.

  • (1) ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d Ꮂᚔ͟Keystar LimitedٜટܵϞ 20%ᛆूdϾKeystar Limited͟ ᖯ͍؏΋ٜ͛ટΌ༟ኹϞfΪ Ϥd࣬ኽᗇՎʿಂ஬ૢԷୋ XV ௅dᖯ͍؏΋͛஗ൖމ׵Keystar LimitedהܵϞ޴ΝᅰͦʘᎲᚔٰ ΅ʕኹϞᛆूf

• (2) As at 31 December 2020, the total number of shares in issue of Dragon Leap was 100 shares.

• (2) ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d Ꮂᚔʘʊ೯Бٰ΅ᐼᅰމ100ٰf

As at 31 December 2020 so far as is known to the Directors and chief executive of the Company, the following persons (other than the Directors or chief executive of the Company) had interests or long positions in the shares or the underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO:

˴ࠅٰ؇׵͉ʮٰ̡΅ʿ޴ᗫٰ΅ʘᛆू

׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚dኽ໨ԫʿ͉ ʮ̡௰৷Б݁ɛࡰהٝdɨΐɛɻ€໨ԫא͉ ʮ ̡ ௰ ৷ Б ݁ ɛ ࡰ ৰ ̮׵ ͉ ʮ ̡ ٰ ΅ א ޴ ᗫٰ΅ʕኹϞ࣬ኽᗇՎʿಂ஬ૢԷୋXV௅ୋ 2ʿ3ʱ௅ૢ˖඲Σ͉ʮ̡ʿᑌʹהמᚣٙᛆ ूאλࡑj

Name

Capacity and nature of interest

Τ၈

Ԓ΅ʿᛆू׌ሯ

Dragon Leap Development Limited Ꮂᚔ೯࢝Ϟࠢʮ̡

Viva China Holdings Limited ڢɭʕ਷છٰϞࠢʮ̡

Beneficial owner (note 1)

ྼूኹϞɛ€ڝൗ 1

Interest of controlled corporation (note 1)

աછՓجྠᛆू€ڝൗ 1

Mr. LI Ning ҽྐྵ΋͛

Interest of controlled corporation (note 2)

աછՓجྠᛆू€ڝൗ 2

Mr. LI Chun ҽආ΋͛

Interest of controlled corporation (note 2)

աછՓجྠᛆू€ڝൗ 2

Number of shares held

ܵϞٰ΅ᅰͦ

Approximate percentage of the Company's issued share capital

Ц͉ʮ̡ʊ೯Б ٰ͉฿ߒϵʱˢ

(note 3) €ڝൗ3

1,093,839,246 66.54%

1,093,839,246 66.54%

1,093,839,246 66.54%

1,093,839,246 66.54%

˴ࠅٰ؇׵͉ʮٰ̡΅ʿ޴ᗫٰ΅ʘᛆू

Notes:

ڝൗj

• (1) As at 31 December 2020, Dragon Leap was owned as to 80% by Viva China. Therefore, Viva China was deemed to be interested in the shares of the Company held by Dragon Leap under Part XV of the SFO.

  • (1) ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚dᎲᚔ͟ڢ ɭʕ਷ܵϞ80%ᛆूfΪϤd࣬ኽᗇՎʿ ಂ஬ૢԷୋXV௅dڢɭʕ਷஗ൖމ׵Ꮂᚔ הܵϞʘ͉ʮٰ̡΅ʕኹϞᛆूf

• (2) As at 31 December 2020, Mr. LI Ning and Mr. LI Chun were deemed to be interested in the shares of Viva China through their interests in Lead Ahead Limited, Victory Mind Assets Limited and Dragon City Management (PTC) Limited, which held 2,132,420,382 shares, 1,680,022,769 shares and 2,000,000,000 shares in Viva China, respectively, representing approximately 22.46%, 17.69% and 21.06% and in aggregate 61.21% of the total issued share capital of Viva China as at 31 December 2020. Therefore, Mr. LI Ning and Mr. LI Chun were deemed to be interested in the shares of the Company held by Dragon Leap under Part XV of the SFO.

  • (2) ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚dҽྐྵ΋ ͛ʿҽආ΋͛ீཀ־ഃ׵ Lead Ahead LimitedeVictory Mind Assets Limitedʿ Dragon City Management (PTC) Limited ʘᛆू஗ൖމ׵ڢɭʕ਷ٰ΅ʕኹϞ ᛆूd Lead Ahead Limited e Victory Mind Assets Limited ʿ Dragon City Management (PTC) LimitedʱйܵϞڢɭ ʕ਷ʘ 2,132,420,382ٰe1,680,022,769 ٰʿ 2,000,000,000 ٰٰ΅dʱйЦڢ ɭʕ਷׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚ʘ ʊ೯Бٰ͉ᐼᅰߒ 22.46%e17.69%ʿ 21.06%dʿΥ΍Ц61.21%fΪϤd࣬ኽ ᗇՎʿಂ஬ૢԷୋXV௅dҽྐྵ΋͛ʿҽආ ΋͛஗ൖމ׵ᎲᚔהܵϞʘ͉ʮٰ̡΅ʕ ኹϞᛆूf

• (3) As at 31 December 2020, the total number of shares of the Company in issue was 1,643,833,394 shares.

• (3) ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ʮ̡ʊ ೯Бٰ΅ᐼᅰމ1,643,833,394f

Save as disclosed above and so far as is known to the Directors and chief executive of the Company, as at 31 December 2020, no person (other than the Directors or chief executive of the Company) had any interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO, or has, directly or indirectly, interested in 10% or more of the issued voting shares any other member of the Group.

ৰɪ˖המᚣ٫̮ʿኽ໨ԫʿ͉ʮ̡௰৷ Б݁ɛࡰהٝd׵ɚཧɚཧϋɤɚ˜ɧɤɓ ˚d฿ೌɛɻ€໨ԫא͉ʮ̡௰৷Б݁ɛࡰৰ ̮׵͉ʮٰ̡΅א޴ᗫٰ΅ʕኹϞ࣬ኽᗇ Վʿಂ஬ૢԷୋXV௅ୋ2ʿ3ʱ௅ૢ˖඲Σ͉ ʮ̡ʿᑌʹהמᚣٙ΂Оᛆूא૱ࡑdאٜ ટאගટኹϞ͉ණྠ΂ОՉ˼ϓࡰʮ̡ٙʊ ೯БՈҳୃᛆٰ΅ٙ10%א˸ɪٙᛆूf

DIRECTORS' RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Save as disclosed in the section "Directors' interests in shares and underlying shares" above and in the section "Share option scheme" below, 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 director or their respective spouse or minor children, or were any such 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.

໨ԫᒅ൯ٰ΅אවՎʘᛆл ৰɪ˖˜໨ԫ׵ٰ΅ʿ޴ᗫٰ΅ʘᛆू™ɓື ʿɨ˖˜ᒅٰᛆࠇྌ™ɓືהמᚣ٫̮d͉ʮ ̡׵ಂʫ΂Оࣛග฿ೌબʚ΂О໨ԫא־ഃ ΢Іʘৣਅא͊ϓϋɿɾᔟϗᒅ͉ʮ̡ʘٰ ΅אවՎϾ՟੻лूʘᛆлdϾ־ഃ͵ೌБ Դ΂О༈ഃᛆлi͉ʮ̡אՉ΂Оڝ᙮ʮ̡ ׵ಂʫ฿ೌਞၾࠈͭ΂ОτરdߧԴ໨ԫ̙ ׵΂ОՉ˼جɛྠ᜗ᐏ੻Ϥഃᛆлf

DIRECTORS' INTERESTS IN CONTRACTS

No director had a material interest, either directly or indirectly, in any contract of significance to the business of the Group to which the Company or any of its subsidiaries was a party during the period.

໨ԫ׵Υߒʕʘᛆू ಂʫ฿ೌ໨ԫί͉ʮ̡אՉ΂Оڝ᙮ʮ̡ᖦ ࠈϾ࿁͉ණྠุਕϞࠠɽᅂᚤʘ΂ОΥߒʕ ٜટאගટኹϞࠠɽᛆूf

SHARE OPTION SCHEME

Share options were granted to the directors and employees under the Share Option Scheme (the "Scheme") adopted by the Company on 12 November 2013. There was no change in any terms of the Scheme during the six months ended 31 December 2020. The details of the Scheme were disclosed in the 2019/20 annual report.

ᒅٰᛆࠇྌ ͉ʮ̡࣬ኽ׵ɚཧɓɧϋɤɓ˜ɤɚ˚મॶ ʘ ᒅ ٰ ᛆ ࠇ ྌ€˜ࠇ ྌ™બ ̈ ᒅ ٰ ᛆ ʚ ໨ ԫ ʿ ࡰʈf࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬ ࡈ ˜ ʫdϤ ࠇ ྌ ʘ ૢ ಛ Ԩ ೌ һ ҷfϤ ࠇ ྌ ʘ ༉ઋʊ׵ɚཧɓɘŊɚཧϋϋజʕמᚣf

Name or category of participants

ਞၾɛɻ֑Τאᗳй

At 1 July 2020 ׵ɚཧɚཧϋ ɖ˜ɓ˚

Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

Date of grant of share options

(note a)

ಂʫબ̈

Exercise period of share options

ಂʫБԴ

price of share options

(note b)

ಂʫӚϗ

બ̈ᒅٰᛆ˚ಂ €ڝൗa

ᒅٰᛆБԴಂ

ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ

Directors ໨ԫ

Ms. TSIN Man Kuen

Bess ፺ਟࢇɾɻ

800,000

-

-

(800,000)

-

12 October 2010

12 October 2011 to 0.780

ɚཧɓཧϋɤ˜ɤɚ˚

11 October 2020 ɚཧɓɓϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

1,200,000

-

-

(1,200,000)

-

12 October 2010

12 October 2013 to 0.780

ɚཧɓཧϋɤ˜ɤɚ˚

11 October 2020 ɚཧɓɧϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

2,000,000

-

-

(2,000,000)

-

12 October 2010

12 October 2015 to 0.780

ɚཧɓཧϋɤ˜ɤɚ˚

11 October 2020 ɚཧɓʞϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

1,750,000

-

-

(1,750,000)

-

2 December 2013 ɚཧɓɧϋɤɚ˜ɚ˚

(note d(i)) 0.570 (ڝൗd(i))

3,000,000

-

-

(3,000,000)

-

4 October 2016

4 October 2019 to 0.495

ɚཧɓʬϋɤ˜̬˚

3 October 2026 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚʬϋɤ˜ɧ˚

8,750,000

-

-

(8,750,000)

-

SHARE OPTION SCHEME

Name or category of participants

ਞၾɛɻ֑Τאᗳй

Number of share options ᒅٰᛆᅰͦ

ᒅٰᛆࠇྌ

At 1 July 2020 ׵ɚཧɚཧϋ ɖ˜ɓ˚

Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

Date of grant of share options

(note a)

ಂʫબ̈

Exercise period of share options

ಂʫБԴ

Exercise price of share options

(note b)

ಂʫӚϗ

બ̈ᒅٰᛆ˚ಂ €ڝൗa

ᒅٰᛆБԴಂ

ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ

Directors ໨ԫ

Mr. MAK Tak Cheong

Edmund ௥ᅃ׹΋͛

678,000

-

-

(678,000)

-

5 July 2010 ɚཧɓཧϋɖ˜ʞ˚

(note c(i)) 0.503 (ڝൗc(i))

2,800,000

-

-

(2,800,000)

-

12 October 2010

12 October 2011 to 0.780

ɚཧɓཧϋɤ˜ɤɚ˚

11 October 2020 ɚཧɓɓϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

4,200,000

-

-

(4,200,000)

-

12 October 2010

12 October 2013 to 0.780

ɚཧɓཧϋɤ˜ɤɚ˚

11 October 2020 ɚཧɓɧϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

7,000,000

-

-

(7,000,000)

-

12 October 2010

12 October 2015 to 0.780

ɚཧɓཧϋɤ˜ɤɚ˚

11 October 2020 ɚཧɓʞϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

3,500,000

-

-

(3,500,000)

-

2 December 2013 ɚཧɓɧϋɤɚ˜ɚ˚

(note d(i)) 0.570 (ڝൗd(i))

5,000,000

-

-

(5,000,000)

-

4 October 2016

4 October 2019 to 0.495

ɚཧɓʬϋɤ˜̬˚

3 October 2026 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚʬϋɤ˜ɧ˚

23,178,000

-

-

(23,178,000)

-

SHARE OPTION SCHEME

Name or category of participants

ਞၾɛɻ֑Τאᗳй

Number of share options ᒅٰᛆᅰͦ

ᒅٰᛆࠇྌ

At 1 July 2020 ׵ɚཧɚཧϋ ɖ˜ɓ˚

Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

Date of grant of share options

(note a)

ಂʫબ̈

Exercise period of share options

ಂʫБԴ

Exercise price of share options

(note b)

ಂʫӚϗ

બ̈ᒅٰᛆ˚ಂ €ڝൗa

ᒅٰᛆБԴಂ

ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ

Directors ໨ԫ

Mr. CHAN Cheuk Him

Paul ௓ՙᑹ΋͛

210,000

-

-

(210,000)

-

5 July 2010 ɚཧɓཧϋɖ˜ʞ˚

(note c(i)) 0.503 (ڝൗc(i))

560,000

-

-

(560,000)

-

12 October 2010

12 October 2011 to 0.780

ɚཧɓཧϋɤ˜ɤɚ˚

11 October 2020 ɚཧɓɓϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

840,000

-

-

(840,000)

-

12 October 2010

12 October 2013 to 0.780

ɚཧɓཧϋɤ˜ɤɚ˚

11 October 2020 ɚཧɓɧϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

1,400,000

-

-

(1,400,000)

-

12 October 2010

12 October 2015 to 0.780

ɚཧɓཧϋɤ˜ɤɚ˚

11 October 2020 ɚཧɓʞϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

1,750,000

-

-

(1,750,000)

-

2 December 2013 ɚཧɓɧϋɤɚ˜ɚ˚

(note d(i)) 0.570 (ڝൗd(i))

3,000,000

-

-

(3,000,000)

-

4 October 2016

4 October 2019 to 0.495

ɚཧɓʬϋɤ˜̬˚

3 October 2026 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚʬϋɤ˜ɧ˚

7,760,000

-

-

(7,760,000)

-

SHARE OPTION SCHEME

Name or category of participants

ਞၾɛɻ֑Τאᗳй

Other employees

Չ˼྇ࡰ

In aggregate

Υ΍

Number of share options ᒅٰᛆᅰͦ

ᒅٰᛆࠇྌ

At 1 July 2020 ׵ɚཧɚཧϋ ɖ˜ɓ˚

Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

Date of grant of share options

(note a)

ಂʫબ̈

ಂʫБԴ

ಂʫӚϗ

બ̈ᒅٰᛆ˚ಂ €ڝൗa

Exercise period of share options

ᒅٰᛆБԴಂ

1,294,000

-

-

(1,294,000)

-

5 July 2010 ɚཧɓཧϋɖ˜ʞ˚

432,000

-

-

(432,000)

-

12 October 2010

ɚཧɓཧϋɤ˜ɤɚ˚

648,000

-

-

(648,000)

-

12 October 2010

ɚཧɓཧϋɤ˜ɤɚ˚

1,080,000

-

-

(1,080,000)

-

12 October 2010

ɚཧɓཧϋɤ˜ɤɚ˚

82,000

-

-

(82,000)

-

3 January 2011 ɚཧɓɓϋɓ˜ɧ˚

54,000

-

-

(54,000)

-

4 July 2011 ɚཧɓɓϋɖ˜̬˚

Exercise price of share options

(note b)

ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ

(note c(i)) 0.503 €ڝൗc(i))

12 October 2011 to 0.780

11 October 2020 ɚཧɓɓϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

12 October 2012 to 0.780

11 October 2020 ɚཧɓɚϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

12 October 2013 to 0.780

11 October 2020 ɚཧɓɧϋɤ˜ɤɚ˚Ї ɚཧɚཧϋɤ˜ɤɓ˚

(note c(ii)) 0.922 €ڝൗc(ii))

(note c(iii)) 0.880 €ڝൗ c(iii))

SHARE OPTION SCHEME

Name or category of participants

ਞၾɛɻ֑Τאᗳй

Other employees

Չ˼྇ࡰ

In aggregate

Υ΍

At 1 July 2020 ׵ɚཧɚཧϋ ɖ˜ɓ˚

9,624,000

124,000

398,000

19,860,000

620,000

816,000

Number of share options ᒅٰᛆᅰͦ

ᒅٰᛆࠇྌ

Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

Date of grant of share options

(note a)

ಂʫબ̈

ಂʫБԴ

ಂʫӚϗ

બ̈ᒅٰᛆ˚ಂ €ڝൗa

Exercise period of share options

ᒅٰᛆБԴಂ

-

-

(9,624,000)

-

2 December 2013 ɚཧɓɧϋɤɚ˜ɚ˚

-

-

(124,000)

-

2 January 2014 ɚཧɓ̬ϋɓ˜ɚ˚

-

-

(398,000)

-

2 July 2015 ɚཧɓʞϋɖ˜ɚ˚

-

-

(19,860,000)

-

4 October 2016

ɚཧɓʬϋɤ˜̬˚

-

-

(620,000)

-

1 June 2017

ɚཧɓɖϋʬ˜ɓ˚

-

-

(816,000)

-

3 October 2017

ɚཧɓɖϋɤ˜ɧ˚

(note d(i)) 0.570 €ڝൗd(i))

(note d(ii)) 0.570 €ڝൗd(ii))

(note d(iii)) 0.740 €ڝൗd(iii))

4 October 2019 to 0.495

3 October 2026 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚʬϋɤ˜ɧ˚

28 November 2019 to 0.460

31 May 2027 ɚཧɓɘϋ ɤɓ˜ɚɤɞ˚Ї ɚཧɚɖϋʞ˜ɧɤɓ˚

4 October 2019 to 0.455

Exercise price of share options

(note b)

ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ

2 October 2027 ɚཧɓɘϋɤ˜̬˚Ї ɚཧɚɖϋɤ˜ɚ˚

SHARE OPTION SCHEME

Name or category of participants

ਞၾɛɻ֑Τאᗳй

Number of share options ᒅٰᛆᅰͦ

ᒅٰᛆࠇྌ

At 1 July 2020 ׵ɚཧɚཧϋ ɖ˜ɓ˚

Granted during the periodExercised during the periodForfeited during the periodAt 31 December 2020 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

Date of grant of share options

(note a)

ಂʫબ̈

Exercise period of share options

ಂʫБԴ

Exercise price of share options

(note b)

ಂʫӚϗ

બ̈ᒅٰᛆ˚ಂ €ڝൗa

ᒅٰᛆБԴಂ

ᒅٰᛆБԴᄆ €ڝൗb HK$ per share ӊٰಥ࿆ʩ

Other employees

Չ˼྇ࡰ

In aggregate

Υ΍

620,000

-

-

(620,000)

-

3 July 2018

26 December 2020 to 0.352

ɚཧɓɞϋɖ˜ɧ˚

2 July 2028 ɚཧɚཧϋ ɤɚ˜ɚɤʬ˚Ї ɚཧɚɞϋɖ˜ɚ˚

2,500,000

-

(2,500,000)

-

-

2 January 2019

19 June 2021 to 0.275 1 January 2029

(note e)

ɚཧɓɘϋɓ˜ɚ˚

ɚཧɚɓϋʬ˜ɤɘ˚Ї ɚཧɚɘϋɓ˜ɓ˚ €ڝൗe

2,500,000

-

-

(2,500,000)

-

2 January 2019

9 July 2021 to 0.275

ɚཧɓɘϋɓ˜ɚ˚

1 January 2029 ɚཧɚɓϋɖ˜ɘ˚Ї ɚཧɚɘϋɓ˜ɓ˚

620,000

-

-

(620,000)

-

1 March 2019

1 March 2022 to 0.285

ɚཧɓɘϋɧ˜ɓ˚

28 February 2029 ɚཧɚɚϋɧ˜ɓ˚Ї ɚཧɚɘϋɚ˜ɚɤɞ˚

880,000

-

-

(880,000)

-

2 July 2019

10 December 2021 to 0.231

ɚཧɓɘϋɖ˜ɚ˚

1 July 2029 ɚཧɚɓϋɤɚ˜ɤ˚Ї ɚཧɚɘϋɖ˜ɓ˚

42,152,000

-

(2,500,000)

(39,652,000)

-

81,840,000

-

(2,500,000)

(79,340,000)

-

SHARE OPTION SCHEME

Notes:

• (a) The vesting period of the share options is from the date of the grant until the commencement of the exercise period.

• (b) 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.

• (c) Vesting of the share options is conditional, subject to the individual performance of respective grantees and the achievement of 3-year corporate goals for the 3-year performance period ended 30 June 2013.

The exercise periods of share options are as follows:

• (i) From the next business day of publication of the announcement of the audited consolidated results of the Group for the year ended 30 June 2013 to 4 July 2020.

• (ii) From the next business day of publication of the announcement of the audited consolidated results of the Group for the year ended 30 June 2013 to 2 January 2021.

• (iii) From the next business day of publication of the announcement of the audited consolidated results of the Group for the year ended 30 June 2013 to 3 July 2021.

ᒅٰᛆࠇྌ ڝൗj

• (a) ᒅٰᛆᓥ᙮ಂމІબ̈˚ಂৎࠇٜЇБԴ ಂගක֐މ˟f

• (b) ᒅٰᛆʘБԴᄆ̙࣬ኽԶٰא೯Бߎٰe א͉ʮٰ̡͉ʘՉ˼ᗳЧᜊਗϾʚ˸ሜ ዆f

• (c) ᒅٰᛆٙᓥ᙮աࡈйוબɛٙڌତʿ͉ණ ྠ࿚Їɚཧɓɧϋʬ˜ɧɤ˚˟ɧϋಂග ٙɧϋණྠͦᅺʘૢ΁஝ࠢf

ᒅٰᛆБԴಂνɨj

• (i) ̊͟೮͉ණྠ࿚Їɚཧɓɧϋʬ ˜ɧɤ˚˟ϋܓʘ຾ᄲࣨၝΥ ุᐶʮбܝၡટٙᐄุ˚ක֐Б ԴdЇɚཧɚཧϋɖ˜̬˚f

• (ii) ̊͟೮͉ණྠ࿚Їɚཧɓɧϋʬ ˜ɧɤ˚˟ϋܓʘ຾ᄲࣨၝΥุ ᐶʮбܝၡટٙᐄุ˚ක֐Б ԴdЇɚཧɚɓϋɓ˜ɚ˚f

• (iii) ̊͟೮͉ණྠ࿚Їɚཧɓɧϋʬ ˜ɧɤ˚˟ϋܓʘ຾ᄲࣨၝΥุ ᐶʮбܝၡટٙᐄุ˚ක֐Б ԴdЇɚཧɚɓϋɖ˜ɧ˚f

SHARE OPTION SCHEME

Notes: (continued)

• (d) Vesting of the share options is conditional, subject to the individual performance of respective grantees and the achievement of 3-year corporate goals for the 3-year performance period ended 30 June 2016.

  ᒅٰᛆࠇྌ ڝ ൗj€ᚃ

  • (d) ᒅٰᛆٙᓥ᙮աࡈйוબɛٙڌତʿ͉ණ ྠ࿚Їɚཧɓʬϋʬ˜ɧɤ˚˟ɧϋಂග ٙɧϋණྠͦᅺʘૢ΁஝ࠢf

• The exercise periods of share options are as follows:

  ᒅٰᛆБԴಂνɨj

  • (i) From 1 November 2016 to 1 December 2023.

    • (i) ͟ɚཧɓʬϋɤɓ˜ɓ˚ৎЇɚ ཧɚɧϋɤɚ˜ɓ˚f

  • (ii) From 1 November 2016 to 1 January 2024.

    • (ii) ͟ɚཧɓʬϋɤɓ˜ɓ˚ৎЇɚ ཧɚ̬ϋɓ˜ɓ˚f

  • (iii) From 1 November 2016 to 1 July 2025.

  • (iii) ͟ɚཧɓʬϋɤɓ˜ɓ˚ৎЇɚ ཧɚʞϋɖ˜ɓ˚f

• (e) Pursuant to the terms of the Scheme, in the event a general offer is made to the shareholders of the Company, the share option holders may exercise the share options (to the extent not already exercised) to its full extent or to the extent specified in the notice to the Company in exercise of his or her share options at any time before the close of such offer (or any revised offer).

• (e) ࣬ኽࠇྌʘૢಛdࡊΣ͉ʮٰ̡؇౤̈Ό ࠦࠅߒdۆίϞᗫࠅߒ€א΂О຾ࡌࠈٙ ࠅߒ࿚˟ʘۃᒅٰᛆܵϞɛ̙ᎇࣛ઄ᅰ БԴᒅٰᛆ€˸Չ֠͊БԴ٫މࠢא˸Б ԴՉᒅٰᛆࣛΣ͉ʮ̡೯̈ٙஷٝʕהܸ ֛٫މࠢf

SHARE OPTION SCHEME

Subsequent to the end of the reporting period, on 5 January 2021, an aggregate of 90,000,000 share options was granted to the directors and certain employees of the Company in respect of their services to the Group in the forthcoming years. The share options have an exercise price of HK$0.460 per share. Each of the one-third of the share options is exercisable from 1 January 2022 to 31 December 2026, from 1 January 2023 to 31 December 2026 and from 1 January 2024 to 31 December 2026.

ᒅٰᛆࠇྌ ׵జѓಂ͋ܝd׵ɚཧɚɓϋɓ˜ʞ˚d͉ ʮ̡໨ԫʿ߰ʍ྇ࡰఱ־ഃ׵͊Ըϋܓމ͉ ණྠ؂ਕϾᐏબΥ΍90,000,000΅ ᒅ ٰ ᛆf ᒅٰᛆʘБԴᄆމӊٰಥ࿆ 0.460ʩfӊ ɧ ʱʘɓٙᒅٰᛆБԴಂމ͟ɚཧɚɚϋɓ˜ ɓ˚ৎЇɚཧɚʬϋɤɚ˜ɧɤɓ˚e͟ɚ ཧɚɧϋɓ˜ɓ˚ৎЇɚཧɚʬϋɤɚ˜ ɧɤɓ˚ʿ͟ɚཧɚ̬ϋɓ˜ɓ˚ৎЇɚཧ ɚʬϋɤɚ˜ɧɤɓ˚f

Name or category of participants ਞၾɛɻ֑Τאᗳй

Number of share options held

ܵϞᒅٰᛆᅰͦ

SHARE OPTION SCHEME

Share option do not confer rights on the holders to dividends or to vote at shareholders' meetings.

The fair values of equity-settled share options granted were estimated as at the date of grant using the trinomial option pricing model, taking into account the terms and conditions upon which the share options were granted.

ᒅٰᛆࠇྌ ᒅٰᛆԨೌረʚܵϞɛᐏݼٰࢹא׵ٰ؇ɽ ึɪҳୃʘᛆлf બ̈ʘᛆूഐၑᒅٰᛆʘʮ̻࠽ɗ׵બ̈˚ ಂПࠇdԨમ͜ɧධόಂᛆ֛ᄆᅼόd຾Ͻ ᅇהબ̈ᒅٰᛆʘૢಛʿૢ΁ܝϾࠇၑf

The values of share options calculated using the trinomial model are subject to certain fundamental limitations, due to the subjective nature of and uncertainty relating to a number of assumptions of the expected future performance input to the model, and certain inherent limitations of the model itself.

˸ɧධόᅼόࠇၑʘᒅٰᛆᄆ࠽ʘ๟ᆽ׌ɗ աՓ׵߰ʍΪ९d຅ʕܼ̍މཫ಻͊Ըڌତ ϾЪٙεධ৿ணdהऒʿʘ˴ᝈкᓙʿʔٵ ֛Ϊ९d˸ʿࠇၑᅼόٙʫίࠢՓf

The value of a share option varies with different variables of certain subjective assumptions. Any change to the variables used may materially affect the estimation of the fair value of a share option.

At 31 December 2020, the Company had no share options outstanding under the Scheme.

ᒅٰᛆᄆ࠽ึ༧ᎇ߰ʍ˴ᝈ৿ணʘʔΝᜊᅰ ϾᜊਗfϞᗫᜊᅰʘ΂Оᜊਗאึ࿁ᒅٰᛆ ʘʮ̻П࠽ிϓࠠɽᅂᚤf ׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ʮ̡׵ࠇ ྌධɨӚϞ֠͊БԴʘᒅٰᛆf

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

Neither the Company, nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities during the period.

ᒅ൯ëਯאᛙΫ͉ʮ̡ʘɪ̹ᗇՎ

͉ʮ̡אՉ΂Оڝ᙮ʮ̡׵ಂʫ฿ೌᒅ൯e ̈ਯאᛙΫ͉ʮ̡΂Оɪ̹ᗇՎf

AUDIT COMMITTEE

The Company has an Audit Committee which was established in compliance with Rule 3.21 of the Listing Rules for the purpose of reviewing and providing supervision over the Group's financial reporting process and internal controls. It has formulated its written terms of reference in accordance with the provisions set out in Appendix 14 - Corporate Governance Code and Corporate Governance Report (the "CG Code") of the Listing Rules. The Audit Committee has reviewed the unaudited interim financial results for the six months ended 31 December 2020. The Audit Committee comprises three Independent Non-executive Directors of the Company, namely Mr. LEE Kwok Ming, Mr. CHEONG Shin Keong and Prof. SIN Yat Ming.

ᄲࣨ։ࡰึ ͉ʮ̡ணϞᄲࣨ։ࡰึd༈։ࡰึɗ፭๫ɪ ̹஝ۆୋ3.21ૢʘ஝֛Ͼணͭd˸ᄲቡʿ္ ၍͉ණྠʘৌਕ䁩జ೻ҏʿʫ௅္છfᄲࣨ ։ࡰึʊ࣬ኽɪ̹஝ۆڝ፽ɤ̬ÑΆุ၍ط ς ۆ ʿ Ά ุ ၍ ط జ ѓ€˜Ά ุ ၍ ط ς ۆ™ה ༱ ʘૢ˖Փ֛ࣣࠦᔖᛆᇍఖfᄲࣨ։ࡰึʊᄲ ቡ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ˜ ʘ͊຾ᄲࣨʕಂৌਕุᐶfᄲࣨ։ࡰึ͉͟ ʮ̡ɧΤዹͭڢੂБ໨ԫଡ଼ϓdʱйމҽ਷ ׼΋͛eቍഛ੶΋͛ʿᤑ˚׼઺બf

CORPORATE GOVERNANCE

The Company was in compliance with the code provisions as set out in the CG Code for the six months ended 31 December 2020.

Άุ၍ط ͉ʮ̡׵࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ ʬࡈ˜ಂගʊ፭๫Άุ၍طςۆה༱ʘςۆ ૢ˖f

Currently, there are three Board committees, namely, Audit Committee, Remuneration Committee and Nomination Committee.

͉ʮ̡ତࣛணϞɧࡈ໨ԫ։ࡰึdуᄲࣨ։ ࡰึeᑚཇ։ࡰึʿ౤Τ։ࡰึf

MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code as set out in Appendix 10 of the Listing Rules as the Company's code of conduct for dealings in securities of the Company by the Directors. Based on specific enquiry with the Company's Directors, all the Directors have complied with the required standard set out in the Model Code, throughout the six months ended 31 December 2020.

ආБᗇՎʹ׸ʘᅺ๟ςۆ ͉ʮ̡ʊમॶɪ̹஝ۆڝ፽ɤה༱ٙᅺ๟ς ۆЪމ͉ʮ̡໨ԫ൯ርᗇՎʘ዁ςςۆf࣬ ኽ͉ʮ̡Σ໨ԫЪ̈Ո᜗ݟ༔ܝdΌ᜗໨ԫ ׵࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ˜ ಂගʫɓٜ፭ςᅺ๟ςۆה஝֛ʘᅺ๟f

By Order of the Board

Victor HERRERO

Chairman

ו໨ԫึն ˴ࢩ

Victor HERRERO

Hong Kong, 25 February 2021

࠰ಥdɚཧɚɓϋɚ˜ɚɤʞ˚

FINANCIAL RESULTS

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

ৌਕุᐶ ᔊ׼ၝΥฦूʿՉ˼Όࠦϗूڌ

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

2020 ɚཧɚཧϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

Notes ڝൗ

2019 ɚཧɓɘϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

(restated)

€຾ࠠΐ

Continuing operations Revenue

Cost of sales

Gross profit

Other income

Selling and distribution expenses Administrative expenses

Other operating expenses, net

Loss from operating activities Finance costs

Loss before tax from continuing operations

Income tax expense

Loss for the period from continuing operations

Discontinued operation Loss for the period from a discontinued operation

Loss for the period attributable to owners of the Company

ܵᚃ຾ᐄุਕ ϗू ቖਯϓ͉

ˣл

Չ˼ϗɝ ቖਯʿʱቖක˕ Б݁ක˕ Չ˼ᐄ༶ක˕dଋ࠽

ᐄ༶ุਕᑦฦ ፄ༟ϓ͉

ܵᚃ຾ᐄุਕʘৰ೼ۃᑦฦ ה੻೼ක˕

ܵᚃ຾ᐄุਕʘಂʫᑦฦ

ʊ୞˟ุਕ ʊ୞˟ุਕʘಂʫᑦฦ

͉ʮ̡ኹϞɛᏐЦಂʫᑦฦ

3

3

4

5 6

7

468,217 (226,133)

624,761 (308,305)

242,084 316,456

24,049 11,528

(203,402) (278,749)

(93,262) (106,741)

(46,926) (21,525)

(77,457) (79,031)

(6,608) (8,908)

(84,065) (87,939)

(2,673) (3,035)

(86,738) (90,974)

(391) (2,713)

(87,129) (93,687)

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

ᔊ׼ၝΥฦूʿՉ˼Όࠦϗूڌ

Note ڝൗ

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

2020 ɚཧɚཧϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

2019 ɚཧɓɘϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

(restated)

€຾ࠠΐ

Other comprehensive income/(loss)

Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods:

Change in fair value of a financial asset

Exchange differences on translation of foreign operations

Չ˼ΌࠦϗूŊ€ᑦฦ ׵ֻܝಂග̙ঐึࠠอʱᗳ ЇฦूʘՉ˼ΌࠦϗूŊ € ᑦ ฦ j ږፄ༟ପʘʮ̻࠽ᜊਗ ౬ၑऎุ̮ਕʘг౬ࢨᕘ

Net other comprehensive income/(loss) Չ˼ΌࠦଋϗूŊ€ᑦฦ

Total comprehensive loss for the period attributable to owners of the Company

͉ʮ̡ኹϞɛᏐЦಂʫ Όࠦᑦฦᐼᕘ

Loss per share attributable to ordinary ͉ʮ̡౷ஷᛆूܵϞɛ

equity holders of the Company

Basic - For loss for the period - For loss from continuing operations

ᏐЦӊٰᑦฦ

ਿ͉ Ñಂʫᑦฦ Ñܵᚃ຾ᐄุਕʘᑦฦ

- 1,367

10,668 (7,184)

10,668 (5,817)

(76,461)

9

(99,504)

(HK5.30 cents ಥ̀) (HK5.28 cents ಥ̀)

(HK5.71 cents ಥ̀) (HK5.54 cents ಥ̀)Diluted - For loss for the period - For loss from continuing operations

ᛅᑛ Ñಂʫᑦฦ Ñܵᚃ຾ᐄุਕʘᑦฦ

(HK5.30 cents ಥ̀) (HK5.28 cents ಥ̀)

(HK5.71 cents ಥ̀) (HK5.54 cents ಥ̀)

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ᔊ׼ၝΥৌਕًرڌ

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ᔊ׼ၝΥৌਕًرڌ

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

ᔊ׼ၝΥᛆूᜊਗజڌ

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

ᔊ׼ၝΥᛆूᜊਗజڌ

Issued capital ʊ೯Бٰ͉

Share premium account ٰ΅๐ᄆሪ

Share option reserve ᒅٰᛆᎷ௪

Capital reserve ༟͉Ꮇ௪

Contributed surplus ᖮɝޮቱ

Fair value reserveAsset revaluation reserveExchange fluctuation reserve

ʮ̻࠽Ꮇ௪ ༟ପࠠПᎷ௪ ̮ිتਗᎷ௪

Reserve funds Ꮇ௪ਿږ

Retained profits ڭव๐л

Total equity ᛆूᐼ࠽

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

€͊຾ᄲࣨ €͊຾ᄲࣨ €͊຾ᄲࣨ €͊຾ᄲࣨ €͊຾ᄲࣨ €͊຾ᄲࣨ €͊຾ᄲࣨ €͊຾ᄲࣨ €͊຾ᄲࣨ €͊຾ᄲࣨ €͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

At 1 July 2019

׵ɚཧɓɘϋɖ˜ɓ˚

Effect of adoption of HKFRS 16 મॶ࠰ಥৌਕිజ๟ۆ ୋ16໮ʘᅂᚤ

164,134

29,020

28,904

(3,292)

90,258

(1,367)

9,395

(2,189)

1,810

383,302 699,975

-

-

-

-

-

-

-

-

-

(20,547) (20,547)At 1 July 2019 (restated)

׵ɚཧɓɘϋɖ˜ɓ˚ €຾ࠠΐ

164,134

29,020

28,904

(3,292)

90,258

(1,367)

9,395

(2,189)

1,810

362,755 679,428

Loss for the period

Other comprehensive income/

(loss) for the period: Change in fair value of a financial asset Exchange differences on translation of foreign operations

ಂʫᑦฦ ಂʫՉ˼ΌࠦϗूŊ €ᑦฦ)j ږፄ༟ପʘ ʮ̻࠽ᜊਗ ౬ၑऎุ̮ਕʘ г౬ࢨᕘ

-

-

-

-

-

-

-

-

-

(93,687) (93,687)

-

-

-

-

-

1,367 - - - - 1,367

-

-

-

-

-

-

-

(7,184) - - (7,184)Total comprehensive loss for the period

ಂʫΌࠦᑦฦᐼᕘ

-

-

-

-

-

1,367

-

(7,184)

-

(93,687) (99,504)Equity-settled share option arrangements

Final 2019 dividend declared

ʊ܁ݼɚཧɓɘϋ ͋ಂٰࢹ ᛆूഐၑᒅٰᛆ τર

-

-

-

-

-

-

-

-

-

(20,024) (20,024)

-

-

344

-

-

-

-

-

-

-

344

At 31 December 2019

׵ɚཧɓɘϋ ɤɚ˜ɧɤɓ˚

164,134

29,020

29,248

(3,292)

90,258

-

9,395

(9,373)

1,810

249,044

560,244

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

ᔊ׼ၝΥତږݴඎڌ

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

1.

BASIS OF PREPARATION AND ACCOUNTING POLICIES

These condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

1.

ᇜႡਿ๟ʿึࠇ݁ഄ

Ϥᔊ׼ၝΥʕಂৌਕజڌɗܲ๫࠰ಥึ ࠇࢪʮึ཯бʘ࠰ಥึࠇ๟ۆ€˜࠰ಥึ ࠇ ๟ ۆ™ୋ34 ໮˜ʕಂৌਕజѓ™ʿ࠰ ಥᑌΥʹ׸הϞࠢʮ̡€˜ᑌʹה™ᗇՎ ɪ̹஝ۆڝ፽16ʘמᚣ஝֛ᇜႡf

The basis of preparation and accounting policies adopted in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 30 June 2020, except in relation to the following revised Hong Kong Financial Reporting Standards ("HKFRSs") (which also include HKASs and Interpretations) that affect the Group and are adopted for the first time for the current period's financial statements:

ৰϞᗫɨΐ࿁͉ණྠிϓᅂᚤԨ׵͉ಂ ගৌਕజڌ࠯ϣમॶٙ຾ࡌࠈ࠰ಥৌਕ ිజ๟ۆ€˜࠰ಥৌਕිజ๟ۆ™€͵̍ ܼ࠰ಥึࠇ๟ۆʿ༕ᙑ̮dᇜႡ͉ʕ ಂৌਕజڌהમ͜ʘᇜႡਿ๟ʿึࠇ݁ ഄdၾᇜႡ࿚Їɚཧɚཧϋʬ˜ɧɤ˚ ˟ϋܓʘϋܓৌਕజڌהમ͜٫ɓߧj

Financial Reporting 2018 for Financial Reporting

ׂ࣪ݖ

The adoption of the above revised standards has had no significant financial effect on the interim financial information.

મॶɪࠑ຾ࡌࠈ๟ۆ࿁͉ʕಂৌਕ༟ࣘ Ԩೌࠠɽৌਕᅂᚤf

• 1. BASIS OF PREPARATION AND ACCOUNTING POLICIES (continued)

  The Group has not early applied any new and revised HKFRSs that have been issued but are not yet effective in the unaudited condensed consolidated interim financial statements. However, the Group is in the process of making an assessment of the impact of the new and revised HKFRSs upon initial application, but is not yet in a position to state whether these new and revised HKFRSs would have a significant impact on the Group's results of operations and financial position.

  • 1. ᇜႡਿ๟ʿึࠇ݁ഄ€ᚃ

    ͉ණྠԨೌ׵͊຾ᄲࣨᔊ׼ၝΥʕಂৌ ਕజڌ౤ϘᏐ͜΂Оʊ཯бШ֠͊͛ࣖ ʘอࠈʿ຾ࡌࠈ࠰ಥৌਕිజ๟ۆf್ Ͼd͉ණྠତ͍൙Пอࠈʿ຾ࡌࠈ࠰ಥ ৌਕිజ๟ۆ׵ڋϣᏐ͜ܝʘᅂᚤdઓ ତචݬೌج༱ࠑ༈ഃอࠈʿ຾ࡌࠈ࠰ಥ ৌਕිజ๟ۆ݊щึ࿁͉ණྠʘ຾ᐄุ ᐶʿৌਕًرிϓࠠɽᅂᚤf

• 2. OPERATING SEGMENT INFORMATION

  For management purposes, the Group is organised into business units that offer products to customers located in different geographical areas and has three (2019: four) reportable operating segments as follows:

• 2. ຾ᐄʱᗳ༟ࣘ

  ఱ၍ଣϾԊd͉ණྠุਕఊЗʘଡ଼ϓɗ

  ࣬ኽΣʔΝήਹ܄˒౤ԶପۜЪʱᗳd

  ኽϤϞ˸ɨɧᗳ€ɚཧɓɘϋj̬ᗳ̙

  ͡జ຾ᐄʱᗳj

2.

OPERATING SEGMENT INFORMATION (continued)

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 profit/loss, which is a measure of adjusted loss before tax from continuing operations. The adjusted loss before tax from continuing operations is measured consistently with the Group's loss before tax from continuing operations except that interest income and non-lease-related finance costs are excluded from such measurement.

2.

຾ᐄʱᗳ༟ࣘ€ᚃ ၍ଣᄴࡈйዹ္ͭ࿀͉ණྠ΢຾ᐄʱᗳ ʘุᐶd˸Ъ̈Ϟᗫ༟๕ʱৣʿڌତ൙ ПʘӔ֛fʱᗳڌତɗ࣬ኽ̙͡జʱᗳ ๐лŊᑦฦ൙Пdуࠇඎܵᚃ຾ᐄุਕ ʘ຾ሜ዆ৰ೼ۃᑦฦfܵᚃ຾ᐄุਕʘ ຾ሜ዆ৰ೼ۃᑦฦɗၾ͉ණྠܵᚃ຾ᐄ ุਕʘৰ೼ۃᑦฦ஫࿏ࠇඎdઓϞᗫࠇ ඎʔܼ̍лࢹϗɝʿڢॡ༣޴ᗫፄ༟ϓ ͉f

Segment assets exclude deferred tax assets and tax recoverable as these assets are managed on a group basis.

Segment liabilities exclude deferred tax liabilities, tax payable, interest-bearing bank borrowings, loan from immediate holding company and amount due to immediate holding company as these liabilities are managed on a group basis.

Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices.

ʱᗳ༟ପʔܼ̍჈ַ೼ධ༟ପʿ̙ϗΫ ೼ධdϤɗ͟׵༈ഃ༟ପЪމ዆᜗༟ପ ආБ၍ଣf ʱᗳࠋවʔܼ̍჈ַ೼ධࠋවeᏐᖮ೼ ධeࠇࢹვБ൲ಛeٜટછٰʮ̡൲ಛ ʿᏐ˹ٜટછٰʮ̡ಛධdϤɗ͟׵༈ ഃࠋවЪމ዆᜗ࠋවආБ၍ଣf ʱᗳගʘቖਯʿᔷᜫɗܲ๫຅̹ࣛఙᄆ ࣸቖਯʚୋɧ˙ʘቖਯᄆϾආБʹ׸f

Geographical segments

An analysis of the Group's revenue and profit/loss by geographical segments for the six months ended 31 December 2020, together with the comparative figures for the corresponding period in 2019, is as follows:

ήਹʱᗳ ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ ˜d͉ණྠܲήਹʱᗳʘϗूʿ๐лŊ ᑦฦʱؓdஹΝɚཧɓɘϋΝಂʘˢ༰ ᅰονɨj

2.

OPERATING SEGMENT INFORMATION (continued)

Geographical segments (continued)

Segment revenue

Sales to external customers from continuing operations

Other income from continuing operations

ʱᗳϗू ܵᚃ຾ᐄุਕʘቖਯʚ ̮ගᚥ܄ ܵᚃ຾ᐄุਕʘՉ˼ϗɝ

2.

຾ᐄʱᗳ༟ࣘ€ᚃ ήਹʱᗳ€ᚃ

2020 ɚཧɚཧϋ

Hong Kong and Macau ࠰ಥʿዦژ

2019 ɚཧɓɘϋ

Mainland China ʕ਷ɽ௔ 2020

2019

Singapore อ̋ս 2020 ɚཧɚཧϋ

2019 ɚཧɓɘϋ

Consolidated ၝΥ 2020

2019

ɚཧɚཧϋ

ɚཧɓɘϋ

ɚཧɚཧϋ

ɚཧɓɘϋ

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

(restated)

€຾ࠠΐ

254,726

409,387

165,083

162,100

48,408

53,274

468,217 624,761

21,979

8,635

1,024

687

813

127

23,816 9,449

Total

ᐼࠇ

276,705

418,022

166,107

162,787

49,221

53,401

492,033 634,210

Segment results

ʱᗳุᐶ

(73,998)

(48,892)

(15,748)

(33,319)

6,626

(7,318)

(83,120) (89,529)Interest income

лࢹϗɝ

Loss from operating activities

ᐄ༶ุਕᑦฦ

Finance costs (other than interest on ፄ༟ϓ͉€ॡ༣ࠋවлࢹ

lease liabilities)Loss before tax from continuing operations

ৰ̮

ܵᚃ຾ᐄุਕʘৰ೼ۃᑦฦ

Income tax expense

ה੻೼ක˕

Loss for the period from continuing ܵᚃ຾ᐄุਕʘಂʫᑦฦoperations

233 2,079

(82,887) (87,450)

(1,178) (489)

(84,065) (87,939)

(2,673) (3,035)

(86,738) (90,974)

The revenue information above is based on the locations in which the sales originated.

ɪࠑϗू༟ࣘɗ࣬ኽቖਯପ͛הίήྌ ʱf

2.

OPERATING SEGMENT INFORMATION (continued)

Geographical segments (continued)

The following table presents certain asset and liability information for the Group's geographical segments at 31 December 2020, together with the comparative figures at 30 June 2020.

2.

຾ᐄʱᗳ༟ࣘ€ᚃ ήਹʱᗳ€ᚃ ɨڌяΐ͉ණྠ׵ɚཧɚཧϋɤɚ˜ ɧɤɓ˚ܲήਹʱᗳʘ߰ʍ༟ପʿࠋව ༟ࣘdஹΝ׵ɚཧɚཧϋʬ˜ɧɤ˚ʘ ˢ༰ᅰοf

Hong Kong and Macau ࠰ಥʿዦژ

Mainland China ʕ਷ɽ௔

Singapore อ̋ս

Consolidated ၝΥ

At 31 December 2020

At 30 June 2020

At

31 December 2020

At 30 June 2020

At

31 December 2020

At 30 June 2020

At

31 December 2020

At 30 June 2020

׵

ɚཧɚཧϋ ɤɚ˜ ɧɤɓ˚

׵

ɚཧɚཧϋ ʬ˜ ɧɤ˚

׵

ɚཧɚཧϋ ɤɚ˜ ɧɤɓ˚

׵

ɚཧɚཧϋ ʬ˜ ɧɤ˚

׵

ɚཧɚཧϋ ɤɚ˜ ɧɤɓ˚

׵

ɚཧɚཧϋ ʬ˜ ɧɤ˚

׵

ɚཧɚཧϋ ɤɚ˜ ɧɤɓ˚

׵

ɚཧɚཧϋ ʬ˜ ɧɤ˚

(Unaudited)

(Audited)

(Unaudited)

(Audited)

(Unaudited)

(Audited)

(Unaudited)

(Audited)

€͊຾ᄲࣨ

€຾ᄲࣨ

€͊຾ᄲࣨ

€຾ᄲࣨ

€͊຾ᄲࣨ

€຾ᄲࣨ

€͊຾ᄲࣨ

€຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

Segment assets

ʱᗳ༟ପ

395,590

437,783

244,061

252,738

63,968

63,067

703,619 753,588

Unallocated assets

Assets related to a discontinued operation

͊ʱৣ༟ପ ʊ୞˟ุਕ޴ᗫ༟ପ

4,834 4,870

456 15,619

Total assets

ᐼ༟ପ

708,909 774,077

Segment liabilities

ʱᗳࠋව

261,864

270,632

94,752

98,912

36,885

46,558

393,501 416,102

Unallocated liabilities

͊ʱৣࠋව

Liabilities related to a discontinued ʊ୞˟ุਕ޴ᗫࠋවoperation

109,470 68,233

10 8,282

Total liabilities

ᐼࠋව

502,981 492,617

3.

REVENUE AND OTHER INCOME

An analysis of the Group's revenue and other income from continuing operations is as follows:

3.

ϗूʿՉ˼ϗɝ ͉ණྠܵᚃ຾ᐄุਕʘϗूʿՉ˼ϗɝ ʱؓνɨj

Revenue from contracts with customers

Retailing and distribution of garments

ϓВཧਯʿʱቖ

Υߒ܄˒ϗू

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

3.

REVENUE AND OTHER INCOME (continued)

An analysis of the Group's revenue and other income from continuing operations is as follows: (continued)

Disaggregated revenue information

Geographical segments

An analysis of the Group's revenue by geographical segments for the six months ended 31 December 2020, together with the comparative figures for the corresponding period in 2019, is as follows:

3.

ϗूʿՉ˼ϗɝ€ᚃ ͉ණྠܵᚃ຾ᐄุਕʘϗूʿՉ˼ϗɝ ʱؓνɨj€ᚃ ϗूʱװ༟ࣘ ήਹʱᗳ ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ ˜d͉ණྠܲήਹʱᗳʘϗूʱؓdஹ ΝɚཧɓɘϋΝಂʘˢ༰ᅰονɨj

Retailing and distribution of garments

ϓВཧਯʿʱቖ

Hong Kong and Macau ࠰ಥʿዦژ 2020

2019

Mainland China ʕ਷ɽ௔ 2020

2019

Singapore อ̋ս 2020 ɚཧɚཧϋ

2019 ɚཧɓɘϋ

Consolidated ၝΥ 2020

2019

ɚཧɚཧϋ

ɚཧɓɘϋ

ɚཧɚཧϋ

ɚཧɓɘϋ

ɚཧɚཧϋ

ɚཧɓɘϋ

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

(restated)

€຾ࠠΐ

254,726

409,387

165,083

162,100

48,408

53,274

468,217

624,761

3.

REVENUE AND OTHER INCOME (continued) Other income

3.

Interest income Royalty income Gross rental income Government grants (note) Others

лࢹϗɝ ਖ਼л൬ϗɝ ॡږϗɝˣᕘ ִ݁໾п€ڝൗ Չ˼

Note:

The amount for the six months ended 31 December 2020 mainly represented the subsidy granted by The Government of the Hong Kong Special Administrative Region under the Anti-Epidemic Fund.

ϗूʿՉ˼ϗɝ€ᚃ Չ˼ϗɝ

233 2,079

5,273 3,413

4,420 4,289

12,431 23

1,692 1,724

24,049 11,528

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

2020 ɚཧɚཧϋ

2019 ɚཧɓɘϋ

(Unaudited)

(Unaudited)

€͊຾ᄲࣨ

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

HK$'000 ಥ࿆ɷʩ

(restated)

€຾ࠠΐ

ڝൗj

࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ˜ಂ ගʘږᕘ˴ࠅމ࠰ಥतйБ݁ਜִ݁࣬ኽԣ ޥҤޥਿږ೯̈ʘ໾пf

4.

FINANCE COSTS

Interest on lease liabilities

ॡ༣ࠋවʘлࢹ

Interest on loan from immediate holding ٜટછٰʮ̡൲ಛʘлࢹ company

Interest on bank loans

ვБ൲ಛʘлࢹ

4.

ፄ༟ϓ͉

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

2020 ɚཧɚཧϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

5,430

976 202

2019 ɚཧɓɘϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

(restated)

€຾ࠠΐ

8,419

- 489

6,608

8,908

5.

LOSS BEFORE TAX FROM CONTINUING OPERATIONS

The Group's loss before tax from continuing operations is arrived at after charging/(crediting):

5.

Cost of sales:

Cost of inventories sold

Write-back of provision for inventories

ቖਯϓ͉j ਯ̈π஬ʘϓ͉ π஬ᅡ௪ᅡΫ

ܵᚃ຾ᐄุਕʘৰ೼ۃᑦฦ ͉ණྠܵᚃ຾ᐄุਕʘৰ೼ۃᑦฦʊϔ ৰŊ€ࠇɝɨΐධͦj

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

2020 ɚཧɚཧϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

234,078 (7,945)

2019 ɚཧɓɘϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

(restated)

€຾ࠠΐ

312,108 (3,803)

226,133

308,305

5.

LOSS BEFORE TAX FROM CONTINUING OPERATIONS (continued)

The Group's loss before tax from continuing operations is arrived at after charging/(crediting): (continued)

5.

ܵᚃ຾ᐄุਕʘৰ೼ۃᑦฦ€ᚃ

͉ණྠܵᚃ຾ᐄุਕʘৰ೼ۃᑦฦʊϔ ৰ Ŋ€ࠇ ɝɨ ΐ ධ ͦj€ᚃ

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

6.

INCOME TAX EXPENSE

Hong Kong profits tax has been provided at the rate of 16.5% (2019: 16.5%) on the estimated assessable profits arising in Hong Kong during the period. Taxes on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries/jurisdictions in which the Group operates.

6.

Current - Hong Kong

Charge for the period Current - Elsewhere

Charge for the period Deferred

уಂÑ࠰ಥ ಂʫ˕̈ уಂÑՉ˼ήਜ ಂʫ˕̈ ჈ַ

ה੻೼ක˕ ࠰ಥл੻೼ʊܲಂʫ׵࠰ಥᒃ՟ʘП ࠇᏐሙ೼๐л˸೼ଟ16.5%€ɚ ཧ ɓ ɘ ϋj16.5% ౤ᅡ๟௪fίՉ˼ήਜה ੻Ꮠሙ೼๐лʘ೼ධdɗ࣬ኽ͉ණྠุ ਕ຾ᐄהί਷࢕Ŋ̡جᛆਜʘତБ೼ଟ ࠇၑf

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

2020 ɚཧɚཧϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

2019 ɚཧɓɘϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

(restated)

€຾ࠠΐ

1,328 1,780

828 446

517 809

Total tax charge for the period from continuing operations

ܵᚃ຾ᐄุਕʘಂʫ೼ධ˕̈ ᐼᕘ

2,673 3,035

7.

DISCONTINUED OPERATION

On 2 March 2020, the Group announced a plan to wind down the Group's retail operation in Taiwan (the "Taiwan segment") considering that it was not optimistic about the near term prospect of the Taiwan segment and the cessation of Taiwan segment operation could enable the Group to better utilise its resources in its other segments. As at 31 December 2020, all retail shops in Taiwan had ceased operation. The Taiwan segment was thus classified as discontinued operation and no longer included in the note for operating segment information. Further details of the above were set out in the Company's announcement dated 2 March 2020.

7.

ʊ୞˟ุਕ ׵ɚཧɚཧϋɧ˜ɚ˚d͉ණྠʮбᗫ ௐ͉ණྠ׵̨ᝄٙཧਯุਕ€˜̨ᝄʱ ᗳ™ʘࠇྌdϽᅇՑ͉ණྠ࿁̨ᝄʱᗳ ׵̙Ԉਗ਼Ըʘۃ౻͊ชᆀᝈd˸ʿ୞˟ ຾ᐄ̨ᝄʱᗳϞп͉ණྠ׵Չ˼ʱᗳһ ഛ͜༟๕f׵ɚཧɚཧϋɤɚ˜ɧɤɓ ˚dהϞ̨ᝄٙཧਯֳ⧕ʊ୞˟ุਕf ΪϤ̨ᝄʱᗳʊʱᗳމʊ୞˟ุਕdԨ ʔΎܼ̍׵຾ᐄʱᗳ༟ࣘڝൗʫfϞᗫ ɪࠑԫධʘආɓӉ༉ઋʊ༱׵͉ʮ̡˚ ಂމɚཧɚཧϋɧ˜ɚ˚ʘʮбf

The results of the discontinued operation for the period are presented as below:

ʊ୞˟ุਕ׵ಂʫʘุᐶяΐνɨj

7.

DISCONTINUED OPERATION (continued)

7.

ʊ୞˟ุਕ€ᚃ

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

7.

DISCONTINUED OPERATION (continued)

The net cash flows incurred by the discontinued operation are as follows:

7.

ʊ୞˟ุਕ€ᚃ ʊ୞˟ุਕהପ͛ʘତږݴඎଋᕘ༱ΐ νɨj

Six months ended 31 December

࿚Їɤɚ˜ɧɤɓ˚˟ʬࡈ˜

2020 ɚཧɚཧϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

2019 ɚཧɓɘϋ

(Unaudited)

€͊຾ᄲࣨ

HK$'000 ಥ࿆ɷʩ

Operating activities Investing activities Financing activities

ᐄ༶ุਕ ҳ༟ݺਗ ፄ༟ݺਗ

(12,200)

141 -

3,052 681

(1,688)Net cash inflow/(outflow)

ଋତږݴɝŊ€ݴ̈

(12,059)

2,045

Loss per share:

Basic, from a discontinued operation Diluted, from a discontinued operation

ӊٰᑦฦj ਿ͉dԸІʊ୞˟ุਕ ᛅᑛdԸІʊ୞˟ุਕ

(HK0.02 cent ಥ̀) (HK0.02 cent ಥ̀)

(HK0.17 cent ಥ̀) (HK0.17 cent ಥ̀)

• 8. DIVIDEND

  No interim dividend was declared for the six months ended

• 31 December 2020 and 2019.

  • 8. ٰࢹ

    ࿚Їɚཧɚཧϋʿɚཧɓɘϋɤɚ˜ ɧɤɓ˚˟ʬࡈ˜Ԩೌ܁ݼʕಂٰࢹf

• 9. LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY

  The calculation of basic loss per share is based on the loss attributable to ordinary equity holders of the Company for the six months ended 31 December 2020 from continuing operations of HK$86,738,000 (2019 (restated): HK$90,974,000) and the loss from a discontinued operation of HK$391,000 (2019: HK$2,713,000), and the weighted average number of ordinary shares of 1,643,262,742 (2019: 1,641,333,394) in issue during the period.

• 9. ͉ʮ̡౷ஷᛆूܵϞɛᏐЦӊٰᑦฦ

  ӊٰਿ͉ᑦฦɗ࣬ኽ࿚Їɚཧɚཧϋ ɤɚ˜ɧɤɓ˚˟ʬࡈ˜ʫܵᚃ຾ᐄ ุਕʘ͉ʮ̡౷ஷᛆूܵϞɛᏐЦᑦฦ ಥ࿆ 86,738,000 ʩ€ɚཧɓɘϋ€຾ࠠ ΐjಥ࿆90,974,000ʩʿʊ୞˟ุਕ ʘᑦฦಥ࿆ 391,000 ʩ€ɚཧɓɘϋj ಥ࿆2,713,000ʩʿಂʫʊ೯Б౷ஷٰ ̋ᛆ̻ѩᅰ1,643,262,742ٰ€ɚཧɓɘ ϋj1,641,333,394ٰࠇ ၑf

  No adjustment has been made to the basic loss per share amounts presented for the periods ended 31 December 2020 and 2019 in respect of a dilution as the impact of the share options had an anti-dilutive effect on the basic loss per share amounts presented.

  ͟׵ᒅٰᛆ࿁הяΐʘӊٰਿ͉ᑦฦՈ

  ˀᛅᑛЪ͜dΪϤ׵࿚Їɚཧɚཧϋʿ

  ɚཧɓɘϋɤɚ˜ɧɤɓ˚˟ಂගԨೌ

  ఱᛅᑛ࿁הяΐʘӊٰਿ͉ᑦฦЪ̈ሜ

  ዆f

10.

PROPERTY, PLANT AND EQUIPMENT

Opening net carrying amount Additions

Disposals/write-off Impairment

Depreciation provided during the period/year Exchange realignment

Closing net carrying amount

ಂڋሪࠦଋ࠽ ૴ໄ ̈ਯŊ࿛ቖ ಯ࠽ ಂʫŊϋʫұᔚᅡ௪ г౬ሜ዆

ಂ͋ሪࠦଋ࠽

10.

PROPERTY, PLANT AND EQUIPMENT (continued)

For the six months ended 31 December 2020, the directors considered that certain items of property, plant and equipment of the Group were subject to impairment because of the challenging retail markets due to the spread of COVID-19 worldwide.

10. يุeᅀגʿண௪€ᚃ

࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ

˜ಂගd໨ԫႩމ͉ණྠ௅΅يุeᅀ

גʿண௪ධͦ̈ତಯ࠽dɗ͟׵อۨڿ

ًषݭ׵Όଢᇶַ˿ཧਯ̹ఙ̂တܿ

኷f

The directors estimated the recoverable amounts of the cash-generating unit as follows:

໨ԫПࠇତږପ͛ఊЗʘ̙ϗΫږᕘν

ɨj

"bossini" products cash-generating units

The respective recoverable amounts of HK$16,647,000 of the "bossini" products cash-generating units have been determined based on a value in use calculation which was approved by senior management using cash flow projections based on financial budgets covering the remaining useful lives of the respective items of property, plant and equipment. The discount rates used for the value in use calculation as at 31 December 2020 ranged from 13% to 14%.

˜bossini ™ପۜତږପ͛ఊЗ ˜bossini™ପۜତږପ͛ఊЗ΢̙ϗΫږ ᕘಥ࿆16,647,000ʩԴ͜ତږݴඎཫ಻ ࠇၑᐏ৷ॴ၍ଣᄴҭࡘʘԴ͜ᄆ࠽ආ Бdତږݴඎཫ಻ਿ׵଄ႊ΢يุeᅀ גʿண௪ධͦቱɨ̙Դ͜ϋಂʘৌਕཫ ၑࠇၑf׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚ ࠇၑԴ͜ᄆ࠽הમ͜ʘ൨ତଟʧ˷13% Ї14%f

Impairment provision of HK$5,054,000 (2019: Nil) was recognised in profit or loss for continuing operations during the six months ended 31 December 2020.

࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ʬࡈ ˜ಂගd׵ฦूʊᆽႩܵᚃ຾ᐄุਕʘ ಯ࠽ᅡ௪މಥ࿆5,054,000ʩ€ɚཧɓɘ ϋjೌf

• 11. INVESTMENT PROPERTY

  11. ҳ༟يุ

  Six months ended 31 December 2020

  ࿚Їɚཧɚཧϋ

  ɤɚ˜ɧɤɓ˚

  ˟ʬࡈ˜

  (Unaudited)

  €͊຾ᄲࣨ

  HK$'000 ಥ࿆ɷʩ

  Year ended

  30 June 2020

  ࿚Їɚཧɚཧϋ ʬ˜ɧɤ˚ ˟ϋܓ

  (Audited)

  €຾ᄲࣨ

  HK$'000 ಥ࿆ɷʩ

  Opening net carrying amount Depreciation provided during the period/year

  ಂڋሪࠦଋ࠽ ಂʫŊϋʫұᔚᅡ௪

  16,776 18,543

  (884) (1,767)Closing net carrying amount

  ಂ͋ሪࠦଋ࠽

  15,892 16,776

  Ꮠϗሪಛ
  Other than cash and credit card sales, the Group normally	ৰତږʿڦ̔͜ቖਯ̮d͉ණྠίɓছ
  grants credit periods of up to 60 days to its trade customers.	ઋرɨબʚՉ൱׸܄˒௰৷ 60 ˂ڦ൲
  Each trade customer has a maximum credit limit, except	ಂfৰอ൱׸܄˒ɓছ඲ཫ˹ಛධ̮d
  for new trade customers, where payment in advance is	΢൱׸܄˒ѩணϞ௰৷ڦ൲ࠢᕘf͉ණ
  normally required. The Group seeks to maintain strict	ྠߧɢ࿁͊ϗΫʘᏐϗሪಛၪܵᘌᔫ
  control over its outstanding receivables. Overdue balances	છՓfགྷಂ˞ಛ͟৷ॴ၍ଣᄴ֛ಂЪ̈
  are reviewed regularly by senior management. In view of	ᄲቡfᛠ׵˸ɪהࠑ˸ʿ͉ණྠʘ൱׸
  the aforementioned and the fact that the Group's trade	܄˒ၾމᅰ଺εʘεᗳۨ܄˒Ϟᗫd݂
  customers relate to a large number of diversified customers,	͉ණྠԨೌ৷ܓණʕʘڦ൲ࠬᎈf͉ණ
  there is no significant concentration of credit risk. The Group	ྠԨ͊ఱՉᏐϗሪಛഐቱܵϞ΂Оתץ
  does not hold any collateral or other credit enhancements	ۜאՉ˼ڦ͜౤ʺପۜfᏐϗሪಛѩе
  over its trade debtor balances. Debtors are non-interest-	ࢹdԨϔৰᑦฦᅡ௪ΐሪf
  bearing and stated at net of loss allowance.
  interim report 中期報告 2020/21

  12.

• 12. DEBTORS

• 12. DEBTORS (continued)

  An ageing analysis of debtors as at the end of the reporting

  period, based on the invoice date and net of loss allowance,

  is as follows:

  12. Ꮠϗሪಛ€ᚃ ˸ɨމܲ೯ୃ˚ಂϔৰᑦฦᅡ௪ܝࠇᏐ ϗሪಛ׵జѓಂ͋ʘሪᙧʱؓj

  At 31 December 2020 ׵ɚཧɚཧϋ ɤɚ˜ɧɤɓ˚

  (Unaudited)

  €͊຾ᄲࣨ

  HK$'000 ಥ࿆ɷʩ

  At 30 June 2020 ׵ɚཧɚཧϋ ʬ˜ɧɤ˚

  (Audited)

  €຾ᄲࣨ

  HK$'000 ಥ࿆ɷʩ

  Within 1 month

  • 1 to 2 months

  • 2 to 3 months Over 3 months

  ׵ɓࡈ˜ʫ ɓЇՇࡈ˜ ՇЇɧࡈ˜ ൴ཀɧࡈ˜

• 13. TRADE CREDITORS, OTHER PAYABLES AND ACCRUALS

  Included in trade creditors, other payables and accruals is a trade creditors balance of HK$41,802,000 (30 June 2020: HK$16,682,000).

37,192 39,607

2,227 3,714

405 565

636 4,555

40,460 48,441

13. Ꮠ˹ሪಛeՉ˼Ꮠ˹ಛධʿᏐࠇሪධ ίᏐ˹ሪಛeՉ˼Ꮠ˹ಛධʿᏐࠇ ሪධʫdʊܼ̍Ꮠ˹ሪಛഐቱಥ࿆ 41,802,000 ʩ€ɚཧɚཧϋʬ˜ɧɤ ˚jಥ࿆16,682,000ʩf

13.

TRADE CREDITORS, OTHER PAYABLES AND ACCRUALS (continued)

An ageing analysis of trade creditors as at the end of reporting period, based on the invoice date, is as follows:

13. Ꮠ˹ሪಛeՉ˼Ꮠ˹ಛධʿᏐࠇሪධ €ᚃ