2016/17 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 寰 宇 国 际 金 融 控 股 有 限 公 司 (Incorporated in Bermuda with limited liability 於百慕达注册成立之有限公司） (Stock Code 股份代号：1046） UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 1 公司资料 执行董事 林小明先生 （主席） 洪祖星先生 林杰新先生 郑熹榆女士 （於二零一六年十月七日辞任） 非执行董事 陈绍光先生 （於二零一六年十一月三十日退任） 独立非执行董事 林芝强先生 蔡永冠先生 郑露仪女士 （於二零一六年十一月三十日获委任） 林永泰先生 （於二零一六年十一月三十日退任） 公司秘书 林杰新先生 授权代表 林小明先生 林杰新先生 主要往来银行 香港上海�蠓嵋�行有限公司 华侨永亨银行有限公司 交通银行股份有限公司 核数师 国富浩华（香港）会计师事务所有限公司 执业会计师 法律顾问 苏姜叶冼律师行 香港中环 德辅道中173号 南丰大厦 10楼1009-1012室 梁宝仪刘正豪律师行 香港中环 皇后大道中99号 中环中心72楼7208-10室 CORPORATE INFORMATION Executive Directors Mr Lam Shiu Ming, Daneil (Chairman) Mr Hung Cho Sing Mr Lam Kit Sun Ms Cheng Hei Yu (resigned on 7th October 2016) Non-executive Directors Mr Chan Shiu Kwong Stephen (retired on 30th November 2016) Independent Non-executive Directors Mr Lam Chi Keung Mr Choi Wing Koon Ms Cheng Lo Yee (appointed on 30th November 2016) Mr Lam Wing Tai (retired on 30th November 2016) Company Secretary Mr Lam Kit Sun Authorized Representatives Mr Lam Shiu Ming, Daneil Mr Lam Kit Sun Principal Bankers The Hongkong and Shanghai Banking Corporation Limited OCBC Wing Hang Bank Limited Bank of Communications Co., Ltd Auditor Crowe Horwath (HK) CPA Limited Certified Public Accountants Legal Advisers So Keung Yip & Sin 1009-1012, 10th Floor Nan Fung Tower 173 Des Voeux Road Central Central, Hong Kong Leung & Lau, Solicitors Unit 7208-10, 72/F, The Center 99 Queen’s Road Central Central Hong Kong 2 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 公司资料（续） 股份登记处 卓佳雅柏勤有限公司 香港 皇后大道东183号 合和中心22楼 审计委员会 蔡永冠先生 （主席） 林芝强先生 郑露仪女士 （於二零一六年十一月三十日获委任） 林永泰先生 （於二零一六年十一月三十日退任） 薪酬委员会 蔡永冠先生 （主席） 林小明先生 林芝强先生 郑露仪女士 （於二零一六年十一月三十日获委任） 林永泰先生 （於二零一六年十一月三十日退任） 提名委员会 林芝强先生 （主席） 林小明先生 蔡永冠先生 郑露仪女士 （於二零一六年十一月三十日获委任） 林永泰先生 （於二零一六年十一月三十日退任） 注册办事处 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 总办事处及主要营业地点 香港 新界 葵涌 大连排道192至200号 伟伦中心第二期 18楼 网址 www.uih.com.hk 股份代号 1046 CORPORATE INFORMATION (Continued) Share Registrar Tricor Abacus Limited Level 22, Hopewell Centre 183 Queen’s Road East Hong Kong Audit Committee Mr Choi Wing Koon (Chairman) Mr Lam Chi Keung Ms Cheng Lo Yee (appointed on 30th November 2016) Mr Lam Wing Tai (retired on 30th November 2016) Remuneration Committee Mr Choi Wing Koon (Chairman) Mr Lam Shiu Ming, Daneil Mr Lam Chi Keung Ms Cheng Lo Yee (appointed on 30th November 2016) Mr Lam Wing Tai (retired on 30th November 2016) Nomination Committee Mr Lam Chi Keung (Chairman) Mr Lam Shiu Ming, Daneil Mr Choi Wing Koon Ms Cheng Lo Yee (appointed on 30th November 2016) Mr Lam Wing Tai (retired on 30th November 2016) Registered Office Clarendon House 2 Church Street Hamilton HM 11 Bermuda Head Office and Principal Place of Business 18th Floor Wyler Centre Phase II 192-200 Tai Lin Pai Road Kwai Chung New Territories Hong Kong Website www.uih.com.hk Stock Code 1046 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 3 The board of directors (the “Director(s)”) (the “Board”) of Universe International Financial Holdings Limited (the “Company”) announces the unaudited condensed consolidated balance sheet as at 31st December 2016 and the unaudited condensed consolidated statement of comprehensive income, the unaudited condensed consolidated statement of changes in equity and the unaudited condensed consolidated statement of cash flows of the Company and its subsidiaries (collectively, the “Group”) for the six months ended 31st December 2016 (the “Period”) as follows: UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET Unaudited Audited 未经审核 经审核 As at 31st December As at 30th June 2016 2016 於二零一六年 十二月三十一日 於二零一六年 六月三十日 Note HK$’000 HK$’000 附注 千港元 千港元 ASSETS 资产 Non-current assets 非流动资产 Property, plant and equipment 物业、机器及设备 6 5,867 6,224 Investment properties 投资物业 6 25,560 25,560 Goodwill 商誉 6 51,044 59,447 Other intangible assets 其他无形资产 6 14,157 14,231 Film rights and films in progress 电影版权及制作中 之电影 6 47,444 54,278 Interests in associates 於联营公司之权益 7(a) 27,150 25,730 Interests in joint ventures 於合营公司之权益 8(a) 367 482 Loans receivable 应收贷款 12(a) 16,500 20,000 Loan receivable from a joint venture 应收一间合营公司 之贷款 8(b) 8,479 8,364 Film related deposits 电影相关订金 32,779 31,592 Deposits paid 已付订金 1,044 363 Deferred tax assets 递延税项资产 383 365 Contingent consideration receivable 应收或然代价 9 18,120 10,930 Available-for-sale financial assets 可供出售金融资产 10 104,717 85,802 353,611 343,368 寰宇国际金融控股有限公司（「本公司」）之董 事（「董事」）会（「董事会」）公布本公司及其 附属公司（统称「本集团」）於二零一六年十二 月三十一日之未经审核简明综合资产负债表 及截至二零一六年十二月三十一日止六个月 （「本期间」）之未经审核简明综合全面收益表、 未经审核简明综合权益变动表及未经审核简 明综合现金流量表如下： 未经审核简明综合资产负债表 4 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 Unaudited Audited 未经审核 经审核 As at 31st December As at 30th June 2016 2016 於二零一六年 十二月三十一日 於二零一六年 六月三十日 Note HK$’000 HK$’000 附注 千港元 千港元 Current assets 流动资产 Inventories 存货 12,524 14,304 Accounts receivable 应收账款 11 208,672 224,739 Loans receivable 应收贷款 12(a) 58,600 23,163 Loan to an associate 授予一间联营公司 之贷款 12(b) 5,000 5,000 Amount due from an associate 应收一间联营公司款项 7(b) 3,667 �C Deposits paid, prepayments and other receivables 已付订金、预付款项 及其他应收款项 62,785 68,492 Financial assets at fair value through profit or loss 透过损益按公平值入账 之金融资产 13 244,811 247,444 Bank balances and cash �C trust accounts 银行结余及现金 －信托账户 14 160,678 116,667 Cash and cash equivalents 现金及现金等价物 159,912 101,173 916,649 800,982 Non-current assets held for sale 持作出售之非流动资产 15 3,535 �C Assets associated with disposal group classified as held for sale 分类为持作出售 之出售组别 之相关资产 �C 6,381 Total current assets 流动资产总值 920,184 807,363 Total assets 总资产 1,273,795 1,150,731 EQUITY 权益 Equity attributable to the owners of the Company 本公司拥有人应占权益 Share capital 股本 17 5,333 1,778 Share premium 股份溢价 736,283 532,910 Other reserves 其他储备 19 59,466 67,301 Retained earnings 保留盈利 118,735 151,162 919,817 753,151 Non-controlling interests 非控股权益 (139) (1,230) Total equity 总权益 919,678 751,921 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (Continued) 未经审核简明综合资产负债表 （续） UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 5 载於第12页至48页之附注为该等未经审核简 明综合中期财务资料之一部分。 Unaudited Audited 未经审核 经审核 As at 31st December As at 30th June 2016 2016 於二零一六年 十二月三十一日 於二零一六年 六月三十日 Note HK$’000 HK$’000 附注 千港元 千港元 LIABILITIES 负债 Non-current liabilities 非流动负债 Borrowings 借贷 20 15,900 �C Obligations under finance lease 融资租赁承担 21 47 63 Contingent consideration payable 应付或然代价 24 18,120 �C Deferred income liabilities 递延收入负债 2,315 2,229 36,382 2,292 Current liabilities 流动负债 Accounts payable 应付账款 23 175,025 254,722 Amount due to an associate 应付一间联营公司 之款项 7(b) �C 1,941 Other payables and accrued charges 其他应付款项 及应计支出 67,804 64,121 Borrowings 借贷 20 39,173 9,200 Deposits received 已收订金 27,202 43,813 Obligations under finance lease 融资租赁承担 21 35 35 Taxation payable 应缴税项 8,496 9,068 Bank overdrafts 银行透支 20 �C 4,020 317,735 386,920 Liabilities associated with disposal group classified as held for sale 分类为持作出售 之出售组别之相关负债 �C 9,598 Total current liabilities 流动负债总额 317,735 396,518 Total liabilities 总负债 354,117 398,810 Total equity and liabilities 总权益及负债 1,273,795 1,150,731 Net current assets 流动资产净值 602,449 410,845 Total assets less current liabilities 总资产减流动负债 956,060 754,213 The notes on pages 12 to 48 form an integral part of these unaudited condensed consolidated interim financial information. 未经审核简明综合资产负债表 （续） UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (Continued) 6 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 UNAUDITED CONDENSED 未经审核简明综合全面收益表 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 31st December 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 Note HK$’000 HK$’000 附注 千港元 千港元 Revenue 收益 Sales of goods �C video distribution, optical, watches and jewellery products 销售货品－录像发行、 光学、钟表及 珠宝产品 33,027 42,372 Income on film exhibition, licensing and sub-licensing of film rights 电影放映、授出及转授 电影版权收入 22,787 22,738 Income from other businesses 其他业务收入 17,911 9,853 Total revenue 总收益 5 73,725 74,963 Cost of revenue 收益成本 Cost of inventories sold 已售存货成本 (24,004) (18,261) Related cost on film exhibition, licensing and sub-licensing of film rights 电影放映、授出及 转授电影版权 相关成本 (6,895) (8,098) Cost from other businesses 其他业务成本 (254) (477) Total cost of revenue 收益总成本 25 (31,153) (26,836) Selling expenses 销售费用 25 (6,925) (9,735) Administrative expenses 行政费用 25 (43,116) (34,309) Other operating income/(expenses) 其他经营收入�u（费用） 29 (425) Gain on disposal of a subsidiary 出售一间附属公司之收益 28 3,197 �C Gain on step acquisition of a subsidiary 分阶段收购一间附属公司 之收益 �C 1,764 Impairment loss of available-for-sale financial assets 可供出售金融资产之 减值亏损 (45,585) �C Amortisation of other intangible assets 其他无形资产摊销 6 (74) �C Other income 其他收入 870 1,744 Gains/(losses): 收益�u（亏损）： Fair value change on financial assets at fair value through profit or loss 透过损益按公平值 入账之金融资产之 公平值变动 18,230 (132,328) Fair value change on contingent consideration receivable 应收或然代价之 公平值变动 9 7,190 �C Fair value change on contingent consideration payable 应付或然代价之 公平值变动 24 (7,190) �C Fair value change on convertible bonds 可换股债券之 公平值变动 �C 6,878 Other (losses)/gains �C net 其他（亏损）�u收益 －净额 (3,105) 81 Finance income 财务收入 145 2,970 Finance costs 财务成本 (2,109) (543) Share of profits of associates 应占联营公司溢利 680 753 Share of loss of a joint venture 应占一间合营公司亏损 (115) (112) Loss before income tax 除所得税前亏损 (35,306) (115,135) Income tax (expense)/credit 所得税（开支）�u回拨 26 (4,300) 20,217 Loss for the period 期内亏损 (39,606) (94,918) UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 7 载於第12页至48页之附注为该等未经审核简 明综合中期财务资料之一部分。 Loss for the period 期内亏损 (39,606) (94,918) Other comprehensive loss: 其他全面亏损： Items that may be reclassified to profit or loss: 可重新分类至损益之项目： Net movement in available-for-sale investment reserve in respect of available-for-sale financial assets: 有关可供出售金融资产 之可供出售投资 储备变动净额： �C Changes in fair value recognised during the period －於期内确认之 公平值变动 (46,782) (10,274) �C Reclassification adjustments for amounts transferred to profit or loss: impairment loss －转拨至损益之 金额之重新分类 调整：减值亏损 45,585 �C (1,197) (10,274) Currency translation differences 货币换算差额 486 172 Other comprehensive loss for the period, net of tax 期内其他全面亏损， 扣除税项 (711) (10,102) Total comprehensive loss for the period 期内全面亏损总额 (40,317) (105,020) Loss for the period attributable to: 以下应占期内亏损： Owners of the Company 本公司拥有人 (39,496) (94,645) Non-controlling interests 非控股权益 (110) (273) (39,606) (94,918) Total comprehensive loss for the period attributable to: 以下应占期内全面亏损 总额： Owners of the Company 本公司拥有人 (40,207) (104,747) Non-controlling interests 非控股权益 (110) (273) (40,317) (105,020) Loss per share attributable to the owners of the Company during the period (expressed in HK$) 期内本公司拥有人 应占每股亏损 （以港元列示） (restated) （经重列） �C basic and diluted －基本及摊薄 27 0.11 0.65 The notes on pages 12 to 48 form an integral part of these unaudited condensed consolidated interim financial information. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Continued) For the six months ended 31st December 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 Note HK$’000 HK$’000 附注 千港元 千港元 未经审核简明综合全面收益表 （续） 8 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 UNAUDITED CONDENSED 未经审核简明综合权益变动表 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Attributable to the owners of the Company 本公司拥有人应占 Share capital Share premium Other reserves Retained earnings Total Non-controlling interests Total equity 股本 股份溢价 其他储备 保留盈利 总计 非控股权益 总权益 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Balance at 1st July 2016 於二零一六年七月一日之结余 1,778 532,910 67,301 151,162 753,151 (1,230) 751,921 Comprehensive loss 全面亏损 Loss for the Period 期内亏损 �C �C �C (39,496) (39,496) (110) (39,606) Other comprehensive loss 其他全面亏损 Change in fair value of available-for-sale financial assets 可供出售金融资产 之公平值变动 �C �C (46,782) �C (46,782) �C (46,782) Change in fair value in available-for-sale financial assets reclassified to profit or loss 重新分类至损益 之可供出售金融资产 之公平值变动 �C �C 45,585 �C 45,585 �C 45,585 Currency translation difference 货币换算差额 �C �C 486 �C 486 �C 486 Total other comprehensive loss 其他全面亏损总额 �C �C (711) �C (711) �C (711) Total comprehensive loss for the Period 期内全面亏损总额 �C �C (711) (39,496) (40,207) (110) (40,317) Transactions with owners 与拥有人之交易 Issue of new ordinary shares, net of expenses 发行新普通股，扣除开支 3,555 203,373 �C �C 206,928 �C 206,928 Employee share option scheme 雇员购股权计划 �C lapse of share options －购股权失效 �C �C (7,095) 7,095 �C �C �C Further acquisition of interest in a subsidiary 进一步收购一间附属公司 之权益 �C �C �C (26) (26) 26 �C Disposal of a subsidiary (note 28) 出售一间附属公司（附注28） �C �C (29) �C (29) 1,175 1,146 Total contributions by and distribution to owners of the Company, recognised directly in equity 本公司拥有人注资 及向本公司拥有人分派 之总额，直接於权益中确认 3,555 203,373 (7,124) 7,069 206,873 1,201 208,074 Balance at 31st December 2016 於二零一六年十二月三十一日 之结余 5,333 736,283 59,466 118,735 919,817 (139) 919,678 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 9 载於第12页至48页之附注为该等未经审核简 明综合中期财务资料之一部分。 Attributable to the owners of the Company 本公司拥有人应占 Share capital Share premium Other reserves Retained earnings Total Non-controlling interests Total equity 股本 股份溢价 其他储备 保留盈利 总计 非控股权益 总权益 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Balance at 1st July 2015 於二零一五年七月一日之结余 2,984 213,630 148,463 206,943 572,020 247 572,267 Comprehensive loss 全面亏损 Loss for the period 期内亏损 �C �C �C (94,645) (94,645) (273) (94,918) Other comprehensive loss 其他全面亏损 Change in fair value of available-for-sale financial assets 可供出售金融资产 之公平值变动 �C �C (10,274) �C (10,274) �C (10,274) Currency translation difference 货币换算差额 �C �C 172 �C 172 �C 172 Total other comprehensive loss 其他全面亏损总额 �C �C (10,102) �C (10,102) �C (10,102) Total comprehensive loss for the period 期内全面亏损总额 �C �C (10,102) (94,645) (104,747) (273) (105,020) Transactions with owners 与拥有人之交易 Issue of new ordinary shares, net of expenses 发行新普通股，扣除开支 11,831 297,308 �C �C 309,139 �C 309,139 Employees share option scheme �C grant of share options 雇员购股权计划 －授出购股权 �C �C 1,327 �C 1,327 �C 1,327 Non-controlling interests arising on business combination 业务合并产生之非控股权益 �C �C �C �C �C (395) (395) Total contributions by and distribution to owners of the Company, recognised directly in equity 本公司拥有人注资 及向本公司拥有人分派 之总额，直接於权益中确认 11,831 297,308 1,327 �C 310,466 (395) 310,071 Balance at 31st December 2015 於二零一五年十二月三十一日 之结余 14,815 510,938 139,688 112,298 777,739 (421) 777,318 The notes on pages 12 to 48 form an integral part of these unaudited condensed consolidated interim financial information. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued) 未经审核简明综合权益变动表 （续） 10 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 UNAUDITED CONDENSED 未经审核简明综合现金流量表 CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 31st December 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 Note HK$’000 HK$’000 附注 千港元 千港元 Net cash used in operating activities 营运活动所用之净现金 (132,598) (113,281) Cash flows from investing activities 投资活动之现金流量 Acquisition of subsidiaries, net of cash acquired 收购附属公司， 扣除所购入之现金 �C (81,413) Investment in an associate 於一间联营公司之投资 (740) (36,750) Purchase of property, plant and equipment 购入物业、机器及设备 6 (1,285) (362) (Increase)/decrease in film deposits 电影订金之（增加）�u 减少 (1,187) 671 Purchase of film rights and investment in films in progress 购入电影版权及投资制 作中之电影 6 (7,380) (5,691) Investment in available-for-sale financial assets 可供出售金融资产投资 10 (47,278) (11,330) Disposal of a subsidiary 出售一间附属公司 28 (1,359) �C Proceeds on redemption of an available-for-sale financial asset 赎回一项可供出售金融 资产之所得款项 10 1,981 �C Dividend received from an available-for-sale financial asset 已收一项可供出售金融 资产之股息 �C 15,203 Interest received 已收利息 30 2,858 Net cash used in investing activities 投资活动所用之净现金 (57,218) (116,814) Cash flows from financing activities 融资活动之现金流量 Proceeds from issuance of ordinary shares, net of expenses 发行普通股之所得 款项，扣除开支 206,928 309,139 Proceeds from borrowings 借贷之所得款项 55,073 �C Repayment of borrowings 偿还借贷 (9,200) �C Capital element of finance lease payments 融资租赁付款 之资本部分 (16) (18) Interest paid 已付利息 (2,109) (543) Net cash generated from financing activities 融资活动产生之净现金 250,676 308,578 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 11 载於第12页至48页之附注为该等未经审核简 明综合中期财务资料之一部分。 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) 未经审核简明综合现金流量表 （续） For the six months ended 31st December 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 Note HK$’000 HK$’000 附注 千港元 千港元 Net increase in cash and cash equivalents 现金及现金等价物 之净增加 60,860 78,483 Currency translation differences 货币换算差额 540 275 Cash and cash equivalents at the beginning of the period 期初之现金及现金等价物 98,512 102,834 Cash and cash equivalents at the end of the period 期末之现金及现金等价物 159,912 181,592 Analysis of cash and cash equivalents: 现金及现金等价物分析： Bank overdrafts 银行透支 �C (2,566) Cash and cash equivalents 现金及现金等价物 159,912 184,158 159,912 181,592 The notes on pages 12 to 48 form an integral part of these unaudited condensed consolidated interim financial information. 12 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 未经审核简明综合中期财务资 料附注 1. 一般资料 本集团主要从事证券经纪及�I展融资、放贷、 投资物业出租及证券投资、录像发行及放映、 授出及转授电影版权以及光学产品、钟表及 珠宝产品贸易、批发及零售业务。 本公司乃於百慕达注册成立之有限公司， 其 注 册 办 事 处 地 址 为 Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda。 本公司於香港联合交易所有限公司（「联交 所」）上市。 除另有说明外，本未经审核简明综合中期财 务资料以千港元（「千港元」）为单位呈列。 本未经审核简明综合中期财务资料已於二零 一七年二月二十七日获本公司之董事会（「董 事会」）批准刊发。 2. 编制基准 本未经审核简明综合中期财务资料乃按照联 交所证券上市规则（「上市规则」）的适用披 露规定及根据香港会计师公会（「香港会计师 公会」）颁布的香港会计准则（「香港会计准 则」）第34号「中期财务报告」而编制。 未经审核简明综合中期财务资料应与依据香 港会计师公会颁布的香港财务报告准则（「香 港财务报告准则」）而编制之截至二零一六年 六月三十日止年度之年度财务报表一并参阅。 除预期於二零一七年全年财务报表中反映的 会计政策变动外，编制未经审核简明中期财 务资料所采纳之会计政策与二零一六年全年 财务报表所采纳者一致。会计政策的任何变 动详情列载於附注3。 编制符合香港会计准则第34号的未经审核简 明综合中期财务资料，要求管理层作出判断、 估计及假设，而该等判断、估计及假设会影 响政策之应用及由年初至今就资产及负债、 收入及开支所呈报的金额。实际结果或会与 此等估计有所不同。 於中期期间之所得税乃按照预期年度总盈利 适用的税率累计。 NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 1. GENERAL INFORMATION The Group is principally engaged in securities brokerage and margin financing, money lending, leasing of investment properties and securities investment, video distribution and exhibition, licensing and sub-licensing of film rights, trading, wholesaling and retailing of optical products, watches and jewellery products. The Company is a limited liability company incorporated in Bermuda. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company is listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). This unaudited condensed consolidated interim financial information is presented in thousands of units of Hong Kong dollars (“HK$’000”), unless otherwise stated. This unaudited condensed consolidated interim financial information was approved for issue by the board of directors of the Company (the “Board”) on 27th February 2017. 2. BASIS OF PREPARATION This unaudited condensed consolidated interim financial information have been prepared in accordance with the applicable disclosure requirements of the Rules of Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”), including compliance with the Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The unaudited condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 30th June 2016, which have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the HKICPA. The unaudited condensed interim financial information has been prepared in accordance with the same accounting policies adopted in the 2016 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2017 annual financial statements. Details of any changes in accounting policies are set out in note 3. The preparation of the unaudited condensed consolidated interim financial information in conformity with HKAS 34 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 13 3. 会计政策变动 香港会计师公会已颁布多项於本集团本会计 期间首次生效之香港财务报告准则之修订。 其中以下修订乃与本集团有关： 香港财务报告准则二零一二年至二零 一四年周期之年度改进 香港会计准则第1号（修订本），披露计 划 香港会计准则第16号及香港会计准则 第38号（修订本），可接受之折旧及摊 销方式之澄清 本集团并无采用於本会计期间尚未生效的任 何新订准则或诠释。 香港财务报告准则二零一二年至二零一四 年周期之年度改进 此周期年度改进包括四项准则之修订。其中， 香港会计准则第34号「中期财务报告」已修 订澄清，倘一间实体以参照引用中期财务报 告中另一报表资料之方式於中期财务报表以 外披露该准则规定之资料，则中期财务报表 的使用者应有途径可按相同条款及於同一时 间查阅参照引用所收录之资料。由於本集团 并无於中期财务报表以外呈列相关规定披露， 故该等修订对本集团之未经审核简明综合中 期财务资料并无影响。 香港会计准则第1号（修订本），财务报表列 报：披露计划 香港会计准则第1号（修订本）对多项呈列规 定作了较少范围的变更。有关修订不会对本 集团之未经审核简明综合中期财务资料之呈 列及披露造成重大影响。 香港会计准则第16号及香港会计准则第38 号（修订本），可接受折旧及摊销方法之澄 清 香港会计准则第16号及香港会计准则第38号 （修订本）厘清香港会计准则第16号及香港会 计准则第38号中的原则，即收益反映自经营 业务（该资产为其一部分）产生的经济利益 而非通过使用资产消耗的经济利益的模式。 因此，收益法不得用於折旧物业、机器及设 备，并且仅在非常有限的情况下可用於摊销 无形资产及电影版权。该等修订将於日後应 用。该等修订对本集团的财务状况或表现并 无重大影响。 3. CHANGE IN ACCOUNTING POLICIES The HKICPA has issued a number of amendments to HKFRSs that are first effective for the current accounting period of the Group. Of these, the following amendments are relevant to the Group: Annual Improvements to HKFRSs 2012-2014 Cycle Amendments to HKAS 1, Disclosure Initiative Amendments to HKAS 16 and HKAS 38, Clarification of acceptable methods of depreciation and amortisation The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. Annual Improvements to HKFRSs 2012-2014 Cycle This cycle of annual improvements contains amendments to four standards. Among them, HKAS 34 “Interim Financial Reporting” has been amended to clarify that if an entity discloses the information required by the standard outside the interim financial statements by a cross-reference to the information in another statement of the interim financial report, then users of the interim financial statements should have access to the information incorporated by the cross-reference on the same terms and at the same time. The amendments do not have an impact on the Group’s unaudited condensed consolidated interim financial information as the Group does not present the relevant required disclosures outside the interim financial statements. Amendments to HKAS 1, Presentation of financial statements: Disclosure initiative The amendments to HKAS 1 introduce narrow-scope changes to various presentation requirements. The amendments do not have a material impact on the presentation and disclosure of the Group’s unaudited condensed consolidated interim financial information. Amendments to HKAS 16 and HKAS 38, clarification of acceptable methods of depreciation and amortisation Amendments to HKAS 16 and HKAS 38 clarify the principle in HKAS 16 and HKAS 38 that revenue reflects a pattern of economic benefits that are generated from operating a business (of which the asset is part) rather than the economic benefits that are consumed through the use of the asset. As a result, a revenue-based method cannot be used to depreciate property, plant and equipment and may only be used in very limited circumstances to amortise intangible assets and film rights. The amendments are applied prospectively. The amendments have had no significant impact on the financial position or performance of the Group. 14 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 4. 金融工具之公平值计量 4.1 按公平值计量之金融资产及负债 (i) 公平值等级 下表呈列本集团金融工具之公 平值，该等金融工具之公平值於 报告期末按经常性基准计量，并 分类为香港财务报告准则第13 号「公平值计量」所界定之三级 公平值等级。将公平值计量分类 之等级乃经参考如下估值方法 所用输入数据之可观察性及重 要性後厘定： 第一级估值：仅使用第一 级输入数据（即於计量日 同类资产或负债於活跃市 场之未经调整报价）计量 之公平值 第二级估值：使用第二级 输入数据（即未能达到第 一级之可观察输入数据） 且并未使用重大不可观察 输入数据计量之公平值。 不可观察输入数据为无市 场数据之输入数据 第三级估值：使用重大不 可观察输入数据计量之公 平值 4. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS 4.1 Financial assets and liabilities measured at fair value (i) Fair value hierarchy The following table presents the fair value of the Group’s financial instruments measured at the end of the reporting period on a recurring basis, categorised into the three-level fair value hierarchy as defined in HKFRS 13 “Fair Value Measurement”. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: Level 1 valuations: Fair value measured using only Level 1 inputs i.e. unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date Level 2 valuations: Fair value measured using Level 2 inputs i.e. observable inputs which fail to meet Level 1, and not using significant unobservable inputs. Unobservable inputs are inputs for which market data are not available Level 3 valuations: Fair value measured using significant unobservable inputs UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 15 4. 金融工具之公平值计量（续） 4.1 按公平值计量之金融资产及负债 （续） (i) 公平值等级（续） 本集团拥有一支由财务经理领 导之团队，负责就金融工具（包 括分类至公平值等级第三级的 应收或然代价及应付或然代价） 进行估值。该团队直接向本公司 董事及审计委员会报告。载有公 平值计量变动分析之估值报告 乃由团队於各中期及年度报告 日期编制，并由本公司董事审阅 及批准。团队就估值程序及结果 每年与董事及审计委员会进行 两次讨论，以与报告日期保持一 致。 4. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued) 4.1 Financial assets and liabilities measured at fair value (Continued) (i) Fair value hierarchy (Continued) The Group has a team headed by the finance manager performing valuations for the financial instruments, including contingent consideration receivable and contingent consideration payable, which is categorised into Level 3 of the fair value hierarchy. The team reports directly to the directors of the Company and the audit committee. A valuation report with analysis of changes in fair value measurement is prepared by the team at each interim and annual reporting date, and is reviewed and approved by the directors of the Company. Discussion of the valuation process and results with the directors and the audit committee is held twice a year, to coincide with the reporting dates. Fair value measurements as at 31st December 2016 categorised into Fair value measurements as at 30th June 2016 categorised into 於二零一六年十二月三十一日之公平值计量分类为 於二零一六年六月三十日之公平值计量分类为 Level 1 Level 2 Level 3 Fair value at 31st December 2016 Level 1 Level 2 Level 3 Fair value at 30th June 2016 第一级 第二级 第三级 於二零一六 年十二月 三十一日之 公平值 第一级 第二级 第三级 於二零一六 年六月三十 日之公平值 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Recurring fair value measurements 经常性公平值计量 Financial assets: 金融资产: Available-for-sale investments 可供出售投资 �C Listed equity securities －上市股本证券 59,582 �C �C 59,582 �C �C �C �C �C Unlisted investment funds (Note (ii) below) －非上市投资基金 （下文附注(ii)） �C �C 28,530 28,530 �C �C 79,467 79,467 �C Unlisted limited partnership (Note (ii) below) －非上市有限合夥企业 （下文附注(ii)） �C �C 16,605 16,605 �C �C 6,335 6,335 Financial assets at fair value through profit or loss 透过损益按公平值入账之 金融资产 244,811 �C �C 244,811 247,444 �C �C 247,444 Contingent consideration receivable (Note (iii) below) 应收或然代价 （下文附注(iii)） �C �C 18,120 18,120 �C �C 10,930 10,930 304,393 �C 63,255 367,648 247,444 �C 96,732 344,176 Financial liabilities: 金融负债： Contingent consideration payable (Note (iii) below) 应付或然代价 （下文附注(iii)） �C �C 18,120 18,120 �C �C �C �C 16 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 4. 金融工具之公平值计量（续） 4.1 按公平值计量之金融资产及负债 （续） (i) 公平值等级（续） 於 截 至 二 零 一 六 年 十 二 月 三十一日止六个月，第一级与第 二级之间并无转拨，亦无转拨入 第三级或自第三级转拨出（二零 一五年：无）。本集团之政策为 於发生之报告期末确认各公平 值等级水平之间之转拨。 (ii) 有关可供出售金融资产第三级 公平值计量之资料 非上市投资基金及有限合夥企 业之公平值乃根据该等投资基 金及有限合夥企业之资产净值， 参考相关投资组合之第三方估 值及相关开支作出之调整厘定。 该等第三级公平值计量之结余 於期�u年内变动如下： 4. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued) 4.1 Financial assets and liabilities measured at fair value (Continued) (i) Fair value hierarchy (Continued) During the six months ended 31st December 2016, there were no transfers between Level 1 and Level 2, or transfers into or out of Level 3 (2015: nil). The Group’s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur. (ii) Information about Level 3 fair value measurement of available-for-sale financial assets The fair values of unlisted investment funds and limited partership are determined based on the net asset values of those investment funds and limited partnership with reference to third party valuation of underlying investment portfolio and adjustments of related expenses. The movement during the period/year in the balance of these Level 3 fair value measurements are as follows: Six months ended 31st December 2016 Year ended 30th June 2016 截至二零一六年 十二月三十一日 止六个月 截至二零一六年 六月三十日 止年度 HK$’000 HK$’000 千港元 千港元 Unlisted investment funds and unlisted limited partnership included in available-for-sale financial assets: 计入可供出售金融资产之 非上市投资基金及 非上市有限合夥企业： At the beginning of the period/year 於期�u年初 85,802 86,812 Additions 添置 10,754 11,330 Fair value change# 公平值变动# (49,440) (12,340) Redemption 赎回 (1,981) �C At the end of the period/year 於期�u年末 45,135 85,802 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 17 4. 金融工具之公平值计量（续） 4.1 按公平值计量之金融资产及负债 （续） (ii) 有关可供出售金融资产第三级 公平值计量之资料（续） 因重新计量非上市可供出售金 融资产产生之未变现亏损净额 乃於其他全面收益确认为可供 出售投资储备。 (iii) 有关应收及应付或然代价第三 级公平值计量之资料 於报告期末，应收及应付或然代 价第三级公平值计量所使用之 估值方法及主要输入数据如下： 所使用之可能性加权溢利上升 将导致应收或然代价之公平值 计量减少及应付或然代价之公 平值计量增加，而所使用之贴现 率增加亦将导致应收或然代价 之公平值计量减少及应付或然 代价之公平值计量增加，反之亦 然。 4. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued) 4.1 Financial assets and liabilities measured at fair value (Continued) (ii) Information about Level 3 fair value measurement of available-for-sale financial assets (Continued) 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 #Total loss included in other comprehensive income that is attributable to the fair value change to those assets held at the end of the reporting period/year #於报告期末�u年末 持有之资产之 公平值变动应占计入 其他全面收益之 亏损 (49,440) (12,340) The net unrealised losses arising from the remeasurement of the unlisted available-for-sale financial assets are recognised in available-for-sale investment reserve in other comprehensive income. (iii) Information about Level 3 fair value measurement of contingent consideration receivable and payable The valuation techniques and key inputs used for contingent consideration receivable and payable in Level 3 fair value measurement at the end of the reporting period are as follows: Valuation techniques Significant unobservable input Range 估值方法 重大不可观察输入数据 范围 Contingent consideration receivable and payable Discounted cash flow approach Probability weighted profit Loss of HK$2,551,000 �C loss of HK$565,000 (at 30th June 2016: Profit of HK$3,286,000 �C profit of HK$10,350,000) 应收及应付或然代价 贴现现金流量法 可能性加权溢利 亏损2,551,000港元�C亏损565,000港元 （二零一六年六月三十日： 溢利3,286,000港元－溢利10,035,000港元） Discount factor 12.6% (at 30th June 2016: 8.2%) 贴现系数 12.6%（於二零一六年六月三十日：8.2%） The increase in probability-weighted profit used would result in decrease in fair value measurement of contingent consideration receivable and increase in fair value measurement of contingent consideration payable while the increase in discount rate used would also result in decrease in fair value measurement of contingent consideration receivable and increase in fair value measurement of contingent consideration payable, and vice versa. 18 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 4. 金融工具之公平值计量（续） 4.1 按公平值计量之金融资产及负债 （续） (iii) 有关应收及应付或然代价第三 级公平值计量之资料（续） 倘所有其他变数维持不变，可能 性加权溢利增加或减少5%将不 会导致应收及应付或然代价之 账面值减少（二零一六年六月 三十日：减少390,000港元）或增 加（二零一六年六月三十日：增 加390,000港元）。 倘所有其他变数维持不变，所使 用之贴现率增加或减少5%将导 致应收及应付或然代价之账面 值减少104,000港元（二零一六 年六月三十日：40,000港元）或 增加99,00港元（二零一六年六 月三十日：50,000港元）。 该等第三级公平值计量之结余 於期�u年内变动如下： 4. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued) 4.1 Financial assets and liabilities measured at fair value (Continued) (iii) Information about Level 3 fair value measurement of contingent consideration receivable and payable (Continued) A 5% increase or decrease in the probability-weighted profit while holding all other variables constant would not result in decrease (at 30th June 2016: decrease of HK$390,000) or increase (at 30th June 2016: increase of HK$390,000) in the carrying amounts of contingent consideration receivable and payable. A 5% increase or decrease in the discount rate used while holding all other variables constant would result in decrease of HK$104,000 (at 30th June 2016: HK$40,000) or increase of HK$99,000 (at 30th June 2016: HK$50,000) in the carrying amounts of contingent consideration receivable and payable. The movement during the period/year in the balance of these Level 3 fair value measurements are as follows: Six months ended 31st December 2016 Year ended 30th June 2016 截至二零一六年 十二月三十一日 止六个月 截至二零一六年 六月三十日 止年度 HK$’000 HK$’000 千港元 千港元 Contingent consideration receivable and payable: 应收及应付或然代价： At the beginning of the period/year 於期�u年初 10,930 �C Additions 增加 �C 6,850 Fair value change# 公平值变动# 7,190 4,080 At the end of the period/year 於期�u年末 18,120 10,930 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 19 4. 金融工具之公平值计量（续） 4.1 按公平值计量之金融资产及负债 （续） (iii) 有关应收及应付或然代价第三 级公平值计量之资料（续） 4.2 并非以公平值列值之金融资产及负债 之公平值 本集团按成本或摊销成本入账之金融 工具之账面值与其於二零一六年十二 月三十一日及二零一六年六月三十日 之公平值差别不大。 5. 分部资料 本集团按部门划分管理其业务，而部门按业 务（产品及服务）设立。以与就资源分配及表 现评估向本公司主席（为本集团主要营运决 策者（「主要营运决策者」））内部呈报资料方 式一致之方式，本集团已识别以下可呈报分 部。 － 录像发行、电影发行及放映、授出及转 授电影版权 － 光学、钟表及珠宝产品贸易、批发及零 售 － 出租投资物业 － 证券投资 － 放贷 － 证券经纪及�I展融资 － 娱乐业务 4. FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS (Continued) 4.1 Financial assets and liabilities measured at fair value (Continued) (iii) Information about Level 3 fair value measurement of contingent consideration receivable and payable (Continued) 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 # Total gain included in the consolidated statement of comprehensive income that is attributable to the fair value change to those assets held at the end of the reporting period/year #於报告期末�u年末 持有之资产之 公平值变动应占计入 综合全面收益表之 收益总额 7,190 4,080 4.2 Fair value of financial assets and liabilities carried at other than fair value The carrying amounts of the Group’s financial instruments carried at cost or amortised cost are not materially different from their fair values as at 31st December 2016 and 30th June 2016. 5. SEGMENT INFORMATION The Group manages its businesses by divisions, which are organised by business lines (products and services). In a manner consistent with the way in which information is reported internally to the Chairman of the Company, being the Group’s chief operating decision maker (“CODM”) for the purposes of resources allocation and performance assessment, the Group has identified the following reportable segments. �C Video distribution, film distribution and exhibition, licensing and sub-licensing of film rights �C Trading, wholesaling and retailing of optical, watches and jewellery products �C Leasing of investment properties �C Securities investments �C Money lending �C Securities brokerage and margin financing �C Entertainment business 20 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 5. 分部资料（续） 提供予本集团主要营运决策者用作本期间资 源分配和分部表现评估之本集团可呈报分部 资料载列如下。 5. SEGMENT INFORMATION (Continued) Information regarding the Group’s reportable segments as provided to the Group’s CODM for the purposes of resource allocation and assessment of segment performance for the period is set out below. Video distribution, film exhibition, licensing and sub-licensing of film rights Trading, wholesaling, and retailing of optical, watches and jewellery products Leasing of investment properties Securities investments Money lending Securities brokerage and margin financing Entertainment businesses Others Total 录像发行、电影 放映、授出及 转授电影版权 光学、钟表及珠 宝产品贸易、 批发及零售 出租投资物业 证券投资 放贷 证券经纪及 �I展融资 娱乐业务 其他 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 For the six months ended 31st December 2016 (Unaudited): 截至二零一六年 十二月三十一日止六个月 （未经审核）： Segment revenue 分部收益 External revenue and income 外部收益及收入 26,797 29,491 516 �C 2,303 13,111 1,293 220 73,731 Inter segment sales 分部间销售 �C �C �C �C �C (6) �C �C (6) 26,797 29,491 516 �C 2,303 13,105 1,293 220 73,725 Segment results 分部业绩 1,512 (1,555) 387 17,990 652 4,932 (2,447) �C 21,471 Gain on disposal of a subsidiary 出售一间附属公司之收益 3,197 Fair value change on contingent consideration receivable 应收或然代价之 公平值变动 7,190 Fair value change on contingent consideration payable 应付或然代价之 公平值变动 (7,190) Impairment loss of available-for-sale financial assets 可供出售金融资产之 减值亏损 (45,585) Amortisation of other intangible assets 其他无形资产摊销 (74) Finance income 财务收入 145 Finance costs 财务成本 (2,109) Share of profits of associates 分占联营公司溢利 680 Share of loss of a joint venture 分占一间合营公司亏损 (115) Unallocated corporate expenses 未分配企业开支 (12,916) Loss before income tax 除所得税前亏损 (35,306) As at 31st December 2016 (Unaudited): 於二零一六年十二月 三十一日（未经审核）： Reportable segment assets 可呈报分部资产 205,051 57,342 25,578 244,811 82,009 464,110 10,545 �C 1,089,446 Reportable segment liabilities 可呈报分部负债 86,750 13,614 185 1,881 131 164,032 6,457 �C 273,050 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 21 5. SEGMENT INFORMATION (Continued) 5. 分部资料（续） Video distribution, film exhibition, licensing and sub-licensing of film rights Trading, wholesaling, and retailing of optical, watches and jewellery products Leasing of investment properties Securities investments Money lending Securities brokerage and margin financing Entertainment businesses Others Total 录像发行、 电影放映、 授出及转授 电影版权 光学、钟表及珠宝 产品贸易、 批发及零售 出租投资物业 证券投资 放贷 证券经纪及 �I展融资 娱乐业务 其他 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 For the six months ended 31st December 2015 (Unaudited): 截至二零一五年 十二月三十一日止六个月 （未经审核）： Segment revenue 分部收益 External revenue and income 外部收益及收入 28,566 36,544 510 �C 3,833 694 2,697 2,119 74,963 Inter segment sales 分部间销售 �C �C �C �C �C �C �C �C �C 28,566 36,544 510 �C 3,833 694 2,697 2,119 74,963 Segment results 分部业绩 5,019 8,465 401 (132,871) 1,331 535 (623) (123) (117,866) Other operating expense 其他经营开支 (425) Gain on step acquisition of a subsidiary 分阶段收购一间附属公司之 收益 1,764 Fair value change on financial assets at fair value through profit or loss 透过损益按公平值入账之金 融资产之公平值变动 683 Fair value change on convertible bonds 可换股债券之公平值变动 6,878 Finance income 财务收入 1,818 Finance costs 财务成本 (469) Share of profit of an associate 分占一间联营公司溢利 753 Share of loss of a joint venture 分占一间合营公司亏损 (112) Unallocated corporate expenses 未分配企业开支 (8,159) Loss before income tax 除所得税前亏损 (115,135) As at 30th June 2016 (Audited): 於二零一六年六月三十日 （经审核）： Reportable segment assets 可呈报分部资产 151,345 54,118 25,570 252,898 49,317 368,073 9,014 �C 910,335 Reportable segment liabilities 可呈报分部负债 94,259 3,778 198 �C �C 256,306 6,815 �C 361,356 22 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 5. 分部资料（续） 管理层在作出资源分配及表现评估之决策时 会独立监察本集团经营分部之业绩。分部表 现会按照呈报分部溢利�u（亏损）评估，此乃 除税前溢利�u（亏损）的衡量基准。除税前溢 利�u（亏损）之计量方式与本集团除税前溢 利�u（亏损）一致，惟有关计量不包括出售一 间附属公司之收益、应收或然代价之公平值 变动、应付或然代价之公平值变动、可供出 售金融资产之减值亏损、商誉之减值亏损、 其他无形资产之摊销、财务收入、财务成本、 分占联营公司溢利、分占一间合营公司亏损 及未分配企业开支。 分部间的销售及转让乃经参考售予第三者时 之售价，按当时现行之市价进行交易。 分部资产不包括未分配其他无形资产、於联 营公司之权益、於合营公司之权益、可供出 售金融资产、未分配现金及现金等价物、递 延税项资产、应收一间合营公司之贷款、应 收或然代价及其他未分配企业资产，原因为 该等资产乃由集团统一管理。 分部负债不包括应缴税项、借贷、递延税项 负债及其他未分配总部及企业负债，乃因该 等负债由集团统一管理。 6. 资本开支 5. SEGMENT INFORMATION (Continued) Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/ (loss), which is a measure of profit/(loss) before tax. The profit/ (loss) before tax is measured consistently with the Group’s profit/ (loss) before tax except that gain on disposal of a subsidiary, fair value change on contingent consideration receivable, fair value change on contingent consideration payable, impairment loss of available-for-sale financial assets, impairment loss of goodwill, amortisation of other intangible assets, finance income, finance costs, share of profits of associates, share of loss of a joint venture and unallocated corporate expenses. Intersegment sales and transfers are transacted with reference to the selling prices used for sales made to third parties at the then prevailing market prices. Segment assets exclude unallocated other intangible assets, interests in associates, interests in joint ventures, available-for-sale financial assets, unallocated cash and cash equivalents, deferred tax assets, loan receivable from a joint venture, contingent consideration receivable, and other unallocated corporate assets as these assets are managed on a group basis. Segment liabilities exclude tax payable, borrowings, deferred tax liabilities, and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis. 6. CAPITAL EXPENDITURES Unaudited 未经审核 For the six months ended 31st December 2016 截至二零一六年十二月三十一日止六个月 Property, plant and equipment Investment properties Goodwill Other intangible assets Film rights and films in progress 物业、机器及 设备 投资物业 商誉 其他无形资产 电影版权及 制作中之电影 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Opening net book amount at 1st July 2016 於二零一六年七月一日 之期初账面净值 6,224 25,560 59,447 14,231 54,278 Additions 添置 1,285 �C �C �C 7,380 Disposals 出售 �C �C �C �C �C Depreciation and amortisation 折旧及摊销 (1,588) �C �C (74) (1,354) Disposal of a subsidiary 出售一间附属公司 �C �C (8,403) �C �C Transferred to non-current assets held for sale 转拨至持作销售 之非流动资产 �C �C �C �C (3,535) Transferred to deposits received 转拨至已收订金 �C �C �C �C (9,325) Currency translation difference 货币换算差额 (54) �C �C �C �C Closing net book amount at 31st December 2016 於二零一六年 十二月三十一日 之期末账面净值 5,867 25,560 51,044 14,157 47,444 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 23 6. CAPITAL EXPENDITURES (Continued) 6. 资本开支（续） Unaudited 未经审核 For the six months ended 31st December 2015 截至二零一五年十二月三十一日止六个月 Property, plant and equipment Investment properties Goodwill Other intangible assets Film rights and films in progress 物业、机器及 设备 投资物业 商誉 其他无形资产 电影版权及 制作中之电影 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Opening net book amount at 1st July 2015 於二零一五年七月一日 之期初账面净值 5,229 25,560 1,314 1,858 17,906 Additions 添置 362 �C �C �C 5,691 Acquisition of Winston Asia Limited 收购Winston Asia Limited 1,227 �C 45,371 1,108 �C Acquisition of China Jianxin Financial Services Limited (formerly Win Fung Securities Limited) 收购中国建信金融服务 有限公司 （前称永锋证券 有限公司） 1,554 �C 19,323 20,141 �C Acquisition of AP Group Investment Holdings Limited 收购爱拼集团控股 有限公司 3,063 �C 20,811 �C �C Disposals 出售 (88) �C �C �C �C Depreciation and amortisation 折旧及摊销 (1,659) �C �C �C (5,838) Currency translation differences 货币换算差额 (103) �C �C �C �C Closing net book amount at 31st December 2015 於二零一五年 十二月三十一日 之期末账面净值 9,585 25,560 86,819 23,107 17,759 24 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 6. 资本开支（续） 於二零一六年十二月三十一日，董事采用於 二零一六年六月三十日本集团独立估值师进 行估值时所用之相同估值方法，对按公平值 列账之投资物业之估值作出重估。董事估计， 二零一六年十二月三十一日之公平值与二零 一六年六月三十日之公平值相若。 6. CAPITAL EXPENDITURES (Continued) The valuation of investment properties carried at fair value was reassessed at 31st December 2016 by the directors using the same valuation technique used by the Group’s independent valuer when carrying out the valuation at 30th June 2016. The directors estimated the fair value as at 31st December 2016 approximates the fair value as at 30th June 2016. Fair value hierarchy Fair value measurement at 31st December 2016 using 公平值计量 公平值层次 於二零一六年十二月三十一日使用 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs 相同资产在 活跃市场的 报价 其他重大可 观察输入 重大不可 观察输入 (Level 1) (Level 2) (Level 3) （第1层） （第2层） （第3层） HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 Recurring fair value measurements 经常性公平值计量 Investment properties 投资物业 �C Residential �C Hong Kong －住宅－香港 �C �C 25,560 Fair value hierarchy Fair value measurement at 30th June 2016 using 公平值层次 公平值计量 於二零一六年六月三十日使用 Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs 相同资产在 活跃市场的 报价 其他重大可 观察输入 重大不可 观察输入 (Level 1) (Level 2) (Level 3) （第1层） （第2层） （第3层） HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 Recurring fair value measurements 经常性公平值计量 Investment properties 投资物业 �C Residential �C Hong Kong －住宅－香港 �C �C 25,560 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 25 6. 资本开支（续） 於本期间，第1层、第2层及第3层之间并无转 拨。本集团之政策为於发生之报告期末确认 各公平值层级水平之间之转拨。 使用重大不可观察输入计量公平值的投资物 业（第3层）。 位於香港之投资物业之公平值乃使用直接比 较法厘定，其经参考可供比较物业按每平方 尺价格基准计算之近期售价，且已就本集团 物业质量之特定溢价或折让（与近期可比较 销售交易比较所得）作出调整。较低质素物 业之折让较高，并会导致较低之公平值计量 数值。 7. 於联营公司之权益 (a) 於联营公司之权益 (b) 应收�u应付一间联营公司之款项 应收�u应付一间联营公司之款项属无 抵押、不计息及须按要求偿还。该结余 乃以港元计值及与其公平值相若。 6. CAPITAL EXPENDITURES (Continued) There were no transfers among Level 1, Level 2 and 3 during the period. The Group’s policy is to recognise transfers between levels of fair value hierarchy as at the end of the reporting period in which they occur. Investment properties which have fair value measurement using significant unobservable inputs (Level 3). Unaudited 未经审核 For the six months ended 31st December 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 At the beginning and the end of the period 期初及期末 25,560 25,560 The fair value of investment properties located in Hong Kong is determined using direct comparison approach by reference to recent sales price of comparable properties on a price per square feet basis, adjusted for a premium or discount specific to the quality of the Group’s properties compared to recent sales on the comparable transaction. Higher discount for lower quality properties will result in a lower fair value measurement. 7. INTERESTS IN ASSOCIATES (a) Interests in associates Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 十二月三十一日 於二零一六年 六月三十日 HK$’000 HK$’000 千港元 千港元 Costs of investments in associates, unlisted 投资联营公司之成本，非上市 41,195 40,455 Share of post-acquisition retained profits 应占收购後保留溢利 4,376 3,696 Less: Accumulated impairment loss 减：累计减值亏损 (18,421) (18,421) 27,150 25,730 (b) Amount due from/to an associate The amount due from/to an associate is unsecured, interestfree and repayable on demand. The balance is denominated in Hong Kong dollars and approximate to their fair value. 26 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 8. 於合营公司之权益�u应收一间合营公 司之贷款 (a) 於合营公司之权益 (b) 应收一间合营公司之贷款 於二零一三年四月二十六日，数码节 目制作有限公司同意向阳澳置业提供 一笔以港元计值且须於五年内偿还之 无抵押免息贷款8,800,000港元。贷款 中8,479,000港元（於二零一六年六月 三十日：：8,364,000港元）於二零一六 年十二月三十一日的未经审核简明综 合资产负债表中之「应收一间合营公 司之贷款」内确认及采用实际利率法 按摊销成本计量。 8. INTERESTS IN JOINT VENTURES/LOAN RECEIVABLE FROM A JOINT VENTURE (a) Interests in joint ventures Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Cost of investments in joint ventures, unlisted 投资合营公司之成本，非上市 1,147 1,147 Share of post-acquisition accumulated losses 应占收购後累计亏损 (780) (665) 367 482 (b) Loan receivable from a joint venture On 26th April 2013, Digital Programme Production Limited agreed to provide SBPL an unsecured interest-free loan of HK$8,800,000 which is denominated in HK dollar and repayable in 5 years. The loan of HK$8,479,000 (As at 30th June 2016: HK$8,364,000) is recognised as “Loan receivable from a joint venture” in the unaudited condensed consolidated balance sheet as at 31st December 2016 and is measured at amortised cost using the effective interest method. Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Loan receivable from a joint venture 应收一间合营公司贷款 At the beginning of the period/year 期�u年初 8,364 8,140 Accretion income for the period/year 期�u年内之累积收入 115 224 At the end of the period/year 期�u年末 8,479 8,364 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 27 9. CONTINGENT CONSIDERATION RECEIVABLE The fair value of the contingent consideration receivable represented the profit guarantee in relation to the adjustments to the consideration from the acquisition of AP Group Investment Holdings Limited (“AP Group”) during the year ended 30th June 2016 as detailed in Note (i) below. The movement of the fair value of contingent consideration receivable is as follows: Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 At fair value: 按公平值计量： At beginning of the Period/year 於期�u年初 10,930 �C Arising from acquisition of AP Group 收购爱拼集团所产生 �C 6,850 Fair value change 公平值变动 7,190 4,080 At end of the Period/year 於期�u年末 18,120 10,930 Note: (i) Adjustment to the consideration Pursuant to the sale and purchase agreement entered in relation to the acquisition of AP Group, in the event that the audited consolidated profit after tax of AP Group for the period from 1st January 2016 to 31st December 2017 is less than HK$16,000,000, the vendors shall, and the guarantors shall procure the vendors to, pay to the Group the adjustment amount (the “Adjustment Amount”) in accordance with the formula set out below: A = HK$20,400,000 �C (NP/2) x 5 x 51% Where: “A” means the amount of Adjustment Amount in HK$; and “NP” means the net profit for the period from 1st January 2016 to 31st December 2017. Where the NP is a negative figure, NP shall be deemed to be zero. The fair value of the contingent consideration receivables as at 31st December 2016 are based on the best estimation of the directors of the Company taking into account the operation result of AP Group in 2016. 9. 应收或然代价 应收或然代价之公平值指与於截至二零一六 年六月三十日止年度收购爱拼集团控股有限 公司（「爱拼集团」）之代价之调整有关之溢 利担保（详载於下文附注(i)）。应收或然代价 公平值之变动如下： 附注： (i) 代价之调整 根 据 就 收 购 爱 拼 集 团 订 立 之 买 卖 协 议，倘爱拼集团自二零一六年一月一 日 起 至 二 零 一 七 年 十 二 月 三 十 一 日 止期间之经审核除税後综合溢利少於 16,000,000港元，则卖方应及担保人应 促使卖方根据下述公式向本集团支付 调整金额（「调整金额」）： A=20,400,000港元�C (NP/2) x 5 x 51% 其中： 「 A」指以港元计值之调整金额之数值； 及 「 NP」指自二零一六年一月一日起至 二零一七年十二月三十一日止期间之 溢利净额。倘溢利净额为负值，则溢利 净额应被视作零。 应 收 或 然 代 价 於 二 零 一 六 年 十 二 月 三十一日之公平值乃基於本公司董事 之最佳估计并参考二零一六年爱拼集 团之经营业绩厘定。 28 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 10. 可供出售金融资产 可供出售金融资产以港元计值。 鉴於被投资公司之财政稳健和业务展望的不 利趋势，包括行业和分部表现以及经营和融 资现金流量等因素，管理层确定可供出售金 融资产账面值已出现减值。因此，可供出售 投资储备约45,585,000港元已於期内重新分 类至损益。 10. AVAILABLE-FOR-SALE FINANCIAL ASSETS Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 At the beginning of the Period/year 期�u年初 85,802 88,415 Additions 添置 47,278 11,330 Consideration received for disposing a subsidiary 出售一间附属公司所收取之代价 20,400 �C Change in fair value recognised in other comprehensive income 於其他全面收益内确认之 公平值变动 (46,782) (12,340) Transferred to interests in associates 转拨至於联营公司之权益 �C (1,603) Redemption 赎回 (1,981) �C At the end of the Period/year 期�u年末 104,717 85,802 Listed equity securities, at fair value 上市权益证券，按公平值 59,582 �C Unlisted investment funds, at fair value 非上市投资基金，按公平值 28,530 79,467 Unlisted limited partnership, at fair value 非上市有限合夥企业，按公平值 16,605 6,335 104,717 85,802 Available-for-sale financial assets are denominated in Hong Kong Dollars. In view of the negative trend of the financial health and business outlook for the investees, including factors such as industry and sector performance as well as operational and financing cash flow, the management determined the carrying value of the availablefor-sale financial assets was impaired. Accordingly, available-forsale investment reserve of approximately HK$45,585,000 was reclassified to profit or loss in the period. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 29 11. 应收账款 应收账款之账面值与其公平值相若。 於二零一六年十二月三十一日，证券经纪及 �I展融资业务产生之应收结算所及现金客户 账款按交易日（与收益确认日期相近）呈列 之账龄分析如下： 证券经纪及�I展融资业务产生之应收结算所 及现金客户账款之结算期为交易日後两日。 11. ACCOUNTS RECEIVABLE Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Accounts receivable arising from securities brokerage and margin financing business: 证券经纪及�I展融资业务产生之 应收账款： �C clearing house and cash clients －结算所及现金客户 39,913 188,157 �C margin clients －�I展客户 137,800 16,250 177,713 204,407 Accounts receivable arising from other businesses: 其他业务产生之应收账款： Accounts receivable �C others 应收账款－其他 31,101 20,474 Less: Provision for impairment of accounts receivable �C others 减：应收账款之减值拨备－其他 (142) (142) 30,959 20,332 Accounts receivable �C net 应收账款－净额 208,672 224,739 The carrying amount of accounts receivable approximates to their fair values. As at 31st December 2016, the ageing analysis of the accounts receivable from securities brokerage and margin financing business, arising from clearing house and cash clients, was presented as follows based on trade date which approximates revenue recognition date: Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Current 即期 178 132,375 Less than 1 month past due 逾期少於1个月 636 23,713 More than 1 month past due 逾期超过1个月 39,099 32,069 39,913 188,157 The settlement terms of accounts receivable from clearing house and cash clients, which arising from the securities brokerage and margin financing business, are two days after trade date. 30 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 11. 应收账款（续） 於二零一六年十二月三十一日，其他业务产 生之应收账款扣除应收账款之减值拨备後按 发票日期呈列之账龄分析如下： 销售录像产品之信贷期为7日至60日不等。电 影放映、授出及转授电影版权之销售均以记 账形式进行。向零售客户销售均以现金形式 或透过主要信用卡进行。本集团已制定政策 确保产品销售信贷期乃向具有良好信用记录 的客户作出，本集团对其客户进行定期信贷 评估。 12. 应收贷款 (a) 应收第三方客户贷款 11. ACCOUNTS RECEIVABLE (Continued) As at 31st December 2016, the ageing analysis of the accounts receivable arising from other businesses based on invoice date and net of provision for impairment of accounts receivables was as follows: Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 1 to 90 days 1至90日 13,459 10,963 91 days to 180 days 91日至180日 14,994 7,026 Over 180 days 180日以上 2,506 2,343 30,959 20,332 Sales of videogram products are with credit terms vary from 7 days to 60 days. Sales from film exhibition, licensing and sublicensing of film rights are on open account terms. Sales to retail customers are made in cash or via major credit cards. The Group has policies in place to ensure that sales of products on credit terms are made to customers with an appropriate credit history and the Group performs periodic credit evaluations of its customers. 12. LOANS RECEIVABLE (a) Loans receivable from third party customers Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Loans to third party customers 授予第三方客户之贷款 75,100 43,163 As at 31st December 2016 and 30th June 2016, the maturity profile of the loans receivable, based on the maturity date is as follows: 於二零一六年十二月三十一日及 二零一六年六月三十日， 根据到期日呈列之应收贷款 到期情况如下： �C Non-current －非即期 16,500 20,000 �C Current －即期 58,600 23,163 75,100 43,163 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 31 12. 应收贷款（续） (a) 应收第三方客户贷款（续） 应收贷款的信贷质素分析如下： 本集团之应收第三方客户贷款（因於 香港的放贷业务而产生）乃以港元计 值。 (b) 授予一间联营公司之贷款 授予一间联营公司之贷款为无抵押、 按年利率7%计息且须於二零一七年三 月二十三日偿还。该笔贷款乃於截至 二零一六年六月三十日止年度透过本 集团放贷业务的正常程序授予联营公 司。 於二零一六年十二月三十一日，应收 贷款并未减值或逾期（二零一六年六 月三十日：相同）。 於各资产负债表日期最大的信贷风险为应收 贷款之账面值。 所有应收贷款所订合约到期日介乎1至2年内。 本集团致力透过审阅借款人或担保人的财务 状况，维持对应收贷款的严格控制，务求将 信贷风险减至最低。 应收贷款按介乎7%至11%之年利率计息（二 零一六年六月三十日：每年7%至12%）。 利息收入约2,303,000港元（二零一五年：约 3,833,000港元）已於期内之未经审核简明综 合全面收益表之「收益」内确认。 12. LOANS RECEIVABLE (Continued) (a) Loans receivable from third party customers (Continued) The credit quality analysis of the loans receivable is as follows: Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Neither past due nor impaired 并未逾期或减值 �C Unsecured loans －无抵押贷款 75,100 43,163 The Group’s loans receivable from third party customers, which arise from the money lending business in Hong Kong, are denominated in Hong Kong dollars. (b) Loan to an associate The loan to an associate is unsecured, bear interest at 7% per annum and repayable on 23rd March 2017. The loan was granted to the associate through the normal procedures of the money lending business of the Group during the year ended 30th June 2016. The loans receivable are neither impaired nor overdue as at 31st December 2016. (As at 30th June 2016: same). The maximum exposure to credit risk at each balance sheet date is the carrying value of the loans receivable. All the loans receivable are entered with contractual maturity within 1 to 2 years. The Group seeks to maintain tight control over its loans receivable in order to minimise credit risk by reviewing the borrowers’ or guarantors’ financial positions. Loans receivable are interest-bearing at rates ranging from 7% to 11% per annum (At 30th June 2016: 7% to 12% per annum). Interest income of approximately HK$2,303,000 (2015: approximately HK$3,833,000) has been recognised in ‘revenue’ in the unaudited condensed consolidated statement of comprehensive income during the period. 32 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 13. 透过损益按公平值入账之金融资产 透过损益按公平值入账的金融资产乃计入「营 运活动」并於未经审核简明综合现金流量表 内作为营运资金变动之一部份。 所有权益证券之公平值乃根据其於二零一六 年十二月三十一日於活跃市场之收市价计算， 惟其中一只权益证券之股份於二零一五年五 月於活跃市场暂停交易，其公平值乃经参考 相关权益证券最近期刊发之中期报告後根据 本集团分占其於二零一六年六月三十日之资 产净值进行计算。 14. 银行结余及现金－信托账户 本集团在进行其证券经纪及�I展融资业务之 受规管业务过程中，收取及持有客户及其他 机构存放之款项。该等客户款项存置於一个 或多个信托银行账户内。本集团已确认应付 予各客户及其他机构之相关账目。然而，本 集团现时并无以所存放之订金抵销该等应付 款项之可强制执行权。 15. 持作销售之非流动资产 根据本公司日期为二零一七年一月九日之公 布，於二零一七年一月九日，本公司之间接 全资附属公司寰宇影片发行有限公司与一名 独立第三方买方订立买卖协议（「电影库出售 协议」），有条件以代价人民币178,895,064元 出售202部电影（「电影库」），有关代价可能 会按电影库出售协议所载方式作出调整（「出 售事项」）。电影库之成本已於过往年度近 乎完全摊销，且电影库於二零一六年十二月 三十一日之账面值为3,535,000港元。本公司 认为出售事项（倘落实）将使本集团得以藉 出售事项实现一次性收益约174.0百万港元。 截至本报告日期，电影库出售协议仍有待完 成。 13. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Listed securities �C held-for-trading 上市证券－持作买卖 �C Equity securities �C HK －权益证券－香港 244,811 247,444 Market value of listed securities 上市证券之市值 244,811 247,444 Financial assets at fair value through profit and loss are presented within ‘operating activities’ as part of changes in working capital in the unaudited condensed consolidated statement of cash flows. The fair value of all equity securities is based on their closing prices as at 31st December 2016 in an active market except for one equity security whose trading of shares was suspended in an active market in May 2015, its fair value is based on the Group’s share of its net asset value as at 30th June 2016 with reference to the latest published interim report of the respective equity security. 14. BANK BALANCES AND CASH �C TRUST ACCOUNTS The Group receives and holds monies deposited by clients and other institutions in the course of the conduct of the regulated activities of its securities brokerage and margin financing business. These clients’ monies are maintained in one or more trust bank accounts. The Group has recognised the corresponding accounts payable to respective clients and other institutions. However, the Group does not have a currently enforceable right to offset those payables with the deposits placed. 15. NON-CURRENT ASSETS HELD FOR SALE Pursuant to the Company’s announcement dated 9th January 2017, Universe Films Distribution Company Limited, an indirect wholly owned subsidiary of the Company, and an independent third party purchaser entered into a sale and purchase agreement (“Film Library Disposal Agreement”) on 9th January 2017 to dispose 202 feature films (“Film Library”) conditionally at a consideration of RMB178,895,064, subject to possible adjustment as set out in the Film Library Disposal Agreement (the “Disposal”). The cost of the Film Library has been almost fully amortised in previous years and the carrying value of the Film Library was HK$3,535,000 at 31st December 2016. The Company considers that the Disposal, if materialised, would allow the Group to realise a one-off gain of approximately HK$174.0 million from the Disposal. The Film Library Disposal Agreement was not completed yet up to the date of this report. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 33 16. 於合营业务之权益 本集团已订立若干合营业务安排，以分别 制作及发行四部（二零一六年六月三十日： 四部）电视连续剧及九部（二零一六年六月 三十日：十三部）电影。本集团於该等合营 业务中拥有介乎5%至82%（二零一六年六 月三十日：5%至90%）之参与权益。於二零 一六年十二月三十一日，有关本集团於此等 合营业务安排之权益中，已於未经审核简明 综合中期财务资料中确认之资产、负债及除 所得税後溢利总额如下： 16. INTERESTS IN JOINT OPERATIONS The Group has entered into certain joint operation arrangements to produce and distribute four (30th June 2016: four) television series and nine (30th June 2016: thirteen) films respectively. The Group has participating interests ranging from 5% to 82% (30th June 2016: 5% to 90%) in these joint operations. As at 31st December 2016, the aggregate amounts of assets, liabilities and profit after income tax recognised in the unaudited condensed consolidated interim financial information relating to the Group’s interests in these joint operation arrangements were as follows: Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Assets 资产 Film rights and films in progress 电影版权及制作中之电影 46,574 52,780 Film related deposit 电影相关订金 �C 758 Accounts receivable and other receivables 应收账款及其他应收款项 21,257 9,774 67,831 63,312 Liabilities 负债 Accounts payable and other payables 应付账款及其他应付款项 634 640 Deposits received 已收订金 6,291 20,380 6,925 21,020 Unaudited For the six months ended 31st December 未经审核 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 Revenue 收益 18,492 16,862 Expenses 费用 (4,848) (4,257) Profit after income tax 除所得税後溢利 13,644 12,605 34 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 17. 股本 本公司於截至二零一六年六月三十日止年度 及截至二零一六年十二月三十一日止六个月 的已发行股本变动如下： 附注a: 根据本公司日期为二零一六年七月十二日 之公布、本公司日期为二零一六年八月十二 日之通函以及本公司日期为二零一六年九 月九日之章程，本公司拟透过按於二零一六 年九月八日每持有一(1)股股份获发两(2)股供 股股份之基准，以每股供股股份0.60港元之 认购价，发行不少於355,548,184股及不多於 367,399,760股新股份（「供股股份」），筹集 不少於约213.3百万港元及不多於约220.4百 万港元（未计开支）（「供股」）。 供股已於二零一六年十月五日完成，及已发 行合共355,548,184股供股股份。 17. SHARE CAPITAL Unaudited Audited 未经审核 经审核 As at 31st December As at 30th June 2016 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 Number of shares Nominal value Number of shares Nominal value 股份数目 面值 股份数目 面值 ’000 HK$’000 ’000 HK$’000 千股 千港元 千股 千港元 Authorised： 法定： Ordinary shares of HK$0.01 each 每股0.01港元之普通股 10,000,000 100,000 10,000,000 100,000 Issued and fully paid： 已发行及缴足： Ordinary shares of HK$0.01 each 每股0.01港元之普通股 533,322 5,333 177,774 1,778 Movements in the issued share capital of the Company during the year ended 30th June 2016 and six months ended 31st December 2016 are as follows: Number of ordinary shares Nominal value 普通股数目 面值 HK$’000 千港元 At 1st July 2015 於二零一五年七月一日 298,380,307 2,984 Issue of new shares in July 2015 於二零一五年七月发行新股份 586,350,000 5,864 Issue of new shares in August 2015 於二零一五年八月发行新股份 596,760,614 5,968 Capital reorganisation in March 2016 於二零一六年三月进行股本重组 (1,333,341,829) (13,334) Issue of new shares in April 2016 於二零一六年四月发行新股份 29,625,000 296 At 30th June 2016 and 1st July 2016 於二零一六年六月三十日及 二零一六年七月一日 177,774,092 1,778 Issue of new shares in October 2016 (Note a) 於二零一六年十月发行新股份（附注a） 355,548,184 3,555 At 31st December 2016 於二零一六年十二月三十一日 533,322,276 5,333 Note a: Pursuant to the Company’s announcement dated 12th July 2016, the Company’s circular dated 12th August 2016 and Company’s prospectus dated 9th September 2016, the Company proposed to raise not less than approximately HK$213.3 million and not more than approximately HK$220.4 million before expenses by issuing not less than 355,548,184 and not more than 367,399,760 new shares (“Rights Shares”) at the subscription price of HK$0.60 per Rights Shares on the basis of two (2) Rights Shares for every one (1) share held on the 8th September 2016 (“Rights Issue”). The Rights Issue was completed on 5th October 2016 and an aggregate of 355,548,184 Rights Shares have been issued. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 35 18. 购股权 根据於二零一三年十二月二日举行之股东周 年大会（「二零一三年股东周年大会」）上通 过之一项普通决议案，本公司根据上市规则 有条件批准及采纳一项购股权计划（「购股权 计划」）。本公司营运购股权计划，以向对本 集团业务佳绩作出贡献的合资格参与者提供 奖励及报酬。 於截至二零一六年十二月三十一日止六个月 期间及截至二零一六年六月三十日止年度， 尚未行使购股权数目及其加权平均行使价之 变动如下： 18. SHARE OPTIONS Pursuant to an ordinary resolution passed in the annual general meeting held on 2nd December 2013 (the “2013 AGM”), the Company conditionally approved and adopted a share option scheme (the “Share Option Scheme”) in compliance with the Listing Rules. The Company operates the Share Option Scheme for the purpose of providing incentives and rewards to eligible participants who contributed the success of the Group’s operations. Movements in the number of share options outstanding and their weighted average exercise prices for the six months period ended 31st December 2016 and year ended 30th June 2016 are as follows: Weighted average exercise price No. of options 加权平均行使价 购股权数目 (HK$) （港元） At 1st July 2015 於二零一五年七月一日 1.738 15,088,400 Adjustment arising from: 就以下作出调整： �C Rights issue on 13th August 2015 －於二零一五年八月十三日 进行之供股 9,260,382 Granted during the year 於年内授出 0.106 118,513,880 Lapsed during the year 於年内失效 1.077 (3,343,673) Adjustment arising from: 就以下作出调整： �C Share consolidation on 18th March 2016 －於二零一六年三月十八日 进行之股份合并 (125,567,090) Outstanding and exercisable at 30th June 2016 and 1st July 2016 於二零一六年六月三十日及 二零一六年七月一日尚未行使及 可予行使 2.518 13,951,899 Lapsed during the Period 於本期间失效 10.773 (2,100,511) Adjustment for: 就以下作出调整： �C Rights issue on 5th October 2016 －於二零一六年十月五日 进行之供股 1,594,068 Outstanding and exercisable at 31st December 2016 於二零一六年十二月三十一日 尚未行使及可予行使 0.9296 13,445,456 36 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 18. 购股权（续） 於二零一六年十二月三十一日及二零一六年 六月三十日尚未行使之购股权之届满日期及 行使价如下： 附注1： 於二零一六年十二月三十一日之每 股行使价已就於二零一六年三月 十八日进行之股份合并及於二零 一六年十月五日进行之供股作出调 整。 18. SHARE OPTIONS (Continued) Share options outstanding as at 31st December 2016 and 30th June 2016 have the following expiry dates and exercise price: Unaudited Audited 未经审核 经审核 As at 31st December As at 30th June 2016 2016 於二零一六年十二月三十一日 於二零一六年六月三十日 Adjusted exercise price per share Outstanding options Adjusted exercise price per share Outstanding options 经调整 每股行使价 尚未行使 购股权 经调整 每股行使价 尚未行使 购股权 HK$ HK$ 港元 港元 Exercisable period 可予行使时限 21st July 2014 to 20th July 2016 二零一四年 七月二十一日至 二零一六年七月二十日 �C �C 10.773 2,100,511 30th September 2015 to 29th September 2017 (Note 1) 二零一五年 九月三十日至 二零一七年 九月二十九日（附注1） 1.489 2,351,799 1.690 2,072,088 4th March 2016 to 3rd March 2018 (Note 1) 二零一六年三月四日至 二零一八年三月三日 （附注1） 0.811 11,093,657 0.920 9,779,300 13,445,456 13,951,899 Note 1: The exercise price per share as at 31st December 2016 has been adjusted for the share consolidation on 18th March 2016 and the rights issue on 5th October 2016. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 37 19. OTHER RESERVES 19. 其他储备 Reserves arising on consolidation Reorganisation reserve Availablefor-sale investment reserve Translation reserve Share-based compensation reserve Total 综合账目 所得储备 重组储备 可供出售 投资储备 汇兑储备 股份 报酬储备 总额 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 At 1st July 2016 於二零一六年七月一日 821 60,577 (4,028) (740) 10,671 67,301 Change in fair value of available-for-sale financial assets 可供出售金融资产之 公平值变动 �C �C (46,782) �C �C (46,782) Reclassification adjustment for amounts transferred to profit or loss: impairment loss 就转拨至损益之款项 作重新分类调整： 减值亏损 �C �C 45,585 �C �C 45,585 Employee share option scheme �C lapse of share options 雇员购股权计划 －购股权失效 �C �C �C �C (7,095) (7,095) Disposal of a subsidiary 出售一间附属公司 �C �C �C (29) �C (29) Currency translation difference 汇兑差额 �C �C �C 486 �C 486 At 31st December 2016 於二零一六年十二月三十一日 821 60,577 (5,225) (283) 3,576 59,466 Reserves arising on consolidation Reorganisation reserve Availablefor-sale investment reserve Translation reserve Share-based compensation reserve Unlisted warrants reserve Total 综合账目 所得储备 重组储备 可供出售 投资储备 汇兑储备 股份 报酬储备 非上市 认股权证储备 总额 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 At 1st July 2015 於二零一五年七月一日 821 47,244 8,312 (18) 10,143 81,961 148,463 Change in fair value of available-for-sale financial assets 可供出售金融资产之 公平值变动 �C �C (10,274) �C �C �C (10,274) Employee share option scheme 雇员购股权计划 �C grant of share options －授出购股权 �C �C �C �C 1,327 �C 1,327 Currency translation difference 汇兑差额 �C �C �C 172 �C �C 172 At 31st December 2015 於二零一五年 十二月三十一日 821 47,244 (1,962) 154 11,470 81,961 139,688 38 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 20. 借贷 计息票据按6.25%（二零一六年六月三十日 6.5%）的固定年利率计息且为无抵押。 �I展贷款乃以香港联交所上市公司之股份作 抵押。该等股份属於本集团证券投资业务的 证券投资组合范围。 本集团借贷之账面值以港元列值。於二零 一六年十二月三十一日，借贷之公平值与其 账面值相若。 21. 融资租赁承担 於二零一六年十二月三十一日，本集团之融 资租赁承担须於以下期限内偿还： 20. BORROWINGS Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Current liabilities 流动负债 Coupon note due for repayment within 1 year 於一年内到期偿还之计息票据 �C 9,200 Bank overdrafts that contain a repayment on demand clause 包含按要求偿还条款的银行透支 �C 4,020 Margin loan �I展贷款 39,173 �C Non-current liabilities 非流动负债 Coupon note due for repayment after 1 year but within 2 years 於一年後但两年内到期偿还之 计息票据 15,900 �C Total 总计 55,073 13,220 The coupon note bear fixed interest rate at 6.25% (at 30th June 2016: 6.5%) per annum and is not secured. The margin loan is secured by the shares of companies listed on the Stock Exchange of Hong Kong. Those shares are among the portfolio of securities in the securities investments business of the Group. The carrying amounts of the Group’s borrowings are denominated in Hong Kong dollars. The fair values of the borrowings approximate their carrying amounts as at 31st December 2016. 21. OBLIGATIONS UNDER FINANCE LEASES As at 31st December 2016, the Group’s obligations under finance lease are repayable as follows: Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Amounts payable: 应付金额： Within one year 一年内 35 35 After 1 year but within 2 years 一年後但两年内 28 35 After 2 years but within 5 years 两年後但五年内 19 28 Present value of finance lease payable 应付融资租赁的现值 82 98 Less: Portion classified as current liabilities 减：列作流动负债部分 (35) (35) Non-current portion 非流动部分 47 63 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 39 22. 雇员福利开支（包括董事酬金） 本集团根据香港强制性公积金计划条例为在 香港雇佣条例保障下受聘的雇员设立一项强 制性公积金计划（「强积金计划」）。强积金计 划为一项由独立受托人管理的定额供款退休 计划。根据强积金计划，雇主及其雇员各自 须按雇员相关收入的5%向计划供款，最高每 月相关收入为30,000港元。计划供款即时归 属。 本集团於中国的附属公司雇员均参与由中国 政府设立的国家管理退休福利计划。该等附 属公司须按薪金的规定百分比向该退休福利 计划供款以支付福利。本集团对该退休福利 计划的唯一责任为作出规定的供款。 22. EMPLOYEE BENEFITS EXPENSES INCLUDING DIRECTORS’ EMOLUMENTS The Group operates a Mandatory Provident Fund Scheme (“the MPF scheme”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance. The MPF scheme is a defined contribution retirement plan administered by independent trustees. Under the MPF scheme, the employer and its employees are each required to make contributions to the plan at 5% of the employee’s relevant income, subject to a cap of monthly relevant income of HK$30,000. Contributions to the plan vest immediately. The employees of the Group’s subsidiaries in the PRC are members of a state-managed retirement benefit scheme operated by the government of the PRC. The subsidiaries are required to contribute a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefit scheme is to make the specified contribution. Unaudited For the six months ended 31st December 未经审核 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 Wages and salaries 工资及薪金 16,822 14,251 Provision for unutilised annual leave 未用年假之拨备 185 63 Write-back of provision for long service payment 拨回长期服务金拨备 (5) (72) Staff welfare �C operating lease payments for directors quarters 员工福利－董事宿舍之 经营租赁付款 509 509 Staff welfare �C others 员工福利－其他 2,340 423 Pension costs �C defined contribution plan 退休金成本－界定供款计划 954 980 Share based payment 以股份为基础付款 �C 1,327 Total including directors’ emoluments 包括董事酬金之总额 20,805 17,481 40 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 23. 应付账款 证券经纪及�I展融资业务产生之应付现金客 户账款（�I展贷款除外）结算期为交易日後 两日。 证券经纪及�I展融资业务产生之应付现金客 户及�I展客户之账款附有按商业利率计算之 浮动利息，并须於结算日後按要求偿还。 由於本公司董事认为，鉴於证券经纪及�I展 融资业务之业务性质，账龄分析并无带来额 外价值，故并无就该业务产生之应付现金客 户及�I展客户之账款披露任何账龄分析。 就在进行受规管业务过程中为客户收取及持 有之信托及独立银行结余而言，於二零一六 年十二月三十一日之应付账款包括须向客户 支付之款项132,738,000港元（二零一六年六 月三十日：100,147,000港元）。然而，本集团 现时并无以所存放之订金抵销该等应付款项 之可强制执行权。 於二零一六年十二月三十一日，按发票日期 呈列其他业务产生之应付账款之账龄分析如 下： 23. ACCOUNTS PAYABLE Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Accounts payable arising from securities brokerage and margin financing business: 证券经纪及�I展融资业务产生 之应付账款： �C cash clients －现金客户 135,750 231,264 �C margin clients －�I展客户 25,124 19,056 160,874 250,320 Accounts payable arising from other business 其他业务产生之应付账款 14,151 4,402 175,025 254,722 The settlement terms of accounts payable to cash client, except for margin loans, arising from securities brokerage and margin financing business are two days after trade date. Accounts payable to cash clients and margin clients arising from securities brokerage and margin financing business bear variable interest at commercial rates, and repayable on demand subsequent to settlement dates. No ageing analysis is disclosed in respect of accounts payable to cash clients and margin clients arising from securities brokerage and margin financing business as in the opinion of the directors of the Company, the ageing analysis does not give additional value in view of the nature of business. Included in accounts payable, amounts of HK$132,738,000 as at 31st December 2016 (30th June 2016: HK$100,147,000) were payable to clients in respect of the trust and segregated bank balances received and held for clients in the course of the conducting the regulated activities. However, the Group currently does not have an enforceable right to offset these payables with the deposits placed. As at 31st December 2016, the ageing analysis of the accounts payable arising from other businesses based on invoice date was as follows: Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Current to 90 days 即期至90日 11,750 1,416 91 days to 180 days 91日至180日 28 130 Over 180 days 180日以上 2,373 2,856 14,151 4,402 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 41 24. 应付或然代价 应付或然代价之公平值指有关於截至二零 一六年十二月三十一日止六个月期间就出售 爱拼集团作出之代价调整（如下文附注(i)所 详述）之溢利保证。应付或然代价之公平值 变动如下： 附注： (i) 代价之调整 根 据 就 收 购 爱 拼 集 团 订 立 之 买 卖 协 议，倘爱拼集团自二零一六年一月一 日 起 至 二 零 一 七 年 十 二 月 三 十 一 日 止期间之经审核除税後综合溢利少於 16,000,000港元，则本集团须向买方 支付按下文所载公式计算的调整金额 （「调整金额」）： A = 20,400,000港元�C (NP/2) x 5 x 51% 其中： 「 A」指以港元计值之调整金额之数值； 及 「 NP」指自二零一六年一月一日起至 二零一七年十二月三十一日止期间之 溢利净额。倘溢利净额为负值，则溢利 净额应被视作零。 应 付 或 然 代 价 於 二 零 一 六 年 十 二 月 三十一日之公平值乃基於本公司董事 之最佳估计并参考二零一六年爱拼集 团之经营业绩厘定。 24. CONTINGENT CONSIDERATION PAYABLE The fair value of the contingent consideration payable represented the profit guarantee in relation to the adjustments to the consideration for the disposal of AP Group during the six months period ended 31st December 2016 as detailed in Note (i) below. The movement of the fair value of contingent consideration payable is as follows: Unaudited As at 31st December 2016 未经审核 於二零一六年 十二月三十一日 HK$’000 千港元 At fair value: 按公平值计量： Arising from disposal of AP Group 收购爱拼集团所产生 10,930 Fair value change 公平值变动 7,190 At end of the Period 於期末 18,120 Note: (i) Adjustment to the consideration Pursuant to the sale and purchase agreement entered in relation to the disposal of AP Group, in the event that the audited consolidated profit after tax of AP Group for the period from 1st January 2016 to 31st December 2017 is less than HK$16,000,000, the Group shall pay to the purchaser the adjustment amount (the “Adjustment Amount”) in accordance with the formula set out below: A = HK$20,400,000 �C (NP/2) x 5 x 51% Where: “A” means the amount of Adjustment Amount in HK$; and “NP” means the net profit for the period from 1st January 2016 to 31st December 2017. Where the NP is a negative figure, NP shall be deemed to be zero. The fair value of the contingent consideration payable as at 31st December 2016 are based on the best estimation of the directors of the Company taking into account the operation result of AP Group in 2016. 42 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 25. 按性质分类之费用 列在收益成本、销售费用及行政费用内的费 用分析如下： 26. 所得税（开支）�u回拨 香港利得税已按期内之估计应课税溢利以税 率16.5%（二零一五年：16.5%）拨备。 於未经审核简明综合全面收益表内（扣除） �u计入的所得税（开支）�u回拨金额如下： 25. EXPENSES BY NATURE Expenses included in cost of revenue, selling expenses and administrative expenses are analysed as follows: Unaudited For the six months ended 31st December 未经审核 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 Amortisation of film rights 电影版权之摊销 1,354 5,838 Amortisation of other intangible assets 其他无形资产之摊销 74 �C Depreciation 折旧 1,588 1,659 Write-off of inventories 存货之撇销 1 132 Provision for inventories 存货之拨备 �C 310 Employee benefits expenses including directors’ emoluments 雇员福利开支（包括董事酬金） 20,805 17,481 Cost of inventories sold 已售存货成本 24,004 18,261 26. INCOME TAX (EXPENSE)/CREDIT Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profit for the period (2015: 16.5%). The amount of income tax (expense)/credit (charged)/credited to the unaudited condensed consolidated statement of comprehensive income represents: Unaudited For the six months ended 31st December 未经审核 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 Hong Kong profits tax �C current 香港利得税－即期 (4,222) (673) Deferred income tax relating to the origination and reversal of temporary differences 与暂时性差额之产生 及转回有关的递延所得税 (78) 1,170 Deferred income tax relating to unrealised fair value loss on investment securities 与投资证券未变现公平值亏损 有关的递延所得税 �C 19,720 (4,300) 20,217 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 43 27. 每股亏损 於本期间，本公司权益拥有人应占每股基本 及摊薄亏损乃按以下资料计算： 计算每股基本及摊薄亏损之普通股加权平均 数已就於二零一六年十月五日进行之供股作 出调整。 计算每股摊薄亏损并无假设本公司之购股权 获行使，原因为该等购股权之转换价高於该 两个期间的股份平均市价。 27. LOSS PER SHARE The calculation of the basic and diluted loss per share attributable to equity owners of the Company during the period is based on the following data: Unaudited For the six months ended 31st December 未经审核 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 Loss for the period attributable to the owners of the Company 本公司拥有人应占期内亏损 (39,496) (94,645) Number of shares (in thousand) 股份数目（千股） 2016 2015 二零一六年 二零一五年 (restated) （经重列） Weighted average number of ordinary shares for the purpose of basic and diluted loss per share 计算每股基本及摊薄亏损的 普通股加权平均数 360,322 146,658 The weighted average number of ordinary shares for the purpose of basic and diluted loss per share has been adjust for rights issue on 5th October 2016. The computation of diluted loss per share does not assume the exercise of the Company’s share options because the conversion prices of these share options were higher than the average market price of shares in both period. 44 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 28. 出售一间附属公司 根据本公司日期为二零一六年六月十三日 之公布，本公司之直接全资附属公司香江娱 乐文化（控股）有限公司、本公司（作为担保 人）及买方於二零一六年六月十三日订立买 卖协议（「爱拼出售协议」），出售爱拼集团控 股有限公司（「爱拼集团」）51%股权，代价为 20,400,000港元（须根据爱拼出售协议所载 之保证溢利向下调整）。爱拼出售协议已於 二零一六年七月一日完成。 28. DISPOSAL OF A SUBSIDIARY Pursuant to the Company’s announcement dated 13th June 2016, Fragrant River Entertainment Culture (Holdings) Limited, a direct wholly owned subsidiary of the Company, the Company as a guarantor and a purchaser entered into a sale and purchase agreement (“AP Disposal Agreement”) on 13th June 2016 to dispose 51% equity interest of AP Group Investment Holdings Limited (“AP Group”) at a consideration of HK$20,400,000, subject to a downward adjustment in respect of the guaranteed profit as described in the AP Disposal Agreement. The AP Disposal Agreement was completed on 1st July 2016. Unaudited 未经审核 For the six months ended 31st December 截至 十二月三十一日 止六个月 2016 二零一六年 HK$’000 千港元 Net assets disposed of: 已出售净资产： Property, plant and equipment 物业、机器及设备 2,134 Accounts receivables 应收账款 103 Amounts due from directors 应收董事款项 27 Deposits paid, prepayments and other receivables 已付订金、预付款项 及其他应收款项 2,758 Cash and cash equivalents 现金及现金等价物 1,359 Amounts due to a fellow subsidiary 应付一间同系附属公司账款 (59) Other payables and accrued charges 其他应付款项及应计支出 (1,345) Deposits received 已收订金 (7,566) Taxation payable 应付税项 (687) Goodwill 商誉 8,403 5,127 Release of cumulative exchange differences on translation 累计汇兑换算差额拨回 (29) Non-controlling interest 非控股权益 1,175 1,146 6,273 Gain on disposal 出售收益 3,197 9,470 Satisfied by: 由以下支付： Available-for-sale financial assets 可供出售金融资产 20,400 Contingent consideration payable 应付或然代价 (10,930) 9,470 An analysis of the net outflow of cash and cash equivalents in respect of the disposal of a subsidiary is as follows: 有关出售一间附属公司之现金 及现金等价物流出净额 之分析如下： Cash and cash equivalents disposed of 已出售现金及现金等价物 (1,359) Net outflow of cash and cash equivalents in respect of the disposal of a subsidiary 有关出售一间附属公司之现金 及现金等价物之流出净额 (1,359) UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 45 29. 未决诉讼 (a) 於二零零二年四月十七日，独立第三 方星辉海外有限公司（「星辉」）对本公 司之一间间接全资附属公司寰宇娱乐 有限公司（「寰宇娱乐」）於香港特别行 政区原讼法庭展开一项法庭诉讼。 星辉在上述诉讼中指称寰宇娱乐应向 其支付935,872美元（相当於7,299,799 港元），作为分享一出名为「少林足球」 之电影（「该电影」）之部分收入。 根 据 高 等 法 院 於 二 零 零 三 年 二 月 二十一日颁发之指令（「该指令」）， 寰 宇 娱 乐 遭 颁 令 及 已 向 星 辉 支 付 5,495,700港元，即寰宇娱乐就该电影 而从Miramax Films（即该电影之版权 持有人）收取之部分版权费及星辉索偿 之部分金额。根据该指令，寰宇娱乐亦 须向星辉支付金额350,905港元之利息 及申请该指令所耗部分费用，有关费 用均已支付。由於该指令并无解决星 辉为数935,872美元（相当於7,299,799 港元）之所有索偿，故此寰宇娱乐有权 继续就星辉追讨余下为数约1,804,099 港元（即7,299,799港元减5,495,700港 元）之款项进行抗辩。 於二零零二年四月三十日，寰宇娱乐 向星辉发出传讯令状，指後者不当地 使用属於双方共同拥有之该电影中之 若干权利。寰宇娱乐追讨因该不当使 用权利而令其蒙受之一切损失及损害。 於二零零二年九月九日，本公司之一 间间接全资附属公司寰宇镭射录影有 限公司（「寰宇镭射」）因指星辉侵犯寰 宇镭射就该电影所持的特许权利而向 其发出传讯令状。寰宇镭射追讨因上 述侵权行为而令其蒙受之一切损失及 损害。 根据法律顾问之意见，现阶段预测对 寰宇娱乐的上述索偿结果尚属为时过 早。董事会认为对寰宇娱乐的上述索 偿之结果不会於本期间对本集团构成 重大财务影响。 (b) 於二零零八年九月一日，Koninklijke Philips Electronics N.V.（「 KPE」）向（其 中包括）本公司、寰宇镭射及林小明先 生（其中一名董事）（传讯令状上之其 中三名被告）发出有关因声称侵犯KPE 所持有关影音光碟的专利权而产生之 损失之传讯令状。 根据法律顾问之意见，现阶段预测对 本公司、寰宇镭射及林小明先生的上 述索偿结果尚属为时过早。董事会认 为有关的经济利益流出未能可靠地估 计，故并无在未经审核简明综合中期 财务资料内就可能产生的任何负债作 出拨备。 29. PENDING LITIGATIONS (a) A court action was commenced in the Court of First Instance of the Hong Kong Special Administrative Region on 17th April 2002 by The Star Overseas Limited (“Star”), an independent third party, against Universe Entertainment Limited (“UEL”), an indirect wholly-owned subsidiary of the Company. By the above action, Star alleges that a sum of US$935,872 (equivalent to HK$7,299,799) was payable by UEL to Star as its share of the revenue of the movie entitled “Shaolin Soccer” (the “Movie”). Pursuant to an Order (the “Order”) made by the High Court on 21st February 2003, UEL was ordered and had paid to Star a sum of HK$5,495,700, being part of the licence fee of the Movie received by UEL from Miramax Films (being the licencee of the Movie) and which was also part of the sum claimed by Star. Pursuant to the Order, UEL is also liable to pay Star interest in the sum of HK$350,905 and some of the costs of the application leading to the making of the Order, all of which have been settled. As the Order has not disposed of all the claims of US$935,872 (equivalent to HK$7,299,799) by Star, UEL is entitled to continue to defend the claim by Star for recovering the remaining balance in the sum of approximately HK$1,804,099 (HK$7,299,799 less HK$5,495,700). On 30th April 2002, UEL issued a Writ of Summons against Star for the latter’s wrongful exploitation of certain rights in the Movie co-owned by both parties. UEL claimed to recover all losses and damages suffered by UEL as a result of the wrongful exploitation. On 9th September 2002, Universe Laser & Video Co. Limited (“ULV”), an indirect wholly-owned subsidiary of the Company, issued a Writ of Summons against Star for the latter’s infringement of the licensed rights in the Movie held by ULV. ULV claimed to recover all loss and damages suffered by ULV as a result of the said infringement. In the opinion of legal counsel, it is premature to predict the outcome of the claim against UEL. The Board is of the opinion that the outcome of the said claim against UEL will have no material financial impact on the Group for the Period. (b) On 1st September 2008, Koninklijke Philips Electronics N.V. (“KPE”) issued a Writ of Summons against among other persons, the Company, ULV and Mr. Lam Shiu Ming, Daneil (one of the Directors), being three of the defendants named therein, in respect of damages arising from alleged infringement of the patents regarding Video Compact Disc owned by KPE. In the opinion of legal counsel, it is premature to predict the outcome of the said claim made against the Company, ULV and Mr. Lam Shiu Ming, Daneil. The Board is of the opinion that the outflow of economic benefits cannot be reliably estimated and accordingly no provision for any liability that may result has been made in the unaudited condensed consolidated interim financial information. 46 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 29. 未决诉讼（续） (c) 於二零一零年一月八日，KPE向（其中 包括）本公司、寰宇镭射及林小明先生 （其中一名董事）（传讯令状上之其中 三名被告）发出有关因声称侵犯KPE所 持有关数码影音光碟的专利权而产生 之损失之传讯令状。 於二零一二年六月，对本公司及林小 明先生之诉讼已作终止。对寰宇镭射 之索偿已与KPE达成协议并已由寰宇 镭射结清，且已於截至二零一二年六 月三十日止年度之综合财务报表内相 应地确认适当的法律费用拨备。 概无於本期间之未经审核简明综合中 期财务资料内作出其他拨备。根据法 律顾问的意见，寰宇镭射并无面临进 一步的重大经济利益流出。 (d) 於二零一四年六月三十日，寰宇艺人 管理有限公司（「寰宇艺人管理」）於原 讼法庭就江玲及东旺国际娱乐有限公 司（统称「被告」）展开一项法庭诉讼， 提出（其中包括）寰宇艺人管理有权延 长�u重续被告与寰宇艺人管理的艺人 管理合约（「艺人管理合约」）的期限， 年期自二零一四年五月三日起至二零 一九年五月二日止，共五年。 被告於二零一四年九月二十九日作出 抗辩及提起反申索。根据有关反申索， 被告就寰宇艺人管理提出（其中包括） 艺人管理合约属无效及不可强制执行， 应废除艺人管理合约，就违反艺人管 理合约及受信责任的损失提出索赔， 主张寰宇艺人管理应对被告负责，并 应判令寰宇艺人管理支付应付被告的 所有款项。 根据法律顾问的意见，预测上述对寰 宇艺人管理之索偿的结果为时尚早。 董事会认为，被告就寰宇艺人管理提 出反申索的数额对本集团整体而言属 微不足道。 除上文所披露者外，於二零一六年十二月 三十一日，就董事所知，本公司或其任何附 属公司并无面临任何重大未决诉讼或索偿。 29. PENDING LITIGATIONS (Continued) (c) On 8th January 2010, KPE issued a Writ of Summons against among other persons, the Company, ULV and Mr. Lam Shiu Ming, Daneil (one of the Directors), being three of the defendants named therein, in respect of damages arising from alleged infringement of the patents regarding Digital Video Disc owned by KPE. In June 2012, the action was discontinued against the Company and Mr. Lam Shiu Ming, Daneil. The claim made against ULV has been agreed with KPE and settled by ULV and appropriate legal costs provision was recognised accordingly in the consolidated financial statements for the year ended 30th June 2012. No additional provision has been made in the unaudited condensed consolidated interim financial information for the Period. Based on the consultation with legal counsel, no further material outflow of economic benefits will be incurred for ULV. (d) Universe Artiste Management Limited (“UAM”) commenced Court of First Instance Action against Kwong Ling and Oriental Prosperous Int’l Entertainments Limited (collectively the “Defendants”) on 30th June 2014 claiming inter alia for a declaration that UAM is entitled to extend/renew the term of the Artist Management Contract of the Defendants with UAM (the “Artist Management Contract”) for 5 years as from 3rd May 2014 to 2nd May 2019. The Defendants filed their defence and counterclaim on 29th September 2014. By such counterclaim, the Defendants claiming against UAM inter alia for a declaration that the Artist Management Contract was void and unenforceable, the Artist Management Contract to be rescinded, damages for breach of the Artist Management Contract and for breach of fiduciary duties, a declaration that UAM is liable to account to the Defendants and an order for payment of all sums found to be due by UAM to the Defendants. In the opinion of legal counsel, it is premature to predict the outcome of the said claim against UAM. The Board considers that the amounts of counterclaim by the Defendants against UAM is insignificant to the Group as a whole. Save as disclosed above, as at 31st December 2016, no litigation or claim of material importance is known to the Directors to be pending against either the Company or any of its subsidiaries. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 47 30. 承担 於二零一六年十二月三十一日，本集团已订 约但未於未经审核简明综合中期财务资料拨 备之承担如下： 附注： 於二零一六年十二月三十一日，本 集团有合营业务的承担约2,296,000 港元（於二零一六年六月三十日：约 13,633,000港元）。 31. 有关连人士之交易 30. COMMITMENTS As at 31st December 2016, the Group had commitments contracted but not provided for in the unaudited condensed consolidated interim financial information as follows: Unaudited Audited As at As at 31st December 30th June 2016 2016 未经审核 经审核 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Purchase of film rights and production of films 购买电影版权及电影制作 52,526 59,002 Licence agreement 版权协议 3,593 786 Note: As at 31st December 2016, the Group had commitment of approximately HK$2,296,000 in respect of joint operations (As at 30th June 2016: approximately HK$13,633,000). 31. RELATED PARTY TRANSACTIONS Unaudited 未经审核 For the six months ended 31st December 截至十二月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 i) Details of key management compensation i) 主要管理层报酬明细 Salaries and other short-term employee benefits 薪金及其他短期雇员福利 4,387 4,431 Employer’s contribution to retirement scheme 退休计划之雇主供款 24 36 Share-based compensation 股份报酬 �C 949 4,411 5,416 ii) Rental expenses paid to Universe Property Investment Limited which is wholly owned by a director of the Company (Note a) ii) 向寰宇物业投资有限公司（由本 公司一名董事全资拥有）支付之 租金开支（附注a） 1,464 1,464 iii) Rental expenses paid to Sam Fung Global Limited which is wholly owned by the spouse of a director of the Company (Note b) iii) 向三锋环球有限公司（由本公司 一名董事之配偶全资拥有）支付 之租金开支（附注b） 600 140 48 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 31. 有关连人士之交易（续） 附注a： 本公司间接全资附属公司寰宇数码娱乐有限 公司（「寰宇数码娱乐」）与本公司执行董事 林小明先生拥有之公司寰宇物业投资有限公 司（「寰宇物业投资」）就自二零一四年二月 一日起至二零一七年一月三十一日止以月租 金244,000港元租用(1)一个工业单位及(2)坐 落於葵涌一栋用作仓库、配套办公室及停车 场的工业大厦之5个停车位订立租赁协议（「租 赁协议」），该协议由本集团与林小明先生经 参考罗马国际评估有限公司於二零一三年 十一月三十日作出的租金估值（反映当时市 场租金）後公平磋商厘定。 附注b： 本公司间接全资附属公司中国建信信贷有 限公司（前称「永锋证券有限公司」）（「中国 建信信贷」）与郑熹榆女士（本公司之前任执 行董事及本公司一间间接全资附属公司之 销售及业务开发经理）之配偶拥有之公司三 锋环球有限公司就自二零一五年十一月一 日起至二零一七年十月三十一日止以月租金 100,000港元租用位於香港上环的一间办公 室单位订立租赁协议（「中国建信信贷租赁协 议」），该协议由相关订约方经参考市场租金 後公平磋商厘定。於截至二零一六年十二月 三十一日止六个月，根据中国建信信贷租赁 协议，中国建信信贷已产生租金开支总额约 600,000港元（二零一五年：140,000港元）。 31. RELATED PARTY TRANSACTIONS (Continued) Note a: Universe Digital Entertainment Limited (“UDE”), an indirect wholly-owned subsidiary of the Company, entered into a tenancy agreement with Universe Property Investment Limited (“UPI”), a company owned by Mr. Lam Shiu Ming, Daneil, the executive Director of the Company, for renting (1) an industrial unit and (2) 5 carparking spaces of an industrial building for warehouse, ancillary office and carparking uses in Kwai Chung from 1st February 2014 to 31st January 2017, with a monthly rental of HK$244,000 (the “Tenancy Agreement”) which were arrived at following arm’s length negotiation between the Group and Mr. Lam Shiu Ming, Daneil with reference to the renal valuation performed by Roma Appraisals Limited as at 30th November 2013 which reflects the then market rent. Note b: China Jianxin Credit Services Limited, (formerly known as “Win Fung Securities Limited”) (“China Jianxin Credit”), an indirect wholly-owned subsidiary of the Company, entered into a tenancy agreement with Sam Fung Global Limited, a company owned by the spouse of Ms. Cheng Hei Yu, the former executive director of the Company and a sale and business development manager of an indirect wholly owned subsidiary of the Company, for renting an office unit in Sheung Wan, Hong Kong from 1st November 2015 to 31st October 2017, with a monthly rental of HK$100,000 (the “China Jianxin Credit Tenancy Agreement”) which were arrived at the arm’s length negotiation by the relevant parties with reference to the market rent. During the six months ended 31st December 2016, China Jianxin Credit has incurred a total rental expenses of approximately HK$600,000 (2015: HK$140,000) in accordance to the China Jianxin Credit Tenancy Agreement. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 49 结算日後事项 1. 出售电影库 根据本公司日期为二零一七年一月九日 之公布，本公司之间接全资附属公司寰 宇影片发行有限公司与一名独立第三方 买方於二零一七年一月九日订立买卖协 议（「电影库出售协议」），有条件出售 202部剧情片（「电影库」），代价为人民 币178,895,064元，该代价可能会根据电 影库出售协议作出调整（「出售事项」）。 电影库的成本已於过往年度近乎完全 摊销，且其账面值为3,682,532港元。本 公司认为出售事项（倘落实）将使本集 团得以藉出售事项实现一次性收益约 174.0百万港元。 电影库出售协议於截至本报告日期尚未 完成并须获股东批准及受其他条件规 限。本公司将於二零一七年三月十七日 召开及举行股东特别大会，以考虑并酌 情批准电影库出售协议。 2. 配售新股份 a. 根据本公司日期为二零一七年一 月十八日之公布，本公司与鼎成证 券有限公司（「配售代理」）订立配 售协议（「一般授权配售协议」）， 其中本公司已有条件同意透过配 售代理按竭尽所能基准，配售最多 106,660,000股新普通股（「一般授 权配售股份」）予不少於六名承配 人（彼等及彼等之最终实益拥有人 为独立第三方），配售价为每股一 般授权配售股份0.519港元（「一般 授权配售事项」）。 一 般 授 权 配 售 事 项 已 於 二 零 一 七 年 二 月 七 日 完 成。合 共 106,660,000股一般授权配售股 份（相当於紧随一般授权配售事 项 完 成 後 本 公 司 已 发 行 股 本 约 16.67%）已按每股一般授权配售 股份0.519港元成功配售予不少於 六名承配人，彼等及其最终实益拥 有人为独立第三方。 EVENTS AFTER THE BALANCE SHEET DATE 1. Disposal of Film Library Pursuant to the Company’s announcement dated 9th January 2017, Universe Films Distribution Company Limited, an indirect wholly owned subsidiary of the Company, and an independent third party purchaser entered into a sale and purchase agreement (“Film Library Disposal Agreement”) on 9th January 2017 to dispose 202 feature films (“Film Library”) conditionally at a consideration of RMB178,895,064, subject to possible adjustment as set out in the Film Library Disposal Agreement (the “Disposal”). The cost of the Film Library has been almost fully amortised in previous years and the carrying value of the Film Library is HK$3,682,532. The Company considers that the Disposal, if materialised, would allow the Group to realise a one-off gain of approximately HK$174.0 million from the Disposal. The Film Library Disposal Agreement was not completed yet up to the date of this report and is subject to the shareholder’s approval and other conditions. The special general meeting will be convened and held on 17th March 2017 for the purposes of considering and, if through fit, approving the Film Library Disposal Agreement. 2. Placing of new shares a. Pursuant to the Company’s announcement dated 18th January 2017, the Company and Gransing Securities Company Limited (the “Placing Agent”) entered into a placing agreement (the “GM Placing Agreement”), in which the Company has conditionally agreed to place through the Placing Agent, on a best endeavor basis, up to 106,660,000 new ordinary shares (the “GM Placing Shares”) to not less than six placees who and whose ultimate beneficial owners are independent third parties at the placing price of HK$0.519 per GM Placing Share (the “GM Placing”). Completion of the GM Placing took place on 7th February 2017. An aggregate of 106,660,000 GM Placing Shares, which represent approximately 16.67% of the issued share capital of the Company immediately after completion of the GM Placing, have been successfully placed to not less than six placees, who and whose ultimate beneficial owners are independent third parties, at HK$0.519 per GM Placing Share. 50 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 结算日後事项（续） 2. 配售新股份（续） b. 根据本公司日期为二零一七年一 月十八日之公布，本公司与配售代 理订立配售协议（「特别授权配售 协议」），其中本公司已有条件同 意透过配售代理按竭尽所能基准， 配售最多213,320,000股新普通股 （「特别授权配售股份」）予不少於 六名承配人（彼等及彼等之最终实 益拥有人为独立第三方），配售价 为每股特别授权配售股份0.519港 元（「特别授权配售事项」）。 最高数目213,320,000股特别授权 配售股份占经一般授权配售事项 及特别授权配售事项扩大之本公 司现有已发行股本约25.00%。 配售价每股一般授权配售股份及 特别授权配售股份0.519港元乃由 本公司与配售代理经参考（其中包 括）本公司普通股（「股份」）之当 时市价後公平磋商厘定并较：i) 股 份於二零一七年一月十七日在联 交所所报之收市价每股0.60港元 折让13.5%；及ii) 股份於紧接二零 一七年一月十七日前连续五个交 易日在联交所所报之平均收市价 每股0.632港元折让约17.9%。 特别授权配售事项於本报告日期 尚未完成，惟须获股东批准及受其 他条件规限。本公司将於二零一七 年三月十七日召开及举行股东特 别大会，藉以考虑及酌情批准特别 授权配售事项。详情请参阅本公司 日期为二零一七年二月二十四日 之通函。 EVENTS AFTER THE BALANCE SHEET DATE (Continued) 2. Placing of new shares (Continued) b. Pursuant to the Company’s announcement dated 18th January 2017, the Company and the Placing Agent entered into a placing agreement (the “SM Placing Agreement”), in which the Company has conditionally agreed to place through the Placing Agent, on a best endeavor basis, up to 213,320,000 new ordinary shares (the “SM Placing Shares”) to not less than six places who and whose ultimate beneficial owners are independent third parties at the placing price of HK$0.519 per SM Placing Shares (the “SM Placing”). The maximum number of 213,320,000 SM Placing Shares represents approximately 25.00% of the existing issued share capital of the Company as enlarged by the GM Placing and the SM Placing. The placing price of HK$0.519 per GM Placing Shares and SM Placing Shares was determined after arm’s length negotiations between the Company and the Placing Agent with reference to, among other matters, the prevailing market prices of the ordinary shares of the Company (the “Share(s)”) and represents: i) a discount of 13.5% to the closing price of HK$0.60 per Shares as quoted on the Stock Exchange on 17th January 2017; and ii) a discount of approximately 17.9% to the average closing price of HK$0.632 per Share as quoted on the Stock Exchange for the five consecutive trading days of the Shares immediately prior to 17th January 2017. The SM Placing was not completed yet up to the date of this report and is subject to the shareholders’ approval and other conditions. The special general meeting will be convened and held on 17th March 2017 for the purposes of considering and, if thought fit, approving the SM Placing. Please refer to Company’s circular dated 24th February 2017 for details. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 51 结算日後事项（续） 3. 收购中国新经济投资有限公 司之股份 根据本公司日期为二零一七年二月七日 及二零一七年二月八日之公布，於二零 一七年二月三日至二零一七年二月八 日期间，本集团按每股中国新经济投资 股份0.2885港元之平均购买价於公开市 场收购中国新经济投资有限公司（「中 国新经济投资」，一间於开曼群岛注册 成立并於百慕达存续之有限公司，其股 份於联交所上市（股份代号：80））之 132.4百万股股份。该收购事项之总代价 为38.19百万港元（不包括印花税及相关 费用）。所有中国新经济投资股份由本 集团持作长期投资用途，占中国新经济 投资於二零一七年二月八日全部已发行 股本之约17.0%。 中期股息 董 事 会 不 建 议 就 截 至 二 零 一 六 年 十 二 月 三十一日止六个月派付中期股息（二零一五 年：无）。 管理层讨论与分析 整体集团业绩 本集团於本期间录得净亏损约39.6百万港元， 较上年同期录得之净亏损的约94.9百万港元 减少约58.3%，此乃主要由於以下因素之净影 响：(i)本集团於本期间录得透过损益按公平 值入账之金融资产产生公平值收益约18.2百 万港元，而本集团於上年同期录得透过损益 按公平值入账之金融资产产生公平值亏损约 132.3百万港元；(ii)於本期间可供出售金融资 产「 Hydra Capital SPC �C A类股份」（「 Hydra Capital」）确认减值亏损约44.3百万港元。 EVENTS AFTER THE BALANCE SHEET DATE (Continued) 3. Acquisition of the shares of China New Economy Fund Limited Pursuant to the Company’s announcement dated 7th February 2017 and 8th February 2017, the Group acquired 132.4 million shares of China New Economy Fund Limited (“CNEF”), a company incorporated in the Cayman Islands and continued in Bermuda with limited liability, the shares of which are listed on the Stock Exchange (Stock Code: 80) at the average purchase price of HK$0.2885 per share of CNEF from 3rd February 2017 to 8th February 2017 in the open market. The aggregate consideration of this acquisition was HK$38.19 million (excluding stamp duty and related expenses). All shares of CNEF are held by the Group for long-term investment purpose, representing approximately 17.0% of the total issued share capital of CNEF on 8th February 2017. INTERIM DIVIDEND The Board does not recommend the payment of an interim dividend in respect of the six months ended 31st December 2016 (2015: Nil). MANAGEMENT DISCUSSION AND ANALYSIS Overall Group results The Group recorded a net loss of approximately HK$39.6 million for the Period, representing a decrease of approximately 58.3% as compared to the net loss of approximately HK$94.9 million for the same period in last year, which is mainly due to the net effect of (i) Group had recorded a fair value gain arising from financial assets at fair value through profit or loss of approximately HK$18.2 million for Period while the Group recorded a fair value loss arising from financial assets at fair value through profit or loss of approximately HK$132.3 million for the same period in last year; (ii) an impairment loss of approximately HK$44.3 million on the available-for-sale-financial assets, named “Hydra Capital SPC-Class A Share” (“Hydra Capital”) was recognised during the Period. 52 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 管理层讨论与分析（续） 整体集团业绩（续） 本集团於本期间之未经审核综合收益约为 73.7百万港元，较上年同期之收益约75.0百万 港元轻微减少约1.73%。收益减少乃主要由於 下列各项的净影响：(i)来自证券经纪及�I展融 资业务之收益增加约12.4百万港元；(ii)来自钟 表及珠宝产品贸易、批发及零售业务之收益 减少约7.1百万港元；(iii)来自电影发行及放映、 授出及转授电影版权之收益减少约1.8百万港 元；(iv)来自放贷业务之收益减少约1.5百万港 元；及(v)来自娱乐业务之收益减少约1.4百万 港元。 电影发行及放映、授出及转授电 影版权 於本期间，该业务分部产生之收益约为26.8百 万港元，较上年同期之约28.6百万港元减少约 6.3%。其占本集团本期间收益的约36.3%（二 零一五年：约38.1%）。於本期间，该业务分部 产生之收益保持稳定。 该业务分部於本期间内产生之分部溢利约为 1.5百万港元，较上年同期之约5.0百万港元减 少约70.0%。分部溢利减少的主要原因为本 期间内之推广成本上升以及录像发行业务的 营业额及毛利率因以不同录像制式发行的新 电影�u电视剧数量减少而有所下降。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Overall Group results (Continued) The Group’s unaudited consolidated revenue for the Period was approximately HK$73.7 million, representing a slightly decrease of approximately 1.73% as compared to the revenue of approximately HK$75.0 million for the same period last year. The decrease in revenue was mainly due to the net effect of (i) the increase of revenue of approximately HK$12.4 million from the securities brokerage and margin financing business; (ii) the decrease in revenue of approximately HK$7.1 million from trading, wholesale and retails of watches and jewellery products; (iii) the decrease in revenue of approximately HK$1.8 million from films distribution and exhibition, licensing and sub-licensing of film rights; (iv) the decrease in revenue of approximately HK$1.5 million from money lending business; and (v) the decrease in revenue of approximately HK$1.4 million from entertainment business. Films distribution and exhibition, licensing and sub-licensing of film rights Revenue from this business segment during the Period was approximately HK$26.8 million, representing a decrease of approximately 6.3% as compared to approximately HK$28.6 million in the same period in last year. It accounted for approximately 36.3% (2015: approximately 38.1%) of the Group’s revenue during the Period. The revenue from this business segment is stable during the Period. Segmental profit from this business segment during the Period was approximately HK$1.5 million, representing a decrease of approximately 70.0% as compared to approximately HK$5.0 million in the same period last year. The decrease in segmental profit is mainly due to the increase in promotional cost and the decrease in turnover and gross profit from video distribution business as a result of the decrease in the number of new titles of films/television series distributed in various videogram formats during the Period. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 53 管理层讨论与分析（续） 电影发行及放映、授出及转授电 影版权（续） 根据本公司日期为二零一七年一月九日之公 布及本公司日期为二零一七年二月二十四日 的通函，於二零一七年一月九日，本公司之间 接全资附属公司寰宇影片发行有限公司与一 名独立第三方买方订立买卖协议（「电影库出 售协议」），有条件以代价人民币178,895,064 元出售202部电影（「电影库」），有关代价可 能会按电影库出售协议所载方式作出调整（「出 售事项」）。电影库之成本已於过往年度近乎 完全摊销，且电影库之账面值为约3.5百万港 元。本公司认为出售事项（倘落实）将使本集 团得以藉出售事项实现一次性收益约173.77 百万港元。截至本报告日期，电影库出售协议 仍有待完成。 除电影库外，本集团仍拥有约300部剧情片、 非剧情片、电视连续剧、纪录片及京剧。本集 团拟继续经营其现有业务（包括电影放映、 授出及转授电影版权）。本公司有两部电影正 在进行後期制作，而其中一部预期将於二零 一七年四月上映。此外，本公司手头有若干电 影项目，其中有一部正在拍摄及有两部正在 筹拍。另外，本集团将继续以与出售事项前类 似的模式及规模（如员工人数）管理其业务经 营。因此，出售事项将不会导致本集团的现有 业务出现重大缩减或中断。相反，出售事项将 为本集团提供机遇以获取旧电影的剩余价值。 由於中华人民共和国（「中国」）电影市场显示 出良好的发展势头，本集团将继续审慎投资 於市场影响力更深远的大制作电影。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Films distribution and exhibition, licensing and sub-licensing of film rights (Continued) Pursuant to the Company’s announcement dated 9th January 2017 and the Company’s circular dated 24th February 2017, Universe Films Distribution Company Limited, an indirect wholly owned subsidiary of the Company, and an independent third party purchaser entered into a sale and purchase agreement (“Film Library Disposal Agreement”) on 9th January 2017 to dispose 202 feature films (“Film Library”) conditionally at a consideration of RMB178,895,064, subject to possible adjustment as set out in the Film Library Disposal Agreement (the “Disposal”). The cost of the Film Library has been almost fully amortised in previous years and the carrying value of the Film Library is approximately HK$3.5 million. The Company considers that the Disposal, if materialised, would allow the Group to realise a one-off gain of approximately HK$173.77 million from the Disposal. The Film Library Disposal Agreement was not completed yet up to the date of this report. Apart from the Film Library, the Group still owns approximately 300 feature films, non-feature films, television series, documentaries and Chinese opera. The Group intends to continue its existing businesses including film exhibition, licensing and sub-licensing of film rights. The Company has two films in post production and one of which is expected to be released in April 2017. Further, the Company has several film projects on hand including one film in shooting and two films under the preparation of shooting. Further, the Group will continue the management of its operations in model and scale (such as number of staff) similar to that as before the Disposal. Hence, the Disposal will not result in significant scaling down nor cessation of the existing businesses of the Group. On the contrary, the Disposal will provide the Group with the opportunity to capture the residual value of the old films. As the film market in People’s Republic of China (“PRC”) shows a good progress in its development, the Group will continue to adopt a cautious approach towards investment in large-scale film productions that enables broader and deeper market penetration. 54 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 管理层讨论与分析（续） 光学、钟表及珠宝产品贸易、批 发及零售 於本期间，该业务分部产生之收益约为29.5 百万港元，较上年同期之约36.5百万港元减 少约19.2%。该业务分部产生之收益包括於 香港以「茂昌眼镜Hong Kong Optical」之名称 经营的两间眼镜零售商店之光学产品贸易、 批发及零售业务产生之收益约3.7百万港元（二 零一五年：约3.7百万港元），及来自Winston Asia Limited （「 Winston」）（其主要於香港 及中国从事钟表及珠宝产品贸易、批发及零 售业务）之收益约25.8百万港元（二零一五 年：约32.8百万港元）。该分部收益占本集团 本期间内收益之约40.0%（二零一五年：约 48.7%）。 根据中国国家统计局公布之最新统计数据， (i)中国累计国内生产总值增长放缓，自二零 一三年第四季度之按年增长约10.16%降至二 零一六年第四季度之约7.99%；及(ii)累计消 费品零售总额（零售业）亦增长放缓，自二零 一三年十二月之按年增长约13.1%降至二零 一六年十二月之约10.4%。此反映二零一六 年中国消费者收入增长放缓并显示中国零售 市场呈缓慢增长趋势。 此 外，根 据 香 港 政 府 统 计 处 於 二 零 一 七 年 二月刊发之《零售业销货额按月统计调查 报告》，截至二零一六年十二月三十一日止 年度，「珠宝首饰、钟表及名贵礼物」之平均 零 售 价 值 指 数 约 为79.8，较 截 至 二 零 一 五 年十二月三十一日止年度相同指数减少约 17.3%。此反映二零一六年香港珠宝、钟表及 光学产品的零售额呈下降趋势。然而，香港市 场於二零一六年十二月呈现复苏迹象。「珠宝 首饰、钟表及名贵礼物」於二零一六年十二 月之每月零售业销货价值指数与二零一五年 十二月的相同指数相比仅减少1.3%。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Trade, wholesale and retail of optical, watches and jewellery products Revenue from this business segment during the Period was approximately HK$29.5 million, representing a decrease of approximately 19.2% as compared to approximately HK$36.5 million in the same period in last year. Revenue from this business segment included the revenue of approximately HK$3.7 million (2015: approximately HK$3.7 million) from trading, wholesaling and retailing of optical products from 2 optical retail shops under the name of “茂昌眼镜 Hong Kong Optical” in Hong Kong and the revenue of approximately HK$25.8 million (2015: approximately HK$32.8 million) from Winston Asia Limited (“Winston”), which are principally engaged in trading, wholesaling and retailing of watches and jewellery products in Hong Kong and the PRC. It accounted for approximately 40.0% (2015: approximately 48.7%) of the Group’s revenue during the Period. According to the latest statistics released by the National Bureau of Statistics of the PRC, (i) the accumulated gross domestic product of the PRC has been growing in a slower pace, from a year-on-year growth of approximately 10.16% for the fourth quarter of 2013 to that of approximately 7.99% for the fourth quarter of 2016; and (ii) the accumulated total retail sales of consumer goods (retail trades) has also experienced deceleration, with a year-on-year growth of approximately 13.1% for December 2013 to approximately 10.4% for December 2016. This reflects the decreased growth in income of consumers in the PRC and implies that the retail market in the PRC is following a slowing growth trend in 2016. In addition, with reference to the Reports on Monthly Survey of Retail Sales released by the Census and Statistics Department of Hong Kong in February 2017, the average value index of retail sales of jewellery, watches and clocks, and valuable gifts was approximately 79.8 for the year ended 31st December 2016, representing a decrease of approximately 17.3% as compared with the same index for the year ended 31st December 2015. This reflects a decreasing trend in the retail sales of those of jewellery, watches and optical products in Hong Kong in 2016. However, the market showed a sign of recovery in December 2016 in Hong Kong. The monthly value index of retail sales of “jewellery, watches and clocks and valuable gifts” of December 2016 only decreased 1.3% as compared to the same index in December 2015. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 55 管理层讨论与分析（续） 光学、钟表及珠宝产品贸易、批 发及零售（续） 概而言之，该分部之表现转差。於本期间，该 分部录得分部亏损约1.6百万港元，而上年同 期则为录得分部溢利约8.5百万港元。 由於香港及中国於二零一六年之零售市场表 现疲弱，该分部之业务前景面临挑战。鉴於香 港及中国未来一年零售市场的下行趋势，本 集团将严格控制成本。本集团将继续检讨各 零售商店之表现并关闭盈利能力较低之商店， 以保持该业务分部之竞争力。 证券投资 於二零一六年十二月三十一日，证券投资（於 综合资产负债表中列作透过损益按公平值入 账之金融资产）账面值约为244.8百万港元（二 零一六年六月三十日：约247.4百万港元），包 括本集团之投资组合及二十一个（二零一六 年六月三十日：十二个）投资项目，所有投资 项目均为联交所上市公司之股份或指数追踪 基金。 本集团持有之上述投资项目中的其中三个（即 (i)前进控股集团有限公司（「前进」，联交所股 份代号1499）；(ii)第一信用金融集团有限公司 （「第一信用」，联交所股份代号8215）；及(iii) 久融控股有限公司（「久融」，联交所股份代号 2358）之股份），於二零一六年十二月三十一 日之估值分别为约57.2百万港元、约69.8百 万港元及约43.4百万港元，分别相当於本集 团於二零一六年十二月三十一日之资产总值 约4.5%、约5.5%及约3.3%及分别相当於本 集团於二零一六年十二月三十一日之透过损 益按公平值入账之金融资产价值约23.4%、 约28.5%及约17.3%。於二零一六年十二月 三十一日，上述三个投资项目的总市值约为 169.3百万港元，分别相当於(i)本集团资产总 值约13.3%；及(ii)本集团透过损益按公平值入 账之金融资产总值约69.2%。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Trade, wholesale and retail of optical, watches and jewellery products (Continued) Consequently, the performance of this segment deteriorated. Segmental loss of approximately HK$1.6 million was recorded during the Period against a segmental profit of approximately HK$8.5 million for the same period in last year. Due to the weakening of the retails market in Hong Kong and PRC in 2016, the business outlook of this segment is very challenging. In view of the downward trend of the retail market in Hong Kong and PRC in coming year, the Group will adopt a tight cost control. The Group will continue to review the performance of each retail shops and close down those shops with lower profitability in order to maintain the competiveness of this business segment. Securities investments As at 31st December 2016, the carrying value of the securities investments (recorded as the financial assets at fair value through profit or loss in the consolidated balance sheet) was approximately HK$244.8 million (30th June 2016: approximately HK$247.4 million). It included the Group’s investment portfolio and consists of twenty one (30th June 2016: twelve) investment items, all of which are shares of companies or index-tracking funds listed on the Stock Exchange. Three of the aforesaid investment items held by the Group, i.e., the shares of (i) Leap Holdings Group Ltd. (“Leap”, Stock Exchange stock code 1499) valued at approximately HK$57.2 million as at 31st December 2016; (ii) First Credit Finance Group Ltd. (“First Credit”, Stock Exchange stock code 8215) valued at approximately HK$69.8 million as at 31st December 2016; and (iii) Jiu Rong Holdings Limited (“Jiu Rong”, Stock Exchange stock code 2358) valued at approximately HK$43.4 million as at 31st December 2016, which represented approximately 4.5%, approximately 5.5% and approximately 3.3%, of the Group’s total asset value as at 31st December 2016 respectively and approximately 23.4%, approximately 28.5%, and approximately 17.3% of the value of the Group’s financial assets at fair value through profit or loss as at 31st December 2016 respectively. As at 31st December 2016, the total market value of the aforesaid three investment items was approximately HK$169.3 million, representing (i) approximately 13.3% of the Group’s total asset value and (ii) approximately 69.2% of the total financial assets at fair value through profit or loss of the Group respectively. 56 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 管理层讨论与分析（续） 证券投资（续） 前进及其附属公司主要从事提供地基工程 及配套服务；及於香港政府管理的公众填料 接收设施进行建筑废物处理。於二零一六年 十二月三十一日，本集团持有110,000,000 股 前 进 股 份，相 当 於 前 进 已 发 行 股 份 总 数 2,631,000,000股之约4.18%。 第一信用及其附属公司主要从事放贷业务， 於二零一六年十二月三十一日，本集团持有 150,000,000股第一信用股份，相当於第一 信用已发行股份总数3,628,800,000股之约 4.1%。为按二零一六年五月二十五日所公布 重新集中发展本集团的业务营运，本公司决 定将持有第一信用之目的由短期买卖变更为 长期投资。为符合会计准则，尽管持有目的为 长期投资，但就会计处理而言第一信用之证 券投资乃於综合资产负债表内作为流动资产 计入透过损益按公平值入账之金融资产内。 久融及其附属公司主要从事(i)设计、组装及安 装水表；及(ii)电视业务。於二零一六年十二月 三十一日，本集团持有163,000,000股久融股 份，相当於久融已发行股份总数4,560,000,000 股之约3.6%。 本集团本期间内录得透过损益按公平值入账 之金融资产公平值变动产生之公平值收益约 18.2百万港元，而上年同期本集团则录得透 过损益按公平值入账之金融资产公平值变动 产生之公平值亏损约132.3百万港元。业绩改 善主要原因为若干投资於本期间内表现良好。 其中於久融及第一信用之股份投资於本期间 内分别录得公平值收益约19.0百万港元及约 33.5百万港元，并被前进及其他之公平值亏 损（净额）约23.1百万港元及约11.2百万港元 所部分抵销。 因此，证券投资分部於本期间内之分部溢利 总额约为18.0百万港元（二零一五年：分部亏 损约132.9百万港元）。本集团将持续检讨其 投资组合，藉此为本集团带来更高回报。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Securities investments (Continued) Leap and its subsidiaries are principally engaged in provision of foundation works and ancillary services; and construction wastes handling at the public fill reception facilities managed by the Government in Hong Kong. As at 31st December 2016, the Group held 110,000,000 shares of Leap, representing approximately 4.18% of the total issued shares of Leap of 2,631,000,000 shares. First Credit and its subsidiaries are principally engaged in money lending business. As at 31st December 2016, the Group held 150,000,000 shares of First Credit, representing approximately 4.1% of the total issued shares of First Credit of 3,628,800,000 shares. In connection with the re-focusing of the Group’s business operations as announced on 25th May 2016, the Company decided to change the purpose of holding First Credit from short-term trading to long-term investments. In order to comply with the accounting standard, the securities investments of First Credit is included in financial assets at fair value through profit or loss as current assets in the consolidated balance sheet for the accounting purpose despite the purpose of holding is long-term investment. Jiu Rong and its subsidiaries are principally engaged in (i) design, assembly and installation of water meter; and (ii) TV business. As at 31st December 2016, the Group held 163,000,000 shares of Jiu Rong, representing approximately 3.6% of the total issued shares of Jiu Rong of 4,560,000,000 shares. The Group had recorded a fair value gain arising from the change in fair value of financial assets at fair value through profit or loss of approximately HK$18.2 million for Period while the Group recorded a fair value loss arising from the change in fair value of financial assets at fair value through profit or loss of approximately HK$132.3 million for the same period in last year. Such improvement was mainly attributable to the good performance of certain investments during the Period. In particular, the investments in the shares of Jiu Rong and First Credit recorded fair value gain of approximately HK$19.0 million and approximately HK$33.5 million, respectively, and is partially offset by the fair value loss of Leap and others (net), of approximately HK$23.1 million and approximately HK$11.2 million respectively during the Period. As a result, the overall segment profit of the securities investment segment was approximately HK$18.0 million (2015: segment loss of approximately HK$132.9 million) during the Period. The Group will continue reviewing its investment portfolios, so as to achieve a better return to the Group. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 57 管理层讨论与分析（续） 可供出售金融资产 於二零一六年十二月三十一日，本集团之可 供出售金融资产约为104.7百万港元（二零 一六年六月三十日：约85.8百万港元），包括 六个（二零一六年六月三十日：五个）持作长 期投资的非上市基金或上市�u非上市公司投 资项目。 本集团持有之上述投资项目中的其中三个 （即(i)智易控股有限公司（「智易」，联交所股 份代号8100）；(ii)互娱中国文化科技投资有限 公司（「互娱中国」，联交所股份代号8081）； 及(iii) Cassia Investments Limited Partnership II（「 Cassia II」）之股份），於二零一六年十二 月三十一日之估值分别为约27.2百万港元、 约32.4百万港元及约16.6百万港元，分别相当 於本集团於二零一六年十二月三十一日之资 产总值约2.1%、约2.6%及约1.3%及分别相当 於本集团於二零一六年十二月三十一日之可 供出售金融资产价值约25.9%、约31.0%及约 15.9%。於二零一六年十二月三十一日，上述 三个投资项目的总市值约为76.2百万港元， 分别相当於(i)本集团资产总值约6.0%；及(ii)本 集团之可供出售金融资产总额约72.8%。 智易及其附属公司主要业务包括研究、开发 及分销软件、应用程式及工具栏广告；提供网 站开发、电子学习服务；投资证券；借贷；保 险及强积金计划经纪业务；提供企业管理解 决方案及资讯科技合约服务。於二零一六年 十二月三十一日，本集团持有49,383,000股智 易股份，占智易已发行股份总数296,298,825 股股份之约16.7%。 互娱中国及其附属公司主要从事移动互联 网文化业务、提供资讯科技服务、整合营销 服务、医学诊断及体检服务、於澳洲的酒店 及 相 关 服 务、借 贷 业 务 及 资 产 投 资 业 务。 於二零一六年十二月三十一日，本集团持有 303,000,000股互娱中国股份，占互娱中国 已发行股份总数5,336,235,108股股份之约 5.7%。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Available-for-sale financial assets As at 31st December 2016, the available-for-sale financial assets of the Group of approximately HK$104.7 million (30th June 2016: approximately HK$85.8 million) consisted of six (30th June 2016: five) investment items in non-listed funds or listed/unlisted companies which held for long term investment purpose. Three of the aforesaid investment items held by the Group, i.e., the shares of (i) GET Holdings Ltd. (“GET”, Stock Exchange stock code 8100) valued at approximately HK$27.2 million as at 31st December 2016; (ii) Interactive Entertainment China Cultural Technology Inv Ltd. (“IE China”, Stock Exchange stock code 8081) valued at approximately HK$32.4 million as at 31st December 2016; and (iii) Cassia Investments Limited Partnership II (“Cassia II”) valued at approximately HK$16.6 million as at 31st December 2016, which represented approximately 2.1%, approximately 2.6% and approximately 1.3%, of the Group’s total asset value as at 31st December 2016 respectively and approximately 25.9%, approximately 31.0%, and approximately 15.9% of the value of the Group’s the available-for-sale financial assets as at 31st December 2016 respectively. As at 31st December 2016, the total market value of the aforesaid three investment items was approximately HK$76.2 million, representing (i) approximately 6.0% of the Group’s total asset value and (ii) approximately 72.8% of the total available-for-sale financial assets of the Group respectively. GET and its subsidiaries are principally engaged in research, develop & distribute software, applications & toolbar advertisement; website development, e-learning services; invest in securities; money lending; insurance & MPF schemes brokerage; corporate management solutions & IT contract. As at 31st December 2016, the Group held 49,383,000 shares of GET, representing approximately 16.7% of the total issued shares of GET of 296,298,825 shares. IE China and its subsidiaries are principally engaged in mobile internet cultural business, provision of IT services, integral marketing services; medical diagnostic and health check services; hospitality and related services in Australia; money lending business; and assets investments business . As at 31st December 2016, the Group held 303,000,000 shares of IE China, representing approximately 5.7% of the total issued shares of IE China of 5,336,235,108 shares. 58 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 管理层讨论与分析（续） 可供出售金融资产（续） Cassia II为根据开曼群岛豁免有限责任合夥 事业法成立之获豁免有限合夥事业，发售旨 在透过专门对大中华及东南亚地区消费行业 以及於亚洲消费市场拥有大量业务的非亚洲 地区企业进行私募股权投资获得资本增值的 有限合夥权益。Cassia II拟投资於其认为将从 亚洲中产阶层可支配收入日益增长中受益及 可把握上述家庭财富增长带来的消费者行为 趋势之公司，以及主要位於大中华、泰国、印 尼、越南及菲律宾地区的结构性股权交易。 基金之目标规模将为60,000,000美元，而本 集团亦承诺购买Cassia II 9,000,000美元之有 限合夥权益。截至本报告日期，本集团已认购 Cassia II之有限合夥权益约2.2百万美元。 於本期间内，本集团於其他全面收益�u亏损 录得可供出售金融资产账面值减少约46.8百 万港元（二零一五年：账面值减少约10.3百万 港元）。该减少乃主要由於本集团持有的一项 投资项目「 Hydra Capital SPC－A #1类股份」 （「 Hydra Capital」）的公平值於本期间内减少 了约44.3百万港元。 Hydra Capital为根据开曼群岛法律注册成立 之获豁免有限公司，并登记为独立投资组合 公司，成立目的为代表其投资组合进行投资， 其主要投资为於亚洲的互联网相关及移动应 用。於二零一六年十二月三十一日，本集团於 Hydra Capital持有5,500股股份（二零一六年 六月三十日：相同），相当於Hydra Capital已 发行股份总数22,400股股份之约24.6%。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Available-for-sale financial assets (Continued) Cassia II is an exempted limited partnership established in accordance with the Exempted Limited Partnership Law of Cayman Islands offering limited partnership interests for the purpose of obtaining capital appreciation through making private equity investments exclusively in the consumer sector across Greater China and South East Asia, as well as in non-Asian enterprises that have a strong exposure to Asian consumers market. Cassia II intends to target companies that it believes will benefit from the growing disposable income of the Asian middle class and can capture the behavioural consumer trends that follow such growing household wealth and structured equity transactions primarily in Greater China, Thailand, Indonesia, Vietnam and the Philippines. Cassia II will have a target size of US$60,000,000 and the Group has committed to subscribe the limited partnership interest of US$9,000,000 in Cassia II. Up to the date of this announcement, the Group has subscribed the limited partnership interest of approximately US$2.2 million in Cassia II. The Group recorded a decrease of the carrying value of the available-for-sale financial assets of approximately HK$46.8 million (2015: decrease of the carrying value of approximately HK$10.3 million) in the other comprehensive income/loss during the Period. The decrease is mainly attributed by the decrease of the fair value of one of the investment items held by the Group named “Hydra Capital SPC �C Class A #1 Share” (“Hydra Capital”) by approximately HK$44.3 million during the Period. Hydra Capital is an exempted company incorporated with limited liability and registered as a segregated portfolio company under the laws of the Cayman Islands established for the purpose of making investments on behalf of its portfolios where its principal investments are internet related and mobile application in Asia. As at 31st December 2016, the Group held 5,500 shares (30th June 2016: same) in Hydra Capital, representing approximately 24.6% of the total issued shares of Hydra Capital of 22,400 shares. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 59 管理层讨论与分析（续） 可供出售金融资产（续） Hydra Capital的一项重大投资为持有一间公 司约20.2%的股权，该公司（「手游公司」）从 事业务为发行自主开发的手机游戏、中国以 及海外（包括香港、台湾、马来西亚、新加坡、 日本及韩国）第三方游戏发行商及�u或开发 商授权代理的手机游戏。监於该手游公司业 务展望的不利趋势，包括行业和分部表现等 因素，於本期间Hydra Capital之账面值已厘定 为出现减值，并已确认减值亏损约44.3百万港 元。 出租投资物业 出租投资物业於本期间内之租金收入保持稳 定。本集团於本期间内录得租金收入约0.5百 万港元（二零一五年：约0.5百万港元）。 於 本 期 间 内，该 业 务 分 部 之 分 部 溢 利 约 为 387,000港 元（ 二 零 一 五 年：约401,000港 元）。 放贷业务 於本期间内，本集团於香港从事放贷业务。 於二零一六年十二月三十一日，本集团(i)应收 贷款约为75.1百万港元，及(ii)授予一间联营公 司之贷款为5.0百万港元；放贷业务项下之应 收贷款合共为约80.1百万港元（於二零一六 年六月三十日：约48.2百万港元）及确认利息 收入约2.3百万港元（二零一五年：约3.8百万 港元）。其占本集团於本期间内收益之约3.1% （二零一五年：约5.1%）。 於本期间内，概无发生有关本集团应收贷款 之违约事件（二零一五年：无）。於本期间内， 该业务分部之分部溢利约为652,000港元（二 零一五年：约1.3百万港元）。 预期香港放贷市场将於短期内保持平稳并将 继续增长。本集团将继续扩展放贷业务以有 效利用本集团现金资源及丰富本集团收入来 源。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Available-for-sale financial assets (Continued) One of the significant investment of Hydra Capital is holding approximately 20.2% equity interest in a company, which is carrying on the business to publish self-developed mobile games, mobile games licensed from third-party game distributors and/or developers in PRC as well as overseas locations including Hong Kong, Taiwan, Malaysia, Singapore, Japan and Republic of Korea (the “Mobile Game Company”). In view of the negative trend of the business outlook of this Mobile Game Company, including factors such as industry and sector performance, it was determined that the carrying value of Hydra Capital was impaired and an impairment loss of approximately HK$44.3 million was recognised during the Period. Leasing of investment properties The rental income from leasing of investment properties remained stable during the Period. The Group recorded rental income of approximately HK$0.5 million (2015: approximately HK$0.5 million) during the Period. The segment profit of this business segment was approximately HK$387,000 (2015: approximately HK$401,000) during the Period. Money lending business The Group engaged in money lending business in Hong Kong during the Period. As at 31st December 2016, the Group had (i) loans receivable of approximately HK$75.1 million, and (ii) loan to an associate of HK$5.0 million; totally approximately HK$80.1 million loans receivable under the money lending business (As at 30th June 2016: approximately HK$48.2 million) and recognised interest income of approximately HK$2.3 million (2015: approximately HK$3.8 million). It accounted for approximately 3.1% (2015: approximately 5.1%) of the Group’s revenue during the Period. There was no default event happened in respect of the Group’s loans receivable during the Period (2015: Nil). The segment profit of this business segment was approximately HK$652,000 (2015: approximately HK$1.3 million) during the Period. It is expected the money lending market in Hong Kong will be stable and continue to grow in the nearly future. The Group will continue to expand the money lending business to effectively utilise the Group’s cash resources and to diversify the sources of the Group’s income. 60 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 管理层讨论与分析（续） 证券经纪及�I展融资业务 本公司自於二零一五年十一月收购中国建信 金融服务有限公司（前称永锋证券有限公司） （「中国建信」）後从事证券经纪及�I展融资业 务。中国建信为一间根据证券及期货条例从 事第1类（证券交易）及第4类（就证券提供意 见）受规管活动的持牌公司，其主要业务为向 客户提供经纪服务及证券�I展融资。 於本期间内，该业务分部产生之收益约为13.1 百万港元（二零一五年：约0.7百万港元），其 占本集团於本期间内收益之约17.8%（二零 一五年：约0.9%）。於本期间内，该业务分部 之分部溢利约为4.9百万港元（二零一五年： 约0.5百万港元）。 於�I展融资业务分部，中国建信根据审慎的 尽职调查向其客户授出信贷融资，该等调查 包括但不限於彼等对香港股市或世界其他证 券市场将抱持乐观还是悲观预期。此外，中国 建信将审阅及评估有关客户有意於市场中按 �I展基准购买的相关资产的波动风险。该等 信贷融资在为客户提供融资灵活性的同时最 终为中国建信带来佣金收入。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Securities brokerage and margin financing The Company has engaged in securities brokerage and margin financing since the acquisition of China Jianxin Financial Services Limited (formerly known as Win Fung Securities Limited) (“China Jianxin”) in November 2015. China Jianxin is a company licensed under the Securities and Future Ordinance to carry out Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities, the principal activities of which are provision of brokerage services and securities margin financing to clients. Revenue from this business segment during the Period was approximately HK$13.1 million (2015: approximately HK$0.7 million). It accounted for approximately 17.8% (2015: approximately 0.9%) of the Group’s revenue during the Period. The segment profit of this business segment was approximately HK$4.9 million (2015: approximately HK$0.5 million) during the Period. Under the margin financing business segment, credit facilities are offered by China Jianxin to its clients under careful due diligence, including but not limited to whether they will take a bullish or bearish view on the Hong Kong stock market or other securities market around the world. In addition, China Jianxin would review and assess the volatility risk of the underlying assets to which clients are interested to purchase on the market on a margin basis. Such credit facilities offer funding flexibility to clients side by side bolstering China Jianxin’s commission income at the end. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 61 管理层讨论与分析（续） 证券经纪及�I展融资业务（续） 诚如香港证券及期货事务监察委员会所发表 (i)截至二零一六年六月三十日止半年度之《证 券业财务回顾》及(ii)截至二零零六年六月 三十日止半年度之《证券业半年度财务回顾》 所披露，香港活跃�I展客户总数由二零零六 年六月三十日约78,000人增加至二零一六年 六月三十日约255,000人，复合年增长率（「复 合年增长率」）为约12.6%，而来自香港�I展客 户之应收款项金额由二零零六年六月三十日 约176亿港元增加至二零一六年六月三十日 约1,533亿港元，复合年增长率为约24.2%。 香港活跃�I展客户总数及来自香港�I展客户 之应收款项金额均呈现上升趋势，表明香港 �I展融资市场持续增长。因此，本公司认为香 港�I展融资市场未来将增长。中国建信现有 客户及其他新客户对中国建信�I展融资贷款 的需求亦十分强劲。本集团将在该分部投入 更多资源以进一步发展证券经纪及�I展融资 业务。 娱乐业务 该分部主要与艺人及模特管理以及组织音乐 会有关。於本期间，该业务分部产生之收益 为约1.3百万港元（二零一五年：约2.7百万港 元），收益减少乃主要由於本期间的激烈竞争 及来自艺人及模特管理业务的佣金收入减少 约1.4百万港元。於本期间，录得分部亏损约2.4 百万港元（二零一五年：分部亏损约623,000 港元）。该分部亏损增加乃由於本期间内营业 额及毛利减少。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Securities brokerage and margin financing (Continued) As disclosed in (i) the report named “Financial Review of the Securities Industry” for the half year ended 30th June 2016; and (ii) the report named “Half-Yearly Financial Review of the Securities Industry” for the half year ended 30th June 2006 published by the Securities and Futures Commission of Hong Kong, the total number of active margin clients in Hong Kong increased from approximately 78,000 as at 30th June 2006 to approximately 255,000 as at 30th June 2016, representing a compound annual growth rate (“CAGR”) of approximately 12.6%, and the amounts receivable from margin clients in Hong Kong increased from approximately HK$17.6 billion as at 30th June 2006 to approximately HK$153.3 billion as at 30th June 2016, representing a CAGR of approximately 24.2%. The upward trends of both total number of active margin clients in Hong Kong and amount receivable from margin clients in Hong Kong indicate a continuous growing market for margin financing in Hong Kong. Accordingly, the Company is of the view that the margin financing market in Hong Kong is expected to grow in the future. There are also strong demand from the existing clients and other new clients of China Jianxin for margin financing facilities from China Jianxin. The Group will deploy more resources to this segment to further developing the securities brokerage and margin financing business. Entertainment business This segment primarily relate to the artiste and model management and organisation of concerts. Revenue from this business segment during the Period was approximately HK$1.3 million (2015: approximately HK$2.7 million). The decrease in revenue is mainly due to the keen competition and the decrease of the commission income from the artiste and model management business of approximately HK$1.4 million during the Period. Segmental loss of approximately of HK$2.4 million was recorded during the Period (2015: segmental loss of approximately HK$623,000). The increase in loss from this segment is due to the decrease in turnover and decrease in gross profit during the Period. 62 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 管理层讨论与分析（续） 地区贡献 就地区贡献而言，海外市场占本集团本期间 收益约46%（二零一五年：约45%）。 销售费用 本期间销售费用较上年同期之约9.7百万港元 减少约28.9%至约6.9百万港元。销售费用减 少主要是由於本期间钟表及珠宝产品贸易、 批发及零售业务的销售活动及费用减少了约 2.2百万港元。 行政费用 本期间内之行政费用由上年同期的约34.3百 万港元增加约25.7%至约43.1百万港元。行政 费用增加主要由於(i)向员工提供医疗福利导 致员工成本增加约2.1百万港元，(ii)中国建信 於本期间租赁新办公室导致办公室租金增加 约1.0百万港元及(iii)将中国建信就证券经纪及 �I展融资的新业务的行政费用约4.0百万港元 计算在内。 彩耀国际娱乐有限公司代价调整 的最新资料 於二零一五年八月二十七日，本集团与一名 独立第三方卖方（「卖方」）订立买卖协议（经 相同订约方於二零一六年五月五日订立的补 充协议修订及补充），据此，本集团收购彩耀 国际娱乐有限公司（「彩耀国际」）（一间於英 属处女群岛注册成立之有限公司，主要从事 广告制作、推广、提供公关服务、组织及主办 舞台演出、音乐会、电影制作及其他文化活动） 49%股权，初步现金代价为36,750,000港元 （「初步代价」）（「彩耀收购事项」）。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Geographical contribution In terms of geographical contribution, overseas markets accounted for approximately 46% (2015: approximately 45%) of the Group’s revenue during the Period. Selling expenses Selling expenses for the Period decreased by approximately 28.9% to approximately HK$6.9 million as compared to approximately HK$9.7 million in the same period last year. The decrease in selling expenses was mainly due to the decrease of the selling activities and expenses of trade, wholesale and retails of watches and jewellery products by approximately HK$2.2 million during the Period. Administrative expenses Administrative expenses for the Period increased by approximately 25.7% to approximately HK$43.1 million as compared to approximately HK$34.3 million in the same period last year. The increase in administrative expenses was mainly due to (i) the increase of staff costs of approximately HK$2.1 million due to medical benefits provided to staffs, (ii) the increase of office rent of approximately HK$1.0 million due to rental of new office for China Jianxin during the Period and (iii) the inclusion of administrative expense of China Jianxin of approximately HK$4.0 million in the new business of securities brokerage and margin financing. Update on the adjustment to the consideration of Glory International Entertainment Limited On 27th August 2015, the Group entered into a sale and purchase agreement (as varied and supplemented by the supplemental agreement dated 5th May 2016 and entered by the same parties) with an independent third party vendor (the “Vendor”), pursuant to which the Group acquired 49% equity interest in Glory International Entertainment Limited (“Glory International”), a company incorporated in the British Virgin Islands (“BVI”) with limited liability and is principally engaged in advertising, promotion, provision of public relations services, holding and sponsoring stage performance, concerts, film production and other cultural events, at an initial cash consideration of HK$36,750,000 (the “Initial Consideration”) (the “Glory Acquisition”). UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 63 管理层讨论与分析（续） 彩耀国际娱乐有限公司代价调整 的最新资料（续） 彩耀收购事项的最终代价数额（「最终代价」） 将根据以下修订後之公式厘定： FC = NP x (12/15) x 7.5 x 49% 其中： 「 FC」指最终代价金额，上限为36,750,000港 元； 「 NP」指彩耀国际於有关期间（定义见下文） 之净溢利（「有关期间净溢利」），即二零一五 年七月一日至二零一六年九月三十日期间（「有 关期间」）彩耀国际经审核综合财务报表（「有 关期间经审核账目」）所列有关期间彩耀国际 拥有人应占彩耀国际经审核综合除税後溢利 （其中将仅包括彩耀国际於日常及一般业务 过程中之活动产生之收入或收益）。 倘有关期间净溢利为负数，则「 NP」将视作为 零。 本集团与卖方应秉诚於可获得有关期间经审 核账目後75日内根据上述公式厘定最终代价。 於最终代价厘定後10个营业日内，倘最终代 价少於初步代价金额，则卖方须以现金（或以 支票方式）向本集团支付相等於有关差额之 金额。 为免生疑问，倘最终代价等於或高於初步代 价，则本集团毋须向卖方支付任何额外金额， 且卖方亦毋须向本集团退还初步代价之任何 部分。 彩耀收购事项之详情请参阅本公司日期为二 零一五年八月二十七日及二零一六年五月五 日之公布。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Update on the adjustment to the consideration of Glory International Entertainment Limited (Continued) The final amount of the consideration (the “Final Consideration”) for the Glory Acquisition shall be determined in accordance with the following revised formula: FC = NP x (12/15) x 7.5 x 49% Where: “FC” means the amount of the Final Consideration subject to a cap of HK$36,750,000; “NP” means the net profit of the Glory International for the Relevant Period (as defined below) (the “Relevant Period Net Profit”), being the audited consolidated profit after tax of the Glory International attributable to owners of the Glory International for the period from 1st July 2015 to 30th September 2016 (“Relevant Period”) as shown in the audited consolidated financial statements of the Glory International (“Relevant Period Audited Accounts”) for the Relevant Period (which will only include income or gain generated by activities in the ordinary and usual course of business of the Glory International). Where the Relevant Period Net Profit is a negative figure, “NP” shall be deemed to be zero. The Group and the Vendor shall, in good faith, determine the Final Consideration in accordance with the above formula within 75 days after the Relevant Period Audited Accounts are available. Within 10 Business Days after the Final Consideration is determined, where the Final Consideration is less than the amount of the Initial Consideration, the Vendor shall pay in cash (or by way of cheque) to the Group a sum equal to such difference. For the avoidance of doubt, where the Final Consideration is equal to or more than the Initial Consideration, neither the Group required to pay any additional sum to the Vendor nor is the Vendor required to refund any part of the initial consideration to the Group. Please refer to the Company’s announcement dated 27th August 2015 and 5th May 2016 for the details of Glory Acquisition. 64 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 管理层讨论与分析（续） 彩耀国际娱乐有限公司代价调整 的最新资料（续） 根据於二零一七年二月二十二日寄发予本集 团之有关期间经审核账目，彩耀集团溢利净 额(NP)约为12.9百万港元。根据上述公式，最 终代价(FP)约为37.9百万港元。由於最终代价 等於或超过初步代价，本集团毋须向卖方支 付任何额外金额，卖方亦毋须向本集团返还 初步代价的任何部分。 於本期间，本集团自彩耀国际录得应占联营 公 司 溢 利 约1.3百 万 港 元（ 二 零 一 五 年：约 550,000港元）。 出售爱拼集团控股有限公司 於二零一五年十月十二日，本集团与四名独 立第三方卖方订立买卖协议，以收购爱拼集 团控股有限公司（「爱拼集团」） 51%股权，代 价为20,400,000港元（可就买卖协议所述之 保证溢利向下调整）（「爱拼收购事项」）。爱 拼集团及其附属公司主要於香港及中国从事 提供有关自我完善及自我提升的教育及培训 项目。爱拼收购事项已於二零一五年十二月 十四日完成。 於二零一六年六月十三日，本集团与Lucky Famous Limited（「买方」）（一间於英属处女 群岛注册成立之公司并为智易控股有限公司 之全资附属公司）订立出售协议（「爱拼出售 协议」）以出售爱拼集团51.0%之股权，代价为 20,400,000港元（「代价」）（可按下文所述向 下调整）（「爱拼出售事项」）。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Update on the adjustment to the consideration of Glory International Entertainment Limited (Continued) According to the Relevant Period Audited Accounts delivered to the Group on 22nd February 2017, net profit of the Glory Group (NP) is approximately HK$12.9 million. In accordance to the above formula, the Final Consideration (FP) is approximately HK$37.9 million. As the Final Consideration is equal to or more than the Initial Consideration, neither the Group required to pay any additional sum to the Vendor nor is the Vendor required to refund any part of the initial consideration to the Group. The Group recorded the share of profit of the associates from Glory International of approximately HK$1.3 million for the Period (2015: approximately HK$550,000). Disposal of AP Group Investment Holdings Limited On 12th October 2015, the Group, entered into a sale and purchase agreement with four independent third party vendors to acquire 51% equity interest of AP Group Investment Holdings Limited (“AP Group”) for consideration of HK$20,400,000 (subject to downward adjustment in respect of the guaranteed profit as described in the sale and purchase agreement) (the “AP Acquisition”). AP Group and its subsidiaries are principally engaged in provision of education and training programs in relation to self-improvement and self-enhancement in Hong Kong and the PRC. The AP Acquisition was completed on 14th December 2015. On 13th June 2016, the Group and Lucky Famous Limited (the “Purchaser”), a company incorporated in BVI and a wholly-owned subsidiary of GET Holdings Limited entered into a disposal agreement (the “AP Disposal Agreement”) pursuant to sell 51.0% of the equity interest of AP Group at the consideration of HK$20,400,000 (the “Consideration”) subject to downward adjustments as described below (the “AP Disposal”). UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 65 管理层讨论与分析（续） 出售爱拼集团控股有限公司（续） 倘自二零一六年一月一日起至二零一七年 十二月三十一日止期间（「二零一六及二零 一七财年」）爱拼集团拥有人应占爱拼集团经 审核综合除税後溢利（该溢利将仅包括爱拼 集团於一般及日常业务过程中产生的收入或 收益）（「二零一六及二零一七财年净溢利」） 少於16,000,000港元，本集团须在爱拼集团刊 发二零一六及二零一七财年期间的经审核综 合财务报表（「二零一六及二零一七财年经审 核账目」）後十四(14)个营业日内向买方（或根 据其指令）以现金方式支付调整金额（定义见 下文）。 调整金额（「调整金额」或「应付或然代价」） 将根据以下公式厘定： A = 20,400,000.00港元�C (NP/2) x 5 x 51% 其中： 「 A 」指 调 整 金 额（ 港 元）；及「 NP 」指 二 零 一六及二零一七财年净溢利。倘二零一六及 二零一七财年净溢利为负数，则「 NP」将视作 为零。 二零一六及二零一七财年经审核账目将根据 香港财务报告准则编制，并由买方认可的会 计师事务所审核（成本由爱拼集团承担），并 就任何非经常项目作出调整。 本公司将於调整金额确定时就二零一六及二 零一七财年净溢利及调整金额另行刊发公布。 该调整机制与原拥有人进行之爱拼收购事项 的调整机制相同。有关收购事项之详情载於 本公司日期为二零一五年十月十二日之公布。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Disposal of AP Group Investment Holdings Limited (Continued) In the event that the audited consolidated profit after tax of the AP Group attributable to owners of the AP Group for the period from 1st January 2016 to 31st December 2017 (“FY 2016 & 2017”) (which will only include income or gain generated by activities in the ordinary and usual course of business of the AP Group) (the “FY 2016 & 2017 Net Profit”) is less than HK$16,000,000, the Group shall pay to the Purchaser (or to its order) the Adjustment Amount (as defined below) in cash within fourteen (14) Business Days after the audited consolidated financial statements of AP Group for the period of FY 2016 & 2017 (“FY 2016 & 2017 Audited Accounts”) are available. The adjustment amount (the “Adjustment Amount” or “Contingent Consideration Payable”) will be determined in accordance with the formula set out below: A = HK$20,400,000.00 �C (NP/2) x 5 x 51% Where: “A” means the amount of Adjustment Amount in HK$; and “NP” means the FY 2016 & 2017 Net Profit. Where the FY 2016 & 2017 Net Profit is a negative figure, “NP” shall be deemed to be zero. The FY 2016 & 2017 Audited Accounts will be prepared in accordance with the Hong Kong Financial Reporting Standards and audited, at the cost of the AP Group, by an accounting firm as approved by the Purchaser, adjusted for any non-recurring items. Further announcement will be made by the Company in relation to the FY 2016 & 2017 Net Profit and the Adjustment Amount when the Adjustment Amount is ascertained. Such adjustment mechanism is the same with the adjustment mechanism in respect of the AP Acquisition from the original owners. Details of such acquisition are set out in the Company’s announcement dated 12th October 2015. 66 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 管理层讨论与分析（续） 出售爱拼集团控股有限公司（续） 本集团旨在重新专注於本集团的业务营运， 发挥中国建信的管理专长以进一步发展本集 团的证券经纪及�I展融资以及放贷业务，并 出售其他非核心业务以更好管理资源。 尽管设有代价下调机制（取决於爱拼集团於 二零一六及二零一七财年的实际表现）（可 参考本公司日期为二零一五年十月十二日内 容有关爱拼收购事项的公布），爱拼收购事项 的代价及该代价的调整机制均与出售协议项 下的代价及其调整机制相同。倘二零一六及 二零一七财年净溢利较爱拼集团二零一六及 二零一七财年的目标溢利（ 16,000,000港元） 出现短缺额，则爱拼收购事项项下之卖方Very Easy Limited及City Link Consultancy Limited 须於刊发二零一六及二零一七财年经审核账 目後七(7)个营业日内向本集团支付调整金额 （「应收或然代价」），而本集团须於刊发二零 一六及二零一七财年经审核账目後14个营业 日内向买方支付调整金额。因此，爱拼集团的 溢利短缺额所产生的财务後果理论上并不会 对本集团的财务状况造成任何重大不利影响， 爱拼出售事项的回报已就此得到保障。 爱拼出售事项已於二零一六年七月一日完成。 於二零一六年十二月三十一日，基於本公司 董事之最佳估计并参考二零一六年爱拼集团 之经营业绩，应收或然代价及应付或然代价 的公平值（相等於下文定义之调整金额）约为 18.1百万港元。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) Disposal of AP Group Investment Holdings Limited (Continued) It is the intention of the Group to re-focus the Group’s business operations, leverage on the expertise of the management in the China Jianxin to further develop the securities brokerage and margin financing and money lending business of the Group, and to dispose of other non-core business for better resources management. Notwithstanding the downward adjustment mechanism of the Consideration depending on the actual performance of the AP Group for FY 2016 & 2017, with reference to the announcement of the Company dated 12th October 2015 in relation to the AP Acquisition, the consideration for the AP Acquisition and the adjustment mechanism for such consideration are the same as those under the Disposal Agreement. In the event there is a shortfall between the FY 2016 & 2017 Net Profit and the target profit of the AP Group for FY 2016 & 2017 of HK$16,000,000, the adjustment amount (“Contingent Consideration Receivable”) is required to be paid by Very Easy Limited and City Link Consultancy Limited, being the vendors under the AP Acquisition, to the Group within seven (7) Business Days after the FY 2016 & 2017 Audited Accounts are available, and by the Group to the Purchaser within 14 Business Days after the FY 2016 & 2017 Audited Accounts are available. Accordingly, the financial consequence from such shortfall of profit of the AP Group would not theoretically have any material adverse influence on the financial position of the Group and return of the AP Disposal is protected in this regard. The AP Disposal was completed on 1st July 2016. As at 31st December 2016, the fair value of the Contingent Consideration Receivable and Contingent Consideration Payable, which is equivalent to the Adjustment Amount as defined below, are of approximately HK$18.1 million, which is based on the best estimation of the directors of the Company taking into account the operation result of AP Group in 2016. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 67 展望 沪港通及深港通计划分别於二零一四年及二 零一六年实施後，进一步推动了跨境投资活 动。预计香港证券经纪及�I展融资业务未来 将出现强劲增长。 根据本公司日期为二零一六年六月二十四日 之公布，本集团与卖方订立买卖协议，以按代 价30,000,000港元收购丰盛融资有限公司（「丰 盛」）100%股权。目标公司根据证券及期货条 例持有牌照可从事第4类（就证券提供意见）、 第6类（就机构融资提供意见）及第9类（提供 资产管理）受规管活动。董事认为，收购丰盛 是巩固本集团於金融服务业业务实力之另一 举措。上述收购事项於本报告日期尚未完成。 此外，本集团正在考虑取得金银业贸易场之 会籍并进一步多样化大宗商品经纪及交易业 务。 惟本集团将继续於其他业务领域物色具有巨 大潜力的各类投资机会。此令本集团进一步 多元化其业务及扩大收入来源，从而为股东 带来最大回报。 财务资源�u流动资金 於二零一六年十二月三十一日，本集团之现 金结存为约159.9百万港元（於二零一六年六 月三十日：约101.2百万港元）。 於二零一六年十二月三十一日，本集团之资 产总值为约1,273.8百万港元（於二零一六年 六月三十日：约1,150.7百万港元）。 本集团於二零一六年十二月三十一日之资产 负债比率为约6.0%（於二零一六年六月三十 日：约1.8%），乃根据本集团之债务总额（包 括借贷、融资租赁承担及银行透支）除以本集 团之总权益计算。 本集团产生财务成本约2.1百万港元（二零 一五年：0.5百万港元）。 OUTLOOK Following the launch of the Shanghai and Shenzhen-Hong Kong Stock Connect Program in 2014 and 2016, respectively, cross-border investment activities will be further encouraged. It is expected the securities brokerage and margin financing business in Hong Kong will have a strong grow in the future. Pursuant to the Company’s announcement dated 24th June 2016, the Group and the vendors entered into the sale and purchase agreement to acquire 100% equity interest of Ample Capital Limited (the “Ample”) at the consideration of HK$30,000,000. The Target is licensed under the SFO to carry out Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities. The Directors considered the acquisition of the Ample as a further step to strengthen the Group’s foothold in the financial services industry. The above acquisition is not completed yet as at the date of this report. In addition, the Group is considering to acquire the membership of the Chinese Gold & Silver Exchange Society and to further diversify into commodity brokerage and trading business. Nevertheless, the Group will continue to identify different investment opportunities in other business sectors with enormous potentials. This allows the Group to further diversify its businesses and broaden the income sources with the aim to maximise the return to its shareholders. FINANCIAL RESOURCES/LIQUIDITY As at 31st December 2016, the Group had cash balances of approximately HK$159.9 million (As at 30th June 2016: approximately HK$101.2 million). As at 31st December 2016, the Group had total assets of approximately HK$1,273.8 million (As at 30th June 2016: approximately HK$1,150.7 million). The Group’s gearing ratio as at 31st December 2016 is approximately 6.0% (As at 30th June 2016: approximately 1.8%), which was calculated on the basis of the Group’s total debt (including borrowings, obligations under finance lease and bank overdraft) divided by total equity of the Group. The Group incurred financial cost of approximately HK$2.1 million (2015: HK$0.5 million). 68 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 财务资源�u流动资金（续） 鉴於本集团大部分交易以港元、人民币及美 元计值，本集团面临各种货币风险所产生的 外汇风险，主要是有关人民币的风险。本集团 将继续采取积极措施，并密切监控其面临的 该等货币之变动所带来的风险。 於二零一六年十二月三十一日，流动比率（定 义为总流动资产除以总流动负债）为约2.9 （於 二零一六年六月三十日：约2.0）。 资本结构 於二零一六年十二月三十一日，本集团之股 东资本为约5.3百万港元（二零一六年六月 三十日：约1.8百万港元）。本公司之股东资本 由533,322,276股股份组成。 根据本公司日期为二零一六年七月十二日之 公布、本公司日期为二零一六年八月十二日 之通函以及本公司日期为二零一六年九月九 日之章程，本公司拟透过按於二零一六年九 月八日每持有一(1)股已发行股份获发两(2)股 供股股份之基准，以每股供股股份0.60港元之 认购价，发行不少於355,548,184股及不多於 367,399,760股新股份（「供股股份」），筹集不 少於约213.3百万港元及不多於约220.4百万 港元（未计开支）（「供股」）。 认购价每股供股股份0.60港元较：(i)股份於二 零一六年七月十二日，即供股公布之最後交 易日（「最後交易日」）在联交所所报收市价每 股0.8港元折让25.00%；及(ii)股份於紧接二零 一六年七月十二日前最後五个连续交易日之 平均收市价约每股0.792港元折让约24.24%。 FINANCIAL RESOURCES/LIQUIDITY (Continued) In light of the fact that most of the Group’s transactions were denominated in Hong Kong dollars, Renminbi and United States dollars, the Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to Renminbi. The Group will continue to take proactive measures and monitor its exposure to the movements of these currencies closely. As at 31st December 2016, current ratio (defined as total current assets divided by total current liabilities) was approximately 2.9 (As at 30th June 2016: approximately 2.0). CAPITAL STRUCTURE As at 31st December 2016, the Group had shareholders’ capital of approximately HK$5.3 million (30th June 2016: approximately HK$1.8 million). The shareholders’ capital of the Company is constituted of 533,322,276 shares. Pursuant to the Company’s announcement dated 12th July 2016, the Company’s circular dated 12th August 2016 and Company’s prospectus dated 9th September 2016, the Company proposed to raise not less than approximately HK$213.3 million and not more than approximately HK$220.4 million before expenses by issuing not less than 355,548,184 and not more than 367,399,760 new shares (“Rights Shares”) at the subscription price of HK$0.60 per Rights Shares on the basis of two (2) Rights Shares for every one (1) share in issue held on the 8th September 2016 (“Rights Issue”). The Subscription Price of HK$0.60 per Rights Share represented: (i) a discount of 25.00% to the closing price of HK$0.8 per Share as quoted on the Stock Exchange on 12th July 2016, being the last trading day of the announcement of Rights Issue (“Last Trading Day”); and (ii) a discount of approximately 24.24% to the average closing price of approximately HK$0.792 per Share for the last five consecutive trading days immediately prior to 12th July 2016. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 69 资本结构（续） 供 股 已 於 二 零 一 六 年 十 月 五 日 完 成，已 按 每股供股股份0.60港元之认购价发行合共 355,548,184股供股股份。供股所得款项净额 为约204.9百万港元。截至本报告日期，本集 团已将： (i) 约9.2百万港元用於偿还於二零一五年 四月八日发行之本金额9.2百万港元之 无抵押贷款票据； (ii) 约150.0百万港元用於扩展�I展融资业 务；及 (iii) 约23.3百万港元用於扩展放贷业务。余 下约22.4百万港元的未动用所得款项将 用於进一步扩展放贷业务。 集团资产抵押 於二零一六年十二月三十一日，概无集团资 产已作质押（於二零一六年六月三十日：总值 约3,000港元的银行结余－（一般账户）已质 押作为一间附属公司银行透支及银行借贷之 抵押品）。 雇员及薪酬政策 於二零一六年十二月三十一日，本集团拥有 133名（於二零一六年六月三十日：167名）雇 员。薪酬会每年检讨，若干雇员可享有佣金。 除基本薪金外，雇员福利亦包括酌情花红、医 疗保险计划及强制性公积金。 CAPITAL STRUCTURE (Continued) The Rights Issue was completed on 5th October 2016 and an aggregated of 355,548,184 Rights Shares have been issued at the subscription price of HK$0.60 per Rights Shares. The net proceeds from the Rights Issue were approximately HK$204.9 million. Up to the date of this report, the Group has applied: (i) approximately HK$9.2 million for the repayment of the unsecured loan note with principal amounted to HK$9.2 million issued on 8th April 2015; (ii) approximately HK$150.0 million for the expansion of margin financing business; and (iii) approximately HK$23.3 million for the expansion of money lending business. The remaining unutilised proceeds of approximately HK$22.4 million will be utilised to further expand the money lending business. THE PLEDGE OF GROUP ASSETS As at 31st December 2016, no group assets were pledged. (As at 30th June 2016: bank balances �C (general accounts) with an aggregate value of approximately HK$3,000 were pledged as collaterals for bank overdrafts and bank borrowings of a subsidiary). EMPLOYEES AND REMUNERATION POLICIES As at 31st December 2016, the Group had 133 staff (As at 30th June 2016: 167). Remuneration is reviewed annually and certain staffs are entitled to commission. In addition to basic salaries, staff benefits including discretionary bonus, medical insurance scheme and mandatory provident fund. 70 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 董事及主要行政人员於股份、 相关股份及债券之权益 於二零一六年十二月三十一日，各董事及本 公司主要行政人员於股份（定义见香港法例 第571章 证 券 及 期 货 条 例（「证 券 及 期 货 条 例」））中拥有(a)根据证券及期货条例第XV部 第7及第8分部须知会本公司及联交所之权益 （包括任何该等董事根据证券及期货条例有 关条文被当作或视为拥有之权益）或；(b)须记 录於本公司按证券及期货条例第XV部第352 条规定须置存之登记册内之权益或；(c)根据 上市规则附录10所载之上市发行人董事进行 证券交易的标准守则（「标准守则」）须知会本 公司及联交所之权益如下： 附注： 1. 该 全 权 信 托 之 受 托 人 为 C e n t r a l C o r e Resources Limited。该公司拥有Globalcrest Enterprises Limited全 部 已 发 行 股 本，而 Globalcrest Enterprises Limited於本公司 56,739,510股股份中拥有权益。Central Core Resources Limited乃林小明先生之若干直系 亲属为全权受益人之全权信托之受托人。 所有於本公司股份及相关股份之权益均为好 仓。 除 上 文 所 披 露 者 外，於 二 零 一 六 年 十 二 月 三十一日，各董事或本公司主要行政人员概 无於本公司及其相联法团的股份、相关股份 及债券中拥有(a)根据证券及期货条例第XV部 第7及第8分部须知会本公司及联交所之任何 权益或淡仓（包括彼等根据证券及期货条例 有关条文被视为或当作拥有之权益）或；(b) 须记录於本公司按证券及期货条例第XV部第 352条置存之登记册内之任何权益或淡仓或； (c)根据标准守则须知会本公司及联交所之任 何权益或淡仓。 DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN SHARES, UNDERLYING SHARES AND DEBENTURES As at 31st December 2016, the interests of each of the Directors and chief executives of the Company in the shares (within the meaning of the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong (“SFO”)) which were required to be (a) notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of SFO (including interest which any such Director was taken or deemed to have under such provisions of the SFO) or; (b) entered in the register required to be kept by the Company pursuant to Section 352 of Part XV of the SFO or; (c) notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 to the Listing Rules were as follows: Name Nature of interest Number of the Company’s shares held Percentage of shareholding 姓名 权益性质 所持本公司 股份数目 持股百分比 Mr. Lam Shiu Ming, Daneil (Director) Founder of a discretionary trust (Note 1) 17,021,853 3.19% 林小明先生 （董事） 一项全权信托之创立人（附注1） Mr. Hung Cho Sing (Director) Beneficial owner 1,680,503 0.32% 洪祖星先生 （董事） 实益拥有人 Mr. Lam Kit Sun (Director) Beneficial owner 1,680,503 0.32% 林杰新先生 （董事） 实益拥有人 Note: 1. The trustee of the discretionary trust is Central Core Resources Limited which owns the entire issued share capital of the Globalcrest Enterprises Limited which in turn is interested in 56,739,510 shares of the Company. Central Core Resources Limited is, the trustee of a discretionary trust under which certain immediate family members of Mr. Lam Shiu Ming, Daneil are discretionary objects. All the interests in the shares and underlying shares of the Company were long positions. Save as disclosed above, as at 31st December 2016, none of the Directors or chief executives of the Company had any interests or short positions in the shares, underlying shares and debentures of the Company and its associated corporations which were required to be (a) notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests which they were deemed or taken to have under such provisions of the SFO) or; (b) entered in the register kept by the Company pursuant to Section 352 of Part XV of the SFO or; (c) notified to the Company and the Stock Exchange pursuant to the Model Code. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 71 董事及主要行政人员於股份、 相关股份及债券之权益（续） 除上文所披露者外，於本期间内任何时间，各 董事及本公司主要行政人员（包括彼等之配 偶及18岁以下之子女）并无拥有、或获授予或 行使任何可认购本公司及其相联法团之股份 （或认股权证或债券，如适用）之权利之任何 权益而根据证券及期货条例须作出披露。 此外，本公司、其控股公司、其附属公司、其 联营公司或其同系附属公司於本期间内任何 时间并无订立任何安排，使董事及本公司之 主要行政人员（包括彼等之配偶及18岁以下 之子女）可於本公司或其相联法团之股份或 相关股份或债券中拥有任何权益或淡仓。 购股权计划 根据於二零一三年十二月二日举行之股东周 年大会（「二零一三年股东周年大会」）上通过 之一项普通决议案，本公司根据上市规则有 条件批准及采纳一项购股权计划（「购股权计 划」）。购股权计划之详情如下： (a) 购股权计划之目的 购股权计划之目的是使本公司可向经过 选定之参与人（定义见下文）授出购股 权，作为其对本集团及任何投资实体之 贡献及支持之奖励及�u或奖赏。 (b) 购股权计划的参与人 董事会可酌情邀请属於以下任何参与人 类别，对本集团及任何投资实体有贡献 及作出支持之任何人士（「参与人」），藉 接纳购股权以认购股份。 (i) 本公司、其任何附属公司或任何投 资实体之任何全职雇员，包括（但 不限於）本公司、其任何附属公司 或投资实体之任何执行董事（个别 称为「雇员」）； DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN SHARES, UNDERLYING SHARES AND DEBENTURES (Continued) Save as disclosed above, at no time during the Period, the Directors and chief executives of the Company (including their spouse and children under 18 years of age) had any interests in, or had been granted, or exercised, any rights to subscribe for shares (or warrants or debentures, if applicable) of the Company and its associated corporations required to be disclosed pursuant to the SFO. In addition, at no time during the Period was the Company, its holding company, its subsidiaries, its associated company or its fellow subsidiaries a party to any arrangement to enable the Directors and chief executives of the Company (including their spouse and children under 18 years of age) to hold any interests or short positions in the shares or underlying shares in or debentures of, the Company or its associated corporation. SHARE OPTION SCHEME Pursuant to an ordinary resolution passed in the annual general meeting held on 2nd December 2013 (the “2013 AGM”), the Company conditionally approved and adopted a share option scheme (the “Share Option Scheme”) in compliance with the Listing Rules. Details of the Share Option Scheme are as follows: (a) Purpose of the Share Option Scheme The purpose of the Share Option Scheme is to enable the Company to grant share options to selected Participants (as defined below) as incentive and/or rewards for their contributions and support to the Group and any invested entity. (b) Participants of the Share Option Scheme The Board may, at its discretion, invite any person belonging to any of the following classes of participants for their contributions and support to the Group and any invested entity (the “Participants” and individually, a “Participant”) to take up share options to subscribe for shares. (i) any full-time employee of the Company, any of its subsidiary or any invested entity, including (without limitation) any executive director of the Company, any of its subsidiary or invested entity (individually, an “Employee”); 72 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 购股权计划（续） (b) 购股权计划的参与人（续） (ii) 本公司、其任何附属公司或任何投 资实体之任何非执行董事（包括独 立非执行董事）； (iii) 本集团任何成员公司或任何投资 实体之任何货品或服务供应商； (iv) 本集团或任何投资实体之任何客 户； (v) 向本集团或任何投资实体提供研 究、开发或其他技术支援之任何人 士或实体； (vi) 本集团任何成员公司或任何投资 实体之任何股东或本集团任何成 员公司或任何投资实体所发行之 任何证券之任何持有人； (vii) 本集团任何成员公司或任何投资 实体任何业务范围或业务发展之 任何顾问（专业或非专业）或谘询 人；及 (viii) 本集团业务运作或业务安排之任 何合夥人或合作人。 (c) 根据购股权计划可供发行购 股权之数目上限 (i) 根据购股权计划及本公司当时任 何其他计划授出之所有未行使购 股权获行使时可发行之股份数目， 最多不得超过不时已发行股份之 30%。本公司当时作废或注销之 购股权，於计算以上之30%上限 时，不得计算在内；及 (ii) 除获本公司股东批准更新10%之 上限外，根据购股权计划已授出及 将予授出之所有购股权获行使时 可予发行之股份最高数目相当於 批准购股权计划当日本公司已发 行股份数目之10%。 SHARE OPTION SCHEME (Continued) (b) Participants of the Share Option Scheme (Continued) (ii) any non-executive director (including independent non-executive directors) of the Company, any of its subsidiary or any invested entity; (iii) any supplier of goods or services to any member of the Group or any invested entity; (iv) any customer of the Group or any invested entity; (v) any person or entity that provides research, development or other technical support to the Group or any invested entity; (vi) any shareholder of any member of the Group or any invested entity or any holder of any securities issued by any member of the Group or any invested entity; (vii) any adviser (professional or otherwise) or consultant to any area of business or business development of any member of the Group or any invested entity; and (viii) any joint venture partner or counter-party to business operation or business arrangements of the Group. (c) Maximum number of share options available for issue under the Share Option Scheme (i) The maximum number of shares which may be issued upon exercise of all outstanding share option granted and yet to be exercised under the Share Option Scheme and any other schemes for the time being of the Company shall not exceed 30% of the shares in issue from time to time. Share options of the Company which are lapsed or cancelled for the time being shall not be counted for the purpose of calculating the said 30% limit; and (ii) The maximum number of shares which may be issued upon exercise of all options granted and to be granted under the Share Option Schemes is an amount equivalent to 10% of the shares of the Company in issue as at the dates of approval of the Share Option Schemes unless approval for refreshing the 10% limit from the Company’s shareholders has been obtained. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 73 购股权计划（续） (d) 各参与人之权利上限 於截至向每位获授人授出日期为止之任 何12个月期间内，根据购股权计划及本 公司当时任何其他计划向每位获授人授 出及将予授出之购股权（包括已行使及 未行使之购股权）获行使而已发行之股 份总数，不得超过当时已发行股份总数 之1%。 (e) 购股权之剩余寿命及行使时 限 现时并无一般规定限制购股权必须於持 有任何最短期限後方可行使，惟董事会 获授权於授出任何特定购股权时，可酌 情施加任何该等最短期限限制。由授出 日期起计10年至该段10年期间最後一日 内任何时间，购股权可根据购股权计划 之条款行使。 (f) 接纳购股权建议时之应付代 价 参与人於接纳购股权建议时应付1港元 之代价。 (g) 厘定认购价之基准 根据购股权计划厘定之股份认购价须为 董事会向已获任何授出购股权建议之参 与人所知会之价格，惟不得低於以下各 项之较高数值：(i)於授出日期（必须为 营业日）股份在联交所每日报价表所报 之收市价；及(ii)於紧接授出日期前五个 营业日股份於联交所每日报价表所报之 平均收市价，惟认购价不得低於一股股 份之面值。 SHARE OPTION SCHEME (Continued) (d) Maximum entitlement of each participant The total number of shares issued upon exercise of the share options granted and to be granted to each grantee under the Share Option Scheme and any other schemes for the time being of the Company (including both exercised and outstanding share options) in any 12-month period up to the date of grant to each grantee must not exceed 1% of the aggregate number of shares for the time being in issue. (e) Remaining life and exercisable period of the share options There is no general requirement that a share option must be held for any minimum period before it can be exercised but the Board is empowered to impose at its discretion any such minimum period at the time of grant of any particular share option. A share option may be exercised in accordance with the terms of the Share Option Scheme at any time during a period of 10 years commencing on the Date of Grant and expiring on the last day of the said 10-year period. (f) Payment on acceptance of the share options offer A sum of HK$1 is payable by the Participant on acceptance of the share option offer. (g) Basis of determining the subscription price The subscription price for shares under the Share Option Scheme should be a price notified by the Board to a Participant to whom any offer of the grant of a share option is made and shall be at least the higher of (i) the closing price of the shares as stated in the Stock Exchange’s daily quotations sheet on the date of grant which must be a business day; and (ii) the average closing price of the shares as stated in the Stock Exchange’s daily quotations sheets for the five business days immediately preceding the date of grant, provided that the subscription price should not be lower than the nominal value of a share. 74 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 购股权计划（续） 於本期间及於二零一六年十二月三十一日， 购股权计划项下尚未行使之购股权之详情如 下： * 行使购股权时须付之每股价格与授出购股权 时之每股市价均经考虑供股之影响後作出调 整。 SHARE OPTION SCHEME (Continued) Particulars of the share options under the Share Option Scheme outstanding during the Period and as at 31st December 2016 were as follows: Participants Date of grant Period during which share options are exercisable Price per share on exercise of options Number of share options outstanding at the beginning of the Period Number of share options lapsed during the Period Adjustment on the number of share options after Right Issue Number of share ptions outstanding at the end of the Period Market value per share on grant of share options 参与人 授出日期 购股权行使期 行使购股 权时须付之 每股价格 於期初时 尚未行使之 购股权数量 本期间内 已失效之 购股权数量 供股後 之经调整 购股权数量 於期终时尚 未行使之 购股权数量 授出购股 权时之 每股市价 HK$ HK$ 港元 港元 Executive directors 执行董事 Mr. Lam Shiu Ming, Daneil 21st July 2014 21st July 2014 to 20th July 2016 10.77 334,367 (334,367) �C �C 9.40 林小明先生 二零一四年 七月二十一日 二零一四年七月二十一日 至二零一六年七月二十日 Mr. Hung Cho Sing 21st July 2014 21st July 2014 to 20th July 2016 10.77 334,367 (334,367) �C �C 9.40 洪祖星先生 二零一四年 七月二十一日 二零一四年七月二十一日 至二零一六年七月二十日 4th March 2016 4th March 2016 to 3rd March 2018 0.811* 1,481,400 �C 199,103 1,680,503 0.68* 二零一六年 三月四日 二零一六年三月四日 至二零一八年三月三日 Mr. Lam Kit Sun 21st July 2014 21st July 2014 to 20th July 2016 10.77 334,367 (334,367) �C �C 9.40 林杰新先生 二零一四年 七月二十一日 二零一四年七月二十一日 至二零一六年七月二十日 4th March 2016 4th March 2016 to 3rd March 2018 0.811* 1,481,400 �C 199,103 1,680,503 0.68* 二零一六年 三月四日 二零一六年三月四日 至二零一八年三月三日 Other eligible participants 21st July 2014 21st July 2014 to 20th July 2016 10.77 1,097,408 (1,097,408) �C �C 9.40 其他合资格参与人 二零一四年 七月二十一日 二零一四年七月二十一日 至二零一六年七月二十日 30th Sept 2015 30th Sept 2015 to 29th Sept 2017 1.489* 2,072,088 �C 279,711 2,351,799 1.42* 二零一五年 九月三十日 二零一五年九月三十日 至二零一七年九月二十九日 4th March 2016 4th March 2016 to 3rd March 2018 0.811* 6,816,500 �C 916,151 7,732,651 0.68* 二零一六年 三月四日 二零一六年三月四日 至二零一八年三月三日 13,951,897 (2,100,509) 1,594,068 13,445,456 * The price per share on exercise of options and market value per share on grant of options have been adjusted after taking into account of the effect of the Rights Issue. UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 75 主要股东 就任何董事或本公司主要行政人员所知悉， 於二零一六年十二月三十一日，除以上披露 之董事或本公司主要行政人员外，以下股东 於本公司股份或相关股份中拥有根据证券及 期货条例第XV部第2及第3分部规定须向本公 司披露，或记录於本公司按证券及期货条例 第XV部第336条规定置存之登记册之权益或 淡仓如下： 附注： 1. 该等143,573,276股股份由Unique Prosperity Limited（一间於香港注册成立之公司）实益 持有，而Unique Prosperity Limited分别由梁 月群女士及吴有�N先生拥有95%及5%。 上文所披露之所有权益均为股份之好仓。 除 上 文 所 披 露 者 外，於 二 零 一 六 年 十 二 月 三十一日，概无其他人士於本公司之股份、相 关股份及债券中拥有记录於本公司根据证券 及期货条例第XV部第336条须予置存之登记 册内之任何权益或淡仓。 管理合约 於本期间，本公司并无就整体业务或任何重 要业务之管理及行政工作签订或存在任何合 约。 SUBSTANTIAL SHAREHOLDERS So far as is known to any Director or chief executive of the Company, as at 31st December 2016, shareholders (other than Directors or chief executive of the Company disclosed above) who had interests or short positions in shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Division 2 and 3 of Part XV of the SFO, or which were recorded in the register kept by the Company under Section 336 of Part XV of the SFO were as follows: Name Nature of interest Number of Shares and underlying shares of the Company held Approximate percentage of the total issued share capital of the Company 姓名�u名称 权益性质 所持本公司股份 及相关股份数目 占本公司 已发行股本总额 之概约百分比 Leung Yuet Kwan Belinda (Note 1) Interest of a controlled corporation 143,573,276 (L) 26.92% 梁月群女士（附注1） 受控法团权益 Ng Yau Sing (Note 1) Interest of a controlled corporation 143,573,276 (L) 26.92% 吴有�N先生（附注1） 受控法团权益 Unique Prosperity Limited Beneficial owner 143,573,276 (L) 26.92% 实益拥有人 Note: 1. These 143,573,276 Shares are beneficially held by Unique Prosperity Limited, a company incorporated in Hong Kong which is owned as to 95% by Ms. Leung Yuet Kwan Belinda and 5% by Mr. Ng Yau Sing. All the interests disclosed above represent long positions in shares. Save as disclosed above, as at 31st December 2016, no other person has any interests or short positions in the shares, underlying shares and debentures of the Company in the register required to be kept by Company under section 336 of Part XV of the SFO. MANAGEMENT CONTRACTS No contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the Period. 76 UNIVERSE INTERNATIONAL FINANCIAL HOLDINGS LIMITED 2016/17 INTERIM REPORT 寰宇国际金融控股有限公司 二零一六/一七年中期报告 企业管治守则 本公司於截至二零一六年十二月三十一日止 六个月内已遵守上市规则附录14所载之企业 管治守则（「守则」）所载之守则条文，除下文 所述守则之守则条文A.2.1有关主席与行政总 裁（「行政总裁」）角色区分外。 守则之守则条文A.2.1规定，主席及行政总裁 之角色应予以区分，并不应由同一人担任。本 公司目前并无任何高级职员担任行政总裁一 职。林小明先生为本公司创办人及主席，并已 履行行政总裁之职责。林先生具备管理董事 会所需之领导才能及对本集团之业务拥有深 厚认识。董事会认为目前的架构更适合本公 司，因该架构可令本集团之策略更有效地制 定及落实。 审计委员会 审计委员会成立於一九九九年十月十一日， 现由三名独立非执行董事蔡永冠先生（主席）、 林芝强先生及郑露仪女士组成。 审计委员会已审阅本集团所采用之会计原则 及方法，并已与管理层讨论内部监控、风险管 理及财务申报事宜，包括审阅截至二零一六 年十二月三十一日止六个月之未经审核简明 综合中期财务资料。 购买、出售或赎回本公司之上 市证券 本公司於截至二零一六年十二月三十一日止 六个月内并无赎回其任何股份。本公司及其 任何附属公司於本期间内概无购买或出售任 何本公司之上市证券。 董事进行证券交易的标准守则 於截至二零一六年十二月三十一日止六个月 内，本公司已采纳标准守则作为董事买卖本 公司证券的守则。经向全体董事作出特定查 询後，彼等均确认於本期间内已遵守标准守 则。 承董事会命 主席兼执行董事 林小明 香港，二零一七年二月二十七日 CORPORATE GOVERNANCE CODE The Company has, throughout the six months ended 31st December 2016, complied with the code provisions contained in Corporate Governance Code (the “Code”) set out in Appendix 14 to the Listing Rules except for the code provision A.2.1 of the Code for the separation of the roles of Chairman and Chief Executive Officer (“CEO”) as described in the following. Code provision A.2.1 of the Code sets out that the roles of the Chairman and CEO should be separate and should not be performed by the same individual. The Company does not at present have any officer holding the position of CEO. Mr. Lam Shiu Ming, Daneil is the founder and Chairman of the Company and has also carried out the responsibilities of CEO. Mr. Lam possesses the essential leadership skills to manage the Board and extensive knowledge in the business of the Group. The Board considers the present structure to be more suitable to the Company because it can promote the efficient formulation and implementation of the Group’s strategies. AUDIT COMMITTEE The Audit Committee was established on 11th October 1999. Its current members include three independent non-executive Directors, namely Mr. Choi Wing Koon (Chairman), Mr. Lam Chi Keung and Ms. Cheng Lo Yee. The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed internal control, risk management and financial reporting matters including a review of the unaudited condensed consolidated interim financial information for the six months ended 31st December 2016 with the management. PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES The Company has not redeemed any of its shares during the six months ended 31st December 2016. Neither the Company nor any of its subsidiaries has purchased or sold any of the Company’s listed securities during the Period. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS During the six months ended 31st December 2016, the Company has adopted the Model Code as the code for dealing in securities of the Company by Directors. Having made specific enquiries, all Directors confirmed that they have complied with the Model Code throughout the Period. By Order of the Board Lam Shiu Ming, Daneil Chairman and Executive Director Hong Kong, 27th February 2017