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(AUDITORS\222 PROCEDURES PERFORMED ON THIS RESULTS ANNOUNCEMENT)Tj /T1_0 1 Tf 0.083 Tc 0.07 Tw 0 -2.667 Td [(The)12.5 ( figures)12.5 ( in)12.5 ( respect)12.5 ( of)12.5 ( the)12.4 ( Group\222s)12.5 ( consolidated)12.5 ( statement)12.5 ( of)12.5 ( financial)12.5 ( position,)58 ( )]TJ 0.059 Tc 0 -1.333 Td [(consolidated)12.6 ( statement)12.6 ( of)12.6 ( profit)12.6 ( or)12.7 ( loss)12.6 ( and)12.6 ( other)12.6 ( comprehensive)12.6 ( income,)12.6 ( consolidated)34 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.333 Td (statement of changes in equity and the related notes thereto for the yea\r ended 31 December )Tj 0.028 Tc 0.08 Tw 0 -1.333 Td [(2)3 (0)3 (2)3 (0)3 ( )0.5 (as)3 ( )0.5 (set)3 ( )0.6 (out)3 ( )0.5 (in)3 ( )0.5 (the)3 ( )0.5 (preliminary)3 ( )0.5 (announcement)3 ( )0.5 (have)3 ( )0.5 (been)3 ( )0.5 (agreed)3 ( )0.5 (by)3 ( )0.5 (the)3 ( )0.5 (Group\222s)3 ( )0.5 (auditors,)3 ( )]TJ 0.025 Tc 0.018 Tw 0 -1.333 Td [(ZHONGHUI ANDA CPA )0.5 (Limited, to )0.5 (the )0.5 (amounts )0.5 (set )0.5 (out in 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Tc 0 Tw 0 -1.333 Td (by ZHONGHUI ANDA CPA Limited on the preliminary announcement.)Tj /T1_1 1 Tf 0 -2.667 Td (CORPORATE GOVERNANCE PRACTICES)Tj /T1_0 1 Tf 0.063 Tc 0.07 Tw 0 -2.667 Td [(T)0.5 (he)13 ( )0.5 (bo)0.5 (a)0.5 (rd)13 ( o)0.5 (f)13 ( d)0.5 (ir)0.5 (e)0.5 (c)0.5 (to)0.5 (rs)13 ( )0.5 (\(\223)0.5 (B)0.5 (oa)0.5 (r)0.5 (d\224)0.5 (\))13 ( b)0.5 (e)0.5 (li)0.5 (ev)0.5 (e)0.5 (s)12.9 ( )0.5 (t)0.5 (ha)0.5 (t)13 ( b)0.5 (y)12.9 ( )0.5 (a)0.5 (do)0.5 (pt)0.5 (i)0.5 (ng)13 ( h)0.5 (i)0.5 (gh)13 ( s)0.5 (ta)0.5 (n)0.5 (da)0.5 (r)0.5 (d)12.9 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (c)0.5 (or)0.5 (po)0.5 (r)0.5 (at)0.5 (e)38 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.333 Td [(go)0.5 (ver)0.5 (nan)0.5 (ce)6.1 ( p)0.5 (ra)0.5 (cti)0.5 (ce)0.5 (s)6 ( )0.5 (ca)0.5 (n)6 ( )0.5 (imp)0.5 (rov)0.5 (e)6 ( )0.5 (th)0.5 (e)6 ( )0.5 (tra)0.5 (ns)0.5 (par)0.5 (enc)0.5 (y)6 ( )0.5 (an)0.5 (d)6 ( )0.5 (ac)0.5 (cou)0.5 (nta)0.5 (bil)0.5 (ity)6 ( )0.5 (o)0.5 (f)6 ( )0.5 (th)0.5 (e)6 ( )0.5 (Com)0.5 (pan)0.5 (y,)6 ( )0.5 (a)0.5 (nd)6 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.333 Td [(instill)12.5 ( confidence)12.6 ( of)12.6 ( shareholders)12.5 ( and)12.5 ( the)12.5 ( public)12.6 ( in)12.5 ( the)12.6 ( Group.)12.5 ( Throughout)12.5 ( the)12.5 ( year)12.5 ( under)17 ( )]TJ 0.051 Tc 0 -1.333 Td [(review,)12.9 ( the)12.9 ( Board)12.9 ( adopted)12.9 ( the)12.8 ( Code)12.9 ( on)12.9 ( Corporate)12.9 ( Governance)12.9 ( Practices)12.9 ( \(the)12.9 ( \223Corporate)26 ( )]TJ 0.046 Tc 0 -1.333 Td [(Governance)12.3 ( Code\224\))12.3 ( as)12.2 ( set)12.2 ( out)12.3 ( in)12.2 ( Appendix)12.2 ( 1)12.2 (4)12.3 ( of)12.2 ( the)12.3 ( Listing)12.3 ( Rules)12.3 ( and)12.3 ( the)12.2 ( Company)12.2 ( has)21 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (complied with the Corporate Governance Code.)Tj /T1_1 1 Tf 0 -2.667 Td (GOING CONCERN AND MITIGATION MEASURES)Tj /T1_0 1 Tf 0.038 Tw 0 -2.667 Td (During the year 2020, the Group had certain litigations with banks as de\scribed in Note 40 to )Tj 0.036 Tw 0 -1.333 Td (the consolidation financial statements that the Group is still in negoti\ations with banks on the )Tj 0.026 Tw 0 -1.333 Td (repayment schedule, together with others as described in Note 2 to the c\onsolidation financial )Tj 0.051 Tw 0 -1.333 Td (statements, indicated the existence of material uncertainties which may \cast significant doubt )Tj 0.033 Tc 0.075 Tw 0 -1.333 Td [(on)8 ( )0.5 (the)8.1 ( )0.5 (Group\222s)8 ( )0.5 (ability)8 ( )0.5 (to)8 ( )0.5 (continue)8 ( )0.5 (as)8 ( )0.5 (a)8 ( )0.5 (going)8.1 ( concern.)8 ( )0.5 (The)8.1 ( )0.5 (Group\222s)8 ( )0.5 (ability)8 ( )0.5 (to)8 ( )0.5 (continue)8.1 ( )0.5 (as)8 ( )0.5 (a)8 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.333 Td [(going)3.9 ( )0.6 (concern)4 ( )0.5 (is)4 ( )0.5 (largely)4 ( )0.5 (dependent)4.1 ( )0.5 (on)4 ( )0.6 (the)4 ( )0.6 (ongoing)4 ( )0.5 (availability)4 ( )0.5 (of)4 ( )0.5 (finance)4.1 ( )0.5 (supports)4 ( )0.5 (from)4 ( )0.5 (the)4 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (bankers to the Group and the profitability of the Group\222s plants.)Tj 0.028 Tc 0.08 Tw 0 -2.667 Td [(A)3 ( )0.5 (number)3 ( )0.5 (of)3 ( )0.5 (measures)3 ( )0.5 (have)3 ( )0.6 (been)3 ( )0.5 (undertaken)3 ( )0.5 (to)3 ( )0.5 (improve)3 ( )0.5 (the)3 ( )0.5 (Group\222s)3 ( )0.5 (liquidity)3 ( )0.5 (and)3 ( )0.5 (financial)3 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (position.)Tj 0.075 Tc 0.07 Tw 0 -2.667 Td [(1)50 (\))]TJ /Span<>> BDC 0.883 0 Td ( )Tj EMC 1.007 0 Td [(Th)0.5 (e)12.9 ( )0.5 (Gr)0.5 (oup)13 ( h)0.5 (as)13 ( be)0.5 (en)13 ( a)0.5 (ct)0.5 (ive)0.5 (ly)13 ( n)0.5 (ego)0.5 (tia)0.5 (ti)0.5 (ng)13 ( wi)0.5 (th)13 ( a)13 ( nu)0.5 (mbe)0.5 (r)12.9 ( )0.5 (of)13 ( ba)0.5 (nk)0.5 (s)12.9 ( )0.5 (for)13 ( r)0.5 (en)0.5 (ew)0.5 (al)13 ( or)50 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (restructuring of the loans;)Tj 0.077 Tw -1.89 -2.667 Td (2\))Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td ( As at 28 September 2020, the Company had entered into the second supple\mental deed )Tj 0.024 Tw 0 -1.333 Td (with Mr. Tang Guoqiang to increase the remaining principal amount of con\vertible bonds )Tj 0 Tw 0 -1.333 Td (to HK$918,000,000 for financing the Group\222s development;)Tj ET endstreamendobj70 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 76 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (MANAGEMENT CONTRACTS)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 0 -2.667 Td [(No)8 ( )0.5 (contract)8 ( )0.5 (concerning)8 ( )0.5 (the)8 ( )0.5 (management)8 ( )0.6 (and)8 ( )0.5 (administration)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (whole)8 ( )0.5 (or)8 ( )0.5 (any)8 ( )0.5 (substantial)8 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (part of the business of the Company were entered into or existed during \the year.)Tj /T1_1 1 Tf 0 -2.667 Td (AUDIT COMMITTEE)Tj /T1_0 1 Tf 0.049 Tw 0 -2.667 Td (The Company established an audit committee on 10th June 2003 and has ado\pted the term of )Tj 0.06 Tc 0.07 Tw 0 -1.333 Td [(reference)12.3 ( in)12.3 ( line)12.3 ( with)12.2 ( the)12.2 ( Code)12.2 ( on)12.3 ( Corporate)12.2 ( Governance)12.2 ( Practice)12.3 ( issued)12.3 ( by)12.2 ( the)12.3 ( Stock)35 ( )]TJ 0.025 Tc 0.008 Tw 0 -1.333 Td (Exchange. The primary duties of the audit committee are to review and su\pervise the financial )Tj 0.063 Tc 0.07 Tw 0 -1.333 Td [(reporting)12.2 ( process)12.2 ( and)12.2 ( internal)12.2 ( control)12.1 ( system)12.1 ( of)12.1 ( the)12.1 ( Company)12.2 ( and)12.2 ( provide)12.1 ( advice)12.2 ( and)38 ( )]TJ 0.046 Tc 0 -1.333 Td [(comments)12.2 ( to)12.2 ( the)12.2 ( Directors.)12.2 ( The)12.2 ( audit)12.2 ( committee)12.2 ( has)12.2 ( three)12.2 ( members)12.2 ( comprising)12.2 ( the)12.2 ( three)21.1 ( )]TJ 0.041 Tc 0 -1.333 Td [(I)0.5 (n)0.5 (d)0.5 (e)0.5 (pe)0.5 (n)0.5 (d)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (N)0.5 (o)0.5 (n-)0.5 (E)0.5 (x)0.5 (e)0.5 (c)0.5 (u)0.5 (t)0.5 (i)0.5 (ve)13 ( )0.5 (D)0.5 (i)0.5 (r)0.5 (e)0.5 (c)0.5 (t)0.5 (o)0.5 (r)0.5 (s)0.5 (,)12.9 ( )0.5 (n)0.5 (a)0.5 (m)0.5 (e)0.5 (l)0.5 (y)0.5 (,)13 ( )0.5 (Mr)0.5 (.)13 ( )0.5 (H)0.5 (u)13 ( )0.5 (X)0.5 (i)0.5 (a)0.5 (op)0.5 (i)0.5 (n)0.5 (g)0.5 (,)13 ( )0.5 (Mr)0.5 (.)13 ( )0.5 (S)0.5 (h)0.5 (i)13 ( )0.5 (L)0.5 (ei)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (M)0.5 (r)0.5 (.)12.9 ( )0.5 (X)0.5 (u)16 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (Congcai.)Tj 0.027 Tc 0.081 Tw 0 -2.667 Td [(The)2 ( )0.5 (audit)2 ( )0.5 (committee)2 ( has)2 ( )0.5 (reviewed)2 ( )0.5 (with)2 ( )0.5 (management)2 ( )0.5 (the)2 ( )0.5 (accounting)2 ( principles)2 ( )0.5 (and)2 ( )0.5 (practices)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (adopted by the Company and the Group and discussed internal controls and\ financial reporting )Tj 0.045 Tw 0 -1.333 Td (matters including a review of the audited financial statements of the Co\mpany and the Group )Tj 0 Tw 0 -1.333 Td (for the year ended 31 December 2020.)Tj 0.053 Tc 0.07 Tw 0 -2.667 Td [(As)12.6 ( described)12.5 ( in)12.5 ( Note)12.6 ( 2)12.5 ( to)12.6 ( the)12.5 ( consolidation)12.6 ( financial)12.6 ( statements)12.6 ( and)12.5 ( the)12.6 ( section)12.5 ( headed)28 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.333 Td [(\223Going)7 ( )0.5 (Concern)7 ( )0.5 (and)7 ( )0.5 (Mitigation)6.9 ( )0.6 (Measures\224)7 ( )0.5 (in)7 ( )0.5 (the)7 ( )0.5 (Corporate)7.1 ( )0.5 (Governance)7 ( )0.5 (Report,)7 ( )0.5 (conditions)7 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.333 Td [(existed)12.8 ( such)12.8 ( to)12.8 ( indicate)12.9 ( the)12.8 ( existence)12.9 ( of)12.8 ( material)12.8 ( uncertainties)12.8 ( which)12.8 ( may)12.8 ( cast)12.8 ( significant)17 ( )]TJ 0.025 Tc 0.047 Tw 0 -1.333 Td (doubt regarding the Group\222s ability to continue on a going concern. T\he audit committee had )Tj 0.04 Tc 0.07 Tw 0 -1.333 Td [(reviewed)12.4 ( the)12.4 ( auditor\222s)12.4 ( disclaimer)12.4 ( of)12.3 ( opinion)12.4 ( solely)12.4 ( on)12.3 ( the)12.4 ( going)12.4 ( concern)12.4 ( \(the)12.4 ( \223Disclaimer)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (Opinion\224\) in the Independent Auditor\222s Report and the going conce\rn and mitigation measures )Tj 0.03 Tc 0.078 Tw 0 -1.333 Td [(of)5 ( )0.5 (the)5 ( )0.5 (management)5 ( )0.5 (\(the)5.1 ( )0.5 (\223Management\224\))5.1 ( )0.5 (of)5.1 ( )0.5 (the)5.1 ( )0.5 (Group.)5 ( )0.5 (The)5 ( )0.5 (audit)5 ( )0.5 (committee)5 ( )0.5 (is)5 ( )0.5 (in)5 ( )0.5 (agreement)5 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.333 Td [(with)12.3 ( the)12.3 ( Management)12.3 ( with)12.2 ( respect)12.3 ( to)12.2 ( the)12.3 ( Disclaimer)12.3 ( Opinion)12.3 ( and)12.2 ( the)12.3 ( Group\222s)12.3 ( ability)12.3 ( to)27 ( )]TJ 0.025 Tc 0.033 Tw 0 -1.333 Td (continue as a going concern, and in particular the actions and measures \to be implemented by )Tj 0 Tw 0 -1.333 Td (the management of the Group.)Tj 0.081 Tw 0 -2.667 Td (The audit committee\222s views are based on a strict review of the manag\ement of the Group\222s )Tj 0.048 Tc 0.07 Tw 0 -1.333 Td [(actions)12.3 ( and)12.3 ( measures,)12.3 ( current)12.3 ( operating)12.3 ( situation)12.3 ( and)12.3 ( future)12.4 ( development)12.3 ( of)12.3 ( the)12.3 ( Group\222s)23 ( )]TJ 0.041 Tc 0 -1.333 Td [(plants,)12.2 ( and)12.2 ( the)12.2 ( cash)12.1 ( flow)12.2 ( position)12.2 ( of)12.2 ( the)12.2 ( Group)12.1 ( in)12.1 ( 2)12.2 (0)12.1 (2)12.2 (0)12.2 (,)12.1 ( and)12.2 ( also)12.2 ( the)12.1 ( discussions)12.2 ( with)12.1 ( the)16.1 ( )]TJ 0.025 Tc 0.017 Tw 0 -1.333 Td (Management and the Auditor regarding the Disclaimer Opinion. The audit c\ommittee is of the )Tj 0.061 Tc 0.07 Tw 0 -1.333 Td [(view)12.2 ( that)12.3 ( the)12.3 ( Management)12.2 ( should)12.3 ( continue)12.3 ( its)12.3 ( efforts)12.2 ( in)12.3 ( implementing)12.2 ( the)12.3 ( actions)12.3 ( and)36 ( )]TJ 0.025 Tc 0.049 Tw 0 -1.333 Td (measures set out in the section Going Concern and Mitigation Measures wi\th the intention of )Tj 0 Tw 0 -1.333 Td (mitigating the Group\222s liquidity pressure and removing the Disclaimer\ Opinion.)Tj ET endstreamendobj69 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 75 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (MATERIAL ACQUISITION/DISPOSAL)Tj /T1_0 1 Tf 0.058 Tc 0.07 Tw 0 -2.667 Td [(There)12.9 ( was)12.9 ( no)12.8 ( material)12.9 ( acquisition)12.9 ( or)12.8 ( disposal)12.8 ( in)12.9 ( the)12.9 ( year)12.8 ( 2)12.8 (0)12.9 (2)12.8 (0)12.9 ( which)12.9 ( would)12.8 ( have)12.9 ( been)33 ( )]TJ 0.025 Tc 0.02 Tw 0 -1.333 Td [(required )0.5 (to be )0.5 (disclosed under )0.5 (the )0.5 (Rules )0.5 (Governing )0.5 (the )0.5 (Listing )0.5 (of )0.5 (Securities \(\223Listing )0.5 (Rules\224\) )]TJ 0 Tw 0 -1.333 Td (on Stock Exchange.)Tj /T1_1 1 Tf 0 -2.667 Td (SEGMENTAL INFORMATION)Tj /T1_0 1 Tf 0.026 Tw 0 -2.667 Td (The Group activities are primarily conducted in the PRC. The Group\222s \turnover and profit are )Tj 0.048 Tc 0.07 Tw 0 -1.333 Td [(generated)12.3 ( from)12.3 ( manufacturing)12.3 ( and)12.3 ( sale)12.3 ( of)12.3 ( chemical)12.3 ( products)12.3 ( and)12.3 ( chemical)12.3 ( fertilisers,)12.3 ( no)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (segment information is therefore present in the consolidated financial s\tatements.)Tj /T1_1 1 Tf 0.074 Tc 0.07 Tw 0 -2.667 Td [(DETAILS)12.9 ( OF)12.9 ( FUTURE)12.9 ( PLANS)12.9 ( FOR)12.9 ( MATERIAL)12.9 ( INV)0.5 (ESTMEN)0.5 (T)12.8 ( )0.5 (OR)12.9 ( C)0.5 (APITAL)49 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (ASSETS)Tj /T1_0 1 Tf 0.024 Tw 0 -2.667 Td (Save as disclosed of the plans stated in the chairman\222s statement of \this results announcement )Tj 0.04 Tc 0.07 Tw 0 -1.333 Td [(and)12.2 ( in)12.2 ( the)12.2 ( circular)12.2 ( dated)12.2 ( 4)12.2 ( December)12.2 ( 2)12.2 (0)12.2 (2)12.2 (0)12.2 (,)12.1 ( the)12.2 ( Directors)12.2 ( do)12.2 ( not)12.2 ( have)12.2 ( any)12.1 ( future)12.2 ( plans)12.2 ( for)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (material investment.)Tj /T1_1 1 Tf 0 -2.667 Td (EXPOSURE ON EXCHANGE RATE FLUCTUATION)Tj /T1_0 1 Tf 0.006 Tw 0 -2.667 Td (Details of the Group\222s foreign currency exchange risk are set out in \Note 6 to the consolidated )Tj 0 Tw 0 -1.333 Td (financial statements.)Tj /T1_1 1 Tf 0 -2.667 Td (CHARGES ON THE GROUP\222S ASSETS)Tj /T1_0 1 Tf 0.052 Tc 0.07 Tw 0 -2.667 Td [(As)12.4 ( at)12.4 ( 3)12.4 (1)12.4 (st)12.4 ( December)12.4 ( 2)12.3 (0)12.4 (2)12.4 (0)12.4 (,)12.4 ( land)12.4 ( use)12.3 ( rights)12.4 ( with)12.4 ( a)12.4 ( total)12.4 ( net)12.4 ( book)12.4 ( value)12.4 ( of)12.4 ( approximately)27 ( )]TJ 0.045 Tc 0 -1.333 Td [(RMB)12.6 (1)12.6 (0)12.6 (6)12.6 (,)12.7 (4)12.6 (1)12.6 (1)12.6 (,)12.6 (0)12.7 (0)12.6 (0)12.6 ( \()12.6 (2)12.7 (0)12.6 (1)12.6 (9)12.6 (:)12.6 ( approximately)12.7 ( RMB)12.6 (1)12.6 (0)12.6 (9)12.6 (,)12.7 (0)12.6 (9)12.6 (4)12.6 (,)12.6 (0)12.6 (0)12.7 (0)12.6 (\),)12.6 ( property,)12.7 ( plant)12.6 ( and)12.6 ( machinery)20 ( )]TJ 0.061 Tc 0 -1.333 Td [(with)12.5 ( a)12.4 ( total)12.4 ( net)12.4 ( book)12.4 ( value)12.4 ( of)12.4 ( approximately)12.4 ( RMB)12.4 (1)12.4 (,)12.4 (3)12.4 (6)12.4 (0)12.4 (,)12.4 (9)12.4 (3)12.5 (8)12.4 (,)12.4 (0)12.4 (0)12.4 (0)12.4 ( \()12.4 (2)12.5 (0)12.4 (1)12.4 (9)12.4 (:)12.4 ( approximately)36 ( )]TJ 0.051 Tc 0 -1.333 Td [(RMB)12.2 (1)12.1 (,)12.1 (5)12.1 (3)12.1 (8)12.2 (,)12.1 (0)12.1 (1)12.1 (8)12.1 (,)12.1 (0)12.2 (0)12.1 (0)12.1 (\),)12.1 ( investment)12.2 ( properties)12.1 ( with)12.1 ( a)12.2 ( total)12.1 ( net)12.1 ( book)12.1 ( value)12.1 ( of)12.1 ( approximately)26 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.333 Td [(RMB)10 (5)10 (5)10 (,)10 (8)10 (5)10 (0)10 (,)10.1 (0)10 (0)9.9 (0)10.1 ( )0.5 (\()10 (2)10 (0)10 (1)10 (9)10 (:)10 ( )0.5 (approximately)10 ( )0.5 (RMB)10 (5)10 (7)10 (,)10 (6)10 (9)10 (4)10 (,)10 (0)10 (0)10 (0)10 (\),)10 ( )0.5 (mining)10 ( )0.5 (right)10 ( )0.5 (with)10 ( )0.5 (a)10 ( )0.5 (total)10 ( )0.5 (net)10 ( )0.5 (book)10 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.333 Td (value of approximately RMB318,000,000 \(2019: approximately RMB309,456,0\00\), and bank )Tj 0 Tw 0 -1.333 Td (deposits approximately RMB29,593,000 \(2019: approximately RMB30,116,000\\) were pledged )Tj 0 -1.333 Td (as collateral for the Group\222s borrowings and notes payable.)Tj /T1_1 1 Tf 0 -2.667 Td (NUMBER OF EMPLOYEES)Tj /T1_0 1 Tf 0.014 Tw 0 -2.667 Td (As at 31st December 2020, the Group had 648 \(2019: 696\) employees, com\prising 5 \(2019: 5\) )Tj 0.025 Tw 0 -1.333 Td (in management, 101 \(2019: 112\) in finance and administration, 529 \(20\19: 569\) in production )Tj 0.019 Tw 0 -1.333 Td (and 13 \(2019: 10\) in sales and marketing, 643 \(2019: 691\) of these e\mployees were located in )Tj 0 Tw 0 -1.333 Td (the PRC and 5 \(2019: 5\) were located in Hong Kong.)Tj ET endstreamendobj68 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 74 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE)Tj /T1_0 1 Tf 0.09 Tc 0.07 Tw 0 -2.667 Td [(A)0.5 (s)12.9 ( a)0.5 (t)12.9 ( 3)13 (1)12.9 (st)13 ( De)0.5 (ce)0.5 (mbe)0.5 (r)12.9 ( 2)13 (0)12.9 (2)12.9 (0)13 (,)12.9 ( t)0.5 (he)12.9 ( )0.5 (Gro)0.5 (up)12.9 ( )0.5 (had)13 ( ne)0.5 (t)12.9 ( c)0.5 (urr)0.5 (en)0.5 (t)12.9 ( l)0.5 (iab)0.5 (ilit)0.5 (ie)0.5 (s)12.9 ( of)13 ( a)0.5 (ppr)0.5 (oxim)0.5 (at)0.5 (ely)65 ( )]TJ 0.063 Tc 0 -1.333 Td [(RMB)12.5 (2)12.5 (,)12.5 (1)12.5 (8)12.5 (4)12.5 (,)12.5 (1)12.5 (9)12.5 (3)12.5 (,)12.5 (0)12.5 (0)12.5 (0)12.5 ( Current)12.5 ( assets)12.5 ( as)12.5 ( at)12.5 ( 3)12.5 (1)12.5 (st)12.5 ( December)12.6 ( 2)12.5 (0)12.5 (2)12.5 (0)12.5 ( comprised)12.5 ( cash)12.5 ( and)12.5 ( bank)38 ( )]TJ 0.081 Tc 0 -1.333 Td [(deposits)12.8 ( of)12.8 ( approximately)12.8 ( RMB)12.8 (1)12.8 (4)12.8 (,)12.8 (5)12.8 (3)12.8 (9)12.8 (,)12.8 (0)12.8 (0)12.8 (0)12.8 ( pledged)12.8 ( bank)12.8 ( deposits)12.8 ( of)12.8 ( approximately)56 ( )]TJ 0.08 Tc 0 -1.333 Td [(RMB)12.1 (2)12.2 (9)12.1 (,)12.2 (5)12.1 (9)12.1 (3)12.2 (,)12.1 (0)12.2 (0)12.1 (0)12.2 ( inventories)12.1 ( of)12.2 ( approximately)12.2 ( RMB)12.2 (7)12.1 (2)12.2 (,)12.1 (4)12.1 (6)12.2 (7)12.1 (,)12.2 (0)12.1 (0)12.1 (0)12.2 (,)12.1 ( trade)12.1 ( receivables)12.1 ( of)55 ( )]TJ 0.057 Tc 0 -1.333 Td [(approximately)12.1 ( RMB)12.1 (7)12.1 (4)12.1 (,)12.1 (0)12.1 (0)12.1 (0)12.1 (,)12.1 ( and)12.1 ( prepayments)12.1 ( and)12.1 ( other)12.1 ( current)12.1 ( assets)12.1 ( of)12.1 ( approximately)32.1 ( )]TJ 0.071 Tc 0 -1.333 Td [(RMB)12.4 (1)12.4 (6)12.4 (0)12.3 (,)12.4 (7)12.4 (3)12.4 (3)12.4 (,)12.4 (0)12.4 (0)12.4 (0)12.4 (.)12.4 ( Current)12.4 ( liabilities)12.4 ( as)12.4 ( at)12.4 ( 3)12.4 (1)12.4 (st)12.4 ( December)12.4 ( 2)12.4 (0)12.3 (2)12.4 (0)12.4 ( comprised)12.4 ( short-term)46 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.333 Td [(borrowings of )0.5 (approximately RMB1,886,250,000, )0.5 (trade )0.5 (and )0.5 (notes payables of )0.5 (approximately )]TJ 0.081 Tw 0 -1.333 Td (RMB21,811,000, contract liabilities of approximately RMB159,903,000 and \accrued charges )Tj 0.039 Tc 0.07 Tw 0 -1.333 Td [(and)12.1 ( other)12.1 ( payables)12.1 ( of)12.1 ( approximately)12.1 ( RMB)12.1 (3)12.1 (9)12.2 (3)12.1 (,)12.1 (6)12.2 (3)12.1 (5)12.1 (,)12.2 (0)12.1 (0)12.1 (0)12.2 (.)12.1 ( Details)12.1 ( of)12.2 ( the)12.1 ( Group\222s)12.1 ( adoption)12.1 ( of)14 ( )]TJ 0.025 Tc 0.065 Tw 0 -1.333 Td (going concern basis in preparing the consolidated financial statements i\s set out in Note 2 to )Tj 0 Tw 0 -1.333 Td (the consolidated financial statements.)Tj /T1_1 1 Tf 0 -2.667 Td (CAPITAL COMMITMENTS)Tj /T1_0 1 Tf 0.043 Tw 0 -2.667 Td (As at 31st December 2020, the Group had outstanding capital commitments \of approximately )Tj 0.04 Tc 0.07 Tw 0 -1.333 Td [(RMB)12.7 (7)12.7 (7)12.8 (,)12.7 (5)12.7 (8)12.7 (8)12.7 (,)12.7 (0)12.7 (0)12.7 (0)12.7 (.)12.7 ( Details)12.7 ( of)12.7 ( the)12.8 ( Group\222s)12.7 ( capital)12.7 ( commitments)12.7 ( are)12.7 ( set)12.6 ( out)12.7 ( in)12.7 ( Note)12.7 ( 3)12.7 (5)12.7 ( to)12.7 ( the)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (consolidated financial statements.)Tj /T1_1 1 Tf 0 -2.667 Td (FINANCIAL RESOURCES)Tj /T1_0 1 Tf 0.078 Tc 0.07 Tw 0 -2.667 Td [(As)12.3 ( at)12.3 ( 3)12.2 (1)12.3 (st)12.2 ( December)12.2 ( 2)12.3 (0)12.2 (2)12.3 (0)12.3 (,)12.3 ( the)12.2 ( Group)12.3 ( had)12.3 ( cash)12.3 ( and)12.3 ( bank)12.2 ( deposits)12.3 ( of)12.3 ( approximately)53 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.333 Td (RMB14,539,000 and pledged bank deposits of approximately RMB29,593,000. \The Company )Tj 0.062 Tc 0.07 Tw 0 -1.333 Td [(intends)12.8 ( to)12.7 ( finance)12.8 ( the)12.8 ( Group\222s)12.7 ( future)12.8 ( operations,)12.8 ( capital)12.7 ( expenditure)12.8 ( and)12.8 ( other)12.7 ( capital)37 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (requirements with the existing bank balances and the capital market.)Tj 0 -2.667 Td (As at 31st December 2020, the total borrowings, convertible bonds and no\tes payable balances )Tj 0 -1.333 Td (of the Group amounted to approximately RMB2,174,182,000.)Tj /T1_1 1 Tf 0 -2.667 Td (GEARING RATIO)Tj /T1_0 1 Tf 0.063 Tw 0 -2.667 Td [(The )0.5 (Group\222s )0.5 (gearing )0.5 (ratios )0.5 (were )0.5 (approximately )0.5 (99% )0.5 (and )0.5 (90% )0.5 (as )0.5 (at )0.5 (31st )0.5 (December )0.5 (2020 )0.5 (and )]TJ 0.029 Tc 0.079 Tw 0 -1.333 Td [(3)4 (1)4 (s)0.5 (t)4 ( )0.6 (D)0.5 (e)0.5 (c)0.5 (e)0.6 (m)0.5 (b)0.5 (e)0.5 (r)4.1 ( )0.5 (2)4 (0)4 (1)4 (9)4 ( )0.5 (r)0.5 (e)0.5 (s)0.6 (p)0.5 (e)0.5 (c)0.6 (t)0.5 (i)0.5 (v)0.5 (e)0.5 (l)0.5 (y)0.6 (.)4 ( )0.5 (T)0.5 (h)0.5 (e)4 ( )0.5 (g)0.6 (e)0.5 (a)0.5 (r)0.5 (i)0.6 (n)0.5 (g)4 ( )0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.6 (o)0.5 (s)4 ( )0.5 (w)0.5 (e)0.6 (r)0.5 (e)4 ( )0.5 (c)0.5 (a)0.6 (l)0.5 (c)0.5 (u)0.5 (l)0.6 (a)0.5 (t)0.5 (e)0.6 (d)3.9 ( )0.6 (a)0.5 (s)4 ( )0.5 (n)0.5 (e)0.5 (t)4 ( )0.5 (d)0.6 (e)0.5 (b)0.5 (t)4 ( )0.5 (d)0.5 (i)0.6 (v)0.5 (i)0.5 (d)0.5 (e)0.5 (d)4 ( )0.5 (b)0.6 (y)4 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.333 Td [(t)0.5 (o)0.5 (t)0.5 (a)0.5 (l)13 ( )0.5 (c)0.5 (a)0.5 (p)0.5 (i)0.5 (t)0.5 (a)0.5 (l)0.5 (.)13 ( )0.5 (D)0.5 (e)0.5 (t)0.5 (a)0.6 (i)0.5 (l)0.5 (s)13 ( )0.5 (of)13.1 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)0.5 (\222)0.5 (s)13 ( )0.5 (g)0.5 (e)0.5 (a)0.5 (r)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (r)0.5 (a)0.5 (t)0.5 (i)0.5 (o)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (s)0.5 (e)0.5 (t)13 ( )0.5 (o)0.5 (u)0.5 (t)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (N)0.5 (o)0.5 (t)0.5 (e)13 ( )0.6 (2)13 (6)12.9 ( )0.6 (to)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (c)0.5 (o)0.5 (n)0.5 (s)0.5 (o)0.5 (l)0.5 (id)0.6 (a)0.5 (t)0.5 (e)0.5 (d)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (financial statements.)Tj /T1_1 1 Tf 0 -2.667 Td (CONTINGENT LIABILITIES)Tj /T1_0 1 Tf 0 -2.667 Td (The Group had no significant contingent liabilities as at 31st December \2020.)Tj ET endstreamendobj65 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 73 \226)Tj 0.059 Tc 0.07 Tw -18.766 58.583 Td [(Other)12.2 ( income)12.2 ( increased)12.2 ( from)12.2 ( approximately)12.2 ( RMB)12.3 (5)12.2 (.)12.2 (5)12.2 ( million)12.2 ( in)12.2 ( 2)12.2 (0)12.2 (1)12.2 (9)12.3 ( to)12.2 ( approximately)34.1 ( )]TJ 0.039 Tc 0 -1.333 Td [(RMB)12.4 (2)12.3 (3)12.4 (.)12.3 (8)12.4 ( million)12.3 ( in)12.3 ( 2)12.3 (0)12.3 (2)12.4 (0)12.3 (.)12.4 ( It)12.3 ( was)12.4 ( mainly)12.3 ( due)12.3 ( to)12.3 ( the)12.3 ( reversal)12.3 ( of)12.4 ( impairment)12.3 ( loss)12.3 ( on)12.4 ( mining)14 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.333 Td (right and the increase in subsidy income in 2020. Details are set out in\ Note 8 to consolidated )Tj 0.042 Tc 0.07 Tw 0 -1.333 Td [(financial)12.2 ( statement.)12.1 ( Other)12.2 ( expenses)12.1 ( amounted)12.2 ( to)12.1 ( approximately)12.1 ( RMB)12.1 (2)12.1 (1)12.1 (.)12.1 (0)12.1 ( million)12.1 ( in)12.2 ( 2)12.1 (0)12.1 (2)12.1 (0)17 ( )]TJ 0.025 Tc 0.006 Tw 0 -1.333 Td (\(2019: approximately RMB418.4 million\). The decrease in other expenses\ in 2020 was mainly )Tj 0.002 Tw 0 -1.333 Td (due to relatively large amount of impairment losses on the production eq\uipments of the phase )Tj 0.03 Tw 0 -1.333 Td (II of Dazhou plant and the loss on issuance of convertible bonds were in\ 2019. Details are set )Tj 0 Tw 0 -1.333 Td (out in Note 9 to consolidated financial statement.)Tj 0.048 Tc 0.07 Tw 0 -2.667 Td [(The)12.8 ( Group\222s)12.8 ( income)12.8 ( tax)12.8 ( expenses)12.8 ( in)12.8 ( 2)12.8 (0)12.8 (2)12.8 (0)12.8 ( amounted)12.8 ( to)12.8 ( approximately)12.7 ( RMB)12.8 (1)12.8 (9)12.8 (.)12.8 (4)12.8 ( million.)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (Details of tax schemes are set out in Note 11 to consolidated financial \statements.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.667 Td (Dividends)Tj /T1_0 1 Tf 0.023 Tw 0 -2.667 Td (Considering the Group\222s result during the year under review, the Dire\ctors do not recommend )Tj 0.026 Tw 0 -1.333 Td (the payment of any final dividend for the year ended 31st December 2020.\ The Group has not )Tj 0 Tw 0 -1.333 Td (declared any dividend for the year ended 31st December 2020 \(2019: Nil\)\.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.667 Td (PRODUCTS)Tj /T1_0 1 Tf 0 Tw 0 -2.667 Td (Sales of the Group\222s products for the year 2019 and 2020 are as follo\ws:)Tj /T1_1 1 Tf 10.8 0 0 12 217.6783 343.0479 Tm (Turnover in year 2020)Tj /T1_0 1 Tf 12.905 0 Td (Turnover in year 2019)Tj /T1_1 1 Tf -0.025 Tw 11.864 2.667 Td (Percentage )Tj 0 Tw 0.383 -1.333 Td (Change in )Tj -0.025 Tw 0.61 -1.333 Td (turnover)Tj /T1_2 1 Tf -25.451 -1.333 Td (RMB\222000)Tj 0 Tw 4.838 0 Td (Composite %)Tj /T1_3 1 Tf -0.025 Tw 7.928 0 Td (RMB\222000)Tj 0 Tw 4.726 0 Td (Composite %)Tj 0 Tc 11.077 0 Td (%)Tj /T1_0 1 Tf 0.025 Tc -43.786 -2.667 Td (BB & compound fertilizers)Tj /T1_1 1 Tf -0.025 Tw 16.548 0 Td (22,000)Tj 7.874 0 Td (1.0)Tj /T1_0 1 Tf 4.724 0 Td (26,000)Tj 7.874 0 Td (1.3)Tj 6.191 0 Td (\(15\))Tj -43.211 -1.333 Td (Urea)Tj /T1_1 1 Tf 16.023 0 Td (620,000)Tj 7.874 0 Td (29.4)Tj /T1_0 1 Tf 4.724 0 Td (554,000)Tj 7.874 0 Td (28.2)Tj 7.099 0 Td (12)Tj -43.594 -1.333 Td (Ammonia)Tj /T1_1 1 Tf 16.023 0 Td (699,000)Tj 7.874 0 Td (33.1)Tj /T1_0 1 Tf 4.724 0 Td (583,000)Tj 7.874 0 Td (29.7)Tj 7.099 0 Td (20)Tj -43.594 -1.333 Td (Methenol)Tj /T1_1 1 Tf 16.023 0 Td (757,000)Tj 7.874 0 Td (35.9)Tj /T1_0 1 Tf 4.724 0 Td (789,000)Tj 7.874 0 Td (40.1)Tj 7.241 0 Td (\(4\))Tj 0 Tw -43.736 -1.333 Td (Others \227 Trading)Tj /T1_1 1 Tf -0.025 Tw 16.548 0 Td (13,000)Tj 7.874 0 Td (0.6)Tj /T1_0 1 Tf 4.724 0 Td (12,000)Tj 7.874 0 Td (0.7)Tj 0 Tc 0 Tw 7.099 0 Td (8)Tj 0.025 Tc 12 0 0 12 56.6929 201.0878 Tm (Others are trading of methanol, urea, ammonia and various kind of fertil\izers.)Tj ET endstreamendobj66 0 obj<>endobj82 0 obj<>endobj83 0 obj<>stream H塡撍j鉆E鼹奮&嫚WuU 锣 x1? 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The major reasons of\ increase in cost of )Tj 0 Tw 0 -1.333 Td (sales were due to the increase in sales quantities.)Tj 0.024 Tc 0 -2.667 Td [(Gross profit margin of the Group increased approximately from 0.3% in 20\19 to 1.6% in 2020.)-1 ( )]TJ 0.025 Tc 0 -1.333 Td (The increase in the gross profit margin was due to the increase in produ\ction volume.)Tj 0.068 Tc 0.07 Tw 0 -2.667 Td [(Dur)0.5 (ing)12.9 ( the)12.9 ( )0.5 (year)12.9 ( )0.5 (under)12.9 ( re)0.5 (view,)13 ( distri)0.5 (bu)0.5 (tion)12.9 ( co)0.5 (sts)12.9 ( de)0.5 (crea)0.5 (sed)12.9 ( ap)0.5 (pr)0.5 (oximat)0.5 (ely)12.9 ( by)12.9 ( 2)13 (.)12.9 (2)12.9 (%)12.9 ( as)43 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.333 Td [(compared)1.9 ( )0.5 (with)2 ( last)2 ( )0.5 (year.)2 ( )0.5 (The)2 ( )0.5 (decrease)2 ( )0.5 (in)2 ( distribution)2 ( )0.5 (cost)2 ( was)2 ( )0.5 (due)2.1 ( to)2 ( )0.5 (effective)2 ( )0.5 (cost)1.9 ( )0.5 (control.)2 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.333 Td (The ratio of the distribution costs over sales was 1.23% in 2020 which w\as 0.12% lower than )Tj 0 Tw 0 -1.333 Td (those in 2019.)Tj 0.021 Tw 0 -2.667 Td (In comparison with last year, there was a decrease in administrative exp\enses of the Group by )Tj 0.06 Tc 0.07 Tw 0 -1.333 Td [(approximately)12.2 ( 3)12.2 (4)12.2 (.)12.2 (2)12.2 (%)12.2 ( from)12.2 ( approximately)12.2 ( RMB)12.3 (1)12.2 (2)12.2 (4)12.2 (.)12.2 (9)12.2 ( million)12.2 ( in)12.2 ( 2)12.2 (0)12.2 (1)12.3 (9)12.2 ( to)12.2 ( approximately)35 ( )]TJ 0.025 Tc 0.038 Tw 0 -1.333 Td (RMB82.2 million in 2020. The decrease in administrative expenses is main\ly due to effective )Tj 0 Tw 0 -1.333 Td (cost control.)Tj ET endstreamendobj60 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 71 \226)Tj 0.029 Tc 0.079 Tw 11.88 0 0 12 102.0472 727.0479 Tm [(half)4 ( )0.5 (a)4 ( )0.5 (year)4 ( )0.5 (and)4 ( )0.5 (revitalise)4.1 ( )0.5 (the)4 ( )0.5 (former)4 ( )0.5 (company\222s)4 ( )0.5 (non-performing)4 ( )0.5 (assets.)4 ( )0.5 (Terephthalic)4 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.333 Td [(acid)7 ( )0.5 (\(PTA\),)7 ( )0.5 (adipic)7 ( )0.5 (acid,)7 ( )0.5 (butanedioic)7 ( )0.5 (acid)7 ( )0.5 (and)6.9 ( )0.6 (1)7 (,)6.9 (4)7 (-butanediol)7 ( )0.5 (\(BDO\))7 ( )0.5 (will)7 ( )0.5 (be)7 ( )0.6 (used)7 ( )0.5 (as)7 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.333 Td [(r)0.5 (a)0.5 (w)13.1 ( )0.5 (m)0.5 (a)0.5 (t)0.5 (e)0.5 (r)0.5 (i)0.5 (a)0.5 (l)0.5 (s)13.1 ( t)0.6 (o)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (d)0.5 (u)0.5 (c)0.5 (e)13 ( )0.5 (d)0.5 (e)0.6 (g)0.5 (r)0.5 (a)0.5 (d)0.5 (a)0.5 (b)0.5 (l)0.5 (e)13 ( )0.6 (p)0.5 (o)0.5 (l)0.5 (y)0.5 (m)0.5 (e)0.5 (r)0.5 (s)0.5 (,)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (l)0.6 (ud)0.6 (i)0.5 (ng)13 ( )0.6 (P)0.5 (B)0.5 (A)0.5 (T)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.6 (P)0.5 (B)0.5 (S)0.5 (,)13 ( )0.5 (t)0.5 (h)0.5 (r)0.5 (o)0.5 (u)0.5 (g)0.5 (h)18 ( )]TJ 0.025 Tc 0.015 Tw 0 -1.333 Td (new energy-saving, eco-friendly processes. The products are widely used \in packages, )Tj 0.024 Tc 0 Tw 0 -1.333 Td [(tableware, cosmetic and medicine containers, disposable medical supplies\, agricultural)-1 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.333 Td [(film,)12.1 ( pesticide)12.1 ( and)12 ( chemical)12 ( fertiliser)12.1 ( slow-release)12 ( materials,)12 ( biomedical)12.1 ( polymer)20 ( )]TJ 0.025 Tc 0.021 Tw 0 -1.333 Td (materials, etc. In line with the national industrial policies, the proje\ct will create good )Tj 0.053 Tc 0.07 Tw 0 -1.333 Td [(e)0.5 (c)0.5 (o)0.5 (n)0.6 (om)0.6 (i)0.5 (c)13 ( )0.5 (b)0.5 (e)0.5 (n)0.5 (e)0.5 (f)0.5 (i)0.5 (t)0.5 (s)0.6 (,)13 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (c)0.5 (h)13 ( )0.5 (i)0.5 (s)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (i)0.5 (m)0.5 (p)0.5 (o)0.5 (r)0.5 (t)0.5 (a)0.5 (n)0.5 (t)13 ( )0.6 (s)0.5 (t)0.5 (r)0.5 (a)0.5 (t)0.5 (e)0.5 (g)0.5 (i)0.5 (c)13 ( )0.6 (s)0.5 (i)0.5 (g)0.5 (n)0.5 (i)0.5 (f)0.5 (i)0.5 (c)0.5 (a)0.5 (n)0.5 (c)0.6 (e)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (m)0.5 (o)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.6 (t)0.5 (h)0.5 (e)28 ( )]TJ 0.061 Tc 0 -1.333 Td [(d)0.5 (e)0.6 (v)0.5 (e)0.5 (l)0.5 (o)0.5 (p)0.5 (m)0.6 (e)0.5 (n)0.5 (t)13 ( )0.5 (o)0.6 (f)13 ( )0.5 (l)0.5 (o)0.5 (c)0.6 (a)0.5 (l)13 ( )0.5 (e)0.6 (c)0.5 (o)0.5 (n)0.5 (o)0.5 (m)0.6 (y)0.5 (,)13 ( )0.5 (e)0.5 (n)0.6 (h)0.5 (a)0.5 (n)0.5 (c)0.6 (i)0.5 (n)0.5 (g)13 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.5 (p)0.5 (r)0.5 (o)0.6 (f)0.5 (i)0.5 (t)0.5 (a)0.5 (b)0.6 (i)0.5 (l)0.5 (i)0.5 (t)0.5 (y)13 ( )0.6 (o)0.5 (f)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.5 (c)0.5 (o)0.6 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)13 ( )0.6 (a)0.5 (n)0.5 (d)36 ( )]TJ 0.025 Tc 0.082 Tw 0 -1.333 Td (realizing the leap-forward development. The investment for the project t\otals around )Tj 0.022 Tw 0 -1.333 Td (RMB800 million, with RMB300 million and around RMB500 million for the fi\rst and )Tj 0.036 Tc 0.072 Tw 0 -1.333 Td [(second)11 ( )0.5 (phases)11 ( )0.5 (respectively.)11 ( )0.5 (The)11 ( )0.5 (construction)11 ( )0.5 (work)10.9 ( )0.6 (for)11.1 ( )0.5 (first)11 ( )0.5 (phase)11 ( )0.5 (had)11 ( )0.5 (been)11 ( )0.5 (started.)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (The project is expected to create an output value of RMB8 billion.)Tj 0.028 Tc 0.08 Tw 12 0 0 12 102.0472 503.0479 Tm [(The)3 ( )0.5 (companies)3 ( )0.5 (are)3 ( )0.5 (mapping)3 ( )0.5 (out)3 ( )0.5 (plans)3 ( )0.5 (to)3 ( )0.5 (build)3 ( )0.5 (the)3.1 ( )0.5 (above)3 ( )0.5 (three)3 ( )0.5 (new)3 ( )0.5 (projects,)3 ( )0.5 (which)3 ( )]TJ 0.025 Tc 0.047 Tw 0 -1.333 Td (will utilise their existing resources, expand their product range, exten\d the industrial )Tj 0.032 Tc 0.076 Tw 0 -1.333 Td [(chain)7 ( )0.5 (and)7 ( )0.5 (optimise)7 ( )0.5 (the)7.1 ( )0.5 (industrial)7 ( )0.5 (layout.)7 ( )0.5 (Upon)7 ( )0.5 (operation,)6.9 ( )0.6 (the)7 ( )0.5 (projects)7 ( )0.5 (will)7 ( )0.5 (help)7 ( )0.5 (Ko)7 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.333 Td (Yo Chemical \(Group\) get out of crisis, move on a right track of sound \development )Tj 0.048 Tc 0.07 Tw 0 -1.333 Td [(and)12.7 ( transform)12.7 ( from)12.8 ( a)12.8 ( traditional)12.7 ( chemical)12.7 ( enterprise)12.7 ( to)12.7 ( a)12.7 ( large)12.8 ( modern)12.7 ( chemical)23 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (conglomerate.)Tj /T1_1 1 Tf -3.78 -2.667 Td (ACKNOWLEDGEMENT)Tj /T1_0 1 Tf 0.083 Tw 0 -2.667 Td [(Looking )0.5 (back over )0.5 (the )0.5 (past )0.5 (year, )0.5 (the )0.5 (epidemic )0.5 (spread )0.5 (across )0.5 (the )0.5 (country )0.5 (at )0.5 (the )0.5 (beginning of )]TJ 0.024 Tc 0 Tw 0 -1.333 Td [(the year and post-epidemic era came in the second half, so the chemical \fertiliser and chemical)-1 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.333 Td [(industries fluctuated. )0.5 (Under the )0.5 (leadership of )0.5 (the )0.5 (management, all )0.5 (employees pooled )0.5 (wisdom )]TJ 0.043 Tc 0.07 Tw 0 -1.333 Td [(and)12.4 ( strength)12.4 ( to)12.4 ( arrange)12.4 ( production)12.4 ( and)12.4 ( sales)12.4 ( work)12.4 ( by)12.3 ( centring)12.4 ( on)12.4 ( benefits.)12.4 ( Their)12.4 ( working)17.9 ( )]TJ 0.046 Tc 0 -1.333 Td [(method)12.7 ( and)12.6 ( style)12.7 ( have)12.7 ( improved)12.7 ( greatly.)12.6 ( The)12.7 ( new)12.7 ( year)12.7 ( is)12.7 ( a)12.7 ( crucial)12.7 ( year)12.7 ( for)12.7 ( the)12.7 ( Group)12.7 ( to)21 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.333 Td [(\223)0.5 (p)0.5 (r)0.6 (o)0.5 (m)0.5 (o)0.5 (t)0.5 (e)2.1 ( f)0.6 (i)0.5 (n)0.5 (e)2 ( )0.5 (m)0.5 (a)0.5 (n)0.6 (a)0.5 (g)0.5 (e)0.5 (m)0.6 (e)0.5 (n)0.5 (t)0.5 (,)2 ( )0.5 (a)0.5 (c)0.6 (h)0.5 (i)0.5 (e)0.5 (v)0.5 (e)2 ( )0.5 (s)0.6 (t)0.5 (a)0.5 (b)0.5 (l)0.6 (e)2 ( g)0.6 (r)0.5 (o)0.5 (w)0.5 (t)0.6 (h)1.9 ( )0.5 (a)0.6 (n)0.5 (d)2 ( )0.5 (e)0.5 (x)0.5 (c)0.5 (e)0.6 (l)0.5 (l)0.5 (e)0.5 (n)0.6 (t)2 ( o)0.6 (p)0.5 (e)0.5 (r)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (\224)0.6 (.)2 ( I)0.6 (t)2 ( i)0.6 (s)2 ( )0.5 (a)0.5 (l)0.5 (s)0.5 (o)2 ( )0.5 (a)2 ( )0.5 (y)0.5 (e)0.5 (a)0.6 (r)2 ( )]TJ 0.025 Tc 0.082 Tw 0 -1.333 Td (for us to turn losses into gains and press ahead with reforms in an all-\round way. Under the )Tj 0.069 Tc 0.07 Tw 0 -1.333 Td [(organization)12.8 ( and)12.7 ( leadership)12.7 ( of)12.7 ( the)12.7 ( Board,)12.7 ( we)12.7 ( will)12.7 ( seize)12.7 ( new)12.7 ( opportunities,)12.7 ( meet)12.7 ( new)44 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.333 Td [(challenges)9 ( )0.5 (and)9 ( )0.5 (strive)9 ( )0.5 (to)9 ( )0.5 (achieve)9 ( )0.5 (the)9 ( )0.5 (goal)9 ( )0.5 (of)9 ( )0.5 (profitability.)9 ( )0.5 (Furthermore,)9 ( )0.5 (with)9 ( )0.5 (the)9 ( )0.5 (completion)9 ( )]TJ 0.024 Tc 0 Tw 0 -1.333 Td [(and operation, the Group\222s new projects will become its new profit gr\owth engines, which will)-1 ( )]TJ 0.025 Tc 0.026 Tw 0 -1.333 Td (also greatly enhance its core competitiveness and lay a firm foundation \for its sustainable and )Tj 0.081 Tw 0 -1.333 Td (stable development. We have every reason to believe that with the contin\uous turnaround of )Tj 0.066 Tc 0.07 Tw 0 -1.333 Td [(the)12.8 ( macroeconomic)12.7 ( situation)12.7 ( together)12.7 ( with)12.7 ( its)12.8 ( own)12.8 ( efforts,)12.7 ( the)12.8 ( Group)12.7 ( shall)12.7 ( get)12.7 ( out)12.7 ( of)41 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (predicaments gradually and have a better development prospect in future.\)Tj 0.057 Tw 0 -2.667 Td (On behalf of all my colleagues on the Board, I would like to take this o\pportunity to express )Tj 0.024 Tw 0 -1.333 Td (my sincere gratitude to all shareholders, customers, the management and \our staff! Thank you )Tj 0.056 Tc 0.07 Tw 0 -1.333 Td [(for)12.6 ( your)12.6 ( hard)12.6 ( work)12.6 ( throughout)12.6 ( the)12.7 ( year!)12.6 ( We)12.6 ( will)12.6 ( continue)12.7 ( working)12.6 ( hard)12.6 ( to)12.6 ( create)12.6 ( more)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (favourable returns for our shareholders and the society!)Tj ET endstreamendobj47 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj48 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj49 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj50 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj51 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj89 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 70 \226)Tj 0.039 Tc 0.07 Tw -14.987 58.583 Td [(transesterification)12.3 ( process.)12.3 ( The)12.3 ( raw)12.3 ( materials)12.3 ( used)12.4 ( in)12.3 ( the)12.4 ( alcoholysis)12.3 ( route)12.3 ( are)12.3 ( all)14 ( )]TJ 0.025 Tc 0.053 Tw 0 -1.333 Td (products or emissions of Dazhou Ko Yo Chemical Industry\222s already-bui\lt facilities, )Tj 0.022 Tw 0 -1.333 Td (which can bring greater competitive advantages. 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polybutylene succinate \(PBS\) \per year in )Tj 0.035 Tc 0.073 Tw 0 -1.333 Td [(the)10 ( )0.5 (second)10 ( )0.5 (phase.)10 ( )0.5 (With)10 ( )0.5 (the)10.1 ( )0.5 (full)10 ( )0.5 (use)10 ( )0.5 (of)10 ( )0.5 (the)10 ( )0.5 (former)10 ( )0.5 (Guang\222an)10 ( )0.5 (Ko)10 ( )0.5 (Yo)10 ( )0.5 (New)10 ( )0.5 (Materials\222)10 ( )]TJ 0 -1.333 Td [(equipment,)10 ( )0.5 (improvements)10 ( )0.5 (will)10 ( )0.5 (be)10 ( )0.5 (made)10 ( )0.5 (to)10 ( )0.5 (the)10 ( )0.5 (facility)10 ( )0.5 (in)10 ( )0.5 (the)10 ( )0.5 (first)10 ( )0.5 (phase,)10 ( )0.5 (which)10 ( )0.5 (will)10 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.333 Td [(save)12.1 ( investment)12.1 ( costs,)12.1 ( shorten)12.1 ( the)12.2 ( construction)12.1 ( period)12.1 ( and)12.1 ( achieve)12.1 ( results)12.1 ( quickly.)14 ( )]TJ 0.025 Tc 0.036 Tw 0 -1.333 Td (The project is expected to scale up production and generate investment r\eturns within )Tj ET endstreamendobj88 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 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)0.5 (It )0.5 (should perform )]TJ 0.026 Tc 0.082 Tw 0 -1.333 Td [(cost-benefit)1 ( )0.5 (analysis)1 ( )0.5 (for)1 ( )0.5 (the)1 ( )0.5 (production)0.9 ( )0.6 (of)1 ( )0.5 (facilities)1 ( )0.5 (while)1 ( )0.5 (ensuring)1 ( )0.5 (a)1 ( )0.5 (safe)1.1 ( )0.5 (and)1 ( )0.5 (long-)]TJ 0.039 Tc 0.07 Tw 0 -1.333 Td [(term)12.6 ( operation.)12.6 ( With)12.6 ( monitoring,)12.5 ( calculation)12.5 ( and)12.6 ( early)12.6 ( warning)12.5 ( every)12.5 ( day,)12.6 ( efforts)14 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.333 Td [(will)12 ( )0.5 (be)12.1 ( )0.5 (made)12 ( )0.5 (to)12 ( )0.5 (adjust)12 ( )0.5 (a)0.5 (nd)12 ( )0.5 (optimise)12 ( )0.5 (production)12 ( )0.5 (arrangement)12 ( )0.5 (and)12 ( )0.5 (operation)12 ( )0.5 (load)12 ( )0.5 (in)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (time to ensure the best operation benefits.)Tj 0.068 Tc 0.07 Tw -1.89 -2.667 Td [(2)43 (.)]TJ /Span<>> BDC 0.8 0 Td ( )Tj EMC 1.09 0 Td [(The)12.3 ( Group)12.3 ( will)12.3 ( proactively)12.3 ( carry)12.3 ( out)12.3 ( the)12.3 ( 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(operating)10 ( )0.5 (costs)10.1 ( )0.5 (and)10 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (cash outflows.)Tj 0.068 Tc 0.07 Tw -1.89 -2.667 Td [(4)43 (.)]TJ /Span<>> BDC 0.8 0 Td ( )Tj EMC 1.09 0 Td [(The)12.9 ( sales)12.8 ( team)12.8 ( will)12.9 ( retain)12.8 ( high-quality)12.8 ( core)12.9 ( end-users,)12.8 ( deeply)12.8 ( tap)12.8 ( the)12.9 ( market)43 ( )]TJ 0.025 Tc 0.011 Tw 0 -1.333 Td (potential, attract new end-users, expand dialect-based sales in the prod\uct market and )Tj 0.023 Tw 0 -1.333 Td (expand its high-priced products to more regions. 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Alcoholysis of urea for synth\esis is easy )Tj 0.025 Tw 0 -1.333 Td (to operate under mild conditions and it is immune to the difference in p\rices just like )Tj 0.09 Tc 0.07 Tw 0 -1.333 Td [(tha)0.5 (t)12.9 ( in)12.9 ( pr)0.5 (ices)12.9 ( )0.5 (of)12.9 ( epo)0.5 (xypropa)0.5 (ne)12.9 ( an)0.5 (d)12.9 ( 1)12.9 (,)12.9 (2)12.9 (-p)0.5 (ropylen)0.5 (e)12.9 ( glyc)0.5 (ol)12.9 ( in)12.9 ( t)0.5 (he)12.9 ( tra)0.5 (ditiona)0.5 (l)65 ( )]TJ ET endstreamendobj87 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 68 \226)Tj 0.059 Tc 0.07 Tw -16.876 58.583 Td [(In)12.6 ( May,)12.6 ( synthetic)12.5 ( ammonia)12.6 ( prices)12.5 ( dropped)12.6 ( to)12.5 ( the)12.6 ( lowest)12.6 ( level)12.5 ( for)12.5 ( 2)12.6 (0)12.5 (2)12.6 (0)12.5 (.)12.5 ( Driven)12.5 ( by)34 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.333 Td [(production)11 ( )0.5 (limits)11 ( )0.5 (in)10.9 ( )0.5 (major)11 ( )0.5 (synthetic)11 ( )0.5 (ammonia-producing)11 ( )0.5 (regions,)11 ( )0.5 (the)11 ( )0.5 (prices)11 ( )0.5 (rebounded)11 ( )]TJ 0.025 Tc 0.031 Tw 0 -1.333 Td (and remained stable until the end of June. Synthetic ammonia prices basi\cally kept stable )Tj 0.055 Tw 0 -1.333 Td (at a low level in the third quarter. Its price range showed small fluctu\ations from July to )Tj 0.031 Tc 0.077 Tw 0 -1.333 Td [(September)6 ( )0.5 (because)6 ( )0.5 (of)6 ( )0.5 (the)6 ( )0.5 (overhaul)6 ( )0.5 (of)6 ( )0.5 (some)6 ( )0.5 (companies.)6.1 ( )0.5 (The)6 ( )0.5 (prices)6 ( )0.5 (surged)6 ( )0.5 (in)6 ( )0.5 (the)6 ( )0.5 (fourth)6 ( )]TJ 0.051 Tc 0.07 Tw 0 -1.333 Td [(quarter.)12.8 ( Synthetic)12.8 ( ammonia)12.8 ( prices)12.8 ( began)12.8 ( to)12.8 ( move)12.8 ( up)12.7 ( after)12.8 ( the)12.9 ( National)12.8 ( Day)12.8 ( holiday)25.9 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.333 Td [(thanks)3 ( )0.5 (to)3 ( )0.5 (winter)3 ( )0.5 (chemical)3 ( )0.5 (fertilizer)3 ( )0.5 (reserves,)3 ( )0.5 (production)2.9 ( )0.6 (limits)3 ( )0.5 (for)3 ( )0.5 (environmental)3 ( )0.5 (clean-)]TJ 0.025 Tc 0.035 Tw 0 -1.333 Td (up, Indian urea tenders, increased facility operation rate in downstream\ industries, rise in )Tj 0.044 Tc 0.07 Tw 0 -1.333 Td [(natural)12.3 ( gas)12.3 ( prices,)12.3 ( etc.)12.3 ( The)12.3 ( market)12.3 ( prices)12.3 ( of)12.4 ( synthetic)12.3 ( ammonia)12.4 ( had)12.3 ( been)12.3 ( rising)12.4 ( from)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (October to December and climbed to the highest level for the year in Dec\ember.)Tj 0.063 Tc 0.07 Tw 0 -2.667 Td [(Factors)12.6 ( that)12.6 ( will)12.6 ( affect)12.6 ( the)12.6 ( synthetic)12.6 ( ammonia)12.6 ( market)12.6 ( in)12.6 ( 2)12.6 (0)12.6 (2)12.6 (1)12.5 ( including:)12.6 ( 1)12.6 ( As)12.6 ( the)38.1 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.333 Td [(government )0.5 (has )0.5 (paid )0.6 (more )0.5 (attention )0.5 (to )0.5 (grain )0.5 (safety )0.5 (amid )0.5 (the )0.5 (pandemic, )0.5 (the )0.6 (demands )0.5 (for )]TJ 0.064 Tw 0 -1.333 Td (agricultural materials will grow and the needs for industrial raw materi\als will gradually )Tj 0.048 Tc 0.07 Tw 0 -1.333 Td [(increase)12.9 ( with)12.8 ( successive)12.9 ( operation)12.8 ( of)12.8 ( newly-built)12.8 ( facilities,)12.8 ( such)12.9 ( as)12.8 ( caprolactam)12.9 ( and)23 ( )]TJ 0.025 Tc 0.007 Tw 0 -1.333 Td (acrylonitrile projects, in the downstream industries, which will achieve\ a balance between )Tj 0.069 Tc 0.07 Tw 0 -1.333 Td [(supply)12.8 ( and)12.7 ( demand.)12.8 ( 2)12.8 ( As)12.8 ( environmental)12.8 ( inspections)12.7 ( will)12.8 ( normalise,)12.8 ( air)12.7 ( pollution)44 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.333 Td [(prevention)11 ( )0.5 (and)11 ( )0.5 (control)11 ( )0.5 (policies)11 ( )0.5 (will)10.9 ( )0.6 (continue)11 ( )0.5 (affecting)11.1 ( )0.5 (some)11.1 ( )0.5 (production)11 ( )0.5 (capacities,)11 ( )0.5 (the)11 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.333 Td (range-bound movement in some markets will intensify. 3 Prices of downstr\eam products )Tj 0.034 Tc 0.074 Tw 0 -1.333 Td [(h)0.5 (a)0.5 (v)0.5 (e)9 ( )0.5 (g)0.5 (r)0.6 (a)0.5 (d)0.5 (u)0.5 (a)0.5 (l)0.5 (l)0.5 (y)9 ( )0.5 (r)0.5 (e)0.5 (b)0.5 (o)0.6 (u)0.5 (n)0.5 (d)0.5 (e)0.5 (d)0.5 (,)9 ( )0.5 (w)0.5 (h)0.5 (i)0.5 (c)0.5 (h)9 ( )0.5 (w)0.6 (il)0.6 (l)9 ( )0.5 (b)0.5 (o)0.5 (o)0.5 (s)0.5 (t)9 ( )0.5 (t)0.5 (h)0.5 (e)9 ( )0.5 (s)0.5 (y)0.5 (n)0.5 (t)0.5 (h)0.5 (e)0.6 (t)0.5 (i)0.5 (c)9 ( )0.5 (a)0.5 (m)0.5 (m)0.5 (o)0.5 (n)0.5 (i)0.5 (a)9 ( )0.5 (m)0.5 (a)0.6 (r)0.5 (k)0.5 (e)0.5 (t)0.5 (.)9 ( )0.5 (4)9 ( )0.5 (I)0.5 (m)0.5 (p)0.5 (o)0.5 (r)0.5 (t)0.5 (e)0.6 (d)8.9 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.333 Td [(s)0.5 (y)0.6 (n)0.5 (t)0.5 (h)0.6 (e)0.5 (t)0.5 (i)0.6 (c)3 ( )0.5 (a)0.5 (m)0.6 (m)0.5 (o)0.5 (n)0.5 (i)0.6 (a)3 ( )0.5 (r)0.5 (e)0.6 (m)0.5 (a)0.6 (i)0.5 (n)0.5 (s)3 ( )0.5 (t)0.5 (h)0.6 (e)3 ( )0.5 (s)0.5 (t)0.6 (a)0.5 (b)0.5 (i)0.6 (l)0.5 (i)0.5 (s)0.6 (e)0.5 (r)3 ( )0.5 (a)0.6 (n)0.5 (d)3 ( )0.5 (r)0.6 (e)0.5 (g)0.5 (u)0.6 (l)0.5 (a)0.5 (t)0.6 (i)0.5 (n)0.5 (g)3 ( )0.5 (v)0.6 (a)0.5 (l)0.5 (v)0.6 (e)3 ( )0.5 (i)0.5 (n)3 ( )0.5 (t)0.6 (h)0.5 (e)3 ( )0.5 (s)0.5 (y)0.6 (n)0.5 (t)0.5 (h)0.6 (e)0.5 (t)0.5 (i)0.6 (c)3 ( )0.5 (a)0.5 (m)0.6 (m)0.5 (o)0.5 (n)0.5 (i)0.6 (a)3 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.333 Td [(market)2 ( under)2 ( many)2 ( )0.5 (uncertain)2 ( factors,)2 ( )0.5 (and)2 ( )0.5 (will)2 ( )0.5 (play)2 ( an)2 ( )0.5 (important)2 ( )0.5 (role)2 ( in)2 ( complementing)2 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.333 Td (and regulating the market in local and phased moves to ensure supply. In\ conclusion, with )Tj 0.029 Tw 0 -1.333 Td (steady raw material prices, a slight increase in supply and a rise in do\wnstream demands, )Tj 0.02 Tw 0 -1.333 Td [(the )0.5 (synthetic )0.5 (ammonia )0.6 (market )0.5 (in )0.5 (2021 )0.5 (is )0.5 (expected )0.6 (to )0.5 (perform )0.5 (better )0.6 (than )0.6 (that )0.5 (in )0.5 (2020 )0.5 (and )]TJ 0 Tw 0 -1.333 Td (will remain choppy.)Tj /T1_1 1 Tf -1.89 -2.667 Td (OBJECTIVES AND STRATEGIES)Tj /T1_0 1 Tf 0.003 Tw 0 -2.667 Td (The outbreak in early 2020 led to a decline in product prices, increased\ the difficulties in sales )Tj 0.027 Tc 0.081 Tw 0 -1.333 Td [(and)2 ( caused)2 ( )0.5 (volatility)2 ( )0.5 (in)2 ( the)2 ( )0.5 (fertiliser)2.1 ( and)2 ( )0.5 (chemical)2 ( )0.5 (industries.)2 ( )0.5 (Besides,)2 ( )0.5 (methanol)2 ( )0.5 (prices)2 ( even)2 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.333 Td (fell to the lowest level in recent years. Facing many dilemmas, the Grou\p mainly focused on )Tj 0.042 Tc 0.07 Tw 0 -1.333 Td [(i)0.5 (n)0.6 (t)0.5 (e)0.6 (r)0.5 (n)0.6 (a)0.5 (l)13.1 ( )0.5 (r)0.6 (e)0.5 (f)0.6 (o)0.5 (r)0.6 (m)0.5 (s)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13.1 ( )0.5 (i)0.6 (n)0.5 (n)0.5 (o)0.6 (v)0.5 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (s)0.5 (,)13.1 ( )0.5 (i)0.6 (n)13 ( )0.6 (o)0.5 (r)0.5 (d)0.6 (e)0.5 (r)13.1 ( )0.5 (t)0.6 (o)13 ( )0.6 (s)0.5 (t)0.6 (r)0.5 (i)0.6 (v)0.5 (e)13.1 ( )0.5 (t)0.6 (o)13 ( )0.6 (c)0.5 (a)0.6 (t)0.5 (c)0.6 (h)13 ( )0.6 (u)0.5 (p)13 ( )0.6 (w)0.6 (i)0.5 (t)0.6 (h)13 ( )0.5 (t)0.6 (h)0.5 (e)13.1 ( )0.5 (p)0.6 (a)0.5 (c)0.6 (e)13.1 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (e)0.6 (c)0.6 (o)0.5 (n)0.6 (o)0.5 (m)0.5 (i)0.6 (c)17 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.333 Td [(development.)8 ( )0.5 (In)8 ( )0.5 (2)8 (0)8 (2)8 (1)8 (,)8 ( )0.5 (we)8 ( )0.5 (will)8 ( )0.5 (seize)8 ( )0.5 (the)8.1 ( )0.5 (real-time)8 ( )0.5 (dynamics)8 ( )0.5 (of)8 ( )0.5 (changes)8.1 ( )0.5 (in)8 ( )0.5 (the)8.1 ( )0.5 (fertiliser)8 ( )0.5 (and)8 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.333 Td [(chemical)12.5 ( industries)12.6 ( and)12.5 ( adopt)12.5 ( the)12.5 ( following)12.5 ( strategies)12.5 ( and)12.5 ( measures)12.5 ( to)12.5 ( emerge)12.5 ( completely)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (from difficulties and keep itself on a right track.)Tj ET endstreamendobj86 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 67 \226)Tj 0.049 Tw -16.876 58.583 Td (production capacity may reach around 9.2 million tons. Demands will main\ly come from )Tj 0.034 Tw 0 -1.333 Td (ports, with new demands likely to reach 7.99 million tons. Therefore, di\sparities between )Tj 0.05 Tc 0.07 Tw 0 -1.333 Td [(inland)12.2 ( regions)12.1 ( and)12.2 ( ports)12.1 ( may)12.2 ( exist)12.1 ( in)12.2 ( 2)12.1 (0)12.2 (2)12.1 (1)12.2 (.)12.1 ( Sales)12.1 ( in)12.2 ( northwestern)12.2 ( regions)12.2 ( will)12.2 ( grow)25 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.333 Td [(greatly,)7 ( )0.5 (but)7 ( )0.5 (the)7 ( )0.5 (contradiction)7 ( )0.5 (between)7 ( )0.5 (supply)7 ( )0.5 (and)7 ( )0.5 (demand)7 ( )0.5 (in)7 ( )0.5 (inland)7 ( )0.5 (market)7 ( )0.5 (will)7 ( )0.5 (further)7 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.333 Td (intensify. A tight balance between supply and demand is likely to occur \with a decrease )Tj 0.036 Tw 0 -1.333 Td (in supply and an increase in demand due to the indefinite shutdowns of s\ome facilities in )Tj 0.028 Tc 0.08 Tw 0 -1.333 Td [(foreign)3 ( )0.5 (countries.)3 ( )0.5 (The)3 ( )0.6 (overa)0.5 (ll)3 ( )0.5 (methanol)3 ( )0.5 (FOB)3 ( )0.5 (prices)3 ( )0.5 (are)3 ( )0.6 (estimated)3 ( )0.5 (to)3 ( )0.5 (remain)3 ( )0.5 (strong,)3 ( )0.5 (and)3 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (more methanol will flow from inland regions to ports.)Tj 0.037 Tw 0 -2.667 Td (To sum up, the global economy tends to recover in the first half of next\ year, the linkage )Tj 0.019 Tw 0 -1.333 Td (of crude oil may be enhanced, and the macro-level support for the methan\ol industry may )Tj 0.041 Tw 0 -1.333 Td [(be )0.5 (relatively )0.5 (obvious. )0.5 (However, )0.5 (Methanol )0.5 (supply )0.5 (will )0.6 (be )0.5 (relatively )0.5 (loose )0.5 (and )0.5 (the )0.5 (support )]TJ 0.039 Tc 0.07 Tw 0 -1.333 Td [(for)12.3 ( demand)12.3 ( will)12.3 ( be)12.3 ( relatively)12.3 ( insufficient.)12.3 ( So)12.3 ( although)12.3 ( the)12.3 ( overall)12.3 ( methanol)12.3 ( market)12.3 ( in)14 ( )]TJ 0.059 Tc 0 -1.333 Td [(China)12.7 ( in)12.7 ( 2)12.6 (0)12.7 (2)12.7 (1)12.6 ( should)12.6 ( be)12.7 ( better)12.7 ( than)12.7 ( that)12.6 ( in)12.7 ( 2)12.7 (0)12.7 (2)12.6 (0)12.7 (,)12.7 ( its)12.7 ( height)12.7 ( is)12.7 ( temporarily)12.7 ( limited.)34 ( )]TJ 0.057 Tc 0.069 Tw 0 -1.333 Td [(M)0.6 (e)0.5 (t)0.6 (h)0.5 (a)0.6 (n)0.5 (o)0.5 (l)13.1 ( p)0.6 (r)0.5 (i)0.6 (c)0.5 (e)0.6 (s)13 ( t)0.5 (e)0.6 (n)0.5 (d)13.1 ( t)0.6 (o)13 ( b)0.6 (e)13 ( w)0.5 (e)0.6 (a)0.6 (k)13 ( i)0.5 (n)13 ( t)0.5 (h)0.6 (e)13 ( f)0.5 (i)0.6 (r)0.5 (s)0.6 (t)13 ( h)0.6 (a)0.6 (l)0.5 (f)13 ( o)0.5 (f)13.1 ( n)0.6 (e)0.5 (x)0.6 (t)13 ( y)0.5 (e)0.6 (a)0.5 (r)0.6 (,)13 ( b)0.5 (u)0.6 (t)13 ( m)0.6 (a)0.5 (y)13.1 ( g)0.6 (o)13 ( u)0.5 (p)13 ( a)0.5 (m)0.6 (i)0.5 (d)32 ( )]TJ 0.025 Tc 0.068 Tw 0 -1.333 Td [(fluctuations in the )0.5 (second half )0.5 (because of )0.5 (the implementation of )0.5 (incentives like the )0.5 (14th )]TJ 0 Tw 0 -1.333 Td (Five-Year Plan and an increase in new downstream demands for methanol fu\els.)Tj /T1_1 1 Tf 0.042 Tc 0.07 Tw -1.89 -2.667 Td [(I)17 (I)17 (I)17 (.)]TJ /Span<>> BDC 1.517 0 Td ( )Tj EMC 0.373 0 Td [(The)12.6 ( downstream)12.6 ( demands)12.6 ( for)12.6 ( synthetic)12.6 ( ammonia)12.5 ( were)12.6 ( not)12.6 ( impressive)12.6 ( and)12.5 ( its)12.6 ( prices)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (fluctuated and moved lower in 2020)Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 0 -2.667 Td [(S)0.5 (yn)0.5 (t)0.5 (he)0.5 (t)0.5 (i)0.5 (c)13 ( a)0.5 (m)0.5 (m)0.5 (on)0.5 (i)0.5 (a)13 ( p)0.5 (r)0.5 (o)0.5 (du)0.5 (c)0.5 (t)0.5 (io)0.5 (n)13 ( )0.5 (in)13 ( )0.5 (Ch)0.5 (i)0.5 (n)0.5 (a)12.9 ( )0.5 (e)0.5 (d)0.5 (ge)0.5 (d)13 ( )0.5 (u)0.5 (p)12.9 ( )0.5 (1)13 (.)12.9 (9)13 (8)13 (%)13 ( y)0.5 (e)0.5 (a)0.5 (r)13 ( o)0.5 (n)13 ( y)0.5 (e)0.5 (a)0.5 (r)13 ( )0.5 (to)13 ( )0.5 (4)12.9 (9)13 (.)13 (4)13 (5)12.9 ( )0.5 (m)0.5 (il)0.5 (l)0.5 (io)0.5 (n)13 ( )]TJ 0.043 Tc 0 -1.333 Td [(tons)13 ( in)12.9 ( 2)13 (0)12.9 (2)12.9 (0)12.9 (,)12.9 ( a)0.5 (cco)0.5 (rding)12.9 ( )0.5 (to)12.9 ( st)0.5 (atisti)0.5 (cs)12.9 ( f)0.5 (rom)12.9 ( O)0.5 (ilche)0.5 (m.ne)0.5 (t.)12.9 ( Af)0.5 (fect)0.5 (ed)12.9 ( by)13 ( the)12.9 ( )0.5 (pande)0.5 (mic,)12.9 ( )0.5 (the)18 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.333 Td [(output)9 ( )0.5 (in)9 ( )0.5 (the)9 ( )0.5 (first)9 ( )0.5 (two)9 ( )0.5 (months)9 ( )0.5 (was)9 ( )0.5 (slightly)9 ( )0.5 (lower)9 ( )0.5 (than)9 ( )0.5 (that)9 ( )0.5 (over)9 ( )0.6 (the)9 ( )0.5 (same)9 ( )0.5 (period)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )]TJ 0.056 Tc 0.07 Tw 0 -1.333 Td [(previous)12.6 ( year.)12.6 ( The)12.6 ( figure)12.6 ( began)12.6 ( to)12.6 ( gradually)12.6 ( rise)12.6 ( after)12.6 ( March)12.7 ( due)12.6 ( to)12.6 ( resumption)12.6 ( of)31 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.333 Td (production. After the second quarter, synthetic ammonia output increased\ faster than that )Tj 0.016 Tw 0 -1.333 Td (over the same period of the previous year, and the growth rate was more \remarkable from )Tj 0.031 Tc 0.077 Tw 0 -1.333 Td [(September)6 ( )0.5 (to)6 ( )0.5 (December.)6 ( )0.5 (The)6 ( )0.5 (market)6 ( )0.6 (prices)6 ( )0.6 (of)6 ( )0.5 (synthetic)6.1 ( ammonia)6 ( )0.5 (averaged)6 ( )0.5 (RMB)6 (2)6 (,)6 (6)6 (2)6 (8)6 (/)]TJ 0.038 Tc 0.07 Tw 0 -1.333 Td [(ton)12.8 ( in)12.8 ( 2)12.8 (0)12.7 (2)12.8 (0)12.8 (,)12.7 ( a)12.8 ( year-on-year)12.8 ( decline)12.8 ( of)12.8 ( RMB)12.8 (3)12.8 (1)12.7 (9)12.8 (/ton)12.8 ( or)12.8 ( 1)12.7 (0)12.8 (.)12.8 (8)12.8 (%)12.7 ( from)12.8 ( the)12.8 ( previous)12.7 ( year\222s)13 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (RMB2,947/ton.)Tj 0.068 Tw 0 -2.667 Td (Synthetic ammonia prices slumped in the first quarter of 2020 due to the\ pandemic. The )Tj 0.023 Tc 0 Tw 0 -1.333 Td [(ex-factory prices began to go down in January, when the Spring Festival \was approaching.)-2 ( )]TJ 0.025 Tc 0.061 Tw 0 -1.333 Td (Due to the COVID-19 outbreak during the Spring Festival holiday in Febru\ary, factories )Tj 0.026 Tc 0.082 Tw 0 -1.333 Td [(postponed)1 ( )0.5 (production)1 ( )0.5 (and)1 ( )0.5 (transportation)1 ( )0.5 (was)1 ( )0.5 (strictly)1 ( )0.5 (controlled,)1 ( )0.5 (causing)1 ( )0.5 (a)1 ( )0.5 (sharp)1 ( )0.5 (drop)1 ( )0.5 (in)1 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.333 Td [(synthetic)2 ( )0.5 (ammonia)2 ( )0.5 (prices.)2 ( )0.5 (Companies)2 ( )0.5 (in)2 ( )0.5 (the)2 ( )0.5 (upstream)2 ( )0.5 (and)2 ( )0.5 (downstream)2 ( )0.5 (industries)2 ( )0.5 (began)2 ( )]TJ 0.051 Tc 0.07 Tw 0 -1.333 Td [(to)12.1 ( resume)12.1 ( production)12.1 ( in)12.1 ( late)12.2 ( March.)12.1 ( Benefitting)12.1 ( from)12.1 ( free)12.2 ( passage)12.1 ( on)12.1 ( highways)12.1 ( and)25.9 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.333 Td [(e)0.5 (xp)0.5 (re)0.5 (ss)0.5 (wa)0.5 (y)0.5 (s)8 ( )0.5 (an)0.5 (d)8 ( )0.5 (lo)0.5 (gi)0.5 (st)0.5 (ic)0.5 (s)8 ( )0.5 (r)0.5 (ec)0.5 (ov)0.5 (er)0.5 (y,)8.1 ( )0.5 (sy)0.5 (nt)0.5 (he)0.5 (ti)0.5 (c)8 ( )0.5 (am)0.5 (mo)0.5 (ni)0.5 (a)8 ( )0.5 (pr)0.5 (i)0.5 (ce)0.5 (s)8 ( )0.5 (bo)0.5 (un)0.5 (ce)0.5 (d)8 ( )0.5 (b)0.5 (ac)0.5 (k.)8 ( )0.5 (H)0.5 (ow)0.5 (e)0.5 (ve)0.5 (r,)8 ( )]TJ 0.025 Tc 0.051 Tw 0 -1.333 Td (its prices fell to the bottom in the second quarter of 2020. Companies i\n the downstream )Tj 0.04 Tc 0.07 Tw 0 -1.333 Td [(industries)12.3 ( saw)12.3 ( a)12.3 ( decline)12.3 ( in)12.3 ( facility)12.3 ( operation)12.3 ( rate)12.4 ( in)12.3 ( Q)12.3 (2)12.3 (,)12.3 ( the)12.3 ( slack)12.3 ( season)12.3 ( for)12.3 ( fertiliser)15 ( )]TJ 0.024 Tc 0 Tw 0 -1.333 Td [(application, and the market prices of synthetic ammonia continuously wen\t down in April.)-1 ( )]TJ ET endstreamendobj85 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 66 \226)Tj 0.007 Tw -16.876 58.583 Td (demands amid the pandemic, China\222s urea exports will be strong during\ the period, which )Tj 0.041 Tc 0.07 Tw 0 -1.333 Td [(will)12.2 ( give)12.2 ( a)12.2 ( boost)12.2 ( to)12.2 ( the)12.3 ( domestic)12.3 ( urea)12.2 ( market)12.2 ( where)12.2 ( the)12.3 ( demands)12.2 ( are)12.2 ( weak.)12.2 ( Attention)16 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.333 Td (needs to be paid on the demands in the international markets and the nat\ional commercial )Tj 0.047 Tc 0.07 Tw 0 -1.333 Td [(reserves)12.9 ( of)12.9 ( chemical)12.9 ( fertilisers)12.8 ( in)12.8 ( the)12.9 ( fourth)12.9 ( quarter)12.9 ( of)12.9 ( this)12.8 ( year.)12.9 ( The)12.9 ( urea)12.9 ( prices)12.9 ( are)22 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (expected to gain support, and the overall price range may stay at medium\ and high levels.)Tj /T1_1 1 Tf -1.89 -2.667 Td (II.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td (Methanol prices showed a downward trend in 2020 amid the pandemic)Tj /T1_0 1 Tf 0.082 Tc 0.07 Tw 0 -2.667 Td [(Affected)12.7 ( by)12.7 ( the)12.7 ( COVID-)12.7 (1)12.7 (9)12.7 ( pandemic,)12.7 ( methanol)12.7 ( prices)12.7 ( moved)12.7 ( downwards)12.7 ( amid)57 ( )]TJ 0.045 Tc 0 -1.333 Td [(fluctuations)12.3 ( in)12.3 ( the)12.3 ( first)12.3 ( three)12.3 ( quarters)12.3 ( of)12.3 ( 2)12.3 (0)12.4 (2)12.3 (0)12.3 (.)12.3 ( The)12.3 ( ex-factory)12.3 ( prices)12.3 ( in)12.4 ( southwestern)20 ( )]TJ 0.025 Tc 0.038 Tw 0 -1.333 Td (methanol-producing regions, northwestern regions and eastern regions fel\l to RMB1,450/)Tj 0.068 Tc 0.07 Tw 0 -1.333 Td [(ton,)12.8 ( RMB)12.7 (7)12.8 (5)12.8 (0)12.8 (-)12.8 (1)12.8 (,)12.8 (2)12.8 (0)12.8 (0)12.8 (/ton)12.8 ( and)12.8 ( RMB)12.8 (1)12.8 (,)12.8 (5)12.8 (0)12.8 (0)12.7 (/ton,)12.8 ( respectively,)12.8 ( all)12.8 ( touching)12.7 ( a)12.9 ( new)12.9 ( low.)43 ( )]TJ 0.025 Tc 0.029 Tw 0 -1.333 Td (Statistics from Oilchem.net showed that the ex-factory prices of methano\l in Sichuan and )Tj 0.072 Tw 0 -1.333 Td (Chongqing averaged RMB1,769/ton in 2020, a year-on-year decrease of RMB3\48/ton or )Tj 0.024 Tw 0 -1.333 Td (16.47%. The full-year production capacity in China totalled 93.47 millio\n tons, up 7.03% )Tj 0.063 Tc 0.07 Tw 0 -1.333 Td [(from)12.8 ( the)12.9 ( previous)12.8 ( year,)12.8 ( while)12.9 ( overseas)12.9 ( capacity)12.8 ( rose)12.8 ( 4)12.8 (.)12.8 (8)12.8 (8)12.8 (%)12.8 ( to)12.9 ( 6)12.8 (9)12.8 (.)12.8 (0)12.8 (3)12.8 ( million)12.8 ( tons.)37.9 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.333 Td (Methanol industry\222s profits were redistributed due to downward price \movements. Except )Tj 0.024 Tc 0 Tw 0 -1.333 Td [(that producers of olefins, as a new downstream product, made a high prof\it, the traditional)-1 ( )]TJ 0.048 Tc 0.07 Tw 0 -1.333 Td [(downstream)12.1 ( products,)12 ( including)12.1 ( formaldehyde,)12.1 ( acetic)12 ( acid)12 ( and)12 ( dimethyl)12.1 ( ether,)12.1 ( faced)23 ( )]TJ 0.038 Tc 0 -1.333 Td [(meager)12.1 ( profits)12.1 ( or)12.1 ( even)12.1 ( incurred)12.1 ( losses.)12.1 ( Prices)12.1 ( of)12.1 ( methanol,)12.1 ( an)12.1 ( upstream)12.1 ( product,)12.1 ( were)13 ( )]TJ 0.05 Tc 0 -1.333 Td [(m)0.5 (a)0.5 (i)0.5 (n)0.5 (l)0.5 (y)13 ( b)0.5 (e)0.5 (l)0.5 (o)0.5 (w)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (s)0.5 (t)13 ( )0.5 (l)0.5 (i)0.5 (n)0.5 (e)0.5 (.)13 ( D)0.6 (ue)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (i)0.5 (n)0.5 (c)0.5 (r)0.5 (e)0.5 (a)0.5 (s)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (s)0.5 (ev)0.6 (e)0.5 (ri)0.6 (ty)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (e)0.5 (p)0.5 (i)0.5 (d)0.5 (e)0.5 (mi)0.5 (c)13 ( )0.5 (o)0.5 (v)0.5 (e)0.5 (r)0.5 (s)0.5 (e)0.5 (a)0.5 (s)0.5 (,)25 ( )]TJ 0.048 Tc 0 -1.333 Td [(overseas)12.6 ( methanol)12.6 ( demands)12.7 ( shrank)12.6 ( dramatically,)12.6 ( and)12.7 ( more)12.7 ( methanol)12.7 ( flowed)12.6 ( into)12.7 ( the)23 ( )]TJ 0.025 Tc 0.024 Tw 0 -1.333 Td (domestic market, leading to continuous new highs of methanol imports in \2020. The total )Tj 0.06 Tw 0 -1.333 Td (imports in the year may exceed 12 million tons. However, with a surge in\ imports, there )Tj 0.068 Tc 0.07 Tw 0 -1.333 Td [(was)12.8 ( an)12.8 ( obvious)12.8 ( difference)12.8 ( between)12.8 ( methanol)12.8 ( imported)12.8 ( from)12.8 ( Iran)12.7 ( and)12.8 ( non-Iranian)43 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.333 Td (methanol. That is to say, there was much Iranian methanol and the price \was low, while )Tj 0.028 Tc 0.08 Tw 0 -1.333 Td [(non-Iranian)3 ( )0.5 (methanol)3 ( )0.5 (was)3 ( )0.5 (small)3 ( )0.5 (in)3 ( )0.5 (quantity)3 ( )0.5 (but)3 ( )0.5 (was)3 ( )0.6 (priced)3 ( )0.5 (high.)2.9 ( )0.6 (The)3 ( )0.5 (buying)3 ( )0.5 (prices)3 ( )0.5 (and)3 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.333 Td [(selling)12.8 ( prices)12.8 ( were)12.8 ( basically)12.7 ( flat.)12.7 ( In)12.8 ( the)12.7 ( meantime,)12.7 ( the)12.8 ( increase)12.8 ( in)12.8 ( imports)12.8 ( pushed)12.7 ( up)19 ( )]TJ 0.053 Tc 0 -1.333 Td [(methanol)12.3 ( inventories)12.3 ( in)12.3 ( eastern)12.3 ( and)12.3 ( southern)12.3 ( ports.)12.3 ( High)12.4 ( inventory)12.4 ( and)12.3 ( low)12.3 ( storage)27.9 ( )]TJ 0.044 Tc 0 -1.333 Td [(capacity)12.8 ( became)12.8 ( normal.)12.8 ( Since)12.9 ( the)12.9 ( beginning)12.9 ( of)12.9 ( the)12.8 ( fourth)12.9 ( quarter)12.9 ( of)12.8 ( 2)12.8 (0)12.9 (2)12.9 (0)12.8 (,)12.9 ( methanol)19 ( )]TJ 0.063 Tc 0 -1.333 Td [(prices)12.2 ( in)12.2 ( Mainland)12.2 ( have)12.2 ( rebounded)12.2 ( thanks)12.3 ( to)12.2 ( the)12.3 ( commencement)12.2 ( of)12.2 ( high-standard)38 ( )]TJ 0.041 Tc 0 -1.333 Td [(production)12.8 ( in)12.8 ( olefin)12.7 ( facilities,)12.7 ( centralised)12.7 ( outsourcing)12.8 ( of)12.7 ( the)12.7 ( raw)12.7 ( material)12.7 ( for)12.8 ( coal-to-)]TJ 0.025 Tc 0.004 Tw 0 -1.333 Td (olefins \(CTO\) process in northwestern China, gas price increases/gas u\sage limits, as well )Tj 0.046 Tc 0.07 Tw 0 -1.333 Td [(as)12.2 ( restrictions)12.3 ( on)12.3 ( production)12.2 ( in)12.2 ( methanol-producing)12.2 ( regions,)12.2 ( and)12.3 ( hit)12.2 ( the)12.3 ( year)12.3 ( high)12.2 ( in)21 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (December.)Tj 0.062 Tc 0.07 Tw 0 -2.667 Td [(With)12.1 ( the)12.2 ( gradual)12.2 ( weakening)12.2 ( of)12.2 ( the)12.2 ( bearish)12.1 ( factor,)12.1 ( COVID-)12.2 (1)12.1 (9)12.2 ( outbreak,)12.2 ( the)12.1 ( global)37 ( )]TJ 0.041 Tc 0 -1.333 Td [(spending)12.5 ( is)12.4 ( expected)12.4 ( to)12.5 ( rise)12.4 ( gradually)12.4 ( in)12.5 ( 2)12.5 (0)12.4 (2)12.5 (1)12.4 (,)12.5 ( which)12.5 ( may)12.5 ( support)12.5 ( methanol)12.4 ( prices)12.4 ( in)16 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.333 Td [(moving)11 ( )0.5 (upwards.)11 ( )0.5 (From)11 ( )0.5 (the)11 ( )0.5 (perspective)11 ( )0.5 (of)11 ( )0.6 (methanol)11 ( )0.5 (fundamentals,)11 ( )0.5 (both)11 ( )0.5 (the)11 ( )0.5 (supply)11 ( )0.5 (and)11 ( )]TJ 0.025 Tc 0.005 Tw 0 -1.333 Td (demand of methanol will increase in 2021. The supply side will be mostly\ concentrated in )Tj 0.066 Tc 0.07 Tw 0 -1.333 Td [(inland)12.2 ( China,)12.2 ( such)12.2 ( as)12.2 ( northwestern)12.2 ( and)12.3 ( southern)12.3 ( parts,)12.2 ( in)12.2 ( which)12.2 ( the)12.2 ( newly-added)41 ( )]TJ ET endstreamendobj42 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj43 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj44 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj45 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj46 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj94 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 65 \226)Tj 0.033 Tc 0.075 Tw -16.876 58.583 Td [(greatly,)8 ( )0.5 (boosting)8 ( )0.5 (a)8 ( )0.5 (constant)8 ( )0.5 (price)8 ( )0.5 (markup.)8 ( )0.5 (Urea)8 ( )0.5 (prices)8 ( )0.5 (kept)8.1 ( going)8 ( )0.5 (up)8 ( )0.5 (until)8 ( )0.5 (late)8 ( )0.5 (August.)7.9 ( )]TJ 0.071 Tc 0.07 Tw 0 -1.333 Td [(With)12.3 ( weakened)12.4 ( import)12.4 ( demand)12.4 ( in)12.4 ( India,)12.4 ( the)12.4 ( domestic)12.4 ( urea)12.4 ( prices)12.4 ( began)12.3 ( to)12.4 ( move)46 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.333 Td [(d)0.5 (o)0.5 (w)0.5 (n)0.5 (w)0.5 (a)0.5 (r)0.5 (d)0.5 (s)0.5 (.)9 ( )0.5 (T)0.5 (h)0.5 (e)9 ( )0.5 (e)0.5 (n)0.5 (d)9 ( )0.5 (o)0.5 (f)9 ( )0.5 (O)0.5 (c)0.6 (t)0.5 (o)0.5 (be)0.5 (r)9.1 ( )0.5 (s)0.5 (a)0.5 (w)9 ( )0.5 (t)0.5 (h)0.5 (e)9 ( )0.5 (t)0.5 (h)0.5 (i)0.5 (r)0.5 (d)9 ( )0.5 (r)0.5 (o)0.5 (u)0.5 (n)0.5 (d)9 ( )0.5 (o)0.5 (f)9 ( )0.5 (g)0.5 (r)0.5 (o)0.5 (w)0.5 (t)0.5 (h)0.5 (,)9 ( )0.5 (d)0.5 (r)0.5 (i)0.5 (v)0.5 (e)0.5 (n)9 ( )0.5 (a)0.5 (g)0.5 (a)0.5 (i)0.5 (n)9 ( )0.5 (b)0.5 (y)9 ( )0.5 (I)0.5 (n)0.5 (d)0.5 (i)0.5 (a)0.5 (n)9 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.333 Td [(tenders, )0.5 (the )0.5 (steady demands )0.5 (in )0.5 (China\222s )0.5 (industrial )0.5 (market )0.5 (and )0.5 (purchases )0.5 (by )0.5 (some traders )]TJ 0.039 Tw 0 -1.333 Td (responsible for the state\222s reserves. In addition, production restric\tions for environmental )Tj 0.03 Tw 0 -1.333 Td (clean-up in major urea-producing regions also added fuels to the price i\ncrease. The total )Tj 0.044 Tc 0.07 Tw 0 -1.333 Td [(urea)12.7 ( output)12.7 ( stood)12.7 ( at)12.8 ( around)12.8 ( 5)12.7 (4)12.7 (.)12.7 (3)12.7 (2)12.7 ( million)12.7 ( tons)12.7 ( in)12.7 ( 2)12.7 (0)12.7 (2)12.7 (0)12.7 (,)12.8 ( a)12.7 ( year-on-year)12.7 ( rise)12.7 ( of)12.7 ( around)19 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.333 Td (3.78%, compared with the output in 2019. The main reason for the year-on\-year increase )Tj 0.064 Tc 0.07 Tw 0 -1.333 Td [(i)0.5 (n)12.9 ( u)0.5 (re)0.5 (a)13 ( pr)0.5 (od)0.5 (uc)0.5 (ti)0.5 (on)13 ( i)0.5 (s)12.9 ( )0.5 (th)0.5 (at)13 ( t)0.5 (he)13 ( g)0.5 (ov)0.5 (er)0.5 (nm)0.5 (en)0.5 (t)12.9 ( )0.5 (at)0.5 (ta)0.5 (ch)0.5 (ed)13 ( i)0.5 (mp)0.5 (or)0.5 (ta)0.5 (nc)0.5 (e)12.9 ( )0.5 (to)13 ( g)0.5 (ra)0.5 (in)13 ( s)0.5 (af)0.5 (e)0.5 (ty)12.9 ( )0.5 (a)0.5 (nd)39 ( )]TJ 0.025 Tc 0.038 Tw 0 -1.333 Td (increased the supply of chemical fertilisers and other agricultural raw \materials, ensuring )Tj 0.055 Tc 0.07 Tw 0 -1.333 Td [(t)0.5 (he)13 ( )0.5 (p)0.5 (r)0.5 (od)0.5 (u)0.5 (c)0.5 (t)0.5 (io)0.5 (n)13 ( )0.5 (of)13 ( )0.5 (c)0.5 (h)0.5 (em)0.5 (i)0.5 (c)0.5 (a)0.5 (l)13 ( f)0.5 (e)0.5 (r)0.5 (t)0.5 (il)0.5 (i)0.5 (s)0.5 (e)0.5 (r)12.9 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (du)0.5 (c)0.5 (e)0.5 (r)0.5 (s.)13 ( )0.5 (E)0.5 (s)0.5 (pe)0.5 (c)0.5 (i)0.5 (a)0.5 (l)0.5 (ly)13 ( )0.5 (i)0.5 (n)12.9 ( )0.5 (t)0.5 (h)0.5 (e)13 ( f)0.5 (i)0.5 (r)0.5 (s)0.5 (t)12.9 ( )0.5 (h)0.5 (a)0.5 (l)0.5 (f)12.9 ( )0.5 (o)0.5 (f)13 ( 2)13 (0)13 (2)13 (0)13 (,)29.9 ( )]TJ 0.025 Tc 0.043 Tw 0 -1.333 Td (production restrictions for environmental clean-up and limits on natural\ gas supply had a )Tj 0.046 Tw 0 -1.333 Td (weaker impact on urea producers than in 2019. According to statistics fr\om Anyunsi, the )Tj 0.045 Tc 0.07 Tw 0 -1.333 Td [(ex-f)0.5 (acto)0.5 (ry)12.9 ( pric)0.5 (es)12.9 ( of)13 ( urea)13 ( aver)0.5 (aged)12.9 ( )0.5 (RMB)12.9 (1)12.9 (,)12.9 (6)13 (7)12.9 (8)12.9 (/ton)12.9 ( in)13 ( 2)12.9 (0)12.9 (2)12.9 (0)12.9 (,)12.9 ( )0.5 (while)12.9 ( )0.5 (the)12.9 ( a)0.5 (verag)0.5 (e)12.9 ( pric)0.5 (e)12.9 ( in)20 ( )]TJ 0.025 Tc 0.041 Tw 0 -1.333 Td (major urea-producing regions dropped by RMB164/ton year on year from RMB\1,842/ton )Tj 0 Tw 0 -1.333 Td (in 2019.)Tj 0.033 Tw 0 -2.667 Td (The urea output in 2021 is expected to increase from 2020, with an addit\ional production )Tj 0.035 Tw 0 -1.333 Td (capacity of 5.84 million tons to be available. In terms of agricultural \demands, a surge in )Tj 0.039 Tc 0.07 Tw 0 -1.333 Td [(domestic)12.4 ( grain)12.4 ( prices)12.4 ( in)12.4 ( 2)12.3 (0)12.4 (2)12.4 (0)12.4 ( will)12.4 ( raise)12.5 ( farmers\222)12.4 ( enthusiasm)12.4 ( to)12.3 ( grow)12.4 ( grain.)12.4 ( Farms)12.4 ( are)14 ( )]TJ 0.025 Tc 0.042 Tw 0 -1.333 Td (expected to spend more buying chemical fertilisers in 2021. As far as in\dustrial demands )Tj 0.06 Tc 0.07 Tw 0 -1.333 Td [(concerned,)12.7 ( as)12.7 ( the)12.8 ( pandemic)12.8 ( has)12.7 ( been)12.7 ( effectively)12.7 ( controlled)12.7 ( in)12.7 ( China,)12.8 ( the)12.7 ( domestic)35 ( )]TJ 0.059 Tc 0 -1.333 Td [(industrial)12.5 ( urea)12.6 ( demands)12.6 ( may)12.5 ( grow)12.6 ( in)12.5 ( 2)12.6 (0)12.5 (2)12.5 (1)12.5 (,)12.5 ( coupled)12.5 ( with)12.6 ( a)12.5 ( potential)12.5 ( turnaround)12.5 ( of)34 ( )]TJ 0.053 Tc 0 -1.333 Td [(tripolycyanamide,)12.5 ( plywood)12.4 ( and)12.4 ( other)12.5 ( downstream)12.4 ( industries.)12.5 ( Due)12.4 ( to)12.5 ( the)12.4 ( COVID-)12.4 (1)12.5 (9)28 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.333 Td [(pandemic,)5 ( )0.5 (countries,)5 ( )0.5 (including)5 ( )0.5 (the)5 ( )0.5 (United)5 ( )0.5 (States,)5 ( )0.5 (India,)5 ( )0.5 (Russia)5 ( )0.5 (and)5 ( )0.5 (Canada,)5 ( )0.5 (have)5 ( )0.5 (listed)5 ( )]TJ 0.023 Tc 0 Tw 0 -1.333 Td [(chemical fertilisers as basic and necessary supplies, and global urea de\mands will increase)-2 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.333 Td (more than expected. Growth in global urea demands in 2021 will help boos\t China\222s urea )Tj 0 Tw 0 -1.333 Td (exports, which are expected to rise year on year.)Tj 0.036 Tw 0 -2.667 Td (In the first quarter of 2021, the domestic urea demands will mainly come\ from the use of )Tj 0.059 Tc 0.07 Tw 0 -1.333 Td [(fertilisers)12.2 ( in)12.1 ( spring)12.2 ( and)12.2 ( the)12.1 ( procurement)12.2 ( of)12.2 ( compound)12.2 ( fertilisers.)12.1 ( Furthermore,)12.2 ( the)34 ( )]TJ 0.06 Tc 0 -1.333 Td [(national)12.1 ( commercial)12.1 ( reserves)12.1 ( of)12.2 ( chemical)12.2 ( fertilisers)12.1 ( will)12.1 ( continue.)12.1 ( Urea)12.1 ( prices)12.1 ( are)35 ( )]TJ 0.025 Tc 0.048 Tw 0 -1.333 Td (expected to stay at a high level in the first quarter. The peak producti\on season for high-)Tj 0.033 Tw 0 -1.333 Td (nitrogen compound fertilisers will give a support to the urea demands in\ the early second )Tj 0.016 Tw 0 -1.333 Td (quarter of 2021, but urea from the national commercial reserves will be \put on the market )Tj 0.024 Tc 0 Tw 0 -1.333 Td [(in the later stage, which will have an impact on the market price. In ad\dition, the domestic)-1 ( )]TJ 0.025 Tc 0.05 Tw 0 -1.333 Td (urea output is expected to go up significantly in the second quarter, th\e release of winter )Tj 0 Tw 0 -1.333 Td (fertiliser reserves and new production capacity will further increase th\e supply pressure in )Tj 0.072 Tw 0 -1.333 Td (the domestic market. The urea prices are expected to be on a downward mo\vement. The )Tj 0.057 Tw 0 -1.333 Td (domestic urea prices in the third quarter of 2021 will mainly depend on \the international )Tj 0.032 Tc 0.076 Tw 0 -1.333 Td [(markets)7 ( )0.5 (and)6.9 ( )0.5 (Indian)7 ( )0.5 (tenders.)7 ( )0.5 (Due)7 ( )0.5 (to)7 ( )0.5 (expectations)7 ( )0.5 (of)7 ( )0.5 (growth)7 ( )0.5 (in)7 ( )0.5 (global)7 ( )0.5 (chemical)7 ( )0.5 (fertiliser)7 ( )]TJ ET endstreamendobj93 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 64 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (CHAIRMAN\222S STATEMENT)Tj 0 -2.667 Td (TO SHAREHOLDERS)Tj /T1_0 1 Tf 0.054 Tc 0.07 Tw 0 -2.667 Td [(In)12.4 ( 2)12.3 (0)12.4 (2)12.3 (0)12.3 (,)12.4 ( the)12.3 ( Group)12.3 ( and)12.3 ( its)12.3 ( subsidiaries,)12.4 ( which)12.3 ( adhered)12.3 ( to)12.3 ( the)12.4 ( development)12.3 ( strategy)12.4 ( and)29 ( )]TJ 0.049 Tc 0 -1.333 Td [(w)0.5 (orki)0.5 (ng)12.9 ( p)0.5 (lan)13 ( of)13 ( fo)0.5 (cus)0.5 (ing)12.9 ( )0.5 (on)12.9 ( b)0.5 (ene)0.5 (fit)0.5 (s)12.9 ( a)0.5 (nd)12.9 ( )0.5 (cha)0.5 (ngin)0.5 (g)12.9 ( m)0.5 (ana)0.5 (gem)0.5 (ent)13 ( mod)0.5 (el,)13 ( ove)0.5 (rh)0.5 (aule)0.5 (d)12.9 ( t)0.5 (hei)0.5 (r)24 ( )]TJ 0.047 Tc 0 -1.333 Td [(performance)12.8 ( appraisal)12.7 ( program,)12.7 ( added)12.7 ( a)12.8 ( leaders\222)12.8 ( assessment)12.8 ( scheme,)12.7 ( and)12.7 ( introduced)12.8 ( and)21.9 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.333 Td [(carried)6 ( )0.5 (out)6 ( )0.5 (a)6 ( )0.5 (series)6 ( )0.5 (of)6.1 ( )0.5 (incentive)6 ( )0.5 (policies,)6 ( )0.5 (which)6 ( )0.5 (enhanced)6 ( )0.5 (their)6 ( )0.5 (innovative)6 ( )0.5 (development)6 ( )0.5 (and)6 ( )]TJ 0.025 Tc 0.014 Tw 0 -1.333 Td (greatly lifted their management level. No major safety and environmental\ incidents took place )Tj 0.029 Tc 0.079 Tw 0 -1.333 Td [(throughout)4 ( )0.5 (the)4 ( )0.5 (year.)4 ( )0.5 (Total)4 ( )0.6 (output,)4 ( )0.5 (average)4 ( )0.5 (daily)4 ( )0.5 (output,)4 ( )0.5 (consumption)4 ( )0.5 (and)4 ( )0.5 (operation)4 ( )0.5 (days)4 ( )0.5 (all)4 ( )]TJ 0.025 Tc 0.066 Tw 0 -1.333 Td (hit a record high. Guang\222an Ko Yo Chemical Industry\222s synthetic am\monia facility had even )Tj 0.036 Tc 0.072 Tw 0 -1.333 Td [(been)11 ( )0.5 (operating)11 ( )0.5 (for)10.9 ( )0.5 (3)11 (2)11 (9)11 ( )0.5 (straight)11 ( )0.5 (days,)11 ( )0.5 (achieving)11 ( )0.5 (a)11 ( )0.5 (historical)11 ( )0.5 (record.)11 ( )0.5 (In)11 ( )0.5 (2)11 (0)11 (2)11 (0)11 (,)11 ( )0.5 (the)11 ( )0.5 (sales)11 ( )0.5 (work)11 ( )]TJ 0.025 Tc 0.015 Tw 0 -1.333 Td [(withstood )0.5 (the )0.5 (impact )0.6 (of )0.5 (the )0.5 (COVID-19 )0.5 (epidemic, )0.5 (and )0.6 (there )0.5 (was )0.6 (a )0.5 (balance )0.6 (between )0.5 (production )]TJ 0.078 Tc 0.07 Tw 0 -1.333 Td [(and)12.5 ( sales.)12.4 ( The)12.4 ( Group)12.4 ( introduced)12.4 ( a)12.4 ( competition)12.4 ( mechanism,)12.5 ( with)12.4 ( which)12.4 ( sales)12.4 ( prices)53 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (remarkably increased and its sales team learned a lot.)Tj 0.071 Tw 0 -2.667 Td (Although it made certain achievements last year, product prices dramatic\ally went down and )Tj 0.056 Tc 0.069 Tw 0 -1.333 Td [(p)0.5 (r)0.5 (o)0.5 (du)0.5 (c)0.5 (t)0.5 (i)0.5 (on)13 ( f)0.5 (a)0.5 (i)0.5 (le)0.5 (d)13 ( t)0.5 (o)13 ( )-0.6 (c)0.5 (o)0.5 (n)0.5 (t)0.5 (in)0.5 (u)0.5 (e)13 ( f)0.5 (or)13 ( a)13 ( l)0.5 (on)0.5 (g)13 ( p)0.5 (e)0.5 (ri)0.5 (o)0.5 (d)0.5 (.)13 ( )-0.6 (T)0.5 (h)0.5 (u)0.5 (s)13 ( )-0.6 (t)0.5 (h)0.5 (e)13 ( a)0.5 (c)0.5 (t)0.5 (ua)0.5 (l)13 ( o)0.5 (p)0.5 (er)0.5 (a)0.5 (t)0.5 (i)0.5 (on)0.5 (s)13 ( f)0.5 (e)0.5 (l)0.5 (l)12.9 ( s)0.5 (h)0.5 (o)0.5 (r)0.5 (t)12.9 ( o)0.5 (f)31 ( )]TJ 0.025 Tc 0.008 Tw 0 -1.333 Td (expectations. In view of the Group\222s financial results in the year un\der review, the Board does )Tj 0.038 Tc 0.07 Tw 0 -1.333 Td [(not)12.2 ( recommend)12.2 ( any)12.2 ( final)12.2 ( dividend)12.2 ( for)12.2 ( the)12.2 ( year)12.2 ( ended)12.2 ( 3)12.2 (1)12.2 ( December,)12.2 ( 2)12.2 (0)12.1 (2)12.2 (0)12.2 (.)12.2 ( During)12.2 ( the)12.2 ( year)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (ended 31 December, 2020, the Group did not declare any dividends \(2020:\ nil\).)Tj /T1_1 1 Tf -0.025 Tw 0 -2.667 Td (OUTLOOK)Tj 0 Tw 0 -2.667 Td (Industry Review and Outlook)Tj /T1_2 1 Tf 0.04 Tw 0 -2.667 Td (I.)Tj /Span<>> BDC ( )Tj EMC 1.89 0 Td [(Urea production capacity increased, industrial demand )0.5 (weakened, and prices remained )]TJ 0 Tw 0 -1.333 Td (weak in 2020)Tj /T1_0 1 Tf 0 -2.667 Td (The urea market in China was divided into two stages in 2020. Urea price\s during the first )Tj 0.037 Tc 0.071 Tw 0 -1.333 Td [(n)0.5 (i)0.6 (n)0.5 (e)12 ( )0.5 (m)0.5 (o)0.6 (n)0.5 (t)0.5 (h)0.6 (s)12 ( )0.5 (o)0.5 (f)12 ( )0.5 (2)12 (0)12 (2)12 (0)12 ( )0.5 (w)0.6 (e)0.5 (r)0.6 (e)12 ( )0.5 (l)0.5 (o)0.5 (w)0.6 (e)0.5 (r)12.1 ( )0.5 (t)0.5 (h)0.5 (a)0.6 (n)12 ( )0.5 (t)0.5 (h)0.5 (o)0.6 (s)0.5 (e)12 ( )0.5 (o)0.6 (v)0.5 (e)0.5 (r)12 ( )0.5 (t)0.6 (h)0.5 (e)12 ( )0.5 (s)0.6 (a)0.5 (m)0.5 (e)12.1 ( )0.5 (p)0.5 (e)0.5 (r)0.6 (i)0.5 (o)0.5 (d)12 ( )0.5 (o)0.6 (f)12 ( )0.5 (t)0.5 (h)0.5 (e)12.1 ( )0.5 (p)0.5 (r)0.5 (e)0.6 (v)0.5 (i)0.6 (o)0.5 (u)0.5 (s)12 ( )0.5 (y)0.6 (e)0.5 (a)0.5 (r)0.6 (.)12 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.333 Td [(However,)12.6 ( the)12.7 ( domestic)12.6 ( average)12.6 ( ex-factory)12.6 ( price)12.6 ( of)12.6 ( urea)12.6 ( in)12.6 ( the)12.7 ( following)12.6 ( three)12.7 ( months)14 ( )]TJ 0.038 Tc 0 -1.333 Td [(topped)12.2 ( the)12.2 ( value)12.2 ( over)12.1 ( the)12.2 ( same)12.2 ( period)12.2 ( of)12.2 ( the)12.2 ( previous)12.2 ( year)12.1 ( and)12.2 ( stayed)12.2 ( higher)12.2 ( than)12.2 ( the)13 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.333 Td [(price)8 ( )0.5 (range)8.1 ( )0.5 (over)8 ( )0.5 (the)8 ( )0.5 (same)8.1 ( )0.5 (period.)8.1 ( )0.5 (Domestic)8 ( )0.5 (urea)8 ( )0.5 (prices)8 ( )0.5 (saw)8 ( )0.5 (three)8 ( )0.5 (rounds)8 ( )0.5 (of)8 ( )0.5 (significant)8 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.333 Td [(rise)12.2 ( last)12.2 ( year.)12.3 ( The)12.2 ( first)12.2 ( round)12.2 ( of)12.2 ( significant)12.2 ( growth)12.2 ( occurred)12.2 ( in)12.3 ( late)12.2 ( February,)12.2 ( mainly)18 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.333 Td [(driven)3 ( )0.5 (by)3 ( )0.5 (an)3 ( )0.5 (increase)3 ( )0.5 (in)3 ( )0.5 (the)3 ( )0.5 (demand)3 ( )0.5 (for)3 ( )0.5 (nitrogen)2.9 ( )0.6 (fertilisers)3 ( )0.5 (for)3.1 ( )0.5 (spring)3 ( )0.5 (wheat)3.1 ( production)3 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.333 Td [(and)12.4 ( replenishment)12.5 ( of)12.4 ( compound)12.4 ( fertiliser)12.5 ( plants.)12.4 ( However,)12.4 ( due)12.5 ( to)12.5 ( the)12.4 ( pandemic,)12.4 ( the)24 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.333 Td [(government)1 ( )0.5 (released)0.9 ( )0.6 (policies)1 ( )0.5 (to)1 ( )0.5 (encourage)1 ( )0.5 (urea)1 ( )0.5 (producers)1 ( )0.5 (to)1 ( )0.5 (produce)1 ( )0.5 (the)1 ( )0.5 (compound.)1 ( )0.5 (So)1 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.333 Td [(supply)12.7 ( began)12.7 ( to)12.7 ( grow)12.7 ( significantly,)12.7 ( and)12.7 ( prices)12.7 ( moved)12.7 ( in)12.7 ( a)12.7 ( descending)12.7 ( channel)12.7 ( after)12.7 ( a)17 ( )]TJ 0.025 Tc 0.055 Tw 0 -1.333 Td (short-term surge. The second round of rise appeared in early August. Lar\gely because of )Tj 0.036 Tc 0.072 Tw 0 -1.333 Td [(India\222s)11 ( )0.5 (continuous)11 ( )0.5 (and)11 ( )0.5 (urgent)11 ( )0.5 (procurement)11 ( )0.5 (via)11 ( )0.5 (tenders,)11 ( )0.5 (China\222s)11 ( )0.5 (urea)11 ( )0.5 (exports)11 ( )0.5 (improved)11 ( )]TJ ET endstreamendobj92 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 63 \226)Tj 0.053 Tc 0.07 Tw -18.766 58.583 Td [(The)12.5 ( consolidated)12.5 ( financial)12.5 ( statements)12.6 ( have)12.5 ( been)12.5 ( prepared)12.5 ( on)12.4 ( a)12.5 ( going)12.5 ( concern)12.6 ( basis,)12.5 ( the)28 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.333 Td [(val)0.5 (idity)4 ( )0.5 (of)4.1 ( w)0.5 (hich)4.1 ( )0.5 (depend)0.5 (s)4 ( )0.5 (upon)4 ( )0.5 (th)0.5 (e)4 ( )0.5 (succ)0.5 (ess)0.5 (ful)4 ( )0.5 (outc)0.5 (ome)4 ( )0.5 (tha)0.5 (t)4 ( )0.5 (cer)0.5 (tain)4 ( )0.5 (me)0.5 (asur)0.5 (es)4 ( )0.5 (to)4 ( )0.5 (im)0.5 (prove)4 ( )0.5 (i)0.5 (ts)4 ( )]TJ 0.025 Tc 0 -1.333 Td [(financial position, )0.5 (to provide liquidity and cash )0.5 (flows. The )0.5 (consolidated financial )0.5 (statements )]TJ 0.043 Tc 0.07 Tw 0 -1.333 Td [(do)12.2 ( not)12.2 ( include)12.2 ( any)12.1 ( adjustments)12.2 ( that)12.2 ( would)12.2 ( result)12.1 ( from)12.1 ( the)12.2 ( failure)12.2 ( to)12.2 ( improve)12.2 ( its)12.2 ( financial)18 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.333 Td [(position,)9 ( )0.5 (to)9 ( )0.5 (provide)9 ( )0.5 (liquidity)9 ( )0.5 (and)9 ( )0.5 (cash)9 ( )0.5 (flows.)9 ( )0.5 (We)9 ( )0.5 (consider)9 ( )0.5 (that)9 ( )0.5 (the)9 ( )0.5 (material)9 ( )0.5 (uncertainty)9 ( )0.5 (has)9 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.333 Td [(been)4 ( )0.5 (adequately)4 ( )0.5 (disclosed)4 ( )0.6 (in)4 ( )0.6 (the)4.1 ( )0.5 (consolidated)4 ( )0.5 (financial)4 ( )0.5 (statements.)4 ( )0.5 (However,)4 ( )0.5 (in)4 ( )0.5 (view)4 ( )0.6 (of)4.1 ( )0.5 (the)4 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.333 Td (extent of the uncertainty relating to the successful outcome that certai\n measures to improve )Tj 0.066 Tw 0 -1.333 Td (its financial position, to provide liquidity and cash flows, we disclaim\ our opinion in respect )Tj 0 Tw 0 -1.333 Td (of the material uncertainty relating to the going concern basis.)Tj /T1_1 1 Tf 0.061 Tc 0.07 Tw 0 -2.667 Td [(RESPONSIBILITIES)12.7 ( OF)12.7 ( DIRECTORS)12.8 ( FOR)12.7 ( THE)12.7 ( CONSOLIDATED)12.8 ( FINANCIAL)36 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.333 Td (STATEMENTS)Tj /T1_0 1 Tf 0.059 Tw 0 -2.667 Td (The directors are responsible for the preparation of the consolidated fi\nancial statements that )Tj 0.018 Tw 0 -1.333 Td (give a true and fair view in accordance with Hong Kong Financial Reporti\ng Standards issued )Tj 0.068 Tc 0.07 Tw 0 -1.333 Td [(by)12.8 ( the)12.8 ( Hong)12.7 ( Kong)12.8 ( Institute)12.7 ( of)12.8 ( Certified)12.8 ( Public)12.8 ( Accountants)12.8 ( \(the)12.8 ( \223HKICPA\224\))12.7 ( and)12.8 ( the)43.1 ( )]TJ 0.024 Tc 0 Tw 0 -1.333 Td [(disclosure requirements of the Hong Kong Companies Ordinance, and for su\ch internal control)-1 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.333 Td [(as)12.2 ( the)12.2 ( directors)12.2 ( determine)12.2 ( is)12.2 ( necessary)12.2 ( to)12.2 ( enable)12.2 ( the)12.2 ( preparation)12.2 ( of)12.2 ( consolidated)12.1 ( financial)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (statements that are free from material misstatement, whether due to frau\d or error.)Tj 0.069 Tw 0 -2.667 Td (In preparing the consolidated financial statements, the directors are re\sponsible for assessing )Tj 0.005 Tw 0 -1.333 Td (the Group\222s ability to continue as a going concern, disclosing, as ap\plicable, matters related to )Tj 0.042 Tc 0.07 Tw 0 -1.333 Td [(going)12.2 ( concern)12.2 ( and)12.2 ( using)12.2 ( the)12.2 ( going)12.2 ( concern)12.2 ( basis)12.2 ( of)12.2 ( accounting)12.2 ( unless)12.2 ( the)12.2 ( directors)12.2 ( either)17 ( )]TJ 0.025 Tc 0.055 Tw 0 -1.333 Td [(intend )0.5 (to liquidate )0.5 (the )0.5 (Group )0.5 (or )0.5 (to )0.5 (cease )0.5 (operations, )0.5 (or )0.5 (have )0.5 (no )0.5 (realistic )0.5 (alternative )0.5 (but to )0.5 (do )]TJ -0.025 Tw 0 -1.333 Td (so.)Tj /T1_1 1 Tf 0.067 Tc 0.07 Tw 0 -2.667 Td [(AUDITOR\222S)12.6 ( RESPONSIBILITIES)12.6 ( FOR)12.6 ( THE)12.7 ( AUDIT)12.7 ( OF)12.7 ( THE)12.7 ( CONSOLIDATED)42.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (FINANCIAL STATEMENTS)Tj /T1_0 1 Tf 0.026 Tc 0.082 Tw 0 -2.667 Td [(Our)1 ( )0.5 (responsibility)1 ( )0.5 (is)1 ( )0.5 (to)1 ( )0.5 (conduct)0.9 ( )0.6 (an)0.9 ( )0.6 (audit)0.9 ( )0.6 (of)1 ( )0.5 (the)1 ( )0.5 (Group\222s)1 ( )0.5 (consolidated)1 ( )0.5 (financial)1 ( )0.5 (statements)1 ( )0.5 (in)1 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.333 Td [(accordance)11.1 ( )0.5 (with)11 ( )0.5 (Hong)11 ( )0.5 (Kong)11 ( )0.5 (Standards)11 ( )0.5 (on)11 ( )0.5 (Auditing)11 ( )0.5 (issued)11 ( )0.5 (by)11 ( )0.5 (the)11 ( )0.5 (HKICPA)11 ( )0.5 (and)10.9 ( )0.5 (to)11 ( )0.5 (issue)11 ( )0.5 (an)11 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.333 Td [(auditor\222s )0.5 (report. )0.5 (However, )0.5 (because of )0.5 (the )0.5 (significance of )0.5 (the )0.5 (material )0.5 (uncertainty )0.5 (relating )0.5 (to )]TJ 0.006 Tw 0 -1.333 Td (the going concern basis described in the Basis for Disclaimer of Opinion\ section of our report, )Tj 0 Tw 0 -1.333 Td (it is not possible for us to form an opinion on these consolidated finan\cial statements.)Tj 0.055 Tc 0.07 Tw 0 -2.667 Td [(W)0.5 (e)13 ( a)0.5 (r)0.5 (e)13 ( i)0.5 (nd)0.5 (e)0.5 (p)0.5 (en)0.5 (d)0.5 (en)0.5 (t)13 ( o)0.5 (f)13 ( t)0.5 (h)0.5 (e)12.9 ( )0.5 (G)0.5 (r)0.5 (ou)0.5 (p)12.9 ( )0.5 (i)0.5 (n)12.9 ( )0.5 (a)0.5 (c)0.5 (co)0.5 (r)0.5 (da)0.5 (n)0.5 (c)0.5 (e)12.9 ( )0.5 (w)0.5 (i)0.5 (th)13 ( t)0.5 (h)0.5 (e)12.9 ( )0.5 (H)0.5 (K)0.5 (IC)0.5 (P)0.5 (A)0.5 (\222s)13 ( )0.5 (Co)0.5 (d)0.5 (e)12.9 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (E)0.5 (th)0.5 (i)0.5 (c)0.5 (s)12.9 ( )0.5 (f)0.5 (or)30 ( )]TJ 0.025 Tc 0.014 Tw 0 -1.333 Td [(Professional )0.5 (Accountants )0.6 (\(the )0.6 (\223Code\224\), )0.5 (and )0.6 (we )0.5 (have )0.6 (fulfilled )0.5 (our )0.6 (other )0.5 (ethical )0.6 (responsibilities )]TJ 0 Tw 0 -1.333 Td (in accordance with the Code.)Tj ET endstreamendobj91 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 62 \226)Tj /T1_1 1 Tf -18.766 58.583 Td (EXTRACT OF INDEPENDENT AUDITOR\222S REPORT)Tj /T1_0 1 Tf 0.068 Tw 0 -2.667 Td (The following is the extract of the independent auditor\222s report from\ the external auditors of )Tj 0 Tw 0 -1.333 Td (the Company:)Tj /T1_1 1 Tf -0.025 Tw 0 -2.667 Td (OPINION)Tj 0 Tw 0 -2.667 Td (Disclaimer of Opinion)Tj /T1_0 1 Tf 0.074 Tw 0 -2.667 Td (We were engaged to audit the consolidated financial statements of Ko Yo \Chemical \(Group\) )Tj 0.037 Tw 0 -1.333 Td (Limited \(the \223Company\224\) and its subsidiaries \(collectively refe\rred to as the \223Group\224\), which )Tj 0.038 Tc 0.07 Tw 0 -1.333 Td [(comprise)12.8 ( the)12.9 ( consolidated)12.8 ( statement)12.9 ( of)12.9 ( financial)12.8 ( position)12.9 ( as)12.9 ( at)12.9 ( 3)12.8 (1)12.9 ( December)12.9 ( 2)12.8 (0)12.9 (2)12.8 (0)12.9 (,)12.9 ( and)12.8 ( the)13 ( )]TJ 0.059 Tc 0 -1.333 Td [(consolidated)12.6 ( statement)12.6 ( of)12.6 ( profit)12.6 ( or)12.7 ( loss)12.6 ( and)12.6 ( other)12.6 ( comprehensive)12.6 ( income,)12.6 ( consolidated)34 ( )]TJ 0.042 Tc 0 -1.333 Td [(statement)12.5 ( of)12.6 ( changes)12.6 ( in)12.5 ( equity)12.5 ( and)12.5 ( consolidated)12.6 ( statement)12.6 ( of)12.6 ( cash)12.5 ( flows)12.5 ( for)12.5 ( the)12.5 ( year)12.6 ( then)17 ( )]TJ 0.025 Tc 0.053 Tw 0 -1.333 Td (ended, and notes to the consolidated financial statements, including a s\ummary of significant )Tj 0 Tw 0 -1.333 Td (accounting policies.)Tj 0.04 Tw 0 -2.667 Td [(We )0.5 (do )0.5 (not )0.5 (express )0.5 (an )0.5 (opinion )0.5 (on )0.5 (the )0.5 (consolidated )0.5 (financial )0.5 (statements )0.5 (of )0.5 (the )0.5 (Group. )0.5 (Because )]TJ 0.033 Tw 0 -1.333 Td (of the significance of the material uncertainty relating to the going co\ncern basis described in )Tj 0.062 Tw 0 -1.333 Td (the Basis for Disclaimer of Opinion section of our report, it is not pos\sible for us to form an )Tj 0.031 Tc 0.077 Tw 0 -1.333 Td [(opinion)6 ( )0.5 (on)6 ( )0.5 (the)0.5 (se)6 ( )0.5 (consoli)0.5 (dated)6 ( )0.5 (finan)0.5 (cial)6 ( )0.5 (stat)0.5 (ements.)6 ( )0.5 (In)6 ( )0.5 (al)0.5 (l)6 ( )0.5 (other)6 ( )0.5 (res)0.5 (pects,)6 ( )0.5 (in)6 ( )0.5 (our)6.1 ( o)0.5 (pinion,)6 ( )0.5 (the)6 ( )]TJ 0.063 Tc 0.07 Tw 0 -1.333 Td [(consolidated)12.2 ( financial)12.2 ( statements)12.2 ( have)12.2 ( been)12.2 ( properly)12.2 ( prepared)12.2 ( in)12.2 ( compliance)12.2 ( with)12.2 ( the)38 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (disclosure requirements of the Hong Kong Companies Ordinance.)Tj /T1_1 1 Tf 0 -2.667 Td (Basis for Disclaimer of Opinion)Tj /T1_2 1 Tf 0 -2.667 Td (Going Concern)Tj /T1_0 1 Tf 0.045 Tc 0.07 Tw 0 -2.667 Td [(We)12.9 ( draw)12.9 ( attention)12.8 ( to)12.9 ( note)12.8 ( 2)12.8 ( to)12.8 ( the)12.8 ( consolidated)12.8 ( financial)12.9 ( statements)12.8 ( which)12.9 ( mentions)12.8 ( that)20 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.333 Td (during the year 2020, the Group had certain litigations with banks as di\sclosed in note 40 to )Tj 0.062 Tw 0 -1.333 Td (the consolidated financial statements that the Group is still in negotia\tions with banks on the )Tj 0.018 Tw 0 -1.333 Td (repayment schedule, and the Group incurred a loss of approximately RMB24\1,802,000 for the )Tj 0.064 Tc 0.07 Tw 0 -1.333 Td [(year)12.6 ( ended)12.6 ( 3)12.7 (1)12.6 ( December)12.7 ( 2)12.6 (0)12.6 (2)12.7 (0)12.6 ( and)12.6 ( as)12.7 ( at)12.6 ( 3)12.6 (1)12.7 ( December)12.6 ( 2)12.6 (0)12.7 (2)12.6 (0)12.6 ( the)12.6 ( Group)12.6 ( had)12.6 ( net)12.6 ( current)39 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.333 Td [(l)0.5 (ia)0.5 (b)0.5 (il)0.5 (it)0.5 (i)0.5 (es)2 ( )0.5 (o)0.5 (f)2 ( )0.5 (ap)0.5 (p)0.5 (ro)0.5 (x)0.5 (im)0.5 (at)0.5 (e)0.5 (ly)2 ( )0.5 (R)0.5 (M)0.5 (B)2 (2)2 (,)2 (1)1.9 (8)2 (4)2 (,)2 (1)2 (9)2 (3)2 (,)2 (0)2 (0)2 (0)2 (.)2 ( )0.5 (Th)0.5 (es)0.5 (e)2 ( )0.5 (c)0.5 (on)0.5 (d)0.5 (it)0.5 (i)0.5 (on)0.5 (s)2 ( )0.5 (in)0.5 (di)0.5 (c)0.5 (a)0.5 (te)2 ( )0.5 (t)0.5 (he)2 ( )0.5 (e)0.5 (x)0.5 (is)0.5 (te)0.5 (n)0.5 (c)0.5 (e)2 ( )0.5 (of)2 ( )0.5 (a)2 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.333 Td (material uncertainty which may cast significant doubt on the Group\222s \ability to continue as a )Tj 0 Tw 0 -1.333 Td (going concern.)Tj ET endstreamendobj90 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 61 \226)Tj 0.012 Tw 10 0 0 10 79.3701 728.7079 Tm (In mid-December 2020, Changzhou Jingliyuan Technology Company against Ko\yo Agrochem in relation to )Tj 0.04 Tc 0.07 Tw 0 -1.4 Td [(a)12.6 ( dispute)12.6 ( arising)12.6 ( from)12.6 ( an)12.6 ( amount)12.5 ( of)12.6 ( RMB)12.6 (3)12.6 (0)12.6 ( million)12.6 ( with)12.6 ( Changzhou)12.5 ( Jingliyuan)12.5 ( to)12.6 ( Koyo)12.6 ( Agrochem.)12.6 ( A)15 ( )]TJ 0.025 Tc 0.015 Tw 0 -1.4 Td (court hearing took place on 23 February 2021 at Changzhou Court. It is r\espectfully submitted no judgment )Tj 0.04 Tc 0.07 Tw 0 -1.4 Td [(has)12.9 ( been)12.9 ( handed)12.8 ( down)12.8 ( by)12.9 ( the)12.9 ( Changzhou)12.9 ( Court.)12.8 ( The)12.9 ( parties)12.8 ( have)12.9 ( entered)12.9 ( discussions)12.8 ( in)12.9 ( relation)12.9 ( to)12.8 ( the)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (repayment of the dispute amount.)Tj 0.043 Tc 0.07 Tw 0 -2.8 Td [(In)12.3 ( 2)12.3 (0)12.3 (2)12.3 (1)12.3 (,)12.4 ( the)12.4 ( Chengdu)12.3 ( Branch)12.3 ( of)12.3 ( the)12.3 ( Industrial)12.3 ( Bank)12.3 ( Co.,)12.3 ( Ltd.)12.3 ( claimed)12.3 ( Koyo)12.3 ( Agrochem,)12.3 ( Dazhou)12.3 ( Koyo)18 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.4 Td (Chemical, Sichuan Chengyuan, Koyo Lotusan, Guangan Koyo Chemical, and Gu\angan Koyo New Material )Tj 0.039 Tc 0.07 Tw 0 -1.4 Td [(at)12.7 ( the)12.7 ( Chengdu)12.7 ( Intermediate)12.7 ( Court,)12.7 ( in)12.7 ( respect)12.7 ( of)12.7 ( an)12.7 ( outstanding)12.7 ( debt)12.6 ( of)12.7 ( approximately)12.7 ( RMB)12.7 (4)12.7 (4)12.7 (,)12.7 (7)12.7 (4)12.7 (5)12.7 (,)12.7 (0)12.7 (0)12.7 (0)14 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.4 Td [(together)7 ( )0.5 (with)7 ( )0.5 (accrued)7 ( )0.5 (interests)7 ( )0.5 (and)7 ( )0.5 (costs.)6.9 ( )0.6 (An)7 ( )0.5 (enforcement)7 ( )0.5 (action)7 ( )0.5 (was)7 ( )0.5 (instituted)7 ( )0.5 (at)7 ( )0.5 (Chengdu)7 ( )0.5 (Intermediate)7 ( )]TJ 0.057 Tc 0.07 Tw 0 -1.4 Td [(Court)12.5 ( on)12.5 ( 4)12.6 ( February)12.5 ( 2)12.5 (0)12.6 (2)12.5 (1)12.5 (;)12.5 ( but)12.5 ( no)12.5 ( court)12.6 ( order)12.5 ( has)12.6 ( been)12.5 ( published.)12.5 ( The)12.5 ( Company)12.5 ( is)12.6 ( in)12.5 ( the)12.6 ( course)12.6 ( of)32 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (preparing a repayment schedule which will be submitted to the IBC Bank C\hengdu for consideration.)Tj /T1_1 1 Tf -2.268 -2.8 Td (41.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS)Tj /T1_0 1 Tf 0.073 Tw 0 -2.8 Td (These consolidated financial statements were approved and authorised for\ issue by the Board of Directors )Tj 0 Tw 0 -1.4 Td (on 30 March 2021.)Tj ET endstreamendobj37 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj38 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj39 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj40 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj41 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj100 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 60 \226)Tj /T1_1 1 Tf 0.668 Tw 10 0 0 10 56.6929 728.7079 Tm (40.)Tj /Span<>> BDC ( )Tj EMC (LITIGATIONS)Tj /T1_0 1 Tf 0.042 Tc 0.07 Tw 2.268 -2.8 Td [(On)12.6 ( 1)12.6 (5)12.5 ( September)12.6 ( 2)12.6 (0)12.5 (2)12.5 (0)12.6 (,)12.5 ( Koyo)12.6 ( Agrochem)12.5 ( and)12.5 ( the)12.6 ( Bank)12.6 ( of)12.6 ( Communications)12.5 ( Limited)12.5 ( entered)12.5 ( into)12.5 ( a)12.6 ( loan)17 ( )]TJ 0.025 Tc 0.044 Tw 0 -1.4 Td (agreement \(\223BOCOM\224\) for an aggregate principal loan amount of RM\B68,000,000 \(\223Agrochem Loan A\224\). )Tj 0.005 Tw 0 -1.4 Td [(On 30 October 2020, the Intermediate People\222s )0.5 (Court )0.5 (of )0.5 (Chengdu )0.5 (Municipality, Sichuan Province* \()]TJ /C0_0 1 Tf -0.025 Tw <032C028707B2>Tj 0 -1.4 Td <03D30BC7033902950974025B034F062C09EB>Tj /T1_0 1 Tf 0.021 Tw (\) \(the \223Chengdu Intermediate Court\224\) issued a judgment \(the \223\Judgment\224\) pursuant to )Tj 0.027 Tc 0.081 Tw 0 -1.4 Td [(which)2 ( )0.5 (Koyo)2 ( )0.5 (Agrochem)2 ( )0.5 (was)2 ( )0.5 (required)2 ( )0.5 (to)2 ( )0.5 (repay)2 ( )0.5 (the)2 ( )0.5 (Agrochem)2 ( Loan)2 ( )0.5 (A.)2 ( )0.5 (Following)2 ( )0.5 (the)2 ( )0.5 (handing)2 ( )0.5 (down)2 ( )0.5 (of)1.9 ( )0.5 (the)2.1 ( )]TJ 0.025 Tc 0.026 Tw 0 -1.4 Td (Judgment, on 16 November 2020, the Company provided a repayment schedule\ in respect of the Agrochem )Tj 0.042 Tc 0.07 Tw 0 -1.4 Td [(Loan)12.4 ( A)12.4 ( to)12.3 ( BOCOM.)12.3 ( The)12.4 ( Company)12.3 ( is)12.3 ( engaged)12.4 ( in)12.4 ( the)12.4 ( negotiation)12.4 ( process)12.4 ( with)12.4 ( BOCOM)12.4 ( with)12.3 ( an)12.3 ( aim)12.3 ( to)17 ( )]TJ 0.025 Tc 0.065 Tw 0 -1.4 Td (renew and/or restructure the Agrochem Loan A. No action has been initiat\ed by BOCOM in enforcing the )Tj 0.063 Tw 0 -1.4 Td (Judgment. The Company has submitted its proposed repayment schedule to B\OCOM Bank Xindu, and the )Tj 0 Tw 0 -1.4 Td (Company is awaiting BOCOM Bank Xindu to revert on their views on the pro\posal.)Tj 0.043 Tc 0.07 Tw 0 -2.8 Td [(On)12.2 ( 2)12.2 (4)12.3 ( September)12.2 ( 2)12.2 (0)12.3 (1)12.3 (9)12.2 (,)12.3 ( Koyo)12.3 ( Agrochem)12.2 ( and)12.3 ( China)12.2 ( Minsheng)12.3 ( Bank)12.3 ( \(\223Minsheng)12.3 ( Bank\224\))12.3 ( entered)12.2 ( into)12.3 ( a)18 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.4 Td [(supplemental)12.1 ( loan)12 ( )0.5 (agreement)12 ( )0.5 (for)12 ( )0.5 (the)12 ( )0.5 (principal)12 ( )0.5 (loan)12 ( )0.5 (amount)12 ( )0.5 (of)12 ( )0.5 (RMB)12 (7)12 (0)12 (,)12 (0)12 (0)12 (0)12 (,)12 (0)12 (0)12 (0)12 (,)12 ( )0.5 (repayable)12 ( )0.5 (on)12.1 ( )0.5 (2)12 (8)12 ( )0.5 (August)12 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.4 Td [(2)12.4 (0)12.5 (2)12.4 (0)12.4 ( \(\223Agrochem)12.4 ( Loan\224\).)12.4 ( The)12.5 ( Agrochem)12.4 ( Loan)12.4 ( was)12.4 ( secured)12.4 ( by)12.4 ( a)12.4 ( pledge)12.5 ( of)12.4 ( office)12.5 ( premises)12.5 ( located)12.5 ( in)21.1 ( )]TJ 0.025 Tc 0.049 Tw 0 -1.4 Td (Chengdu and guaranteed by a 2 number of guarantors. Due to the events as\ stated in the Announcement in )Tj 0.033 Tc 0.075 Tw 0 -1.4 Td [(relation)8 ( )0.5 (to)8 ( )0.6 (the)8 ( )0.5 (Dazhou)8 ( )0.5 (Loan)8 ( )0.5 (\(which)8 ( )0.5 (was)8.1 ( )0.5 (guaranteed)8 ( )0.5 (by)8 ( )0.5 (Koyo)8 ( )0.5 (Agrochem\),)8 ( )0.5 (Minsheng)8 ( )0.5 (Bank)8 ( )0.5 (initiated)8 ( )0.5 (legal)8 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.4 Td (action against Koyo Agrochem and a judgement was handed down by the Chen\gdu Intermediate Court on )Tj 0.046 Tc 0.07 Tw 0 -1.4 Td [(1)13 (4)13 ( )0.5 (D)0.6 (e)0.5 (c)0.5 (e)0.5 (m)0.5 (b)0.5 (e)0.6 (r)13 ( )0.5 (2)13 (0)13 (2)13 (0)13 ( )0.6 (\()0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (\223)0.5 (A)0.6 (g)0.5 (r)0.5 (o)0.5 (c)0.5 (h)0.5 (e)0.6 (m)13 ( )0.5 (J)0.5 (u)0.5 (d)0.5 (g)0.5 (m)0.5 (e)0.6 (n)0.5 (t)0.5 (\224)0.5 (\))0.5 (.)13 ( )0.5 (T)0.6 (h)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.6 (a)0.5 (n)0.5 (y)13 ( )0.5 (i)0.5 (s)13 ( )0.6 (e)0.5 (n)0.5 (g)0.5 (a)0.5 (g)0.5 (e)0.6 (d)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (n)0.5 (e)0.5 (g)0.6 (o)0.5 (t)0.5 (i)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (p)0.6 (r)0.5 (o)0.5 (c)0.5 (e)0.5 (s)0.6 (s)13 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)21 ( )]TJ 0.024 Tc 0 Tw 0 -1.4 Td [(Minsheng Bank with an aim to renew and/or restructure the Agrochem Loan.\ Minsheng Bank is withholding)-1 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.4 Td [(further )0.5 (legal )0.5 (actions )0.5 (against )0.5 (Koyo )0.5 (Agrochem )0.5 (pending )0.5 (the )0.5 (negotiations )0.5 (of )0.5 (the )0.5 (renewal )0.5 (and/or )0.5 (restructuring )]TJ 0.043 Tc 0.07 Tw 0 -1.4 Td [(of)12.2 ( the)12.3 ( Agrochem)12.2 ( Loan.)12.2 ( The)12.3 ( Company)12.2 ( has)12.2 ( provided)12.2 ( a)12.2 ( proposed)12.2 ( repayment)12.1 ( schedule)12.2 ( to)12.2 ( Minsheng)12.2 ( Bank)18 ( )]TJ 0.042 Tc 0 -1.4 Td [(Chengdu)12.6 ( for)12.6 ( consideration)12.6 ( and)12.5 ( the)12.6 ( Company)12.5 ( has)12.6 ( not)12.6 ( yet)12.6 ( to)12.6 ( receive)12.6 ( any)12.6 ( feedback)12.5 ( from)12.6 ( Minsheng)12.6 ( Bank)17 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (Chengdu.)Tj 0.045 Tw 0 -2.8 Td (In March 2019, Guangan New Material and the Export-Import Bank of China \\(\223EXIM Bank\224\) entered into )Tj 0.055 Tc 0.07 Tw 0 -1.4 Td [(a)12.8 ( supplemental)12.8 ( agreement)12.8 ( to)12.8 ( the)12.9 ( loan)12.8 ( agreement)12.7 ( dated)12.8 ( 3)12.8 (1)12.8 ( July)12.8 ( 2)12.8 (0)12.8 (1)12.7 (5)12.8 ( in)12.8 ( relation)12.7 ( to)12.8 ( the)12.8 ( renewal)12.8 ( of)12.8 ( an)30 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.4 Td [(a)0.5 (g)0.6 (g)0.5 (r)0.5 (e)0.5 (g)0.6 (a)0.5 (t)0.5 (e)9 ( )0.5 (p)0.5 (r)0.5 (i)0.6 (n)0.5 (c)0.5 (i)0.5 (p)0.6 (a)0.5 (l)9 ( )0.5 (l)0.5 (o)0.5 (a)0.6 (n)9 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (u)0.6 (n)0.5 (t)9 ( )0.5 (o)0.5 (f)9 ( )0.5 (R)0.5 (M)0.5 (B)9 (9)9 (0)9 (,)9 (0)9 (0)9 (0)9 (,)9 (0)9 (0)9 (0)9 (0)9 ( )0.5 (\()0.5 (\223)0.6 (N)0.5 (e)0.5 (w)9 ( )0.5 (M)0.6 (a)0.5 (t)0.5 (e)0.6 (r)0.5 (i)0.5 (a)0.5 (l)9 ( )0.5 (L)0.6 (o)0.5 (a)0.5 (n)0.5 (\224)0.5 (\))0.6 (,)9 ( )0.5 (p)0.5 (u)0.5 (r)0.5 (s)0.6 (u)0.5 (a)0.5 (n)0.5 (t)9 ( )0.5 (t)0.5 (o)9 ( )0.5 (w)0.6 (h)0.5 (i)0.5 (c)0.6 (h)8.9 ( )0.6 (t)0.5 (h)0.5 (e)9 ( )0.5 (l)0.5 (a)0.6 (s)0.5 (t)9 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.4 Td (repayment of the New Material Loan were extended to March 2021. EXIM Ban\k subsequently requested for )Tj 0.06 Tw 0 -1.4 Td (an early repayment of the New Material Loan, and initiated legal action \against Guangan New Material in )Tj 0.062 Tw 0 -1.4 Td (relation to the New Material Loan with outstanding amount of approximate\ly RMB76,919,000 at the No.4 )Tj 0.053 Tw 0 -1.4 Td (Intermediate People\222s Court of Beijing Municipality* \()Tj /C0_0 1 Tf -0.025 Tw <030F052F03390B4B032C02950974025B034F062C09EB>Tj /T1_0 1 Tf 0.053 Tw (\). On 28 December 2020, )Tj 0.047 Tc 0.07 Tw 0 -1.4 Td [(the)12.9 ( No.)12.8 (4)12.8 ( Intermediate)12.9 ( People\222s)12.9 ( Court)12.8 ( of)12.9 ( Beijing)12.8 ( Municipality*)12.9 ( issued)12.9 ( a)12.9 ( judgment)12.9 ( \(the)12.9 ( \223New)12.9 ( Material)22 ( )]TJ 0.051 Tc 0 -1.4 Td [(Judgment\224\))12.9 ( pursuant)12.9 ( to)12.8 ( which)12.9 ( Guangan)12.9 ( New)12.8 ( Material)12.9 ( was)12.9 ( required)12.8 ( to)12.9 ( repay)12.9 ( the)12.9 ( New)12.8 ( Material)12.9 ( Loan.)26 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.4 Td [(Following)10 ( )0.5 (the)10 ( )0.5 (handing)10 ( )0.5 (down)10 ( )0.5 (of)10 ( )0.5 (the)10 ( )0.5 (New)10 ( )0.5 (Material)10 ( )0.5 (Judgment,)9.9 ( )0.6 (the)10 ( )0.5 (Company)10 ( )0.5 (and)10 ( )0.5 (EXIM)10.1 ( )0.5 (Bank)10 ( )0.5 (entered)10 ( )0.5 (into)10 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.4 Td (negotiation, aiming at arriving at a possible repayment schedule in resp\ect of the New Material Loan. No )Tj 0.03 Tw 0 -1.4 Td (action has been initiated by EXIM Bank in enforcing the New Material Jud\gment. The Company lodged an )Tj 0 Tw 0 -1.4 Td (appeal against the New Material Judgment and the judgment for the appeal\ has not been handed down.)Tj 0.04 Tc 0.07 Tw 0 -2.8 Td [(Alas)12.8 ( the)12.8 ( filing)12.8 ( of)12.7 ( an)12.8 ( appeal,)12.8 ( the)12.8 ( Company)12.8 ( and)12.8 ( EXIM)12.8 ( Bank)12.8 ( have)12.8 ( been)12.8 ( in)12.8 ( discussions)12.9 ( to)12.7 ( settle)12.8 ( on)12.8 ( a)12.8 ( new)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (repayment schedule.)Tj ET endstreamendobj101 0 obj<>endobj102 0 obj[103 0 R]endobj103 0 obj<>endobj104 0 obj<>endobj105 0 obj<>endobj106 0 obj<>stream H塲` ,á孈塘?0簪鈲R5`稨€環j SB endstreamendobj107 0 obj<>stream H塗U{PSWO€暍?w?J蘎w曋荴EE碍獣暓 壖y悰\on轔蜞轍De盪V鸨]茛嶜澼u譍誑g螎'靗?鶀琨?鐆骥}羈迟XzZJ柿苑?誙栴O輴v⒋瑅1睉Y涩2E 榅6#埰办垫鮱絲詹勹8P榽4芽]?z a硲3岁wW栰9(诩?^抚緁馜徭哪m笼e'* 跽%聰蓧襃aZm馞犷 a?K"L/憯訦K?n鶳轛aq神烗nCz诈偸焟夑Y,VDNa媆羹21騊渥淢葄tlI頀R椵宒E?aia磲皹u暯扆?饣圈(?G峀⒕%㎏剿灱伳0~媔9L虆胍`??Y磾鰋=_忂>黙Py欭腑R]d喭蟕8窭懈i湢l8輧籃R>葥=﹛jzi鼷TF?7&貢?挑x>育閻?8」,吢?x Thн泗毕喞皨辇 L悈偾蒗V翈嫓曄艉?濸,腰榜?m膀罞攙M8湬SxN羀坰蔛g$宷`=T犤??碼&`蟱魛V郃厉儊0 1 膶ap榀0脎i碁旔59寬C1窛嘱~'p褶'?H⒍ 噾/2 鵟儺v㏎in鸍{[N鉳9m筸冠:"K﹀聖H搶霏}觱^)={`腺殬见.競:/叟.ArX *H倶喑尨_鯦輎x^'t賦壋p 5鹾A攏哿?[` /铧簦??忈1D噿]摲罠辬鸙;雝[[韒?嚰KΝW郣"_Sa%L8洧↓FB顇芓+妄舉F袠罪匵覂 @裹'5?钚Q摵[aT^(6dCG)?び?]4紕qR鏼癏\T葏{趩贛~娰1B唍X早mN廳?∴sMK?藶m?焉$簭沬歨n燄'(唴秸Q霔湱r栫惆€$A'&翜揻橭恦蛋*A rQ,_C庸<@俖k煨L+贲4眜隼脀^f僟j絭隆r猐-.圣緈?輒Y歜?U?f?€2l$駚H膩M堹満H丐+X;來P勯?L管?w秪?/{OaA{齷}澼?`堛[@*嘼]鍣2墝WP椵IЮ/窒店M8疂除龙佤溟裀^〨躖?.芶B]#d，8U!0~君\.H~LiuMd臾wD穵襮=議p抳~贻~?="? 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0 1 K 0.5 w q 1 0 0 1 396.8503 605.2489 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1811 605.0159 Tm (623,141)Tj ET q 1 0 0 1 473.3858 605.2489 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 467.7165 605.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 428.0472 582.6989 Tm (590,508)Tj /T1_0 1 Tf 7.654 0 Td (623,141)Tj ET q 1 0 0 1 396.8503 578.2398 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 578.0068 Tm ( )Tj ET q 1 0 0 1 473.3858 578.2398 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 578.0068 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 555.6898 Tm (Current assets)Tj /T1_0 1 Tf 0 -1.35 Td (Other receivables)Tj /T1_1 1 Tf -0.025 Tw 36.718 0 Td (368)Tj /T1_0 1 Tf 7.654 0 Td (368)Tj 0 Tw -44.371 -1.35 Td (Cash and cash equivalents)Tj /T1_1 1 Tf -0.025 Tw 37.243 0 Td (19)Tj /T1_0 1 Tf 7.654 0 Td (19)Tj ET q 1 0 0 1 396.8503 524.2308 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 523.9979 Tm ( )Tj ET q 1 0 0 1 473.3858 524.2308 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 523.9979 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 446.5472 501.6808 Tm (387)Tj /T1_0 1 Tf 7.654 0 Td (387)Tj ET q 1 0 0 1 396.8503 497.2218 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 496.9888 Tm ( )Tj ET q 1 0 0 1 473.3858 497.2218 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 496.9888 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 474.6718 Tm (Total assets)Tj -0.025 Tw 34.868 0 Td (590,895)Tj /T1_0 1 Tf 7.654 0 Td (623,528)Tj ET 1.11 w q 1 0 0 1 396.8503 470.0209 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 467.9209 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 467.5929 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 470.0209 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 467.9209 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 467.5929 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 79.37 445.2759 Tm (EQUITY)Tj 0 Tw 0 -1.35 Td (Capital and reserves attributable to equity holders of the Company)Tj /T1_0 1 Tf 0 -1.35 Td (Share capital)Tj /T1_1 1 Tf -0.025 Tw 34.868 0 Td (474,879)Tj /T1_0 1 Tf 7.654 0 Td (474,879)Tj -42.521 -1.35 Td (Reserves)Tj /T1_1 1 Tf 34.485 0 Td (\(457,896\))Tj /T1_0 1 Tf 7.654 0 Td (\(243,056\))Tj ET 0.5 w q 1 0 0 1 396.8503 400.3169 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 400.0839 Tm ( )Tj ET q 1 0 0 1 473.3858 400.3169 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 400.0839 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 377.7669 Tm (Total equity)Tj -0.025 Tw 35.393 0 Td (16,983)Tj /T1_0 1 Tf 7.129 0 Td (231,823)Tj ET q 1 0 0 1 396.8503 373.3078 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 373.0748 Tm ( )Tj ET q 1 0 0 1 473.3858 373.3078 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 373.0748 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 79.37 350.7578 Tm (LIABILITIES)Tj 0 Tw 0 -1.35 Td (Non-current liabilities)Tj /T1_0 1 Tf 0 -1.35 Td (Convertible bonds)Tj /T1_1 1 Tf -0.025 Tw 34.868 0 Td (287,932)Tj /T1_0 1 Tf 7.654 0 Td (223,599)Tj 0 Tw -42.521 -1.45 Td (Lease liabilities)Tj /T1_1 1 Tf -0.025 Tw 36.718 0 Td (297)Tj /T1_0 1 Tf 0 Tc 0 Tw 8.704 0 Td (\226)Tj ET q 1 0 0 1 396.8503 304.7988 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1811 304.5658 Tm ( )Tj ET q 1 0 0 1 473.3858 304.7988 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 304.5658 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 428.0472 282.2488 Tm (288,229)Tj /T1_0 1 Tf 7.654 0 Td (223,599)Tj ET q 1 0 0 1 396.8503 277.7897 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 277.5567 Tm ( )Tj ET q 1 0 0 1 473.3858 277.7897 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 277.5567 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 255.2397 Tm (Current liabilities)Tj /T1_0 1 Tf 0 -1.35 Td (Accruals and other payables)Tj /T1_1 1 Tf -0.025 Tw 34.868 0 Td (115,958)Tj /T1_0 1 Tf 8.179 0 Td (11,455)Tj 0 Tw -43.046 -1.35 Td (Financial guarantee liabilities)Tj /T1_1 1 Tf -0.025 Tw 34.868 0 Td (168,563)Tj /T1_0 1 Tf 7.654 0 Td (156,651)Tj 0 Tw -42.521 -1.35 Td (Lease liabilities)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (1,162)Tj /T1_0 1 Tf 0 Tc 0 Tw 9.504 0 Td (\226)Tj ET q 1 0 0 1 396.8503 210.2807 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1811 210.0477 Tm ( )Tj ET q 1 0 0 1 473.3858 210.2807 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 210.0477 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 428.0472 187.7307 Tm (285,683)Tj /T1_0 1 Tf 7.654 0 Td (168,106)Tj ET q 1 0 0 1 396.8503 183.2716 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 183.0386 Tm ( )Tj ET q 1 0 0 1 473.3858 183.2716 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 183.0386 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 160.7216 Tm (Total liabilities)Tj -0.025 Tw 34.868 0 Td (573,912)Tj /T1_0 1 Tf 7.654 0 Td (391,705)Tj ET 1.11 w q 1 0 0 1 396.8503 156.0708 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 153.9708 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 153.6428 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 156.0708 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 153.9708 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 153.6428 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 131.3258 Tm (Total equity and liabilities)Tj -0.025 Tw 34.868 0 Td (590,895)Tj /T1_0 1 Tf 7.654 0 Td (623,528)Tj ET 1.11 w q 1 0 0 1 396.8503 126.675 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 124.575 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 124.247 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 126.675 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 124.575 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 124.247 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 101.93 Tm (Net current liabilities)Tj -0.025 Tw 34.485 0 Td (\(285,296\))Tj /T1_0 1 Tf 7.654 0 Td (\(167,719\))Tj ET 1.11 w q 1 0 0 1 396.8503 97.2791 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 95.1791 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 94.8511 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 97.2791 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 95.1791 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 94.8511 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 72.5341 Tm (Total assets less current liabilities)Tj -0.025 Tw 34.868 0 Td (305,212)Tj /T1_0 1 Tf 7.654 0 Td (455,422)Tj ET 1.11 w q 1 0 0 1 396.8503 67.8833 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 65.7833 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 65.4553 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 67.8833 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 65.7833 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 65.4553 Tm ( )Tj ET endstreamendobj96 0 obj<>endobj98 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 58 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (38.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS)Tj 0 -2.8 Td (Changes in liabilities arising from financing activities)Tj /T1_0 1 Tf 0 -2.8 Td (The following table shows the Group changes in liabilities arising from \financing activities during the year:)Tj ET 0 0 0 0 k /GS1 gs 260.787 415.999 70.866 -14 re 331.654 415.999 70.866 -14 re 402.52 415.999 70.866 -14 re 473.386 415.999 70.866 -14 re 260.787 401.999 70.866 -14 re 331.654 401.999 70.866 -14 re 402.52 401.999 70.866 -14 re 473.386 401.999 70.866 -14 re 260.787 387.999 70.866 -14 re 331.654 387.999 70.866 -14 re 402.52 387.999 70.866 -14 re 473.386 387.999 70.866 -14 re 260.787 373.999 70.866 -14 re 331.654 373.999 70.866 -14 re 402.52 373.999 70.866 -14 re 473.386 373.999 70.866 -14 re 260.787 359.999 70.866 -14 re 331.654 359.999 70.866 -14 re 402.52 359.999 70.866 -14 re 473.386 359.999 70.866 -14 re 260.787 345.999 70.866 -14 re 331.654 345.999 70.866 -14 re 402.52 345.999 70.866 -14 re 473.386 345.999 70.866 -14 re 260.787 331.999 70.866 -14 re 331.654 331.999 70.866 -14 re 402.52 331.999 70.866 -14 re 473.386 331.999 70.866 -14 re 260.787 317.999 70.866 -28 re 331.654 317.999 70.866 -28 re 402.52 317.999 70.866 -28 re 473.386 317.999 70.866 -28 re 260.787 289.999 70.866 -3.009 re 331.654 289.999 70.866 -3.009 re 402.52 289.999 70.866 -3.009 re 473.386 289.999 70.866 -3.009 re 260.787 286.99 70.866 -14 re 331.654 286.99 70.866 -14 re 402.52 286.99 70.866 -14 re 473.386 286.99 70.866 -14 re 260.787 272.99 70.866 -14 re 331.654 272.99 70.866 -14 re 402.52 272.99 70.866 -14 re 473.386 272.99 70.866 -14 re 260.787 258.99 70.866 -5.396 re 331.654 258.99 70.866 -5.396 re 402.52 258.99 70.866 -5.396 re 473.386 258.99 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 9.5 0 0 10 301.8167 630.7079 Tm (Lease)Tj -1.596 -1.4 Td (liabilities)Tj 6.295 1.4 Td (Convertible)Tj 2.648 -1.4 Td (bonds)Tj 0 Tw 3.345 2.8 Td (Long-term and)Tj -0.025 Tw 1.938 -1.4 Td (short-term)Tj -0.28 -1.4 Td (borrowings)Tj 0 Tw 5.756 2.8 Td (Total liabilities)Tj 0.132 -1.4 Td (from financing)Tj -0.025 Tw 2.684 -1.4 Td (activities)Tj /T1_2 1 Tf -22.415 -1.4 Td (RMB\222000)Tj 7.46 0 Td (RMB\222000)Tj 7.46 0 Td (RMB\222000)Tj 7.46 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -44.3 -2.8 Td (At 1 January 2019)Tj 0 Tc 25.459 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.56 0 Td (136,528)Tj 6.66 0 Td (2,017,089)Tj 7.46 0 Td (2,153,617)Tj 0 Tw -44.138 -1.4 Td (Changes in cash flows)Tj -0.025 Tw 24.026 0 Td (\(902\))Tj 5.993 0 Td (216,142)Tj 7.077 0 Td (\(127,656\))Tj 8.368 0 Td (87,584)Tj 0 Tw -45.463 -1.4 Td (Non-cash changes)Tj 0.895 -1.4 Td (\227 impact of adoption of HKFRS 16 )Tj -0.025 Tw 1.79 -1.4 Td (Leases)Tj 20.924 0 Td (1,162)Tj 0 Tc 0 Tw 9.31 0 Td (\226)Tj 7.46 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.61 0 Td (1,162)Tj 0 Tw -45.093 -1.4 Td (\227 classified as equity component)Tj 0 Tc 24.564 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.177 0 Td (\(302,283\))Tj 0 Tc 0 Tw 10.743 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.177 0 Td (\(302,283\))Tj 0 Tw -43.66 -1.4 Td (\227 interest charged)Tj -0.025 Tw 24.039 0 Td (37)Tj 5.61 0 Td (45,820)Tj 0 Tc 0 Tw 9.835 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.085 0 Td (45,857)Tj 0 Tw -44.568 -1.4 Td (\227 reallocation to interest payables )Tj 1.79 -1.4 Td (including in other payables)Tj 0 Tc 22.774 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.702 0 Td (\(17,968\))Tj 0 Tc 0 Tw 10.218 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.702 0 Td (\(17,968\))Tj 0 Tw -44.185 -1.4 Td (\227 converted during the year)Tj 0 Tc 24.564 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.702 0 Td (\(77,698\))Tj 0 Tc 0 Tw 10.218 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.702 0 Td (\(77,698\))Tj 0 Tw -44.185 -1.4 Td (\227 share-based payment arising from )Tj 0 Tc ( )Tj 0.025 Tc 1.79 -1.4 Td (the issue of convertible bonds)Tj 0 Tc 22.774 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.56 0 Td (223,058)Tj 0 Tc 0 Tw 10.36 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.56 0 Td (223,058)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 266.4567 416.2489 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.095 0 0 0.1 260.7874 416.0159 Tm ( )Tj ET q 1 0 0 1 337.3228 416.2489 cm 0 0 m 59.528 0 l S Q BT 0.095 0 0 0.1 331.6536 416.0159 Tm ( )Tj ET q 1 0 0 1 408.189 416.2489 cm 0 0 m 59.528 0 l S Q BT 0.095 0 0 0.1 402.5197 416.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 416.2489 cm 0 0 m 59.528 0 l S Q BT 0.095 0 0 0.1 473.3859 416.0159 Tm ( )Tj 0.025 Tc 9.5 0 0 10 79.3701 389.6989 Tm (At 31 December 2019 and 1 January 2020)Tj /T1_1 1 Tf -0.025 Tw 24.409 0 Td (297)Tj 5.61 0 Td (223,599)Tj 6.66 0 Td (1,889,433)Tj 7.46 0 Td (2,113,329)Tj /T1_0 1 Tf 0 Tw -44.138 -1.4 Td (Changes in cash flows)Tj /T1_1 1 Tf -0.025 Tw 23.226 0 Td (\(1,252\))Tj 7.318 0 Td (59,924)Tj 7.602 0 Td (\(3,183\))Tj 7.318 0 Td (55,489)Tj /T1_0 1 Tf 0 Tw -45.463 -1.4 Td (Non-cash changes)Tj 0.895 -1.4 Td (\227 classified as equity component)Tj /T1_1 1 Tf 0 Tc 24.564 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.702 0 Td (\(19,418\))Tj 0 Tc 0 Tw 10.218 0 Td (\226)Tj 0.025 Tc -0.025 Tw 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65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 376.2431 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 375.9151 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0472 351.2981 Tm (All of the carrying amounts of the Group\222s trade payables are denomin\ated in RMB.)Tj /T1_1 1 Tf -4.535 -2.8 Td (33.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (CONTRACT LIABILITIES)Tj ET 0 0 0 0 k /GS1 gs 314.646 290.763 76.535 -14 re 314.646 276.763 76.535 -14 re 314.646 262.763 76.535 -14 re 314.646 248.764 76.535 -14 re 314.646 234.763 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs 10 0 0 10 355.1267 295.2981 Tm (At 31 December)Tj /T1_0 1 Tf 12.961 0 Td (At 1 January)Tj -40.536 -1.683 Td (Disclosures of revenue-related items:)Tj /T1_1 1 Tf -0.025 Tw 28.539 0 Td (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj 7.654 0 Td (2019)Tj /T1_2 1 Tf -17.438 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj 7.654 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (Contract liabilities)Tj /T1_1 1 Tf -0.025 Tw 27.214 0 Td (159,903)Tj 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cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 550.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 550.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 553.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 550.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 550.6201 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 524.303 Tm (At 1 January 2020)Tj /T1_1 1 Tf -0.025 Tw 27.739 0 Td (82,319)Tj 0 Tc 0 Tw 10.029 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.279 0 Td (82,319)Tj /T1_0 1 Tf 0 Tw -43.046 -1.4 Td (Charged to profit or loss)Tj /T1_1 1 Tf -0.025 Tw 27.356 0 Td (\(17,035\))Tj 0 Tc 0 Tw 10.412 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.896 0 Td (\(17,035\))Tj ET 0.5 w q 1 0 0 1 320.3149 505.844 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 505.611 Tm ( )Tj ET q 1 0 0 1 396.8504 505.844 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 505.611 Tm ( )Tj ET q 1 0 0 1 473.3858 505.844 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 505.611 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10 0 0 10 79.37 479.294 Tm (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 27.739 0 Td (65,284)Tj 0 Tc 0 Tw 10.029 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.279 0 Td (65,284)Tj ET 1.11 w q 1 0 0 1 320.3149 474.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 472.5432 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 472.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 474.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 472.5432 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 472.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 474.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 472.5432 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 472.2152 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10 0 0 10 79.3701 447.5981 Tm (Deferred income tax liabilities:)Tj ET 0 0 0 0 k /GS1 gs 467.717 325.493 76.535 -14 re 467.717 311.493 76.535 -14 re 467.717 297.493 76.535 -14 re 467.717 283.493 76.535 -3.009 re 467.717 280.484 76.535 -14 re 467.717 266.484 76.535 -14 re 467.717 252.484 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 10 0 0 10 481.1031 419.5982 Tm (Mining right)Tj /T1_2 1 Tf -0.025 Tw 1.71 -1.4 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (At 1 January 2019)Tj -0.025 Tw 42.663 0 Td (\(74,730\))Tj 0 Tw -42.663 -1.4 Td (Charged to profit or loss)Tj -0.025 Tw 44.896 0 Td (75)Tj ET 0.5 w q 1 0 0 1 473.3858 359.1391 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 467.7165 358.9061 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 332.5891 Tm (At 31 December 2019)Tj -0.025 Tw 42.663 0 Td (\(74,655\))Tj ET 1.11 w q 1 0 0 1 473.3858 327.9383 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 325.8383 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 467.7165 325.5103 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 299.1933 Tm (At 1 January 2020)Tj /T1_1 1 Tf -0.025 Tw 42.663 0 Td (\(74,655\))Tj /T1_0 1 Tf 0 Tw -42.663 -1.4 Td (Charged to profit or loss)Tj /T1_1 1 Tf -0.025 Tw 43.188 0 Td (\(2,135\))Tj ET 0.5 w q 1 0 0 1 473.3858 280.7343 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 467.7165 280.5013 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10 0 0 10 79.37 254.1842 Tm (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 42.663 0 Td (\(76,790\))Tj ET 1.11 w q 1 0 0 1 473.3858 249.5334 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 247.4334 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 467.7165 247.1054 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 0.041 Tw 10 0 0 10 79.3701 222.4884 Tm (As at 31 December 2020, the Group had total unused tax losses of approxi\mately RMB897,125,000 \(2019: )Tj 0.041 Tc 0.07 Tw 0 -1.4 Td [(approximately)12.8 ( RMB)12.9 (9)12.8 (3)12.9 (9)12.8 (,)12.9 (4)12.8 (2)12.9 (9)12.8 (,)12.8 (0)12.9 (0)12.8 (0)12.9 (\).)12.9 ( No)12.9 ( deferred)12.8 ( tax)12.9 ( asset)12.9 ( has)12.9 ( been)12.9 ( recognised)12.8 ( in)12.9 ( respect)12.8 ( of)12.9 ( tax)12.9 ( losses)12.9 ( of)16 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.4 Td (certain subsidiaries of approximately RMB588,955,000 \(2019: approximate\ly RMB610,152,000\) due to the )Tj 0.063 Tc 0.07 Tw 0 -1.4 Td [(unpredictability)12.8 ( of)12.8 ( future)12.7 ( profit)12.8 ( streams)12.8 ( of)12.8 ( these)12.8 ( subsidiaries.)12.8 ( Deferred)12.8 ( tax)12.8 ( asset)12.8 ( of)12.8 ( approximately)38 ( )]TJ 0.025 Tc 0.026 Tw 0 -1.4 Td (RMB77,043,000 \(2019: approximately RMB82,319,000\) has been recognised \in respect of the tax losses of )Tj 0.063 Tc 0.07 Tw 0 -1.4 Td [(certain)12.2 ( subsidiaries)12.3 ( of)12.3 ( approximately)12.2 ( RMB)12.2 (3)12.3 (0)12.2 (8)12.2 (,)12.2 (1)12.3 (7)12.2 (0)12.2 (,)12.2 (0)12.3 (0)12.2 (0)12.2 ( \()12.3 (2)12.2 (0)12.2 (1)12.2 (9)12.3 (:)12.2 ( approximately)12.2 ( RMB)12.3 (3)12.2 (2)12.2 (9)12.2 (,)12.3 (2)12.2 (7)12.2 (7)12.2 (,)12.2 (0)12.3 (0)12.2 (0)12.2 (\))12.3 ( as)38 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.4 Td [(management )0.5 (considered )0.5 (it )0.5 (is )0.5 (probable )0.5 (that )0.5 (these )0.5 (subsidiaries )0.5 (can )0.5 (generate )0.5 (sufficient )0.5 (taxable )0.5 (profit )0.5 (to )0.5 (utilise )]TJ 0 Tw 0 -1.4 Td (the above tax loss.)Tj ET endstreamendobj109 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 52 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Convertible bonds 4)Tj /T1_0 1 Tf 0.026 Tc 0.082 Tw 0 -2.8 Td [(On)1 ( )0.5 (2)1 (8)1 ( )0.5 (September)1 ( )0.5 (2)1 (0)1 (2)1 (0)1 (,)1 ( )0.5 (the)1 ( )0.5 (convertible)1 ( )0.5 (bonds)1 ( )0.5 (in)1 ( )0.5 (the)1 ( )0.6 (principal)1 ( )0.5 (amount)1 ( )0.5 (of)1 ( )0.5 (HKD)1 (7)1 (0)1 (,)1 (5)1 (0)1.1 (0)1 (,)1 (0)1 (0)1 (0)1 ( )0.5 (was)1 ( )0.5 (subscribed)0.9 ( )]TJ 0.051 Tc 0.07 Tw 0 -1.4 Td [(by)12.7 ( the)12.7 ( subscriber,)12.7 ( pursuant)12.7 ( to)12.7 ( the)12.7 ( subscription)12.6 ( agreement)12.7 ( entered)12.7 ( into)12.7 ( between)12.7 ( the)12.7 ( Company)12.7 ( and)12.7 ( the)26 ( )]TJ 0.025 Tc 0.044 Tw 0 -1.4 Td (subscriber on 10 July 2019. The convertible bonds bears interest at 5% p\er annum on the principal amount )Tj 0.05 Tc 0.07 Tw 0 -1.4 Td [(of)12.6 ( the)12.5 ( convertible)12.6 ( bonds)12.6 ( outstanding)12.5 ( from)12.5 ( time)12.6 ( to)12.5 ( time.)12.5 ( The)12.6 ( convertible)12.5 ( bonds)12.5 ( can)12.5 ( be)12.5 ( converted)12.5 ( into)24.9 ( )]TJ 0.024 Tc 0 Tw 0 -1.4 Td [(ordinary shares at a conversion price of HKD0.141 from the day immediate\ly following the date of the issue)-0.9 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.4 Td [(of)6 ( )0.6 (convertible)6 ( )0.5 (bonds)6 ( )0.5 (to)6 ( )0.5 (the)6 ( )0.5 (maturity)6 ( )0.5 (date)6 ( )0.5 (which)6 ( )0.5 (is)6 ( )0.5 (2)6 (8)6 ( )0.5 (September)6 ( )0.6 (2)6 (0)6 (2)6 (5)6 (.)6 ( )0.5 (If)6 ( )0.5 (the)6.1 ( )0.5 (convertible)6 ( )0.5 (bonds)6 ( )0.5 (have)6 ( )0.5 (not)6 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.4 Td [(been)12.7 ( converted,)12.7 ( they)12.7 ( will)12.7 ( be)12.7 ( redeemed)12.7 ( at)12.7 ( par)12.7 ( on)12.7 ( 2)12.7 (8)12.6 ( September)12.7 ( 2)12.6 (0)12.7 (2)12.6 (5)12.7 (.)12.6 ( The)12.7 ( convertible)12.7 ( bonds)12.6 ( shall)12.6 ( be)28.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (translated at the exchange rate of RMB1.00 to HKD1.1765.)Tj /T1_1 1 Tf -0.025 Tw 26.746 -2.8 Td (Liability)Tj -1.054 -1.4 Td (component)Tj 9.561 1.4 Td (Equity)Tj -1.907 -1.4 Td (component)Tj 10.198 0 Td (Total)Tj /T1_2 1 Tf -16.967 -1.4 Td (RMB\222000)Tj 7.654 0 Td (RMB\222000)Tj 7.654 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (Fair value of convertible bonds on grant date)Tj -0.025 Tw 27.739 0 Td (40,506)Tj 7.654 0 Td (19,418)Tj 7.654 0 Td (59,924)Tj 0 Tw -43.046 -2.8 Td (Interest expense accrued)Tj -0.025 Tw 28.264 0 Td (1,444)Tj 0 Tc 0 Tw 9.504 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.804 0 Td (1,444)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 320.3149 486.2489 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 486.0159 Tm ( )Tj ET q 1 0 0 1 396.8504 486.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 486.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 486.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 486.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 459.6989 Tm (At 31 December 2020)Tj -0.025 Tw 27.739 0 Td (41,950)Tj 7.654 0 Td (19,418)Tj 7.654 0 Td (61,368)Tj ET 1.11 w q 1 0 0 1 320.3149 455.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 452.948 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 452.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 455.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 452.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 452.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 455.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 452.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 452.62 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 428.003 Tm (The principal amount of the convertible bonds as at 31 December 2020 is \approximately RMB59,924,000.)Tj /T1_1 1 Tf -2.268 -2.8 Td (31.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (DEFERRED INCOME TAX)Tj /T1_0 1 Tf 0 -2.8 Td (There were no offsetting of deferred income tax assets and liabilities i\n 2020 and 2019.)Tj ET 0 0 0 0 k /GS1 gs 391.181 356.303 76.535 -14 re 391.181 342.303 76.535 -14 re 391.181 328.303 76.535 -14 re 391.181 314.303 76.535 -14 re 391.181 300.303 76.535 -14 re 391.181 286.303 76.535 -14 re 391.181 272.303 76.535 -3.009 re 391.181 269.294 76.535 -14 re 391.181 255.294 76.535 -14 re 391.181 241.294 76.535 -5.396 re 391.181 235.898 76.535 -14 re 391.181 221.898 76.535 -14 re 391.181 207.898 76.535 -14 re 391.181 193.898 76.535 -14 re 391.181 179.898 76.535 -3.009 re 391.181 176.889 76.535 -14 re 391.181 162.889 76.535 -14 re 391.181 148.889 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 441.2972 344.003 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_3 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_2 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (Deferred tax assets:)Tj 0.9 -1.4 Td (\227 To be recovered after more than 12 months)Tj /T1_1 1 Tf -0.025 Tw 34.493 0 Td (65,284)Tj /T1_0 1 Tf 7.654 0 Td (82,319)Tj 0 Tw -42.146 -1.4 Td (\227 To be recovered within 12 months)Tj /T1_1 1 Tf 0 Tc 36.868 0 Td (\226)Tj /T1_0 1 Tf 7.654 0 Td (\226)Tj ET 0.5 w q 1 0 0 1 396.8503 269.544 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1811 269.311 Tm ( )Tj ET q 1 0 0 1 473.3858 269.544 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 269.311 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.2972 242.994 Tm (65,284)Tj /T1_0 1 Tf 7.654 0 Td (82,319)Tj ET 1.11 w q 1 0 0 1 396.8503 238.3432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 236.2432 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 235.9152 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 238.3432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 236.2432 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 235.9152 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 209.5981 Tm (Deferred tax liabilities)Tj 0.9 -1.4 Td (\227 To be settled after more than 12 months)Tj /T1_1 1 Tf -0.025 Tw 34.11 0 Td (\(76,790\))Tj /T1_0 1 Tf 7.654 0 Td (\(74,655\))Tj 0 Tw -41.763 -1.4 Td (\227 To be settled within 12 months)Tj /T1_1 1 Tf 0 Tc 36.868 0 Td (\226)Tj /T1_0 1 Tf 7.654 0 Td (\226)Tj ET 0.5 w q 1 0 0 1 396.8503 177.1391 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1811 176.9061 Tm ( )Tj ET q 1 0 0 1 473.3858 177.1391 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 176.9061 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 429.4673 150.5891 Tm (\(76,790\))Tj /T1_0 1 Tf 7.654 0 Td (\(74,655\))Tj ET 1.11 w q 1 0 0 1 396.8503 145.9383 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 143.8383 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 143.5103 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 145.9383 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 143.8383 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 143.5103 Tm ( )Tj ET endstreamendobj108 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 51 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Convertible bonds 3)Tj /T1_0 1 Tf 0.076 Tw 0 -2.8 Td (On 15 March 2019, the convertible bonds in the principal amount of HKD14\0,400,000 was subscribed by )Tj 0 Tw 0 -1.4 Td (the subscriber, pursuant to the subscription agreement entered into betw\een the Company and the subscriber )Tj 0.042 Tc 0.07 Tw 0 -1.4 Td [(on)12.4 ( 1)12.5 (9)12.5 ( July)12.4 ( 2)12.5 (0)12.5 (1)12.4 (8)12.5 (.)12.5 ( The)12.5 ( convertible)12.5 ( bonds)12.4 ( bears)12.5 ( interest)12.5 ( at)12.5 ( 4)12.5 (%)12.5 ( per)12.5 ( annum)12.4 ( on)12.5 ( the)12.5 ( principal)12.4 ( amount)12.5 ( of)12.5 ( the)17 ( )]TJ 0.039 Tc 0 -1.4 Td [(convertible)12.8 ( bonds)12.8 ( outstanding)12.8 ( from)12.8 ( time)12.8 ( to)12.7 ( time.)12.8 ( The)12.8 ( convertible)12.8 ( bonds)12.8 ( can)12.7 ( be)12.8 ( converted)12.8 ( into)12.8 ( ordinary)14 ( )]TJ 0.042 Tc 0 -1.4 Td [(shares)12.3 ( at)12.3 ( a)12.3 ( conversion)12.3 ( price)12.3 ( of)12.3 ( HKD)12.3 (0)12.3 (.)12.3 (1)12.2 (0)12.3 (8)12.3 ( from)12.3 ( the)12.3 ( day)12.3 ( immediately)12.3 ( following)12.3 ( the)12.3 ( date)12.3 ( of)12.3 ( the)12.3 ( issue)12.3 ( of)17 ( )]TJ 0.04 Tc 0 -1.4 Td [(convertible)12.4 ( bonds)12.4 ( to)12.4 ( the)12.4 ( maturity)12.3 ( date)12.4 ( which)12.4 ( is)12.4 ( 1)12.3 (4)12.4 ( March)12.3 ( 2)12.4 (0)12.3 (2)12.4 (4)12.4 (.)12.3 ( If)12.4 ( the)12.4 ( convertible)12.4 ( bonds)12.3 ( have)12.4 ( not)12.4 ( been)15 ( )]TJ 0.025 Tc 0.029 Tw 0 -1.4 Td (converted, they will be redeemed at par on 14 March 2024. The convertibl\e bonds shall be translated at the )Tj 0 Tw 0 -1.4 Td (exchange rate of RMB1.00 to HKD1.1765.)Tj ET 0 0 0 0 k /GS1 gs 314.646 438.603 76.535 -14 re 391.181 438.603 76.535 -14 re 467.717 438.603 76.535 -14 re 314.646 424.603 76.535 -14 re 391.181 424.603 76.535 -14 re 467.717 424.603 76.535 -14 re 314.646 410.603 76.535 -14 re 391.181 410.603 76.535 -14 re 467.717 410.603 76.535 -14 re 314.646 396.603 76.535 -14 re 391.181 396.603 76.535 -14 re 467.717 396.603 76.535 -14 re 314.646 382.603 76.535 -14 re 391.181 382.603 76.535 -14 re 467.717 382.603 76.535 -14 re 314.646 368.603 76.535 -3.009 re 391.181 368.603 76.535 -3.009 re 467.717 368.603 76.535 -3.009 re 314.646 365.594 76.535 -14 re 391.181 365.594 76.535 -14 re 467.717 365.594 76.535 -14 re 314.646 351.594 76.535 -14 re 391.181 351.594 76.535 -14 re 467.717 351.594 76.535 -14 re 314.646 337.594 76.535 -5.396 re 391.181 337.594 76.535 -5.396 re 467.717 337.594 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 346.8319 574.7079 Tm (Liability)Tj -1.054 -1.4 Td (component)Tj 9.561 1.4 Td (Equity)Tj -1.907 -1.4 Td (component)Tj 10.198 0 Td (Total)Tj /T1_2 1 Tf -16.967 -1.4 Td (RMB\222000)Tj 7.654 0 Td (RMB\222000)Tj 7.654 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (Fair value of convertible bonds on grant date)Tj -0.025 Tw 27.739 0 Td (78,569)Tj 7.129 0 Td (168,778)Tj 7.654 0 Td (247,347)Tj 0 Tw -42.521 -2.8 Td (Interest expense accrued)Tj -0.025 Tw 28.264 0 Td (8,273)Tj 0 Tc 0 Tw 9.504 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.804 0 Td (8,273)Tj 0 Tw -43.571 -1.4 Td (Converted during the year)Tj -0.025 Tw 27.356 0 Td (\(23,136\))Tj 7.654 0 Td (\(45,440\))Tj 7.654 0 Td (\(68,576\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 320.3149 472.2489 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 472.0159 Tm ( )Tj ET q 1 0 0 1 396.8504 472.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 472.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 472.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 472.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 445.6989 Tm (At 31 December 2019)Tj -0.025 Tw 27.739 0 Td (63,706)Tj 7.129 0 Td (123,338)Tj 7.654 0 Td (187,044)Tj ET 1.11 w q 1 0 0 1 320.3149 441.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 438.948 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 438.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 441.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 438.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 438.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 441.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 438.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 438.62 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 412.303 Tm (At 1 January 2020)Tj /T1_1 1 Tf -0.025 Tw 27.739 0 Td (63,706)Tj 7.129 0 Td (123,338)Tj 7.654 0 Td (187,044)Tj /T1_0 1 Tf 0 Tw -42.521 -2.8 Td (Interest expense accrued)Tj /T1_1 1 Tf -0.025 Tw 28.264 0 Td (8,516)Tj 0 Tc 0 Tw 9.504 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.804 0 Td (8,516)Tj /T1_0 1 Tf 0 Tw -43.571 -1.4 Td (Interest expense charged to accrued expense)Tj /T1_1 1 Tf -0.025 Tw 27.881 0 Td (\(3,489\))Tj 0 Tc 0 Tw 9.887 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.421 0 Td (\(3,489\))Tj ET 0.5 w q 1 0 0 1 320.3149 365.844 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 365.611 Tm ( )Tj ET q 1 0 0 1 396.8504 365.844 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 365.611 Tm ( )Tj ET q 1 0 0 1 473.3858 365.844 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 365.611 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10 0 0 10 79.37 339.294 Tm (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 27.739 0 Td (68,733)Tj 7.129 0 Td (123,338)Tj 7.654 0 Td (192,071)Tj ET 1.11 w q 1 0 0 1 320.3149 334.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 332.5432 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 332.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 334.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 332.5432 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 332.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 334.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 332.5432 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 332.2152 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 0.078 Tw 10 0 0 10 79.3701 307.5981 Tm (The principal amount of the convertible bonds as at 31 December 2020 is \approximately RMB87,208,000 )Tj 0 Tw 0 -1.4 Td (\(2019: approximately RMB87,208,000\).)Tj ET endstreamendobj22 0 obj<>endobj23 0 obj<>endobj24 0 obj<>endobj25 0 obj<>endobj26 0 obj<>endobj133 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj134 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj135 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 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bears)12.5 ( interest)12.5 ( at)12.5 ( 4)12.5 (%)12.5 ( per)12.5 ( annum)12.4 ( on)12.5 ( the)12.5 ( principal)12.4 ( amount)12.5 ( of)12.5 ( the)17 ( )]TJ 0.039 Tc 0 -1.4 Td [(convertible)12.8 ( bonds)12.8 ( outstanding)12.8 ( from)12.8 ( time)12.8 ( to)12.7 ( time.)12.8 ( The)12.8 ( convertible)12.8 ( bonds)12.8 ( can)12.7 ( be)12.8 ( converted)12.8 ( into)12.8 ( ordinary)14 ( )]TJ 0.042 Tc 0 -1.4 Td [(shares)12.3 ( at)12.3 ( a)12.3 ( conversion)12.3 ( price)12.3 ( of)12.3 ( HKD)12.3 (0)12.3 (.)12.3 (1)12.2 (0)12.3 (8)12.3 ( from)12.3 ( the)12.3 ( day)12.3 ( immediately)12.3 ( following)12.3 ( the)12.3 ( date)12.3 ( of)12.3 ( the)12.3 ( issue)12.3 ( of)17 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.4 Td [(c)0.5 (on)0.5 (v)0.5 (er)0.5 (t)0.5 (ib)0.5 (l)0.5 (e)8 ( )0.5 (bo)0.5 (n)0.5 (ds)8.1 ( )0.5 (to)8 ( )0.5 (t)0.5 (he)8.1 ( )0.5 (ma)0.5 (t)0.5 (u)0.5 (ri)0.5 (ty)8 ( )0.6 (da)0.5 (t)0.5 (e)8 ( )0.5 (wh)0.5 (i)0.5 (c)0.5 (h)8 ( )0.5 (is)8 ( )0.5 (3)8 (0)8 ( )0.6 (Ja)0.5 (n)0.5 (ua)0.5 (r)0.5 (y)8 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The converti\ble bonds shall be translated at the )Tj 0 -1.4 Td (fixed exchange rate of RMB1.00 to HKD1.1765.)Tj ET 0 0 0 0 k /GS1 gs 314.646 438.603 76.535 -14 re 391.181 438.603 76.535 -14 re 467.717 438.603 76.535 -14 re 314.646 424.603 76.535 -14 re 391.181 424.603 76.535 -14 re 467.717 424.603 76.535 -14 re 314.646 410.603 76.535 -14 re 391.181 410.603 76.535 -14 re 467.717 410.603 76.535 -14 re 314.646 396.603 76.535 -14 re 391.181 396.603 76.535 -14 re 467.717 396.603 76.535 -14 re 314.646 382.603 76.535 -14 re 391.181 382.603 76.535 -14 re 467.717 382.603 76.535 -14 re 314.646 368.603 76.535 -3.009 re 391.181 368.603 76.535 -3.009 re 467.717 368.603 76.535 -3.009 re 314.646 365.594 76.535 -14 re 391.181 365.594 76.535 -14 re 467.717 365.594 76.535 -14 re 314.646 351.594 76.535 -14 re 391.181 351.594 76.535 -14 re 467.717 351.594 76.535 -14 re 314.646 337.594 76.535 -5.396 re 391.181 337.594 76.535 -5.396 re 467.717 337.594 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 346.8319 574.7079 Tm (Liability)Tj -1.054 -1.4 Td (component)Tj 9.561 1.4 Td (Equity)Tj -1.907 -1.4 Td (component)Tj 10.198 0 Td (Total)Tj /T1_2 1 Tf -16.967 -1.4 Td (RMB\222000)Tj 7.654 0 Td (RMB\222000)Tj 7.654 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (Fair value of convertible bonds on grant date)Tj -0.025 Tw 27.739 0 Td (71,707)Tj 7.129 0 Td (133,505)Tj 7.654 0 Td (205,212)Tj 0 Tw -42.521 -2.8 Td (Interest expense accrued)Tj -0.025 Tw 28.264 0 Td (7,151)Tj 0 Tc 0 Tw 9.504 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.804 0 Td (7,151)Tj 0 Tw -43.571 -1.4 Td (Converted during the year)Tj -0.025 Tw 27.356 0 Td (\(54,562\))Tj 7.654 0 Td (\(93,454\))Tj 7.129 0 Td (\(148,016\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 320.3149 472.2489 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 472.0159 Tm ( )Tj ET q 1 0 0 1 396.8504 472.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 472.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 472.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 472.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 445.6989 Tm (At 31 December 2019)Tj -0.025 Tw 27.739 0 Td (24,296)Tj 7.654 0 Td (40,051)Tj 7.654 0 Td (64,347)Tj ET 1.11 w q 1 0 0 1 320.3149 441.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 438.948 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 438.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 441.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 438.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 438.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 441.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 438.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 438.62 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 412.303 Tm (At 1 January 2020)Tj /T1_1 1 Tf -0.025 Tw 27.739 0 Td (24,296)Tj 7.654 0 Td (40,051)Tj 7.654 0 Td (64,347)Tj /T1_0 1 Tf 0 Tw -43.046 -2.8 Td (Interest expense accrued)Tj /T1_1 1 Tf -0.025 Tw 28.264 0 Td (3,294)Tj 0 Tc 0 Tw 9.504 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.804 0 Td (3,294)Tj /T1_0 1 Tf 0 Tw -43.571 -1.4 Td (Interest expense charged to accrued expense)Tj /T1_1 1 Tf -0.025 Tw 27.881 0 Td (\(1,323\))Tj 0 Tc 0 Tw 9.887 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.421 0 Td (\(1,323\))Tj ET 0.5 w q 1 0 0 1 320.3149 365.844 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 365.611 Tm ( )Tj ET q 1 0 0 1 396.8504 365.844 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 365.611 Tm ( )Tj ET q 1 0 0 1 473.3858 365.844 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 365.611 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10 0 0 10 79.37 339.294 Tm (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 27.739 0 Td (26,267)Tj 7.654 0 Td (40,051)Tj 7.654 0 Td (66,318)Tj ET 1.11 w q 1 0 0 1 320.3149 334.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 332.5432 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 332.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 334.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 332.5432 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 332.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 334.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 332.5432 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 332.2152 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 0.078 Tw 10 0 0 10 79.3701 307.5981 Tm (The principal amount of the convertible bonds as at 31 December 2020 is \approximately RMB33,047,000 )Tj 0 Tw 0 -1.4 Td (\(2019: approximately RMB33,047,000\).)Tj ET endstreamendobj141 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 49 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Convertible bonds 1)Tj /T1_0 1 Tf 0.042 Tc 0.07 Tw 0 -2.8 Td [(On)13 ( 1)12.9 (3)13 ( Nov)0.5 (emb)0.5 (er)12.9 ( )0.5 (2)12.9 (0)12.9 (1)13 (4)12.9 (,)12.9 ( t)0.5 (he)12.9 ( )0.5 (Com)0.5 (pany)13 ( is)0.5 (sue)0.5 (d)12.9 ( c)0.5 (onve)0.5 (rti)0.5 (ble)13 ( bon)0.5 (ds)12.9 ( )0.5 (to)12.9 ( A)0.5 (sia)13 ( Pa)0.5 (cif)0.5 (ic)12.9 ( )0.5 (Re)0.5 (sour)0.5 (ces)13 ( D)0.5 (eve)0.5 (lopm)0.5 (ent)17 ( )]TJ 0.082 Tc 0 -1.4 Td [(Investment)12.6 ( Limited,)12.5 ( with)12.5 ( a)12.6 ( principal)12.6 ( amount)12.6 ( of)12.6 ( HKD)12.6 (8)12.5 (3)12.6 (2)12.5 (,)12.6 (0)12.5 (0)12.6 (0)12.5 (,)12.6 (0)12.6 (0)12.5 (0)12.6 ( \(equivalent)12.5 ( to)12.6 ( approximately)57 ( )]TJ 0.043 Tc 0 -1.4 Td [(RMB)12.3 (6)12.2 (6)12.3 (5)12.2 (,)12.3 (6)12.2 (0)12.3 (0)12.2 (,)12.3 (0)12.2 (0)12.3 (0)12.2 (\))12.3 ( pursuant)12.3 ( to)12.2 ( the)12.3 ( subscription)12.3 ( agreement)12.2 ( entered)12.3 ( into)12.3 ( between)12.2 ( the)12.3 ( Company)12.3 ( and)12.3 ( Asia)18.1 ( )]TJ 0.025 Tc 0.065 Tw 0 -1.4 Td (Pacific Resources Development Investment Limited on 30 July 2014. The co\nvertible bonds bears interest )Tj 0.043 Tc 0.07 Tw 0 -1.4 Td [(at)12.9 ( 7)12.8 (%)12.8 ( per)12.8 ( annum)12.8 ( on)12.9 ( the)12.9 ( principal)12.8 ( amount)12.9 ( of)12.8 ( the)12.8 ( convertible)12.8 ( bonds)12.8 ( outstanding)12.8 ( from)12.9 ( time)12.8 ( to)12.9 ( time.)12.8 ( The)18 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.4 Td [(convertible)9 ( )0.5 (bonds)9 ( )0.5 (can)9 ( )0.5 (be)9 ( )0.5 (converted)9 ( )0.5 (into)9 ( )0.5 (ordinary)9 ( )0.5 (shares)9 ( )0.5 (at)9 ( )0.5 (a)9 ( )0.5 (conversion)9 ( )0.5 (price)9 ( )0.5 (of)9 ( )0.5 (HKD)9 (0)9 (.)9 (3)9 (2)9 ( )0.5 (from)8.9 ( )0.5 (the)9 ( )0.5 (day)9 ( )]TJ 0.025 Tc 0.006 Tw 0 -1.4 Td (immediately following the date of the issue of convertible bonds to the \maturity date which is 12 November )Tj 0.014 Tw 0 -1.4 Td [(2024. If the convertible bonds have not been converted, they will be red\eemed at )0.5 (par )0.5 (on 12 )0.5 (November 2024 )]TJ 0.048 Tc 0.07 Tw 0 -1.4 Td [(in)12.1 ( RMB)12.2 ( using)12.1 ( a)12.2 ( predetermined)12.2 ( fixed)12.2 ( rate)12.2 ( of)12.2 ( exchange)12.1 ( of)12.1 ( RMB)12.1 (1)12.2 (.)12.2 (0)12.1 (0)12.2 ( to)12.2 ( HKD)12.1 (1)12.2 (.)12.1 (2)12.2 (5)12.2 (.)12.2 ( Interest)12.2 ( will)12.1 ( be)12.2 ( paid)23 ( )]TJ 0.025 Tc 0.008 Tw 0 -1.4 Td (annually in RMB using a pre-determined fixed rate of exchange of RMB1.00\ to HKD1.25 until the maturity )Tj -0.025 Tw 0 -1.4 Td (date.)Tj ET 0 0 0 0 k /GS1 gs 314.646 396.603 76.535 -14 re 391.181 396.603 76.535 -14 re 467.717 396.603 76.535 -14 re 314.646 382.603 76.535 -14 re 391.181 382.603 76.535 -14 re 467.717 382.603 76.535 -14 re 314.646 368.603 76.535 -14 re 391.181 368.603 76.535 -14 re 467.717 368.603 76.535 -14 re 314.646 354.603 76.535 -14 re 391.181 354.603 76.535 -14 re 467.717 354.603 76.535 -14 re 314.646 340.603 76.535 -14 re 391.181 340.603 76.535 -14 re 467.717 340.603 76.535 -14 re 314.646 326.603 76.535 -3.009 re 391.181 326.603 76.535 -3.009 re 467.717 326.603 76.535 -3.009 re 314.646 323.594 76.535 -14 re 391.181 323.594 76.535 -14 re 467.717 323.594 76.535 -14 re 314.646 309.594 76.535 -14 re 391.181 309.594 76.535 -14 re 467.717 309.594 76.535 -14 re 314.646 295.594 76.535 -5.396 re 391.181 295.594 76.535 -5.396 re 467.717 295.594 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 10 0 0 10 346.8319 532.7079 Tm (Liability)Tj -1.054 -1.4 Td (component)Tj 9.561 1.4 Td (Equity)Tj -1.907 -1.4 Td (component)Tj 10.198 0 Td (Total)Tj /T1_2 1 Tf -16.967 -1.4 Td (RMB\222000)Tj 7.654 0 Td (RMB\222000)Tj 7.654 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (At 1 January 2019)Tj -0.025 Tw 27.214 0 Td (123,274)Tj 7.654 0 Td (218,947)Tj 7.654 0 Td (342,221)Tj 0 Tw -42.521 -2.8 Td (Interest expense accrued)Tj -0.025 Tw 27.739 0 Td (30,291)Tj 0 Tc 0 Tw 10.029 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.279 0 Td (30,291)Tj 0 Tw -43.046 -1.4 Td (Interest expense charged to accrued expense)Tj -0.025 Tw 27.356 0 Td (\(17,968\))Tj 0 Tc 0 Tw 10.412 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.896 0 Td (\(17,968\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 320.3149 430.2489 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 430.0159 Tm ( )Tj ET q 1 0 0 1 396.8504 430.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 430.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 430.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 430.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 403.6989 Tm (At 31 December 2019)Tj -0.025 Tw 27.214 0 Td (135,597)Tj 7.654 0 Td (218,947)Tj 7.654 0 Td (354,544)Tj ET 1.11 w q 1 0 0 1 320.3149 399.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 396.948 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 396.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 399.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 396.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 396.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 399.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 396.948 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 396.62 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 370.303 Tm (At 1 January 2020)Tj /T1_1 1 Tf -0.025 Tw 27.214 0 Td (135,597)Tj 7.654 0 Td (218,947)Tj 7.654 0 Td (354,544)Tj /T1_0 1 Tf 0 Tw -42.521 -2.8 Td (Interest expense accrued)Tj /T1_1 1 Tf -0.025 Tw 27.739 0 Td (33,353)Tj 0 Tc 0 Tw 10.029 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.279 0 Td (33,353)Tj /T1_0 1 Tf 0 Tw -43.046 -1.4 Td (Interest expense charged to accrued expense)Tj /T1_1 1 Tf -0.025 Tw 27.356 0 Td (\(17,968\))Tj 0 Tc 0 Tw 10.412 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.896 0 Td (\(17,968\))Tj ET 0.5 w q 1 0 0 1 320.3149 323.844 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 323.611 Tm ( )Tj ET q 1 0 0 1 396.8504 323.844 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 323.611 Tm ( )Tj ET q 1 0 0 1 473.3858 323.844 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 323.611 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10 0 0 10 79.37 297.294 Tm (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 27.214 0 Td (150,982)Tj 7.654 0 Td (218,947)Tj 7.654 0 Td (369,929)Tj ET 1.11 w q 1 0 0 1 320.3149 292.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 290.5432 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 290.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 292.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 290.5432 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 290.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 292.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 290.5432 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 290.2152 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 0.04 Tw 10 0 0 10 79.3701 265.5981 Tm (The principal amount of the convertible bonds as at 31 December 2020 is \approximately RMB256,685,000 )Tj 0 Tw 0 -1.4 Td (\(2019: approximately RMB256,685,000\).)Tj ET endstreamendobj140 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 48 \226)Tj 10 0 0 10 102.0472 728.7079 Tm (All of the Group\222s long-term bank borrowings are denominated in RMB.)Tj 0.044 Tc 0.07 Tw 0 -2.8 Td [(The)12.5 ( carrying)12.5 ( amounts)12.6 ( of)12.6 ( the)12.5 ( long-term)12.5 ( borrowings)12.6 ( approximate)12.6 ( to)12.6 ( their)12.6 ( fair)12.5 ( values)12.5 ( as)12.5 ( the)12.5 ( market)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (borrowing interest rate approximates to their effective interest rates.)Tj 0.053 Tw 0 -2.8 Td (As at 31 December 2020, the Group had not met certain financial covenant\ for its borrowings and an )Tj 0.015 Tw 0 -1.4 Td (amount of approximately RMB586,680,000 was then reclassified as current \liabilities according to the )Tj 0 Tw 0 -1.4 Td (loan agreement.)Tj /T1_1 1 Tf -2.268 -2.8 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Short-term borrowings)Tj /T1_0 1 Tf 0.024 Tc 0 -2.8 Td (An analysis of the carrying amounts of the short-term borrowings by natu\re and currency is as follows:)Tj ET 0 0 0 0 k /GS1 gs 391.181 559.008 76.535 -14 re 391.181 545.008 76.535 -14 re 391.181 531.008 76.535 -14 re 391.181 517.008 76.535 -14 re 391.181 503.008 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 441.2972 546.7079 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tc 0 Tw -39.616 -1.4 Td ( )Tj /T1_1 1 Tf 35.45 0 Td ( )Tj /T1_0 1 Tf 7.654 0 Td ( )Tj 0.025 Tc -43.104 -1.4 Td (At fixed rates in RMB)Tj /T1_1 1 Tf -0.025 Tw 31.8 0 Td (1,886,250)Tj /T1_0 1 Tf 7.654 0 Td (1,302,714)Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 396.8503 500.0571 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 497.9571 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 497.6291 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 500.0571 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 497.9571 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 497.6291 Tm ( )Tj 0.044 Tc 0.07 Tw 10 0 0 10 102.0472 473.0121 Tm [(The)12.7 ( short-term)12.7 ( borrowings)12.7 ( were)12.7 ( issued)12.6 ( at)12.7 ( interest)12.7 ( rates)12.7 ( which)12.7 ( range)12.7 ( from)12.7 ( 4)12.7 (.)12.7 (3)12.7 (5)12.7 (%)12.7 ( to)12.7 ( 8)12.7 (.)12.7 (6)12.7 (4)12.7 (%)12.7 ( \()12.7 (2)12.7 (0)12.7 (1)12.7 (9)12.7 (:)19 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.4 Td [(4)8 (.)8 (3)8 (5)8 (%)8 ( )0.5 (to)8 ( )0.5 (8)8 (.)8 (0)8 (0)8 (%\))8 ( )0.5 (per)8 ( )0.5 (annum.)8 ( )0.5 (The)8 ( )0.5 (fair)8 ( )0.5 (value)8 ( )0.6 (of)8 ( )0.5 (short-term)8 ( )0.5 (borrowings)8 ( )0.5 (approximate)8 ( )0.5 (to)8 ( )0.5 (their)8 ( )0.5 (carrying)8 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (amounts.)Tj /T1_1 1 Tf 0 Tw -4.535 -2.8 Td (30.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (CONVERTIBLE BONDS)Tj ET 0 0 0 0 k /GS1 gs 391.181 401.312 76.535 -14 re 391.181 387.312 76.535 -14 re 391.181 373.312 76.535 -14 re 391.181 359.312 76.535 -14 re 391.181 345.312 76.535 -14 re 391.181 331.312 76.535 -14 re 391.181 317.312 76.535 -14 re 391.181 303.312 76.535 -14 re 391.181 289.312 76.535 -3.009 re 391.181 286.303 76.535 -14 re 391.181 272.303 76.535 -14 re 391.181 258.303 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 441.2972 389.0121 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tc 0 Tw -41.883 -1.4 Td ( )Tj /T1_1 1 Tf 37.718 0 Td ( )Tj /T1_0 1 Tf 7.654 0 Td ( )Tj /T1_1 1 Tf 0.025 Tc -45.371 -1.4 Td (Liability component)Tj /T1_0 1 Tf 0 -1.4 Td (Convertible bonds 1)Tj /T1_1 1 Tf -0.025 Tw 34.868 0 Td (150,982)Tj /T1_0 1 Tf 7.654 0 Td (135,597)Tj 0 Tw -42.521 -1.4 Td (Convertible bonds 2)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (26,267)Tj /T1_0 1 Tf 7.654 0 Td (24,296)Tj 0 Tw -43.046 -1.4 Td (Convertible bonds 3)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (68,733)Tj /T1_0 1 Tf 7.654 0 Td (63,706)Tj 0 Tw -43.046 -1.4 Td (Convertible bonds 4)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (41,950)Tj /T1_0 1 Tf 0 Tc 0 Tw 10.029 0 Td (\226)Tj ET 0.5 w q 1 0 0 1 396.8503 286.553 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1811 286.32 Tm ( )Tj ET q 1 0 0 1 473.3858 286.553 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 286.32 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 428.0472 260.003 Tm (287,932)Tj /T1_0 1 Tf 7.654 0 Td (223,599)Tj ET 1.11 w q 1 0 0 1 396.8503 255.3522 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 253.2522 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 252.9242 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 255.3522 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 253.2522 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 252.9242 Tm ( )Tj ET endstreamendobj139 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 47 \226)Tj /T1_1 1 Tf 0.668 Tw 10 0 0 10 56.6929 728.7079 Tm (29.)Tj /Span<>> BDC ( )Tj EMC (BORROWINGS)Tj ET 0 0 0 0 k /GS1 gs 391.181 713.008 76.535 -14 re 391.181 699.008 76.535 -14 re 391.181 685.008 76.535 -14 re 391.181 671.008 76.535 -14 re 391.181 657.008 76.535 -3.009 re 391.181 653.999 76.535 -14 re 391.181 639.999 76.535 -14 re 391.181 625.999 76.535 -3.009 re 391.181 622.99 76.535 -14 re 391.181 608.99 76.535 -14 re 391.181 594.99 76.535 -3.009 re 391.181 591.981 76.535 -14 re 391.181 577.981 76.535 -14 re 391.181 563.981 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 441.2972 700.7079 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (Non-current portion of long-term bank borrowings )Tj /T1_3 1 Tf (\(Note a\))Tj /T1_1 1 Tf 0 Tc 37.768 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.754 0 Td (428,300)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 396.8503 654.2489 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 654.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 654.2489 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 654.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 627.6989 Tm (Current portion of long-term bank borrowings )Tj /T1_3 1 Tf (\(Note a\))Tj /T1_1 1 Tf 0 Tc 37.768 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.754 0 Td (158,419)Tj ET q 1 0 0 1 396.8503 623.2398 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 623.0068 Tm ( )Tj ET q 1 0 0 1 473.3858 623.2398 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 623.0068 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 596.6898 Tm (Short-term borrowings )Tj /T1_3 1 Tf (\(Note b\))Tj /T1_1 1 Tf -0.025 Tw 34.068 0 Td (1,886,250)Tj /T1_0 1 Tf 7.654 0 Td (1,302,714)Tj ET q 1 0 0 1 396.8503 592.2308 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 591.9979 Tm ( )Tj ET q 1 0 0 1 473.3858 592.2308 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 591.9979 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 420.0472 565.6808 Tm (1,886,250)Tj /T1_0 1 Tf 7.654 0 Td (1,889,433)Tj ET 1.11 w q 1 0 0 1 396.8503 561.03 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 558.9299 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 558.602 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 561.03 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 558.9299 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 558.602 Tm ( )Tj 0.047 Tc 0.07 Tw 10 0 0 10 79.3701 533.9849 Tm [(The)12.7 ( borrowings)12.7 ( are)12.7 ( secured)12.7 ( by)12.7 ( bank)12.7 ( deposits)12.7 ( of)12.7 ( approximately)12.7 ( RMB)12.7 (2)12.7 (9)12.7 (,)12.7 (5)12.7 (9)12.7 (3)12.7 (,)12.7 (0)12.7 (0)12.7 (0)12.7 ( \()12.7 (2)12.7 (0)12.7 (1)12.7 (9)12.7 (:)12.8 ( approximately)21.9 ( )]TJ 0.087 Tc 0 -1.4 Td [(RMB)12.3 (3)12.3 (0)12.3 (,)12.3 (1)12.3 (1)12.3 (6)12.3 (,)12.4 (0)12.2 (0)12.4 (0)12.3 (\),)12.3 ( property,)12.4 ( plant)12.3 ( and)12.3 ( equipment)12.3 ( with)12.3 ( a)12.4 ( total)12.3 ( net)12.3 ( book)12.3 ( value)12.3 ( of)12.3 ( approximately)62 ( )]TJ 0.025 Tc 0.042 Tw 0 -1.4 Td (RMB1,360,938,000 \(2019: approximately RMB1,538,018,000\), investment pr\operties with a total net book )Tj 0.073 Tw 0 -1.4 Td (value of approximately RMB55,850,000 \(2019: approximately RMB57,694,000\\), mining right with a total )Tj 0.033 Tc 0.075 Tw 0 -1.4 Td [(net)8 ( )0.5 (book)8 ( )0.5 (value)8.1 ( )0.5 (of)8 ( )0.5 (approximately)8 ( )0.5 (RMB)8 (3)8 (1)8 (8)8 (,)8 (0)8 (0)8.1 (0)8 (,)8 (0)8 (0)8 (0)8 ( )0.5 (\()8 (2)8 (0)8 (1)8 (9)8 (:)8 ( )0.5 (approximately)8 ( )0.5 (RMB)8 (3)8 (0)8 (9)8 (,)8 (4)8.1 (5)7.9 (6)8.1 (,)8 (0)8 (0)8 (0)8 (\),)8 ( )0.5 (right-of-use)8.1 ( )]TJ 0.114 Tc 0.07 Tw 0 -1.4 Td [(assets)12.8 ( with)12.9 ( total)12.8 ( net)12.9 ( book)12.8 ( value)12.9 ( of)12.9 ( approximately)12.8 ( RMB)12.8 (1)12.8 (0)12.9 (6)12.8 (,)12.8 (4)12.9 (1)12.8 (1)12.8 (,)12.8 (0)12.9 (0)12.8 (0)12.8 ( \()12.9 (2)12.8 (0)12.8 (1)12.8 (9)12.9 (:)12.8 ( approximately)89 ( )]TJ 0.06 Tc 0 -1.4 Td [(RMB)12.5 (1)12.4 (0)12.5 (9)12.4 (,)12.5 (0)12.4 (9)12.5 (4)12.4 (,)12.5 (0)12.4 (0)12.5 (0)12.4 (\),)12.4 ( 1)12.4 (0)12.5 (0)12.5 (%)12.4 ( equity)12.5 ( interest)12.5 ( in)12.5 ( Dazhou)12.5 ( Ko)12.4 ( Yo)12.4 ( Chemical,)12.5 ( Sichuan)12.4 ( Cuyo,)12.5 ( Guangan)12.4 ( New)35 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.4 Td (Material, Ko Yo GuangAn, Ko Yo Lotusan and Ko Yo Argochem \(2019: 100% e\quity interest in Dazhou )Tj 0.04 Tc 0.07 Tw 0 -1.4 Td [(Ko)12.4 ( Yo)12.5 ( Chemical,)12.5 ( Sichuan)12.4 ( Cuyo,)12.4 ( Guangan)12.4 ( New)12.5 ( Material,)12.5 ( Ko)12.4 ( Yo)12.4 ( GuangAn,)12.4 ( Ko)12.5 ( Yo)12.5 ( Lotusan)12.4 ( and)12.5 ( Ko)12.4 ( Yo)14.9 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (Argochem\).)Tj /T1_1 1 Tf 0 Tw 0 -2.8 Td (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Long-term bank borrowings)Tj /T1_0 1 Tf 0 -2.8 Td (The average effective interest rate of bank borrowings as at 31 December\ 2020 is nil \(2019: 6.24%\).)Tj 0 -2.8 Td (As at 31 December 2020 and 2019, the Group\222s long-term bank borrowing\s were repayable as follows:)Tj ET 0 0 0 0 k /GS1 gs 391.181 308.285 76.535 -14 re 391.181 294.285 76.535 -14 re 391.181 280.285 76.535 -14 re 391.181 266.285 76.535 -14 re 391.181 252.285 76.535 -14 re 391.181 238.285 76.535 -14 re 391.181 224.285 76.535 -3.009 re 391.181 221.276 76.535 -14 re 391.181 207.276 76.535 -14 re 391.181 193.276 76.535 -14 re 391.181 179.276 76.535 -3.009 re 391.181 176.267 76.535 -14 re 391.181 162.267 76.535 -14 re 391.181 148.267 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 441.2972 295.9849 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -39.616 -2.8 Td (Within 1 year)Tj /T1_1 1 Tf 0 Tc 35.5 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.754 0 Td (158,419)Tj 0 Tw -40.254 -1.4 Td (Between 1 and 2 years)Tj /T1_1 1 Tf 0 Tc 35.5 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.754 0 Td (164,500)Tj 0 Tw -40.254 -1.4 Td (Between 2 and 3 years)Tj /T1_1 1 Tf 0 Tc 35.5 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.754 0 Td (263,800)Tj ET 0.5 w q 1 0 0 1 396.8503 221.5259 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 221.2929 Tm ( )Tj ET q 1 0 0 1 473.3858 221.5259 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 221.2929 Tm ( )Tj /T1_1 1 Tf 10 0 0 10 457.0472 194.9758 Tm (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.754 0 Td (586,719)Tj 0 Tw -40.254 -1.4 Td (Within 1 year included in current liabilities)Tj /T1_1 1 Tf 0 Tc 35.5 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.371 0 Td (\(158,419\))Tj ET q 1 0 0 1 396.8503 176.5168 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 176.2838 Tm ( )Tj ET q 1 0 0 1 473.3858 176.5168 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 176.2838 Tm ( )Tj /T1_1 1 Tf 10 0 0 10 457.0472 149.9668 Tm (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.754 0 Td (428,300)Tj ET 1.11 w q 1 0 0 1 396.8503 145.316 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 143.216 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 142.888 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 145.316 cm 0 0 m 65.197 0 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They are required to allocate at least 10% of their net \profit to the reserve fund )Tj 0.057 Tc 0.07 Tw 0 -1.4 Td [(until)12.4 ( the)12.4 ( balance)12.4 ( of)12.4 ( such)12.4 ( fund)12.4 ( has)12.4 ( reached)12.4 ( 5)12.3 (0)12.4 (%)12.3 ( of)12.3 ( its)12.4 ( registered)12.4 ( capital.)12.4 ( Appropriation)12.3 ( of)32 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.4 Td [(enterprise)4.1 ( expansion)4 ( )0.5 (fund)4 ( )0.5 (is)4 ( )0.5 (determined)4 ( )0.5 (at)4 ( )0.5 (the)4.1 ( )0.5 (discretion)4 ( )0.5 (of)4 ( )0.5 (its)4 ( )0.6 (directors.)4 ( )0.5 (The)4 ( )0.5 (reserve)4.1 ( )0.5 (fund)4 ( )0.5 (can)4 ( )]TJ 0.025 Tc 0.047 Tw 0 -1.4 Td (only be used, upon approval by the relevant authorities, to offset accum\ulated losses or increase )Tj 0.038 Tw 0 -1.4 Td (capital. 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The )Tj 0.073 Tw 0 -1.4 Td (resulting loss of approximately RMB3,600,000 is recorded in equity, as a\ transaction with non-)Tj 0 Tw 0 -1.4 Td (controlling interests.)Tj 0.056 Tc 0.07 Tw 0 -2.8 Td [(On)12.4 ( 2)12.4 (8)12.4 ( April)12.5 ( 2)12.4 (0)12.4 (1)12.4 (4)12.4 (,)12.4 ( the)12.5 ( Group)12.4 ( transferred)12.5 ( 9)12.4 (%)12.4 ( equity)12.4 ( interest)12.4 ( in)12.4 ( Ko)12.4 ( Yo)12.5 ( Ko)12.4 ( Chang)12.4 ( at)12.5 ( a)12.4 ( cash)31 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.4 Td [(consideration )0.5 (of )0.5 (approximately )0.5 (RMB900,000 )0.5 (to )0.6 (Changsha )0.6 (Haosheng )0.5 (Chemical )0.5 (Technology )0.5 (Co., )]TJ 0.024 Tc 0 Tw 0 -1.4 Td [(Ltd. 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BT 0.1 0 0 0.1 436.5355 416.0159 Tm ( )Tj ET q 1 0 0 1 496.0631 416.2489 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 490.3938 416.0159 Tm ( )Tj 0.025 Tc 8 0 0 10 102.0473 389.6989 Tm (At 31 December 2019)Tj -0.025 Tw 16.706 0 Td (1,519,172)Tj 8.057 0 Td (37,162)Tj 6.732 0 Td (28,269)Tj 6.207 0 Td (382,336)Tj 5.549 0 Td (\(2,209,995\))Tj 7.532 0 Td (\(243,056\))Tj ET 1.11 w q 1 0 0 1 226.7717 385.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 226.7717 382.948 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 221.1024 382.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 280.63 385.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 280.63 382.948 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 274.9607 382.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 334.4883 385.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 334.4883 382.948 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 328.819 382.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 388.3465 385.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 388.3465 382.948 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 382.6772 382.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 442.2048 385.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 442.2048 382.948 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 436.5355 382.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 496.0631 385.048 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 496.0631 382.948 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 490.3938 382.62 Tm ( )Tj 0.025 Tc 8 0 0 10 102.0473 356.303 Tm (At 1 January 2020)Tj /T1_1 1 Tf -0.025 Tw 16.706 0 Td (1,519,172)Tj 8.057 0 Td (37,162)Tj 6.732 0 Td (28,269)Tj 6.207 0 Td (382,336)Tj 5.549 0 Td (\(2,209,995\))Tj 7.532 0 Td (\(243,056\))Tj /T1_0 1 Tf 0 Tw -50.784 -2.8 Td (Total comprehensive loss )Tj 0 Tc ( )Tj 0.025 Tc 0.9 -1.4 Td (for the year)Tj /T1_1 1 Tf 0 Tc 19.506 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.449 0 Td (\(241,779\))Tj 6.732 0 Td (\(241,779\))Tj /T1_0 1 Tf 0 Tw -50.784 -1.4 Td (Issuance of convertible bonds)Tj /T1_1 1 Tf 0 Tc 20.406 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.357 0 Td (19,418)Tj 0 Tc 0 Tw 9.107 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.357 0 Td (19,418)Tj /T1_0 1 Tf 0 Tw -51.692 -1.4 Td (Share-based payments)Tj /T1_1 1 Tf 0 Tc 20.406 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.882 0 Td (7,521)Tj 0 Tc 0 Tw 8.582 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.882 0 Td (7,521)Tj ET 0.5 w q 1 0 0 1 226.7717 281.844 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 221.1024 281.611 Tm ( )Tj ET q 1 0 0 1 280.63 281.844 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 274.9607 281.611 Tm ( )Tj ET q 1 0 0 1 334.4883 281.844 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 328.819 281.611 Tm ( )Tj ET q 1 0 0 1 388.3465 281.844 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 382.6772 281.611 Tm ( )Tj ET q 1 0 0 1 442.2048 281.844 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 436.5355 281.611 Tm ( )Tj ET q 1 0 0 1 496.0631 281.844 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 490.3938 281.611 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 8 0 0 10 102.0473 255.294 Tm (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 16.706 0 Td (1,519,172)Tj 8.057 0 Td (37,162)Tj 6.732 0 Td (35,790)Tj 6.207 0 Td (401,754)Tj 5.549 0 Td (\(2,451,774\))Tj 7.532 0 Td (\(457,896\))Tj ET 1.11 w q 1 0 0 1 226.7717 250.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 226.7717 248.5432 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 221.1024 248.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 280.63 250.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 280.63 248.5432 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 274.9607 248.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 334.4883 250.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 334.4883 248.5432 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 328.819 248.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 388.3465 250.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 388.3465 248.5432 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 382.6772 248.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 442.2048 250.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 442.2048 248.5432 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 436.5355 248.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 496.0631 250.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 496.0631 248.5432 cm 0 0 m 42.52 0 l S Q BT 0.1 0 0 0.1 490.3938 248.2152 Tm ( )Tj ET endstreamendobj146 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 44 \226)Tj 0.026 Tc 0.082 Tw 10 0 0 10 79.3701 728.7079 Tm [(The)1 ( )0.5 (fair)1 ( )0.6 (value)1 ( )0.5 (of)1 ( )0.5 (options)1 ( )0.5 (granted)1 ( )0.5 (by)1 ( )0.5 (the)1 ( )0.5 (Company)1 ( )0.5 (was)1 ( )0.5 (assessed)0.9 ( )0.6 (using)1 ( )0.5 (the)1 ( )0.5 (binomial)1 ( )0.5 (option)1 ( )0.5 (pricing)1 ( )0.6 (model.)0.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (The following inputs were used:)Tj 0 -2.8 Td (Date of grant)Tj 38.85 0 Td (23 October 2020)Tj -38.85 -1.4 Td (Share price on date of grant)Tj -0.025 Tw 41.552 0 Td (HK$0.070)Tj 0 Tw -41.552 -1.4 Td (Exercise price)Tj -0.025 Tw 41.552 0 Td (HK$0.141)Tj 0 Tw -41.552 -1.4 Td (Expected volatility )Tj /T1_1 1 Tf (\(Note a\))Tj /T1_0 1 Tf -0.025 Tw 42.713 0 Td (48.87%)Tj 0 Tw -42.713 -1.4 Td (Expected life)Tj 42.386 0 Td (10 years)Tj -42.386 -1.4 Td (Risk-free rate)Tj /T1_1 1 Tf ( \(Note b\))Tj /T1_0 1 Tf -0.025 Tw 42.188 0 Td (0.5530%)Tj 0 Tw -42.188 -1.4 Td (Expected dividend yield)Tj -0.025 Tw 44.563 0 Td (0%)Tj /T1_1 1 Tf -44.563 -2.63 Td (Notes:)Tj /T1_0 1 Tf 0.024 Tc 0 Tw 0 -2.8 Td [(\()-1 (a)-1 (\))]TJ /Span<>> BDC 1.185 0 Td ( )Tj EMC 1.083 0 Td [(Expected volatility was determined based on the historic daily volatilit\y of the Company\222s share prices)-1 ( )]TJ 0.025 Tc 0 -1.4 Td (\(calculated based on the expected life of the share options\).)Tj 0.039 Tc 0.07 Tw -2.268 -2.8 Td [(\()14 (b)14 (\))]TJ /Span<>> BDC 1.241 0 Td ( )Tj EMC 1.027 0 Td [(Risk-free)12.9 ( rate)12.8 ( was)12.8 ( determined)12.8 ( based)12.8 ( on)12.9 ( the)12.9 ( yields)12.9 ( to)12.8 ( maturity)12.8 ( of)12.9 ( respective)12.8 ( Hong)12.9 ( Kong)12.9 ( Sovereign)14 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (Curve.)Tj 0.049 Tc 0.07 Tw -2.268 -2.8 Td [(The)12.6 ( binomial)12.7 ( option)12.6 ( pricing)12.6 ( model)12.7 ( has)12.6 ( been)12.7 ( used)12.6 ( to)12.6 ( estimate)12.6 ( the)12.6 ( fair)12.6 ( value)12.7 ( of)12.7 ( the)12.6 ( share)12.6 ( options.)12.7 ( The)24.1 ( )]TJ 0.046 Tc 0 -1.4 Td [(variables)12.6 ( and)12.6 ( assumptions)12.7 ( used)12.7 ( in)12.6 ( computing)12.6 ( the)12.6 ( fair)12.6 ( value)12.7 ( of)12.6 ( the)12.6 ( share)12.6 ( options)12.7 ( are)12.7 ( based)12.6 ( on)12.6 ( the)12.6 ( best)21 ( )]TJ 0.025 Tc 0.035 Tw 0 -1.4 Td (assessment of the Directors on the valuer\222s estimation. Changes in va\riables and assumptions may result in )Tj 0 Tw 0 -1.4 Td (changes in the fair value of the share options.)Tj 0.066 Tc 0.07 Tw 0 -2.8 Td [(The)12.2 ( estimated)12.2 ( fair)12.2 ( value)12.1 ( of)12.2 ( the)12.2 ( options)12.2 ( granted)12.1 ( was)12.2 ( approximately)12.1 ( HKD)12.2 (8)12.2 (,)12.1 (7)12.2 (3)12.2 (5)12.1 (,)12.2 (0)12.1 (0)12.2 (0)12.2 ( \(approximately)41 ( )]TJ 0.046 Tc 0 -1.4 Td [(RMB)12.9 (7)12.9 (,)12.9 (5)12.9 (2)12.9 (1)12.9 (,)12.8 (0)12.9 (0)12.9 (0)12.9 (\).)12.9 ( In)12.9 ( the)12.9 ( year)12.9 ( ended)12.9 ( 3)12.9 (1)12.9 ( December)12.9 ( 2)12.9 (0)12.9 (2)12.8 (0)12.9 (,)12.9 ( the)12.9 ( Group)12.9 ( recognised)12.9 ( share-based)12.9 ( pa)0.5 (ym)0.5 (ents)12.9 ( of)21 ( )]TJ 0.05 Tc 0 -1.4 Td [(approximately)12.5 ( HKD)12.5 (8)12.5 (,)12.6 (7)12.5 (3)12.5 (5)12.5 (,)12.5 (0)12.5 (0)12.5 (0)12.5 ( \(approximately)12.5 ( RMB)12.5 (7)12.5 (,)12.5 (5)12.5 (2)12.5 (1)12.6 (,)12.5 (0)12.5 (0)12.5 (0)12.5 (\))12.5 ( in)12.6 ( profit)12.5 ( or)12.5 ( loss)12.5 ( and)12.5 ( the)12.5 ( corresponding)25 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (amount has been credited to share option reserve.)Tj ET endstreamendobj145 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 43 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (27.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (SHARE-BASED PAYMENT)Tj /T1_0 1 Tf 0.056 Tw 0 -2.8 Td [(All share )0.5 (options )0.5 (have duration period of 10 )0.5 (years from the )0.5 (date of grant and the options can be )0.5 (exercised )]TJ 0 Tw 0 -1.4 Td (from the date of grant.)Tj /T1_1 1 Tf 0 -2.8 Td (New Share Option Scheme)Tj /T1_0 1 Tf 0.063 Tc 0.07 Tw 0 -2.8 Td [(On)12.2 ( 1)12.3 (8)12.2 ( September)12.3 ( 2)12.3 (0)12.3 (0)12.2 (8)12.3 (,)12.3 ( the)12.3 ( Company)12.2 ( adopted)12.3 ( a)12.3 ( new)12.3 ( share)12.3 ( option)12.3 ( scheme)12.3 ( \(the)12.3 ( \223New)12.3 ( Share)12.3 ( Option)38 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (Scheme\224\). The details of share options outstanding are as follows:)Tj /T1_1 1 Tf 8 0 0 10 79.3701 532.7079 Tm (Date of grant)Tj 11.977 1.4 Td (14 January)Tj -0.025 Tw 2.956 -1.4 Td (2010)Tj 0 Tw 2.864 1.4 Td (23 November)Tj -0.025 Tw 3.868 -1.4 Td (2010)Tj 0 Tw 4.494 1.4 Td (28 March)Tj -0.025 Tw 2.238 -1.4 Td (2013)Tj 0 Tw 5.351 1.4 Td (22 June)Tj -0.025 Tw 1.381 -1.4 Td (2016)Tj 0 Tw 3.833 1.4 Td (23 October )Tj -0.025 Tw 2.899 -1.4 Td (2020)Tj 6.429 4.2 Td (Total)Tj 0 Tw -2.46 -1.4 Td (Number of)Tj -0.025 Tw 2.238 -1.4 Td (Share)Tj -0.94 -1.4 Td (Options)Tj 5.986 5.6 Td (Weighted)Tj 0.804 -1.4 Td (average)Tj -0.08 -1.4 Td (exercise)Tj 1.296 -1.4 Td (price)Tj -0.778 -1.4 Td (\(HKD\))Tj /T1_0 1 Tf 0 Tw -54.358 -2.8 Td (Exercise price \(HKD per )Tj -0.025 Tw 0.9 -1.4 Td (option\))Tj 14.283 0 Td (1.15)Tj 7.257 0 Td (1.1)Tj 5.682 0 Td (0.595)Tj 6.732 0 Td (0.151)Tj 6.732 0 Td (0.141)Tj 0 Tw -41.587 -2.8 Td (Remaining life)Tj -0.025 Tw 15.236 0 Td (N/A)Tj 6.732 0 Td (N/A)Tj 0 Tw 4.169 0 Td (2.24 years)Tj 6.732 0 Td (5.47 years)Tj 6.732 0 Td (9.81 years)Tj -39.602 -2.8 Td (Granted to)Tj 12.176 0 Td (5 executive)Tj -0.661 -1.4 Td (directors and)Tj 0.216 -1.4 Td (8 employees)Tj 6.071 2.8 Td (3 independent)Tj -0.025 Tw 2.239 -1.4 Td (directors)Tj 0 Tw 5.599 1.4 Td (4 executive)Tj -0.661 -1.4 Td (directors and)Tj -0.445 -1.4 Td (2 independent)Tj 0.445 -1.4 Td (directors and)Tj -0.309 -1.4 Td (21 employees)Tj 7.702 5.6 Td (1 executive)Tj -0.247 -1.4 Td (director and)Tj -0.198 -1.4 Td (3 employees)Tj 7.177 2.8 Td (1 executive)Tj -0.025 Tw 1.547 -1.4 Td (director)Tj 0 Tw -40.652 -7 Td (1 January 2019)Tj -0.025 Tw 12.808 0 Td (3,900,000)Tj 7.532 0 Td (800,000)Tj 5.932 0 Td (6,200,000)Tj 6.732 0 Td (1,500,000)Tj 0 Tc 0 Tw 10.432 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.507 0 Td (12,400,000)Tj 8.582 0 Td (0.7484)Tj -54.527 -1.4 Td (Forfeited)Tj 13.225 0 Td (\(500,000\))Tj 0 Tc 0 Tw 10.015 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.649 0 Td (\(2,000,000\))Tj 0 Tc 0 Tw 10.815 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.649 0 Td (\(2,500,000\))Tj 8.44 0 Td (0.7060)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 172.9135 332.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 167.2442 332.0159 Tm (3,400,000)Tj ET q 1 0 0 1 226.7718 332.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 221.1025 332.0159 Tm (800,000)Tj ET q 1 0 0 1 280.63 332.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 274.9608 332.0159 Tm (4,200,000)Tj ET q 1 0 0 1 334.4883 332.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 328.819 332.0159 Tm (1,500,000)Tj ET q 1 0 0 1 388.3466 332.2489 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 382.6773 332.0159 Tm (1,500,000)Tj ET q 1 0 0 1 442.2048 332.2489 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 436.5356 332.0159 Tm ( )Tj ET q 1 0 0 1 496.0631 332.2489 cm 0 0 m 42.52 0 l S Q BT 0.025 Tc -0.025 Tw 0.08 0 0 0.1 490.3938 332.0159 Tm (9,900,000)Tj 0 Tw 8 0 0 10 79.3702 305.6989 Tm (31 December 2019)Tj -0.025 Tw 12.808 0 Td (3,400,000)Tj 7.532 0 Td (800,000)Tj 5.932 0 Td (4,200,000)Tj 6.732 0 Td (1,500,000)Tj 0 Tc 0 Tw 10.432 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.032 0 Td (9,900,000)Tj 8.057 0 Td (0.7591)Tj ET 1.11 w q 1 0 0 1 172.9136 301.0481 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 172.9136 298.9481 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 167.2443 298.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 226.7718 301.0481 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 226.7718 298.9481 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 221.1025 298.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 280.6301 301.0481 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 280.6301 298.9481 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 274.9608 298.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 334.4884 301.0481 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 334.4884 298.9481 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 328.8191 298.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 388.3466 301.0481 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 388.3466 298.9481 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 382.6774 298.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 442.2049 301.0481 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 442.2049 298.9481 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 436.5356 298.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 496.0632 301.0481 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 496.0632 298.9481 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 490.3939 298.6201 Tm ( )Tj 0.025 Tc 8 0 0 10 79.3703 272.303 Tm (1 January 2020)Tj -0.025 Tw 12.808 0 Td (3,400,000)Tj 7.532 0 Td (800,000)Tj 5.932 0 Td (4,200,000)Tj 6.732 0 Td (1,500,000)Tj 0 Tc 0 Tw 10.432 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.032 0 Td (9,900,000)Tj 8.057 0 Td (0.7591)Tj -54.527 -1.4 Td (Granted)Tj 0 Tc 0 Tw 16.508 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 1.982 0 Td (300,000,000)Tj 6.732 0 Td (300,000,000)Tj 9.107 0 Td (0.1410)Tj -54.527 -1.4 Td (Lapsed)Tj 12.425 0 Td (\(3,400,000\))Tj 7.532 0 Td (\(800,000\))Tj 0 Tc 0 Tw 10.015 0 Td (\226)Tj 6.732 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 2.649 0 Td (\(4,200,000\))Tj 8.44 0 Td (0.4202)Tj ET 0.5 w q 1 0 0 1 172.9137 239.844 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 167.2444 239.611 Tm ( )Tj ET q 1 0 0 1 226.772 239.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 221.1027 239.611 Tm ( )Tj ET q 1 0 0 1 280.6302 239.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 274.9609 239.611 Tm ( )Tj ET q 1 0 0 1 334.4885 239.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 328.8192 239.611 Tm ( )Tj ET q 1 0 0 1 388.3468 239.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 382.6775 239.611 Tm ( )Tj ET q 1 0 0 1 442.205 239.844 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 436.5357 239.611 Tm ( )Tj ET q 1 0 0 1 496.0633 239.844 cm 0 0 m 42.52 0 l S Q BT 0.025 Tc -0.025 Tw 0.08 0 0 0.1 490.394 239.611 Tm (9,900,000)Tj 0 Tw 8 0 0 10 79.3704 213.294 Tm (31 December 2020)Tj 0 Tc 16.508 0 Td (\226)Tj 6.732 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.032 0 Td (4,200,000)Tj 6.732 0 Td (1,500,000)Tj 5.682 0 Td (300,000,000)Tj 6.732 0 Td (305,700,000)Tj 9.107 0 Td (0.1473)Tj ET 1.11 w q 1 0 0 1 172.9137 208.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 172.9137 206.5432 cm 0 0 m 42.52 0 l S Q BT 0 Tc 0 Tw 0.08 0 0 0.1 167.2444 206.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 226.772 208.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 226.772 206.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 221.1027 206.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 280.6303 208.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 280.6303 206.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 274.961 206.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 334.4886 208.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 334.4886 206.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 328.8193 206.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 388.3468 208.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 388.3468 206.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 382.6776 206.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 442.2051 208.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 442.2051 206.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 436.5358 206.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 496.0634 208.6432 cm 0 0 m 42.52 0 l S Q 0.45 w q 1 0 0 1 496.0634 206.5432 cm 0 0 m 42.52 0 l S Q BT 0.08 0 0 0.1 490.3941 206.2152 Tm ( )Tj ET endstreamendobj144 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 42 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Capital management)Tj /T1_0 1 Tf 0.06 Tw 0 -2.8 Td (The Group\222s objectives when managing capital are to safeguard the Gro\up\222s ability to continue as a going )Tj 0.056 Tw 0 -1.4 Td (concern in order to provide returns for shareholders and benefits for ot\her stakeholders and to maintain an )Tj 0 Tw 0 -1.4 Td (optimal capital structure to reduce the cost of capital.)Tj 0.04 Tw 0 -2.8 Td (In order to maintain or adjust the capital structure, the Group may issu\e new shares, borrow or repay debts )Tj 0 Tw 0 -1.4 Td (or adjust the amount of dividends paid to shareholders.)Tj 0.033 Tc 0.075 Tw 0 -2.8 Td [(C)0.5 (on)0.5 (s)0.5 (is)0.5 (t)0.5 (e)0.5 (nt)8.1 ( )0.5 (wi)0.5 (t)0.5 (h)8 ( )0.5 (ot)0.5 (h)0.5 (e)0.5 (rs)8.1 ( )0.5 (in)8 ( )0.5 (t)0.5 (h)0.5 (e)8 ( )0.5 (in)0.5 (d)0.5 (u)0.5 (st)0.5 (r)0.5 (y,)8.1 ( t)0.5 (h)0.5 (e)8 ( )0.5 (G)0.5 (r)0.5 (ou)0.5 (p)8 ( )0.5 (m)0.5 (o)0.5 (ni)0.5 (to)0.5 (r)0.5 (s)8 ( )0.5 (c)0.5 (a)0.5 (p)0.5 (it)0.5 (a)0.5 (l)8 ( )0.5 (on)8 ( )0.5 (t)0.5 (h)0.5 (e)8 ( )0.5 (b)0.5 (a)0.5 (si)0.5 (s)8 ( )0.5 (o)0.5 (f)8 ( )0.5 (t)0.5 (he)8.1 ( )0.5 (ge)0.5 (a)0.5 (r)0.5 (in)0.5 (g)8 ( )0.5 (r)0.5 (a)0.5 (ti)0.5 (o)0.5 (.)8 ( )0.5 (Th)0.5 (i)0.5 (s)8 ( )]TJ 0.025 Tc 0 -1.4 Td [(ratio is )0.5 (calculated as net debt divided by total )0.5 (capital. Net )0.5 (debt is )0.5 (calculated as )0.5 (total borrowings less cash )]TJ 0.039 Tc 0.07 Tw 0 -1.4 Td [(and)12.4 ( cash)12.5 ( equivalents)12.5 ( and)12.4 ( pledged)12.5 ( bank)12.5 ( deposits.)12.4 ( Total)12.4 ( capital)12.5 ( is)12.5 ( calculated)12.5 ( as)12.5 ( \223equity\224)12.5 ( as)12.5 ( shown)12.5 ( in)12.5 ( the)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (consolidated statement of financial position plus net debt.)Tj 0 -2.8 Td (The gearing ratio as at 31 December were as follows:)Tj ET 0 0 0 0 k /GS1 gs 391.181 517.008 76.535 -14 re 391.181 503.008 76.535 -14 re 391.181 489.008 76.535 -14 re 391.181 475.008 76.535 -14 re 391.181 461.008 76.535 -14 re 391.181 447.008 76.535 -14 re 391.181 433.008 76.535 -3.009 re 391.181 429.999 76.535 -14 re 391.181 415.999 76.535 -14 re 391.181 401.999 76.535 -14 re 391.181 387.999 76.535 -14 re 391.181 373.999 76.535 -14 re 391.181 359.999 76.535 -3.009 re 391.181 356.99 76.535 -14 re 391.181 342.99 76.535 -14 re 391.181 328.99 76.535 -14 re 391.181 314.99 76.535 -3.009 re 391.181 311.981 76.535 -14 re 391.181 297.981 76.535 -14 re 391.181 283.981 76.535 -5.396 re 391.181 278.585 76.535 -14 re 391.181 264.585 76.535 -14 re 391.181 250.585 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 441.2972 504.7079 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (Short-term borrowings)Tj /T1_1 1 Tf -0.025 Tw 34.068 0 Td (1,886,250)Tj /T1_0 1 Tf 7.654 0 Td (1,302,714)Tj 0 Tw -41.721 -1.4 Td (Long-term borrowings)Tj /T1_1 1 Tf 0 Tc 37.768 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.754 0 Td (586,719)Tj 0 Tw -42.521 -1.4 Td (Convertible bonds)Tj /T1_1 1 Tf -0.025 Tw 34.868 0 Td (287,932)Tj /T1_0 1 Tf 7.654 0 Td (223,599)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 396.8503 430.2489 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 430.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 430.2489 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 430.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 403.6989 Tm (Total borrowings)Tj /T1_1 1 Tf -0.025 Tw 34.068 0 Td (2,174,182)Tj /T1_0 1 Tf 7.654 0 Td (2,113,032)Tj -41.721 -1.4 Td (Less:)Tj 0 Tw 0 -1.4 Td (Cash and cash equivalents)Tj /T1_1 1 Tf -0.025 Tw 35.01 0 Td (\(14,539\))Tj /T1_0 1 Tf 7.654 0 Td (\(10,110\))Tj 0 Tw -42.663 -1.4 Td (Pledged bank deposits)Tj /T1_1 1 Tf -0.025 Tw 35.01 0 Td (\(29,593\))Tj /T1_0 1 Tf 7.654 0 Td (\(30,116\))Tj ET q 1 0 0 1 396.8503 357.2398 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 357.0068 Tm ( )Tj ET q 1 0 0 1 473.3858 357.2398 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 357.0068 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 330.6898 Tm (Net debt)Tj /T1_1 1 Tf -0.025 Tw 34.068 0 Td (2,130,050)Tj /T1_0 1 Tf 7.654 0 Td (2,072,806)Tj 0 Tw -41.721 -1.4 Td (Total equity)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (18,517)Tj /T1_0 1 Tf 7.129 0 Td (233,380)Tj ET q 1 0 0 1 396.8503 312.2308 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 311.9978 Tm ( )Tj ET q 1 0 0 1 473.3858 312.2308 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 311.9978 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 285.6808 Tm (Total capital)Tj /T1_1 1 Tf -0.025 Tw 34.068 0 Td (2,148,567)Tj /T1_0 1 Tf 7.654 0 Td (2,306,186)Tj ET 1.11 w q 1 0 0 1 396.8503 281.0299 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 278.9299 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 278.6019 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 281.0299 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 278.9299 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 278.6019 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 252.2849 Tm (Gearing ratio)Tj /T1_1 1 Tf -0.025 Tw 36.218 0 Td (99%)Tj /T1_0 1 Tf 7.821 0 Td (90%)Tj ET 1.11 w q 1 0 0 1 396.8503 247.6341 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 245.5341 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.181 245.2061 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3857 247.6341 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3857 245.5341 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 245.2061 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 220.5891 Tm (The increase in the gearing ratio resulted mainly from the loss for the \year.)Tj ET endstreamendobj143 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 41 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (24.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (PLEDGED BANK DEPOSITS)Tj /T1_0 1 Tf 0.015 Tw 0 -2.8 Td (The deposits are denominated in RMB and pledged for certain bank borrowi\ngs. The effective interest rates )Tj 0 Tw 0 -1.4 Td (on pledged bank deposits are ranging from 0.15% to 2.80% \(2019: 0.15% t\o 2.80%\).)Tj /T1_1 1 Tf -2.268 -2.8 Td (25.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (CASH AND CASH EQUIVALENTS)Tj /T1_0 1 Tf 0 -2.8 Td (The weighting average effective interest rate on cash at bank at 31 Dece\mber 2020 is 0.35% \(2019: 0.35%\).)Tj /T1_1 1 Tf -2.268 -2.8 Td (26.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (SHARE CAPITAL)Tj /T1_0 1 Tf 0 -2.8 Td (Movements of the share capital of the Company are as follows:)Tj ET 0 0 0 0 k /GS1 gs 260.787 545.008 70.866 -14 re 402.52 545.008 70.866 -14 re 260.787 531.008 70.866 -14 re 402.52 531.008 70.866 -14 re 260.787 517.008 70.866 -14 re 402.52 517.008 70.866 -14 re 260.787 503.008 70.866 -28 re 402.52 503.008 70.866 -28 re 260.787 475.008 70.866 -14 re 402.52 475.008 70.866 -14 re 260.787 461.008 70.866 -5.396 re 402.52 461.008 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 10 0 0 10 291.7291 546.7079 Tm (Number of shares)Tj 15.196 0 Td (Share capital)Tj -0.025 Tw -13.846 -1.4 Td (2020)Tj /T1_0 1 Tf 7.087 0 Td (2019)Tj /T1_1 1 Tf 7.087 0 Td (2020)Tj /T1_0 1 Tf 7.087 0 Td (2019)Tj /T1_2 1 Tf -21.093 -1.4 Td (\222000)Tj /T1_3 1 Tf 7.087 0 Td (\222000)Tj /T1_2 1 Tf 4.845 0 Td (HKD\222000)Tj /T1_3 1 Tf 7.143 0 Td (HKD\222000)Tj /T1_0 1 Tf 0 Tc 0 Tw -41.827 -1.4 Td ( )Tj /T1_1 1 Tf 24.111 0 Td ( )Tj /T1_0 1 Tf 7.087 0 Td ( )Tj /T1_1 1 Tf 7.087 0 Td ( )Tj /T1_0 1 Tf 7.087 0 Td ( )Tj 0.025 Tc -0.025 Tw -45.371 -1.4 Td (Authorised )Tj 0 Tc 0 Tw 4.969 0 Td ( )Tj 0.025 Tc -4.069 -1.4 Td (\(Ordinary share of HK$0.10 each\):)Tj -0.9 -1.4 Td (At the beginning and the end of the year)Tj /T1_1 1 Tf -0.025 Tw 20.461 0 Td (8,000,000)Tj /T1_0 1 Tf 7.087 0 Td (8,000,000)Tj /T1_1 1 Tf 7.887 0 Td (800,000)Tj /T1_0 1 Tf 7.087 0 Td (800,000)Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 266.4567 458.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 266.4567 455.9571 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 260.7874 455.6291 Tm ( )Tj ET 1.11 w q 1 0 0 1 337.3228 458.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 455.9571 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 331.6536 455.6291 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 458.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 455.9571 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 402.5197 455.6291 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 458.0571 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 455.9571 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 455.6291 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 431.0121 Tm (Ordinary shares, issued and fully paid:)Tj ET 0 0 0 0 k /GS1 gs 260.787 401.312 70.866 -14 re 402.52 401.312 70.866 -14 re 260.787 387.312 70.866 -14 re 402.52 387.312 70.866 -14 re 260.787 373.312 70.866 -14 re 402.52 373.312 70.866 -14 re 260.787 359.312 70.866 -14 re 402.52 359.312 70.866 -14 re 260.787 345.312 70.866 -14 re 402.52 345.312 70.866 -14 re 260.787 331.312 70.866 -14 re 402.52 331.312 70.866 -14 re 260.787 317.312 70.866 -3.009 re 402.52 317.312 70.866 -3.009 re 260.787 314.303 70.866 -14 re 402.52 314.303 70.866 -14 re 260.787 300.303 70.866 -14 re 402.52 300.303 70.866 -14 re 260.787 286.303 70.866 -5.396 re 402.52 286.303 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 10 0 0 10 291.7291 403.0121 Tm (Number of shares)Tj 15.196 0 Td (Share capital)Tj -0.025 Tw -13.846 -1.4 Td (2020)Tj /T1_0 1 Tf 7.087 0 Td (2019)Tj /T1_1 1 Tf 7.087 0 Td (2020)Tj /T1_0 1 Tf 7.087 0 Td (2019)Tj /T1_2 1 Tf -21.093 -1.4 Td (\222000)Tj /T1_3 1 Tf 7.087 0 Td (\222000)Tj /T1_2 1 Tf 4.789 0 Td (RMB\222000)Tj /T1_3 1 Tf 7.255 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tc 0 Tw -41.883 -1.4 Td ( )Tj /T1_1 1 Tf 24.111 0 Td ( )Tj /T1_0 1 Tf 7.087 0 Td ( )Tj /T1_1 1 Tf 7.087 0 Td ( )Tj /T1_0 1 Tf 7.087 0 Td ( )Tj 0.025 Tc -45.371 -1.4 Td (At the beginning of the year)Tj /T1_1 1 Tf -0.025 Tw 20.461 0 Td (5,488,043)Tj /T1_0 1 Tf 7.087 0 Td (4,298,043)Tj /T1_1 1 Tf 7.887 0 Td (474,879)Tj /T1_0 1 Tf 7.087 0 Td (368,394)Tj 0 Tw -42.521 -1.4 Td (Issue of shares:)Tj 0.9 -1.4 Td (\227 Conversion of bonds )Tj /T1_3 1 Tf (\(Note a\))Tj /T1_1 1 Tf 0 Tc 23.261 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 3.387 0 Td (1,190,000)Tj /T1_1 1 Tf 0 Tc 0 Tw 10.787 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.187 0 Td (106,485)Tj ET 0.5 w q 1 0 0 1 266.4567 314.5531 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 260.7874 314.3201 Tm ( )Tj ET q 1 0 0 1 337.3228 314.5531 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 331.6536 314.3201 Tm ( )Tj ET q 1 0 0 1 408.189 314.5531 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 402.5197 314.3201 Tm ( )Tj ET q 1 0 0 1 479.0551 314.5531 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 314.3201 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 288.0031 Tm (At the end of the year)Tj /T1_1 1 Tf -0.025 Tw 20.461 0 Td (5,488,043)Tj /T1_0 1 Tf 7.087 0 Td (5,488,043)Tj /T1_1 1 Tf 7.887 0 Td (474,879)Tj /T1_0 1 Tf 7.087 0 Td (474,879)Tj ET 1.11 w q 1 0 0 1 266.4567 283.3522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 266.4567 281.2522 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 260.7874 280.9242 Tm ( )Tj ET 1.11 w q 1 0 0 1 337.3228 283.3522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 281.2522 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 331.6536 280.9242 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 283.3522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 281.2522 cm 0 0 m 59.528 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 402.5197 280.9242 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 283.3522 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 281.2522 cm 0 0 m 59.528 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 473.3859 280.9242 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.3701 256.3072 Tm (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Conversion of bonds)Tj /T1_0 1 Tf 0.014 Tw 0 -2.8 Td (No convertible bonds were exercised during the year ended 31 December 20\20. 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0.068 Tw 0 -2.8 Td (As at 31 December 2020, the mining right with a total net book value of \approximately RMB318,000,000 )Tj 0 Tw 0 -1.4 Td (\(2019: approximately RMB309,456,000\) were pledged as collateral for th\e Group\222s bank borrowings.)Tj /T1_1 1 Tf -2.268 -2.8 Td (19.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (OTHER INTANGIBLE ASSETS)Tj ET 0 0 0 0 k /GS1 gs 314.646 384.99 76.535 -14 re 391.181 384.99 76.535 -14 re 467.717 384.99 76.535 -14 re 314.646 370.99 76.535 -14 re 391.181 370.99 76.535 -14 re 467.717 370.99 76.535 -14 re 314.646 356.99 76.535 -14 re 391.181 356.99 76.535 -14 re 467.717 356.99 76.535 -14 re 314.646 342.99 76.535 -3.009 re 391.181 342.99 76.535 -3.009 re 467.717 342.99 76.535 -3.009 re 314.646 339.981 76.535 -14 re 391.181 339.981 76.535 -14 re 467.717 339.981 76.535 -14 re 314.646 325.981 76.535 -14 re 391.181 325.981 76.535 -14 re 467.717 325.981 76.535 -14 re 314.646 311.981 76.535 -3.009 re 391.181 311.981 76.535 -3.009 re 467.717 311.981 76.535 -3.009 re 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458.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 458.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 458.2489 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 458.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 431.6989 Tm (Accumulated amortisation and impairment loss)Tj /T1_0 1 Tf 0 -1.4 Td (At 1 January 2019)Tj -0.025 Tw 27.881 0 Td (\(1,199\))Tj 7.654 0 Td (\(2,052\))Tj 7.654 0 Td (\(3,251\))Tj 0 Tw -43.188 -1.4 Td (Amortisation charge)Tj 0 Tc 30.114 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.221 0 Td (\(270\))Tj 7.654 0 Td (\(270\))Tj 0 Tw -43.988 -1.4 Td (Impairment loss)Tj -0.025 Tw 27.881 0 Td (\(7,701\))Tj 0 Tc 0 Tw 9.887 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.421 0 Td (\(7,701\))Tj ET q 1 0 0 1 320.3149 385.2398 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 385.0068 Tm ( )Tj ET q 1 0 0 1 396.8504 385.2398 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 385.0068 Tm ( )Tj ET q 1 0 0 1 473.3858 385.2398 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 385.0068 Tm ( )Tj /T1_1 1 Tf 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0 0.1 467.7165 308.9887 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 282.6717 Tm (Net book amount)Tj 0 -1.4 Td (At 31 December 2020)Tj 0 Tc 30.114 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.604 0 Td (108)Tj 7.654 0 Td (108)Tj ET 1.11 w q 1 0 0 1 320.3149 264.0209 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 261.9209 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 261.5929 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 264.0209 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 261.9209 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 261.5929 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 264.0209 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 261.9209 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 261.5929 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10 0 0 10 79.37 235.2759 Tm (At 31 December 2019)Tj 0 Tc 30.114 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.604 0 Td (378)Tj 7.654 0 Td (378)Tj ET 1.11 w q 1 0 0 1 320.3149 230.6251 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 320.3149 228.5251 cm 0 0 m 65.197 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 314.6456 228.1971 Tm ( )Tj ET 1.11 w q 1 0 0 1 396.8504 230.6251 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8504 228.5251 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 391.1811 228.1971 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 230.6251 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 228.5251 cm 0 0 m 65.197 0 l S Q BT 0.1 0 0 0.1 467.7165 228.1971 Tm ( )Tj 0.025 Tc 0.016 Tw 10 0 0 10 79.3701 203.58 Tm (Construction permits represent the permissions granted by the government\ for the construction of GuangAn )Tj 0.06 Tc 0.07 Tw 0 -1.4 Td [(Project.)12.8 ( Amortisation)12.8 ( charge)12.8 ( of)12.8 ( approximately)12.7 ( RMB)12.8 (2)12.8 (7)12.8 (0)12.7 (,)12.8 (0)12.8 (0)12.8 (0)12.8 ( \()12.8 (2)12.7 (0)12.8 (1)12.8 (9)12.8 (:)12.8 ( approximately)12.8 ( RMB)12.8 (2)12.8 (7)12.8 (0)12.8 (,)12.8 (0)12.7 (0)12.8 (0)12.8 (\))12.8 ( is)35 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (included in administrative expenses.)Tj ET endstreamendobj156 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 34 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (17.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (LEASES AND RIGHT-OF-USE ASSETS)Tj /T1_0 1 Tf 0 -2.8 Td (Disclosures of lease-related items:)Tj ET 0 0 0 0 k /GS1 gs 391.181 685.008 76.535 -14 re 391.181 671.008 76.535 -14 re 391.181 657.008 76.535 -14 re 391.181 643.008 76.535 -14 re 391.181 629.008 76.535 -14 re 391.181 615.008 76.535 -14 re 391.181 601.008 76.535 -14 re 391.181 587.008 76.535 -3.009 re 391.181 583.999 76.535 -14 re 391.181 569.999 76.535 -14 re 391.181 555.999 76.535 -5.396 re 391.181 550.603 76.535 -14 re 391.181 536.603 76.535 -28 re 391.181 508.603 76.535 -14 re 391.181 494.603 76.535 -14 re 391.181 480.603 76.535 -3.009 re 391.181 477.594 76.535 -14 re 391.181 463.594 76.535 -14 re 391.181 449.594 76.535 -5.396 re 391.181 444.198 76.535 -14 re 391.181 430.198 76.535 -14 re 391.181 416.198 76.535 -14 re 391.181 402.198 76.535 -14 re 391.181 388.198 76.535 -14 re 391.181 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8.454 0 Td (290)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 396.8503 584.2489 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 584.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 584.2489 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 584.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 428.0472 557.6989 Tm (110,777)Tj /T1_0 1 Tf 7.654 0 Td (109,384)Tj ET 1.11 w q 1 0 0 1 396.8503 553.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 550.948 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 550.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 553.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 550.948 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 550.6201 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 524.303 Tm (The maturity analysis, based on undiscounted cash flows, of the Group\222\s )Tj 0.9 -1.4 Td (lease liabilities is as follows:)Tj -0.9 -1.4 Td (\227 Less than 1 year)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (2,161)Tj /T1_0 1 Tf 8.454 0 Td (300)Tj 0 Tw -44.371 -1.4 Td (\227 In the second to fifth years, inclusive)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (2,505)Tj /T1_0 1 Tf 0 Tc 0 Tw 9.504 0 Td (\226)Tj ET 0.5 w q 1 0 0 1 396.8503 477.844 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1811 477.611 Tm ( )Tj ET q 1 0 0 1 473.3858 477.844 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 477.611 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 438.5472 451.294 Tm (4,666)Tj /T1_0 1 Tf 8.454 0 Td (300)Tj ET 1.11 w q 1 0 0 1 396.8503 446.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 444.5432 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 444.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 446.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 444.5432 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 444.2152 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 417.8982 Tm (Year ended 31 December:)Tj /T1_0 1 Tf 0 -1.4 Td (Depreciation charge of right-of-use assets)Tj 0 -1.4 Td (\227 Land use rights)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (2,683)Tj /T1_0 1 Tf 7.654 0 Td (2,683)Tj 0 Tw -43.571 -1.4 Td (\227 Land and buildings)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (1,156)Tj /T1_0 1 Tf 8.454 0 Td (872)Tj ET 0.5 w q 1 0 0 1 396.8503 371.4391 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 371.2061 Tm ( )Tj ET q 1 0 0 1 473.3858 371.4391 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 371.2061 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 438.5472 344.8891 Tm (3,839)Tj /T1_0 1 Tf 7.654 0 Td (3,555)Tj ET 1.11 w q 1 0 0 1 396.8503 340.2383 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 338.1383 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 337.8103 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 340.2383 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 338.1383 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 337.8103 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 311.4933 Tm (Lease interest expenses)Tj /T1_1 1 Tf -0.025 Tw 36.718 0 Td (127)Tj /T1_0 1 Tf 8.179 0 Td (37)Tj ET 1.11 w q 1 0 0 1 396.8503 306.8425 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 304.7425 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 304.4145 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 306.8425 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 304.7425 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 304.4145 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 278.0974 Tm (Expenses related to short-term leases)Tj /T1_1 1 Tf -0.025 Tw 36.718 0 Td (131)Tj /T1_0 1 Tf 7.654 0 Td (252)Tj ET 1.11 w q 1 0 0 1 396.8503 273.4466 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 271.3466 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 271.0186 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 273.4466 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 271.3466 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 271.0186 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 244.7016 Tm (Total cash outflow for leases)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (1,383)Tj /T1_0 1 Tf 7.654 0 Td (1,154)Tj ET 1.11 w q 1 0 0 1 396.8503 240.0508 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 237.9508 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 237.6228 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 240.0508 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 237.9508 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 237.6228 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 211.3058 Tm (Additions to right-of-use assets)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (5,232)Tj /T1_0 1 Tf 0 Tc 0 Tw 9.504 0 Td (\226)Tj ET 1.11 w q 1 0 0 1 396.8503 206.655 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 204.555 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1811 204.227 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 206.655 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 204.555 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 204.227 Tm ( )Tj 0.025 Tc 0.066 Tw 10 0 0 10 79.3701 179.61 Tm (The Group leases various land use rights and land and buildings. Lease a\greements are typically made for )Tj 0.043 Tc 0.07 Tw 0 -1.4 Td [(fixed)12.3 ( periods)12.2 ( of)12.3 ( 4)12.2 (0)12.3 (-)12.3 (4)12.3 (6)12.2 ( and)12.2 ( 2)12.3 ( years)12.3 ( respectively.)12.3 ( Lease)12.2 ( terms)12.3 ( are)12.3 ( negotiated)12.2 ( on)12.3 ( an)12.3 ( individual)12.3 ( basis)12.2 ( and)18 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (contain a wide range of different terms and conditions.)Tj 0.054 Tw 0 -2.8 Td (As at 31 December 2020, land use rights with a net book value of approxi\mately RMB106,411,000 \(2019: )Tj 0 Tw 0 -1.4 Td (approximately RMB109,094,000\) were pledged as collateral for the Group\222\s borrowings.)Tj ET endstreamendobj155 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 33 \226)Tj 0.055 Tw 10 0 0 10 79.3701 728.7079 Tm (The Group carried out reviews of the recoverable amount of its construct\ion-in-progress in 2019 and 2020 )Tj 0.014 Tw 0 -1.4 Td (as a result of the deterioration of the markets of the Group\222s produc\ts. The reviews led to the recognition of )Tj 0.039 Tc 0.07 Tw 0 -1.4 Td [(an)12.5 ( impairment)12.4 ( loss)12.4 ( of)12.5 ( approximately)12.5 ( RMB)12.4 (1)12.5 (3)12.4 (,)12.4 (4)12.4 (6)12.4 (7)12.4 (,)12.5 (0)12.4 (0)12.4 (0)12.4 ( \()12.5 (2)12.4 (0)12.4 (1)12.4 (9)12.4 (:)12.4 ( approximately)12.4 ( RMB)12.4 (1)12.5 (8)12.4 (7)12.4 (,)12.4 (3)12.4 (1)12.5 (0)12.4 (,)12.4 (0)12.4 (0)12.4 (0)12.4 (\),)12.5 ( that)12.4 ( has)14 ( )]TJ 0.066 Tc 0 -1.4 Td [(been)12.7 ( recognised)12.7 ( in)12.7 ( profit)12.6 ( or)12.6 ( loss.)12.6 ( The)12.6 ( recoverable)12.7 ( amount)12.7 ( of)12.7 ( the)12.7 ( relevant)12.7 ( assets)12.7 ( of)12.7 ( approximately)41 ( )]TJ 0.025 Tc 0.037 Tw 0 -1.4 Td (RMB34,021,000 \(2019: approximately RMB16,424,000\) has been determined \on the basis of their value in )Tj 0.039 Tw 0 -1.4 Td (use using discounted cash flow method \(level 3 fair value measurements\)\. The discount rate used was 10% )Tj 0 Tw 0 -1.4 Td (\(2019: 10%\).)Tj 0.077 Tc 0.07 Tw 0 -2.8 Td [(For)12.5 ( the)12.5 ( year)12.5 ( ended)12.4 ( 3)12.4 (1)12.5 ( December)12.5 ( 2)12.4 (0)12.5 (2)12.4 (0)12.4 (,)12.5 ( borrowing)12.4 ( costs)12.5 ( of)12.4 ( approximately)12.5 ( RMB)12.5 (1)12.5 (,)12.4 (6)12.5 (3)12.4 (5)12.5 (,)12.4 (0)12.5 (0)12.4 (0)12.4 ( \()12.5 (2)12.4 (0)12.5 (1)12.4 (9)12.5 (:)52 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (approximately RMB716,000\) have been capitalised in the construction-in-\progress.)Tj /T1_1 1 Tf -2.268 -2.8 Td (16.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (INVESTMENT PROPERTIES)Tj ET 0 0 0 0 k /GS1 gs 391.181 559.008 76.535 -14 re 391.181 545.008 76.535 -14 re 391.181 531.008 76.535 -14 re 391.181 517.008 76.535 -14 re 391.181 503.008 76.535 -14 re 391.181 489.008 76.535 -3.009 re 391.181 485.999 76.535 -14 re 391.181 471.999 76.535 -14 re 391.181 457.999 76.535 -14 re 391.181 443.999 76.535 -14 re 391.181 429.999 76.535 -3.009 re 391.181 426.99 76.535 -14 re 391.181 412.99 76.535 -14 re 391.181 398.99 76.535 -5.396 re 391.181 393.594 76.535 -14 re 391.181 379.594 76.535 -14 re 391.181 365.594 76.535 -14 re 391.181 351.594 76.535 -5.396 re 391.181 346.198 76.535 -14 re 391.181 332.198 76.535 -14 re 391.181 318.198 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 441.2972 546.7079 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_1 1 Tf -41.883 -2.8 Td (Cost)Tj /T1_0 1 Tf 0 Tw 0 -1.4 Td (As at 1 January and 31 December)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (73,052)Tj /T1_0 1 Tf 7.654 0 Td (73,052)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 396.8503 486.2489 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 486.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 486.2489 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 486.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 459.6989 Tm (Accumulated depreciation and impairment loss)Tj /T1_0 1 Tf 0 -1.4 Td (As at 1 January)Tj /T1_1 1 Tf -0.025 Tw 35.01 0 Td (\(15,358\))Tj /T1_0 1 Tf 7.654 0 Td (\(13,514\))Tj 0 Tw -42.663 -1.4 Td (Charge for the year)Tj /T1_1 1 Tf -0.025 Tw 35.535 0 Td (\(1,844\))Tj /T1_0 1 Tf 7.654 0 Td (\(1,844\))Tj ET q 1 0 0 1 396.8503 427.2398 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 427.0068 Tm ( )Tj ET q 1 0 0 1 473.3858 427.2398 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 427.0068 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 400.6898 Tm (As at 31 December)Tj /T1_1 1 Tf -0.025 Tw 35.01 0 Td (\(17,202\))Tj /T1_0 1 Tf 7.654 0 Td (\(15,358\))Tj ET 1.11 w q 1 0 0 1 396.8503 396.039 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 393.939 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 393.611 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 396.039 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 393.939 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 393.611 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 79.37 367.294 Tm (Net book value)Tj /T1_0 1 Tf 0 -1.4 Td (As at 31 December)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (55,850)Tj /T1_0 1 Tf 7.654 0 Td (57,694)Tj ET 1.11 w q 1 0 0 1 396.8503 348.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 346.5432 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 346.2152 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 348.6432 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 346.5432 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 346.2152 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 319.8982 Tm (Fair value as at 31 December)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (82,200)Tj /T1_0 1 Tf 7.654 0 Td (78,000)Tj ET 1.11 w q 1 0 0 1 396.8503 315.2473 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 313.1473 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 312.8193 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 315.2473 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 313.1473 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 312.8193 Tm ( )Tj 0.025 Tc 0.035 Tw 10 0 0 10 79.3701 288.2023 Tm [(All )0.5 (the )0.6 (Group\222s )0.5 (investment )0.6 (properties )0.5 (are )0.6 (located )0.5 (in )0.6 (Mainland )0.6 (China. )0.5 (As )0.6 (at )0.5 (31 )0.6 (December )0.6 (2020, )0.6 (investment )]TJ 0.086 Tc 0.07 Tw 0 -1.4 Td [(properties)12.9 ( with)12.9 ( a)12.9 ( total)13 ( ne)0.5 (t)12.9 ( book)12.9 ( value)12.9 ( of)12.9 ( approximately)12.9 ( RMB)12.9 (5)12.9 (5)12.9 (,)12.9 (8)12.9 (5)12.9 (0)12.9 (,)12.9 (0)12.9 (0)12.9 (0)12.9 ( \()12.9 (2)12.9 (0)12.9 (1)12.9 (9)12.9 (:)12.9 ( approximately)61 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (RMB57,694,000\) were pledged as collateral for the Group\222s bank borro\wings.)Tj 0.032 Tc 0.076 Tw 0 -2.8 Td [(The)7 ( )0.6 (fair)7 ( )0.5 (values)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (investment)7 ( )0.5 (properties)7 ( )0.5 (as)7 ( )0.5 (at)7 ( )0.5 (3)7 (1)7 ( )0.5 (December)7 ( )0.5 (2)7 (0)6.9 (2)7 (0)7 ( )0.6 (were)7 ( )0.6 (estimated)7 ( )0.5 (on)7 ( )0.6 (the)7 ( )0.5 (open)7 ( )0.5 (market)7 ( )]TJ 0.025 Tc 0.061 Tw 0 -1.4 Td (basic value by reference to market evidence of recent transaction for si\milar properties by management. It )Tj 0 Tw 0 -1.4 Td (falls under level 2 in the fair value hierarchy.)Tj 0.031 Tc 0.077 Tw 0 -2.8 Td [(The)6 ( )0.5 (rental)6 ( )0.5 (income)6 ( )0.5 (arising)6 ( )0.6 (from)6 ( )0.5 (investment)6 ( )0.5 (properties)6 ( )0.5 (for)6.1 ( )0.5 (the)6.1 ( )0.5 (year)6 ( )0.5 (2)6 (0)6 (2)6 (0)6 ( )0.5 (of)6 ( )0.5 (approximately)6 ( )0.5 (RMB)6 (5)6 (,)6 (3)6 (9)6 (5)6.1 (,)5.9 (0)6.1 (0)6 (0)6 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (\(2019: approximately RMB5,049,000\) and depreciation charges are includ\ed in other income.)Tj 0.049 Tc 0.071 Tw 0 -2.8 Td [(As)12 ( )0.6 (at)12.1 ( )0.5 (3)12.1 (1)12 ( )0.5 (December)12.1 ( )0.5 (2)12.1 (0)12 (2)12.1 (0)12 (,)12.1 ( )0.5 (the)12.1 ( )0.5 (Group)12.1 ( )0.5 (had)12.1 ( )0.5 (no)12 ( )0.6 (unprovided)12 ( )0.6 (contractual)12 ( )0.6 (obligations)12 ( )0.6 (for)12 ( )0.6 (future)12.1 ( )0.5 (repairs)12.1 ( )0.5 (and)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (maintenance \(2019: Nil\).)Tj ET endstreamendobj154 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 32 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (15.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (PROPERTY, PLANT AND EQUIPMENT)Tj ET 0 0 0 0 k /GS1 gs 204.094 583.999 56.693 -14 re 260.787 583.999 56.693 -14 re 317.48 583.999 56.693 -14 re 374.173 583.999 56.693 -14 re 430.866 583.999 56.693 -14 re 487.559 583.999 56.693 -14 re 204.094 569.999 56.693 -14 re 260.787 569.999 56.693 -14 re 317.48 569.999 56.693 -14 re 374.173 569.999 56.693 -14 re 430.866 569.999 56.693 -14 re 487.559 569.999 56.693 -14 re 204.094 555.999 56.693 -14 re 260.787 555.999 56.693 -14 re 317.48 555.999 56.693 -14 re 374.173 555.999 56.693 -14 re 430.866 555.999 56.693 -14 re 487.559 555.999 56.693 -14 re 204.094 541.999 56.693 -14 re 260.787 541.999 56.693 -14 re 317.48 541.999 56.693 -14 re 374.173 541.999 56.693 -14 re 430.866 541.999 56.693 -14 re 487.559 541.999 56.693 -14 re 204.094 527.999 56.693 -28 re 260.787 527.999 56.693 -28 re 317.48 527.999 56.693 -28 re 374.173 527.999 56.693 -28 re 430.866 527.999 56.693 -28 re 487.559 527.999 56.693 -28 re 204.094 499.999 56.693 -3.009 re 260.787 499.999 56.693 -3.009 re 317.48 499.999 56.693 -3.009 re 374.173 499.999 56.693 -3.009 re 430.866 499.999 56.693 -3.009 re 487.559 499.999 56.693 -3.009 re 204.094 496.99 56.693 -14 re 260.787 496.99 56.693 -14 re 317.48 496.99 56.693 -14 re 374.173 496.99 56.693 -14 re 430.866 496.99 56.693 -14 re 487.559 496.99 56.693 -14 re 204.094 482.99 56.693 -14 re 260.787 482.99 56.693 -14 re 317.48 482.99 56.693 -14 re 374.173 482.99 56.693 -14 re 430.866 482.99 56.693 -14 re 487.559 482.99 56.693 -14 re 204.094 468.99 56.693 -3.009 re 260.787 468.99 56.693 -3.009 re 317.48 468.99 56.693 -3.009 re 374.173 468.99 56.693 -3.009 re 430.866 468.99 56.693 -3.009 re 487.559 468.99 56.693 -3.009 re 204.094 364.972 56.693 -14 re 260.787 364.972 56.693 -14 re 317.48 364.972 56.693 -14 re 374.173 364.972 56.693 -14 re 430.866 364.972 56.693 -14 re 487.559 364.972 56.693 -14 re 204.094 350.972 56.693 -14 re 260.787 350.972 56.693 -14 re 317.48 350.972 56.693 -14 re 374.173 350.972 56.693 -14 re 430.866 350.972 56.693 -14 re 487.559 350.972 56.693 -14 re 204.094 336.972 56.693 -14 re 260.787 336.972 56.693 -14 re 317.48 336.972 56.693 -14 re 374.173 336.972 56.693 -14 re 430.866 336.972 56.693 -14 re 487.559 336.972 56.693 -14 re 204.094 322.972 56.693 -14 re 260.787 322.972 56.693 -14 re 317.48 322.972 56.693 -14 re 374.173 322.972 56.693 -14 re 430.866 322.972 56.693 -14 re 487.559 322.972 56.693 -14 re 204.094 308.972 56.693 -14 re 260.787 308.972 56.693 -14 re 317.48 308.972 56.693 -14 re 374.173 308.972 56.693 -14 re 430.866 308.972 56.693 -14 re 487.559 308.972 56.693 -14 re 204.094 294.972 56.693 -3.009 re 260.787 294.972 56.693 -3.009 re 317.48 294.972 56.693 -3.009 re 374.173 294.972 56.693 -3.009 re 430.866 294.972 56.693 -3.009 re 487.559 294.972 56.693 -3.009 re 204.094 291.963 56.693 -14 re 260.787 291.963 56.693 -14 re 317.48 291.963 56.693 -14 re 374.173 291.963 56.693 -14 re 430.866 291.963 56.693 -14 re 487.559 291.963 56.693 -14 re 204.094 277.963 56.693 -14 re 260.787 277.963 56.693 -14 re 317.48 277.963 56.693 -14 re 374.173 277.963 56.693 -14 re 430.866 277.963 56.693 -14 re 487.559 277.963 56.693 -14 re 204.094 263.963 56.693 -3.009 re 260.787 263.963 56.693 -3.009 re 317.48 263.963 56.693 -3.009 re 374.173 263.963 56.693 -3.009 re 430.866 263.963 56.693 -3.009 re 487.559 263.963 56.693 -3.009 re 204.094 260.954 56.693 -14 re 260.787 260.954 56.693 -14 re 317.48 260.954 56.693 -14 re 374.173 260.954 56.693 -14 re 430.866 260.954 56.693 -14 re 487.559 260.954 56.693 -14 re 204.094 246.954 56.693 -14 re 260.787 246.954 56.693 -14 re 317.48 246.954 56.693 -14 re 374.173 246.954 56.693 -14 re 430.866 246.954 56.693 -14 re 487.559 246.954 56.693 -14 re 204.094 232.954 56.693 -14 re 260.787 232.954 56.693 -14 re 317.48 232.954 56.693 -14 re 374.173 232.954 56.693 -14 re 430.866 232.954 56.693 -14 re 487.559 232.954 56.693 -14 re 204.094 218.954 56.693 -5.396 re 260.787 218.954 56.693 -5.396 re 317.48 218.954 56.693 -5.396 re 374.173 218.954 56.693 -5.396 re 430.866 218.954 56.693 -5.396 re 487.559 218.954 56.693 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 8.5 0 0 10 401.9498 700.7079 Tm (Office)Tj 0 Tw -14.945 -1.4 Td (Plant and)Tj -0.025 Tw 8.189 0 Td (Motor)Tj 4.735 0 Td (equipment)Tj 5.423 0 Td (Construction-)Tj -24.934 -1.4 Td (Buildings)Tj 6.173 0 Td (machinery)Tj 7.917 0 Td (vehicles)Tj 0 Tw 5.425 0 Td (and others)Tj -0.025 Tw 6.34 0 Td (in-progress)Tj 9.375 0 Td (Total)Tj /T1_2 1 Tf -35.009 -1.4 Td (RMB\222000)Tj 6.67 0 Td (RMB\222000)Tj 6.67 0 Td (RMB\222000)Tj 6.67 0 Td (RMB\222000)Tj 6.67 0 Td (RMB\222000)Tj 6.67 0 Td (RMB\222000)Tj /T1_1 1 Tf -49.987 -2.8 Td (Cost)Tj /T1_0 1 Tf 0 Tw 0 -1.4 Td (At 1 January 2019)Tj -0.025 Tw 17.276 0 Td (905,383)Tj 5.87 0 Td (2,369,682)Tj 7.995 0 Td (12,566)Tj 6.67 0 Td (23,195)Tj 6.145 0 Td (362,316)Tj 5.87 0 Td (3,673,142)Tj -49.825 -1.4 Td (Additions)Tj 18.326 0 Td (6,787)Tj 5.62 0 Td (105,434)Tj 0 Tc 0 Tw 9.57 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.145 0 Td (28)Tj 4.82 0 Td (18,314)Tj 6.145 0 Td (130,563)Tj -50.625 -1.4 Td (Disposals)Tj 0 Tc 0 Tw 20.176 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (\(792\))Tj 5.87 0 Td (\(2,454\))Tj 7.47 0 Td (\(248\))Tj 0 Tc 0 Tw 8.103 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.437 0 Td (\(3,494\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 209.7638 584.2489 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 204.0945 584.0159 Tm ( )Tj ET q 1 0 0 1 266.4567 584.2489 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 260.7874 584.0159 Tm ( )Tj ET q 1 0 0 1 323.1496 584.2489 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 317.4803 584.0159 Tm ( )Tj ET q 1 0 0 1 379.8425 584.2489 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 374.1732 584.0159 Tm ( )Tj ET q 1 0 0 1 436.5354 584.2489 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 430.8661 584.0159 Tm ( )Tj ET q 1 0 0 1 493.2283 584.2489 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 487.5591 584.0159 Tm ( )Tj 0.025 Tc 8.5 0 0 10 79.3701 557.6989 Tm (At 31 December 2019)Tj /T1_1 1 Tf -0.025 Tw 17.276 0 Td (912,170)Tj 5.87 0 Td (2,474,324)Tj 7.995 0 Td (10,112)Tj 6.67 0 Td (22,975)Tj 6.145 0 Td (380,630)Tj 5.87 0 Td (3,800,211)Tj /T1_0 1 Tf -49.825 -1.4 Td (Additions)Tj /T1_1 1 Tf 0 Tc 0 Tw 20.176 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.82 0 Td (2,858)Tj 7.995 0 Td (36)Tj 5.345 0 Td (1,382)Tj 6.145 0 Td (39,811)Tj 6.67 0 Td (44,087)Tj /T1_0 1 Tf -51.15 -1.4 Td (Disposals)Tj /T1_1 1 Tf 18.743 0 Td (\(126\))Tj 5.87 0 Td (\(1,795\))Tj 6.67 0 Td (\(2,469\))Tj 7.47 0 Td (\(253\))Tj 0 Tc 0 Tw 8.103 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.437 0 Td (\(4,643\))Tj /T1_0 1 Tf 0 Tw -51.292 -1.4 Td (Transferred from/\(to\) )Tj 0 Tc ( )Tj 0.025 Tc 0.953 -1.4 Td (construction-in progress)Tj /T1_1 1 Tf 0 Tc 19.223 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.82 0 Td (8,747)Tj 0 Tc 0 Tw 8.52 0 Td (\226)Tj 6.67 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.437 0 Td (\(8,747\))Tj 0 Tc 0 Tw 8.903 0 Td (\226)Tj ET q 1 0 0 1 209.7638 497.2398 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 204.0945 497.0068 Tm ( )Tj ET q 1 0 0 1 266.4567 497.2398 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 260.7874 497.0068 Tm ( )Tj ET q 1 0 0 1 323.1496 497.2398 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 317.4803 497.0068 Tm ( )Tj ET q 1 0 0 1 379.8425 497.2398 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 374.1732 497.0068 Tm ( )Tj ET q 1 0 0 1 436.5354 497.2398 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 430.8661 497.0068 Tm ( )Tj ET q 1 0 0 1 493.2283 497.2398 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 487.559 497.0068 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 8.5 0 0 10 79.37 470.6898 Tm (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 17.276 0 Td (912,044)Tj 5.87 0 Td (2,484,134)Tj 8.52 0 Td (7,679)Tj 6.145 0 Td (24,104)Tj 6.145 0 Td (411,694)Tj 5.87 0 Td (3,839,655)Tj ET q 1 0 0 1 209.7637 466.2308 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 204.0944 465.9978 Tm ( )Tj ET q 1 0 0 1 266.4566 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 260.7874 465.9978 Tm ( )Tj ET q 1 0 0 1 323.1495 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 317.4803 465.9978 Tm ( )Tj ET q 1 0 0 1 379.8425 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 374.1732 465.9978 Tm ( )Tj ET q 1 0 0 1 436.5354 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 430.8661 465.9978 Tm ( )Tj ET q 1 0 0 1 493.2283 466.2308 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 487.559 465.9978 Tm ( )Tj 0.025 Tc 8.5 0 0 10 79.37 439.6808 Tm (Accumulated depreciation and )Tj 0.953 -1.4 Td (impairment loss)Tj /T1_0 1 Tf -0.953 -1.4 Td (At 1 January 2019)Tj -0.025 Tw 16.893 0 Td (\(104,393\))Tj 6.67 0 Td (\(879,545\))Tj 7.72 0 Td (\(8,642\))Tj 6.145 0 Td (\(22,415\))Tj 6.145 0 Td (\(181,533\))Tj 5.87 0 Td (\(1,196,528\))Tj -49.442 -1.4 Td (Depreciation)Tj 17.418 0 Td (\(12,988\))Tj 6.145 0 Td (\(202,718\))Tj 8.52 0 Td (\(547\))Tj 6.67 0 Td (\(693\))Tj 0 Tc 0 Tw 8.103 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.387 0 Td (\(216,946\))Tj -50.242 -1.4 Td (Disposals)Tj 0 Tc 0 Tw 20.176 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.62 0 Td (574)Tj 5.87 0 Td (1,964)Tj 7.47 0 Td (191)Tj 0 Tc 0 Tw 7.72 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.82 0 Td (2,729)Tj 0 Tw -51.675 -1.4 Td (Impairment loss)Tj 0 Tc 20.176 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.437 0 Td (\(4,637\))Tj 0 Tc 0 Tw 8.903 0 Td (\226)Tj 6.67 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.387 0 Td (\(182,673\))Tj 6.67 0 Td (\(187,310\))Tj ET q 1 0 0 1 209.7637 365.2217 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 204.0944 364.9887 Tm ( )Tj ET q 1 0 0 1 266.4566 365.2217 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 260.7874 364.9887 Tm ( )Tj ET q 1 0 0 1 323.1495 365.2217 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 317.4803 364.9887 Tm ( )Tj ET q 1 0 0 1 379.8425 365.2217 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 374.1732 364.9887 Tm ( )Tj ET q 1 0 0 1 436.5354 365.2217 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 430.8661 364.9887 Tm ( )Tj ET q 1 0 0 1 493.2283 365.2217 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 487.559 364.9887 Tm ( )Tj 0.025 Tc 8.5 0 0 10 79.37 338.6717 Tm (At 31 December 2019)Tj /T1_1 1 Tf -0.025 Tw 16.893 0 Td (\(117,381\))Tj 5.87 0 Td (\(1,086,326\))Tj 8.52 0 Td (\(7,225\))Tj 6.145 0 Td (\(22,917\))Tj 6.145 0 Td (\(364,206\))Tj 5.87 0 Td (\(1,598,055\))Tj /T1_0 1 Tf -49.442 -1.4 Td (Depreciation)Tj /T1_1 1 Tf 17.418 0 Td (\(12,989\))Tj 6.145 0 Td (\(197,191\))Tj 8.52 0 Td (\(390\))Tj 5.87 0 Td (\(1,388\))Tj 0 Tc 0 Tw 8.903 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.387 0 Td (\(211,958\))Tj /T1_0 1 Tf -50.242 -1.4 Td (Disposals)Tj /T1_1 1 Tf 0 Tc 0 Tw 20.176 0 Td (2)Tj 0.025 Tc -0.025 Tw 4.82 0 Td (1,263)Tj 6.67 0 Td (2,181)Tj 7.47 0 Td (201)Tj 0 Tc 0 Tw 7.72 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.82 0 Td (3,647)Tj /T1_0 1 Tf 0 Tw -51.675 -1.4 Td (Impairment loss)Tj /T1_1 1 Tf 0 Tc 20.176 0 Td (\226)Tj 6.67 0 Td (\226)Tj 6.67 0 Td (\226)Tj 6.67 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.912 0 Td (\(13,467\))Tj 6.67 0 Td (\(13,467\))Tj ET q 1 0 0 1 209.7637 292.2126 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 204.0944 291.9796 Tm ( )Tj ET q 1 0 0 1 266.4566 292.2126 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 260.7874 291.9796 Tm ( )Tj ET q 1 0 0 1 323.1495 292.2126 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 317.4803 291.9796 Tm ( )Tj ET q 1 0 0 1 379.8425 292.2126 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 374.1732 291.9796 Tm ( )Tj ET q 1 0 0 1 436.5354 292.2126 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 430.8661 291.9796 Tm ( )Tj ET q 1 0 0 1 493.2283 292.2126 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 487.559 291.9796 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 8.5 0 0 10 79.37 265.6626 Tm (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 16.893 0 Td (\(130,368\))Tj 5.87 0 Td (\(1,282,254\))Tj 8.52 0 Td (\(5,434\))Tj 6.145 0 Td (\(24,104\))Tj 6.145 0 Td (\(377,673\))Tj 5.87 0 Td (\(1,819,833\))Tj ET q 1 0 0 1 209.7637 261.2036 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 204.0944 260.9706 Tm ( )Tj ET q 1 0 0 1 266.4566 261.2036 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 260.7874 260.9706 Tm ( )Tj ET q 1 0 0 1 323.1495 261.2036 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 317.4803 260.9706 Tm ( )Tj ET q 1 0 0 1 379.8425 261.2036 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 374.1732 260.9706 Tm ( )Tj ET q 1 0 0 1 436.5354 261.2036 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 430.8661 260.9706 Tm ( )Tj ET q 1 0 0 1 493.2283 261.2036 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 487.559 260.9706 Tm ( )Tj 0.025 Tc 8.5 0 0 10 79.37 234.6536 Tm (Net book amount)Tj /T1_0 1 Tf 0 -1.4 Td (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 17.276 0 Td (781,676)Tj 5.87 0 Td (1,201,880)Tj 8.52 0 Td (2,245)Tj 0 Tc 0 Tw 8.52 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.295 0 Td (34,021)Tj 5.345 0 Td (2,019,822)Tj ET 1.11 w q 1 0 0 1 209.7637 216.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 209.7637 213.9028 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 204.0944 213.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 266.4566 216.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 266.4566 213.9028 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 260.7874 213.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 323.1495 216.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 323.1495 213.9028 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 317.4803 213.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 379.8425 216.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 379.8425 213.9028 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 374.1732 213.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 436.5354 216.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 436.5354 213.9028 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 430.8661 213.5748 Tm ( )Tj ET 1.11 w q 1 0 0 1 493.2283 216.0028 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 493.2283 213.9028 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 487.559 213.5748 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 8.5 0 0 10 79.37 187.2578 Tm (At 31 December 2019)Tj -0.025 Tw 17.276 0 Td (794,789)Tj 5.87 0 Td (1,387,998)Tj 8.52 0 Td (2,887)Tj 7.995 0 Td (58)Tj 4.82 0 Td (16,424)Tj 5.345 0 Td (2,202,156)Tj ET 1.11 w q 1 0 0 1 209.7637 182.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 209.7637 180.5069 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 204.0944 180.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 266.4566 182.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 266.4566 180.5069 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 260.7874 180.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 323.1495 182.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 323.1495 180.5069 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 317.4803 180.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 379.8425 182.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 379.8425 180.5069 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 374.1732 180.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 436.5354 182.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 436.5354 180.5069 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 430.8661 180.1789 Tm ( )Tj ET 1.11 w q 1 0 0 1 493.2283 182.6069 cm 0 0 m 45.354 0 l S Q 0.45 w q 1 0 0 1 493.2283 180.5069 cm 0 0 m 45.354 0 l S Q BT 0.1 0 0 0.1 487.559 180.1789 Tm ( )Tj 0.04 Tc 0.07 Tw 10 0 0 10 79.3701 155.5619 Tm [(All)12.8 ( the)12.8 ( Group\222s)12.7 ( buildings)12.8 ( are)12.8 ( located)12.8 ( in)12.8 ( Mainland)12.8 ( China.)12.8 ( As)12.8 ( at)12.8 ( 3)12.7 (1)12.8 ( December)12.8 ( 2)12.8 (0)12.7 (2)12.8 (0)12.8 (,)12.8 ( property,)12.8 ( plant)12.8 ( and)15 ( )]TJ 0.068 Tc 0 -1.4 Td [(equipment)12.6 ( with)12.5 ( a)12.6 ( total)12.5 ( net)12.6 ( book)12.5 ( value)12.5 ( of)12.6 ( approximately)12.5 ( RMB)12.6 (1)12.5 (,)12.6 (3)12.5 (6)12.5 (0)12.6 (,)12.5 (9)12.6 (3)12.5 (8)12.6 (,)12.5 (0)12.6 (0)12.5 (0)12.6 ( \()12.6 (2)12.5 (0)12.6 (1)12.5 (9)12.6 (:)12.5 ( approximately)43 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (RMB1,538,018,000\) were pledged as collateral for the Group\222s bank bo\rrowings.)Tj ET endstreamendobj153 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 31 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (14.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (LOSS PER SHARE)Tj -0.025 Tw 0 -2.8 Td (Basic)Tj /T1_0 1 Tf 0.013 Tw 0 -2.8 Td (Basic loss per share are calculated by dividing the loss attributable to\ equity holders of the Company by the )Tj 0 Tw 0 -1.4 Td (weighted average number of ordinary shares in issue during the year.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.8 Td (Diluted)Tj /T1_0 1 Tf 0.069 Tc 0.07 Tw 0 -2.8 Td [(D)0.5 (ilu)0.5 (ted)13 ( lo)0.5 (ss)13 ( pe)0.5 (r)12.9 ( )0.5 (sh)0.5 (ar)0.5 (e)12.9 ( i)0.5 (s)12.9 ( )0.5 (ca)0.5 (lc)0.5 (ula)0.5 (te)0.5 (d)12.9 ( b)0.5 (y)12.9 ( a)0.5 (dj)0.5 (ust)0.5 (ing)13 ( t)0.5 (he)12.9 ( )0.5 (we)0.5 (ig)0.5 (hte)0.5 (d)12.9 ( )0.5 (ave)0.5 (ra)0.5 (ge)12.9 ( )0.5 (nu)0.5 (mbe)0.5 (r)12.9 ( )0.5 (of)12.9 ( )0.5 (or)0.5 (di)0.5 (nar)0.5 (y)12.9 ( s)0.5 (ha)0.5 (re)0.5 (s)44 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.4 Td (outstanding to assume conversion of all dilutive potential ordinary shar\es. The Company has two categories )Tj 0.049 Tc 0.07 Tw 0 -1.4 Td [(o)0.5 (f)13.1 ( )0.5 (d)0.5 (i)0.6 (l)0.5 (u)0.6 (t)0.5 (i)0.5 (v)0.6 (e)13 ( )0.6 (p)0.5 (o)0.5 (t)0.6 (e)0.5 (n)0.5 (t)0.6 (i)0.5 (a)0.6 (l)13 ( )0.5 (o)0.6 (r)0.5 (d)0.6 (i)0.5 (n)0.5 (a)0.6 (r)0.5 (y)13 ( )0.6 (s)0.5 (h)0.6 (a)0.5 (r)0.6 (e)0.5 (s)0.6 (:)13 ( )0.5 (C)0.6 (o)0.5 (n)0.5 (v)0.6 (e)0.5 (r)0.6 (t)0.5 (i)0.5 (b)0.6 (l)0.5 (e)13.1 ( )0.5 (b)0.5 (o)0.6 (n)0.5 (d)0.5 (s)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.6 (s)0.5 (h)0.5 (a)0.6 (r)0.6 (e)13 ( )0.5 (o)0.6 (p)0.5 (t)0.5 (i)0.6 (o)0.5 (n)0.5 (s)0.6 (.)13 ( )0.6 (T)0.5 (h)0.5 (e)13.1 ( )0.5 (c)0.6 (o)0.5 (n)0.6 (v)0.5 (e)0.5 (r)0.6 (t)0.5 (i)0.5 (b)0.6 (l)0.5 (e)13.1 ( )0.5 (b)0.5 (o)0.6 (n)0.5 (d)0.5 (s)13.1 ( )0.5 (a)0.6 (r)0.5 (e)24 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.4 Td (assumed to have been converted into ordinary shares, and the net loss is\ adjusted to eliminate the interest )Tj 0.053 Tc 0.07 Tw 0 -1.4 Td [(e)0.5 (xpe)0.5 (n)0.5 (se)13 ( l)0.5 (es)0.5 (s)12.9 ( )0.5 (t)0.5 (he)13 ( t)0.5 (ax)13 ( e)0.5 (ff)0.5 (ec)0.5 (t.)13 ( )0.5 (For)13 ( )0.5 (the)13 ( )0.5 (sh)0.5 (ar)0.5 (e)12.9 ( )0.5 (op)0.5 (ti)0.5 (on)0.5 (s,)13 ( t)0.5 (he)13 ( n)0.5 (um)0.5 (be)0.5 (r)12.9 ( )0.5 (of)13 ( s)0.5 (ha)0.5 (re)0.5 (s)13 ( t)0.5 (ha)0.5 (t)12.9 ( )0.5 (wo)0.5 (ul)0.5 (d)12.9 ( )0.5 (ha)0.5 (ve)13 ( b)0.5 (ee)0.5 (n)12.9 ( )0.5 (is)0.5 (su)0.5 (e)0.5 (d)28 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.4 Td [(assuming)11 ( )0.5 (the)11 ( )0.5 (exercise)11.1 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (share)11 ( )0.5 (options)11 ( )0.5 (less)11 ( )0.5 (the)11 ( )0.5 (number)11 ( )0.5 (of)11 ( )0.5 (shares)11 ( )0.5 (that)11 ( )0.5 (could)11 ( )0.5 (have)11 ( )0.5 (been)11 ( )0.5 (issued)11 ( )0.5 (at)11 ( )0.5 (fair)11 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.4 Td [(value)12.1 ( \(determined)12.1 ( as)12.1 ( the)12.1 ( average)12.2 ( market)12.1 ( price)12.1 ( per)12.1 ( share)12.2 ( for)12.1 ( the)12.1 ( year\))12.1 ( for)12.1 ( the)12.1 ( same)12.1 ( total)12.1 ( proceeds)12.1 ( is)12.1 ( the)13 ( )]TJ 0.025 Tc 0.026 Tw 0 -1.4 Td (number of shares issued for no consideration. The resulting number of sh\ares issued for no consideration is )Tj 0.037 Tw 0 -1.4 Td (included in the weighted average number of ordinary shares as the denomi\nator for calculating diluted loss )Tj 0 Tw 0 -1.4 Td (per share.)Tj 0.051 Tc 0.07 Tw 0 -2.8 Td [(Potential)12.7 ( ordinary)12.7 ( shares)12.7 ( arising)12.6 ( from)12.7 ( the)12.7 ( assumed)12.7 ( conversion)12.7 ( of)12.7 ( convertible)12.7 ( bonds)12.7 ( and)12.7 ( the)12.7 ( assumed)25.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (exercise of share options have not been included in the calculation of d\iluted loss per share because they are )Tj 0 -1.4 Td (anti-dilutive for the years ended 31 December 2019 and 2020.)Tj 0 -2.8 Td (The calculation of the basic and diluted loss per share is based on the \following:)Tj ET 0 0 0 0 k /GS1 gs 391.181 377.008 76.535 -14 re 391.181 363.008 76.535 -14 re 391.181 349.008 76.535 -14 re 391.181 335.008 76.535 -14 re 391.181 321.008 76.535 -14 re 391.181 307.008 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 441.2972 364.7079 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_1 1 Tf -41.883 -2.8 Td (Loss)Tj /T1_0 1 Tf 0 Tw 0 -1.4 Td (Loss for the purpose of calculating basic and diluted earnings per share\)Tj /T1_1 1 Tf -0.025 Tw 34.485 0 Td (\(241,779\))Tj /T1_0 1 Tf 7.654 0 Td (\(731,564\))Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 396.8503 304.0571 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 301.9571 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 301.6291 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 304.0571 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 301.9571 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 301.6291 Tm ( )Tj ET 0 0 0 0 k /GS1 gs 391.181 289.312 76.535 -14 re 391.181 275.312 76.535 -14 re 391.181 261.312 76.535 -14 re 391.181 247.312 76.535 -14 re 391.181 233.312 76.535 -28 re 391.181 205.312 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 441.2972 277.0121 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -7.487 -1.4 Td (\222000)Tj /T1_3 1 Tf 7.654 0 Td (\222000)Tj /T1_1 1 Tf 0 Tw -44.013 -2.8 Td (Number of shares)Tj /T1_0 1 Tf 0 -1.4 Td (Weighted average number of ordinary shares for the purpose of )Tj 0 Tc ( )Tj 0.025 Tc 0.9 -1.4 Td (calculating basic and diluted earnings per share)Tj /T1_1 1 Tf -0.025 Tw 33.168 0 Td (5,488,043)Tj /T1_0 1 Tf 7.654 0 Td (4,579,275)Tj ET 1.11 w q 1 0 0 1 396.8503 202.3613 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 200.2613 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.181 199.9333 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3857 202.3613 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3857 200.2613 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7164 199.9333 Tm ( )Tj ET endstreamendobj113 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj114 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj115 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj116 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj117 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj162 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 30 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Five highest paid individuals)Tj /T1_0 1 Tf 0.031 Tw 0 -2.8 Td [(The )0.5 (five )0.5 (individuals )0.5 (whose )0.5 (emoluments )0.5 (were )0.5 (the )0.5 (highest )0.5 (in )0.5 (the )0.5 (Group )0.5 (for )0.5 (the )0.5 (year )0.5 (include )0.5 (one )0.5 (\(2019: )]TJ 0.074 Tw 0 -1.4 Td (one\) director whose emoluments is reflected in the analysis presented a\bove. The emoluments of the )Tj 0 Tw 0 -1.4 Td (remaining four \(2019: four\) individuals are set out below:)Tj ET 0 0 0 0 k /GS1 gs 391.181 657.008 76.535 -14 re 391.181 643.008 76.535 -14 re 391.181 629.008 76.535 -14 re 391.181 615.008 76.535 -14 re 391.181 601.008 76.535 -14 re 391.181 587.008 76.535 -3.009 re 391.181 583.999 76.535 -14 re 391.181 569.999 76.535 -14 re 391.181 555.999 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 441.2972 644.7079 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -39.616 -2.8 Td (Salaries and other benefits)Tj /T1_1 1 Tf -0.025 Tw 33.65 0 Td (3,060)Tj /T1_0 1 Tf 7.654 0 Td (1,911)Tj 0 Tw -41.304 -1.4 Td (Retirement benefit scheme contributions)Tj /T1_1 1 Tf -0.025 Tw 34.975 0 Td (40)Tj /T1_0 1 Tf 7.129 0 Td (116)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 396.8503 584.2489 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 584.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 584.2489 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 584.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 438.5472 557.6989 Tm (3,100)Tj /T1_0 1 Tf 7.654 0 Td (2,027)Tj ET 1.11 w q 1 0 0 1 396.8503 553.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 550.948 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 550.6201 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 553.048 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 550.948 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 550.6201 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0472 526.0031 Tm (The emoluments fell within the following bands:)Tj ET 0 0 0 0 k /GS1 gs 391.181 496.303 76.535 -14 re 391.181 482.303 76.535 -14 re 391.181 468.303 76.535 -14 re 391.181 454.303 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 10 0 0 10 417.1519 498.003 Tm (Number of individuals)Tj -0.025 Tw 2.415 -1.4 Td (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj 0 Tw -41.579 -2.8 Td (Nil to HK$1,000,000)Tj /T1_1 1 Tf 0 Tc 35.5 0 Td (4)Tj /T1_0 1 Tf 7.654 0 Td (4)Tj ET 1.11 w q 1 0 0 1 396.8503 451.3522 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 449.2522 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1811 448.9242 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 451.3522 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 449.2522 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 448.9242 Tm ( )Tj 0.025 Tc 0.055 Tw 10 0 0 10 102.0472 424.3072 Tm (During the year, the Group did not pay any amount to the five highest pa\id individuals nor any other )Tj 0 -1.4 Td [(directors of the Company as an inducement to join or upon joining the Gr\oup or as )0.5 (compensation for )]TJ 0 Tw 0 -1.4 Td (loss of office and no directors waived any emoluments during the year.)Tj ET endstreamendobj161 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 29 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (13.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (DIRECTORS\222 AND SENIOR MANAGEMENT\222S EMOLUMENTS)Tj 0 -2.8 Td (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Directors\222 emoluments)Tj /T1_0 1 Tf 0 -2.8 Td (The remuneration of every director for the years ended 31 December 2020 \and 2019 is set out below:)Tj ET 0 0 0 0 k /GS1 gs 331.654 657.008 70.866 -14 re 402.52 657.008 70.866 -14 re 473.386 657.008 70.866 -14 re 331.654 643.008 70.866 -14 re 402.52 643.008 70.866 -14 re 473.386 643.008 70.866 -14 re 331.654 629.008 70.866 -14 re 402.52 629.008 70.866 -14 re 473.386 629.008 70.866 -14 re 331.654 615.008 70.866 -14 re 402.52 615.008 70.866 -14 re 473.386 615.008 70.866 -14 re 331.654 601.008 70.866 -14 re 402.52 601.008 70.866 -14 re 473.386 601.008 70.866 -14 re 331.654 587.008 70.866 -14 re 402.52 587.008 70.866 -14 re 473.386 587.008 70.866 -14 re 331.654 573.008 70.866 -14 re 402.52 573.008 70.866 -14 re 473.386 573.008 70.866 -14 re 331.654 559.008 70.866 -14 re 402.52 559.008 70.866 -14 re 473.386 559.008 70.866 -14 re 331.654 545.008 70.866 -14 re 402.52 545.008 70.866 -14 re 473.386 545.008 70.866 -14 re 331.654 531.008 70.866 -14 re 402.52 531.008 70.866 -14 re 473.386 531.008 70.866 -14 re 331.654 517.008 70.866 -14 re 402.52 517.008 70.866 -14 re 473.386 517.008 70.866 -14 re 331.654 503.008 70.866 -14 re 402.52 503.008 70.866 -14 re 473.386 503.008 70.866 -14 re 331.654 489.008 70.866 -3.009 re 402.52 489.008 70.866 -3.009 re 473.386 489.008 70.866 -3.009 re 331.654 485.999 70.866 -14 re 402.52 485.999 70.866 -14 re 473.386 485.999 70.866 -14 re 331.654 471.999 70.866 -14 re 402.52 471.999 70.866 -14 re 473.386 471.999 70.866 -14 re 331.654 457.999 70.866 -5.396 re 402.52 457.999 70.866 -5.396 re 473.386 457.999 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 377.2208 644.7079 Tm (Fees)Tj 0 Tw 2.888 0 Td (Share options)Tj -0.025 Tw 10.871 0 Td (Total)Tj /T1_2 1 Tf -16.001 -1.4 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj /T1_1 1 Tf 0 Tw -39.448 -2.8 Td (Executive directors)Tj /T1_0 1 Tf 0 -1.4 Td (Mr. Shi Jianmin)Tj /T1_1 1 Tf 0 Tc 28.98 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (7,521)Tj 7.087 0 Td (7,521)Tj /T1_0 1 Tf 0 Tw -41.304 -1.4 Td (Mr. Tang Guoqiang)Tj /T1_1 1 Tf -0.025 Tw 27.93 0 Td (540)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (540)Tj /T1_0 1 Tf 0 Tw -42.104 -1.4 Td (Mr. Zhang Weihua)Tj /T1_1 1 Tf 0 Tc 28.98 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -2.8 Td (Name of independent non-executive directors)Tj /T1_0 1 Tf 0 -1.4 Td (Mr. Hu Xiaoping)Tj /T1_1 1 Tf -0.025 Tw 27.93 0 Td (180)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (180)Tj /T1_0 1 Tf 0 Tw -42.104 -1.4 Td (Mr. Shi Lei)Tj /T1_1 1 Tf -0.025 Tw 27.93 0 Td (180)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (180)Tj /T1_0 1 Tf 0 Tw -42.104 -1.4 Td (Mr. Xu Congcai)Tj /T1_1 1 Tf -0.025 Tw 27.93 0 Td (180)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (180)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 337.3228 486.2489 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6536 486.0159 Tm ( )Tj ET q 1 0 0 1 408.189 486.2489 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 486.0159 Tm ( )Tj ET q 1 0 0 1 479.0551 486.2489 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 486.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 102.0473 459.6989 Tm (Total for 2020)Tj -0.025 Tw 27.13 0 Td (1,080)Tj 7.087 0 Td (7,521)Tj 7.087 0 Td (8,601)Tj ET 1.11 w q 1 0 0 1 337.3228 455.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 452.948 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6536 452.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 455.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 452.948 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 452.62 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 455.048 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 452.948 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 452.62 Tm ( )Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 377.7708 428.003 Tm (Fees)Tj 0 Tw 3.223 0 Td (Share options)Tj -0.025 Tw 10.648 0 Td (Total)Tj /T1_3 1 Tf -16 -1.4 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj /T1_1 1 Tf 0 Tw -39.616 -2.8 Td (Executive directors)Tj /T1_0 1 Tf 0 -1.4 Td (Mr. Shi Jianmin)Tj 0 Tc 28.98 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.4 Td (Mr. Tang Guoqiang)Tj -0.025 Tw 27.93 0 Td (528)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (528)Tj 0 Tw -42.104 -1.4 Td (Mr. Zhang Weihua)Tj 0 Tc 28.98 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.4 Td (Mr. Li Weiruo )Tj /T1_3 1 Tf (\(Note ii\))Tj /T1_0 1 Tf 0 Tc 28.98 0 Td (\226)Tj 7.087 0 Td (\226)Tj 7.087 0 Td (\226)Tj /T1_1 1 Tf 0.025 Tc -43.154 -2.8 Td (Name of non-executive directors)Tj /T1_0 1 Tf 0 -1.4 Td (Mr. Zhang Fubo )Tj /T1_3 1 Tf (\(Note i\))Tj /T1_0 1 Tf -0.025 Tw 27.93 0 Td (183)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (183)Tj /T1_1 1 Tf 0 Tw -42.104 -2.8 Td (Name of independent non-executive directors)Tj /T1_0 1 Tf 0 -1.4 Td (Mr. Hu Xiaoping)Tj -0.025 Tw 27.93 0 Td (176)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (176)Tj 0 Tw -42.104 -1.4 Td (Mr. Shi Lei)Tj -0.025 Tw 27.93 0 Td (176)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (176)Tj 0 Tw -42.104 -1.4 Td (Mr. Xu Congcai)Tj -0.025 Tw 27.93 0 Td (176)Tj 0 Tc 0 Tw 8.137 0 Td (\226)Tj 0.025 Tc -0.025 Tw 6.037 0 Td (176)Tj ET 0.5 w q 1 0 0 1 337.3228 213.544 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6536 213.311 Tm ( )Tj ET q 1 0 0 1 408.189 213.544 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 213.311 Tm ( )Tj ET q 1 0 0 1 479.0551 213.544 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 213.311 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 102.0473 186.994 Tm (Total for 2019)Tj /T1_0 1 Tf -0.025 Tw 27.13 0 Td (1,239)Tj 0 Tc 0 Tw 8.937 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.237 0 Td (1,239)Tj ET 1.11 w q 1 0 0 1 337.3228 182.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 180.2432 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6536 179.9152 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.189 182.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.189 180.2432 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 179.9152 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 182.3432 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 180.2432 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3859 179.9152 Tm ( )Tj /T1_3 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 102.0472 155.2981 Tm (Note:)Tj /T1_0 1 Tf 0 Tw 0 -2.8 Td (\(i\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Zhang Fubo was resigned as an non-executive director on 1 June 2019.\)Tj -2.268 -2.8 Td (\(ii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Mr. Li Weiruo resigned as an executive director on 17 May 2019.)Tj ET endstreamendobj160 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 28 \226)Tj 0.034 Tc 0.074 Tw 10 0 0 10 79.3701 728.7079 Tm [(The)9.1 ( taxation)9 ( )0.5 (on)9 ( )0.5 (the)9 ( )0.5 (Group\222s)9 ( )0.5 (loss)9 ( )0.5 (before)9 ( )0.6 (income)9.1 ( )0.5 (tax)9 ( )0.5 (differs)9 ( )0.5 (from)9 ( )0.5 (the)9 ( )0.5 (theoretical)9 ( )0.5 (amount)9 ( )0.5 (that)9 ( )0.5 (would)9 ( )0.5 (arise)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (using the taxation rate of 25% \(2019: 25%\). The difference is analysed\ as follows:)Tj ET 0 0 0 0 k /GS1 gs 391.181 699.008 76.535 -14 re 391.181 685.008 76.535 -14 re 391.181 671.008 76.535 -14 re 391.181 657.008 76.535 -14 re 391.181 643.008 76.535 -3.009 re 391.181 639.999 76.535 -14 re 391.181 625.999 76.535 -14 re 391.181 611.999 76.535 -14 re 391.181 597.999 76.535 -14 re 391.181 583.999 76.535 -14 re 391.181 569.999 76.535 -14 re 391.181 555.999 76.535 -14 re 391.181 541.999 76.535 -14 re 391.181 527.999 76.535 -3.009 re 391.181 524.99 76.535 -14 re 391.181 510.99 76.535 -14 re 391.181 496.99 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 441.2972 686.7079 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (Loss before tax)Tj /T1_1 1 Tf -0.025 Tw 34.485 0 Td (\(222,439\))Tj /T1_0 1 Tf 7.654 0 Td (\(712,242\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 396.8503 640.2489 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 640.0159 Tm ( )Tj ET q 1 0 0 1 473.3858 640.2489 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 640.0159 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 613.6989 Tm (Tax calculated at a taxation rate of 25% \(2019: 25%\))Tj /T1_1 1 Tf -0.025 Tw 35.01 0 Td (\(55,610\))Tj /T1_0 1 Tf 7.129 0 Td (\(178,060\))Tj 0 Tw -42.138 -1.4 Td (Tax rate difference)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (4,740)Tj /T1_0 1 Tf 7.129 0 Td (23,567)Tj 0 Tw -43.046 -1.4 Td (Expenses not deductible for tax purposes)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (22,099)Tj /T1_0 1 Tf 7.654 0 Td (47,622)Tj 0 Tw -43.046 -1.4 Td (Tax losses previously recognised and reversed)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (9,508)Tj /T1_0 1 Tf 7.129 0 Td (21,696)Tj 0 Tw -43.046 -1.4 Td (Tax losses for which no deferred income tax was recognised)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (37,605)Tj /T1_0 1 Tf 7.654 0 Td (58,004)Tj 0 Tw -43.046 -1.4 Td (Temporary differences for which no deferred income tax was recognised)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (1,230)Tj /T1_0 1 Tf 7.129 0 Td (46,828)Tj 0 Tw -43.046 -1.4 Td (Income not subject to tax)Tj /T1_1 1 Tf -0.025 Tw 36.335 0 Td (\(209\))Tj /T1_0 1 Tf 8.179 0 Td (\(87\))Tj ET q 1 0 0 1 396.8503 525.2398 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.181 525.0068 Tm ( )Tj ET q 1 0 0 1 473.3857 525.2398 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 525.0068 Tm ( )Tj 0.025 Tc 10 0 0 10 79.37 498.6898 Tm (Income tax expense)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (19,363)Tj /T1_0 1 Tf 7.654 0 Td (19,570)Tj ET 1.11 w q 1 0 0 1 396.8503 494.0391 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 491.9391 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.181 491.6111 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3857 494.0391 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3857 491.9391 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7164 491.6111 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 56.6928 466.994 Tm (12.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (LOSS FOR THE YEAR)Tj /T1_0 1 Tf 0 -2.8 Td (The Group\222s loss for the year is stated after charging the following:\)Tj ET 0 0 0 0 k /GS1 gs 391.181 423.294 76.535 -14 re 391.181 409.294 76.535 -14 re 391.181 395.294 76.535 -14.421 re 391.181 380.873 76.535 -14 re 391.181 366.873 76.535 -14 re 391.181 352.873 76.535 -14 re 391.181 338.873 76.535 -14 re 391.181 324.873 76.535 -14 re 391.181 310.873 76.535 -14 re 391.181 296.873 76.535 -14 re 391.181 282.873 76.535 -14 re 391.181 268.873 76.535 -14 re 391.181 254.873 76.535 -14 re 391.181 240.873 76.535 -14 re 391.181 226.873 76.535 -14 re 391.181 212.873 76.535 -3.009 re 391.181 209.864 76.535 -14 re 391.181 195.864 76.535 -14 re 391.181 181.864 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf -0.025 Tw 10 0 0 10 441.2971 410.994 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.842 Td (Cost of inventories sold)Tj /T1_1 1 Tf -0.025 Tw 34.068 0 Td (2,060,505)Tj /T1_0 1 Tf 7.654 0 Td (1,944,164)Tj 0 Tw -41.721 -1.4 Td (Depreciation of property, plant and equipment)Tj /T1_1 1 Tf -0.025 Tw 34.868 0 Td (211,958)Tj /T1_0 1 Tf 7.654 0 Td (216,946)Tj 0 Tw -42.521 -1.4 Td (Depreciation of investment properties)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (1,844)Tj /T1_0 1 Tf 7.654 0 Td (1,844)Tj 0 Tw -43.571 -1.4 Td (Depreciation of right-of-use assets)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (3,839)Tj /T1_0 1 Tf 7.654 0 Td (3,555)Tj 0 Tw -43.571 -1.4 Td (Amortisation of other intangible assets)Tj /T1_1 1 Tf -0.025 Tw 36.718 0 Td (270)Tj /T1_0 1 Tf 7.654 0 Td (270)Tj 0 Tw -44.371 -1.4 Td (Auditors\222 remuneration \227 Audit services)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (1,620)Tj /T1_0 1 Tf 7.654 0 Td (1,584)Tj 0 Tw -43.571 -1.4 Td (Loss on disposal of property, plant and equipment)Tj /T1_1 1 Tf -0.025 Tw 36.718 0 Td (750)Tj /T1_0 1 Tf 7.654 0 Td (529)Tj 0 Tw -44.371 -2.8 Td (Staff costs including directors\222 emoluments)Tj 0 -1.4 Td (Salaries, bonus and allowances)Tj /T1_1 1 Tf -0.025 Tw 35.393 0 Td (63,524)Tj /T1_0 1 Tf 7.654 0 Td (74,620)Tj 0 Tw -43.046 -1.4 Td (Retirement benefits scheme contributions)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (1,583)Tj /T1_0 1 Tf 7.654 0 Td (2,068)Tj 0 Tw -43.571 -1.4 Td (Share options)Tj /T1_1 1 Tf -0.025 Tw 35.918 0 Td (7,521)Tj /T1_0 1 Tf 0 Tc 0 Tw 9.504 0 Td (\226)Tj ET 0.5 w q 1 0 0 1 396.8502 210.1136 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1809 209.8806 Tm ( )Tj ET q 1 0 0 1 473.3857 210.1136 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7164 209.8806 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 433.2971 183.5636 Tm (72,628)Tj /T1_0 1 Tf 7.654 0 Td (76,688)Tj ET 1.11 w q 1 0 0 1 396.8502 178.9128 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8502 176.8128 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1809 176.4848 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3857 178.9128 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3857 176.8128 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7164 176.4848 Tm ( )Tj 0.03 Tc 0.078 Tw 10 0 0 10 79.3699 151.8678 Tm [(Cost)5 ( )0.5 (of)5 ( )0.6 (inventories)5 ( )0.5 (sold)5 ( )0.5 (includes)5 ( )0.6 (staff)5 ( )0.5 (costs,)5 ( )0.5 (depreciation)5 ( )0.5 (of)5 ( )0.5 (property,)5 ( )0.5 (plant)5 ( )0.5 (and)5 ( )0.5 (equipment)5 ( )0.5 (and)5.1 ( )0.5 (expenses)5 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.4 Td (related to short-term lease of approximately RMB2,060,505,000 \(2019: ap\proximately RMB1,944,164,000\) )Tj 0 Tw 0 -1.4 Td (which are included in the amounts disclosed separately above.)Tj ET endstreamendobj159 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 27 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (10.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (FINANCE EXPENSES \227 NET)Tj ET 0 0 0 0 k /GS1 gs 391.181 713.008 76.535 -14 re 391.181 699.008 76.535 -14 re 391.181 685.008 76.535 -14 re 391.181 671.008 76.535 -14 re 391.181 657.008 76.535 -14 re 391.181 643.008 76.535 -14 re 391.181 629.008 76.535 -3.009 re 391.181 625.999 76.535 -14 re 391.181 611.999 76.535 -14 re 391.181 597.999 76.535 -3.009 re 391.181 594.99 76.535 -14 re 391.181 580.99 76.535 -14 re 391.181 566.99 76.535 -14 re 391.181 552.99 76.535 -14 re 391.181 538.99 76.535 -14 re 391.181 524.99 76.535 -14 re 391.181 510.99 76.535 -14 re 391.181 496.99 76.535 -3.009 re 391.181 493.981 76.535 -14 re 391.181 479.981 76.535 -14 re 391.181 465.981 76.535 -14 re 391.181 451.981 76.535 -14 re 391.181 437.981 76.535 -3.009 re 391.181 434.972 76.535 -14 re 391.181 420.972 76.535 -14 re 391.181 406.972 76.535 -3.009 re 391.181 403.963 76.535 -14 re 391.181 389.963 76.535 -14 re 391.181 375.963 76.535 -5.396 re f BT 0 0 0 1 k /GS0 gs -0.025 Tw 10 0 0 10 441.2972 700.7079 Tm (2020)Tj /T1_0 1 Tf 7.654 0 Td (2019)Tj /T1_2 1 Tf -9.785 -1.4 Td (RMB\222000)Tj /T1_3 1 Tf 7.822 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -41.883 -2.8 Td (Finance income:)Tj 0 -1.4 Td (Exchange gain)Tj /T1_1 1 Tf -0.025 Tw 36.86 0 Td (\(33\))Tj /T1_0 1 Tf 0 Tc 0 Tw 8.562 0 Td (\226)Tj 0.025 Tc -45.421 -1.4 Td (Interest revenue)Tj /T1_1 1 Tf -0.025 Tw 36.335 0 Td (\(832\))Tj /T1_0 1 Tf 7.654 0 Td (\(348\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 396.8503 626.2489 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.181 626.0159 Tm ( )Tj ET q 1 0 0 1 473.3857 626.2489 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 626.0159 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 442.7172 599.6989 Tm (\(865\))Tj /T1_0 1 Tf 7.654 0 Td (\(348\))Tj ET q 1 0 0 1 396.8503 595.2398 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.181 595.0068 Tm ( )Tj ET q 1 0 0 1 473.3857 595.2398 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7164 595.0068 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3699 568.6898 Tm (Finance expenses:)Tj 0.9 -1.4 Td (\227 leases interests expenses)Tj /T1_1 1 Tf -0.025 Tw 35.818 0 Td (127)Tj /T1_0 1 Tf 8.179 0 Td (37)Tj 0 Tw -44.896 -1.4 Td (Interest expense:)Tj 0.9 -1.4 Td (\227 bank borrowings)Tj /T1_1 1 Tf -0.025 Tw 33.968 0 Td (106,928)Tj /T1_0 1 Tf 7.654 0 Td (109,404)Tj 0 Tw -41.621 -1.4 Td (\227 convertible bonds)Tj /T1_1 1 Tf -0.025 Tw 34.493 0 Td (46,607)Tj /T1_0 1 Tf 7.654 0 Td (45,820)Tj 0 Tw -43.046 -1.4 Td (Less: capitalisation in construction-in-progress)Tj /T1_1 1 Tf -0.025 Tw 35.535 0 Td (\(1,635\))Tj /T1_0 1 Tf 8.454 0 Td (\(716\))Tj ET q 1 0 0 1 396.8502 494.2308 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1809 493.9978 Tm ( )Tj ET q 1 0 0 1 473.3856 494.2308 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7163 493.9978 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 428.047 467.6808 Tm (152,027)Tj /T1_0 1 Tf 7.654 0 Td (154,545)Tj 0 Tw -42.521 -1.4 Td (Exchange loss)Tj /T1_1 1 Tf 0 Tc 37.768 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 7.129 0 Td (68)Tj -44.896 -1.4 Td (Others)Tj /T1_1 1 Tf 37.243 0 Td (64)Tj /T1_0 1 Tf 0 Tc 0 Tw 8.179 0 Td (1)Tj ET q 1 0 0 1 396.8502 435.2218 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0.1 0 0 0.1 391.1809 434.9888 Tm ( )Tj ET q 1 0 0 1 473.3856 435.2218 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7163 434.9888 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 10 0 0 10 428.047 408.6718 Tm (152,091)Tj /T1_0 1 Tf 7.654 0 Td (154,614)Tj ET q 1 0 0 1 396.8502 404.2127 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1809 403.9797 Tm ( )Tj ET q 1 0 0 1 473.3856 404.2127 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7163 403.9797 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3698 377.6627 Tm (Finance expenses \227 net)Tj /T1_1 1 Tf -0.025 Tw 34.868 0 Td (151,226)Tj /T1_0 1 Tf 7.654 0 Td (154,266)Tj ET 1.11 w q 1 0 0 1 396.8502 373.0119 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8502 370.9119 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1809 370.5839 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3856 373.0119 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3856 370.9119 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7163 370.5839 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 10 0 0 10 56.6926 345.9668 Tm (11.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (INCOME TAX EXPENSE)Tj /T1_0 1 Tf 0.027 Tw 0 -2.8 Td (No provision for profits tax in the Cayman Islands, British Virgin Islan\ds or Hong Kong has been made, as )Tj 0.047 Tw 0 -1.4 Td (the Group had no assessable profit arising in or derived from those juri\sdictions during the years ended 31 )Tj 0 Tw 0 -1.4 Td (December 2020 and 2019.)Tj 0 -2.8 Td (The applicable income tax rate of other subsidiaries located in Mainland\ China in 2020 and 2019 is 25%.)Tj 0.036 Tc 0.072 Tw 0 -2.8 Td [(T)0.5 (he)11 ( )0.5 (a)0.5 (mo)0.5 (unt)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (ta)0.5 (xa)0.5 (ti)0.5 (on)11 ( )0.5 (c)0.5 (ha)0.5 (rg)0.5 (ed)11 ( )0.5 (t)0.5 (o)11 ( )0.5 (th)0.5 (e)11 ( )0.5 (co)0.5 (ns)0.5 (ol)0.5 (id)0.5 (at)0.5 (ed)11 ( )0.5 (s)0.5 (ta)0.5 (te)0.5 (me)0.5 (nt)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (pr)0.5 (of)0.5 (it)11 ( )0.5 (or)11 ( )0.5 (l)0.5 (os)0.5 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10 0 0 10 420.0472 148.0031 Tm (2,111,133)Tj /T1_0 1 Tf 7.654 0 Td (1,964,476)Tj ET 1.11 w q 1 0 0 1 396.8503 143.3523 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 396.8503 141.2523 cm 0 0 m 65.197 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 391.1811 140.9243 Tm ( )Tj ET 1.11 w q 1 0 0 1 473.3858 143.3523 cm 0 0 m 65.197 0 l S Q 0.45 w q 1 0 0 1 473.3858 141.2523 cm 0 0 m 65.197 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 467.7165 140.9243 Tm ( )Tj 0.025 Tc 10 0 0 10 79.3701 116.3072 Tm (Others are trading of methanol, urea, ammonia and various kind of fertil\izers.)Tj ET endstreamendobj182 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 24 \226)Tj 0.028 Tc 0.08 Tw 10 0 0 10 102.0472 728.7079 Tm [(The)3 ( )0.5 (Group)3 ( )0.5 (used)3 ( )0.5 (two)3 ( )0.5 (categories)3 ( )0.5 (for)3 ( )0.5 (non-trade)3 ( )0.5 (receivables)3.1 ( )0.5 (which)3 ( )0.5 (reflect)3 ( )0.5 (their)3 ( )0.5 (credit)3 ( )0.5 (risk)3 ( )0.5 (and)3 ( )0.5 (how)3 ( )0.5 (the)3 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.4 Td [(loan)11 ( )0.5 (loss)11 ( )0.5 (provision)11 ( )0.5 (is)11.1 ( )0.5 (determined)11 ( )0.5 (for)11 ( )0.5 (each)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (categories.)10.9 ( )0.5 (In)11 ( )0.5 (calculating)11 ( )0.5 (the)11 ( )0.5 (expected)11 ( )0.5 (credit)11 ( )0.5 (loss)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (rates, the Group considers historical loss rate for each category and ad\justs for record looking data.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.8 Td (Category)Tj 9.921 0 Td (Definition)Tj 0 Tw 20.976 0 Td (Loss provision)Tj /T1_0 1 Tf -0.025 Tw -30.898 -2.8 Td (Performing)Tj 0 Tw 9.921 0 Td (Low risk of default and strong capacity to pay)Tj 20.976 0 Td (12 month expected losses)Tj -0.025 Tw -30.898 -1.4 Td (Non-performing)Tj 0 Tw 9.921 0 Td (Significant increase in credit risk)Tj 20.976 0 Td (Lifetime expected losses)Tj /T1_1 1 Tf -33.165 -2.63 Td (\(d\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Liquidity risk)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 0 -2.8 Td [(The)8 ( )0.5 (Group)8 ( )0.5 (guarantees)8 ( )0.5 (a)8 ( )0.5 (sufficient)8 ( )0.5 (liquidity)8 ( )0.5 (by)8 ( )0.5 (efficient)8 ( )0.5 (cash)8 ( )0.5 (management)8.1 ( )0.5 (and)8 ( )0.5 (by)8 ( )0.5 (keeping)8.1 ( )0.5 (adequate)8.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (committed and uncommitted credit line available.)Tj 0.03 Tc 0.078 Tw 0 -2.8 Td [(The)5 ( )0.5 (table)5 ( )0.5 (below)5.1 ( )0.5 (analyses)5.1 ( )0.5 (the)5.1 ( )0.5 (Group\222s)5 ( )0.5 (financial)5 ( )0.5 (liabilities)5 ( )0.5 (into)5 ( )0.5 (relevant)5 ( )0.6 (maturity)5 ( )0.5 (groupings)5 ( )0.5 (based)5 ( )0.5 (on)5 ( )]TJ 0.025 Tc 0.06 Tw 0 -1.4 Td (the remaining period at the end of the reporting period to the contractu\al maturity date. The amounts )Tj 0.038 Tc 0.07 Tw 0 -1.4 Td [(disclosed)12.2 ( in)12.2 ( the)12.3 ( table)12.3 ( are)12.3 ( the)12.3 ( contractual)12.2 ( undiscounted)12.3 ( cash)12.2 ( flows.)12.2 ( Balances)12.3 ( due)12.2 ( within)12.2 ( 1)12.2 (2)12.3 ( months)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (equal their carrying balances, as the impact of discounting is not signi\ficant.)Tj ET 0 0 0 0 k /GS1 gs 331.654 420.708 70.866 -14 re 402.52 420.708 70.866 -14 re 473.386 420.708 70.866 -14 re 331.654 406.708 70.866 -14 re 402.52 406.708 70.866 -14 re 473.386 406.708 70.866 -14 re 331.654 392.708 70.866 -14 re 402.52 392.708 70.866 -14 re 473.386 392.708 70.866 -14 re 331.654 378.708 70.866 -14 re 402.52 378.708 70.866 -14 re 473.386 378.708 70.866 -14 re 331.654 364.708 70.866 -28 re 402.52 364.708 70.866 -28 re 473.386 364.708 70.866 -28 re 331.654 336.708 70.866 -5.396 re 402.52 336.708 70.866 -5.396 re 473.386 336.708 70.866 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 10 0 0 10 354.0108 464.4079 Tm (Less than )Tj 1.521 -1.4 Td (1 year)Tj 5.29 1.4 Td (Between 1 )Tj -0.579 -1.4 Td (and 2 years)Tj 7.666 1.4 Td (Between 2 )Tj -0.579 -1.4 Td (and 5 years)Tj /T1_2 1 Tf -0.025 Tw -13.072 -1.4 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj 7.087 0 Td (RMB\222000)Tj /T1_1 1 Tf 0 Tw -39.616 -2.8 Td (At 31 December 2020)Tj 0 -1.4 Td (Trade and other payables)Tj -0.025 Tw 26.08 0 Td (374,509)Tj 0 Tc 0 Tw 9.987 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.4 Td (Short-term borrowings)Tj -0.025 Tw 25.28 0 Td (1,886,250)Tj 0 Tc 0 Tw 10.787 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.4 Td (Convertible bonds)Tj 0 Tc 28.98 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.187 0 Td (436,864)Tj 0 Tw -40.254 -1.4 Td (Interest payment on borrowings and )Tj 0 Tc ( )Tj 0.025 Tc 0.9 -1.4 Td (convertible bonds)Tj -0.025 Tw 25.18 0 Td (132,168)Tj 7.612 0 Td (25,775)Tj 7.087 0 Td (54,550)Tj ET 0 0 0 1 K 1.11 w q 1 0 0 1 337.3228 333.757 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 331.657 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6535 331.329 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 333.757 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 331.657 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 331.329 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 333.757 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 331.657 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 331.329 Tm ( )Tj /T1_0 1 Tf 0.025 Tc 10 0 0 10 102.0472 305.0121 Tm (At 31 December 2019)Tj 0 -1.4 Td (Trade and other payables)Tj -0.025 Tw 26.08 0 Td (329,440)Tj 0 Tc 0 Tw 9.987 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.4 Td (Short-term borrowings)Tj -0.025 Tw 25.28 0 Td (1,302,714)Tj 0 Tc 0 Tw 10.787 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -43.154 -1.4 Td (Long-term borrowings)Tj -0.025 Tw 26.08 0 Td (158,419)Tj 7.087 0 Td (164,500)Tj 7.087 0 Td (263,800)Tj 0 Tw -40.254 -1.4 Td (Convertible bonds)Tj 0 Tc 28.98 0 Td (\226)Tj 7.087 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.187 0 Td (376,940)Tj 0 Tw -40.254 -1.4 Td (Interest payment on borrowings and )Tj 0 Tc ( )Tj 0.025 Tc 0.9 -1.4 Td (convertible bonds)Tj -0.025 Tw 25.18 0 Td (140,817)Tj 7.612 0 Td (49,535)Tj 7.087 0 Td (84,815)Tj ET 1.11 w q 1 0 0 1 337.3228 216.3613 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 337.3228 214.2612 cm 0 0 m 59.528 0 l S Q BT 0 Tc 0 Tw 0.1 0 0 0.1 331.6535 213.9332 Tm ( )Tj ET 1.11 w q 1 0 0 1 408.1889 216.3613 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 408.1889 214.2612 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 402.5197 213.9332 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0551 216.3613 cm 0 0 m 59.528 0 l S Q 0.45 w q 1 0 0 1 479.0551 214.2612 cm 0 0 m 59.528 0 l S Q BT 0.1 0 0 0.1 473.3858 213.9332 Tm ( )Tj 0.025 Tc 0.004 Tw 10 0 0 10 102.0472 189.3163 Tm [(The )0.5 (Group )0.5 (aims )0.5 (to )0.5 (maintain )0.5 (sufficient )0.5 (cash )0.6 (and )0.5 (cash )0.5 (equivalents )0.5 (and )0.6 (ensure )0.5 (the )0.5 (availability )0.5 (of )0.5 (funding )]TJ 0.057 Tc 0.069 Tw 0 -1.4 Td [(t)0.5 (h)0.6 (o)0.5 (u)0.5 (g)0.5 (h)13.1 ( a)0.5 (n)13 ( a)0.5 (d)0.5 (e)0.6 (q)0.5 (u)0.5 (a)0.6 (t)0.5 (e)13 ( a)0.6 (m)0.5 (o)0.5 (u)0.6 (n)0.5 (t)13 ( o)0.6 (f)13 ( a)0.6 (v)0.5 (a)0.5 (i)0.6 (l)0.5 (a)0.5 (b)0.5 (l)0.6 (e)13 ( f)0.5 (i)0.6 (n)0.5 (a)0.6 (n)0.5 (c)0.5 (i)0.5 (n)0.6 (g)0.5 (,)13 ( i)0.6 (n)0.5 (c)0.5 (l)0.6 (u)0.5 (d)0.5 (i)0.5 (n)0.6 (g)13 ( s)0.5 (h)0.6 (o)0.5 (r)0.5 (t)0.5 (-)0.6 (t)0.5 (e)0.5 (r)0.6 (m)13 ( b)0.5 (o)0.6 (r)0.5 (r)0.5 (o)0.6 (w)0.5 (i)0.5 (n)0.5 (g)0.6 (s)0.5 (,)13 ( l)0.6 (o)0.5 (n)0.5 (g)0.5 (-)0.6 (t)0.5 (e)0.6 (r)0.5 (m)32 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.4 Td [(borrowings)12.8 ( and)12.8 ( capital)12.8 ( contribution)12.7 ( from)12.7 ( investors.)12.8 ( Due)12.8 ( to)12.7 ( the)12.8 ( dynamic)12.8 ( nature)12.8 ( of)12.8 ( the)12.7 ( underlying)20.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td [(bu)0.5 (sin)0.5 (es)0.5 (se)0.5 (s, )0.5 (man)0.5 (ag)0.5 (eme)0.5 (nt)0.5 ( of)0.5 ( th)0.5 (e )0.5 (Gro)0.5 (up)0.5 ( ma)0.5 (int)0.5 (ain)0.5 (s )0.5 (fle)0.5 (xi)0.5 (bil)0.5 (ity)0.5 ( in)0.5 ( fu)0.5 (ndi)0.5 (ng )0.5 (by )0.5 (ma)0.5 (int)0.5 (ain)0.5 (ing)0.5 ( a)0.5 (deq)0.5 (ua)0.5 (te )0.5 (am)0.5 (oun)0.5 (t )]TJ 0 -1.4 Td (of cash and cash equivalents and flexibility in funding through having a\vailable sources of financing.)Tj 0.036 Tw 0 -2.8 Td (The Group has been investing in the construction of new production lines\ and a significant amount of )Tj 0.056 Tc 0.07 Tw 0 -1.4 Td [(the)12.7 ( financing)12.7 ( was)12.7 ( obtained)12.6 ( from)12.7 ( short-term)12.7 ( borrowings.)12.7 ( As)12.7 ( a)12.7 ( result,)12.7 ( the)12.7 ( Group)12.7 ( had)12.7 ( net)12.7 ( current)31 ( )]TJ 0.065 Tc 0 -1.4 Td [(liabilities)12.8 ( of)12.7 ( approximately)12.8 ( RMB)12.8 (2)12.7 (,)12.8 (1)12.7 (8)12.8 (4)12.7 ( million)12.7 ( as)12.7 ( at)12.8 ( 3)12.8 (1)12.7 ( December)12.8 ( 2)12.8 (0)12.7 (2)12.8 (0)12.7 ( \()12.7 (2)12.8 (0)12.7 (1)12.8 (9)12.7 (:)12.8 ( approximately)40 ( )]TJ 0 -1.4 Td [(RMB)12.7 (1)12.8 (,)12.8 (8)12.7 (0)12.8 (1)12.8 ( million\).)12.7 ( The)12.7 ( Group)12.8 ( is)12.8 ( actively)12.8 ( negotiating)12.8 ( with)12.8 ( Group\222s)12.8 ( bankers)12.8 ( to)12.7 ( renew)12.8 ( and/or)40 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (restructure the borrowings. )Tj ET endstreamendobj181 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 23 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (\(c\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Credit risk)Tj /T1_0 1 Tf 0.047 Tc 0.07 Tw 0 -2.8 Td [(T)0.5 (h)0.5 (e)13 ( )0.5 (Gr)0.5 (o)0.5 (u)0.5 (p)13 ( )0.5 (h)0.5 (a)0.5 (s)13 ( n)0.5 (o)13 ( )0.5 (s)0.5 (i)0.5 (gn)0.5 (i)0.5 (f)0.5 (i)0.5 (c)0.5 (a)0.5 (n)0.5 (t)12.9 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (c)0.5 (e)0.5 (n)0.5 (tr)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (ns)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (c)0.5 (r)0.5 (e)0.5 (di)0.5 (t)13 ( )0.5 (r)0.5 (i)0.5 (s)0.5 (k.)13 ( )0.5 (C)0.5 (r)0.5 (e)0.5 (d)0.5 (i)0.5 (t)12.9 ( )0.5 (r)0.5 (i)0.5 (s)0.5 (k)13 ( a)0.5 (r)0.5 (i)0.5 (s)0.5 (e)0.5 (s)13 ( )0.5 (f)0.5 (r)0.5 (om)13 ( )0.5 (c)0.5 (a)0.5 (s)0.5 (h)13 ( )0.5 (a)0.5 (nd)13 ( )0.5 (c)0.5 (a)0.5 (s)0.5 (h)22 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (equivalents, pledged bank deposits and trade and other receivables.)Tj 0.04 Tc 0.07 Tw 0 -2.8 Td [(For)12.5 ( cash)12.6 ( and)12.5 ( cash)12.6 ( equivalents)12.5 ( and)12.6 ( pledged)12.5 ( bank)12.6 ( deposits,)12.5 ( management)12.5 ( manages)12.6 ( the)12.5 ( credit)12.5 ( risk)12.5 ( by)15 ( )]TJ 0.025 Tc 0.038 Tw 0 -1.4 Td (placing most bank deposits in the state-controlled and other listed bank\s in Mainland China and other )Tj 0 Tw 0 -1.4 Td (high quality foreign banks without significant credit risk.)Tj 0.043 Tc 0.07 Tw 0 -2.8 Td [(For)12 ( trade)12.1 ( and)12.1 ( other)12.1 ( receivables,)12.1 ( the)12.1 ( credit)12.1 ( quality)12.1 ( of)12.1 ( the)12.1 ( counterparties)12.1 ( is)12.1 ( assessed)12 ( by)12.1 ( taking)12.1 ( into)18 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.4 Td (account their financial position, credit history and other factors. Indi\vidual credit limits are set based )Tj 0.052 Tw 0 -1.4 Td (on the assessment of the credit quality. Given the constant repayment hi\story, the directors are of the )Tj 0.069 Tc 0.07 Tw 0 -1.4 Td [(opinion)12.5 ( that)12.5 ( the)12.5 ( risk)12.5 ( of)12.5 ( default)12.4 ( by)12.4 ( these)12.5 ( counterparties)12.4 ( is)12.4 ( low.)12.5 ( The)12.5 ( Group)12.5 ( has)12.4 ( no)12.4 ( significant)44 ( )]TJ 0.063 Tc 0 -1.4 Td [(c)0.5 (o)0.5 (n)0.5 (c)0.6 (e)0.5 (n)0.5 (t)0.5 (r)0.5 (a)0.6 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.6 (c)0.5 (r)0.5 (e)0.5 (d)0.5 (i)0.5 (t)13.1 ( )0.5 (r)0.5 (i)0.5 (s)0.5 (k)0.5 (,)13 ( )0.6 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (e)0.5 (x)0.6 (p)0.5 (o)0.5 (s)0.5 (u)0.5 (r)0.5 (e)13 ( )0.6 (s)0.5 (p)0.5 (r)0.5 (e)0.5 (a)0.5 (d)13 ( )0.6 (o)0.5 (v)0.5 (e)0.5 (r)13 ( )0.5 (a)13.1 ( )0.5 (l)0.5 (a)0.5 (r)0.5 (g)0.5 (e)13.1 ( )0.5 (n)0.5 (u)0.5 (m)0.5 (b)0.5 (e)0.5 (r)13.1 ( )0.5 (o)0.5 (f)13 ( )0.5 (c)0.5 (o)0.5 (u)0.6 (n)0.5 (t)0.5 (e)0.5 (r)0.5 (p)0.5 (a)0.6 (r)0.5 (t)0.5 (i)0.5 (e)0.5 (s)13 ( )0.5 (a)0.6 (n)0.5 (d)38 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (customers.)Tj 0.038 Tw 0 -2.8 Td (The Group considers whether there has been a significant increase in cre\dit risk of financial assets on )Tj 0.067 Tw 0 -1.4 Td (an ongoing basis throughout each reporting period by comparing the risk \of a default occurring as at )Tj 0.03 Tc 0.078 Tw 0 -1.4 Td [(the)5 ( )0.5 (reporting)5 ( )0.5 (date)5 ( )0.5 (with)5 ( )0.5 (the)5.1 ( )0.5 (risk)5 ( )0.5 (of)5 ( )0.5 (default)5 ( )0.5 (as)5 ( )0.5 (at)5 ( )0.5 (the)5 ( )0.5 (date)5 ( )0.5 (of)5.1 ( )0.5 (initial)5 ( )0.6 (recognition.)5 ( )0.5 (It)5.1 ( )0.5 (considers)5 ( )0.5 (available)5 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.4 Td [(reasonable)11 ( )0.5 (and)11 ( supportive)11 ( )0.5 (forwarding-looking)11 ( )0.5 (information.)11 ( )0.5 (Especially)11 ( )0.5 (the)11 ( )0.5 (following)11 ( )0.5 (information)11 ( )0.5 (is)11 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (used:)Tj 0 Tw 0 -2.8 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (internal credit rating;)Tj 0.034 Tw -2.268 -2.8 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (actual or expected significant adverse changes in business, financial or\ economic conditions that )Tj 0 Tw 0 -1.4 Td (are expected to cause a significant change to the borrower\222s ability \to meet its obligations;)Tj -2.268 -2.8 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (actual or expected significant changes in the operating results of the b\orrower;)Tj 0.055 Tc 0.07 Tw -2.268 -2.8 Td (\227)Tj /Span<>> BDC 1.025 0 Td ( )Tj EMC 1.243 0 Td [(significant)12.8 ( changes)12.7 ( in)12.8 ( the)12.8 ( expected)12.7 ( performance)12.8 ( and)12.7 ( behaviour)12.7 ( of)12.8 ( the)12.7 ( borrower,)12.7 ( including)30 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (changes in the payment status of borrowers.)Tj 0.031 Tw -2.268 -2.8 Td [(A )0.5 (significant )0.5 (increase )0.5 (in )0.5 (credit )0.5 (risk )0.5 (is )0.5 (presumed )0.5 (if )0.5 (a )0.5 (debtor )0.5 (is )0.5 (more )0.5 (than )0.5 (30 )0.5 (days )0.5 (past )0.5 (due )0.5 (in )0.5 (making )0.5 (a )]TJ 0.043 Tw 0 -1.4 Td [(contractual )0.5 (payment. )0.5 (A )0.5 (default on )0.5 (a financial )0.5 (asset )0.5 (is )0.5 (when )0.5 (the counterparty )0.5 (fails to )0.5 (make contractual )]TJ 0 Tw 0 -1.4 Td (payments within 60 days of when they fall due.)Tj 0.056 Tw 0 -2.8 Td (Financial assets are written off when there is no reasonable expectation\ of recovery, such as a debtor )Tj 0.005 Tw 0 -1.4 Td (failing to engage in a repayment plan with the Group. The Group normally\ categorises a receivable for )Tj 0.038 Tc 0.07 Tw 0 -1.4 Td [(write)12.3 ( off)12.3 ( when)12.3 ( a)12.3 ( debtor)12.3 ( fails)12.3 ( to)12.3 ( make)12.3 ( contractual)12.3 ( payments)12.3 ( greater)12.2 ( than)12.3 ( 3)12.3 (6)12.2 (5)12.3 ( days)12.3 ( past)12.3 ( due.)12.3 ( Where)13 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.4 Td [(receivables)7 ( )0.5 (have)7 ( )0.5 (been)7 ( )0.5 (written)7 ( )0.5 (off,)7 ( )0.5 (the)7 ( )0.5 (Group,)6.9 ( )0.6 (if)7.1 ( )0.5 (practicable)7 ( )0.5 (and)7 ( )0.5 (economical,)7 ( )0.5 (continues)7 ( )0.5 (to)7 ( )0.5 (engage)7 ( )0.5 (in)7 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (enforcement activity to attempt to recover the receivable due.)Tj ET endstreamendobj180 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 22 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (\(c\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Income taxes)Tj /T1_0 1 Tf 0.012 Tw 0 -2.8 Td (The Group is mainly subject to income taxes in the Mainland China. Signi\ficant judgement is required )Tj 0.018 Tw 0 -1.4 Td [(in )0.5 (determining )0.5 (the )0.5 (provision )0.5 (for )0.5 (income )0.5 (taxes. )0.5 (There )0.5 (are )0.5 (many )0.5 (transactions )0.5 (and )0.5 (calculations )0.5 (for )0.5 (which )]TJ 0.03 Tw 0 -1.4 Td (the ultimate tax determination is uncertain during the ordinary course o\f business. Where the final tax )Tj 0.081 Tw 0 -1.4 Td (outcome of these matters is different from the amounts that were initial\ly recorded, such differences )Tj 0.028 Tc 0.08 Tw 0 -1.4 Td [(will)3 ( )0.5 (impact)3 ( )0.6 (the)3 ( )0.5 (income)3.1 ( )0.5 (tax)3 ( )0.6 (and)3 ( )0.6 (deferred)3 ( )0.5 (tax)3 ( )0.5 (provisions)3 ( )0.5 (in)3 ( )0.5 (the)3.1 ( )0.5 (period)3 ( )0.5 (in)3 ( )0.5 (which)3 ( )0.5 (such)3 ( )0.5 (determination)3 ( )0.5 (is)3 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (made.)Tj 0.01 Tw 0 -2.8 Td (Deferred tax assets are recognised for all unused tax losses to the exte\nt that it is probable that taxable )Tj 0.03 Tw 0 -1.4 Td (profit will be available against which the tax losses can be utilised. R\ecognition of deferred tax assets )Tj 0.018 Tw 0 -1.4 Td (primarily involves management judgement and estimations regarding the ta\xable profits of the entities )Tj 0.07 Tw 0 -1.4 Td (in which the losses arose. Significant management judgement is required \to determine the amount of )Tj 0.035 Tc 0.073 Tw 0 -1.4 Td [(deferred)10 ( )0.5 (tax)10 ( )0.5 (assets)10 ( )0.5 (that)10 ( )0.5 (can)10 ( )0.5 (be)10 ( )0.5 (recognised,)10 ( )0.5 (based)10 ( )0.5 (upon)10 ( )0.5 (the)10.1 ( )0.5 (likely)10 ( )0.5 (timing)10 ( )0.5 (and)10 ( )0.5 (level)10 ( )0.5 (of)10 ( )0.5 (future)10 ( )0.5 (taxable)10 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (profits.)Tj /T1_2 1 Tf 0 Tw -4.535 -2.8 Td (6.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (FINANCIAL RISK MANAGEMENT)Tj /T1_0 1 Tf 0.023 Tw 0 -2.8 Td (The Group\222s activities expose it to a variety of financial risks: mar\ket risk \(including foreign exchange risk )Tj 0.044 Tc 0.07 Tw 0 -1.4 Td [(and)12.3 ( cash)12.2 ( flow)12.3 ( and)12.3 ( fair)12.3 ( value)12.3 ( interest)12.2 ( rate)12.3 ( risk\),)12.3 ( credit)12.2 ( risk)12.2 ( and)12.3 ( liquidity)12.3 ( risk.)12.2 ( The)12.3 ( Group\222s)12.3 ( overall)12.3 ( risk)19 ( )]TJ 0.057 Tc 0 -1.4 Td [(management)12.6 ( programme)12.6 ( focuses)12.7 ( on)12.6 ( the)12.6 ( unpredictability)12.6 ( of)12.6 ( financial)12.6 ( markets)12.6 ( and)12.6 ( seeks)12.7 ( to)12.6 ( minimise)32.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (potential adverse effects on the Group\222s financial performance.)Tj /T1_2 1 Tf 0 -2.8 Td (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Foreign exchange risk)Tj /T1_0 1 Tf 0.072 Tw 0 -2.8 Td [(The )0.5 (Group has )0.5 (minimal )0.5 (exposure )0.5 (to )0.5 (foreign currency )0.5 (risk )0.5 (as most )0.5 (of )0.5 (its business )0.5 (transactions, assets )]TJ 0.028 Tc 0.08 Tw 0 -1.4 Td [(and)3 ( )0.5 (li)0.5 (abilities)3.1 ( )0.5 (are)3 ( )0.5 (pri)0.5 (nc)0.5 (ipally)3 ( )0.5 (de)0.5 (nominate)0.5 (d)3 ( )0.5 (the)3 ( )0.5 (func)0.5 (tional)3 ( )0.5 (cu)0.5 (rrencie)0.5 (s)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (Gr)0.5 (oup)3 ( )0.5 (entiti)0.5 (es,)3 ( )0.5 (Renmi)0.5 (nbi)3 ( )]TJ 0.025 Tc 0.057 Tw 0 -1.4 Td (\(\223RMB\224\). The Group currently does not have a foreign currency he\dging policy in respect of foreign )Tj 0.04 Tc 0.07 Tw 0 -1.4 Td [(currency)12.5 ( transactions,)12.5 ( assets)12.6 ( and)12.6 ( liabilities.)12.5 ( The)12.5 ( Group)12.5 ( will)12.6 ( monitor)12.5 ( its)12.5 ( foreign)12.5 ( currency)12.6 ( exposure)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (closely and will consider hedging significant foreign currency exposure \should the need arise.)Tj /T1_2 1 Tf -2.268 -2.8 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Cash flow and fair value interest rate risk)Tj /T1_0 1 Tf 0.029 Tc 0.079 Tw 0 -2.8 Td [(T)0.5 (h)0.6 (e)4 ( )0.5 (G)0.5 (r)0.6 (o)0.5 (u)0.5 (p)0.6 (\222)0.5 (s)4 ( )0.5 (i)0.5 (n)0.6 (t)0.5 (e)0.5 (r)0.6 (e)0.5 (s)0.6 (t)4 ( )0.5 (r)0.5 (a)0.6 (t)0.5 (e)4 ( )0.5 (r)0.5 (i)0.6 (s)0.5 (k)4 ( )0.5 (m)0.5 (a)0.6 (i)0.5 (n)0.6 (l)0.5 (y)4 ( )0.5 (a)0.5 (r)0.6 (i)0.5 (s)0.5 (e)0.6 (s)4 ( )0.5 (f)0.5 (r)0.6 (o)0.5 (m)4 ( )0.5 (p)0.5 (l)0.6 (e)0.5 (d)0.5 (g)0.6 (e)0.5 (d)4 ( )0.5 (b)0.5 (a)0.6 (n)0.5 (k)4 ( )0.5 (d)0.6 (e)0.5 (p)0.5 (o)0.6 (s)0.5 (i)0.5 (t)0.6 (s)4 ( )0.5 (a)0.5 (n)0.5 (d)4 ( )0.6 (b)0.5 (o)0.5 (r)0.5 (r)0.6 (o)0.5 (w)0.6 (i)0.5 (n)0.5 (g)0.5 (s)0.6 (.)4 ( )0.5 (L)0.5 (o)0.6 (n)0.5 (g)0.5 (-)0.6 (t)0.5 (e)0.5 (r)0.6 (m)4 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.4 Td [(borrowing issued )0.5 (at variable )0.5 (rates )0.5 (expose the )0.5 (Group to )0.5 (cash )0.5 (flow risk )0.5 (which is )0.5 (partially offset )0.5 (by cash )]TJ 0.042 Tc 0.07 Tw 0 -1.4 Td [(held)12.1 ( at)12.1 ( variable)12.1 ( rates.)12.1 ( The)12.2 ( Group\222s)12.1 ( pledged)12.2 ( bank)12.2 ( deposits,)12.1 ( short-term)12.2 ( borrowings)12.1 ( and)12.1 ( convertible)17.1 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.4 Td [(bonds)3 ( )0.5 (were)3 ( )0.5 (issued)3 ( )0.5 (at)3 ( )0.5 (fixed)3 ( )0.5 (rates)3 ( )0.5 (and)3 ( )0.5 (exposed)3 ( )0.5 (the)3 ( )0.5 (Group)3 ( )0.5 (to)3 ( )0.5 (fair)3 ( )0.5 (value)3 ( )0.5 (interest)3 ( )0.5 (rate)3 ( )0.5 (risk.)2.9 ( )0.6 (During)3 ( )0.5 (2)3 (0)3 (2)3 (0)3 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (and 2019, the Group\222s long-term borrowings at variable rate were deno\minated in RMB.)Tj 0 -2.8 Td (The Group has not used any interest rate swaps to hedge its exposure to \interest rate risk.)Tj 0 -2.8 Td (As at 31 December 2020, if interest rates on long-term borrowings had be\en increased/decreased by 20 )Tj 0.061 Tc 0.07 Tw 0 -1.4 Td [(b)0.5 (a)0.6 (s)0.5 (i)0.5 (s)13 ( )0.6 (p)0.5 (o)0.5 (i)0.5 (n)0.6 (t)0.5 (s)13 ( )0.5 (w)0.6 (i)0.5 (t)0.5 (h)13 ( )0.6 (a)0.5 (l)0.5 (l)13 ( )0.6 (o)0.5 (t)0.5 (h)0.5 (e)0.6 (r)13 ( )0.5 (v)0.6 (a)0.5 (r)0.5 (i)0.5 (a)0.6 (b)0.5 (l)0.5 (e)0.6 (s)13 ( )0.5 (h)0.5 (e)0.6 (l)0.5 (d)13 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (s)0.5 (t)0.6 (a)0.5 (n)0.5 (t)0.6 (,)13 ( )0.5 (p)0.5 (o)0.5 (s)0.6 (t)0.5 (-)0.5 (t)0.5 (a)0.6 (x)13 ( )0.5 (l)0.6 (o)0.5 (s)0.5 (s)13 ( )0.6 (f)0.5 (o)0.5 (r)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.6 (y)0.5 (e)0.5 (a)0.6 (r)13 ( )0.5 (w)0.5 (o)0.6 (u)0.5 (l)0.5 (d)13 ( )0.6 (h)0.5 (a)0.5 (v)0.6 (e)13 ( )0.5 (b)0.5 (e)0.6 (e)0.5 (n)36 ( )]TJ 0.024 Tc 0 Tw 0 -1.4 Td [(increased/decreased by nil \(2019: post-tax loss increased/decreased by \approximately RMB1,173,000\),)-1 ( )]TJ 0.025 Tc 0 -1.4 Td (mainly as a result of higher/lower interest expense on floating rate bor\rowings.)Tj ET endstreamendobj179 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 21 \226)Tj /T1_1 1 Tf 10 0 0 10 56.6929 728.7079 Tm (5.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS)Tj 0 -2.8 Td (Critical judgements in applying accounting policies)Tj /T1_0 1 Tf 0.081 Tw 0 -2.8 Td (In the process of applying the accounting policies, the directors have m\ade the following judgements that )Tj 0.026 Tc 0.082 Tw 0 -1.4 Td [(h)0.5 (a)0.5 (v)0.5 (e)1.1 ( )0.5 (t)0.5 (h)0.5 (e)1 ( )0.5 (m)0.5 (o)0.5 (s)0.5 (t)1 ( )0.6 (s)0.5 (i)0.5 (g)0.5 (n)0.5 (i)0.5 (f)0.5 (i)0.5 (c)0.6 (a)0.5 (n)0.5 (t)1 ( )0.5 (e)0.5 (f)0.5 (f)0.6 (e)0.5 (c)0.5 (t)1 ( )0.5 (o)0.5 (n)1 ( )0.5 (t)0.6 (h)0.5 (e)1 ( )0.5 (a)0.5 (m)0.5 (o)0.5 (u)0.5 (n)0.6 (t)0.5 (s)1 ( )0.5 (r)0.5 (e)0.5 (c)0.5 (o)0.6 (g)0.5 (n)0.5 (i)0.5 (s)0.5 (e)0.5 (d)1 ( )0.5 (i)0.5 (n)1 ( )0.5 (t)0.6 (h)0.5 (e)1 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (s)0.6 (o)0.5 (l)0.5 (i)0.5 (d)0.5 (a)0.5 (t)0.5 (e)0.5 (d)1 ( )0.6 (f)0.5 (i)0.5 (n)0.5 (a)0.5 (n)0.5 (c)0.6 (i)0.5 (a)0.5 (l)1 ( )0.5 (s)0.5 (t)0.5 (a)0.6 (t)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.6 (s)1 ( )0.5 (\()0.5 (a)0.5 (p)0.5 (a)0.5 (r)0.6 (t)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (from those involving estimations, which are dealt with below\).)Tj /T1_2 1 Tf 0 -2.8 Td (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Going concern basis)Tj /T1_0 1 Tf 0.071 Tw 0 -2.8 Td (These consolidated financial statements have been prepared on a going co\ncern basis, the validity of )Tj 0.029 Tw 0 -1.4 Td (which depends upon the successful outcome that certain measures to impro\ve its financial position, to )Tj 0 Tw 0 -1.4 Td (provide liquidity and cash flow. Details are explained in note 2 to cons\olidated financial statements.)Tj /T1_1 1 Tf -2.268 -2.8 Td (Key sources of estimation uncertainty)Tj /T1_0 1 Tf 0.027 Tc 0.081 Tw 0 -2.8 Td [(The)2 ( )0.5 (key)1.9 ( )0.5 (assumptions)2 ( )0.5 (concerning)2 ( )0.5 (the)2 ( )0.5 (future,)2 ( and)2 ( )0.5 (other)2 ( )0.5 (key)2 ( )0.5 (sources)2 ( )0.5 (of)2 ( )0.5 (estimation)2 ( )0.5 (uncertainty)2 ( )0.5 (at)2 ( )0.5 (the)2 ( )0.5 (end)2 ( )0.5 (of)2 ( )]TJ 0.025 Tc 0.009 Tw 0 -1.4 Td (the reporting period, that have a significant risk of causing a material\ adjustment to the carrying amounts of )Tj 0 Tw 0 -1.4 Td (assets and liabilities within the next financial year, are discussed bel\ow.)Tj /T1_2 1 Tf 0 -2.8 Td (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Depreciation and impairment of property, plant and equipment)Tj /T1_0 1 Tf 0.039 Tc 0.07 Tw 0 -2.8 Td [(Pr)0.5 (ope)0.5 (rty)0.5 (,)12.9 ( p)0.5 (la)0.5 (nt)12.9 ( )0.5 (and)13 ( e)0.5 (qui)0.5 (pme)0.5 (nt)12.9 ( )0.5 (ar)0.5 (e)12.9 ( d)0.5 (epr)0.5 (ec)0.5 (iat)0.5 (ed)13 ( on)13 ( a)13 ( st)0.5 (rai)0.5 (ght)0.5 (-li)0.5 (ne)13 ( ba)0.5 (sis)13 ( o)0.5 (ver)13 ( th)0.5 (ei)0.5 (r)12.9 ( u)0.5 (sef)0.5 (ul)12.9 ( )0.5 (liv)0.5 (es)0.5 (,)12.9 ( a)0.5 (ft)0.5 (er)14 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.4 Td (taking into account their estimated residual values. The Group assesses \annually the useful lives and )Tj 0.048 Tc 0.07 Tw 0 -1.4 Td [(residual)12.7 ( values)12.8 ( of)12.8 ( the)12.7 ( property,)12.8 ( plant)12.7 ( and)12.7 ( equipment.)12.7 ( If)12.7 ( the)12.8 ( expectation)12.7 ( differs)12.7 ( from)12.7 ( the)12.8 ( original)23 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.4 Td [(estimate,)5 ( )0.5 (such)5 ( )0.5 (difference)5 ( )0.5 (will)5 ( )0.5 (impact)5 ( )0.5 (the)5 ( )0.5 (depreciation)5 ( )0.5 (charged)5 ( )0.5 (in)5 ( )0.5 (the)5 ( )0.5 (year)5 ( )0.5 (in)5 ( )0.5 (which)5 ( )0.5 (such)5 ( )0.5 (estimate)5 ( )0.5 (is)5 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (changed.)Tj 0.078 Tc 0.07 Tw 0 -2.8 Td [(P)0.5 (r)0.5 (o)0.5 (pe)0.5 (r)0.5 (t)0.5 (y)0.5 (,)13 ( p)0.5 (l)0.5 (a)0.5 (n)0.5 (t)13 ( a)0.5 (n)0.5 (d)13 ( )0.5 (e)0.5 (q)0.5 (ui)0.5 (p)0.5 (m)0.5 (e)0.5 (nt)13 ( )0.5 (a)0.5 (r)0.5 (e)13 ( )0.5 (r)0.5 (e)0.5 (v)0.5 (ie)0.5 (w)0.5 (e)0.5 (d)13 ( )0.5 (f)0.5 (o)0.5 (r)12.9 ( )0.5 (i)0.5 (m)0.5 (p)0.5 (a)0.5 (ir)0.5 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (wh)0.5 (e)0.5 (n)0.5 (e)0.5 (v)0.5 (e)0.5 (r)13 ( )0.5 (e)0.5 (ve)0.5 (n)0.5 (t)0.5 (s)13 ( )0.5 (or)13 ( )0.5 (c)0.5 (h)0.5 (a)0.5 (n)0.5 (ge)0.5 (s)13 ( )0.5 (i)0.5 (n)53 ( )]TJ 0.04 Tc 0 -1.4 Td [(circumstances)12.9 ( indicate)12.8 ( that)12.9 ( the)12.8 ( carrying)12.8 ( amount)12.9 ( of)12.9 ( the)12.9 ( assets)12.9 ( exceeds)12.9 ( its)12.8 ( recoverable)12.9 ( amount.)12.9 ( The)15 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.4 Td (recoverable amount is determined with reference to the present value of \estimated future cash flows. )Tj 0.056 Tc 0.07 Tw 0 -1.4 Td [(An)12.1 ( impairment)12.1 ( loss)12.1 ( is)12.1 ( measured)12.1 ( as)12 ( the)12 ( difference)12.1 ( between)12 ( the)12 ( asset\222s)12.1 ( carrying)12.1 ( amount)12.1 ( and)12.1 ( the)31 ( )]TJ 0.04 Tc 0 -1.4 Td [(recoverable)12.2 ( amount.)12.2 ( Where)12.2 ( the)12.2 ( future)12.2 ( cash)12.1 ( flows)12.1 ( are)12.2 ( less)12.1 ( than)12.2 ( expected)12.1 ( or)12.1 ( there)12.1 ( are)12.2 ( unfavourable)15 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.4 Td [(events)2 ( )0.5 (and)2 ( )0.5 (change)2 ( )0.5 (in)2 ( )0.5 (facts)2 ( )0.5 (and)2 ( )0.5 (circumstance)2 ( )0.5 (which)2 ( )0.5 (result)2 ( )0.5 (in)2 ( revision)2 ( )0.5 (of)2 ( )0.5 (future)2 ( estimate)2 ( )0.5 (cash)2 ( )0.5 (flow,)2 ( )0.5 (a)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (material impairment loss may arise.)Tj /T1_2 1 Tf -2.268 -2.8 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Impairment of mining right)Tj /T1_0 1 Tf 0.032 Tc 0.076 Tw 0 -2.8 Td [(In)7 ( )0.6 (determining)7 ( )0.5 (whether)7 ( )0.5 (mining)7 ( )0.5 (right)7 ( )0.5 (and)7 ( )0.5 (goodwill)6.9 ( )0.5 (are)7 ( )0.5 (impaired)7 ( )0.5 (or)7 ( )0.5 (the)7 ( )0.5 (event)7 ( )0.5 (previously)7 ( )0.5 (causing)7 ( )0.5 (the)7 ( )]TJ 0.025 Tc 0.072 Tw 0 -1.4 Td (impairment no longer exists, management has to exercise judgement in the\ area of asset impairment, )Tj 0.035 Tc 0.073 Tw 0 -1.4 Td [(particularly)10 ( )0.5 (in)10 ( )0.5 (assessing:)10 ( )0.6 (\()10 (1)10 (\))10 ( )0.5 (whether)10 ( )0.5 (an)10 ( )0.5 (event)10 ( )0.5 (has)10.1 ( )0.5 (occurred)10 ( )0.5 (that)10 ( )0.5 (may)10 ( )0.5 (affect)10 ( )0.5 (the)10 ( )0.5 (asset)10 ( )0.5 (value)10 ( )0.5 (or)10 ( )0.5 (such)10 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.4 Td [(event affecting )0.5 (the asset )0.5 (value has )0.5 (not )0.5 (been in )0.5 (existence; \(2\) whether )0.5 (the carrying )0.5 (value of asset )0.5 (can be )]TJ 0.036 Tw 0 -1.4 Td (supported by the net present value of future cash flows which are estima\ted based upon the continued )Tj 0.066 Tw 0 -1.4 Td (use of the asset or derecognising; and \(3\) the appropriate key assumpt\ions to be applied in preparing )Tj 0.068 Tc 0.07 Tw 0 -1.4 Td [(cash)12.4 ( flow)12.3 ( projections)12.3 ( including)12.3 ( whether)12.3 ( these)12.4 ( cash)12.3 ( flow)12.3 ( projections)12.3 ( are)12.3 ( discounted)12.3 ( using)12.3 ( an)43 ( )]TJ 0.061 Tc 0 -1.4 Td [(appropriate)12.4 ( rate.)12.4 ( Changing)12.5 ( the)12.4 ( assumptions)12.4 ( selected)12.4 ( by)12.5 ( management)12.4 ( to)12.5 ( determine)12.4 ( the)12.5 ( level)12.4 ( of)36 ( )]TJ 0.044 Tc 0 -1.4 Td [(impairment)12.7 ( in)12.8 ( the)12.7 ( cash)12.7 ( flow)12.8 ( projections,)12.8 ( could)12.8 ( materially)12.7 ( affect)12.8 ( the)12.8 ( net)12.8 ( present)12.8 ( value)12.8 ( used)12.7 ( in)12.7 ( the)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (impairment test.)Tj ET endstreamendobj169 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj170 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj171 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj172 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj173 0 obj</LastModified/NumberofPages 1/OriginalDocumentID/PageUIDList<>/PageWidthList<>>>>>/Resources<>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 793.701]/Type/Page>>endobj188 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 20 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Impairment of assets)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 0 -2.8 Td [(At)12.9 ( the)12.9 ( end)12.9 ( of)12.9 ( each)12.8 ( reporting)12.8 ( period,)12.8 ( the)12.9 ( Group)12.8 ( reviews)12.9 ( the)12.9 ( carrying)12.9 ( amounts)12.8 ( of)12.9 ( its)12.9 ( tangible)12.9 ( and)12.9 ( other)21 ( )]TJ 0.039 Tc 0 -1.4 Td [(i)0.5 (n)0.6 (t)0.5 (a)0.5 (n)0.6 (g)0.5 (i)0.5 (b)0.5 (l)0.6 (e)13 ( )0.5 (a)0.6 (s)0.5 (s)0.6 (e)0.5 (t)0.5 (s)13.1 ( )0.5 (e)0.5 (x)0.6 (c)0.5 (e)0.6 (p)0.5 (t)13 ( )0.6 (g)0.5 (o)0.5 (o)0.5 (d)0.6 (w)0.5 (i)0.5 (l)0.5 (l)0.6 (,)13 ( )0.5 (d)0.6 (e)0.5 (f)0.5 (e)0.6 (r)0.5 (r)0.6 (e)0.5 (d)13 ( )0.6 (t)0.5 (a)0.5 (x)13.1 ( )0.5 (a)0.6 (s)0.5 (s)0.5 (e)0.6 (t)0.5 (s)0.5 (,)13 ( )0.6 (i)0.5 (n)0.5 (v)0.6 (e)0.5 (n)0.5 (t)0.6 (o)0.5 (r)0.5 (i)0.6 (e)0.5 (s)13 ( )0.6 (a)0.5 (n)0.5 (d)13.1 ( )0.5 (r)0.5 (e)0.6 (c)0.5 (e)0.6 (i)0.5 (v)0.5 (a)0.6 (b)0.5 (l)0.5 (e)0.6 (s)13 ( )0.5 (t)0.6 (o)13 ( )0.5 (d)0.5 (e)0.6 (t)0.5 (e)0.6 (r)0.5 (m)0.5 (i)0.6 (n)0.5 (e)13 ( )0.6 (w)0.5 (h)0.5 (e)0.6 (t)0.5 (h)0.5 (e)0.6 (r)14 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.4 Td (there is any indication that those assets have suffered an impairment lo\ss. If any such indication exists, the )Tj 0.01 Tw 0 -1.4 Td (recoverable amount of the asset is estimated in order to determine the e\xtent of any impairment loss. Where )Tj 0.055 Tc 0.07 Tw 0 -1.4 Td [(it)12.7 ( is)12.7 ( not)12.7 ( possible)12.7 ( to)12.7 ( estimate)12.7 ( the)12.7 ( recoverable)12.7 ( amount)12.7 ( of)12.7 ( an)12.7 ( individual)12.7 ( asset,)12.7 ( the)12.7 ( Group)12.7 ( estimates)12.7 ( the)30 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (recoverable amount of the cash generating unit to which the asset belong\s.)Tj 0.03 Tw 0 -2.8 Td [(Recoverable )0.5 (amount is )0.5 (the higher of fair value less costs of )0.5 (disposal and value in )0.5 (use. In assessing value )0.5 (in )]TJ 0.053 Tw 0 -1.4 Td (use, the estimated future cash flows are discounted to their present val\ue using a pre-tax discount rate that )Tj 0 Tw 0 -1.4 Td (reflects current market assessments of the time value of money and the r\isks specific to the asset.)Tj 0.049 Tc 0.07 Tw 0 -2.8 Td [(If)12.6 ( the)12.6 ( recoverable)12.7 ( amount)12.7 ( of)12.6 ( an)12.7 ( asset)12.6 ( or)12.7 ( cash-generating)12.7 ( unit)12.7 ( is)12.7 ( estimated)12.6 ( to)12.7 ( be)12.7 ( less)12.7 ( than)12.7 ( its)12.6 ( carrying)23.9 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.4 Td (amount, the carrying amount of the asset or cash-generating unit is redu\ced to its recoverable amount. An )Tj 0.011 Tw 0 -1.4 Td [(impairment )0.5 (loss )0.5 (is )0.6 (recognised )0.5 (immediately )0.5 (in )0.6 (profit )0.6 (or )0.5 (loss, )0.5 (unless )0.6 (the )0.5 (relevant )0.5 (asset )0.5 (is )0.5 (carried )0.5 (at )0.5 (a )0.6 (revalued )]TJ 0 Tw 0 -1.4 Td (amount, in which case the impairment loss is treated as a revaluation de\crease.)Tj 0.004 Tw 0 -2.8 Td (Where an impairment loss subsequently reverses, the carrying amount of t\he asset or cash-generating unit is )Tj 0.047 Tw 0 -1.4 Td (increased to the revised estimate of its recoverable amount, but so that\ the increased carrying amount does )Tj 0.052 Tw 0 -1.4 Td [(not )0.5 (exceed )0.5 (the carrying amount )0.5 (that )0.5 (would )0.5 (have )0.5 (been )0.5 (determined )0.5 (\(net of )0.5 (amortisation )0.5 (or )0.5 (depreciation\) had )]TJ 0.032 Tc 0.076 Tw 0 -1.4 Td [(no)7 ( )0.5 (impairment)7 ( )0.5 (loss)7 ( )0.5 (been)7 ( )0.5 (recognised)7 ( )0.5 (for)7 ( )0.5 (the)7 ( )0.5 (asset)6.9 ( )0.5 (or)7 ( )0.5 (cash-generating)7 ( )0.5 (unit)7 ( )0.5 (in)7 ( )0.5 (prior)7 ( )0.5 (years.)7 ( A)7.1 ( )0.5 (reversal)7 ( )0.5 (of)7 ( )0.5 (an)7 ( )]TJ 0.025 Tc 0.011 Tw 0 -1.4 Td [(impairment )0.5 (loss )0.5 (is )0.6 (recognised )0.5 (immediately )0.5 (in )0.6 (profit )0.6 (or )0.5 (loss, )0.5 (unless )0.6 (the )0.5 (relevant )0.5 (asset )0.5 (is )0.5 (carried )0.5 (at )0.5 (a )0.6 (revalued )]TJ 0 Tw 0 -1.4 Td (amount, in which case the reversal of the impairment loss is treated as \a revaluation increase.)Tj /T1_1 1 Tf 0 -2.8 Td (Provisions and contingent liabilities)Tj /T1_0 1 Tf 0.068 Tw 0 -2.8 Td [(Provisions are )0.5 (recognised for )0.5 (liabilities )0.5 (of uncertain )0.5 (timing )0.5 (or )0.5 (amount when )0.5 (the Group has )0.5 (a present )0.5 (legal )]TJ 0.039 Tc 0.07 Tw 0 -1.4 Td [(or)12.6 ( constructive)12.6 ( obligation)12.6 ( arising)12.6 ( as)12.5 ( a)12.6 ( result)12.5 ( of)12.6 ( a)12.6 ( past)12.6 ( event,)12.6 ( it)12.6 ( is)12.6 ( probable)12.6 ( that)12.5 ( an)12.6 ( outflow)12.6 ( of)12.6 ( economic)14 ( )]TJ 0.025 Tc 0.044 Tw 0 -1.4 Td [(benefits )0.5 (will )0.5 (be )0.5 (required )0.5 (to )0.5 (settle )0.6 (the )0.6 (obligation )0.5 (and )0.5 (a )0.5 (reliable )0.5 (estimate )0.5 (can )0.5 (be )0.5 (made. )0.6 (Where )0.5 (the )0.5 (time )0.5 (value )]TJ 0.03 Tc 0.078 Tw 0 -1.4 Td [(o)0.5 (f)5 ( )0.6 (m)0.5 (o)0.5 (n)0.6 (e)0.5 (y)5 ( )0.5 (i)0.5 (s)5 ( )0.5 (m)0.6 (a)0.5 (t)0.6 (e)0.5 (r)0.6 (i)0.5 (a)0.6 (l)0.5 (,)5 ( )0.5 (p)0.5 (r)0.6 (o)0.5 (v)0.6 (i)0.5 (s)0.5 (i)0.6 (o)0.5 (n)0.6 (s)5 ( )0.5 (a)0.5 (r)0.6 (e)5 ( )0.5 (s)0.5 (t)0.6 (a)0.5 (t)0.6 (e)0.5 (d)5 ( )0.5 (a)0.6 (t)4.9 ( )0.5 (t)0.6 (h)0.5 (e)5 ( )0.5 (p)0.6 (r)0.5 (e)0.6 (s)0.5 (e)0.6 (n)0.5 (t)5 ( )0.5 (v)0.6 (a)0.5 (l)0.5 (u)0.6 (e)5 ( )0.5 (o)0.5 (f)5 ( )0.5 (t)0.6 (h)0.5 (e)5 ( )0.5 (e)0.6 (x)0.5 (p)0.5 (e)0.6 (n)0.5 (d)0.6 (i)0.5 (t)0.5 (u)0.6 (r)0.5 (e)0.6 (s)5 ( )0.5 (e)0.6 (x)0.5 (p)0.5 (e)0.6 (c)0.5 (t)0.6 (e)0.5 (d)5 ( )0.5 (t)0.5 (o)5 ( )0.5 (s)0.6 (e)0.5 (t)0.6 (t)0.5 (l)0.5 (e)5.1 ( )0.5 (t)0.5 (h)0.5 (e)5.1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (obligation.)Tj 0.033 Tc 0.075 Tw 0 -2.8 Td [(Where)8 ( )0.5 (it)8 ( )0.5 (is)8 ( )0.5 (not)8 ( probable)8 ( )0.5 (that)8 ( )0.5 (an)8 ( )0.5 (outflow)8 ( )0.6 (of)8 ( )0.5 (economic)8 ( )0.5 (benefits)8 ( )0.5 (will)8 ( )0.5 (be)8.1 ( )0.5 (required,)8 ( )0.5 (or)8 ( )0.5 (the)8 ( )0.5 (amount)8 ( )0.5 (cannot)8 ( )0.5 (be)8.1 ( )]TJ 0.025 Tc 0.069 Tw 0 -1.4 Td (estimated reliably, the obligation is disclosed as a contingent liabilit\y, unless the probability of outflow is )Tj 0.055 Tw 0 -1.4 Td (remote. Possible obligations, whose existence will only be confirmed by \the occurrence or non-occurrence )Tj 0.046 Tw 0 -1.4 Td (of one or more future events are also disclosed as contingent liabilitie\s unless the probability of outflow is )Tj -0.025 Tw 0 -1.4 Td (remote.)Tj /T1_1 1 Tf 0 Tw 0 -2.8 Td (Events after the reporting period)Tj /T1_0 1 Tf 0.061 Tw 0 -2.8 Td (Events after the reporting period that provide additional information ab\out the Group\222s position at the end )Tj 0.047 Tw 0 -1.4 Td (of the reporting period or those that indicate the going concern assumpt\ion is not appropriate are adjusting )Tj 0.053 Tw 0 -1.4 Td (events and are reflected in the financial statements. Events after the r\eporting period that are not adjusting )Tj 0 Tw 0 -1.4 Td (events are disclosed in the notes to the financial statements when mater\ial.)Tj ET endstreamendobj187 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 19 \226)Tj 0.021 Tw 10 0 0 10 79.3701 728.7079 Tm [(The measurement of deferred tax assets and liabilities reflects the )0.5 (tax )0.5 (consequences that would )0.5 (follow from )]TJ 0.044 Tw 0 -1.4 Td (the manner in which the Group expects, at the end of the reporting perio\d, to recover or settle the carrying )Tj 0 Tw 0 -1.4 Td (amount of its assets and liabilities.)Tj 0.069 Tw 0 -2.8 Td (Deferred tax assets and liabilities are offset when there is a legally e\nforceable right to set off current tax )Tj 0.047 Tc 0.07 Tw 0 -1.4 Td [(assets)12.6 ( against)12.6 ( current)12.6 ( tax)12.6 ( liabilities)12.6 ( and)12.6 ( when)12.6 ( they)12.6 ( relate)12.6 ( to)12.6 ( income)12.6 ( taxes)12.6 ( levied)12.6 ( by)12.5 ( the)12.6 ( same)12.6 ( taxation)22 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (authority and the Group intends to settle its current tax assets and lia\bilities on a net basis.)Tj /T1_1 1 Tf 0 -2.8 Td (Related parties)Tj /T1_0 1 Tf 0 -2.8 Td (A related party is a person or entity that is related to the Group.)Tj 0 -2.8 Td (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (A person or a close member of that person\222s family is related to the \Group if that person:)Tj 0 -2.8 Td (\(i\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (has control or joint control over the Group;)Tj -2.268 -2.8 Td (\(ii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (has significant influence over the Group; or)Tj -2.268 -2.8 Td (\(iii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (is a member of the key management personnel of the Company or of a paren\t of the Company.)Tj -4.535 -2.8 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (An entity is related to the Group if any of the following conditions app\lies:)Tj 0.042 Tc 0.07 Tw 0 -2.8 Td [(\()17 (i)17 (\))]TJ /Span<>> BDC 1.019 0 Td ( )Tj EMC 1.249 0 Td [(The)12.2 ( entity)12.1 ( and)12.2 ( the)12.2 ( Company)12.1 ( are)12.2 ( members)12.1 ( of)12.2 ( the)12.2 ( same)12.2 ( group)12.1 ( \(which)12.2 ( means)12.1 ( that)12.1 ( each)12.1 ( parent,)17 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (subsidiary and fellow subsidiary is related to the others\).)Tj 0.012 Tw -2.268 -2.8 Td (\(ii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (One entity is an associate or joint venture of the other entity \(or an \associate or joint venture of a )Tj 0 Tw 0 -1.4 Td (member of a group of which the other entity is a member\).)Tj -2.268 -2.8 Td (\(iii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Both entities are joint ventures of the same third party.)Tj 0.042 Tc 0.07 Tw -2.268 -2.8 Td [(\()17 (i)17 (v)17 (\))]TJ /Span<>> BDC 1.544 0 Td ( )Tj EMC 0.724 0 Td [(One)12.4 ( entity)12.4 ( is)12.3 ( a)12.3 ( joint)12.3 ( venture)12.3 ( of)12.4 ( a)12.4 ( third)12.4 ( entity)12.4 ( and)12.3 ( the)12.4 ( other)12.4 ( entity)12.3 ( is)12.4 ( an)12.3 ( associate)12.3 ( of)12.4 ( the)12.4 ( third)17 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (entity.)Tj 0.036 Tw -2.268 -2.8 Td (\(v\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (The entity is a post-employment benefit plan for the benefit of employee\s of either the Group or )Tj 0.029 Tc 0.079 Tw 0 -1.4 Td [(an)4 ( )0.5 (entity)4 ( )0.5 (related)4 ( )0.5 (to)4 ( )0.5 (the)4.1 ( )0.5 (Group.)4 ( )0.5 (If)4 ( )0.5 (the)4 ( )0.5 (Group)4 ( )0.5 (is)4 ( )0.5 (itself)4 ( )0.5 (such)4 ( )0.6 (a)4 ( )0.5 (plan,)4 ( )0.5 (the)4 ( )0.5 (sponsoring)4 ( )0.5 (employers)4 ( )0.5 (are)4 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (also related to the Group.)Tj -2.268 -2.8 Td (\(vi\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (The entity is controlled or jointly controlled by a person identified in\ \(a\).)Tj 0.083 Tw -2.268 -2.8 Td (\(vii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td [(A )0.5 (person identified )0.5 (in \(a\)\(i\) )0.5 (has )0.5 (significant )0.5 (influence )0.5 (over )0.5 (the )0.5 (entity or )0.5 (is )0.5 (a )0.5 (member )0.5 (of )0.5 (the )0.5 (key )]TJ 0 Tw 0 -1.4 Td (management personnel of the entity \(or of a parent of the entity\).)Tj 0.056 Tw -2.268 -2.8 Td (\(viii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (The entity, or any member of a group of which it is a part, provides key\ management personnel )Tj 0 Tw 0 -1.4 Td (services to the Company or to a parent of the Company.)Tj ET endstreamendobj186 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 18 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Government grants)Tj /T1_0 1 Tf 0.062 Tw 0 -2.8 Td (A government grant is recognised when there is reasonable assurance that\ the Group will comply with the )Tj 0 Tw 0 -1.4 Td (conditions attaching to it and that the grant will be received.)Tj 0.018 Tw 0 -2.8 Td (Government grants relating to income are deferred and recognised in prof\it or loss over the period to match )Tj 0 Tw 0 -1.4 Td (them with the costs they are intended to compensate.)Tj 0.075 Tw 0 -2.8 Td (Government grants that become receivable as compensation for expenses or\ losses already incurred or for )Tj 0.05 Tw 0 -1.4 Td (the purpose of giving immediate financial support to the Group with no f\uture related costs are recognised )Tj 0 Tw 0 -1.4 Td (in profit or loss in the period in which they become receivable.)Tj 0.036 Tc 0.072 Tw 0 -2.8 Td [(Government)11 ( )0.5 (grants)11 ( )0.5 (relating)10.9 ( )0.6 (to)11 ( )0.5 (the)11 ( )0.5 (purchase)11 ( )0.5 (of)11 ( )0.5 (assets)11 ( )0.5 (are)11 ( )0.5 (recorded)11 ( )0.5 (as)11 ( )0.5 (deferred)11 ( )0.5 (income)11 ( )0.5 (and)11 ( )0.5 (recognised)11 ( )0.5 (in)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (profit or loss on a straight-line bass over the useful lives of the rela\ted assets.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.8 Td (Taxation)Tj /T1_0 1 Tf 0 Tw 0 -2.8 Td (Income tax represents the sum of the current tax and deferred tax.)Tj 0.059 Tc 0.07 Tw 0 -2.8 Td [(The)12.8 ( tax)12.8 ( currently)12.7 ( payable)12.8 ( is)12.8 ( based)12.8 ( on)12.7 ( taxable)12.8 ( profit)12.8 ( for)12.8 ( the)12.8 ( year.)12.8 ( Taxable)12.8 ( profit)12.7 ( differs)12.8 ( from)12.7 ( profit)34 ( )]TJ 0.025 Tc 0.022 Tw 0 -1.4 Td (recognised in profit or loss because it excludes items of income or expe\nse that are taxable or deductible in )Tj 0.041 Tc 0.07 Tw 0 -1.4 Td [(other)12.6 ( years)12.5 ( and)12.6 ( it)12.6 ( further)12.6 ( excludes)12.5 ( items)12.5 ( that)12.5 ( are)12.6 ( never)12.5 ( taxable)12.5 ( or)12.6 ( deductible.)12.6 ( The)12.5 ( Group\222s)12.5 ( liability)12.6 ( for)16 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.4 Td [(current )0.5 (tax is calculated using )0.5 (tax )0.5 (rates )0.5 (that )0.5 (have )0.5 (been enacted )0.5 (or substantively )0.5 (enacted )0.5 (by )0.5 (the )0.5 (end )0.5 (of )0.5 (the )]TJ 0 Tw 0 -1.4 Td (reporting period.)Tj 0.044 Tc 0.07 Tw 0 -2.8 Td [(Deferred)12.6 ( tax)12.5 ( is)12.5 ( recognised)12.5 ( on)12.5 ( differences)12.6 ( between)12.6 ( the)12.5 ( carrying)12.5 ( amounts)12.6 ( of)12.6 ( assets)12.6 ( and)12.5 ( liabilities)12.6 ( in)12.6 ( the)19 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.4 Td (financial statements and the corresponding tax bases used in the computa\tion of taxable profit. Deferred tax )Tj 0.057 Tc 0.07 Tw 0 -1.4 Td [(liabilities)12.4 ( are)12.4 ( generally)12.4 ( recognised)12.4 ( for)12.4 ( all)12.3 ( taxable)12.4 ( temporary)12.4 ( differences)12.4 ( and)12.4 ( deferred)12.4 ( tax)12.4 ( assets)12.4 ( are)32 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.4 Td [(recognised)5 ( )0.5 (to)5 ( )0.5 (the)5 ( )0.5 (extent)5 ( )0.5 (that)5 ( )0.5 (it)5 ( )0.5 (is)5 ( )0.5 (probable)5 ( )0.5 (that)5 ( )0.5 (taxable)5 ( )0.5 (profits)5 ( )0.5 (will)5 ( )0.5 (be)5 ( )0.5 (available)5 ( )0.5 (against)5 ( )0.5 (which)5 ( )0.5 (deductible)5.1 ( )]TJ 0.025 Tc 0.008 Tw 0 -1.4 Td (temporary differences, unused tax losses or unused tax credits can be ut\ilised. Such assets and liabilities are )Tj 0.002 Tw 0 -1.4 Td (not recognised if the temporary difference arises from goodwill or from \the initial recognition \(other than in )Tj 0.044 Tw 0 -1.4 Td (a business combination\) of other assets and liabilities in a transactio\n that affects neither the taxable profit )Tj 0 Tw 0 -1.4 Td (nor the accounting profit.)Tj 0.064 Tc 0.07 Tw 0 -2.8 Td [(Deferred)12.2 ( tax)12.2 ( liabilities)12.3 ( are)12.3 ( recognised)12.2 ( for)12.2 ( taxable)12.3 ( temporary)12.3 ( differences)12.2 ( arising)12.3 ( on)12.2 ( investments)12.3 ( in)39 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.4 Td [(subsidiaries,)9 ( )0.5 (except)9 ( )0.5 (where)9 ( )0.5 (the)9 ( )0.5 (Group)9 ( )0.5 (is)9 ( )0.5 (able)9 ( )0.5 (to)8.9 ( )0.6 (control)9 ( )0.5 (the)9 ( )0.5 (reversal)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (temporary)9 ( )0.5 (difference)9 ( )0.6 (and)9 ( )0.5 (it)9 ( )0.5 (is)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (probable that the temporary difference will not reverse in the foreseeab\le future.)Tj 0.068 Tw 0 -2.8 Td (The carrying amount of deferred tax assets is reviewed at the end of eac\h reporting period and reduced to )Tj 0.027 Tw 0 -1.4 Td (the extent that it is no longer probable that sufficient taxable profits\ will be available to allow all or part of )Tj 0 Tw 0 -1.4 Td (the asset to be recovered.)Tj 0 -2.8 Td [(D)0.6 (e)0.5 (f)0.5 (e)0.6 (r)0.5 (r)0.6 (e)0.5 (d)0.6 ( )0.5 (t)0.5 (a)0.6 (x)0.5 ( )0.6 (i)0.5 (s)0.5 ( )0.6 (c)0.5 (a)0.6 (l)0.5 (c)0.6 (u)0.5 (l)0.5 (a)0.6 (t)0.5 (e)0.6 (d)0.5 ( )0.5 (a)0.6 (t)0.5 ( )0.6 (t)0.5 (h)0.5 (e)0.6 ( )0.5 (t)0.6 (a)0.5 (x)0.5 ( )0.6 (r)0.5 (a)0.6 (t)0.5 (e)0.6 (s)0.5 ( )0.5 (t)0.6 (h)0.5 (a)0.6 (t)0.5 ( )0.5 (a)0.6 (r)0.5 (e)0.6 ( )0.5 (e)0.6 (x)0.5 (p)0.5 (e)0.6 (c)0.5 (t)0.6 (e)0.5 (d)0.6 ( )0.5 (t)0.5 (o)0.6 ( )0.5 (a)0.5 (p)0.6 (p)0.5 (l)0.5 (y)0.6 ( )0.5 (i)0.5 (n)0.6 ( )0.5 (t)0.6 (h)0.5 (e)0.6 ( )0.5 (p)0.5 (e)0.6 (r)0.5 (i)0.5 (o)0.6 (d)0.5 ( )0.5 (w)0.6 (h)0.5 (e)0.6 (n)0.5 ( )0.6 (t)0.5 (h)0.5 (e)0.6 ( )0.5 (l)0.5 (i)0.6 (a)0.5 (b)0.6 (i)0.5 (l)0.5 (i)0.6 (t)0.5 (y)0.6 ( )0.5 (i)0.5 (s)0.6 ( )0.5 (s)0.5 (e)0.6 (t)0.5 (t)0.6 (l)0.5 (e)0.6 (d )]TJ 0.028 Tw 0 -1.4 Td (or the asset is realised, based on tax rates that have been enacted or s\ubstantively enacted by the end of the )Tj 0.064 Tw 0 -1.4 Td (reporting period. Deferred tax is recognised in profit or loss, except w\hen it relates to items recognised in )Tj 0.022 Tw 0 -1.4 Td [(other comprehensive income or directly in equity, in which case )0.5 (the deferred )0.5 (tax )0.5 (is also recognised in )0.5 (other )]TJ 0 Tw 0 -1.4 Td (comprehensive income or directly in equity.)Tj ET endstreamendobj185 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 17 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Employee benefits)Tj /T1_2 1 Tf 0 -2.8 Td (\(a\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Employee leave entitlements)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 0 -2.8 Td [(Employee)12.5 ( entitlements)12.5 ( to)12.4 ( annual)12.4 ( leave)12.4 ( and)12.4 ( long)12.5 ( service)12.4 ( leave)12.4 ( are)12.5 ( recognised)12.5 ( when)12.4 ( they)12.5 ( accrue)12.5 ( to)16 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.4 Td (employees. A provision is made for the estimated liability for annual le\ave and long-service leave as a )Tj 0 Tw 0 -1.4 Td (result of services rendered by employees up to the end of the reporting \period.)Tj /T1_2 1 Tf -2.268 -2.8 Td (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Pension obligations)Tj /T1_0 1 Tf 0.055 Tc 0.07 Tw 0 -2.8 Td [(In)12.6 ( accordance)12.6 ( with)12.6 ( the)12.7 ( rules)12.6 ( and)12.7 ( regulations)12.6 ( in)12.6 ( the)12.6 ( Mainland)12.6 ( China,)12.6 ( the)12.6 ( Mainland)12.7 ( China)12.7 ( based)30 ( )]TJ 0.036 Tc 0.072 Tw 0 -1.4 Td [(e)0.5 (m)0.5 (p)0.5 (lo)0.5 (y)0.5 (e)0.5 (e)0.5 (s)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (up)11 ( )0.5 (p)0.5 (a)0.5 (r)0.5 (t)0.5 (i)0.5 (ci)0.5 (p)0.5 (a)0.5 (t)0.5 (e)11 ( )0.5 (i)0.5 (n)11 ( )0.5 (v)0.5 (a)0.5 (r)0.5 (io)0.5 (u)0.5 (s)11 ( )0.5 (d)0.5 (e)0.5 (f)0.5 (i)0.5 (ne)0.6 (d)10.9 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (t)0.5 (r)0.5 (i)0.5 (bu)0.5 (t)0.5 (i)0.5 (o)0.5 (n)11 ( )0.5 (p)0.5 (la)0.5 (n)0.5 (s)11 ( )0.5 (o)0.5 (r)0.5 (g)0.5 (a)0.5 (n)0.5 (is)0.5 (e)0.5 (d)11 ( )0.5 (b)0.5 (y)11 ( )0.5 (t)0.5 (h)0.5 (e)11 ( )0.5 (r)0.5 (e)0.5 (le)0.5 (v)0.5 (a)0.5 (n)0.5 (t)11 ( )]TJ 0.024 Tc 0 Tw 0 -1.4 Td [(municipal and provincial governments in the Mainland China under which t\he Group and the Mainland)-1 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.4 Td [(China)12.7 ( based)12.7 ( employees)12.7 ( are)12.8 ( required)12.7 ( to)12.7 ( make)12.7 ( monthly)12.7 ( contributions)12.7 ( to)12.8 ( these)12.8 ( plans)12.7 ( calculated)12.7 ( as)12.8 ( a)18 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (percentage of the employees\222 salaries \(subject to a floor and cap\).\)Tj 0.08 Tw 0 -2.8 Td (The municipal and provincial governments undertake to assume the retirem\ent benefit obligations of )Tj 0.039 Tc 0.07 Tw 0 -1.4 Td [(all)12.4 ( existing)12.3 ( and)12.4 ( future)12.3 ( retired)12.4 ( Mainland)12.4 ( China)12.4 ( based)12.3 ( employees)12.4 ( payable)12.3 ( under)12.3 ( the)12.4 ( plans)12.4 ( described)14 ( )]TJ 0.025 Tc 0.079 Tw 0 -1.4 Td (above. Other than the monthly contributions, the Group has no further ob\ligation for the payment of )Tj 0.045 Tc 0.07 Tw 0 -1.4 Td [(retirement)12.9 ( and)12.9 ( other)12.9 ( post-retirement)12.9 ( benefits)12.9 ( of)12.9 ( its)12.9 ( employees.)12.9 ( The)12.9 ( assets)12.8 ( of)12.9 ( these)12.9 ( plans)12.9 ( are)12.9 ( held)20 ( )]TJ 0.024 Tc 0 Tw 0 -1.4 Td (separately from those of the Group in independently administrated funds \managed by the governments.)Tj 0.044 Tc 0.07 Tw 0 -2.8 Td [(The)12.6 ( Group)12.6 ( also)12.6 ( participates)12.5 ( in)12.6 ( a)12.6 ( retirement)12.6 ( benefit)12.6 ( scheme)12.6 ( under)12.6 ( the)12.6 ( rules)12.6 ( and)12.6 ( regulations)12.6 ( of)12.6 ( the)19 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.4 Td [(Mandatory)10 ( )0.5 (Provident)10 ( )0.5 (Fund)10 ( )0.6 (Scheme)10.1 ( )0.5 (Ordinance)10 ( )0.5 (\(\223MPF)10 ( )0.5 (Scheme\224\))10 ( )0.5 (for)10 ( )0.5 (its)10 ( )0.5 (eligible)10 ( )0.5 (employees)10 ( )0.5 (in)10 ( )0.5 (Hong)10 ( )]TJ 0.025 Tc 0.064 Tw 0 -1.4 Td (Kong. The contributions to the MPF Scheme borne by the Group are calcula\ted at 5% of the salaries )Tj 0.029 Tc 0.079 Tw 0 -1.4 Td [(and)4 ( )0.5 (wages)4.1 ( )0.5 (\(monthly)4 ( )0.5 (contributions)4 ( )0.5 (is)3.9 ( )0.6 (limited)4 ( )0.5 (to)4 ( )0.5 (HKD)4 (1)4 (,)4.1 (5)3.9 (0)4.1 (0)4 ( )0.5 (for)4 ( )0.6 (each)4 ( )0.5 (eligible)4 ( )0.5 (employee\))4 ( )0.5 (as)4 ( )0.5 (calculated)4 ( )]TJ 0.025 Tc 0.001 Tw 0 -1.4 Td (under the MPF legislation. The assets of this MPF Scheme are held separa\tely from those of the Group )Tj 0 Tw 0 -1.4 Td (in independently administered funds.)Tj 0 -2.8 Td (The Group\222s contributions to the defined contribution plans are expen\sed as incurred.)Tj /T1_1 1 Tf -2.268 -2.8 Td (Borrowing costs)Tj /T1_0 1 Tf 0.038 Tc 0.07 Tw 0 -2.8 Td [(Borrowing)12.3 ( costs)12.3 ( directly)12.3 ( attributable)12.3 ( to)12.2 ( the)12.3 ( acquisition,)12.3 ( construction)12.3 ( or)12.3 ( production)12.3 ( of)12.3 ( qualifying)12.3 ( assets,)13 ( )]TJ 0.025 Tc 0.014 Tw 0 -1.4 Td (which are assets that necessarily take a substantial period of time to g\et ready for their intended use or sale, )Tj 0.029 Tc 0.079 Tw 0 -1.4 Td [(are)4 ( )0.5 (capitalised)4 ( )0.5 (as)4 ( )0.5 (part)4 ( )0.6 (of)4 ( )0.5 (the)4 ( )0.5 (cost)4 ( )0.5 (of)4 ( )0.5 (those)4 ( )0.6 (assets,)4 ( )0.5 (until)4 ( )0.5 (such)4 ( )0.5 (time)4 ( )0.5 (as)4 ( )0.5 (the)4 ( )0.5 (assets)4 ( )0.5 (are)4 ( )0.6 (substantially)4 ( )0.5 (ready)4 ( )0.5 (for)4 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.4 Td [(their)3 ( )0.5 (intended)3 ( )0.5 (use)3 ( )0.5 (or)3 ( )0.5 (sale.)3 ( )0.5 (Investment)3 ( )0.5 (income)3 ( )0.5 (earned)3 ( )0.5 (on)3 ( )0.5 (the)3 ( )0.5 (temporary)3 ( )0.5 (investment)3 ( )0.5 (of)3 ( )0.5 (specific)3 ( )0.5 (borrowings)3 ( )]TJ 0.073 Tc 0.07 Tw 0 -1.4 Td [(pending)12.5 ( their)12.6 ( expenditure)12.6 ( on)12.6 ( qualifying)12.6 ( assets)12.6 ( is)12.6 ( deducted)12.6 ( from)12.6 ( the)12.5 ( borrowing)12.6 ( costs)12.6 ( eligible)12.6 ( for)48 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (capitalisation.)Tj 0.002 Tw 0 -2.8 Td (To the extent that funds are borrowed generally and used for the purpose\ of obtaining a qualifying asset, the )Tj 0.071 Tw 0 -1.4 Td [(amount )0.5 (of )0.6 (borrowing )0.6 (costs )0.5 (eligible )0.6 (for )0.5 (capitalisation )0.5 (is )0.6 (determined )0.5 (by )0.6 (applying )0.6 (a )0.5 (capitalisation )0.6 (rate )0.5 (to )0.6 (the )]TJ 0.019 Tw 0 -1.4 Td (expenditures on that asset. The capitalisation rate is the weighted aver\age of the borrowing costs applicable )Tj 0.059 Tc 0.07 Tw 0 -1.4 Td [(t)0.5 (o)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (bo)0.5 (r)0.5 (ro)0.5 (w)0.5 (in)0.5 (g)0.5 (s)12.9 ( )0.5 (o)0.5 (f)13 ( t)0.5 (he)13 ( )0.5 (G)0.5 (ro)0.5 (u)0.5 (p)12.9 ( )0.5 (t)0.5 (ha)0.5 (t)13 ( a)0.5 (r)0.5 (e)13 ( o)0.5 (u)0.5 (ts)0.5 (t)0.5 (an)0.5 (d)0.5 (in)0.5 (g)13 ( d)0.5 (u)0.5 (ri)0.5 (n)0.5 (g)12.9 ( )0.5 (t)0.5 (he)13 ( )0.5 (pe)0.5 (r)0.5 (io)0.5 (d)0.5 (,)12.9 ( )0.5 (o)0.5 (th)0.5 (e)0.5 (r)12.9 ( )0.5 (t)0.5 (ha)0.5 (n)13 ( b)0.5 (o)0.5 (rr)0.5 (o)0.5 (w)0.5 (in)0.5 (gs)13 ( )0.5 (ma)0.5 (d)0.5 (e)34 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (specifically for the purpose of obtaining a qualifying asset.)Tj 0 -2.8 Td (All other borrowing costs are recognised in profit or loss in the period\ in which they are incurred.)Tj ET endstreamendobj184 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 16 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (\(b\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (Issue of convertible bonds as share-based payment transactions)Tj /T1_0 1 Tf 0.041 Tw 0 -2.8 Td (If the identifiable consideration received by the Company appears to be \less than the fair value of the )Tj 0.046 Tw 0 -1.4 Td (convertible bonds issued, the Company measures the unidentifiable servic\es received \(to be received\) )Tj 0.034 Tc 0.074 Tw 0 -1.4 Td [(as)9 ( )0.5 (the)9 ( )0.5 (difference)9 ( )0.5 (between)9 ( )0.5 (the)9 ( )0.5 (fair)9 ( )0.5 (value)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (convertible)9 ( )0.5 (bonds)9 ( )0.5 (issued)9 ( )0.5 (and)9 ( )0.5 (that)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (identifiable)9 ( )]TJ 0.05 Tc 0.07 Tw 0 -1.4 Td [(consideration)12.5 ( received,)12.5 ( and)12.4 ( the)12.5 ( difference)12.5 ( is)12.5 ( recognised)12.5 ( in)12.5 ( the)12.5 ( profit)12.5 ( or)12.5 ( loss)12.5 ( immediately)12.4 ( unless)25.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (qualified for capitalisation.)Tj 0.068 Tw 0 -2.8 Td (The equity component \(i.e. the bondholder\222s right to demand settleme\nt in the Company\222s shares\) of )Tj 0.07 Tw 0 -1.4 Td (the convertible bond will be accounted for as an equity-settled share-ba\sed payment transaction. The )Tj 0.024 Tc 0 Tw 0 -1.4 Td [(entity first measures the fair value of the debt component, and then mea\sure the fair value of the equity)-1 ( )]TJ 0.025 Tc 0.018 Tw 0 -1.4 Td (component by taking into account that the bondholder must forfeit the ri\ght to receive cash in order to )Tj 0.019 Tw 0 -1.4 Td (receive the equity instrument. Subsequent to initial recognition, the de\bt component of the convertible )Tj 0.009 Tw 0 -1.4 Td (bond is carried as a liability at amortised cost using the effective int\erest method until extinguished on )Tj 0 Tw 0 -1.4 Td (conversion or redemption.)Tj 0 -2.8 Td (The equity component is not remeasured subsequent to initial recognition\.)Tj /T1_2 1 Tf -2.268 -2.8 Td (Revenue from contracts with customers)Tj /T1_0 1 Tf 0.078 Tw 0 -2.8 Td (Revenue is measured based on the consideration specified in a contract w\ith a customer with reference to )Tj 0.072 Tw 0 -1.4 Td (the customary business practices and excludes amounts collected on behal\f of third parties. For a contract )Tj 0.046 Tw 0 -1.4 Td [(where )0.5 (the )0.5 (period )0.5 (between )0.5 (the payment )0.5 (by )0.5 (the )0.5 (customer and the )0.5 (transfer )0.5 (of )0.5 (the )0.5 (promised )0.5 (product )0.5 (or )0.5 (service )]TJ 0 Tw 0 -1.4 Td (exceeds one year, the consideration is adjusted for the effect of a sign\ificant financing component.)Tj 0.039 Tc 0.07 Tw 0 -2.8 Td [(The)12.8 ( Group)12.8 ( recognises)12.8 ( revenue)12.8 ( when)12.9 ( it)12.8 ( satisfies)12.9 ( a)12.9 ( performance)12.9 ( obligation)12.8 ( by)12.8 ( transferring)12.8 ( control)12.8 ( over)12.8 ( a)14 ( )]TJ 0.044 Tc 0 -1.4 Td [(p)0.5 (r)0.5 (o)0.6 (d)0.5 (u)0.5 (c)0.5 (t)13 ( )0.6 (o)0.5 (r)13 ( )0.6 (s)0.5 (e)0.5 (r)0.5 (v)0.6 (i)0.5 (c)0.5 (e)13 ( )0.6 (t)0.5 (o)13 ( )0.5 (a)13.1 ( )0.5 (c)0.6 (u)0.5 (s)0.5 (t)0.5 (o)0.5 (m)0.5 (e)0.6 (r)0.5 (.)13 ( )0.6 (D)0.5 (e)0.5 (p)0.5 (e)0.6 (n)0.5 (d)0.5 (i)0.5 (n)0.6 (g)13 ( )0.5 (o)0.5 (n)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.6 (t)0.5 (e)0.5 (r)0.5 (m)0.6 (s)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (a)13 ( )0.6 (c)0.5 (o)0.5 (n)0.5 (t)0.6 (r)0.5 (a)0.5 (c)0.5 (t)13 ( )0.6 (a)0.5 (n)0.5 (d)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (l)0.5 (a)0.5 (w)0.6 (s)13 ( )0.5 (t)0.6 (h)0.5 (a)0.5 (t)13 ( )0.5 (a)0.6 (p)0.5 (p)0.5 (l)0.5 (y)13.1 ( )0.5 (t)0.5 (o)13 ( )0.5 (t)0.6 (h)0.5 (a)0.5 (t)19 ( )]TJ 0.025 Tc 0.002 Tw 0 -1.4 Td (contract, a performance obligation can be satisfied over time or at a po\int in time. A performance obligation )Tj 0 Tw 0 -1.4 Td (is satisfied over time if:)Tj 0.023 Tc 0 -2.8 Td (\227)Tj /Span<>> BDC 1.025 0 Td ( )Tj EMC 1.243 0 Td (the customer simultaneously receives and consumes the benefits provided \by the Group\222s performance;)Tj 0.025 Tc 0.014 Tw -2.268 -2.8 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (the Group\222s performance creates or enhances an asset that the custome\r controls as the asset is created )Tj 0 Tw 0 -1.4 Td (or enhanced; or)Tj 0.057 Tw -2.268 -2.8 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (the Group\222s performance does not create an asset with an alternative \use to the Group and the Group )Tj 0 Tw 0 -1.4 Td (has an enforceable right to payment for performance completed to date.)Tj 0.05 Tc 0.07 Tw -2.268 -2.8 Td [(If)12.8 ( a)12.9 ( performance)12.8 ( obligation)12.9 ( is)12.9 ( satisfied)12.8 ( over)12.8 ( time,)12.9 ( revenue)12.9 ( is)12.9 ( recognised)12.9 ( by)12.9 ( reference)12.9 ( to)12.9 ( the)12.9 ( progress)25 ( )]TJ 0.025 Tc 0.01 Tw 0 -1.4 Td (towards complete satisfaction of that performance obligation. 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An equity instrument is any contract that evidences a residual i\nterest in the assets of the Group )Tj 0.036 Tc 0.072 Tw 0 -1.4 Td [(a)0.5 (f)0.5 (te)0.5 (r)11 ( )0.5 (d)0.5 (e)0.5 (du)0.5 (c)0.5 (t)0.5 (in)0.5 (g)11 ( )0.5 (a)0.5 (ll)11 ( )0.5 (o)0.5 (f)11 ( )0.5 (i)0.5 (ts)11.1 ( l)0.5 (i)0.5 (a)0.5 (bi)0.5 (l)0.5 (it)0.5 (i)0.5 (e)0.5 (s.)11 ( )0.5 (T)0.5 (h)0.5 (e)11 ( )0.5 (a)0.5 (c)0.5 (co)0.5 (u)0.5 (nt)0.5 (i)0.5 (ng)11 ( )0.5 (p)0.5 (o)0.5 (l)0.5 (ic)0.5 (i)0.5 (e)0.5 (s)11 ( )0.5 (ad)0.5 (o)0.5 (pt)0.5 (e)0.5 (d)11 ( )0.5 (f)0.5 (or)11 ( )0.5 (s)0.5 (p)0.5 (e)0.5 (c)0.5 (if)0.5 (i)0.5 (c)11 ( )0.5 (f)0.5 (in)0.5 (a)0.5 (nc)0.5 (i)0.5 (a)0.5 (l)11 ( )0.5 (li)0.5 (a)0.5 (b)0.5 (il)0.5 (i)0.5 (ti)0.5 (e)0.5 (s)11 ( )0.5 (a)0.5 (nd)11 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (equity instruments are set out below.)Tj /T1_1 1 Tf 0 -2.8 Td (Convertible bonds)Tj /T1_0 1 Tf 0.03 Tw 0 -2.8 Td [(Convertible )0.5 (loans )0.6 (which )0.5 (entitle )0.5 (the )0.6 (holder )0.5 (to )0.5 (convert )0.6 (the )0.5 (loans )0.6 (into )0.6 (a )0.5 (fixed )0.5 (number )0.6 (of )0.5 (equity )0.5 (instruments )0.6 (at )]TJ 0.061 Tc 0.07 Tw 0 -1.4 Td [(a)12.4 ( fixed)12.4 ( conversion)12.4 ( price)12.4 ( are)12.4 ( regarded)12.5 ( as)12.4 ( compound)12.4 ( instruments)12.4 ( consist)12.4 ( of)12.4 ( a)12.4 ( liability)12.4 ( and)12.3 ( an)12.4 ( equity)36 ( )]TJ 0.025 Tc 0.059 Tw 0 -1.4 Td (component. 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)Tj 0 Tw 0 -1.4 Td (are stated at cost.)Tj ET endstreamendobj191 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 13 \226)Tj /T1_1 1 Tf 10 0 0 10 79.3701 728.7079 Tm (Financial assets)Tj /T1_0 1 Tf 0 -2.8 Td [(Financial assets are recognised and de)0.5 (recognis)0.5 (ed on a trade date basis where the purchase or sale of an asset )]TJ 0.01 Tw 0 -1.4 Td (is under a contract whose terms require delivery of the asset within the\ timeframe established by the market )Tj 0.007 Tw 0 -1.4 Td (concerned, and are initially recognised at fair value, plus directly att\ributable transaction costs except in the )Tj 0.052 Tc 0.07 Tw 0 -1.4 Td [(case)12.1 ( of)12.1 ( investments)12.1 ( at)12.1 ( fair)12.1 ( value)12.1 ( through)12.1 ( profit)12.1 ( or)12.1 ( loss.)12.1 ( Transaction)12.1 ( costs)12.1 ( directly)12.1 ( attributable)12.1 ( to)12.1 ( the)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (acquisition of investments at fair value through profit or loss are reco\gnised immediately in profit or loss.)Tj 0 -2.8 Td (Financial assets of the Group are classified as financial assets at amor\tised cost.)Tj 0.001 Tw 0 -2.8 Td (Financial assets \(including trade and other receivables\) are classifie\d under this category if they satisfy both )Tj 0 Tw 0 -1.4 Td (of the following conditions:)Tj 0.051 Tc 0.07 Tw 0 -2.8 Td (\227)Tj /Span<>> BDC 1.025 0 Td ( )Tj EMC 1.243 0 Td [(the)12.1 ( assets)12.1 ( are)12.1 ( held)12.1 ( within)12.1 ( a)12.1 ( business)12.2 ( model)12.1 ( whose)12.2 ( objective)12.2 ( is)12.2 ( to)12.1 ( hold)12.1 ( assets)12.1 ( in)12.1 ( order)12.2 ( to)12.1 ( collect)26 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (contractual cash flows; and)Tj 0.061 Tw -2.268 -2.8 Td (\227)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td [(the )0.5 (contractual )0.6 (terms )0.5 (of )0.5 (the )0.5 (assets )0.6 (give )0.6 (rise )0.5 (on )0.5 (specified )0.6 (dates )0.5 (to )0.5 (cash )0.5 (flows )0.5 (that )0.5 (are )0.5 (solely )0.5 (payments )]TJ 0 Tw 0 -1.4 Td (of principal and interest on the principal amount outstanding.)Tj 0.027 Tc 0.081 Tw -2.268 -2.8 Td [(They)1.9 ( )0.5 (are)2 ( )0.5 (subsequently)2 ( )0.5 (measured)2 ( )0.5 (at)2 ( )0.5 (amortised)1.9 ( )0.5 (cost)2 ( )0.5 (using)2 ( the)2 ( )0.5 (effective)2 ( interest)2 ( )0.5 (method)2 ( )0.5 (less)2 ( )0.5 (loss)1.9 ( )0.5 (allowance)2 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (for expected credit losses.)Tj /T1_1 1 Tf 0 -2.8 Td (Loss allowances for expected credit losses)Tj /T1_0 1 Tf 0.045 Tc 0.07 Tw 0 -2.8 Td [(The)12.5 ( Group)12.5 ( recognises)12.5 ( loss)12.5 ( allowances)12.5 ( for)12.5 ( expected)12.5 ( credit)12.5 ( losses)12.5 ( on)12.5 ( financial)12.5 ( assets)12.5 ( at)12.5 ( amortised)12.5 ( cost.)20 ( )]TJ 0.048 Tc 0 -1.4 Td [(Expected)12.4 ( credit)12.4 ( losses)12.5 ( are)12.5 ( the)12.5 ( weighted)12.5 ( average)12.5 ( of)12.5 ( credit)12.4 ( losses)12.5 ( with)12.5 ( the)12.4 ( respective)12.5 ( risks)12.5 ( of)12.5 ( a)12.4 ( default)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (occurring as the weights.)Tj 0.033 Tw 0 -2.8 Td (At the end of each reporting period, the Group measures the loss allowan\ce for a financial instrument at an )Tj 0.024 Tw 0 -1.4 Td [(amount )0.5 (equal )0.6 (to )0.6 (the )0.5 (expected )0.6 (credit )0.5 (losses )0.6 (that )0.5 (result )0.5 (from )0.5 (all )0.6 (possible )0.5 (default )0.5 (events )0.6 (over )0.5 (the )0.6 (expected )0.5 (life )]TJ 0.05 Tw 0 -1.4 Td (of that financial instrument \(\223lifetime expected credit losses\224\)\ for trade receivables, or if the credit risk on )Tj 0 Tw 0 -1.4 Td (that financial instrument has increased significantly since initial reco\gnition.)Tj 0.037 Tw 0 -2.8 Td [(If, )0.5 (at )0.5 (the )0.5 (end )0.5 (of )0.5 (the )0.6 (reporting )0.5 (period, )0.5 (the )0.5 (credit )0.5 (risk )0.6 (on )0.6 (a )0.5 (financial )0.5 (instrument )0.6 (\(other )0.6 (than )0.6 (trade )0.5 (receivables\) )]TJ 0.039 Tc 0.07 Tw 0 -1.4 Td [(has)12.7 ( not)12.6 ( increased)12.7 ( significantly)12.7 ( since)12.6 ( initial)12.6 ( recognition,)12.6 ( the)12.7 ( Group)12.7 ( measures)12.7 ( the)12.7 ( loss)12.6 ( allowance)12.7 ( for)12.6 ( that)14 ( )]TJ 0.025 Tc 0.049 Tw 0 -1.4 Td (financial instrument at an amount equal to the portion of lifetime expec\ted credit losses that represents the )Tj 0.008 Tw 0 -1.4 Td (expected credit losses that result from default events on that financial\ instrument that are possible within 12 )Tj 0 Tw 0 -1.4 Td (months after the reporting period.)Tj 0.034 Tc 0.074 Tw 0 -2.8 Td [(The)9 ( )0.5 (amount)9 ( )0.5 (of)9.1 ( expected)9 ( )0.5 (credit)9 ( )0.5 (losses)9 ( )0.5 (or)9 ( )0.5 (reversal)9 ( )0.5 (to)9 ( )0.5 (adjust)9 ( )0.5 (the)9.1 ( )0.5 (loss)9 ( )0.5 (allowance)9.1 ( )0.5 (at)9 ( )0.5 (the)9 ( )0.5 (end)9 ( )0.5 (of)9 ( )0.5 (the)9 ( )0.5 (reporting)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (period to the required amount is recognised in profit or loss as an impa\irment gain or loss.)Tj /T1_1 1 Tf 0 -2.8 Td (Cash and cash equivalents)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 0 -2.8 Td [(For)8 ( )0.5 (the)8 ( )0.5 (purpose)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (statement)8 ( )0.5 (of)8 ( )0.5 (cash)8 ( )0.5 (flows,)8 ( )0.5 (cash)8 ( )0.5 (and)8 ( )0.5 (cash)8 ( )0.5 (equivalents)8 ( )0.5 (represent)8 ( )0.5 (cash)8 ( )0.5 (at)8 ( )0.5 (bank)8 ( )0.5 (and)8 ( )0.5 (on)8 ( )]TJ 0.025 Tc 0.023 Tw 0 -1.4 Td (hand, demand deposits with banks and other financial institutions, and s\hort-term highly liquid investments )Tj 0.052 Tw 0 -1.4 Td (which are readily convertible into known amounts of cash and subject to \an insignificant risk of change in )Tj 0.048 Tc 0.07 Tw 0 -1.4 Td [(value.)12.5 ( Bank)12.6 ( overdrafts)12.6 ( which)12.5 ( are)12.6 ( repayable)12.6 ( on)12.5 ( demand)12.5 ( and)12.5 ( form)12.6 ( an)12.6 ( integral)12.6 ( part)12.5 ( of)12.6 ( the)12.6 ( Group\222s)12.5 ( cash)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (management are also included as a component of cash and cash equivalents\.)Tj ET endstreamendobj190 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 12 \226)Tj /T1_1 1 Tf -0.025 Tw 10 0 0 10 79.3701 728.7079 Tm (Leases)Tj /T1_2 1 Tf 0 Tw 0 -2.8 Td (The Group as lessee)Tj /T1_0 1 Tf 0.027 Tc 0.081 Tw 0 -2.8 Td [(Leases)2 ( )0.5 (are)2 ( )0.5 (recognised)2 ( )0.5 (as)2 ( )0.5 (right-of-use)2 ( )0.5 (assets)2 ( )0.5 (and)2 ( )0.5 (corresponding)2 ( )0.5 (lease)2.1 ( liabilities)2 ( )0.5 (when)2 ( )0.5 (the)2 ( )0.5 (leased)2 ( )0.5 (assets)2 ( are)2 ( )]TJ 0.038 Tc 0.07 Tw 0 -1.4 Td [(available)12.1 ( for)12 ( use)12.1 ( by)12.1 ( the)12.1 ( Group.)12.1 ( Right-of-use)12.1 ( assets)12.1 ( are)12.1 ( stated)12.1 ( at)12.1 ( cost)12.1 ( less)12.1 ( accumulated)12.1 ( depreciation)12 ( and)13 ( )]TJ 0.025 Tc 0 -1.4 Td (impairment losses. Depreciation of right-of-use assets is calculated at \rates to write off their cost over the )Tj 0.019 Tw 0 -1.4 Td (shorter of the asset\222s useful life and the lease term on a straight-l\ine basis. The principal annual rates are as )Tj -0.025 Tw 0 -1.4 Td (follows:)Tj 0 Tw 0 -2.8 Td (Land use rights)Tj /Span<>> BDC ( )Tj EMC 40.811 0 Td (40\22646 years)Tj -40.811 -1.4 Td (Land and buildings)Tj /Span<>> BDC ( )Tj EMC 42.911 0 Td (2 years)Tj /T1_2 1 Tf -42.911 -2.8 Td (The Group as lessor)Tj /T1_0 1 Tf 0.068 Tw 0 -2.8 Td (Leases that do not substantially transfer to the lessees all the risks a\nd rewards of ownership of assets are )Tj 0.004 Tw 0 -1.4 Td (accounted for as operating leases. Rental income from operating leases i\s recognised on a straight-line basis )Tj 0 Tw 0 -1.4 Td (over the term of the relevant lease.)Tj /T1_1 1 Tf 0 -2.8 Td (Construction permits)Tj /T1_0 1 Tf 0.062 Tw 0 -2.8 Td (Construction permits are stated at cost less accumulated amortisation an\d impairment losses. Amortisation )Tj 0 Tw 0 -1.4 Td (is calculated on a straight-line basis over their estimated useful lives\ of 10 years.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.8 Td (Inventories)Tj /T1_0 1 Tf 0.079 Tw 0 -2.8 Td [(Inventories )0.5 (are stated at )0.5 (the )0.5 (lower )0.5 (of cost )0.5 (and )0.5 (net )0.5 (realisable )0.5 (value. )0.5 (Cost is )0.5 (determined )0.5 (using the )0.5 (weighted )]TJ 0.059 Tw 0 -1.4 Td (average basis. The cost of finished goods and work in progress comprises\ raw materials, direct labour and )Tj 0.033 Tc 0.075 Tw 0 -1.4 Td [(an)8.1 ( )0.5 (appropriate)8 ( )0.5 (proportion)8 ( )0.5 (of)8 ( )0.5 (all)8 ( )0.5 (production)8.1 ( )0.5 (overhead)8 ( )0.5 (expenditure,)8 ( )0.5 (and)8 ( )0.5 (where)8 ( )0.5 (appropriate,)8 ( )0.5 (subcontracting)8 ( )]TJ 0.045 Tc 0.07 Tw 0 -1.4 Td [(charges.)12.6 ( Net)12.6 ( realisable)12.6 ( value)12.5 ( is)12.6 ( the)12.5 ( estimated)12.5 ( selling)12.5 ( price)12.5 ( in)12.5 ( the)12.5 ( ordinary)12.5 ( course)12.5 ( of)12.6 ( business,)12.5 ( less)12.5 ( the)20 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (estimated costs of completion and the estimated costs necessary to make \the sale.)Tj /T1_1 1 Tf 0 -2.8 Td (Recognition and derecognition of financial instruments)Tj /T1_0 1 Tf 0.044 Tc 0.07 Tw 0 -2.8 Td [(Financial)12.6 ( assets)12.6 ( and)12.6 ( financial)12.5 ( liabilities)12.6 ( are)12.6 ( recognised)12.6 ( in)12.6 ( the)12.6 ( statement)12.6 ( of)12.6 ( financial)12.6 ( position)12.6 ( when)12.6 ( the)19 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (Group becomes a party to the contractual provisions of the instruments.)Tj 0.061 Tw 0 -2.8 Td (Financial assets are derecognised when the contractual rights to receive\ cash flows from the assets expire; )Tj 0.056 Tw 0 -1.4 Td (the Group transfers substantially all the risks and rewards of ownership\ of the assets; or the Group neither )Tj 0.074 Tw 0 -1.4 Td (transfers nor retains substantially all the risks and rewards of ownersh\ip of the assets but has not retained )Tj 0.04 Tc 0.07 Tw 0 -1.4 Td [(control)12.5 ( on)12.5 ( the)12.6 ( assets.)12.6 ( On)12.6 ( derecognition)12.5 ( of)12.5 ( a)12.6 ( financial)12.6 ( asset,)12.6 ( the)12.6 ( difference)12.5 ( between)12.6 ( the)12.6 ( asset\222s)12.5 ( carrying)14.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (amount and the sum of the consideration received is recognised in profit\ or loss.)Tj 0.028 Tc 0.08 Tw 0 -2.8 Td [(Financial)3 ( )0.5 (liabilities)3.1 ( )0.5 (are)3 ( )0.5 (derecognised)3 ( )0.5 (when)3 ( )0.5 (the)3 ( )0.5 (obligation)3 ( )0.5 (specified)3 ( )0.5 (in)3.1 ( )0.5 (the)3 ( )0.5 (relevant)3 ( )0.5 (contract)3 ( )0.5 (is)3 ( )0.5 (discharged,)2.9 ( )]TJ 0.025 Tc 0.009 Tw 0 -1.4 Td [(cancelled )0.5 (or expires. The )0.5 (difference between )0.5 (the carrying )0.5 (amount )0.5 (of the )0.5 (financial )0.5 (liability derecognised and )]TJ 0 Tw 0 -1.4 Td (the consideration paid is recognised in profit or loss.)Tj ET endstreamendobj189 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 281.8878 24.0557 Tm (\226 11 \226)Tj 0.065 Tc 0.07 Tw 10 0 0 10 79.3701 728.7079 Tm [(Subsequent)12.7 ( costs)12.6 ( are)12.7 ( included)12.6 ( in)12.7 ( the)12.6 ( asset\222s)12.6 ( carrying)12.7 ( amount)12.7 ( or)12.7 ( recognised)12.6 ( as)12.6 ( a)12.6 ( separate)12.7 ( asset,)12.7 ( as)40 ( )]TJ 0.025 Tc 0.017 Tw 0 -1.4 Td (appropriate, only when it is probable that future economic benefits asso\ciated with the item will flow to the )Tj 0.049 Tw 0 -1.4 Td (Group and the cost of the item can be measured reliably. All other repai\rs and maintenance are recognised )Tj 0 Tw 0 -1.4 Td (in profit or loss during the period in which they are incurred.)Tj 0.033 Tc 0.075 Tw 0 -2.8 Td [(Depreciation)8 ( )0.5 (of)8.1 ( )0.5 (property,)8 ( )0.5 (plant)8 ( )0.5 (and)8 ( )0.5 (equipment)8 ( )0.5 (is)8 ( )0.5 (calculated)8 ( )0.5 (at)8 ( )0.5 (rates)8.1 ( )0.5 (sufficient)8 ( )0.5 (to)8 ( )0.5 (write)8 ( )0.5 (off)8.1 ( )0.5 (their)8 ( )0.5 (cost)8 ( )0.5 (less)8 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.4 Td (their residual values over the estimated useful lives on a straight-line\ basis. The estimated useful lives are )Tj 0 Tw 0 -1.4 Td (as follows:)Tj 0 -2.8 Td (\227 Buildings)Tj /Span<>> BDC ( )Tj EMC 42.386 0 Td (35 years)Tj -42.386 -1.4 Td (\227 Plant and machinery)Tj /Span<>> BDC ( )Tj EMC 40.811 0 Td (12\22614 years)Tj -40.811 -1.4 Td (\227 Motor vehicles)Tj /Span<>> BDC ( )Tj EMC 42.386 0 Td (10 years)Tj -42.386 -1.4 Td (\227 Office equipment and others)Tj /Span<>> BDC ( )Tj EMC 42.911 0 Td (7 years)Tj 0.067 Tw -42.911 -2.8 Td (The residual values, useful lives and depreciation method are reviewed a\nd adjusted, if appropriate, at the )Tj 0 Tw 0 -1.4 Td (end of each reporting period.)Tj 0.062 Tc 0.07 Tw 0 -2.8 Td [(Construction)12.6 ( in)12.6 ( progress)12.7 ( represents)12.6 ( buildings)12.6 ( under)12.7 ( construction)12.6 ( and)12.6 ( plant)12.6 ( and)12.7 ( machinery)12.6 ( pending)37 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.4 Td [(installation,)1 ( )0.5 (and)1 ( )0.5 (is)1 ( )0.5 (stated)1 ( )0.5 (at)1 ( )0.5 (cost)1 ( )0.5 (less)1 ( )0.6 (impairment)1 ( )0.5 (losses.)1 ( )0.5 (Depreciation)1 ( )0.6 (begins)1 ( )0.5 (when)1 ( )0.5 (the)1.1 ( )0.5 (relevant)1 ( )0.5 (assets)1 ( )0.5 (are)1.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (available for use.)Tj 0.05 Tc 0.07 Tw 0 -2.8 Td [(T)0.5 (h)0.5 (e)13 ( )0.5 (g)0.5 (a)0.5 (i)0.5 (n)13 ( )0.5 (o)0.5 (r)13 ( )0.5 (lo)0.5 (s)0.5 (s)13 ( )0.5 (o)0.5 (n)13 ( )0.5 (d)0.5 (i)0.5 (s)0.5 (p)0.5 (o)0.5 (s)0.5 (a)0.5 (l)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (pe)0.5 (r)0.6 (ty)0.5 (,)13 ( )0.5 (p)0.5 (l)0.5 (a)0.5 (n)0.5 (t)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (e)0.5 (q)0.5 (u)0.5 (i)0.5 (pm)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (i)0.5 (s)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (d)0.5 (i)0.5 (f)0.5 (f)0.5 (e)0.5 (r)0.5 (e)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (b)0.5 (e)0.5 (t)0.5 (w)0.5 (e)0.5 (e)0.5 (n)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (n)0.5 (e)0.5 (t)13 ( )0.5 (s)0.5 (a)0.5 (l)0.5 (e)0.5 (s)25 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (proceeds and the carrying amount of the relevant asset, and is recognise\d in profit or loss.)Tj /T1_1 1 Tf 0 -2.8 Td (Investment properties)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 0 -2.8 Td [(Investment)12.1 ( properties)12.1 ( are)12.1 ( land)12.1 ( and/or)12.1 ( buildings)12.2 ( held)12.1 ( to)12.1 ( earn)12.1 ( rentals)12.1 ( and/or)12.2 ( for)12.1 ( capital)12.1 ( appreciation.)12.1 ( An)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (investment property is measured initially at its cost including all dire\ct costs attributable to the property.)Tj 0.054 Tc 0.07 Tw 0 -2.8 Td [(A)0.5 (f)0.6 (t)0.5 (e)0.5 (r)13 ( )0.5 (i)0.5 (n)0.6 (i)0.5 (t)0.5 (i)0.5 (a)0.5 (l)13.1 ( )0.5 (r)0.5 (e)0.5 (c)0.5 (o)0.6 (g)0.5 (n)0.5 (i)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.6 (,)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.6 (i)0.5 (n)0.5 (v)0.5 (e)0.5 (s)0.5 (t)0.6 (m)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (p)0.6 (r)0.5 (o)0.5 (p)0.5 (e)0.6 (r)0.5 (t)0.5 (y)13 ( )0.5 (i)0.5 (s)13.1 ( )0.5 (s)0.5 (t)0.5 (a)0.5 (t)0.6 (e)0.5 (d)13 ( )0.5 (a)0.5 (t)13 ( )0.6 (c)0.5 (o)0.5 (s)0.5 (t)13 ( )0.6 (l)0.5 (e)0.5 (s)0.5 (s)13.1 ( )0.5 (a)0.5 (c)0.5 (c)0.6 (u)0.5 (m)0.5 (u)0.5 (l)0.5 (a)0.5 (t)0.6 (e)0.5 (d)13 ( )0.5 (d)0.5 (e)0.6 (p)0.5 (r)0.5 (e)0.5 (c)0.6 (i)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13.1 ( )0.5 (a)0.5 (n)0.5 (d)29 ( )]TJ 0.025 Tc 0.073 Tw 0 -1.4 Td (impairment losses. The depreciation is calculated using the straight lin\e method to allocate the cost to the )Tj 0 Tw 0 -1.4 Td (residual value over its estimated useful life of 35 years.)Tj 0.034 Tw 0 -2.8 Td (The gain or loss on disposal of an investment property is the difference\ between the net sales proceeds and )Tj 0 Tw 0 -1.4 Td (the carrying amount of the property, and is recognised in profit or loss\.)Tj /T1_1 1 Tf 0 -2.8 Td (Mining rights)Tj /T1_0 1 Tf 0.034 Tc 0.074 Tw 0 -2.8 Td [(Mining)9.1 ( )0.5 (rights)9 ( )0.5 (are)9.1 ( stated)9 ( )0.5 (at)9 ( )0.5 (cost)9 ( )0.5 (less)9 ( )0.6 (accumulated)9 ( )0.5 (amortisation)9 ( )0.5 (and)9 ( )0.5 (any)9 ( )0.5 (impairment)9 ( )0.5 (losses.)8.9 ( )0.5 (Mining)9 ( )0.5 (rights)9 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.4 Td (include the cost of acquiring mining licenses, exploration and evaluatio\n costs transferred from exploration )Tj 0.036 Tw 0 -1.4 Td [(rights and )0.5 (assets upon determination that )0.5 (an exploration property )0.5 (is capable )0.5 (of commercial production, and )]TJ 0.026 Tc 0.082 Tw 0 -1.4 Td [(the)1.1 ( )0.5 (cost)1 ( )0.5 (of)1 ( )0.5 (acquiring)1 ( )0.5 (interests)1 ( )0.5 (in)1 ( )0.5 (the)1 ( )0.5 (mining)1 ( )0.5 (reserves)1 ( )0.5 (of)1 ( )0.5 (existing)1 ( )0.5 (mining)1 ( )0.5 (properties.)1 ( )0.5 (The)1 ( )0.5 (mining)1 ( )0.5 (rights)1 ( )0.5 (are)1.1 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.4 Td [(amortised)12.7 ( over)12.7 ( the)12.8 ( estimated)12.7 ( useful)12.7 ( lives)12.7 ( of)12.7 ( the)12.8 ( mines,)12.7 ( in)12.7 ( accordance)12.7 ( with)12.7 ( the)12.8 ( production)12.7 ( plans)12.7 ( of)12.7 ( the)19 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.4 Td (entities concerned and the proved and probable reserves of the mines usi\ng the units of production method. )Tj 0 Tw 0 -1.4 Td (Mining rights are written off to profit or loss if the mining property i\s abandoned.)Tj ET endstreamendobj10 0 obj</LastModified/NumberofPages 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rates prevailing on the transaction dates. 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The )Tj 0.039 Tc 0.07 Tw 0 -1.4 Td [(cost)12.8 ( of)12.8 ( acquisition)12.8 ( is)12.8 ( measured)12.8 ( at)12.8 ( the)12.8 ( acquisition-date)12.8 ( fair)12.8 ( value)12.8 ( of)12.8 ( the)12.8 ( assets)12.9 ( given,)12.8 ( equity)12.8 ( instruments)14 ( )]TJ 0.056 Tc 0 -1.4 Td [(issued,)12.8 ( liabilities)12.7 ( incurred)12.7 ( and)12.8 ( contingent)12.7 ( consideration.)12.7 ( Acquisition-related)12.8 ( costs)12.8 ( are)12.8 ( recognised)12.7 ( as)31 ( )]TJ 0.025 Tc 0.016 Tw 0 -1.4 Td [(expenses )0.5 (in )0.5 (the periods )0.5 (in )0.5 (which )0.5 (the )0.5 (costs )0.5 (are )0.5 (incurred )0.5 (and )0.5 (the )0.5 (services are received. )0.5 (Identifiable )0.5 (assets )0.5 (and )]TJ 0 Tw 0 -1.4 Td (liabilities of the subsidiary in the acquisition are measured at their a\cquisition-date fair values.)Tj 0.038 Tc 0.07 Tw 0 -2.8 Td [(The)12.7 ( excess)12.7 ( of)12.7 ( the)12.7 ( cost)12.7 ( of)12.7 ( acquisition)12.7 ( over)12.7 ( the)12.7 ( Company\222s)12.7 ( share)12.7 ( of)12.7 ( the)12.7 ( net)12.7 ( fair)12.7 ( value)12.7 ( of)12.7 ( the)12.7 ( subsidiary\222s)13 ( )]TJ 0.025 Tc 0.019 Tw 0 -1.4 Td [(identifiable )0.5 (assets and )0.5 (liabilities )0.5 (is recorded as )0.5 (goodwill. Any )0.5 (excess )0.5 (of )0.5 (the )0.5 (Company\222s )0.5 (share )0.5 (of )0.5 (the net )0.5 (fair )]TJ 0.024 Tc 0 Tw 0 -1.4 Td [(value of the identifiable assets and liabilities over the cost of acquis\ition is recognised in consolidated profit)-1 ( )]TJ 0.025 Tc 0 -1.4 Td (or loss as a gain on bargain purchase which is attributed to the Company\.)Tj 0.052 Tc 0.07 Tw 0 -2.8 Td [(In)12.8 ( a)12.8 ( business)12.7 ( combination)12.7 ( achieved)12.8 ( in)12.7 ( stages,)12.7 ( the)12.8 ( previously)12.7 ( held)12.8 ( equity)12.7 ( interest)12.7 ( in)12.7 ( the)12.7 ( subsidiary)12.8 ( is)27 ( )]TJ 0.038 Tc 0 -1.4 Td [(remeasured)12.6 ( at)12.6 ( its)12.6 ( acquisition-date)12.6 ( fair)12.6 ( value)12.6 ( and)12.6 ( the)12.6 ( resulting)12.6 ( gain)12.5 ( or)12.6 ( loss)12.6 ( is)12.5 ( recognised)12.6 ( in)12.6 ( consolidated)12.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (profit or loss. The fair value is added to the cost of acquisition to ca\lculate the goodwill.)Tj ET endstreamendobj196 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 24.0557 Tm (\226 8 \226)Tj 0.024 Tc 10 0 0 10 79.3701 728.7079 Tm [(In addition, the management of the Group is expect that sufficient sales\ orders will be secured in the coming)-1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.4 Td (year.)Tj 0.024 Tc 0 Tw 0 -2.8 Td [(On the basis that the Group can successfully completed the certain measu\res as mentioned above to improve)-0.9 ( )]TJ 0 -1.4 Td [(its operating results and cash flows, the directors of the Company belie\ve that the Group will have sufficient)-1 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.4 Td [(f)0.5 (u)0.5 (n)0.5 (d)0.6 (s)12 ( )0.5 (t)0.5 (o)12 ( )0.5 (f)0.5 (i)0.5 (n)0.5 (a)0.6 (n)0.5 (c)0.5 (e)12 ( )0.5 (i)0.6 (t)0.5 (s)12 ( )0.5 (c)0.5 (u)0.5 (r)0.6 (r)0.5 (e)0.5 (n)0.5 (t)12 ( )0.5 (w)0.5 (o)0.6 (r)0.5 (k)0.5 (i)0.5 (n)0.5 (g)12 ( )0.5 (c)0.6 (a)0.5 (p)0.5 (i)0.5 (t)0.5 (a)0.6 (l)12 ( )0.5 (r)0.5 (e)0.5 (q)0.6 (u)0.5 (i)0.5 (r)0.5 (e)0.5 (m)0.5 (e)0.6 (n)0.5 (t)0.5 (s)12 ( )0.5 (i)0.5 (n)12 ( )0.5 (t)0.5 (h)0.6 (e)12 ( )0.5 (n)0.5 (e)0.5 (x)0.6 (t)11.9 ( )0.5 (t)0.6 (w)0.5 (e)0.5 (l)0.5 (v)0.5 (e)12.1 ( )0.5 (m)0.5 (o)0.5 (n)0.5 (t)0.5 (h)0.5 (s)12 ( )0.6 (f)0.5 (r)0.5 (o)0.5 (m)12 ( )0.5 (t)0.5 (h)0.5 (e)12.1 ( )0.5 (e)0.5 (n)0.5 (d)12 ( )0.5 (o)0.5 (f)12 ( )0.5 (t)0.5 (h)0.6 (e)12 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.4 Td [(reporting )0.5 (date. )0.5 (Accordingly, )0.5 (the )0.5 (consolidated financial )0.5 (statements )0.5 (have )0.5 (been )0.5 (prepared )0.5 (on )0.5 (a )0.5 (going )0.5 (concern )]TJ -0.025 Tw 0 -1.4 Td (basis.)Tj /T1_1 1 Tf 0 Tw -2.268 -2.8 Td (3.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (ADOPTION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS)Tj /T1_0 1 Tf 0.058 Tc 0.07 Tw 0 -2.8 Td [(In)12.8 ( the)12.8 ( current)12.8 ( year,)12.8 ( the)12.8 ( Group)12.8 ( has)12.8 ( adopted)12.8 ( all)12.8 ( the)12.8 ( new)12.9 ( and)12.8 ( revised)12.8 ( Hong)12.8 ( Kong)12.8 ( Financial)12.8 ( Reporting)33 ( )]TJ 0.025 Tc 0.029 Tw 0 -1.4 Td (Standards \(\223HKFRSs\224\) issued by the Hong Kong Institute of Certif\ied Public Accountants that are relevant )Tj 0.024 Tc 0 Tw 0 -1.4 Td [(to its operations and effective for its accounting year beginning on 1 J\anuary 2020. HKFRSs comprise Hong)-1 ( )]TJ 0.025 Tc 0.054 Tw 0 -1.4 Td (Kong Financial Reporting Standards; Hong Kong Accounting Standards; and \Interpretations. The adoption )Tj 0.05 Tw 0 -1.4 Td (of these new and revised HKFRSs did not result in significant changes to\ the Group\222s accounting policies, )Tj 0.016 Tw 0 -1.4 Td (presentation of the Group\222s consolidated financial statements and amo\unts reported for the current year and )Tj 0 Tw 0 -1.4 Td (prior years.)Tj 0 -2.8 Td (The Group has not applied the new and revised HKFRSs that have been issu\ed but are not yet effective. The )Tj 0.007 Tw 0 -1.4 Td (Group has already commenced an assessment of the impact of these new and\ revised HKFRSs but is not yet )Tj 0.02 Tw 0 -1.4 Td (in a position to state whether these new and revised HKFRSs would have a\ material impact on its results of )Tj 0 Tw 0 -1.4 Td (operations and financial position.)Tj /T1_1 1 Tf -2.268 -2.8 Td (4.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (SIGNIFICANT ACCOUNTING POLICIES)Tj /T1_0 1 Tf 0.051 Tc 0.07 Tw 0 -2.8 Td [(T)0.5 (h)0.5 (e)0.5 (s)0.5 (e)13 ( )0.5 (c)0.5 (o)0.5 (ns)0.5 (o)0.5 (l)0.5 (i)0.5 (d)0.5 (a)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (f)0.5 (in)0.5 (a)0.5 (n)0.5 (c)0.5 (i)0.5 (a)0.5 (l)13 ( )0.5 (s)0.5 (t)0.5 (a)0.5 (t)0.5 (e)0.5 (me)0.5 (n)0.5 (t)0.5 (s)13 ( )0.5 (h)0.5 (a)0.5 (v)0.5 (e)13 ( )0.5 (b)0.5 (e)0.5 (e)0.5 (n)13 ( p)0.5 (r)0.5 (e)0.5 (p)0.5 (a)0.5 (r)0.5 (e)0.5 (d)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (a)0.5 (c)0.5 (c)0.5 (or)0.6 (da)0.5 (n)0.5 (c)0.5 (e)13 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (H)0.5 (K)0.5 (F)0.5 (RS)0.5 (s)0.5 (,)13 ( )0.5 (a)0.5 (c)0.5 (c)0.5 (o)0.5 (u)0.5 (n)0.5 (t)0.5 (i)0.5 (ng)26 ( )]TJ 0.025 Tc 0.008 Tw 0 -1.4 Td (principles generally accepted in Hong Kong and the applicable disclosure\s required by the Rules Governing )Tj 0 Tw 0 -1.4 Td (the Listing of Securities on The Stock Exchange and by the Hong Kong Com\panies Ordinance.)Tj 0 -2.8 Td (These consolidated financial statements have been prepared under the his\torical cost convention.)Tj 0.01 Tw 0 -2.8 Td (The preparation of consolidated financial statements in conformity with \HKFRSs requires the use of certain )Tj 0.033 Tc 0.075 Tw 0 -1.4 Td [(key)8 ( )0.5 (assumptions)8 ( )0.5 (and)8.1 ( )0.5 (estimates.)8 ( )0.5 (It)8 ( )0.5 (also)8 ( )0.5 (requires)8 ( )0.5 (the)8.1 ( directors)8.1 ( )0.5 (to)8 ( )0.5 (exercise)8 ( )0.5 (its)8 ( )0.5 (judgements)8 ( )0.5 (in)8 ( )0.5 (the)8 ( )0.5 (process)8 ( )0.5 (of)8 ( )]TJ 0.025 Tc 0.034 Tw 0 -1.4 Td (applying the accounting policies. The areas involving critical judgement\s and areas where assumptions and )Tj 0.067 Tc 0.07 Tw 0 -1.4 Td [(estimates)12.4 ( are)12.3 ( significant)12.4 ( to)12.4 ( these)12.3 ( consolidated)12.3 ( financial)12.4 ( statements,)12.3 ( are)12.3 ( disclosed)12.3 ( in)12.3 ( note)12.4 ( 5)12.3 ( to)12.3 ( the)42 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (consolidated financial statements.)Tj 0.024 Tw 0 -2.8 Td (The significant accounting policies applied in the preparation of these \consolidated financial statements are )Tj 0 Tw 0 -1.4 Td (set out below.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.8 Td (Consolidation)Tj /T1_0 1 Tf 0.06 Tw 0 -2.8 Td [(The )0.5 (consolidated financial )0.5 (statements )0.5 (include the )0.5 (financial )0.5 (statements of )0.5 (the )0.5 (Company and )0.5 (its )0.5 (subsidiaries )]TJ 0.005 Tw 0 -1.4 Td (made up to 31 December. Subsidiaries are entities over which the Group h\as control. The Group controls an )Tj 0.032 Tw 0 -1.4 Td (entity when it is exposed, or has rights, to variable returns from its i\nvolvement with the entity and has the )Tj 0.062 Tw 0 -1.4 Td (ability to affect those returns through its power over the entity. The G\roup has power over an entity when )Tj 0.029 Tc 0.079 Tw 0 -1.4 Td [(the)4.1 ( )0.5 (Group)4 ( )0.5 (has)4.1 ( )0.5 (existing)4.1 ( )0.5 (rights)4 ( )0.5 (that)4 ( )0.5 (give)4 ( )0.5 (it)4 ( )0.5 (the)4 ( )0.5 (current)4.1 ( )0.5 (ability)4 ( )0.5 (to)3.9 ( )0.6 (direct)4 ( )0.5 (the)4 ( )0.5 (relevant)4 ( )0.5 (activities,)4 ( )0.5 (i.e.)4 ( )0.5 (activities)4 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (that significantly affect the entity\222s returns.)Tj ET endstreamendobj195 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 24.0557 Tm (\226 7 \226)Tj /T1_1 1 Tf -19.029 58.583 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS)Tj /T1_2 1 Tf 0 -1.333 Td (For the year ended 31 December 2020)Tj /T1_1 1 Tf 10 0 0 10 56.6929 681.0479 Tm (1.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (GENERAL INFORMATION)Tj /T1_0 1 Tf 0.024 Tc 0 -2.8 Td [(Ko Yo Chemical \(Group\) Limited \(the \223Company\224\) was incorporate\d in the Cayman Islands as an exempted)-1 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.4 Td (company with limited liability. The address of the registered office is \Cricket Square, Hutchins Drive, P.O. )Tj 0.037 Tc 0.071 Tw 0 -1.4 Td [(Box)12 ( )0.5 (2)12 (6)12 (8)12 (1)12 (,)12 ( )0.5 (Grand)12 ( )0.5 (Cayman)12 ( )0.5 (KY)12 (1)12 (-)12 (1)12 (1)12 (1)12 (1)12 (,)12 ( )0.5 (Cayman)12 ( )0.5 (Islands.)12 ( )0.5 (The)12 ( )0.5 (address)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (principal)12 ( )0.5 (place)12 ( )0.5 (of)12 ( )0.5 (business)12 ( )0.6 (is)12 ( )]TJ 0.069 Tc 0.07 Tw 0 -1.4 Td [(Suite)12.4 ( No.)12.4 ( 0)12.5 (2)12.4 (,)12.4 ( 3)12.5 (1)12.4 (st)12.4 ( Floor,)12.4 ( Sino)12.4 ( Plaza,)12.4 ( 2)12.4 (5)12.4 (5)12.5 (\226)12.4 (2)12.4 (5)12.4 (7)12.5 ( Gloucester)12.4 ( Road,)12.4 ( Causeway)12.5 ( Bay,)12.4 ( Hong)12.5 ( Kong.)12.5 ( The)44 ( )]TJ 0.025 Tc 0.035 Tw 0 -1.4 Td (Company\222s shares are listed on the Main Board of The Stock Exchange o\f Hong Kong Limited \(the \223Stock )Tj -0.025 Tw 0 -1.4 Td (Exchange\224\).)Tj 0.043 Tc 0.07 Tw 0 -2.8 Td [(The)12.4 ( Company)12.4 ( is)12.4 ( an)12.4 ( investment)12.4 ( holding)12.4 ( company.)12.4 ( The)12.4 ( Company)12.4 ( and)12.4 ( its)12.4 ( subsidiaries)12.4 ( \(the)12.5 ( \223Group\224\))12.4 ( are)18 ( )]TJ 0.053 Tc 0 -1.4 Td [(principally)12.6 ( engaged)12.6 ( in)12.6 ( the)12.6 ( manufacture)12.6 ( and)12.6 ( sale)12.7 ( of)12.6 ( chemical)12.6 ( products)12.6 ( and)12.6 ( chemical)12.6 ( fertilisers)12.6 ( in)12.6 ( the)28 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (People\222s Republic of China \(the \223PRC\224\).)Tj 0.056 Tc 0.07 Tw 0 -2.8 Td [(The)12.8 ( consolidated)12.8 ( financial)12.8 ( statements)12.8 ( have)12.9 ( been)12.8 ( presented)12.8 ( in)12.8 ( Renminbi)12.8 ( \(\223RMB\224\),)12.8 ( which)12.8 ( is)12.8 ( also)12.8 ( the)31 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (functional currency of the Company and its principal subsidiaries.)Tj /T1_1 1 Tf -2.268 -2.8 Td (2.)Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (GOING CONCERN BASIS)Tj /T1_0 1 Tf 0.069 Tc 0.07 Tw 0 -2.8 Td [(During)12.5 ( the)12.5 ( year)12.6 ( 2)12.5 (0)12.6 (2)12.5 (0)12.5 (,)12.5 ( the)12.6 ( Group)12.5 ( had)12.6 ( certain)12.5 ( litigations)12.6 ( with)12.5 ( banks)12.5 ( as)12.5 ( disclosed)12.5 ( in)12.5 ( note)12.5 ( 4)12.5 (0)12.5 ( to)12.5 ( the)44 ( )]TJ 0.052 Tc 0 -1.4 Td [(consolidated)12.7 ( financial)12.7 ( statements)12.7 ( that)12.7 ( the)12.8 ( Group)12.7 ( is)12.8 ( still)12.8 ( in)12.7 ( negotiations)12.8 ( with)12.8 ( banks)12.8 ( on)12.7 ( the)12.8 ( repayment)27.1 ( )]TJ 0.024 Tc 0 Tw 0 -1.4 Td [(schedule, and the Group incurred a loss of approximately RMB241,802,000 \for the year ended 31 December)-0.9 ( )]TJ 0.118 Tc 0.07 Tw 0 -1.4 Td [(2)13 (0)13 (2)13 (0)13 ( )0.5 (a)0.5 (nd)13 ( )0.5 (a)0.5 (s)13 ( )0.5 (a)0.5 (t)13 ( )0.5 (3)13 (1)13 ( )0.5 (D)0.5 (e)0.5 (c)0.5 (e)0.5 (m)0.5 (b)0.5 (e)0.5 (r)13 ( )0.5 (2)13 (0)13 (2)13 (0)13 ( t)0.5 (h)0.5 (e)13 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)13 ( )0.5 (h)0.5 (a)0.5 (d)13 ( )0.5 (n)0.5 (e)0.5 (t)13 ( c)0.6 (ur)0.5 (r)0.5 (e)0.5 (n)0.5 (t)13 ( )0.5 (l)0.5 (i)0.5 (a)0.5 (b)0.5 (i)0.5 (l)0.5 (it)0.5 (i)0.5 (e)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (a)0.5 (p)0.5 (p)0.5 (r)0.5 (o)0.5 (x)0.5 (i)0.5 (ma)0.5 (t)0.5 (e)0.5 (l)0.5 (y)93 ( )]TJ 0.049 Tc 0 -1.4 Td [(RMB)12.5 (2)12.6 (,)12.6 (1)12.6 (8)12.5 (4)12.6 (,)12.6 (1)12.5 (9)12.6 (3)12.6 (,)12.6 (0)12.5 (0)12.6 (0)12.6 (.)12.5 ( These)12.6 ( conditions)12.5 ( indicate)12.6 ( the)12.6 ( existence)12.6 ( of)12.5 ( a)12.6 ( material)12.5 ( uncertainty)12.5 ( which)12.6 ( may)12.6 ( cast)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (significant doubt about the Group\222s ability to continue as a going co\ncern.)Tj 0.081 Tw 0 -2.8 Td (In the view of the directors of the Company, the Group had a net operati\ng cash inflow of approximately )Tj 0.026 Tc 0.082 Tw 0 -1.4 Td [(RMB)1 (6)1 (,)1 (5)1 (7)1 (5)1 (,)1 (0)1 (0)1 (0)1 ( )0.5 (during)1 ( )0.5 (the)1 ( )0.6 (year)1.1 ( )0.5 (and)1 ( )0.5 (the)1 ( )0.5 (Group\222s)1 ( )0.5 (business)1 ( )0.5 (is)1 ( )0.5 (under)1 ( )0.5 (normal)1 ( )0.5 (operations.)1 ( )0.5 (In)1 ( )0.5 (order)1 ( )0.5 (to)1 ( )0.5 (improve)1.1 ( )]TJ 0.024 Tc 0 Tw 0 -1.4 Td [(the Group\222s financial position, to provide liquidity and cash flows a\nd sustain the Group as a going concern,)-1 ( )]TJ 0.025 Tc 0 -1.4 Td (the Group has been implementing a number of measures, including but not \limited to:)Tj 0 -2.8 Td (\(i\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (The Group is actively negotiating with Group\222s bankers to renew and/o\r restructure the borrowings;)Tj 0.021 Tw -2.268 -2.8 Td (\(ii\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (As at 28 September 2020, the Company had entered into the second supplem\ental deed with Mr. Tang )Tj 0.039 Tc 0.07 Tw 0 -1.4 Td [(Guoqiang)12.1 ( to)12.2 ( increase)12.1 ( the)12.2 ( remaining)12.1 ( principal)12.2 ( amount)12.1 ( of)12.1 ( convertible)12.1 ( bonds)12.2 ( to)12.1 ( HK$)12.2 (9)12.1 (1)12.1 (8)12.1 (,)12.1 (0)12.2 (0)12.1 (0)12.1 (,)12.1 (0)12.1 (0)12.2 (0)12.1 ( for)14 ( )]TJ 0.025 Tc 0 Tw 0 -1.4 Td (financing the Group\222s development;)Tj 0.073 Tc 0.07 Tw -2.268 -2.8 Td [(\()48 (i)48 (i)48 (i)48 (\))]TJ /Span<>> BDC 1.625 0 Td ( )Tj EMC 0.643 0 Td [(With)12.1 ( the)12.2 ( completion)12.2 ( of)12.2 ( the)12.2 ( Group\222s)12.2 ( new)12.2 ( production)12.2 ( line)12.2 ( for)12.2 ( PBAT)12.2 ( within)12.2 ( this)12.2 ( year)12.2 ( and)12.2 ( the)48 ( )]TJ 0.025 Tc 0.04 Tw 0 -1.4 Td (development of other new projects as stated in the section of the Chairm\an\222s Statement of this results )Tj 0.041 Tw 0 -1.4 Td (announcement, it is believed that the liquidity and profitability of the\ Group can be improved and the )Tj 0 Tw 0 -1.4 Td (Group can handle the litigations with banks; and)Tj -2.268 -2.8 Td (\(iv\))Tj /Span<>> BDC ( )Tj EMC 2.268 0 Td (The Group will continue to take active measures to control the administr\ative costs.)Tj ET endstreamendobj194 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 24.0557 Tm (\226 6 \226)Tj ET 0 0 0 0 k /GS1 gs 374.173 737.008 85.039 -16 re 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/GS1 gs 136.063 536.99 34.016 -5.396 re 170.079 536.99 34.016 -5.396 re 204.094 536.99 34.016 -5.396 re 238.11 536.99 34.016 -5.396 re 272.126 536.99 34.016 -5.396 re 306.142 536.99 34.016 -5.396 re 340.157 536.99 34.016 -5.396 re 374.173 536.99 34.016 -5.396 re 408.189 536.99 34.016 -5.396 re 442.205 536.99 34.016 -5.396 re 476.22 536.99 34.016 -5.396 re 510.236 536.99 34.016 -5.396 re 136.063 531.594 34.016 -10 re 170.079 531.594 34.016 -10 re 204.094 531.594 34.016 -10 re 238.11 531.594 34.016 -10 re 272.126 531.594 34.016 -10 re 306.142 531.594 34.016 -10 re 340.157 531.594 34.016 -10 re 374.173 531.594 34.016 -10 re 408.189 531.594 34.016 -10 re 442.205 531.594 34.016 -10 re 476.22 531.594 34.016 -10 re 510.236 531.594 34.016 -10 re 136.063 521.594 34.016 -10 re 170.079 521.594 34.016 -10 re 204.094 521.594 34.016 -10 re 238.11 521.594 34.016 -10 re 272.126 521.594 34.016 -10 re 306.142 521.594 34.016 -10 re 340.157 521.594 34.016 -10 re 374.173 521.594 34.016 -10 re 408.189 521.594 34.016 -10 re 442.205 521.594 34.016 -10 re 476.22 521.594 34.016 -10 re 510.236 521.594 34.016 -10 re 136.063 511.594 34.016 -10 re 170.079 511.594 34.016 -10 re 204.094 511.594 34.016 -10 re 238.11 511.594 34.016 -10 re 272.126 511.594 34.016 -10 re 306.142 511.594 34.016 -10 re 340.157 511.594 34.016 -10 re 374.173 511.594 34.016 -10 re 408.189 511.594 34.016 -10 re 442.205 511.594 34.016 -10 re 476.22 511.594 34.016 -10 re 510.236 511.594 34.016 -10 re 136.063 501.594 34.016 -10 re 170.079 501.594 34.016 -10 re 204.094 501.594 34.016 -10 re 238.11 501.594 34.016 -10 re 272.126 501.594 34.016 -10 re 306.142 501.594 34.016 -10 re 340.157 501.594 34.016 -10 re 374.173 501.594 34.016 -10 re 408.189 501.594 34.016 -10 re 442.205 501.594 34.016 -10 re 476.22 501.594 34.016 -10 re 510.236 501.594 34.016 -10 re 136.063 491.594 34.016 -10 re 170.079 491.594 34.016 -10 re 204.094 491.594 34.016 -10 re 238.11 491.594 34.016 -10 re 272.126 491.594 34.016 -10 re 306.142 491.594 34.016 -10 re 340.157 491.594 34.016 -10 re 374.173 491.594 34.016 -10 re 408.189 491.594 34.016 -10 re 442.205 491.594 34.016 -10 re 476.22 491.594 34.016 -10 re 510.236 491.594 34.016 -10 re 136.063 478.585 34.016 -10 re 170.079 478.585 34.016 -10 re 204.094 478.585 34.016 -10 re 238.11 478.585 34.016 -10 re 272.126 478.585 34.016 -10 re 306.142 478.585 34.016 -10 re 340.157 478.585 34.016 -10 re 374.173 478.585 34.016 -10 re 408.189 478.585 34.016 -10 re 442.205 478.585 34.016 -10 re 476.22 478.585 34.016 -10 re 510.236 478.585 34.016 -10 re 136.063 468.585 34.016 -10 re 170.079 468.585 34.016 -10 re 204.094 468.585 34.016 -10 re 238.11 468.585 34.016 -10 re 272.126 468.585 34.016 -10 re 306.142 468.585 34.016 -10 re 340.157 468.585 34.016 -10 re 374.173 468.585 34.016 -10 re 408.189 468.585 34.016 -10 re 442.205 468.585 34.016 -10 re 476.22 468.585 34.016 -10 re 510.236 468.585 34.016 -10 re 136.063 458.585 34.016 -5.396 re 170.079 458.585 34.016 -5.396 re 204.094 458.585 34.016 -5.396 re 238.11 458.585 34.016 -5.396 re 272.126 458.585 34.016 -5.396 re 306.142 458.585 34.016 -5.396 re 340.157 458.585 34.016 -5.396 re 374.173 458.585 34.016 -5.396 re 408.189 458.585 34.016 -5.396 re 442.205 458.585 34.016 -5.396 re 476.22 458.585 34.016 -5.396 re 510.236 458.585 34.016 -5.396 re f BT 0 0 0 1 k /GS0 gs /T1_1 1 Tf 4.875 0 0 7.5 255.1181 684.2828 Tm (Attributable to equity holders of the Company)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 141.7323 680.2488 cm 0 0 m 328.819 0 l S Q BT /T1_0 1 Tf 0 Tc 4.875 0 0 7.5 136.063 681.2737 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 3.215 -4 Td (Share)Tj -0.439 -1.333 Td (capital)Tj 7.417 1.333 Td (Share)Tj -1.494 -1.333 Td (premium)Tj 7.727 1.333 Td (Merger)Tj 0.086 -1.333 Td (reserve)Tj 7.637 2.667 Td (Share)Tj -0.662 -1.333 Td (options)Tj 0.003 -1.333 Td (reserve)Tj 4.932 2.667 Td (Convertible)Tj 2.648 -1.333 Td (bonds)Tj -0.602 -1.333 Td (reserve)Tj 6.7 1.333 Td (Reserve)Tj 1.461 -1.333 Td (fund)Tj 4.274 2.667 Td (Enterprise)Tj 0.301 -1.333 Td (expansion)Tj 2.403 -1.333 Td (fund)Tj 3.239 1.333 Td (Accumulated)Tj 4.184 -1.333 Td (loss)Tj 3.192 4 Td (Transaction)Tj 0 Tw 1.133 -1.333 Td (with non-)Tj -0.025 Tw -0.633 -1.333 Td (controlling)Tj 1.107 -1.333 Td (interests)Tj 8.41 0 Td (Total)Tj 7.17 2.667 Td (Non-)Tj -2.731 -1.333 Td (controlling)Tj 1.107 -1.333 Td (interests)Tj 8.41 1.333 Td (Total)Tj -0.414 -1.333 Td (equity)Tj /T1_2 1 Tf -77.999 -1.333 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj 6.978 0 Td (RMB\222000)Tj /T1_0 1 Tf 0 Tw -94.811 -2.667 Td (Balance at 1 January 2019)Tj -0.025 Tw 18.696 0 Td (368,394)Tj 6.178 0 Td (1,409,065)Tj 7.92 0 Td (\(22,041\))Tj 7.361 0 Td (28,269)Tj 6.453 0 Td (224,903)Tj 7.503 0 Td (45,273)Tj 7.503 0 Td (1,131)Tj 4.745 0 Td (\(1,468,079\))Tj 8.828 0 Td (\(3,509\))Tj 6.311 0 Td (583,406)Tj 8.028 0 Td (1,805)Tj 5.928 0 Td (585,211)Tj 0 Tw -95.449 -1.333 Td (Total comprehensive loss for the year)Tj 0 Tc 21.596 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.695 0 Td (\(731,564\))Tj 0 Tc 0 Tw 10.261 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.695 0 Td (\(731,564\))Tj 8.828 0 Td (\(248\))Tj 5.128 0 Td (\(731,812\))Tj 0 Tw -95.066 -1.333 Td (Issuance of convertible bonds)Tj 0 Tc 21.596 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.078 0 Td (302,283)Tj 0 Tc 0 Tw 9.878 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.078 0 Td (302,283)Tj 0 Tc 0 Tw 9.878 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.078 0 Td (302,283)Tj 0 Tw -95.449 -1.333 Td (Issue of shares:)Tj 1 -1.333 Td (\227 Matured during the year)Tj 0 Tc 20.596 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.745 0 Td (\(5,956\))Tj 0 Tc 0 Tw 9.211 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.128 0 Td (5,956)Tj 0 Tc 0 Tw 8.828 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -97.349 -1.333 Td (\227 Conversion of bonds)Tj -0.025 Tw 17.696 0 Td (106,485)Tj 6.978 0 Td (110,107)Tj 0 Tc 0 Tw 9.878 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.695 0 Td (\(138,894\))Tj 0 Tc 0 Tw 10.261 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.603 0 Td (77,698)Tj 0 Tc 0 Tw 9.353 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.603 0 Td (77,698)Tj ET q 1 0 0 1 138.8978 557.2397 cm 0 0 m 25.512 0 l S Q BT 0 Tc 0 Tw 4.875 0 0 7.5 136.0631 558.2647 Tm ( )Tj ET q 1 0 0 1 172.9135 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 170.0789 558.2647 Tm ( )Tj ET q 1 0 0 1 206.9293 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 204.0946 558.2647 Tm ( )Tj ET q 1 0 0 1 240.945 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 238.1104 558.2647 Tm ( )Tj ET q 1 0 0 1 274.9608 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 272.1261 558.2647 Tm ( )Tj ET q 1 0 0 1 308.9765 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 306.1419 558.2647 Tm ( )Tj ET q 1 0 0 1 342.9923 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 340.1576 558.2647 Tm ( )Tj ET q 1 0 0 1 377.008 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 374.1734 558.2647 Tm ( )Tj ET q 1 0 0 1 411.0238 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 408.1891 558.2647 Tm ( )Tj ET q 1 0 0 1 445.0395 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 442.2049 558.2647 Tm ( )Tj ET q 1 0 0 1 479.0553 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 476.2206 558.2647 Tm ( )Tj ET q 1 0 0 1 513.071 557.2397 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 510.2364 558.2647 Tm ( )Tj 0.025 Tc -93.035 -2.667 Td (At 31 December 2019)Tj -0.025 Tw 18.696 0 Td (474,879)Tj 6.178 0 Td (1,519,172)Tj 7.92 0 Td (\(22,041\))Tj 7.361 0 Td (28,269)Tj 6.453 0 Td (382,336)Tj 7.503 0 Td (45,273)Tj 7.503 0 Td (1,131)Tj 4.745 0 Td (\(2,193,687\))Tj 8.828 0 Td (\(3,509\))Tj 6.311 0 Td (231,823)Tj 8.028 0 Td (1,557)Tj 5.928 0 Td (233,380)Tj ET 1.11 w q 1 0 0 1 138.8978 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 138.8978 531.9389 cm 0 0 m 25.512 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 4.875 0 0 7.5 136.0631 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 172.9135 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 172.9135 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 170.0789 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 206.9293 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 206.9293 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 204.0946 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 240.945 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 240.945 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 238.1104 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 274.9608 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 274.9608 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 272.1261 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 308.9765 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 308.9765 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 306.1419 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 342.9923 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 342.9923 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 340.1576 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 377.008 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 377.008 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 374.1734 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 411.0238 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 411.0238 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 408.1891 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 445.0395 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 445.0395 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 442.2049 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0553 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 479.0553 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 476.2206 532.8689 Tm ( )Tj ET 1.11 w q 1 0 0 1 513.071 534.0389 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 513.071 531.9389 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 510.2364 532.8689 Tm ( )Tj /T1_0 1 Tf 0.025 Tc -93.035 -2.667 Td (Balance at 1 January 2020)Tj /T1_1 1 Tf -0.025 Tw 18.696 0 Td (474,879)Tj 6.178 0 Td (1,519,172)Tj 7.92 0 Td (\(22,041\))Tj 7.361 0 Td (28,269)Tj 6.453 0 Td (382,336)Tj 7.503 0 Td (45,273)Tj 7.503 0 Td (1,131)Tj 4.745 0 Td (\(2,193,687\))Tj 8.828 0 Td (\(3,509\))Tj 6.311 0 Td (231,823)Tj 8.028 0 Td (1,557)Tj 5.928 0 Td (233,380)Tj /T1_0 1 Tf 0 Tw -95.449 -1.333 Td (Total comprehensive loss for the year)Tj /T1_1 1 Tf 0 Tc 21.596 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.695 0 Td (\(241,779\))Tj 0 Tc 0 Tw 10.261 0 Td (\226)Tj 0.025 Tc -0.025 Tw 3.695 0 Td (\(241,779\))Tj 9.353 0 Td (\(23\))Tj 4.603 0 Td (\(241,802\))Tj /T1_0 1 Tf 0 Tw -95.066 -1.333 Td (Issuance of convertible bonds)Tj /T1_1 1 Tf 0 Tc 21.596 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.603 0 Td (19,418)Tj 0 Tc 0 Tw 9.353 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.603 0 Td (19,418)Tj 0 Tc 0 Tw 9.353 0 Td (\226)Tj 0.025 Tc -0.025 Tw 4.603 0 Td (19,418)Tj /T1_0 1 Tf 0 Tw -95.974 -1.333 Td (Share-based payments)Tj /T1_1 1 Tf 0 Tc 21.596 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.128 0 Td (7,521)Tj 0 Tc 0 Tw 8.828 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 6.978 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.128 0 Td (7,521)Tj 0 Tc 0 Tw 8.828 0 Td (\226)Tj 0.025 Tc -0.025 Tw 5.128 0 Td (7,521)Tj ET 0.5 w q 1 0 0 1 138.8978 478.8348 cm 0 0 m 25.512 0 l S Q BT /T1_0 1 Tf 0 Tc 0 Tw 4.875 0 0 7.5 136.0632 479.8598 Tm ( )Tj ET q 1 0 0 1 172.9136 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 170.0789 479.8598 Tm ( )Tj ET q 1 0 0 1 206.9293 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 204.0947 479.8598 Tm ( )Tj ET q 1 0 0 1 240.9451 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 238.1104 479.8598 Tm ( )Tj ET q 1 0 0 1 274.9608 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 272.1262 479.8598 Tm ( )Tj ET q 1 0 0 1 308.9766 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 306.1419 479.8598 Tm ( )Tj ET q 1 0 0 1 342.9923 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 340.1577 479.8598 Tm ( )Tj ET q 1 0 0 1 377.0081 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 374.1734 479.8598 Tm ( )Tj ET q 1 0 0 1 411.0238 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 408.1891 479.8598 Tm ( )Tj ET q 1 0 0 1 445.0396 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 442.2049 479.8598 Tm ( )Tj ET q 1 0 0 1 479.0553 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 476.2206 479.8598 Tm ( )Tj ET q 1 0 0 1 513.071 478.8348 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 510.2364 479.8598 Tm ( )Tj 0.025 Tc -93.035 -2.667 Td (At 31 December 2020)Tj /T1_1 1 Tf -0.025 Tw 18.696 0 Td (474,879)Tj 6.178 0 Td (1,519,172)Tj 7.92 0 Td (\(22,041\))Tj 7.361 0 Td (35,790)Tj 6.453 0 Td (401,754)Tj 7.503 0 Td (45,273)Tj 7.503 0 Td (1,131)Tj 4.745 0 Td (\(2,435,466\))Tj 8.828 0 Td (\(3,509\))Tj 6.836 0 Td (16,983)Tj 7.503 0 Td (1,534)Tj 6.453 0 Td (18,517)Tj ET 1.11 w q 1 0 0 1 138.8978 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 138.8978 453.534 cm 0 0 m 25.512 0 l S Q BT 0 Tc 0 Tw 4.875 0 0 7.5 136.0632 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 172.9136 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 172.9136 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 170.0789 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 206.9293 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 206.9293 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 204.0947 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 240.9451 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 240.9451 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 238.1104 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 274.9608 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 274.9608 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 272.1262 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 308.9766 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 308.9766 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 306.1419 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 342.9923 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 342.9923 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 340.1577 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 377.0081 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 377.0081 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 374.1734 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 411.0238 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 411.0238 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 408.1892 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 445.0396 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 445.0396 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 442.2049 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 479.0553 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 479.0553 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 476.2207 454.464 Tm ( )Tj ET 1.11 w q 1 0 0 1 513.071 455.634 cm 0 0 m 25.512 0 l S Q 0.45 w q 1 0 0 1 513.071 453.534 cm 0 0 m 25.512 0 l S Q BT 4.875 0 0 7.5 510.2364 454.464 Tm ( )Tj ET endstreamendobj204 0 obj<>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc 12 0 0 12 285.0378 24.0557 Tm (\226 3 \226)Tj 0.025 Tw -19.029 58.583 Td (The board of directors \(the \223Board\224\) is pleased to present the a\udited annual results of Ko Yo )Tj 0 Tw 0 -1.333 Td (Chemical \(Group\) Limited \(the \223Company\224\) and its subsidiaries \\(collectively the \223Group\224\) for )Tj 0 -1.333 Td (the year ended 31 December 2020.)Tj /T1_1 1 Tf 0.176 Tc 0.07 Tw 0 -2.667 Td [(CONSOLIDATED)12.8 ( STATEMENT)12.7 ( OF)12.8 ( PROFIT)12.7 ( OR)12.8 ( LOSS)12.7 ( AND)12.7 ( OTHER)151 ( )]TJ 0.025 Tc 0 Tw 0 -1.333 Td (COMPREHENSIVE INCOME)Tj 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m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 374.1732 431.0067 Tm ( )Tj ET q 1 0 0 1 464.8819 431.2397 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 459.2126 431.0067 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 12 0 0 12 56.6929 401.0297 Tm (Operating loss)Tj -0.025 Tw 29.813 0 Td (\(71,213\))Tj /T1_0 1 Tf 6.562 0 Td (\(557,976\))Tj 0 Tw -36.374 -1.333 Td (Finance income)Tj /T1_2 1 Tf -0.025 Tw 24.173 0 Td (10)Tj /T1_1 1 Tf 7.348 0 Td (865)Tj /T1_0 1 Tf 7.087 0 Td (348)Tj 0 Tw -38.607 -1.333 Td (Finance expenses)Tj /T1_2 1 Tf -0.025 Tw 24.173 0 Td (10)Tj /T1_1 1 Tf 5.115 0 Td (\(152,091\))Tj /T1_0 1 Tf 7.087 0 Td (\(154,614\))Tj ET q 1 0 0 1 379.8425 364.2307 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 0.1 0 0 0.1 374.1732 363.9977 Tm ( )Tj ET q 1 0 0 1 464.8819 364.2307 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 0.1 0 0 0.1 459.2126 363.9977 Tm ( )Tj /T1_1 1 Tf 0.025 Tc 12 0 0 12 56.6929 334.0206 Tm (Loss before tax)Tj -0.025 Tw 29.288 0 Td (\(222,439\))Tj /T1_0 1 Tf 7.087 0 Td 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