（於百慕达注册成立之有限公司） 股份代号: 01 CONTENTS 目录 大中华金融控股有限公司 | 二零一六年年报 Pages 页次 CORPORATE INFORMATION 公司资料 2 CHAIRMAN’S STATEMENT 主席报告书 4 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 6 BIOGRAPHICAL DETAILS OF DIRECTORS 董事履历 27 CORPORATE GOVERNANCE REPORT 企业管治报告 30 DIRECTORS’ REPORT 董事会报告 41 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 59 INDEPENDENT AUDITOR’S REPORT 独立核数师报告 65 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 综合损益及其他全面收益表 70 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 综合财务状况表 72 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 综合权益变动表 74 CONSOLIDATED STATEMENT OF CASH FLOWS 综合现金流量表 75 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注 77 FINANCIAL SUMMARY 财务概要 235 CONTENTS 目录 CORPORATE INFORMATION 公司资料 02 Greater China Financial Holdings Limited | Annual Report 2016 执行董事 刘克泉先生 （主席兼行政总裁） 张沛东先生 独立非执行董事及审核委员会 金炳荣先生 关基楚先生 芮明杰博士 周梁宇先生 吕子昂博士 公司秘书 陈兆敏小姐 核数师 恒健会计师行有限公司 执业会计师 主要往来银行 中国银行（香港）有限公司 恒生银行有限公司 太仓农村商业银行 法律顾问 姚黎李律师行 总办事处及主要营业地点 香港 铜锣湾 勿地臣街1号 时代广场 二座3001-11室 注册办事处 Canon’s Court 22 Victoria Street Hamilton HM12 Bermuda Executive Directors Mr. Liu Kequan (Chairman and Chief Executive Officer) Mr. Zhang Peidong Independent Non-executive Directors and Audit Committee Mr. Jin Bingrong Mr. Kwan Kei Chor Dr. Rui Mingjie Mr. Zhou Liangyu Dr. Lyu Ziang Company Secretary Ms. Chan Siu Mun Auditor HLM CPA Limited Certified Public Accountants Principal Bankers Bank of China (Hong Kong) Limited Hang Seng Bank Limited Taicang Rural Commercial Bank Legal Advisors Iu, Lai & Li Solicitors & Notaries Head Office and Principal Place of Business Suites 3001-11, Tower Two Times Square 1 Matheson Street Causeway Bay Hong Kong Registered Office Canon’s Court 22 Victoria Street Hamilton HM12 Bermuda CORPORATE INFORMATION 公司资料 03 CORPORATE INFORMATION 公司资料 大中华金融控股有限公司 | 二零一六年年报 百慕达股份过户及登记总处 MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM08 Bermuda 香港股份过户及登记分处 卓佳登捷时有限公司 香港 皇后大道东183号 合和中心22楼 股份代号 431 网址 http://www.irasia.com/listco/hk/greaterchina/ index.htm Principal Share Registrar and Transfer Office in Bermuda MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM08 Bermuda Hong Kong Branch Share Registrar and Transfer Office Tricor Tengis Limited Level 22, Hopewell Centre 183 Queen’s Road East Hong Kong Stock Code 431 Website http://www.irasia.com/listco/hk/greaterchina/index.htm CHAIRMAN’S STATEMENT 主席报告书 04 Greater China Financial Holdings Limited | Annual Report 2016 本人谨代表大中华金融控股有限公司（「本 公司」，连同其附属公司合称「本集团」）董事 （「董事」）会（「董事会」）提呈截至二零一六年 十二月三十一日止年度的年报。 业务回顾 二零一六年对本集团而言，是一个面对严重挑 战的艰难年度。将典当行业务取消综合入账（详 情披露於「管理层讨论及分析」一节）对本集 团造成不利影响，并因而录得约970,000,000 港元的巨额亏损。 整体而言，香港和中国的金融市场均呈现动荡 不稳的局面。然而，本集团仍能完成收购金融 相关业务，包括证券经纪、资产管理及保险经 纪并且於年内开始经营该等业务。 展望 尽管本集团於二零一六年历经重重挑战，本 人相信，二零一七年将会是充满机遇的一年。 本集团已逐渐将重心移向香港以至中国的金 融服务业务。在香港，我们将进一步发展我们 於证券经纪、贷款融资、保险经纪及资产管理 的业务。中国方面，我们将开拓刚於二零一六 年年底收购的融资谘询业务，并且会继续物色 机会，藉以增强现有业务的价值及探索新的路 向，务求将业务提升至另一层次。 本集团将继续探索新的投资机会，包括但不限 於金融服务相关业务，目标为提高本公司股东 （「股东」）的回报。 On behalf of the board (the “Board”) of directors (the “Directors”) of Greater China Financial Holdings Limited (the “Company”, together with its subsidiaries, the “Group”), I would like to present the annual report for the year ended 31 December 2016. REVIEW OF OPERATIONS 2016 has been a difficult year with severe challenge for the Group. The Group has been affected adversely by the deconsolidation of the pawnshop operations (which is disclosed in details in the “Management Discussion and Analysis” section) and a significant loss of approximately HK$970 million was resulted. Overall speaking, the financial markets in both Hong Kong and China are volatile. However, the Group still managed to complete the acquisition of the financial related operations including the securities brokerage, asset management and insurance brokerage and commence those businesses during the year. PROSPECT Despite the challenges encountered by the Group in 2016, I believe that 2017 is a year full of opportunity. The Group has been gradually diverted into the financial service business in Hong Kong as well as in China. In Hong Kong, we will further develop our operations in securities brokerage, loan financing, insurance brokerage and asset management. In China, we will develop the financing consultancy business which was newly acquired by the end of 2016 and will continue to identify opportunity to add value to the existing operations and explore new way to expand the business to another level. The Group will continue to explore new investment opportunities including but not limited to financial service related business with the aim to enhance the returns to the shareholders of the Company (the “Shareholders”). CHAIRMAN’S STATEMENT 主席报告书 05 CHAIRMAN’S STATEMENT 主席报告书 大中华金融控股有限公司 | 二零一六年年报 致谢 本人谨藉此机会，代表董事会感谢全体员工为 本集团作出的勤勉努力及竭诚奉献。本人亦对 各股东、业务夥伴及各方专业人士给予本集团 的持续支持表示谢意。 主席 刘克泉 香港 二零一七年三月十七日 APPRECIATION On behalf of the Board, I would like to take this opportunity to thank our staffs for their efforts and contributions to the Group. I would also like to extend my gratitude to our Shareholders, business partners and professional parties for their continued support. Liu Kequan Chairman Hong Kong 17 March 2017 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 06 Greater China Financial Holdings Limited | Annual Report 2016 业务回顾及前景 本集团主要从事投资控股、工业用物业发展、 消费品的一般贸易、证券经纪、保险经纪、资 产管理及贷款融资业务（包括贷款融资、贷款 转介及谘询服务）。 本集团於二零一六年的收入及分部业绩载於 下表： BUSINESS REVIEW AND PROSPECT The Group is principally engaged in investment holding, industrial property development, general trading of consumable goods, securities brokerage, insurance brokerage, asset management and loan financing operation includes loan financing, loan referral and consultancy services. Revenue and segment results of the Group for the year of 2016 are stated in the table below: For the year ended 31 December 截至十二月三十一日止年度 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 Revenue from: 来自以下各项之收入： Industrial property development 工业用物业发展 8,904 13,651 General trading 一般贸易 36,448 �C Loan financing 贷款融资 22,878 102,305 Securities brokerage 证券经纪 2,356 �C Insurance brokerage 保险经纪 4,581 �C Asset management 资产管理 8 �C 75,175 115,956 For the year ended 31 December 截至十二月三十一日止年度 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 Segment (loss) profit from: 来自以下各项之（亏损）溢利： Industrial property development 工业用物业发展 (7,637) (10,547) General trading 一般贸易 1,035 (1,813) Loan financing 贷款融资 (43,568) 64,197 Securities brokerage 证券经纪 (1,217) �C Insurance brokerage 保险经纪 111 (27) Asset management 资产管理 1 �C (51,275) 51,810 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 07 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 工业用物业发展 仓库业务的收入主要为向租户收取的仓库存 放租金收入。本集团的仓库位於中国江苏省太 仓，其总可出租面积约为48,600平方米。 於二零一五年，仓库於大部分时间的占用率 均为100%。然而，於二零一六年下半年，若 干仓库租赁协议到期而并无被续租或正物色 新租户。因此，仓库业务的收益较二零一五年 减少约4,700,000港元至8,900,000港元。另一 方面，仓库业务的分部亏损由二零一五年约 10,500,000港元轻微改善至约7,600,000港元， 主要由於偿还部分银行贷款加上严控整体开 支，导致利息开支减少所致。 本集团正积极物色潜在业务夥伴以租用现时 空置的仓库空间。凭藉毗邻上海及交通便利的 优势，仓库保持能够吸引新业务夥伴的主要优 势。同时，我们将於可行情况下寻觅机会善用 仓库以促进其他分部的业务，包括但不限於一 般贸易业务。 一般贸易 由於中国经济放缓导致原材料需求减少，一般 贸易业务於二零一五年并不活跃。然而，本集 团继续寻求机会提振一般贸易业务，而於二零 一六年下半年，本集团成功与一名茅台（即中 国蒸馏白酒）大型经销代理建立合作关系并且 开始於中国授权地区（包括但不限於江苏省） 进行茅台及其他流行中国酒类之贸易业务。於 二零一六年，贸易分部之收入约为36,400,000 港元，而分部溢利约为1,000,000港元。 Industrial Property Development The revenue from the warehouse operation mainly represented the rental income for the warehouse storage received from the tenants. The warehouse of the Group is located in Taicang, Jiangsu Province, the PRC and the total rentable area of which is approximately 48,600 square meters. In 2015, the warehouse was fully occupied in the majority of time. However, in the second half of 2016, certain warehouse lease agreements were expired which were either not yet renewed or new tenants were yet to identify. As a result, the income from warehouse operation was dropped by approximately HK$4.7 million to HK$8.9 million as compared to the year of 2015. Segment loss of the warehouse operation, on the other hand, was slightly improved from approximately HK$10.5 million in 2015 to approximately HK$7.6 million which is mainly contributed to the decrease in interest expenses as the partial repayment of bank loan was made together with a stringent control in overall expenses. The Group is actively seeking potential business partners for the vacant warehouse space. With its proximity to Shanghai and its convenience in term of transportation, the warehouse maintains a key advantage in attracting new business partners. At the same time, we will also look into opportunity to utilize the warehouse to facilitate the operation of other segment including but not limited to general trading operation if possible. General Trading The general trading business of the Group has been inactive in 2015 due to decrease in demand of raw materials as a result of the economic slowdown in the PRC. However, the Group continued to identify opportunity to revive the general trading segment and in the second half of 2016, the Group is able to establish an cooperation with one of the major distribution agent of Moutai (i.e. a distilled Chinese liquor) and commence trading of Moutai and other popular Chinese liquors in the authorized regions in the PRC including but not limited to Jiangsu Province. Revenue from the trading segment of approximately HK$36.4 million and segment profit of approximately HK$1 million were resulted in 2016. MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 08 Greater China Financial Holdings Limited | Annual Report 2016 作为中国其中一类最流行的饮用酒类，茅台的 需求相对稳定，每年录得持续和稳定的增长。 此外，该类流行产品的周转率较快，有助该业 务维持稳健的现金流。本集团将继续开拓及发 展贸易分部，并且进一步增强我们现有的营运 团队以提升工作效率。 贷款融资 贷款融资分部包括在香港和中国提供按揭及 其他贷款服务以及融资谘询及贷款转介服务。 於二零一五年，该分部亦包括上海的典当行业 务，惟本集团自二零一六年起已将有关业务取 消综合入账。有关取消综合入账的详尽说明， 请参阅「新盛及中源取消综合入账」一节。 於二零一六年初，本公司间接全资附属公司大 中华融资有限公司获授放债人牌照，以於香港 开展放债业务。由於香港金融管理局一直对其 监管下的金融机构的放债活动实施严格管控， 我们的放贷业务被定位为通过提供按揭贷款、 证券融资及其他有抵押贷款服务，作为除持牌 银行外的其他贷款选择，并拥有多元化融资及 贷款安排以及快速应对市场需求的竞争优势。 於 二 零 一 六 年，该 业 务 录 得 营 业 额 约 22,900,000港元，主要为香港贷款组合所得利 息收入及二零一六年年末新收购的北京融资 谘询业务所获取的融资谘询收入。二零一六 年录得分部亏损约43,600,000港元，乃由於为 若干有抵押应收贷款及利息作出减值拨备约 62,000,000港元所致。本集团已采取法律行动 追讨有关款项，惟已同时悉数计提减值拨备。 於二零一六年十二月三十一日，应收贷款结余 约为37,000,000港元。贷款年利率介乎12% 至 36%。 Regarded as one of the most popular Chinese liquor in the PRC, the demand of Moutai is relatively stable with a consistent and steady growth on a yearly basis. In addition, the turnover of such popular product is relatively quick which helps to maintain a healthy cashflow of the operation. The Group will continue to expand and develop the trading segment and further strengthen our existing operation team to improve the efficiency of the workflow. Loan Financing Loan financing segment includes the provision of mortgage and other loans services and financing consultancy and loan referral services in both Hong Kong and the PRC. In 2015, this segment also included the pawnshop operation in Shanghai which was de-consolidated from the Group with effect from 2016. Please refer to the section under heading “De-consolidation of Xinsheng and Zhongyuan” for detailed explanation of the deconsolidation. Greater China Financing Limited, an indirect wholly-owned subsidiary of the Company, was granted the Money Lenders Licence in early 2016 to start money lending business in Hong Kong. As the Hong Kong Monetary Authority has been implementing tight controls on lending activities of the financial institutions under its surveillance, our money lending business is positioned as an alternative to licensed banks by providing mortgage loans, securities financing and other secured loan services, with the competitiveness of diversified financing and loan arrangement and quick response to the market. In 2016, turnover of approximately HK$22.9 million was recorded which mainly represented the interest income generated from the loan portfolio in Hong Kong and the financing consultancy income received by the financing consultancy operation in Beijing newly acquired by the end of 2016. A segment loss of approximately HK$43.6 million was resulted in 2016 due to an impairment allowance is made for certain secured loans and interests receivables amounting to approximately HK$62 million. The Group has taken legal actions to recover the amount but full provision for impairment is provided in the meantime. As at 31 December 2016, the balance of the loans receivables was approximately HK$37 million. Interest rate of the loans ranged from 12% to 36% per annum. 09 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 就香港的贷款融资业务而言，本集团已设立严 格的内部贷款管理系统，包括信贷评估及风险 管理。此外，我们在物业估值、信用审查、法律 合规及风险管理方面与外部专业人士紧密合 作。 尽管於过往两年香港按揭市场面对重重挑战， 且二零一六年上半年楼市向下调整，但在金融 市场复苏的带动下，一手物业迅速售罄及近期 物业价格指数上升，均释放出利好信号。我们 将继续积极探索更多商机及拓展我们的贷款 产品，同时亦加强贷款审查政策及风险控制。 於 二 零 一 六 年 末 ， 本 集 团 以 代 价 约 128,500,000港元收购在中国提供融资谘询及 贷款转介服务之业务。代价将以下列方式结 付： (i) 6 8 , 5 1 5 , 1 6 8 港 元 於 完 成 时 支 付，其 中 2 0 , 0 0 0 , 0 0 0 港 元 将 以 现 金 结 付 及 48,515,168港元透过按发行价每股0.25港 元向卖方配发及发行合共194,060,671股 代价股份之方式结付； (ii) 30,000,000港元（可予调整）於二零一六年 经审核财务报表刊发後的下一个营业日以 现金结付； (iii) 20,000,000港元（可予调整）於二零一七年 经审核财务报表刊发後的下一个营业日以 现金结付；及 (iv) 余款10,000,000港元（可予调整）於二零 一八年经审核财务报表刊发後的下一个营 业日以现金结付。 卖方同意为截至二零一六年、二零一七年及 二零一八年的综合除税後纯利达到人民币 10,000,000元、人民币20,000,000元及人民币 30,000,000元提供保证。 於二零一六年末完成收购事项後，新业务将为 贷款融资分部之业绩以及本集团整体业绩表 现带来正面贡献。 For the loan financing operation in Hong Kong, the Group has established stringent internal loan management system, including credit assessment and risk management. In addition, we cooperate tightly with external professionals for property valuation, credit check and legal compliance and risk management. Though Hong Kong’s mortgage market has been more challenging in the past two years while the property market was experiencing downturn correction in the first half year of 2016, the quick sell-out of the first hand properties and the recent upward property price indices are sending promising signals, driven by the regain of the financial market. We will continue to actively explore more business and expand our loan products in the meanwhile elevating loan scrutiny policy and risk control. By the end of 2016, the Group has acquired a business which provides financing consultancy and loan referral services in the PRC at a consideration of approximately HK$128.5 million. The consideration is to be settled as follows: (i) as to HK$68,515,168 payable upon completion, in which, HK$20,000,000 shall be settled in cash and HK$48,515,168 shall be settled by way of allotment and issue of total of 194,060,671 consideration shares to the vendor at the issue price of HK$0.25 per share; (ii) as to HK$30,000,000 (subject to adjustment) shall be settled in cash upon the next business day after the issue of 2016 audited financial statements; (iii) as to HK$20,000,000 (subject to adjustment) shall be settled in cash upon the next business day after the issue of 2017 audited financial statements; and (iv) as to the remaining balance of HK$10,000,000 (subject to adjustment) shall be settled in cash upon the next business day after the issue of 2018 audited financial statements. The vendor agreed to provide a guarantee of consolidated net profit after tax of RMB10,000,000, RMB20,000,000 and RMB30,000,000 for the year of 2016, 2017 and 2018 respectively. Following the completion of the acquisition by the end of 2016, the new operation will contribute positively to the results of the loan financing segment as well as the performance of the Group as a whole. MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 10 Greater China Financial Holdings Limited | Annual Report 2016 证券经纪 於二零一六年三月完成收购一间获香港证券 及期货事务监察委员会（「证监会」）发牌及批 准从事证券及期货条例（「证券及期货条例」） 下第1类（证券交易）受规管活动之持牌公司 後，本集团正式进军证券经纪及交易业务。 年内，证券经纪之收入及分部亏损分别约为 2,400,000港元及1,200,000港元。由於本集团 刚纳入有关业务，我们仍在建立团队及尝试改 善有关业务的盈利状况，包括但不限於精简营 运流程、利用本集团现有支援职能以降低整体 成本，例如将营运办事处集中於一个地点等， 并且采取各种方式以扩阔收入来源。 证券经纪业务将提供多种证券相关服务，包括 证券经纪、证券交易及保证金融资。倘出现合 适机会，我们亦将向我们的客户提供配售及包 销服务。 保险经纪 於二零一五年末完成收购一间持有保险经纪 牌照的公司後，该公司於二零一六年一月正式 易名为大中华产险管理有限公司（「大中华产 险管理」）。 於二零一六年，保险经纪之收入及分部溢利分 别约为4,600,000港元及100,000港元。 作为保险经纪公司，大中华产险管理是香港专 业保险经纪协会之会员，并且是可从事强积金 受规管活动的主事中介人。其从事保险及强积 金计划经纪业务以及提供满足客户需要的综 合专业保险及财务规划服务。作为客户的代 理，大中华产险管理为每名客户度身定制金融 解决方案及提供有关保险产品的独立顾问服 务，业务包括长期（包括相连长期）及一般保 险业务以及强积金受规管活动。 Securities Brokerage Upon completion of the acquisition of a licensed company, which is licenced and approved by the Securities and Futures Commission of Hong Kong (“SFC”) to carry out Type 1 (dealing in securities) regulated activities under the Securities and Futures Ordinance (the “SFO”), in March 2016, the Group officially ventured into the securities brokerage and dealing business. Revenue from the securities brokerage and the segment loss for the year is approximately HK$2.4 million and HK$1.2 million respectively. As the operation is newly incorporated into the Group, we are still building up the team and trying to improve the profitability of the operation including but not limited to streamline the process of the operation, leverage our existing supporting functions of the Group to lower the overall costs such as centralize the operation office in one location, etc. and identify ways to broader income stream. The securities brokerage business will provide a variety of securities related services including securities brokerage, securities trading and margin financing. If suitable opportunity arises, we will also provide placing and underwriting services to our clients. Insurance Brokerage Upon the completion of the acquisition of a company with the insurance brokerage licence in late 2015, the company is formally renamed as Greater China Wealth & Risk Management Limited (“GCWRM”) in January 2016. Revenue from insurance brokerage and a segment profit of approximately HK$4.6 million and HK$0.1 million was resulted in 2016. GCWRM, acting as an insurance broker, is a member of Professional Insurance Brokers Association and also a principal intermediary for carrying on MPF regulated activities. It engages in the insurance and MPF scheme brokerage business and provides a comprehensive professional insurance and financial planning services to satisfy clients’ needs. As an agent of the clients, GCWRM tailor-made financial solutions to each of the clients and provide an independent advisory services in connection with insurance products. The line of businesses include long term (including linked long term) and general insurance business plus MPF regulated activities. 11 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 大中华产险管理透过对保险公司进行深入的 尽职审查流程後订立分销协议，与保险公司建 立业务关系。其透过持牌代表为客户提供财务 规划服务，大部分业务是透过转介及直接市场 推广获得。 二零一六年，大中华产险管理开始经营保险业 务，增加多种保险产品及多名业务合作夥伴， 致使产品种类多元化，确保保险业务稳步增 长。大中华产险管理亦设立理财团队，形成了 包括销售及行政人员在内的完整理财团队骨 干。 随着中国对保险产品的需求有增无减，大中华 产险管理的客户基础得到战略性地扩展。本集 团将继续多元化的业务种类及拓宽我们的经 常性收入流。此外，一般保险於不久未来将成 为支持该项业务稳步增长的另一收入来源。 资产管理 本集团於二零一六年三月完成收购一间获证 监会发牌及批准从事证券及期货条例下第9类 （提供资产管理）受规管活动之持牌公司。 本集团正在成立资产管理团队，以进军资产管 理市场。本集团计划设立多个投资基金组合， 协助潜在高净值客户管理其资产。於二零一六 年，资产管理之业绩并不重大，然而本集团对 资产管理分部之未来发展感到乐观。 尽管二零一六年全球股市大幅波动，本集团认 为高净值客户对资产管理的需求会持续上升， 而香港作为金融枢纽将继续吸引本港、跨境以 至亚洲地区客户的投资资金。本集团的资产管 理业务仍处於发展初期，但於不久未来本集团 将致力发展多个投资基金。 GCWRM establishes business relationship with the insurance companies by entering into the distribution agreements after an in-depth due diligence process. It provides financial planning services to clients through licensed representatives and the majority of the business is being generated from referrals and direct marketing. In 2016, GCWRM commenced the insurance business by adding different insurance products, adding different business partners in order to diversify product varieties to ensure the steady growth of insurance business. GCWRM also established the wealth management team by building a full skeleton of the wealth management team which include sales and administration staffs. With the increasing demand of insurance products in the PRC, GCWRM’s client base are strategically broadened. The Group will continue to diversify the business varieties and widen the recurring income stream. In addition, general insurance will be another income stream to support the steady growth of the business in the coming future. Asset Management The acquisition of a licensed company, which is licensed and approved by SFC to carry out Type 9 (asset management) regulated activities under the SFO, was completed in March 2016. The Group is setting up its asset management team with the aim to tap into the asset management market. The Group target to set up various investment fund portfolios to assist the potential high-net worth clients in managing their assets. During 2016, the results of the asset management is insignificant but the Group is optimistic about the future development of the asset management segment. Despite the severe global stock market fluctuation in 2016, the Group believes the need for asset management by the high-net worth clients continues to rise and Hong Kong can continue to serve as a financial hub to attract investment fund from clients locally, cross border as well as in the Asian region. The asset management business of the Group is still in the start-up stage but the Group will strive to develop various investment funds in near future. MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 12 Greater China Financial Holdings Limited | Annual Report 2016 有见及此，本集团已於二零一七年三月订立协 议，以代价8,000,000港元收购一间持牌公司， 该公司持有证券及期货条例下第4类（就证券 提供意见）受规管活动及证券及期货条例下第 9类（提供资产管理）受规管活动的牌照并设 有其投资团队。目前，该公司管理资产规模超 逾4,500,000美元，相信於完成有关收购後，本 集团的资产管理分部可进一步扩展。截至本报 告日期，有关收购仍有待完成。 本集团亦拟於机会出现时在不同行业建立其 本身投资组合以产生稳定收入来源。董事会认 为建立其本身投资组合乃属长期投资，长远目 标是获取资本收益及投资回报。於回顾年度， 本集团已投资多间香港上市公司的股份作为 长期投资用途。 具体而言，於二零一五年十二月下旬，本集团 以总现金代价32,000,000港元认购十方控股 有限公司（「十方」） 40,000,000股新股份。其 後，本集团继续於公开市场购入十方股份，而 直至本报告日期，本集团持有合共70,106,000 股十方股份，占十方已发行股份总数约4.8%。 十方股份於香港联合交易所有限公司（「联交 所」）主板上市，而十方主要於中国从事文化 媒体及广告媒体业务。於回顾年度，十方股价 骤跌导致本集团投资组合之公平值变动至约 106,000,000港元，董事会将继续监察其业务 发展及未来前景。此外，董事会将不时检讨本 集团投资组合的投资目标和策略，并为本集团 整体制定合适的投资计划。 本集团将继续审慎管理其开支状况、寻求新投 资机会以迎合目前市场环境，以及不时小心检 讨业务策略，藉以提高股东的回报。 In view of this, the Group has entered into an agreement to acquire a company under a licence to carry out Type 4 (advising on securities) regulated activities under the SFO and Type 9 (asset management) regulated activities under the SFO together with its investment team at a consideration of HK$8,000,000 in March 2017. Currently, the company has assets under management of over US$4.5 million under management and it is believed that the asset management segment of the Group can be expanded further with the completion of the acquisition. The acquisition is still pending completion up to the date of this report. The Group also intends to build up its own investment portfolio in different industries in order to generate stable source of income when and as opportunities arise. The Board considers that the setting up of its own investment portfolio is in long term investment nature with the long term goals of capital gains and investment returns. During the period under review, the Group had invested in shares of various companies listed in Hong Kong with long term investment purpose. In particular, in late December 2015, the Group had subscribed for 40,000,000 new shares in ShiFang Holding Limited (“ShiFang”) for a total cash consideration of HK$32 million. Subsequently, the Group continued to acquire the shares of ShiFang on the open market and a total of 70,106,000 shares of ShiFang were held by the Group up to the date of this report, represented approximately 4.8% of the total issued shares of ShiFang. The shares of ShiFang are listed on the main board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and it is principally engaged in the business of cultural media and advertising media in the PRC. During the period under review, the share price of ShiFang plummeted resulting in change in fair value of the investment portfolio of the Group to approximately HK$106 million and the Board will continue to monitor its business development and future prospect. In addition, the Board will review the investment objective and strategy of the Group’s investment portfolio from time to time and devise a suitable investment plan for the Group as a whole. The Group will continue to exercise prudence in managing its expenditures, to look for new investment opportunity to cope with existing market environment and constantly review the business strategy in a cautious manner to enhance the returns to the Shareholders. 13 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 於当天金融集团之投资 二零一五年，本集团收购当天金融信息服务有 限公司股本的45%，该公司与其附属公司鼎泰 润和投资谘询（上海）有限公司（「当天金融集 团」）透过可变动权益实体合约（「可变动权益 实体合约」）经上海当天金融信息服务有限公 司（「当天」）於中国营运互联网金融平台。 就经营互联网金融平台而言，当天与资产管理 公司订立顾问服务协议，资产管理公司将负责 与有融资需要的公司磋商及开发适合该等公 司的产品於当天的互联网平台推出，以供有意 投资者认购。 当天的互联网平台收入包括向资产管理公司 收取交易费及服务费。交易费指就当天透过其 互联网金融平台进行投资产品配对工作而支 付的费用。当天亦为有融资需要的公司提供外 部融资机构转介服务，并就此收取转介收入。 於回顾年度，本集团获当天金融集团告知其中 一间资产管理公司并无足够现金於若干产品 到期日向投资者偿还该等产品之投资本金（「偿 还问题」）。由於当天的管理层不希望偿还问 题影响其平台声誉及其营运，因此，当天已动 用其内部资源代表资产管理公司向投资者支 付若干数额之投资本金（其所支付之款项於 二零一六年六月或前後获偿还）。然而，偿还 问题仍未解决。 Investment in Intraday Financial Group In 2015, the Group acquired 45% of share capital of Intraday Financial Information Service Limited with a subsidiary, 鼎泰润 和投资谘询（上海）有限公司 (the “Intraday Financial Group”), engaging in the operation of an internet finance platform in the PRC through 上海当天金融信息服务有限公司 (“Dangtian”) through the variable interest entity contracts (the “VIE Contracts”). For the operation of the internet finance platform, Dangtian enters into consulting service agreements with the asset management companies which will negotiate with companies with financing needs and develop suitable products of the companies to be placed for subscription on Dangtian’s internet platform by the potential investors. The source of revenue of Dangtian from the internet platform is the transaction fee and servicing fee collected from the asset management companies. Transaction fee represents the fee paid for the work Dangtian performs through its internet finance platform for matching the investment products. Dangtian would also provide referral service to companies with financing needs to external financing institutions and referral income would be received. During the period under review, the Group was informed by the Intraday Financial Group that one of the asset management companies did not have sufficient cash to repay the investment principal of certain products to the investors when the products reach their maturity dates (the “Repayment Issue”). As the management of Dangtian does not want the reputation of its platform and its operation being affected by the Repayment Issue, therefore, Dangtian has, for and on behalf of the asset management company, paid certain sums of the investment principal to the investors utilizing their internal resources which was reimbursed for the payment on or around June 2016. However, the Repayment Issue persists. MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 14 Greater China Financial Holdings Limited | Annual Report 2016 受偿还问题影响，加上 P2P 市场整体下滑，互 联网平台的投资本金交易量大幅下跌。与此同 时，自二零一六年六月起，由於当天的营运员 工专注於与牵涉持续偿还问题的投资者保持 联络，当天并无在其互联网平台提供任何产品 以供认购。因此，回顾年度的营业额大幅减少， 导致录得应占联营公司亏损约37,000,000港 元。 鉴於当天金融集团目前的经营状况，未来的预 测现金流估计将受到严重影响，增长率将大幅 下降。因此，年内因收购当天金融集团所产生 商誉之可收回金额大幅调减，录得商誉减值约 267,000,000港元。 新盛及中源取消综合入账 二零一五年，收购两间目标公司（拥有於中国 上海从事典当行业务的附属公司）的100% 股 权後，本集团已根据可变动权益实体合约分别 透过其间接全资附属公司上海佑胜投资谘询 有限公司（「佑胜」）及上海竣凝投资谘询有限 公司（「竣凝」）（各自为「 WFOE」）控制两间 典当行，即上海新盛典当有限公司（「新盛」） 及上海中源典当有限公司（「中源」）（各自为 「营运公司」）。 可变动权益实体合约包括一系列协议，即： (1) 独家管理顾问服务协议 WFOE 将向营运公司提供独家管理顾问服 务，其中包括制定合适的业务模式、管理 及营运政策以及市场推广计划及策略，以 及提供市场和客户资料及调查研究及发展 业务与营运资金融资渠道。 营运公司须就WFOE 所提供服务按年度基 准向WFOE支付其全部除所得税前溢利（经 扣除营运及其他税项开支）作为顾问服务 费。WFOE 有权根据其所提供的服务调整 服务费。 Due to the Repayment Issue, together with the overall downturn on the P2P markets, the transaction volume of investment principal in the internet platform drops significantly. At the same time, Dangtian did not offer any products on its internet platform for subscription since June 2016 as the operational staff of Dangtian focused on liaising with the investors in relation to the continued Repayment Issue. As a result, the turnover dropped significantly for the year under review and a share of loss of associates amounted to approximately HK$37 million is resulted. Given the current status of the operation of Intraday Financial Group, the projected cash flow estimation in the future would be greatly undermined and the growth rate would be reduced significantly. As a result, the recoverable amount of the goodwill arising on acquisition of the Intraday Financial Group is greatly reduced and an impairment of the goodwill of approximately HK$267 million is recorded during the year. Deconsolidation of Xinsheng and Zhongyuan In 2015, following the acquisitions of the 100% equity interests of two target companies with subsidiaries engaging in the pawnshop businesses in Shanghai, the PRC, the Group, through its indirect wholly-owned subsidiaries, 上海佑胜投资谘询有限公 司 (“Yousheng”) and 上海竣凝投资谘询有限公司 (“Junning”) (each as “WFOE”), has controlled two pawnshops, namely, 上海 新盛典当有限公司 (“Xinsheng”) and 上海中源典当有限公司 (“Zhongyuan”) (each as “OPCO”) respectively through the VIE Contracts. The VIE Contracts consist of a series of agreements, namely: (1) Exclusive Consulting Service Agreement The WFOE shall provide the OPCO with exclusive management consultancy services, including, among others, establishing appropriate business model, management and operation policies, and marketing plans and strategies, as well as provision of market and customer intelligence and research, and developing business and operational funding alternatives. For services provided by the WFOE, the OPCO shall pay to the WFOE, as consultancy services fee, its entire profits before income tax (net of operating and other tax expenses) on an annual basis. The WFOE has the right to adjust the service fee in accordance with its services provided. 15 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 (2) 股权质押合同 营运公司的登记股东同意将营运公司全部 股权质押予 WFOE，作为独家管理顾问服 务协议项下付款责任的担保。根据股权质 押合同，除非获得 WFOE 事先书面同意或 根据独家购买期权协议的条款，否则营运 公司的登记股东不得转让其於营运公司 的任何股权或设立或允许设立可能影响 WFOE的权利及利益之任何质押。 (3) 独家购买期权协议 营 运 公 司 登 记 股 东 同 意 不 可 撤 回 地 向 WFOE 授予权利在中国适用法律及法规准 许情况下，彼等将以零代价向 WFOE 转让 彼等各自於营运公司的股权。倘根据中国 相关法律及法规规定须就有关转让支付代 价，则有关代价将为中国适用法律及法规 准许情况下之最低价，且在中国适用法律 及法规准许情况下，营运公司登记股东收 取或获支付的代价须全数退还予WFOE。 营运公司的登记股东於接获WFOE 随时发 出之要求时，应立即及无条件将其於营运 公司之全部股权转让予WFOE指定之代表。 (4) 授权委托协议 营运公司的登记股东已无条件及不可撤回 地授权及委托 WFOE 或 WFOE 委派的任何 人士，根据 WFOE 之酌情决定行使营运公 司所有股东权利，包括（不限於）批准股东 决议案、将文件於相关国家工商行政管理 局存档、召开股东大会并於会上投票、转 让或以其他方式处置营运公司股权之权利， 以及中国法律及营运公司之细则规定的所 有股东权利。 (2) Equity Pledge Agreement The registered shareholders of the OPCO agreed to pledge the entire equity interest of the OPCO to the WFOE, as security for the payment obligation under the Exclusive Consulting Service Agreement. Under the Equity Pledge Agreement, except with prior written consent of the WFOE or under the terms of the Exclusive Call Option Agreement, the registered shareholders of the OPCO are prohibited from transferring any of their equity interest in the OPCO, or creating or allowing any creation of any pledge which may affect the rights and benefits of the WFOE. (3) Exclusive Call Option Agreement The registered shareholders of the OPCO agreed to irrevocably grant a right to the WFOE that insofar as permitted under applicable PRC laws and regulations, they shall transfer their respective equity interests in the OPCO to the WFOE with nil consideration. In the event that consideration is required to be provided for such transfer under relevant PRC laws and regulations, such consideration shall be the minimum as permitted under applicable PRC laws and regulations, and that insofar as permitted under applicable PRC laws and regulations, the full amount of consideration received by or paid to the registered shareholders of the OPCO, shall be returned to the WFOE. The registered shareholders of the OPCO shall, upon request from the WFOE at any time, immediately and unconditionally, transfer their entire equity interest in the OPCO to such representative(s) as nominated by the WFOE. (4) Authorisation Agreement T h e re g i s t e re d s h a re h o l d e r s o f t h e O P C O h a v e unconditionally and irrevocably authorized and appointed the WFOE or any party assigned by the WFOE to exercise, at the discretion of the WFOE, all the shareholder’s rights of the OPCO including (without limitation) rights to approve shareholders’ resolutions, file documents with the relevant state administration for industry and commerce, convene and vote in shareholders’ meetings, transfer or otherwise dispose with the equity interest of the OPCO, and all shareholders’ rights provided for under the PRC laws and the articles of the OPCO. MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 16 Greater China Financial Holdings Limited | Annual Report 2016 WFOE 有权随时授权其任何董事及彼等各 自之继任人（包括WFOE清盘时WFOE之清 盘委员会）及由 WFOE 提名的营运公司之 董事（及继任人）（包括营运公司清盘时 由WFOE 提名的营运公司之清盘委员会成 员），行使根据授权委托协议授予WFOE的 所有权利，且该等人士仅可遵从 WFOE 之 指示，而无需事先寻求营运公司之任何同 意。 根据可变动权益实体合约，佑胜及竣凝分别对 新盛及中源的财务及业务营运拥有实际控制 权并有权取得相应经济权益及利益。 於截至二零一五年十二月三十一日止财政年 度，新盛及中源对本集团的收入及分部溢利 作出重大贡献。为保证管理效率，新盛及中源 （「统称「典当行业务」）由同一管理团队管理。 然而，於二零一六年七月或前後，本集团获佑 胜高级管理层告知，上海快鹿投资（集团）有 限公司（「上海快鹿」）（新盛的一名登记股东， 拥有新盛83.13% 股权）的代表取得典当行业 务的营业执照、公司印监、财务专用章以及会 计账簿和记录。佑胜所委任典当行业务的管理 人员及雇员遭解雇，而上海快鹿则委任管理人 员及雇员接管典当行业务。自此，本公司无法 获得典当行业务的全套账簿及记录、营业执 照、公司印监及财务专用章且无法继续经营典 当行业务。 The WFOE has the right to authorize, at any time, any of its directors and their respective successors (including the liquidation committee of the WFOE upon liquidation of the WFOE), and the directors (and successors) of the OPCO as nominated by the WFOE (including members of the liquidation committee of the OPCO nominated by the WFOE upon liquidation of the OPCO), to exercise all rights granted to the WFOE under the Authorization Agreement, and such persons may only take instructions from the WFOE without seeking any prior consent from the OPCO. Under the VIE Contracts, Yousheng and Junning has effective control over the financing and business operations of and are entitled to the economic interest and benefits of Xinsheng and Zhongyuan respectively. In the financial year ended 31 December 2015, Xinsheng and Zhongyuan had contributed significantly to both the revenue and segment profit of the Group. For efficiency of management, both Xinsheng and Zhongyuan (collectively as the “Pawnshop Operations”) were managed by the same management team. However, on or around July 2016, the Group was informed by the senior management of Yousheng that representatives of 上 海快鹿投资（集团）有限公司 (“Shanghai Kuailu”), one of the registered shareholders of Xinsheng which owned 83.13% of equity interests in Xinsheng, took possession of the business license, company seal, finance chops, and accounting books and records of the Pawnshop Operations. The management staff and employees of the Pawnshop Operations appointed by Yousheng were laid off, and Shanghai Kuailu appointed the management staff and employees to take up the Pawnshop Operations. Since then, the Company is unable to access the complete sets of books and records, the business license, company seal and the finance chops of the Pawnshop Operations and is unable to continue to run the Pawnshop Operations. 17 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 由於本公司已无法 (i) 获得典当行业务的全套 账簿及记录以及相关证明文件及(ii) 维持及经 营典当行业务，故董事认为本公司已失去对典 当行业务的控制权，因而典当行业务之账目自 二零一六年一月一日起已於本集团财务报表 取消综合入账。 因 取 消 综 合 入 账，於 回 顾 年 度 录 得 关 於 取 消对附属公司综合入账产生的亏损净额约 324,000,000港元，及应收取消综合入账附属 公司的款项之减值亏损约97,000,000港元。 诉讼 中国 本集团已委任一名中国法律顾问，而向上海仲 裁委员会存档关於强制执行可变动权益实体 合约的仲裁申请已於二零一六年八月获受理 （「仲裁」）。有关申请之详情载於二零一六年 八月十八日之公布。 截至本报告日期，仲裁已暂缓处理。然而，取 消综合入账之财务影响已於二零一六年财政 年度内充分反映。暂缓决定的详情载於二零 一七年二月二十三日之公布。 香港 於二零一六年七月十一日，本公司收到两份由 上海快鹿（作为原告）於香港高等法院原诉法 庭发出的传讯令状，诉讼编号分别为二零一六 年 HCA 1806号（「第一项诉讼」）及二零一六 年HCA 1807号（「第二项诉讼」）。 Due to the fact that the Company had been unable to (i) access the complete sets of books and records together with the supporting documents of the Pawnshop Operations and (ii) maintain and operate the business of the Pawnshop Operations, the Directors considered that the Company has lost its control over the Pawnshop Operations and the accounts of the Pawnshop Operations had been de-consolidated from the Group’s financial statements from 1 January 2016. As a result of the de-consolidation, a net loss on de-consolidation of subsidiaries of approximately HK$324 million and an impairment loss on amount due from de-consolidated subsidiaries of approximately HK$97 million are recorded for the year under review. Litigations PRC The Group has appointed a PRC legal advisor and the applications for arbitration to enforce the VIE Contracts have been filed and accepted by Shanghai Arbitration Commission in August 2016 (the “Arbitration”). Details of the applications are set out in the announcement dated 18 August 2016. Up to the date of this report, the Arbitration is suspended. Nevertheless, the financial impacts of the de-consolidation is fully reflected in the financial year of 2016. Details of the suspension decision is set out in the announcement dated 23 February 2017. Hong Kong On 11 July 2016, the Company received two writs of summons issued by Shanghai Kuailu as plaintiff in the Court of First Instance of the High Court of Hong Kong under action numbers HCA 1806 of 2016 (the “First Action”) and HCA 1807 of 2016 (the “Second Action”) respectively. MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 18 Greater China Financial Holdings Limited | Annual Report 2016 於第一项诉讼中，上海快鹿寻求其为截至二零 一四年十二月三十一日止年度根据日期为二 零一四年十一月二十日有关收购东方信贷控 股有限公司的买卖协议（「东方买卖协议」）所 发行可换股票据（「二零一四年可换股票据」） 及截至二零一五年十二月三十一日止年度根 据东方买卖协议所发行可换股票据（「二零 一五年可换股票据」）之实益拥有人的声明； 及 (2) 第一项诉讼之6名其他被告已兑换二零 一四年可换股票据及二零一五年可换股票据 以供彼等自身使用之声明。上海快鹿亦通过第 一项诉讼寻求针对本公司及其他被告的多项 法令。 於有关一宗涉及龙图有限公司所持有本公司 538,500,000股股份（「目标股份」）之纠纷的第 二项诉讼中，上海快鹿申索（其中包括） (1) 上 海快鹿为目标股份之实益拥有人之声明；及(2) 第二项诉讼之6名其他被告已兑换目标股份以 供彼等自身使用之声明。上海快鹿亦通过第二 项诉讼寻求针对本公司及其他被告的多项法 令。 本公司对向香港高等法院原诉法庭发出的两 份传讯令状作送达认收，而直至就第一项诉讼 及第二项诉讼提交诉状之最後限期（即二零 一六年十一月二日），本公司或本公司就第一 项诉讼及第二项诉讼之代理律师均未收到上 海快鹿提交之任何诉状。因此，本公司就第一 项诉讼及第二项诉讼之代理律师已申请及取 得法院颁令，对本公司提出之第一项诉讼及第 二项诉讼将被撤销，而讼费将由上海快鹿支付 予本公司。 In the First Action, Shanghai Kuailu is seeking a declaration that it is the beneficial owner of the convertible notes issued for the year ended 31 December 2014 (the “2014 Convertible Notes”) under the sales and purchase agreement dated 20 November 2014 in relation to acquisition of Oriental Credit Holdings Limited (the “Oriental SPA”) and the convertible notes issued for the year ended 31 December 2015 (the “2015 Convertible Notes”) under the Oriental SPA; and (2) a declaration that 6 other defendants of the First Action have converted the 2014 Convertible Notes and the 2015 Convertible Notes to their own use. Shanghai Kuailu is also seeking various orders on the Company and other defendants in the First Action. In the Second Action which is in relation to a dispute concerning 538,500,000 shares of the Company held by Long Tu Limited (the “Subject Shares”), Shanghai Kuailu claims, inter alia, for (1) a declaration that Shanghai Kuailu is the beneficial owner of the Subject Shares; and (2) a declaration that 6 other defendants of the Second Action have converted the Subject Shares to their own use. Shanghai Kuailu is also seeking various orders on the Company and other defendants in the Second Action. The Company has acknowledged service of the two writs of summons to the Court of First Instance of the High Court of Hong Kong and up to the deadline for filing the statement of claim (i.e. 2 November 2016) for both the First Action and the Second Action, neither the Company nor the solicitors acting for the Company in the First Action and the Second Action received any statement of claim filed by Shanghai Kuailu. As such, the solicitors acting for the Company in the First Action and the Second Action applied for and obtained Court Orders that both the First Action and the Second Action against the Company be struck out with costs to be paid by Shanghai Kuailu to the Company. 19 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 财务回顾 行政及其他营运开支 行政及其他营运开支主要包括工业用物业发 展、一般贸易、贷款融资、证券经纪及保险经 纪各自所产生之营运开支以及包括但不限於 办公室水电费及管理、法律及专业费用、经营 租赁付款、雇员福利开支、折旧及摊销等之整 体行政开支。於回顾年度之行政及其他营运开 支约为82,200,000港元，较去年减少1,100,000 港元。开支减少主要由於年内本集团开拓多项 新业务而导致管理层及员工成本增加、由於发 行购股权鼓励本集团雇员及顾问以致产生以 股份支付款项开支以及办公室租金增加之净 影响所致，然而法律及专业费用减少及取消综 合入账典当行业务抵押部分影响。 财务成本 二 零 一 六 年，财 务 成 本 由 二 零 一 五 年 约 29,400,000港元大幅减少至15,200,000港元。 财务成本减少为取消综合入账典当行业务、银 行贷款的利息开支由於年内偿还部分款项而 减少及计入应付新收购的金融顾问业务卖方 之现金的递延代价估算利息之合并影响所致。 流动资金及财务资源 本集团遵循审慎的营运资金管理政策。本集团 的营运主要由内部产生的现金流量及外部融 资提供资金。 於二零一六年十二月三十一日，本集团股东资 金及流动资产净值分别约为421,227,000港元 （二零一五年十二月三十一日：1,161,745,000 港元）及174,950,000港元（二零一五年十二 月三十一日：628,240,000港元）。同日，本集 团银行结余及现金为240,969,000港元（二零 一五年十二月三十一日：524,661,000港元）及 流动比率为1.88 （二零一五年十二月三十一日： 3.02）。 FINANCIAL REVIEW Administrative and Other Operating Expenses Administrative and other operating expenses mainly consists of the operating expenses of each of industrial property development, general trading, loan financing, securities brokerage and insurance brokerage as well as the overall administrative expenses including but not limited to the office utilities and administration, legal and professional fee, operating lease payments, employee benefit expenses, depreciation and amortization, etc. Administrative and other operating expenses amounted to approximately HK$82.2 million during the year under review, which is decreased by HK$1.1 million as compared to last period. The decrease mainly resulted from the net effect of the increase in the management and staff cost, the share-based payment expenses due to the issuance of share options as an incentive to the employees and consultants of the Group and the office rentals as the Group had expanded into several new businesses, which were offset by the decrease in legal and professional fee and effect of de-consolidation of the Pawnshop Operations incurred during the year. Finance Costs In 2016, finance costs were greatly dropped from approximately HK$29.4 million in 2015 to approximately HK$15.2 million. The decrease in the finance costs was a combined effect of the deconsolidation of the Pawnshop Operations, the decrease in bank loan interest expenses as partial repayment was made during the year and the inclusion of the inputed interest of the deferred consideration in cash payable to the vendor of the financial consultancy business newly acquired by the end of 2016. Liquidity and Financial Resources The Group follows the policy of prudence in managing its working capital. The operation of the Group was primarily financed by internally generated cashflow and external financing. As at 31 December 2016, the shareholders’ fund and net current assets of the Group amounted to approximately HK$421,227,000 (31 December 2015: HK$1,161,745,000) and HK$174,950,000 (31 December 2015: HK$628,240,000) respectively. On the same date, the Group’s bank balances and cash amounted to HK$240,969,000 (31 December 2015: HK$524,661,000) and the current ratio was 1.88 (31 December 2015: 3.02). MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 20 Greater China Financial Holdings Limited | Annual Report 2016 於 二 零 一 六 年 十 二 月 三 十 一 日，本 集 团 借 贷总额约为113,066,000港元（二零一五年 十二月三十一日：277,535,000港元），其中约 57,231,000港元须於1年内偿还，约16,750,000 港元须於1至2年内偿还及约39,085,000港元须 於2至5年内偿还。同日，按借贷总额除以资产 净值计量之资本负债比率为27%（二零一五 年十二月三十一日：24%）。 於回顾年度，本集团并无有关收购及建设物 业、厂房及设备之资本承担（二零一五年十二 月三十一日：无）。 由於本集团之现金、借贷、收入及开支主要以 港元及人民币计值，故预期本集团并无任何重 大外汇风险。因此，本集团并无使用任何金融 工具以进行对冲。 资本架构 於 二 零 一 六 年 七 月 ， 因 本 金 总 额 为 119,757,662.10港元之二零一四年可换股票据 及二零一五年可换股票据所附转换权按转换 价每股0.24港元获行使，本公司向票据持有人 配发及发行合共498,990,258股股份。 於二零一六年七月，因完成认购新股份，本公 司根据一般授权按认购价每股0.27港元配发 及发行452,810,000股每股面值0.001港元之新 股份。 於二零一六年十二月，根据二零一六年十二 月十四日有关收购一间融资谘询公司全部已 发行股本的收购协议，已按发行价0.25港元 向收购事项的卖方发行及配发本公司股本中 194,060,671股每股面值0.001港元的股份。 As at 31 December 2016, the Group’s total borrowings amounted to approximately HK$113,066,000 (31 December 2015: HK$277,535,000) in which approximately HK$57,231,000 is repayable within 1 year, approximately HK$16,750,000 is repayable between 1 to 2 years and approximately HK$39,085,000 is repayable between 2 to 5 years. On the same date, the gearing ratio, measured on the basis of total borrowings over net assets, was 27% (31 December 2015: 24%). There is no capital commitment in respect of the acquisition and construction of property, plant and equipment for the period under review (31 December 2015: nil). The Group does not anticipate any material foreign exchange exposure since its cash, borrowings, revenue and expenses are mainly in Hong Kong dollars & Renminbi. Therefore the Group did not use any financial instruments for hedging purposes. Capital Structure In July 2016, upon the exercise of the conversion rights attached to the 2014 Convertible Notes and 2015 Convertible Notes in an aggregate principal amount of HK$119,757,662.10 at the conversion price of HK$0.24 per share, the Company allotted and issued 498,990,258 shares in aggregate to the noteholders. In July 2016, the Company allotted and issued 452,810,000 new shares of HK$0.001 each at a subscription price of HK$0.27 upon completion of subscription of new shares under the general mandate. In December 2016, pursuant to the acquisition agreement dated 14 December 2016 in relation to the acquisition of the entired issued share capital of a financing consultancy company, 194,060,671 shares of HK$0.001 each at an issue price of HK$0.25 in the capital of the Company were issued and allotted to the vendor under the acquisition. 21 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 抵押资产 已就本集团获授之一般银行信贷而作出抵押 之资产账面值如下： 或然资产 鉴於本公司无法取得新盛及中源截至二零 一六年十二月三十一日止年度的完整账簿及 记录，董事无法及实际上难以确定截至二零 一六年十二月三十一日止年度之结余。因此， 截至综合财务报表刊发日期，董事并不就有关 本期间或然负债的披露资料是否完整、存在及 准确发表声明。 本集团就二零一五年一月二十一日收购东方 信贷控股有限公司及其附属公司而承担或然 负债，包括按二零一六年业绩目标於二零一五 年一月二十一日後透过发行可换股票据偿付 额外代价。或然可换股票据之最高本金额将为 17,598,000港元。於二零一六年十二月三十一 日，基於业务发展及据董事所深知，董事认为 将不大可能达成二零一六年业绩目标，故此发 行或然可换股票据的可能性甚微。 雇员及薪酬政策 於二零一六年十二月三十一日，本集团雇用约 90名员工，并参照各员工之资历和经验及根 据现时行业惯例厘定薪酬。除薪金外，其他员 工福利包括强积金供款、酌定花红计划及购股 权计划。 Charges on Assets Assets with the following carrying amounts have been pledged to secure general banking facilities granted to the Group: 31.12.2016 31.12.2015 二零一六年 十二月三十一日 二零一五年 十二月三十一日 HK$’000 HK$’000 千港元 千港元 Pawn loans receivables 应收典当贷款 �C 113,569 Property, plant and equipment 物业、厂房及设备 102,882 118,024 Prepaid lease payments 预付租赁款项 23,994 26,403 Bank deposits 银行存款 27,918 35,811 154,794 293,807 Contingent Liabilities As the Company has been unable to get access to the complete books and records of Xinsheng and Zhongyuan for the year ended 31 December 2016, it is impossible and impracticable for the Directors to ascertain the balances for the year ended 31 December 2016. No representation is therefore made by the Directors as to the completeness, existence and accuracy of the disclosure of contingent liabilities for the current period as of the date of issuance of the consolidated financial statements. In connection with the acquisition of Oriental Credit Holdings Limited and its subsidiaries on 21 January 2015, the Group is subject to contingent liabilities including settlement of additional consideration by issuance of convertible notes arising after 21 January 2015 on the basis of 2016 performance target. The maximum principal amount of contingent convertible notes will be HK$17,598,000. As at 31 December 2016, the Directors were of the opinion that the 2016 performance target would not likely to be met according to the business development and to the best knowledge of the directors, therefore, the probability of issuance of contingent convertible notes is remote. Employees and Remuneration Policy As at 31 December 2016, the Group has approximately 90 employees. Remuneration is determined by reference to their respective qualifications and experiences and according to the prevailing industry practice. Besides salary payments, other staff benefits include contribution of mandatory provident fund, a discretionary bonus program and a share option scheme. MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 22 Greater China Financial Holdings Limited | Annual Report 2016 可变动权益实体合约项下的业务 於二零一五年，本集团於中国收购两项典当行 业务及一项互联网金融平台业务的45%股权， 该等业务乃根据可变动权益实体合约（即中 源可变动权益实体合约、新盛可变动权益实体 合约及当天可变动权益实体合约）经营。由於 根据中国现行法律、法规及常规，典当行及互 联网金融平台业务均受外商投资限制规限，故 可变动权益实体合约可使本集团取得对中国 受限制业务的财务及业务经营之控制权，且本 集团亦有权享有该等业务的经济权益及利益， 从而优化本集团的业务结构。 营运公司，即新盛、中源及当天产生的经济利 益经可变动权益实体合约项下一系列协议流 向本公司於中国的附属公司，即佑胜及竣凝， 以及一间本公司於中国的联营公司，即鼎泰润 和投资谘询（上海）有限公司。 可变动权益实体合约项下的各协议概述於管 理层讨论及分析内的新盛及中源取消综合入 账。 有关可变动权益实体合约之风险： 1. 概不保证可变动权益实体合约可符合中国 监管规定之未来变动，且中国政府可能厘 定可变动权益实体合约并不符合中国适用 法律、规则、法规或政策； 2. 可变动权益实体合约於控制营运公司及享 有其经济利益方面可能不如直接拥有权有 效； 3. WFOE、营运公司及营运公司之登记股东 之间可能存在潜在利益冲突； 4. 若营运公司或其股东未能根据与彼等所订 立之可变动权益实体合约履行相关责任， 或会对本集团业务产生重大不利影响； BUSINESSES UNDER THE VARIABLE INTEREST ENTITY CONTRACTS In 2015, the Group acquired two pawnshop operations and a 45% equity interest in an internet finance platform operation in the PRC, all are operated under the VIE Contracts, namely Zhongyuan’s VIE Contracts, Xinsheng’s VIE Contracts and Dangtian’s VIE Contracts. As both pawnshop and the internet finance platform operations are subject to restrictions on foreign investments under the prevailing laws, regulations and practice in the PRC, the VIE contracts allowed the Group to gain control over the financial and business operations of the restricted operations in the PRC and the Group is also entitled to the economic interest and benefits of the operations, so as to optimize the Group’s business structure. The flow of economics benefits from the operating companies, namely Xinsheng, Zhongyuan and Dangtian to the subsidiaries of the Company in the PRC, namely Yousheng and Junning and an associate of the Company in the PRC, namely 鼎泰润和投资 谘询（上海）有限公司, are effected from a series of agreements under the VIE Contracts. Each of the agreements under the VIE Contracts is summarized in De-consolidation of Xinsheng and Zhongyuan to the Management Discussion and Analysis. Risks relating to the VIE Contracts: 1. There is no assurance that the VIE Contracts could comply with future changes in the regulatory requirements in the PRC and the PRC government may determine that the VIE Contracts do not comply with applicable PRC laws, rules, regulations or policies; 2. The VIE Contracts may not be as effective in providing control over and entitlement to the economic interests in the OPCO as direct ownership; 3. Potential conflicts of interest among the WFOE, the OPCO and the registered shareholders of the OPCO may exist; 4. Any failure by the OPCO or its shareholders to perform their obligations under the VIE Contracts with them may have a material adverse effect on the Group’s business; 23 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 5. 股权质押合同项下对营运公司股权的股权 质押须待向有关政府部门完成登记後方生 效；及 6. 可变动权益实体合约可能会受中国税务机 关审查并产生额外税项。 减轻风险所采取之措施： 可变动权益实体合约所载争议解决条文 (i) 就 仲裁作出规定，仲裁员可作出以营运公司之股 份或资产作为补偿的仲裁裁决、禁令救济或颁 令营运公司进行清盘；及 (ii) 赋予具司法管辖 权的法庭权力，在仲裁庭组成前或适当情况下 有权采取临时补救以支持仲裁的进行。就此而 言，香港、英属处女群岛、百慕达、营运公司注 册成立地点及营运公司主要资产所在地之法 庭均列为具有司法管辖权的法庭。 本集团已对营运公司实施额外的内部控制措 施，包括（不限於）： 营运公司须於每月结束後15日内向 WFOE 提供月度管理账目并对任何重大波动作出 解释； 营运公司须於每月结束後15日内提交附有 账龄及减值贷款分析的详细贷款账册�u月 度关键营运数据； 营运公司须於每月结束後15日内提交营运 公司各银行账户的最新银行对账单副本； 及 营运公司须协助及配合WFOE 对营运公司 进行季度实地内部审核。 可变动权益实体合约中亦规定，倘中国出台监 管外商投资典当行业务�u互联网金融平台业 务的相关法规及条例，令WFOE 可将其本身登 记为营运公司的股东，WFOE 将尽快解除可变 动权益实体合约。另外，即使放宽外商拥有权 之限制，但将营运公司的股权从营运公司的股 东转移到本集团仍可能耗费大量成本。 5. The equity pledge against the equity interest of OPCO under the Equity Pledge Agreement is subject to successful registration with the relevant governmental authority to take effect; and 6. The VIE Contracts may be subject to scrutiny of the PRC tax authorities and additional tax may be imposed. Measures taken to mitigate the risks: The VIE Contracts contain dispute resolution clauses that (i) provided for arbitration and that arbitrators may award remedies over the shares or assets of the OPCO, injunctive relief or order the winding up of the OPCO; and (ii) provided the courts of competent jurisdictions with the power to grant interim remedies in support of the arbitration pending formation of the arbitral tribunal or in appropriate cases. The courts of Hong Kong, the British Virgin Islands, Bermuda, place of incorporation of the OPCO and the place where the OPCO’s principal assets are located have been specified as having jurisdiction for this purpose. The Group has implemented additional internal control measures against the OPCO, which include (without limitation): The OPCO to make available monthly management accounts within 15 days after each month end and provide explanations on any material fluctuations to the WFOE; The OPCO to submit detailed loan book with aging and impaired loan analysis/monthly key operating data within 15 days after each month end; The OPCO to submit copies of latest bank statements for every bank accounts of the OPCO within 15 days after each month end; and The OPCO to assist and facilitate the WFOE to conduct quarterly on-site internal audit on the OPCO. The VIE Contracts also provide that WFOE will unwind the VIE Contracts as soon as relevant PRC rules and regulations governing foreign investment in pawnshop business/internet finance platform business are issued which allow WFOE to register itself as shareholder of the OPCO. Furthermore, even if the foreign ownership restriction is relaxed, the transfer of the equity interests in the OPCO from the shareholders of the OPCO to the Group may still be subject to substantial costs. MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 24 Greater China Financial Holdings Limited | Annual Report 2016 诚如综合财务报表附注3所载，由於本集团向 新盛及中源委任以根据独家管理顾问服务协 议对新盛及中源於中国的典当及放贷业务行 使管理权的管理层於二零一六年七月遭解雇， 本公司无法i)取得新盛及中源之全套账目及记 录连同佐证文件及 ii) 维持及经营新盛及中源 之业务。故此，董事认为本公司已失去对新盛 及中源之控制权。 因此，新盛及中源已自二零一六年一月一日起 从本集团之综合财务报表取消综合入账。 就当天而言，本集团在透过可变动权益实体合 约经营该等业务上并无遇到任何监管机关的 任何妨碍或阻碍。本集团将密切留意规管可变 动权益实体合约安排的法律及法规变动并於 有任何可能影响可变动权益实体合约的合法 性及有效性的重大发展时及时向股东作出公 布。 於可变动权益实体合约项下各营运公司及其 登记股东之资料 中源可变动权益实体合约 中源为於中国注册成立之有限公司，主要於中 国从事典当行业务，其登记经营范围为动产及 财产权利质押典当业务；房地产抵押典当业 务；限额内绝当物品的变卖；鉴定评估及谘询 服务；商务部批准的其他质押典当业务。 中源之登记股东为上海珐克企业发展有限公 司（「上海珐克」）及上海柏富投资控股集团有 限公司（「上海柏富」），两者均为於中国注册 成立之有限公司。上海珐克及上海柏富分别拥 有该实体股权之88%及12%。 As set out in note 3 to the consolidated financial statements, due to the managements appointed by the Group to Xinsheng and Zhongyuan to exercise the right to manage the business of pawn broking and money lending in the PRC of Xinsheng and Zhongyuan under the Exclusive Consulting Service Agreements were laid off in July 2016, the Company had been unable to both i) access the complete sets of books and records together with the supporting documents of Xinsheng and Zhongyuan and ii) maintain and operate the business of Xinsheng and Zhongyuan. As such, the Directors considered that the Company has lost its control over Xinsheng and Zhongyuan. As a result, Xinsheng and Zhongyuan had been de-consolidated from the consolidated financial statements of the Group from 1 January 2016. As for Dangtian, the Group have not encountered any interference or encumbrances from any governing bodies in operating the businesses through the VIE Contracts. The Group will closely monitor the changes in the laws and regulations that govern the VIE Contracts arrangement and make timely announcement to the Shareholders if there is any material developments that may have an impact on the legality and validity of the VIE Contracts. The information of each of the OPCOs and its registered shareholders under each VIE Contracts Zhongyuan’s VIE Contracts Zhongyuan is a limited liability company incorporated in the PRC and is primarily engaged in pawnshop business in the PRC and its registered business scope comprises impawn or pledge of movable property and property right; impawn or pledge of real estate; dispose of pawn under certain value at stipulated time if pledgor default in payment; appraisal, valuation and consultancy services; other impawn or pledge businesses as approved by the Ministry of Commerce. The registered shareholders of Zhongyuan are 上海珐克企业发 展有限公司 (“Shanghai Fake”) and 上海柏富投资控股集团有 限公司 (“Shanghai Baifu”), both are limited liability companies incorporated in the PRC. 88% and 12% of the equity is owned by Shanghai Fake and Shanghai Baifu respectively. 25 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 大中华金融控股有限公司 | 二零一六年年报 新盛可变动权益实体合约 新盛为於中国注册成立之有限公司，主要於中 国从事典当业务，根据其贷款组合的抵押品类 型，一般可分为四个分部：(i)民用品：珠宝、古 董、钟表；(ii)股权：上市及非上市公司之股份； (iii)房地产：住宅房地产及商用房地产及工厂； 及(iv)车辆：上海牌照车辆。 新盛之登记股东为上海置锋实业有限公司（「上 海置锋」）及上海快鹿，两者均为於中国注册 成立之有限责任公司。上海快鹿及上海置锋分 别拥有新盛股权的83.13%及16.87%。 当天可变动权益实体合约 当天为於中国注册成立之有限公司，主要於中 国从事互联网金融平台运营。 当天之登记股东为邵永华先生（自二零一五 年七月十六日至二零一六年三月十八日担任 执行董事及董事会主席）及朱文靖先生（独立 第三方）。邵永华先生及朱文靖先生分别拥有 当天股权的70%及30%。 於回顾期间内当天於可变动权益实体合约项 下互联网金融平台业务之业绩载於管理层讨 论及分析内於当天金融集团之投资。 Xinsheng’s VIE Contracts Xinsheng is a limited liability company incorporated in the PRC and is primarily engaged in pawnshop business in the PRC, which can be generally be classified into four segments according to the types of collaterals of its loan portfolio: (i) civilian goods: jewelries, antiques, watches; (ii) equity: shares of listed and unlisted companies; (iii) real estate: residential real estate and commercial real estate and factories; and (iv) vehicles: vehicles with licenses in Shanghai. The registered shareholders of Xinsheng are 上海置锋实业有限 公司 (“Shanghai Zhifeng”) and Shanghai Kuailu both are limited liability companies incorporated in the PRC. 83.13% and 16.87% of the equity interests of Xinsheng is owned by Shanghai Kuailu and Shanghai Zhifeng. Dangtian’s VIE Contracts Dangtian is a limited liability company incorporated in the PRC and is primarily engaged in the operation of an internet finance platform in the PRC. The registered shareholders of Dangtian are Mr. Shao Yonghua, who was an executive Director and the chairman of the Board from 16 July 2015 to 18 March 2016, and Mr. Zhu Wenjing, an independent third party. 70% and 30% of the equity interests of Dangtian is owned by Mr. Shao Yonghua and Mr. Zhu Wenjing respectively. The results of the internet finance platform operation under Dangtian’s VIE Contracts during the period under review is set out in the Investment in Intraday Financial Group to the Management Discussion and Analysis. MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 26 Greater China Financial Holdings Limited | Annual Report 2016 关连交易 於二零一六年一月八日，本公司与启茂投资有限 公司（「启茂」）、Equity Partner Holdings Limited （「 Equity Partner」）、世佳控股有限公司（「世佳」） 及 Asiabiz Capital Investment Limited（「 Asiabiz」， 连同启茂、Equity Partner及世佳统称卖方（「卖方」） 及郎世杰先生（「郎先生」）订立东方买卖协议的第 二份补充协议（「第二份补充协议」），以修订东方 买卖协议的若干条款，包括修订可换股票据之发行 日期及修订认沽期权期间。世佳、Equity Partner 及 启茂各自由当时之非执行董事郎先生实益拥有，而 Asiabiz 已发行股本的逾30% 乃由本公司当时之执 行董事兼行政总裁陈宁迪先生（「陈先生」）及其联 系人间接拥有。由於郎先生及各卖方为本公司之关 连人士，第二份补充协议下的交易根据联交所证券 上市规则（「上市规则」）构成本公司之非获豁免关 连交易。 由於郎先生於二零一六年四月辞任董事及陈先生 於二零一六年六月辞任董事，第二份补充协议下的 交易不再构成关连交易。 暂停办理股份过户登记手续 本公司议定於二零一七年四月二十八日（星 期五）举行应届股东周年大会（「二零一七年 股东周年大会」）。为厘定出席二零一七年股 东周年大会并於会上投票的权利，本公司的股 东名册将於二零一七年四月二十五日（星期二） 至二零一七年四月二十八日（星期五）（包括 首尾两天）暂停办理过户登记手续，期内将不 会办理股份转让登记。股东如欲符合资格出席 二零一七年股东周年大会并於会上投票，所有 过户表格连同相关股票必须於二零一七年四 月二十四日（星期一）下午四时三十分前送呈 本公司的香港股份过户登记分处卓佳登捷时 有限公司，地址为香港皇后大道东183号合和 中心22楼。 CONNECTED TRANSACTION On 8 January 2016, the Company entered into the second supplemental agreement (the “Second Supplemental Agreement”) to the Oriental SPA with Rosy Start Investments Limited (“Rosy Start”), Equity Partner Holdings Limited (“Equity Partner”), Century Best Holdings Limited (“Century Best”) and Asiabiz Capital Investment Limited (“Asiabiz”, together with Rosy Start, Equity Partner, Century Best are collectively referred to as the “Vendors”) and Mr. Joseph Shie Jay Lang (“Mr. Lang”) to amend certain terms of the Oriental SPA including the amendment of the date of the issue of the convertible notes and the revision of the put option period. The entire issued share capital of each of Century Best, Equity Partner and Rosy Start is beneficially owned by Mr. Lang, the then non-executive Director, while over 30% of the issued share capital of Asiabiz is indirectly owned by Mr. Chen Ningdi (“Mr. Chen”), the then executive Director and the chief executive officer of the Company, and his associates. Given Mr. Lang and each Vendor are connected persons of the Company, the transactions under the Second Supplemental Agreement constituted a non-exempt connected transaction for the Company under the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). As Mr. Lang resigned as a Director in April 2016 and Mr. Chen resigned as a Director in June 2016, the transaction under the Second Supplemental Agreement no longer constitute a connected transaction. CLOSURE OF REGISTER OF MEMBERS The forthcoming annual general meeting of the Company (the “2017 AGM”) is scheduled to be held on Friday, 28 April 2017. For determining the entitlement to attend and vote at the 2017 AGM, the register of members of the Company will be closed from Tuesday, 25 April 2017 to Friday, 28 April 2017, both days inclusive, during which period no transfer of shares of the Company will be registered. In order for a Shareholder to be eligible to attend and vote at 2017 AGM, all transfer forms accompanied by the relevant share certificates must be lodged with the Company’s Hong Kong branch share registrar, Tricor Tengis Limited of Level 22, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration not later than 4:30 p.m. on Monday, 24 April 2017. 27 BIOGRAPHICAL DETAILS OF DIRECTORS 董事履历 大中华金融控股有限公司 | 二零一六年年报 执行董事 刘克泉先生，四十四岁，於二零一六年六月一 日获委任为非执行董事。彼於二零一六年六月 三十日调任为执行董事、本公司行政总裁及董 事会主席。刘先生亦为本公司若干附属公司之 董事。彼曾担任云南子元集团股份有限公司（一 间专门从事投资、房地产发展、旅游业发展及 生物制药生物技术产业之企业集团）行政总裁 并拥有丰富的管理经验。刘先生於一九九四年 七月毕业於上海交通大学，主修应用化学。彼 亦於二零零五年七月获得清华大学高级管理 人员工商管理硕士学位。 张沛东先生，四十九岁，於二零一六年六月 三十日获委任为独立非执行董事。彼於二零 一六年七月五日调任为执行董事。张先生现任 永盛（香港）国际有限公司（先前由一间香港 上市公司拥有）董事总经理。彼於投资、企业 管理及国际贸易行业拥有逾20年经验。张先生 毕业於吉林工业大学（现称吉林大学），主修 金属材料工程学。 独立非执行董事 金炳荣先生，六十八岁，於二零一五年三月 二十日获委任为独立非执行董事。彼为高级 经济师及於金融行业拥有逾二十年经验。金先 生现任上海银行独立非执行董事。彼於二零 零七年四月至二零一五年十二月期间担任联 交所上市公司上置集团有限公司（股份代号： 1207）的非执行董事。金先生曾担任中国农业 银行上海市分行行长及上海达安金融票据传 递有限公司董事长。彼持有复旦大学经济硕士 学位及财务管理学士学位。 EXECUTIVE DIRECTORS Mr. Liu Kequan, aged 44, was appointed as a non-executive Director on 1 June 2016. He was re-designated as an executive Director, chief executive officer of the Company and the chairman of the Board on 30 June 2016. Mr. Liu is also a director of certain subsidiaries of the Company. He was previously the chief executive officer of 云南子元集团股份有限公司 (Yunnan Ziyuan Group Co., Ltd.), a conglomerate specialising in investment, real estate development, tourism development and bio-pharmaceutical biotechnology industry and has extensive management experience. Mr. Liu graduated from Shanghai Jiao Tong University with a major in Applied Chemistry in July 1994. He also obtained an Executive Master of Business Administration degree from Tsinghua University in July 2005. Mr. Zhang Peidong, aged 49, was appointed as an independent non-executive Director on 30 June 2016. He was re-designated as an executive Director on 5 July 2016. Mr. Zhang is currently the managing director of Yongsheng (HK) International Co., Limited which was previously owned by a Hong Kong listed company. He has over 20 years of experience in investment, corporate management and international trade industry. Mr. Zhang graduated from Jilin University of Technology (now known as Jilin University) with a major in Metallic Materials Engineering. INDEPENDENT NON-EXECUTIVE DIRECTORS Mr. Jin Bingrong, aged 68, was appointed as an independent non-executive Director on 20 March 2015. He is a senior economist and has over 20 years of experience in financial industry. Mr. Jin is an independent non-executive director of bank of Shanghai. He was a non-executive director of SRE Group Limited (Stock Code: 1207), a company listed on the Stock Exchange, from April 2007 to December 2015. Mr. Jin was previously the general manager of Shanghai Branch of Agricultural Bank of China and the chairman of Shanghai Da’an Financial Bill Delivery Co., Ltd. He holds a Master’s degree in Economics and a Bachelor’s degree in Finance Management, both from Fudan University. BIOGRAPHICAL DETAILS OF DIRECTORS 董事履历 BIOGRAPHICAL DETAILS OF DIRECTORS 董事履历 28 Greater China Financial Holdings Limited | Annual Report 2016 关基楚先生，五十岁，於二零一五年五月四日 获委任为独立非执行董事。彼为香港会计师公 会的会员。关先生於企业会计方面拥有逾10年 经验并曾任职於多家上市公司。彼於二零一五 年七月至二零一六年五月期间担任联交所上 市公司建发国际投资集团有限公司（股份代 号：1908）之公司秘书。关先生持有科廷科技 大学(现称科廷大学)会计学硕士学位。 芮明杰博士，六十二岁，於二零一五年十月七 日获委任为独立非执行董事。彼於企业管理与 发展研究领域拥有逾25年经验。芮博士现为一 名教授，并担任复旦大学管理学院产业经济学 系主任。其主要研究领域为产业与企业发展、 企业战略及管理、国有企业改革理论、现代公 司理论及知识管理创新。彼於二零零一年至二 零零三年期间曾任复旦大学管理学院副院长， 并自一九九五年起担任复旦大学管理学院教 授。芮博士现为联交所上市公司上海锦江国际 酒店（集团）股份有限公司（股份代号：2006） 及上海证券交易所上市公司上海临港控股股 份有限公司（上证股份代码：600848）之独立 非执行董事。彼持有复旦大学产业经济博士学 位。 周梁宇先生，四十三岁，於二零一六年六月 三十日获委任为独立非执行董事。彼现任深圳 海红天远微电子有限公司（一间专门从事电 子行业之ODM 服务及整体供应链管理服务之 公司）董事总经理。周先生於投资、企业管理 及技术行业方面拥有逾20年经验。彼毕业於陕 西省涉外培训学院，主修外贸英语。 Mr. Kwan Kei Chor, aged 50, was appointed as an independent non-executive Director on 4 May 2015. He is a member of the Hong Kong Institute of Certified Public Accountants. Mr. Kwan has over 10 years of experience in corporate accounting and worked in a number of listed companies. He was the company secretary of C&D International Investment Group Limited (Stock Code: 1908), a company listed on the Stock Exchange, from July 2015 to May 2016. Mr. Kwan holds a Master’s degree in Accounting from Curtin University of Technology (now known as Curtin University). Dr. Rui Mingjie, aged 62, was appointed as an independent non-executive Director on 7 October 2015. He has over 25 years of experience in corporate management and development research. Dr. Rui is currently a Professor and the head of the Department of Industrial Economics of the School of Management of Fudan University. His main research areas are industry & enterprise development, enterprise strategy & management, reformation theory of state owned enterprises, theory of modern firms and knowledge management & innovation. He was previously the Associate Dean of the School of Management of Fudan University from 2001 to 2003 and has been a professor in the School of Management of Fudan University since 1995. Dr. Rui is currently an independent non-executive director of Shanghai Jin Jiang International Hotels (Group) Company Limited (Stock Code: 2006), a company listed on the Stock Exchange and Shanghai Lingang Holdings Corporation Limited（上海临港控股 股份有限公司） (SHA:600848), a company listed on the Shanghai Stock Exchange. He holds a Doctoral degree in Industrial Economics from Fudan University. Mr. Zhou Liangyu, aged 43, was appointed as an independent non-executive Director on 30 June 2016. He is currently the managing director of 深圳海红天远微电子有限公司 (H&H Microelectronics Co., Ltd.), a company specialising in ODM service and overall supply chain management service in electronics industry. Mr. Zhou has over 20 years of experience in investment, corporate management and technology industry. He graduated from 陕西省涉外培训学院 (Shaanxi Province Foreign Training College) with a major in Foreign Trade English. 29 BIOGRAPHICAL DETAILS OF DIRECTORS 董事履历 大中华金融控股有限公司 | 二零一六年年报 吕子昂博士，四十四岁，於二零一六年七月五 日获委任为独立非执行董事。吕博士的英文姓 名为与中华人民共和国政府实施的中国人名 汉语拼音字母拼写规则一致而变更。彼现任成 都数联医信科技有限公司副总裁。吕博士於二 零一一年至二零一六年期曾担任上海贸易数 据挖掘与应用工程技术研究中心主任。彼於识 别及控制贸易及金融风险方面拥有多年经验。 吕博士於一九九四年七月毕业於清华大学并 获得动力工程与控制学位，并分别於二零零三 年五月及二零一二年七月获得北京交通大学 的计算机软件与理论硕士学位及计算机应用 技术博士学位。 Dr. Lyu Ziang (formerly known as Lu Ziang), aged 44, was appointed as an independent non-executive Director on 5 July 2016. The English name of Dr. Lyu was amended to in line with The Chinese Phonetic Alphabet Spelling Rules for Chinese Names implemented by the Government of the People’s Republic of China. He is currently the vice president of 成都数联医信科技 有限公司 (Chengdu Shulianyixin Technology Company Limited). Dr. Lyu was the director of 上海贸易数据挖掘与应用工程 技术研究中心 (Shanghai Trade Data Mining and Application Engineering Technology Research Center) from 2011 to 2016. He has years of experience in identification and control of trade and financial risks. Dr. Lyu graduated from Tsinghua University with a degree in Thermo-Dynamic Engineering and Control in July 1994 and also received a Master’s degree in Computer Software and Theory as well as a Doctoral degree in Computer Technology Application from Beijing Jiaotong University in May 2003 and July 2012 respectively. CORPORATE GOVERNANCE REPORT 企业管治报告 30 Greater China Financial Holdings Limited | Annual Report 2016 本公司致力维持高水准的企业管治，以确保本 公司管理层的操守及保障股东全体的利益。本 公司深明透明度及对股东问责的重要性。董事 会相信股东可从良好的企业管治中获得最大 裨益。 企业管治常规守则 本公司已应用上市规则附录14所载企业管治 守则及企业管治报告的原则及遵守其守则条 文（「守则条文」），惟以下偏离情况除外： － 守则条文第A.2.1条订明，主席及行政总裁 的角色应该分开及不应由同一人兼任。 自二零一五年八月二十五日起，邵永华先 生（「邵先生」）担任董事会主席，而陈宁迪 先生（「陈先生」）担任本公司行政总裁。邵 先生及陈先生分别於二零一六年三月及六 月辞任後，刘克泉先生（「刘先生」）於二零 一六年六月获选为董事会主席兼本公司行 政总裁。董事会认为刘先生具有丰富的管 理经验并负责本公司的整体企业策略、规 划及业务发展，且彼受董事会监督，而董 事会当中已包括占董事会超过一半议席的 五位独立非执行董事，董事会认为股东利 益已有充份的保障及受到公平的重视。 － 守则条文第 A.5条订明，应设立提名委员 会，以就委任及重新委任董事以及董事继 任计划向董事会作出建议。 The Company is committed to maintain high standards of corporate governance with a view to assuring the conduct of management of the Company as well as protecting the interests of all Shareholders. The Company has always recognised the importance of the transparency and accountability towards the Shareholders. It is the belief of the Board that Shareholders can maximise their benefits from good corporate governance. CODE ON CORPORATE GOVERNANCE PRACTICES The Company has applied the principles and complied with the code provisions (the “Code Provision(s)”) as set out in the Corporate Governance Code and Corporate Governance Report contained in Appendix 14 of the Listing Rules, except for the following deviations: �C Code Provision A.2.1 stipulates that the roles of chairman and chief executive should be separate and should not be performed by the same individual. Mr. Shao Yonghua (“Mr. Shao”) served as the chairman of the Board and Mr. Chen Ningdi (“Mr. Chen”) served as the chief executive officer of the Company since 25 August 2015. Following the resignation of Mr. Shao and Mr. Chen in March and June 2016 respectively, Mr. Liu Kequan (“Mr. Liu”) was elected as the chairman of the Board and chief executive officer of the Company in June 2016. The Board considers that Mr. Liu has extensive management experience and is responsible for the overall corporate strategies, planning and business development of the Company and he is under the supervision by the Board which is comprised of five independent non-executive Directors, which represent more than half of the Board, the Board considered that the interests of the Shareholders are adequately and fairly represented. �C Code Provision A.5 stipulates that a nomination committee should be established to make recommendations to the Board on the appointment and reappointment of Directors and succession planning for Director. CORPORATE GOVERNANCE REPORT 企业管治报告 31 CORPORATE GOVERNANCE REPORT 企业管治报告 大中华金融控股有限公司 | 二零一六年年报 董事会作为整体负责委任其本身的成员。 董事会主席负责物色适当人选，并向董事 会建议合资格人选以供考虑。董事会将审 阅主席所建议之人选的资料，并就董事的 委任、重选及退任作出建议。候选人根据 彼等能为本公司贡献的技能、胜任程度及 经验获委任加入董事会。 － E.1.2条订明，董事会主席应出席股东周年 大会并邀请审核、薪酬、提名及任何其他 委员会（倘适用）主席出席。若有关委员会 主席未克出席，董事会主席应邀请有关委 员会另一名成员（或如该成员未能出席， 则其正式委任的代表）出席。该等人士应 在股东周年大会上回答提问。 董事会前任主席邵先生於二零一六年三月 辞任及前任行政总裁陈先生因另有事务未 能出席本公司於二零一六年四月二十二日 举行的股东周年大会。因此，当时之执行 董事陈兆敏小姐已出任股东周年大会主席， 连同一位身兼审核委员会主席及薪酬委员 会成员的独立非执行董事回答提问，确保 与股东的有效沟通。 董事进行证券交易的标准守则 本公司已采纳上市规则附录10所载上市发行 人董事进行证券交易的标准守则（「标准守 则」），作为有关董事进行证券交易的操守守 则。本公司已就董事有否遵守标准守则所载有 关董事进行证券交易的规定标准向全体董事 作出特定查询，而全体董事已确认彼等均有遵 守标准守则。 The Board as a whole is responsible for the appointment of its own members. The chairman of the Board is responsible for identifying appropriate candidate and proposing qualified candidate to the Board for consideration. The Board will review profiles of the candidate recommended by the chairman and make recommendation of the appointment, re-election and retirement of the Directors. Candidates are appointed to the Board on the basis of their skill, competence and experience that they can contribute to the Company. �C Code Provision E.1.2 stipulates that the chairman of the board should attend the annual general meeting and also invite the chairmen of the audit, remuneration, nomination and any other committees (as appropriate) to attend. In their absence, he should invite another member of the committee or failing this his duly appointed delegate, to attend. These persons should be available to answer questions at the annual general meeting. Mr. Shao, the former chairman of the Board, resigned in March 2016 and due to another business engagement, Mr. Chen, the former chief executive officer, was unable to attend the annual general meeting of the Company held on 22 April 2016. As such, Ms. Chan Siu Mun, the then executive Director, took the chair of the annual general meeting, together with an independent non-executive Director, being the chairman of the audit committee and member of remuneration committee to answer questions to ensure effective communication with the Shareholders. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 of the Listing Rules as the code of conduct regarding Directors’ securities transactions. The Company has made specific enquiry of all Directors whether the Directors have complied with the required standard set out in the Model Code regarding Directors’ securities transactions and all Directors confirmed that they have complied with the Model Code. CORPORATE GOVERNANCE REPORT 企业管治报告 32 Greater China Financial Holdings Limited | Annual Report 2016 董事会 董事会现由两位执行董事刘克泉先生（主席 兼行政总裁）及张沛东先生，以及五位独立非 执行董事金炳荣先生、关基楚先生、芮明杰博 士、周梁宇先生及吕子昂博士组成。 於二零一六年内，曾举行32次董事会会议及两 次股东大会。个别成员的出席记录如下： THE BOARD The Board currently comprises two executive Directors, being Mr. Liu Kequan (Chairman and Chief Executive Officer) and Mr. Zhang Peidong, and five independent non-executive Directors, being Mr. Jin Bingrong, Mr. Kwan Kei Chor, Dr. Rui Mingjie, Mr. Zhou Liangyu and Dr. Lyu Ziang. 32 board meetings and 2 general meetings were held during the year of 2016. The individual attendance record is as follows: Directors Board Meetings Attended/ Eligible to attend General Meetings Attended/ Eligible to attend 董事 已出席�u 合资格出席 董事会 会议次数 已出席�u 合资格出席 股东 大会次数 Executive Directors: 执行董事： Mr. Shao Yonghua (Note 1) 邵永华先生（附注1） 10/10 0/1 Mr. Chen Ningdi (Note 2) 陈宁迪先生（附注2） 18/18 1/2 Ms. Chan Siu Mun (Note 3) 陈兆敏小姐（附注3） 18/18 2/2 Mr. Liu Kequan (Note 4) 刘克泉先生（附注4） 15/15 0/0 Mr. Zhang Peidong (Note 5) 张沛东先生（附注5） 14/14 0/0 Non-executive Directors: 非执行董事： Mr. Joseph Shie Jay Lang (Note 6) 郎世杰先生（附注6） 13/13 0/1 Ms. Ma Xiaoling (Note 7) 马晓玲小姐（附注7） 15/15 0/1 Mr. Yin Xiaoguang (Note 8) 尹晓光先生（附注8） 14/14 0/0 Independent non-executive Directors: 独立非执行董事： Mr. Jin Bingrong 金炳荣先生 29/32 0/2 Mr. Kwan Kei Chor 关基楚先生 32/32 2/2 Dr. Rui Mingjie 芮明杰博士 30/32 0/2 Mr. Zhou Liangyu (Note 9) 周梁宇先生（附注9） 12/14 0/0 Dr. Lyu Ziang (Note 10) 吕子昂博士（附注10） 12/12 0/0 33 CORPORATE GOVERNANCE REPORT 企业管治报告 大中华金融控股有限公司 | 二零一六年年报 附注： 1. 邵永华先生於二零一六年三月十八日辞任董事。 2. 陈宁迪先生於二零一六年六月三十日辞任董事。 3. 陈兆敏小姐於二零一六年六月三十日辞任董事。 4. 刘克泉先生於二零一六年六月一日获委任为董 事。 5. 张沛东先生於二零一六年六月三十日获委任为 董事。 6. 郎世杰先生於二零一六年四月五日辞任董事。 7. 马晓玲小姐於二零一六年四月二十二日退任董 事。 8. 尹晓光先生於二零一六年六月一日获委任为董 事及於二零一七年一月一日辞任董事。 9. 周梁宇先生於二零一六年六月三十日获委任为 董事。 10. 吕子昂博士於二零一六年七月五日获委任为董 事。 董事会负责领导及控制本公司，并监管本集团 业务、战略决策及表现，惟日常的管理则已任 命两位执行董事刘克泉先生及张沛东先生负 责。 董事名单及彼等的角色和职务登载於本公司 及联交所的网页。 董事可於各董事会会议召开前适时地收到相 关资料。董事有机会於董事会定期会议的议程 中加入讨论事项，而董事有权取得董事会文件 及相关资料以让彼等就董事会会议上的讨论 事项作出知情的决定。 Notes: 1. Mr. Shao Yonghua resigned as Director on 18 March 2016. 2. Mr. Chen Ningdi resigned as Director on 30 June 2016. 3. Ms. Chan Siu Mun resigned as Director on 30 June 2016. 4. Mr. Liu Kequan was appointed as Director on 1 June 2016. 5. Mr. Zhang Peidong was appointed as Director on 30 June 2016. 6. Mr. Joseph Shie Jay Lang resigned as Director on 5 April 2016. 7. Ms. Ma Xiaoling retired as Director on 22 April 2016. 8. Mr. Yin Xiaoguang was appointed as Director on 1 June 2016 and resigned as Director on 1 January 2017. 9. Mr. Zhou Liangyu was appointed as Director on 30 June 2016. 10. Dr. Lyu Ziang was appointed as Director on 5 July 2016. The Board is responsible for the leadership and control of the Company and oversees the Group’s businesses, strategic decisions and performances, but the day-to-day management is delegated to the two executive Directors, Mr. Liu Kequan and Mr. Zhang Peidong. The list of Directors and their roles and functions is posted on the website of the Company and the Stock Exchange. Directors have timely access to relevant information prior to each board meeting. Directors are given the opportunity to include matters in the agenda for regular board meetings while Directors are entitled to have access to board papers and related materials to allow them to make informed decisions on matters arising from board meetings. CORPORATE GOVERNANCE REPORT 企业管治报告 34 Greater China Financial Holdings Limited | Annual Report 2016 董事会及其他委员会的会议记录由本公司公 司秘书保管，并可供董事查阅。 各非执行董事的委任年期为三年，并且须按照 本公司的公司细则於本公司股东周年大会上 轮值退任及膺选连任。 独立非执行董事均极具才干，拥有会计、金融、 管理及众多业务范畴的学术及专业资格，为本 集团提供广泛类别的宝贵专业知识。加上彼等 在其他机构担任高层所累积的经验，对董事会 有效地履行其职务和责任提供强大的支持。 独立非执行董事关基楚先生具备上市规则第 3.10(2) 条所要求的适当专业会计或相关财务 管理专长。 本公司已收到各独立非执行董事就独立性作 出的年度确认。本公司认为所有独立非执行董 事均符合上市规则第3.13条有关评估独立性 的指引。 董事的培训及专业发展 本公司负责安排及拨付资源为董事提供适当 培训，并鼓励个别董事出席关於上市公司董事 的角色、职能及职责的课程，或者透过出席培 训课程或透过网上资源或阅读相关材料来进 一步提升彼等的专业发展。本公司的公司秘书 会持续向所有董事提供上市规则及其他适用 监管规定的最新资料，以确保遵守及维持良好 的企业管治常规。现任董事刘克泉、张沛东、 金炳荣、关基楚、芮明杰、周梁宇及吕子昂已 出席本公司所举办的培训课程。董事所曾参与 的持续专业发展会加以记录。 Minutes of board meetings and meetings of other committees are kept by the company secretary of the Company and are open for inspection by Directors. Each of the non-executive Directors is appointed for a term of three years and is subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the bye-laws of the Company. The independent non-executive Directors are persons of high caliber with academic and professional qualifications in the area of accounting, financial, management and various business field which provide the Group with a wide range of valuable expertise. With their experience gained from senior positions held in other organisations, they provide strong support towards the effective discharge of the duties and responsibilities of the Board. Mr. Kwan Kei Chor, an independent non-executive Director, possesses appropriate professional qualifications in accounting or related financial management expertise states under Rule 3.10(2) of the Listing Rules. The Company has received an annual confirmation of independence from each of the independent non-executive Directors. The Company is of the view that all the independent non-executive Directors meet the guidelines for assessing independence in accordance with Rule 3.13 of the Listing Rules. DIRECTORS’ TRAINING AND PROFESSIONAL DEVELOPMENT The Company is responsible for arranging and funding suitable training for the Directors. Individual Directors are encouraged to attend courses relating to the roles, functions and duties of a listed company director or further enhancement of their professional development by way of attending training courses or via online aids or reading relevant materials. The company secretary of the Company continuously updates all Directors on the latest development of the Listing Rules and other applicable regulatory requirements to ensure compliance and upkeep of good corporate governance practices. The current Directors, namely, Liu Kequan, Zhang Peidong, Jin Bingrong, Kwan Kei Chor, Rui Mingjie, Zhou Liangyu and Lyu Ziang had attended traning sessions organised by the Company. The participation by the Directors in continuous professional development are recorded. 35 CORPORATE GOVERNANCE REPORT 企业管治报告 大中华金融控股有限公司 | 二零一六年年报 审核委员会 本公司已成立审核委员会（「审核委员会」）， 并遵照企管守则的守则条文制定书面职权范 围。审核委员会的职责为审阅及监察本公司的 财务申报及风险管理以及内部监控制度。审核 委员会现由五位独立非执行董事关基楚先生 （主席）、金炳荣先生、芮明杰博士、周梁宇先 生及吕子昂博士组成。 於回顾年内，审核委员会已联同管理人员及核 数师检讨本公司所采纳的会计原则及惯例， 并讨论审核、风险管理、内部监控及财务申报 事宜，包括审阅本集团截至二零一五年十二月 三十一日止年度的经审核财务报表及本集团 截至二零一六年六月三十日止六个月的未经 审核中期财务报表。 此外，审核委员会已审阅截至二零一六年十二 月三十一日止年度的综合财务报表及有关的 业绩公布和核数师报告，并向董事会作出核准 该等公布和报告的建议。 年内，曾召开三次审核委员会会议。个别成员 的出席记录如下： 附注： 1. 周梁宇先生於二零一六年六月三十日成为审核 委员会成员。 2. 吕子昂博士於二零一六年七月五日成为审核委 员会成员。 AUDIT COMMITTEE The Company has established an audit committee (the “Audit Committee”) with written terms of reference in compliance with the Code Provisions of the CG Code. The duties of the Audit Committee are to review and monitor the financial reporting and risk management and internal control systems of the Company. The Audit Committee currently comprises five independent non-executive Directors, namely Mr. Kwan Kei Chor (Chairman), Mr. Jin Bingrong, Dr. Rui Mingjie, Mr. Zhou Liangyu and Dr. Lyu Ziang. During the year under review, the Audit Committee has reviewed with the management and the auditors the accounting principles and practices adopted by the Company and discussed the auditing, risk management, internal control and financial reporting matters including the review of the audited financial statements of the Group for the year ended 31 December 2015 and the unaudited interim financial statements of the Group for the six months ended 30 June 2016. In additional, the Audit Committee has reviewed the consolidated financial statements for the year ended 31 December 2016 and the related results announcement and auditor’s report, and made recommendation to the Board that the same be approved. Three Audit Committee meetings convened during the year. The individual attendance record is as follows: Directors Number of attendance 董事 出席次数 Mr. Kwan Kei Chor (Chairman) 关基楚先生 （主席） 3/3 Mr. Jin Bingrong 金炳荣先生 3/3 Dr. Rui Mingjie 芮明杰博士 3/3 Mr. Zhou Liangyu (Note 1) 周梁宇先生（附注1） 1/1 Dr. Lyu Ziang (Note 2) 吕子昂博士（附注2） 1/1 Notes: 1. Mr. Zhou Liangyu became the member of Audit Committee on 30 June 2016. 2. Dr. Lyu Ziang became the member of Audit Committee on 5 July 2016. CORPORATE GOVERNANCE REPORT 企业管治报告 36 Greater China Financial Holdings Limited | Annual Report 2016 薪酬委员会 董事会已成立薪酬委员会（「薪酬委员会」）， 并遵照企管守则的守则条文制定书面职权范 围。薪酬委员会负责就本公司董事及高级管理 层的薪酬政策及纲领向董事会提供意见及建 议，以及负责不时参考本公司的目标检讨及厘 定个别执行董事及高级管理层的薪酬。薪酬委 员会现由三名独立非执行董事金炳荣先生（主 席）、关基楚先生及芮明杰博士组成。 於回顾年内，薪酬委员会已检讨本公司董事及 高级管理层的薪酬政策及纲领、评估执行董事 的表现，并参考本公司的目标厘定个别执行董 事及高级管理层的薪酬待遇。 年内，曾召开三次薪酬委员会会议。个别成员 的出席记录如下： 附注： 1. 马晓玲小姐於二零一六年四月二十二日不再担 任薪酬委员会成员。 2. 陈兆敏小姐於二零一六年六月三十日不再担任 薪酬委员会成员。 REMUNERATION COMMITTEE The Board has established a remuneration committee (the “Remuneration Committee”) with written terms of reference in compliance with the Code Provisions of the CG Code. The responsibilities of the Remuneration Committee are to advise and recommend the Board on the remuneration policy and framework of the Company’s Directors and senior management, as well as review and determine the remuneration of individual executive Directors and senior management with reference to the Company’s objectives from time to time. The Remuneration Committee currently comprises three independent non-executive Directors, namely Mr. Jin Bingrong (Chairman), Mr. Kwan Kei Chor and Dr. Rui Mingjie. During the year under review, the Remuneration Committee has reviewed the remuneration policy and framework of the Company’s Directors and senior management, assessed the performance of executive Directors and determined the remuneration packages of individual executive Directors and senior management with reference to the Company’s objectives. Three Remuneration Committee meetings convened during the year. The individual attendance record is as follows: Directors Number of attendance 董事 出席次数 Mr. Jin Bingrong (Chairman) 金炳荣先生 （主席） 3/3 Mr. Kwan Kei Chor 关基楚先生 3/3 Dr. Rui Mingjie 芮明杰博士 3/3 Ms. Ma Xiaoling (Note 1) 马晓玲小姐（附注1） 1/1 Ms. Chan Siu Mun (Note 2) 陈兆敏小姐（附注2） 1/1 Notes: 1. Ms. Ma Xiaoling ceased to serve as the member of Remuneration Committee on 22 April 2016. 2. Ms. Chan Siu Mun ceased to serve as the member of Remuneration Committee on 30 June 2016. 37 CORPORATE GOVERNANCE REPORT 企业管治报告 大中华金融控股有限公司 | 二零一六年年报 企业管治职能 董事会整体履行下列企业管治职责，其中包 括： (i) 制定及检讨本公司的企业管治政策及常规； (ii) 检讨及监察董事及高级管理层的培训及持 续专业发展； (iii) 检讨及监察本公司在遵守法律及监管规定 方面的政策及常规； (iv) 制定、检讨及监察适用於雇员及董事的操 守准则及合规手册（如有）；及 (v) 检讨本公司遵守守则的情况及於企业管治 报告内的披露。 核数师酬金 年内，就本公司核数师恒健会计师行有限公司 向本集团提供核数及非核数服务的费用分别 为1,000,000港元及1,050,000港元。非核数服 务主要包括中期业绩审阅及其他申报服务。 财务申报 董事知悉其有责任根据法定规定及适用会计 准则编制财务报表。董事并不知悉关於可能使 本公司持续经营能力存在重大疑问之事件或 状况的任何重大不确定性。 核数师关於其对於截至二零一六年十二月 三十一日止年度财务报表之申报责任的声明， 载於本报告「独立核数师报告」内。 CORPORATE GOVERNANCE FUNCTIONS The Board as a whole performed the following corporate governance duties which include: (i) developing and reviewing the Company’s policies and practice on corporate governance; (ii) reviewing and monitoring the training and continuous professional development of Directors and senior management; (iii) reviewing and monitoring the Company’s policies and practices on compliance with legal and regulatory requirements; (iv) developing, reviewing and monitoring the code of conduct and compliance manual (if any) applicable to employees and Directors; and (v) reviewing the Company’s compliance with the code and disclosure in the Corporate Governance Report. AUDITOR’S REMUNERATION During the year, the fees in respect of the audit and non-audit services provided to the Group by the Company’s auditor, HLM CPA Limited, amounted to HK$1,000,000 and HK$1,050,000 respectively. The non-audit services mainly consist of interim results review and other reporting services. FINANCIAL REPORTING The Directors acknowledged their responsibility for the preparation of the financial statements in accordance with the statutory requirements and applicable accounting standards. The Directors are not aware of any material uncertainties relating to events or conditions which may cast significant doubt on the Company’s ability to continue as a going concern. The statement by the Auditor about their reporting responsibilities on the financial statements for the year ended 31 December 2016 is set out in the “Independent Auditor’s Report” of this report. CORPORATE GOVERNANCE REPORT 企业管治报告 38 Greater China Financial Holdings Limited | Annual Report 2016 公司秘书 年内，本公司的公司秘书为陈兆敏小姐，彼已 接受不少於15个小时的相关专业培训。 风险管理及内部监控 董事会负责确保健全和有效的内部监控制度 及风险管理，以保障股东权益及本公司资产。 本集团内部监控的范围涵盖主要财务、营运及 规管监控，以及风险管理职能。风险管理制度 中设立的监控旨在管理而非消除本集团业务 环境的重大风险。 风险管理 成功管理风险对本集团业务的长远增长和可 持续性十分关键，而且仅可於若干风险管理得 宜的情况下才可实现。 政策 本集团的风险管理政策包括下列元素： 识别本集团经营环境中的重大风险及评估 其影响； 建立必备措施以管理该等风险；及 监察及检讨该等措施的有效性。 责任 董事会对於厘定其预备承受的风险类别和程 度负上整体责任。审核委员会监察及部署合适 行动以控制或缓和有关风险。彼等亦评估发生 该等风险的可能性。风险缓和因素乃根据程度 和发生的可能性而检讨及建立证明文件。审核 委员会透过执行管理审阅风险管控表及监管 实施风险缓和程序。 此外，有关风险将定期接受检讨，致使本集团 可确保与本集团业务相关的新现及新兴风险 迅速被识别及跟进。上述为持续程序，而审核 委员会定期检讨本集团的风险管理制度。 COMPANY SECRETARY During the year, the company secretary of the Company is Ms. Chan Siu Mun who had taken no less than 15 hours of relevant professional training. RISK MANAGEMENT AND INTERNAL CONTROL The Board is responsible for ensuring sound and effective internal control systems and risk management to safeguard the Shareholders’ interests and the Company’s assets. Review of the Group’s internal controls covering major financial, operational and compliance controls, as well as risk management functions. The controls built into the risk management system are intended to manage, not eliminate, significant risks in the Group’s business environment. Risk Management The successful management of risk is essential for the long term growth and sustainability of the Group’s business. These can only be achievable if certain risks are managed effectively. Policy The Group’s risk management policy includes the following elements: Identification significant risks in the Group’s operation environment and evaluate the impacts of those; develop necessary measure to manage those risks; and monitor and review the effectiveness of such measures. Responsibility The Board has overall accountability for determining the type and level of risk it is prepared to take. The Audit Committee monitors and deploys appropriate actions to control or mitigate the risks. They also assess the likelihood of these risks occurring. Risk mitigation factors are reviewed and documented based on the level and likelihood of occurrence. The Audit Committee reviews the risk register and monitors the implementation of risk mitigation procedures via executive management. Further, the risks will be periodically reviewed so that the Group could ensure new and emerging risks relevant to the Group’s business are promptly identified and action upon. These are on-going processes and the Audit Committee reviews regularly the Group’s risk management systems. 39 CORPORATE GOVERNANCE REPORT 企业管治报告 大中华金融控股有限公司 | 二零一六年年报 根据外聘内部监控核数师及审核委员会的报 告，董事会认为本集团的内部监控制度及风险 管理乃足够和有效，而本集团已遵守企管守则 所载有关内部监控及风险管理的各项规定。 内部监控 本集团已外包内部监控制度中的审核职能。外 聘的内部监控核数师直接向审核委员会汇报， 并负责定期对本集团的主要活动进行稽核。审 核委员会已接获由外聘内部核数师发出的报 告，该报告概括年内曾完成的审核工作。审核 委员会已审阅外聘内部核数师的发现和所作 建议，并已确保管理层以有效和及时的方式， 恰当地解决审核所产生的任何问题。 股东权利及投资者关系 董事会深明与股东保持良好沟通十分重要。有 关本集团的资料会及时经由多种正规途径（包 括中期及年度报告、公布及通函等）向股东传 达。该等公布文件连同最近期的公司资料及消 息亦在本公司网站上可供查阅。本公司亦在其 股东周年大会上接受股东的意见及提问。 Based on the reports from the outsourced internal control auditor and the Audit Committee, the Board considers the Group internal control system and risk management is adequate and effective and the Group has complied with the provisions on internal controls and risk management as set out in the CG code. Internal Control The Group’s has outsourced the internal control systems auditing function. The outsourced internal auditor reports directly to the Audit Committee and is responsible for conducting regular audits on the major activities of the Group. The Audit Committee has received a report from the outsourced internal auditor summarizing audits concluded in the year. The Audit Committee has reviewed the findings and recommendations made by the outsourced internal auditor and have ensured that any issues arising from the audit are appropriately resolved by management in an efficient and timely manner. SHAREHOLDERS’ RIGHTS AND INVESTOR RELATIONS The Board recognises the importance of good communication with Shareholders. Information in relation to the Group is disseminated to Shareholders in a timely manner through a number of formal channels, which include interim and annual reports, announcements and circulars. Such published documents together with the latest corporate information and news are also made available on the website of the Company. The Company also welcomes comments and questions from Shareholders at its annual general meeting. CORPORATE GOVERNANCE REPORT 企业管治报告 40 Greater China Financial Holdings Limited | Annual Report 2016 股东有机会参加股东大会并於会上投票。根据 本公司的公司细则第57条，於递交请求书日期 合共持有不少於本公司於递交日期的有关已 缴足股本十分之一的任何2名或以上股东有权 要求董事会召开股东特别大会。有关请求书必 须说明会议目的及必须由请求人签署及递交 至本公司总办事处。 根据本公司的公司细则第89条，除退任董事 外，任何人士概无资格於任何股东大会上竞选 董事职位（获董事推荐者除外），除非由有权 出席与所发出通知有关的大会并於会上投票 的若干股东（并非获推荐的人士）已向本公司 发出一份书面通知，表明其有意提名该人士竞 选董事职位，而该名人士亦向本公司发出一份 书面通知表明愿意参选，惟发出该等通知的 期间最少须为七日，而呈交该等通知的起始时 间不得早於发出指定进行董事选举的股东大 会通告翌日，结束时间则不得迟於该股东大 会日期前七日。书面通知应载列上市规则第 13.51(2)条所规定有关该人士的履历详情。 股东已获得本公司的联络方式详情，例如电话 号码、传真号码及邮寄地址，以便彼等就各自 对有关本公司的任何疑问作出查询。彼等亦可 透过上述方式向董事会作出查询。 於截至二零一六年十二月三十一日止年度，本 公司的宪章文件并无任何变动。本公司的公司 细则於本公司及联交所网站可供查阅。 Shareholders are given the opportunity to participate and vote in Shareholder’s meetings. According to Bye-law 57 of the bye-laws of the Company, any 2 or more Shareholders holding at the date of the deposit of a written requisition in aggregate not less than one-tenth of such of the paid up capital of the Company as at the date of the deposit carries the right to require a special general meeting to be called by the Board. Such requisition must state the objects of the meeting and must be signed by the requisitionists and deposited at Company’s head office. Pursuant to Bye-law 89 of the bye-laws of the Company, no person, other than a retiring Director, shall, unless recommended by the Directors for election, be eligible for election to the office of Director at any general meeting, unless notice in writing by some Shareholders (not being the person to be proposed) entitled to attend and vote at the meeting for which such notice is given of his intention to propose that person for election as a Director and notice in writing by that person of his willingness to be elected shall have been given to the Company provided that the minimum length of the period, during which such notice(s) are given, shall be at least seven days and that the period for lodgment of such notice(s) shall commence no earlier than the day after the dispatch of the notice of the general meeting appointed for such election and end no later than seven days prior to the date of such general meeting. The written notice must state that person’s biographical details as required by Rule 13.51(2) of the Listing Rules. Shareholders are provided with contact details of the Company, such as telephone number, fax number and postal address, in order to enable them to make any query that they may have with respect to the Company. They can also send their enquiries to the Board through these means. During the year ended 31 December 2016, there had not been any changes in the Company’s constitutional documents. The Company’s bye-laws are available on the websites of the Company and the Stock Exchange. 41 DIRECTORS’ REPORT 董事会报告 大中华金融控股有限公司 | 二零一六年年报 董事谨提呈截至二零一六年十二月三十一日 止年度的年度报告及经审核综合财务报表。 主要业务及业务回顾 本公司作为投资控股公司行事，并为其附属公 司提供企业管理服务。主要附属公司的业务载 於综合财务报表附注47。 本集团业务回顾及未来发展详载於本报告的 主席报告书以及管理层讨论及分析两节。该等 章节构成本「董事会报告」的部分。 业绩及分配 本集团截至二零一六年十二月三十一日止年 度的业绩载於第70页的综合损益及其他全面 收益表。 董事会不建议派付截至二零一六年十二月 三十一日止年度的末期股息（二零一五年： 无）。 五年财务概要 本集团过去五个财政年度的业绩及资产与负 债概要载於本报告第235页。 物业、厂房及设备 年内本集团物业、厂房及设备的变动详情载於 综合财务报表附注15。 股本 年内本集团股本的详情载於综合财务报表附 注34。 The Directors present the annual report and the audited consolidated financial statements for the year ended 31 December 2016. PRINCIPAL ACTIVITIES AND BUSINESS REVIEW The Company acts as an investment holding company and provide corporate management services to its subsidiaries. The activities of its principal subsidiaries are set out in note 47 to the consolidated financial statements. Detailed review and the future development of the Group’s business are set out in the Chairman’s Statement and the Management Discussion and Analysis sections of this report. Those sections form part of this “Directors’ Report”. RESULTS AND APPROPRIATIONS The results of the Group for the year ended 31 December 2016 are set out in the consolidated statement of profit or loss and other comprehensive income on page 70. The Board does not recommend the payment of a final dividend for the year ended 31 December 2016 (2015: nil). FIVE-YEAR FINANCIAL SUMMARY A summary of the results and the assets and liabilities of the Group for the last five financial years is set out on page 235 of this report. PROPERTY, PLANT AND EQUIPMENT Details of movements in the property, plant and equipment of the Group during the year are set out in note 15 to the consolidated financial statements. SHARE CAPITAL Details of the share capital of the Company during the year are set out in note 34 to the consolidated financial statements. DIRECTORS’ REPORT 董事会报告 DIRECTORS’ REPORT 董事会报告 42 Greater China Financial Holdings Limited | Annual Report 2016 储备 年内本集团及本公司储备的变动载於综合财 务报表附注49及50。 於二零一六年十二月三十一日，本公司可供分 派予股东的储备为零港元（二零一五年：无）。 购买、出售及赎回上市证券 年内，本公司或其任何附属公司概无购买、出 售或赎回本公司的上市证券。 主要客户及供应商 本集团最大客户及五大客户的累计销售额 分 别 占 本 集 团 本 年 度 总 收 入 约13.22% 及 45.17%。本集团最大供应商及五大供应商应 占的采购总额分别占本集团年内采购总额约 85.94%及100%。 概无董事、彼等的联系人或就董事所知拥有本 公司股本5%以上的任何股东拥有本集团五大 供应商或客户的任何权益。 董事 於本年度及直至本报告日期止，董事为： 执行董事： 邵永华先生 （於二零一六年三月十八日辞任） 陈宁迪先生 （於二零一六年六月三十日辞任） 陈兆敏小组 （於二零一六年六月三十日辞任） 刘克泉先生 （主席兼行政总裁） （於二零一六年六月一日获委任为 非执行董事及於二零一六年六月三十日 调任为执行董事、主席兼行政总裁） RESERVES Movements in reserves of the Group and the Company during the year are set out in note 49 and 50 to the consolidated financial statements. As at 31 December 2016, the Company’s reserves available for distribution to the Shareholders amounted to HK$nil (2015: nil). PURCHASE, SALE AND REDEMPTION OF THE LISTED SECURITIES During the year, there were no purchase, sale or redemption of the Company’s listed securities by the Company or any of its subsidiaries. MAJOR CUSTOMERS AND SUPPLIERS The aggregate sales attributable to the Group’s largest customer and the five largest customers accounted for approximately 13.22% and 45.17% of the Group’s total revenue for the year respectively. The aggregate purchases attributable to the Group’s largest supplier and the five largest suppliers accounted for approximately 85.94% and 100% of the Group’s total purchases for the year respectively. None of the Directors, their associates, or any Shareholder (which to the knowledge of the Directors owns more than 5% of the Company’s share capital) has any interest in any of the Group’s five largest suppliers or customers. DIRECTORS The Directors during the year and up to the date of this report were: Executive Directors: Mr. Shao Yonghua (resigned on 18 March 2016) Mr. Chen Ningdi (resigned on 30 June 2016) Ms. Chan Siu Mun (resigned on 30 June 2016) Mr. Liu Kequan (Chairman and Chief Executive Officer) (appointed as non-executive Director on 1 June 2016 and re-designated to executive Director, chairman and chief executive officer on 30 June 2016) 43 DIRECTORS’ REPORT 董事会报告 大中华金融控股有限公司 | 二零一六年年报 张沛东先生 （於二零一六年六月三十日获委任为 独立非执行董事及於二零一六年七月五日 调任为执行董事） 非执行董事： 郎世杰先生 （於二零一六年四月五日辞任） 马晓玲小姐 （於二零一六年四月二十二日退任） 尹晓光先生 （於二零一六年六月一日 获委任及於二零一七年一月一日辞任） 独立非执行董事： 金炳荣先生 关基楚先生 芮明杰博士 周梁宇先生 （於二零一六年六月三十日获委任） 吕子昂博士 （於二零一六年七月五日获委任） 根据本公司细则第91及99(B) 条，刘克泉先生 （「刘先生」）、张沛东先生（「张先生」）、周梁 宇先生（「周先生」）、吕子昂博士（「吕博士」） 及金炳荣先生（「金先生」）将於二零一七年股 东周年大会上退任董事，而刘先生、张先生、 周先生及吕博士合资格并愿膺选连任。金先生 因有其他事务而不会膺选连任。 本公司确认其已收到各独立非执行董事根据 上市规则第3.13条就其独立性作出的年度确 认，本公司认为所有现任独立非执行董事均为 独立人士。 董事的服务合约 拟於二零一七年股东周年大会上重选的董事 概无订立本公司不可於一年内终止而毋须作 出赔偿（法定赔偿除外）的服务合约。 Mr. Zhang Peidong (appointed as independent non-executive Director on 30 June 2016 and re-designated to executive Director on 5 July 2016) Non-executive Directors: Mr. Joseph Shie Jay Lang (resigned on 5 April 2016) Ms. Ma Xiaoling (retired on 22 April 2016) Mr. Yin Xiaoguang (appointed on 1 June 2016 and resigned on 1 January 2017) Independent non-executive Directors: Mr. Jin Bingrong Mr. Kwan Kei Chor Dr. Rui Mingjie Mr. Zhou Liangyu (appointed on 30 June 2016) Dr. Lyu Ziang (appointed on 5 July 2016) Pursuant to Bye-laws 91 and 99(B) of the bye-laws of the Company, Mr. Liu Kequan (“Mr. Liu”), Mr. Zhang Peidong (“Mr. Zhang”), Mr. Zhou Liangyu (“Mr. Zhou”), Dr. Lyu Ziang (“Dr. Lyu”) and Mr. Jin Bingrong (“Mr. Jin”) will retire from office as Directors at the 2017 AGM and Mr. Liu, Mr. Zhang, Mr. Zhou and Dr. Lyu, being eligible, will offer themselves for re-election. Mr. Jin will not offer himself for re-election due to his other business commitments. The Company confirms that it has received an annual confirmation from each of the independent non-executive Directors regarding his independence pursuant to Rule 3.13 of the Listing Rules and the Company still considers all the existing independent non-executive Directors to be independent. DIRECTORS’ SERVICE CONTRACTS No Directors proposed for re-election at the 2017 AGM has a service contract which is not determinable by the Company within one year without payment of compensation (other than statutory compensation). DIRECTORS’ REPORT 董事会报告 44 Greater China Financial Holdings Limited | Annual Report 2016 董事及主要行政人员於股份及相 关股份的权益及淡仓 於二零一六年十二月三十一日，董事及本公司 主要行政人员於本公司或任何相联法团（定义 见证券及期货条例（「证券及期货条例」）第XV 部）的股份、相关股份及债权证中拥有(a) 根据 证券及期货条例第XV 部第7及第8分部须知会 本公司及联交所的权益（包括根据证券及期 货条例相关条文彼等被当作或视为拥有的权 益及淡仓）；或(b)记录於根据证券及期货条例 第352条须置存之登记册的权益；或(c) 根据标 准守则须知会本公司及联交所的权益如下： 於股份及相关股份的好仓 附注： 1. 刘先生拥有龙图有限公司（「龙图」）已发行股 本的65.80%，彼为龙图之董事。於二零一七年 三月二十一日，龙图将其持有之538,500,000股 股份转让予东泉环球有限公司（「东泉」）（由 刘先生全资拥有的公司）。刘先生为东泉的唯 一董事。 DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES As at 31 December 2016, the interests of the Directors and chief executive of the Company in the shares, underlying shares and debentures of the Company or any associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (the “SFO”)) which (a) were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including the interests and short positions which they are taken or deemed to have under such provisions of the SFO); or (b) were recorded in the register required to be kept under section 352 of the SFO; or (c) were otherwise notified to the Company and the Stock Exchange pursuant to the Model Code were as follows: Long position in shares and underlying shares Director Nature of interests Number of issued shares held Number of Underlying shares held Total number of shares and underlying shares Approximate percentage of the issued share capital 董事 权益性质 所持已发行 股份数目 所持相关 股份数目 股份及相关 股份总数 占已发行 股本概约 百分比 Mr. Liu Kequan (“Mr. Liu”) Corporate interests 538,500,000 (Note 1) �C 538,500,000 12.29% 刘克泉先生 法团权益 （附注1） Note: 1. Mr. Liu owns 65.80% of the issued share capital of Long Tu Limited (“Long Tu”) and he is a director of Long Tu. On 21 March 2017, Long Tu transferred the 538,500,000 Shares held by it to Eastern Spring Global Limited (“Eastern Spring”), a company wholly-owned by Mr. Liu. Mr. Liu is the sile director of Eastern Spring. 45 DIRECTORS’ REPORT 董事会报告 大中华金融控股有限公司 | 二零一六年年报 於本公司相联法团（定义见证券及期货条例 第XV部）股份及相关股份的好仓 附注： 2. 龙图已发行股本的65.8% 乃由刘先生拥有。龙 图为当天金融信息服务有限公司（「当天金融」） 的55股股份（为其已发行股本的55%）的法定 及实益拥有人，而余下的45股股份（为其已发 行股本的45%）乃由本公司拥有。当天金融乃 aBCD Enterprise Limited（「 aBCD」）的3股股份 （为其全部已发行股本）的法定及实益拥有人。 aBCD 为鼎泰润和投资谘询（上海）有限公司的 注册资本人民币31,000,000元（为其全部股本 权益）的持有人。 除上文披露者外，於二零一六年十二月三十一 日，概无董事、主要行政人员或彼等的联系人 於本公司或其任何相联法团（定义见证券及 期货条例第XV部）的股份、相关股份及债权证 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的权益及淡仓 （包括根据证券及期货条例相关条文彼等被当 作或视为拥有的权益及淡仓）；或(b)记录於根 据证券及期货条例第352条须置存之登记册的 权益及淡仓；或 (c) 根据标准守则须知会本公 司及联交所的权益及淡仓。 Long position in shares and underlying shares of the Company’s associated corporations (within the meaning of Part XV of the SFO) Director Name of associated corporation Nature of interest Class Number of shares/amount of registered capital Approximate percentage of shareholding 董事 相联法团名称 权益性质 类别 股份数目�u 注册资本金额 持股概约百分比 Mr. Liu 刘先生 Intraday Financial Information Service Limited 当天金融信息服务有限公司 Corporate interests (Note 2) 法团权益（附注2） Ordinary 普通股 55 shares 55股 55% aBCD Enterprise Limited Corporate interests (Note 2) 法团权益（附注2） Ordinary 普通股 3 Shares 3股 100% 鼎泰润和投资谘询（上海）有限公司 Corporate interests (Note 2) 法团权益（附注2） Registered capital 注册资本 RMB31,000,000 人民币31,000,000元 100% Note: 2. 65.8% of the issued share capital of Long Tu is owned by Mr. Liu. Long Tu is the legal and beneficial owner of 55 shares of Intraday Financial Information Service Limited (“Intraday”), which is 55% of its issued share capital, whilst the remaining 45 shares, which represents 45% of the issued share capital of Intraday, is owned by the Company. Intraday is the legal and beneficial owner of 3 shares of aBCD Enterprise Limited (“aBCD”), which is 100% of its issued share capital. aBCD is the holder of RMB31,000,000 of the registered capital of 鼎 泰润和投资谘询（上海）有限公司 , which is its entire equity interest. Save as disclosed above, as at 31 December 2016, none of the Directors, chief executive or their associates had any interests and short position in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which (a) were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including the interests and short positions which they were taken or deemed to have under such provisions of the SFO); or (b) were recorded in the register required to be kept under section 352 of the SFO; or (c) were otherwise notified to the Company and the Stock Exchange pursuant to the Model Code. DIRECTORS’ REPORT 董事会报告 46 Greater China Financial Holdings Limited | Annual Report 2016 购买股份或债券的安排 除综合财务报表附注39所披露的购股权计划 及「董事及主要行政人员於股份及相关股份的 权益及淡仓」一节之外，本公司或其任何附属 公司概无於年内任何时间订立任何安排，以使 董事可藉收购本公司或任何其他法团的股份 或债权证而获益。有关安排的效力可让有关董 事成为股东。 董事於交易、安排或合约中的权 益 本公司概无订立 (i) 本公司或其任何附属公司 为其中订约方与一名控股股东或其任何附属 公司及(ii) 董事或与董事有关连的实体直接或 间接拥有重大权益，而於年终或年内任何时间 仍然存续的重大交易、安排或合约。 董事於竞争业务中的权益 於本年度内及截至本报告日期，概无董事被视 为於直接或间接与本集团的业务构成竞争或 可能构成竞争的业务中拥有任何权益（定义 见上市规则）。 ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES Other than the share option scheme as disclosed in note 39 to the consolidated financial statements and the section “Directors’ and Chief Executive’s Interests and Short Positions in Shares and Underlying Shares”, at no time during the year was the Company or any of its subsidiaries a party to any arrangements to enable the Directors to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate. The effect of such arrangements would enable the Director involved to be the Shareholder. DIRECTORS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS AND CONTRACTS No transactions, arrangement and contracts of significance to which (i) the Company or any of its subsidiaries was a party with a controlling Shareholder or any of its subsidiaries and (ii) in which the Directors or an entity connected with the Directors had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year. DIRECTORS’ INTERESTS IN A COMPETING BUSINESS During the year and up to the date of this report, none of the Directors are considered to have interests in a business which competes or is likely to compete, either directly or indirectly, with the businesses of the Group, as defined in the Listing Rules. 47 DIRECTORS’ REPORT 董事会报告 大中华金融控股有限公司 | 二零一六年年报 主要股东於股份及相关股份的权 益及淡仓 於二零一六年十二月三十一日，据董事及本公 司主要行政人员所知，於本公司股份及相关股 份中拥有根据证券及期货条例第 XV 部第2及 第3分部的条文须向本公司及联交所披露，或 记录於本公司根据证券及期货条例第336条须 存置之登记册的权益或淡仓的人士�u公司（董 事或本公司主要行政人员除外）如下： 於股份及相关股份的好仓 附注： 1. 龙图为538,500,000股股份的拥有人。刘先生为 龙图之董事。於二零一七年三月二十一日，龙 图将其持有之538,500,000股股份转让予东泉 环球有限公司（由刘先生全资拥有的公司）。 除 上 文 所 披 露 者 外，於 二 零 一 六 年 十 二 月 三十一日，据董事及本公司主要行政人员所 知，概无其他人士（董事或本公司主要行政人 员除外）於本公司股份及相关股份中拥有根据 证券及期货条例第XV 部第2及第3分部的条文 须向本公司及联交所披露，或须记录於本公司 根据证券及期货条例第336条须存置之登记册 的权益或淡仓。 SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES As at 31 December 2016, so far as is known to the Directors and chief executive of the Company, the persons/companies, other than a Director or chief executive of the Company, who had interests or short positions in the shares and underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under section 336 of the SFO were as follows: Long position in shares and underlying shares Name Nature of interest Number of shares held Approximate percentage of the issued share capital 名称 权益性质 所持股份数目 概约百分比 占已发行股本 Long Tu Limited (“Long Tu”) (Note 1) Beneficial owner 538,500,000 12.29% 龙图有限公司（「龙图」）（附注1） 实益拥有人 Note: 1. Long Tu is the owner of 538,500,000 shares. Mr. Liu is a director of Long Tu. On 21 March 2017, Long Tu transferred the 538,500,000 Shares held by it to Eastern Spring Global Limited, a company wholly-owned by Mr. Liu. Save as disclosed above, as at 31 December 2016, so far as is known to the Directors and chief executive of the Company, no other parties (other than a Director or chief executive of the Company) who had interests or short positions in the shares and underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under section 336 of the SFO. DIRECTORS’ REPORT 董事会报告 48 Greater China Financial Holdings Limited | Annual Report 2016 股权挂�h协议 可换股票据 根据日期为二零一四年十一月二十日有关收 购东方信贷控股有限公司（「东方」）全部已发 行股本的买卖协议（「东方买卖协议」），有关 代价应由本公司以发行可换股票据的方式偿 付。可换股票据的持有人有权於发行二零一五 年可换股票据後第30个营业日至到期日（即 相关可换股票据发行日期的第五个周年日）前 第21个营业日当日止期间，随时将其转换为新 的普通股。倘可换股票据未获转换，则将於到 期日按全部本金额赎回。可换股票据不计息。 於二零一五年六月三日，本公司发行本金额为 85,401,768.19港元的二零一四年可换股票据， 换股价为每股转换股份1.2港元。 於二零一五年十二月二十八日完成本公司股 份拆细後，换股价调整为每股转换股份0.24港 元，而根据日期为二零一六年一月八日的东方 买卖协议第二份补充协议，可换股票据的转换 期改订为自东方信贷刊发相关财务年度的经 审核账目後第5个营业日至到期日前第21个营 业日当日止期间。 於二零一六年三月八日，本公司发行本金额为 42,000,000港元的二零一五年可换股票据，换 股价为每股转换股份0.24港元。 於二零一六年十二月三十一日，本金总额为 119,757,662.10港元的可换股票据已获行为， 本公司已相应配发及发行498,990,258股新普 通股。 可换股票据的详情载於综合财务报表附注 32。 EQUITY-LINKED AGREEMENTS Convertible Notes Pursuant to the sale and purchase agreement dated 20 November 2014 (the “Oriental SPA”) in relation to the acquisition of the entire issued share capital of Oriental Credit Holdings Limited (“Oriental Credit”), the consideration shall be satisfied by the Company by way of issue of convertible notes. The holder of the convertible notes is entitled to convert it into new ordinary shares at any time between the 30th business day after the issue of 2015 convertible notes and ending on the 21st business day before the maturity date (i.e. the 5th anniversary of the date of issue of the respective convertible notes). If the convertible notes have not been converted, it will be redeemed on maturity date at the entire principal amount. The convertible notes bear no interest. On 3 June 2015, the Company issued the 2014 convertible notes with principal amount of HK$85,401,768.19 with conversion price of HK$1.2 per conversion share. Following the completion of share subdivision of the Company on 28 December 2015, the conversion price was adjusted to HK$0.24 per conversion share and pursuant to the second supplemental agreement to the Oriental SPA dated 8 January 2016, the conversion period of the convertible notes was amended to a period from the 5th business day after the issue of the audited accounts of the Oriental Credit for the respective financial years and ending on the 21st business day before the maturity date. On 8 March 2016, the Company issued the 2015 convertible notes with principal amount of HK$42,000,000 with conversion price of HK$0.24 per conversion share. As at 31 December 2016, convertible notes with an aggregate principal amount of HK$119,757,662.10 were exercised and 498,990,258 new ordinary shares were allotted and issued by the Company accordingly. Details of the convertible notes are set out in note 32 to the consolidated financial statements. 49 DIRECTORS’ REPORT 董事会报告 大中华金融控股有限公司 | 二零一六年年报 截至二零一六年十二月三十一日止年度，可换 股票据的变动详情如下： 就收购Access China Group Limited发行代价 股份 根据日期为二零一六年十二月十四日有关 收购 Access China Group Limited（「 Access China」）全部已发行股本的买卖协议（「该协 议」），有关代价应由本公司以现金及按发行 价每股0.25港元发行合共194,060,671股代价 股份的方式支付及偿付。经Access China 及其 附属公司（「 Access China 集团」）刊发相关的 经审核财务报表後，代价股份须於协定日期分 三批发放予卖方。 董事认为 (i) 有关收购预期将扩阔收入来源及 丰富本集团业务；(ii) Access China集团主要从 事贷款转介业务而非放贷业务，其业务风险被 认为较低；(iii) 可优化本集团资源；(iv) 汽车行 业及相关服务的增长潜力；及 (v) 代价调整机 制中的溢利保证为本公司提供充分保障。 有关收购已於二零一六年十二月二十二日完 成。该协议的详情载於本公司日期为二零一六 年十二月十四日、二零一六年十二月二十二日 及二零一七年二月二日的公布内。 Details of movement of the convertible notes during the year ended 31 December 2016 are as follows: Amount of convertible notes 可换股票据金额 Holder Balance as at 1 January 2016 Granted during the year Exercised during the year Conversion price Number of share allotted and issued upon conversion Balance as at 31 December 2016 持有人 於二零一六年 一月一日结余 於年内授出 於年内行使 换股价 於转换後配发及 发行的股份数目 於二零一六年 十二月三十一日 结余 Vendors of the SPA HK85,401,768.19 HK$42,000,000 HK$119,757,662.10 HK$0.24 498,990,258 HK$7,644,106.09 买卖协议的卖方 85,401,768.19港元 42,000,000港元 119,757,662.10港元 0.24港元 498,990,258 7,644,106.09港元 Issue of consideration shares for acquisition of Access China Group Limited Pursuant to the sale and purchase agreement dated 14 December 2016 (the “Agreement”) in relation to the acquisition of the entire issued share capital of Access China Group Limited (“Access China”), the consideration shall be paid and satisfied by the Company in cash and by way of allotment and issue of a total of 194,060,671 consideration shares at the issue price of HK$0.25 per share. The consideration shares shall be released to the vendor in 3 tranches upon the agreed date upon issue of the respective audited financial statements of Access China and its subsidiaries (the “Access China Group”). The board considered that (i) the acquisition is expected to broaden the revenue source and diversify the business of the Group; (ii) the businesses that Access China Group principally engaged in is considered low risk given they do not involve in money lending, instead money loan referral business; (iii) the optimization of the Group’s resources; (iv) the potential to grow in the automotive industry and related services; and (v) the Profit Guarantee with adjustment mechanism to the consideration provides sufficient protection to the Company. The acquisition was completed on 22 December 2016. Details of the Agreement were set out in the announcements of the Company dated 14 December 2016, 22 December 2016 and 2 February 2017. DIRECTORS’ REPORT 董事会报告 50 Greater China Financial Holdings Limited | Annual Report 2016 认购协议 於二零一六年七月十四日，本公司根据日期为 二零一六年七月四日之认购协议，按发行价每 股0.270港元向杨大勇先生发行452,810,000股 总面值为452,810港元之股份。本公司於二零 一六年七月四日（即订定发行条款当日）之股 价为0.335港元。 经扣除所有相关成本及费用後，所得款项净额 将约为121,500,000港元，而净认购价约为每 股股份0.268港元。本公司拟将认购事项所得 款项净额用於发展保理融资服务及�u或本公 司可能不时识别的其他投资机遇。 购股权计划 本公司根据於二零一一年六月二十日通过的 股东决议案采纳本公司的购股权计划（「计 划」）。 计划旨在令本集团可向经甄选的参与人士授 出购股权，以奖励或回报彼等对本集团所作出 的贡献及�u或令本集团可招揽及挽留优秀雇 员及吸引对本集团及任何投资实体有价值的 人力资源。 计划的参与人士包括以下人士： (a) 本公司、其任何附属公司及任何投资实体 的任何雇员（不论全职或兼职雇员，包括 执行董事）； (b) 本公司、其任何附属公司或任何投资实体 的任何非执行董事（包括独立非执行董 事）； (c) 本集团任何成员公司或任何投资实体的任 何货物或服务供应商； (d) 本集团或任何投资实体的任何客户； (e) 向本集团或任何投资实体提供研究、开发 或其他技术支援的任何人士或实体； (f) 本集团任何成员公司或任何投资实体的任 何股东或本集团任何成员公司或任何投资 实体所发行任何证券的任何持有人； Subscription Agreement On 14 July 2016, the Company issued 452,810,000 Shares with aggregate nominal value of HK$452,810 to Mr. Yang Dayong pursuant to the subscription agreement dated 4 July 2016 at an issue price HK$0.270 per Share. The share price of the Company on 4 July 2016, which is the date on which the terms of the issue are fixed, is HK$0.335. The net proceeds, after deducting all relevant costs and expenses, will be approximately HK$121.5 million, representing a net subscription price of approximately HK$0.268 per Share. The Company intends to use the net proceeds from the subscription for the development of factoring finance services and/or for such other investment opportunities which may be identified by the Company from time to time. SHARE OPTION SCHEME The Company’s share option scheme (the “Scheme”) was adopted pursuant to the Shareholders’ resolution passed on 20 June 2011. The purpose of the Scheme is to enable the Group to grant options to selected participants as incentives or rewards for their contribution to the Group and/or to enable the Group to recruit and retain high-calibre employees and attract human resources that are valuable to the Group and any invested entity. The participants of the Scheme are as follow: (a) any employee (whether full time or part time employee, including executive directors) of the Company, any of its subsidiaries and any invested entity; (b) any non-executive director (including independent non-executive directors) of the Company, any of its subsidiaries or any invested entity; (c) any supplier of goods or services to any member of the Group or any invested entity; (d) any customer of the Group or any invested entity; (e) any person or entity that provides research, development or other technological support to the Group or any invested entity; (f) 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; 51 DIRECTORS’ REPORT 董事会报告 大中华金融控股有限公司 | 二零一六年年报 (g) 本集团或任何投资实体任何业务范畴或业 务发展的任何顾问（专业或其他顾问）或 谘询顾问；及 (h) 透过合资企业、业务联盟、其他商业安排 或其他方式，曾经或可能对本集团发展和 增长作出贡献的任何其他组别或类别的参 与人士。 於本报告日期，计划项下可供发行的股份总数 为157,755,335股，包括根据已授出但未行使 的购股权可予发行的157,748,000股股份及根 据尚未授出购股权将予发行的7,335股股份， 相当於已发行股本（即4,575,894,284股股份） 的3.45%。 於任何12个月期间因购股权及根据本集团任 何其他购股权计划向各承授人授出的购股权 （包括已行使或尚未行使的购股权）获行使而 已发行及可能须予发行的股份总数不得超过 本公司当时已发行股本的1%。 各承授人可於董事会厘定及通知的期间内的 任何时间，按照计划的条款行使购股权，惟任 何情况下该期间将於购股权授出日期起计届 满十年之前结束，并且须受其提前终止条文所 规限。 除董事另有决定及在向承授人授出购股权的 要约内指明外，计划并无规定行使前须持有购 股权的最短持有期。购股权可由参与人士於授 出购股权要约日期起计28日内藉於上述28日 期间最後一日或之前向本公司支付1.00港元 而获接纳。 行使价将为董事会厘定的价格，但不可低於以 下最高者：(i)股份於授出日期於联交所每日报 价表所列的收市价；(ii) 股份於紧接授出日期 前五个营业日於联交所每日报价表所列的平 均收市价；及(iii)股份的面值。 计划将於二零二一年六月十九日届期。 计划详情载於综合财务报表附注39。 (g) any adviser (professional or otherwise) or consultant to any area of business or business development of the Group or any invested entity; and (h) any other group or classes of participants who have contributed or may contribute, by way of joint venture, business alliance, other business arrangement or otherwise, to the development and growth of the Group. As at the date of this report, the total number of shares available for issue under the Scheme is 157,755,335 which comprises 157,748,000 shares to be issued under the outstanding options unexercised and 7,335 shares to be issued under the options not yet being granted, representing 3.45% of the issued share capital (i.e. 4,575,894,284 shares). The total number of shares issued and which may fall to be issued upon exercise of the share options and the share options granted under any other share option scheme of the Group (including both exercised or outstanding share options) to each grantee in any 12-month period shall not exceed 1% of the issued share capital of the Company for the time being. An option may be exercised in accordance with the terms of the Scheme at any time during a period to be determined and notified by the Board to each grantee, save that such period shall end in any event not later than ten years from the date of grant of the option and subject to the provisions for early termination thereof. There is no minimum period required under the Scheme for holding of the share options before it can be exercised, unless otherwise determined by the Directors and stated in the offer of the grant of share options to a grantee. An option may be accepted by a participant within 28 days from the date of the offer of grant of the option by payment from the participant and receipt by the Company of HK$1.00 prior to or on the last date of the said 28 day period. The exercise price will be a price to be determined by the Board, but may not be less than the highest of (i) the closing price of the shares as stated in the Stock Exchange’s daily quotation sheet on the date of grant; (ii) the average closing price of the shares as stated in the Stock Exchange’s daily quotation sheet for the five business days immediately preceding the date of grant; and (iii) the nominal value of a Share. The Scheme will expire on 19 June 2021. Details of the Scheme are set out in note 39 to the consolidated financial statements. DIRECTORS’ REPORT 董事会报告 52 Greater China Financial Holdings Limited | Annual Report 2016 截至二零一六年十二月三十一日止年度根据 计划授出之购股权的变动详情如下： 附注： 於报告期後合共195,680,000份购股权已获 行使。 Details of movements in the share options granted under the Scheme during the year ended 31 December 2016 were as follows: Number of share options held 所持购股权数目 Category Date of grant Balance as at 1 January 2016 Granted during the year Exercised during the year Lapsed during the year Balance as at 31 December 2016 Exercise Period of Share Options Exercise Price HK$ Closing Price of share immediately before the date of grant of share options 类别 授出日期 於 二零一六年 一月一日 结余 年内授出 年内行使 年内失效 於 二零一六年 十二月 三十一日 结余 购股权的行使期 行使价 港元 股份於 紧接购股权 授出日期前 的价格 Employees and others 20 Nov 2015 90,000,000 �C �C (60,000,000) 30,000,000 3 tranches from (i) the expiry date of the put option period as stated in the sale and purchase agreement dated 20 November 2014 (as amended by the first supplemental agreement dated 3 June 2015 and the second supplemental agreement dated 8 January 2016); (ii) 20 November 2016; and (iii) 20 May 2017 to 19 May 2018 0.92 0.86 (adjusted) （经调整） 雇员及其他 二零一五年 十一月 二十日 分为三批，由(i)日期为二零一四年十一月 二十日的买卖协议（经日期为二零一五年 六月三日的第一份补充协议及日期为二 零一六年一月八日的第二份补充协议修 订）所订的认沽期权期间届满日期起；(ii) 二零一六年十一月二十日起；及(iii)二零 一七年五月二十日起 28 Dec 2016 �C 323,428,000 �C �C 323,428,000 Any time within 28/12/2016 to 27/12/2018 0.232 0.24 二零一六年 十二月 二十八日 二零一六年十二月二十八日至 二零一八年十二月二十七日 期间内随时 Total 90,000,000 323,428,000 �C (60,000,000) 353,428,000 总计 Note: An aggregate of 195,680,000 share options were exercised after the reporting period. 53 DIRECTORS’ REPORT 董事会报告 大中华金融控股有限公司 | 二零一六年年报 酬金政策 本集团的雇员酬金政策由薪酬委员会按雇员 的条件、资格与能力而订立。 董事酬金由薪酬委员会按本公司经营业绩、个 人表现及可比较市场数据而决定。 本公司已采纳购股权计划以奖励董事及合资 格雇员，购股权计划详情载於综合财务报表附 注39。 获准许的弥偿 根据本公司的公司细则，各董事有权就所有在 执行及履行本身职责时或就此蒙受或招致或 与之有关的成本、收费、损失、开支及法律责 任，获得本公司从本公司的资产中拨付赔偿。 年内，本公司已就董事及本公司高级人员投购 适当的董事及高级人员责任险。 遵守相关法律及法规 於本年度，据本公司所知悉，本集团概无严重 违反或不遵守适用法律及法规而对本集团业 务及营运构成重大影响。 与利益相关方的关系 本集团为雇员提供和谐及专业的工作环境，确 保彼等全部均获得合理报酬。本公司定期检讨 及更新其有关薪酬福利、培训、职业健康及安 全的政策。 本集团亦明白与业务合作夥伴维持良好关系 以实现其长远目标的重要性。於本年度，本集 团与其业务合作夥伴之间概无重大严重纠纷。 EMOLUMENT POLICY The emolument policy regarding the employees of the Group is set up by the Remuneration Committee and is based on their merit, qualifications and competence. The emoluments of the Directors are decided by the Remuneration Committee, having regard to the Company’s operating results, individual performance and comparable market statistics. The Company has adopted a share option scheme as an incentive to the Directors and eligible employees, details of the share option scheme is set out in note 39 to the consolidated financial statements. PERMITTED INDEMNITY Pursuant to the bye-laws of the Company, every Director shall be entitled to be indemnified by the Company out of the assets of the Company against all costs, charges, losses, expenses and liabilities which he may sustain or incur or about the execution and discharge of his duties or in relation thereto. The Company has arranged appropriate Directors’ and officers’ liability insurance coverage for the Directors and officers of the Company during the year. COMPLIANCE WITH RELEVANT LAWS AND REGULATIONS During the year, as far as the Company is aware, there was no material breach of or non-compliance with applicable laws and regulations by the Group that has a significant impact on the business and operations of the Group. RELATIONSHIPS WITH STAKEHOLDERS The Group provides a harmonious and professional working environment to employees and ensures they all are reasonable remunerated. The Company regular reviews and updates its policies on remuneration and benefits, training, occupational health and safety. The Group also recognises that it is important to maintain good relationship with business partners to achieve its long-term goals. During the year, there was no material and significant dispute between the Group and its business partners. DIRECTORS’ REPORT 董事会报告 54 Greater China Financial Holdings Limited | Annual Report 2016 环保政策及表现 本集团致力保护环境，并紧遵循环再用及节约 原则。双面打印及复印、使用环保纸张及透过 关闭不必要的照明和电器以减少能源消耗等 措施已在各个办公场所实行。 本集团不时将检讨其环保实践惯例，并将在营 运中考虑进一步生态友好措施及实践惯例。 主要风险及不明朗因素 本集团已检讨可能对其业务、财务状况、营运 和前景造成影响的潜在风险及不明朗因素。以 下为本集团知悉的主要风险及不明朗因素。除 下文所列者外，或会存在本集团并未知悉或目 前可能不重要但日後可能变得重要的其他风 险及不明朗因素。 ENVIRONMENTAL POLICY AND PERFORMANCE The Group is committed to protecting the environment and adheres to the principle of recycling and reducing. Double-sided printing and copying, using recycled paper and reducing energy consumption by switching off idle lightings and electrical appliance are being implemented in the offices. The Group will review its environmental protection practices from time to time and will consider further eco-friendly measures and practices in the operation. KEY RISKS AND UNCERTAINTIES The Group has reviewed the possible risks and uncertainties which may affect its businesses, financial condition, operations and prospects. The followings are the key risks and uncertainties identified by the Group. There may be other risks and uncertainties in addition to those shown below which are not known to the Group or which may not be material now but could turn out to be material in the future. Risk Description Risk Mitigation 风险描述 降低风险 Acquisition Risk 收购风险 The Group from time to time needs to expand by acquiring new line of business. If the acquisition is not done properly it may yield undesirable result and impact the performance of the Group that could lead to significant write-offs. 本集团不时需要通过收购新的业务扩 张。如果收购未能正确完成，则可能 产生不良结果，并影响本集团的业绩， 从而导致重大减值。 �C Before investment in a new project or acquisition of new business, the Board performs full management aspect assessments and due diligence on the project, its business models, financial performance, market trend, growth opportunities, risk etc. The new business needs to be consistent with the Group’s overall business objectives. �C 在投资新项目或收购新业务之前，董事会对项目，其业务模式，财务业 绩，市场趋势，增长机会，风险等进行全面的管理层面评估和尽职调查。 新业务需要符合集团的整体经营目标。 �C External consultants/experts/valuators/advisors/professionals to be commissioned to support technical evaluations/provide independent assessment. �C 委托外部顾问�u专家�u评估员�u顾问�u专业人员支持技术评价�u提供 独立评估。 �C The Management continues to monitor the progress of the acquisition to ensure it is on time and within budget. Any material discrepancy is needed to inform the Board immediately. �C 管理层持续监测收购进度，以确保收购准时并在预算内。任何重大差异 必须立即通知董事会。 55 DIRECTORS’ REPORT 董事会报告 大中华金融控股有限公司 | 二零一六年年报 Risk Description Risk Mitigation 风险描述 降低风险 Information Technology Risk 信息科技风险 IT, cyber security risk, failure or interruption of business-critical IT systems or digital infrastructure, compromise of, or attack on, Group computer networks. 信息技术，网络安全风险，对集团网 络的攻击或损害，导致关键业务的信 息技术系统及基础设施故障或中断。 �C The Group closely monitors the performance of cyber-attack prevention software and systems from time to time, and upgrade to the latest where are suitable. �C 本集团不时密切关注网络攻击预防软件和系统的性能，并升级到适合 的最新版本。 �C Systems vulnerability and penetration testing are carried out regularly to ensure that data is protected from corruption or unauthorized access or misuse. �C 定期执行系统漏洞和渗透测试，以确保数据受到保护，免受损坏或未经 授权的滥用。 �C IT risks are also managed through the application of internal policies and change management procedures, and contractual service level agreements with third party suppliers. �C 信息技术风险通过内部政策和变更管理程序以及与第三方供应商签订 服务协议进行管理。 �C Technical team receive updates and training relating to cyber risk and business continuity plan regularly. �C 技术团队定期接收有关网络风险和业务连续性计划的更新和培训。 Partnership Risk 合夥风险 The Group uses different contracts and agreements to operate and collect their economic interest with the partners such as the variable interest entity contracts (VIE contracts). There might be potential dispute on those contracts and agreements with other parties. It may lead to litigation and would have undesirable financial and reputation impact on the Group. 本集团使用多种合约及协议，与合作 夥伴（例如可变利益实体合约（ VIE合 约）一同经营并赚取经济收益。但合 同和协议中可能存在争议，由此可能 导致诉讼，而对集团造成不良的财务 和名誉影响。 �C The Group actively communicates with partners/contractors to ensure the same business objective and no misalignment of activities. �C 集团积极与合作夥伴�u承包商沟通，以确保同样的业务目标和活动一致。 �C The Group also monitors any dispute from time to time. Should there be any issue, they will be reported to management or the Board for appropriate actions to be taken immediately. �C 本集团亦不断监察任何争议。如有任何问题，将立即报告管理层或董事 会采取适当的行动。 �C Ongoing monitoring and regular review of partners’/contractors’ financial and operational performance in order to avoid misuse/leakage of information. �C 持续监测和定期审查合作夥伴�u承包商在财务和运营方面的业绩，以 避免滥用�u泄漏信息。 DIRECTORS’ REPORT 董事会报告 56 Greater China Financial Holdings Limited | Annual Report 2016 Risk Description Risk Mitigation 风险描述 降低风险 Litigation Risk 诉讼风险 The Group is currently involved in a number of litigations in PRC and Hong Kong. Lawsuits can have an adverse financial impact on the Group. It may also affect the reputation of the Group. 集团目前涉及中国及香港的若干诉讼。 诉讼会对集团产生不利财务影响。这 亦可能影响集团声誉。 �C The Group work closely with its legal advisers. �C 本集团与其法律顾问紧密合作。 �C Group is open minded to consider other resolutions. �C 本集团对考虑其他方案持开放态度。 �C Continuously monitoring on progress of the ongoing litigation and update management committee and the Board. �C 不断留意仍在持续进行中的诉讼，并会知会管理委员会和董事会最新 进展。 Business Risk 业务风险 There are new businesses the engaged by the Group. It may be difficult for the Group to set the long-term performance objectives and plans. The sustainable growth and competitiveness of the company may be impacted because of all the uncertainties in the new businesses. 对新的业务，集团可能难以制定长期 业绩目标和计划。公司的可持续增长 和竞争力可能会受到新业务的所有不 明朗因素所影响。 �C Senior management monitors regularly the performance of the new lines of business, such as key performance indicators, sales turnover, cost income ratio, profit margin, market trends, competitions activities and etc. Any issues need to be reported to the Board immediately for actions. �C 管理层定期监测新业务的业绩，例如关键业绩指标，销售量，成本收入 比率，利润率，市场趋势，竞争活动等。任何事项需要向董事会报告并 立即采取行动。 �C Different possible outcomes are considered within the planning and budgeting process by senior management. Appropriate action plans to be in place for all possible outcomes where is needed. �C 管理层在规划和预算过程中考虑了不同的可能情况及结果。为所有可 能结果制定适当的对策。 �C External consultants could be commissioned to improve business performances or provide independent assessment on a particular situation or issue. �C 可委托外部顾问改善业务表现，或就特定情况或问题提供独立评估。 Interest rate Risk 利率风险 Interest rate fluctuation could affect the cost of borrowing of the Group thus impacting financial performance. 利率波动可能影响集团借款的成本， 从而影响财务业绩。 �C Adjust investment portfolio to accommodate anticipated movement in interest rates. �C 调整投资组合以适应预期的利率变动。 �C Keep terms of the loan short during periods of high interest rates, and entering into long-term loans when interest rates reduces. �C 在高利率期间保持短期借款，然後在利率回落时锁定长期贷款。 57 DIRECTORS’ REPORT 董事会报告 大中华金融控股有限公司 | 二零一六年年报 Risk Description Risk Mitigation 风险描述 降低风险 Licensing, regulatory, and compliance updates Risk 证照、监管及规章更新风险 The securities brokerage, asset management, and insurance brokerage businesses are highly regulated business. Licences are required for such businesses and it requires continuing compliance of the rules and regulation by the authorities. There is risk of non-renewal of licenses if there is noncompliance by the Group. Further, frequent updates of the Listing Rules, accounting standards, and financial reporting may result in omissions or non-compliance. 证券经纪、资产管理和保险经纪业务 是受到高度监管的业务。这些业务需 要牌照及持续遵守当局的规则和规定。 如果集团未遵守规定可能不会获延续 牌照。另外，上市规则、会计准则和财 务报告的频繁更新可能导致出现遗漏 或违规。 �C The Group to develop procedure to control, monitors the process regularly, and assesses operational internal risk to ensure internal compliance to meet new regulatory requirement. �C 制定监督程序，定期监察流程，评估内部操作风险，确保内部合规以满 足新的法规要求。 �C The Group from time to time to consult external consultants (external auditors, lawyers and other experts) to review new disclosure requirements and other regulatory requirements such as Listing Rules and accounting standards. Any significant changes that may affect the Group will report to senior management or the Board of Directors to take appropriate actions. �C 本集团的证照、监管及规章更新将不时谘询外部顾问（外部审计师，律 师和其他专家）上市规则，会计准则等新的披露要求和其他监管规定。 任何可能影响本集团的重大变化将向高级管理层或董事会报告并采取 行动。 Employee Risk 员工风险 Securities brokerage, asset management, and insurance brokerage businesses of the Group require special skill sets. Failure to attract and retain the necessary resources and special skills may have significant impact the performance of the Group. Failure to support key talent development and implement effective succession plans for key leadership roles within the Group is another risk to the Group. 本集团的证券经纪，资产管理和保险 经纪业务需要专业技能。未能吸引和 保留必要的资源和专业技能可能会严 重影响本集团的业绩。另一个风险是 未支持关键人才发展和实施集团内的 关键领导角色晋升计画。 �C Remuneration policies are designed to attract, retain, and reward employees with ability and experience on the Group’s businesses. �C 薪酬政策旨在吸引，留住和奖励具有业务能力和经验的员工。 �C The Company is to identify the key resources and develop a succession plan for those key employees �C 公司将确定关键资源，并为这些关键员工制定继任计划。 �C The Company enforces to strengthen recruiting and development of existing staff to upgrade respective technical knowhow. �C 公司强化现有员工的招聘和发展，提升技术专长。 �C The Group provides either extensive in-house or external training for the staffs to have better knowledgeable in the business. �C 该集团为员工提供广泛的内部培训或外部培训，以便更好地了解业务。 DIRECTORS’ REPORT 董事会报告 58 Greater China Financial Holdings Limited | Annual Report 2016 管理合约 年内概无订立或存在涉及本公司业务整体或 任何重大部分的管理及行政事务的合约。 报告期後事项 有关自财政年度结束以来发生并影响本公司 的事项的详情载於综合财务报表附注51。 优先认购权 本公司的公司细则或百慕达法例中并无优先 认购权条文，要求本公司按比例向现有股东提 呈发售新股份。 企业管治 本公司采纳的主要企业管治常规载於企业管 治报告。 足够公众持股量 本公司於截至二零一六年十二月三十一日止 年度一直维持足够的公众持股量。 税务减免 本公司并不知悉股东因其持有本公司证券而 享有任何税务减免。 核数师 本集团截至二零一六年十二月三十一日止年 度的综合财务报表已由恒健会计师行有限公 司审核。在二零一七年股东周年大会上，将提 呈决议案续聘其为本公司核数师。 代表董事会 主席 刘克泉 香港，二零一七年三月十七日 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 year. EVENTS AFTER THE REPORTING PERIOD Details of the events affecting the Company that have occurred since the end of the financial year are set out in note 51 to the consolidated financial statements. PRE-EMPTIVE RIGHTS There are no provision for pre-emptive rights under the Company’s bye-laws or the laws of Bermuda which would oblige the Company to offer new shares on a pro-rata basis to existing Shareholders. CORPORATE GOVERNANCE Principal corporate governance practices adopted by the Company are set out in the Corporate Governance Report. SUFFICIENCY OF PUBLIC FLOAT The Company has maintained a sufficient public float throughout the year ended 31 December 2016. TAX RELIEF AND EXEMPTION The Company is not aware of any tax relief and exemption available to Shareholders by reason of their holding of the Company Securities. AUDITOR The consolidated financial statements of the Group for the year ended 31 December 2016 have been audited by Messrs. HLM CPA Limited. A resolution for their reappointment as auditor of the Company will be proposed at the 2017 AGM. On behalf of the Board Liu Kequan Chairman Hong Kong, 17 March 2017 59 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 大中华金融控股有限公司 | 二零一六年年报 根据上市规则附录27环境、社会及管治报告指 引（「环境、社会及管治指引」），本集团已审 议、识别及於本文披露被认为对本集团截至二 零一六年十二月三十一日止年度之业务及持 份者具有重大影响及相关之重大环境及社会 议题和环节。有关环境及社会议题之主要表现 指标（「主要表现指标」）已予设定，让管理层 可按照企业策略和政策，监察及评估其未来发 展及成果。 本集团主要从事投资控股、工业用物业发展、 消费品的一般贸易、证券经纪、保险经纪、资 产管理及贷款融资业务（包括贷款融资、贷款 转介及谘询服务）。 本集团负有尽量提高股东回报的责任，此举与 向客户提供最佳服务及平台的宗旨不谋而合。 这不单止透过本集团所具备的财务实力而达 致，亦透过我们栽培雇员及参与更多社会事务 而达致。 下文概述本集团重大环境及社会政策和表现： (A)环境 为发展可持续业务，本集团主动参与保育 及提高环保责任。我们对於确保业务持续 发展及环境保护担当积极角色。我们亦积 极承担社会责任以减少污染。 (i) 排放 本集团为主要在办事处经营业务的金 融服务供应商及贸易公司，营运仅须 耗用少量天然资源，故此对环境的影 响相对较小。我们对环境的直接影响 源自办事处营运、员工外游工干，以及 并无从事一般视为对环境带来重大影 响的活动。董事相信，本集团的活动并 无造成重大污染或对环境产生严重伤 害。然而，本集团采取一切务实步骤以 符合法定规定及尽量减低对环境的影 响，并且鼓励雇员节约能源、减少浪费 及循环使用工作材料。 Pursuant to Appendix 27 Environmental, Social and Governance Reporting Guide (the “ESG Guide”) of the Listing Rules, the Group reviewed, identified and discloses herein the material environmental and social issues and aspects, which are considered to have significant impacts and are relevant to the Group’s business and stakeholders for the year ended 31 December 2016. Key performance indicators (“KPIs”) on environmental and social issues and aspects have been set up to allow the management to monitor and to assess their development and results in line with the corporate strategy and polices in future. The Group is principally engaged in investment holding, industrial property development, general trading of consumable goods, securities brokerage, insurance brokerage, asset management and loan financing operation includes loan financing, loan referral and consultancy services. The Group has a responsibility to maximize shareholder returns, and this is aligned with the objective to provide clients with the best service and platforms. This is achieved not only through the Group having financial strength but also through investing in our employees and wider social practices. Material environmental and social policies and performance of the Group are summarized below: (A) ENVIRONMENTAL In order to develop a sustainable business, the Group takes the initiative to engage in conservation and to promote environmental responsibility. We take an active role to ensure our operation is sustainable and environmentally friendly. We actively assume social responsibility to reduce pollution. (i) Emissions The Group, being primarily an office-based financial services provider and a trading company, require limited natural resources to operate and therefore have a relatively low environmental impact. Our direct environmental impact comes from our office operations, staff travelling, and does not engaged in activities that are generally regarded as having a high environmental impact. The Directors believe that the Group’s activities do not materially contribute to pollution or cause material damage to the environment. However, the Group takes all practicable steps to meet statutory requirements and minimize its effects on the environment and encourages its employees to conserve energy, minimize waste and recycle work materials. ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 环境、社会及管治报告 ……