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11768341_9.pdf	11768341_10.pdf	en	[ "Established at the end of 2014, NIO is principally engaged in the research and development, manufacturing, sales and after-sales service of high-end luxury smart electric vehicles. NIO gets hold of the core research and development technologies of the batteries, electric drives and electric control systems of electric vehicles, and has competitiveness in vehicle design and brand promotion and is capable of efficiently integrating vehicle manufacturing supply chain system to promote the entire vehicle manufacturing, which as a whole makes NIO the fastest Internet-based electric vehicle manufacturing enterprise in China in terms of research and development and mass production. ES8, its first high-end luxury 7-seater electric sport utility vehicle (SUV) put into mass production, had been officially launched in December 2017. NIO has gained the supports from various Internet giants and leading investment institutions, among which Tencent is the leading investor of this round of fund-raising of NIO. NIO is an independent third party of the Group.", "New energy vehicle industry is in a middle to long term strong growth trend, which has been generally recognised by the society. Recently, the Chinese Government has launched a series of policies and measures to support the rapid development of the new energy vehicle industry in China. The Company has been identifying and exploring quality targets and investment opportunities in new energy vehicle industry. This transaction represents an important exploration of the Company in such area, which is expected to create an outstanding investment return for the Shareholders and further consolidate the overall market advantage of the Company in various modern consumption upgrade sectors, including automobile, logistics, consumption and finance.", "# Yimidida", "On 30 November 2017, a wholly-owned subsidiary of the Company entered into a capital increment agreement with Yimidida (“Yimidida Capital Increment Agreement”), pursuant to which the Group, as one of the investors, agreed to subscribe for the shares newly issued by Yimidida at a consideration of RMB130.00 million in US\\$ equivalent.", "Jointly established by several regional leading less-than-truckload logistics enterprises, Yimidida, with the mode of direct operation in core areas and regional franchise, unified the branding, systems, clearing, services and management standards of its partners along the whole ecological chain, and rapidly established the less-than-truckload freight express network across the country. Yimidida improves its franchisees’ ability in soliciting orders and profitability, achieves a strong coalition, and gains its advantages in core network and continuous low cost as a national less-than-truckload express enterprise, by making full use of the long-term operation, high network coverage rate and low operation costs of its regional franchisees and providing national services. Yimidida is an independent third party of the Group.", "Logistics industry is a fundamental and strategic industry which supports the national economic development and also a major industry supported by CDB. The Company has been identifying and exploring appropriate investment opportunities in logistics industry and established an investment layout to a certain extent in logistics infrastructure and supply chain service. This transaction represents another achievement of the Company’s continuous efforts in the development of logistics industry and identifying investment opportunities in sub-sectors, which is expected to create an outstanding investment return for the Shareholders and further consolidate the overall market advantage of the Company in various modern service industries, including automobile, logistics, consumption and finance." ]	[ "# Wacai", "On 8 April 2017, a wholly-owned subsidiary of the Company had entered into a preferred share purchase agreement (the “Wacai Investment Agreement”) with Wacai, pursuant to which the Group, as one of the investors, agreed to subscribe for the newly issued preferred shares of Wacai at a consideration of US\\$25.00 million, representing approximately 3.09% of the enlarged issued share capital of Wacai, and the subscription of the preferred shares of Wacai by the Company has been completed.", "As one of the earliest established Fin-tech companies in the PRC, Wacai has now become a leading online comprehensive financial planning and wealth management platform in the industry. In June 2009, Wacai launched the first personal finance bookkeeping mobile application named “Wacai Bookkeeper” in the PRC, and since then gradually evolved into a holistic personal finance platform with products including “Wacai Bao Wealth Management”, “Credit Card Manager”, “Money Manager” and “Money Town Community”. With its devotion to providing one-stop online financial management tools, information and advisory services to the mass market, Wacai has developed an ecosystem around personal financial planning, wealth management, credit management, and vertical online discussion forum. Based on the profound understanding of customer needs, user-friendly product design, cutting edge finance technology, and rigorous risk management, Wacai has been providing consistent and high-quality services to over 47.00 million registered users in the past eight years. Wacai is an independent third party of the Group.", "# G7", "On 29 December 2016, a wholly-owned subsidiary of the Company had entered into a convertible preferred share subscription agreement with G7 pursuant to which the Group, as one of the investors, agreed to subscribe for the newly issued preferred shares of G7 at a cash consideration of US\\$25.00 million, representing approximately 5.59% of the enlarged issued share capital of G7.", "G7 is a leading logistics data service company in the PRC with its business coverage spanning across the PRC and its neighboring countries in Asia. G7 is connected to over 300,000 cargo vehicles of more than 30,000 customers. By installing smart devices on vehicles in the fleet, G7 utilises the real-time sensing technology to provide data services that span the entire logistic process, to connect the data of every single vehicle, consignor, fleet owner and driver, and thus to improve the efficiency of transport service. Based on the big data of the connected vehicles, G7 cooperates with premium partners from oil distribution, toll roads and bridges, insurance, banking and financial leasing industries to establish a one-stop service platform that integrates primary consumption of fleets. The platform enables safer, more economical, more efficient and more environmentally-friendly logistic services. G7 is an independent third party of the Company.", "# Spruce", "On 24 November 2016, the Company had entered into an investment agreement with Spruce pursuant to which the Company agreed to subscribe for the newly issued convertible preferred shares of Spruce at a cash consideration of US\\$25.70 million, representing approximately 1.24% of the enlarged issued capital of Spruce." ]	[]
9319248_316.pdf	9319248_317.pdf	en	[ "# IV NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)", "# 30 DEBT SECURITIES ISSUED (Continued)", "# (1) Bonds issued", "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\"></td><td colspan=\"2\">As at 31 December</td></tr><tr><td>2020</td><td>2019</td></tr><tr><td>2.75% USD fixed rate Green Bonds \nmaturing in October 2020</td><td>(i)</td><td>-</td><td>3,488</td></tr><tr><td>5.30% subordinated fixed rate bonds \nmaturing in June 2026</td><td>(ii)</td><td>50,000</td><td>50,000</td></tr><tr><td>4.99% subordinated fixed rate bonds \nmaturing in December 2027</td><td>(iii)</td><td>50,000</td><td>50,000</td></tr><tr><td>4.45% Tier-two capital fixed rate bonds \nmaturing in October 2027</td><td>(iv)</td><td>40,000</td><td>40,000</td></tr><tr><td>4.45% Tier-two capital fixed rate bonds \nmaturing in April 2028</td><td>(v)</td><td>40,000</td><td>40,000</td></tr><tr><td>4.28% Tier-two capital fixed rate bonds \nmaturing in March 2029</td><td>(vi)</td><td>50,000</td><td>50,000</td></tr><tr><td>4.30%Tier-two capital fixed rate bonds \nmaturing in April 2029</td><td>(vii)</td><td>40,000</td><td>40,000</td></tr><tr><td>3.10% Tier-two capital fixed rate bonds \nmaturing in April 2030</td><td>(viii)</td><td>40,000</td><td>-</td></tr><tr><td>4.53% Tier-two capital fixed rate bonds \nmaturing in March 2034</td><td>(ix)</td><td>10,000</td><td>10,000</td></tr><tr><td>4.63% Tier-two capital fixed rate bonds \nmaturing in April 2034</td><td>(x)</td><td>20,000</td><td>20,000</td></tr><tr><td>Medium term notes issued</td><td>(xi)</td><td>42,643</td><td>31,163</td></tr><tr><td>1.99% fixed rate financial bond \nmaturing in April 2023</td><td>(xii)</td><td>20,000</td><td>-</td></tr><tr><td>3.68% CNY fixed rate Green Bonds \nmaturing in June 2022</td><td>(xiii)</td><td>2,720</td><td>3,000</td></tr><tr><td>3.90% fixed rate financial bond \nmaturing in November 2023</td><td>(xiv)</td><td>1,650</td><td>-</td></tr><tr><td>3.30% fixed rate financial bond \nmaturing in September 2022</td><td>(xv)</td><td>3,870</td><td>2,890</td></tr><tr><td>2.68% fixed rate financial bond \nmaturing in March 2023</td><td>(xvi)</td><td>4,000</td><td>-</td></tr><tr><td>4.70% fixed rate capital replenishment \nbond maturing in August 2021</td><td>(xvii)</td><td>2,410</td><td>3,000</td></tr><tr><td>3.40% fixed rate financial bond \nmaturing in September 2024</td><td>(xviii)</td><td>2,000</td><td>1,880</td></tr><tr><td>2.75% fixed rate financial bond \nmaturing in March 2025</td><td>(xix)</td><td>6,000</td><td>-</td></tr><tr><td>3.80% fixed rate financial bond \nmaturing in June 2025</td><td>(xx)</td><td>500</td><td>-</td></tr><tr><td>5.55% fixed rate capital replenishment \nbond maturing in March 2028</td><td>(xxi)</td><td>3,500</td><td>3,500</td></tr><tr><td>3.60% fixed rate capital replenishment \nbond maturing in March 2030</td><td>(xxii)</td><td>1,500</td><td>-</td></tr><tr><td>Total nominal value</td><td></td><td>430,793</td><td>348,921</td></tr><tr><td>Less: Unamortized issuance cost and \ndiscounts</td><td></td><td>(90)</td><td>(235)</td></tr><tr><td>Total</td><td></td><td>430,703</td><td>348,686</td></tr></table>" ]	[ "# IV NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)", "# 30 DEBT SECURITIES ISSUED (Continued)", "# (1) Bonds issued (Continued):", "Pursuant to the approval by relevant regulatory authorities, the bonds issued by the Group are set out as below:", "(i) The USD green bonds issued in October 2015 have a tenor of 5 years matured in October 2020.", "(ii) The subordinated fixed rate bonds issued in June 2011 have a tenor of 15 years, with a fixed coupon rate of 5.30%, payable annually. The Bank has an option to redeem all of the bonds at face value on 6 June 2021. If the Bank did not exercise this option, the coupon rate of the bonds would remain at 5.30% per annum from 7 June 2021 onwards.", "(iii) The subordinated fixed rate bonds issued in December 2012 have a tenor of 15 years, with a fixed coupon rate of 4.99%, payable annually. The Bank has an option to redeem all of the bonds at face value on 19 December 2022. If the Bank did not exercise this option, the coupon rate of the bonds would remain at 4.99% per annum from 20 December 2022 onwards.", "(iv) The Tier-two capital bonds issued in October 2017 have a tenor of 10 years, with a fixed coupon rate of 4.45% payable annually. The Bank has an option to redeem part or all of the bonds at face value on 16 October 2022 if specified redemption conditions as stipulated in the offering documents were met, subject to regulatory approval. If the Bank did not exercise this option, the coupon rate of the bonds would remain at 4.45% per annum from 17 October 2022 onwards. These Tier-two capital bonds have the write-down feature of a Tier-two capital instrument and they are qualified as Tier-two Capital Instruments in accordance with the CBIRC requirements.", "(v) The Tier-two capital bonds issued in April 2018 have a tenor of 10 years, with a fixed coupon rate of 4.45% payable annually. The Bank has an option to redeem part or all of the bonds at face value on 26 April 2023 if specified redemption conditions as stipulated in the offering documents were met, subject to regulatory approval. If the Bank did not exercise this option, the coupon rate of the bonds would remain at 4.45% per annum from 27 April 2023 onwards. These Tier-two capital bonds have the write-down feature of a Tier-two capital instrument and they are qualified as Tier-two Capital Instruments in accordance with the CBIRC requirements.", "(vi) The Tier-two capital bonds issued in March 2019 have a tenor of 10 years, with a fixed coupon rate of 4.28% payable annually. The Bank has an option to redeem part or all of the bonds at face value on 18 March 2024 if specified redemption conditions as stipulated in the offering documents were met, subject to regulatory approval. If the Bank did not exercise this option, the coupon rate of the bonds would remain at 4.28% per annum from 19 March 2024 onwards. These Tier-two capital bonds have the write-down feature of a Tier-two capital instrument and they are qualified as Tier-two Capital Instruments in accordance with the CBIRC requirements.", "(vii) The Tier-two capital bonds issued in April 2019 have a tenor of 10 years, with a fixed coupon rate of 4.30% payable annually. The Bank has an option to redeem part or all of the bonds at face value on 10 April 2024 if specified redemption conditions as stipulated in the offering documents were met, subject to regulatory approval. If the Bank did not exercise this option, the coupon rate of the bonds would remain at 4.30% per annum from 11 April 2024 onwards. These Tier-two capital bonds have the write-down feature of a Tier-two capital instrument and they are qualified as Tier-two Capital Instruments in accordance with the CBIRC requirements." ]	[]
11695155_160.pdf	11695155_161.pdf	en	[ "# 7. FINANCIAL INSTRUMENTS (Continued)", "# (b) Financial risk management objectives and policies (Continued)", "# Liquidity risk", "Ultimate responsibility for liquidity risk management rests with the Board. In the management of the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group’s operations and mitigate the effects of fluctuations in cash flows.", "The Group is exposed to liquidity risk as the Group had net current liabilities of approximately HK\\$226,539,000 (2015: HK\\$461,585,000). The liquidity of the Group primarily depends on the future funding being available and the ability of the Group to meet its financial obligations as they fall due. Details of which are set out in Note 2 to the consolidated financial statements.", "The following table details the Group’s remaining contractual maturity for its non-derivative financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The maturity dates for other non-derivative financial liabilities are based on the agreed repayment dates.", "The table includes both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curve at the end of the reporting period.", "In addition, the following table details the Group's liquidity analysis for its derivative financial instruments. The tables have been drawn up based on the undiscounted contractual net cash outflows on derivative instruments that settle on a net basis, and the undiscounted gross outflows on those derivatives that require gross settlement.", "7. 金融工具（續）", "(b) 財務風險管理目標及政策（續）", "流動資金風險", "流動資金風險管理由董事會最終負責，於管理流動資金風險時，本集團監控及維持管理層認為足夠之現金及現金等值水平，以向本集團之業務提供資金及減低現金流量波動之影響。", "由於本集團錄得淨流動負債約226,539,000 港元（二零一五年；461,585,000港元），故本集團承受流動資金風險。本集團的流動資金主要倚賴可動用未來資金及本集團於財務責任到期時履行財務責任的能力。有關詳情載於綜合財務報表附註2。", "下表詳列本集團非衍生金融負債之餘下合約到期情況。下表乃基於金融負債之未折現現金流量而編製，其乃根據本集團可能需付款之最早日期分類。其他非衍生金融負債之到期日是根據協定還款日期而釐定。", "下表載列利息及本金現金流量。若利息流量為浮息，則按報告期間結束時之孳息曲線而得出未折現金額。", "此外，下表詳列本集團對其衍生金融工具的流動性分析。編製該表時乃基於按淨額基準結算的衍生工具的未貼現合約現金流出淨額，以及須按總額結算的衍生工具的非貼現流出總額計算。" ]	[ "# 7. FINANCIAL INSTRUMENTS (Continue)", "# (b) Financial risk management objectives and policies (Continued)", "# Liquidity risk (Continued)", "# Liquidity tables", "7. 金融工具（續）", "(b) 財務風險管理目標及政策（續）", "流動資金風險（續）", "流動資金表", "<table><tr><td></td><td>Weihgted \naverage \ninterest rate\n加權\n平均利率</td><td>On demand \nor less than \n1 year\n按要求\n或一年內</td><td> 1-2 years\n一年\n至兩年</td><td> 2-5 years\n兩年\n至五年</td><td>Total \nundiscounted \ncash flow\n未折現現金\n流量總額</td><td>Carriyng \namounts\n 賬面值</td></tr><tr><td></td><td>% \n%</td><td>HK$’000\n千港元</td><td> HK$’000\n 千港元</td><td> HK$’000\n 千港元</td><td> HK$’000\n 千港元</td><td> HK$’000\n 千港元</td></tr><tr><td>2016 二零一六年</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-derivative financial liabilities 非衍生金融負債</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trade and other payables 貿易及其他應付款項</td><td>–</td><td>116,605</td><td>–</td><td>–</td><td>116,605</td><td>116,605</td></tr><tr><td>Other borrowings 其他借貸</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– interest free －免息</td><td>–</td><td>25,700</td><td>–</td><td>–</td><td>25,700</td><td>25,700</td></tr><tr><td>– fixed rate －定息</td><td>10.00</td><td>4,948</td><td>–</td><td>–</td><td>4,948</td><td>4,800</td></tr><tr><td>– variable rate －浮息</td><td>3.82</td><td>41,528</td><td>–</td><td>–</td><td>41,528</td><td>40,000</td></tr><tr><td>Obligations under finance leases 融資租賃承擔</td><td>1.45</td><td>601</td><td>601</td><td>289</td><td>1,491</td><td>1,439</td></tr><tr><td>Convertible bonds 可換股債券</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– debt component －債務部分</td><td>15.21</td><td>112,997</td><td>–</td><td>–</td><td>112,997</td><td>97,781</td></tr><tr><td></td><td></td><td>302,379</td><td>601</td><td>289</td><td>303,269</td><td>286,325</td></tr><tr><td>2015 二零一五年</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Non-derivative financial liabilities 非衍生金融負債</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trade and other payables 貿易及其他應付款項</td><td>–</td><td>96,565</td><td>–</td><td>–</td><td>96,565</td><td>96,565</td></tr><tr><td>Other borrowings 其他借貸</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– interest free －免息</td><td>–</td><td>25,700</td><td>–</td><td>–</td><td>25,700</td><td>25,700</td></tr><tr><td>– fixed rate －定息</td><td>10.00</td><td>3,620</td><td>–</td><td>–</td><td>3,620</td><td>3,500</td></tr><tr><td>– variable rate －浮息</td><td>3.20</td><td>40,839</td><td>–</td><td>–</td><td>40,839</td><td>40,000</td></tr><tr><td>Obligations under finance leases 融資租賃承擔</td><td>2.59</td><td>668</td><td>668</td><td>980</td><td>2,316</td><td>2,196</td></tr><tr><td>Convertible bonds 可換股債券</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– debt component －債務部分</td><td>–</td><td>325,307</td><td>–</td><td>–</td><td>325,307</td><td>325,307</td></tr><tr><td>Promissory notes payable 應付承兌票據</td><td>13.70</td><td>–</td><td>24,000</td><td>–</td><td>24,000</td><td>18,925</td></tr><tr><td></td><td></td><td>492,699</td><td>24,668</td><td>980</td><td>518,347</td><td>512,193</td></tr><tr><td>Derivatives – net settlement 衍生工具－以淨額結算\n– Derivative financial liability －衍生金融負債</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>17,785</td></tr></table>", "The amounts included above for variable interest rate instruments for non-derivative financial liabilities are subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.", "上文就非衍生金融負債之浮動利率工具包括之金額，會因浮動利率變動有別於報告期間結算日所釐定估計而有變。" ]	[]
11773765_123.pdf	11773765_124.pdf	en	[ "# 29. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)", "The remuneration of Directors and other members of key management of the Group and of the Company are as follows:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">Group</td><td colspan=\"2\">Company</td></tr><tr><td>2019</td><td>2018</td><td>2019</td><td>2018</td></tr><tr><td>RM’000</td><td>RM’000</td><td>RM’000</td><td>RM’000</td></tr><tr><td>Short-term employee benefits</td><td>4,944</td><td>5,906</td><td>1,485</td><td>2,242</td></tr><tr><td>Post-employment benefits</td><td>245</td><td>324</td><td>15</td><td>41</td></tr><tr><td></td><td>5,189</td><td>6,230</td><td>1,500</td><td>2,283</td></tr><tr><td>Analysed into:</td><td></td><td></td><td></td><td></td></tr><tr><td>- Directors of the Company</td><td>1,500</td><td>2,283</td><td>1,500</td><td>2,283</td></tr><tr><td>- Directors of the subsidiaries</td><td>1,286</td><td>1,608</td><td>-</td><td>-</td></tr><tr><td>- Other key management personnel</td><td>2,403</td><td>2,339</td><td>-</td><td>-</td></tr><tr><td></td><td>5,189</td><td>6,230</td><td>1,500</td><td>2,283</td></tr></table>", "# 30. COMMITMENTS", "# 30.1 Capital commitments", "As at the end of the reporting period, the Group had the following capital commitments:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">Group</td></tr><tr><td>30.9.2019</td><td>30.9.2018</td></tr><tr><td>RM’000</td><td>RM’000</td></tr><tr><td>Contracted but not provided for:</td><td></td><td></td></tr><tr><td>Construction of a factory</td><td>8,536</td><td>80,818</td></tr><tr><td>Renovation, purchase of plant and equipment</td><td>52,811</td><td>43,663</td></tr><tr><td></td><td>61,347</td><td>124,481</td></tr></table>", "# 30.2 Operating lease commitments – as lessee", "As at the end of the reporting period, there were operating lease commitments for rental payable in subsequent accounting periods as follows:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">Group</td></tr><tr><td>30.9.2019</td><td>30.9.2018</td></tr><tr><td>RM’000</td><td>RM’000</td></tr><tr><td>Within one year</td><td>25,462</td><td>23,218</td></tr><tr><td>Two to five years</td><td>16,087</td><td>23,334</td></tr><tr><td>More than five years</td><td>-</td><td>2,989</td></tr><tr><td></td><td>41,549</td><td>49,541</td></tr></table>" ]	[ "# 30. COMMITMENTS (CONTINUED)", "# 30.2 Operating lease commitments – as lessee (Continued)", "As at the end of the reporting period, the Group leases office premises and other operating facilities under operating leases. Leases are negotiated and rentals are fixed for a period of 1 to 5 years (30 September 2018: 1 to 10 years) with an option to renew at the prevailing market rates. Apart from the above lease commitment, the Group is required to pay contingent rentals based on percentage of sales derived from the operations for certain rented premises.", "# 30.3 Operating lease commitments – as lessor", "As at the end of the reporting period, there were non-cancellable operating lease commitments for rental receivable for premises in subsequent accounting periods as follows:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">Group</td></tr><tr><td>30.9.2019</td><td>30.9.2018</td></tr><tr><td>RM’000</td><td>RM’000</td></tr><tr><td>Within one year</td><td>1,585</td><td>366</td></tr><tr><td>Two to three years</td><td>366</td><td>-</td></tr><tr><td></td><td>1,951</td><td>366</td></tr></table>", "The above lease agreements expire within 1 to 2 year expiring in 2020 (30 September 2018: within 1 year expiring in 2018). The current rent receivables under the leases are subject to revision after expiry with no provisions for contingent rent.", "Upon expiry of the lease term, the lessee is granted an option to renew the tenancy for two years subject to compliance and observation of all the terms and conditions in the tenancy agreements." ]	[]
11787558_24.pdf	11787558_25.pdf	en	[ "\\[ \\left( v ^ { \\alpha _ { n } } ( x ) - v ^ { \\alpha _ { n } } ( x _ { 0 } ) \\right) \\to v ( x ) \\]", "for all \$ x \\in \\mathcal { X } \$, for some \$ \\lambda \\in \\mathbb { R } \$ and some function \$ v : \\mathcal { X } \\rightarrow \\mathbb { R } \$. Note that \\\|λ\\\|and \\\|v(·)\\\| are both bounded by \$ C ^ { \\prime } \$. Finally, we notice that, for any \$ x \\in \\mathcal { X } \$,", "\\[ \\alpha _ { n } v ^ { \\alpha _ { n } } ( x ) = \\alpha _ { n } v ^ { \\alpha _ { n } } ( x _ { 0 } ) + \\alpha _ { n } \\bigl ( v ^ { \\alpha _ { n } } ( x ) - v ^ { \\alpha _ { n } } ( x _ { 0 } ) \\bigr ) \\to \\lambda , \\]", "so the convergence of this sequence to \$ \\lambda \$ holds for all x.", "We are now in a position to prove existence of solutions to our Ergodic BSDE.", "Theorem 4.4. Let v and \$ \\lambda \$ be as constructed in Lemma 4.3. The triple \$ ( Y , Z , \\lambda ) \$, where", "\\[ Y _ { t } : = v ( X _ { t } ) , \\qquad e _ { k } ^ { * } Z _ { t } : = v ( e _ { k } ) . \\]", "is the unique bounded, stationary (i.e. does not depend on t), Markovian solution, with \$ v ( x _ { 0 } ) = 0 \$, to the Ergodic BSDE", "\\[ Y _ { T } = Y _ { t } - \\sum _ { t \\le u < T } \\left( f ( X _ { u } , Z _ { u } ) - \\lambda \\right) + \\sum _ { t \\le u < T } Z _ { u } ^ { * } M _ { u + 1 } . \\eqno ( 4 . 4 ) \\]", "Any other bounded solution \$ ( Y ^ { \\prime } , Z ^ { \\prime } , \\lambda ^ { \\prime } ) \$ satisfies \$ \\lambda \\ = \\ \\lambda ^ { \\prime } \$, and any other bounded, stationary, Markovian solution \$ ( \\dot { Y } ^ { \\prime } , Z ^ { \\prime } , \\lambda ^ { \\prime } ) \$ satisfies \$ Y _ { t } \\, = \\, Y _ { t } ^ { \\prime } + c \$ for some \$ c \\in \\mathbb { R } \$, and \$ Z \\sim _ { M } Z ^ { \\prime } \$ 0.", "Proof. Let \$ \\{ \\alpha _ { n } \\} _ { n > 1 } \$ be the sequence constructed in Lemma 4.3. We have that \$ Y _ { t } ^ { \\alpha _ { n } } = v ^ { \\alpha _ { n } } ( X _ { t } ) \$ and \$ e _ { k } ^ { * } Z _ { t } ^ { \\alpha _ { n } } = v ^ { \\alpha _ { n } } ( e _ { k } ) \$ solve the discounted BSDE", "\\[ Y _ { T } ^ { \\alpha _ { n } } = Y _ { t } ^ { \\alpha _ { n } } - \\sum _ { t \\leq u < T } \\left( f ( X _ { u } , Z _ { u } ^ { \\alpha _ { n } } ) - \\alpha _ { n } Y _ { u } ^ { \\alpha _ { n } } \\right) + \\sum _ { t \\leq u < T } \\left( Z _ { u } ^ { \\alpha _ { n } } \\right) ^ { * } M _ { u + 1 } . \\]", "However, since \$ \\\| \\mathbf { 1 } \\\| _ { M _ { t + 1 } } = 0 \$, and f does not distinguish between values of \$ Z _ { u } \$ up to equivalence \$ { \\sim } { M } _ { u + 1 } \$ , we can equally write \$ Z _ { u } ^ { \\alpha _ { n } } - v ^ { \\alpha _ { n } } ( x _ { 0 } ) \\mathbf { 1 } \$ in the place of \$ Z _ { u } ^ { \\alpha _ { n } } \$ in the above. Note that \$ e _ { k } ^ { * } Z _ { u } ^ { \\alpha _ { n } } - v ^ { \\alpha _ { n } } ( x _ { 0 } ) \\to e _ { k } ^ { * } Z _ { u } \$ as \$ n \\to \\infty \$ for each \$ e _ { k } \\in \\mathcal { X } \$, and that, by the bound established in Lemma 4.3, \\\|e∗kZuαn −vαn(x0)\\\|is uniformly bounded. Since f is Lipschitz in z, we deduce that", "\\[ f ( X _ { u } , Z _ { u } ^ { \\alpha _ { n } } - v ^ { \\alpha _ { n } } ( x _ { 0 } ) \\mathbf { 1 } ) \\to f ( X _ { u } , Z _ { u } ) \\quad { \\mathrm { a s } } \\quad n \\to \\infty \\quad { \\mathrm { a . s . } } \\]", "It follows that" ]	[ "\\[ \\begin{array} { l } { { \\displaystyle Y _ { T } = \\operatorname* { l i m } _ { n \\to \\infty } \\left( v ^ { \\alpha _ { n } } ( X _ { T } ) - v ^ { \\alpha _ { n } } ( x _ { 0 } ) \\right) } } \\\\ { { \\displaystyle \\quad = \\operatorname* { l i m } _ { n \\to \\infty } \\left( v ^ { \\alpha _ { n } } ( X _ { t } ) - v ^ { \\alpha _ { n } } ( x _ { 0 } ) \\right) - \\operatorname* { l i m } _ { n \\to \\infty } \\displaystyle \\sum _ { t \\leq u < T } \\left( f ( X _ { u } , Z _ { u } ^ { \\alpha _ { n } } ) - \\alpha _ { n } v ^ { \\alpha _ { n } } ( X _ { u } ) \\right) } } \\\\ { { \\displaystyle \\qquad + \\operatorname* { l i m } _ { n \\to \\infty } \\displaystyle \\sum _ { t \\leq u < T } \\left( Z _ { u } ^ { \\alpha _ { n } } \\right) ^ { * } M _ { u + 1 } } } \\\\ { { \\displaystyle \\qquad = v ( X _ { t } ) - \\operatorname* { l i m } _ { n \\to \\infty } \\displaystyle \\sum _ { t \\leq u < T } \\left( f ( X _ { u } , Z _ { u } ^ { \\alpha _ { n } } - v ^ { \\alpha _ { n } } ( x _ { 0 } ) \\mathbf { 1 } ) - \\alpha _ { n } v ^ { \\alpha _ { n } } ( X _ { u } ) \\right) } } \\\\ { { \\displaystyle \\qquad + \\operatorname* { l i m } _ { n \\to \\infty } \\displaystyle \\sum _ { t \\leq u < T } \\left( Z _ { u } ^ { \\alpha _ { n } } - v ^ { \\alpha _ { n } } ( x _ { 0 } ) \\mathbf { 1 } \\right) ^ { * } M _ { u + 1 } } } \\\\ { { \\displaystyle \\qquad = Y _ { t } - \\displaystyle \\sum _ { t \\leq u < T } \\left( f ( X _ { u } , Z _ { u } ) - \\lambda \\right) + \\displaystyle \\sum _ { t \\leq u < T } Z _ { u } ^ { * } M _ { u + 1 } , } } \\end{array} \\]", "and we see that \$ ( Y , Z , \\lambda ) \$ is indeed a solution of the EBSDE (4.4).", "Suppose that \$ ( Y ^ { \\prime } , Z ^ { \\prime } , \\lambda ^ { \\prime } ) \$ is another bounded solution. Let \$ \\tilde { Y } \\, = \\, Y \\, - \\, Y ^ { \\prime } \$,\$ \\tilde { Z } = Z - Z ^ { \\prime } \$ and \$ \\tilde { \\lambda } = \\lambda - \\lambda ^ { \\prime } \$. Then", "\\[ \\tilde { Y } _ { T } = \\tilde { Y } _ { 0 } - \\sum _ { 0 \\leq u < T } \\left( f ( X _ { u } , Z _ { u } ) - f ( X _ { u } , Z _ { u } ^ { \\prime } ) - \\tilde { \\lambda } \\right) + \\sum _ { 0 \\leq u < T } \\tilde { Z } _ { u } ^ { \\ast } M _ { u + 1 } . \\qquad ( 4 . 5 ) \\]", "By Proposition 2.2, there exists a measure Q such that", "\\[ - \\sum _ { 0 \\leq u < t } \\left( f ( X _ { u } , Z _ { u } ) - f ( X _ { u } , Z _ { u } ^ { \\prime } ) \\right) + \\sum _ { 0 \\leq u < t } \\tilde { Z } _ { u } ^ { \\ast } M _ { u + 1 } \\]", "is a martingale under Q. Taking an \$ \\mathbb { E } _ { \\mathbb { Q } } \$ expectation in (4.5), we obtain", "\\[ \\begin{array} { r } { \\tilde { \\lambda } = T ^ { - 1 } \\mathbb { E } _ { \\mathbb { Q } } \\big [ \\tilde { Y } _ { T } - \\tilde { Y } _ { 0 } \\big ] . } \\end{array} \\]", "Since \$ \\tilde { Y } \$ is uniformly bounded, taking the limit \$ T \\to \\infty \$ gives \$ \\tilde { \\lambda } \$ = 0, so that \$ \\lambda = \\lambda ^ { \\prime } \$. Substituting back into (4.5) and taking an \$ \\mathbb { E } _ { \\mathbb { O } } [ \\, \\cdot \\, \| \\, \\mathcal { F } _ { 0 } ] \$] expectation gives", "\\[ \\mathbb { E } _ { \\mathbb { Q } } { \\left[ \\tilde { Y } _ { T } \\mid \\mathcal { F } _ { 0 } \\right] } = \\tilde { Y } _ { 0 } . \\eqno ( 4 . 6 ) \\]", "Suppose further that \$ Y ^ { \\prime } \$ and \$ Z ^ { \\prime } \$ are Markovian and do not depend on t, so that in particular there exists a function \$ v ^ { \\prime } : \\mathcal { X } \\rightarrow \\mathbb { R } \$ such that \$ Y _ { t } ^ { \\prime } \\, = \\, v ^ { \\prime } ( X _ { t } ) \$. Then the measure Q may be taken to be the measure given by Lemma 4.1, so that X is still a uniformly ergodic Markov chain under Q. Writing \$ \\tilde { \\pi } \$ for the ergodic measure of X under Q, it follows from (4.6) that, for any \$ x \\in \\mathcal { X } \$,", "\\[ v ( x ) - v ^ { \\prime } ( x ) = \\operatorname* { l i m } _ { T \\to \\infty } \\mathbb { E } _ { \\mathbb { Q } } \\big [ \\tilde { Y } _ { T } \\, \\big \| \\, X _ { 0 } = x \\big ] = \\int _ { \\mathcal { X } } \\big ( v ( y ) - v ^ { \\prime } ( y ) \\big ) d \\tilde { \\pi } ( y ) . \\]", "Since the right hand side is independent of x, we see that \$ v ( x ) = v ^ { \\prime } ( x ) + c \$ for all x, and hence that \$ Y _ { t } = Y _ { t } ^ { \\prime } + c \$, for some \$ c \\in \\mathbb { R } \$. In particular, if \$ v ^ { \\prime } ( x _ { 0 } ) = 0 \$, then \$ c \$ = 0, and hence \$ Y = Y ^ { \\prime } \$ up to indistinguishability.", "With \$ \\tilde { \\lambda } \$ = 0 and \$ \\tilde { Y } _ { t } = c = \\tilde { Y } _ { t + 1 } \$, we deduce from the one-step dynamics of \$ \\tilde { Y } \$ that \$ \\tilde { Z } _ { t } ^ { * } M _ { t + 1 } = 0 , \$ and hence that \$ Z \\sim _ { M } Z ^ { \\prime } \$." ]	[]
9322382_152.pdf	9322382_153.pdf	en	[ "Summer Universiade (2011年世界大學生夏季運動會) in Shenzhen, the 12th National Games of the PRC (中華人民共和國第十二屆運動會) in Liaoning province in 2013, the 2014 Youth Olympic Games in Nanjing and the 1st National Youth Games of the PRC(第一届全國青年運動會) in Fujian province in 2015. According to the Frost & Sullivan Report, our live sports broadcasting services were ranked second with a 25.0% market share in China in terms of revenue in 2015. In 2013, 2014 and 2015, the revenue we derived from live sports broadcasting service was approximately RMB20.3 million, RMB9.1 million and RMB14.0 million, respectively, representing approximately 4.0%, 2.2% and 2.3%, respectively, of our total revenue for the same periods.", "• Graphics template design. We provide standard templates for TV programs, such as score-displaying graphics for sports game shows, as part of our graphics creation system product and our solutions containing this product. Some customers engage us to design or customize graphics templates for their digital video programs when these standard templates are insufficient to meet their needs.", "• Digitization and cataloging of media asset. We use our media asset management products and solutions to help TV broadcasters digitize and catalog their analog media content on project-by-project basis. We have also started serving other types of customers such as publishers and archives to digitize their collections of paper-based documents.", "• System maintenance. We provide long-term, on-site system maintenance services on project-by-project basis to customers who have installed our solutions. When providing these services, we are able to uncover opportunities to improve our solutions and products and help customers uncover their potential need for system expansion, upgrades and additional solutions and products.", "The following illustrates our selected services described above." ]	[ "# Our Products", "Our products combine our proprietary software with third-party hardware configured to our specifications to help our customers process digital video content after its capture and ingestion. Our products focus on providing certain key functionalities of digital video post-production, and primarily include:", "• Video editing systems that edit digital video of news, advertisements, channel labels, banners and captions. The video editing system is one of our principal products and a key component in many of our solutions. Our Himalaya-series video editing systems are able to address our customers’ technological needs at various levels, ranging from sophisticated, high-end editing to entry-level, basic editing. Our video editing systems support real-time editing, multi-format video editing, integrated subtitle editing, special video and audio effects management, and have a user-friendly editing interface and numerous other features.", "• Graphics creation systems that generate graphics and texts and integrate them into news, sports broadcasting, weather forecasts, TV shows and other TV programs and movies. Our Mariana-series graphics creation systems offer high-performance and real-time text and graphic rendering capability, easy-to-use editing and playback features and tools to allow for independent creations of a wide variety of TV shows that are well-suited to meet the demands of professional broadcasters today. According to the Frost & Sullivan Report, Mariana-series is the first domestically developed graphics creation system in China. We have also recently developed a meteorological graphics system under the brand “Tianmu”(“天目”) that we market to local government meteorological bureaus. To meet the demand of professional meteorology broadcasting, Tianmu offers its users the ability to quickly store and integrate real-time weather data from the source and accurately generate a rich array of texts, images and 3D animations to simulate and present various kinds of climate and weather effects for our customers. According to the Frost & Sullivan Report, our graphics creation systems had an industry-leading market share of 25.2% in China in terms of 2015 revenue. In 2013, 2014 and 2015, the revenue we derived from the sale of our graphics creation systems was approximately RMB35.8 million, RMB26.1 million and RMB38.2 million, respectively, representing approximately 7.1%, 6.4% and 6.3%, respectively, of our total revenue for the same periods.", "• Visual effects and video compositing systems that edit and compose video content during post- production to create special visual effects such as motion detection and tracking, color correction and 3D-space compository. In 2010, we launched our Dunhuang-series visual effects and video compositing system, which is the first domestically developed system of its kind in China according to the Frost & Sullivan Report. Compared to traditional video editing systems, the Dunhuang-series has a more comprehensive and advanced set of functions targeting more sophisticated, high-end customers." ]	[]
3448981_107.pdf	3448981_108.pdf	en	[ "# 4. SEGMENT INFORMATION", "The Group has three reportable segments. The segments are managed separately as each business offers different products or provides different services and requires different business strategies.", "The following summary describes the operations in each of the Group’s reportable segments:", "<table><tr><td>QR code business segment</td><td>— Provision of QR code on product packaging and solutions and advertising \ndisplay services</td></tr><tr><td>Packaging products segment</td><td>— Manufacture and sale of watch boxes, jewellery boxes, eyewear cases, bags \nand pouches and display units</td></tr><tr><td>Treasury investment segment</td><td>— Investments and trading in securities and money lending</td></tr></table>", "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 or loss, which is a measure of adjusted profit or loss before tax. The adjusted profit or loss before tax is measured consistently with the Group’s profit or loss before tax except that finance costs, share of results of a joint venture and an associate and head office and corporate income and expenses are excluded from such measurement.", "There was no inter-segment sale or transfer during the year (2017: Nil). Central revenue and expenses are not allocated to the operating segments as they are not included in the measure of the segments’ results that is used by the chief operating decision makers for assessment of segment performance." ]	[ "# 4. SEGMENT INFORMATION (Continued)", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">QR code business</td><td colspan=\"2\">Packaging products</td><td colspan=\"2\">Treasury investment</td><td colspan=\"2\">Total</td></tr><tr><td>2018</td><td>2017</td><td>2018</td><td>2017</td><td>2018</td><td>2017</td><td>2018</td><td>2017</td></tr><tr><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td></tr><tr><td>Gr’oups revenue</td><td>73,405</td><td>78,791</td><td>276,225</td><td>318,656</td><td>447</td><td>500</td><td>350,077</td><td>397,947</td></tr><tr><td>Fair value losses on financial\nassets at fair value through\nprofit or loss held for trading,\nnet</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(1,307)</td><td>(80,248)</td><td>(1,307)</td><td>(80,248)</td></tr><tr><td>Segment revenue</td><td>73,405</td><td>78,791</td><td>276,225</td><td>318,656</td><td>(860)</td><td>(79,748)</td><td>348,770</td><td>317,699</td></tr><tr><td>Segment results</td><td>(195,734)</td><td>(157,723)</td><td>8,423</td><td>25,947</td><td>(890)</td><td>(79,874)</td><td>(188,201)</td><td>(211,650)</td></tr><tr><td>Corporate and unallocated \nincome, gains and losses</td><td></td><td></td><td></td><td></td><td></td><td></td><td>5,696</td><td>(5,978)</td></tr><tr><td>Corporate and unallocated \nexpenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(34,957)</td><td>(28,656)</td></tr><tr><td>Share of result of a joint venture</td><td></td><td></td><td></td><td></td><td></td><td></td><td>19</td><td>2,990</td></tr><tr><td>Share of result of an associate</td><td></td><td></td><td></td><td></td><td></td><td></td><td>7,276</td><td>–</td></tr><tr><td>Finance costs</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(41,807)</td><td>(5,693)</td></tr><tr><td>Loss before tax</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(251,974)</td><td>(248,987)</td></tr></table>", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">QR code business</td><td colspan=\"2\">Packaging products</td><td colspan=\"2\">Treasury investment</td><td colspan=\"2\">Total</td></tr><tr><td>2018</td><td>2017</td><td>2018</td><td>2017</td><td>2018</td><td>2017</td><td>2018</td><td>2017</td></tr><tr><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td></tr><tr><td>Other segment information:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital expenditure</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– operating segment</td><td>44,935</td><td>51,379</td><td>39</td><td>3,662</td><td>–</td><td>–</td><td>44,974</td><td>55,041</td></tr><tr><td>– unallocated</td><td></td><td></td><td></td><td></td><td></td><td></td><td>13</td><td>25</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>44,987</td><td>55,066</td></tr><tr><td>Interest income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– operating segment</td><td>849</td><td>160</td><td>28</td><td>46</td><td>–</td><td>–</td><td>877</td><td>206</td></tr><tr><td>– unallocated</td><td></td><td></td><td></td><td></td><td></td><td></td><td>10,610</td><td>2</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>11,487</td><td>208</td></tr><tr><td>Depreciation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– operating segment</td><td>18,941</td><td>7,422</td><td>1,719</td><td>1,518</td><td>–</td><td>–</td><td>20,660</td><td>8,940</td></tr><tr><td>– unallocated</td><td></td><td></td><td></td><td></td><td></td><td></td><td>9</td><td>10</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>20,669</td><td>8,950</td></tr><tr><td>Amortisation</td><td>7,838</td><td>435</td><td>–</td><td>–</td><td>–</td><td>–</td><td>7,838</td><td>435</td></tr><tr><td>Loss/(gain) on disposal of \nproperty, plant and equipment</td><td>2,385</td><td>1,633</td><td>–</td><td>(190)</td><td>–</td><td>–</td><td>2,385</td><td>1,443</td></tr><tr><td>Impairment of property,\nplant and equipment</td><td>40,718</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>40,718</td><td>–</td></tr><tr><td>Impairment loss of\ntrade receivables, net</td><td>2,016</td><td>17</td><td>–</td><td>49</td><td>–</td><td>–</td><td>2,016</td><td>66</td></tr><tr><td>Impairment loss of goodwill</td><td>37,023</td><td>104,664</td><td>–</td><td>–</td><td>–</td><td>–</td><td>37,023</td><td>104,664</td></tr></table>" ]	[]
2122297_75.pdf	2122297_76.pdf	en	[ "31.1 Certification by Jeffrey A. Stoops, Chief Executive Officer, pursuant to Section 302 of the SarbanesOxley Act of 2002.\\", "31.2 Certification by Brendan T. Cavanagh, Chief Financial Officer, pursuant to Section 302 of the SarbanesOxley Act of 2002.\\", "32.1 Certification by Jeffrey A. Stoops, Chief Executive Officer, pursuant to Section 906 of the SarbanesOxley Act of 2002. \\\\", "32.2 Certification by Brendan T. Cavanagh, Chief Financial Officer, pursuant to Section 906 of the SarbanesOxley Act of 2002. \\\\", "101.INS XBRL Instance Document.\\", "101.SCH XBRL Taxonomy Extension Schema Document.\\", "101.DEF XBRL Taxonomy Extension Definition Linkbase Document.\\", "101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.\\", "101.LAB XBRL Taxonomy Extension Label Linkbase Document.\\", "101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.\\", "† Management contract or compensatory plan or arrangement.", "\\* Filed herewith.", "\\\\ Furnished herewith.", "# ITEM 16. FORM 10K SUMMARY", "None." ]	[ "# SIGNATURES", "Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.", "SBA COMMUNICATIONS", "CORPORATION", "By:/s/ Jeffrey A. Stoops", "Jeffrey A. Stoops", "Chief Executive Of icer and", "President", "Date: March 1, 2018", "Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.", "<table><tr><td>Signature</td><td>Title</td><td>Date</td></tr><tr><td>/s/ Steven E. Bernstein \nSteven E. Bernstein</td><td>Chairman of the Board of Directors</td><td>March 1, 2018</td></tr><tr><td>/s/ Jeffrey A. Stoops \nJeffrey A. Stoops</td><td>Chief Executive Officer and President \n(Principal Executive Officer)</td><td>March 1, 2018</td></tr><tr><td>/s/ Brendan T. Cavanahg \nBrendan T. Cavanahg</td><td>Chief Financial Officer and Executive Vice President \n(Principal Financial Officer)</td><td>March 1, 2018</td></tr><tr><td>/s/ Brian D. Lazarus \nBrian D. Lazarus</td><td>Chief Accounting Officer and Senior Vice President \n(Principal Accounting Officer)</td><td>March 1, 2018</td></tr><tr><td>/s/ Brian C. Carr \nBrian C. Carr</td><td>Director</td><td>March 1, 2018</td></tr><tr><td>/s/ Mary S. Chan \nMary S. Chan</td><td>Director</td><td>March 1, 2018</td></tr><tr><td>/s/ Duncan H. Cocroft \nDuncan H. Cocroft</td><td>Director</td><td>March 1, 2018</td></tr><tr><td>/s/ George R. Krouse Jr. \nGeorge R. Krouse Jr.</td><td>Director</td><td>March 1, 2018</td></tr><tr><td>/s/ Jack Langer \nJack Langer</td><td>Director</td><td>March 1, 2018</td></tr><tr><td>/s/ Kevin L. Beebe \nKevin L. Beebe</td><td>Director</td><td>March 1, 2018</td></tr></table>" ]	[]
2124358_44.pdf	2124358_45.pdf	en	[ "# Genuine Parts Company and Subsidiaries", "Consolidated Statements of Income and Comprehensive Income", "<table><tr><td rowspan=\"3\"></td><td colspan=\"3\">Year Ended December 31</td></tr><tr><td>2017</td><td>2016</td><td>2015</td></tr><tr><td colspan=\"3\">(In Thousands, Except per Share Amounts)</td></tr><tr><td>Net sales</td><td>$ 16,308,801</td><td>$ 15,339,713</td><td>$ 15,280,044</td></tr><tr><td>Cost of goods sold</td><td>11,402,403</td><td>10,740,106</td><td>10,724,192</td></tr><tr><td>Gross marign</td><td>4,906,398</td><td>4,599,607</td><td>4,555,852</td></tr><tr><td>Operating expenses:</td><td></td><td></td><td></td></tr><tr><td>Selling, administrative, and other expenses</td><td>3,705,136</td><td>3,370,833</td><td>3,277,390</td></tr><tr><td>Depreciation and amortization</td><td>167,691</td><td>147,487</td><td>141,675</td></tr><tr><td>Provision for doubtful accounts</td><td>13,932</td><td>11,515</td><td>12,373</td></tr><tr><td>Total operating expenses</td><td>3,886,759</td><td>3,529,835</td><td>3,431,438</td></tr><tr><td>Nonoperating expenses (income) :</td><td></td><td></td><td></td></tr><tr><td>Interest expense</td><td>41,486</td><td>21,084</td><td>21,662</td></tr><tr><td>Other</td><td>(31,115)</td><td>(25,652)</td><td>(20,929)</td></tr><tr><td>Total nonoperating expenses (income)</td><td>10,371</td><td>(4,568)</td><td>733</td></tr><tr><td>Income before income taxes</td><td>1,009,268</td><td>1,074,340</td><td>1,123,681</td></tr><tr><td>Income taxes</td><td>392,511</td><td>387,100</td><td>418,009</td></tr><tr><td>Net income</td><td>$ 616,757</td><td>$ 687,240</td><td>$ 705,672</td></tr><tr><td>Basic net income per common share</td><td>$ 4.19</td><td>$ 4.61</td><td>$ 4.65</td></tr><tr><td>Diluted net income per common share</td><td>$ 4.18</td><td>$ 4.59</td><td>$ 4.63</td></tr><tr><td>Weihgted average common shares outstanding</td><td>147,140</td><td>149,051</td><td>151,667</td></tr><tr><td>Dilutive effect of stock options and nonvested restricted stock awards</td><td>561</td><td>753</td><td>829</td></tr><tr><td>Weihgted average common shares outstandinilg — assuming dution</td><td>147,701</td><td>149,804</td><td>152,496</td></tr><tr><td>Net income</td><td>$ 616,757</td><td>$ 687,240</td><td>$ 705,672</td></tr><tr><td>Other comprehensive income (loss), net of tax:</td><td></td><td></td><td></td></tr><tr><td>Foreign currency translation adjustment</td><td>137,694</td><td>(8,957)</td><td>(207,986)</td></tr><tr><td>Net investment hedge, net of income taxes of 2017 — $9,711</td><td>(17,388)</td><td>—</td><td>—</td></tr><tr><td>Pension and postretirement benefit adjustments, net of income taxes of 2017\n— ($20,539); 2016 — $50,144; 2015 — $5,335</td><td>40,123</td><td>(73,446)</td><td>(2,421)</td></tr><tr><td>Other comprehensive income (loss), net of tax</td><td>160,429</td><td>(82,403)</td><td>(210,407)</td></tr><tr><td>Comprehensive income</td><td>$ 777,186</td><td>$ 604,837</td><td>$ 495,265</td></tr></table>", "See accompanying notes." ]	[ "# Genuine Parts Company and Subsidiaries", "Consolidated Statements of Equity", "(In Thousands, Except Share and per Share Amounts)", "<table><tr><td></td><td colspan=\"2\">Common Stock</td><td rowspan=\"2\">Additional\nPaidIn\nCaiptal</td><td rowspan=\"2\">Accumulated\nOther\nComprehensive\nLoss</td><td rowspan=\"2\">Retained\nEarnings</td><td rowspan=\"2\">Total\nParent\nEquity</td><td rowspan=\"2\">Non-\ncontrolling\nInterests in\nSubsidiaries</td><td rowspan=\"2\">Total\nEquity</td></tr><tr><td></td><td>Shares</td><td>Amount</td></tr><tr><td>Balance at January 1, 2015</td><td>153,113,042</td><td>$ 153,113</td><td>$ 26,414</td><td>$ (720,211)</td><td>$ 3,841,932</td><td>$ 3,301,248</td><td>$ 11,116</td><td>$ 3,312,364</td></tr><tr><td>Net income</td><td>—</td><td>—</td><td>—</td><td>—</td><td>705,672</td><td>705,672</td><td>—</td><td>705,672</td></tr><tr><td>Other comprehensive loss,\nnet of tax</td><td>—</td><td>—</td><td>—</td><td>(210,407)</td><td>—</td><td>(210,407)</td><td>—</td><td>(210,407)</td></tr><tr><td>Cash dividends declared,\n$2.46 per share</td><td>—</td><td>—</td><td>—</td><td>—</td><td>(372,840)</td><td>(372,840)</td><td>—</td><td>(372,840)</td></tr><tr><td>Sharebased awards\nexercised, including tax\nbenefit of $7,024</td><td>229,958</td><td>230</td><td>(2,778)</td><td>—</td><td>—</td><td>(2,548)</td><td>—</td><td>(2,548)</td></tr><tr><td>Sharebased compensation</td><td>—</td><td>—</td><td>17,717</td><td>—</td><td>—</td><td>17,717</td><td>—</td><td>17,717</td></tr><tr><td>Purchase of stock</td><td>(3,261,526)</td><td>(3,262)</td><td>—</td><td>—</td><td>(289,013)</td><td>(292,275)</td><td>—</td><td>(292,275)</td></tr><tr><td>Noncontrolling interest\nactivities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>1,559</td><td>1,559</td></tr><tr><td>Balance at December 31, 2015</td><td>150,081,474</td><td>150,081</td><td>41,353</td><td>(930,618)</td><td>3,885,751</td><td>3,146,567</td><td>12,675</td><td>3,159,242</td></tr><tr><td>Net income</td><td>—</td><td>—</td><td>—</td><td>—</td><td>687,240</td><td>687,240</td><td>—</td><td>687,240</td></tr><tr><td>Other comprehensive loss,\nnet of tax</td><td>—</td><td>—</td><td>—</td><td>(82,403)</td><td>—</td><td>(82,403)</td><td>—</td><td>(82,403)</td></tr><tr><td>Cash dividends declared,\n$2.63 per share</td><td>—</td><td>—</td><td>—</td><td>—</td><td>(391,852)</td><td>(391,852)</td><td>—</td><td>(391,852)</td></tr><tr><td>Sharebased awards\nexercised, including tax\nbenefit of $12,021</td><td>340,703</td><td>341</td><td>(4,467)</td><td>—</td><td>—</td><td>(4,126)</td><td>—</td><td>(4,126)</td></tr><tr><td>Sharebased compensation</td><td>—</td><td>—</td><td>19,719</td><td>—</td><td>—</td><td>19,719</td><td>—</td><td>19,719</td></tr><tr><td>Purchase of stock</td><td>(2,011,755)</td><td>(2,012)</td><td>—</td><td>—</td><td>(179,405)</td><td>(181,417)</td><td>—</td><td>(181,417)</td></tr><tr><td>Noncontrolling interest\nactivities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>953</td><td>953</td></tr><tr><td>Balance at December 31, 2016</td><td>148,410,422</td><td>148,410</td><td>56,605</td><td>(1,013,021)</td><td>4,001,734</td><td>3,193,728</td><td>13,628</td><td>3,207,356</td></tr><tr><td>Net income</td><td>—</td><td>—</td><td>—</td><td>—</td><td>616,757</td><td>616,757</td><td>—</td><td>616,757</td></tr><tr><td>Other comprehensive\nincome, net of tax</td><td>—</td><td>—</td><td>—</td><td>160,429</td><td>—</td><td>160,429</td><td>—</td><td>160,429</td></tr><tr><td>Cash dividends declared,\n$2.70 per share</td><td>—</td><td>—</td><td>—</td><td>—</td><td>(396,891)</td><td>(396,891)</td><td>—</td><td>(396,891)</td></tr><tr><td>Sharebased awards\nexercised, including tax\nbenefit of $3,134</td><td>131,232</td><td>132</td><td>(5,371)</td><td>—</td><td>—</td><td>(5,239)</td><td>—</td><td>(5,239)</td></tr><tr><td>Sharebased compensation</td><td>—</td><td>—</td><td>16,892</td><td>—</td><td>—</td><td>16,892</td><td>—</td><td>16,892</td></tr><tr><td>Purchase of stock</td><td>(1,889,039)</td><td>(1,889)</td><td>—</td><td>—</td><td>(171,635)</td><td>(173,524)</td><td>—</td><td>(173,524)</td></tr><tr><td>Noncontrolling interest\nactivities</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>38,376</td><td>38,376</td></tr><tr><td>Balance at December 31, 2017</td><td>146,652,615</td><td>$ 146,653</td><td>$ 68,126</td><td>$ (852,592)</td><td>$ 4,049,965</td><td>$ 3,412,152</td><td>$ 52,004</td><td>$ 3,464,156</td></tr></table>", "See accompanying notes." ]	[]
2584206_95.pdf	2584206_96.pdf	en	[ "# 18. FILM RIGHTS AND FILMS AND TV PROGRAMMES UNDER PRODUCTION (continued)", "<table><tr><td rowspan=\"2\"></td><td>Film and TV\nprogrammes\nrights</td><td>Films and TV\n programmes\nunder \nproduction</td><td>Total</td></tr><tr><td>HK$’000</td><td>HK$’000</td><td>HK$’000</td></tr><tr><td>31 December 2015</td><td></td><td></td><td></td></tr><tr><td>Cost:</td><td></td><td></td><td></td></tr><tr><td>At 1 January 2015</td><td>7,958</td><td>—</td><td>7,958</td></tr><tr><td>Additions</td><td>—</td><td>41,117</td><td>41,117</td></tr><tr><td>Disposals</td><td>(10,276)</td><td>—</td><td>(10,276)</td></tr><tr><td>Transfer to films and TV programmes rights</td><td>38,634</td><td>(38,634)</td><td>—</td></tr><tr><td>At 31 December 2015</td><td>36,316</td><td>2,483</td><td>38,799</td></tr><tr><td>Accumulated amortisation:</td><td></td><td></td><td></td></tr><tr><td>At 1 January 2015</td><td>7,366</td><td>—</td><td>7,366</td></tr><tr><td>Disposals</td><td>(7,366)</td><td>—</td><td>(7,366)</td></tr><tr><td>At 31 December 2015</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Carrying amount</td><td>36,316</td><td>2,483</td><td>38,799</td></tr></table>", "For the purpose of impairment testing, film rights have been allocated to the cash generating unit of movies, TV programmes and internet contents operation.", "In light of the circumstances of film industry, the Group regularly reviewed its library of film rights to assess the marketability of film rights and the corresponding recoverable amounts.", "At 31 December 2016 and 2015, the directors of the Company believe that any reasonably possible change in the key assumptions on which the recoverable amounts would not cause the carrying amounts of the films and TV programmes rights exceed the aggregate recoverable amounts.", "During the year ended 31 December 2016, there is an impairment loss of approximately HK\\$6,004,000 recognised in respect of films and TV programmes under production, based on contractual cash flows less cost to sell which solely related to the Group’s TV programmes under production and distribution activities based in Mainland China." ]	[ "# 19. INVESTMENT IN FILM", "During the year ended 31 December 2016, the Group has one (2015: Nil) film investment agreement at a total contract amount of HK\\$16,750,000 (2015: Nil). The investment is governed by the relevant agreement entered into between the Group and the production house whereby the Group is entitled to a fixed rate of return at 15% per annum on the principal amount. Investment income of HK\\$1,982,000 was recognised by the Group.", "# 20. AMOUNTS DUE FROM RELATED COMPANIES", "On 21 December 2015, Young Film Culture Media Company Limited (“Young Film”), a subsidiary of the Company, entered into a master services agreement (the “Master Services Agreement”) with青島年青時候影視文化傳媒有限公司 (Qingdao Young Times Video Cultural Media Company Limited) (“Qingdao Young Times”) which is controlled by Ms. Shang Na, a member of the key management personnel of the Group, pursuant to which Qingdao Young Times shall provide to Young Film services including the production and promotion of movies, TV dramas and programmes as requested by the Group for a term of three years from the date of the Master Services Agreement. The services under the Master Services Agreement shall be charged on a cost basis (as incurred by Qingdao Young Times). For more details of the Master Services Agreement, please refer to the announcement of the Company dated 21 December 2015.", "As at 31 December 2016, included in amounts due from related companies was an amount of approximately HK\\$45,440,000 (2015: HK\\$24,000,000) advanced by the Group to Qingdao Young Times for the services under the Master Services Agreement.", "# 21. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES", "<table><tr><td rowspan=\"2\"></td><td>2016</td><td>2015</td></tr><tr><td>HK$’000</td><td>HK$’000</td></tr><tr><td>Deposits</td><td>5,718</td><td>2,569</td></tr><tr><td>Prepayments</td><td>20,793</td><td>12,268</td></tr><tr><td>Other receivables</td><td>19,198</td><td>11,373</td></tr><tr><td>Impairment</td><td>(6,374)</td><td>—</td></tr><tr><td></td><td>39,335</td><td>26,210</td></tr></table>", "As at 31 December 2016, except for fully impaired other receivables of HK\\$6,374,000 (2015: Nil), none of the above assets is either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default." ]	[]
2531277_45.pdf	2531277_46.pdf	en	[ "(4) to consider any significant or unusual items that are, or may need to be, reflected in the reports and accounts, it should give due consideration to any matters that have been raised by the Company’s staff responsible for the accounting and financial reporting function, compliance officer or auditors;", "(5) to review the Company’s financial controls, and unless expressly addressed by a separate Board risk committee, or by the Board itself, to review the Company’s risk management and internal control systems;and", "(6) to discuss the risk management and internal control systems with management to ensure that management has performed its duty to have effective systems.", "The written terms of reference of the Audit Committee are available on the websites of the Stock Exchange and the Company.", "From the Listing Date and up to 31 December 2017, two Audit Committee meetings were held. Save as Mr. Yang Zhongkai who only attended one meeting, all the members of the Audit Committee attended all two meetings. At the meetings, the Audit Committee reviewed the annual report for 2016 with external auditors, the interim results for 2017, the activities of the Group’s internal control functions and also reviewed and approved the arrangement of the annual audit work and then proposed the recommendations to the Board.", "# Remuneration Committee", "The Remuneration Committee comprises three members, including two independent non-executive Directors namely Mr. Yang Zhongkai (chairman), Mr. Shi Weixing and one executive Director namely Mr. Peng TB.", "The principal duties of the Remuneration Committee include but not limited to the following:", "1. to make recommendations to the Board on the Company’s policy and structure for all remuneration of the Directors and senior management and on the establishment of a formal and transparent procedure for developing policy on such remuneration;", "2. to review and approve management’s remuneration proposals with reference to corporate goals and objectives of the Board;", "3. to determine the remuneration packages of individual executive Directors and senior management. These include benefits in kind, pension rights and compensation payments, including any compensation payable for loss or termination of their office or appointment;", "4. to make recommendations to the Board on the remuneration of non-executive Directors;" ]	[ "5. to consider salaries paid by comparable companies, time commitment and responsibilities and employment conditions elsewhere in the Group;", "6. to review and approve compensation payable to executive Directors and senior management for any loss or termination of office or appointment to ensure that it is consistent with contractual terms and is otherwise fair and not excessive;", "7. to review and approve compensation arrangements relating to dismissal or removal of Directors for misconduct to ensure that they are consistent with contractual terms and are otherwise reasonable and appropriate;", "8. to ensure that no Director or any of his/her associates (as defined in the Listing Rules) is involved in deciding his/her own remuneration; and", "9. to report back to the Board on their decisions or recommendation, unless there are legal or regulatory restrictions on their ability to do so (such as a restriction on disclosure due to regulatory requirements).", "The written terms of reference of the Remuneration Committee are available on the websites of the Stock Exchange and the Company.", "From the Listing Date and up to the year ended 31 December 2017, one Remuneration Committee meeting was held. Save as Mr. Yang Zhongkai, all the members of the Remuneration Committee attended the meeting. At the meeting, the Remuneration Committee reviewed remuneration of the Directors and senior management, and thought that the remunerations of whom were reasonable and appropriate.", "# Nomination Committee", "The Nomination Committee currently comprises three members, including two independent non-executive Directors namely Mr. Shi Weixing (chairman), Mr. Yang Zhongkai and one executive Director namely Mr. Peng YH.", "The principal duties of the Nomination Committee include the following:", "1. to review the structure, size and composition (including the skills, knowledge and experience) of the Board at least annually and make recommendations on any proposed changes to the Board to complement the Company’s corporate strategy;", "2. to identify individuals suitably qualified to become Board members and select or make recommendations to the Board on the selection of individuals nominated for directorships;", "3. to assess the independence of independent non-executive Directors;", "4. to make recommendations to the Board on the appointment or reappointment of Directors and the succession planning for Directors, in particular the chairman and the chief executive officer; and", "5. to review the Board diversity policy.", "The Nomination Committee assesses the candidate or incumbent on criteria such as integrity, experience, skill and ability to commit time and effort to carry out the duties and responsibilities. The recommendations of the Nomination Committee will then be put to the Board for decision. The written terms of reference of the Nomination Committee are available on the websites of the Stock Exchange and the Company." ]	[]
20780351_314.pdf	20780351_315.pdf	en	[ "# EXHIBIT A", "# REGISTRATION RIGHTS", "1. Applicability of Rights. The Holders (as defined below) shall be entitled to the following rights only with respect to any potential public offering of the Company’s Shares in the United States. The rights provided hereunder shall terminate with respect to any Holder, at the earlier of (a) eight years after the Company’s IPO and (b) if all Registrable Securities held by such Holder may then be sold without registration in any ninety (90) day period pursuant to Rule 144 promulgated under the Securities Act.", "2. Definitions. In this Agreement, in addition to those defined in the context, the following expressions shall have the following meanings:", "“ADSs” means American Depositary Shares representing the relevant number of the Company’s ordinary shares.", "“Form F-3” mean such respective form under the Securities Act as is in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.", "“Holder” means any Person owning of record Registrable Securities that have not been sold to the public or pursuant to Rule 144 promulgated under the Securities Act or any permitted assignee of record of such Registrable Securities to whom rights under this Agreement have been duly assigned in accordance with this Agreement.", "For purposes of this Section 2, “Holder”, the term “Holder” means any Person owning or having the rights to acquire Registrable Securities or any permitted assignee of record of such Registrable Securities to whom rights under this Section 2 have been duly assigned in accordance with this Agreement.", "“register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement.", "“Registrable Securities” means (1) any Ordinary Shares of the Company issued or to be issued pursuant to the conversion of any Preference Shares;(2) any Ordinary Shares of the Company issued or issuable upon the conversion or exercise of any warrant, right or other security which is issued as a dividend or other distribution with respect to, or in exchange for or in replacement of, any Preference Shares described in clause (1) of this definition; and (3) any other Ordinary Shares of the Company owned or hereafter acquired by holders of Preference Shares. Notwithstanding the foregoing, “Registrable Securities” shall exclude any Registrable Securities sold by a Person in a transaction in which rights under this Agreement are not assigned in accordance with this Agreement or any Registrable Securities sold in a public offering, whether sold pursuant to Rule 144 promulgated under the Securities Act, or in a registered offering, or otherwise." ]	[ "“Registrable Securities then outstanding” means the number of Ordinary Shares of the Company that are Registrable Securities and are then issued and outstanding or are issuable upon conversion of Preference Shares then issued and outstanding, or issuable upon conversion or exercise of any warrant, right or other security then outstanding.", "“SEC” or “Commission” means the U.S. Securities and Exchange Commission.", "# 3. Demand Registration.", "(a) Request by Holders. If the Company shall at any time after the earlier of (i) the third (3rd) anniversary of the date of this Agreement and (ii) the expiry of six (6) months after a Qualified IPO receive a written request from the Holders of at least 15% of the Registrable Securities that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities pursuant to this Section 3, then the Company shall, within ten (10) Business Days of the receipt of such written request, give written notice of such request (“Request Notice”) to all Holders, and use all reasonable efforts to effect, as soon as practicable, the registration under the Securities Act of all Registrable Securities that Holders (including other Shareholders who so) request to be registered and included in such registration by written notice given by such Holders to the Company within twenty (20) Business Days after receipt of the Request Notice, subject only to the limitations of this Section 3; provided that the Registrable Securities requested by all Holders to be registered pursuant to such request must have a market value in excess of US\\$50,000,000 (or, in the case of an initial public offering, US\\$200,000,000); provided, further, that the Company shall not be obligated to effect any such registration if the Company has, within the six (6) month period preceding the date of such request, already effected a registration under the Securities Act pursuant to this Section 3 or Section 5, or in which the Holders had an opportunity to participate pursuant to the provisions of Section 4, other than a registration from which the Registrable Securities of Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Section 4(a)." ]	[]
8405455_13.pdf	8405455_14.pdf	en	[ "# PRC GOVERNMENTAL AUSTERITY MEASURES IN THE PROPERTY MARKET", "The PRC government has recently introduced certain new policies which are intended to control the substantial increases in property prices in the PRC. These policies can be classified into four categories: (i) restrictions on speculation activities of real estate developers; (ii) limitations on financing land grant consideration payment; (iii) restrictions on speculation activities of residential property buyers; and (iv) encouragement of the PRC government in the purchase of small-size units and construction of affordable housing. For details of the aforesaid regulations, please refer to the section headed “Regulation — Impact of the PRC Governmental Austerity Measures” in this prospectus.", "Our Directors are of the view that these policies did not and would not have any material adverse impact on our business operations on the basis that (i) there was no adverse impact on the average contract prices for the pre-sale of our residential properties at Golden Wheel Star City and our commercial properties at Golden Wheel Time Square during the year ended 31 December 2011 and the six months ended 30 June 2012; (ii) we had not encountered any difficulty in obtaining bank loans during the year ended 31 December 2011 and the six months ended 30 June 2012; and (iii) the residential units within our integrated commercial projects are positioned for mass market home buyers in Jiangsu and Hunan provinces. As of 30 September 2012, approximately 29,347 sq.m., or 81%, of the total GFA available for sale of our residential properties (completed and under development) were categorized as small to medium-sized ordinary commodity houses under the relevant PRC laws and regulations, which will remain as our focus for residential property development. We believe this particular residential market segment has more stable and consistent demand, higher affordability attributable to a lower purchase price in our target markets as compared to luxury residential developments which target higher income households and property investors in these markets.", "However, it is difficult to ascertain the full extent of the impact of these measures on the performance of our Group or to accurately estimate the sales volume and turnover of our Group as if such measures had not been introduced. Our Directors confirm that we had not experienced any material cancellation of sales during the Track Record Period and up to the Latest Practicable Date. As advised by our PRC legal advisors, Jun He Law Offices, there has been no material changes in the PRC laws and regulations, regardless at state level or in Nanjing, Yangzhou and Zhuzhou, in the recent months to increase regulation over pre-sale activities of property developers, or to tighten measures to limit bank financing including buying-off plan pre-financing.", "# HISTORICAL NON-COMPLIANCE INCIDENTS", "We failed to fully comply with certain applicable PRC laws and regulations, which had resulted in certain non-compliance incidents during the Track Record Period, including (i) late completion of Nanjing Jade Garden and Golden Wheel Star Plaza, (ii) delivery of certain property units of Golden Wheel Time Square before passing the construction completion examination, (iii) failure to complete lease registration for certain leased properties of Golden Wheel Time Square, (iv) failure to make housing fund contributions for certain employees, and (v) granting loans to Nanjing Golden Wheel Real Estate, our then related company (which became our wholly-owned subsidiary on 18 June 2012). We had rectified all the other non-compliance incidents as of the Latest Practicable Date, except for the late completion of Nanjing Jade Garden and Golden Wheel Star Plaza. As a result, we may be subject to a maximum fine of approximately RMB22.4 million and the relevant authorities may forfeit part of the land on which the constructions has not been completed by their respective deadlines without any payment to us. For details of the reasons for these non-compliance incidents and the corresponding remedial and preventive measures, please refer to the sections headed “Risk Factors — We may not be able to meet our project development schedules and complete our projects on time, or at all” and “Business — Regulatory Compliance” in this prospectus." ]	[ "# SUMMARY FINANCIAL INFORMATION", "We maintained a profitable operation during the Track Record Period. In 2011, our net profit was RMB513.2 million, representing an increase of 74.9% from RMB293.4 million in 2010. We also had a prudent net debt to equity ratio of 15.0% as of 30 June 2012 as a result of our strict financial disciplines over all aspects of our operations from land acquisition to construction. We intend to continue maintaining a disciplined financial strategy.", "The fair value gains of investment properties accounted for a substantial portion of our net profit during the Track Record Period, which may, however, fluctuate from time to time. For details, please refer to the section headed “Risk Factors — Fair value gains on our investment properties represented a substantial portion of our net profit during the Track Record Period, and the fair value of our investment properties is likely to fluctuate from time to time and may decrease significantly in the future, which may materially and adversely impact our profitability” in this prospectus.", "# Selected Consolidated Statements of Comprehensive Income and Statements of Financial Position Line Items", "<table><tr><td rowspan=\"4\"></td><td colspan=\"3\">Year ended 31 December</td><td colspan=\"2\"> Six months ended 30 June</td></tr><tr><td>2009</td><td>2010</td><td>2011</td><td>2011</td><td>2012</td></tr><tr><td>RMB’000</td><td> RMB’000</td><td> RMB’000</td><td> RMB’000</td><td> RMB’000</td></tr><tr><td></td><td></td><td></td><td>(unaudited)</td><td></td></tr><tr><td>Revenue</td><td>493,800</td><td>483,524</td><td>524,495</td><td>167,230</td><td>662,351</td></tr><tr><td>Gross profit</td><td>206,154</td><td>140,992</td><td>241,061</td><td>70,068</td><td>321,781</td></tr><tr><td>Changes in fair value of investment properties</td><td>250,183</td><td>306,900</td><td>539,919</td><td>229,579</td><td>75,000</td></tr><tr><td>Profit and total comprehensive income attributable to:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Owners of the Company</td><td>263,403</td><td>280,744</td><td>498,488</td><td>187,892</td><td>198,767</td></tr><tr><td>Non-controlling interests</td><td>15,033</td><td>12,632</td><td>14,705</td><td>8,134</td><td>7,916</td></tr><tr><td></td><td>278,436</td><td>293,376</td><td>513,193</td><td>196,026</td><td>206,683</td></tr><tr><td>Profit and total comprehensive income (excluding fair value gains\nand the relevant deferred taxes) attributable to:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Owners of the Company</td><td>83,274</td><td>58,894</td><td>103,446</td><td>22,554</td><td>145,443</td></tr><tr><td>Non-controlling interests</td><td>7,525</td><td>4,307</td><td>4,808</td><td>1,288</td><td>4,990</td></tr><tr><td></td><td>90,799</td><td>63,201</td><td>108,254</td><td>23,842</td><td>150,433</td></tr></table>", "<table><tr><td rowspan=\"3\"></td><td colspan=\"3\">As of 31 December</td><td> As of 30 June</td></tr><tr><td>2009</td><td>2010</td><td>2011</td><td>2012</td></tr><tr><td>RMB’000</td><td> RMB’000</td><td> RMB’000</td><td> RMB’000</td></tr><tr><td>Current assets</td><td>1,058,443</td><td>1,421,378</td><td>1,175,695</td><td>1,125,256</td></tr><tr><td>Current liabilities</td><td>975,153</td><td>1,249,910</td><td>1,178,662</td><td>756,582</td></tr><tr><td>Net current assets (liabilities)</td><td>83,290</td><td>171,468</td><td>(2,967)</td><td>368,674</td></tr><tr><td>Net assets</td><td>1,354,631</td><td>1,635,894</td><td>2,077,334</td><td>2,640,968</td></tr><tr><td>Total assets</td><td>3,039,726</td><td>3,800,116</td><td>4,254,543</td><td>4,477,322</td></tr></table>", "# Selected Consolidated Statements of Cash Flows Line Items", "<table><tr><td rowspan=\"4\"></td><td colspan=\"3\">Year ended 31 December</td><td colspan=\"2\"> Six months ended 30 June</td></tr><tr><td>2009</td><td>2010</td><td>2011</td><td>2011</td><td>2012</td></tr><tr><td>RMB’000</td><td> RMB’000</td><td> RMB’000</td><td> RMB’000</td><td> RMB’000</td></tr><tr><td></td><td></td><td></td><td>(unaudited)</td><td></td></tr><tr><td>Net cash from (used in) operating activities</td><td>26,684</td><td>261,480</td><td>134,012</td><td>118,520</td><td>(75,434)</td></tr><tr><td>Net cash (used in) from investing activities</td><td>(10,793)</td><td>(158,269)</td><td>(99,997)</td><td>(94,034)</td><td>16,586</td></tr><tr><td>Net cash from (used in) financing activities</td><td>158,503</td><td>75,693</td><td>(225,540)</td><td>(108,518)</td><td>(45,404)</td></tr><tr><td>Net increase (decrease) in cash and cash equivalents</td><td>174,394</td><td>178,904</td><td>(191,525)</td><td>(84,032)</td><td>(104,252)</td></tr><tr><td>Cash and cash equivalents at beginning of year/period</td><td>34,868</td><td>209,262</td><td>388,166</td><td>388,166</td><td>196,641</td></tr><tr><td>Cash and cash equivalents at end of year/period</td><td>209,262</td><td>388,166</td><td>196,641</td><td>304,134</td><td>92,389</td></tr></table>" ]	[]
11782697_14.pdf	11782697_15.pdf	en	[ "# I. DISCUSSION AND ANALYSIS ON THE OPERATIONS", "In 2018, the macro economy basically maintained a stable and positive development trend, while the coal production and economy were in a good state of operation, industry concentration was further improved. The supply and demand in the domestic coal market were booming and balanced as well in general. The supply-side reform drove a continual rise of coal price and better profitability of the industry. Based on its existing strategic development goals, the Company was effectively responsive to market changes for the purpose of advancing its continuous high-quality development.", "As of the end of the reporting period, the Company recorded a total asset of RMB94.551 billion, a revenue of RMB38.017 billion in 2018 and a net profit attributable to owners of the parent company of RMB4.194 billion.", "# (I) Coal sector", "During the reporting period, the Company has realized production of commodity coal of 47.69 million tonnes and sales of coal of 85.99 million tonnes.", "# 1. Coal production", "During the reporting period, the Company completed the optimization and promotion of new processes and new technologies, improved the recovery rate and maximized economic benefits. Meanwhile, the Company focused on deliberating on the coal refining plans for all coal mines and coal washing plants, assisted the reform of production system, diversified the type of commodity coal, and increased lump coal rate, thereby achieving coal refining, cost reduction and efficiency enhancement.", "# 2. Coal transportation and sales", "In 2018, the Company strengthened marketing for coal. On the basis of enhancing the key contracted users, the Company brought its sale pace under control through sub-division of coal type, combination of futures and spot, direct supply of orders, container distribution and other new trade modes, optimizing its client structure and gradually releasing new driving forces.", "# (II) Railway sector", "In 2018, as driven by the strategy of transportation-sale integration, the Company seized the new opportunities brought by the reform of railway cargo settlement, strengthened the coordination of transportation with sales and storage & shipment management to improve the turnover rate; and established the Gonggou Shipment Station and increased supply. During the reporting period, Zhundong Railway Company and Huzhun Railway Company dispatched 74.20 million tonnes and 32.15 million tonnes of coal, respectively. The traffic volume through the Company’s self-operated railways first exceeded 100 million tonnes with a profit of RMB667 million achieved." ]	[ "# I. DISCUSSION AND ANALYSIS ON THE OPERATIONS (Continued)", "# (III)Coal-to-chemicals sector", "The layout of coal-to-chemicals industry is an important strategic move for the Company to extend its industrial chain, achieve transformation and upgrading and enhance its core competitiveness. The “13th Five-Year Plan for Energy Development” clearly states that the pace of development should be rationally controlled, technological innovation and market risk assessment should be strengthened, the conditions for environmental protection accession should be strictly implemented, the deep processing of coal should be developed in order, the upgrading of coal-to-fuel, coal-to-olefin production and other demonstrations should be steadily promoted and the competitiveness and risk-resistance of the project should be enhanced according to the orientation of the National Energy Technology Reserve and Capacity Reserve Demonstration Project. A total of three projects of “Xinjiang Yili”, “Xinjiang Ganquanpu” and “Inner Mongolia Yitai” were selected as key coal liquefaction projects in the “13th Five-Year Plan” for deep processing of coal. The Company has been unswervingly speeding up the approval and construction of coal chemical projects.", "# 1. Demonstration project of coal-to-oil production of 0.16 Mtpa", "During the reporting period, on ensuring the safe and stable production, Coal-to-oil Company optimized its processes and procedures, and enhanced technical innovation so that a total of 0.1943 million tonnes of various types of oil and chemicals were produced during the year. In the meantime, the Company realized the target of inventory-cutting and cost reduction and efficiency improvement via reasonable allocation of inventory materials and enhancement of cost control, and recorded a revenue of RMB894 million and a net profit of RMB31.84 million.", "The 0.05 Mtpa stable light hydrocarbons deep processing project of Coal-to-oil Company achieved a successful trial run, further extending the industry chain and increasing the added value of the products for the Company.", "# 2. Project construction", "The 1.2 Mtpa of fine chemicals project of Yitai Chemical completed the transfer from CIP to PPE at the end of September 2018. The Company is actively advancing the engineering settlement and budgeting of the project. During the year, Yitai Chemical recorded a production volume of 0.26 million tonnes of chemicals, and a revenue of RMB1.292 billion and net profit of RMB57.78 million.", "In 2018, as to the second phase of the 2 Mtpa indirect coal-to-liquids conversion pilot project of Coal-to-oil Company, the Company adjusted the product scheme and some process plan for the second phase of the project by focusing on the design optimization and taking into account of the implementation of the project, upper-stream facilities cooperation and construction, investment and financing, product scheme adjustment and other factors.", "During the reporting period, Yili Energy actively carried out project site management, supporting resource integration and product scheme optimization, continued to promote the financing works and introduction of strategic partners.", "During the reporting period, Yitai Xinjiang continued to enhance project site management for its energy project, and advanced the approval work for the project in a planned and orderly manner." ]	[]
20794136_93.pdf	20794136_94.pdf	en	[ "# Other Net Realized Investment Gains", "Other net realized investment gains in 2017 included \\$236 million of net realized investment gains related to equity securities, \\$10 million of net realized investment gains from real estate sales,\\$4 million of net realized gains related to fixed maturity investments and \\$20 million of net realized investment losses related to other investments.", "Other net realized investment gains in 2016 included \\$59 million of net realized gains related to fixed maturity investments, \\$14 million of net realized investment gains related to equity securities,\\$7 million of net realized investment gains from real estate sales and \\$17 million of net realized investment gains related to other investments.", "Other net realized investment gains in 2015 included \\$81 million of net realized gains related to fixed maturity investments, \\$6 million of net realized investment gains related to equity securities,\\$2 million of net realized investment gains from real estate sales and \\$34 million of net realized investment losses related to other investments. The net realized investment losses related to other investments included \\$26 million of realized foreign exchange translation losses incurred in connection with the Company’s increased ownership of Travelers Participac¸o˜es em Seguros Brasil S.A.", "# Other Revenues", "Other revenues in all years presented included installment premium charges. Other revenues in 2017 also included revenues from Simply Business, which was acquired in August 2017. Other revenues in 2017 and 2016 also included gains related to the settlement of reinsurance disputes (discussed in more detail in note 16 of notes to the consolidated financial statements). Other revenues in 2016 also included proceeds from the favorable settlement of a claims-related legal matter.", "# Claims and Expenses", "# Claims and Claim Adjustment Expenses", "Claims and claim adjustment expenses in 2017 were \\$17.47 billion, \\$2.40 billion or 16% higher than in 2016, primarily reflecting the impacts of (i) significantly higher catastrophe losses, (ii) higher volumes of insured exposures, (iii) loss cost trends, (iv) lower net favorable prior year reserve development, (v) higher non-catastrophe fire-related losses in Business Insurance and (vi) higher non-catastrophe weather-related losses in Personal Insurance. Catastrophe losses in 2017 primarily resulted from wildfires in California, Hurricanes Harvey, Irma and Maria, and several winter, wind and hail storms throughout the United States.", "Claims and claim adjustment expenses in 2016 were \\$15.07 billion, \\$1.35 billion or 10% higher than in 2015, primarily reflecting the impacts of (i) higher volumes of insured exposures, (ii) loss cost trends, (iii) higher catastrophe losses, (iv) lower net favorable prior year reserve development and (v) higher loss estimates in the personal automobile product line for bodily injury liability coverages, partially offset by (vi) lower non-catastrophe fire-related losses and other loss activity in Business Insurance. Catastrophe losses in 2016 primarily resulted from Hurricane Matthew, wind and hail storms in several regions of the United States, flooding in the Southeast region of the United States, wildfires in Canada and Tennessee, and winter storms in the eastern United States. Catastrophe losses in 2015 primarily resulted from wildfires in California, and several winter, wind and hail storms throughout the United States.", "Factors contributing to net favorable prior year reserve development during the years ended December 31, 2017, 2016 and 2015 are discussed in more detail in note 7 of notes to the consolidated financial statements." ]	[ "# Significant Catastrophe Losses", "The Company defines a ‘‘catastrophe’’ as an event that:", "• is designated a catastrophe by internationally recognized organizations that track and report on insured losses resulting from catastrophic events, such as Property Claim Services (PCS) for events in the United States and Canada; and", "• the Company’s estimates of its ultimate losses before reinsurance and taxes exceed a pre-established dollar threshold.", "The Company’s threshold for disclosing catastrophes is primarily determined at the reportable segment level. If a threshold for one segment or a combination thereof is exceeded and the other segments have losses from the same event, losses from the event are identified as catastrophe losses in the segment results and for the consolidated results of the Company. Additionally, an aggregate threshold is applied for International business across all reportable segments. The threshold for 2017 ranged from approximately \\$17 million to \\$30 million of losses before reinsurance and taxes.", "The following table presents the amount of losses recorded by the Company for significant catastrophes that occurred in 2017, 2016 and 2015, the amount of net unfavorable (favorable) prior year reserve development recognized in 2017 and 2016 for catastrophes that occurred in 2016 and 2015, and the estimate of ultimate losses for those catastrophes at December 31, 2017, 2016 and 2015. For purposes of the table, a significant catastrophe is an event for which the Company estimates its ultimate losses will be \\$100 million or more after reinsurance and before taxes.", "<table><tr><td rowspan=\"2\">(in millions, pre-tax and net of reinsurance)</td><td colspan=\"3\">Losses Incurred /\nUnfavorable (Favorable)\nPrior Year Reserve\nDevelopment for the Year\nEnded December 31,</td><td colspan=\"3\"> Estimated Ultimate\n Losses at December 31,</td></tr><tr><td>2017</td><td>2016</td><td>2015</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>2015</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>PCS Serial Number:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>68—Winter storm . . . . . . . . . . . . . . . . . . . . . . . . . .</td><td> $ 3</td><td> $(11)</td><td>$140</td><td> $132</td><td> $129</td><td> $140</td></tr><tr><td>2016</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>PCS Serial Number:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>21—Severe wind and hail storms . . . . . . . . . . . . . . .</td><td>(2)</td><td>150</td><td> n/a</td><td>148</td><td>150</td><td> n/a</td></tr><tr><td>25—Severe wind and hail storms . . . . . . . . . . . . . . .</td><td>10</td><td>168</td><td> n/a</td><td>178</td><td>168</td><td> n/a</td></tr><tr><td>2017</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>PCS Serial Number:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>22—Severe wind and hail storms . . . . . . . . . . . . . . .</td><td>111</td><td> n/a</td><td> n/a</td><td>111</td><td> n/a</td><td> n/a</td></tr><tr><td>32—Severe wind and hail storms . . . . . . . . . . . . . . .</td><td>210</td><td> n/a</td><td> n/a</td><td>210</td><td> n/a</td><td> n/a</td></tr><tr><td>43—Hurricane Harvey . . . . . . . . . . . . . . . . . . . . . . .</td><td>254</td><td> n/a</td><td> n/a</td><td>254</td><td> n/a</td><td> n/a</td></tr><tr><td>44—Hurricane Irma . . . . . . . . . . . . . . . . . . . . . . . .</td><td>187</td><td> n/a</td><td> n/a</td><td>187</td><td> n/a</td><td> n/a</td></tr><tr><td>48—California wildfire—Tubbs fire . . . . . . . . . . . . . .</td><td>507</td><td> n/a</td><td> n/a</td><td>507</td><td> n/a</td><td> n/a</td></tr></table>", "n/a: not applicable.", "# Amortization of Deferred Acquisition Costs", "Amortization of deferred acquisition costs in 2017 was \\$4.17 billion, \\$181 million or 5% higher than in 2016. Amortization of deferred acquisition costs in 2016 was \\$3.99 billion, \\$100 million or 3% higher than in 2015. Amortization of deferred acquisition costs is discussed in more detail in the segment discussions that follow." ]	[]
9252114_278.pdf	9252114_279.pdf	en	[ "(3) Times International is wholly-owned by Honour Family. Honour Family is wholly-owned by UBS Trustees as trustee of the Honour Family Trust. Mr. Huang is the settlor of Honour Family Trust. Times Properties is wholly-owned by Mr. Huang. Mr. Wong is the brother of Mr. Huang and both Mr. Wong and Mr. Huang have agreed to act in concert with each other. Each of Times International, Honour Family, UBS Trustees, Times Properties and Mr. Huang is deemed to be interested in the Shares in which TGI is interested.", "(4) Sze Kai Fei is the spouse of Mr. Wong. By virtue of the SFO, Sze Kai Fei is deemed to be interested in the Shares in which Mr. Wong is interested.", "(5) Fan Huili is the spouse of Mr. Huang. By virtue of the SFO, Fan Huili is deemed to be interested in the Shares held by Mr. Huang.", "If the Over-allotment Option is fully exercised, the beneficial interest of each of TGI, Redco Holdings, Redco Properties, Global Universe, Global Investment, Mr. Wong, Times International, Honour Family, UBS Trustees, Times Properties, Mr. Huang and Ms. Sze Kai Fei will be approximately 72.29%.", "Save as disclosed above and in “Appendix IV — Statutory and General Information — C. Further Information about our Directors and Substantial Shareholders”, our Directors are not aware of any person who will, immediately following the completion of the Capitalization Issue and the Global Offering (without taking into account any Shares which may be issued pursuant to the exercise of the Over-allotment Option), have beneficial interests or short positions in any Shares or underlying Shares, which would be required to be disclosed to us under the provisions of Divisions 2 and 3 of Part XV of the SFO, or who is, directly or indirectly interested in 10% or more of the issued voting shares of any member of our Group. Our Directors are not aware of any arrangement which may at a subsequent date result in a change of control of our Company." ]	[ "The following is a description of the authorized and issued share capital of our Company in issue and to be issued as fully paid or credited as fully paid immediately before and following the completion of the Global Offering and the Capitalization Issue (without taking into account any Shares which may be issued pursuant to the exercise of the Over-allotment Option):", "<table><tr><td rowspan=\"2\" colspan=\"2\"></td><td>Nominal value</td></tr><tr><td>(HK$)</td></tr><tr><td colspan=\"3\">Authorized share cailpta:</td></tr><tr><td>1,000,000,000</td><td> Shares of HK$0.1 each</td><td>100,000,000</td></tr><tr><td colspan=\"3\">Issued and to be issued, fully paid or credited as fully paid:</td></tr><tr><td>4</td><td> Shares in issue as of the date of this document</td><td>0.4</td></tr><tr><td>149,999,996</td><td> Shares to be issued lipursuant to the Caiiptazaton Issue</td><td>14,999,999.6</td></tr><tr><td>50,000,000</td><td> Shares to be issued under the Global Offering</td><td>5,000,000</td></tr><tr><td>200,000,000</td><td> Total</td><td>20,000,000</td></tr></table>", "# ASSUMPTIONS", "The above table assumes that the Global Offering becomes unconditional and the Shares are issued pursuant to the Global Offering and Capitalization Issue are made. It takes no account of any Shares which may be allotted and issued pursuant to the exercise of the Over-allotment Option or any Shares which may be issued or repurchased by us pursuant to the general mandates granted to our Directors to issue or repurchase Shares as described below.", "# RANKINGS", "The Offer Shares will be ordinary shares in the share capital of our Company and will carry the same rights in all respects with all Shares in issue or to be issued as mentioned in this document and, in particular, will rank in full for all dividends or other distributions declared, made or paid on the Shares in respect of a record date which falls after the date of this document save for the entitlement under the Capitalization Issue.", "# GENERAL MANDATES TO ALLOT AND ISSUE AND TO REPURCHASE SHARES", "Subject to the Global Offering becoming unconditional, general mandates have been granted to our Directors to allot and issue Shares and to repurchase Shares. See “Statutory and General Information — A. Further Information about Our Company — 4. Written Resolutions of Our Shareholder passed on March 14, 2022” in Appendix IV to this document for details of such general mandates." ]	[]
2913910_242.pdf	2913910_243.pdf	en	[ "# IX. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Continued)", "# 1. Objective and policies of risk management (Continued)", "# (1) Market risks (Continued)", "# 2) Interest rate risk", "The risk that changes in interest rate lead to changes in cash flow of the financial instruments of the Company is mainly associated with floating-rate bank borrowings. The Company currently does not have a foreign currency hedging policy to hedge against its exposures. However, the management will closely monitor foreign currency risk and will consider hedging significant foreign currency risk when the risk arises.", "# 3) Price risk", "The Company other price risk is mainly concentrated on investments held for trading quoted in the stock exchange of the PRC. The management monitors the price risk exposure and will take appropriate measures should the need arise.", "# (2) Credit risk", "On 31 December 2018, the most significant credit risk exposure that might incur financial losses on the Company was mainly attributable to a contractual counterparty’s failure to perform its obligations resulting losses on financial assets of the Company and financial guarantee undertaken by the Company, specific details are set out as follows:", "The carrying amount of financial assets recognised in the consolidated balance sheet: in respect of financial instruments carried at fair value, the carrying amount reflects the risk exposure; however, such amount does not represent the maximum credit exposure which changes in line with future changes in fair value.", "In order to mitigate credit risk, the Company established a committee to be responsible for determining credit limits, approving credit applications and carrying out other monitoring procedures to ensure necessary actions are taken to collect overdue debts. Besides, the Company reassesses the collectability of each amount receivable on an individual basis at each balance sheet date, in order to ensure sufficient bad debt provision is allocated for amounts that are not recoverable. As such, the management of the Company believes the credit risk assumed by the Company has been significantly reduced." ]	[ "# IX. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Continued)", "# 1. Objective and policies of risk management (Continued)", "# (2) Credit risk (Continued)", "The Company places its liquid funds at banks with relatively higher credit ratings; therefore, the credit risk with respect to liquid funds is low.", "Since the Company’s risk exposures are distributed among various contractual parties and various customers, the Group has no significant concentration risk. Top five account receivables in total: RMB341,388,578.27.", "# (3) Liquidity risk", "The liquidity risk is the Company’s impossibility to perform its financial obligations after the maturity date. In the management of the liquidity risk, the Company monitors and maintains a level of working capital deemed adequate by the management to perform the Company’s obligations, thus will not cause loss or damage to the reputation of the Company. Moreover, the Company analyses its debt structure and deadline regularly and maintain sufficient fund. The management monitors the utilization of bank borrowings and ensures compliance with loan covenants. In the meanwhile, the management conducts negotiation on financing issues with financial institutions to maintain enough credit limits and mitigate liquidity risk.", "The Company’s main capital source is from bank borrowing. As at 31 December 2018, the unused credit facilities of bank borrowing of the Company was RMB3.270 billion (31 December 2017: RMB3.689 billion), including unused short-term bank borrowings facilities of the Company of RMB3.100 billion (31 December 2017: RMB3.257 billion), representing a significant change as compared to last year, mainly due to the issuance of bonds for financing in this period which results in more remaining credit of bank borrowings." ]	[]
11713891_19.pdf	11713891_20.pdf	en	[ "guidance at its 2Q21 results to not less than 25% yoy, from not less than 42.3% yoy (Fig 12).", "OneConnect maintained its FY21F net margin guidance at a double-digit percentage point improvement yoy. 2Q21 net margin improved 6.7%-pts yoy, with 1H21 net margin improving 18.5%-pts yoy", "Revenue growth has been slowing, from FY18’s 143% yoy to FY20’s 42% yoy and 1Q21’s 41% yoy. While OneConnect’s revenue relies heavily on Ping An Group and its associate, Lufax, with both of these comprising 65% of total revenues in 1H21, it had been making an effort to expand revenues from other parties.", "Unfortunately, the Covid-19 outbreak has made it more difficult to source new customers.", "Consequently, OneConnect announced at its 2Q21 results that it has decided to shift its strategy to focus more on existing premium customers, including the ‘premium plus’ segment. OneConnect defines the ‘premium plus’ segment as customers (excluding Ping An Group and its subsidiaries) with annual revenue contribution of at least Rmb1m, which is in contrast with the ‘premium’ segment, which is defined as customers (excluding Ping An Group and its subsidiaries) with annual revenue contribution of at least Rmb100,000.", "Figure 22: Revenue by source", "<table><tr><td></td><td>FY17</td><td>FY18</td><td> FY19</td><td> FY20</td><td> 1H20</td><td>4Q19</td><td>1Q20</td><td> 2Q20</td><td> 3Q20</td><td> 4Q20</td><td>1Q21</td><td>2Q21</td></tr><tr><td colspan=\"13\">Revenue by customer (Rmb m)</td></tr><tr><td>Ping An Group</td><td>236</td><td>528</td><td>995</td><td>1,727</td><td>1,000</td><td>317</td><td>228</td><td>392</td><td>491</td><td>616</td><td>436</td><td>564</td></tr><tr><td>Lufax</td><td>175</td><td>387</td><td>299</td><td>343</td><td>165</td><td>114</td><td>83</td><td>95</td><td>88</td><td>77</td><td>75</td><td>90</td></tr><tr><td>3rd-party customers</td><td>171</td><td>499</td><td>1,034</td><td>1,242</td><td>623</td><td>341</td><td>270</td><td>287</td><td>302</td><td>383</td><td>309</td><td>314</td></tr><tr><td>Total</td><td>582</td><td>1,413</td><td>2,328</td><td>3,312</td><td>1,788</td><td>773</td><td>581</td><td>774</td><td>881</td><td>1,076</td><td>820</td><td>968</td></tr><tr><td colspan=\"13\">Mix of revenue by customer</td></tr><tr><td>Ping An Group</td><td>41%</td><td>37%</td><td>43%</td><td>52%</td><td>56%</td><td>41%</td><td>39%</td><td>51%</td><td>56%</td><td>57%</td><td>53%</td><td>58%</td></tr><tr><td>Lufax</td><td>30%</td><td>27%</td><td>13%</td><td>10%</td><td>9%</td><td>15%</td><td>14%</td><td>12%</td><td>10%</td><td>7%</td><td>9%</td><td>9%</td></tr><tr><td>3rd-party customers</td><td>29%</td><td>35%</td><td>44%</td><td>38%</td><td>35%</td><td>44%</td><td>46%</td><td>37%</td><td>34%</td><td>36%</td><td>38%</td><td>32%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td></tr><tr><td colspan=\"13\">Growth yoy</td></tr><tr><td>Ping An Group</td><td></td><td>124%</td><td>89%</td><td>74%</td><td>61%</td><td>40%</td><td>11%</td><td>68%</td><td>105%</td><td>94%</td><td>92%</td><td>44%</td></tr><tr><td>Lufax</td><td></td><td>121%</td><td>-23%</td><td>15%</td><td>-8%</td><td>3%</td><td>30%</td><td>44%</td><td>61%</td><td>-33%</td><td>-10%</td><td>-6%</td></tr><tr><td>3rd-party customers</td><td></td><td>192%</td><td>107%</td><td>20%</td><td>12%</td><td>98%</td><td>50%</td><td>29%</td><td>4%</td><td>12%</td><td>14%</td><td>9%</td></tr><tr><td>Total</td><td></td><td>143%</td><td>65%</td><td>42%</td><td>32%</td><td>51%</td><td>30%</td><td>48%</td><td>51%</td><td>39%</td><td>41%</td><td>25%</td></tr></table>", "SOURCES: CGS-CIMB RESEARCH, COMPANY REPORTS", "Figure 23: Revenue by customer type", "<table><tr><td>(Rmb m)</td><td>FY17</td><td>FY18</td><td>FY19</td><td>FY20</td></tr><tr><td>Ping An Group</td><td>236</td><td>528</td><td>995</td><td>1,727</td></tr><tr><td>Premium Customers</td><td>345</td><td>865</td><td>1,306</td><td>1,517</td></tr><tr><td>Basic Customers</td><td>1</td><td>21</td><td>27</td><td>68</td></tr><tr><td>Total</td><td>582</td><td>1,414</td><td>2,328</td><td>3,312</td></tr><tr><td>Growth yoy</td><td></td><td></td><td></td><td></td></tr><tr><td>Ping An Group</td><td></td><td>124%</td><td>89%</td><td>74%</td></tr><tr><td>Premium Customers</td><td></td><td>151%</td><td>51%</td><td>16%</td></tr><tr><td>Basic Customers</td><td></td><td>1960%</td><td>33%</td><td>150%</td></tr><tr><td>Total</td><td></td><td>143%</td><td>65%</td><td>42%</td></tr><tr><td>Mix</td><td></td><td></td><td></td><td></td></tr><tr><td>Ping An Group</td><td>41%</td><td>37%</td><td>43%</td><td>52%</td></tr><tr><td>Premium Customers</td><td>59%</td><td>61%</td><td>56%</td><td>46%</td></tr><tr><td>Basic Customers</td><td>0%</td><td>1%</td><td>1%</td><td>2%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td></tr></table>", "SOURCES: CGS-CIMB RESEARCH, COMPANY REPORTS", "OneConnect has two main types of revenue: (i) implementation and (ii) transaction-based and support services.", "Implementation revenue primarily consists of revenue from customer-specific software development, or customisation services provided to customers for using OneConnect’s platform either via cloud offerings or on-site.", "On the other hand, transaction-based and support services relate to revenue charged to financial institution customers (mainly retail banking) based on the transaction volume generated on OneConnect’s platform. As of FY20, 74% of OneConnect’s revenue was transaction-based, and rose to 79% in 1Q21.", "OneConnect has six main sources of transaction-based and support services. Business origination services were previously the most important, comprising 78% of total revenue in FY17. This segment has fallen markedly in importance, contributing only 18% of total revenue in FY20 (and only 12% in 2Q21). Business origination services involved OneConnect assisting financial institutions in acquiring customers for their loans, wealth management products and insurance policies. This is typically via the provision of customer leads, either via their own systems or third-party sources.", "The most important revenue segment at the end of FY20 was operation support services, comprising 32% of revenues in FY20. FY20 growth was an impressive 82% yoy. Operation support services primarily include artificial intelligence (AI) customer services and adjuster and roadside assistance management modules." ]	[ "COVID-19 has also had a negative impact on project implementation and customer usage of OneConnect’s solutions as it has caused delays in project implementation and client interaction.", "# Regulatory risk is hurting revenue growth in the near-term", "OneConnect operates in an industry where customers face high regulatory risk, with the regulatory environment still evolving. This is especially the case for revenues relating to co-lending or facilitation of loans, which we think a sizeable number of small banks employ to help boost loan growth.", "The revenue segment most at risk from stricter regulations is OneConnect’s business origination segment (13% of revenue in 1H21), in particular those relating to Internet marketing-related services. Some element of operation support (27% of revenues in 1H21), in particular those relating to asset monitoring services, are also impacted. Risk management revenues (11% of revenues in 1H21) are also at risk.", "Specifically, OneConnect has flagged four regulations in Fig 25 that impact its business in two main areas - namely the use of personal data and limits to the geographical expansion of regional banks (namely city commercial banks and rural commercial banks).", "For the use of personal data, the key regulations are Measures for the Administration of Credit Investigation Services (Draft for Comments)（征信业务管理办法 (征求意见稿)）and Measures for Cybersecurity Review (Revision Draft for Comments)（国家互联网信息办公室关于《网络安全审查办法(修订草案征求意见稿)》.", "These state that Internet platforms need authorisation from individuals to collect personal data. This means that Internet platforms collecting personal data are now required to obtain explicit approval from users. As a result, banks have to adjust their way of approaching risk management to ensure compliance with the new regulations.", "For geographical limitations on regional banks, the regulations are Notice on Regulating Personal Deposit Business by Commercial Banks through the Internet (关于规范商业银行通过互联网开展个人存款业务有关事项的通知) and Interim Measures for the Administration of Internet Loans of Commercial Banks(商业银行互联网贷款管理暂行办法).", "Under these two regulations, regional banks are not allowed to carry out any activities beyond branch presence. Also, commercial banks cannot offer deposit products through third-party Internet platforms. This new rule affects new business development through online channels for these regional banks. OneConnect has stopped offering products that are not compliant with the new rules on its platform.", "OneConnect quantified the revenue impact of these four regulations, stating at its 2Q21 results that revenue exposure to these regulations was more than Rmb500m in FY20. In 1H21, the actual negative impact to revenues from these regulations was Rmb170m, and stemmed from hits to Internet marketing-related services and asset monitoring services, in particular in 2Q21. OneConnect stated at its 2Q21 analyst briefing that risk management revenues would also be impacted in 2H21F." ]	[]
20749936_312.pdf	20749936_313.pdf	en	[ "its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.", "# 2.9 Financial assets", "# (i) Classification", "The Group classifies its financial assets in the following measurement categories:", "• those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and", "• those to be measured at amortized cost.", "The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.", "For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income.", "See Note 16 for details about each type of financial asset.", "The Group reclassifies debt investments when and only when its business model for managing those assets changes.", "# (ii) Measurement", "At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.", "# Debt instruments", "Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:", "• Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in finance income using the effective interest rate method.", "• Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains and losses and impairment expenses in other expenses." ]	[ "• Fair value through profit or loss: Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and presented net in profit or loss within other gains/(losses) in the period in which it arises.", "# Equity instruments", "The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the Group’s right to receive payments is established.", "Changes in the fair value of financial assets at fair value through profit or loss are recognized in other gain/(losses) in profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.", "# (iii) Impairment", "The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Note 3.1(b) details how the Group determines whether there has been a significant increase in credit risk.", "For trade receivables, the Group applies the simplified approach permitted by IFRS 9, that is to measure the loss allowance at the amount equal to lifetime expected credit loss at initial recognition and through its life of the asset. The Group uses practical expedients when estimating life time expected credit losses on trade receivables, which is calculated using a provision matrix where a fixed provision rate applies depending on the number of days that a trade receivable is outstanding.", "# 2.10 Trade receivables", "Trade receivables are amounts due from third party distribution platforms (“Platforms”) or payment channels for proceeds earned from selling game tokens and other virtual items (Note 21). If collection of trade receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.", "Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. See Note 21 for further information about the Group’s accounting for trade receivables and Note 2.9 for a description of the Group’s impairment policies.", "# 2.11 Cash and cash equivalents", "In the combined statements of cash flows, cash and cash equivalents include cash in hand and deposits at call with banks and other short-term liquid investments with original maturities of three months or less.", "# 2.12 Share capital", "Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.", "# 2.13 Trade payables", "Trade payables represent payment received from game players and to be reimbursed to the game developers. The amounts are unsecured and are usually paid within 30 to 90 days of recognition. Trade payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair values and subsequently measured at amortized cost using the effective interest method.", "# 2.14 Current and deferred income tax", "The income tax expense or credit for the period is the tax payable or recoverable on the current period’s taxable income based on the applicable income tax rate for eachj urisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses." ]	[]
8405636_512.pdf	8405636_513.pdf	en	[ "# 21 TRADE RECEIVABLES", "<table><tr><td rowspan=\"3\"></td><td colspan=\"3\">As at 31 December</td><td>As at\n30 June</td></tr><tr><td>2017</td><td>2018</td><td>2019</td><td>2020</td></tr><tr><td>RMB’000</td><td> RMB’000</td><td> RMB’000</td><td> RMB’000</td></tr><tr><td>Trade receivables (Note (a))</td><td></td><td></td><td></td><td></td></tr><tr><td>– Related parties (Note 34(b)) \u0003\u0003\u0003\u0003</td><td>97,848</td><td>254,914</td><td>349,303</td><td>475,419</td></tr><tr><td>– Third parties\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>115,474</td><td>143,819</td><td>248,693</td><td>618,158</td></tr><tr><td></td><td>213,322</td><td>398,733</td><td>597,996</td><td>1,093,577</td></tr><tr><td>Less: allowance for impairment of\ntrade receivables \u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>(5,220)</td><td>(6,130)</td><td>(11,740)</td><td>(17,440)</td></tr><tr><td></td><td>208,102</td><td>392,603</td><td>586,256</td><td>1,076,137</td></tr></table>", "(a) Trade receivables mainly arise from property management services managed under lump sum basis and value-added services.", "Property management services income under lump sum basis are received in accordance with the term of the relevant property service agreements. Service income from property management services is due for payment by the property owners upon rendering of services.", "As at 31 December 2017, 2018 and 2019 and 30 June 2020, the ageing analysis of the trade receivables based on date of revenue recognition were as follows:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"3\">As at 31 December</td><td>As at\n30 June</td></tr><tr><td>2017</td><td>2018</td><td>2019</td><td>2020</td></tr><tr><td>RMB’000</td><td> RMB’000</td><td> RMB’000</td><td> RMB’000</td></tr><tr><td>Within 1 year \u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>178,549</td><td>352,931</td><td>502,635</td><td>958,654</td></tr><tr><td>1 to 2 years \u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>22,646</td><td>27,823</td><td>43,024</td><td>91,581</td></tr><tr><td>2 to 3 years \u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>6,763</td><td>13,079</td><td>31,418</td><td>25,738</td></tr><tr><td>3 to 4 years \u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>2,970</td><td>2,409</td><td>16,841</td><td>12,506</td></tr><tr><td>4 to 5 years \u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>1,051</td><td>1,379</td><td>3,040</td><td>3,863</td></tr><tr><td>Over 5 years \u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>1,343</td><td>1,112</td><td>1,038</td><td>1,235</td></tr><tr><td></td><td>213,322</td><td>398,733</td><td>597,996</td><td>1,093,577</td></tr></table>", "As at 31 December 2017, 2018 and 2019 and 30 June 2020, trade receivables were denominated in RMB, and the fair value of trade receivables approximated their carrying amounts due to short credit term." ]	[ "The Group applies the simplified approach to provide for expected credit losses prescribed by HKFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Movements on the provision for impairment of trade receivables are shown in Note 3.1(b). For the years ended 31 December 2017, 2018 and 2019 and the six months ended 30 June 2020, a provision of RMB1,080,000, RMB910,000 and RMB2,199,000 and RMB5,248,000 was made against the gross amounts of trade receivables. For the year ended 31 December 2019, a provision of RMB3,411,000 was derived from the effect of combination of Chengdu Global Century. For the six months ended 30 June 2020, a provision of RMB452,000 was made against the originally impaired trade receivables from NCPM since the date of acquisition. The provision for impairment increased during the Track Record Period due to the increase of trade receivables.", "# 22 PREPAYMENTS AND OTHER RECEIVABLES", "<table><tr><td rowspan=\"4\"></td><td colspan=\"6\">As at 31 December</td><td colspan=\"2\">As at 30 June</td></tr><tr><td colspan=\"2\">2017</td><td colspan=\"2\">2018</td><td colspan=\"2\">2019</td><td colspan=\"2\">2020</td></tr><tr><td colspan=\"2\">RMB’000</td><td colspan=\"2\">RMB’000</td><td colspan=\"2\">RMB’000</td><td colspan=\"2\">RMB’000</td></tr><tr><td>Current</td><td>Non-\ncurrent</td><td> Current</td><td>Non-\ncurrent</td><td> Current</td><td>Non-\ncurrent</td><td> Current</td><td>Non-\ncurrent</td></tr><tr><td>Prepayments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– Utilities \u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>4,573</td><td> –</td><td>7,637</td><td> –</td><td>5,711</td><td> –</td><td>9,300</td><td> –</td></tr><tr><td>– Short-term rental\nfees \u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>758</td><td> –</td><td>2,692</td><td> –</td><td>5,323</td><td> –</td><td>11,466</td><td> –</td></tr><tr><td>– Raw materials for\nenigneering and\nmaintenance\nservices\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>–</td><td> –</td><td>817</td><td> –</td><td>1,992</td><td> –</td><td>5,451</td><td> –</td></tr><tr><td>– Deferred listing\nexpenses \u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>2,486</td><td> –</td></tr><tr><td>– Others\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>1,365</td><td> –</td><td>1,120</td><td>1,082</td><td>5,430</td><td>570</td><td>13,958</td><td>2,380</td></tr><tr><td></td><td>6,696</td><td> –</td><td>12,266</td><td>1,082</td><td>18,456</td><td>570</td><td>42,661</td><td>2,380</td></tr><tr><td>Other receivables</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– Related parties\n(Note 34 (b)) (c) \u0003 \u0003</td><td>3,222</td><td> –</td><td>69,612</td><td> –</td><td>282,262</td><td> –</td><td>81,188</td><td>56,667</td></tr><tr><td>– Loan to a related\nparty (b)\n(Note 34 (b)) \u0003\u0003\u0003\u0003</td><td>713,200</td><td>614,600</td><td>614,600</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td></tr><tr><td>– Payments on\nbehalf of property\nowners (a) \u0003\u0003\u0003\u0003\u0003\u0003</td><td>12,547</td><td> –</td><td>18,113</td><td> –</td><td>36,995</td><td> –</td><td>49,606</td><td> –</td></tr><tr><td>– Emlpoyees in\nadvance\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>7,311</td><td> –</td><td>8,982</td><td> –</td><td>11,492</td><td> –</td><td>11,037</td><td> –</td></tr><tr><td>– Deposits \u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>5,488</td><td> –</td><td>6,781</td><td> –</td><td>10,148</td><td> –</td><td>35,069</td><td>5,863</td></tr><tr><td>– Others\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003\u0003</td><td>5,263</td><td> –</td><td>3,766</td><td> –</td><td>2,185</td><td> –</td><td>2,935</td><td> –</td></tr><tr><td></td><td>747,031</td><td>614,600</td><td>721,854</td><td> –</td><td>343,082</td><td> –</td><td>179,835</td><td>62,530</td></tr><tr><td>Less: allowance for\nimpairment of other\nreceivables \u0003\u0003\u0003\u0003\u0003\u0003</td><td>(803)</td><td> –</td><td>(1,428)</td><td> –</td><td>(2,095)</td><td> –</td><td>(5,756)</td><td> –</td></tr><tr><td></td><td>746,228</td><td>614,600</td><td>720,426</td><td> –</td><td>340,987</td><td> –</td><td>174,079</td><td>62,530</td></tr><tr><td>Total prepayments and\nother receivables \u0003 \u0003</td><td>752,924</td><td>614,600</td><td>732,692</td><td>1,082</td><td>359,443</td><td>570</td><td>216,740</td><td>64,910</td></tr></table>" ]	[]
2554092_88.pdf	2554092_89.pdf	en	[ "The Vascular Solutions acquisition was financed utilizing borrowings under the amended and restated credit agreement, dated January 20, 2017 (the \"Credit Agreement\"), which is described in Note 8.", "The following table presents the purchase price allocation among the assets acquired and liabilities assumed with respect to the Vascular Solutions acquisition:", "<table><tr><td></td><td>(Dollars in thousands)</td></tr><tr><td>Assets</td><td></td></tr><tr><td>Current assets</td><td>$ 61,592</td></tr><tr><td>Property, plant and equipment</td><td>45,533</td></tr><tr><td>Intangible assets</td><td>539,250</td></tr><tr><td>Goodwill</td><td>524,872</td></tr><tr><td>Other assets</td><td>728</td></tr><tr><td>Total assets acquired</td><td>1,171,975</td></tr><tr><td>Less:</td><td></td></tr><tr><td>Current liabilities</td><td>15,079</td></tr><tr><td>Deferred tax liabilities</td><td>181,372</td></tr><tr><td>Liabilities assumed</td><td>196,451</td></tr><tr><td>Net assets acquired</td><td>$ 975,524</td></tr></table>", "The goodwill resulting from the Vascular Solutions acquisition primarily reflects synergies currently expected to be realized from the integration of the acquired business and is not fully tax deductible.", "The following table sets forth the components of identifiable intangible assets acquired and the ranges of the useful lives as of the date of the Vascular Solutions acquisition:", "<table><tr><td></td><td>Fair value</td><td>Useful life range</td></tr><tr><td></td><td>(Dollars in thousands)</td><td>(Years)</td></tr><tr><td>Intellectual property</td><td>$ 248,200</td><td>10 20</td></tr><tr><td>Inprocess research and development (\"IPR&D\")</td><td>15,600</td><td>Indefinite</td></tr><tr><td>Trade names</td><td>16,650</td><td>20</td></tr><tr><td>Customer relationships</td><td>258,800</td><td>25</td></tr></table>", "# NeoTract, Inc.", "On October 2, 2017, the Company acquired NeoTract, Inc. (\"NeoTract\"), a medical device company that developed and commercialized the UroLift System, a minimally invasive medical device for treating lower urinary tract symptoms due to benign prostatic hyperplasia, or BPH. The fair value of consideration transferred by the Company was \\$975.2 million, which included initial payments of \\$725.6 million in cash less a favorable working capital adjustment of \\$1.4 million (for which the Company had not yet received payment as of December 31, 2017) and \\$251.0 million in estimated fair value of contingent consideration. The contingent consideration liability represents the estimated fair value of the Company's obligations, under the acquisition agreement, to make four milestone payments of up to \\$375 million in the aggregate if certain sales goals are met. The milestone payments are based on net sales (as defined in the acquisition agreement) for the periods from January 1, 2018 through April 30, 2018 and the years ended December 31, 2018, 2019 and 2020. The fair value of the contingent consideration was estimated using a Monte Carlo valuation approach. See Note 10 for additional information on the fair value measurement of the contingent consideration. The acquisition was financed using borrowings under the Company's revolving credit facility.", "For the year ended December 31, 2017, the Company incurred \\$10.1 million in transaction expenses associated with the NeoTract acquisition, which are included in selling, general and administrative expenses in the consolidated statement of income. For the year ended December 31, 2017, the Company recorded post acquisition revenue and operating loss of\\$39.0 million and \\$13.3 million, respectively, related to NeoTract. Financial information of NeoTract is primarily presented within the newly established Interventional Urology North America operating segment, which is included in the \"all other\" category in the Company's presentation of segment information." ]	[ "The following table presents the purchase price allocation among the assets acquired and liabilities assumed with respect to the NeoTract acquisition:", "<table><tr><td></td><td>(Dollars in thousands)</td></tr><tr><td>Assets</td><td></td></tr><tr><td>Current assets</td><td>$ 32,887</td></tr><tr><td>Property, plant and equipment</td><td>6,980</td></tr><tr><td>Intangible assets</td><td>763,314</td></tr><tr><td>Goodwill</td><td>341,171</td></tr><tr><td>Other assets</td><td>184</td></tr><tr><td>Total assets acquired</td><td>1,144,536</td></tr><tr><td>Less:</td><td></td></tr><tr><td>Current liabilities</td><td>13,580</td></tr><tr><td>Deferred tax liabilities</td><td>155,806</td></tr><tr><td>Liabilities assumed</td><td>169,386</td></tr><tr><td>Net assets acquired</td><td>$ 975,150</td></tr></table>", "The Company is continuing to evaluate the initial purchase price allocations in connection with its acquisition of NeoTract, and further adjustments may be necessary as a result of the Company's assessment of additional information related to the fair values of the assets acquired and liabilities assumed, primarily deferred tax liabilities, certain intangible assets and goodwill. The goodwill resulting from the NeoTract acquisition primarily reflects the benefit the Company expects to realize from the establishment of new customer relationships and the development of technology resulting from the operation of NeoTract's business. Goodwill arising from the NeoTract acquisition is not tax deductible.", "The following table sets forth the components of identifiable intangible assets acquired and the ranges of the useful lives as of the date of the NeoTract acquisition:", "<table><tr><td rowspan=\"2\"></td><td>Fair value</td><td>Useful life</td></tr><tr><td>(Dollars in thousands)</td><td>(Years)</td></tr><tr><td>Intellectual property</td><td>$ 492,118</td><td>15</td></tr><tr><td>Trade names</td><td>161,637</td><td>25</td></tr><tr><td>Customer relationships</td><td>109,559</td><td>15</td></tr></table>", "# Tianjin Medis Medical Device Co. LTD", "On September 15, 2017, the Company acquired certain assets from one of its contract manufacturers, Tianjin Medis Medical Co. LTD (\"Tianjin Medis\"), consisting of substantially all of the assets used by Tianjin Medis to manufacture a line of the Company's laryngeal masks. The aggregate consideration transferred for the assets was \\$21.3 million, which included payments of \\$16.0 million and \\$5.3 million in estimated fair value of contingent consideration. The assets acquired include goodwill and finitelived intangible assets (consisting of intellectual property, customer relationships and a noncompete agreement) of \\$14.7 million and \\$6.9 million, respectively. The goodwill resulting from the acquisition primarily reflects synergies currently expected to be realized from the integration of the acquired business and is not tax deductible.", "# Pyng Medical Corp", "On April 3, 2017, the Company completed the acquisition of Pyng Medical Corp (\"Pyng\"), a medical device company that developed and marketed sternal intraosseous infusion products, which complement the Company's anesthesia product portfolio. The Company acquired all of the issued and outstanding common shares of Pyng utilizing available cash. The aggregate consideration was \\$17.9 million, net of cash acquired. The assets acquired include goodwill and finitelived intangible assets (primarily intellectual property and customer relationships) of \\$13.0 million and \\$5.5 million, respectively. The goodwill resulting from the acquisition primarily reflects synergies currently expected to be realized from the integration of the acquired business and is not tax deductible." ]	[]
9234587_16.pdf	9234587_17.pdf	en	[ "# Revenue", "The Group’s revenue from continuing operations increased by 46.8% quarter-on-quarter from HK\\$7,000 million in the first quarter of 2020 to HK\\$10,277 million in the second quarter of 2020. The following table illustrates the revenue in the second and first quarter of 2020 based on different business:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"4\">Three months ended</td></tr><tr><td colspan=\"2\">30 June 2020\n(unaudited)</td><td colspan=\"2\">31 March 2020\n(unaudited)</td></tr><tr><td>HK$’000</td><td>Proportion \nin the total \nrevenue</td><td>HK$’000</td><td>Proportion\nin the total \nrevenue</td></tr><tr><td>TCL brand TV business</td><td></td><td></td><td></td><td></td></tr><tr><td>– Overseas</td><td>6,053,196</td><td>58.9%</td><td>4,269,400</td><td>61.0%</td></tr><tr><td>– the PRC</td><td>2,504,517</td><td>24.4%</td><td>1,889,501</td><td>27.0%</td></tr><tr><td>Internet services</td><td></td><td></td><td></td><td></td></tr><tr><td>– the PRC</td><td>249,689</td><td>2.4%</td><td>146,885</td><td>2.1%</td></tr><tr><td>– Overseas</td><td>116,021</td><td>1.1%</td><td>8,463</td><td>0.1%</td></tr><tr><td>O#thers</td><td>1,353,988</td><td>13.2%</td><td>685,419</td><td>9.8%</td></tr><tr><td>Total revenue</td><td>10,277,411</td><td>100.0%</td><td>6,999,668</td><td>100.0%</td></tr></table>", "\\# Others mainly comprises revenue from smart home, smart commercial display and smart AV businesses", "# TV Business", "# Overseas", "Revenue of TCL brand TV increased by 41.8% from HK\\$4,269 million in the first quarter of 2020 to HK\\$6,053 million in the second quarter. The sales volume of TCL brand TV grew by 35.1% from 3.11 million sets in the first quarter of 2020 to 4.20 million sets in the second quarter. The turnaround was attributable to the Group’s active response to the pandemic by swiftly adjusting market strategies and supply capacity which drove up the TV sales.", "# The PRC", "Revenue of TCL brand TV rose by 32.5% from HK\\$1,890 million in the first quarter of 2020 to HK\\$2,504 million in the second quarter. The sales volume of TCL brand TV increased by 38.2% from 1.16 million sets in the first quarter of 2020 to 1.61 million sets in the second quarter of 2020. The increase was driven by the Group’s active adjustment of distribution sales and introduction of live-streaming sales, offline channel promotion and other types of sales methods, which contributed to impressive online and offline sales performance." ]	[ "The sales volume of TCL brand TV through online distribution channels in the PRC market increased by 70.6% from 510,000 sets in the first quarter of 2020 to 870,000 sets in the second quarter. The offline sales volume increased by 13.9% from 650,000 sets in the first quarter of 2020 to 740,000 sets in the second quarter of 2020. The growth was powered by the Group’s increased investment in marketing resources of online sales and maintenance of advantages of offline sales distribution channels.", "# Internet Services", "# The PRC", "Revenue of the Internet business in the PRC (mainly relevant business of Falcon Network Technology) increased by 70.0% from HK\\$147 million in the first quarter of 2020 to HK\\$250 million in the second quarter. Among which, revenue from membership business, value-added business and advertising business of Falcon Network Technology rose by 12.0%, 363.8% and 23.4% over the previous quarter, respectively. The progress was mainly attributable to Falcon Network Technology’s constant enrichment of platform content and improvement of user experience, which contributed to continuous enhancement of user loyalty. Meanwhile, under the positive influence of homebound life due to the pandemic, more and more consumers chose large-screen TV as the entertainment terminal.", "# Overseas", "Revenue from overseas Internet business increased by 1,270.9% from HK\\$8 million in the first quarter of 2020 to HK\\$116 million in the second quarter, mainly due to the overseas Internet revenue of the first half in 2020 recognised in the second quarter.", "# Gross Profit and Gross Profit Margin", "Due to the Group’s efforts in catching up business in the second quarter of 2020, the overall gross profit of the Group increased by 53.2% from HK\\$1,400 million in the first quarter of 2020 to HK\\$2,144 million in the second quarter. Moreover, the gross profit margin in the second quarter of 2020 increased by 0.9 percentage point to 20.9% compared with the first quarter of 2020.", "# TV Business", "# Overseas", "The gross profit margin of the Group’s TCL brand TV in the overseas markets decreased by 0.8 percentage point from 17.8% in the first quarter of 2020 to 17.0% in the second quarter. The change was mainly attributable to adjustment of regional structure. Rapid growth was seen in the European and emerging markets with high gross profit in the first quarter of 2020, while the business in North America with low gross profit (low expenses) grew fast in the second quarter." ]	[]
7490661_252.pdf	7490661_253.pdf	en	[ "# 28 Derivative financial instruments", "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">Note</td><td>2020</td><td>2019</td></tr><tr><td>HK$’m</td><td>HK$’m</td></tr><tr><td>Derivative financial assets</td><td></td><td></td><td></td></tr><tr><td>Cross currency swaps</td><td>(a)</td><td>0.2</td><td>34.4</td></tr><tr><td>Interest rate swaps</td><td>(b)</td><td>1,493.0</td><td>–</td></tr><tr><td>Fuel price swaps</td><td></td><td>–</td><td>5.6</td></tr><tr><td>Foreign currency forward contracts</td><td></td><td>0.6</td><td>–</td></tr><tr><td>Put option</td><td>(c)</td><td>478.9</td><td>–</td></tr><tr><td></td><td></td><td>1,972.7</td><td>40.0</td></tr><tr><td>Represented by</td><td></td><td></td><td></td></tr><tr><td>Non-current assets</td><td></td><td>1,972.0</td><td>34.4</td></tr><tr><td>Current assets</td><td></td><td>0.7</td><td>5.6</td></tr><tr><td></td><td></td><td>1,972.7</td><td>40.0</td></tr><tr><td>Derivative financial liabilities</td><td></td><td></td><td></td></tr><tr><td>Cross currency swaps</td><td>(a)</td><td>(92.9)</td><td>–</td></tr><tr><td>Interest rate swaps</td><td></td><td>(3.6)</td><td>(15.3)</td></tr><tr><td>Fuel price swaps</td><td></td><td>(141.5)</td><td>(5.3)</td></tr><tr><td>Foreign currency forward contracts</td><td></td><td>(0.4)</td><td>(11.5)</td></tr><tr><td></td><td></td><td>(238.4)</td><td>(32.1)</td></tr><tr><td>Represented by</td><td></td><td></td><td></td></tr><tr><td>Non-current liabilities</td><td></td><td>(140.7)</td><td>(8.3)</td></tr><tr><td>Current liabilities</td><td></td><td>(97.7)</td><td>(23.8)</td></tr><tr><td></td><td></td><td>(238.4)</td><td>(32.1)</td></tr></table>", "# (a) Cross currency swaps", "As at 30 June 2020, the Group has certain cross currency swap contracts designated as cash flow hedges against its foreign currency risk in respect of cash flows from certain bond investments and bank loan with total notional amount of US\\$122.9 million (2019: Nil) and HK\\$1,005.7 million (2019: Nil), respectively, and with maturities ranging from 2020 to 2029. These cross currency swap contracts are entered with several counterparties over the counter. The Group seeks to hedge the foreign currency risk by the exchange of payments denominated in targeted currency, and applies a hedge ratio of 1:1. The existence of an economic relationship between the cross currency swap contracts and the highly probable forecast transactions/actual transaction is determined based on their currency amounts and the timing of their respective cash flows. The terms of the cross currency swap contracts have been negotiated to match the terms of the underlying bond investments and bank loan. The cash flow hedges were assessed to be highly effective and the related cumulative losses in the hedge reserve amounted to HK\\$72.9 million (2019: Nil)." ]	[ "# 28 Derivative financial instruments (continued)", "# (b) Interest rate swaps", "As at 30 June 2020, the Group’s insurance business has certain forward starting swap contracts designated as cash flow hedges against its interest rate risk in respect of bonds to be purchased in the future. Under the contracts, the Group’s insurance business will be entitled to receive fixed rate of around 4% to 5% per annum, and required to pay floating rate of 3-month LIBOR, in USD published by the British Banker’s Association. The total notional amount was US\\$450.0 million (2019: Nil).The cash flow hedge was assessed to be highly effective and the related cumulative gains in the hedge reserve amounted to HK\\$477.9 million (2019: Nil).", "The Group’s insurance business seeks to hedge the interest rate risk by the exchange of payments benchmarked against the targeted fixed interest rate. The Group’s insurance business applies an approximate hedge ratio of 1:1 and determines the existence of an economic relationship between the forward starting swap contracts and the debt security investments by matching their critical terms, including the reference interest rates and interest payments.", "As at 30 June 2020, the Group’s insurance business received HK\\$1,582.0 million (2019: Nil) cash and bank balance from counterparties (note 39) as collateral which are repayable on demand. Interest is calculated on overnight federal fund rate and payable to counterparties.", "# (c) Put option", "As at 30 June 2020, the Group’s insurance business holds a put option to sell or dispose of an equity investment held by the Group, which is classified as financial assets at FVOCI, at a specified price within a specified transaction period. As at 30 June 2020, the fair value of the underlying equity investment amounted to HK\\$252.3 million (2019: Nil).", "# 29 Other non-current assets", "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">Note</td><td>2020</td><td>2019</td></tr><tr><td>HK$’m</td><td>HK$’m</td></tr><tr><td>Deposits paid for acquisition of a subsidiary</td><td>50(b)</td><td>–</td><td>3,120.0</td></tr><tr><td>Security deposits</td><td></td><td>400.7</td><td>852.2</td></tr><tr><td>Deferred tax assets</td><td>40</td><td>22.8</td><td>28.0</td></tr><tr><td>Policy loans</td><td></td><td>478.4</td><td>–</td></tr><tr><td>Others</td><td></td><td>296.8</td><td>3.3</td></tr><tr><td></td><td></td><td>1,198.7</td><td>4,003.5</td></tr></table>" ]	[]
2912197_68.pdf	2912197_69.pdf	en	[ "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">NOTE \n附註</td><td>2018 \n2018年</td><td>2017\n2017年</td></tr><tr><td>HK$ \n港元</td><td>HK$\n港元</td></tr><tr><td>Total comprehensive expense 應佔全面開支總額：\nattributable to:</td><td></td><td></td><td></td></tr><tr><td>Owners of the Company 本公司擁有人</td><td></td><td>(37,303,735)</td><td>(15,360,658)</td></tr><tr><td>Non-controlling interests 非控股權益</td><td></td><td>(1,067,371)</td><td>(2,007,541)</td></tr><tr><td></td><td></td><td>(38,371,106)</td><td>(17,368,199)</td></tr><tr><td>From continuing and discontinued 自持續及終止經營業務\noperations</td><td></td><td></td><td></td></tr><tr><td>Loss per share 每股虧損</td><td></td><td></td><td></td></tr><tr><td>Basic and diluted (HK Cents) 基本及攤薄（港仙）</td><td>16</td><td>(0.43)</td><td>(0.18)</td></tr><tr><td>From continuing operations 自持續經營業務</td><td></td><td></td><td></td></tr><tr><td>Loss per share 每股虧損</td><td></td><td></td><td></td></tr><tr><td>Basic and diluted (HK Cents) 基本及攤薄（港仙）</td><td>16</td><td>(0.43)</td><td>(0.25)</td></tr></table>" ]	[ "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">NOTES \n附註</td><td>2018 \n2018年</td><td>2017\n2017年</td></tr><tr><td>HK$ \n港元</td><td>HK$\n港元</td></tr><tr><td>Non-current assets 非流動資產</td><td></td><td></td><td></td></tr><tr><td>Plant and equipment 器械及設備</td><td>17</td><td>2,675,374</td><td>1,440,279</td></tr><tr><td>Investment property 投資物業</td><td>18</td><td>–</td><td>12,900,000</td></tr><tr><td>Goodwill 商譽</td><td>19</td><td>1,399,146</td><td>–</td></tr><tr><td>Intangible assets 無形資產</td><td>20</td><td>330,000</td><td>–</td></tr><tr><td>Equity instruments at fair value 按公平值計入其他\nthrough other comprehensive income 全面收益的股本工具</td><td>22</td><td>1,423,467</td><td>–</td></tr><tr><td>Deposit paid for acquisition 收購一間聯營公司的已付按金\nof an associate</td><td>26</td><td>16,600,000</td><td>–</td></tr><tr><td>Rental deposits 租金按金</td><td>26</td><td>570,604</td><td>–</td></tr><tr><td></td><td></td><td>22,998,591</td><td>14,340,279</td></tr><tr><td>Current assets 流動資產</td><td></td><td></td><td></td></tr><tr><td>Financial assets at fair value 按公平值計入損益\nthrough profit or loss 的金融資產</td><td>23</td><td>1,062,000</td><td>2,907,000</td></tr><tr><td>Amount due from a former 應收前股東款項\nshareholder</td><td>24</td><td>–</td><td>2,510</td></tr><tr><td>Loan receivables 應收貸款</td><td>25</td><td>6,975,770</td><td>–</td></tr><tr><td>Trade and other receivables 貿易及其他應收款項</td><td>26</td><td>4,371,950</td><td>5,028,934</td></tr><tr><td>Tax recoverable 可收回稅項</td><td></td><td>–</td><td>657,372</td></tr><tr><td>Bank balances and cash 銀行結餘及現金</td><td>27</td><td>10,686,511</td><td>41,955,423</td></tr><tr><td></td><td></td><td>23,096,231</td><td>50,551,239</td></tr><tr><td>Current liabilities 流動負債</td><td></td><td></td><td></td></tr><tr><td>Trade and other payables 貿易及其他應付款項</td><td>28</td><td>7,575,844</td><td>6,253,027</td></tr><tr><td>Contract liabilities 合約負債</td><td>29</td><td>550,785</td><td>–</td></tr><tr><td>Other borrowing 其他借款</td><td>30</td><td>10,000,000</td><td>–</td></tr><tr><td>Tax payable 應付稅項</td><td></td><td>117,353</td><td>68,898</td></tr><tr><td>Amounts due to a non-controlling 應付一間附屬公司\nshareholder of a subsidiary 非控股股東的款項</td><td>31</td><td>113,953</td><td>113,953</td></tr><tr><td>Bank overdrafts 銀行透支</td><td>27</td><td>2,894,173</td><td>–</td></tr><tr><td></td><td></td><td>21,252,108</td><td>6,435,878</td></tr><tr><td>Net current assets 流動資產淨值</td><td></td><td>1,844,123</td><td>44,115,361</td></tr><tr><td>Total assets less current liabilities 總資產減流動負債\nand net assets 及資產淨值</td><td></td><td>24,842,714</td><td>58,455,640</td></tr></table>" ]	[]
11686646_18.pdf	11686646_19.pdf	en	[ "17", "# BOARD OF DIRECTORS (continued)", "# Meetings of the Board and Directors’ Attendance Records", "The regular meeting of the Board is scheduled four times a year at approximately quarterly intervals with notice given to the Directors at least 14 days in advance. For all other Board meetings, notice will be given in a reasonable time in advance. The Directors are allowed to include any matter in the agenda that is required for discussion and resolution at the meeting. To enable the Directors to be properly briefed on issues arising at each of the Board meetings and to make informed decisions, an agenda and the accompanying Board papers will be sent to all Directors at least three days before the intended date of the Board meeting, or such other period as agreed. The company secretary of the Company (the “Company Secretary”) is responsible for keeping all Board meetings’ minutes. Draft and final versions of the minutes will be circulated to the Directors for comments and record respectively within a reasonable time after each meeting and the final version is open for the Directors’ inspection.", "The attendance record of each Director in respect of the meetings of the Board, Audit Committee, Remuneration Committee, Nomination Committee as well as the annual general meeting on 31 July 2020 (the “AGM”) is set out below:", "<table><tr><td rowspan=\"2\">Name of directors</td><td colspan=\"5\">Attendance/Number of Meetings</td></tr><tr><td>Board</td><td>Audit\nCommittee</td><td>Remuneration\nCommittee</td><td>Nomination\nCommittee</td><td>AGM</td></tr><tr><td>Executive Directors:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mr. Kwong</td><td>4/4</td><td>N/A</td><td>N/A</td><td>1/1</td><td>1/1</td></tr><tr><td>Ms. Kwong</td><td>4/4</td><td>N/A</td><td>N/A</td><td>N/A</td><td>1/1</td></tr><tr><td>Mr. Lam</td><td>4/4</td><td>N/A</td><td>N/A</td><td>N/A</td><td>1/1</td></tr><tr><td>Independent Non-executive\nDirectors:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mr. Lai</td><td>3/4</td><td>4/5</td><td>2/2</td><td>N/A</td><td>1/1</td></tr><tr><td>Dr. Cheng</td><td>4/4</td><td>5/5</td><td>2/2</td><td>1/1</td><td>1/1</td></tr><tr><td>Mr. Kwok</td><td>4/4</td><td>5/5</td><td>2/2</td><td>1/1</td><td>1/1</td></tr></table>", "The Board held a meeting on 18 June 2021 and, amongst other matters, considered and approved the audited consolidated financial statements of the Group for the Year.", "Apart from the Board meetings above, consents and/or approvals of the Board were also obtained by way of written resolutions on a number of matters." ]	[ "# 18", "# BOARD OF DIRECTORS (continued)", "# Board Diversity Policy", "The Board adopted a policy of the Board diversity, including the measurable objectives set for implementing the same on 23 March 2018. The Nomination Committee will review these objectives regularly.", "The Company recognises and embraces the benefits of a diversity of Board members. It endeavours to ensure that the Board has a balance of skills, experience and diversity of perspectives appropriate to the requirements of the Company’s business. All Board nominations, appointments and re-appointments will continue to be made on a merit basis with due regard for the benefits of diversity of the Board members and the nomination policy of the Company. Selection of candidates will be based on a range of diversity perspectives, including but not limited to gender, age, cultural and educational background, ethnicity, professional experience, skills and knowledge.", "# CHAIRMAN AND CHIEF EXECUTIVE", "Code provision A.2.1 of the CG Code stipulates that the roles of chairman and chief executive should be separate and should not be performed by the same individual. During the Year, Mr. Kwong was the Chairman and the chief executive officer (the “CEO”) of our Group. In view of the fact that Mr. Kwong has been operating and managing the Group since 2000, the Board believes that it is in the best interest of the Group to have Mr. Kwong taking up both roles for effective management and business development. Therefore, the Board considers that the deviation from code provision A.2.1 of the CG Code is appropriate in such circumstance.", "# BOARD COMMITTEES", "The Board has established four Board committees, namely the Audit Committee, the Nomination Committee, the Remuneration Committee and Executive Committee to oversee particular aspects of the Company’s affairs. The Board committees are provided with sufficient resources to discharge their duties.", "# Audit Committee", "The Audit Committee was established on the Listing Date with written terms of reference in compliance with the CG Code. The written terms of reference of the Audit Committee are published on the respective websites of the Stock Exchange and the Company. The Audit Committee comprises all the INEDs, namely Mr. Lai, Dr. Cheng and Mr. Kwok. Mr. Lai is the chairman of the Audit Committee." ]	[]
11763950_584.pdf	11763950_585.pdf	en	[ "# 綜合全面虧損表", "<table><tr><td rowspan=\"3\"></td><td rowspan=\"3\">附註</td><td colspan=\"2\">截至12月31日止年度</td></tr><tr><td>2019年</td><td>2020年</td></tr><tr><td>人民幣千元</td><td> 人民幣千元</td></tr><tr><td>行政開支............................</td><td>8</td><td>(32,004)</td><td>(76,893)</td></tr><tr><td>研發開支............................</td><td>8</td><td>(210,201)</td><td>(281,752)</td></tr><tr><td>其他收入............................</td><td>6</td><td>13,328</td><td>9,977</td></tr><tr><td>其他收益淨額 ........................</td><td>7</td><td>1,477</td><td>21,623</td></tr><tr><td>經營虧損............................</td><td></td><td>(227,400)</td><td>(327,045)</td></tr><tr><td>財務收入............................</td><td>10</td><td>1,429</td><td>763</td></tr><tr><td>財務成本............................</td><td>10</td><td>(887)</td><td>(13,480)</td></tr><tr><td>財務收入╱（成本）淨額 ................</td><td>10</td><td>542</td><td>(12,717)</td></tr><tr><td>發行予投資者的金融工具的公平值變動 ...</td><td>28</td><td>(38,275)</td><td>(724,287)</td></tr><tr><td>除所得稅前虧損 ......................</td><td></td><td>(265,133)</td><td>(1,064,049)</td></tr><tr><td>所得稅開支..........................</td><td>11</td><td>–</td><td>–</td></tr><tr><td>貴公司權益持有人應佔年內虧損 .........</td><td></td><td>(265,133)</td><td>(1,064,049)</td></tr><tr><td>其他全面收益：</td><td></td><td></td><td></td></tr><tr><td>可能重新分類至損益的項目\n附屬公司換算匯兌差額 ................</td><td></td><td>(8,901)</td><td>55,683</td></tr><tr><td>不會重新分類至損益的項目\n貴公司換算匯兌差額 ..................</td><td></td><td>(2,342)</td><td>29,024</td></tr><tr><td>因　貴公司自身信貸風險產生的發行予\n投資者的金融工具的公平值變動 .......</td><td>28</td><td>(4,485)</td><td>34,104</td></tr><tr><td></td><td></td><td>(6,827)</td><td>63,128</td></tr><tr><td>年內其他全面（虧損）╱ 收益（扣除稅項）...</td><td></td><td>(15,728)</td><td>118,811</td></tr><tr><td>貴公司權益持有人應佔年內全面虧損\n總額 .............................</td><td></td><td>(280,861)</td><td>(945,238)</td></tr><tr><td>貴公司權益持有人應佔每股虧損（人民幣元）\n（附註）</td><td></td><td></td><td></td></tr><tr><td>每股基本及攤薄虧損 ..................</td><td>12</td><td>（1.34）</td><td>（5.37）</td></tr></table>" ]	[ "# 綜合財務狀況表", "<table><tr><td rowspan=\"3\"></td><td rowspan=\"3\">附註</td><td colspan=\"2\">於12月31日</td></tr><tr><td>2019年</td><td>2020年</td></tr><tr><td>人民幣千元</td><td> 人民幣千元</td></tr><tr><td>資產</td><td></td><td></td><td></td></tr><tr><td>非流動資產</td><td></td><td></td><td></td></tr><tr><td>物業、廠房及設備 ....................</td><td>13</td><td>153,644</td><td>129,630</td></tr><tr><td>使用權資產..........................</td><td>14</td><td>18,023</td><td>27,139</td></tr><tr><td>無形資產............................</td><td>15</td><td>28,371</td><td>23,521</td></tr><tr><td>其他非流動資產及預付款項.............</td><td>16</td><td>10,773</td><td>17,766</td></tr><tr><td></td><td></td><td>210,811</td><td>198,056</td></tr><tr><td>流動資產</td><td></td><td></td><td></td></tr><tr><td>其他應收款項 ........................</td><td>17</td><td>2,782</td><td>2,418</td></tr><tr><td>其他流動資產及預付款項...............</td><td>18</td><td>15,742</td><td>10,408</td></tr><tr><td>現金及現金等價物 ....................</td><td>19</td><td>96,476</td><td>1,042,969</td></tr><tr><td></td><td></td><td>115,000</td><td>1,055,795</td></tr><tr><td>資產總值............................</td><td></td><td>325,811</td><td>1,253,851</td></tr><tr><td>權益及負債</td><td></td><td></td><td></td></tr><tr><td>貴公司權益持有人應佔權益</td><td></td><td></td><td></td></tr><tr><td>股本 ...............................</td><td>21</td><td>–</td><td>–</td></tr><tr><td>儲備 ...............................</td><td>22</td><td>26,150</td><td>146,675</td></tr><tr><td>累計虧損............................</td><td></td><td>(758,754)</td><td>(1,822,803)</td></tr><tr><td>權益虧絀總額 ........................</td><td></td><td>(732,604)</td><td>(1,676,128)</td></tr><tr><td>負債</td><td></td><td></td><td></td></tr><tr><td>非流動負債</td><td></td><td></td><td></td></tr><tr><td>發行予投資者的金融工具...............</td><td>28</td><td>–</td><td>2,745,584</td></tr><tr><td>借款 ...............................</td><td>25</td><td>16,358</td><td>11,981</td></tr><tr><td>租賃負債............................</td><td>26</td><td>4,968</td><td>14,016</td></tr><tr><td>遞延收入............................</td><td>27</td><td>15,719</td><td>13,167</td></tr><tr><td></td><td></td><td>37,045</td><td>2,784,748</td></tr><tr><td>流動負債</td><td></td><td></td><td></td></tr><tr><td>發行予投資者的金融工具...............</td><td>28</td><td>937,412</td><td>–</td></tr><tr><td>借款 ...............................</td><td>25</td><td>24,146</td><td>68,371</td></tr><tr><td>租賃負債............................</td><td>26</td><td>5,857</td><td>5,890</td></tr><tr><td>遞延收入............................</td><td>27</td><td>702</td><td>3,591</td></tr><tr><td>應計費用及其他應付款項...............</td><td>29</td><td>53,253</td><td>67,379</td></tr><tr><td></td><td></td><td>1,021,370</td><td>145,231</td></tr><tr><td>負債總額............................</td><td></td><td>1,058,415</td><td>2,929,979</td></tr><tr><td>權益及負債總額 ......................</td><td></td><td>325,811</td><td>1,253,851</td></tr></table>" ]	[]
20735676_37.pdf	20735676_38.pdf	en	[ "# Fire Prevention and Road Traffic Safety", "In accordance with the Fire Protection Law of the People’s Republic of China (《中華人民共和國消防法》) and the Regulations on Fire Prevention for Governmental Departments, Entities, Enterprises, and Institutions (《機關、團體、企業、事業單位消防安全管理規定》) issued by the Ministry of Public Security and other relevant laws and regulations, QHD Port has formulated the Supervision and Management Measures for Fire Prevention of Qinhuangdao Port Co., Ltd. (《秦皇島港股份有限公司消防安全監督管理辦法》), the Administrative Measures for Fire Prevention Archive of Qinhuangdao Port Co., Ltd. (《秦皇島港股份有限公司消防檔案管理辦法》) and other relevant systems, improved fire prevention management, prevented fire risks and improved risk response capabilities.", "The Company has established a long-term mechanism on weekly fire prevention inspections, which is implemented from the Company as a whole to the grassroots teams as a whole to effectively eliminate potential fire safety hazards. It organized evaluation on fire prevention and rectified potential safety hazards in a timely manner. The Company strictly examines and approves the use of fire and strengthens the construction of emergency response capabilities on fire prevention. It built 50 new miniature fire stations in key areas such as substation and high-rise buildings and held “special emergency exercises for traffic and fire prevention”, effectively improving employees’ capabilities to respond to dangers.", "The Company formulated the Supervision and Management Measures for Road Traffic Safety at the Port of Qinhuangdao Port Co., Ltd. (《秦皇島港股份有限公司港口道路交通安全監督管理辦法》) in accordance with the Road Traffic Safety Law of the People’s Republic of China (《中華人民共和國道路交通安全法》), the Regulation on the Implementation of the Road Traffic Safety Law of the People’s Republic of China (《中華人民共和國道路交通安全法實施條例》) and other relevant laws and regulations to strictly standardize the setting of traffic signs and road traffic facilities in the main business areas of the Company. For driving safety, the Company strictly reviews the qualifications of licensed drivers to ensure that they were obtained in accordance with the laws and conducts reviews regularly.", "# Case: QHD Port carries out comprehensive emergency rescue exercises on fire prevention and traffic accidents", "On 23 July 2021, QHD Port organized the “Comprehensive Emergency Exercise for Production Safety Accidents and Environmental Emergencies in 2021”. Qinhuangdao Emergency Management Bureau, the Municipal Bureau of Marine Development and Fisheries and the Municipal Fire and Rescue Detachment and other departments observed the exercises.", "Site of fire prevention exercises" ]	[ "# VI. KEEPING ALERT IN BUILDING SAFE PORTS", "# 6.3 Protecting Occupational Health", "In strict compliance with the Law of the People’s Republic of China on the Prevention and Control of Occupational Diseases (《中華人民共和國職業病防治法》), the Administrative Regulations on Employers’ Protective Equipment of Labor (《用人單位勞動防護用品管理規範》), the Provisions on the Supervision and Administration of Occupational Health at Work Sites (《工作場所職業衛生監督管理規定》) and other relevant laws and regulations, QHD Port formulated the Administrative Measures for Occupational Health Protection of Qinhuangdao Port Co., Ltd. (《秦皇島港股份有限公司職業健康監護管理辦法》), the Administrative Measures for Protective Equipment of Labor of Qinhuangdao Port Co., Ltd. (《秦皇島港股份有限公司勞動防護用品管理辦法》), the Administrative Measures for Workplace’s Occupational Health Supervision of Labor of Qinhuangdao Port Co., Ltd. (《秦皇島港股份有限公司工作場所職業衛生監督管理辦法》) and other internal rules and systems to further perfect occupational health management, enhance the Company’s health management mechanism, improve standardized health management, prevent occupational disease risk for employees and effectively protect the health rights and interests of all employees.", "The Company implements a regular health examination system for dangerous positions, adopts targeted control measures on hazards and sets up individual archives for monitoring the occupational health of employees. Meanwhile, the Company actively optimizes the working environment of key positions, strengthens the monitoring on harmful factors to employees and promotes standardized operation of the workplace to fundamentally reduce occupational hazards. In 2021, the Company had no recorded employee occupational disease cases.", "# Case: QHD Port actively prevents pandemic risks", "In 2021, facing the severe COVID-19 pandemic, QHD Port frequently updated pandemic-related information through its WeChat public account platform and promptly notified employees of the latest adjustments to pandemic prevention and control areas. It kept “zero reports” in monitoring the health of employees at ports on a daily basis, completed nucleic acid testing for on-the-job and retired employees and strengthened management at gates and places with crowds at all levels. The Company implemented closed-loop management for personnel involved in high-risk operations as required and strengthened the management of pandemic prevention and control in centralized offices and public places to prevent the risk of cluster infections. QHD Port actively publicized basic knowledge on health management, advocated employees to voluntarily complete full-process vaccination and reminded employees to pay attention to personal protection and personal health management.", "Pandemic prevention personnel sterilize vehicles at the collection and distribution port", "Qinhuangdao Port Hospital conducts nucleic acid testing for people at the port" ]	[]
7505463_28.pdf	7505463_29.pdf	en	[ "# Aspect A2: Use of Resources", "Given that the business of Vodatel involves no production element, as a system integrator for various IT-related turnkey solutions and services, the use of resources by Vodatel, such as energy, water and other raw materials, in its day-to-day operations is minimal. This aspect is not of great relevance to our cost-structure, which mainly involves purchase of equipment from our suppliers and the associated freight and insurance, salaries and benefits to staff and third-party expenses, e.g. inland transportation and engagement of subcontractors, incurred during the installation of equipment and commissioning of surveillance and \$ \\Pi \$ solutions. Despite that the use of natural resources is not largely relevant to Vodatel, we are aware of our consumption of electricity, water and fuel within an office environment, and will, therefore, focus our ESG improvement efforts in those areas.", "# Policies applicable at Vodatel", "√ Instil a culture of resource-usage consciousness;", "√ Introduction of a framework for assessing resource utilisation, ensuring its optimised application on a systematic basis; and", "√ Dissemination of any current-term measure/procedures, relating to resource usage to stakeholders.", "<table><tr><td>KPI A2.1</td><td>Details of electricity consumption can be referred to KPI A1.2 above.</td></tr><tr><td>KPI A2.2</td><td>The Macao office consumes around 3,000 cubic metres of water each year.</td></tr><tr><td>KPI A2.3</td><td>Staff are reminded to turn off lihgts and computers when leaving the premises \nand the level of electricity consumption is considered reasonable.</td></tr><tr><td>KPI A2.4</td><td>There is no issue in sourcing water that is fit for purpose. The level of water \nconsumption in pantries and toilets is considered reasonable.</td></tr><tr><td>KPI A2.5</td><td>Details of packaidgng materials use can be referred to KPI A1.4 above.</td></tr></table>", "# Aspect A3: The Environment and Natural Resources", "Vodatel specialises in the design and system integration of IT infrastructure, hence our operations have little impact on the environment or natural resources apart from those mentioned in the previous section. While we do encourage our employees to practise the “3Rs” and to protect the natural environment, as this aspect has no material relevance to our business, we have opted not to report on it, and KPI A3.1 (concerning the significant impacts of activities on the environment and natural resources and the actions taken to manage them) is not applicable." ]	[ "# ESG Report", "# B) SOCIAL", "Our people are our greatest asset and they are essential to continued growth at Vodatel. We staunchly believe that investing in our people and their development is inseparable from the development and ongoing success of our business.", "<table><tr><td>Exchange ESG Guide Aspects</td><td>Material Areas</td></tr><tr><td>B1 Emlpoyment</td><td>Attraction and Retention of Talents, Working Hours and \nRest Periods</td></tr><tr><td>B2 Health and Safety</td><td>Occupational Health and Safety</td></tr><tr><td>B3 Development and Training</td><td>Learning and Training</td></tr><tr><td>B4 Labour Standards</td><td>Human Rihgts</td></tr><tr><td>B5 SulChippy an Management</td><td>Assessment of Sulippers</td></tr><tr><td>B6 Product Responsibility</td><td>Reliable Services and Products</td></tr><tr><td>B7 Anti-corruption</td><td>Anti-Corruption and Anti-Bribery</td></tr><tr><td>B8 Community Investment</td><td>Contribution to the Community</td></tr></table>", "# Aspect B1: Employment", "Vodatel is an equal opportunity employer which believes strongly in the principles of diversification and anti-discrimination. Our human resources policies are in strict compliance with those labour laws issued by the Governments in different jurisdictions in which we operate, namely Macao, Hong Kong and Mainland China taking the highest standards to be applied across all entities, and other applicable laws and regulations regarding compensation and insurance, employment, promotion and termination of employees. To this end, the employee handbook at Vodatel outlines the benefits and rights enjoyed by all employees.", "Attraction and Retention of Talents – With people being our key to success, we offer market-competitive employment packages, consisting of both staff benefits and welfare for all our employees, to ensure that we attract and retain the best people for our business operations. Our comprehensive packages offer discretionary incentives, including bonus scheme, sales commission, Options, medical insurance and retirement protection. We encourage our employees to enjoy a well-balanced work and personal life. In addition to annual leaves, we help our employees to effectively manage their work and life commitments through such policies as marriage and compassionate leave allowances. Promotions are decided within a level-playing field environment and are awarded based on performance and the ability to cohere to teamwork.", "Working Hours and Rest Periods – As a system integrator that provides around-the-clock, top quality support services to our customers, many of our engineers are required to be on standby duty in case of emergency and to work during non-office hours and on public holidays. In addition, we provide overtime pay, meal allowance and additional compensation for those on roster. Any compensation on working hours and rest periods are in full compliance with the relevant local employment ordinances." ]	[]
20790956_32.pdf	20790956_33.pdf	en	[ "As at 31 December 2018, the Group’s total liabilities were RMB21.23 trillion, an increase of RMB902,543 million or 4.44% over 2017. In this amount, deposits from customers amounted to RMB17.11 trillion, up by RMB744,924 million or 4.55% over 2017. Taking into consideration the inclusion of accrued interest, the actual increase was RMB567,675 million or 3.47%. Deposits and placements from banks and non-bank financial institutions increased by RMB127,063 million or 7.38% over 2017 to RMB1,847,697 million. Debt securities issued were RMB775,785 million, an increase of RMB179,259 million or 30.05% over 2017, mainly due to issuance of 2 batches of Tier 2 capital bonds totalling RMB83 billion. Borrowings from central banks were RMB554,392 million, an increase of 1.30% over 2017. Accordingly, in the Group’s total liabilities, deposits from customers accounted for 80.58% of total liabilities, an increase of 0.08 percentage points over 2017. Deposits and placements from banks and non-bank financial institutions accounted for 8.70% of total liabilities, an increase of 0.24 percentage points over 2017. Debt securities issued accounted for 3.66% of total liabilities, an increase of 0.73 percentage points over 2017. Borrowings from central banks accounted for 2.61% of total liabilities, a decrease of 0.08 percentage points from 2017.", "# Deposits from customers", "The following table sets forth the Group’s deposits from customers by product type as at the dates indicated.", "<table><tr><td rowspan=\"2\">(In millions of RMB, except percentages)</td><td colspan=\"2\">31 December 2018</td><td colspan=\"2\">31 December 2017</td><td colspan=\"2\">31 December 2016</td></tr><tr><td>Amount</td><td>% of total</td><td>Amount</td><td>% of total</td><td>Amount</td><td>% of total</td></tr><tr><td>Corporate deposits</td><td>8,667,322</td><td>50.66</td><td>8,700,872</td><td>53.17</td><td>8,008,460</td><td>51.99</td></tr><tr><td>Demand deposits</td><td>5,854,542</td><td>34.22</td><td>5,723,939</td><td>34.98</td><td>5,145,626</td><td>33.41</td></tr><tr><td>Time deposits</td><td>2,812,780</td><td>16.44</td><td>2,976,933</td><td>18.19</td><td>2,862,834</td><td>18.58</td></tr><tr><td>Personal deposits</td><td>7,771,165</td><td>45.42</td><td>7,105,813</td><td>43.43</td><td>6,927,182</td><td>44.98</td></tr><tr><td>Demand deposits</td><td>3,271,246</td><td>19.12</td><td>3,169,395</td><td>19.37</td><td>2,986,109</td><td>19.39</td></tr><tr><td>Time deposits</td><td>4,499,919</td><td>26.30</td><td>3,936,418</td><td>24.06</td><td>3,941,073</td><td>25.59</td></tr><tr><td>Overseas operations and subsidiaries</td><td>492,942</td><td>2.88</td><td>557,069</td><td>3.40</td><td>467,273</td><td>3.03</td></tr><tr><td>Accrued interest</td><td>177,249</td><td>1.04</td><td>N/A</td><td>N/A</td><td>N/A</td><td>N/A</td></tr><tr><td>Total deposits from customers</td><td>17,108,678</td><td>100.00</td><td>16,363,754</td><td>100.00</td><td>15,402,915</td><td>100.00</td></tr></table>", "As at 31 December 2018, domestic corporate deposits of the Bank were RMB8,667,322 million, a decrease of 0.39% from 2017, mainly due to the decrease in corporate time deposits as a result of centralised deposits of third-party payment platforms’ settlement reserve funds with the PBC. Domestic personal deposits of the Bank were RMB7,771,165 million, an increase of RMB665,352 million or 9.36% over 2017, and accounted for 47.27% of domestic deposits from customers, up by 2.32 percentage points over 2017. Deposits from overseas operations and subsidiaries amounted to RMB492,942 million, a decrease of RMB64,127 million, and accounted for 2.88% of the total deposits from customers. The Bank’s domestic demand deposits were RMB9,125,788 million, up by RMB232,454 million or 2.61% over 2017, and accounted for 55.51% of the domestic deposits from customers. The time deposits were RMB7,312,699 million, up by RMB399,348 million or 5.78% over 2017, and accounted for 44.49% of domestic deposits from customers, up by 0.75 percentage points over 2017.", "# Debt securities issued", "The Bank issued no corporate debt securities that were required to be disclosed in accordance with Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 2 – Contents and Formats of Annual Reports (2017 Revision) and Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 38 – Contents and Formats of Annual Reports on Corporate Debt Securities. Please refer to Note “Debt securities issued” in the financial statements for details." ]	[ "# Shareholder’s equity", "The following table sets forth the Group’s total equity and its composition as at the dates indicated.", "<table><tr><td>(In millions of RMB)</td><td>As at 31 December 2018</td><td>As at 31 December 2017</td></tr><tr><td>Share capital</td><td>250,011</td><td>250,011</td></tr><tr><td>Other equity instruments – preference shares</td><td>79,636</td><td>79,636</td></tr><tr><td>Capital reserve</td><td>134,537</td><td>135,225</td></tr><tr><td>Investment revaluation reserve</td><td>N/A</td><td>(26,004)</td></tr><tr><td>Other comprehensive income</td><td>18,451</td><td>N/A</td></tr><tr><td>Surplus reserve</td><td>223,231</td><td>198,613</td></tr><tr><td>General reserve</td><td>279,725</td><td>259,680</td></tr><tr><td>Retained earnings</td><td>990,872</td><td>886,921</td></tr><tr><td>Exchange reserve</td><td>N/A</td><td>(4,322)</td></tr><tr><td>Total equity attributable to equity shareholders of the Bank</td><td>1,976,463</td><td>1,779,760</td></tr><tr><td>Non-controlling interests</td><td>15,131</td><td>16,067</td></tr><tr><td>Total equity</td><td>1,991,594</td><td>1,795,827</td></tr></table>", "As at 31 December 2018, the Group’s equity was RMB1,991,594 million, an increase of RMB195,767 million or 10.90% over 2017, primarily driven by the increase of RMB103,951 million in retained earnings. Taking into consideration the adjustments made at the beginning of the period in accordance with requirements of the new financial instruments standard, the actual increase was RMB215,218 million or 12.12%. As the growth rate of total equity surpassed that of assets, the ratio of total equity to total assets for the Group reached 8.58%, an increase of 0.46 percentage points over 2017.", "# Off-balance sheet items", "The Group’s off-balance sheet items include derivatives, commitments and contingent liabilities. Derivatives include interest rate contracts, exchange rate contracts, precious metal contracts, etc. Please refer to Note “Derivatives and Hedge Accounting” in the financial statements of this annual report for details on the nominal amounts and fair value of derivatives. Commitments and contingent liabilities include credit commitments, operating lease commitments, capital commitments, underwriting obligations, redemption obligations, and outstanding litigation and disputes. Among these, credit commitments were the largest component, including undrawn loan facilities which are approved and contracted, unused credit card limits, financial guarantees, and letters of credit. As at 31 December 2018, credit commitments balance was RMB2,848,724 million, a decrease of RMB180,448 million or 5.96% from 2017. Please refer to Note “Commitments and Contingent Liabilities” in the financial statements in this annual report for details on commitments and contingent liabilities.", "# Analysis on Cash Flow Statements", "# Cash from operating activities", "Net cash received from operating activities was RMB615,831 million, an increase of RMB536,741 million over 2017, mainly because the net growth of loans and advances to customers saw a decrease from 2017, and the deposits with central banks, banks and non-bank financial institutions decreased more over 2017 as affected by reserve ratio cuts.", "# Cash used in investing activities", "Net cash used in investing activities was RMB369,779 million, an increase of RMB272,323 million over 2017, mainly because of the decrease in cash inflows from investing activities due to less proceeds from sale and redemption of investments.", "# Cash from financing activities", "Net cash from financing activities was RMB28,921 million, an increase of RMB20,129 million over 2017, mainly driven by the increase of proceeds from the issuance of bonds." ]	[]
20790390_23.pdf	20790390_24.pdf	en	[ "# OPERATING PRACTICES (CONTINUED)", "# Moral Integrity and Anti-corruption", "The Group adopted the code provisions set out in the Corporate Governance Code under Appendix 14 of the Listing Rules. Board of Directors members are responsible for corporate governance. The Board has delegated certain responsibilities to committees, including the Audit Committee, the Remuneration Committee and the Nomination Committee.", "We have ethical commitments and advise our employees not to solicit or accept any advantage or bribes from our contractors or suppliers. We also require our employees to declare any conflict of interest and to avoid creating any possible conflict of interest whilst handling matters with our residents, commercial tenants or contractors or any other persons with whom the Company may have dealings. We also have our code of business conduct binding on all employees to avoid any impropriety. All employees must comply with the CAP 201 Prevention of Bribery Ordinance of Hong Kong when conducting all business and affairs of the Group.", "For whistle-blowing procedures apply to all parties including internal as well as external informers. Any complaints or possible breach of this Code can be made either verbally or by confidentially writing to the Audit Committee; all issues will be treated promptly and fairly. In cases of suspected corruption or other criminal offences, a report may be made to the appropriate authority.", "As at 30 September 2018, the Group was in compliance with all local rules and regulations relating to bribery, extortion, fraud and money laundering including CAP 201 Prevention of Bribery Ordinance. There were no concluded legal cases regarding corrupt practices brought against the Group or its employees.", "# COMMUNITY", "# Community Participation", "As a good corporate citizen, the Group gives support to various community activities to bring positive environmental and social impacts to our tenants. We identify community events organised by different parties to provide support by various means. For example, the Group has joined the green recycling campaigns launched by the government to promote the importance of environmental protection to our tenants. By using various means of communication such as campaign posters, Facebook, email and notice boards, we trust that our community activities promotions can effectively reach our tenants.", "# Focus Areas", "To develop an awareness of protection and preservation regarding the environment amongst tenants, the Group has joined the “Skip lunch” campaign” supported by the Community Chest and Art jamming event collaboration with an art centre for free for tenants to join. In addition, for health promotion, we have supported the charity event “Let it beat” organised by World Heart Federation by both donation and charity walk. We have contributed in fund raising to support the Hong Kong College of Cardiology." ]	[ "The board of directors (the “Board”) of Pokfulam Development Company Limited (the “Company”) is pleased to present this Corporate Governance Report for the year ended 30 September 2018 (the “Year”).", "# CORPORATE GOVERNANCE PRACTICES", "The Board considers good corporate governance practices to be essential to the promotion of the value of the Company’s shareholders (the “Shareholders”) value and investors’ confidence.", "The Board has adopted all the code provisions (the “Code Provisions”) as set out in the Corporate Governance Code (the “Code”) contained in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange” and the “Listing Rules”, respectively) as the corporate governance code of the Company.", "During the Year, the Company has complied with all the Code Provisions as set out in the Code, except for Code Provisions A.2.1 and A.4.1, details of which are explained below. The Company has committed to maintaining high corporate governance standards. The Company devotes considerable efforts to identify and formalize the best corporate governance practices suitable for the Company’s needs. In addition, the Company reviews regularly its organizational structure to ensure that operations are corresponding with good corporate governance practices as set out in the Code.", "The key corporate governance principles and practices of the Company are summarized as follows:", "# THE BOARD", "# Responsibilities", "The Board is responsible for leadership and control of the Company and oversees the businesses, strategic decisions and performance of the Company and its subsidiaries (the “Group”). The Board has also established Board committees and has delegated to these Board committees various responsibilities as set out in their respective terms of reference.", "The Board reserves for its decisions all major matters of the Company, including approval and monitoring of all policy matters, overall strategies and budgets, internal control and risk management systems, material transactions (in particular those that may involve conflict of interests), financial reports, appointment of directors and other significant financial and operational matters." ]	[]
9289594_8.pdf	9289594_9.pdf	en	[ "# 2. THE ENVIRONMENT (CONTINUED)", "# • Environmental Strategy and Management Approach (Continued)", "# A1. Emissions and GHG Emission (Continued)", "For detailed emission data please see the table below:", "2. 環境（續）", "• 環境策略及管理方法（續）", "A1. 排放物及溫室氣體排放（續）", "有關詳細排放物數據請見下表：", "<table><tr><td rowspan=\"2\"></td><td colspan=\"6\">GHG Emission (tCOe2)\n溫室氣體排放（公噸二氧化碳當量）</td></tr><tr><td colspan=\"2\">Wanchai Office \n灣仔辦公室</td><td colspan=\"2\">The ICON \nThe ICON</td><td colspan=\"2\">Cheung Kee Garden\n張記花園</td></tr><tr><td>Scope 1 Emission \n範圍一排放</td><td>GHG Total \n溫室氣體總計</td><td>0</td><td>GHG Total \n溫室氣體總計</td><td>20.39</td><td>GHG Total \n溫室氣體總計</td><td>14.96</td></tr><tr><td>Scope 2 Emission \n範圍二排放</td><td>GHG Total \n溫室氣體總計</td><td>13.74</td><td>GHG Total \n溫室氣體總計</td><td>157.05</td><td>GHG Total \n溫室氣體總計</td><td>0.60</td></tr><tr><td>Scope 3 Emission \n範圍三排放</td><td>GHG Total \n溫室氣體總計</td><td>11.20</td><td>GHG Total \n溫室氣體總計</td><td>13.12</td><td>GHG Total \n溫室氣體總計</td><td>8.71</td></tr><tr><td>Sub Total \n小計</td><td colspan=\"2\">24.94</td><td colspan=\"2\">190.56</td><td colspan=\"2\">24.27</td></tr><tr><td>Total \n總計</td><td colspan=\"2\"></td><td colspan=\"2\">239.77</td><td colspan=\"2\"></td></tr></table>", "\\* The above greenhouse gas emissions are defined and calculated according to the GHG Protocol and HKEX Guidance of ESG report Annex II", "\\* The above calculation EF is sourced from NDRC & HKEX Guidance of ESG report Annex II", "The Group has no hazardous waste discharge in 2018. Totally 20.97 tons of non-hazardous domestic waste is sent to the domestic garbage centralized treatment station for treatment, and the harmful waste water discharge is zero.", "\\* 上述溫室氣體排放乃根據溫室氣體議定書及香港交易所ESG報告附件2界定及計算。", "\\* 上述計算EF乃取自中華人民共和國國家發展和改革委員會及香港交易所ESG報告附件2。", "於二零一八年，本集團無排放有害廢物。總共20.97公噸之無害生活廢物被送往本地垃圾集中處理站進行處理，及無排放有害廢水。" ]	[ "# 2. THE ENVIRONMENT (CONTINUED)", "# • Environmental Strategy and Management Approach (Continued)", "# A2. Resources Consumption", "The main consumption resources of the Group during the Reporting Period are electricity, gas, domestic water, gasoline and diesel.", "The Group attaches great importance to the water conservation and energy efficiency in all owned and served properties. Regular maintenance and commissioning of the equipment were taken by the Group.", "2. 環境（續）", "• 環境策略及管理方法（續）", "A2. 資源消耗", "本集團於報告期間的主要資源消耗為電力、煤氣、生活用水、汽油及柴油。", "本集團重視所有自置及在管物業的節約用水及能源效率。本集團定期對設備進行維護及調試。", "<table><tr><td>Resources Consumption \n資源使用量</td><td>Unit\n單位</td><td>Wanchai\nOffice\n灣仔辦公室</td><td>Century\nElegant\n進加</td><td>Cheung\nKee Garden \n張記花園</td><td>Total\n總計</td></tr><tr><td>Electricity \n電力</td><td>kWh \n千瓦時</td><td>17,398</td><td>197,594</td><td>761</td><td>215,753</td></tr><tr><td>Gas \n煤氣</td><td>MJ \n兆焦耳</td><td>0</td><td>1,584</td><td>0</td><td>1,584</td></tr><tr><td>Domestic Water \n生活用水</td><td>3m \n立方米</td><td>0</td><td>212</td><td>0</td><td>212</td></tr><tr><td>Gasoline \n氣油</td><td>L \n公升</td><td>N/A \n不適用</td><td>686.64</td><td>N/A \n不適用</td><td>686.64</td></tr><tr><td>Diesel \n柴油</td><td>L \n公升</td><td>N/A \n不適用</td><td>N/A \n不適用</td><td>5,049</td><td>5,049</td></tr></table>", "# A3. Environment and Natural Resources", "In accordance with the Group’s environmental philosophy, all subsidiary companies are committed to providing high quality services while also ensuring that all business activities impact the environment positively, maintaining the balance between operational efficiency and resource consumption.", "A3. 環境及天然資源", "根據本集團的環保理念，所有附屬公司致力於提供優質服務，同時確保所有業務活動對環境產生正面影響以及維持營運效率與資源消耗之間的平衡。" ]	[]
3433622_299.pdf	3433622_300.pdf	en	[ "# 31. RECONCILIATION BETWEEN U.S. GAAP AND INTERNATIONAL FINANCIAL REPORTING STANDARDS (Continued)", "# Notes: (Continued)", "# (iv) PRC withholding tax", "Under U.S. GAAP ASC 740, which was prior to the adoption of ASU 2016-16, a PRC withholding tax liability of US\\$26,090, incurred on intragroup transfer of the 100% equity interest in BeiGene Shanghai to BeiGene Guangzhou in 2017, was carried in the Group’s consolidated balance sheet as a prepaid asset as of December 31, 2017.", "Under IFRSs, such PRC withholding tax was charged to the Group’s consolidated statement of operations for the year ended December 31, 2017.", "Upon the Company’s adoption of ASU 2016-16 on January 1, 2018, the above PRC withholding tax of US\\$26,090 incurred in 2017 was charged to the opening accumulated deficit as of January 1, 2018 in the Company’s U.S. GAAP consolidated financial statements. Hence the above difference in accounting treatment between U.S. GAAP and IFRSs no longer existed for the Company’s accounting periods commencing from January 1, 2018.", "# (v) Government subsidies", "Under U.S. GAAP, the government subsidies of US\\$9,620 received in 2017 relating to the above PRC withholding tax was carried in the Group’s consolidated balance sheet as of December 31, 2017, as other long-term liabilities of US\\$9,990 (re-translated at December 31, 2017 closing exchange rate), as a result of the recognition of the related PRC withholding tax as a prepaid asset in the balance sheet.", "Under IFRSs, the above government subsidies were recognized as income in the Group’s consolidated statement of operations for the year ended December 31, 2017 as a result of the recognition of such PRC withholding tax as an expense in 2017. In addition, the income tax expense of US\\$2,405 on the government subsidies deferred as a prepaid asset of US\\$2,498 (re-translated at December 31, 2017 closing exchange rate) under ASC 740 was charged as an expense in the Group’s consolidated statement of operations for the year ended December 31, 2017 under IFRSs as a result of the recognition of such government subsidies as income in 2017. Finally, IFRSs adjustments were made in the Group’s consolidated statement of operations for the year ended December 31, 2017 to account for the consequential impact on the Group’s noncontrolling interests of US\\$361 arising from the above adjustments of government subsidies and related income tax expense which are applicable to a non-wholly-owned PRC subsidiary.", "As a result of the charge of the relevant PRC withholding tax to the opening accumulated deficit as of January 1, 2018 as mentioned above, the government subsidies of US\\$9,990 and the related income tax expense of US\\$2,498 carried in the balance sheet as of December 31, 2017 were also recognized in the opening accumulated deficit as of January 1, 2018 in the Company’s U.S. GAAP consolidated financial statements, and the consequential effect on noncontrolling interest of US\\$375 (re-translated at December 31, 2017 closing exchange rate) and foreign currency translation difference of US\\$263 were included within the Company’s opening U.S. GAAP consolidated balance sheet as of January 1, 2018 accordingly, with resulting adjustment included within the 2018 opening accumulated deficit. The overall net impact on 2018 opening accumulated deficit was US\\$6,854. Thereafter the above differences in accounting treatment between U.S. GAAP and IFRSs no longer exist for the Company’s accounting periods commencing from January 1, 2018." ]	[ "# 32. RECONCILIATION OF THE COMPARATIVE FINANCIAL STATEMENTS WITH THE ACCOUNTANTS’ REPORT IN THE PROSPECTUS", "The comparative consolidated financial statements of the Company as of December 31, 2017 in these financial statements was prepared based on the previously published consolidated financial statements in the Company’s 2017 Annual Report on Form 10-K filed with SEC on February 27, 2018. In preparing such financial statements for the year ended December 31, 2017, those new U.S. GAAPs early adopted in preparation of the accountants’ report were not early adopted, and hence differences arose between the Company’s comparative consolidated financial statements as of December 31, 2017 disclosed in these financial statements when compared with the Company’s consolidated financial statements as of December 31, 2017 as disclosed in the accountants’ report.", "The reconciliations of the comparative consolidated financial statements of the Company as of December 31, 2017 in this report with the consolidated financial statements of the Company as of December 31, 2017 disclosed in the accountants’ report in the Prospectus are as follows:", "<table><tr><td rowspan=\"2\">Consolidated balance sheet data</td><td colspan=\"5\">As of December 31, 2017</td></tr><tr><td>As reported \nin these \nfinancial \nstatements</td><td colspan=\"3\">Adjustments adopted in \n’preparing accountants report</td><td>As reported \nin the \n’\naccountantsreport</td></tr><tr><td></td><td>US$</td><td>US$</td><td>US$</td><td>US$</td><td>US$</td></tr><tr><td></td><td></td><td>(i)</td><td>(ii)</td><td>(iii)</td><td></td></tr><tr><td>Unbilled receivable</td><td>—</td><td>16,307</td><td>—</td><td>—</td><td>16,307</td></tr><tr><td>Other non-current assets</td><td>42,915</td><td>—</td><td>(26,090)</td><td>(2,498)</td><td>14,327</td></tr><tr><td>Total assets</td><td>1,046,479</td><td>16,307</td><td>(26,090)</td><td>(2,498)</td><td>1,034,198</td></tr><tr><td>Other long-term liabilities</td><td>31,959</td><td>—</td><td>—</td><td>(9,990)</td><td>21,969</td></tr><tr><td>Total liabilities</td><td>362,248</td><td>—</td><td>—</td><td>(9,990)</td><td>352,258</td></tr><tr><td>Accumulated other comprehensive loss</td><td>(480)</td><td>—</td><td>—</td><td>263</td><td>(217)</td></tr><tr><td>Accumulated deficit</td><td>(330,517)</td><td>16,307</td><td>(26,090)</td><td>6,854</td><td>(333,446)</td></tr><tr><td>Noncontrolling interest</td><td>14,422</td><td>—</td><td>—</td><td>375</td><td>14,797</td></tr><tr><td>Total equity</td><td>684,231</td><td>16,307</td><td>(26,090)</td><td>7,492</td><td>681,940</td></tr></table>" ]	[]
2593071_117.pdf	2593071_118.pdf	en	[ "Cash flows from derivative financial instruments accounted for as hedges are classified in the same category as the item being hedged.", "Cash paid for interest and income taxes is as follows:", "<table><tr><td rowspan=\"2\">(Dollars in millions)</td><td colspan=\"3\">For years ended December 31,</td></tr><tr><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Interest, net of amounts caiiptalzed</td><td>$ 263</td><td>$ 280</td><td>$ 265</td></tr><tr><td>Income taxes</td><td>97</td><td>120</td><td>124</td></tr><tr><td>Noncash investing and financing activities:</td><td></td><td></td><td></td></tr><tr><td>Outstandinig trade payables related to captal exdipentures</td><td>27</td><td>34</td><td>10</td></tr><tr><td>(Gain) loss from equity investments</td><td>(14)</td><td>(15)</td><td>(15)</td></tr></table>", "# 19. SEGMENT INFORMATION", "The Company's products and operations are managed and reported in four operating segments: Additives & Functional Products (\"AFP\"), Advanced Materials (\"AM\"), Chemical Intermediates (\"CI\"), and Fibers.", "# Additives & Functional Products Segment", "In the AFP segment, the Company manufactures chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.", "The products the Company manufactures in the coatings and inks additives product line can be broadly classified as polymers and additives and solvents and include specialty coalescents, specialty solvents, paint additives, and specialty polymers. The adhesives resins product line consists of hydrocarbon and rosin resins. The tire additives product line includes insoluble sulfur rubber additives, antidegradant rubber additives, and performance resins. The care chemicals business consists of amine derivativebased building blocks for the production of flocculants and intermediates for surfactants. In the specialty fluids product line, the Company produces heat transfer and aviation fluids products. The animal nutrition business consists of formic acidbased solutions product lines. The crop protection business consists of metambased soil fumigants, thiram and zirambased fungicides, and plant growth regulator products.", "<table><tr><td rowspan=\"2\">Product Lines</td><td colspan=\"3\">Percentage of Total Segment Sales</td></tr><tr><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Coatings and Inks Additives</td><td>23%</td><td>24%</td><td>24%</td></tr><tr><td>Adhesives Resins</td><td>18%</td><td>21%</td><td>21%</td></tr><tr><td>Tire Additives</td><td>17%</td><td>17%</td><td>17%</td></tr><tr><td>Care Chemicals</td><td>17%</td><td>15%</td><td>15%</td></tr><tr><td>Specialty Fluids</td><td>13%</td><td>11%</td><td>11%</td></tr><tr><td>Animal Nutrition and Crop Protection</td><td>12%</td><td>12%</td><td>12%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td></tr></table>", "# Advanced Materials Segment", "In the AM segment, the Company produces and markets polymers, films, and plastics with differentiated performance properties for valueadded end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.", "The specialty plastics product line consists of two primary products: copolyesters and cellulose esters. The advanced interlayers product line includes polyvinyl butyral sheet and specialty polyvinyl butyral intermediates. The performance films product line primarily consists of window film and protective film products for aftermarket applied films." ]	[ "<table><tr><td rowspan=\"2\">Product Lines</td><td colspan=\"3\">Percentage of Total Segment Sales</td></tr><tr><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Specialty Plastics</td><td>51%</td><td>50%</td><td>51%</td></tr><tr><td>Advanced Interlayers</td><td>33%</td><td>34%</td><td>33%</td></tr><tr><td>Performance Films</td><td>16%</td><td>16%</td><td>16%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td></tr></table>", "# Chemical Intermediates Segment", "The CI segment leverages large scale and vertical integration from the cellulose and acetyl, olefins, and alkylamines streams to support the Company's specialty operating segments with advantaged cost positions. The CI segment sells excess intermediates beyond the Company's internal specialty needs into markets such as industrial chemicals and processing, building and construction, health and wellness, and agrochemicals.", "In the intermediates product line, the Company produces olefin derivatives, acetyl derivatives, ethylene, and commodity solvents. The plasticizers product line consists of a unique set of primary nonphthalate and phthalate plasticizers and a range of niche nonphthalate plasticizers. The functional amines product lines include methylamines and salts, and higher amines and solvents.", "<table><tr><td rowspan=\"2\">Product Lines</td><td colspan=\"3\">Percentage of Total Segment Sales</td></tr><tr><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Intermediates</td><td>64%</td><td>65%</td><td>65%</td></tr><tr><td>Plasticizers</td><td>19%</td><td>20%</td><td>20%</td></tr><tr><td>Functional Amines</td><td>17%</td><td>15%</td><td>15%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td></tr></table>", "# Fibers Segment", "In the Fibers segment, Eastman manufactures and sells cellulose acetate tow for use in filtration media, primarily cigarette filters. The acetyl chemicals product line consists of triacetin, cellulose acetate flake, and acetyl raw materials for other acetate fiber producers. The acetate yarn product line consists of natural (undyed) acetate and polyester yarn and solutiondyed acetate yarn for use in apparel, home furnishings, and industrial fabrics.", "<table><tr><td rowspan=\"2\">Product Lines</td><td colspan=\"3\">Percentage of Total Segment Sales</td></tr><tr><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Acetate Tow</td><td>77%</td><td>80%</td><td>78%</td></tr><tr><td>AcetlChlPdy emica roucts</td><td>15%</td><td>13%</td><td>14%</td></tr><tr><td>Acetate Yarn</td><td>8%</td><td>7%</td><td>8%</td></tr><tr><td>Total</td><td>100%</td><td>100%</td><td>100%</td></tr></table>", "# Other", "The Company continues to explore and invest in R&D initiatives such as high performance materials and advanced cellulosics that are aligned with disruptive macro trends such as health and wellness, natural resource efficiency, an increasing middle class in emerging economies, and feeding a growing population. An example of such an initiative is the Eastman microfiber technology platform which leverages the Company's core competency in polyesters, spinning capability, and inhouse application expertise for use in a wide range of applications including liquid and air filtration, high strength packaging in nonwovens, and performance apparel in textiles.", "Sales revenue and expense for the Eastman microfiber technology platform growth initiative are shown in the tables below as \"Other\" sales revenue and operating loss. R&D, pension and other postretirement benefits, and other expenses and income not identifiable to an operating segment are shown in the tables below as \"Other\" operating earnings (loss)." ]	[]
11702461_101.pdf	11702461_102.pdf	en	[ "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">Notes \n附註</td><td>2020 \n二零二零年</td><td>2019\n二零一九年</td></tr><tr><td>HK$’000 \n千港元</td><td>HK$’000\n千港元</td></tr><tr><td>Non-current liabilities 非流動負債</td><td></td><td></td><td></td></tr><tr><td>Lease liabilities 租賃負債</td><td>35</td><td>1,246</td><td>1,677</td></tr><tr><td>Deferred tax liabilities 遞延稅項負債</td><td>36</td><td>2,745</td><td>2,927</td></tr><tr><td></td><td></td><td>3,991</td><td>4,604</td></tr><tr><td>Net assets 資產淨值</td><td></td><td>206,617</td><td>245,976</td></tr><tr><td>Capital and reserves 股本及儲備</td><td></td><td></td><td></td></tr><tr><td>Share capital 股本</td><td>37</td><td>77,489</td><td>77,489</td></tr><tr><td>Reserves 儲備</td><td></td><td>128,902</td><td>161,059</td></tr><tr><td>Equity attributable to 本公司擁有人應佔權益\nowners of the Company</td><td></td><td>206,391</td><td>238,548</td></tr><tr><td>Non-controlling interests 非控股權益</td><td></td><td>226</td><td>7,428</td></tr><tr><td>Total equity 權益總額</td><td></td><td>206,617</td><td>245,976</td></tr></table>", "The consolidated financial statements on pages 96 to 235 were approved and authorised for issue by the board of directors on 19 March 2021 and are signed on its behalf by:", "第96頁至第235頁的綜合財務報表經董事會於二零二一年三月十九日批准及授權刊發，並由以下人士代表簽署：", "<table><tr><td>Wang Jiawei \n王嘉偉</td><td>Lai Yuk Mui\n黎玉梅</td></tr><tr><td>Director \n董事</td><td>Director\n董事</td></tr></table>", "The accompanying notes form an integral part of these consolidated financial statements.", "隨附的附註構成此等綜合財務報表的一部分。" ]	[ "<table><tr><td rowspan=\"5\"></td><td colspan=\"9\">Attributable to the owners of the Company\n本公司擁有人應佔</td><td rowspan=\"4\">Non-\ncontroling\ninterests\n非控股權益</td><td rowspan=\"4\">Total\nequity\n權益總額</td></tr><tr><td rowspan=\"3\">Share\ncapital\n股本</td><td rowspan=\"3\">Share\npremium\n股份溢價</td><td>Fair value \nthrough other \ncomprehensive \nincome reserve</td><td>Special\nreserve</td><td>Statutory\nreserve</td><td rowspan=\"3\">Translation\nreserve\n匯兌儲備</td><td rowspan=\"3\">Share-based\ncompensation\nreserve\n股份補償儲備</td><td rowspan=\"3\">Accumulated\nlosses \n累計虧損</td><td rowspan=\"3\">Total\n總額</td></tr><tr><td>(Note 38(i) \n（附註38(i)）</td><td>(Note 38(i) \n（附註38(i)）</td><td>(Note 38(ii)\n（附註38(ii)）</td></tr><tr><td>按公平值計入\n其他全面\n收入儲備</td><td>特別儲備</td><td>法定儲備</td></tr><tr><td>HK$’000 \n千港元</td><td>HK$’000 \n千港元</td><td>HK$’000 \n千港元</td><td>HK$’000 \n千港元</td><td>HK$’000 \n千港元</td><td>HK$’000 \n千港元</td><td>HK$’000\n千港元</td><td>HK$’000 \n千港元</td><td>HK$’000 \n千港元</td><td>HK$’000 \n千港元</td><td>HK$’000\n千港元</td></tr><tr><td>Balance at 31 December 2018 於二零一八年十二月三十一日之結餘</td><td>77,489</td><td>1,673,299</td><td>–</td><td>4,779</td><td>3,912</td><td>(22,296)</td><td>30,554</td><td>(1,403,119)</td><td>364,618</td><td>13,557</td><td>378,175</td></tr><tr><td>Impact on initial application of HKFRS 16 對初次應用香港財務報告準則第16號的影響</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(92)</td><td>(92)</td><td>(2)</td><td>(94)</td></tr><tr><td>Balance at 1 January 2019 於二零一九年一月一日之結餘</td><td>77,489</td><td>1,673,299</td><td>–</td><td>4,779</td><td>3,912</td><td>(22,296)</td><td>30,554</td><td>(1,403,211)</td><td>364,526</td><td>13,555</td><td>378,081</td></tr><tr><td>Loss for the year 年內虧損</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(127,674)</td><td>(127,674)</td><td>(5,948)</td><td>(133,622)</td></tr><tr><td>Other comprehensive income for the year 年內其他全面收入</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>1,696</td><td>–</td><td>–</td><td>1,696</td><td>(179)</td><td>1,517</td></tr><tr><td>Transferred to accumulated losses 購股權失效時轉撥至累計虧損\nupon lapse of share options</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(8,930)</td><td>8,930</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Balance at 31 December 2019 and 於二零一九年十二月三十一日及\n1 January 2020 二零二零年一月一日之結餘</td><td>77,489</td><td>1,673,299</td><td>–</td><td>4,779</td><td>3,912</td><td>(20,600)</td><td>21,624</td><td>(1,521,955)</td><td>238,548</td><td>7,428</td><td>245,976</td></tr><tr><td>Loss for the year 年內虧損</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(41,399)</td><td>(41,399)</td><td>(161)</td><td>(41,560)</td></tr><tr><td>Other comprehensive income for the year 年內其他全面收入</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>9,378</td><td>–</td><td>–</td><td>9,378</td><td>543</td><td>9,921</td></tr><tr><td>Transferred to accumulated losses upon lapse 購股權失效時轉撥至累計虧損\nof share options</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(21,624)</td><td>21,624</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Fair value gains on financial assets at fair value through 按公平值計入其他全面收入之金融資產之\nother comprehensive income 公平值收益</td><td>–</td><td>–</td><td>1,106</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>1,106</td><td>58</td><td>1,164</td></tr><tr><td>Transferred to accumulated losses upon 出售按公平值計入其他全面收入之\ndisposal of financial assets at fair value 金融資產儲備時轉撥至累計虧損\nthrough other comprehensive income reserve</td><td>–</td><td>–</td><td>(1,106)</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(1,106)</td><td>(58)</td><td>(1,164)</td></tr><tr><td>Acquisition of additional interest in subsidiaries 收購附屬公司之額外權益（附註21(1)及(2)）\n(notes 21(1) and (2)</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(136)</td><td>(136)</td><td>(7,584)</td><td>(7,720)</td></tr><tr><td>Balance at 31 December 2020 於二零二零年十二月三十一日之結餘</td><td>77,489</td><td>1,673,299</td><td>–</td><td>4,779</td><td>3,912</td><td>(11,222)</td><td>–</td><td>(1,541,866)</td><td>206,391</td><td>226</td><td>206,617</td></tr></table>", "The accompanying notes form an integral part of these consolidated financial statements.", "隨附的附註構成此等綜合財務報表的一部分。" ]	[]
3426868_52.pdf	3426868_53.pdf	en	[ "# 10. Earnings/ (loss) per share - continued", "# (b) Diluted earnings/ (loss) per share - continued", "Diluted earnings/ (loss) per share attributable to equity holders of the Company are calculated as follows:", "<table><tr><td></td><td>2015</td><td>2014</td></tr><tr><td>Net pro t/ (loss) attributable to equity holders of the Company and used to \n determine diluted earnings per share (S$’000)</td><td>1,299</td><td>(4,968)</td></tr><tr><td>Weighted average number of ordinary shares outstanding for \n basic earnings/ (loss) per share (‘000)</td><td>781,909</td><td>771,595</td></tr><tr><td>Adjustments for (‘000)</td><td></td><td></td></tr><tr><td>- Share options</td><td>12,278</td><td>13,478</td></tr><tr><td>- Warrants</td><td>1,126,926</td><td>254,331</td></tr><tr><td></td><td>1,921,113</td><td>1,039,404</td></tr><tr><td>Diluted earnings/ (loss) per share (cent per share)</td><td>0.07</td><td>(0.64)</td></tr></table>", "\\ As loss was recorded, the dilutive potential shares from share options and warrants are anti-dilutive and no change is made to the diluted loss per share.", "# 11. Cash and cash equivalents", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">Group</td><td colspan=\"2\">Company</td></tr><tr><td>2015</td><td>2014</td><td>2015</td><td>2014</td></tr><tr><td>S$’000</td><td>S$’000</td><td>S$’000</td><td>S$’000</td></tr><tr><td>Cash at bank and on hand</td><td>7,365</td><td>4,185</td><td>548</td><td>286</td></tr><tr><td>Short-term bank deposits</td><td>3,520</td><td>2,363</td><td>-</td><td>-</td></tr><tr><td></td><td>10,885</td><td>6,548</td><td>548</td><td>286</td></tr></table>", "For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">Group</td></tr><tr><td>2015</td><td>2014</td></tr><tr><td> S$’000</td><td>S$’000</td></tr><tr><td>Cash and bank balances (as above)</td><td>10,885</td><td>6,548</td></tr><tr><td>Less: Bank overdraft (Note 18)</td><td>(213)</td><td>(991)</td></tr><tr><td>Cash and cash equivalents per consolidated statement of cash flows</td><td>10,672</td><td>5,557</td></tr></table>" ]	[ "# 12. Trade and other receivables", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">Group</td><td colspan=\"2\">Company</td></tr><tr><td>2015</td><td>2014</td><td>2015</td><td>2014</td></tr><tr><td>S$’000</td><td>S$’000</td><td>S$’000</td><td>S$’000</td></tr><tr><td>Trade receivables</td><td></td><td></td><td></td><td></td></tr><tr><td>- Non-related parties</td><td>6,366</td><td>5,972</td><td>-</td><td>-</td></tr><tr><td>Bills receivables</td><td>9,068</td><td>7,379</td><td>-</td><td>-</td></tr><tr><td>Trade and bills receivables</td><td>15,434</td><td>13,351</td><td>-</td><td>-</td></tr><tr><td>Contract work-in-progress</td><td></td><td></td><td></td><td></td></tr><tr><td>- Due from customers (Note 14)</td><td>492</td><td>660</td><td>-</td><td>-</td></tr><tr><td>Advance payment for project costs</td><td>676</td><td>720</td><td>-</td><td>-</td></tr><tr><td>Unbilled contract revenue</td><td>7,492</td><td>4,992</td><td>-</td><td>-</td></tr><tr><td>Other receivables</td><td></td><td></td><td></td><td></td></tr><tr><td>- Subsidiary corporations</td><td>-</td><td>-</td><td>4,205</td><td>5,088</td></tr><tr><td>- Staff advances</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>- Non-related parties</td><td>158</td><td>298</td><td>-</td><td>-</td></tr><tr><td>- Value added tax recoverable</td><td>136</td><td>138</td><td>-</td><td>-</td></tr><tr><td>- Withholding tax receivable</td><td>16</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Less: Allowance for impairment of receivables</td><td></td><td></td><td></td><td></td></tr><tr><td> – non-related parties (Note 26(b)(ii))</td><td>-</td><td>(138)</td><td>-</td><td>-</td></tr><tr><td>Other receivables – net</td><td>310</td><td>319</td><td>4,205</td><td>5,088</td></tr><tr><td>Deposits</td><td>429</td><td>290</td><td>-</td><td>-</td></tr><tr><td>Prepayments</td><td>483</td><td>467</td><td>29</td><td>19</td></tr><tr><td></td><td>25,316</td><td>20,799</td><td>4,234</td><td>5,107</td></tr></table>", "The amount due from subsidiary corporations are non-trade in nature, unsecured, interest free and repayable on demand", "# 13. Inventories", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">Group</td></tr><tr><td>2015</td><td>2014</td></tr><tr><td> S$’000</td><td>S$’000</td></tr><tr><td>Voice, video and data communication equipment</td><td>395</td><td>432</td></tr></table>", "The cost of inventories recognised as an expense and included as part of “Cost of sales – equipment and consumables used” amounts to S\\$40,095,000 (2014: S\\$32,592,000).", "The Group has recognised a write-down of its slow-moving inventories amounting to S\\$44,000 (2014: S\\$42,000) (Note 5).", "# 14. Contract work-in-progress", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">Group</td></tr><tr><td>2015</td><td>2014</td></tr><tr><td> S$’000</td><td>S$’000</td></tr><tr><td>Contract work-in-progress</td><td></td><td></td></tr><tr><td>Aggregate costs incurred and pro ts recognised (less losses recognised) \n to date on uncompleted contracts</td><td>492</td><td>660</td></tr><tr><td>Less: Progress billings</td><td>(45)</td><td>(77)</td></tr><tr><td></td><td>447</td><td>583</td></tr><tr><td>Presented as:</td><td></td><td></td></tr><tr><td>Due from customers on contract work-in-progress (Note 12)</td><td>492</td><td>660</td></tr><tr><td>Due to customers on contract work-in-progress (Note 17)</td><td>(45)</td><td>(77)</td></tr><tr><td></td><td>447</td><td>583</td></tr></table>" ]	[]
3426917_35.pdf	3426917_36.pdf	en	[ "We perform a quarterly evaluation of all of our risk-sharing loans to determine whether a loss is probable. Our process for identifying which risk-sharing loans may be probable of loss consists of an assessment of several qualitative and quantitative factors including payment status, property financial performance, local real estate market conditions, loan-to-value ratio, debt-service-coverage ratio, and property condition. When we believe a loan is probable of foreclosure or in foreclosure, we record an allowance for that loan (a “specific reserve”). The specific reserve is based on the estimate of the property fair value less selling and property preservation costs and considers the loss-sharing requirements detailed below in the “Credit Quality and Allowance for Risk-Sharing Obligations” section. The estimate of property fair value at initial recognition of the allowance for risk-sharing obligations is based on appraisals, broker opinions of value, or net operating income and market capitalization rates, whichever we believe is the best estimate of the net disposition value. The allowance for risk-sharing obligations for such loans is updated as any additional information is received until the loss is settled with Fannie Mae. The settlement with Fannie Mae is based on the actual sales price of the property and selling and property preservation costs and considers the Fannie Mae loss-sharing requirements. Loss settlement with Fannie Mae has historically concluded within 18 to 36 months after foreclosure. Historically, the initial specific reserves have not varied significantly from the final settlement. We are uncertain whether such a trend will continue in the future.", "In addition to the specific reserves discussed above, we also record an allowance for risk-sharing obligations related to all risk-sharing loans on our watch list (“general reserves”). Such loans are not probable of foreclosure but are probable of loss as the characteristics of these loans indicate that it is probable that these loans include some losses even though the loss cannot be attributed to a specific loan. For all other risk-sharing loans not on our watch list, we continue to carry a guaranty obligation. We calculate the general reserves based on a migration analysis of the loans on our historical watch lists, adjusted for qualitative factors. When we place a risk-sharing loan on our watch list, we cease to amortize the guaranty obligation and transfer the remaining unamortized balance of the guaranty obligation to the general reserves. If a risk-sharing loan is subsequently removed from our watch list due to improved financial performance, we transfer the unamor-tized balance of the guaranty obligation back to the guaranty obligation classification on the balance sheet and amortize the remaining unamortized balance evenly over the remaining estimated life. For each loan for which we have a risk-sharing obligation, we record one of the following liabilities associated with that loan as discussed above: guaranty obli-gation, general reserve, or specific reserve. Although the liability type may change over the life of the loan, at any particular point in time, only one such liability is associated with a loan for which we have a risk-sharing obligation.", "We evaluate all of our loans held for investment for impairment quarterly. Our impairment evaluation focuses pri-marily on payment status and property financial performance. We consider a loan impaired when the current facts and circumstances suggest it is not probable that we will collect all contractually due principal and interest payments. When a loan is not considered impaired, we apply a collective allowance that is based on recent historical loss probability and historical loss rates incurred in our risk-sharing portfolio, adjusted as needed for current market conditions (“loss factors”). We use the loss experience from our risk-sharing portfolio as a proxy for losses incurred in our loans held for investment portfolio since (i) we have not experienced any actual losses related to our loans held for investment to date and (ii) the loans in the loans-held-for-investment portfolio have similar characteristics to loans held in the risk-sharing portfolio. Since the inception of the Interim Program in 2012, we have not had any delinquent or impaired loans or charged off any loans. The historical loss factors are updated quarterly. We have not experienced significant change in the loss factors during the periods presented in the financial statements. These loss factors may change in the future as economic and market conditions change and as the Interim Program matures.", "# Overview of Current Business Environment", "The fundamentals of the commercial and multifamily real estate market remain strong. Multifamily occupancy rates and effective rents continue to increase based upon strengthening rental market demand while delinquency rates remain at historic lows, all of which aid loan performance due to their importance to the cash flows of the underlying properties. Most other commercial real estate asset classes have experienced similar performance in underlying fundamentals. The positive performance has boosted the value of many commercial and multifamily properties towards the high end of his-torical ranges." ]	[ "In addition to the improved property fundamentals, for the last several years, the U.S. commercial and multifamily mortgage market has experienced historically low interest rates, leading many borrowers to seek refinancing prior to the scheduled maturity date of their loans. As borrowers have sought to take advantage of the interest rate environment and improved property fundamentals, the number of lenders and amount of capital available to lend have increased dramati-cally. According to the Mortgage Bankers Association, commercial and multifamily loan maturities are expected to in-crease dramatically through the end of 2017, as the loans originated at the height of the CMBS market begin maturing a decade later. All of these factors have benefited our origination and investment sales volumes over the past several quarters. Competition among commercial real estate services firms, banks, life insurance companies, and the GSEs remains fierce.", "During the fourth quarter of 2016, the Federal Reserve raised its targeted Fed Funds Rate by another 25 basis points and suggested that it is likely going to increase its targeted Fed Funds Rate during 2017. We have not experienced a significant decline in origination volume or profitability as a result of the increases as long-term mortgage interest rates generally remained at historically low levels during the majority of 2016. Long-term mortgage interest rates did increase significantly during the last two months of 2016, largely due to the anticipation of a rate increase by the Federal Reserve and the results of the 2016 Presidential Election. However, even the sharp increase in long-term mortgage interest rates did not appear to adversely impact our loan origination volumes. We cannot be certain that trend will continue as the number, timing, and magnitude of any future increases by the Federal Reserve, taken together with previous interest rate increases and combined with other macroeconomic factors, may have a different effect on the commercial real estate market.", "Late in the second quarter of 2016, citizens of the United Kingdom (“U.K.”) voted to exit the European Union (“E.U.”), an action commonly referred to as “Brexit.” The referendum itself has not resulted in the U.K.’s immediate exodus from the E.U. since the vote was not legally binding on the British government. Rather, Parliament, having heard the voice of voters, may now enact laws to facilitate the U.K.’s departure and must notify the European Commission of its intention to leave the E.U. Legislation to effect the departure has been passed by the lower house of Parliament. Many observers anticipate that the U.K. will invoke Article 50 of the Lisbon Treaty in the first half of 2017 to leave the E.U. After such notice is provided, the U.K. and European Commission will have a two-year window in which to establish the terms of the U.K.’s departure. Even though the process of separating from the E.U. will take several years, Brexit has created a significant amount of uncertainty in both the global and domestic financial markets as participants have evaluated the impact Brexit may have on the global and domestic economies.", "Brexit has had minimal impact on our operations and financial results as we have no direct exposure to the U.K. or E.U. Additionally, we believe the indirect impact of Brexit likely benefitted us during the second half of 2016 as borrowers took advantage of low mortgage interest rates and as a “flight to safety” resulted in an increase of global capital investments in U.S. markets, including commercial real estate, resulting in higher loan origination and investment sales activity. Some of these benefits may be mitigated by higher credit risk spreads demanded by investors in commercial real estate loans going forward. We believe these indirect impacts will largely continue in the near term (although potentially partially or completely mitigated by the aforementioned increase in interest rates due to the actions of the Federal Reserve and the results of the 2016 Presidential Election) but are uncertain about the long-term duration.", "We are a market-leading originator with Fannie Mae and Freddie Mac, and the GSEs remain the most significant providers of capital to the multifamily market. The Federal Housing Finance Agency (“FHFA”) 2017 GSE Scorecard (“2017 Scorecard”) established Fannie Mae’s and Freddie Mac’s 2017 loan origination caps at \\$36.5 billion each for market-rate apartments (“2017 Caps”), the same as the final 2016 loan origination caps (the 2016 loan origination caps began the year at \\$31.0 billion each, but were adjusted by the FHFA twice during 2016 to a final amount of \\$36.5 billion each). Affordable housing loans, loans to small multifamily properties, and manufactured housing rental community loans continue to be excluded from the 2017 Caps. Additionally, the definition of the affordable loan exclusion continues to encompass affordable housing in high- and very-high cost markets and to allow for an exclusion from the 2017 Caps for the pro-rata portion of any loan on a multifamily property that includes affordable units. The 2017 Scorecard provides the FHFA the flexibility to review the estimated size of the multifamily loan origination market on a quarterly basis and proactively adjust the 2017 Caps upward should the market be larger than expected in 2017 (as noted above, the FHFA adjusted the caps upward twice in 2016). The 2017 Scorecard also provides exclusions for loans to properties located in" ]	[]
20780351_362.pdf	20780351_363.pdf	en	[ "# Section 6.11 Attorney’s Fees.", "In the event any claim, action, suit, proceeding, arbitration, complaint, charge or investigation is brought in respect of this Agreement or any of the documents referred to in this Agreement, the prevailing party will be entitled to recover reasonable attorneys' fees and other costs incurred in such Proceeding, in addition to any relief to which such party may be entitled.", "# Section 6.12 No Waiver.", "Neither any failure nor any delay by any party in exercising any right, power, or privilege under this Agreement or any of the documents referred to in this Agreement will operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by applicable laws, (a) no claim or right arising out of this Agreement or any of the documents referred to in this Agreement can be waived by a Party, in whole or in part, unless made in a writing signed by such Party; (b) a waiver given by a Party will only be applicable to the specific instance for which it is given; and (c) no notice to or demand on a Party will (i) waive or otherwise affect any obligation of that Party or (ii) affect the right of the Party giving such notice or demand to take further action without notice or demand as provided in this Agreement.", "# Section 6.13 Notices.", "All notices and other communications required or permitted by this Agreement shall be in writing and will be effective, and any applicable time period shall commence, when (a) delivered to the following address by hand or by a nationally recognized overnight courier service (costs prepaid) addressed to the following address or (b) transmitted electronically to the following facsimile numbers or e-mail addresses, in each case marked to the attention of the Person (by name or title) designated below (or to such other address, facsimile number, e-mail address, or Person as a Party may designate by notice to the other parties):", "# Bitauto", "New Century Hotel Office Tower 6/F", "No. 6 South Capital Stadium Road", "Beijing, 100044", "The People’s Republic of China", "Attention: Cynthia He", "Facsimile: (86 10) 6849-2200", "# Tencent", "c/o Tencent Holdings Limited", "29/F., Three Pacific Place, No. 1 Queen’s Road East, Wanchai, Hong Kong", "Attention: Compliance and Transactions Department", "E-mail: [email protected]" ]	[ "# JD", "JD.com, Inc.", "21/F, Building A, No.18 Kechuang 11th Street, Yizhuang Economic and Technological Development Zone, Daxing District, Beijing 101111, PRC", "Attention: Legal Department (Mergers and Acquisitions Group)", "Email: [email protected]", "Section 6.14 Severability.", "If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.", "Section 6.15 Time of Essence.", "With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence.", "Section 6.16 Counterparts and Electronic Signatures.", "(a) This Agreement and other documents to be delivered pursuant to this Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy and all of which, when taken together, will be deemed to constitute one and the same agreement or document, and will be effective when counterparts have been signed by each of the parties and delivered to the other parties.", "(b) A manual signature on this Agreement or other documents to be delivered pursuant to this Agreement, an image of which shall have been transmitted electronically, will constitute an original signature for all purposes. The delivery of copies of this Agreement or other documents to be delivered pursuant to this Agreement, including executed signature pages where required, by electronic transmission will constitute effective delivery of this Agreement or such other document for all purposes.", "[Remainder of page intentionally left blank.]" ]	[]
20753823_86.pdf	20753823_87.pdf	en	[ "\\[ \\begin{array} { l l } { { \\overline { { { f } } } ( t _ { n } ) = \\left\\langle \\int f ( x + \\Delta x ) P _ { n - 1 } ( x ) d ^ { D } x \\right\\rangle _ { \\mathrm { N s } } } } \\\\ { { \\qquad = \\left\\langle \\int \\left( f ( x ) + f _ { \\ast } ( x ) \\Delta x ^ { i } + ( 1 / 2 ) f _ { \\ast j } ( x ) \\Delta x ^ { i } \\Delta x ^ { j } + . . . \\right) P _ { n - 1 } ( x ) d ^ { D } x \\right\\rangle _ { \\mathrm { N s } } } } \\\\ { { \\qquad = \\displaystyle \\int f ( x ) \\left\\langle \\hat { 1 } - \\frac { \\partial } { \\partial x ^ { i } } \\Delta x ^ { i } + ( 1 / 2 ) \\frac { \\partial ^ { 2 } } { \\partial x ^ { i } \\partial x ^ { j } } \\Delta x ^ { i } \\Delta x ^ { j } + . . . \\right\\rangle _ { \\mathrm { N s } } P _ { n - 1 } ( x ) d ^ { D } x . } } & { { \\mathrm { ( A 8 ) } } } \\end{array} \\]", "Here, \$ f _ { / j } \\, \\equiv \\, \\partial f / \\partial x ^ { i } \$ and similar for \$ f _ { { ' } i j } \\, = \\, \\partial ^ { 2 } f / \\partial x ^ { i } \\partial x ^ { j } \$, and the partial integration has been used.", "The next step is to Taylor expand \$ \\Delta x \$ up to second order in \$ \\Delta t \$ and substitute this expansion into the above expression. Using Equation (A1), one has", "\\[ \\Delta x ^ { i } = \\mathcal { F } _ { n } ^ { i } \\Delta t + \\alpha ( \\mathcal { F } _ { n } ^ { i } ) , \\mathcal { F } _ { n } ^ { j } \\Delta t ^ { 2 } + \\ldots \\eqno ( \\mathrm { A 9 } ) \\]", "Substituting this expression into Equation (A8), using Equation (A2), and performing the stochastic averaging over \$ \\xi _ { n } \$ with the help of Equation (7), one arrives at", "\\[ \\overline { { f } } ( t _ { n } ) = \\int f ( x ) ( \\widehat { 1 } - \\Delta t \\hat { H } _ { \\alpha } ^ { ( D ) } + \\ldots ) P _ { n - 1 } ( x ) d ^ { D } x , \\eqno ( \\mathrm { A 1 0 } ) \\]", "with the FP operator being", "\\[ \\hat { H } _ { \\alpha } ^ { ( D ) } = - \\frac { \\partial } { \\partial x ^ { i } } F _ { \\alpha } ^ { i } ( x ) - \\Theta \\frac { \\partial } { \\partial x ^ { i } } e _ { a } ^ { i } ( x ) \\frac { \\partial } { \\partial x ^ { j } } e _ { a } ^ { j } ( x ) \\eqno ( \\mathrm { A 1 1 } ) \\]", "and with the \$ \\alpha \$-dependent flow vector field from Equation (91).", "In the above derivation of the FP operator, SdE (A9) was used as a formal equation defining \$ \\Delta x \$. One can take an alternative view on stochastic dynamics in which the dynamics is continuous in time and the noise is piece-wise constant, as given in Figure 1. For a fixed noise configuration, one has a continuous trajectory x(t), defined by \$ \\dot { x } \\, = \\, \\mathcal { F } _ { n } ( x ( t ) ) \$ with the initial condition \$ x ( t _ { n - 1 } ) = x _ { n _ { 1 } } \$. Now, there is no freedom in choosing \$ \\alpha \$ because \$ \\Delta x \$ is uniquely defined by the evolution according to the Picard-Lindelo¨f theorem. In particular, \$ \\Delta x \$ has a unique Taylor expansion in \$ \\Delta t \$:", "\\[ \\Delta x ^ { i } = \\left. \\frac { \\partial x ^ { i } } { \\partial t } \\right\| _ { \\Delta t = 0 } \\Delta t + \\frac { 1 } { 2 } \\left. \\frac { \\partial ^ { 2 } x ^ { i } } { \\partial ^ { 2 } t } \\right\| _ { \\Delta t = 0 } \\Delta t ^ { 2 } + . . . \\eqno ( \\mathrm { A 1 2 } ) \\]", "The first coefficient here is determined from the SDE itself," ]	[ "\\[ \\left. \\frac { \\partial x ^ { i } } { \\partial t } \\right\| _ { \\Lambda t = 0 } = \\mathcal { F } _ { n } ^ { i } ( x ) , \\eqno { ( \\mathrm { A 1 3 } ) } \\]", "whereas the second coefficient is obtained via one differentiation of the SDE over time", "\\[ \\left. \\frac { \\partial ^ { 2 } x ^ { i } } { \\partial ^ { 2 } t } \\right\| _ { \\Delta t = 0 } = \\left. \\frac { \\partial \\mathcal { F } _ { n } ^ { i } ( x ) } { \\partial t } \\right\| _ { \\Delta t = 0 } = \\mathcal { F } _ { n ^ { \\prime } j } ^ { i } ( x ) \\left. \\frac { \\partial x ^ { i } } { \\partial t } \\right\| _ { \\Delta t = 0 } = \\mathcal { F } _ { n ^ { \\prime } j } ^ { i } ( x ) \\mathcal { F } _ { n } ^ { j } ( x ) ; \\eqno { ( \\mathrm { A 1 4 } ) } \\]", "thus, the quantity in Equation (A12) becomes", "\\[ \\Delta x ^ { i } = \\mathcal { F } _ { n } ^ { i } ( x ) \\Delta t + \\frac { 1 } { 2 } \\mathcal { F } _ { n ^ { \\prime } j } ^ { i } ( x ) \\mathcal { F } _ { n } ^ { j } ( x ) \\Delta t ^ { 2 } + \\ldots \\eqno ( \\mathrm { A 1 5 } ) \\]", "Comparing this equation with Equation (A9), one concludes that the Stratonovich choice of \$ \\alpha = 1 / \\tau \$ 2 must always be used for the continuous-time picture of temporal evolution.", "Concerning the Ito interpretation of SDEs, it is often said that, unlike all other interpre-tations, the Ito approach respects the Markovian property in the sense that the increment \$ \\Delta x _ { n } \$ or, equivalently, the final point \$ x _ { n } \\, = \\, x _ { n - 1 } + \\Delta x _ { n } \$ is a function of only \$ x _ { n - 1 } \$ and not of \$ x _ { n } \$. This advantage of Ito SDEs, however, is a misinterpretation. Indeed, the very state-ment that \$ x _ { n } \$ is a function of itself for \$ \\alpha \$ 0 does not make sense from the point of view of functional dependence. This sentence only tells us that \$ x _ { n } \$ as a function of \$ x _ { n - 1 } \$ is given only implicitly by Equation (90). For a fixed noise variable \$ \\xi _ { n } \$, the final point \$ x _ { n } \$ together with the increment \$ \\Delta x _ { n } \$ is always a function of \$ x _ { n - 1 } \$ only. Its explicit expression is given by Equation (A9) up to second order in \$ \\Delta t \$, the only accuracy relevant in the continuous-time limit.", "Furthermore, the Markovian property of stochastic processes is concerned not with the trajectories (the variables \$ x _ { n } \$ and \$ x _ { n - 1 } \$) but rather with the temporal evolution of TPDs. In application to the SdEs (90), the Markovian property means that the TPD at time moment \$ t _ { n } \$ depends on the TPD at the previous time moment \$ t _ { n - 1 } \$ only and not on the TPD at earlier time moments. As clearly observed from Equation (A6), which is correct for all \$ \\alpha \$, all the interpretations of SDEs satisfy this requirement of Markovianity. In other words, Ito SDEs are just as Markovian as SDEs in all the other interpretations.", "In other words, the only advantage of the Ito interpretation is the relative ease of its numerical implementation because the increment as a function of \$ x _ { n - 1 } \$ is given explicitly by the Ito SdE. This convenience for numerical implementations, however, does not have any significance from the mathematical point of view." ]	[]
20782229_35.pdf	20782229_36.pdf	en	[ "# DIRECTORS", "The Directors of the Company during the year ended 31 December 2018 and up to the date of this report were:", "# Executive Directors:", "Mr. Xu Songqing (Chairman)", "Mr. Luo Canwen (Chief Executive Officer)", "Mr. Chen Chunniu", "Mr. Xu Songman", "# Non-executive Director:", "Mr. Xu Jianhong", "# Independent non-executive Directors:", "Mr. Goh Choo Hwee", "Mr. Tam Yuk Sang Sammy", "Mr. Wu Chi Keung", "Pursuant to Article 84 of the Articles of Association of the Company, Mr. Luo Canwen, Mr. Chen Chunniu and Mr. Wu Chi Keung shall retire by rotation and, being eligible, will offer themselves for re-election at the forthcoming annual general meeting.", "# BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT", "Biographical details of the Directors and senior management of the Group are set out on pages 9 to 11 of this annual report.", "# DIRECTORS’ EMOLUMENTS", "Details of the Directors’ emoluments are set out in note 11 to the consolidated financial statements.", "No Director has waiver or has agreed to waive any emoluments and no emoluments were paid by the Group to the Directors as an inducement to join or upon joining the Group or as compensation for loss of office during the year ended 31 December 2018.", "# DIRECTORS’ SERVICE CONTRACTS", "Each of the executive Directors has entered into a service contract with the Company for an initial fixed term of three years with effect from the Listing Date renewable automatically unless terminated by not less than three months’ notice in writing served by either the Director or the Company.", "The non-executive Director has entered into a letter of appointment with the Company for an initial term of three years renewable automatically which unless otherwise terminated pursuant to the terms of the appointment is subject to automatic renewal. The appointment shall be subject to normal retirement and re-election at the annual general meeting by Shareholders of the Company pursuant to the Articles of Association." ]	[ "Each of the independent non-executive Directors has entered into a letter of appointment with the Company with effect from the Listing Date subject to retirement by rotation and re-election at annual general meetings of our Company and until terminated by not less than three months’ notice in writing served by either the Company or the relevant Director.", "Apart from the foregoing, no Director proposed for re-election at the forthcoming annual general meeting has a service contract which is not determinable by the Company or any of its subsidiaries within one year without payment of compensation, other than statutory compensation.", "# CONFIRMATION FROM THE INDEPENDENT NON-EXECUTIVE DIRECTORS", "The Company has received from each of the independent non-executive Directors the confirmation of their independence pursuant to rule 3.13 of the Listing Rules. Based on such confirmations, the Company considers each of the independent non-executive Directors is independent in accordance with rule 3.13 of the Listing Rules.", "# EQUITY-LINKED AGREEMENTS", "During the year ended 31 December 2018, the Group did not entered into any equity-linked agreement.", "# SHARE OPTION SCHEME", "Prior to the Listing, the Company conditionally adopted a share option scheme (the “Scheme”) on 23 March 2016 which became effective and unconditional upon the Listing. The purpose of the Scheme is to enable the Company to grant options to the Eligible Persons (as defined below) as incentives or rewards for their contribution or potential contribution to the Group.", "Details of the Scheme are as follows:", "# a. Purpose", "The primary purpose of the Scheme is to grant options as incentives or rewards to Eligible Persons for their contribution or potential contribution to the Group.", "# b. Eligible Persons", "The Board may, at its discretion, offer to grant an option to subscribe for such number of new Shares as the Board may determine at an exercise price determined in accordance with paragraph (h) below to any full-time or part-time employee of the Company or any member of the Group, including any executive Director, non-executive Director and independent non-executive Director, and any supplier, customer, agent, advisor and consultant of our Group who, in the sole opinion of the Board, will contribute or have contributed to the Group (collectively, the “Eligible Persons”).", "# c. Total number of Shares available for issue", "The total number of Shares which may be issued upon exercise of all options to be granted under the Scheme and any other share option schemes of the Company must not exceed 60,000,000 Shares, representing 10% of the Company’s issued share capital upon Listing." ]	[]
7587988_106.pdf	7587988_107.pdf	en	[ "# 31. Notes to the Consolidated Statement of Cash Flows (continued)", "# (C) TOTAL CASH OUTFLOW FOR LEASES", "The total cash outflow for leases included in the statement of cash flows is as follows:", "<table><tr><td rowspan=\"2\"></td><td>2020</td><td>2019</td></tr><tr><td>HK$’000</td><td>HK$’000</td></tr><tr><td>Within operating activities</td><td>17,353</td><td>15,713</td></tr><tr><td>Within financing activities</td><td>243,148</td><td>339,622</td></tr><tr><td></td><td>260,501</td><td>355,335</td></tr></table>", "# 32. Contingent Liabilities", "At the end of the reporting period, contingent liabilities not provided for in the financial statements were as follows:", "<table><tr><td rowspan=\"2\"></td><td>2020</td><td>2019</td></tr><tr><td>HK$’000</td><td>HK$’000</td></tr><tr><td>Bank guarantees given in lieu of utility and property rental deposits</td><td>24,757</td><td>26,921</td></tr></table>", "# 33. Commitments", "The Group had the following capital commitments at the end of the reporting period:", "<table><tr><td rowspan=\"2\"></td><td>2020</td><td>2019</td></tr><tr><td>HK$’000</td><td>HK$’000</td></tr><tr><td>Contracted, but not provided for:</td><td></td><td></td></tr><tr><td>Leasehold improvements, furniture, fixtures and equipment</td><td>17,550</td><td>30,010</td></tr></table>" ]	[ "# 34. Related Party Transactions", "# (A) In addition to the transactions and balances detailed elsewhere in these financial statements, the Group had the following transactions with related parties during the year:", "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">Notes</td><td>2020</td><td>2019</td></tr><tr><td>HK$’000</td><td>HK$’000</td></tr><tr><td>Rental expense to a related party</td><td> (i)</td><td>–</td><td>36</td></tr><tr><td>Management fee from associates</td><td> (ii)</td><td>–</td><td>660</td></tr><tr><td>Sales of food and other operating items to associates</td><td> (iii)</td><td>–</td><td>4,620</td></tr></table>", "Notes:", "(i) The rental expense to a related party, Madam Chan Sai Ying, who is the spouse of Mr. Chung Wai Ping, was charged based on mutually agreed terms at a monthly fixed amount of HK\\$4,000 during the year ended 31 December 2019.", "(ii) The management fee was charged to associates based on 1 to 2% of gross receipt during the year ended 31 December 2019.", "(iii) Sales of food and other operating items to associates were charged based on mutually agreed terms and conditions.", "# (B) Compensation of key management personnel of the Group", "The compensation of key management personnel of the Group for each reporting period represented the directors’ emoluments as disclosed in note 8 to the financial statements.", "The related party transaction mentioned in note (a)(i) above constitutes a continuing connected transaction as defined in Chapter 14A of the Listing Rules." ]	[]
11705258_313.pdf	11705258_314.pdf	en	[ "option (whether legally enforceable or not) to subscribe for or purchase, or to nominate persons to subscribe for or purchase, any Shares or any securities of any member of the Group.", "Following the completion of the Global Offering, the Hong Kong Underwriters and their affiliated companies may hold a certain portion of the Shares as a result of fulfilling their respective obligations under the Hong Kong Underwriting Agreement.", "# International Offering", "# International Underwriting Agreement", "In connection with the International Offering, the Company and the Controlling Shareholders expect to enter into the International Underwriting Agreement with the International Underwriters on the Price Determination Date. Under the International Underwriting Agreement and subject to the Over-allotment Option, the International Underwriters would, subject to certain conditions set out therein, agree severally but notj ointly to procure subscribers for, or themselves to subscribe for, their respective applicable proportions of the International Offer Shares initially being offered pursuant to the International Offering. It is expected that the International Underwriting Agreement may be terminated on similar grounds as the Hong Kong Underwriting Agreement. Potential investors should note that in the event that the International Underwriting Agreement is not entered into, the Global Offering will not proceed. Please see “Structure of the Global Offering—The International Offering.”", "# Over-allotment Option", "The Company is expected to grant to the International Underwriters the Over-allotment Option, exercisable by the Joint Global Coordinators on behalf of the International Underwriters at any time from the Listing Date until 30 days after the last day for lodging applications under the Hong Kong Public Offering, pursuant to which the Company may be required to issue up to an aggregate of 53,000,000 Shares, representing not more than 15% of the number of Offer Shares initially available under the Global Offering, at the Offer Price, to, among other things, cover over-allocations in the International Offering, if any. Please see “Structure of the Global Offering—Over-allotment Option.”", "# Indemnity", "Each of our Company and the Controlling Shareholders has agreed to indemnify the Hong Kong Underwriters and International Underwriters for certain losses which they may suffer or incur, including losses arising from their performance of their obligations under the Underwriting Agreements and any breach by any of the Company and the Controlling Shareholders of the Hong Kong Underwriting Agreements.", "# Total Commissions and Expenses", "The Underwriters will receive an underwriting commission of 2.5% of the aggregate Offer Price of all the Offer Shares (including any Offer Shares to be issued pursuant to the exercise of the Over-allotment Option), out of which they will pay any sub-underwriting commissions and other fees.", "The Underwriters may receive a discretionary incentive fee of up to 1.0% of the aggregate Offer Price of all the Offer Shares (including any Offer Shares to be issued pursuant to the exercise of the Over-allotment Option)." ]	[ "For any unsubscribed Hong Kong Offer Shares reallocated to the International Offering, the underwriting commission will not be paid to the Hong Kong Underwriters but will instead be paid, at the rate applicable to the International Offering, to the relevant International Underwriters.", "The aggregate underwriting commissions payable to the Underwriters in relation to the Global Offering (assuming an Offer Price of HK\\$2.39 per Offer Share (which is the mid-point of the Offer Price range), the full payment of the discretionary incentive fee and the exercise of the Over-allotment Option in full) will be approximately HK\\$34.0 million.", "The aggregate underwriting commissions and fees together with the Stock Exchange listing fees, the SFC transaction levy and the Stock Exchange trading fee, legal and other professional fees and printing and all other expenses relating to the Global Offering are estimated to be approximately HK\\$91.6 million (assuming an Offer Price of HK\\$2.39 per Offer Share (which is the mid-point of the Offer Price range), the full payment of the discretionary incentive fee and the exercise of the Over-allotment Option in full) and will be paid by our Company.", "# Indemnity", "Each of our Company and the Controlling Shareholders has agreed to indemnify the Hong Kong Underwriters and International Underwriters for certain losses which they may suffer or incur, including losses arising from their performance of their obligations under the Underwriting Agreements and any breach by any of the Company and the Controlling Shareholders of the Hong Kong Underwriting Agreements.", "# Hong Kong Underwriters’ Interests in our Company", "Save as disclosed in this prospectus and save for its obligations under the Hong Kong Underwriting Agreement, the Hong Kong Underwriters do not have any shareholding interests in our Company or the right or option (whether legally enforceable or not) to subscribe for or to nominate persons to subscribe for securities in our Company.", "Following the completion of the Global Offering, the Underwriters and their affiliated companies may hold a certain portion of the Shares as a result of fulfilling their obligations under the Underwriting Agreements.", "# Other Services to our Company", "The Joint Global Coordinators and the Underwriters or its respective affiliates have, from time to time, provided and expect to provide in the future investment banking and other services to our Company and our respective affiliates, for which such Joint Global Coordinators and the Underwriters or their respective affiliates have received or will receive customary fees and commissions", "# Sponsors’ Independence", "The Joint Sponsors satisfy the independence criteria applicable to sponsors set out in Rule 3A.07 of the Listing Rules.", "# ACTIVITIES BY SYNDICATE MEMBERS", "The underwriters of the Hong Kong Public Offering and the International Offering (together, the “Syndicate Members”) and their affiliates may each individually undertake a variety of activities (as further described below) which do not form part of the underwriting or stabilizing process." ]	[]
11767810_8.pdf	11767810_9.pdf	en	[ "Using [5, Proposition 6.6], if \$ \\sigma _ { x } \$ can be obtained as a truncated induction (see [9, Chapter 11])from the sign representation of a Weyl subgroup \$ W ^ { \\prime } \\leq W \$, i.e. \$ \\sigma _ { x } = j _ { W ^ { \\prime } } ^ { W } ( \\mathrm { s g n } ) \$, then we can reduce this formula into", "\\[ R _ { x } : = \\sum _ { w ^ { \\prime } \\in W ^ { \\prime } } ( - 1 ) ^ { l ( w ^ { \\prime } ) } X \\left( \\begin{array} { c } { { \\lambda _ { \\mathcal { O } } } } \\\\ { { w ^ { \\prime } \\lambda _ { \\mathcal { O } } } } \\end{array} \\right) . \\]", "Step (4) Consequently, every unipotent representation corresponding to \$ \\mathcal { O } \$ is parametrized by \$ \\pi \\in \\overline { { A } } ( \\mathcal { O } ) ^ { \\wedge } \$, and has the character formula", "\\[ X _ { \\pi } : = \\frac { 1 } { \| \\overline { { A } } ( \\mathcal { O } ) \| } \\sum _ { x \\in \\overline { { A } } ( \\mathcal { O } ) } t r ( \\pi ( x ) ) R _ { x } . \\]", "Example 3.2. We now study the special unipotent representations attached to the orbit \$ \\mathcal { O } = ( 2 ^ { 2 p } 1 ^ { 2 q } ) \$:", "– The Lusztig-Spaltenstein dual is given by \$ { \\cal L } { \\cal O } = ( 2 p + 2 q + 1 , 2 p - 1 , 1 ) \$. Hence", "\\[ \\lambda \\mathcal { O } = \\frac { 1 } { 2 } \\, ^ { L } h = ( p + q , p + q - 1 , \\dots , p , ( p - 1 ) ^ { 2 } , \\dots , 2 ^ { 2 } , 1 ^ { 2 } , 0 ) . \\]", "– In [20], Lusztig defined an injection", "\\[ \\gamma ( \\mathcal { O } ) : = \\{ \\mathcal { O } ^ { \\prime } \\subseteq \\overline { { \\mathcal { O } } } \| \\mathcal { O } ^ { \\prime } \\not \\subseteq \\overline { { \\mathcal { O } } } _ { s p e c } \\mathrm { ~ f o r ~ a n y ~ o t h e r ~ s p e c i a l ~ o r b i t ~ } \\mathcal { O } _ { s p e c } \\subseteq \\mathcal { O } \\} \\hookrightarrow \\overline { { A } } ( \\mathcal { O } ) . \\]", "Consider the following composition of maps:", "\\[ \\mathcal { O } ^ { \\prime } \\in \\gamma ( \\mathcal { O } ) \\hookrightarrow x ( \\mathcal { O } ^ { \\prime } ) \\in \\overline { { A } } ( \\mathcal { O } ) \\overset { S t e p ( 2 ) } { \\longmapsto } \\sigma _ { x ( \\mathcal { O } ^ { \\prime } ) } \\in \\hat { W } . \\]", "Then \$ \\sigma _ { x ( \\mathcal { O } ^ { \\prime } ) } = s p ( \\mathcal { O } ^ { \\prime } ) \$, the Springer representation of \$ \\mathcal { O } ^ { \\prime } \$.", "For \$ \\mathcal { O } = ( 2 ^ { 2 p } 1 ^ { 2 q } ) \$, \$ \\gamma ( O ) = \\{ O , { \\mathcal { O } } ^ { \\prime } \\} \$, where \$ \\mathcal { O } ^ { \\prime } = ( 2 ^ { 2 p - 1 } 1 ^ { 2 q + 2 } ) \$, and \$ A ( \\mathcal { O } ) = \\overline { { A } } ( \\mathcal { O } ) = \\mathbb { Z } / 2 \\mathbb { Z } = \$\$ \\{ e , s \\} \$ with e being the identity element. So the injection above is indeed a bijection, and", "\\[ \\mathcal { O } \\leftrightarrow e \\; ; \\; \\; \\mathcal { O } ^ { \\prime } \\leftrightarrow s . \\]", "According to the algorithm of computing Springer representations given in Section 7 of[24],", "\\[ \\sigma _ { e } = ( 1 ^ { p } , 1 ^ { p + q } ) = j _ { D _ { p } \\times C _ { p + q } } ^ { C _ { n } } ( \\mathrm { s g n } ) , \\; \\; \\sigma _ { s } = ( 1 ^ { p + q + 1 } , 1 ^ { p - 1 } ) = j _ { D _ { p + q + 1 } \\times C _ { p - 1 } } ^ { C _ { n } } ( \\mathrm { s g n } ) . \\]", "– The two reduced formula is of the form", "\\[ ( 3 ) \\qquad \\quad R _ { e } = \\sum _ { w \\in W ( D _ { p } \\times C _ { p + q } ) } ( - 1 ) ^ { l ( w ) } X \\left( \\begin{array} { c c c } { { p - 1 , \\ldots , 1 , 0 ; } } & { { p + q , \\ldots , 2 , 1 } } \\\\ { { w ( } } & { { p - 1 , \\ldots , 1 , 0 ; } } & { { p + q , \\ldots , 2 , 1 ) } } \\end{array} \\right) , \\]", "\\[ ( 4 ) \\qquad R _ { s } = \\sum _ { w ^ { \\prime } \\in W ( D _ { p + q + 1 } \\times C _ { p - 1 } ) } ( - 1 ) ^ { l ( w ^ { \\prime } ) } X \\left( \\begin{array} { c } { { p + q , \\dots , 1 , 0 ; } } \\\\ { { w ^ { \\prime } ( } & { { p + q , \\dots , 1 , 0 ; } } \\end{array} \\begin{array} { c } { { p - 1 , \\dots , 2 , 1 } } \\\\ { { p - 1 , \\dots , 2 , 1 } } \\end{array} \\right) . \\]", "(Here we have used Remark (a) after Proposition 1.4.)" ]	[ "– The two special unipotent representations are of the form", "\\[ X _ { \\mathcal { O } } ^ { + } = \\frac { 1 } { 2 } ( R _ { e } + R _ { s } ) , ~ X _ { \\mathcal { O } } ^ { - } = \\frac { 1 } { 2 } ( R _ { e } - R _ { s } ) . \\]", "We now link the special unipotent representations obtained in the previous example with \$ \\theta ( \\mathrm { t r i v } ) \$,\$ \\theta ( \\mathrm { d e t } ) \$.", "Proposition 3.3. As \$ ( { \\mathfrak { g } } _ { \\mathbb { C } } , K _ { \\mathbb { C } } ) \\cdot \$-modules,", "\\[ X _ { \\mathcal { O } } ^ { + } \\cong \\theta ( \\mathrm { t r i v } ) , ~ X _ { \\mathcal { O } } ^ { - } \\cong \\theta ( \\mathrm { d e t } ) \\]", "Proof. The proposition can be proved directly by tracing along the lines of Corollary 5.24 in [5] and Theorem 2.1. We present another proof here. Note that the infinitesimal charac-ter of \$ X _ { \\mathcal { O } } ^ { + } \$ and \$ X _ { \\mathcal { O } } ^ { - } \$ are both \$ W \\times W \$-conjugacy class of) \$ ( \\lambda _ { \\mathcal { O } } , \\lambda _ { \\mathcal { O } } ) \$. By Proposition 1.4, they must be of the form \$ L \\left( \\begin{array} { c } { { \\dot { \\lambda _ { \\mathcal { O } } } } } \\\\ { { w \\lambda _ { \\mathcal { O } } } } \\end{array} \\right) \$ for some \$ w \\in W \$. For \$ X _ { \\mathcal { O } } ^ { + } \$,", "\\[ X _ { \\mathcal { O } } ^ { + } \\cong \\frac { 1 } { 2 } ( R _ { e } + R _ { s } ) = \\frac { 1 } { 2 } [ ( X \\left( \\begin{array} { l } { \\lambda _ { \\mathcal { O } } } \\\\ { \\lambda _ { \\mathcal { O } } } \\end{array} \\right) + \\ldots ) + ( X \\left( \\begin{array} { l } { \\lambda _ { \\mathcal { O } } } \\\\ { \\lambda _ { \\mathcal { O } } } \\end{array} \\right) + \\ldots ) ] = X \\left( \\begin{array} { l } { \\lambda _ { \\mathcal { O } } } \\\\ { \\lambda _ { \\mathcal { O } } } \\end{array} \\right) + \\ldots , \\]", "where the remaining terms are of the form \$ X \\left( \\begin{array} { c } { { \\lambda \\mathcal { O } } } \\\\ { { w \\lambda \\mathcal { O } } } \\end{array} \\right) \\! . \$, \$ l ( w ) > \$ 0. Hence its lowest \$ K _ { \\mathbb { C } } \$-type is \$ \\lambda _ { \\mathcal { O } } - \\lambda _ { \\mathcal { O } } = ( 0 ^ { n } ) \$. On the other hand, the only \$ L \\left( \\begin{array} { c } { { \\lambda \\mathcal { O } } } \\\\ { { w \\lambda \\mathcal { O } } } \\end{array} \\right) \$ having lowest \$ K _ { \\mathbb { C } } \$-type \$ ( 0 ^ { n } ) \$ is \$ L \\left( \\begin{array} { c } { { \\lambda _ { \\mathcal { O } } } } \\\\ { { \\lambda _ { \\mathcal { O } } } } \\end{array} \\right) . \$ By (Remark (b) after) Proposition 1.4 and Theorem 2.1,", "\\[ \\begin{array} { r } { X _ { \\mathcal { O } } ^ { + } \\cong L \\left( \\begin{array} { l } { \\lambda _ { \\mathcal { O } } } \\\\ { \\lambda _ { \\mathcal { O } } } \\end{array} \\right) \\cong L \\left( \\begin{array} { l l l } { p + q , \\dots , 2 , 1 ; } & { p - 1 , \\dots , 1 , 0 } \\\\ { p + q , \\dots , 2 , 1 ; } & { p - 1 , \\dots , 1 , 0 } \\end{array} \\right) \\cong \\theta ( \\mathrm { t r i v } ) . } \\end{array} \\]", "For \$ X _ { \\mathcal { O } } ^ { - } \$, a direct computation shows that the term", "\\[ X \\left( \\begin{array} { c } { { \\lambda _ { \\mathcal { O } } } } \\\\ { { w _ { p } \\lambda _ { \\mathcal { O } } } } \\end{array} \\right) : = X \\left( \\begin{array} { c c c c c c } { { p + q , \\ldots , p + 1 ; } } & { { p , p - 1 } } & { { p - 1 , p - 2 } } & { { \\ldots , } } & { { 2 , 1 , } } & { { 1 , 0 } } \\\\ { { p + q , \\ldots , p + 1 ; } } & { { p - 1 , p } } & { { p - 2 , p - 1 } } & { { \\ldots , } } & { { 1 , 2 , } } & { { 0 , 1 } } \\end{array} \\right) \\, . \\]", "appears in the expression \$ \\begin{array} { r } { X _ { \\mathcal { O } } ^ { - } \\cong \\frac { 1 } { 2 } ( R _ { e } - R _ { s } ) } \\end{array} \$ with coefficient 1. Hence \$ X _ { \\mathcal { O } } ^ { - } \$ must have lowest \$ K _ { \\mathbb { C } } \$-type smaller than or equal to \$ ( 1 ^ { 2 p } 0 ^ { q } ) \\sim ( \\lambda _ { \\mathcal { O } } \\! - \\! w _ { p } \\lambda _ { \\mathcal { O } } ) \$, that is, the lowest \$ K _ { \\mathbb { C } } \$-type must be of the form \$ ( 1 ^ { 2 i } 0 ^ { n - 2 i } ) \$ with \$ i \\leq p \$. However, another direct computation shows that all terms of the form", "\\[ \\{ X \\left( \\begin{array} { c } { { \\lambda \\mathcal O } } \\\\ { { w \\lambda \\mathcal O } } \\end{array} \\right) \| w \\in W , \\; ( \\lambda \\mathcal O - w \\lambda \\mathcal O ) \\sim ( 1 ^ { 2 i } 0 ^ { n - 2 i } ) , \\; i < p \\} \\]", "do not appear in the expression of \$ X _ { \\mathcal { O } } ^ { - } \$. Therefore, the lowest \$ K _ { \\mathbb { C } } \$-type of \$ X _ { \\mathcal { O } } ^ { - } \$ must be \$ \\left( 1 ^ { 2 p } 0 ^ { q } \\right) \$.", "Suppose \$ X _ { \\mathcal { O } } ^ { - } \\cong L \\left( \\begin{array} { c } { \\lambda \\mathcal { O } } \\\\ { w \\lambda \\mathcal { O } } \\end{array} \\right) \$ for some \$ w \\in W \$, then we have" ]	[]
11689997_34.pdf	11689997_35.pdf	en	[ "Libertatem would suggest: The UK adopts the MIFID II definitions which make Independent” advisers. Fee based, whole of market and Independent of undue influence via ownership or other agreement. This would allow most restricted advisers to re-join the Independent camp", "Under MIFID II: Non-Independent advisers can receive commission, use panels of providers etc. As long as this is properly disclosed we feel that this may well provide access to advice for some of those who were disenfranchised by RDR. It may make sense to remove the term “Restricted” and use the term “Regulated”.", "Adopting MIFID II definitions would both realign the UK with Europe but also use terms which are more easily understood", "That all the stakeholders agree a set of definitions for advice and guidance which are used by all to improve communication and avoid many of the current misunderstandings.", "Q3: What comments do you have on consumer demand for professional financial advice?", "Thanks to THR2: We know that the historical market for Independent Advice was 16m. We also know that advisers could be split into three specific groups.", "THR2 Identified the numbers of clients under each definition", "Boutique advisers enjoy a per adviser range between 10 and 120 although the current average is 159. This is likely to drop significantly.", "Segregated Adviser will be the way forward for the adviser who wants more than a lifestyle business as it can offer a capital exit in the future. The current per adviser average is 191", "Generalist/Transactional advisers currently show 205 active clients per adviser. But they also have another 400+ old clients who may return.", "Most of the 3,250 who have exited the sector since 2010 have been Generalist adviser and some had client banks in excess of 1,000 clients", "Libertatem suggests: At least 4m consumers seem to have successfully made the RDR transaction to fees. Circa 2,500 – mostly attached to generalist advisers - may be less secure particularly if we continue to see Trail Commission being reneged on by providers.", "If we are to see a reconnection between advice and the 10m ex IFA clients, we will need to recreate the new version of the commission based market (See National Advice Service)" ]	[ "# Q.4: Do you have any comments or evidence on the level of demand for advice from sources other than professional financial advisers?", "There is no shortage of PR noise from a number of investment platforms that seek to deal directly with the client. But currently there is little evidence that this noise is converting into profitable business. Such firms will have resolved the matter in the next 3 years. Either they will have reached the tipping point into profit or their investors will have given up.", "The missing link of many non-advised options is “the Challenge”.", "This is the first step to a client making private provision and the most important aspect of an adviser’s day. The challenge comes twice in any client relationship. Firstly, when a client is challenged to seek advice and secondly when the client is challenged to accept the solutions are suggested.", "This challenge can only be done by human interaction. We do not see it being done by computers, Robo Advice or other androids. It is possible via Skype but better achieved face to face. Much of the enthusiasm for new processes presumes that clients will challenge themselves – this is unlikely and unproven.", "The price of RDR’s commission free world is the removal of that challenge from the common man and with it any independence from the state when in need.", "# Q5: Do you have any comments or evidence on the types of financial needs for which consumers may seek advice?", "RDR has sought to push the adviser community towards the Boutique model. It presumed that all clients wanted an intimate relationship with their advisers in which there were regular reviews. In essence that the IFA sector should be restricted to financial planning.", "The reality was that the vast majority of clients were transactional and wanted a once off or a once in a while advisory event or the solution of a specific issue. They did not seek regular connection. At the same time RDR sought to make all advisory firms the same and restrict their activities and the accessibility of advice", "Post RDR - adviser firms had all the same qualifications and were trading in the same market using the same basic business model. So now advisers have difficulty distinguishing themselves from the competition.", "Q6: Is the FCA Consumer Spotlight segmentation model useful for exploring consumers’ advice needs?", "No appears to be a complete waste of money unless you are a regulator seeking to increase your empire", "# Q7: Do you have any observation on the segments and whether any should be the subject of particular focus in the Review?", "No" ]	[]
20739465_83.pdf	20739465_84.pdf	en	[ "# 27. FAIR VALUE OF ASSETS AND LIABILITIES", "# (a) Fair value hierarchy", "The Group categorises fair value measurements using a fair value hierarchy that is dependent on the valuation inputs used as follows:", "<table><tr><td>– Level 1</td><td>– Quoted prices (unadjusted) in active market for identical assets or liabilities that the Group \ncan access at the measurement date,</td></tr><tr><td>– Level 2</td><td>– Inputs other that quoted prices included within Level 1 that are observable for the asset \nor liability, either directly or indirectly, and</td></tr><tr><td>– Level 3</td><td>– Unobservable inputs for the asset or liability.</td></tr></table>", "Fair value measurements that use inputs of different hierarchy levels are categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.", "# (b) Assets and liabilities not carried at fair value but for which fair value is disclosed", "Trade and other receivables, trade and other payables, accrued operating expenses and amounts due from/(to) subsidiaries and associates (current)", "The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values due to their short-term nature.", "# Pledged fixed deposit", "The carrying amount of pledged fixed deposit closely approximates its fair value as the interest rate of this financial asset approximates its market rate on or at the end of the reporting period.", "# (c) Assets and liabilities not carried at fair value and whose carrying amounts are not reasonable approximation of fair value.", "# Amounts due from subsidiaries and associates (non-current) and Contract Deposit", "The non-current amounts due from subsidiaries and associates have no fixed terms of repayment. Accordingly, the fair values cannot be measured reliably as the timing of e future cash flows cannot be determined.", "Contract Deposit has no fixed terms of repayment. Accordingly, the fair values cannot be measured reliably as the Contract Deposit is interest-free." ]	[ "# 28. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES", "The Group and the Company is exposed to financial risks arising from its operations and the use of financial instruments. The key risks include credit risk, liquidity risk and foreign currency risk. The Board of Directors reviews and agrees policies and procedures for the management of these risks. The Audit Committee provides independent oversight to the effectiveness of the risk management process. It is, and has been throughout the current and previous financial years, the Group’s policy that no trading in derivatives for speculative purposes shall be undertaken.", "The following sections provide details regarding the Group’s and Company’s exposure to the above-mentioned financial risks and the objectives, policies and processes for the management of these risks.", "# (a) Credit risk", "Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. The Group’s and the Company’s exposure to credit risk arises primarily from trade and other receivables, cash and short-term deposits. For other financial assets (including cash and short-term deposits), the Group and the Company minimise credit risk by dealing exclusively with high credit rating counterparties.", "The Group’s objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure. The Group trades only with recognised and creditworthy third parties. In addition, receivable balances are monitored on an ongoing basis.", "# Excessive risk concentration", "Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographic region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group’s performance to developments affecting a particular industry.", "In order to avoid excessive concentrations of risk, the Group’s policies and procedures include specific guidelines to focus on maintaining a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly. Selective hedging is used within the Group to manage risk concentrations at both the relationship and industry levels. The Group does not apply hedge accounting.", "# Exposure to credit risk", "At the end of the reporting period, the Group’s and the Company’s maximum exposure to credit risk is represented by the carrying amount of each class of financial assets recognised in the statements of financial position.", "Information regarding credit enhancements for trade and other receivables is disclosed in Note 16." ]	[]
9285198_410.pdf	9285198_411.pdf	en	[ "• authorise the Company to place HKSCC Nominees name on the Company’s register of members as the holder of the Hong Kong Offer Shares allocated to you and to send Share certificate(s) and/or refund monies under the arrangements separately agreed between us and HKSCC;", "• confirm that you have read the terms and conditions and application procedures set out in this prospectus and agree to be bound by them;", "• confirm that you have received and read a copy of this prospectus and have relied only on the information and representations in this prospectus in causing the application to be made, save as set out in any supplement to this prospectus;", "• agree that none of the Company or the Relevant Persons is or will be liable for any information and representations not contained in this prospectus (and any supplement to it);", "• agree to disclose to the Company, the Hong Kong Share Registrar, the receiving bank and the Relevant Persons any personal data which they may require about you;", "• agree (without prejudice to any other rights which you may have) that once HKSCC Nominees application has been accepted, it cannot be rescinded for innocent misrepresentation;", "• agree that any application made by HKSCC Nominees on your behalf is irrevocable on or before the fifth day after the time of the opening of the application lists (excluding any day which is a Saturday, Sunday or public holiday in Hong Kong), such agreement to take effect as a collateral contract with the Company, and to become binding when you give the instructions and such collateral contract to be in consideration of the Company agreeing that it will not offer any Hong Kong Offer Shares to any person on or before the fifth day after the time of the opening of the application lists (excluding any day which is a Saturday, Sunday or public holiday in Hong Kong), except by means of one of the procedures referred to in this prospectus. However, HKSCC Nominees may revoke the application on or before the fifth day after the time of the opening of the application lists (excluding for this purpose any day which is a Saturday, Sunday or public holiday in Hong Kong) if a person responsible for this prospectus under Section 40 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance gives a public notice under that section which excludes or limits that person’s responsibility for this prospectus;", "• agree that once HKSCC Nominees’ application is accepted, neither that application nor your electronic application instructions can be revoked, and that acceptance of that application will be evidenced by the Company’s announcement of the results of the Hong Kong Public Offering;" ]	[ "• agree to the arrangements, undertakings and warranties under the participant agreement between you and HKSCC, read with the General Rules of CCASS and the CCASS Operational Procedures, for giving electronic application instructions to apply for Hong Kong Offer Shares;", "• agree with the Company, for itself and for the benefit of each Shareholder (and so that the Company will be deemed by its acceptance in whole or in part of the application by HKSCC Nominees to have agreed, for itself and on behalf of each of the Shareholders, with each CCASS Participant giving electronic application instructions) to observe and comply with the Companies Ordinance, the Companies (Winding Up and Miscellaneous Provisions) Ordinance and the Articles of Association; and", "• agree that your application, any acceptance of it and the resulting contract will be governed by and construed in accordance with the Laws of Hong Kong.", "# Effect of Giving Electronic Application Instructions to HKSCC via CCASS", "By giving electronic application instructions to HKSCC or instructing your broker or custodian who is a CCASS Clearing Participant or a CCASS Custodian Participant to give such instructions to HKSCC, you (and, if you arej oint applicants, each of youj ointly and severally) are deemed to have done the following things. Neither HKSCC nor HKSCC Nominees shall be liable to the Company or any other person in respect of the things mentioned below:", "• instructed and authorised HKSCC to cause HKSCC Nominees (acting as nominee for the relevant CCASS Participants) to apply for the Hong Kong Offer Shares on your behalf;", "• instructed and authorised HKSCC to arrange payment of the Maximum Offer Price, brokerage, SFC transaction levy and the Stock Exchange trading fee by debiting your designated bank account and, in the case of a wholly or partially unsuccessful application and/or if the Offer Price is less than the Maximum Offer Price per Offer Share initially paid on application, refund of the application monies (including brokerage, SFC transaction levy and the Stock Exchange trading fee) by crediting your designated bank account; and", "• instructed and authorised HKSCC to cause HKSCC Nominees to do on your behalf all the things stated in the WHITE Application Form and in this prospectus.", "# Minimum Purchase Am ount and Permitted Numbers", "You may give or cause your broker or custodian who is a CCASS Clearing Participant or a CCASS Custodian Participant to give electronic application instructions for a minimum of 200 Hong Kong Offer Shares. Instructions for more than 200 Hong Kong Offer Shares must be in one of the numbers set out in the table in the Application Forms. No application for any other number of Hong Kong Offer Shares will be considered and any such application is liable to be rejected." ]	[]
2555509_43.pdf	2555509_44.pdf	en	[ "# 2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)", "# HKFRS 9 Financial Instruments (continued)", "# Impairment", "In general, the Directors anticipate that the application of the expected credit loss model of HKFRS 9 will result in earlier provision of credit losses which are not yet incurred in relation to the Group’s financial assets measured at amortised costs and other items that subject to the impairment provisions upon application of HKFRS 9 by the Group.", "Based on the assessment by the Directors, if the expected credit loss model were to be applied by the Group, the accumulated amount of impairment loss to be recognised by the Group as at 1st January, 2018 would be increased as compared to the accumulated amount recognised under HKAS 39 mainly attributable to expected credit losses provision on debtors. Such further impairment recognised under expected credit loss model would reduce the opening retained profits at 1st January, 2018.", "# HKFRS 15 Revenue from Contracts with Customers", "HKFRS 15 was issued which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. HKFRS 15 will supersede the current revenue recognition guidance including HKAS 18 Revenue, HKAS 11 Construction Contracts and the related interpretations when it becomes effective.", "The core principle of HKFRS 15 is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the standard introduces a 5-step approach to revenue recognition:", "• Step 1: Identify the contract(s) with a customer", "• Step 2: Identify the performance obligations in the contract", "• Step 3: Determine the transaction price", "• Step 4: Allocate the transaction price to the performance obligations in the contract", "• Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation", "Under HKFRS 15, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when ‘control’ of the goods or services underlying the particular performance obligation is transferred to the customer. Far more prescriptive guidance has been added in HKFRS 15 to deal with specific scenarios. Furthermore, extensive disclosures are required by HKFRS 15.", "In 2016, the HKICPA issued clarifications to HKFRS 15 in relation to the identification of performance obligations, principal versus agent considerations, as well as licensing application guidance." ]	[ "# 2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)", "# HKFRS 15 Revenue from Contracts with Customers (continued)", "The management of the Group anticipate that the application of HKFRS 15 in the future may result in more disclosures, however, the management of the Group do not anticipate that the application of HKFRS 15 will have a material impact on the timing and amounts of revenue recognised in the respective reporting periods.", "# HKFRS 16 Leases", "HKFRS 16 introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. HKFRS 16 will supersede HKAS 17 Leases and the related interpretations when it becomes effective.", "HKFRS 16 distinguishes lease and service contracts on the basis of whether an identified asset is controlled by a customer. Distinctions of operating leases and finance leases are removed for lessee accounting, and is replaced by a model where a right-of-use asset and a corresponding liability have to be recognised for all leases by lessees, except for short-term leases and leases of low value assets.", "The right-of-use asset is initially measured at cost and subsequently measured at cost (subject to certain exceptions) less accumulated depreciation and impairment losses, adjusted for any remeasurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at that date. Subsequently, the lease liability is adjusted for interest and lease payments, as well as the impact of lease modifications, amongst others. For the classification of cash flows, the Group currently presents upfront prepaid lease payments as investing cash flows in relation to leasehold lands for owned use and those classified as investment properties while other operating lease payments are presented as operating cash flows. Upon application of HKFRS 16, lease payments in relation to lease liability will be allocated into a principal and an interest portion which will be presented as financing cash flows by the Group.", "Under HKAS 17, the Group has already recognised an asset for prepaid lease payments for leasehold lands where the Group is a lessee. The application of HKFRS 16 may result in potential changes in classification of these assets depending on whether the Group presents right-of-use assets separately or within the same line item at which the corresponding underlying assets would be presented if they were owned.", "In contrast to lessee accounting, HKFRS 16 substantially carries forward the lessor accounting requirements in HKAS 17, and continues to require a lessor to classify a lease either as an operating lease or a finance lease.", "Furthermore, extensive disclosures are required by HKFRS 16." ]	[]
11777419_390.pdf	11777419_391.pdf	en	[ "# (ii) Right-of-use assets", "The analysis of the net book value of right-of-use assets by class of underlying asset is as follows:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">As of March 31,</td><td rowspan=\"2\">As of\nAugust 6,\n2019</td></tr><tr><td>2018</td><td>2019</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>Buildings leased for own use, carried at depreciated cost ......</td><td>3,386</td><td>3,350</td><td>2,116</td></tr></table>", "Orizen Group has obtained the right to use other properties as its offices and warehouses through tenancy agreements. The leases typically run for an initial period of 1 to 3 years.", "The analysis of expense items in relation to leases recognized in the consolidated statement of profit or loss and other comprehensive income is as follows:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">As of March 31,</td><td rowspan=\"2\">Period from\nApril 1, 2019 to\nAugust 6, 2019</td></tr><tr><td>2018</td><td>2019</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>Depreciation charge of rihgt-of-use assets by class of\nunderliyng asset:</td><td></td><td></td><td></td></tr><tr><td>Buildings leased for own use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</td><td>616</td><td>2,431</td><td>1,744</td></tr><tr><td>Interest on lease liabilities (note (3)(i)) . . . . . . . . . . . . . . . . . . . . .</td><td>43</td><td>117</td><td>35</td></tr></table>", "# (8) Investment in a subsidiary", "Details of Orizen’s subsidiary are as follows:", "<table><tr><td rowspan=\"2\">Company name</td><td rowspan=\"2\">Form of\nbusiness\nstructure</td><td rowspan=\"2\">Place of\nincorporation\nand\nbusiness</td><td rowspan=\"2\">Particulars\nof issued\nand paid-up\ncaiptal</td><td colspan=\"3\">Proportion of ownership interest</td><td rowspan=\"2\">Principal\nactivities</td></tr><tr><td>effective\ninterest</td><td>Held by\nOrizen</td><td>Held by a\nsubsidiary</td></tr><tr><td>PCCH</td><td> Incorporated</td><td> Hong Kong</td><td> 100 ordinary\nshares</td><td>100%</td><td>100%</td><td> –</td><td> Trading,\nwholesaling\nand\nretailing\nof Chinese\nmedicine</td></tr></table>", "# (9) Inventories", "# (i) Inventories in the consolidated statement of financial position comprise:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">As of March 31,</td><td rowspan=\"2\">As of\nAugust 6,\n2019</td></tr><tr><td>2018</td><td>2019</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>Finished goods ..........................................</td><td>16,424</td><td>11,649</td><td>12,084</td></tr></table>", "# (10) Trade and other receivables", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">As of March 31,</td><td rowspan=\"2\">As of\nAugust 6,\n2019</td></tr><tr><td>2018</td><td>2019</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>Trade receivables ........................................</td><td>7,334</td><td>8,067</td><td>8,896</td></tr><tr><td>Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</td><td>1</td><td>679</td><td>693</td></tr><tr><td>Deposits and prepayments ................................</td><td>1,530</td><td>881</td><td>1,223</td></tr><tr><td></td><td>8,865</td><td>9,627</td><td>10,812</td></tr></table>", "At March 31, 2018 and 2019 and August 6, 2019, the deposits and prepayments expected to be recovered after more than one year amounted to HK\\$745,000, HK\\$727,000 and HK\\$926,000 respectively. The remaining trade and other receivables are expected to be recovered within one year.", "Orizen Group normally allows a credit period of within 90 days to its customers." ]	[ "# Aging analysis", "As of the end of the reporting period, the aging analysis of trade receivables (which are included in trade and other receivables) based on the invoice date and net of loss allowance, is as follows:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">As of March 31,</td><td rowspan=\"2\">As of\nAugust 6,\n2019</td></tr><tr><td>2018</td><td>2019</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>Less than 1 month .......................................</td><td>5,512</td><td>6,494</td><td>6,742</td></tr><tr><td>1to6months............................................\n</td><td>1,822</td><td>1,573</td><td>2,154</td></tr><tr><td></td><td>7,334</td><td>8,067</td><td>8,896</td></tr></table>", "The aging analysis of trade receivables (net of loss allowance) by due dates is as follows:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">As of March 31,</td><td rowspan=\"2\">As of\nAugust 6,\n2019</td></tr><tr><td>2018</td><td>2019</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>Current .................................................</td><td>5,512</td><td>6,494</td><td>6,150</td></tr><tr><td>Less than 1 month past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</td><td>946</td><td>666</td><td>1,667</td></tr><tr><td>1 to 3 months past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</td><td>581</td><td>455</td><td>791</td></tr><tr><td>Over 3 months past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</td><td>295</td><td>452</td><td>288</td></tr><tr><td></td><td>7,334</td><td>8,067</td><td>8,896</td></tr></table>", "# (11) Cash and cash equivalents and other cash flow information", "# (i) Cash and cash equivalents comprise:", "<table><tr><td rowspan=\"3\"></td><td colspan=\"2\">As of March 31,</td><td rowspan=\"2\">As of\nAugust 6,\n2019</td></tr><tr><td>2018</td><td>2019</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>Cash at bank and on hand .................................</td><td>9,806</td><td>23,155</td><td>5,260</td></tr></table>", "# (ii) Reconciliation of profit before taxation to cash generated from operations:", "<table><tr><td rowspan=\"3\"></td><td rowspan=\"3\">Note</td><td colspan=\"2\">Year ended March 31,</td><td rowspan=\"2\">Period from\nApril 1, 2019\nto August 6,\n2019</td></tr><tr><td>2018</td><td>2019</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>Operating activities</td><td></td><td></td><td></td><td></td></tr><tr><td>Profit before taxation ...................................</td><td></td><td>24,717</td><td>26,166</td><td>10,655</td></tr><tr><td>Adjustments for:</td><td></td><td></td><td></td><td></td></tr><tr><td>Depreciation ..........................................</td><td>(3)(iii)</td><td>786</td><td>2,617</td><td>1,804</td></tr><tr><td>Finance costs ..........................................</td><td>(3)(i)</td><td>43</td><td>117</td><td>35</td></tr><tr><td>Interest income from bank deposits . . . . . . . . . . . . . . . . . . . . . .</td><td>(2)</td><td>(2)</td><td>(6)</td><td>(12)</td></tr><tr><td>Changes in workinig calpta:</td><td></td><td></td><td></td><td></td></tr><tr><td>(Increase)/decrease in inventories ........................</td><td></td><td>(9,484)</td><td>4,775</td><td>(435)</td></tr><tr><td>Decrease/(increase) in trade and other receivables ..........</td><td></td><td>1,313</td><td>(762)</td><td>(1,185)</td></tr><tr><td>Increase/(decrease) in trade and other payables ............</td><td></td><td>5,187</td><td>2,416</td><td>(8,127)</td></tr><tr><td>Cash generated from operations ........................</td><td></td><td>22,560</td><td>35,323</td><td>2,735</td></tr></table>" ]	[]
11769683_239.pdf	11769683_240.pdf	en	[ "superintelligence” alternatives, in which machine superintelligences interact with otherwise human-led corporations or nation-states. The four scenarios are as follows:", "State/AI: individual nation-states control and ally with multiple machine intelligences.", "Corporate/AI: For-profit corporations control the most powerful and rapidly improving AIs.", "Self-interested super-AI: AIs act solely in their own interests, rather than being aligned with either humans or hybrid Superintelligences.", "Optimistic AI: Machine intelligences are not allied with each other but rather work to further the goals of humanity as a whole.25", "These scenarios are not outlandish. Less sophisticated leaders may look at these scenarios and ask questions such as the following: What implications would these scenarios have on your governance agenda? What testing and safety should we insist on before implementing hybrid superintelligence? In what parts of your organization do you most need to invite advanced AI? Essentially, these leaders are considering how they can outcompete others in the various scenarios.", "These questions are outdated if used in isolation. Threshold leaders will approach Hillis’s scenarios with greater complexity of mind, by also exploring questions such as: Who really governs our universe? From where does wisdom come? How do we know what constitutes good government?What intuition am I getting from the periphery about governance? What is my gut telling me? How is everything linked? In asking these higher order questions, you are discovering and connecting with what your “macro violin” means for you. Such complex observations are provisional, even speculative. But epochal human breakthrough will not come in well-worn paths. It will come at the edges, where we peer toward the future.", "Emergent wisdom is triply open to ethereal clues. For many who believe that the divine is beyond time, the system of our universe is not closed at the beginning of time as we know it. For those who do not believe in the divine, the initial conditions of our universe still carry a fascination and a wonder. In either case, the beginnings of our existence are open in some way. Advancing AI also invites us into a system that is open at the other end, in the sense of being emergent. Our universe may actually be trebly" ]	[ "open: not just open beginnings, not just an open AI future, but also an open-ended process of increasing human maturity. This is a thrilling three-stranded cord.", "Threshold leaders will step to a different rhythm and climb a different hill. They work with clues they have received during life. They prize an open view of the universe. They know that AI does not have to outshine humanity. Even if the first Superintelligences are malicious, wise leaders will maximize the chances that Superintelligence turns toward better purposes.", "Love and wisdom fuel all four pathways of this book. We do not just offer love and wisdom, we cultivate them in stillness, we attend to them, we embody them, we seek them humbly, playfully, and at ease. In a world where machines score A+ on everything, let us establish love and wisdom as the beating heart.", "# THRESHOLD RESOURCE", "# RESOURCE FOR ANY LEADER", "Resource 22. Three Loving, Wise Transformational Habits of Mind", "Purpose", "Invite love and wisdom.", "Process", "This is a five-step reflective exercise that takes about forty-five minutes. Each step starts with the letter A.", "Jennifer Garvey Berger and Keith Johnson developed the three transformational habits that form the core of this resource. The habits and several other prompts in the “adopt” step of this resource are contained in Garvey Berger’s book Changing on the Job. As Jennifer told me when we discussed them in the context of this book, “If you anchor to these habits, the work you do stands a fair chance of being transformational in some way, because the habits have this quirky advantage of being able to shape what you do in the moment and also being able to grow you over time.”", "STEP 1: Adjourn" ]	[ [ 7, 0 ] ]
20795819_336.pdf	20795819_337.pdf	en	[ "“Flood Documents” has the meaning specified in the definition of “Collateral and Guaranty Requirements”.", "“Flood Laws” means the National Flood Insurance Reform Act of 1994 and related legislation (including the regulations of the Board of Governors of the Federal Reserve System).", "“Foreign Borrower” has the meaning specified in the preamble to this Agreement.", "“Foreign Borrower Obligations” means the Obligations of any Borrower other than any U.S. Borrower.", "“Foreign Collateral Documents” means (a) each Other Foreign Security Agreement, the Japanese Pledge Agreement (all Obligations), the Mexican Pledge Agreement (all Obligations), the Canadian Pledge Agreement, the Swedish Pledge Agreement, the U.K. Pledge Agreement, each Other Foreign Pledge Agreement, the Other Foreign Mortgages, each of the other mortgages, collateral assignments, security agreements, pledge agreements, hypothecs, bonds, control agreements or other similar agreements or supplements to the foregoing (i) entered into by any Loan Party, (ii) delivered to the Administrative Agent pursuant to the Collateral and Guaranty Requirements or pursuant to Section 6.11 for the benefit of any or all of the Secured Parties and (iii) governed by the laws (other than the laws of the United States or any state or other political subdivision thereof) of any nation, state, province or other political subdivision thereof, and (b) each of the other agreements, instruments or documents entered into by any Loan Party, governed by the laws (other than the laws of the United States or any state or other political subdivision thereof) of any nation, state, province or other political subdivision thereof, that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of any or all of the Secured Parties.", "“Foreign Guarantors” means and includes each Foreign Borrower and each Foreign Subsidiary Guarantor.", "“Foreign Lender” means (i) with respect to any Loan made to a U.S. Borrower, a Lender that is not a U.S. Person and (ii) with respect to any Loan made to a Foreign Borrower, any Lender that is not organized under the laws in which such Foreign Borrower is resident for tax purposes and that is not otherwise considered or deemed in respect of any amount payable to it hereunder or under any Loan Document to be resident for income tax or withholding tax purposes in the jurisdiction in which such Borrower is resident for tax purposes by application of the laws of that jurisdiction.", "“Foreign Loan Party” means each Foreign Borrower and each other Foreign Guarantor.", "“Foreign Obligations” means the Foreign Borrower Obligations, all Obligations of any Foreign Loan Party or any Foreign Subsidiary under any Secured Cash Management Agreement or any Secured Hedge Agreement, all Obligations of any Foreign Loan Party under any Specified Supply Chain Agreement and Obligations of any Foreign Loan Party under any guarantee or security agreement related to any of the foregoing.", "“Foreign Obligations Guaranty” means an agreement in substantially the form of Exhibit H with such changes as are reasonably satisfactory to the Administrative Agent.", "“Foreign Obligations Secured Parties” means, collectively, (i) the Administrative Agent, (ii) each Lender making a Loan or other extension of credit hereunder to, or having commitments under this Agreement to, any Foreign Borrower, (iii) each L/C Issuer issuing a Letter of Credit or amending or extending any issued Letter of Credit for the account of any Foreign Borrower, (iv) with respect to any Secured Cash Management" ]	[ "Agreement with a Foreign Loan Party or any other Foreign Subsidiary, the Cash Management Banks party thereto, (v) with respect to any Secured Hedge Agreement with a Foreign Loan Party or any other Foreign Subsidiary, the Hedge Banks party thereto, (vi) with respect to any Specified Supply Chain Agreement in respect of any Permitted Supply Chain Financing with a Foreign Loan Party, the Supply Chain Finance Banks party thereto and (vii) each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.05.", "“Foreign Pension Plan” means any plan, fund (including any superannuation fund) or other similar program established or maintained outside the United States by Holdings, or any one or more of its Subsidiaries (other than Immaterial Subsidiaries) primarily for the benefit of employees of Holdings, or such Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.", "“Foreign Pension Plan Event” means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (b) the failure to make the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint a trustee or similar official to administer any such Foreign Pension Plan, or alleging the insolvency of any such Foreign Pension Plan, (d) the incurrence of any liability by Holdings or any of its Subsidiaries under applicable law on account of the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein, or (e) the occurrence of any transaction that is prohibited under any applicable law and that could reasonably be expected to result in the incurrence of any liability by Holdings or any of its Subsidiaries, or the imposition on Holdings or any of its Subsidiaries of any fine, excise tax or penalty resulting from any noncompliance with any applicable law, and which events under clauses (a) through (e) above, either individually or in the aggregate, have had or could reasonably be expected to have a Material Adverse Effect.", "“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.", "“Foreign Subsidiary Guarantor” means subject to the Agreed Security Principles, each Foreign Subsidiary of Holdings that is organized under the laws of the same jurisdiction as any Borrower (other than any U.S. Borrower) (it being understood that entities organized under the laws of different states, provinces, or other localities of the same country as that of a Borrower shall be considered to be of the same jurisdiction as such Borrower for such purposes) whether existing on the Restatement Date or established, created or acquired after the Restatement Date, in each case unless and until such time as the respective Foreign Subsidiary is released from all of its obligations under the Foreign Obligations Guaranty and the Collateral Documents (if any) to which it is a party in accordance with the terms and provisions hereof.", "“FRB” means the Board of Governors of the Federal Reserve System of the United States.", "“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof." ]	[ [ 10, 0 ] ]
11768024_6.pdf	11768024_7.pdf	en	[ "FIG. 4: Measured parallel momentum distributions for the ground state and the states at 4382, 4766, 4960 and 5096 keV (displayed in red in the level scheme) of \$ ^ { 3 5 } \\mathbf { P } \$. The bottom panel shows that for \$ ^ { 3 6 } \\mathbf { P } \$ nucleus, as produced from \$ ^ { 3 6 } \\mathrm { S } \$. The verti-cal dashed line, crossing all panels, represents the centroid of the momentum distribution of \$ ^ { 3 6 } \\mathbf { P } \$ nucleus, \$ p _ { 0 } \$, shifted by the evaporation of a neutron, i.e. \$ p _ { 1 } \$=(A-1)/A \$ p _ { 0 } \$. It is seen that the distributions for all states labeled red in the level scheme are shifted relative to that of the \$ ^ { 3 5 } \\mathrm { P } \$ ground state, that is produced via direct one-proton knockout.", "section of about 2.5 mb was measured at similar beam energy for the sd-shell nucleus \$ { } ^ { 2 2 } \\mathrm { M g } \$ [32]. It follows that the TS mechanism would have a rather low cross section, of the order of 0.10 mb, that is a factor of 20 lower than we observe for the sum over all states with shifted mo-mentum distributions. It is therefore likely that a more direct process is needed to account for the measured cross section.", "Charge-exchange reactions occur more favorably with an allowed GT operator (\$ \\Delta L \$=0,\$ \\Delta J = \$=0 \$ , \\pm \$ 1, \$ \\Delta \\pi \$=no) that would lead to the production of \$ 1 + \$ states in \$ ^ { 3 6 } \\mathbf { P } \$ starting from the \$ 0 ^ { + } \$ ground state of \$ ^ { 3 6 } \\mathrm { S } \$. Higher momen-tum transfers are also observed when very strict kine-matic condition for the reaction as well as suitable target excitations cannot be selected, as in the present exper-iment. Moreover, having a closed neutron sd shell, the exchange of an sd proton to an sd neutron orbital that would lead to \$ 1 ^ { + } \$ states in \$ ^ { 3 6 } \\mathrm { S } \$ is strongly hindered by Pauli blocking. Rather, transfer to the f p or to the high-est \$ g - s d \$ orbits must become largely competitive. The non-feeding of any of the known \$ 1 + \$ states in \$ { } ^ { 3 6 } \\mathrm { P } \$ but the population of the negative parity states \$ 4 ^ { - } \$ (g.s.), \$ 3 ^ { - } \$ (250 keV) and of the tentatively assigned \$ 2 ^ { - } \$ (425 keV) through low-energy charge-exchange reactions of Ref. [33] are in line with the above assumptions. In the present experiment, several \$ \\gamma \$ rays are observed in coin-cidence with \$ ^ { 3 6 } \\mathbf { P } \$ (see Fig. 5). However, none of them arise from the deexcitation of the \$ ^ { 1 + } \$ states at 1303 keV and 2281 keV that were populated in the \$ \\beta \$ decay of \$ ^ { 3 6 } \\mathrm { S i } \$ to \$ { } ^ { 3 6 } \\mathrm { \\mathbf { C } } \$ [34] and whose decay occurs through \$ \\gamma \$ rays of 878 keV and (934, 977, 1858 keV), respectively, as in Ref. [33]. Even if the present statistics does not allow ex-tracting \$ \\gamma \$-\$ \\gamma \$ coincidences, the observation of transitions at 250 keV and about 170 keV suggest the feeding of the \$ 3 ^ { - } \$ and \$ 2 ^ { - } \$ states, respectively. Other transitions are ob-served, but none (except perhaps the 2020(20) keV from[35]) were reported in previous works. Interestingly, one transition is seen at 4050 keV, i.e. about 600 keV above the neutron emission threshold of 3.465 MeV. This state seems to decay preferentially through a \$ \\gamma \$-ray transition rather than neutron decay to the \$ 1 / 2 ^ { + } \$ ground state of \$ ^ { 3 5 } \\mathrm { P } \$.", "FIG. 5: Doppler-corrected \$ \\gamma \$-decay spectrum for the \$ ^ { 3 6 } \\mathrm { { P } } \$ nu-cleus populated from \$ ^ { 3 6 } \\mathrm { S } \$ in a nucleon-exchange reaction.", "The last hypothesis is that these momentum-shifted distributions result from the proton knockout from a state excited in inelastic scattering. Such a TS reaction was discussed as one possibility to account for the obser-vation of a \$ \\gamma \$-decaying neutron-unbound state in \$ ^ { 3 5 } \\mathrm { S i } \$ at 3.611 MeV (\$ S _ { n } \$=2.470(40) MeV) populated in the \$ ^ { 3 6 } \\mathrm { S i } \$(−1n) reaction [22]. As shown in Fig. 4 of Ref. [22], the momentum distribution associated with the production of this unbound state appears to lie dominantly in the low-momentum tail of the \$ ^ { 3 5 } \\mathrm { S i } \$ distribution, possibly in-dicating that its centroid is shifted to lower momentum. The production of such a state was evaluated in Ref. [22]to be of 0.8(2) mb, a value that is comparable to the par-tial cross sections for the states which are observed with a" ]	[ "shifted momentum distribution in our work. A total cross section of 2.4(4) mb is indeed obtained by summing over the four states represented in red in Fig. 2. Contrary to the case presented in Ref. [22], the states here possibly produced by the same TS mechanism are below the neu-tron separation energy. This could be due to the fact that the neutron emission threshold of \$ ^ { 3 5 } \\mathrm { P } \$ (\$ S _ { n } \$=8.380 MeV) is much higher than the one of \$ ^ { 3 5 } \\mathrm { S i } \$ (\$ S _ { n } \$=2.470 MeV).", "# VI. CONCLUSIONS", "The spectroscopy of \$ { } ^ { 3 5 } \\mathbf { P } \$ was investigated with an intermediate-energy one-proton knockout reaction using a secondary beam of \$ ^ { 3 6 } \\mathrm { S } \$ interacting with a \$ ^ { 9 } \\mathrm { B e } \$ foil at 88 MeV/u mid-target energy. The \$ { } ^ { 3 5 } \\mathbf { P } \$ nuclei were selected by the S800 spectrograph at NSCL and identified in the spectrograph’s focal plane in coincidence with prompt \$ \\gamma \$ rays detected in the GRETINA segmented Ge array around the target. The level scheme of \$ { } ^ { 3 5 } \\mathrm { P } \$ has been es-tablished up to about 7.5 MeV from \$ \\gamma - \$\$ \\gamma \$ coincidences and relative \$ \\gamma \$ intensities. Spins and parities for most of the populated states were proposed from a comparison be-tween calculated and measured \$ \\gamma \$-gated momentum dis-tributions for the population of individual final states in \$ { } ^ { 3 5 } \\mathrm { P } \$. Spectroscopic factor values, \$ C ^ { 2 } S , \$, were derived from partial cross sections for the \$ 1 / 2 ^ { + } \$ ground state and the excited states \$ ( 3 / 2 ^ { + } \$,\$ 5 / 2 ^ { + } \$ and tentatively \$ 1 / 2 ^ { - } \$) in \$ { } ^ { 3 5 } \\mathrm { P } \$. An inclusive cross section of 51(1) mb was measured for", "\\[ ^ { 3 5 } \\mathbf { P } \\]", "produced from", "\\[ ^ { 3 6 } \\mathrm { S } \\]", ". The extracted summed \$ \\sum C ^ { 2 } S \$ values agree with expected shell-model occupancies of the protons in the \$ 2 s _ { 1 / 2 } \$ (\$ \\sum C ^ { 2 } S = \$ 2.2(\$ 7 ) \$), \$ 1 d _ { 3 / 2 } \$ (0.7(3)), \$ 1 d _ { 5 / 2 } \$ (5.2(9)) or-bitals, while only a fraction (0.41(17)) of the strength corresponding to the deeply-bound \$ 1 p _ { 1 / 2 } \$ orbit is tenta-tively observed for two states above 5.6 MeV.", "The present results were compared to those obtained for \$ { } ^ { 3 5 } \\mathrm { \\mathbf { P } } \$ using the \$ ^ { 3 6 } \\mathrm { S } ( d , ^ { 3 } \\mathrm { H e } ) { } ^ { 3 5 } \\mathrm { P } \$ transfer reaction at low energy. Remarkable agreement is found for the proposed level scheme populated, the spin assignments (except for one state) and the deduced \$ C ^ { 2 } S \$ values. Since ob-tained from high-resolution \$ \\gamma \$-ray spectroscopy, the ex-citation energies of the presently identified states in \$ { } ^ { 3 5 } \\mathrm { P } \$ are more accurate than those obtained in the \$ ( d , { ^ { 3 } \\mathrm { H e } } ) \$ reaction [16]. They agree with the values obtained in a multi-nucleon transfer reaction [25], for which several states were observed in common. The present sensitiv-ity of the knockout reaction, with a projectile beam of 2 \$ \\cdot \\bar { 1 0 ^ { 5 } } \$ pps, matches the one obtained in the \$ ( d , { ^ 3 } \\mathrm { H e } ) \$ reac-tion with a d beam on a stable \$ ^ { 3 6 } \\mathrm { S } \$ target. This reinforces the enormous potential of this experimental technique in extracting level schemes, orbital angular momenta, and \$ C ^ { 2 } S \$ values.", "Besides the observation of states that were expected to be produced in the knockout of protons from the \$ p - s d \$ shell, other states with likely high spin value (\$ J \\ge 5 / \$ 2) and negative parity are observed as well, with a summed partial cross section of about 2.4 mb. Owing to the facts that these states were not observed in the \$ ( d , { ^ { 3 } \\mathrm { H e } } ) \$) re-action and that they exhibit parallel-momentum distri-butions that are down-shifted as compared to the ones from knockout, we propose that they are produced by an-other mechanism that could be either a charge-exchange or a two-steps mechanism in which a core excitation is followed by a proton knockout. While so far we can-not clearly identify which of these two mechanisms is the most probable, it interestingly leads to the production of states most likely corresponding to neutron-core excita-tions. This feature may be very interesting to single-out intruder states belonging to the so-called island of inver-sion, as evoked in Refs. [22, 37].", "# Acknowledgments", "This work is supported by the National Science Foun-dation (NSF) under Grant Nos. PHY-1102511 and PHY-1306297 and by the Institut Universitaire de France. GRETINA was funded by the US DOE - Office of Sci-ence. Operation of the array at NSCL is supported by NSF under Cooperative Agreement PHY-1102511 (NSCL) and DOE under grant DE-AC02-05CH11231 (LBNL). O.S wish to thank T. Duguet for fruitful dis-cussions. J.A.T acknowledges support of the Science and Technology Facility Council (UK) grant ST/L005743." ]	[ [ 4, 0 ] ]
11739951_16.pdf	11739951_17.pdf	en	[ "So we have \$ g ( P _ { 3 , o _ { 1 } } ^ { \\rightarrow } ) \\neq g ( P _ { 3 , o _ { 2 } } ^ { \\rightarrow } ) \$.", "Considering the partial graph \$ G - P _ { 3 } \$, let \$ g ( ( G - P _ { 3 } ) _ { o _ { i } } ^ { \\rightarrow } = t \$ for a specific orientation \$ o _ { i } \$ and a predator-prey strategy \$ s _ { k } \$.", "For the path \$ P _ { 3 } = v _ { 1 } v _ { 2 } v _ { 3 } \$ consider the graph \$ G ^ { \\rightarrow } \$ with the predator-prey strategy \$ s _ { k } ^ { * } = \$\$ ( s _ { 1 } , s _ { k } ) \$ and the orientation \$ o _ { i } ^ { * } = \\{ ( v _ { 1 } , v _ { 2 } ) , ( v _ { 2 } , v _ { 3 } ) , o _ { i } \\} \$. Clearly arcs to and from \$ P _ { 3 } ^ { \\rightarrow } \$ and the rest of \$ G ^ { \\rightarrow } \$ may exist such that upon applying \$ s _ { k } ^ { * } \$ we have \$ g ( ( G \\mathrm { ~ - ~ } P _ { 3 } ) _ { o i } ^ { \\rightarrow } ) \\mathrm { ~ - ~ } 4 \\mathrm { ~ = ~ } t \\mathrm { ~ - ~ } 4 \\mathrm { ~ \\leq ~ } \$\$ g ( G ^ { \\rightarrow } ) _ { o _ { i } ^ { * } } \\leq t + 2 = g ( ( G - P _ { 3 } ) _ { o _ { i } } ^ { \\rightarrow } ) + 2 \$.", "For the path \$ P _ { 3 } \\, = \\, v _ { 2 } v _ { 1 } v _ { 3 } \$ consider the graph \$ G ^ { \\rightarrow } \$ with the predator-prey strategy \$ s _ { k } ^ { * } = \$\$ ( s _ { 1 } , s _ { k } ) \$ and the orientation \$ o _ { j } ^ { * } = \\{ ( v _ { 2 } , v _ { 1 } ) , ( v _ { 1 } , v _ { 3 } ) , o _ { j } \\} \$. Clearly arcs to and from \$ P _ { 3 } ^ { \\rightarrow } \$ and the rest of \$ G ^ { \\rightarrow } \$ may exist such that upon applying \$ s _ { k } ^ { * } \$ we have \$ g ( ( G - P _ { 3 } ) _ { o _ { i } } ^ { \\rightarrow } ) - 8 \\, = \\, t - 8 \\, \\leq \$\$ g ( G ^ { \\rightarrow } ) _ { o _ { j } ^ { * } } \\leq t + 4 = g ( ( G - P _ { 3 } ) _ { o _ { j } } ^ { \\rightarrow } ) + 4 \$.", "Since the set of arcs between the two directed paths and the rest of \$ G ^ { \\rightarrow } \$ must specifically remain the same, it follows that:", "\\[ \\begin{array} { c } { { g ( ( G - P _ { 3 } ) _ { o _ { i } } ^ { \\rightarrow } ) - 4 = t - 4 \\leq g ( G ^ { \\rightarrow } ) _ { o _ { i } ^ { * } } \\leq t + 2 = g ( ( G - P _ { 3 } ) _ { o _ { i } } ^ { \\rightarrow } ) + 2 \\neq } } \\\\ { { g ( ( G - P _ { 3 } ) _ { o _ { j } } ^ { \\rightarrow } ) - 8 = t - 8 \\leq g ( G ^ { \\rightarrow } ) _ { o _ { j } ^ { * } } \\leq t + 4 = g ( ( G - P _ { 3 } ) _ { o _ { j } } ^ { \\rightarrow } ) + 4 . } } \\end{array} \\]", "Therefore, in general the result that there exist at least two different orientations and at" ]	[ "least two different indices of G, such that \$ g ( G _ { o _ { i } } ^ { \\rightarrow } ) \\neq g ( G _ { o _ { j } } ^ { \\rightarrow } ) \$, follows.", "Proposition 2.7. If a cycle \$ C _ { n } , n \\geq 3 \$ and any specific orientation thereof say, \$ C _ { n } ^ { \\rightarrow } \$ is ex-tended to \$ C _ { n + 1 } ^ { \\rightarrow } \$ the residual population over all possible predator-prey strategies applicable to \$ C _ { n + 1 } ^ { \\rightarrow } \$ is given by:", "\\[ r _ { s _ { k } ^ { * } } ( C _ { n + 1 } ^ { \\rightarrow } ) = r _ { s _ { k } } ( C _ { n } ^ { \\rightarrow } ) + ( n - 1 ) , \\]", "and \$ s _ { k } ^ { * } \$ is the minimal deviation from \$ s _ { k } \$ to accommodate arcing to or from \$ v _ { n + 1 } \$.", "Proof. Consider \$ C _ { n + 1 } \$. We begin by considering any specific orientation of \$ C _ { n } \$ and denote it \$ C _ { n } ^ { \\rightarrow } \$. Clearly the extension from \$ C _ { n } ^ { \\rightarrow } \$ to \$ C _ { n + 1 } ^ { \\rightarrow } \$ is made possible by squeesing \$ v _ { n + 1 } \$, (arcing) inbetween two vertices of \$ C _ { n } ^ { \\rightarrow } \$, say \$ v _ { s } , v _ { t } \$ with 1 \$ \\leq s , t \\leq n \$.", "Without loss of generality consider the arc \$ ( v _ { s } , v _ { t } ) \$ in \$ C _ { n } ^ { \\rightarrow } \$. Begin by letting \$ v _ { s } \$ prey on \$ v _ { t } \$ by predatoring along the arc \$ ( v _ { s } , v _ { t } ) \$. After this first step of the Grog algorithm the rest of the application applies to a path \$ P _ { n * } ^ { \\rightarrow } \$ with end vertices \$ v _ { s } \$ and \$ \\boldsymbol { v } _ { t } \$ having \$ \\rho ( v _ { s } ) = s - 1 \$ and \$ \\rho ( v _ { t } ) = t - 1 \$. After applying \$ s _ { k } \$ to this path the value \$ r _ { s _ { k } } ( C _ { n } ^ { \\rightarrow } ) \$ is obtained.", "We now squeese \$ v _ { n + 1 } \$ inbetween \$ v _ { s } , v _ { t } \$ and for any one of the four possible orientation between \$ v _ { s } , v _ { n + 1 } , v _ { t } \$ we have that if the Grog algorithm is applied to path \$ P _ { 3 } ^ { \\rightarrow } \$, \$ V ( P _ { 3 } ) = \$\$ \\{ v _ { s } , v _ { n + 1 } , v _ { t } \\} \$ we obtain \$ \\rho ( v _ { s } ) = s - 1 \$, \$ \\rho ( v _ { n + 1 } ) = n - 1 \$, \$ \\rho ( v _ { t } ) = t - 1 \$.", "Furthering with the Grog algorithm we are left with exactly the path \$ P _ { n * } ^ { \\rightarrow } \$ mentioned above. Hence the result:" ]	[ [ 6, 0 ] ]
9299477_8.pdf	9299477_9.pdf	en	[ "# 5. SEGMENT INFORMATION", "On adoption of HKFRS 8 Operating Segments, the Group has identified its operating segments and prepared segment information based on the regular internal financial information reported to the executive directors for their decisions about resources allocation to the Group’s business components and review of these components’ performance. There are two business components/operating segments in the internal reporting to the executive directors, which are operation and management of retail stores and other related businesses and provision of financing services.", "<table><tr><td rowspan=\"2\"></td><td>Operation and \nmanagement of \nretail stores and \nother related \nbusinesses</td><td>Provision of \nfinancing \nservices</td><td>Consolidated</td></tr><tr><td>RMB’000</td><td>RMB’000</td><td>RMB’000</td></tr><tr><td>Year ended 31 December 2020</td><td></td><td></td><td></td></tr><tr><td>Revenue from external customers</td><td>422052,</td><td>6005,</td><td>428057,</td></tr><tr><td>lnter-segment revenue</td><td>–</td><td>–</td><td>–</td></tr><tr><td>Reportable segment revenue</td><td>422052,</td><td>6005,</td><td>428057,</td></tr><tr><td>Segment results</td><td>(191980,)</td><td>3073,</td><td>(188907,)</td></tr><tr><td>Other unallocated corporate income</td><td></td><td></td><td>49</td></tr><tr><td>Other unallocated corporate expenses</td><td></td><td></td><td>(4669,)</td></tr><tr><td>Loss before income tax</td><td></td><td></td><td>(193527,)</td></tr></table>" ]	[ "<table><tr><td rowspan=\"2\"></td><td>Operation and \nmanagement of \nretail stores and \nother related \nbusinesses</td><td>Provision of \nfinancing \nservices</td><td>Consolidated</td></tr><tr><td>RMB’000</td><td>RMB’000</td><td>RMB’000</td></tr><tr><td>Year ended 31 December 2020</td><td></td><td></td><td></td></tr><tr><td>Other segment information</td><td></td><td></td><td></td></tr><tr><td>Interest income</td><td>(1171,)</td><td>(66)</td><td>(1237,)</td></tr><tr><td>Additions to non-current assets (other than financial instruments)</td><td>120860,</td><td>–</td><td>120860,</td></tr><tr><td>Amortisation of intaniblge assets</td><td>553</td><td>98</td><td>651</td></tr><tr><td>Depreciation of rihgt-of-use assets</td><td>89348,</td><td>–</td><td>89348,</td></tr><tr><td>Depreciation of proiperty, lpant and equpment</td><td>48212,</td><td>15</td><td>48227,</td></tr><tr><td>Gain on disposal of prolperty, pant and eiqupment</td><td>(16)</td><td>–</td><td>(16)</td></tr><tr><td>Written-off of property, lpant and eiqupment</td><td>36225,</td><td>–</td><td>36225,</td></tr><tr><td>Obsolete inventories written-off</td><td>143</td><td>–</td><td>143</td></tr><tr><td>Inventories loss</td><td>213</td><td>–</td><td>213</td></tr><tr><td>Impairment loss on rihgt-of-use assets</td><td>47278,</td><td>–</td><td>47278,</td></tr><tr><td>Impairment loss on property, lpant and eiqupment</td><td>42587,</td><td>–</td><td>42587,</td></tr><tr><td>Impairment loss on loan receivables</td><td>–</td><td>2076,</td><td>2076,</td></tr><tr><td>Decrease in fair value of investment properties</td><td>7500,</td><td>–</td><td>7500,</td></tr></table>", "<table><tr><td rowspan=\"2\"></td><td>Operation and \nmanagement of \nretail stores and \nother related \nbusinesses</td><td>Provision of \nfinancing\nservices</td><td>Consolidated</td></tr><tr><td>RMB’000</td><td>RMB’000</td><td>RMB’000</td></tr><tr><td>At 31 December 2020</td><td></td><td></td><td></td></tr><tr><td>Reportable segment assets</td><td>1103466,,</td><td>46136,</td><td>1149602,,</td></tr><tr><td>Tax recoverable</td><td></td><td></td><td>66</td></tr><tr><td>Other unallocated corporate assets</td><td></td><td></td><td>42466,</td></tr><tr><td>Total assets</td><td></td><td></td><td>1192134,,</td></tr><tr><td>Reportable segment liabilities</td><td>819121,</td><td>65</td><td>819186,</td></tr><tr><td>Provision for taxation</td><td></td><td></td><td>9651,</td></tr><tr><td>Deferred tax liabilities</td><td></td><td></td><td>21701,</td></tr><tr><td>Other unallocated corporate liabilities</td><td></td><td></td><td>2176,</td></tr><tr><td>Total liabilities</td><td></td><td></td><td>852714,</td></tr></table>" ]	[ [ 2, 0 ] ]
7475480_146.pdf	7475480_147.pdf	en	[ "<table><tr><td>“Controlling \nShareholder(s)”</td><td>the controlling Shareholder(s) (having the meaning ascribed to it in the GEM \nListing Rules), namely, Manning Properties, Dr. Chan and Mr. Kwong</td></tr><tr><td>“Deed of Non-\nCompetition”</td><td>the deed of non-competition undertaking executed by each of the Controlling \nShareholders in favour of our Company on 27 August 2018, details of which are \nset out in the section headed “Relationship with our Controlling Shareholders \n— Non-compete undertakings” in the Prospectus</td></tr><tr><td>“Director(s)”</td><td>the director(s) of our Company</td></tr><tr><td>“Dr. Chan”</td><td>Dr. Chan Yin Nin (陳延年博士), an executive Director and a Controlling \nShareholder holding approximately 68.2% of interests in Manning Properties</td></tr><tr><td>“ERB”</td><td>the Engineers Registration Board established under the Engineers Registration \nOrdinance (Chapter 409 of the Laws of Hong Kong)</td></tr><tr><td>“GEM”</td><td>GEM operated by the Stock Exchange</td></tr><tr><td>“GEM Listing Rules”</td><td>the Rules Governing the Listing of Securities on GEM, as amended, supplemented \nor otherwise modified from time to time</td></tr><tr><td>“Government”</td><td>the Government of Hong Kong</td></tr><tr><td>“Group”, “our Group”, \n“we” or “us”</td><td>the Company together with its subsidiaries</td></tr><tr><td>“HK$” or “HK dollar(s)” \nand “cent(s)”</td><td>Hong Kong dollar(s) and cent(s) respectively, the lawful currency of Hong Kong</td></tr><tr><td>“HKEX” or \n“Stock Exchange”</td><td>The Stock Exchange of Hong Kong Limited</td></tr><tr><td>“Hong Kong”</td><td>the Hong Kong Special Administrative Region of the PRC</td></tr><tr><td>“Hong Kong Branch \nShare Registrar”</td><td>the branch share registrar and transfer office in Hong Kong of the Company, \nTricor Investor Services Limited, located at Level 54, Hopewell Centre, 183 \nQueen’s Road East, Hong Kong</td></tr><tr><td>“Hong Kong Companies \nOrdinance”</td><td>the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), as \namended, supplemented or otherwise modified from time to time</td></tr><tr><td>“Internal Control Adviser”</td><td>Wellink Corporate Advisory Limited, the internal control adviser of our Company</td></tr><tr><td>“Listing”</td><td>the listing of our Shares on GEM on the Listing Date</td></tr><tr><td>“Listing Date”</td><td>17 September 2018, the date on which dealings in the Shares on GEM \ncommence</td></tr></table>" ]	[ "<table><tr><td>“Macau”</td><td>the Macau Special Administrative Region of the PRC</td></tr><tr><td>“Manning Properties”</td><td>Manning Properties Limited (萬年地產發展有限公司), a company incorporated in \nthe BVI with limited liability on 9 February 2015, and a Controlling Shareholder, \nwhich is wholly-owned by the Concerted Group, comprising Dr. Chan (holding \napproximately 68.2% interests in it) and Mr. Kwong (holding approximately \n31.8% interests in it)</td></tr><tr><td>“Memorandum” or \n“Memorandum of \nAssociation”</td><td>the memorandum of association of our Company as amended from time to time</td></tr><tr><td>“MOP”</td><td>Macau pataca, the lawful currency of Macau</td></tr><tr><td>“Mr. Kwong”</td><td>Mr. Kwong Po Lam (鄺保林先生), an executive Director and a Controlling \nShareholder holding approximately 31.8% of interests in Manning Properties</td></tr><tr><td>“Nomination Committee”</td><td>the nomination committee of the Board</td></tr><tr><td>“Prospectus”</td><td>the prospectus of the Company dated 31 August 2018 issued in connection \nwith the Listing</td></tr><tr><td>“Registered Structural \nEngineer”</td><td>a person whose name is for the time being on the structural engineers’ register \nkept by the Building Authority under section 3(3) of the BO</td></tr><tr><td>“Remuneration \nCommittee”</td><td>the remuneration committee of the Board</td></tr><tr><td>“Reorganisation”</td><td>the reorganisation of our Group in preparation for the Listing described in the \nsection headed “History, Reorganisation and group structure — Reorganisation” \nin the Prospectus which was completed on 20 November 2017</td></tr><tr><td>“SFO”</td><td>Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) as \namended, supplemented or otherwise modified from time to time</td></tr><tr><td>“Share Offer”</td><td>the issue of 288,000,000 ordinary Shares by way of share offer at a price of \nHK$0.20 per Share on 17 September 2018</td></tr><tr><td>“Share Option Scheme”</td><td>the share option scheme approved and adopted by our Company pursuant to \nwritten resolutions of our Shareholders on 27 August 2018</td></tr><tr><td>“Share(s)”</td><td>ordinary share(s) of nominal value of HK$0.01 each in the share capital of our \nCompany</td></tr><tr><td>“Shareholder(s)”</td><td>holder(s) of our Share(s) from time to time</td></tr><tr><td>“subsidiary(ies)”</td><td>has the meaning ascribed to it under the GEM Listing Rules</td></tr></table>" ]	[ [ 0, 0 ] ]
11709284_39.pdf	11709284_40.pdf	en	[ "depend on a number of factors, including the successful implementation of our future plans as stated in ‘‘Future plans and use of proceeds’’. Our gross and net profit margins also depend on factors including the selling prices of our products and sales volumes which are outside our control, and therefore we cannot assure you that we will be able to maintain the current level of profit margins in the future. Investors should be aware that we can offer no assurances that we will be able to increase or maintain our historical revenue or profit levels.", "# We may not be able to successfully track the fast changing fashion trends and respond to customer demands for garment products.", "During the Track Record Period, we sourced mainly woven wear products for our customers. We cannot accurately predict the supply and demand for particular garment products which may change from season to season and from year to year due to factors such as fashion trends or fluctuations in consumer preferences. If consumer demand for woven wear products decreases, our customers may reduce the size of orders placed with us or cease to place orders with us, and our operating results may be materially and adversely affected due to fluctuation in purchase order. If we are unable to predict, identify and respond promptly to such changes, we may not be able to adjust our operations to cope in a timely manner. For example, we may not be able to locate third-party manufacturers to produce other types of garment products that meet our requirements, and we may not have sufficient time to recruit suitable personnel or introduce appropriate changes to our operation model.", "# We cannot guarantee the accuracy of facts, projections, other statistics and information derived from various official government publications or the Industry Expert Report, referred to in this prospectus.", "Facts, projections, other statistics and information in this prospectus relating to the global and US market and the apparel supply chain management services industry has been derived from various official PRC government publications or obtained from Ipsos. We believe that these publications are appropriate sources for such information and have taken reasonable care in extracting and reproducing such information. We have no reason to believe that such information is false or misleading or that any fact has been omitted that would render such information false or misleading. However, we cannot guarantee the quality or reliability of the source materials. They have not been prepared or independently verified by us, the Sponsor, the Sole Lead Manager and the Underwriters or any of our or their respective affiliates or advisers and, therefore, we make no representation as to the accuracy of such facts, forecasts, statistics and information, which may not be consistent with other information compiled elsewhere. Due to possibly flawed or ineffective collection methods or discrepancies between published information and market practice, the facts, forecasts, statistics and information in this prospectus may be inaccurate or may not be comparable to facts, forecasts, statistics and information produced with respect to other economies. Furthermore, we cannot assure you that they are stated or compiled on the same basis or with the same degree of accuracy as may be the case elsewhere. Hence, you should not unduly rely upon the facts, forecasts, statistics and information with respect to the global and US market and the apparel supply chain management services industry contained in this prospectus.", "# RISKS RELATING TO OUR INDUSTRY", "Our sales may be affected by seasonality. Any seasonal fluctuations may affect the number of orders that customers place with us and may not match our expectations, which could adversely affect our financial conditions and results of operation.", "Our sales are subject to seasonal fluctuations during the year and are largely determined in part by two major fashion seasons: spring/summer and autumn/winter. We generally record higher sales from December to April for the spring/summer products as our customers have higher demand for woven wear products such as shirts and blouses for their spring/summer collections. These" ]	[ "fluctuations may vary considerably from time to time as a result of changes in seasonal demand. As a result of these fluctuations, comparisons of sales and revenue between different periods within the same financial year, or between the same periods in different financial years, are not necessarily meaningful and cannot be relied upon as indicators of our past or future performance. Any seasonal fluctuations reported in the future may not match our expectations and this could adversely affect our Company’s financial conditions and results of operation.", "Fluctuations in consumer spending caused by changes in macroeconomic conditions may significantly affect our business operations, financial condition, results of operations and prospects.", "Our customers’ purchasing decisions and quantity of orders they place with us, will be heavily influenced by the likely spending habits of their consumers. Such spending habits may be influenced by macroeconomic conditions in their country of residence. Changes and developments in global political, economic and financial conditions will in turn affect the volume of our business and performance.", "If demand from end consumers is low, companies operating in the apparel supply chain management industry may experience significant reductions in orders and greater pricing pressures from customers. Other factors such as the imposition of new trade barriers, sanctions, boycotts and other measures, trade disputes, labour disputes, disruptions to the transportation industry, as well as acts of war or hostilities, could delay or prevent the delivery of apparel products to customers in the US or elsewhere, or even reduce demand for apparel products. If this were to occur, there would be an adverse effect on our business operations, financial condition, results of operations and prospects.", "# Increased inspection procedures, tighter import and export controls and additional trade restrictions could increase our operating costs and cause disruption to our business.", "The apparel industry is subject to various security and customs inspections and related procedures (“Inspection Procedures”) in countries of origin and destination as well as at transshipment points. Such Inspection Procedures can result in the seizure of apparel products and the levying of customs duties, fines or other penalties against exporters or importers. If Inspection Procedures or other controls are further tightened, we may incur further costs and delays and our business could be harmed.", "# An increase in the minimum wage of apparel-making factory workers and pressure to improve working conditions may adversely affect our business operations and financial condition.", "Pressure on the governments in countries including Bangladesh and Cambodia to increase the minimum wage of workers in apparel-making factories could increase the operating costs of our third-party manufacturers. This increase may then be passed on to our Group through an increase in subcontracting fees. If we are not able to pass on such additional costs to our customers, this may adversely affect our business operations and financial condition.", "# RISKS RELATING TO CONDUCTING BUSINESS IN THE PRC", "The economic, political and social conditions of the PRC, as well as its government policies, could adversely affect the financial markets in the PRC and our business and results of operations.", "Our operations and financial results could be adversely affected by changes in political, economic and social conditions or the relevant policies of the PRC government, such as changes in laws and regulations (or the interpretations thereof), measures which might be introduced to control inflation, changes in the rate or method of taxation, the imposition of additional restrictions on currency conversion and the imposition of additional export restrictions. Furthermore, a significant portion of" ]	[ [ 7, 0 ] ]
8405294_120.pdf	8405294_121.pdf	en	[ "of our products belong to our Group. We are entitled to terminate our agreement as well as damages for delay in any phases of the design process. Mr. Luigi Fabio Piras does not work exclusively for us in the PRC and to the best knowledge of our Directors, he does not do work for other companies in the same industry in the PRC. Our agreement with Mr. Luigi Fabio Piras will expire in October 2014. While there is no renewal term in the existing agreement, we intend to negotiate a new agreement with Mr. Luigi Fabio Piras upon expiration of the existing one.", "# Ms. Fang Ying", "Ms. Fang Ying graduated from Central Academy of Art and Design\\* (中央工藝美術學院) which is currently, Academy of Fine Arts of Tsinghua University (清華大學美術學院) and has further her studies in Ecole Superieure De La Chambre Syndicale De La Couture Parisienne (法國巴黎高級時裝公會學校).She acted as designers and creative directors for various companies since 1998 and has been thej udges for various national apparel design competitions in the PRC. She is the design director (設計總監) of the 5th Fashion and Arts Committee of China Fashion Association\\* (中國服裝設計師協會第五屆時裝藝術委員會) and the vice chairman of Guangdong Province Fashion Association\\* (廣東省服裝設計師協會). She is also the council member of the China Fashion Association\\* (中國服裝設計師協會). During her over 15 years of experience in fashion design, she won a number of awards including 7th China Fashion Design — Golden Award (第7屆中國時裝設計 — 「金頂獎」, Chinese Top 10 Fashion Designers\\* (中國十佳時裝設計師), Chinese Excellent Fashion Designers\\* (中國優秀服裝設計師),China Best Fashion Designer 2002 (2002年中國最佳時裝設計師) and China Best Womenswear Fashion Designer 2003 (2003年中國最佳女裝設計師). Pursuant to our agreement with Ms. Fang Ying, our Group engaged Ms. Fang Ying over a term of two years and obtained guidance on themes, main colours and materials to be used for each upcoming collection. Consultancy fees are payable at the beginning of each collection during the term of the agreement. The pre-agreed consultancy fees are determined based on the experience, professional capability and quality of services of design consultants in the same industry. Pursuant to our arrangement, Ms. Fang Ying does work exclusively for our Group in the PRC and all the intellectual property rights of our products belong to our Group. Our agreement with Ms. Fang Ying will expire in December 2014. The existing agreement is renewable, subject to terms being agreed between Ms. Fang Ying and us. We intend to negotiate a new agreement with Ms. Fang Ying upon expiration of the existing one.", "# I.S. Planning", "During the process of the establishment of our Koradior elsewhere brand, I.S. Planning helped us analyse the latest fashion trends, conduct domestic and overseas market researches, plan production as well as other processes such as designing, sampling and fabric and colour planning. I.S. Planning, a Korean company established in 2006, operated by a team with extensive experience in brand building and brand promotion. Their core professional team has over 10 years of experience in the industry. I.S. Planning has helped the establishment of various ladies-wear brands in Korea. I.S. Planning has started its business in the PRC market since its establishment and has provided brand building and brand promotion services to various domestic and international brands in the PRC. Pursuant to our agreement, our Group engaged I.S. Planning for a term of one year. I.S. Planning shall cooperate with us to design and develop the products for the upcoming fall/winter collection and spring/summer collection of our upcoming brand, Koradior elsewhere. We were required to pay around 30% of the total pre-agreed fees at the entry of our agreement, with the balance of remaining fees payable in three phases in each collection, namely, completion of production planning, completion of sample creation and completion of" ]	[ "product mix for the upcoming sales fairs. The pre-agreed fees are determined based on the experience, professional capability and quality of services of similar service providers in the same industry. All the intellectual property rights of our products belong to our Group. I.S. Planning does not work exclusively for us in the PRC and to the best knowledge of our Directors, it does work for other companies in the same industry in the PRC. However, it is prohibited from disclosing our confidential information to any other third party without our prior consent. Our agreement with I.S. Planning will expire in October 2014. While there is no renewal term in the existing agreement, we intend to negotiate a new agreement with I.S. Planning upon expiration of the existing one.", "# Design", "Our design team is also responsible for conceptualising, designing and developing apparel products. Our technical team is primarily responsible for production of samples.", "We typically start our design process for our upcoming spring/summer collection and fall/winter collection a year before the relevant collection is released. Once the seasonal themes, main colours and materials to be used are determined by our research team alongside with our design consultants, our design team commences design of the collections. Our design team prepares drawings and sketches of our products and develops the specifications for the materials and accessories to match the design of the collections. We conduct several internal style evaluation meetings before making the final decision as to which styles or products are to be launched in the market for each collection. To encourage the creativeness of our designers, we have established a promotion and demotion system for them pursuant to which they are free to compete constructively. We have also established an incentive plan for our design team such that they are awarded based on various criteria such as design/sales ratio; design innovativeness, mix and match variety and team work. We have also signed confidentiality agreements with some members of the design and product development team to keep our information including but not limited to our product design drawings, paper patterns and processes confidential.", "Our design team will communicate with our retail store supervisors on a selected basis through on-site meeting or telephone calls every week to discuss the sales task, feedback on best-selling products and review sales data, in order to understand the sales performance of particular products of our brands and competing brands and identify any design themes with high customer recognition. The store managers report on sales data on a daily basis and prepare sales reports on a weekly basis. Such reports will be analysed and used in our half-yearly product planning and design conference. After that, our designers develop ideas that form the basis of the creation of upcoming collections after consultations with our design consultants. Our sales and marketing team is involved in the design process to ensure that the new collection will better cater to the needs and preferences of our targeted customers.", "We have cooperated with I.S. Planning to design and develop the products of our upcoming brand, Koradior elsewhere which is expected to be launched in the second half of 2014. As at the Latest Practicable Date, our design team is working closely with I.S. Planning on 2014 autumn/winter collection and we expect the new collection of Koradior elsewhere could be ready for sale in our first Koradior elsewhere retail stores in the second half of 2014." ]	[ [ 4, 0 ] ]
2593176_134.pdf	2593176_135.pdf	en	[ "The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016:", "<table><tr><td>Date</td><td>Property</td><td>Interest\nRate at\nRepayment Date</td><td>Scheduled\nMaturity Date</td><td>Principal\nBalance\nRepaid</td></tr><tr><td>June</td><td>Fremaux Town Center Phase I (1)</td><td>2.44%</td><td>August 2016</td><td>$ 40,530</td></tr><tr><td>June</td><td>Fremaux Town Center Phase II (1)</td><td>2.44%</td><td>August 2016</td><td>30,595</td></tr><tr><td>June</td><td>Ambassador Town Center (2)</td><td>2.24%</td><td>December 2017</td><td>41,885</td></tr></table>", "(1) The construction loan was retired using a portion of the net proceeds from a \\$73,000 fixedrate nonrecourse mortgage loan. See 2016 Financings above for more information.", "(2) The construction loan was retired using a portion of the net proceeds from a \\$47,660 fixedrate nonrecourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See 2016 Financings above for more information.", "# Cost Method Investment", "The Company owned a 6.2% noncontrolling interest in Jinsheng, an established mall operating and real estate development company located in Nanjing, China, which owned controlling interests in home furnishing shopping malls. In the fourth quarter of 2016, the Company received \\$15,538 from Jinsheng for the redemption of its interest that had a carrying value of \\$5,325 and recorded a gain on investment of \\$10,136. The Company had previously recorded an otherthantemporary impairment of \\$5,306 related to this investment in 2009 upon the decline of China's real estate market. The Company accounted for its noncontrolling interest in Jinsheng using the cost method because the Company did not exercise significant influence over Jinsheng and there was no readily determinable market value of Jinsheng’s shares since they are not publicly traded.", "# NOTE 6. MORTGAGE AND OTHER INDEBTEDNESS, NET", "# Debt of the Company", "CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all of the Company's debt.", "CBL is a limited guarantor of the Senior Unsecured Notes, as described below, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a similar limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and three unsecured term loans as of December 31, 2017.", "# Debt of the Operating Partnership", "Mortgage and other indebtedness consisted of the following:", "<table><tr><td rowspan=\"2\"></td><td colspan=\"2\">December 31, 2017</td><td colspan=\"2\">December 31, 2016</td></tr><tr><td>Amount</td><td>Weihgted-\nAverage\nInterest\nRate (1)</td><td>Amount</td><td>Weihgted-\nAverage\nInterest\nRate (1)</td></tr><tr><td>Fixedrate debt:</td><td></td><td></td><td></td><td></td></tr><tr><td> Nonrecourse loans on operating Properties</td><td>$ 1,796,203</td><td>5.33%</td><td>$ 2,453,628</td><td>5.55%</td></tr><tr><td>Senior unsecured notes due 2023 (2)</td><td>446,976</td><td>5.25%</td><td>446,552</td><td>5.25%</td></tr><tr><td>Senior unsecured notes due 2024 (3)</td><td>299,946</td><td>4.60%</td><td>299,939</td><td>4.60%</td></tr><tr><td>Senior unsecured notes due 2026 (4)</td><td>615,848</td><td>5.95%</td><td>394,260</td><td>5.95%</td></tr><tr><td>Total fixedrate debt</td><td>3,158,973</td><td>5.37%</td><td>3,594,379</td><td>5.48%</td></tr><tr><td>Variablerate debt:</td><td></td><td></td><td></td><td></td></tr><tr><td>Nonrecourse loans on operating Properties</td><td>10,836</td><td>3.37%</td><td>19,055</td><td>3.13%</td></tr><tr><td>Recourse loans on operating Properties (5)</td><td>101,187</td><td>4.00%</td><td>24,428</td><td>3.29%</td></tr><tr><td>Construction loan (5)</td><td>—</td><td>—%</td><td>39,263</td><td>3.12%</td></tr></table>" ]	[ "<table><tr><td rowspan=\"2\"></td><td colspan=\"2\">December 31, 2017</td><td colspan=\"2\">December 31, 2016</td></tr><tr><td>Amount</td><td>Weihgted-\nAverage\nInterest\nRate (1)</td><td>Amount</td><td>Weihgted-\nAverage\nInterest\nRate (1)</td></tr><tr><td>Unsecured lines of credit</td><td>93,787</td><td>2.56%</td><td>6,024</td><td>1.82%</td></tr><tr><td>Unsecured term loans (6)</td><td>885,000</td><td>2.81%</td><td>800,000</td><td>2.04%</td></tr><tr><td>Total variablerate debt</td><td>1,090,810</td><td>2.90%</td><td>888,770</td><td>2.15%</td></tr><tr><td>Total fixedrate and variablerate debt</td><td>4,249,783</td><td>4.74%</td><td>4,483,149</td><td>4.82%</td></tr><tr><td>Unamortized deferred financing costs</td><td>(18,938)</td><td></td><td>(17,855)</td><td></td></tr><tr><td>Total mortgage and other indebtedness, net</td><td>$ 4,230,845</td><td></td><td>$ 4,465,294</td><td></td></tr></table>", "(1) Weightedaverage interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.", "(2) The balance is net of an unamortized discount of \\$3,024 and \\$3,448, as of December 31, 2017 and 2016, respectively.", "(3) The balance is net of an unamortized discount of \\$54 and \\$61, as of December 31, 2017 and 2016, respectively.", "(4) In September 2017, the Operating Partnership issued and sold an additional \\$225,000 of the series of 2026 Notes. The balance is net of an unamortized discount of\\$9,152 and \\$5,740 as of December 31, 2017 and 2016, respectively.", "(5) The Outlet Shoppes at Laredo opened in 2017 and the construction loan balance from December 31, 2016 is included in recourse loans on operating Properties as of December 31, 2017.", "(6) The Company extended and modified its three unsecured term loans in July 2017. See below for additional information.", "Nonrecourse and recourse term loans include loans that are secured by Properties owned by the Company that have a net carrying value of \\$2,073,448 at December 31, 2017.", "# Senior Unsecured Notes", "<table><tr><td>Description</td><td>Issued (1)</td><td>Amount</td><td>Interest Rate (2)</td><td>Maturity Date (3)</td></tr><tr><td>2023 Notes</td><td>November 2013</td><td>$ 450,000</td><td>5.25%</td><td>December 2023</td></tr><tr><td>2024 Notes</td><td>October 2014</td><td>300,000</td><td>4.60%</td><td>October 2024</td></tr><tr><td>2026 Notes</td><td>December 2016 / September 2017 (4)</td><td>625,000</td><td>5.95%</td><td>December 2026</td></tr></table>", "(1) Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above.", "(2) Interest is payable semiannually in arrears. The interest rate for the 2024 Notes and the 2023 Notes is subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of December 31, 2017, this ratio was 23% as shown below.", "(3) The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days' notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026; July 15, 2024; and September 1, 2023, respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a makewhole premium calculated in accordance with the indenture. On or after the redemption date, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50%, 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively.", "(4) On September 1, 2017, the Operating Partnership issued and sold an additional \\$225,000 of the 2026 Notes. Interest was payable with respect to the additional issuance on December 15, 2017. After deducting underwriting discounts and other offering expenses of \\$1,879 and a discount of \\$3,938, the net proceeds from the sale were approximately \\$219,183. The Operating Partnership used the net proceeds to reduce amounts outstanding under its unsecured credit facilities and for general business purposes.", "# Unsecured Lines of Credit", "The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, and issuances of letters of credit.", "Each facility bears interest at LIBOR plus a spread of 87.5 to 155 basis points based on credit ratings for the Operating Partnership's senior unsecured longterm indebtedness. As of December 31, 2017, the Operating Partnership's interest rate based on the credit ratings of its unsecured longterm indebtedness of Baa3 from Moody's Investors Service (\"Moody's\"), BBB from Standard & Poor's Rating Services (\"S&P\") and BB+ from Fitch Ratings (\"Fitch\"), is LIBOR plus 120 basis points." ]	[ [ 12, 0 ] ]
9301450_131.pdf	9301450_132.pdf	en	[ "<table><tr><td>（1）计提</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>3、本期减少金额</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>（1）处置</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>（2）其他转出</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>4.期末余额</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td colspan=\"4\">四、账面价值</td></tr><tr><td>1.期末账面价值</td><td>116,869,008.48</td><td>23,548,829.23</td><td>140,417,837.71</td></tr><tr><td>2.期初账面价值</td><td>125,696,958.55</td><td>20,340,480.62</td><td>146,037,439.17</td></tr></table>", "# (2).未办妥产权证书的投资性房地产情况", "□适用 √不适用", "其他说明", "□适用 √不适用", "# 13、固定资产", "# 项目列示", "√适用 □不适用", "单位：元币种：人民币", "<table><tr><td>项目</td><td>期末余额</td><td>期初余额</td></tr><tr><td>固定资产</td><td>430,948,281.29</td><td>439,384,547.85</td></tr><tr><td>合计</td><td>430,948,281.29</td><td>439,384,547.85</td></tr></table>", "# 固定资产", "# (1).固定资产情况", "√适用 □不适用", "单位：元币种：人民币", "<table><tr><td>项目</td><td>房屋及建筑物</td><td>机器设备</td><td>运输工具</td><td>电子及其他设\n备</td><td>合计</td></tr><tr><td colspan=\"6\">一、账面原值：</td></tr><tr><td>1.期初余额</td><td>477,165,599.13</td><td>197,141,533.77</td><td>2,610,571.88</td><td>61,434,179.37</td><td>738,351,884.15</td></tr><tr><td>2.本期增加金额</td><td>13,537,996.56</td><td>15,363,112.26</td><td>0.00</td><td>2,095,117.04</td><td>30,996,225.86</td></tr><tr><td>（1）购置</td><td>0.00</td><td>15,363,112.26</td><td>0.00</td><td>2,095,117.04</td><td>17,458,229.30</td></tr><tr><td>（2）在建工程转入</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>（3）企业合并增加</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>（4）其他</td><td>13,537,996.56</td><td>0.00</td><td>0.00</td><td>0.00</td><td>13,537,996.56</td></tr><tr><td>3.本期减少金额</td><td>15,369,508.60</td><td>2,651,777.73</td><td>0.00</td><td>485,668.20</td><td>18,506,954.53</td></tr><tr><td>（1）处置或报废</td><td>1,345,214.00</td><td>2,651,777.73</td><td>0.00</td><td>316,703.03</td><td>4,313,694.76</td></tr><tr><td>（2）其他减少</td><td>14,024,294.60</td><td>0.00</td><td>0.00</td><td>168,965.17</td><td>14,193,259.77</td></tr><tr><td>4.期末余额</td><td>475,334,087.09</td><td>209,852,868.30</td><td>2,610,571.88</td><td>63,043,628.21</td><td>750,841,155.48</td></tr><tr><td colspan=\"6\">二、累计折旧</td></tr><tr><td>1.期初余额</td><td>137,926,820.27</td><td>130,080,079.53</td><td>1,131,393.77</td><td>26,426,608.74</td><td>295,564,902.31</td></tr><tr><td>2.本期增加金额</td><td>19,612,757.63</td><td>9,212,269.60</td><td>148,728.21</td><td>4,261,200.22</td><td>33,234,955.66</td></tr><tr><td>（1）计提</td><td>13,329,082.75</td><td>9,212,269.60</td><td>148,728.21</td><td>4,261,200.22</td><td>26,951,280.78</td></tr><tr><td>（2）其他增加</td><td>6,283,674.88</td><td>0.00</td><td>0.00</td><td>0.00</td><td>6,283,674.88</td></tr><tr><td>3.本期减少金额</td><td>10,642,107.77</td><td>1,379,921.26</td><td>0.00</td><td>287,388.74</td><td>12,309,417.77</td></tr><tr><td>（1）处置或报废</td><td>664,751.86</td><td>1,379,921.26</td><td>0.00</td><td>223,467.16</td><td>2,268,140.28</td></tr><tr><td>（2）其他减少</td><td>9,977,355.91</td><td>0.00</td><td>0.00</td><td>63,921.58</td><td>10,041,277.49</td></tr><tr><td>4.期末余额</td><td>146,897,470.13</td><td>137,912,427.87</td><td>1,280,121.98</td><td>30,400,420.22</td><td>316,490,440.20</td></tr><tr><td colspan=\"6\">三、减值准备</td></tr><tr><td>1.期初余额</td><td>0.00</td><td>3,402,433.99</td><td>0.00</td><td>0.00</td><td>3,402,433.99</td></tr><tr><td>2.本期增加金额</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td></tr></table>" ]	[ "<table><tr><td>（1）计提</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>3.本期减少金额</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>（1）处置或报废</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>4.期末余额</td><td>0.00</td><td>3,402,433.99</td><td>0.00</td><td>0.00</td><td>3,402,433.99</td></tr><tr><td colspan=\"6\">四、账面价值</td></tr><tr><td>1.期末账面价值</td><td>328,436,616.96</td><td>68,538,006.44</td><td>1,330,449.90</td><td>32,643,207.99</td><td>430,948,281.29</td></tr><tr><td>2.期初账面价值</td><td>339,238,778.86</td><td>63,659,020.25</td><td>1,479,178.11</td><td>35,007,570.63</td><td>439,384,547.85</td></tr></table>", "# (2).暂时闲置的固定资产情况", "√适用 □不适用", "单位：元币种：人民币", "<table><tr><td>项目</td><td>账面原值</td><td>累计折旧</td><td>减值准备</td><td>账面价值</td><td>备注</td></tr><tr><td>机器设备</td><td>4,996,814.09</td><td>410,516.69</td><td>3,402,433.99</td><td>1,183,863.41</td><td></td></tr></table>", "# (3).通过融资租赁租入的固定资产情况", "□适用 √不适用", "# (4).通过经营租赁租出的固定资产", "□适用 √不适用", "# (5).未办妥产权证书的固定资产情况", "□适用 √不适用", "# 14、在建工程", "# 项目列示", "√适用 □不适用", "单位：元币种：人民币", "<table><tr><td>项目</td><td>期末余额</td><td>期初余额</td></tr><tr><td>在建工程</td><td>19,850,552.79</td><td>12,097,031.70</td></tr><tr><td>合计</td><td>19,850,552.79</td><td>12,097,031.70</td></tr></table>", "# 在建工程", "# (1).在建工程情况", "√适用 □不适用", "单位：元币种：人民币", "<table><tr><td rowspan=\"2\">项目</td><td colspan=\"3\">期末余额</td><td colspan=\"3\">期初余额</td></tr><tr><td>账面余额</td><td>减值\n准备</td><td>账面价值</td><td>账面余额</td><td>减值\n准备</td><td>账面价值</td></tr><tr><td>红豆智慧云</td><td>0.00</td><td>0.00</td><td>0.00</td><td>626,086.98</td><td>0.00</td><td>626,086.98</td></tr><tr><td>衬衫智能生\n产线技术改\n造</td><td>4,147,848.85</td><td>0.00</td><td>4,147,848.85</td><td>4,141,477.17</td><td>0.00</td><td>4,141,477.17</td></tr><tr><td>西服智能生\n产线技术改\n造</td><td>5,133,691.38</td><td>0.00</td><td>5,133,691.38</td><td>5,133,691.38</td><td>0.00</td><td>5,133,691.38</td></tr><tr><td>智慧全渠道\nSPA 体系</td><td>0.00</td><td>0.00</td><td>0.00</td><td>1,031,374.23</td><td>0.00</td><td>1,031,374.23</td></tr><tr><td>智慧物流园</td><td>6,369,012.56</td><td>0.00</td><td>6,369,012.56</td><td>1,164,401.94</td><td>0.00</td><td>1,164,401.94</td></tr></table>" ]	[ [ 14, 0 ] ]
20787446_46.pdf	20787446_47.pdf	en	[ "<table><tr><td>Aspects, General \nDisclosures and KPIs</td><td>Description</td><td>Relevant Chapter or Explanation</td></tr><tr><td>層面，一般披露及\n關鍵績效指標</td><td>描述</td><td>相關章節或解釋</td></tr><tr><td colspan=\"3\">Aspect B3: Development and Training</td></tr><tr><td colspan=\"3\">層面B3：發展及培訓</td></tr><tr><td>General Disclosure</td><td>Policies on improving employees’ knowledge and skills for discharging \nduties at work. Description of training activities.</td><td>• Employment and Development\n— Employee Development</td></tr><tr><td>一般披露</td><td>有關提升僱員履行工作職責的知識及技能的政策。描述培訓活動。</td><td>• 僱傭與發展\n— 員工發展</td></tr><tr><td>KPI B3.1</td><td>The percentage of employees trained by gender and employee category \n(e.g. senior management, middle management).</td><td>• KPIs Performance Table\n— Social Area</td></tr><tr><td>關鍵績效指標B3.1</td><td>按性別及僱員類別（如高級管理層、中級管理層等）劃分的受訓僱員百\n分比。</td><td>• 關鍵績效指標表現數據表\n— 社會範疇</td></tr><tr><td>KPI B3.2</td><td>The average training hours completed per employee by gender and \nemployee category.</td><td>The Group is improving relevant policies \nand expects to start statistics in the \nnext financial year.</td></tr><tr><td>關鍵績效指標B3.2</td><td>按性別及僱員類別劃分，每名僱員完成受訓的平均時數。</td><td>集團正在完善相關政策，預計下一財\n政年度開始統計。</td></tr><tr><td colspan=\"3\">Aspect B4: Labour Standards</td></tr><tr><td colspan=\"3\">層面B4：勞工準則</td></tr><tr><td>General Disclosure</td><td>Information on:\n(a) the policies; and\n(b) compliance with relevant laws and regulations that have a significant \nimpact on the issuer relating to preventing child and forced labour.</td><td>• Employment and Development\n— Labour Standards\n• Laws and Regulations Table</td></tr><tr><td>一般披露</td><td>有關防止童工或強制勞工的：\n(a) 政策；及\n(b) 遵守對發行人有重大影響的相關法律及規例的資料。</td><td>• 僱傭與發展\n— 勞工標準\n• 法律法規列表</td></tr><tr><td>KPI B4.1</td><td>Description of measures to review employment practices to avoid child and \nforced labour.</td><td>• Employment and Development\n— Labour Standards</td></tr><tr><td>關鍵績效指標B4.1</td><td>描述檢討招聘慣例的措施以避免童工及強制勞工。</td><td>• 僱傭與發展\n— 勞工標準</td></tr><tr><td>KPI B4.2</td><td>Description of steps taken to eliminate such practices when discovered.</td><td>• Employment and Development\n— Labour Standards</td></tr><tr><td>關鍵績效指標B4.2</td><td>描述在發現違規情況時消除有關情況所採取的步驟。</td><td>• 僱傭與發展\n— 勞工標準</td></tr></table>" ]	[ "<table><tr><td>Aspects, General \nDisclosures and KPIs</td><td>Description</td><td>Relevant Chapter or Explanation</td></tr><tr><td>層面，一般披露及\n關鍵績效指標</td><td>描述</td><td>相關章節或解釋</td></tr><tr><td colspan=\"3\">Operating Practices</td></tr><tr><td colspan=\"3\">營運慣例</td></tr><tr><td colspan=\"3\">Aspect B5: Supply Chain Management</td></tr><tr><td colspan=\"3\">層面B5：供應鏈管理</td></tr><tr><td>General Disclosure</td><td>Policies on managing environmental and social risks of the supply chain.</td><td>• Product and Operation\n— Supply Chain \nManagement\n— Environmental and Social \nRisk Mitigation</td></tr><tr><td>一般披露</td><td>管理供應鏈的環境及社會風險政策。</td><td>• 產品與營運\n— 供應鏈管理\n— 降低環境及社會風險</td></tr><tr><td>KPI B5.1</td><td>Number of suppliers by geographical region.</td><td>• KPIs Performance Table\n— Social Area</td></tr><tr><td>關鍵績效指標B5.1</td><td>按地區劃分的供應商數目。</td><td>• 關鍵績效指標表現數據表\n— 社會範疇</td></tr><tr><td>KPI B5.2</td><td>Description of practices relating to engaging suppliers, number of suppliers \nwhere the practices are being implemented, how they are implemented \nand monitored.</td><td>• Product and Operation\n— Supply Chain \nManagement\n— Supplier Engagement</td></tr><tr><td>關鍵績效指標B5.2</td><td>描述有關聘用供應商的慣例，向其執行有關慣例的供應商數目、以及\n有關慣例的執行及監察方法。</td><td>• 產品與營運\n— 供應鏈管理\n— 供應商參與</td></tr><tr><td>KPI B5.3</td><td>Description of practices used to identify environmental and social risks \nalong the supply chain, and how they are implemented and monitored.</td><td>• Product and Operation\n— Supply Chain \nManagement\n— Environmental and Social \nRisk Mitigation</td></tr><tr><td>關鍵績效指標B5.3</td><td>描述有關識別供應鏈每個環節的環境及社會風險的慣例，以及相關執\n行及監察方法。</td><td>• 產品與營運\n— 供應鏈管理\n— 降低環境及社會風險</td></tr></table>" ]	[ [ 0, 0 ] ]
11756501_34.pdf	11756501_35.pdf	en	[ "Proof. As before, let \$ [ R , \\infty ) \\times \\ensuremath { \\mathbb { T } } ^ { 3 } = \\{ ( r , \\theta ) \| r \\geq R , \\theta = ( \\theta _ { 1 } , \\theta _ { 2 } , \\theta _ { 3 } ) \\in \\ensuremath { \\mathbb { R } } ^ { 3 } / \\Lambda \\} \$. Let \$ \\Lambda ^ { * } \$ be the dual lattice. Choose \$ \\lambda \\in \\Lambda ^ { * } - \\{ 0 \\} \$ with minimal length. Choose \$ ( a _ { 1 } , a _ { 2 } , a _ { 3 } ) \\in \\mathbb { S } ^ { 2 } \$ such that", "\\[ ( a _ { 1 } I ^ { * } + a _ { 2 } J ^ { * } + a _ { 3 } K ^ { * } ) \\mathrm { d } r = - \\frac { \\lambda _ { 1 } \\mathrm { d } \\theta _ { 1 } + \\lambda _ { 2 } \\mathrm { d } \\theta _ { 2 } + \\lambda _ { 3 } \\mathrm { d } \\theta _ { 3 } } { \| \\lambda \| } . \\]", "Use \$ a _ { 1 } I \\! + \\! a _ { 2 } J \\! + \\! a _ { 3 } K \$ as the complex structure. Then the function \$ e ^ { 2 \\pi \| \\lambda \| r } e ^ { 2 \\pi i < \\lambda , \\theta > } \$ is holomorphic. The growth rate of this function is exactly \$ O ( e ^ { 2 \\pi \| \\lambda \| r } ) \$.", "Now we pull back this function from \$ [ R , \\infty ) \\times \\mathbb { T } ^ { 3 } \$ to M, cut it off and fill in with 0 inside K, we obtain a function f satisfying", "\\[ \\bar { \\partial } _ { g } f = \\phi = { \\cal O } ( e ^ { ( 2 \\pi \| \\lambda \| - \\mu ) r } ) , \\]", "where \$ \\mu \$ is the constant in Theorem 4.17. So \$ \\phi \\in \\underline { { L } } _ { - 2 \\delta } ^ { 2 } \$ for any non-critical positive number \$ \\delta \\in ( 2 \\pi \| \\lambda \| - \\mu , 2 \\pi \| \\lambda \| ) \$. By Theorem 4.20, there exists \$ \\psi \\in \\underline { { H ^ { 2 } } } _ { 2 \\delta } \$ satisfying", "\\[ \\phi = \\Delta \\psi = - ( { \\bar { \\partial } } ^ { * } { \\bar { \\partial } } + { \\bar { \\partial } } { \\bar { \\partial } } ^ { * } ) \\psi \\]", "in the distribution sense. Elliptic regularity implies that \$ \\psi \$ is a smooth (0, 1)-form. As before, \$ \\bar { \\partial } \\psi = \\xi \\omega ^ { + } \$ is a harmonic (0,2)-form. So \$ \\xi \$ is a harmonic function of order \$ O ( e ^ { \\delta r } ) \$.", "Now we use a cut-off function and the diffeomorphism to average g and the pull back of h. We get a smooth metric \$ g ^ { \\prime } \$ on M which is identically the pull back of h outside a very big ball. Now let \$ \\nu \$ be the inferior of positive \$ \\nu ^ { \\prime } \$ such that \$ \\xi \$ is bounded by \$ O ( e ^ { \\nu ^ { \\prime } r } ) \$. If \$ \\nu > \$ 0, then \$ \\Delta _ { g ^ { \\prime } } \\xi \\, \\in \\, \\underline { { L } } _ { - 2 \\delta } ^ { 2 } \$ 0 for any positive \$ \\nu > \\delta ^ { \\prime } > \\nu - \\mu \$. It follows that there exists a function in \$ \\underline { { L } } _ { - 2 \\delta ^ { \\prime } } ^ { 2 } \$ whose Laplacian \$ \\Delta _ { g ^ { \\prime } } \$ is \$ \\Delta _ { g ^ { \\prime } } \\xi \$. The difference of those two functions is a \$ g ^ { \\prime } . \$-harmonic function. By Lemma 4.21, it must have at most linear growth rate since the growth rate is below the first nonlinear harmonic function. It follows that \$ \\xi \$ must lie in \$ O ( e ^ { \\delta ^ { \\prime } r } ) \$, a contradiction. So \$ \\nu \$ = 0. Therefore, \$ \\xi \$ is bounded by any exponential growth function.", "So \$ \\Delta _ { g ^ { \\prime } } \\xi \$ decay exponentially. In particular, it’s in \$ L _ { 1 - \\epsilon } ^ { 2 } \$. By Theorem 4.12, we can find out a function in \$ H _ { - 3 - \\epsilon } ^ { 2 } \$ whose \$ \\Delta _ { g ^ { \\prime } } \$ is \$ \\Delta _ { g ^ { \\prime } } \\xi \$. Therefore, we know that \$ \\xi \$ is actually in \$ O ( r ^ { 1 + \\epsilon } ) \$. Of course, \$ \\bar { \\partial } \\psi = \\xi \\omega ^ { + } \$ has the same estimate.", "By Lemma 4.4, the harmonic (0,1)-form \$ \\bar { \\partial } ^ { \\ast } \\bar { \\partial } \\psi = \\bar { \\partial } ( f + \\bar { \\partial } ^ { \\ast } \\psi ) \$ is in \$ O ( r ^ { \\epsilon } ) \$) and its covariant derivative is in \$ O ( r ^ { - 1 + \\epsilon } ) \$. The Weitzenb¨ock formula implies that \$ \\nabla ^ { * } \\nabla ( \\bar { \\partial } ^ { * } \\bar { \\partial } \\psi ) = 0 \$. Therefore", "\\[ \\int _ { M } \| \\nabla ( \\bar { \\partial } ^ { * } \\bar { \\partial } \\psi ) \| ^ { 2 } \\chi \\leq \\int _ { M } \| \\bar { \\partial } ^ { * } \\bar { \\partial } \\psi \| \| \\nabla ( \\bar { \\partial } ^ { * } \\bar { \\partial } \\psi ) \| \| \\nabla \\chi \| \\]", "for any smooth compactly supported \$ \\chi \$. Let \$ \\chi = \\chi ( r \\! - \\! R ) \$, the right hand side converges to 0. Therefore \$ \\partial ^ { * } \\bar { \\partial } \\psi \$ is a covariant constant (0,1)-form. If this form is non-zero, it would be invariant under the holonomy of any loop. However, elements in \$ \\mathrm { S U } \$\$ 2 \$) have no fixed point except the identity matrix. So \$ ( M , g ) \$ must have trivial holonomy. Therefore, it’s \$ \\mathbb { R } ^ { 4 - k } \\times \\mathbb { T } ^ { k } \$ with flat metric. It’s a" ]	[ "contradiction with our non-splitting assumption. So actually \$ \\bar { \\partial } ^ { \\ast } \\bar { \\partial } \\psi \$ is identically 0. \$ f + \\bar { \\partial } ^ { * } \\psi \$ is a global holomorphic function on M.", "# 4.7 Compactification of ALG and ALH-non-splitting in-stantons", "In Theorem 4.14 and 4.22, we proved the existence of global holomorphic func-tion u in ALG and ALH-non-splitting cases such that any far enough fiber is biholomorphic to a complex torus. Notice that du is never zero on far enough fiber. Define a holomorphic vector field X by \$ \\omega ^ { + } ( Y , X ) = \\mathrm { d } u ( Y ) \$. Then since \$ X ( u ) \\, = \\, \\mathrm { d } u ( X ) \\, = \\, \\omega ^ { + } ( X , X ) \\, = \\, 0 . \$\$ _ { \\rightmoon } , \$ is well defined when it’s restricted to each far enough fiber. On each fixed far enough fiber, there exists a unique holomorphic form \$ \\phi \$ such that \$ \\phi ( X ) \$ = 1. Locally", "\\[ \\omega ^ { + } = f ( u , v ) \\mathrm { d } u \\wedge \\mathrm { d } v , X = f ^ { - 1 } ( u , v ) \\frac \\partial { \\partial v } , \\phi = f ( u , v ) \\mathrm { d } v . \\]", "Notice that each far enough fiber is topologically a torus. So actually, we can integrate the from \$ \\phi \$ to get a holomorphic function \$ v \\in \\mathbb { C } / \\mathbb { Z } \\tau _ { 1 } ( u ) \\oplus \\mathbb { Z } \\tau _ { 2 } ( u ) \$ up to a constant. We can fix this constant locally by choosing a holomorphic section of u as the base point. Therefore M is biholomorphic to \$ U \\times \\mathbb { C } / ( u , v ) \\sim \$\$ ( u , v + m \\tau _ { 1 } ( u ) + n \\tau _ { 2 } ( u ) ) \$, where \$ \\tau _ { 1 } ( u ) \$ and \$ \\tau _ { 2 } ( u ) \$ are locally defined holomorphic functions. Actually, they are the integral of \$ \\phi \$ in the basis of \$ H _ { 1 } \$ of each fiber. This gives a holomorphic torus fiberation locally.", "Recall that there is a diffeomorphism from M minus a large compact set to the standard fiberation. Denote the inverse image of the zero section by s. s is again a section outside large compact set because du differ with the standard one by a decaying error. Write \$ \\bar { \\partial } s \$ as \$ e ( u ) \\mathrm { d } \\bar { u } \\otimes X \$, then e is a function defined on the inverse of the punctured disc with polynomial growth rate. So there is an at most polynomial growth function E on the inverse of punctured disc such that \$ \\bar { \\partial } E ( u ) = e ( u ) \\mathrm { d } \\bar { u } \$. Now we apply the flow −E(u)X to the section s to get a holomorphic section \$ s _ { 0 } \$ on the neighborhood of infinity. View \$ s _ { 0 } \$ as the zero section, we know that M minus a large compact set is biholomorphic to \$ ( \\mathbb { C } - B _ { R } ) \\times \\mathbb { C } / ( u , v ) \\sim ( u , v + m \\tau _ { 1 } ( u ) + n \\tau _ { 2 } ( u ) \$) globally, where \$ \\tau _ { 1 } ( u ) \$ and \$ \\tau _ { 2 } ( u ) \$ are multi-valued holomorphic functions.", "As proved in Kodaira’s paper [1], there exists an (unique) elliptic fiberation B over \$ B _ { R ^ { - 1 } } \$ with a section such that B minus the central fiber D is biholo-morphic to \$ ( B _ { R ^ { - 1 } } - \\{ 0 \\} ) \\times \\mathbb { C } / ( \\tilde { u } , v ) \\sim ( \\tilde { u } , v + m \\tau _ { 1 } ( \\tilde { u } ^ { - 1 } ) + n \\tau _ { 2 } ( \\tilde { u } ^ { - 1 } ) ) \$). We can naturally identity points and get a compactification \$ \\bar { M } \$ of M. So \$ \\bar { M } \$ is a compact complex surface with a meromorphic function \$ u = \\tilde { u } ^ { - 1 } \$. Now since the subvari-ety of critical points \$ \\{ \\mathrm { d } u = 0 \\} \$ is a finite union of irreducible curves (On those irreducible curves, u is of course constant) and points, we know that except finite critical values in \$ \\mathbb { C P } ^ { 1 } \$, any fiber of u has no intersection with \$ \\{ \\mathrm { d } u = 0 \\} \$. Therefore, a generic fiber has genus 1 and must be an elliptic curve. In other words, \$ \\bar { M } \$ is a compact elliptic surface. In conclusion, we’ve proved the second main theorem." ]	[ [ 12, 0 ] ]
20748990_10.pdf	20748990_11.pdf	en	[ "# V. CONCLUSIONS", "In this paper we studied a modified gravity theoretical framework which extends the vacuum f(R) gravity theory, and it consists of higher order scalar field kinetic terms that are added to the standard f(R) gravity Lagrangian density. Due to the form of the extra terms in the action, we called this theory k-essence f(R) gravity theory, and our main aim was to investigate the inflationary aspects of this theory, in the slow-roll approximation. Actually, the class of k-essence f(R) gravity theory which we studied in this paper gets very much simplified if the slow-roll condition is imposed on the scalar field, and we investigated the dynamics of inflation in the resulting theory. By using standard formulas for the slow-roll indices coming from generalized \$ f ( R , \\phi , X ) \$ theories studied some time ago, we derived the slow-roll indices for a general f(R) gravity, and then we applied the formalism for an f(R) gravity of the form \$ R \\! + \\! \\alpha R ^ { n } \$. This theory without the k-essence part is not compatible with the latest Planck observational data, so we questioned the viability of the theory in view of the presence of the k-essence terms. As we demonstrated, there is a range of values of the free parameters for which the phenomenological viability of the theory can be achieved, for both the phantom and ghost-free models which we used. Since the result might be model dependent, we used another approach in order to see whether the k-essence f(R) gravity can produce viable phenomenology. To this end, we fixed the Hubble rate as a function of the e-foldings number, and we modified standard f(R) gravity reconstruction techniques to accommodate the presence of the k-essence terms, always in the slow-roll approximation. Using the resulting reconstruction techniques we derived the k-essence f(R) gravity which can realize the given Hubble rate, and then we provided general formulas for the slow-roll indices as functions of the e-foldings number, always in the slow-roll approximation. Accordingly, we calculated the slow-roll indices and the corresponding observational indices and we demonstrated that the resulting theory can be compatible with the Planck data, however the result is strongly model dependent. Thus we validated that the k-essence f(R) gravity theory can produce phenomenologically viable cosmologies in the slow-roll approximation. The latter is a vital ingredient of the formalism we employed, so the basic question is, does this theory have inflationary attractors in the absence of the slow-roll condition? The vacuum f(R) gravity theory has stable and unstable de Sitter attractors without the slow-roll condition implied, as was explicitly demonstrated in [31], by using the dynamical system approach, so the question is does a general non-slow-roll k-essence f(R) gravity possesses inflationary attractors? This question is non-trivial and no one can guarantee this, before a consistent autonomous dynamical system is derived for the theory in question. For example, in the case of Gauss-Bonnet gravity there exist inflationary attractors even if the slow-roll condition does not hold true, although these are unstable, as was proved in Ref. [32], and the same applies for vacuum f(R) gravity theories in the presence of a non-flat metric [33]. Moreover, the existence of unstable de Sitter attractors is a feature of f(R)-\$ \\phi \$ theories [34].However the latter type of theory contains potential terms, which are absent in the k-essence f(R) gravity, so the next major task is to question the existence of inflationary attractors in the non-slow-roll k-essence f(R) gravity theory. To this end one should appropriately construct a consistent autonomous dynamical system, study its fixed points, and test their stability, analytically if these are hyperbolic fixed points, or at least numerically if the fixed points are non-hyperbolic. The interpretation of the existence of unstable inflationary attractors is a major issue in these theories, which in some sense can be viewed as an inherent mechanism for the graceful exit from inflation, but this is a highly non-trivial issue to discuss here, and of course out of the context of this work. Work is in progress along the above research lines.", "Finally, it is noteworthy mentioning that even in this k-essence framework, it is unavoidable having the initial Big Bang singularity, when inflationary scenarios are considered. However, it is interesting to note that, if the underlying theory can go beyond the k-essence f(R) gravity type inflation, namely a torsional based f(T ) modified gravity[59, 60], or a Horndeski scalar [61] one may not only realize inflationary cosmology, but also a non-singular bouncing phase that can be applied to avoid the big bang singularity. In fact, it would be interesting to extend the formalism we developed in this paper to find an appropriate k-essence f(R) gravity type theory that may realize a bouncing cosmology. In the context of other extensions of f(R) gravity this is also possible [62], so the question remains if there are k-essence modified gravities that may realize cosmological bounces. We hope to address this issue in a future work.", "# Acknowledgments", "This work is supported by MINECO (Spain), FIS2016-76363-P, and by project 2017 SGR247 (AGAUR, Catalonia) (S.D.O). This work is also supported by MEXT KAKENHI Grant-in-Aid for Scientific Research on Innovative Areas “Cosmic Acceleration” No. 15H05890 (S.N.) and the JSPS Grant-in-Aid for Scientific Research (C) No. 18K03615" ]	[ "(S.N.).", "[1] P. A. R. Ade et al. [Planck Collaboration], Astron. Astrophys. 594 (2016) A20 doi:10.1051/0004-6361/201525898[arXiv:1502.02114 [astro-ph.CO]].", "[2] A. H. Guth, Phys. Rev. D 23 (1981) 347. doi:10.1103/PhysRevD.23.347", "[3] A. A. Starobinsky, Phys. Lett. 91B (1980) 99. doi:10.1016/0370-2693(80)90670-X", "[4] A. D. Linde, Phys. Lett. 129B (1983) 177. doi:10.1016/0370-2693(83)90837-7", "[5] R. Brandenberger and P. Peter, Found. Phys. 47 (2017) no.6, 797 doi:10.1007/s10701-016-0057-0 [arXiv:1603.05834 [hep-th]].", "[6] J. de Haro and Y. F. Cai, Gen. Rel. Grav. 47 (2015) no.8, 95 doi:10.1007/s10714-015-1936-y [arXiv:1502.03230 [gr-qc]].", "[7] Y. F. Cai, Sci. China Phys. Mech. Astron. 57 (2014) 1414 doi:10.1007/s11433-014-5512-3 [arXiv:1405.1369 [hep-th]].", "[8] P. A. R. Ade et al. [BICEP2 and Keck Array Collaborations], Phys. Rev. Lett. 116 (2016) 031302 doi:10.1103/PhysRevLett.116.031302 [arXiv:1510.09217 [astro-ph.CO]].", "[9] S. Nojiri, S. D. Odintsov and V. K. Oikonomou, Phys. Rept. 692 (2017) 1 doi:10.1016/j.physrep.2017.06.001[arXiv:1705.11098 [gr-qc]].", "[10] S. Nojiri and S. D. Odintsov, Phys. Rept. 505 (2011) 59 doi:10.1016/j.physrep.2011.04.001 [arXiv:1011.0544 [gr-qc]].", "[11] S. Nojiri and S. D. Odintsov, eConf C 0602061 (2006) 06 [Int. J. Geom. Meth. Mod. Phys. 4 (2007) 115]doi:10.1142/S0219887807001928 [hep-th/0601213].", "[12] S. Capozziello and M. De Laurentis, Phys. Rept. 509 (2011) 167 doi:10.1016/j.physrep.2011.09.003 [arXiv:1108.6266 [gr-qc]].", "[13] V. Faraoni and S. Capozziello, Fundam. Theor. Phys. 170 (2010). doi:10.1007/978-94-007-0165-6", "[14] A. de la Cruz-Dombriz and D. Saez-Gomez, Entropy 14 (2012) 1717 doi:10.3390/e14091717 [arXiv:1207.2663 [gr-qc]].", "[15] G. J. Olmo, Int. J. Mod. Phys. D 20 (2011) 413 doi:10.1142/S0218271811018925 [arXiv:1101.3864 [gr-qc]].", "[16] A. Ashtekar and P. Singh, Class. Quant. Grav. 28 (2011) 213001 doi:10.1088/0264-9381/28/21/213001 [arXiv:1108.0893[gr-qc]].", "[17] A. Ashtekar, T. Pawlowski and P. Singh, Phys. Rev. D 74 (2006) 084003 doi:10.1103/PhysRevD.74.084003 [gr-qc/0607039].", "[18] L. Areste Salo, J. Amoros and J. de Haro, Class. Quant. Grav. 34 (2017) no.23, 235001 doi:10.1088/1361-6382/aa9311[arXiv:1612.05480 [gr-qc]].", "[19] H. H. Xiong, T. Qiu, Y. F. Cai and X. Zhang, Mod. Phys. Lett. A 24 (2009) 1237 doi:10.1142/S0217732309030667[arXiv:0711.4469 [hep-th]].", "[20] J. Amoros, J. de Haro and S. D. Odintsov, Phys. Rev. D 89 (2014) no.10, 104010 doi:10.1103/PhysRevD.89.104010[arXiv:1402.3071 [gr-qc]].", "[21] Y. F. Cai and E. Wilson-Ewing, JCAP 1403 (2014) 026 doi:10.1088/1475-7516/2014/03/026 [arXiv:1402.3009 [gr-qc]].", "[22] J. de Haro and J. Amoros, JCAP 1408 (2014) 025 doi:10.1088/1475-7516/2014/08/025 [arXiv:1403.6396 [gr-qc]].", "[23] K. Kleidis and V. K. Oikonomou, Int. J. Geom. Meth. Mod. Phys. 15 (2018) no.05, 1850071 doi:10.1142/S0219887818500718[arXiv:1801.02578 [gr-qc]].", "[24] K. Kleidis and V. K. Oikonomou, Int. J. Geom. Meth. Mod. Phys. 15 (2017) no.04, 1850064 doi:10.1142/S0219887818500640[arXiv:1711.09270 [gr-qc]].", "[25] H. Noh and J. c. Hwang, Phys. Lett. B 515 (2001) 231 doi:10.1016/S0370-2693(01)00875-9 [astro-ph/0107069].", "[26] J. c. Hwang and H. Noh, Phys. Rev. D 71 (2005) 063536 doi:10.1103/PhysRevD.71.063536 [gr-qc/0412126].", "[27] J. c. Hwang and H. Noh, Phys. Rev. D 66 (2002) 084009 doi:10.1103/PhysRevD.66.084009 [hep-th/0206100].", "[28] D. I. Kaiser and E. I. Sfakianakis, Phys. Rev. Lett. 112 (2014) no.1, 011302 doi:10.1103/PhysRevLett.112.011302[arXiv:1304.0363 [astro-ph.CO]].", "[29] A. A. Starobinsky, Phys. Lett. B 91 (1980) 99 [Phys. Lett. 91B (1980) 99] [Adv. Ser. Astrophys. Cosmol. 3 (1987) 130].doi:10.1016/0370-2693(80)90670-X", "[30] S. Nojiri, S. D. Odintsov and D. Saez-Gomez, Phys. Lett. B 681 (2009) 74 doi:10.1016/j.physletb.2009.09.045[arXiv:0908.1269 [hep-th]].", "[31] S. D. Odintsov and V. K. Oikonomou, Phys. Rev. D 96 (2017) no.10, 104049 doi:10.1103/PhysRevD.96.104049[arXiv:1711.02230 [gr-qc]].", "[32] V. K. Oikonomou, Int. J. Mod. Phys. D 27 (2018) no.05, 1850059 doi:10.1142/S0218271818500591 [arXiv:1711.03389[gr-qc]].", "[33] Work in progress.", "[34] K. Kleidis and V. K. Oikonomou, arXiv:1808.04674 [gr-qc].", "[35] T. Chiba, T. Okabe and M. Yamaguchi, Phys. Rev. D 62 (2000) 023511 doi:10.1103/PhysRevD.62.023511[astro-ph/9912463].", "[36] C. Armendariz-Picon, V. F. Mukhanov and P. J. Steinhardt, Phys. Rev. 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11752411_9.pdf	11752411_10.pdf	en	[ "# V. TIME REVERSIBILITY AWAY FROM EQUILIBRIUM – 0532 MODEL", "At equilibrium the forward and backward trajectories for canonical oscillators, using any of the four ergodic sets of motion equations, are qualitatively much the same. No holes in the cross sections, good values for the even velocity moments, longtime averaged Lyapunov exponent the same for any initial condition. In short – deterministic, time-reversible, ergodic.", "Away from equilibrium, thermodynamic dissipation can be investigated, still time-reversibly, by adding a localized temperature gradient \$ ( d T / d q ) \\, = \\, [ \\, \\, \\epsilon / \\cosh ^ { 2 } ( q ) \\, \\, ] \$ ] enabling heat transfer through a nonzero average current \$ ( p ^ { 3 } / 2 ) : \$", "\\[ 1 - \\epsilon < T < 1 + \\epsilon = T ( q ) = 1 + \\epsilon \\operatorname { t a n h } ( q ) \\longrightarrow \\langle \\; ( p ^ { 3 } / 2 ) \\; \\rangle < 0 \\longrightarrow ( { \\dot { S } } / k ) < 0 \\ . \\]", "Here \$ \\epsilon \$ is the maximum value of the temperature gradient, \$ T ^ { \\prime } ( 0 ) \$ . The negative entropy change, causing the phase volume to shrink onto a strange attractor is due to the net heat loss from the oscillator to the coordinate-dependent 0532 thermostat temperature T(q) . From the standpoint of steady-state irreversible thermodynamics the overall heat loss is offset by an internal “entropy production” so that the net change of oscillator “entropy” vanishes. We remind the reader that Gibbs’ entropy is minus infinity for fractal attractors so that the irreversible-thermodynamics concept of nonequilibrium entropy is problematic. The artificial entropy change could be also be viewed as the result of ongoing coarse-graining ( which would artificilly increase Gibbs’ entropy ) at the level of the computational roundoff error ( in the sixteenth or seventeenth digit ).", "The temperature gradient destroys the “global [ overall ] reversibility” of the motion equations. Although in principle reversible the chaotic instability of the dynamics, evidenced by a positive Lyapunov exponent, makes this “irreversibility” possible. This irreversibility is evidenced by a Lyapunov spectrum with a negative sum so that the longtime averaged distribution is a fractal strange attractor with a reduced information dimension rather than a smooth three-dimensional Gibbsian distribution.", "Among the thermostats we have considered only the Nose´-Hoover equations show that a fractal attractor is not inevitable. In the Nose´-Hoover case a majority of initial conditions give rise to phase-space tori, orbits with no longtime tendency toward dissipation. All of the ergodic thermostats invariably produce small-gradient dissipation rather than tori so that their orbits exhibit what we call “global irreversibility”.", "The equilibrium ( \$ \\epsilon \$ = 0 and unit temperature \$ \\overrightharpoon { T } \$= 1 ) Lyapunov spectrum for the 0532 model, \$ \\{ \\ \\lambda \\ \\} = \\{ \\ + 0 . 1 4 4 , 0 , - 0 . 1 4 4 \\ \\} \$ sums to zero corresponding to the three-dimensional" ]	[ "Gaussian distribution, \$ f \\propto e ^ { - q ^ { 2 } / 2 } e ^ { - p ^ { 2 } / 2 } e ^ { - \\zeta ^ { 2 } / 2 } \$. The time-averaged growth rates of infinites-imal one-, two-, and three-dimensional phase space volumes are given by", "\\[ \\left\\{ \\begin{array} { l } { { \\lambda _ { 1 } , } } \\end{array} \\lambda _ { 1 } + \\lambda _ { 2 } , \\ \\lambda _ { 1 } + \\lambda _ { 2 } + \\lambda _ { 3 } } \\end{array} \\right\\} \\, . \\]", "In the nonequilibrium case with \$ \\epsilon \$ = 0.50 the time-averaged spectrum becomes asymmet-ric, \$ \\{ ~ + 0 . 1 1 3 5 , 0 , - 0 . 1 4 5 4 ~ \\} \$ , corresponding to the time-averaged growth of a length or an area in phase space \$ \\simeq e ^ { + 0 . 1 1 3 5 t } \$ but to shrinkage of an infinitesimal three-dimensional phase volume \$ \\otimes : \$:", "\\[ ( \\dot { \\otimes } / \\otimes ) = 0 . 1 1 3 5 - 0 . 1 4 5 4 = - 0 . 0 3 1 9 \\longrightarrow D _ { K Y } = 2 + ( 0 . 1 1 3 5 / 0 . 1 4 5 4 ) = 2 . 7 8 \\; . \\]", "Kaplan and Yorke’s linear interpolation predicts a strange-attractor dimension of 2.78. Cross sections of the equilibrium and nonequilibrium 0532 dynamics are shown in Figure 2 . Just as at equilibrium the nonequilibrium strange-attractor’s motion equations are time-reversible. Any forward-in-time sequence \$ \\{ \\ + q , + p , + \\zeta \\ \\} \$ corresponds to a twin sequence \$ \\{ \\ + q , - p , - \\zeta \\ \\} \$ with the order of the \$ ( q , p , \\zeta ) \$ points reversed. Locally this reversed se-quence satisfies the same equations of motion with errors of order (\$ d t ^ { 5 } / 1 2 0 ) \$ for fourth-order Runge-Kutta integration. But any attempt to generate such a reversed sequence numer-ically fails because the Lyapunov spectrum of the reversed sequence would correspond to \$ \\{ ~ + 0 . 1 4 5 4 , 0 , - 0 . 1 1 3 5 ~ \\} \$ . The positive exponent sum indicates an unstable repellor with a diverging phase volume,\$ ( \\dot { \\otimes } / \\otimes ) = + \$ 0.0319 . Any attempt to follow the repellor numerically will instead seek out the nearby attractor ( both are still ergodic, at least if \$ \\epsilon \$ is small ) which, though unstable for a line or an area, is less so than the repellor. The repellor properties can ( only ) be observed by the expedient of storing and reversing a trajectory. The cross section associated with a stored ten-billion-point attractor trajectory is illustrated in Figure 3 . Note the lack of \$ \\pm p \$ symmetry in the coloring of the local Lyapunov exponent, \$ \\lambda _ { 1 } ( t ) \$ .", "This instructive problem illustrates two general principles :\$ : \\ [ \\ 1 \\ ] \$ the phase volume of the steady-state attractor is zero and singular everywhere despite the time-reversibility of the motion equations ; [ 2 ] any typical three-dimensional phase volume first expands and leaves the vicinity of the ( ergodic ) fractal repellor and then shrinks in order to join its mirror-image ( and likewise ergodic ) fractal attractor exponentially fast. Both these features correspond to the paucity of nonequilibrium states and to the irreversibility described by the Second Law of Thermodynamics." ]	[ [ 7, 0 ] ]
9324296_337.pdf	9324296_338.pdf	en	[ "<table><tr><td>Name of company</td><td> Financial period</td><td> Statutory auditors</td></tr><tr><td>Hubei Xinrui Automobile Sales\nServices Co., Ltd.\n(湖北欣瑞汽車銷售服務有限公司)</td><td>Years ended 31 December 2007,\n2008 and 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td rowspan=\"2\">Wuhan Baoze Automobile Sales\nServices Co., Ltd.\n(武漢寶澤汽車銷售服務有限公司)</td><td>Year ended 31 December 2007</td><td> Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Years ended 31 December 2008\nand 2009</td><td>Wuhan Wanli Accountant\nServices Co., Ltd., reigstered\nin the PRC\n(武漢市萬里會計事務有限公司)</td></tr><tr><td>Shiyan Shenxie Automobile Trading\nCo., Ltd.\n(十堰紳協汽車貿易有限公司)</td><td>Years ended 31 December 2007,\n2008 and 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Shanhiga Luda Automobile Sales\nServices Co., Ltd.\n(上海陸達汽車銷售服務有限公司)</td><td>Years ended 31 December 2007,\n2008 and 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Changsha Ruibao Automobile Sales\nServices Co., Ltd.\n(長沙瑞寶汽車銷售服務有限公司)</td><td>Years ended 31 December 2007,\n2008 and 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Hubei Jierui Automobile Sales\nServices Co., Ltd.\n(湖北捷瑞汽車銷售服務有限公司)</td><td>Years ended 31 December 2007,\n2008 and 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td rowspan=\"2\">Huhhot Qibao Automobile Sales\nServices Co., Ltd.\n(呼和浩特市祺寶汽車銷售服務有限\n公司)</td><td>Years ended 31 December 2007\nand 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Year ended 31 December 2008</td><td> Wuhan Wanli Accountant\nServices Co., Ltd. reigstered\nin the PRC\n(武漢市萬里會計事務有限公司)</td></tr></table>" ]	[ "<table><tr><td>Name of company</td><td> Financial period</td><td> Statutory auditors</td></tr><tr><td rowspan=\"2\">Yichang Baoze Automobile Sales\nServices Co., Ltd.\n(宜昌寶澤汽車銷售服務有限公司)</td><td>Years ended 31 December 2007\nand 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Year ended 31 December 2008</td><td> Wuhan Wanli Accountant\nServices Co., Ltd., reigstered\nin the PRC\n(武漢市萬里會計事務有限公司)</td></tr><tr><td rowspan=\"2\">Chenzhou Ruibao Automobile Sales\nServices Co., Ltd.\n(郴州瑞寶汽車銷售服務有限公司)</td><td>Years ended 31 December 2007\nand 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Year ended 31 December 2008</td><td> Wuhan Wanli Accountant\nServices Co., Ltd., reigstered\nin the PRC\n(武漢市萬里會計事務有限公司)</td></tr><tr><td>Shanhiga Shenxie Shentong\nAutomobile Sales Services\nCo., Ltd.\n(上海紳協紳通汽車銷售服務有限公\n司)</td><td>Period from 31 January 2007\n(date of incorporation) to 31\nDecember 2007 and years ended\n31 December 2008 and 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Nanchang Baoze Automobile Sales\nServices Co., Ltd.\n(南昌寶澤汽車銷售服務有限公司)</td><td>Period from 2 June 2008 (date\nof incorporation) to 31\nDecember 2008 and year ended\n31 December 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Zhuhai Baoze Automobile Sales\nServices Co., Ltd.\n(珠海寶澤汽車銷售服務有限公司)</td><td>Period from 27 June 2008 (date\nof incorporation) to 31\nDecember 2008 and year ended\n31 December 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>ShanhiiAga Aohu utomobile Sales\nServices Co., Ltd.\n(上海奧滙汽車銷售服務有限公司)</td><td>Period from 4 December 2008\n(date of incorporation) to 31\nDecember 2008 and year ended\n31 December 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr><tr><td>Guangzhou Baoze Automobile Sales\nCo., Ltd.\n(廣州寶澤汽車銷售有限公司)</td><td>Period from 20 April 2009 (date\nof incorporation) to 31\nDecember 2009</td><td>Hubei Weiye CPA Limited,\nreigstered in the PRC\n(湖北偉業會計師事務所)</td></tr></table>" ]	[ [ 0, 0 ] ]
9231871_95.pdf	9231871_96.pdf	en	[ "# Research, design, development and marketing", "Our department of research, design and development is responsible for increasing our production efficiency and effectiveness in order to improve the quality of our existing products and thereby increasing our profit margin. Further, it is responsible to advise our customers to revise the design or change the casting metal for their new parts and components in order to improve their performance or reduce the production costs. To achieve this, we conduct various tests on our sample products and new mixtures of casting metals in order to improve our product durability, flexibility and compatibility and also to reduce our production time and costs. As at the Latest Practicable Date, we have one centre for research, design and development, the Danshui Foundry.", "We plan toj oin the ACHEMA exhibition in 2015 and expand our sales force in Europe. For details, please refer to the section headed “Future Plans and Use of Proceeds” in this prospectus.", "# OUR PRODUCTS", "Our products can be categorised into four main categories: (a) pump components;(b) filter components; (c) valve components; and (d) food machinery components. Our products can also be classified as ferrous and non-ferrous products based on whether ferrous or non-ferrous metals are used. Ferrous and non-ferrous metals have different" ]	[ "properties and thus are used in applications where their respective properties can be utilised. The following table sets forth the breakdown of our Group’s revenue by types of products during the Track Record Period:", "<table><tr><td rowspan=\"3\"></td><td rowspan=\"3\">Product type</td><td colspan=\"4\">Year ended 31 December</td></tr><tr><td colspan=\"2\">2013</td><td colspan=\"2\">2014</td></tr><tr><td>HK$’000</td><td>%</td><td>H K$’000</td><td>%</td></tr><tr><td></td><td>Pump components</td><td>25,802</td><td>48.6</td><td>27,127</td><td>44.3</td></tr><tr><td></td><td>Filter components</td><td>13,135</td><td>24.7</td><td>14,249</td><td>23.3</td></tr><tr><td></td><td>Valve components</td><td>6,780</td><td>12.8</td><td>11,474</td><td>18.8</td></tr><tr><td></td><td>Food machinery\ncomponents</td><td>5,244</td><td>9.9</td><td>6,321</td><td>10.3</td></tr><tr><td rowspan=\"2\"></td><td>Others (Note 1)</td><td>2,153</td><td>4.0</td><td>2,023</td><td>3.3</td></tr><tr><td>Total:</td><td>53,114</td><td>100.0</td><td>61,194</td><td>100.0</td></tr></table>", "Note:", "1. It includes mining equipment components, lighting equipment components and sports equipment components." ]	[ [ 4, 0 ] ]
9285198_152.pdf	9285198_153.pdf	en	[ "We assign editors to cover our branded products largely by content genre. They review newly published literary works of a predetermined maturity and analyze the content quality subjectively based on their own experience and expertise, while referencing user data related to such works, such as number of times the works was archived, reader volume and the number of likes received from readers. Once our editors determine that a new writer has potential, they will work with the writer to improve the quality and relevance of his work for our readers. Depending on a writer ’s potential, he may have either generalist editorial coverage or a dedicated team of editors assigned to him. As part of the editorial process, our editors will continue to provide their own feedback and suggestions as well as collect readers’ feedback over time to provide writers with suggestions on the storyline, language and plot points of their works. To many writers, this is a unique resource enabling them to enhance the literary and commercial value of their works.", "Finally, in addition to their roles in fostering organic content creation on our platform, they also curate the content published to readers on our platform and lead our third-party content sourcing efforts to ensure that we have the appropriate breadth of content on our platform.", "# Third-Party Content Providers", "To complement the original literary works created by our writers, we source high quality content from other online literary platforms. We also source physical book works for e-book conversion and publication on our platform from several leading offline publishers. We select works suitable for conversion based on commercial value for our platform. Our offering of e-books is especially conducive to attracting readers in older age groups who have stronger interest in traditional literature. To obtain the exclusive e-book publishing rights, including the right to debut the e-book version, we may agree to devote more promotional resources and offer higher royalties to the copyright owners.", "As of June 30, 2017, we had sourced and published approximately 273 thousand and 137 thousand third-party sourced works and e-book works on our platform.", "# Content Screening and Monitoring", "We place strong emphasis on content screening and monitoring to ensure that our literary works do not contain any obscene or pornographic content or any information that mayj eopardize the quality of our literary works and that the publication and distribution of our literary content fully comply with the applicable laws and regulations. We require our writers to represent that their content is not plagiarized from others before posting it on our platform and we require writers with whom we sign licensing contracts to indemnify us against any violations by the writers of their contractual obligations. Our online content screening and monitoring procedures include both a proprietary, automated screening system as well as a set of manual review procedures conducted by a dedicated team of reviewers, many of whom are also editors on our platform who are familiar with the content. We regularly communicate with the relevant governmental agencies in China to obtain clear guidance on the relevant laws and regulations to ensure compliance. Our content monitoring staff is provided systematic training in the latest compliance know-how, and we closely supervise the screening and monitoring work performed by our staff. In the event of any allegation raised against us in relation to distribution of any pornographic or obscene content, we will immediately launch an internal investigation to verify if the alleged content indeed contains any pornographic or obscene content." ]	[ "After the allegation is verified, if the alleged content is from any literary works created by our writers, we will suspend the publication of the involved literary works and ask the writers to amend the content to remove the pornographic or obscene content. We will re-publish the amended literary works only after the pornographic or obscene content is completely removed and the amended literary content has successfully undergone our content screening and monitoring procedures. In severe cases, we will completely remove the entire literary works and will no longer publish them. If the alleged content is made by our readers, we will immediately block or remove the related pornographic or obscene content and, if necessary, prohibit the involved readers from publishing any content in the future.", "Automated Content Screening Process. All user-generated literary content and comments are first screened by our automated filtering system, which identifies and flags suspicious content for further action based on a regularly updated repository of keywords, according to the latest laws and regulations in China. For the earlier chapters of new literary works, the content that passes the automated content screening process is reviewed by our content monitoring team before it can be published on our platform. The later chapters of such legitimate literary works are then only subject to the first stage automated content screening process prior to publication on our platform. However, such later chapters are still subject to our manual review process, and will be immediately removed if found to be illegal or pirated at a later stage. All flagged content identified by our first stage automated content screening process is reviewed and confirmed by content monitoring staff before it can be published on our platform. Content that has been rejected or removed by our content screening and monitoring procedures are sent back to the writers, which can be re-submitted after revisions are made to our satisfaction.", "Manual Content Monitoring Process. Content that passes the automated screening process is still subject to manual review by our content monitoring team. As of June 30, 2017, our dedicated content monitoring team had over 100 full-time staff members. Our manual screening procedure is multi-layered, with each piece of content subject to review and cross-review by different monitoring staff. We occasionally engage third-party consultants with specialized understanding of the Chinese content regulatory environment to review certain content, if necessary.", "If we discover a user who has violated the user agreement, applicable laws and regulations or infringed any third-party rights, including copyrights, we may terminate such user ’s account and block such user ’s future uploads of content to our platform without prior notice. In addition, we promptly remove the relevant content when we are notified or made aware by copyright owners or learn from other sources of copyright infringements by users, such as lists of infringing content that the regulatory authorities publish from time to time. We encourage our users to help us with our content screening and monitoring efforts by offering generous rewards for tips related to potentially illegal, disruptive or pirated content on our platform.", "Self-evaluation as required by the Trial Method. We are required to comply with the Trial Method on Evaluation of Social Benefits of Online Literature Publication Service Units (網絡文學出版服務單位社會效益評估試行辦法) (the “Trial Method”) which took effect on July 1, 2017. As advised by our PRC Legal Advisor, we understand that the Trial Method requires self-evaluation reports to be submitted by online literature publication service providers to the local administrative bodies by the end of January of every calendar year and evaluation of the online literature publication service" ]	[ [ 6, 0 ] ]
20791558_120.pdf	20791558_121.pdf	en	[ "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">Note \n附註</td><td>2020 \n二零二零年</td><td>2019\n二零一九年</td></tr><tr><td>RMB’000 \n人民幣千元</td><td>RMB’000\n人民幣千元</td></tr><tr><td>Assets 資產</td><td></td><td></td><td></td></tr><tr><td>Non-current assets 非流動資產</td><td></td><td></td><td></td></tr><tr><td>Property, plant and equipment 物業、廠房及設備</td><td>11</td><td>26471,5</td><td>259,152</td></tr><tr><td>Investment properties 投資物業</td><td>12</td><td>1,027,610</td><td>1,025,004</td></tr><tr><td>Intangible assets 無形資產</td><td>13</td><td>364,031</td><td>332,252</td></tr><tr><td>Investments accounted for using 按權益法入賬的投資\n the equity method</td><td>15</td><td>9162,56</td><td>654,872</td></tr><tr><td>Deferred income tax assets 遞延所得稅資產</td><td>16</td><td>142,8,001</td><td>834,614</td></tr><tr><td></td><td></td><td>4,000,613</td><td>3,105,894</td></tr><tr><td>Current assets 流動資產</td><td></td><td></td><td></td></tr><tr><td>Completed properties held for sale 持作出售的已竣工物業</td><td>17</td><td>61,6542,6</td><td>3,037,052</td></tr><tr><td>Properties under development for sale 持作出售的開發中物業</td><td>18</td><td>50,085,317</td><td>30,969,759</td></tr><tr><td>Contract assets 合約資產</td><td>5</td><td>6952,39</td><td>700,000</td></tr><tr><td>Trade and other receivables and deposits 貿易及其他應收款項\n 以及按金</td><td>19</td><td>2,838,368</td><td>2,595,926</td></tr><tr><td>Prepayments 預付款項</td><td>19</td><td>2,376,585</td><td>1,858,769</td></tr><tr><td>Amounts due from joint ventures 應收合營企業款項</td><td>33</td><td>11971,8</td><td>59,949</td></tr><tr><td>Amounts due from associates 應收聯營公司款項</td><td>33</td><td>14772,0,0</td><td>482,845</td></tr><tr><td>Amounts due from non- 應收非控制性權益款項\n controlling interests</td><td>32</td><td>4,00044,6</td><td>3,951,248</td></tr><tr><td>Income tax recoverable 可收回所得稅</td><td></td><td>415,878</td><td>788,393</td></tr><tr><td>Restricted cash 受限制現金</td><td>20</td><td>41,56,859</td><td>3,965,210</td></tr><tr><td>Cash and cash equivalents 現金及現金等價物</td><td>20</td><td>9,64942,3</td><td>11,094,295</td></tr><tr><td></td><td></td><td>81,973,565</td><td>59,503,446</td></tr><tr><td>Total assets 總資產</td><td></td><td>85,97417,8</td><td>62,609,340</td></tr><tr><td>Equity 權益</td><td></td><td></td><td></td></tr><tr><td>Equity attributable to owners 本公司所有者應佔權益\n of the Company</td><td></td><td></td><td></td></tr><tr><td>Share capital 股本</td><td>21</td><td>139,632</td><td>139,632</td></tr><tr><td>Reserves 儲備</td><td>22</td><td>6,66742,3</td><td>5,041,820</td></tr><tr><td></td><td></td><td>6,807,055</td><td>5,181,452</td></tr><tr><td>Non-controlling interests 非控制性權益</td><td></td><td>6142,0,60</td><td>4,453,096</td></tr><tr><td>Total equity 總權益</td><td></td><td>12,947,675</td><td>9,634,548</td></tr></table>" ]	[ "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">Note \n附註</td><td>2020 \n二零二零年</td><td>2019\n二零一九年</td></tr><tr><td>RMB’000 \n人民幣千元</td><td>RMB’000\n人民幣千元</td></tr><tr><td>Liabilities 負債</td><td></td><td></td><td></td></tr><tr><td>Non-current liabilities 非流動負債</td><td></td><td></td><td></td></tr><tr><td>Borrowings 借款</td><td>23</td><td>13,399,808</td><td>4,694,786</td></tr><tr><td>Deferred income tax liabilities 遞延所得稅負債</td><td>16</td><td>1,954477,</td><td>634,906</td></tr><tr><td></td><td></td><td>15,3542,85</td><td>5,329,692</td></tr><tr><td>Current liabilities 流動負債</td><td></td><td></td><td></td></tr><tr><td>Trade and other payables 貿易及其他應付款項</td><td>24</td><td>15,352,054</td><td>12,020,186</td></tr><tr><td>Borrowings 借款</td><td>23</td><td>67114,,56</td><td>12,087,907</td></tr><tr><td>Amounts due to non-controlling interests 應付非控制性權益款項</td><td>32</td><td>6,07522,6</td><td>5,146,101</td></tr><tr><td>Amounts due to associates 應付聯營公司款項</td><td>33</td><td>159274,</td><td>485,280</td></tr><tr><td>Amounts due to joint ventures 應付合營企業款項</td><td>33</td><td>507,84</td><td>50,776</td></tr><tr><td>Contract liabilities 合約負債</td><td>25</td><td>26,815,905</td><td>15,552,490</td></tr><tr><td>Income tax liabilities 所得稅負債</td><td></td><td>2,50742,9</td><td>2,302,360</td></tr><tr><td></td><td></td><td>57,67221,8</td><td>47,645,100</td></tr><tr><td>Total liabilities 總負債</td><td></td><td>73,026,503</td><td>52,974,792</td></tr><tr><td>Total equity and liabilities 總權益及負債</td><td></td><td>85,97417,8</td><td>62,609,340</td></tr></table>", "The above consolidated balance sheet should be read in conjunction with the accompanying notes.", "The financial statements on pages 118 to 300 were approved for issue by the Board of Directors on 29 March 2021 and were signed on its behalf:", "上述合併資產負債表應與隨附附註一併閱覽。", "列載於第 118 至 300 頁的財務報表已由董事會於二零二一年三月二十九日批准刊發，並由以下董事代表簽署：", "<table><tr><td>黃若虹 WONG Yeuk Hung</td><td>黃若青 HUANG Ruoqing</td></tr><tr><td>董事 Director</td><td>董事 Director</td></tr></table>" ]	[ [ 0, 0 ] ]
11685440_66.pdf	11685440_67.pdf	en	[ "# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM", "To the Board of Directors and Shareholders of TE Connectivity Ltd.:", "We have audited the internal control over financial reporting of TE Connectivity Ltd. and subsidiaries (the ‘‘Company’’) as of September 30, 2016, based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.", "We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.", "A company’s internal control over financial reporting is a process designed by, or under the supervision of, the company’s principal executive and principal financial officers, or persons performing similar functions, and effected by the company’s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.", "Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.", "In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2016, based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.", "We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements and financial statement schedule of the Company as of and for the fiscal year ended September 30, 2016, and our report dated" ]	[ "November 15, 2016 expressed an unqualified opinion on those consolidated financial statements and financial statement schedule.", "/s/ Deloitte & Touche LLP", "Philadelphia, Pennsylvania", "November 15, 2016" ]	[ [ 7, 0 ] ]
8351178_173.pdf	8351178_174.pdf	en	[ "REGULATIONS", "# REGULATIONS RELATING TO FINANCIAL BUSINESS", "# Regulations on Micro Lending Business", "Pursuant to the Guiding Opinions on the Pilot Operation of Micro Lending Companies (關於小額貸款公司試點的指導意見) promulgated by the China Banking Regulatory Commission (“CBRC”, now merged into the China Banking and Insurance Regulatory Commission) and the People’s Bank of China (“PBOC”) on May 4, 2008, to apply for setting up a micro lending company, the applicant shall file an application in due form with the competent department of the provincial government, and, upon approval, it shall apply to the local administrative department for industry and commerce for handling the registration formalities and get the business license. The major sources of funds of a micro lending company shall be the capital paid by shareholders, donated capital and the capital borrowed from at most two banking financial institutions. The balance of the capital borrowed from banking financial institutions shall not exceed 50% of the net capital within the scope as prescribed by laws and regulations. The loan interest ceiling shall be left open but below the ceiling determined by thej udicial department, and the floor interest rate shall be 0.9 times the base rate published by PBOC.", "# Regulations on Payment Business", "Pursuant to the Administrative Measures for the Payment Services Provided by Non-financial Institutions (非金融機構支付服務管理辦法) promulgated by the PBOC on May 19, 2010, to provide payment services, a non-financial institution shall obtain a Payment Business Permit and become a payment institution. An applicant for a Payment Business Permit a limited liability company orj oint-stock company legally formed inside the People’s Republic of China and it is the corporate body of a non-financial institution. A payment institution shall file the statistical statements, financial accounting report and other relevant materials on its payment business with the local branch of the PBOC as required, and the proportion of its paid-in monetary capital against its daily average balance of clients’ deposits shall not be lower than 10%. Where any payment institution continues to operate the payment business after its Payment Business Permit has expired, the PBOC or the branch thereof shall order it to terminate the payment business. On January 13, 2017, the PBOC promulgated the Notice on Matters concerning Implementing the Centralized Deposit of the Funds of Pending Payments of Clients of Payment Institutions (關於實施支付機構客戶備付金集中存管有關事項的通知). According to which, beginning on April 17, 2017, a payment institution shall deposit a certain percentage of the funds of pending payments of its clients in a special deposit account with a designated institution, and there is no interest on the funds in such an account for the time being. The percentage was adjusted by PBOC on December 29, 2017 in the Notice on Adjusting the Centralized Deposit Percentage of the Funds of Pending Payments of Clients of Payment Institutions (關於調整支付機構客戶備付金集中交存比例的通知), which requires the centralized deposit percentage to be raised by 10% on a monthly basis from February to April 2018.", "# Regulations on Commercial Factoring", "The commercial factoring is a relatively new business model in mainland China, MOFCOM had issued circulars to promote commercial factoring in the specific regions. Pursuant to the Circular on the Pilot Work of Commercial Factoring (關於商業保理試點有關工作的通知), which was promulgated by the MOFCOM on June 27, 2012, a trial implementation of commercial factoring pilot work was permitted in Tianjin Binhai New Area and Shanghai Pudong New Area to explore the approaches to develop the commercial factoring and to better utilize its role in expanding the export and promoting the development of small and medium enterprises. Later in December 2012, the said" ]	[ "REGULATIONS", "trial implementation of commercial factoring pilot work was extended to Guangzhou and Shenzhen, which allowed qualified investors from Hong Kong and Macau to establish commercial factoring company in the said cities. Pursuant to the Reply of the Ministry of Commerce on Launching Pilot Commercial Factoring Business in the Chongqing Liang Jiang New Area, the Sunan Modernization Development Demonstration Zone and the Suzhou Industrial Park (商務部關於在重慶兩江新區、蘇南現代化建設示範區、蘇州工業園區開展商業保理試點有關問題的覆函), released by the MOFCOM on August 26, 2013, and amended on October 28, 2015, the trial implementation of commercial factoring was extended to Chonqing Liangjiang New Area, Sunan Modernization Development Demonstration Zone, and the Suzhou Industrial Park.", "# REGULATIONS RELATING TO FOREIGN EXCHANGE", "# General Administration of Foreign Exchange", "Under the Foreign Exchange Administration Rules of the People’s Republic of China (中華人民共和國外匯管理條例), promulgated on January 29, 1996 and last amended on August 5, 2008, and various regulations issued by the State Administration of Foreign Exchange (“SAFE”) and other relevant government authorities, Renminbi is convertible into other currencies for the purpose of current account items, such as trade related receipts and payments, payment of interest and dividends. The conversion of Renminbi into other currencies and remittance of the converted foreign currency outside China for the purpose of capital account items, such as direct equity investments, loans and repatriation of investment, requires the prior approval from the SAFE or its local office. Payments for transactions that take place within mainland China must be made in Renminbi. Unless otherwise required by SAFE, Chinese companies may repatriate foreign currency payments received from abroad or retain the same abroad. Foreign-invested enterprises may retain foreign exchange in accounts with designated foreign exchange banks under the current account items subject to a cap set by the SAFE or its local office. Foreign exchange proceeds under the current accounts may be either retained or sold to a financial institution engaging in settlement and sale of foreign exchange pursuant to relevant rules and regulations of the State. For foreign exchange proceeds under the capital accounts, approval from the SAFE is required for its retention or sale to a financial institution engaging in settlement and sale of foreign exchange, except where such approval is not required under the relevant rules and regulations of mainland China.", "Pursuant to the Notice of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment (國家外匯管理局關於進一步改進和調整直接投資外匯管理政策的通知) (the “SAFE Circular No. 59”) promulgated by SAFE on November 19, 2012, that became effective on December 17, 2012 and was further amended on May 4, 2015, approval is not required for the opening of an account entry in foreign exchange accounts under direct investment. SAFE Notice No. 59 also simplified the capital verification and confirmation formalities for foreign invested entities, the foreign capital and foreign exchange registration formalities required for the foreign investors to acquire equities from Chinese party, and further improved the administration on exchange settlement of foreign exchange capital of foreign invested entities.", "On July 4, 2014, SAFE promulgated the Notice on Relevant Issues Relating to Domestic Residents’ Investment and Financing and Round-Trip Investment through Special Purpose Vehicles(《關於境內居民通過特殊目的公司境外投融資及返程投資外匯管理有關問題的通知》) (the “Circular No. 37”), effective as of July 4, 2014. Under Circular No. 37, (1) a resident in mainland China must register with the local SAFE branch before he or she contributes assets or equity interests in an overseas special purpose vehicle, or an Overseas SPV, that is directly established or indirectly" ]	[ [ 7, 0 ] ]
20746715_233.pdf	20746715_234.pdf	en	[ "In the following section we discuss our historical financial results for the years ended December 31, 2016, 2017 and 2018. You should read the following discussion and analysis together with our audited consolidated financial statements as of and for the years ended December 31, 2016, 2017 and 2018 and the accompanying notes included in the Accountants’ Report set out in Appendix I to this Prospectus. Our consolidated financial statements have been prepared in accordance with IFRS.", "This discussion and analysis contains forward-looking statements that reflect our current views with respect to future events and our financial performance and involves risks and uncertainties. These statements are based on our assumptions and analysis in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual outcomes and developments will meet our expectations and predictions depends on a number of risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of any number of factors. In evaluating our business, you should carefully consider the information provided in this Prospectus, including the sections headed “Risk Factors” and “Business” in this Prospectus.", "# OVERVIEW", "We are the largest APAC focused logistics real estate platform by GFA and by value of the Portfolio Assets and have the largest development pipeline in aggregate across the major APAC markets as measured by GFA from April 1, 2019 to December 31, 2020, according to the JLL Report. We develop and manage modern logistics facilities that cater to e-commerce companies, 3PL providers, bricks-and-mortar retailers, manufacturers, cold-chain logistics providers and others in APAC as logistics infrastructure continues to evolve for the modern economy. We focus solely on APAC, which comprised over 3.6 billion people (around 50% of the global population) and over US\\$28.5 trillion of GDP (over 33% of the global GDP) in 2018, according to the JLL Report. We currently operate in the PRC, Japan, South Korea, Singapore, Australia and India markets that represent close to 90% of GDP in APAC in 2018, according to the JLL Report.", "We hold a portfolio of logistics properties on our balance sheet and manage a broad range of funds and investment vehicles that invest in logistics properties at various stages of the property life cycle across APAC. As of December 31, 2018, we managed 18 private third-party pooled investment vehicles, with over US\\$5.1 billion in total equity commitments, and one REIT listed on the SGX-ST with an appraised carrying value of approximately US\\$2.2 billion. As of December 31, 2018, our AUM was approximately US\\$16.0 billion (of which US\\$1.9 billion was on our balance sheet) and comprised approximately 6.6 million sq.m of GFA of completed properties, approximately 3.7 million sq.m of GFA of properties under construction and approximately 1.8 million sq.m of GFA to be built on land held for future development, adding up to over 12 million sq.m of GFA in total.", "We develop logistics real estate primarily in Tier 1 and 1.5 cities in APAC, targeting strategic locations near key logistics hubs, major seaports, airports, transportation hubs and industrial zones in the PRC, Japan, South Korea, Singapore, Australia and India, which are the markets we believe will drive future growth across APAC. The majority of the tenants in the Portfolio Assets service domestic consumption in APAC. According to the JLL Report, APAC’s substantial middle class population coupled with rapid economic growth and rising income levels are expected to support rising" ]	[ "consumption levels in the region. Private consumption in China, Japan, South Korea, Singapore, Australia, and India is forecasted to grow at a CAGR of 8.1% between 2019 and 2023, approximately two times the anticipated 4.0% growth in the US during the same period. As of December 31, 2018, e-commerce and 3PL tenants made up approximately 49.6% of the tenant base of the Portfolio Assets by leased area. In 2016, 2017 and 2018, rental revenues from e-commerce and 3PL tenants in our balance sheet properties amounted to 82.6%, 76.7% and 63.5% of our total rental revenues, respectively. The decrease in the proportion of rental revenues from e-commerce and 3PL tenants in 2017 was due to the disposal of several properties to China Invesco Core Fund from our balance sheet, the majority of which we had leased to e-commerce tenants, and in 2018 was due to rental income from an existing manufacturing tenant in the RW Higashi-Ogijima DC property, which we plan to redevelop into a modern logistics facility.", "With our APAC-focused business model, we grew significantly during the Track Record Period through organic growth and strategic M&A, increasing our AUM from US\\$7.4 billion as of December 31, 2016, to US\\$12.0 billion as of December 31, 2017, and further to approximately US\\$16.0 billion as of December 31, 2018. We have also attracted investments from three out of the top six real estate capital providers globally based on IP&E Real Assets’ top 100 ranking of the world’s largest real estate investors in 2018. We were ranked \\#29 in the world in PERE’s “Fab 50”, the flagship ranking of the private real estate world’s top managers (by total annual fundraising amount) in 2018. Our revenue grew by 58.5% from US\\$96.7 million in 2016 to US\\$153.3 million in 2017, and further grew by 65.8% to US\\$254.1 million in 2018, while our net profit grew by 91.6% from US\\$105.0 million in 2016 to US\\$201.2 million in 2017, and further grew by 5.9% to US\\$213.1 million in 2018. Our total consolidated balance sheet assets grew, which include our investment properties, investments inj oint ventures, and financial assets at fair value, by 45.3% from US\\$2,097.4 million as of December 31, 2016 to US\\$3,047.4 million as of December 31, 2017, and further grew by 45.1% to US\\$4,422.6 million as of December 31, 2018.", "# FACTORS AFFECTING OUR RESULTS OF OPERATIONS", "Our results of operations have been, and we expect them to continue to be, primarily affected by the following factors:", "Š supply and demand for modern logistics facilities in APAC;", "Š our ability to source, design, construct, lease and manage the Portfolio Assets;", "Š our ability to manage our integrated business model and grow multiple sources of income;", "Š our ability to continue attracting and maintaining our relationships with capital partners and growing our AUM;", "Š rental prices, occupancy rates, leasing cycles and fair value change of the Portfolio Assets;", "Š our expansion through organic growth and strategic acquisitions; and", "Š our access to capital and cost of financing.", "# Supply and Demand for Modern Logistics Facilities in APAC", "Our business growth and results of operations have benefited from the growth of the consumer economy in APAC. The rise of the new economy in the region has led to increasing demand for modern logistics facilities from e-commerce companies, 3PL providers, bricks-and-mortar retailers, manufacturers, cold-chain logistics providers and others that require larger and more sophisticated" ]	[ [ 5, 0 ] ]
2142126_6.pdf	2142126_7.pdf	en	[ "附 3：纺织服装行业近一年增持比例超过流通股 1%的个股梳理", "<table><tr><td>代码</td><td>名称</td><td>类别</td><td>占流通股比(%)</td></tr><tr><td>002083.SZ</td><td>孚日股份</td><td>实际控制人、员工持股</td><td>2.24</td></tr><tr><td>600398.SH</td><td>海澜之家</td><td>高管</td><td>2.01</td></tr><tr><td>002042.SZ</td><td>华孚色纺</td><td>员工持股</td><td>2.69</td></tr><tr><td>002404.SZ</td><td>嘉欣丝绸</td><td>关联方，同为实际控制人控制</td><td>1.04</td></tr><tr><td>600137.SH</td><td>浪莎股份</td><td>举牌</td><td>5.00</td></tr><tr><td>300005.SZ</td><td>探路者</td><td>员工持股</td><td>1.78</td></tr><tr><td>600177.SH</td><td>雅戈尔</td><td>实际控制人、博睿传媒投资等</td><td>2.66</td></tr><tr><td>600070.SH</td><td>浙江富润</td><td>控股股东，计划未来增持 2%</td><td>0.56</td></tr></table>", "数据来源：Wind、东方证券研究所", "附 4：国内外重点上市公司估值表", "<table><tr><td rowspan=\"2\">股票代码</td><td rowspan=\"2\">公司名称</td><td rowspan=\"2\">评级</td><td rowspan=\"2\">股价\n(当地货币)</td><td rowspan=\"2\">总市值(百\n万美元)</td><td colspan=\"4\">每股收益</td><td colspan=\"4\">市盈率</td><td rowspan=\"2\">未来三\n年复合\n增长率</td></tr><tr><td>2015A</td><td>2016E</td><td>2017E</td><td>2018E</td><td>2015A</td><td>2016E</td><td>2017E</td><td>2018E</td></tr><tr><td colspan=\"14\">A 股市场</td></tr><tr><td>002029.SZ</td><td>七匹狼</td><td>增持</td><td>10.62</td><td>1163</td><td>0.36</td><td>0.35</td><td>0.42</td><td>0.50</td><td>30</td><td>30</td><td>26</td><td>21</td><td>10.6%</td></tr><tr><td>002327.SZ</td><td>富安娜</td><td>买入</td><td>9.92</td><td>1250</td><td>0.48</td><td>0.50</td><td>0.54</td><td>0.60</td><td>21</td><td>19</td><td>18</td><td>17</td><td>8.1%</td></tr><tr><td>002293.SZ</td><td>罗莱生活</td><td>买入</td><td>13.18</td><td>1341</td><td>0.59</td><td>0.47</td><td>0.55</td><td>0.63</td><td>22</td><td>28</td><td>24</td><td>21</td><td>4.6%</td></tr><tr><td>300005.SZ</td><td>探路者</td><td>买入</td><td>14.05</td><td>1210</td><td>0.44</td><td>0.34</td><td>0.40</td><td>0.45</td><td>32</td><td>39</td><td>35</td><td>31</td><td>0.9%</td></tr><tr><td>000726.SZ</td><td>鲁泰 A</td><td>买入</td><td>12.92</td><td>1483</td><td>0.75</td><td>0.85</td><td>0.97</td><td>1.09</td><td>17</td><td>15</td><td>13</td><td>12</td><td>12.1%</td></tr><tr><td>002003.SZ</td><td>伟星股份</td><td>增持</td><td>15.06</td><td>979</td><td>0.55</td><td>0.69</td><td>0.83</td><td>0.96</td><td>27</td><td>20</td><td>18</td><td>16</td><td>20.0%</td></tr><tr><td>601566.SH</td><td>九牧王</td><td>增持</td><td>17.13</td><td>1427</td><td>0.70</td><td>0.73</td><td>0.77</td><td>0.83</td><td>24</td><td>23</td><td>22</td><td>21</td><td>5.5%</td></tr><tr><td>002612.SZ</td><td>朗姿股份</td><td>增持</td><td>17.30</td><td>1003</td><td>0.19</td><td>0.41</td><td>0.52</td><td>0.64</td><td>91</td><td>43</td><td>33</td><td>27</td><td>19.2%</td></tr><tr><td>603001.SH</td><td>奥康国际</td><td>买入</td><td>22.51</td><td>1308</td><td>0.98</td><td>0.94</td><td>1.10</td><td>1.27</td><td>23</td><td>24</td><td>20</td><td>18</td><td>7.8%</td></tr><tr><td>600315.SH</td><td>上海家化</td><td>增持</td><td>29.64</td><td>2893</td><td>3.28</td><td>0.32</td><td>0.62</td><td>0.76</td><td>9</td><td>93</td><td>48</td><td>39</td><td>-27.3%</td></tr><tr><td>002563.SZ</td><td>森马服饰</td><td>买入</td><td>9.89</td><td>3863</td><td>0.50</td><td>0.53</td><td>0.59</td><td>0.69</td><td>20</td><td>19</td><td>17</td><td>14</td><td>21.0%</td></tr><tr><td>600439.SH</td><td>瑞贝卡</td><td>增持</td><td>7.87</td><td>1076</td><td>0.15</td><td>0.18</td><td>0.21</td><td>0.23</td><td>52</td><td>44</td><td>37</td><td>34</td><td>12.9%</td></tr><tr><td>600398.SH</td><td>海澜之家</td><td>买入</td><td>10.51</td><td>6845</td><td>0.66</td><td>0.70</td><td>0.77</td><td>0.86</td><td>16</td><td>14</td><td>13</td><td>12</td><td>16.1%</td></tr><tr><td>002640.SZ</td><td>跨境通</td><td>买入</td><td>17.14</td><td>3557</td><td>0.12</td><td>0.29</td><td>0.55</td><td>0.89</td><td>143</td><td>55</td><td>30</td><td>18</td><td>94.9%</td></tr><tr><td>603555.SH</td><td>贵人鸟</td><td>买入</td><td>-</td><td>-</td><td>0.54</td><td>0.53</td><td>0.58</td><td>0.63</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.4%</td></tr><tr><td>600612.SH</td><td>老凤祥</td><td>买入</td><td>39.90</td><td>2572</td><td>2.14</td><td>2.17</td><td>2.36</td><td>2.58</td><td>19</td><td>18</td><td>17</td><td>15</td><td>6.4%</td></tr><tr><td>002127.SZ</td><td>南极电商</td><td>增持</td><td>11.70</td><td>2609</td><td>0.41</td><td>0.20</td><td>0.32</td><td>0.49</td><td>59</td><td>37</td><td>24</td><td>24</td><td>59.5%</td></tr><tr><td>603808.SH</td><td>歌力思</td><td>买入</td><td>31.31</td><td>1127</td><td>0.64</td><td>0.69</td><td>1.07</td><td>1.30</td><td>45</td><td>29</td><td>24</td><td>24</td><td>26.3%</td></tr><tr><td>002083.SZ</td><td>孚日股份</td><td>买入</td><td>7.12</td><td>937</td><td>0.34</td><td>0.41</td><td>0.47</td><td>0.54</td><td>17</td><td>15</td><td>13</td><td>13</td><td>14.1%</td></tr></table>" ]	[ "<table><tr><td>002763.SZ</td><td>汇洁股份增持</td><td>30.92</td><td>968</td><td>0.77</td><td>0.85</td><td>0.93</td><td>1.08</td><td>36</td><td>34</td><td>28</td><td>28</td><td>12.3%</td></tr><tr><td>603877.SH</td><td>太平鸟增持</td><td>36.04</td><td>2482</td><td>1.28</td><td>0.99</td><td>1.16</td><td>1.34</td><td>36</td><td>31</td><td>27</td><td>27</td><td>5.9%</td></tr><tr><td colspan=\"13\">香港市场</td></tr><tr><td>0210.HK</td><td>达芙妮国\n-\n际</td><td>0.78</td><td>166</td><td>-0.50</td><td>-0.06</td><td>0.01</td><td>0.00</td><td>-</td><td>-</td><td>130</td><td>-</td><td>-</td></tr><tr><td>0321.HK</td><td>德永佳集\n-\n团</td><td>5.25</td><td>934</td><td>0.76</td><td>0.42</td><td>0.45</td><td>0.48</td><td>7</td><td>12</td><td>12</td><td>11</td><td>-14.5%</td></tr><tr><td>0330.HK</td><td>思捷环球 -</td><td>6.30</td><td>1576</td><td>0.01</td><td>0.03</td><td>0.16</td><td>0.26</td><td>39</td><td>217</td><td>39</td><td>24</td><td>190.9%</td></tr><tr><td>0551.HK</td><td>裕元集团 -</td><td>31.20</td><td>6621</td><td>2.52</td><td>2.61</td><td>2.76</td><td>2.88</td><td>12</td><td>12</td><td>11</td><td>11</td><td>4.1%</td></tr><tr><td>0589.HK</td><td>宝姿 -</td><td>3.04</td><td>217</td><td>0.08</td><td>-</td><td>-</td><td>-</td><td>36</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>0891.HK</td><td>利邦 -</td><td>0.57</td><td>128</td><td>-0.25</td><td>-0.11</td><td>-0.08</td><td>-0.03</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1234.HK</td><td>中国利郎 -</td><td>5.15</td><td>801</td><td>0.52</td><td>0.50</td><td>0.52</td><td>0.56</td><td>10</td><td>10</td><td>10</td><td>9</td><td>3.6%</td></tr><tr><td>1361.HK</td><td>361 度 -</td><td>2.86</td><td>761</td><td>0.23</td><td>0.32</td><td>0.36</td><td>0.41</td><td>13</td><td>9</td><td>8</td><td>7</td><td>22.8%</td></tr><tr><td>1368.HK</td><td>特步国际 -</td><td>3.23</td><td>923</td><td>0.28</td><td>0.36</td><td>0.39</td><td>0.42</td><td>12</td><td>9</td><td>8</td><td>8</td><td>16.5%</td></tr><tr><td>1836.HK</td><td>九兴控股 -</td><td>12.98</td><td>1327</td><td>0.80</td><td>0.86</td><td>0.99</td><td>1.06</td><td>16</td><td>15</td><td>13</td><td>12</td><td>10.9%</td></tr><tr><td>1880.HK</td><td>百丽国际 -</td><td>4.98</td><td>5406</td><td>0.44</td><td>0.45</td><td>0.45</td><td>0.46</td><td>14</td><td>11</td><td>11</td><td>11</td><td>4.8%</td></tr><tr><td>1968.HK</td><td>匹克体育 -</td><td>-</td><td>-</td><td>0.22</td><td>0.20</td><td>0.22</td><td>0.23</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.7%</td></tr><tr><td>2020.HK</td><td>安踏体育 -</td><td>22.10</td><td>7615</td><td>1.11</td><td>1.25</td><td>1.45</td><td>1.66</td><td>21</td><td>18</td><td>15</td><td>13</td><td>16.1%</td></tr><tr><td>2313.HK</td><td>申洲国际 -</td><td>50.40</td><td>9074</td><td>2.47</td><td>2.75</td><td>3.22</td><td>3.71</td><td>21</td><td>18</td><td>16</td><td>14</td><td>18.3%</td></tr><tr><td>2331.HK</td><td>李宁 -</td><td>4.66</td><td>1304</td><td>0.34</td><td>0.25</td><td>0.37</td><td>0.45</td><td>50</td><td>18</td><td>13</td><td>10</td><td>13.4%</td></tr><tr><td>2698.HK</td><td>魏桥纺织 -</td><td>5.58</td><td>858</td><td>1.01</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>3818.HK</td><td>中国动向 -</td><td>1.49</td><td>1062</td><td>0.18</td><td>0.15</td><td>0.15</td><td>0.11</td><td>8</td><td>10</td><td>10</td><td>13</td><td>-13.2%</td></tr><tr><td>3998.HK</td><td>波司登 -</td><td>0.67</td><td>921</td><td>0.04</td><td>-</td><td>-</td><td>-</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1910.HK</td><td>新秀丽 -</td><td>28.80</td><td>5238</td><td>1.40</td><td>1.46</td><td>1.71</td><td>1.91</td><td>21</td><td>20</td><td>17</td><td>15</td><td>10.8%</td></tr><tr><td>1913.HK</td><td>普拉达 -</td><td>34.70</td><td>11427</td><td>1.10</td><td>0.96</td><td>1.12</td><td>1.25</td><td>32</td><td>37</td><td>31</td><td>28</td><td>5.3%</td></tr><tr><td colspan=\"13\">海外市场</td></tr><tr><td>MC.PA</td><td>LVMH Moet Hennessy</td><td>206.65</td><td>111411</td><td>7.92</td><td>9.14</td><td>10.06</td><td>10.85</td><td>20</td><td>23</td><td>21</td><td>19</td><td>11.3%</td></tr><tr><td>RMS.PA</td><td>Hermes</td><td>447.10</td><td>50183</td><td>10.42</td><td>11.42</td><td>12.41</td><td>13.48</td><td>33</td><td>39</td><td>36</td><td>33</td><td>9.4%</td></tr><tr><td>CDI.PA</td><td>International\nChristian Dior</td><td>221.30</td><td>42471</td><td>8.75</td><td>11.10</td><td>12.36</td><td>14.78</td><td>13</td><td>20</td><td>18</td><td>15</td><td>20.2%</td></tr><tr><td>TIF</td><td>Tiffany & Co.</td><td>93.69</td><td>11670</td><td>3.57</td><td>3.97</td><td>4.37</td><td>4.74</td><td>21</td><td>24</td><td>21</td><td>20</td><td>9.2%</td></tr><tr><td>IDX.DE</td><td>Inditex, S.A.</td><td>33.56</td><td>111189</td><td>1.01</td><td>1.18</td><td>1.33</td><td>1.49</td><td>33</td><td>29</td><td>25</td><td>23</td><td>13.8%</td></tr><tr><td>HSMB.SG</td><td>Hennes & Mauritz</td><td>218.50</td><td>40064</td><td>11.26</td><td>12.17</td><td>13.51</td><td>14.81</td><td>26</td><td>18</td><td>16</td><td>15</td><td>9.9%</td></tr><tr><td>NXT.L</td><td>Next PLC</td><td>39.99</td><td>7314</td><td>4.41</td><td>4.04</td><td>3.97</td><td>4.04</td><td>17</td><td>10</td><td>10</td><td>10</td><td>-2.2%</td></tr><tr><td>GPS</td><td>Gap Inc.</td><td>24.05</td><td>9625</td><td>1.69</td><td>1.98</td><td>2.03</td><td>2.08</td><td>15</td><td>12</td><td>12</td><td>12</td><td>5.3%</td></tr><tr><td>LB</td><td>Limited Brands, \nInc.</td><td>47.85</td><td>13628</td><td>4.04</td><td>3.20</td><td>3.43</td><td>3.91</td><td>24</td><td>15</td><td>14</td><td>12</td><td>-2.1%</td></tr><tr><td>BRBY.L</td><td>Burberry Group PLC</td><td>17.34</td><td>9454</td><td>0.70</td><td>0.76</td><td>0.83</td><td>0.91</td><td>23</td><td>23</td><td>21</td><td>19</td><td>8.8%</td></tr><tr><td>RL</td><td>Polo Ralhp Lauren \nCorp.</td><td>80.71</td><td>6635</td><td>4.65</td><td>5.60</td><td>5.23</td><td>5.75</td><td>16</td><td>14</td><td>15</td><td>14</td><td>4.5%</td></tr></table>" ]	[ [ 4, 0 ] ]
20748391_9.pdf	20748391_10.pdf	en	[ "FIG. 8.— Top panels: CME morphology observed from COR2-A, C3, and COR2-B respectively at 10:54UT on April 11, 2013. Bottom panels: Overplot of the best fitted wireframe of MFR in GCS model. Note that in C3 the CME is halo directed toward Earth, whereas it directs away from COR-A on farside. Note the GCS parameters \$ \\gamma \$ = −45o, \$ _ \\alpha \$ = 50o, κ = 0.45 and \$ h = 1 7 . 5 R _ { \\odot } \$ reproduce this CME morphology.", "extremely difficult. However, to examine the effect of uncer-tainties in the estimated kinematics, we considered an error of 5 pixels in the measurements of elongation angle. Such an error corresponds to uncertainties of 0.02 degree, 0.1 degree and 0.35 degree in the derived elongation angles in COR2, HI1 and HI2 FOV, respectively. Corresponding to these elon-gation uncertainties, the calculated error for SSSE (with \$ \\lambda \$ = 0) method maximally reaches up to \$ 0 . 5 R _ { \\odot } \$ in distance, less than few degree in direction and few tens of km/s for speed. These errors certainly seem to be small but of course, they do not reflect the total error in derived kinematics. Further study is required to quantify the actual errors because of several in-valid idealistic assumptions in the methods.", "Also, at higher elongation (greater than approx. \$ 4 0 R _ { \\odot } \$),larger variations in the estimated kinematics from SSSE method for different \$ \\lambda \$ are noted. From Figure 11, it is clear that the estimated distance from GT method increased around 18:00 UT on April 11 at \$ 9 0 R _ { \\odot } \$ from the Sun. Such an un-physically fast increase in distance and speed is meaningless due to the absence of forces capable of accounting for this acceleration at distances farther from the Sun (Cargill 2004;Vršnak et al. 2010). This is more likely because of improper use of SSSE with \$ \\lambda \$ equal to 0 \$ r \$(i.e. GT) method, especially for this CME which is propagating away from the observer. This late acceleration is significantly reduced (still unphysi-cal) if a higher value of \$ \\lambda \$ is considered. SSSE with \$ \\lambda \$ equal to \$ 9 0 ^ { o } \$(i.e. TAS) method gives the lowest limit of the esti-mated distance and speed values. The kinematics from the TAS method is calculated up to \$ 3 6 5 R _ { \\odot } \$ from the Sun.", "The aforementioned facts highlight that the assumptions made in the GT method are not valid for a CME propagat-ing away from the observer. Also, the spherical front approx-imation in SSSE method with \$ \\lambda \$ equal to nonzero value, be-comes worse due to flattening of the CME front on its inter-action with solar wind. These limitations start to play a cru-cial role much nearer to the Sun for a far-sided CME than for front sided CME (Liu et al. 2013). However, the distance be-yond which these effects are crucial depends on the direction of propagation of the CME and its size. We note that for a CME propagating at larger angle from the Sun-observer line, its kinematics depend more on the chosen value of \$ \\lambda \$. This is because the flanks (not nose) for such CMEs are always ob-served from the observer and even a little change in its radius of curvature leads to huge difference in the estimated kine-matics from the SSSE method. It is noted that if direction of propagation of a CME from sun-observer line becomes more than 90 \$ \\gamma o \$, an unphysical acceleration will be estimated from the SSSE methods irrespective of chosen \$ \\lambda \$ value. However, such an acceleration is reduced with higher value of \$ \\lambda \$ and gives more accurate kinematics.", "To assess the relative performance, we also applied single spacecraft reconstruction methods on STEREO-A and B ob-servations. We employed the Fixed-Phi (FP: Kahler & Webb 2007), Harmonic Mean (HM: Lugaz et al. 2009), Self-Similar Expansion (SSE: Davies et al. 2012) methods on the derived time-elongation variations of the CME (Figure 10). These" ]	[ "FIG. 9.— top row: Left, middle, and right panels show the evolution of 2013 April 11 CME in the running difference image of HI2-A, HI1-A, and COR2-A respectively. bottom row: Running difference images from COR2-B, HI1-B, HI2-B in Left, middle and right panels, respectively. The contours of the elongation angle (green) and the position angle (blue) are also deployed on each image. In all panels, horizontal red line is along the ecliptic and indicates the position angle of the Earth and vertical red line (left panel) refers \$ \\mathcal { P } \$ position angle.", "methods essentially convert the elongation into distance from the Sun assuming a fixed direction (longitude, here \$ 1 . 3 ^ { o } \$ East) of CME propagation as an input.", "On applying the above methods on the STEREO-A and B observations, we noticed that estimated kinematics also largely overestimates the speed (approx. 900-1200 km/s even beyond \$ 1 0 0 R _ { \\odot } , \$) of the CME and the method becomes com-pletely unreliable once the CME reaches higher elongations. The direction of propagation of CMEs is \$ 1 4 6 ^ { c } \$ and \$ 1 2 8 ^ { o } \$ away from the line connecting the Sun with STEREO-A and B spacecraft, respectively. As the CME propagating in East-ward is little closer to 90ofrom the STEREO-B spacecraft, the derived kinematics and arrival time from this spacecraft are more accurate than using STEREO-A observations. Among all the three single spacecraft methods, the most inaccurate re-sults are obtained from the FP method and less inaccurate are from the HM method. This probably confirms the assump-tion that the larger structure of CME is somewhat suitable for estimating the time varying profile of the CME kinemat-ics. However, the failure of these single spacecraft methods at higher elongation could be due to real deflection or artificial deflection because of expansion or/and due to changes in the approximated idealized structure (Wood et al. 2010; Howard 2011; Mishra & Srivastava 2014).", "We further applied the fitting version of the three single spacecraft reconstruction methods, namely Fixed-Phi Fitting (FPF: Sheeley et al. 2008), Harmonic Mean Fitting (HMF: Möstl et al. 2011), and Self-Similar Expansion Fitting (SSEF: Davies et al. 2012). Noting the expressions for the elongation as a function of speed and direction from the earlier FP, HM and SSE methods, these methods fit the observed elongation-time profile of the CME to an analytical function. From the FPF method on STEREO-A, we found that CME speed as 654 km/s, propagation direction as 99ofrom STEREO-A space-craft and its launch time at 11 April 05:05. Similarly, we also applied the HMF and SSEF methods (with \$ \\lambda \$\$ = 5 0 ^ { o } \$) and ob-tained the speed, propagation direction and launch time of the CME. The results obtained for STEREO-A and B are shown in Figure 13 and 14, respectively and summarized in Table 3. In these figures, the results for SSEF, which fall between the FPF and HMF methods, are not plotted to avoid cluttering.", "Moreover, we have also analyzed the in-situ observations of this CME obtained from WIND spacecraft (Figure 12). The" ]	[ [ 4, 1 ] ]
9869056_70.pdf	9869056_71.pdf	en	[ "Garde (‘Joyful Keep’) (Lancelot 1980, vol. 1, p. 283; Truitt 2015, p. 59). In these examples, and similar ones, the artificial figures can be defeated by the hero because he is the hero—one indication of his prowess as a warrior is his ability to subdue the mechanical guardians; the implication is that any other challenger would be defeated. And in all of these instances, the artificial knights, archers, or pikemen are seen as better than their human counter-parts. Unlike human sentries, the artificial ones will never get tired or ill, lazy or lecherous, and, like the sentries guarding Alardin’s tent, they cannot be tricked or bribed.", "The repeated motif of the armed robot guard suggests concern about security and about loyalty, trust, and control. This concern extended beyond keeping a castle or mausoleum or bridge secure to keeping tabs on an entire empire. ‘The Salvation of Rome’ (Salvatio Romae) was an elaborate surveillance and alarm system that could perceive, assess, and react to events taking place far away. This device, attributed, like the bocca della verità, to Virgil, appears in several diferent texts from the late twelfth century onward. The most extensive description of this marvel appears in the natural philosophical treatise On the Natures of Things (De rerum natura, ca. 1190) by the English scholar and courtier Alexander Neckam (1157–1217); according to him, Virgil had built in Rome a palace which contained a number of wooden statues, each rep-resenting a diferent province of the empire, and each holding a bell in its hand.5 ‘Whenever any province dared to foment a plot against the majesty of the Roman Empire, the image of the intemperate traitor began to bang on the little bell. A soldier of bronze, seated on a bronze horse, on the topmost gable of the aforementioned palace, turned itself in the very direction where it might look toward that province’ (Ziolkowski & Putnam 2008, p. 856). Neckam’s description appears in a chapter about the potential of the liberal arts and the places where those arts flour-ished, thereby tying Virgil’s invention to his mastery of the liberal arts rather than forbidden branches of study, such as demonic magic. Furthermore, the function of the Salvatio Romae, to safeguard" ]	[ "the empire from revolt, recalls Virgil’s epic poem about the foundation of the Roman Empire, the Aeneid. Although Virgil may have been known more for his reputation as a magician and learned man in the Latin Christian West than for writing the Aeneid, he remained linked to the Roman Empire and was seen as having some kind of unoficial yet critically important over-sight of it. Moreover, Neckam was writing during a period when the ruling dynasty of England, the Plantagenets, controlled an empire that included England, Ireland, and most of what is now France. Henry II (1133–1189; r. 1154–1189) faced numerous rebellions—from castellans in his domains, from his Archbishop of Canterbury, Thomas Becket, and from his wife and sons. Henry’s son and successor, Richard I (1157–1199; r. 1189–1199), likewise spent a significant amount of time responding to challenges to his authority and rule. The invention of the Salvatio Romae mirrors the practical concerns of maintaining control over a large empire and the need to have reliable, timely information about threats to its stability.", "# 2.3 Espionage and Surveillance", "Artificial intelligence appears in multiple guises in textual and visual sources to provide surveillance and foster espionage, indi-cating a long-standing desire to use artificial means to gather information to gain advantage. The Salvatio Romae is one example, but there are many others. Catroptomancy (using a reflective surface, such as a bowl of water or a polished metal mirror, as a viewfinder) was one way to see events distant in time and place. All of the mantic arts (the arts of divination)—chiromancy (palm reading), geomancy (interpreting earth signs), pyromancy (fire signs), and scapulomancy (interpreting the marks on the shoulder blades of animals, often sheep or goats)—promised foreknowledge, but catroptomancy also promised knowledge of the distant now. In multiple versions of the history of Alexander the Great (widely translated and circulated in this period)," ]	[ [ 1, 0 ] ]
20745027_109.pdf	20745027_110.pdf	en	[ "buildings from our collaborator to construct the production lines and other production facilities within such buildings. Our collaborations with CMOs, our operation of our new manufacturing facilities (upon construction completed) and our ability to obtain supplies for manufacturing our drug candidates or future approved drugs could be disrupted if the operations of these collaborators, suppliers or our new manufacturing facilities are affected by a man-made or natural disaster or other business interruption. In addition, damage or extended periods of interruption to our corporate, development, research or manufacturing facilities due to fire, natural disaster, power loss, communications failure, unauthorized entry or other events could cause us to cease or delay development or commercialization of some or all of our drug candidates. Our insurance might not cover all losses under such circumstances and our business and financial condition may be seriously harmed by such delays and interruption.", "Our internal information technology and other infrastructure, or those used by our CROs or partners or other contractors or consultants, may fail or suffer security breaches, which may require us to expend additional resources to protect our technology and information systems and could materially adversely affect our business, financial condition, results of operations and prospects.", "Despite the implementation of security measures, our information technology systems and those of our current or future partners, CROs, CMOs, consultants and other service providers or suppliers are vulnerable to damage from cyber-attacks, computer viruses, malicious codes, unauthorized access, employee theft or misuse, natural disasters, fire, power loss, terrorism, war, and telecommunication and electrical failures, among other things. If such an event were to occur and cause interruptions in our operations, it could result in a material disruption of our research and development programs. For example, our data may not be backed up in a timely manner and the loss of clinical trial data from ongoing or future clinical trials for any of our drug candidates could result in delays in regulatory approval efforts and significantly increase costs to recover or reproduce the data. To the extent that any disruption or security breach were to result in a loss of or damage to data or applications, or inappropriate disclosure of confidential or proprietary information, we could incur liability and the further development of our drug candidates could be delayed. In addition, a security breach may result in the loss of, damage to, or public disclosure of personally identifiable information, and such an event could have serious negative consequences, including disputes, regulatory action, investigation, litigation, fines, penalties and damages, and time-consuming and expensive litigation, any of which could have a material adverse effect on our business, financial condition, results of operations, or prospects.", "In the ordinary course of our business, we collect and store sensitive data, including, among other things, legally protected patient health information, personally identifiable information about our employees, intellectual property and proprietary business information. We manage and maintain our applications and data utilizing on-site systems and outsourced vendors. These applications and data encompass a wide variety of business critical information including research and development information, commercial information and business and financial information. Because information systems, networks and other technologies are critical to many of our operating activities, shutdowns or service disruptions at our Company or suppliers that provide information systems, networks or other services to us pose increasing risks. Such disruptions may be caused by events such as computer hacking, phishing attacks, ransomware, dissemination of computer viruses, worms and other destructive or disruptive software, denial of service attacks and other malicious activity, as well as power outages, natural disasters (including extreme weather), terrorist attacks or other similar events. Such events could have a material adverse impact on us and our business, including loss of data and damage to" ]	[ "equipment, among other things. In addition, system redundancy may be ineffective or inadequate, and our disaster recovery planning may not be sufficient to cover all eventualities. Significant events could result in a disruption of our operations, damage to our reputation or a loss of revenues.", "We could be subject to risks caused by misappropriation, misuse, leakage, falsification, system malfunction or intentional or accidental release or loss of information maintained in the information systems and networks of us and our suppliers, including but not limited to personal information of our employees and patients. In addition, outside parties may attempt to penetrate our systems or those of our suppliers or fraudulently induce our personnel or the personnel of our suppliers to disclose sensitive information in order to gain access to our data or systems. The risk of a security breach or disruption, particularly through cyber-attacks or cyber intrusion, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. We may not be able to anticipate all types of security threats, nor may we be able to implement preventive measures effective against all such security threats. The techniques used by cyber criminals change frequently, may not be recognized until launched and can originate from a wide variety of sources, including outside groups such as external service providers, organized crime affiliates, terrorist organizations or hostile foreign governments or agencies. We cannot assure you that our data protection efforts and our investment in information technology will prevent significant breakdowns, data leakages, breaches in our systems or those of our third-party vendors and other contractors and consultants, or other cyber incidents that could have a material adverse effect upon our reputation, business, results of operations, financial condition or prospects. If we experienced any such material system failure or security breach and interruptions in our operations, it could result in a material disruption of our development programs and our business operations, a breach of sensitive personal information or a loss or corruption of critical data assets including trade secrets or other proprietary information. For example, the loss of clinical trial data from completed or future clinical trials could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data.", "If a material breach of our information technology systems or those of our suppliers occurs, the market perception of the effectiveness of our security measures could be harmed and our reputation and credibility could be damaged. We could be required to expend significant amounts of money and other resources to repair or replace information systems or networks. In addition, we could be subject to regulatory actions or claims made by individuals and groups in private litigation involving privacy issues related to data collection and use practices and other data privacy laws and regulations, including claims for misuse or inappropriate disclosure of data, as well as unfair or deceptive practices. Moreover, despite our efforts, the possibility of these events occurring cannot be eliminated. As we engage in more electronic transactions with payers, suppliers and patients, and collect and store an increasing volume of data, the related security risks will increase and we will need to expend additional resources to protect our technology and information systems.", "We may not have adequate insurance coverage to compensate for any losses associated with a system failure, any breach of our computer systems or other cybersecurity attack or any violation of any privacy laws or other obligations. Any breach or failure of our or our suppliers’ computer systems, information technology and other infrastructure could materially adversely affect our business, financial condition, results of operations and prospects." ]	[ [ 3, 0 ] ]
8405294_42.pdf	8405294_43.pdf	en	[ "There is no assurance that we will be able to compete effectively against competitors who may have greater financial resources, greater scales of production, superior technology, better brand recognition and a wider, more diverse and established sales network. In order to maintain our market share and remain competitive, we may be forced to provide more sales incentives to our staff and distributors, and increase capital expenditures, which may in turn negatively affect our profit margins and our results of operations.", "In addition, with the liberalisation measures adopted pursuant to the PRC’s accession to the World Trade Organisation, or WTO, foreign brands are permitted to expand their business in the PRC with fewer restrictions. Further, as the economy continues to grow in the PRC, consumers are expected to accumulate greater purchasing power and can more readily afford foreign brands. As a result, more foreign brands have entered, and are continuing to enter, the PRC market, which further increases competition in the ladies-wear industry in the PRC.", "# Our sales volume is sensitive to seasonality effects and weather patterns", "Our performance is subject to seasonal trends or fluctuations. Sales amounts may vary throughout the year with relatively higher levels of sales for our fall/winter collections and lower levels of sales for our spring/summer collections because the unit selling price for our fall/winter apparel products is generally higher than that for spring/summer apparel products. We also record higher sales typically around holiday and festive seasons such as the Chinese New Year and the Chinese National Day. As a result, comparisons of sales and operating results between different periods within a single financial year, or between different periods in different financial years, are not necessarily meaningful and cannot be relied on as indicators of our performance. In addition, since we operate largely on a seasonal cycle, if our outsourced OEM contractors fail to deliver on a timely basis as a result of extreme and unseasonable weather conditions, our sales in any season and our results of operations could be materially and adversely affected.", "Extreme changes in weather patterns could also affect consumers’ purchasing behaviour, which may lead to fluctuations in our sales revenue. For example, extended periods of unseasonably warm weather during the winter season or cool weather during the summer season could render a portion of our inventory incompatible with such unseasonable weather conditions. These extreme or unseasonable weather conditions could have a material adverse effect on our results of operations.", "# Natural disasters, acts of war, political unrest and epidemics, which are beyond our control, may cause damage, loss or disruption to our business", "Natural disasters, acts of war, political unrest and epidemics, which are beyond our control, may materially and adversely affect the economy, infrastructure and livelihood of the people of the PRC. Some cities in the PRC are particularly susceptible to floods, earthquakes, sandstorms, snowstorms and droughts. Our business, financial condition, results of operations and prospects may be materially and adversely affected if such natural disasters occur in places where we operate or where our products are sold, whether directly or indirectly. Political unrest, acts of war and terrorists attacks may cause damage or disruption to us, our employees, our self-operated retail stores, the distribution channels operated by our distributors and our markets, any of which could materially and adversely affect our sales, cost of sales, overall results of operations and financial condition. The potential for war or terrorists attacks may also cause uncertainty and cause our business to suffer in ways that we cannot currently predict. In addition, certain Asian countries, including the PRC, have encountered epidemics, such as SARS or" ]	[ "incidents of the avian flu. Past occurrences of epidemics have caused different degrees of damage to the national and local economies in the PRC. A recurrence of an outbreak of SARS, avian flu or any other similar epidemic such as the H1N1 flu (swine flu) could cause a slowdown in the levels of economic activity generally, which could in turn materially and adversely affect our results of operations and the price of our Shares.", "# RISKS RELATING TO CONDUCTING OPERATIONS IN THE PRC", "Changes in the PRC economic, political and social conditions, as well as government policies, could have a material adverse effect on our business, financial condition, results of operations and prospects", "Substantially all of our business assets are located in the PRC and substantially all of our revenue is derived from the PRC. Accordingly, our performance, financial position and prospects are subject, to a significant degree, to the economic, political and legal developments of the PRC. In particular, political and economic policies of the PRC Government could affect our business, financial condition and results of operations and may affect our ability to sustain our growth.", "The economy of the PRC differs from the economies of most developed countries in a number of respects, including the extent of government involvement, level of development, growth rate, and control of foreign exchange. Before its adoption of reform and open door policies beginning in 1978, the PRC was primarily a planned economy. Since that time, the PRC Government has been reforming the PRC economic system, and has also begun reforming the government structure in recent years. These reforms have resulted in significant economic growth and social progress. Although the PRC government still owns a significant portion of the productive assets in the PRC, economic reform policies since the late 1970s have emphasised autonomous enterprises and the utilisation of market mechanisms, especially where these policies apply to businesses such as ours. Although we believe these reforms will have a positive effect on our overall and long-term development, we cannot predict whether changes in the PRC’s political, economic and social conditions, laws, regulations and policies will have any adverse effect on our future business and prospects.", "Our ability to continue to expand our business is dependent on a number of factors, including general economic and capital market conditions and credit availability from banks or other lenders. Recently, the PRC Government has increased interest rates on bank loans and deposits and tightened the money supply to control growth in lending. Stricter lending policies may, among other things, affect our and our end users’ ability to obtain financing which may in turn adversely affect our growth and financial performance. We cannot assure you that further measures to control growth in lending will not be implemented by the PRC Government in a manner that may adversely affect our growth and profitability over time.", "# Uncertainties with respect to the PRC legal system could have a material adverse effect on our business and operations", "Our business and operations are primarily conducted in the PRC and are governed by applicable PRC laws, rules and regulations. The PRC legal system is based on written statutes and their interpretation by the Supreme People’s Court. Prior court decisions may be cited for reference, but have limited weight as precedents. Since the late 1970s, the PRC Government has significantly enhanced the PRC legislation and regulations to provide protection to various forms of foreign investments in the" ]	[ [ 6, 0 ] ]
3434792_9.pdf	3434792_10.pdf	en	[ "图表 8：传媒板块重点公司估值", "<table><tr><td rowspan=\"2\"></td><td></td><td></td><td></td><td colspan=\"3\">EPS</td><td colspan=\"3\">P E</td></tr><tr><td>股票简称</td><td>代码</td><td>股价</td><td>2014EPS</td><td>2015EPS</td><td>2016EPS</td><td>2014PE</td><td>2015PE</td><td>2016PE</td></tr><tr><td>互联网</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan=\"2\">信息服务</td><td>人民网</td><td>603000.SH</td><td>17.36</td><td>0.60</td><td>0.00</td><td>0.25</td><td>29</td><td>0</td><td>68</td></tr><tr><td>三六五网</td><td>300295.SZ</td><td>33.38</td><td>1.88</td><td>0.66</td><td>0.93</td><td>18</td><td>50</td><td>36</td></tr><tr><td rowspan=\"3\">财经服务</td><td>东方财富</td><td>300059.SZ</td><td>21.82</td><td>0.14</td><td>0.97</td><td>0.67</td><td>159</td><td>22</td><td>33</td></tr><tr><td>同花顺</td><td>300033.SZ</td><td>76.62</td><td>0.22</td><td>1.14</td><td>2.22</td><td>348</td><td>67</td><td>34</td></tr><tr><td>大智慧</td><td>601519.SH</td><td>9.24</td><td>0.05</td><td>-0.24</td><td>-0.11</td><td>171</td><td>0</td><td>0</td></tr><tr><td rowspan=\"5\">电子商务</td><td>欧浦钢网</td><td>002711.SZ</td><td>26.50</td><td>0.86</td><td>0.49</td><td>0.72</td><td>31</td><td>55</td><td>37</td></tr><tr><td>快乐购</td><td>300413.SZ</td><td>26.79</td><td>0.47</td><td>0.21</td><td>0.26</td><td>57</td><td>129</td><td>102</td></tr><tr><td>焦点科技</td><td>002315.SZ</td><td>62.80</td><td>1.02</td><td>0.00</td><td>0.92</td><td>62</td><td>0</td><td>69</td></tr><tr><td>生意宝</td><td>002095.SZ</td><td>54.69</td><td>0.16</td><td>0.00</td><td>0.00</td><td>342</td><td>0</td><td>0</td></tr><tr><td>上海钢联</td><td>300226.SZ</td><td>45.82</td><td>0.12</td><td>-1.16</td><td>0.06</td><td>381</td><td>0</td><td>815</td></tr><tr><td rowspan=\"6\">网络游戏</td><td>掌趣科技</td><td>300315.SZ</td><td>11.27</td><td>0.27</td><td>0.17</td><td>0.32</td><td>42</td><td>68</td><td>36</td></tr><tr><td>中青宝</td><td>300052.SZ</td><td>22.00</td><td>-0.08</td><td>0.00</td><td>0.16</td><td>0</td><td>0</td><td>133</td></tr><tr><td>顺网科技</td><td>300113.SZ</td><td>88.94</td><td>0.54</td><td>0.90</td><td>1.46</td><td>165</td><td>99</td><td>61</td></tr><tr><td>天神娱乐</td><td>300114.SZ</td><td>32.00</td><td>0.45</td><td>0.44</td><td>0.58</td><td>71</td><td>72</td><td>55</td></tr><tr><td>昆仑万维</td><td>300418.SZ</td><td>29.70</td><td>1.55</td><td>0.38</td><td>0.49</td><td>19</td><td>77</td><td>61</td></tr><tr><td>游族网络</td><td>002174.SZ</td><td>33.59</td><td>1.67</td><td>1.60</td><td>0.81</td><td>20</td><td>21</td><td>42</td></tr><tr><td>网络视频</td><td>乐视网</td><td>300104.SZ</td><td>58.80</td><td>0.44</td><td>0.32</td><td>0.47</td><td>134</td><td>186</td><td>124</td></tr><tr><td rowspan=\"4\">移动互联网/SP</td><td>拓维信息</td><td>002261.SZ</td><td>14.04</td><td>0.14</td><td>0.41</td><td>0.26</td><td>100</td><td>34</td><td>54</td></tr><tr><td>北纬通信</td><td>002148.SZ</td><td>18.20</td><td>0.06</td><td>0.02</td><td>0.21</td><td>303</td><td>778</td><td>86</td></tr><tr><td>朗玛信息</td><td>300288.SZ</td><td>35.39</td><td>0.33</td><td>0.23</td><td>0.34</td><td>107</td><td>155</td><td>104</td></tr><tr><td>神州泰岳</td><td>300002.SZ</td><td>8.52</td><td>0.49</td><td>0.20</td><td>0.24</td><td>18</td><td>43</td><td>36</td></tr><tr><td rowspan=\"2\">互联网支撑商</td><td>二六三</td><td>002467.SZ</td><td>13.93</td><td>0.31</td><td>0.12</td><td>0.19</td><td>45</td><td>119</td><td>72</td></tr><tr><td>网宿科技</td><td>300017.SZ</td><td>63.81</td><td>1.54</td><td>1.02</td><td>1.70</td><td>41</td><td>62</td><td>37</td></tr><tr><td rowspan=\"2\">互联网金融</td><td>腾邦国际</td><td>300178.SZ</td><td>19.55</td><td>0.53</td><td>0.30</td><td>0.42</td><td>37</td><td>65</td><td>47</td></tr><tr><td>京天利</td><td>300399.SZ</td><td>38.99</td><td>0.57</td><td>0.00</td><td>0.00</td><td>68</td><td>0</td><td>0</td></tr><tr><td>传媒</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan=\"16\">图书出版</td><td>中南传媒</td><td>601098.SH</td><td>17.44</td><td>0.82</td><td>1.02</td><td>1.17</td><td>21</td><td>17</td><td>15</td></tr><tr><td>天舟文化</td><td>300148.SZ</td><td>18.90</td><td>0.39</td><td>0.39</td><td>0.71</td><td>48</td><td>48</td><td>27</td></tr><tr><td>皖新传媒</td><td>601801.SH</td><td>22.02</td><td>0.76</td><td>0.97</td><td>0.99</td><td>29</td><td>23</td><td>22</td></tr><tr><td>凤凰传媒</td><td>601928.SH</td><td>10.63</td><td>0.47</td><td>0.57</td><td>0.54</td><td>22</td><td>19</td><td>20</td></tr><tr><td>新华传媒</td><td>600825.SH</td><td>8.20</td><td>0.05</td><td>0.00</td><td>0.00</td><td>164</td><td>0</td><td>0</td></tr><tr><td>青岛碱业</td><td>600229.SH</td><td>11.79</td><td>0.19</td><td>0.00</td><td>0.00</td><td>62</td><td>0</td><td>0</td></tr><tr><td>时代出版</td><td>600551.SH</td><td>16.99</td><td>0.77</td><td>0.82</td><td>0.86</td><td>22</td><td>21</td><td>20</td></tr><tr><td>出版传媒</td><td>601999.SH</td><td>9.30</td><td>0.14</td><td>0.00</td><td>0.00</td><td>66</td><td>0</td><td>0</td></tr><tr><td>大地传媒</td><td>000719.SZ</td><td>14.49</td><td>0.87</td><td>0.00</td><td>0.00</td><td>17</td><td>0</td><td>0</td></tr><tr><td>视觉中国</td><td>000681.SZ</td><td>23.87</td><td>0.23</td><td>0.25</td><td>0.38</td><td>102</td><td>95</td><td>62</td></tr><tr><td>长江传媒</td><td>600757.SH</td><td>7.51</td><td>0.17</td><td>0.00</td><td>0.36</td><td>44</td><td>0</td><td>21</td></tr><tr><td>中文在线</td><td>300364.SZ</td><td>93.35</td><td>0.51</td><td>0.44</td><td>0.60</td><td>183</td><td>212</td><td>154</td></tr><tr><td>中文传媒</td><td>600373.SH</td><td>20.79</td><td>0.68</td><td>0.87</td><td>1.02</td><td>31</td><td>24</td><td>20</td></tr><tr><td>华闻传媒</td><td>000793.SZ</td><td>9.15</td><td>0.53</td><td>0.00</td><td>0.00</td><td>17</td><td>0</td><td>0</td></tr><tr><td>华媒控股</td><td>000794.SZ</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0</td><td>0</td><td>0</td></tr><tr><td>浙报传媒</td><td>600633.SH</td><td>15.58</td><td>0.44</td><td>0.49</td><td>0.54</td><td>35</td><td>32</td><td>29</td></tr><tr><td rowspan=\"3\">影视动漫</td><td>华谊兄弟</td><td>300027.SZ</td><td>27.58</td><td>0.73</td><td>0.78</td><td>0.88</td><td>38</td><td>35</td><td>31</td></tr><tr><td>华策影视</td><td>300133.SZ</td><td>25.90</td><td>0.62</td><td>0.46</td><td>0.62</td><td>42</td><td>56</td><td>42</td></tr><tr><td>华录百纳</td><td>300291.SZ</td><td>23.12</td><td>0.52</td><td>0.47</td><td>0.60</td><td>44</td><td>49</td><td>38</td></tr></table>" ]	[ "<table><tr><td rowspan=\"7\"></td><td>中视传媒</td><td>600088.SH</td><td>21.51</td><td>0.16</td><td>0.00</td><td>0.00</td><td>135</td><td>0</td><td>0</td></tr><tr><td>光线传媒</td><td>300251.SZ</td><td>25.47</td><td>0.33</td><td>0.31</td><td>0.42</td><td>77</td><td>82</td><td>60</td></tr><tr><td>万达院线</td><td>002739.SZ</td><td>80.30</td><td>1.60</td><td>1.05</td><td>1.61</td><td>50</td><td>77</td><td>50</td></tr><tr><td>慈文传媒</td><td>002343.SZ</td><td>41.56</td><td>0.27</td><td>0.63</td><td>0.99</td><td>152</td><td>66</td><td>42</td></tr><tr><td>宋城演艺</td><td>300144.SZ</td><td>27.30</td><td>0.65</td><td>0.45</td><td>0.66</td><td>42</td><td>61</td><td>41</td></tr><tr><td>新文化</td><td>300336.SZ</td><td>27.80</td><td>0.63</td><td>0.64</td><td>0.72</td><td>44</td><td>44</td><td>39</td></tr><tr><td>奥飞动漫</td><td>002292.SZ</td><td>33.77</td><td>0.68</td><td>0.44</td><td>0.56</td><td>50</td><td>77</td><td>60</td></tr><tr><td rowspan=\"11\">营销服务</td><td>蓝色光标</td><td>300058.SZ</td><td>10.86</td><td>0.75</td><td>0.17</td><td>0.38</td><td>14</td><td>65</td><td>29</td></tr><tr><td>省广股份</td><td>002400.SZ</td><td>18.27</td><td>0.74</td><td>0.66</td><td>0.76</td><td>25</td><td>28</td><td>24</td></tr><tr><td>华谊嘉信</td><td>300071.SZ</td><td>9.00</td><td>0.20</td><td>0.22</td><td>0.24</td><td>45</td><td>42</td><td>38</td></tr><tr><td>粤传媒</td><td>002181.SZ</td><td>8.68</td><td>0.33</td><td>0.00</td><td>0.00</td><td>27</td><td>0</td><td>0</td></tr><tr><td>思美传媒</td><td>002712.SZ</td><td>114.20</td><td>0.84</td><td>1.28</td><td>2.01</td><td>136</td><td>89</td><td>57</td></tr><tr><td>北巴传媒</td><td>600386.SH</td><td>18.72</td><td>0.47</td><td>0.00</td><td>0.52</td><td>40</td><td>0</td><td>36</td></tr><tr><td>利欧股份</td><td>002131.SZ</td><td>19.25</td><td>0.48</td><td>0.31</td><td>0.55</td><td>40</td><td>62</td><td>35</td></tr><tr><td>明家科技</td><td>300242.SZ</td><td>36.30</td><td>0.05</td><td>0.21</td><td>0.67</td><td>726</td><td>171</td><td>55</td></tr><tr><td>龙韵股份</td><td>603729.SH</td><td>73.81</td><td>1.57</td><td>0.00</td><td>0.00</td><td>47</td><td>0</td><td>0</td></tr><tr><td>腾信股份</td><td>300392.SZ</td><td>28.36</td><td>1.72</td><td>0.36</td><td>0.54</td><td>16</td><td>78</td><td>52</td></tr><tr><td>科达股份</td><td>600986.SH</td><td>18.20</td><td>0.16</td><td>0.18</td><td>0.55</td><td>114</td><td>101</td><td>33</td></tr><tr><td rowspan=\"7\">有线网络运营商</td><td>歌华有线</td><td>600037.SH</td><td>15.09</td><td>0.54</td><td>0.53</td><td>0.55</td><td>28</td><td>28</td><td>27</td></tr><tr><td>天威视讯</td><td>002238.SZ</td><td>17.41</td><td>0.54</td><td>0.48</td><td>0.60</td><td>32</td><td>36</td><td>29</td></tr><tr><td>广电网络</td><td>600831.SH</td><td>12.60</td><td>0.21</td><td>0.24</td><td>0.29</td><td>61</td><td>52</td><td>44</td></tr><tr><td>吉视传媒</td><td>601929.SH</td><td>4.18</td><td>0.28</td><td>0.00</td><td>0.14</td><td>15</td><td>0</td><td>29</td></tr><tr><td>电广传媒</td><td>000917.SZ</td><td>17.99</td><td>0.23</td><td>0.43</td><td>0.59</td><td>78</td><td>41</td><td>31</td></tr><tr><td>湖北广电</td><td>000665.SZ</td><td>15.40</td><td>0.51</td><td>0.67</td><td>0.75</td><td>30</td><td>23</td><td>21</td></tr><tr><td>东方明珠</td><td>600832.SH</td><td>23.18</td><td>0.37</td><td>0.00</td><td>0.00</td><td>63</td><td>0</td><td>0</td></tr><tr><td rowspan=\"4\">IPTV/互联网电视</td><td>百视通</td><td>600637.SH</td><td>25.65</td><td>0.71</td><td>1.05</td><td>1.16</td><td>36</td><td>24</td><td>22</td></tr><tr><td>当代东方</td><td>000673.SZ</td><td>15.17</td><td>0.00</td><td>0.37</td><td>0.34</td><td>0</td><td>41</td><td>45</td></tr><tr><td>金亚科技</td><td>300028.SZ</td><td>20.00</td><td>0.10</td><td>0.00</td><td>0.00</td><td>200</td><td>0</td><td>0</td></tr><tr><td>华数传媒</td><td>000156.SZ</td><td>19.19</td><td>0.33</td><td>0.00</td><td>0.44</td><td>58</td><td>0</td><td>43</td></tr><tr><td rowspan=\"6\">体育</td><td>中体产业</td><td>600158.SH</td><td>18.66</td><td>0.12</td><td>0.12</td><td>0.20</td><td>153</td><td>152</td><td>93</td></tr><tr><td>雷曼光电</td><td>300162.SZ</td><td>23.84</td><td>0.19</td><td>0.14</td><td>0.21</td><td>125</td><td>174</td><td>114</td></tr><tr><td>强生控股</td><td>600662.SH</td><td>12.27</td><td>0.18</td><td>0.20</td><td>0.22</td><td>69</td><td>60</td><td>55</td></tr><tr><td>广弘控股</td><td>000529.SZ</td><td>8.92</td><td>0.26</td><td>0.00</td><td>0.00</td><td>34</td><td>0</td><td>0</td></tr><tr><td>国旅联合</td><td>600358.SH</td><td>13.50</td><td>-0.38</td><td>0.04</td><td>0.03</td><td>0</td><td>350</td><td>489</td></tr><tr><td>鸿博股份</td><td>002229.SZ</td><td>27.19</td><td>0.09</td><td>0.04</td><td>0.07</td><td>293</td><td>687</td><td>409</td></tr></table>", "来源：中泰证券研究所" ]	[ [ 1, 0 ] ]
3435455_3.pdf	3435455_4.pdf	en	[ "<table><tr><td>“Galaxy International Holdings”</td><td>China Galaxy International Financial Holdings Company Limited（中國銀河國際金融\n控股有限公司）, owned as to 100% by the Company and a wholly-owned subsidiary\nof the Company</td></tr><tr><td>“Galaxy Jinhui”</td><td>Galaxy Jinhui Securities Assets Management Co., Ltd.（銀河金匯證券資產管理有限\n公司）, owned as to 100% by the Company and a wholly-owned subsidiary of the\nCompany</td></tr><tr><td>“Group”</td><td>the Company and its subsidiaries</td></tr><tr><td>“H Share(s)”</td><td>overseas listed foreign shares in the share capital of the Company with a nominal\nvalue of RMB1.00 each, which is (are) listed on the Hong Kong Stock Exchange and\nare subscribed for and traded in HK dollars</td></tr><tr><td>“HK$”or“HK dollars”</td><td>Hong Kong dollars, the lawful currency of Hong Kong</td></tr><tr><td>“Hong Kong”</td><td>the Hong Kong Special Administrative Region of the PRC</td></tr><tr><td>“Hong Kong Stock Exchange”</td><td>The Stock Exchange of Hong Kong Limited</td></tr><tr><td>“Huijin”</td><td>Central Huijin Investment Ltd.（中央滙金投資有限責任公司）, which held an equity\ninterest of 69.07% of Galaxy Financial Holdings</td></tr><tr><td>“IPO”</td><td>Initial Public Offering</td></tr><tr><td>“Stock Exchange Listing Rules”</td><td>the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (as\namended from time to time)</td></tr><tr><td>“margin and securities refinancing”</td><td>a business in which securities firms can act as intermediaries to borrow funds or\nsecurities from the China Securities Finance Co., Ltd. and lend such funds and\nsecurities to their clients</td></tr><tr><td>“Model Code”</td><td>the Model Code for Securities Transactions by Directors of Listed Companies set out\nin the Appendix 10 to the Stock Exchange Listing Rules</td></tr><tr><td>“New OTC Board”</td><td>National Equities Exchange and Quotations for medium and small-sized enterprises</td></tr><tr><td>“PRC”or“China”</td><td>the People’s Republic of China, and for the purposes of this report, excluding Hong\nKong, Macau Special Administrative Region and Taiwan region</td></tr><tr><td>“QDII”</td><td>Qualified Domestic Institutional Investor</td></tr><tr><td>“QFII”</td><td>Qualified Foreign Institutional Investor</td></tr><tr><td>“RMB”or“Renminbi”</td><td>Renminbi, the lawful currency of the PRC</td></tr><tr><td>“Reporting Period”</td><td>the period from 1 January 2018 to 31 December 2018</td></tr><tr><td>“RQFII”</td><td>Renminbi Qualified Foreign Institutional Investor, a pilot program launched in the PRC\nwhich allows Hong Kong subsidiaries of PRC brokerage companies and fund houses\nto facilitate investments of offshore Renminbi into the PRC capital markets</td></tr></table>" ]	[ "<table><tr><td>“SASAC”</td><td>the State-owned Assets Supervision and Administration Committee of the State\nCouncil（國務院國有資產監督管理委員會）</td></tr><tr><td>“Securities Law”</td><td>the Securities Law of the People’s Republic of China</td></tr><tr><td>“SFC”</td><td>the Securities and Futures Commission of Hong Kong</td></tr><tr><td>“SFO”</td><td>the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) as\namended, supplemented or otherwise modified from time to time</td></tr><tr><td>“Singapore dollars”</td><td>Singapore dollars, the lawful currency of Singapore</td></tr><tr><td>“SHCI”</td><td>the Shanghai Composite Index</td></tr><tr><td>“SSE”</td><td>the Shanghai Stock Exchange</td></tr><tr><td>“SSE Listing Rules”</td><td>the Rules Governing the Listing of Securities on the Shanghai Stock Exchange (as\namended from time to time)</td></tr><tr><td>“Supervisors”</td><td>supervisors of the Company</td></tr><tr><td>“Supervisory Committee”</td><td>the supervisory committee of the Company</td></tr><tr><td>“SZCI”</td><td>the Shenzhen Component Index</td></tr><tr><td>“SZSE”</td><td>the Shenzhen Stock Exchange</td></tr><tr><td>“US$”or“U.S. dollars”or“USD”</td><td>United States dollars, the lawful currency of the United States</td></tr><tr><td>“VaR”</td><td>value at risk</td></tr></table>", "Notes:", "1. In this report, any discrepancies between totals and sums of amounts listed are due to rounding.", "2. This report is prepared in both Chinese and English languages and in the event of any inconsistency, the Chinese version shall prevail." ]	[ [ 0, 0 ] ]
20795819_141.pdf	20795819_142.pdf	en	[ "required (other than pursuant to Section 4.06(b)) to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided by the Issuer as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction.", "“New York Uniform Commercial Code ” means the Uniform Commercial Code as in effect from time to time in the State of New York.", "“Note Guarantee” means a Guarantee of the Notes pursuant to this Indenture.", "“Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes.", "“Obligations” means any principal, interest, penalties, fees, expenses, indemnifications, reimbursements, damages and other liabilities (including all interest accruing after the commencement of any insolvency or liquidation proceeding, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding) under the documentation governing any Indebtedness.", "“Of ering Memorandum” means the final offering memorandum, dated December 8, 2016, relating to the offering of the Notes.", "“Of icer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Senior Vice President, any Vice President or any Assistant Vice President of such Person.", "“Of icer’s Certificate” means a certificate signed on behalf of a Person by an Officer of such Person that meets the requirements of this Indenture.", "“Opinion of Counsel” means an opinion from legal counsel (who may be counsel to or an employee of the Issuer), or other counsel who is reasonably acceptable to the Trustee, that meets the requirements of this Indenture.", "“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary (and, with respect to DTC, shall include Euroclear and Clearstream).", "“Permitted Asset Swap” means any transfer of properties or assets by the Issuer or any of its Restricted Subsidiaries in which the consideration received by the transferor consists primarily of properties or assets to be used in a Similar Business; provided that the fair market value (determined in good faith by the Board of Directors of the Issuer if such amount is reasonably likely to exceed \\$50.0 million) of properties or assets received by the Issuer or any such Restricted" ]	[ "Subsidiary in connection with such Permitted Asset Swap is at least equal to the fair market value (determined in good faith by the Board of Directors of the Issuer if such amount is reasonably likely to exceed \\$50.0 million) of properties or assets transferred by the Issuer or such Restricted Subsidiary in connection with such Permitted Asset Swap.", "“Permitted Investments” means:", "(1) any Investment in the Issuer or in a Restricted Subsidiary of the Issuer;", "(2) any Investment in cash, Cash Equivalents or Investment Grade Securities;", "(3) any Investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person, if as a result of such Investment:", "(a)such Person becomes a Restricted Subsidiary of the Issuer; or", "(b)such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer;", "(4) any Investment in securities or other assets not constituting cash, Cash Equivalents or Investment Grade Securities and received in connection with an Asset Sale made pursuant to the provisions of Section 4.06 or any other disposition of assets not constituting an Asset Sale;", "(5) any Investment existing on the Issue Date and any amendment, modification, restatement, supplement, extension, renewal, refunding, replacement or refinancing, in whole or in part thereof; provided, that such amendment, modification, restatement, supplement, extension, renewal, refunding, replacement or refinancing does not increase the aggregate principal amount thereof;", "(6) advances to, or guarantees of Indebtedness of, employees not in excess of \\$10.0 million outstanding at any one time in the aggregate;", "(7) any Investment acquired by the Issuer or any of its Restricted Subsidiaries in satisfaction of judgments, settlements of debt or compromises of obligations incurred in the ordinary course of business;", "(8) any Investment acquired by the Issuer or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Issuer of such other Investment or accounts receivable, or (b) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;" ]	[ [ 10, 0 ] ]
2589034_70.pdf	2589034_71.pdf	en	[ "# Performance Share Unit Awards", "On February 8, 2017, February 16, 2016 and February 17, 2015, the Company awarded its executive officers (in the aggregate) a target number of performance share units (“PSU’s”) equal to 57,110, 79,108 and 56,389 PSU’s, respectively. Each PSU represents a contingent right to receive one common share of the Company if vesting is satisfied at the end of a threeyear performance period (the “Performance Period”). The ultimate number of PSU’s that will vest and be earned, if any, after the completion of the Performance Period, is based on (1) (a) the Company’s cumulative pretax income from operations, excluding extraordinary items as defined in the underlying award agreements with the executive officers, over the Performance Period (weighted 80%) (the “Performance Condition”), and (b) the Company’s relative total shareholder return over the Performance Period compared to the total shareholder return of a peer group of other publiclytraded homebuilders (weighted 20%) (the “Market Condition”) and (2) the participant’s continued employment through the end of the Performance Period, except in the case of termination due to death, disability or retirement or involuntary termination without cause by the Company. The number of PSU’s that vest may increase by up to 50% from the target number based on levels of achievement of the above criteria as set forth in the applicable award agreements and decrease to zero if the Company fails to meet the minimum performance levels for both of the above criteria. If the Company achieves the minimum performance levels for both of the above criteria, 50% of the target number of PSU’s will vest and be earned. Any portion of PSU’s that does not vest at the end of the Performance Period will be forfeited. Additionally, the PSU’s have no dividend or voting rights during the Performance Period.", "The grant date fair value of the portion of the PSU’s subject to the Performance Condition and the Market Condition component was\\$23.34 and \\$19.69, respectively, for the 2017 PSU’s \\$16.85 and \\$15.75, respectively, for the 2016 PSU’s and \\$21.28 and \\$18.92, respectively, for the 2015 PSU’s. In accordance with ASC 718, for the portion of the PSU’s subject to a Market Condition, stockbased compensation expense is derived using the Monte Carlo simulation methodology and is recognized ratably over the service period regardless of whether or not the attainment of the Market Condition is probable. Therefore, the Company recognized \\$0.3 million in stockbased compensation expense during 2017 related to the Market Condition portion of the 2017, 2016 and 2015 PSU awards. There was a total of \\$0.2 million of unrecognized stockbased compensation expense related to the Market Condition portion of the 2017 and 2016 PSU awards as of December 31, 2017. At December 31, 2017, the Market Condition for the 2015 PSU awards was met, and the company recorded \\$0.2 million of stockbased compensation expense. Based on these results and board approval, 11,503 PSU’s vested during the first quarter of 2018 with respect to the portion of the 2015 PSU’s subject to the Market Condition.", "For the portion of the PSU’s subject to a Performance Condition, we recognize stockbased compensation expense on a straightline basis over the Performance Period based on the probable outcome of the related Performance Condition. Otherwise, stockbased compensation expense recognition is deferred until probability is attained and a cumulative stockbased compensation expense adjustment is recorded and recognized ratably over the remaining service period. The Company reassesses the probability of the satisfaction of the Performance Condition on a quarterly basis, and stockbased compensation expense is adjusted based on the portion of the requisite service period that has passed. As of December 31, 2017, the Company had not recognized any stockbased compensation expense related to the Performance Condition portion of the 2017 PSU awards. If the Company achieves the minimum performance levels for the Performance Condition to be met for the 2017 awards, the Company would record unrecognized stockbased compensation expense of \\$0.5 million as of December 31, 2017, for which \\$0.2 million would be immediately recognized had attainment been probable at December 31, 2017. The Company recognized \\$0.4 million of stockbased compensation expense related to the Performance Condition portion of the 2016 PSU awards during 2017 based on the probability of attaining the performance condition. The Company has \\$0.2 million of unrecognized stockbased compensation expense for the 2016 PSU awards at December 31, 2017. The Company recognized \\$1.1 million of stock-based compensation expense for the 2015 PSU awards as of December 31, 2017 which met the maximum performance level at December 31, 2017. Based on these results and board approval, 67,668 PSU’s vested during the first quarter of 2018 with respect to the portion of the 2015 PSU’s subject to the Performance Condition.", "# Deferred Compensation Plans", "The purpose of the Company’s Amended and Restated Executives’ Deferred Compensation Plan (the “Executive Plan”), a nonqualified deferred compensation plan, is to provide an opportunity for certain eligible employees of the Company to defer a portion of their compensation and to invest in the Company’s common shares. The purpose of the Company’s Amended and Restated Director Deferred Compensation Plan (the “Director Plan”) is to provide its directors with an opportunity to defer their director compensation and to invest in the Company’s common shares.", "Compensation expense deferred into the Executive Plan and the Director Plan (together the “Plans”) totaled \\$0.4 million, \\$0.1 million and \\$0.3 million for the years ended December 31, 2017, 2016 and 2015. The portion of cash compensation deferred by employees and directors under the Plans is invested in fullyvested equity units in the Plans. One equity unit is the equivalent of one common share. Equity units and the related dividends will be converted and distributed to the employee or director in the" ]	[ "form of common shares at the earlier of his or her elected distribution date or termination of service as an employee or director of the Company. Distributions from the Plans totaled \\$0.2 million during the years ended December 31, 2017 and 2016, and less than \\$0.1 million during the year ended December 31, 2015. As of December 31, 2017, there were a total of 51,787 equity units with a value of\\$1.2 million outstanding under the Plans. The aggregate fair market value of these units at December 31, 2017, based on the closing price of the underlying common shares, was approximately \\$2.4 million, and the associated deferred tax benefit the Company would recognize if the outstanding units were distributed was \\$1.3 million as of December 31, 2017. Common shares are issued from treasury shares upon distribution of equity units from the Plans.", "# Profit Sharing and Retirement Plan", "The Company has a profitsharing and retirement plan that covers substantially all Company employees and permits participants to make contributions to the plan on a pretax basis in accordance with the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended. Company contributions to the plan are also made at the discretion of the Company’s board of directors based on the Company’s profitability and resulted in a \\$1.8 million, \\$1.4 million and \\$1.2 million expense for the years ended December 31, 2017, 2016 and 2015, respectively.", "# NOTE 3. Fair Value Measurements", "There are three measurement input levels for determining fair value: Level 1, Level 2, and Level 3. Fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.", "# Assets Measured on a Recurring Basis", "To meet financing needs of our homebuying customers, M/I Financial is party to interest rate lock commitments (“IRLCs”), which are extended to customers who have applied for a mortgage loan and meet certain defined credit and underwriting criteria. These IRLCs are considered derivative financial instruments. M/I Financial manages interest rate risk related to its IRLCs and mortgage loans held for sale through the use of forward sales of mortgagebacked securities (“FMBSs”), the use of bestefforts whole loan delivery commitments, and the occasional purchase of options on FMBSs in accordance with Company policy. These FMBSs, options on FMBSs, and IRLCs covered by FMBSs are considered nondesignated derivatives. These amounts are either recorded in Other Assets or Other Liabilities on the Consolidated Balance Sheets (depending on the respective balance for that year ended December 31).", "The Company measures both mortgage loans held for sale and IRLCs at fair value. Fair value measurement results in a better presentation of the changes in fair values of the loans and the derivative instruments used to economically hedge them.", "In the normal course of business, our financial services segment enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers “lockin” a specified interest rate within established time frames. Market risk arises if interest rates move adversely between the time of the “lockin” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, the Company enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgagebacked securities to broker/dealers. The forward sale contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. The Company does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to broker/dealers or investors are undesignated derivatives, and accordingly, are marked to fair value through earnings. Changes in fair value measurements are included in earnings in the accompanying Consolidated Statements of Income.", "The fair value of mortgage loans held for sale is estimated based primarily on published prices for mortgagebacked securities with similar characteristics. To calculate the effects of interest rate movements, the Company utilizes applicable published mortgagebacked security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. The Company sells loans on a servicing released or servicing retained basis, and receives servicing compensation. Thus, the value of the servicing rights included in the fair value measurement is based upon contractual terms with investors and depends on the loan type. The Company applies a fallout rate to IRLCs when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which the Company does not close a mortgage loan and is based on management’s judgment and company experience." ]	[ [ 6, 0 ] ]
8352502_230.pdf	8352502_231.pdf	en	[ "FINANCIAL INFORMATION", "The following table sets out the details of our current assets and liabilities as at the end of the financial years indicated.", "<table><tr><td rowspan=\"4\"></td><td colspan=\"3\">At 31 December</td><td> At 31 May</td><td>At\n30 September</td></tr><tr><td>2008</td><td>2009</td><td>2010</td><td>2011</td><td>2011</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>(audited)</td><td> (audited)</td><td> (audited)</td><td> (audited)</td><td> (unaudited)</td></tr><tr><td>Current assets</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loan receivables</td><td>156,381</td><td>118,795</td><td>123,074</td><td>130,194</td><td>138,137</td></tr><tr><td>Prepayments, deposits and other\nreceivables</td><td>394</td><td>851</td><td>4,197</td><td>4,296</td><td>4,664</td></tr><tr><td>Due from a related company</td><td>226</td><td>— \n</td><td>— \n</td><td>— \n</td><td>— \n</td></tr><tr><td>Cash and cash equivalents</td><td>6,772</td><td>8,388</td><td>1,848</td><td>5,362</td><td>6,170</td></tr><tr><td>Tax receivable</td><td>— \n</td><td>— \n</td><td>932</td><td>1,316</td><td>293</td></tr><tr><td>Total current assets</td><td>163,773</td><td>128,034</td><td>130,051</td><td>141,168</td><td>149,264</td></tr><tr><td>Current liabilities</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Account payables</td><td>76</td><td>56</td><td>— \n</td><td>— \n</td><td>— \n</td></tr><tr><td>Accruals and other payables</td><td>2,727</td><td>2,380</td><td>5,965</td><td>6,868</td><td>5,332</td></tr><tr><td>Interest-bearing loans</td><td>30,500</td><td>15,606</td><td>35,686</td><td>45,260</td><td>36,920</td></tr><tr><td>Tax payable</td><td>5,840</td><td>2,185</td><td>— \n</td><td>— \n</td><td>— \n</td></tr><tr><td>Total current liabilities</td><td>39,143</td><td>20,227</td><td>41,651</td><td>52,128</td><td>42,252</td></tr><tr><td>Net current assets</td><td>124,630</td><td>107,807</td><td>88,400</td><td>89,040</td><td>107,012</td></tr></table>", "Net current assets remained stable as at 31 December 2009 at HK\\$107.8 million compared with as at 31 December 2008. The amount of loan receivables had reduced by about 24% from HK\\$156.4 million to HK\\$118.8 million mainly due to the repayment of loans of an aggregate of HK\\$22.8 million by a customer in September and November 2009 respectively and repayment of several fixed loans and mortgage loans during the year. As we had financed the loan to the aforesaid customer partly with short term borrowings, our Group had substantially repaid such short term borrowings after the customer’s repayment. As our equity capital increased with our profitability, we had progressively reduced our reliance on borrowings to fund our operations. Consequently, short term loans borrowed from Independent Third Party Lenders and Shareholders reduced substantially from HK\\$30.5 million as at 31 December 2008 to nil as at 31 December 2009. Meanwhile, our Group obtained a mortgage loan in 2009 which amounted to approximately HK\\$15.6 million as at 31 December 2009 in relation to the acquisition of office premises for own use and as investment properties.", "Net current assets decreased by approximately 18.0% from HK\\$107.8 million as at 31 December 2009 to HK\\$88.4 million as at 31 December 2010 as we had drawn down two loans from Independent Third Party lenders which in aggregate amounted to HK\\$20.0 million. Prepayments, deposits and other receivables increased from HK\\$0.9 million as at 31 December 2009 to HK\\$4.2 million as at 31 December 2010 mainly due to the prepayment" ]	[ "FINANCIAL INFORMATION", "of listing expenses during the year. Accruals and other payables increased from HK\\$2.4 million as at 31 December 2009 to HK\\$6.0 million as at 31 December 2010 due mainly to accruals for expenses relating to the Listing. There was tax receivable amounting to about HK\\$0.9 million due to refund of provisional tax previously paid which was higher than actual tax payable for the year ended 31 December 2010.", "As a result of (i) our expansion of loan portfolio during the second half of 2010 where loan receivables increased from HK\\$118.8 million as at 31 December 2009 to HK\\$123.1 million as at 31 December 2010; and (ii) payment of the Pre-IPO Dividend in October 2010, our cash balance as at year-end decreased from approximately HK\\$8.4 million as at 31 December 2009 to HK\\$1.8 million as at 31 December 2010. To finance our loan portfolio expansion, we had also incurred the aforesaid HK\\$20 million in additional borrowings.", "Net current assets remained relatively stable at approximately HK\\$89.0 million as at 31 May 2011. Our loan receivable balances increased from HK\\$123.1 million as at 31 December 2010 to HK\\$130.2 million as at 31 May 2011. Meanwhile, the interest-bearing loans balance increased from HK\\$35.7 million as at 31 December 2010 to HK\\$45.3 million as at 31 May 2011 as we obtained additional borrowings from Independent Third Party lenders during the period to finance our loan portfolio expansion. Our accruals and other payables increased from HK\\$6.0 million to HK\\$6.9 million due mainly to increased accruals for operating expenses. Our cash and cash equivalent balance increased to HK\\$5.4 million as at 31 May 2011.", "# Cash Flow", "The following table sets out a summary of net cash flow for the financial years indicated.", "<table><tr><td rowspan=\"3\"></td><td colspan=\"3\">Year ended 31 December</td><td colspan=\"2\">Five months\nended 31 May</td></tr><tr><td>2008</td><td>2009</td><td>2010</td><td>2010</td><td>2011</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td>Net cash (used in)/from operating activities</td><td>(61,401)</td><td>69,321</td><td>(15,100)</td><td>14,536</td><td>(5,453)</td></tr><tr><td>Net cash used in investing activities</td><td>(768)</td><td>(48,200)</td><td>(5,408)</td><td>(10,763)</td><td>166</td></tr><tr><td>Net cash from/(used in) financing activities</td><td>64,885</td><td>(19,505)</td><td>13,968</td><td>225</td><td>8,801</td></tr><tr><td>Net increase/(decrease) in cash and cash\nequivalents</td><td>2,716</td><td>1,616</td><td>(6,540)</td><td>3,998</td><td>3,514</td></tr><tr><td>Cash and cash equivalents at beignning of\nyear/iperod</td><td>4,056</td><td>6,772</td><td>8,388</td><td>8,388</td><td>1,848</td></tr><tr><td>Cash and cash equivalents at end of\nyear/period</td><td>6,772</td><td>8,388</td><td>1,848</td><td>12,386</td><td>5,362</td></tr></table>" ]	[ [ 4, 0 ] ]
9256366_84.pdf	9256366_85.pdf	en	[ "<table><tr><td>2．对所\n有者\n（或股\n东）的\n分配</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-6,296,285.56</td><td></td><td>-6,296,285.56</td></tr><tr><td>3．其他</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>（四）\n所有者\n权益内\n部结转</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1．资本\n公积转\n增资本\n（或股\n本）</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2．盈余\n公积转\n增资本\n（或股\n本）</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3．盈余\n公积弥\n补亏损</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4．设定\n受益计\n划变动\n额结转\n留存收\n益</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5．其他\n综合收\n益结转\n留存收\n益</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>6．其他</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>（五）\n专项储\n备</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1．本期\n提取</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>" ]	[ "<table><tr><td>2．本期\n使用</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>（六）\n其他</td><td></td><td></td><td></td><td></td><td></td><td>1,265,244.31</td><td></td><td></td><td></td><td></td><td></td><td>-1,265,244.31</td></tr><tr><td>四、本\n期期末\n余额</td><td>180,000,000.0\n0</td><td></td><td></td><td></td><td>240,565,187.1\n0</td><td>1,265,244.31</td><td>-830,917.34</td><td></td><td>44,144,527.22</td><td>346,310,796.36</td><td></td><td>808,924,349.0\n3</td></tr></table>", "上期金额", "单位：元", "<table><tr><td rowspan=\"3\">项目</td><td colspan=\"12\">2020 年年度</td></tr><tr><td rowspan=\"2\">股本</td><td colspan=\"3\">其他权益\n工具</td><td rowspan=\"2\">资本公积</td><td rowspan=\"2\">减：库存股</td><td rowspan=\"2\">其他综合收\n益</td><td rowspan=\"2\">专\n项\n储\n备</td><td rowspan=\"2\">盈余公积</td><td rowspan=\"2\">未分配利润</td><td rowspan=\"2\">其\n他</td><td rowspan=\"2\">所有者权益合\n计</td></tr><tr><td>优\n先\n股</td><td>永\n续\n债</td><td>其\n他</td></tr><tr><td>一、上\n年期\n末余\n额</td><td>180,000,000.00</td><td></td><td></td><td></td><td>240,565,1\n87.10</td><td></td><td>1,056,133.1\n3</td><td></td><td>33,048,564.75</td><td>261,743,419.67</td><td></td><td>716,413,304.65</td></tr><tr><td>加：会\n计政\n策变\n更</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>6,355.70</td><td>57,201.32</td><td></td><td>63,557.02</td></tr><tr><td>前期\n差错\n更正</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>其他</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>二、本\n年期\n初余\n额</td><td>180,000,000.00</td><td></td><td></td><td></td><td>240,565,1\n87.10</td><td></td><td>1,056,133.1\n3</td><td></td><td>33,054,920.45</td><td>261,800,620.99</td><td></td><td>716,476,861.67</td></tr><tr><td>三、本\n期增\n减变\n动金\n额（减\n少以</td><td></td><td></td><td></td><td></td><td></td><td></td><td>-301,637.64</td><td></td><td>3,178,245.61</td><td>19,604,210.44</td><td></td><td>22,480,818.41</td></tr></table>" ]	[ [ 0, 0 ] ]
20744441_7.pdf	20744441_8.pdf	en	[ "Figure 3. (Top) Evolution of the gravitational potential \$ \\Psi \$ normalized by its initial value \$ \\Psi ^ { ( s ) } \$ for the wavenumber \$ k \$ =0.01 \$ \\mathrm { M p c } ^ { - 1 } \$. We show the evolution of \$ \\Psi / \\Psi ^ { ( s ) } \$ for four models listed in Table I and also for \$ \\Lambda ^ { \\prime } \$ CDM (black line). (Bottom) Percentage relative difference of \$ \\Psi \$ relative to that in \$ \\Lambda ^ { \\prime } \$ CDM. The cosmological parameters used for this plot are the Planck 2015 best-fit values for \$ \\Lambda \$ CDM [105] (which is also the case for plots in Figs. 5 and 6). The physical interpretation of this figure is discussed in Sec. IV.", "\$ \\Lambda \$ CDM at high redshifts (\$ a \\lesssim 1 0 ^ { - 2 } \$). This property arises from the dominance of \$ x _ { 4 } \$ over \$ x _ { 1 , 2 , 3 } \$ at early times, in which case the relative density abundances between dark energy and matter fluids are modified. Besides this effect, the non-negligible early-time contribution of \$ x _ { 4 } \$ to scalar perturbations gives rise to a scale-dependent evolution of gravitational potentials, which manifests itself in the k-dependent variation of \$ \\mu ( a , k ) \$ and \$ \\Sigma ( a , k ) \$. In Fig. 4, we plot the evolution of \$ \\Psi \$ in BH1 for three different values of k. For perturbations on smaller scales, the deviation from \$ \\Lambda \$ CDM tends to be more significant. In models BH2, BH3, and GGC, the early-time evolution of \$ \\Psi \$ is similar to that in \$ \\Lambda ^ { \\prime } \$ CDM, but they exhibit large deviations from \$ \\Lambda \$ CDM at late times.", "At low redshifts, the lensing gravitational potential \$ \\phi _ { \\mathrm { l e n } } = ( \\Psi + \\Phi ) / 2 \$ evolves in a similar way to \$ \\Psi \$, by re-flecting the property \$ \\mu \\simeq \\Sigma \$ for \$ x _ { A } ^ { ( 0 ) } \\ll 1 \$. The lensing angular power spectrum can be computed by using the line of sight integration method, with the convention [99]", "\\[ C _ { \\ell } ^ { \\phi \\phi } = 4 \\pi \\int \\frac { \\mathrm { d } k } { k } \\mathcal { P } ( k ) \\left[ \\int _ { 0 } ^ { \\chi _ { * } } \\mathrm { d } \\chi \\, S _ { \\phi } ( k ; \\tau _ { 0 } - \\chi ) j _ { \\ell } ( k \\chi ) \\right] _ { ( 4 . 7 ) } ^ { 2 } \\, , \\]", "where \$ \\mathcal { P } ( k ) = \\Delta _ { \\mathcal { R } } ^ { 2 } ( k ) \$ is the primordial power spectrum of curvature perturbations, and \$ j _ { \\ell } \$ is the spherical Bessel function. The source \$ S _ { \\phi } \$ is expressed in terms of the transfer function", "\\[ S _ { \\phi } ( k ; \\tau _ { 0 } - \\chi ) = 2 T _ { \\phi } ( k ; \\tau _ { 0 } - \\chi ) \\left( \\frac { \\chi _ { * } - \\chi } { \\chi _ { * } \\chi } \\right) \\, , \\qquad ( 4 . 8 ) \\]", "with \$ T _ { \\phi } ( k , \\tau ) \\, = \\, k \\phi _ { \\mathrm { l e n } } \$, \$ \\chi \$ is the comoving distance with \$ \\chi _ { * } \$ corresponding to that to the last scattering surface, \$ \\tau _ { 0 } \$ is today’s conformal time \$ \\textstyle \\tau = \\int a ^ { - 1 } \\mathrm { d } t \$ satisfying the relation \$ \\chi = \\tau _ { 0 } - \\tau \$ . In Fig. 5, we show the lensing power spectra \$ \\bar { D } _ { \\ell } ^ { \\phi \\phi } = \\ell ( \\ell + 1 ) C _ { \\ell } ^ { \\bar { \\phi } \\phi } / ( 2 \\pi ) \$ and relative differences in units of the cosmic variance for four models listed in Table I. Since \$ \\Sigma _ { i } > \$ 1 at low redshifts in BH and GGC models, this works to enhance \$ D _ { \\ell } ^ { \\phi \\phi } \$ compared to \$ \\Lambda \$ CDM. We note that the amplitude of matter density contrast \$ \\delta _ { m } \$ in these models also gets larger than that in \$ \\Lambda \$ CDM by reflecting the fact that \$ \\mu > \$ 1. In Fig. 5, we observe", "Figure 4. (Top) Evolution of the gravitational potential \$ \\Psi \$ normalized by its initial value \$ \\Psi ^ { ( s ) } \$ for BH1 and \$ \\Lambda ^ { \\prime } \$ CDM with three different wavenumbers: \$ k \\, = \\, 0 . 0 1 , 0 . 1 , 0 . 5 \\, \\, \\, \\mathrm { M p c } ^ { - 1 } \$. In Table I, we list the starting values of parameters \$ x _ { i } \$ at the initial redshift \$ z _ { s } = 1 . 5 \\times 1 0 ^ { 5 } \$ for the BH1 model. (Bottom) Percentage relative difference of \$ \\Psi \$ relative to that in \$ \\Lambda ^ { \\prime } \$ CDM for the same values of k in the top panel.", "Figure 5. (Top) Lensing angular power spectra \$ D _ { \\ell } ^ { \\phi \\phi } ~ = ~ \$\$ \\ell ( \\ell + 1 ) C _ { \\ell } ^ { \\phi \\phi } / ( 2 \\pi ) \$ for \$ \\Lambda \$ CDM and the models listed in Ta-ble I, where \$ C _ { \\ell } \$ is defined by Eq. (4.7). (Bottom) Rela-tive difference of the lensing angular power spectra, com-puted with respect to \$ \\Lambda \$ CDM, in units of the cosmic variance \$ \\bar { \\sigma } _ { \\ell } = \\sqrt { 2 / ( 2 \\ell + 1 ) } C _ { \\ell } ^ { \\Lambda \\mathrm { C D M } } \$." ]	[ "Figure 6. (Top) Evolution of the time derivative \$ \\dot { \\Psi } + \\dot { \\Phi } \$ for \$ \\Lambda ^ { \\prime } \$ CDM and the models listed in Table I, computed at \$ k \$=0.01 \$ \\mathrm { M p c } ^ { - 1 } \$. (Bottom) Relative difference of \$ \\dot { \\Psi } \\! + \\! \\dot { \\Phi } \$, computed with respect to \$ \\Lambda ^ { \\prime } \$ CDM. See the discussion after Eq. (4.11) for the physical interpretation of this figure.", "that, apart from BH1 in which \$ \\Sigma \$ is close to 1, the lensing power spectra in other three cases are subject to the en-hancement with respect to \$ \\Lambda ^ { \\prime } \$ CDM. Since today’s values of \$ \\mu \$ and \$ \\Sigma \$ increase for larger \$ x _ { 3 } ^ { ( 0 ) } \$, the deviation from \$ \\Lambda \$ CDM tends to be more significant with the order of GGC, BH2, and BH3.", "Let us proceed to the discussion of the impact of BH and GGC models on the CMB temperature anisotropies. The CMB temperature-temperature (TT) angular spec-trum can be expressed as [100]", "\\[ C _ { \\ell } ^ { \\mathrm { T T } } = ( 4 \\pi ) ^ { 2 } \\int \\frac { \\mathrm { d } k } { k } \\; \\mathcal { P } ( k ) \\Big \| \\Delta _ { \\ell } ^ { \\mathrm { T } } ( k ) \\Big \| ^ { 2 } \\, , \\qquad \\mathrm { ( 4 . 9 ) } \\]", "where", "\\[ \\Delta _ { \\ell } ^ { \\mathrm { T } } ( k ) = \\int _ { 0 } ^ { \\tau _ { 0 } } \\mathrm { d } \\tau \\, e ^ { i k \\tilde { \\mu } ( \\tau - \\tau _ { 0 } ) } S _ { \\mathrm { T } } ( k , \\tau ) j _ { \\ell } [ k ( \\tau _ { 0 } - \\tau ) ] \\, , \\, \\, ( 4 . 1 0 ) \\]", "with \$ \\tilde { \\mu } \$ being the angular separation, and \$ S _ { \\mathrm { T } } ( k , \\tau ) \$ is the radiation transfer function. The contribution to \$ S _ { \\mathrm { T } } ( k , \\tau ) \$ arising from the integrated-Sachs-Wolfe (ISW) effect is of the form", "\\[ S _ { \\mathrm { T } } ( k , \\tau ) \\sim \\left( \\frac { \\mathrm { d } \\Psi } { \\mathrm { d } \\tau } + \\frac { \\mathrm { d } \\Phi } { \\mathrm { d } \\tau } \\right) e ^ { - \\kappa } \\, , \\qquad \\qquad ( 4 . 1 1 ) \\]", "where \$ \\kappa \$ is the optical depth. Besides the early ISW effect which occurs during the transition from the radiation to matter eras by the time variation of \$ \\Psi + \\Phi \$, the pres-ence of dark energy induces the late-time ISW effect. In the \$ \\Lambda \$ CDM model, the gravitational potential −(Ψ + Φ),which is positive, decreases by today with at least more than 30 % relative to its initial value (see Fig. 3). As we observe in Fig. 6 we have \$ \\dot { \\Psi } + \\dot { \\Phi } > \$ 0 in this case, so the ISW effect gives rise to the positive contribution to Eq. (4.9). In Fig. 7, we plot the CMB TT power spectra \$ D _ { \\rho } ^ { \\mathrm { T T } } = \\ell ( \\ell + 1 ) C _ { \\rho } ^ { \\mathrm { T T } } / ( 2 \\pi ) \$ for the models listed in Table I and \$ \\Lambda \$ CDM. In BH1 the parameter \$ \\Sigma \$ is close to 1 at low redshifts due to the smallness of \$ x _ { 3 } ^ { ( 0 ) } \$, so the late-time ISW effect works in the similar way to the GR case. Hence the TT power spectrum in BH1 for the multipoles \$ \\ell \\lesssim \$ 30 is similar to that in \$ \\Lambda \$ CDM.", "In the GGC model of Fig. 7, we observe that the large-scale ISW tail is suppressed relative to that in \$ \\Lambda ^ { \\prime } \$ CDM. This reflects the fact that the larger deviation of \$ \\Sigma \$ from 1 leads to the time derivative \$ \\dot { \\Psi } + \\dot { \\Phi } \$ closer to 0, see Fig. 6. Hence the late-time ISW effect is not significant, which results in the suppression of \$ D _ { \\ell } ^ { \\mathrm { T T } } \$ with respect to \$ \\Lambda \$ CDM. In Ref. [72] this fact was first recognized in the GGC model, which exhibits a better fit to the Planck CMB data. As the deviation of \$ \\Sigma \$ from 1 increases further, the sign of \$ \\dot { \\Psi } + \\dot { \\Phi } \$ changes to be negative (see Fig. 6). The BH2 model can be regarded as such a marginal case in which the large-scale ISW tail is nearly flat. In BH3, the increase of \$ \\Sigma \$ at low redshifts is so significant that the largely negative ISW contribution to Eq. (4.9) leads to the enhanced low-\$ \\ell \$ TT power spectrum relative to \$ \\Lambda \$ CDM.", "The modified evolution of the Hubble expansion rate from \$ \\Lambda \$ CDM generally leads to the shift of CMB acoustic peaks at high-\$ \\ell \$. In Fig. 8, we observe that the largest deviation of H(a) at high redshifts occurs for BH1 by the dominance of \$ x _ { 4 } \$ over \$ _ { x _ { 1 , 2 , 3 } } \$. This leads to the shift of acoustic peaks toward lower multipoles (see Fig. 7). We also find that BH3 is subject to non-negligible shifts of high-\$ \\ell \$ peaks due to the large modification of H(a) at low redshifts, in which case the peaks shift toward higher multipoles. Moreover, there is the large enhancement of ISW tails for BH3, so it should be tightly constrained from the CMB data. We note that the shift of CMB acoustic peaks is further constrained by the datasets of BAO and SN Ia. For BH2 and GGC the changes of peak positions are small in comparion to BH1 and BH3, but still they are in the range testable by the CMB data. Moreover, the large-scale ISW tail is subject to the sup-pression relative to \$ \\Lambda \$ CDM in BH2 and GGC.", "In BH1, we also notice a change in the amplitude of acoustic peaks occurring dominantly at high \$ \\ell \$. This is known to be present in models with early-time modifi-cations of gravity [101, 102]. The modification of gravi-tational potentials affects the evolution of radiation per-turbations (monopole and dipole) through the radiation driving effect [101, 103], thus resulting in the changes in amplitude and phase of acoustic peaks at high \$ \\ell \$.", "The modified time variations of \$ \\Psi \$ and \$ \\Phi \$ around the recombination epoch also give a contribution to the early ISW effect. This is important on scales around the first acoustic peak, corresponding to the wavenumber \$ k \\simeq \$ 0.016 \$ \\mathrm { M p c ^ { - 1 } } \$ for our choice of model parameters. To have a more qualitative feeling of this contribution, we have estimated the impact of the early ISW effect on \$ D _ { \\ell } ^ { \\mathrm { T T } } \$ by using the approximate ISW integral presented" ]	[ [ 6, 1 ] ]
9313970_36.pdf	9313970_37.pdf	en	[ "In this prospectus, unless the context otherwise requires, the following expressions shall have the following meanings.", "<table><tr><td>‘‘2016 Pre-IPO\nInvestment’’</td><td>the pre-IPO investment in Clarity Medical by Clear Lead comlpeted on\n15 August 2016 as set out in the section headed ‘‘History,\nReorganisation and Corporate Structure— Pre-IPO Investments’’ of\nthis prospectus</td></tr><tr><td>‘‘2018 Pre-IPO\nInvestment’’</td><td>the pre-IPO investment in Clarity Medical by WuXi ATppec comlpeted\non 8 Februar 2018y as set out in the section headed ‘‘History,\nReorganisation and Corporate Structure— Pre-IPO Investments’’ of\nthis prospectus</td></tr><tr><td>‘‘2019 Pre-IPO\nInvestment’’</td><td>the pre-IPO investment in Clarity Medical by Mr. Wu comleted on 6\npMarch 2019 as set out in the section headed ‘‘History, Reorganisation\nand Corporate Structure— Pre-IPO Investments’’ of this prospectus</td></tr><tr><td>‘‘3W Partners’’</td><td> 3W Partners Fund I L.P., a Cayman Islands exempted limited\npartnership established in January 2014 and managed by 3W Partners\nGP Limited as its general partner</td></tr><tr><td>‘‘Accountant’s Report’’</td><td> the accountant’s report set out in Appendix I to this prospectus</td></tr><tr><td>‘‘Articles of Association’’\nor ‘‘Articles’’</td><td>the articles of association of our Company, adopted on 26 January\n2022, which will become effective upon the Listing Date, and as\namended, sulppemented or otherwise modified from time to time</td></tr><tr><td>‘‘associate(s)’’</td><td> has the meaning ascribed to it under the Listing Rules</td></tr><tr><td>‘‘Audit Committee’’</td><td> the audit committee of the Board</td></tr><tr><td>‘‘Awareness Trust’’</td><td> a discretionary trust established by Dr. Tse (as the settlor and the\nprotector), the discretionary beneficiaries of which include Dr. Tse and\nhis family members</td></tr><tr><td>‘‘Board’’ or ‘‘Board of\nDirectors’’</td><td>our board of Directors</td></tr><tr><td>‘‘Business Da’’y or\n‘‘business da’’y</td><td>a day (other than a Saturday or a Sunday or a public holiday in Hong\nKong) on which banks in Hong Kong are open for normal banking\nbusiness</td></tr><tr><td>‘‘BVI’’</td><td> British Virign Islands</td></tr><tr><td>‘‘CAGR’’</td><td> compound annual growth rate, a measurement to assess the growth rate\nof value over time</td></tr></table>" ]	[ "<table><tr><td>‘‘Caiptalisation Issue’’</td><td> the issuance of new Shares to be made upon the caitalipsation of certain\nsums standing to the credit of the share premium account of our\nCompany, as further described in the section headed ‘‘Statutory and\nGeneral Information— A. Further Information about our Group— 4.\nResolutions passed by our Shareholders’’ in Appendix IV to this\nprospectus</td></tr><tr><td>‘‘Cataract Surgeries\nProgramme’’</td><td>the programme funded by the Government to increase the cataract\nsurgeries throuhgput via a public-private partnership delivery model.\nUnder this programme, invited patients have the choice to receive\ncataract surgery from private ohthalmoloigsts, with the help of a fixed\npsubsidy</td></tr><tr><td>‘‘Cayman Islands\nCompanies Act’’,\n‘‘Cayman Companies\nAct’’ or ‘‘Companies\nAct’’</td><td>the Companies Act Cap. 22 (Act 3 of 1961, as consolidated and revised)\nof the Cayman Islands</td></tr><tr><td>‘‘CCASS’’</td><td> the Central Clearing and Settlement System established and operated\nby HKSCC</td></tr><tr><td>‘‘CCASS Clearing\nParticipant’’</td><td>a person admitted to participate in CCASS as a direct clearing\nparticipant or a general clearing participant</td></tr><tr><td>‘‘CCASS Custodian\nParticipant’’</td><td>a person admitted to participate in CCASS as a custodian participant</td></tr><tr><td>‘‘CCASS EIPO’’</td><td> the alifppcation or the Honfg Kong Ofer Shares to be issued in the\nname of HKSCC Nominees and deposited directly into CCASS to be\ncredited to your or a designated CCASS Participant’s stock account\nthrouh causing HKSCC Nominees to albhppy on your ealf, inclguding\nby (i) instructing your broker or custodian who is a CCASS Clearing\nParticipant or a CCASS Custodian Participant to igve electronic\nalippcation instructions via CCASS terminals to alfhHppy or te ong\nKonfffg Oer Shares on your behal, or (ii) if you are an existing CCASS\nInvestor Participant, igving electronic aliiippcaton instructons throuh\ngthe CCASS Internet System (htt.ps://i.hhpccasscom) or throug te\nCCASS Phone System (usi ng the procedures in HKSCC’s‘‘An\nOperating Guide for Investor Participants’’ in effect from time to\ntime). HKSCC can also input electronic alippcation instructions for\nCCASS Investor Participants throuh HKgSCC’s Customer Service\nCentre by comlpeting an input request</td></tr><tr><td>‘‘CCASS Investor\nParticipant’’</td><td>a person admitted to participate in CCASS as an investor participant\nwho may be an individual, joint individuals or a corporation</td></tr></table>" ]	[ [ 1, 0 ] ]
20737519_8.pdf	20737519_9.pdf	en	[ "Continuation of Table 3", "<table><tr><td>Which KOIs?</td><td> Rating</td><td>Cleanliness</td><td> SinePoly Fit</td><td> Periodogram Peak</td><td> SinePoly Fit Peak</td><td> Overall</td></tr><tr><td>All</td><td>0</td><td>11</td><td>18</td><td>998</td><td>1079</td><td>23</td></tr><tr><td>All</td><td>1</td><td>2</td><td>8</td><td>2</td><td>1</td><td>13</td></tr><tr><td>All</td><td>2</td><td>6</td><td>17</td><td>4</td><td>4</td><td>28</td></tr><tr><td>All</td><td>3</td><td>46</td><td>43</td><td>9</td><td>4</td><td>63</td></tr><tr><td>All</td><td>4</td><td>405</td><td>253</td><td>16</td><td>8</td><td>281</td></tr><tr><td>All</td><td>5</td><td>2972</td><td>1917</td><td>783</td><td>956</td><td>1654</td></tr><tr><td>All</td><td>6</td><td>1298</td><td>2411</td><td>2585</td><td>2234</td><td>2419</td></tr><tr><td>All</td><td>7</td><td>953</td><td>837</td><td>1095</td><td>1253</td><td>1011</td></tr><tr><td>All</td><td>8</td><td>196</td><td>290</td><td>263</td><td>248</td><td>300</td></tr><tr><td>All</td><td>9</td><td>42</td><td>136</td><td>175</td><td>143</td><td>138</td></tr></table>", "Note—The distribution of our five visual ratings for the 3786 planets or planet candidates (based on the disposition in the NASA Exoplanet Cumulative Table on June 6, 2016) and all 5930 KOIs.", "Table 3 shows that most ratings have a similar distribution, with 2-3% having a score of \"9\" (exceptional), 5% a score of \"8\" (strong), 15% a score of \"7\" (weak/possible), and the remaining ∼75% indicating very weak or indiscernible signals. Similar distributions are expected since each rating correlates strongly with the SNR of a TTV signal. The Periodicity ratings both show ∼1000 KOIs with a rating of \"0\" which resulted from long-period planets (or aliases) without enough TTVs to ascertain periodicity (too few “median squares”).", "The Overall rating was the most important category, and will be considered in most detail below. A post facto assessment of the Overall ratings suggests that \"9\" corresponds to the Strongest TTV signals; an \"8\" corresponds to a Strong signal; a \"7\" corresponds to a weak, minimal, and/or noisy signal; and \"6\" or below indicate no TTV signal of interest. For example, the H+16 list of interesting signals contained practically all \"9\"s and most \"8\"s. Many of the planets with an Overall rating of 9 have been analyzed directly in various TTV studies.", "Of particular interest is the 657 planets with an Overall rating of \"7\". More detailed and careful analyses of these systems should reveal large numbers of weak constraints on masses, densities, and/or the presence of non-transiting planets. Analyzing these as an ensemble could provide significant scientific insights, even though each individual measurement is weak.", "# 3.2. Eclipsing Binaries", "Though EBs received the same treatment as the rest of the KOIs, they are not the focus of our study. We therefore removed these from Table 2 and discuss them here. Only known EBs are removed; it is likely that many additional unknown EBs remain and, indeed, our TTV plots can sometimes be used to help identify such false positives.", "We gather some of the properties of these EBs from Villanova’s Kepler Eclipsing Binary Catalog7 on June 6, 2016. These are combined with our ratings in Table 4. These are provided as a basic reference; there are many other sources for determining EBs with interesting timing variations (e.g., Kirk et al. 2016).", "Table 4. Analyzed Eclipsing Binaries", "<table><tr><td>KOI Number</td><td> KIC</td><td> Period (d)</td><td> K Mag</td><td>\$ T _ { e f f } \$ (K)</td><td> Cleanliness</td><td> SinePoly Fit</td><td> Per. Peak</td><td> SinePoly Peak</td><td> Overall</td></tr><tr><td>225.01</td><td>5801571</td><td>1.7</td><td>14.78</td><td>6037</td><td>7</td><td>8</td><td>6</td><td>6</td><td>8</td></tr><tr><td>1351.01</td><td>6964043</td><td>5.4</td><td>15.61</td><td>5374</td><td>6</td><td>6</td><td>6</td><td>7</td><td>6</td></tr><tr><td>1452.01</td><td>7449844</td><td>1.2</td><td>13.63</td><td>6834</td><td>5</td><td>6</td><td>8</td><td>7</td><td>7</td></tr><tr><td>1701.01</td><td>7222086</td><td>3.3</td><td>11.04</td><td>7065</td><td>6</td><td>6</td><td>7</td><td>6</td><td>6</td></tr><tr><td>1771.01</td><td>11342573</td><td>91.1</td><td>15.96</td><td>5844</td><td>5</td><td>5</td><td>7</td><td>6</td><td>5</td></tr><tr><td>3175.01</td><td>4909707</td><td>2.3</td><td>10.69</td><td>-1</td><td>7</td><td>8</td><td>8</td><td>8</td><td>8</td></tr></table>", "---", "7 http://keplerebs.villanova.edu/" ]	[ "Continuation of Table 4", "<table><tr><td>KOI Number</td><td> KIC</td><td> Period (d)</td><td> K Mag</td><td>\$ T _ { e f f } \$(K)</td><td> Cleanliness</td><td> SinePoly Fit</td><td> Per. Peak</td><td> SinePoly Peak</td><td> Overall</td></tr><tr><td>3244.01</td><td>6850665</td><td>214.7</td><td>12.39</td><td>4828</td><td>6</td><td>5</td><td>6</td><td>6</td><td>5</td></tr><tr><td>3272.01</td><td>4948730</td><td>23.0</td><td>14.80</td><td>5624</td><td>8</td><td>8</td><td>8</td><td>7</td><td>8</td></tr><tr><td>3290.01</td><td>4936990</td><td>10.3</td><td>15.29</td><td>6099</td><td>5</td><td>5</td><td>6</td><td>0</td><td>5</td></tr><tr><td>3331.01</td><td>5876805</td><td>18.2</td><td>15.93</td><td>5559</td><td>5</td><td>6</td><td>7</td><td>6</td><td>6</td></tr><tr><td>3467.01</td><td>7127885</td><td>33.9</td><td>15.19</td><td>5970</td><td>5</td><td>5</td><td>7</td><td>7</td><td>6</td></tr><tr><td>3565.01</td><td>9592575</td><td>2.6</td><td>15.90</td><td>5436</td><td>7</td><td>8</td><td>7</td><td>8</td><td>8</td></tr><tr><td>3606.01</td><td>10275074</td><td>4.4</td><td>14.18</td><td>6354</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>3715.01</td><td>4937143</td><td>9.8</td><td>16.35</td><td>6705</td><td>8</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>4294.01</td><td>7681230</td><td>1.0</td><td>14.84</td><td>6029</td><td>5</td><td>5</td><td>6</td><td>6</td><td>5</td></tr><tr><td>4351.01</td><td>5436161</td><td>0.6</td><td>15.00</td><td>5001</td><td>5</td><td>5</td><td>6</td><td>6</td><td>5</td></tr><tr><td>4925.01</td><td>1725193</td><td>5.9</td><td>14.50</td><td>5802</td><td>5</td><td>6</td><td>7</td><td>6</td><td>6</td></tr><tr><td>4936.01</td><td>2305543</td><td>1.4</td><td>12.54</td><td>5623</td><td>5</td><td>6</td><td>6</td><td>7</td><td>6</td></tr><tr><td>4953.01</td><td>2711123</td><td>0.7</td><td>12.53</td><td>4723</td><td>7</td><td>8</td><td>8</td><td>7</td><td>8</td></tr><tr><td>4970.01</td><td>3245638</td><td>0.7</td><td>13.12</td><td>5883</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>5015.01</td><td>3848919</td><td>1.0</td><td>13.90</td><td>5226</td><td>4</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>5025.01</td><td>3953106</td><td>13.2</td><td>14.04</td><td>5398</td><td>4</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>5061.01</td><td>4455763</td><td>0.8</td><td>15.58</td><td>6059</td><td>8</td><td>9</td><td>9</td><td>8</td><td>9</td></tr><tr><td>5076.01</td><td>4732015</td><td>0.9</td><td>10.15</td><td>4185</td><td>7</td><td>8</td><td>9</td><td>9</td><td>9</td></tr><tr><td>5090.01</td><td>4815612</td><td>3.9</td><td>15.18</td><td>6387</td><td>5</td><td>6</td><td>6</td><td>7</td><td>7</td></tr><tr><td>5111.01</td><td>4996558</td><td>3.0</td><td>13.87</td><td>-1</td><td>5</td><td>5</td><td>6</td><td>6</td><td>5</td></tr><tr><td>5112.01</td><td>5006817</td><td>94.8</td><td>10.87</td><td>4935</td><td>5</td><td>5</td><td>7</td><td>6</td><td>5</td></tr><tr><td>5145.01</td><td>5263802</td><td>6.1</td><td>11.49</td><td>6642</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>5152.01</td><td>5308777</td><td>0.9</td><td>13.20</td><td>4705</td><td>6</td><td>6</td><td>6</td><td>5</td><td>6</td></tr><tr><td>5171.01</td><td>5467126</td><td>2.8</td><td>12.37</td><td>4683</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>5233.01</td><td>6058896</td><td>1.1</td><td>14.78</td><td>5583</td><td>5</td><td>5</td><td>7</td><td>6</td><td>6</td></tr><tr><td>5293.01</td><td>6525196</td><td>3.4</td><td>10.15</td><td>5966</td><td>5</td><td>5</td><td>6</td><td>0</td><td>5</td></tr><tr><td>5353.01</td><td>7107567</td><td>0.8</td><td>14.23</td><td>6897</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>5460.01</td><td>8016211</td><td>3.2</td><td>14.39</td><td>4933</td><td>6</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>5564.01</td><td>8718273</td><td>7.0</td><td>10.56</td><td>4577</td><td>6</td><td>7</td><td>6</td><td>6</td><td>7</td></tr><tr><td>5569.01</td><td>8747222</td><td>1.7</td><td>12.88</td><td>4777</td><td>5</td><td>6</td><td>7</td><td>6</td><td>6</td></tr><tr><td>5683.01</td><td>9474485</td><td>1.0</td><td>14.88</td><td>4469</td><td>5</td><td>5</td><td>8</td><td>7</td><td>6</td></tr><tr><td>5714.01</td><td>9786017</td><td>4.5</td><td>12.50</td><td>5753</td><td>5</td><td>5</td><td>7</td><td>6</td><td>5</td></tr><tr><td>5733.01</td><td>9911112</td><td>2.3</td><td>14.99</td><td>8750</td><td>6</td><td>7</td><td>8</td><td>7</td><td>7</td></tr><tr><td>5774.01</td><td>10191056</td><td>2.4</td><td>10.81</td><td>6588</td><td>7</td><td>7</td><td>7</td><td>6</td><td>7</td></tr><tr><td>5797.01</td><td>10480952</td><td>4.1</td><td>12.22</td><td>-1</td><td>5</td><td>5</td><td>7</td><td>7</td><td>6</td></tr><tr><td>5894.01</td><td>11401845</td><td>2.2</td><td>14.36</td><td>7590</td><td>7</td><td>7</td><td>7</td><td>6</td><td>7</td></tr><tr><td>5906.01</td><td>11506938</td><td>22.6</td><td>11.61</td><td>6373</td><td>5</td><td>5</td><td>7</td><td>7</td><td>6</td></tr><tr><td>5976.01</td><td>12645761</td><td>5.4</td><td>13.37</td><td>4844</td><td>6</td><td>7</td><td>8</td><td>8</td><td>7</td></tr></table>", "The remaining discussions of TTV demographics use only systems identified as CANDIDATE or CONFIRMED in the Exoplanet Archive disposition as of June 6, 2016 (based mostly on DR24). We refer to these as “planets” throughout. Note that these dispositions sometimes exclude planets with very strong TTVs (see Appendix A, but this is a small effect that we neglect.", "# 3.3. Data Comparison With H+16" ]	[ [ 10, 1 ] ]
9283042_314.pdf	9283042_315.pdf	en	[ "secondary school students OMO after-school education services which supplement their regular English, Chinese, Mathematics and other curriculum at school), in the PRC and any other country orj urisdiction to which our Group provides such services and/or in which any member of our Group carries on such business from time to time (the ‘‘Restricted Business’’). Such non-competition undertaking does not apply to:", "(i) any interests in the shares of any member of our Group; or", "(ii) interests in the shares of a company other than our Company whose shares are listed on a recognised stock exchange provided that:", "(a) any Restricted Business conducted or engaged in by such company (and assets relating thereto) accounts for less than 10% of that company’s consolidated revenue or consolidated assets, as shown in that company’s latest audited accounts; or", "(b) the total number of the shares held by the Covenantors and/or their respective close associates in aggregate is less than 5% of the issued shares of that class of the company in question and the Covenantors and/or their respective close associates are not entitled to appoint a majority of our directors of that company and at any time there should exist at least another shareholder of that company whose shareholdings in that company should be more than the total number of shares held by the Covenantors and their respective close associates in aggregate; or", "(c) the Covenantors and/or their respective close associates do not have the control over the board of such company.", "The Deed of Non-competition shall take effect upon Listing and shall expire on the earlier of:", "(a) the day on which our Shares cease to be listed on the Stock Exchange or other recognised stock exchange; or", "(b) the day on which the Covenantors and its/his close associates, individually or taken as a whole, cease to own, in aggregate, 30% or more of the then issued share capital of our Company directly or indirectly or cease to be deemed as controlling shareholder under the Listing Rules and do not have power to control our Board or there is at least one other independent Shareholder other than the Covenantors and its/his close associates holding more Shares than the Covenantors and its/his close associates taken together.", "Pursuant to the Deed of Non-competition, each of the Covenantors has undertaken that if each of the Covenantors and/or any of its/his close associates is offered or becomes aware of any project or new business opportunity (‘‘New Business Opportunity’’) that relates to the Restricted Business, whether directly or indirectly, it/he shall (i) promptly within ten (10) Business Days notify our Company in writing of such opportunity and provide such information as is reasonably required by our Company in order to enable our Company to" ]	[ "come to an informed assessment of such New Business Opportunity; and (ii) use its/his best endeavours to procure that such opportunity is offered to our Company on terms no less favourable than the terms on which such New Business Opportunity is offered to its/his and/or its/his close associates.", "All of our Directors (excluding those who is/are interested in the New Business Opportunity and has/have conflict of interests with our Company) will review the New Business Opportunity and decide whether to invest in the New Business Opportunity. If our Group has not given written notice of its desire to invest in such New Business Opportunity or has given written notice denying the New Business Opportunity within 30 Business Days (the ‘‘30-day Offering Period’’) of receipt of notice from the Covenantors, the Covenantors and/or its/his close associates shall be permitted to invest in or participate in the New Business Opportunity on its/his own accord. With respect to the 30-day Offering Period, our Directors consider that such period is adequate for our Company to assess any New Business Opportunity. In the event that our Company requires additional time to assess the new business opportunities, our Company may give a written notice to the Covenantors during the 30-day Offering Period and the Covenantors agree to extend the period to a maximum of 60 Business Days.", "# CORPORATE GOVERNANCE MEASURES", "Our Controlling Shareholders and their respective close associates may not compete with us as provided in the Deed of Non-competition. Our Directors believe that there are adequate corporate governance measures in place to manage existing and potential conflicts of interest. In order to further avoid potential conflicts of interest, we have implemented the following measures:", "(a) the Articles provide that a Director shall not be counted in the quorum or vote on any resolution of our Board approving any contract or arrangement or other proposal in which it/he/she or any of its/his/her close associates is materially interested unless in certain circumstances as expressly stated in the Articles;", "(b) our independent non-executive Directors will review, on an annual basis, compliance with the Deed of Non-competition given by our Controlling Shareholders;", "(c) our Company will obtain (i) an annual written confirmation in respect of our Controlling Shareholders’ compliance with the terms of the Deed of Non-competition, (ii) consent (from each of our Controlling Shareholders) to refer to the said confirmation in our annual reports, and (iii) all information as may reasonably be requested by us and/or our independent non-executive Directors for our review and enforcement of the Deed of Non-competition;", "(d) our Company will disclose decisions on matters reviewed by our independent non-executive Directors relating to compliance and enforcement of the Deed of Non-competition of our Controlling Shareholders in the annual reports of our Company;" ]	[ [ 9, 0 ] ]
9241675_45.pdf	9241675_46.pdf	en	[ "# DEFINITION", "<table><tr><td>“Audit Committee” :</td><td>the audit committee of the Company;</td></tr><tr><td>“Auditor” :</td><td>PricewaterhouseCoopers, the external auditor of the Company;</td></tr><tr><td>“Board” :</td><td>the board of Directors of the Company;</td></tr><tr><td>“CG Code” :</td><td>the Corporate Governance Code and Corporate Governance \nReport as set out in Appendix 14 of the Listing Rules;</td></tr><tr><td>“Chi na” orth e“PRC”:</td><td>th’e Peollpes Rebipuc of China;</td></tr><tr><td>“Company”, : \n“our Company”,\n“the Company” or\n“China Literature”</td><td>China Literature Limited（閱文集團）(formerly known as China \nReading Limited), an exempted company incorporated in the \nCayman Islands with limited liability on April 22, 2013 with \nits Shares listed on the Main Board of the Stock Exchange on \nthe Listing Date under the stock code 772;</td></tr><tr><td>“COVID-19” :</td><td>novel coronavirus (COVID-19), a coronavirus disease which \nhas its outbreak in the PRC and worldwide since around \nJanuary 2020;</td></tr><tr><td>“DAUs” :</td><td>daily active users who access our lpatform throuhg our \nproducts or our self-operated channels on Tencent products at \nleast once during the day in question;</td></tr><tr><td>“Director(s)” :</td><td>the director(s) of our Company;</td></tr><tr><td>“Group”, “our Group”, : \n“the Group”, “we”,\n“us”, or “our”</td><td>the Company, its subsidiaries and its consolidated affiliated \nentities from time to time or, where the context so requires, \nin respect of the period prior to our Company becoming the \nholding company of its present subsidiaries, such subsidiaries as \nif they were subsidiaries of our Company at the relevant time;</td></tr><tr><td>“HKD” :</td><td>the lawful currency of Hong Kong;</td></tr><tr><td>“Hong Kong” :</td><td>the Honig Kong Special Administrative Regon of the P’eolpes \nReliChpubc of ina;</td></tr><tr><td>“IP” :</td><td>intellectual property;</td></tr><tr><td>“Listing Date” :</td><td>November 8, 2017, the date on which the Shares are listed \nand on which dealings in the Shares are first permitted to take \nlpace on the Stock Exchange;</td></tr></table>" ]	[ "<table><tr><td>“Listing Rules” :</td><td>the Rules Governing the Listing of Securities on The Stock \nExchange of Hong Kong Limited, as amended, sulppemented \nor otherwise modified from time to time;</td></tr><tr><td>“Main Board” :</td><td>the stock exchange (excluding the option market) operated by \nthe Stock Exchange which is independent from and operates \nin parallel with the Growth Enterprise Market of the Stock \nExchange;</td></tr><tr><td>“MAUs” :</td><td>monthly active users who access our lpatform or throuhg our \nlfproducts or our se-operated channels on Tencent products at \nleast once during the calendar month in question;</td></tr><tr><td>“Model Code” :</td><td>the Model Code for Securities Transactions by Directors of \nListed Issuers;</td></tr><tr><td>“MPUs” :</td><td>monthliy ipayng users, meannbg the numer of accounts that \npurchase our content or virtual items on a special mobile app, \nWAP or website at least once during the calendar month in \nquestion;</td></tr><tr><td>“New Classics Media : \n Holdings Limited \n (NCM)”</td><td>previously known as “Qiandao Lake Holdings Limited”, a \ncompany established in Cayman Island on 18 May 2018. \nIts subsidiaries are principally engaged in production and \ndistribution of television series and movies;</td></tr><tr><td>“Reporting Period” :</td><td>the six months ended June 30, 2021;</td></tr><tr><td>“RMB” :</td><td>the lawful currency of the PRC;</td></tr><tr><td>“RSU(s)” :</td><td>restricted stock unit(s);</td></tr><tr><td>“SGD” :</td><td>the lawful currency of Singapore;</td></tr><tr><td>“Shanhiga Yuewen” :</td><td>Shanhiga Yuewen Information TechnoloC上g\ny o., Ltd.（海閱文信息技術有限公司）, a company established in the PRC on \nApril 2, 2014;</td></tr><tr><td>“Share(s)” :</td><td>ordinary share(s) in the share caiptal of our Company with a \npar value of USD0.0001 each;</td></tr><tr><td>“Shareholders” :</td><td>holder(s) of our Share(s);</td></tr></table>" ]	[ [ 1, 0 ] ]
9239938_5.pdf	9239938_6.pdf	en	[ "# Particulars of shareholdings of top ten holders of shares not subject to trading moratorium", "<table><tr><td rowspan=\"2\">Name of shareholder</td><td rowspan=\"2\">Number of shares \nheld not subject to \ntrading moratorium</td><td colspan=\"2\">Class and number of shares</td></tr><tr><td>Class</td><td>Number</td></tr><tr><td>DonfElganCg ectric orporation</td><td>974016763,,</td><td>RMB denominated \nordinary shares</td><td>974016763,,</td></tr><tr><td>HKSCC Nominees Limited</td><td>338311619,,</td><td>Overseas listed foreign \nshares</td><td>338311619,,</td></tr><tr><td>China Securities Finance Corporation Limited （中國證\n券金融股份有限公司）</td><td>49648500,,</td><td>RMB denominated \nordinary shares</td><td>49648500,,</td></tr><tr><td>Central Huijin Asset Management Ltd. （中央匯金資產\n管理有限責任公司）</td><td>22645600,,</td><td>RMB denominated \nordinary shares</td><td>22645600,,</td></tr><tr><td>Gao Dabing （高大兵）</td><td>15811422,,</td><td>RMB denominated \nordinary shares</td><td>15811422,,</td></tr><tr><td>China Construction Bank Corporation-Huaxia China \nSecurities Sichuan SOE Reform ETF Securities \nInvestment Fund (中國建設銀行股份有限公司－\n華夏中證四川國企改革交易型開放式指數證\n券投資基金)</td><td>11723372,,</td><td>RMB denominated \nordinary shares</td><td>11723372,,</td></tr><tr><td>Ru Pengpeng (茹鵬鵬)</td><td>11334852,,</td><td>RMB denominated \nordinary shares</td><td>11334852,,</td></tr><tr><td>Huaxia Life Insurance Company Limited－Own funds \n(華夏人壽保險股份有限公司－自有資金)</td><td>10073783,,</td><td>RMB denominated \nordinary shares</td><td>10073783,,</td></tr><tr><td>Agricultural Bank of China Limited – CSI 500 Index \nETF Securities Investment Fund （中國農業銀行股份\n有限公司－中證500交易型開放式指數證券投資基金）</td><td>9757259,,</td><td>RMB denominated \nordinary shares</td><td>9757259,,</td></tr><tr><td>Bosera Funds – Agricultural Bank – Bosera China \nSecurities and Financial Assets Management Program \n（博時基金－農業銀行－博時中證金融資產管理計劃）</td><td>8480400,,</td><td>RMB denominated \nordinary shares</td><td>8480400,,</td></tr><tr><td>E Fund – Agricultural Bank – E Fund China Securities \nand Financial Asset Management Program （易方達基\n金－農業銀行－易方達中證金融資產管理計劃）</td><td>8480400,,</td><td>RMB denominated \nordinary shares</td><td>8480400,,</td></tr></table>" ]	[ "<table><tr><td rowspan=\"2\">Name of shareholder</td><td rowspan=\"2\">Number of shares \nheld not subject to \ntrading moratorium</td><td colspan=\"2\">Class and number of shares</td></tr><tr><td>Class</td><td>Number</td></tr><tr><td>Da Cheng Fund – Agricultural Bank – Da Cheng China \nSecurities and Financial Assets Management Program \n（大成基金－農業銀行－大成中證金融資產管理計劃）</td><td>8480400,,</td><td>RMB denominated \nordinary shares</td><td>8480400,,</td></tr><tr><td>GF Fund – Agricultural Bank – GF China Securities and \nFinancial Assets Management Program （廣發基金－\n農業銀行－廣發中證金融資產管理計劃）</td><td>8480400,,</td><td>RMB denominated \nordinary shares</td><td>8480400,,</td></tr><tr><td>Zhong Ou Fund – Agricultural Bank – Zhong Ou China \nSecurities and Financial Assets Management Program \n（中歐基金－農業銀行－中歐中證金融資產管理計劃）</td><td>8480400,,</td><td>RMB denominated \nordinary shares</td><td>8480400,,</td></tr><tr><td>China Southern Fund – Agricultural Bank – China \nSouthern China Securities and Financial Assets \nManagement Program （南方基金－農業銀行－南方\n中證金融資產管理計劃）</td><td>8480400,,</td><td>RMB denominated \nordinary shares</td><td>8480400,,</td></tr></table>", "<table><tr><td>Exlpanation on the connected relationship or concerted \nactions among the aforesaid shareholders</td><td>The Company is not aware of any connected relationship or concerted \nactions among the top ten shareholders and top ten holders of \ntradable shares</td></tr><tr><td>Description of shareholders of preference shares with \nrestoration of voting rihts and their shareholdigngs</td><td>N/A</td></tr></table>" ]	[ [ 1, 0 ] ]
11703553_152.pdf	11703553_153.pdf	en	[ "# 20. Reserves", "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">Note</td><td>Capital\nreserve</td><td>Goodwill on\nconsolidation</td><td>Exchange\nreserve</td><td>Share-based\nemployee\ncompensation\nreserve</td><td>Hedging\nreserve</td><td>Miscellaneous\nreserves </td><td>Retained\nearnings</td><td>Total</td></tr><tr><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td></tr><tr><td>As of 31 March 2020</td><td></td><td>17,338</td><td>(233,885)</td><td>78,241</td><td>11,411</td><td>24,434</td><td>(11,260)</td><td>1,930,426</td><td>1,816,705</td></tr><tr><td>Hedging instruments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– raw material commodity contracts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value gains, net</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>92,988</td><td> –</td><td>–</td><td>92,988</td></tr><tr><td>– transferred to inventory and \nsubsequently recognized in \nthe income statement</td><td>7(f)</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(4,748)</td><td> –</td><td>–</td><td>(4,748)</td></tr><tr><td>– deferred income tax effect</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(14,560)</td><td> –</td><td>–</td><td>(14,560)</td></tr><tr><td>– forward foreign currency exchange \ncontracts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value gains, net</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>67,140</td><td> –</td><td>–</td><td>67,140</td></tr><tr><td>– transferred to income statement</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(30,227)</td><td> –</td><td>–</td><td>(30,227)</td></tr><tr><td>– deferred income tax effect</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(6,839)</td><td> –</td><td>–</td><td>(6,839)</td></tr><tr><td>– net investment hedge</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value (losses), net</td><td></td><td>–</td><td>–</td><td>(28,250)</td><td> –</td><td>–</td><td> –</td><td>–</td><td>(28,250)</td></tr><tr><td>Defined benefit plans</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– remeasurements</td><td>15</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>11,296</td><td>11,296</td></tr><tr><td>– deferred income tax effect</td><td>17</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(1,555)</td><td>(1,555)</td></tr><tr><td>Long service payment</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– remeasurements</td><td>15</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>13</td><td>13</td></tr><tr><td>– deferred income tax effect</td><td>17</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(11)</td><td>(11)</td></tr><tr><td>Currency translations of subsidiaries</td><td></td><td>–</td><td>–</td><td>111,207</td><td>–</td><td>(211)</td><td> –</td><td>–</td><td>110,996</td></tr><tr><td>Currency translations of associate</td><td></td><td>–</td><td>–</td><td>160</td><td>–</td><td>–</td><td> –</td><td>–</td><td>160</td></tr><tr><td>Net comprehensive income recognized \ndirectly in equity</td><td></td><td>–</td><td>–</td><td>83,117</td><td>–</td><td>103,543</td><td> –</td><td>9,743</td><td>196,403</td></tr><tr><td>Profit for the year</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>212,035</td><td>212,035</td></tr><tr><td>Total comprehensive income for the year</td><td></td><td>–</td><td>–</td><td>83,117</td><td>–</td><td>103,543</td><td> –</td><td>221,778</td><td>408,438</td></tr><tr><td>Appropriation of retained earnings to \nstatutory reserve</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>1,867</td><td>(1,867)</td><td> –</td></tr><tr><td>Incentive share schemes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– shares vested</td><td></td><td>–</td><td>–</td><td>–</td><td>(6,552)</td><td> –</td><td> –</td><td>–</td><td>(6,552)</td></tr><tr><td>– vested by cash settlement</td><td></td><td>–</td><td>–</td><td>–</td><td>(1,515)</td><td> –</td><td> –</td><td>–</td><td>(1,515)</td></tr><tr><td>– value of employee services</td><td></td><td>–</td><td>–</td><td>–</td><td>9,536</td><td>–</td><td> –</td><td>–</td><td>9,536</td></tr><tr><td>FY20/21 interim dividend paid</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– cash paid</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(17,034)</td><td>(17,034)</td></tr><tr><td>– shares issued in respect of \nscrip dividend</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(2,760)</td><td>(2,760)</td></tr><tr><td>– scrip dividend for shares held for \nthe incentive share schemes</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>236</td><td>236</td></tr><tr><td></td><td></td><td>–</td><td>–</td><td>83,117</td><td>1,469</td><td>103,543</td><td>1,867</td><td>200,353</td><td>390,349</td></tr><tr><td>As of 31 March 2021</td><td></td><td>17,338</td><td>(233,885)</td><td>161,358</td><td>12,880</td><td>127,977</td><td>(9,393)</td><td>2,130,779</td><td>2,207,054</td></tr><tr><td>Final dividend proposed</td><td>27</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>39,019</td><td>39,019</td></tr><tr><td>Others</td><td></td><td>17,338</td><td>(233,885)</td><td>161,358</td><td>12,880</td><td>127,977</td><td>(9,393)</td><td>2,091,760</td><td>2,168,035</td></tr><tr><td>As of 31 March 2021</td><td></td><td>17,338</td><td>(233,885)</td><td>161,358</td><td>12,880</td><td>127,977</td><td>(9,393)</td><td>2,130,779</td><td>2,207,054</td></tr></table>", "\\ Miscellaneous reserves mainly represent property revaluation reserve, statutory reserve and reserve arising from put option written to a non-controlling interest" ]	[ "# 20. Reserves (Cont’d)", "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">Note</td><td>Capital\nreserve</td><td>Goodwill on\nconsolidation</td><td>Exchange\nreserve</td><td>Share-based\nemployee\ncompensation\nreserve</td><td>Hedging\nreserve</td><td>Miscellaneous\nreserves </td><td>Retained\nearnings</td><td>Total</td></tr><tr><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td><td>US$’000</td></tr><tr><td>As of 31 March 2019</td><td></td><td>17,338</td><td>(233,885)</td><td>116,896</td><td>19,587</td><td>114,562</td><td>(9,984)</td><td>2,488,138</td><td>2,512,652</td></tr><tr><td>Hedging instruments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– raw material commodity contracts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value (losses), net</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(35,654)</td><td> –</td><td>–</td><td>(35,654)</td></tr><tr><td>– transferred to inventory and \nsubsequently recognized in \nthe income statement</td><td>7(f)</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(4,751)</td><td> –</td><td>–</td><td>(4,751)</td></tr><tr><td>– deferred income tax effect</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>6,667</td><td> –</td><td>–</td><td>6,667</td></tr><tr><td>– forward foreign currency exchange \ncontracts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– fair value (losses), net</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(43,380)</td><td> –</td><td>–</td><td>(43,380)</td></tr><tr><td>– transferred to income statement</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>(21,482)</td><td> –</td><td>–</td><td>(21,482)</td></tr><tr><td>– deferred income tax effect</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>8,891</td><td> –</td><td>–</td><td>8,891</td></tr><tr><td>– net investment hedge\n– fair value gains, net</td><td></td><td>–</td><td>–</td><td>31,011</td><td>–</td><td>–</td><td> –</td><td>–</td><td>31,011</td></tr><tr><td>Defined benefit plans</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– remeasurements</td><td>15</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(7,483)</td><td>(7,483)</td></tr><tr><td>– deferred income tax effect</td><td>17</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(175)</td><td>(175)</td></tr><tr><td>Long service payment</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– remeasurements</td><td>15</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(122)</td><td>(122)</td></tr><tr><td>– deferred income tax effect</td><td>17</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>8</td><td>8</td></tr><tr><td>Currency translations of subsidiaries</td><td></td><td>–</td><td>–</td><td>(69,544)</td><td> –</td><td>(419)</td><td> –</td><td>–</td><td>(69,963)</td></tr><tr><td>Currency translations of associate</td><td></td><td>–</td><td>–</td><td>(122)</td><td> –</td><td>–</td><td> –</td><td>–</td><td>(122)</td></tr><tr><td>Net comprehensive (expenses) recognized\ndirectly in equity</td><td></td><td>–</td><td>–</td><td>(38,655)</td><td> –</td><td>(90,128)</td><td> –</td><td>(7,772)</td><td>(136,555)</td></tr><tr><td>(Loss) for the year</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(493,657)</td><td>(493,657)</td></tr><tr><td>Total comprehensive (expenses) for the \nyear</td><td></td><td>–</td><td>–</td><td>(38,655)</td><td> –</td><td>(90,128)</td><td> –</td><td>(501,429)</td><td>(630,212)</td></tr><tr><td>Appropriation of retained earnings to \nstatutory reserve</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(582)</td><td>582</td><td>–</td></tr><tr><td>Convertible bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– release of equity component upon \nredemption / repurchase</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td>(694)</td><td>500</td><td>(194)</td></tr><tr><td>Incentive share schemes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– shares vested</td><td></td><td>–</td><td>–</td><td>–</td><td>(11,222)</td><td> –</td><td> –</td><td>–</td><td>(11,222)</td></tr><tr><td>– vested by cash settlement</td><td></td><td>–</td><td>–</td><td>–</td><td>(2,427)</td><td> –</td><td> –</td><td>–</td><td>(2,427)</td></tr><tr><td>– value of employee services</td><td></td><td>–</td><td>–</td><td>–</td><td>5,473</td><td>–</td><td> –</td><td>–</td><td>5,473</td></tr><tr><td>FY18/19 final dividend paid</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– cash paid</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(13,565)</td><td>(13,565)</td></tr><tr><td>– shares issued in respect of scrip \ndividend</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(24,797)</td><td>(24,797)</td></tr><tr><td>– scrip dividend for shares held for the \nincentive share schemes</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>374</td><td>374</td></tr><tr><td>FY19/20 interim dividend paid</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>– cash paid</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(12,084)</td><td>(12,084)</td></tr><tr><td>– shares issued in respect of scrip \ndividend</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>(7,495)</td><td>(7,495)</td></tr><tr><td>– scrip dividend for shares held for the \nincentive share schemes</td><td></td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>202</td><td>202</td></tr><tr><td></td><td></td><td>–</td><td>–</td><td>(38,655)</td><td>(8,176)</td><td>(90,128)</td><td>(1,276)</td><td>(557,712)</td><td>(695,947)</td></tr><tr><td>As of 31 March 2020</td><td></td><td>17,338</td><td>(233,885)</td><td>78,241</td><td>11,411</td><td>24,434</td><td>(11,260)</td><td>1,930,426</td><td>1,816,705</td></tr><tr><td>Final dividend proposed</td><td>27</td><td>–</td><td>–</td><td>–</td><td>–</td><td>–</td><td> –</td><td>–</td><td>–</td></tr><tr><td>Others</td><td></td><td>17,338</td><td>(233,885)</td><td>78,241</td><td>11,411</td><td>24,434</td><td>(11,260)</td><td>1,930,426</td><td>1,816,705</td></tr><tr><td>As of 31 March 2020</td><td></td><td>17,338</td><td>(233,885)</td><td>78,241</td><td>11,411</td><td>24,434</td><td>(11,260)</td><td>1,930,426</td><td>1,816,705</td></tr></table>", "\\ Miscellaneous reserves mainly represent property revaluation reserve, equity component of convertible bonds (net of tax), statutory reserve and reserve arising from put option written to a non-controlling interest" ]	[ [ 1, 1 ] ]
2882975_6.pdf	2882975_7.pdf	en	[ "The Unifiedcomms customer base has traditionally been concentrated in the SEA region. This has not changed in 2015, with Unifiedcomms SEA region revenues continuing to account for above 80% of the total revenue achieved for the year.", "Unifiedcomms Revenue by Geographical Regions (S\\$000)", "Our GlobeOSS business experienced a decline in both system sale and managed service contract revenues in 2015 after the significant increase in system sales enjoyed in 2014. System sales decreased to S\\$3.6 million in 2015, while managed service revenue also declined by S\\$0.3 million to S\\$1.9 million.", "GlobeOSS Revenue by Type of Contract (S\\$000)", "GlobeOSS continues to have both its system sale and managed service business concentrated in the SEA region. The S\\$1.6 million decline in revenue from the SEA region is mirrored by the combination of a S\\$1.3 million drop in system sales and a S\\$0.3 million drop in managed service revenues between 2014 and 2015.", "GlobeOSS Revenue by Geographical Regions (S\\$000)", "# Group-wide system sale revenue decline", "The decline in Group revenue this year against last year was mainly attributable to the 19% or S\\$1.4 million decline in GlobeOSS system sale contract revenues, and a decline of S\\$0.8 million in the managed service contract revenues across both Unifiedcomms and GlobeOSS businesses.", "Revenue by Type of Contract (S\\$000)", "We expected 2015 to continue to be a challenging year for our businesses on the system sale front. The region that proved most disappointing was SEA, which had its contribution fall from S\\$18.3 million to S\\$16.9 million. The MEA region’s contribution to the total Group revenue also declined in 2015 to S\\$1.4 million from S\\$2.1 million the year before. The SA region remained disappointing, due yet again to the underperformance of certain managed service contracts.", "Revenue by Geographical Regions (S\\$000)", "In 2015, SEA, our Group’s home region, continues to be the largest geographic source of revenue, accounting for 87.8% of Group revenue.", "# Higher gross profit achieved, despite having lower revenue", "Although Group revenue was lower in 2015, gross profit achieved for the year was higher compared to 2014. Group gross profit for 2015 was S\\$11.7 million, up by S\\$0.8 million or 7.2% against 2014. The higher gross profit was mainly due to higher overall gross profit margin earned on Group revenue of" ]	[ "61.0% as compared to 50.9% recorded the year before. Average gross profit margin on system sale revenues improved to 60.4% in 2015, primarily due to lower third-party component cost incurred at both GlobeOSS and Unifiedcomms. Gross profit margin earned on managed service contract revenues also improved from 56.8% in 2014 to 61.2% this year. This improvement was primarily due to lower amortisation of intellectual property in 2015.", "Gross Profit Margin by Type of Contract (S\\$000)", "Gross Profit Margin by Type of Contract (%)", "The sales mix of our Group continues to exceed our target of having greater than fifty percent of Group revenue being derived from managed service contracts. This year managed service contract revenues accounted for 68.7% of Group revenue, up from 65.4% in 2014.", "# Lower total opex this year, before and after exceptional items", "Our Group’s operating expenditure for the year decreased to S\\$8.4 million as compared to S\\$9.0 million in 2014. In 2014 we had a foreign exchange gain due to the strengthening of the Pakistan Rupee and US Dollar against the Singapore Dollar and a provision that was made for the impairment of intellectual property that had been assessed as being no longer able to generate previously expected future cash flows.", "This year, we had a higher foreign exchange gain due to the strengthening of the US Dollar against the Singapore Dollar and an impairment loss on plant and equipment - that was lower against 2014’s impairment loss on intellectual property assets - to take into our income statement. The impairment this year relates to a managed service contract that has been assessed as being no longer able to generate previously expected income and returns.", "Operating Expenditure (S\\$000)", "Excluding the efect of exceptional items such as the impairment loss this year, our opex for 2015 was S\\$0.4 million lower at S\\$8.2 million compared to S\\$8.6 million for 2014. This decrease was due to a reduction in the technical, and sales and business development headcount of the Group.", "Operating Expenditure before Exceptional Items (S\\$000)", "# Improved bottom line – a further year of improvement in our underlying business", "2015 marks our eighth consecutive year of being in the black. Group net profit for the year, at S\\$3 million, is 33.1% higher than the S\\$2.3 million achieved in 2014. The double-digit growth of our Group’s bottom line reflected the improvement in the performance of our underlying businesses.", "When the bottom line numbers are examined more closely, to exclude exceptional gains such as the fair value gains enjoyed on the acquisition of Ahead Mobile Sdn Bhd (‘AMSB’) across 2012 and 2013, the improvement in profit performance of our underlying businesses is more pronounced. The ‘adjusted’ net profit generated by our businesses grew more than seven-fold, from S\\$0.4 million in 2013 to S\\$3 million this year." ]	[ [ 13, 0 ] ]
11701945_261.pdf	11701945_262.pdf	en	[ "# CONSOLIDATED STATEMENTS OF CASH FLOWS", "<table><tr><td rowspan=\"4\"></td><td rowspan=\"4\">Notes</td><td colspan=\"3\">Year ended 31 March</td><td colspan=\"2\">Five months ended\n31 August</td></tr><tr><td>2015</td><td>2016</td><td>2017</td><td>2016</td><td>2017</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td></td><td></td><td></td><td>(Unaudited)</td><td></td></tr><tr><td>CASH FLOWS FROM\nOPERATING ACTIVITIES</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Profit/(loss) before tax</td><td></td><td>28,148</td><td>27,004</td><td>35,572</td><td>6,362</td><td>(5,195)</td></tr><tr><td>Adjustments for:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Finance cost</td><td>6</td><td>63</td><td>2</td><td>1</td><td> –</td><td>18</td></tr><tr><td>Depreciation</td><td>7</td><td>4,078</td><td>8,858</td><td>9,456</td><td>4,473</td><td>3,632</td></tr><tr><td>Loss/(gain) on disposal/\nwrite-off of items of\nproperty, lpant and\nequipment</td><td>7</td><td>(26)</td><td> –</td><td>(75)</td><td> –</td><td>543</td></tr><tr><td>Impairment of an other\nreceivable</td><td>7</td><td>178</td><td> −</td><td> −</td><td> –</td><td> –</td></tr><tr><td>Reversal of write-down of\ninventories to net\nrealisable value</td><td>7</td><td>(175)</td><td>(63)</td><td>(169)</td><td> –</td><td> –</td></tr><tr><td>Write-down of inventories\nto net realisable value</td><td>7</td><td>126</td><td>505</td><td>292</td><td>321</td><td>47</td></tr><tr><td>Provisions for reinstatement\ncosts – reversal of\nunutilised provisions/\ndecrease in estimated\nprovisions</td><td>5</td><td>–</td><td> –</td><td>(3,574)</td><td>(383)</td><td> –</td></tr><tr><td></td><td></td><td>32,392</td><td>36,306</td><td>41,503</td><td>10,773</td><td>(955)</td></tr><tr><td>Decrease/(increase) in\ninventories</td><td></td><td>(97)</td><td>3,211</td><td>(2,072)</td><td>(6,255)</td><td>(13,330)</td></tr><tr><td>Decrease/(increase) in trade\nreceivables</td><td></td><td>1,972</td><td>240</td><td>(908)</td><td>(1,706)</td><td>(630)</td></tr><tr><td>Decrease/(increase) in\nprepayments, deposits and\nother receivables</td><td></td><td>(89)</td><td>(2,572)</td><td>(6,283)</td><td>45</td><td>(5,169)</td></tr><tr><td>Increase/(decrease) in trade\nand bills payables</td><td></td><td>(484)</td><td>(5,145)</td><td>1,676</td><td>392</td><td>3,931</td></tr><tr><td>Increase/(decrease) in other\npayables and accruals</td><td></td><td>5,640</td><td>(3,622)</td><td>(102)</td><td>10,511</td><td>25,698</td></tr><tr><td>Decrease in provisions</td><td></td><td>(932)</td><td>(50)</td><td>(47)</td><td>(47)</td><td>(2,000)</td></tr><tr><td>Cash generated from\noperations</td><td></td><td>38,402</td><td>28,368</td><td>33,767</td><td>13,713</td><td>7,545</td></tr><tr><td>Hong Kong profits tax paid</td><td></td><td>(2,096)</td><td>(6,764)</td><td>(4,866)</td><td> –</td><td> –</td></tr><tr><td>Net cash flows from operating\nactivities</td><td></td><td>36,306</td><td>21,604</td><td>28,901</td><td>13,713</td><td>7,545</td></tr></table>" ]	[ "<table><tr><td rowspan=\"4\"></td><td rowspan=\"4\">Notes</td><td colspan=\"3\">Year ended 31 March</td><td colspan=\"2\">Five months ended\n31 August</td></tr><tr><td>2015</td><td>2016</td><td>2017</td><td>2016</td><td>2017</td></tr><tr><td>HK$’000</td><td> HK$’000</td><td> HK$’000</td><td> HK$’000</td><td> HK$’000</td></tr><tr><td></td><td></td><td></td><td>(Unaudited)</td><td></td></tr><tr><td>CASH FLOWS FROM\nINVESTING ACTIVITIES</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Purchases of items of\nprol\npertdy, pant aneiqupment</td><td></td><td>(5,517)</td><td>(12,535)</td><td>(2,635)</td><td>(1,492)</td><td>(6,610)</td></tr><tr><td>Proceeds from disposal of\nitems of property, lpant and\nequipment</td><td></td><td>26</td><td> −</td><td>118</td><td> –</td><td> –</td></tr><tr><td>Acquisition of a business</td><td>24</td><td>(2,532)</td><td>(300)</td><td> –</td><td> –</td><td> –</td></tr><tr><td>Net cash flows used in\ninvesting activities</td><td></td><td>(8,023)</td><td>(12,835)</td><td>(2,517)</td><td>(1,492)</td><td>(6,610)</td></tr><tr><td>CASH FLOWS FROM\nFINANCING ACTIVITIES</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest paid</td><td></td><td>(63)</td><td>(2)</td><td>(1)</td><td> –</td><td>(18)</td></tr><tr><td>Dividends paid</td><td></td><td>(33,000)</td><td> –</td><td> −</td><td> –</td><td> –</td></tr><tr><td>Net increase/(decrease) in\ntrust receipt loans</td><td></td><td>(3,695)</td><td> –</td><td> –</td><td>957</td><td>12,526</td></tr><tr><td>Net cash flows from/(used in)\nfinancing activities</td><td></td><td>(36,758)</td><td>(2)</td><td>(1)</td><td>957</td><td>12,508</td></tr><tr><td>NET INCREASE/\n(DECREASE) IN CASH\nAND CASH\nEQUIVALENTS</td><td></td><td>(8,475)</td><td>8,767</td><td>26,383</td><td>13,178</td><td>13,443</td></tr><tr><td>Cash and cash equivalents at\nbeignning of year/iperod</td><td></td><td>13,143</td><td>4,668</td><td>13,435</td><td>13,435</td><td>39,818</td></tr><tr><td>CASH AND CASH\nEQUIVALENTS AT END\nOF YEAR/PERIOD</td><td></td><td>4,668</td><td>13,435</td><td>39,818</td><td>26,613</td><td>53,261</td></tr><tr><td>ANALYSIS OF BALANCE\nOF CASH AND CASH\nEQUIVALENTS</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and bank balances</td><td></td><td>4,668</td><td>13,435</td><td>39,818</td><td>26,613</td><td>53,261</td></tr></table>" ]	[ [ 1, 0 ] ]
11658445_91.pdf	11658445_92.pdf	en	[ "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">附註 \nNotes</td><td>2020年 \n2020</td><td>2019年\n2019</td></tr><tr><td>人民幣千元 \nRMB’000</td><td>人民幣千元\nRMB’000</td></tr><tr><td>經營活動所得現金流量 CASH FLOWS FROM OPERATING \n ACTIVITIES</td><td></td><td></td><td></td></tr><tr><td>除稅前溢利 Profit before tax</td><td></td><td>1,329,129</td><td>1,226,809</td></tr><tr><td>調整： Adjustments for:</td><td></td><td></td><td></td></tr><tr><td>利息收入 Interest income</td><td>5</td><td>(5,208)</td><td>(7,883)</td></tr><tr><td>向一家合資企業貸款的 Interest income of a loan to a joint \n 利息收入 venture</td><td>5</td><td>(16,653)</td><td>(13,587)</td></tr><tr><td>物業、廠房及設備折舊 Depreciation of property, plant and \n equipment</td><td>6</td><td>8,307</td><td>4,848</td></tr><tr><td>使用權資產折舊 Depreciation of right-of-use assets</td><td>6</td><td>5,913</td><td>7,073</td></tr><tr><td>無形資產攤銷 Amortisation of intangible assets</td><td>6</td><td>2,930</td><td>1,390</td></tr><tr><td>購股權開支 Share option expense</td><td>6</td><td>33,774</td><td>46,519</td></tr><tr><td>投資物業公平值收益，淨額 Fair value gains on investment \n properties, net</td><td>14</td><td>(41,559)</td><td>(11,027)</td></tr><tr><td>按公平值計入損益之 Fair value gains on financial assets at \n 金融資產之公平值收益 fair value through profit or loss</td><td>5</td><td>(71,086)</td><td>–</td></tr><tr><td>出售物業、廠房及設備 Gain on disposal of items of property, \n 項目之收益 plant and equipment</td><td>6</td><td>(91)</td><td>–</td></tr><tr><td>分佔一家合資企業 Share of (profit)/loss of a joint venture\n （溢利）╱虧損</td><td></td><td>(196,103)</td><td>14,468</td></tr><tr><td>財務成本 Finance costs</td><td>7</td><td>135,554</td><td>82,421</td></tr><tr><td></td><td></td><td>1,184,907</td><td>1,351,031</td></tr><tr><td>收購持作開發以供出售的土地 Acquisition of land held for development \n for sale</td><td></td><td>(613,062)</td><td>(269,860)</td></tr><tr><td>在建物業增加 Increase in properties under \n development</td><td></td><td>(1,324,638)</td><td>(1,865,961)</td></tr><tr><td>持作出售的已竣工物業減少 Decrease in completed properties held \n for sale</td><td></td><td>3,294,336</td><td>1,893,756</td></tr><tr><td>貿易應收賬款減少╱（增加） Decrease/(increase) in trade receivables</td><td></td><td>58,664</td><td>(109,438)</td></tr><tr><td>預付款項、其他應收款項及 Increase in prepayments, other \n其他資產增加 receivables and other assets</td><td></td><td>(248,030)</td><td>(103,143)</td></tr><tr><td>貿易應付賬款增加 Increase in trade payables</td><td></td><td>77,478</td><td>664,922</td></tr><tr><td>合約負債（減少）╱增加 (Decrease)/increase in contract liabilities</td><td></td><td>(2,268,422)</td><td>75,789</td></tr><tr><td>其他應付款項、已收按金及 Increase/(decrease) in other payables, \n應計費用增加╱（減少） deposits received and accruals</td><td></td><td>165,121</td><td>(378,473)</td></tr><tr><td>經營產生現金 Cash generated from operations</td><td></td><td>326,354</td><td>1,258,623</td></tr></table>" ]	[ "<table><tr><td rowspan=\"2\"></td><td rowspan=\"2\">附註 \nNotes</td><td>2020年 \n2020</td><td>2019年\n2019</td></tr><tr><td>人民幣千元 \nRMB’000</td><td>人民幣千元\nRMB’000</td></tr><tr><td>經營活動所得現金流量（續） CASH FLOWS FROM OPERATING \n ACTIVITIES (Continued)</td><td></td><td></td><td></td></tr><tr><td>經營產生現金 Cash generated from operations</td><td></td><td>326,354</td><td>1,258,623</td></tr><tr><td>已收利息 Interest received</td><td></td><td>5,208</td><td>7,883</td></tr><tr><td>已付利息 Interest paid</td><td></td><td>(135,223)</td><td>(277,982)</td></tr><tr><td>已付中國企業所得稅 PRC corporate income tax paid</td><td></td><td>(150,546)</td><td>(57,322)</td></tr><tr><td>已付中國土地增值稅 PRC land appreciation tax paid</td><td></td><td>(245,288)</td><td>(125,065)</td></tr><tr><td>經營活動（所用）╱所得現金流量Net cash flows (used in)/from operating \n淨額 activities</td><td></td><td>(199,495)</td><td>806,137</td></tr><tr><td>投資活動所得現金流量 CASH FLOWS FROM INVESTING \n ACTIVITIES</td><td></td><td></td><td></td></tr><tr><td>來自一家合資企業的 Settlement from/(advance to) a joint \n結算╱向其墊款 venture</td><td></td><td>250,681</td><td>(6,668)</td></tr><tr><td>應收關聯方款項增加 Increase in amounts due from related \n parties</td><td></td><td>–</td><td>(392,700)</td></tr><tr><td>應收董事款項減少 Decrease in amounts due from directors</td><td></td><td>–</td><td>83,591</td></tr><tr><td>購買物業、廠房及設備項目 Purchases of items of property, plant \n and equipment</td><td>13</td><td>(56,869)</td><td>(4,025)</td></tr><tr><td>添置無形資產 Additions of intangible assets</td><td>16</td><td>(5,088)</td><td>(2,306)</td></tr><tr><td>添置投資物業 Additions of investment properties</td><td>14</td><td>(146,302)</td><td>(59,573)</td></tr><tr><td>購買按公平值計入損益之 Purchases of financial assets at fair value \n金融資產 through profit or loss</td><td></td><td>(423,752)</td><td>–</td></tr><tr><td>收購附屬公司 Acquisitions of subsidiaries</td><td>37</td><td>72,292</td><td>–</td></tr><tr><td>出售物業、廠房及設備項目的Proceeds from disposal of items of \n所得款項 property, plant and equipment</td><td></td><td>1,441</td><td>1,596</td></tr><tr><td>受限制現金（增加）╱減少 (Increase)/decrease in restricted cash</td><td></td><td>(110,551)</td><td>9,465</td></tr><tr><td>投資活動所用現金流量淨額 Net cash flows used in investing \n activities</td><td></td><td>(418,148)</td><td>(370,620)</td></tr></table>" ]	[ [ 0, 0 ] ]
11684728_112.pdf	11684728_113.pdf	en	[ "# 1. CORPORATE AND GROUP INFORMATION (continued)", "# Information about subsidiaries (continued)", "# Particulars of the Company’s principal subsidiaries are as follows: (continued)", "1. 公司及集團資料（續）", "有關附屬公司的資料（續）", "本公司主要附屬公司的詳情如下：（續）", "<table><tr><td>Company name\n公司名稱</td><td>Place and date \nof incorporation/\nregistration and \nplace of operations\n註冊成立╱註冊地點及\n日期及營業地點</td><td>Nominal value \nof issued and \npaid-up share/\nregistered capital\n已發行及繳足\n股份面值╱註冊資本</td><td colspan=\"2\">Percentage of \nequity attributable \nto the Company \n本公司\n應佔權益百分比</td><td>Principal activities\n主要活動</td></tr><tr><td></td><td></td><td></td><td>Direct \n直接</td><td>Indirect\n間接</td><td></td></tr><tr><td></td><td></td><td></td><td>%</td><td>%</td><td></td></tr><tr><td>Shenzhen Maoye Oriental Times Department Store \nCo., Ltd.\n�圳��東��代百��司</td><td>PRC/Mainland China\n8 August 2005\n中國╱中國大陸\n2005年8月8日</td><td>RMB1,200,000\n人民幣1,200,000元</td><td>–</td><td>82.8</td><td>Operation of a department \nstore\n經營百貨店</td></tr><tr><td>Zhuhai City Maoye Department Store Co., Ltd.\n珠��百��司</td><td>PRC/Mainland China\n24 August 2001\n中國╱中國大陸\n2001年8月24日</td><td>RMB4,800,000\n人民幣4,800,000元</td><td>–</td><td>82.8</td><td>Operation of a department \nstore\n經營百貨店</td></tr><tr><td>Chongqing Maoye Department Store Co., Ltd.\n重��百��司</td><td>PRC/Mainland China\n27 August 2004\n中國╱中國大陸\n2004年8月27日</td><td>RMB30,000,000\n人民幣30,000,000元</td><td>–</td><td>82.8</td><td>Operation of a department \nstore\n經營百貨店</td></tr><tr><td>Taiyuan Maoye Department Store Co., Ltd.\n��百��司</td><td>PRC/Mainland China\n11 April 2008\n中國╱中國大陸\n2008年4月11日</td><td>RMB1,005,000,000\n人民幣1,005,000,000元</td><td>–</td><td>100</td><td>Operation of a department \nstore\n經營百貨店</td></tr><tr><td>Chongqing Baifule Business and\nCommerce Co., Ltd.\n重�百�樂��司</td><td>PRC/Mainland China\n16 September 2008\n中國╱中國大陸\n2008年9月16日</td><td>RMB102,481,500\n人民幣102,481,500元</td><td>–</td><td>82.8</td><td>Operation of a supermarket\n經營超市</td></tr><tr><td>Shanxi Maoye Land and Real Estate \nDevelopment Co., Ltd. (“Sh”anxi Real Estate)\n�⻄��開��司\n（「�⻄��」）</td><td>PRC/Mainland China\n18 November 2008\n中國╱中國大陸\n2008年11月18日</td><td>RMB100,000,000\n人民幣100,000,000元</td><td>–</td><td>100</td><td>Property development\n房地產發展</td></tr></table>" ]	[ "# 1. CORPORATE AND GROUP INFORMATION (continued)", "# Information about subsidiaries (continued)", "# Particulars of the Company’s principal subsidiaries are as follows: (continued)", "1. 公司及集團資料（續）", "有關附屬公司的資料（續）", "本公司主要附屬公司的詳情如下：（續）", "<table><tr><td>Company name\n公司名稱</td><td>Place and date \nof incorporation/\nregistration and \nplace of operations\n註冊成立╱註冊地點及\n日期及營業地點</td><td>Nominal value \nof issued and \npaid-up share/\nregistered capital\n已發行及繳足\n股份面值╱註冊資本</td><td colspan=\"2\">Percentage of \nequity attributable \nto the Company \n本公司\n應佔權益百分比</td><td>Principal activities\n主要活動</td></tr><tr><td></td><td></td><td></td><td>Direct \n直接</td><td>Indirect\n間接</td><td></td></tr><tr><td></td><td></td><td></td><td>%</td><td>%</td><td></td></tr><tr><td>Changzhou Maoye Department Store Co., Ltd.\n常��百��司</td><td>PRC/Mainland China\n21 May 2009\n中國╱中國大陸\n2009年5月21日</td><td>RMB5,000,000\n人民幣5,000,000元</td><td>–</td><td>100</td><td>Operation of a department \nstore\n經營百貨店</td></tr><tr><td>Shenzhen Maolehui-commmerce Co., Ltd.\n�圳�樂惠��務��責��司</td><td>PRC/Mainland China\n26 July 2019\n中國╱中國大陸\n2019年7月26日</td><td>RMB5,000,000\n人民幣5,000,000元</td><td>–</td><td>98</td><td>Operation of a department \nstore\n經營百貨店</td></tr><tr><td>Shenyang Maoye Times Property Co., Ltd.\n�陽��代��司</td><td>PRC/Mainland China\n24 September 2007\n中國╱中國大陸\n2007年9月24日</td><td>RMB8,000,000\n人民幣8,000,000元</td><td>–</td><td>100</td><td>Property development\n房地產發展</td></tr><tr><td>Shenzhen Municipal Maoye \nAdvertisement Co., Ltd.\n�圳��告��司</td><td>PRC/Mainland China\n25 December 2002\n中國╱中國大陸\n2002年12月25日</td><td>RMB2,000,000\n人民幣2,000,000元</td><td>–</td><td>100</td><td>Provision of advertising \nservices\n提供廣告服務</td></tr><tr><td>Taizhou First Department Store Co., Ltd.\n��一百��司**</td><td>PRC/Mainland China\n20 May 1994\n中國╱中國大陸\n1994年5月20日</td><td>RMB18,950,000\n人民幣18,950,000元</td><td>–</td><td>80.57</td><td>Operation of a department \nstore\n經營百貨店</td></tr></table>" ]	[ [ 6, 6 ] ]
7563041_179.pdf	7563041_180.pdf	en	[ "# 37. SUBSIDIARIES", "Particulars of the Company’s subsidiaries are as follows:", "37. 附屬公司", "本公司附屬公司的詳情如下：", "<table><tr><td>Name of subsidiaries\n附屬公司名稱</td><td>Place of \nincorporation/\nestablishment\n註冊成立╱\n設立地點</td><td>Place of \noperation\n 營運地點</td><td>Issued and fully \npaid share capital/\nregistered capital\n已發行及繳足\n股本╱註冊資本</td><td>Kind of \nlegal entity\n 法人實體類型</td><td colspan=\"4\">Percentage of equity \ninterest/voting power \nattributable to the Company\n本公司應佔股權╱投票權百分比</td><td> Principal activities\n 主要業務</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td colspan=\"2\">Direct \n直接</td><td colspan=\"2\">Indirect\n間接</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>2020 \n2020年</td><td>2019 \n2019年</td><td>2020 \n2020年</td><td>2019\n2019年</td><td></td></tr><tr><td>Windrider Technology Company \nLimited</td><td>The BVI\n英屬處女群島</td><td>Hong Kong\n香港</td><td>Ordinary shares\nUS$100\n普通股100美元</td><td>Company with limited \nliability\n有限公司</td><td>100%</td><td>100%</td><td>–</td><td>–</td><td> Investment holding\n投資控股</td></tr><tr><td>Techwide Management Company \nLimited</td><td>The BVI\n英屬處女群島</td><td>Hong Kong\n香港</td><td>Ordinary shares\nUS$100\n普通股100美元</td><td>Company with limited \nliability\n有限公司</td><td>–</td><td>–</td><td>100%</td><td>100%</td><td> Investment holding\n投資控股</td></tr><tr><td>Wai Chi Electronic Technology \nManagement Company Limited\n偉志電子科技管理有限公司</td><td>Hong Kong\n香港</td><td>Hong Kong\n香港</td><td>Ordinary shares\nHK$100,000\n普通股100,000港元</td><td>Company with limited \nliability\n有限公司</td><td>–</td><td>–</td><td>100%</td><td>100%</td><td> Investment holding\n投資控股</td></tr><tr><td>Ecosquare Energy Company \nLimited</td><td>The BVI\n英屬處女群島</td><td>Hong Kong\n香港</td><td>Ordinary shares\nUS$100\n普通股100美元</td><td>Company with limited \nliability\n有限公司</td><td>–</td><td>–</td><td>100%</td><td>100%</td><td> Investment holding\n投資控股</td></tr><tr><td>Wai Chi Energy Services \nCompany Limited\n偉志節能服務有限公司</td><td>Hong Kong\n香港</td><td>Hong Kong\n香港</td><td>Ordinary shares\nHK$100,000\n普通股100,000港元</td><td>Company with limited \nliability\n有限公司</td><td>–</td><td>–</td><td>100%</td><td>100%</td><td> Investment holding\n投資控股</td></tr><tr><td>Aled Solution Company Limited</td><td> The BVI\n英屬處女群島</td><td>Hong Kong\n香港</td><td>Ordinary shares\nUS$100\n普通股100美元</td><td>Company with limited \nliability\n有限公司</td><td>–</td><td>–</td><td>100%</td><td>100%</td><td> Investment holding\n投資控股</td></tr><tr><td>Wai Chi Group (HK) Limited\n偉志集團有限公司</td><td>Hong Kong\n香港</td><td>Hong Kong\n香港</td><td>Ordinary shares\nHK$135,100,000\n普通股\n135,100,000港元</td><td>Company with limited \nliability\n有限公司</td><td>–</td><td>–</td><td>100%</td><td>100%</td><td> Investment holding\n投資控股</td></tr></table>" ]	[ "# 37. SUBSIDIARIES (continued)", "37. 附屬公司（續）", "<table><tr><td>Name of subsidiaries\n附屬公司名稱</td><td>Place of \nincorporation/\nestablishment\n註冊成立╱\n設立地點</td><td>Place of \noperation\n 營運地點</td><td>Issued and fully \npaid share capital/\nregistered capital\n已發行及繳足\n股本╱註冊資本</td><td>Kind of \nlegal entity\n 法人實體類型</td><td colspan=\"4\">Percentage of equity \ninterest/voting power \nattributable to the Company\n本公司應佔股權╱投票權百分比</td><td> Principal activities\n 主要業務</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td colspan=\"2\">Direct \n直接</td><td colspan=\"2\">Indirect\n間接</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>2020 \n2020年</td><td>2019 \n2019年</td><td>2020 \n2020年</td><td>2019\n2019年</td><td></td></tr><tr><td>Wai Chi Opto Technology Limited\n偉志光電有限公司</td><td>The PRC\n中國</td><td>The PRC\n中國</td><td>Ordinary shares\nHK$62,380,000\n普通股\n62,380,000港元</td><td>Company with limited \nliability\n有限公司</td><td>–</td><td>–</td><td>100%</td><td>100%</td><td> Trading of LED \nbacklight and \nlighting products \nand semiconductor \nmemory chips\n買賣LED背光、\n照明產品及半導\n體存儲芯片</td></tr><tr><td>Wai Chi Opto Technology \n(Shenzhen) Limited* (Note a)\n偉志光電（深圳）有限公司\n（附註a）</td><td>The PRC\n中國</td><td>The PRC\n中國</td><td>Registered capital\nRMB97,128,000\n註冊資本\n人民幣97,128,000元</td><td>Company with limited \nliability\n有限公司</td><td>–</td><td>–</td><td>100%</td><td>100%</td><td> Manufacture and sale \nof LED backlight \nand lighting \nproducts and \nsourcing business\n製造及銷售LED背光\n及照明產品及採\n購業務</td></tr><tr><td>Sanxia Wai Chi Opto Technology \n(Yichang) Limited* (Note b)\n三峽偉志光電（宜昌）有限公司\n（附註b）</td><td>The PRC\n中國</td><td>The PRC\n中國</td><td>Registered capital\nRMB30,000,000\n註冊資本\n人民幣30,000,000元</td><td>Company with limited \nliability\n有限公司</td><td>–</td><td>–</td><td>100%</td><td>100%</td><td> Manufacture and sale \nof LED lighting \nproducts and \nprovision of LED \nlight instalation \nservice\n製造及銷售LED照明\n產品及提供LED照\n明安裝服務</td></tr></table>" ]	[ [ 4, 2 ] ]
20742297_4.pdf	20742297_5.pdf	en	[ "FIG. 3: One-loop level Feynman diagrams inducing the \$ Z Z ^ { \\ast } \\gamma \$(\$ V = \\gamma \$) coupling.", "which is necessary to obtain nonzero results and is consistent with the Lorentz structure of the Lagrangian. We also have introduced the shorthand notation \$ B _ { a b } ( c ^ { 2 } ) \\, = \\, B _ { 0 } ( c ^ { 2 } , m _ { a } ^ { 2 } , m _ { b } ^ { 2 } ) \$, \$ C _ { a b c } ( p _ { 2 } ^ { 2 } ) \\, = \\, C _ { 0 } ( m _ { Z } ^ { 2 } , 0 , p _ { 2 } ^ { 2 } , m _ { a } ^ { 2 } , m _ { b } ^ { 2 } , m _ { c } ^ { 2 } ) \$ and \$ C _ { a b c } ( q ^ { 2 } ) \\, = \\, C _ { 0 } ( m _ { Z } ^ { 2 } , m _ { Z } ^ { 2 } , q ^ { 2 } , m _ { a } ^ { 2 } , m _ { b } ^ { 2 } , m _ { c } ^ { 2 } ) \$, where \$ B _ { 0 } \$ and \$ C _ { 0 } \$ stand for Passarino-Veltman scalar functions. From the above expressions, it is evident that the form factors vanish when the masses of the charged scalar bosons are degenerate. It is also straightforward to show that ultraviolet divergences cancel out.", "# B. \$ Z Z \\gamma ^ { * } \$ coupling", "The Feynman diagrams for the \$ Z _ { \\alpha } ( p _ { 1 } ) Z _ { \\beta } ( p _ { 2 } ) \\gamma _ { \\mu } ^ { * } ( q ) \$ couplings are similar to those inducing the \$ Z Z ^ { * } \\gamma \$ coupling, but in this case the photon is off-shell. The corresponding form factor is given by:", "\\[ \\begin{array} { r l } { f _ { 4 } ^ { \\gamma } ( q ^ { 2 } , m _ { i } ^ { 2 } , m _ { j } ^ { 2 } ) \\; = \\; \\frac { m _ { Z } ^ { 2 } \\, \\mathrm { I m } \\, \\left( g _ { i j } ^ { Z } g _ { j i } ^ { Z ^ { + } } \\right) } { 1 2 m _ { Z } ^ { 2 } \\pi ^ { 2 } q ^ { 2 } ( 4 m _ { Z } ^ { 2 } - q ^ { 2 } ) ^ { 2 } } \\Big \\{ ( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } ) \\, \\big ( 1 2 m _ { Z } ^ { 2 } B _ { i j } ( m _ { Z } ^ { 2 } ) + ( 4 m _ { Z } ^ { 2 } - q ^ { 2 } ) ( 1 - B _ { i j } ( 0 ) ) \\big ) } \\\\ { \\; + \\; \\; \\left( q ^ { 2 } \\, ( m _ { i } ^ { 2 } + 3 m _ { j } ^ { 2 } + 7 m _ { Z } ^ { 2 } - q ^ { 2 } ) + 6 \\, \\big ( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } \\big ) ^ { 2 } - 2 m _ { Z } ^ { 2 } ( 8 m _ { i } ^ { 2 } - 3 m _ { Z } ^ { 2 } ) \\right) B _ { i i } ( q ^ { 2 } ) } \\\\ { \\; - \\; \\; 6 \\, \\big ( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } - m _ { Z } ^ { 2 } \\big ) \\, \\Big ( m _ { i } ^ { 4 } - 2 m _ { i } ^ { 2 } \\, \\big ( m _ { j } ^ { 2 } + m _ { Z } ^ { 2 } \\big ) + \\big ( m _ { j } ^ { 2 } - m _ { Z } ^ { 2 } \\big ) ^ { 2 } + m _ { j } ^ { 2 } q ^ { 2 } \\Big ) \\, C _ { i j i } ( q ^ { 2 } ) - \\big ( i \\leftrightarrow j \\big ) \\Big \\} , \\mathrm { \\small ~ ( 1 0 ) } } \\end{array} \\]", "where q is the photon four-momentum. As expected, this form factor is proportional to \$ \\mathrm { I m } ( g _ { i j } ^ { Z } g _ { j i } ^ { Z ^ { * } } ) \$ and vanishes when \$ m _ { i } = m _ { j } \$ .", "# C. \$ Z Z Z ^ { * } \$ coupling", "Because of Bose symmetry, in the case of the \$ Z Z Z ^ { * } \$ coupling, there are several more diagrams than those inducing the \$ Z Z ^ { \\ast } \\gamma \$ vertex. We present in Figure 4 the generic Feynman diagrams from which all diagrams inducing the" ]	[ "FIG. 4: Generic one-loop Feynman diagrams for the \$ Z Z Z ^ { * } \$ coupling. The complete set of diagrams is obtained by permuting \$ Z _ { \\alpha } ( p _ { 1 } ) \$ and \$ Z _ { \\beta } ( p _ { 2 } ) \$ and exchanging the charged scalars bosons.", "\$ Z Z Z ^ { * } \$ vertex can be generated. Notice that diagrams (2) and (3) are obtained from diagram (1) after performing the permutations \$ Z _ { \\alpha } ( p _ { 1 } ) \\leftrightarrow Z _ { \\mu } ( q ) \$, and \$ Z _ { \\beta } ( p _ { 2 } ) \\leftrightarrow Z _ { \\mu } ( q ) \$, respectively. Additional diagrams are obtained from these diagrams following a similar procedure as that described in Fig. 3: for each one of the Feynman diagrams of Fig. 4 there are three more diagrams that are obtained similarly as diagrams (b)-(d) of Fig. 3, which are obtained from diagram (a) by permuting the Z gauge bosons and exchanging the charged scalars. Therefore, there are a total of twelve Feynman diagrams for the \$ Z Z Z ^ { * } \$ coupling. By using the appropriate simplifications, the amplitude of each diagram of Figure 4 reduces to those of the \$ Z Z ^ { \\ast } \\gamma \$ and \$ Z Z \\gamma ^ { * } \$ couplings. The diagrams (2) and (3) of Fig. 4 not only are required by Bose symmetry but, once their amplitudes are added up, ultraviolet divergences cancel out. After the Passarino-Veltman method is applied, we obtain the following result", "\\[ \\begin{array} { r l } { f _ { 4 } ^ { Z } ( q ^ { 2 } , m _ { i } ^ { 2 } , m _ { j } ^ { 2 } ) \\! \\! } & { = \\, \\frac { m _ { Z } ^ { 2 } g _ { i i } ^ { Z } \\mathrm { I m } \\left( g _ { i j } ^ { Z } g _ { j i } ^ { Z ^ { + } } \\right) } { 1 2 \\pi ^ { 2 } s _ { W } q ^ { 2 } ( q ^ { 2 } - m _ { Z } ^ { 2 } ) ( q ^ { 2 } - 4 m _ { Z } ^ { 2 } ) ^ { 2 } } } \\\\ { \\times } & { \\Big \\{ q ^ { 2 } \\left( q ^ { 2 } \\left( m _ { i } ^ { 2 } + 3 m _ { j } ^ { 2 } + 7 m _ { Z } ^ { 2 } \\right) + 6 \\left( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } \\right) ^ { 2 } - 1 6 m _ { i } ^ { 2 } m _ { Z } ^ { 2 } - 6 m _ { Z } ^ { 4 } - q ^ { 4 } \\right) B _ { \\mathrm { i i } } ( q ^ { 2 } ) } \\\\ { + \\, \\left( m _ { Z } ^ { 2 } q ^ { 2 } \\left( 1 0 m _ { Z } ^ { 2 } - 1 3 m _ { i } ^ { 2 } - 3 m _ { j } ^ { 2 } \\right) + 6 m _ { Z } ^ { 2 } ( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } ) \\left( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } + 2 m _ { Z } ^ { 2 } \\right) + q ^ { 4 } \\left( 4 m _ { i } ^ { 2 } - m _ { Z } ^ { 2 } \\right) \\right) B _ { \\mathrm { i i } } ( m _ { Z } ^ { 2 } ) } \\\\ { - \\, \\left( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } \\right) \\left( 2 q ^ { 2 } \\left( 4 m _ { Z } ^ { 2 } - q ^ { 2 } \\right) ( 1 - B _ { i j } ( 0 ) ) - 3 q ^ { 4 } B _ { i j } ( q ^ { 2 } ) - 3 m _ { Z } ^ { 2 } \\left( 4 m _ { Z } ^ { 2 } - 7 q ^ { 2 } \\right) B _ { i j } ( m _ { Z } ^ { 2 } ) \\right) } \\\\ { - \\, \\left. 6 \\left( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } + 2 m _ { Z } ^ { 2 } \\right) \\left( m _ { Z } ^ { 2 } q ^ { 2 } \\left( m _ { Z } ^ { 2 } - 3 m _ { i } ^ { 2 } - m _ { j } ^ { 2 } \\right) + m _ { Z } ^ { 2 } \\left( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } \\right) ^ { 2 } + m _ { i } ^ { 2 } q ^ { 4 } \\right) C _ { i i j } ( q ^ { 2 } ) } \\\\ { - \\, \\left. 6 q ^ { 2 } \\left( m _ { i } ^ { 2 } - m _ { j } ^ { 2 } - m _ { Z } ^ { 2 } \\right) \\left( m _ { i } ^ \\]", "where q is now the four-momentum of the off-shell Z boson. We note that all the properties discussed above are also present in this form factor. In the next section we will evaluate the CP-violating TNGBCs for illustrative values of the charged scalar boson masses and the four-momentum of the virtual gauge boson." ]	[ [ 7, 1 ] ]
20788657_7.pdf	20788657_8.pdf	en	[ "图 4：沪深 300 和食品饮料指数", "资料来源：Wind,长江证券研究所", "图 5：食品饮料指数相对沪深 300 的累计超额收益", "资料来源：Wind,长江证券研究所", "图 6：各线白酒相对沪深 300 估值（TTM）", "资料来源：Wind,长江证券研究所", "图 7：白酒和大众品相对估值对比", "资料来源：Wind,长江证券研究所", "表 2：周度涨跌幅榜", "<table><tr><td>证券代码</td><td>证券简称</td><td>周涨跌幅/%</td><td>周成交量/万手</td><td>周换手率/%</td><td>周均价/元</td><td>周振幅/%</td></tr><tr><td>600084.SH</td><td>中葡股份</td><td>15.76</td><td>275.02</td><td>27.55</td><td>11.53</td><td>22.64</td></tr><tr><td>600300.SH</td><td>维维股份</td><td>8.56</td><td>115.98</td><td>6.94</td><td>7.31</td><td>12.55</td></tr><tr><td>002719.SZ</td><td>麦趣尔</td><td>7.83</td><td>44.83</td><td>118.52</td><td>64.98</td><td>18.29</td></tr><tr><td>600873.SH</td><td>梅花生物</td><td>7.19</td><td>633.37</td><td>20.38</td><td>7.10</td><td>9.43</td></tr><tr><td>000869.SZ</td><td>张裕A</td><td>6.79</td><td>11.13</td><td>2.45</td><td>38.71</td><td>7.16</td></tr><tr><td>600616.SH</td><td>金枫酒业</td><td>5.52</td><td>55.63</td><td>11.40</td><td>11.36</td><td>6.06</td></tr><tr><td>000848.SZ</td><td>承德露露</td><td>5.49</td><td>72.87</td><td>7.45</td><td>11.92</td><td>6.43</td></tr><tr><td>600887.SH</td><td>伊利股份</td><td>4.76</td><td>326.60</td><td>5.41</td><td>18.49</td><td>10.18</td></tr><tr><td>600779.SH</td><td>水井坊</td><td>4.20</td><td>26.74</td><td>5.47</td><td>17.24</td><td>4.91</td></tr><tr><td>002304.SZ</td><td>洋河股份</td><td>2.65</td><td>11.83</td><td>0.96</td><td>68.51</td><td>2.93</td></tr><tr><td>002661.SZ</td><td>克明面业</td><td>2.49</td><td>15.96</td><td>6.44</td><td>18.31</td><td>4.81</td></tr><tr><td>300146.SZ</td><td>汤臣倍健</td><td>2.33</td><td>63.57</td><td>7.39</td><td>12.99</td><td>2.95</td></tr><tr><td>600519.SH</td><td>贵州茅台</td><td>2.22</td><td>14.80</td><td>1.18</td><td>311.94</td><td>3.11</td></tr><tr><td>000596.SZ</td><td>古井贡酒</td><td>2.21</td><td>15.05</td><td>3.92</td><td>48.40</td><td>4.61</td></tr><tr><td>600132.SH</td><td>重庆啤酒</td><td>2.20</td><td>25.47</td><td>5.26</td><td>17.59</td><td>7.27</td></tr></table>" ]	[ "<table><tr><td>002582.SZ</td><td>好想你</td><td>2.16</td><td>27.21</td><td>34.73</td><td>42.77</td><td>8.16</td></tr><tr><td>000858.SZ</td><td>五粮液</td><td>2.06</td><td>115.33</td><td>3.04</td><td>34.81</td><td>3.34</td></tr><tr><td>600809.SH</td><td>山西汾酒</td><td>1.65</td><td>33.90</td><td>3.91</td><td>22.61</td><td>5.89</td></tr><tr><td>600597.SH</td><td>光明乳业</td><td>1.65</td><td>44.26</td><td>3.62</td><td>14.19</td><td>4.01</td></tr><tr><td>603589.SH</td><td>口子窖</td><td>1.59</td><td>17.22</td><td>5.87</td><td>34.40</td><td>3.03</td></tr><tr><td>000895.SZ</td><td>双汇发展</td><td>1.45</td><td>90.54</td><td>2.74</td><td>22.03</td><td>4.57</td></tr><tr><td>600059.SH</td><td>古越龙山</td><td>1.37</td><td>47.37</td><td>5.86</td><td>10.31</td><td>3.23</td></tr><tr><td>603288.SH</td><td>海天味业</td><td>1.10</td><td>7.44</td><td>2.74</td><td>31.11</td><td>2.52</td></tr><tr><td>000568.SZ</td><td>泸州老窖</td><td>1.08</td><td>59.75</td><td>4.26</td><td>33.62</td><td>3.03</td></tr><tr><td>600298.SH</td><td>安琪酵母</td><td>1.01</td><td>31.79</td><td>3.92</td><td>16.88</td><td>3.45</td></tr><tr><td>600429.SH</td><td>三元股份</td><td>0.95</td><td>30.93</td><td>3.50</td><td>8.48</td><td>4.65</td></tr><tr><td>600600.SH</td><td>青岛啤酒</td><td>0.84</td><td>15.87</td><td>2.28</td><td>30.98</td><td>1.62</td></tr><tr><td>000929.SZ</td><td>兰州黄河</td><td>0.76</td><td>25.71</td><td>13.85</td><td>20.86</td><td>5.83</td></tr><tr><td>600702.SH</td><td>沱牌舍得</td><td>0.60</td><td>38.99</td><td>11.56</td><td>23.32</td><td>4.93</td></tr><tr><td>002515.SZ</td><td>金字火腿</td><td>0.43</td><td>82.57</td><td>22.83</td><td>19.09</td><td>10.40</td></tr><tr><td>603369.SH</td><td>今世缘</td><td>0.37</td><td>26.45</td><td>3.89</td><td>13.31</td><td>3.00</td></tr><tr><td>000729.SZ</td><td>燕京啤酒</td><td>0.13</td><td>55.67</td><td>2.22</td><td>7.61</td><td>1.84</td></tr><tr><td>600543.SH</td><td>莫高股份</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td><td>0.00</td></tr><tr><td>603198.SH</td><td>迎驾贡酒</td><td>-0.08</td><td>29.25</td><td>17.58</td><td>23.71</td><td>3.78</td></tr><tr><td>002557.SZ</td><td>洽洽食品</td><td>-0.11</td><td>14.03</td><td>2.77</td><td>17.49</td><td>2.86</td></tr><tr><td>002461.SZ</td><td>珠江啤酒</td><td>-0.30</td><td>21.37</td><td>3.14</td><td>13.23</td><td>4.55</td></tr><tr><td>600365.SH</td><td>通葡股份</td><td>-0.40</td><td>57.95</td><td>14.49</td><td>12.58</td><td>6.56</td></tr><tr><td>002495.SZ</td><td>佳隆股份</td><td>-0.41</td><td>218.65</td><td>32.83</td><td>7.28</td><td>4.89</td></tr><tr><td>600872.SH</td><td>中炬高新</td><td>-0.42</td><td>39.99</td><td>5.02</td><td>16.42</td><td>3.31</td></tr><tr><td>600199.SH</td><td>金种子酒</td><td>-0.59</td><td>51.39</td><td>9.25</td><td>10.11</td><td>3.17</td></tr><tr><td>002570.SZ</td><td>贝因美</td><td>-0.75</td><td>51.67</td><td>5.06</td><td>12.07</td><td>4.22</td></tr><tr><td>002646.SZ</td><td>青青稞酒</td><td>-0.75</td><td>15.03</td><td>3.34</td><td>20.02</td><td>2.59</td></tr><tr><td>600197.SH</td><td>伊力特</td><td>-0.93</td><td>34.66</td><td>7.86</td><td>14.99</td><td>2.79</td></tr><tr><td>600559.SH</td><td>老白干酒</td><td>-0.98</td><td>22.76</td><td>6.50</td><td>24.58</td><td>4.32</td></tr><tr><td>600186.SH</td><td>莲花味精</td><td>-1.24</td><td>87.26</td><td>8.22</td><td>5.61</td><td>4.26</td></tr><tr><td>002770.SZ</td><td>科迪乳业</td><td>-1.36</td><td>35.19</td><td>12.96</td><td>12.36</td><td>5.38</td></tr><tr><td>002702.SZ</td><td>海欣食品</td><td>-1.37</td><td>48.97</td><td>29.86</td><td>19.02</td><td>7.35</td></tr><tr><td>000716.SZ</td><td>黑芝麻</td><td>-1.42</td><td>59.05</td><td>10.73</td><td>7.70</td><td>6.07</td></tr><tr><td>600073.SH</td><td>上海梅林</td><td>-1.50</td><td>64.38</td><td>6.87</td><td>11.94</td><td>5.24</td></tr><tr><td>002216.SZ</td><td>三全食品</td><td>-1.71</td><td>27.88</td><td>4.89</td><td>9.92</td><td>6.63</td></tr><tr><td>000752.SZ</td><td>西藏发展</td><td>-1.80</td><td>29.52</td><td>11.19</td><td>18.71</td><td>5.66</td></tr><tr><td>000995.SZ</td><td>*ST皇台</td><td>-1.80</td><td>14.79</td><td>8.33</td><td>17.50</td><td>3.32</td></tr><tr><td>002330.SZ</td><td>得利斯</td><td>-1.82</td><td>23.76</td><td>4.73</td><td>12.03</td><td>4.70</td></tr><tr><td>600305.SH</td><td>恒顺醋业</td><td>-2.00</td><td>24.07</td><td>3.99</td><td>11.91</td><td>4.32</td></tr><tr><td>002481.SZ</td><td>双塔食品</td><td>-2.00</td><td>86.56</td><td>7.08</td><td>7.91</td><td>6.12</td></tr><tr><td>002329.SZ</td><td>皇氏集团</td><td>-2.01</td><td>113.72</td><td>23.51</td><td>16.01</td><td>10.31</td></tr></table>" ]	[ [ 9, 0 ] ]
9300039_6.pdf	9300039_7.pdf	en	[ "# DEAR SHAREHOLDERS,", "On behalf of the board of directors (the “Board”) of Sunfonda Group Holdings Limited (the “Company”), I am pleased to present the interim report of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2020.", "In the first half of 2020, the worldwide outbreak of the novel coronavirus pneumonia (the “COVID-19”) pandemic had an unprecedented impact on the global economy. Currently, the overseas pandemic status and the global economic situation are still relatively complicated. Fortunately, the outbreak has gradually been brought under control and the overall situation has improved in Mainland China. The Chinese government has also successively introduced various measures to promote economic recovery, and the Chinese economy has gradually overcome the adverse impact of the pandemic to enter a phase of gradual recovery. Various economic indicators are improving, China’s basic livelihood is under strong protection, and the long-term positive trend of the economy is relatively clear. In order to cope with the impact of the COVID-19 pandemic and promote the stable operation of the automobile economy, the state and local governments have successively introduced various stimulus policies since February 2020, including provision of financial subsidies, relaxation of purchase restrictions, introduction of “rural subsidy program for vehicles” and promotion of the development of used car market. On the whole, the comprehensive policy guidance for the resumption of work and production and the introduction of a series of policies on automobile consumption have promoted the obvious recovery of the domestic automobile market. According to the information published by the China Association of Automobile Manufacturers, despite a year-on-year decrease for the first half of the year due to the impact of the COVID-19 pandemic, the production and sales volume of passenger vehicles of China has grown for four consecutive months since February 2020, showing an obvious V-shaped recovery in the market, especially the luxury automobile market has continued strong growth, with its market share continuing to increase and reaching new high.", "During the first half of 2020, in the circumstance of a decrease of business days due to the impact of the COVID-19 pandemic, the performance of the Group’s brand stores was better than expected. The Group sold 13,296 new automobiles. The revenue from sales of new vehicles amounted to RMB3,950.2 million, representing a slight decrease of 1.0% as compared with the same period in 2019; revenue from after-sales service reached RMB490.7 million, representing a slight decrease of 9.0% as compared with RMB539.3 million for the same period in 2019; and gross profit was approximately RMB314.3 million, representing a decrease of 3.5% as compared with RMB325.8 million for the same period in 2019.", "The pandemic has also changed consumers’ travel habits and car purchase plans, and the demand of travelling by private cars has become stronger. In order to cope with the impact of the pandemic, the Group actively adjusted" ]	[ "our operation strategies, and continued to promote innovative development while consolidating our existing core businesses, for which the specific measures it took included but not limited to the introduction and expansion of emerging sales models such as vertical network platforms and we-media, optimisation and adjustment of service processes and organizational structures to enhance customer service experience, etc. Particularly, since April 2020, the Group has launched a customer interview column, which was well received. Subsequently, the Group successfully organised test ride and test drive activities for the media, which were also widely recognised, and expanded brand awareness and comprehensive influence as well. Through unremitting efforts, the overall business of the Group has still maintained a good momentum of development in the spread of the pandemic. At the same time, the Group will always maintain a sense of crisis and fighting spirit to ensure that we can continuously exploit our pioneering advantages in a complex market environment.", "Due to the impact of the pandemic, the global economy has been greatly impacted, and China’s economy is also facing great challenges and pressures, consumers’ purchasing power may decline under such circumstances. We expect that the domestic and even the global automobile markets will still face great challenges in the second half of 2020. In such a complex automobile market environment, on the one hand, the Group will stay alert to the macroeconomy, and timely adjust the brand structure according to the changes in market conditions and the market demand to enhance market competitiveness. On the other hand, the Group will focus on customer needs to develop new online sales models, improve efficiency through service process optimisation and digital services, and attract more customers by improving customer experience, in an effort to create more returns for shareholders.", "On behalf of the Board, I would like to express our sincere gratitude to all shareholders and business partners for their continued trust and support to the Group, and our sincere gratitude to all employees for their unremitting efforts. In a complex economic environment, all staff across the Group are urged to make concerted efforts to work hard, steadily and innovatively move forward, and strive to promote overall business growth.", "Chairman of the Board", "Wu Tak Lam", "28 August 2020" ]	[ [ 4, 0 ] ]
20737671_28.pdf	20737671_29.pdf	en	[ "of \$ \\sim \\, 1 0 ^ { 8 - 9 } M _ { \\odot } \$ do host stars. These halos can be observed as ultrafaint galaxies. These systems are currently the most DM-dominated systems with a ratio of DM to stellar mass significantly exceeding a factor of a hundred. DM halos below this threshold are expected to be depleted of stars and are effectively invisible. Halos at and below the galaxy formation threshold offer a pristine environment in which baryonic physics is subdominant to the dark matter behavior, and hence are substantially less affected by baryonic systematics.", "# 5.2 Observational Probes", "In the following we list some of the promising current and future probes that can probe the abundance and inner composition of halos in the mass range of \$ 1 0 ^ { 6 - 9 } M _ { \\odot } \$.", "# 5.2.1 Ultra-faint galaxies", "Ultra-faint dwarf (UFD) galaxies, defined as dark matter-dominated stellar systems with luminosity \$ L < 1 0 ^ { 5 } \$\$ ; L _ { \\odot } \$ [435], occupy the smallest dark matter halos that form galaxies, with \$ 1 0 ^ { 8 } ~ M _ { \\odot } \\lesssim M _ { \\mathrm { h a l o } } \\lesssim 1 0 ^ { 1 0 } ~ M _ { \\odot } \$[436, 437]. These systems therefore provide crucial information about the astrophysical processes that govern the faint end of galaxy formation and the dark matter physics that impacts the abundance and properties of halos near the galaxy formation threshold.", "To date, ultra-faints have exclusively been detected within distances of ∼ 300 kpc as satellites of the Milky Way. Deep photometric surveys including the Dark Energy Survey have significantly increased the number of known Milky Way satellites in recent years, which now exceeds ∼ 60 systems [438]. Nevertheless, both empirical and theoretical arguments suggest that our census of ultra-faints—even within the Milky Way’s virial radius—is highly incomplete [439–441]. Forthcoming observational facilities including the Vera C. Rubin Ob-servatory and the Nancy Grace Roman Space Telescope are expected to drastically improve upon current ultra-faint detection capabilities. Specifically, Rubin is forecasted to discover the entire population of UFD Milky Way satellites in the Southern hemisphere outside the Galactic disk and with surface brightness down to \$ \\sim 3 2 \\mathrm { m a g ~ a r c s e c } ^ { - 2 } \$[157, 314]. Excitingly, these detections are expected to extend well beyond distances of 300 kpc, allowing UFD populations to be characterized throughout much of the Local Volume [442].", "Our understanding of the dark matter halos that host ultra-faints has significantly im-proved over the last decade. In particular, hydrodynamical simulations have started to re-solve the formation and evolution of UFDs in a cosmological context, including as satellites of larger hosts [443–448]. In parallel, semi-analytic and empirical galaxy–halo connection models have been combined with observations to infer ultra-faints’ halo properties; in these models, the number of observable ultra-faints suggests that these systems occupy halos with masses down to \$ \\sim 1 0 ^ { 8 } \$\$ : M _ { \\odot } \$ (near the “atomic cooling limit”; [436, 437, 449, 450]) or even lower [451, 452]. The fraction of low-mass halos that host UFDs and the scatter in the stellar mass–halo mass relation for these systems are also being studied in order to precisely characterize the properties of halos near the galaxy formation threshold [453–456].", "Ultra-faints provide stringent constraints on dark matter particle properties. Specifically, the number of observable UFD Milky Way satellites informs dark matter physics that sup-presses the present-day abundance of dark matter halos with masses of \$ \\sim 1 0 ^ { 8 } ~ M _ { \\odot } \$, yielding" ]	[ "lower limits on the mass of thermal relic warm dark matter of ∼ 5 keV [449, 457–466] and on the mass of ultra-light dark matter of \$ \\sim \\, 1 0 ^ { - 2 1 } \$ eV [464, 467]. Similar analyses con-strain the strength of dark matter–Standard Model interactions at the \$ \\sim ~ 1 0 ^ { - 3 0 } \\mathrm { { c m } ^ { 2 } } \$ level[29, 154, 155, 464] and the dark matter particle lifetime at the ∼ 10 Gyr level [468, 469].Furthermore, stellar velocity dispersion measurements for brighter dwarf galaxies inform the strength and velocity-dependence of dark matter self-interactions, with sensitivity to cross sections of \$ \\sim 1 \\mathrm { c m ^ { 2 } } \$ \$ \\mathrm { g } ^ { - 1 } \$[470, 471], and combining measurements of UFD internal dynamics from upcoming spectroscopic facilities and giant segmented mirror telescopes [472] with their population statistics will further inform self-interacting dark matter models [473–475].", "The forthcoming observations discussed above are expected to increase the sample of known UFDs near the galaxy formation threshold, reducing statistical uncertainties and improving the corresponding dark matter constraints. For example, Rubin observations are forecasted to probe halo masses below \$ \\sim 1 0 ^ { 8 } \\; M _ { \\odot } \$ [157]. If these halos are occupied by ultra-faints, these observations will provide evidence for the existence of galaxies formed through molecular hydrogen cooling; otherwise, they will determine the halo mass threshold and stochasticity associated with galaxy formation. Thus, combining these measurements with purely gravitational probes of small-scale structure will enable the detection of completely dark halos.", "# 5.2.2 Lyman-alpha forest", "The intergalactic medium (IGM) is the rarefied gas that fills the vast volumes between the galaxies in the Universe. Physical effects, ranging from the nature of dark matter to the radiation from star-forming galaxies and quasars, set the observable properties of the IGM, making the IGM a powerful probe of both fundamental physics and astrophysics. Baryons in the IGM trace dark matter fluctuations on Mpc scales, while on smaller (\$ \\lesssim \$ 100 kpc scales) the \$ T \\sim 1 0 ^ { 4 } \\mathrm { K } \$ gas is pressure supported against gravitational collapse. While the IGM is sensitive to the Epoch of Reionization [476–478], complex and poorly understood physical processes related to galaxy formation play only a minor role in determining its structure[479, 480].", "Forward modeling the structure of the IGM for a given cosmological and DM scenario is a theoretically well-posed problem, albeit requiring expensive cosmological hydro-dynamical simulations. Despite this apparent simplicity, accurate simulations of the IGM are com-putationally challenging because of the multi-scale nature of the problem [481]. A spatial resolution of \$ \\approx \$ 20 kpc is required to resolve the density structure of the IGM, while a rela-tively large box size is required to capture the large-scale power, to obtain a fair sample of the Universe, and to model the topology of reionization.", "These characteristics of the Lyman-\$ \\alpha \$ flux power spectrum have allowed for some of the tightest constraints on the nature of dark matter clustering [482–487]. Current anal-yses have been shown to be sensitive to the scale of either a suppression [488, 489] or an enhancement[490, 491] of the small scale power. These dark matter constraints come from high-quality observations of a the few currently available (∼ 100) high redshift (\$ z > \$ 4) quasar spectra obtained with high resolution instruments (\$ R \\sim \$ 80, 000) and high signal-to-noise observations (\$ S / N \\sim \$ 100). With these spectra, surveys are able to measure scales to wavenumbers of \$ k \\sim \$ 20 h/Mpc [478, 492]. Notably these surveys are currently limited by" ]	[ [ 7, 0 ] ]
11695864_129.pdf	11695864_130.pdf	en	[ ". Based on our insights into the prospects of the apparel and textile industry, we entered into the textile industry in the 1980s. According to Frost & Sullivan, there has been an increasing trend in the popularity of stretchable denim garments and hence, stretchable denim fabric has a relatively higher profit margin. We believe that we are well-positioned and have the competitive strength to further our business in the stretchable denim fabric market.", ". In view of the anticipated industry growth, our expanding clientele, increasing demand for our stretchable denim fabrics and rising quality standards of customers, we plan to procure slasher dyeing, weaving, finishing (desizing and shrinking), ozone bleaching and washing machines in order to increase our production capacity and enhance our product development capability. Please see ‘‘Production — Our machinery purchase plan’’ in this section for further details. Our Directors believe that the above machinery will further our capability in developing and producing denim fabrics of even greater aesthetics and functionality which drives our business by obtaining more orders from existing customers and attracting new apparel brands to procure denim fabrics in the future.", "We believe the foregoing anticipated industry growth and our continuous efforts in business development, in particular clientele expansion, will sustain our business growth on one hand and reduce the proportion of revenue from certain apparel brands to our revenue on the other hand.", "# Business relationship among our Group, apparel brands and garment manufacturers", "The following diagram illustrates the typical business relationship among our Group, apparel brands and garment manufacturers:", "# Principal contractual terms and credit terms", "During the Track Record Period, we generally entered into individual sales orders and did not enter into long-term contracts with our garment manufacturer customers.", "The terms typically included in these sales orders are product specifications, unit price, volume, delivery schedule and payment terms which are agreed between our Group and apparel brands. Garment manufacturers must procure denim fabrics from designated suppliers and in accordance with purchase" ]	[ "terms as instructed by the apparel brands. Payments are usually made by cash or letters of credit. We granted credit periods of up to 60 days to customers who have long business relationship with us and good payment record.", "# Delivery arrangement", "The finished products are generally delivered to garment manufacturers on the basis of FOB. However, we sometimes deliver on the basis of CIF or CNF to certain overseas garment manufacturers.", "We generally engage third party logistic service providers for the delivery of our denim fabrics to our customers in both overseas and PRC sales. For FY2015, FY2016 and FY2017, our delivery and export related expenses amounted to HK\\$4.4 million, HK\\$6.0 million and HK\\$7.6 million, respectively.", "During the Track Record Period and up to the Latest Practicable Date, we did not experience any material disruption to our delivery arrangements and we did not suffer any material loss or pay any compensation as a result of delays in deliveries to our customers.", "# Product return and warranty", "We carry out internal quality control assessments to ensure that the finished products comply with the specifications or quality standards of the apparel brands. Apparel brands may also designate their quality control examiners to assess the quality of our finished products. If the results of either one of the assessments fail to meet the pre-determined specifications or quality standards, we may arrange replacement for the returned products on a case-by-case basis.", "Our Directors confirm that during the Track Record Period and up to the Latest Practicable Date, our Group (i) did not receive any material complaints or claims from our customers in relation to the quality of our denim fabrics; and (ii) did not have any material sales return or product recall.", "# QUALITY CONTROL", "We place great emphasis on quality standards and are committed to manufacturing excellent quality denim fabrics. As at the Latest Practicable Date, there were 58 employees in our quality control team, of which two were based in Hong Kong and 56 were based in the PRC.", "We have implemented and put in place the following internal quality control guidelines and measures throughout our production process from use of qualified suppliers, subcontracting to packaging:", "# Use of qualified suppliers", "Our suppliers are selected based on, among other things, price and payment terms, product and service quality, operation scale, and geographical proximity to our production facilities.", "A qualified supplier list for our principal raw materials approved by our executive Directors is maintained by our procurement team and all principal raw materials must be purchased from our qualified suppliers. We closely monitor the performance of our suppliers from time to time. Besides, we" ]	[ [ 7, 0 ] ]
2901282_31.pdf	2901282_32.pdf	en	[ "announcements by us or our competitors of significant acquisitions or dispositions; the lack of securities analysts covering our common stock; changes in earnings estimates by securities analysts or our ability to meet those estimates; the operating and stock price performance of comparable companies; overall market fluctuations; and general economic conditions. Stock markets in general have experienced volatility that has often been unrelated to the operating performance of a particular company. These broad market fluctuations may adversely affect the trading price of our common stock.", "# Your percentage ownership in Wyndham Worldwide may be diluted in the future.", "Your percentage ownership in Wyndham Worldwide may be diluted in the future because of equity awards that we have and expect will be granted over time to our Directors and employees. In addition, our Board may issue shares of our common and preferred stock and debt securities convertible into shares of our common and preferred stock up to certain regulatory thresholds without shareholder approval.", "# Provisions in our certificate of incorporation and by-laws and under Delaware law may prevent or delay an acquisition of Wyndham Worldwide which could impact the trading price of our common stock.", "Our certificate of incorporation and by-laws and Delaware law contain provisions that are intended to deter coercive takeover practices and inadequate takeover bids by making such practices or bids unacceptably expensive and to encourage prospective acquirers to negotiate with our Board rather than to attempt a hostile takeover. These provisions include that stockholders do not have the right to act by written consent, rules regarding how stockholders may present proposals or nominate directors for election at stockholder meetings, the right of our Board to issue preferred stock without stockholder approval and limitations on the right of stockholders to remove directors. Delaware law also imposes restrictions on mergers and other business combinations between us and any holder of 15% or more of our outstanding common stock.", "# We cannot provide assurance that we will continue to pay dividends or purchase shares of our common stock under our stock repurchase program.", "There can be no assurance that we will have sufficient cash or surplus under Delaware law to be able to continue to pay dividends or purchase shares of our common stock under our stock repurchase program. This may result from extraordinary cash expenses, actual expenses exceeding contemplated costs, funding of capital expenditures, increases in reserves or lack of available capital. Our Board may also suspend the payment of dividends or our stock repurchase program if the Board deems such action to be in the best interests of our stockholders. If we do not pay dividends, the price of our common stock must appreciate for you to realize a gain on your investment in Wyndham Worldwide. This appreciation may not occur and our stock may in fact depreciate in value.", "# We are responsible for certain of Cendant’s contingent and other corporate liabilities.", "Under the separation agreement and the tax sharing agreement that we executed with Cendant (now Avis Budget Group) and former Cendant units, Realogy and Travelport, we and Realogy generally are responsible for 37.5% and 62.5%, respectively, of certain of Cendant’s contingent and other corporate liabilities and associated costs including certain contingent and other corporate liabilities of Cendant or its subsidiaries to the extent incurred on or prior to August 23, 2006. These liabilities include those relating to certain of Cendant’s terminated or divested businesses, the Travelport sale, certain Cendant-related litigation, actions with respect to the separation plan and payments under certain contracts that were not allocated to any specific party in connection with the separation.", "If any party responsible for the liabilities described above were to default on its obligations, each non-defaulting party including Avis Budget would be required to pay an equal portion of the amounts in default. Accordingly, we could under certain circumstances be obligated to pay amounts in excess of our share of the assumed obligations related to such liabilities including associated costs. In accordance with the terms of the separation agreement, Realogy posted a letter of credit in April 2007 for our and Cendant’s benefit to cover its estimated share of the assumed liabilities discussed above although there can be no assurance that such letter of credit will be sufficient to cover Realogy’s actual obligations if they arise.", "# We may be required to write-off all or a portion of the remaining value of our goodwill or other intangibles of companies we have acquired.", "Under generally accepted accounting principles we review our intangible assets, including goodwill, for impairment at least annually or when events or changes in circumstances indicate the carrying value may not be recoverable. Factors that may be considered a change in circumstances indicating that the carrying value of our goodwill or other intangible assets may not be recoverable include a sustained decline in our stock price and market capitalization, reduced future cash flow estimates and slower" ]	[ "growth rates in our industry. We may be required to record a significant non-cash impairment charge in our financial statements during the period in which any impairment of our goodwill or other intangible assets is determined, negatively impacting our results of operations and stockholders’ equity.", "# ITEM 1B. UNRESOLVED STAFF COMMENTS", "# None.", "# ITEM 2. PROPERTIES", "Our corporate headquarters is located in a leased office at 22 Sylvan Way in Parsippany, New Jersey, which lease expires in 2029. We also have a leased office in Virginia Beach, Virginia for our Associate Service Center, which lease expires in 2019.", "# Wyndham Hotel Group", "The main corporate operations of our hotel group business share office space in our corporate headquarters leased in Parsippany, New Jersey. Our hotel group business also leases space for its reservations centers and/or data warehouses in Phoenix, Arizona and Saint John, New Brunswick, Canada pursuant to leases that expire in 2020. In addition, our hotel group business has nine leases for office space in various countries outside the U.S. with varying expiration dates ranging between 2017 and 2021. Our hotel group business also has three leases for office space within the U.S. with varying expiration dates ranging between 2018 and 2020. All leases that are due to expire in 2017 are presently under review related to our ongoing requirements.", "# Wyndham Destination Network", "Wyndham Destination Network has its main corporate operations in a leased office in Parsippany, New Jersey, which lease expires in 2029. Wyndham Destination Network also owns 30 properties, of which 20 are located in the U.S., five are located in Denmark, four are located in the U.K. and one is located in Mexico. Wyndham Destination Network has 175 leased offices that expire between 2017 through 2035, of which 83 are located in North America, 81 are located in Europe, eight are located in Latin America and three are located in Asia Pacific. All leases that are due to expire in 2017 are presently under review related to our ongoing requirements.", "# Wyndham Vacation Ownership", "Our vacation ownership business has its main corporate operations in Orlando, Florida pursuant to several leases, which begin to expire in 2025. Our vacation ownership business also has leased spaces in Redmond, Washington; Springfield, Missouri; Chicago, Illinois; Las Vegas, Nevada; and Bundall, Australia with various expiration dates. Our vacation ownership business leases space for administrative functions in Las Vegas, Nevada that expires in 2028 and in Northbrook, Illinois that expires in 2017. In addition, the vacation ownership business leases approximately 113 marketing and sales offices, of which approximately 96 are located throughout the U.S., nine are located in Australia, four are located in the Caribbean, three are located in Mexico, and one is located in Canada with varying expiration dates. All leases that are due to expire in 2017 are presently under review related to our ongoing requirements.", "# ITEM 3. LEGAL PROCEEDINGS", "We are involved in various claims and lawsuits arising in the ordinary course of business, none of which, in the opinion of management, is expected to have a material adverse effect on our results of operations or financial condition. See Note 17 to the Consolidated Financial Statements for a description of claims and legal actions arising in the ordinary course of our business and Note 23 to the Consolidated Financial Statements for a description of our obligations regarding Cendant contingent litigation.", "# ITEM 4. MINE SAFETY DISCLOSURES", "None." ]	[ [ 11, 0 ] ]
9270294_149.pdf	9270294_150.pdf	en	[ "<table><tr><td>（二）所有者投入和减少资\n本</td><td>3,213,639.00</td><td></td><td></td><td>145,796,621.76</td><td>143,181,094.97</td><td></td><td></td><td></td><td></td><td></td><td></td><td>292,191,355.73</td></tr><tr><td>1．所有者投入的普通股</td><td>3,213,639.00</td><td></td><td></td><td></td><td>122,901,171.44</td><td></td><td></td><td></td><td></td><td></td><td></td><td>126,114,810.44</td></tr><tr><td>2．其他权益工具持有者投\n入资本</td><td></td><td></td><td></td><td>145,796,621.76</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>145,796,621.76</td></tr><tr><td>3．股份支付计入所有者权\n益的金额</td><td></td><td></td><td></td><td></td><td>20,279,923.53</td><td></td><td></td><td></td><td></td><td></td><td></td><td>20,279,923.53</td></tr><tr><td>4．其他</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>（三）利润分配</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>11,678,201.07</td><td>-42,197,428.71</td><td></td><td>-30,519,227.64</td></tr><tr><td>1．提取盈余公积</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>11,678,201.07</td><td>-11,678,201.07</td><td></td><td></td></tr><tr><td>2．对所有者（或股东）的\n分配</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-30,519,227.64</td><td></td><td>-30,519,227.64</td></tr><tr><td>3．其他</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>（四）所有者权益内部结转</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1．资本公积转增资本（或\n股本）</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2．盈余公积转增资本（或\n股本）</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3．盈余公积弥补亏损</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4．设定受益计划变动额结\n转留存收益</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5．其他综合收益结转留存\n收益</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>6．其他</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>（五）专项储备</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>" ]	[ "<table><tr><td>1．本期提取</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2．本期使用</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>（六）其他</td><td></td><td></td><td></td><td></td><td>13,348,406.98</td><td></td><td></td><td></td><td></td><td></td><td></td><td>13,348,406.98</td></tr><tr><td>四、本期期末余额</td><td>227,621,934.00</td><td></td><td></td><td>145,796,621.76</td><td>615,843,780.19</td><td></td><td></td><td></td><td>59,279,645.41</td><td>470,758,861.83</td><td></td><td>1,519,300,843.19</td></tr></table>", "上期金额", "单位：元", "<table><tr><td rowspan=\"3\">项目</td><td colspan=\"12\">2020 年年度</td></tr><tr><td rowspan=\"2\">股本</td><td colspan=\"3\">其他权益工具</td><td rowspan=\"2\">资本公积</td><td rowspan=\"2\">减：库存\n股</td><td rowspan=\"2\">其他综\n合收益</td><td rowspan=\"2\">专项储备</td><td rowspan=\"2\">盈余公积</td><td rowspan=\"2\">未分配利润</td><td rowspan=\"2\">其他</td><td rowspan=\"2\">所有者权益合计</td></tr><tr><td>优先\n股</td><td>永续\n债</td><td>其他</td></tr><tr><td>一、上年期末余额</td><td>218,760,000.00</td><td></td><td></td><td></td><td>206,550,566.75</td><td></td><td></td><td></td><td>31,240,578.21</td><td>262,051,719.52</td><td></td><td>718,602,864.48</td></tr><tr><td> 加：会计政策变更</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>76,259.66</td><td>686,336.95</td><td></td><td>762,596.61</td></tr><tr><td> 前期差错更正</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td> 其他</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>二、本年期初余额</td><td>218,760,000.00</td><td></td><td></td><td></td><td>206,550,566.75</td><td></td><td></td><td></td><td>31,316,837.87</td><td>262,738,056.47</td><td></td><td>719,365,461.09</td></tr><tr><td>三、本期增减变动金额（减少以\n“－”号填列）</td><td>5,648,295.00</td><td></td><td></td><td></td><td>252,763,711.49</td><td></td><td></td><td></td><td>16,284,606.47</td><td>133,436,223.42</td><td></td><td>408,132,836.38</td></tr><tr><td>（一）综合收益总额</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>162,846,064.72</td><td></td><td>162,846,064.72</td></tr><tr><td>（二）所有者投入和减少资本</td><td>5,648,295.00</td><td></td><td></td><td></td><td>252,763,711.49</td><td></td><td></td><td></td><td></td><td></td><td></td><td>258,412,006.49</td></tr><tr><td>1．所有者投入的普通股</td><td>5,648,295.00</td><td></td><td></td><td></td><td>217,049,845.68</td><td></td><td></td><td></td><td></td><td></td><td></td><td>222,698,140.68</td></tr><tr><td>2．其他权益工具持有者投入资本</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3．股份支付计入所有者权益的金\n额</td><td></td><td></td><td></td><td></td><td>35,713,865.81</td><td></td><td></td><td></td><td></td><td></td><td></td><td>35,713,865.81</td></tr><tr><td>4．其他</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>" ]	[ [ 0, 0 ] ]
20788755_259.pdf	20788755_260.pdf	en	[ "# Glossary", "<table><tr><td>“2021 AGM”</td><td>the forthcoming annual general meeting of the Company to be held on \nTuesday, 24 August 2021 at 11:30 a.m. at 24/F, Admiralty Centre I, 18 Harcourt \nRoad, Hong Kong.</td></tr><tr><td>“ARR”</td><td>average room rate.</td></tr><tr><td>“Articles”</td><td>Articles of Association of the Company, as amended from time to time.</td></tr><tr><td>“Associate”</td><td>has the meaning ascribed to it under the Listing Rules.</td></tr><tr><td>“AUD” or“A$”</td><td>Australian Dollars, the lawful currency of Australia.</td></tr><tr><td>“BC Group” or “BCG”</td><td>BC Investment Group Holdings Limited (formerly known as BC Group Holdings \nLimited), a company incorporated in the Cayman Islands and which is the \nholding company of BC Securities following the reorganisation referred to the \nannouncement of the Company dated 21 February 2019.</td></tr><tr><td>“BC Securities”</td><td>BC Securities Pty Ltd, BC Finance Services Pty Ltd, BC Investment Group Pty \nLtd, BC Investment Group (HK) Limited, BC Securities (HK) Limited and their \nrespective subsidiaries, whose principal business is the provision of regulated \nfirst mortgage finance to international buyers of residential properties.</td></tr><tr><td>“BCG Business”</td><td>international mortgage finance ldpatform uner the brand of BCG.</td></tr><tr><td>“Board”</td><td>the board of Directors.</td></tr><tr><td>“BVI”</td><td>the British Virilgn Isands.</td></tr><tr><td>“CAGR”</td><td>compound annual growth rate.</td></tr><tr><td>“Care Park”</td><td>Care Park Group Pty. Ltd., a company incorporated in Australia with limited \nliability, an indirect non wholly-owned Subsidiary.</td></tr><tr><td>“CBD”</td><td>central business district.</td></tr><tr><td>“CG Code”</td><td>Corporate Governance Code contained in Appendix 14 to the Listing Rules.</td></tr><tr><td>“Companies Law”</td><td>Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the \nCayman Islands.</td></tr><tr><td>“Company” or “FEC” or “FECIL”</td><td>Far East Consortium International Limited, a company incorporated in the \nCayman Islands with limited liability, the shares of which are listed on the Main \nBoard of the Stock Exchange (stock code: 35).</td></tr><tr><td>“Controlling Shareholder”</td><td>has the meaning ascribed to it under the Listing Rules.</td></tr><tr><td>“CTF”</td><td>Chow Tai Fook Group.</td></tr><tr><td>“Czech”</td><td>the Czech Republic.</td></tr><tr><td>“CZK”</td><td>Czech Koruna, the lawful currency of Czech.</td></tr><tr><td>“Director(s)”</td><td>the director(s) of the Company.</td></tr><tr><td>“Dorsett”</td><td>Dorsett HosiiptaltIy nternational Limited (formerly know as Kosmopolito Hotels \nInternational Limited), a company incorporated in the Cayman Islands and a \nlisted subsidiary of the Company until it was privatized (previous stock code: \n2266) and became an indirect wholly-owned Subsidiary in October 2015.</td></tr><tr><td>“Dorsett Group”</td><td>Dorsett and its subsidiaries.</td></tr><tr><td>“Dorsett Share Option Scheme”</td><td>the share option scheme of Dorsett adopted on 10 September 2010.</td></tr></table>" ]	[ "<table><tr><td>“EBITDA”</td><td>earnings before interest, taxes, depreciation, and amortisation.</td></tr><tr><td>“ESG”</td><td>Environmental, Social and Governance.</td></tr><tr><td>“EUR”</td><td>Euro, the lawful currency of the eurozone.</td></tr><tr><td>“FECIL Share Option Schemes”</td><td>the share option schemes of the Company adopted pursuant to the resolutions \npassed by the Shareholders on 28 August 2002 and 31 August 2012.</td></tr><tr><td>“FEV”</td><td>Far East Vault.</td></tr><tr><td>“FY”</td><td>financial year ended/ending 31 March.</td></tr><tr><td>“F&B”</td><td>food and beverage.</td></tr><tr><td>“GBP” or“£”</td><td>pounds sterling, the lawful currency of the United Kindgom.</td></tr><tr><td>“GDV”</td><td>gross development value.</td></tr><tr><td>“GFA”</td><td>gross floor area.</td></tr><tr><td>“Group”</td><td>the Company and its Subsidiaries.</td></tr><tr><td>“HK$”</td><td>Hong Kong Dollars, the lawful currency of Hong Kong.</td></tr><tr><td>“HKICPA”</td><td>the Hong Kong Institute of Certified Public Accountants.</td></tr><tr><td>“HKIRA”</td><td>the Hong Kong Investor Relations Association.</td></tr><tr><td>“Hong Kong” or “HK” or “HKSAR”</td><td>the Hong Kong Special Administrative Reifgon o the PRC.</td></tr><tr><td>“LC”</td><td>local currency.</td></tr><tr><td>“Listing Rules”</td><td>the Rules Governing the Listing of Securities on the Stock Exchange.</td></tr><tr><td>“Mayland”</td><td>Malaysia Land Properties Sdn. Bhd..</td></tr><tr><td>“MCC”</td><td>Manchester City Council.</td></tr><tr><td>“Model Code”</td><td>Model Code for Securities Transactions by Directors of Listed Issuers set out \nin Appendix 10 of the Listing Rules.</td></tr><tr><td>“MOU”</td><td>Memorandum of understanding.</td></tr><tr><td>“MYR”</td><td>Malaysian Rinihggt, te lawful currencMy of alaysia.</td></tr><tr><td>“Notes”</td><td>the notes issued under the US$1,000,000,000 medium term note programme \nof FEC Finance Limited unconditionally and irrevocably guaranteed by the \nCompany.</td></tr><tr><td>“OCC”</td><td>overall occupancy rate.</td></tr><tr><td>“Perpetual Capital Notes”</td><td>the senior perpetual cailpta notes issued under the US$1,000,000,000 medium \nterm note programme of FEC Finance Limited unconditionally and irrevocably \nguaranteed by the Company.</td></tr><tr><td>“PRC” or “Mainland China” or \n“China”</td><td>other reihPgons in te eolpe’s Rebpulic of China, and for the purpose of this \nannual report and unless otherwise stated, references in this annual report to \nthe PRC, Mainland China or China do not include Taiwan, Hong Kong or Macau \nSpecial Administrative Reion of the PRCg.</td></tr></table>" ]	[ [ 1, 0 ] ]
9323904_128.pdf	9323904_129.pdf	en	[ "<table><tr><td rowspan=\"3\">项目</td><td colspan=\"12\">2021 年度</td></tr><tr><td rowspan=\"2\">股本</td><td colspan=\"3\">其他权益工具</td><td rowspan=\"2\">资本公积</td><td rowspan=\"2\">减：库存股</td><td rowspan=\"2\">其他综合收\n益</td><td rowspan=\"2\">专项储\n备</td><td rowspan=\"2\">盈余公积</td><td rowspan=\"2\">未分配利润</td><td rowspan=\"2\">其\n他</td><td rowspan=\"2\">所有者权益合计</td></tr><tr><td>优先 \n股</td><td>永续\n债</td><td>其\n他</td></tr><tr><td> 其他</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>二、本年期初余额</td><td>410,314,245.00</td><td>-</td><td>-</td><td>-</td><td>742,826,485.55</td><td>-</td><td>-</td><td>-</td><td>8,368,315.66</td><td>12,087,132.39</td><td>-</td><td>1,173,596,178.60</td></tr><tr><td>三、本期增减变动金额（减少以“－”号填\n列）</td><td>101,960,000.00</td><td>-</td><td>-</td><td>-</td><td>206,896,270.66</td><td>-</td><td>-</td><td>-</td><td>8,470,121.85</td><td>76,231,096.68</td><td>-</td><td>393,557,489.19</td></tr><tr><td>（一）综合收益总额</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>84,701,218.53</td><td>-</td><td>84,701,218.53</td></tr><tr><td>（二）所有者投入和减少资本</td><td>101,960,000.00</td><td>-</td><td>-</td><td>-</td><td>206,896,270.66</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>308,856,270.66</td></tr><tr><td>1．所有者投入的普通股</td><td>101,960,000.00</td><td>-</td><td>-</td><td>-</td><td>206,896,270.66</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>308,856,270.66</td></tr><tr><td>2．其他权益工具持有者投入资本</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>3．股份支付计入所有者权益的金额</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>4．其他</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>（三）利润分配</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,470,121.85</td><td>-8,470,121.85</td><td>-</td><td>-</td></tr><tr><td>1．提取盈余公积</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,470,121.85</td><td>-8,470,121.85</td><td>-</td><td>-</td></tr><tr><td>2．对所有者（或股东）的分配</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>3．其他</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>（四）所有者权益内部结转</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1．资本公积转增资本（或股本）</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2．盈余公积转增资本（或股本）</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>3．盈余公积弥补亏损</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>4．设定受益计划变动额结转留存收益</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>5．其他综合收益结转留存收益</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>" ]	[ "<table><tr><td rowspan=\"3\">项目</td><td colspan=\"12\">2021 年度</td></tr><tr><td rowspan=\"2\">股本</td><td colspan=\"3\">其他权益工具</td><td rowspan=\"2\">资本公积</td><td rowspan=\"2\">减：库存股</td><td rowspan=\"2\">其他综合收\n益</td><td rowspan=\"2\">专项储\n备</td><td rowspan=\"2\">盈余公积</td><td rowspan=\"2\">未分配利润</td><td rowspan=\"2\">其\n他</td><td rowspan=\"2\">所有者权益合计</td></tr><tr><td>优先 \n股</td><td>永续\n债</td><td>其\n他</td></tr><tr><td>6．其他</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>（五）专项储备</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1．本期提取</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2．本期使用</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>（六）其他</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>四、本期期末余额</td><td>512,274,245.00</td><td>-</td><td>-</td><td>-</td><td>949,722,756.21</td><td>-</td><td>-</td><td>-</td><td>16,838,437.51</td><td>88,318,229.07</td><td>-</td><td>1,567,153,667.79</td></tr></table>", "上期金额", "单位：元", "<table><tr><td rowspan=\"3\">项目</td><td colspan=\"12\">2020 年年度</td></tr><tr><td rowspan=\"2\">股本</td><td colspan=\"3\">其他权益工具</td><td rowspan=\"2\">资本公积</td><td rowspan=\"2\">减：库存股</td><td rowspan=\"2\">其他综合收\n益</td><td rowspan=\"2\">专项储\n备</td><td rowspan=\"2\">盈余公积</td><td rowspan=\"2\">未分配利润</td><td rowspan=\"2\">其\n他</td><td rowspan=\"2\">所有者权益合计</td></tr><tr><td>优先\n股</td><td>永续\n债</td><td>其\n他</td></tr><tr><td>一、上年期末余额</td><td>410,314,245.00</td><td>-</td><td>-</td><td>-</td><td>742,826,485.55</td><td>-</td><td>-</td><td>-</td><td>7,577,479.32</td><td>4,969,605.35</td><td></td><td>1,165,687,815.22</td></tr><tr><td> 加：会计政策变更</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td> 前期差错更正</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td> 其他</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>二、本年期初余额</td><td>410,314,245.00</td><td>-</td><td>-</td><td>-</td><td>742,826,485.55</td><td>-</td><td>-</td><td>-</td><td>7,577,479.32</td><td>4,969,605.35</td><td>-</td><td>1,165,687,815.22</td></tr><tr><td>三、本期增减变动金额（减少以“－”号填列）</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>790,836.34</td><td>7,117,527.04</td><td>-</td><td>7,908,363.38</td></tr><tr><td>（一）综合收益总额</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7,908,363.38</td><td>-</td><td>7,908,363.38</td></tr><tr><td>（二）所有者投入和减少资本</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>" ]	[ [ 0, 0 ] ]

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