00768開明投資 报.ppt

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1、2012,UBA INVESTMENTS LIMITED,開 明 投 資 有 限 公 司,(Incorporated in the Cayman Islands with limited liability),（於開曼群島註冊成立之有限公司）,Stock code 股份代號:768,Opportunities to Grasp,Annual Report,年報,2,4,7,9,18,28,30,31,32,33,34,35,36,1,年報,CONTENTSCorporate InformationManagement Discussion and AnalysisProfile of Dire

2、ctorsReport of the DirectorsCorporate Governance ReportIndependent Auditors ReportConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionStatement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of

3、 Cash FlowsNotes on the Financial Statements,目錄公司資料 管理層討論與分析 董事會人員資料 董事會報告 企業管治報告 獨立核數師報告 綜合收益表 綜合全面收益表 綜合財務狀況表 財務狀況表 綜合權益變動表 綜合現金流動表 財務報表附註 2012Annual Report,2,CORPORATE INFORMATIONBOARD OF DIRECTORSExecutive DirectorsMr.CHAU Wai Hing(Chairman)Mr.CHENG Wai Lun,AndrewDr.WONG Yun KuenIndependent Non-

4、executive DirectorsMr.CHAN Chung Yee,AlanDr.FUNG Lewis HungMr.TANG Hon Bui,RonaldCOMPANY SECRETARYMs.HAU Wing Lai,QueenieAUDITORSLI,TANG,CHEN&CO.Certified Public Accountants(Practising)AUDIT COMMITTEEMr.CHAN Chung Yee,Alan(Chairman)Dr.FUNG Lewis HungMr.TANG Hon Bui,RonaldREMUNERATION COMMITTEEMr.CHA

5、N Chung Yee,Alan(Chairman)Dr.FUNG Lewis HungMr.TANG Hon Bui,RonaldMr.CHENG Wai Lun,AndrewNOMINATION COMMITTEEMr.CHAN Chung Yee,Alan(Chairman)Dr.FUNG Lewis HungMr.TANG Hon Bui,RonaldMr.CHENG Wai Lun,AndrewPRINCIPAL BANKERWing Hang Bank,LimitedSTOCK CODEHong Kong Stock Exchange:768WEBSITEhttp:/.hkUBA

6、INVESTMENTS LIMITED 開明投資有限公司,公司資料董事會執行董事周偉興先生（主席）鄭偉倫先生黃潤權博士獨立非執行董事陳宗彝先生馮振雄醫生鄧漢標先生公司秘書侯詠麗小姐核數師李湯陳會計師事務所執業會計師審核委員會陳宗彝先生（主席）馮振雄醫生鄧漢標先生薪酬委員會陳宗彝先生（主席）馮振雄醫生鄧漢標先生鄭偉倫先生提名委員會陳宗彝先生（主席）馮振雄醫生鄧漢標先生鄭偉倫先生主要往來銀行永亨銀行有限公司股票代號香港聯合交易所：768網址http:/.hk,3,年報,CORPORATE INFORMATIONINVESTMENT MANAGERUpbest Assets Management L

7、imitedPRINCIPAL PLACE OF BUSINESS IN HONG KONG2nd Floor,Wah Kit Commercial Centre302 Des Voeux Road CentralHong KongREGISTERED OFFICEP.O.Box 309Ugland HouseGrand CaymanKY1-1104Cayman IslandsCAYMAN ISLANDS PRINCIPAL REGISTRARButterfield Fulcrum Group(Cayman)LimitedButterfield House,68 Fort StreetP.O.

8、Box 609Grand Cayman KY1-1107Cayman IslandsHONG KONG BRANCH REGISTRARTricor Standard Limited26th Floor,Tesbury Centre28 Queens Road EastWanchaiHong Kong,公司資料投資經理美建管理有限公司香港主要營業地點香港德輔道中302號華傑商業中心2樓註冊辦事處P.O.Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands開曼群島主要股份過戶登記處Butterfield Fulcrum Group(Cayma

9、n)LimitedButterfield House,68 Fort StreetP.O.Box 609Grand Cayman KY1-1107Cayman Islands香港股份過戶登記分處卓佳標準有限公司香港灣仔皇后大道東28號金鐘匯中心26樓2012Annual Report,4,MANAGEMENT DISCUSSION AND ANALYSISBUSINESS REVIEWFor the year ended 31st March,2012,UBA Investments Limited and itssubsidiaries(the“Group”)recorded a loss

10、attributable to equity holdersof approximately HK$28 million(2011:profit HK$14 million)and basicloss per share of HK$0.0260(2011:earnings per share HK$0.0130).Theloss was due to the continuous price deterioration of listed securities,causing by an increase in the unrealised loss on financial assets

11、at fairvalue through profit or loss.Based on the prudent accounting approach,the Group has also made HK$7 million impairment loss of available-for-sale financial assets.As at 31st March,2012,the net assets of theGroup were approximately HK$103 million(2011:HK$134 million).In 2011,the global major st

12、ock markets were confronted with variousuncertainties across the board.The US credit rating was downgradedby Standard&Poors,because there were concerns about US banksexposing to European debts,affecting market sentiment.Other majormarkets however,generally retreated as the risks brought about bythe

13、European sovereign debt problems grew.In the Mainland,marketsentiment was clouded by domestic uncertainties about monetarypolicies and measures to curb increases in property prices.In the first quarter of 2012,concerns over a potential financial crisis inthe euro-zone have ebbed substantially,especi

14、ally after the successfulnegotiation for a restructuring of privately-held Greek debt.Whileeconomic data out of Europe is consistent with recessionary conditionsacross the Atlantic,the US economy has been gaining strength,withthe job market seeing healthy growth.Private sector non-farm payrollshave

15、risen for two consecutive years since March 2010,offsettingweakness in public sector hiring.The US housing market also appearsto be turning the corner,with improving homebuilder sentiment,fallinginventory levels,rising housing starts,and multiyear-high affordability allset to fuel a recovery in the

16、sector.On the other hand,Chinas forecaston sustainable growth has led to a lowering of the countrys officiallong-term growth target from 8%to 7.5%.The Chinese government wassteering the domestic economy to a consumption-driven model,andinevitably this would have an impact on the overall economic gro

17、wth.At home in Hong Kong,the HSI rallied from around 24,500 in mid April2011 to the lowest point around 16,000 in early October 2011.As of 31stMarch,2012,the HSI rebounded to around 20,500.The high and lowvolatility was 34.7%during this financial year.Along with fluctuations inmarket conditions,the

18、Groups net asset value per share decreased by23.1%to HK$0.10 from HK$0.13.UBA INVESTMENTS LIMITED 開明投資有限公司,管理層討論與分析業務回顧開明投資有限公司及其附屬公司（本集團）截至二零一二年三月三十一日止年度，本公司權益持有人應佔淨虧損為28,000,000港元（二零一一年：淨 盈 利14,000,000港 元）及 基 本 每 股 虧 損0.0260港元（二零一一年：基本每股盈利0.0130港元）。本集團出現虧損是由於上市證券價格持續下跌，導致按公平值於損益賬列賬之財務資產未變現虧損上升。除此之

19、外，管理層基於審慎的會計方法，本集團為可供出售財務資產之減值虧損作出7,000,000港元撥備。本集團於二零一二年三月三十一日之資產淨值下跌至103,000,000港元（二零一一年：134,000,000港元）。二零一一年，全球各主要市場均面對種種不明朗因素。標準普爾將美國主權信貸評級下降，美國的銀行因持有歐債而備受關注，市場氣氛受壓。其他主要市場卻因為歐洲主權債務問題引發的風險加劇而下跌。市場對中國的貨幣政策及當局採取的遏抑房價措施存有疑慮，影響市場氣氛。踏入二零一二年第一季，歐元區金融危機的憂慮得到緩解，特別是在希臘政府與國債私人投資者順利達成債務重組的協議後，形勢更見改善。當經濟數據顯示

20、歐洲恐怕將步入經濟衰退之際，美國經濟則繼續走強，就業市場亦出現穩健增長。私人部門的非農就業人數自二零一零年三月起已經連升兩年，抵消疲弱的政府部門招聘情況。不僅如此，美國樓市亦看似出現轉機。而房屋建造商情緒改善、房屋庫存水平降低、新屋開工率上升，以及房屋購買力創多年新高等利好因素，均有望帶領樓市復甦。另一方面，預計中國將推行可持續的經濟發展模式，並將長期維持在8%的經濟增長目標下調至7.5%。中國政府將當地經濟正逐漸轉型至消費導向模式，難免對整體經濟增長有所影響。二零一一年十月初，恆生指數由四月中高位近24,500點大幅回落至近16,000點的低位。截至二零一 二年三月三十一日止，恆生指數回升至

21、近20,500點，全年度高低波幅達34.7%。由於受市況波動所影響，本集團每股資產淨值由0.13港元跌至0.10港元，下跌23.1%。,5,年報,MANAGEMENT DISCUSSION AND ANALYSISProspectsWe expect the global major stock markets will continue to facesignificant challenge.The US and European debt problems havebecome increasingly complicated and may last for some time.The

22、problems are clouded by political uncertainties and economic fragility,both in America and Europe.Despite concerted efforts to address theproblem,the scale and effectiveness of such international initiativesremain uncertain.Political elections in various countries may affectthe economy and the pace

23、of reforms will have to be renewed bythe new political leadership.In the Mainland,worries about inflationand uncertainties about monetary policies will continue to weigh onsentiment.Investors are also concerned that the slowdown in GDPgrowth may indicate an end to the Mainlands boom cycle.As risk of

24、 ahard-landing of the Mainland economy grow,Hong Kongs economicand market outlook also may be adversely affected.In the light of the above factors,the Group will adopt proactive butpragmatic investment strategies.The management will continue to aimat increasing its shareholders value by closely moni

25、toring its portfoliosperformance and seize investment opportunities resulting from thechanges in global and domestic economy.FINANCIAL REVIEWLiquidity and financial resourcesAs at 31st March,2012,the Group had bank balances and cash ofHK$3,648,357(2011:HK$8,872,456).The Board believes that the Group

26、has sufficient financial resources to satisfy its commitments and workingcapital requirements.As at 31st March,2012,none of listed equity securities of the Grouphad been pledged to secure margin facilities and loans granted by arelated company.Gearing ratioGearing ratio had not been presented(2011:n

27、il)as there was no debtas at 31st March,2012(2011:HK$nil).DividendThe Board has resolved not to recommend any payment of finaldividend.Capital structureThere was no change to the Groups capital structure for the year ended31st March,2012.,管理層討論與分析前景我們預期環球股市將繼續面對嚴峻的考驗。歐美債務問題愈趨複雜，並可能會持續一段時間。政局不穩及經濟疲弱，

28、令債務問題更難解決。雖然各國攜手解決有關問題，但措施的規模及成效仍是未知之數。同時，各國的政治選舉或將影響經濟前景和改革步伐。內地方面，由於市場對通賬前景及貨幣政策存有疑慮，市場氣氛將繼續受壓。鑑於國內生產總值增長放緩，投資者亦擔心這可能意味著內地經濟景氣周期可能結束。隨著內地經濟硬著陸的風險增加，香港的經濟及市場前景亦可能受到負面影響。鑒於以上各種因素，本集團將採取積極、務實的投資策略。管理層將繼續致力於增加股東價值，密切監測投資組合的表現和在必要時作出迅速和有效的行動，並且把握全球和本地經濟的變化以作投資機會。財務回顧流動資金及財政資源於二零一二年三月三十一日，本集團銀行結餘及現金共3,6

29、48,357港元（二零一一年：8,872,456港元）。董事會相信，本集團具有足夠財政資源履行承諾及應付營運資金要求。於二零一二年三月三十一日，本集團之上市證券並沒有抵押予關連公司以獲取孖展及借貸。債務率於二零一二年三月三十一日，本集團並沒有取得信貸（二零一一年：零港元），因而不能提供債務率（二零一一年：無）。股息董事會議決不建議派付末期股息。資本結構截至二零一二年三月三十一日，本集團之股份結構並沒有變動。2012Annual Report,6,MANAGEMENT DISCUSSION AND ANALYSISCapital commitment and contingent liabili

30、tiesAs at 31st March,2012,the Group had no material capital commitmentand contingent liabilities.Foreign currency fluctuationThe Board believes that the foreign exchange risk is minimal asthe Group mainly uses Hong Kong dollars to carry out its businesstransactions.Employment and remuneration polici

31、esAs at 31st March,2012,the Group employed a total of 4 full-timeemployees(2011:4),including the executive directors of the Group.Employees remuneration are fixed and determined with reference to themarket rate.Share optionsThe Company does not have share option scheme.CORPORATE GOVERNANCEThe Compan

32、y has complied with the Code on Corporate GovernancePractices as set out in Appendix 14 of the Rules Governing the Listingof Securities on the Stock Exchange(“Code”)throughout the yearended 31st March,2012,with deviations from code provisions A.4.1 ofthe Code only in respect of the service term of d

33、irectors.None of the independent non-executive directors of the Company wereappointed for a specific term.But all the directors of the Companyare subject to retirement by rotation according to the provisions underArticle 157 of the Articles of Association of the Company.As such,the Company considers

34、 that sufficient measures have been taken toensure that the Companys corporate governance practices are no lessexacting than those in the Code.APPRECIATIONThe Board would like to take this opportunity to extend our sincerethanks and express appreciation to those who have supported usduring the year.

35、By order of the BoardCHAU Wai HingChairman and Executive DirectorHong Kong,21st June,2012UBA INVESTMENTS LIMITED 開明投資有限公司,管理層討論與分析資金承擔及或然負債於二零一二年三月三十一日，本集團並無重大資金承擔及或然負債。外幣波動董事會相信，由於本集團主要以港元進行商業交易，因此所承受之外匯風險極低。僱員及薪酬政策於二零一二年三月三十一日，本集團合共僱用4名全職僱員（二零一一年：4名）包括集團執行董事。僱員之薪酬按市場薪酬而釐定。購股權本公司並無購股權計劃。企業管治除有關董事之服

36、務年期事宜偏離守則內條文第A.4.1條 外，本 公 司 已 於 截 至 二 零 一 二 年 三 月三十一日止年度內一直遵守聯交所證券上市規則附錄14所載之企業管治常規守則。本公司現時之獨立非執行董事並無特定任期，然而，本公司全體董事須遵守本公司組織章程細則第157條之退任條文。因此，本公司認為已採取足夠措施，以確保本公司之企業管治常規不遜於守則所載者。鳴謝董事會謹藉此機會衷心感謝各界人士在本年度對本公司之鼎力支持。承董事會命主席及執行董事周偉興香港，二零一二年六月二十一日,7,年報,PROFILE OF DIRECTORSEXECUTIVE DIRECTORSMr.CHAU Wai Hing(

37、“Mr.Chau”),aged 46,is the chairman andexecutive director of the Company.He is a fellow member of theInstitute of Public Accountants in Australia,a chartered member ofthe Chartered Institute for Securities&Investment and a member ofthe Hong Kong Securities Institute.He obtained his Bachelor Degreein

38、Quantitative Analysis for Business,Postgraduate Certificate inProfessional Accounting and Master Degree in Finance from the CityUniversity of Hong Kong.He also holds a Master Degree in ProfessionalAccounting from the Southern Cross University in Australia.Prior tojoining the Company,he possesses ove

39、r 18 years of experience inbanking,finance and wealth management and held senior positionsat several international financial institutions including Bank of America(Asia)Limited and Merrill Lynch(Asia Pacific)Limited.Save asdisclosed above,Mr.Chau does not hold directorship in other publiccompanies t

40、he securities of which are listed on any securities market inHong Kong or overseas in the past three years.Mr.CHENG Wai Lun,Andrew(“Mr.Cheng”),aged 39,is an executivedirector,member of the remuneration committee and member of thenomination committee of the Company.He holds a bachelors degreefrom the

41、 California State University,USA.He has over 10 yearsexperience in securities,corporate finance and direct investment.He isalso an executive director of Upbest Group Limited(Stock Code:335).Save as disclosed above,Mr.Cheng does not hold directorship in otherpublic companies the securities of which a

42、re listed on any securitiesmarket in Hong Kong or overseas in the past three years.Dr.WONG Yun Kuen(“Dr.Wong”),aged 54,is an executive director.He received a Ph.D.Degree from Harvard University,and was“Distinguished Visiting Scholar”at Wharton School of the Universityof Pennsylvania.Dr.Wong has work

43、ed in financial industries in theUnited States and Hong Kong for many years,and has considerableexperience in corporate finance,investment and derivative products.He is a member of the Hong Kong Securities Institute.Dr.Wong is anindependent non-executive director of Bauhaus International(Holdings)Li

44、mited(Stock Code:483),China Grand Forestry Green ResourcesGroup Limited(Stock Code:910),Climax International CompanyLimited(Stock Code:439),Kingston Financial Group Limited(StockCode:1031),Harmony Asset Limited(Stock Code:428),Hua Yi CopperHoldings Limited(Stock Code:559),Kaisun Energy Group Limited

45、(Stock Code:8203),Kong Sun Holdings Limited(Stock Code:295),China Yunnan Tin Minerals Group Company Limited(Stock Code:263),New Island Printing Holdings Limited(Stock Code:377)and ZMAYHoldings Limited(Stock Code:8085).Dr.Wong was also independentnon-executive director of Grand Field Group Holdings L

46、imited(StockCode:115)(September 2004 to September 2009),China E-LearningGroup Limited(Stock Code:8055)(August 2007 to June 2010),andSuperb Summit International Timber Company Limited(Stock Code:1228)(April 2007 to June 2010),and the chairman and executivedirector of Green Energy Group Limited(Stock

47、Code:979)(December2009 to May 2010).All the companies mentioned above are listedcompanies in Hong Kong.Save as disclosed above,Dr.Wong does nothold directorship in other public companies the securities of which arelisted on any securities market in Hong Kong or overseas in the pastthree years.,董事會人員

48、資料執行董事周偉興先生（周先生），46歲，為本公司主席及執行董事。周先生為澳洲公共會計師協會之資深會員，英國特許證券與投資協會之特許會員和香港證券專業學會之會員。周先生擁有香港城市大學工商數量分析學位、專業會計學深造証書及金融學碩士學位。周先生擁有澳洲南格斯大學專業會計碩士學位。加入本公司前，他在銀行、金融、財富管理領域擁有超過十八年經驗及周先生在不同的國際金融機構居高級職位，其中包括美國銀行（亞洲）有限公司及美林（亞太）有限公司。除上文披露者外，於過去三年，周先生並無於任何其他證券於香港及海外證券市場上市之公司擔任董事職務。鄭偉倫先生（鄭先生），39歲，為本公司執行董事、薪酬委員會委員及提名

49、委員會委員。彼持有美國加州州立大學之學士學位。彼於證券、企業融資及直接投資累積逾十年經驗。彼同時為美建集團有限公司（股份編號：335）之執行董事。除上文披露者外，於過去三年，鄭先生並無於任何其他證券於香港及海外證券市場上市之公司擔任董事職務。黃潤權博士（黃博士），54歲，為本公司執行董事。獲美國哈佛大學博士學位，並曾任美國賓夕法尼亞大學Wharton School傑出客席學者。黃博士在美國及香港金融界工作多年，對企業融 資、投 資 和 衍 生 產 品 均 有 豐 富 經 驗。彼 亦 為香港證券學會會員。黃博士現為包浩斯國際（控股）有限公司（股份編號：483）、中國林大綠色資源集團有限公司（股份

50、編號：910）、英發國際有限公司（股份編號：439）、金利豐金融集團有限公司（股 份 編 號：1031）、亨 亞 有 限 公 司（股份編號：428）、華藝礦業控股有限公司（股份編號：559）、凱順能源集團有限公司（股份編號：8203）、江山控股有限公司（股份編號：295）、中國雲錫礦業集團有限公司（股份編號：263）、新洲印刷集團有限公司（股份編號：377）與中民安園控股有限公司（股份編號：8085）之獨立非執行董事。黃博士從二零零四年九月至二零零九年九月為鈞濠集團有限公司（股份編號：115）之獨立非執行董事、從二零零七年八月至二零一零年六月為中國網絡教育集團有限公司（股份編號：8055）之獨