| 2010二零一零年HK$'000千港元 | 2009二零零九年HK$'000千港元(Restated)(重列) | Change變動+/(-) |
| RESULTSContinuing operations | 業績持續經營業務 | | | |
| Turnover | 營業額 | 901,521 | 784,652 | +15% |
| Gross profit | 毛利 | 170,406 | 324,955 | -48% |
| Segmental EBITDA(before unallocated items) | 分類EBITDA(扣除未分配項目前) | (116,322) | 149,871 | -178% |
| (Loss)/profit before income tax | 除所得稅前(虧損)/溢利 | (219,270) | 43,683 | -602% |
| (Loss)/profit for the year fromcontinuing operations | 來自持續經營業務之年內(虧損)/溢利 | (217,528) | 30,372 | -816% |
| Discontinued operationProfit from discontinuedoperation | 已終止經營業務已終止經營業務溢利 | 1,096,476 | 84,551 | +1,197% |
| Profit for the year | 年內溢利 | 878,948 | 114,923 | +665% |
| Profit attributable to:– Equity holders ofthe Company– Non-controlling interests | 應佔溢利:–本公司權益持有人–非控股權益 | 850,27528,673 | 85,84529,078 | +890%-1% |
| | 878,948 | 114,923 | |
| Earnings/(loss) per sharefor profit attributableto the equity holdersof the Company: | 本公司權益持有人應佔溢利之每股盈利/(虧損): | | | |
| From continuing anddiscontinued operations– Basic (HK$)– Diluted (HK$) | 來自持續經營業務及已終止經營業務–基本(港元)–攤薄(港元) | 0.3180.318 | 0.0350.035 | +809%+809% |
| From continuing operations– Basic (HK$)– Diluted (HK$) | 來自持續經營業務–基本(港元)–攤薄(港元) | (0.071)(0.071) | 0.0150.015 | -573%-573% |
| From discontinued operation– Basic (HK$)– Diluted (HK$) | 來自已終止經營業務–基本(港元)–攤薄(港元) | 0.3890.389 | 0.0200.020 | +1,845%+1,845% |
## Management Discussion and Analysis管理層之討論與分析
| Turnover營業額 | EBITDA EBITDA |
| 2010二零一零年HK$'000千港元 | 2009二零零九年HK$'000千港元(Restated)(重列) | Change變動+/(-) | 2010二零一零年HK$'000千港元 | 2009二零零九年HK$'000千港元(Restated)(重列) | Change變動+/(-) |
| Continuing operations | 持續經營業務 | | | | | | |
| Telecommunication solutions and operation value-added services | 電訊解決方案及運營增值服務 | 349,569 | 359,646 | -3% | 70,897 | 148,271 | -52% |
| Financial solutions, services and related products | 金融解決方案、服務及相關產品 | 186,402 | 186,032 | 0% | 18,353 | 23,205 | -21% |
| Payment solutions and services | 支付解決方案及服務 | 39,971 | 22,452 | +78% | (72,554) | (45,970) | N/A/不適用 |
| Electronic power meters & solutions | 電能計量產品及解決方案 | 370,439 | 253,586 | +46% | (119,204) | 25,033 | -576% |
| Others | 其他 | - | - | N/A/不適用 | (13,814) | (668) | N/A/不適用 |
| Segmental results | 分類業績 | 946,381 | 821,716 | +15% | (116,322) | 149,871 | -178% |
| Less: Inter-segment revenue | 減:分類間收益 | (44,860) | (37,064) | +21% | - | - | N/A/不適用 |
| Total | 合計 | 901,521 | 784,652 | +15% | (116,322) | 149,871 | -178% |
| Depreciation | 折舊 | | | | (38,995) | (38,312) | +2% |
| Amortisation | 攤銷 | | | | (13,138) | (7,100) | +85% |
| Segmental operating (loss)/profit | 分類經營(虧損)/溢利 | | | | (168,455) | 104,459 | -261% |
| Unallocated other income | 未分配其他收入 | | | | 10,256 | 2,806 | +266% |
| Unallocated corporate expenses | 未分配企業開支 | | | | (67,458) | (63,547) | +6% |
| Share of profit of an associated company | 應佔聯營公司溢利 | | | | 6,860 | - | N/A/不適用 |
| Finance cost | 融資成本 | | | | (473) | (35) | +1,251% |
| (Loss)/profit before income tax | 除所得稅前(虧損)/溢利 | | | | (219,270) | 43,683 | -602% |
| Income tax (credit)/expense | 所得稅(抵免)/開支 | | | | 1,742 | (13,311) | -113% |
| (Loss)/profit for the year from continuing operations | 來自持續經營業務之年內(虧損)/溢利 | | | | (217,528) | 30,372 | -816% |
| Discontinued operation | 已終止經營業務 | | | | | | |
| Profit from discontinued operation | 已終止經營業務溢利 | | | | 1,096,476 | 84,551 | +1,197% |
| Profit for the year | 年內溢利 | | | | 878,948 | 114,923 | +665% |
## Management Discussion and Analysis管理層之討論與分析
Following the completion of the spin-off of PAX Global Technology Limited (“PAX Global”) on 20 December 2010 on the Main Board of The Stock Exchange of Hong Kong Limited (the “Spin-off”), the Group focuses on the four key business segments being telecommunication solutions and operation valueadded services, financial solutions, payment solutions and electronic power meters and solutions. For the presentation of the consolidated financial statements for the years end 31 December 2010 and 2009, the EFT-POS terminal solutions business was regarded as “discontinued operation”.
The consolidated turnover from continuing operations amounted to HK\$901.5 million, representing an increase of 14.9% over 2009. Segmental operating loss from continuing operations totalled HK\$168.5 million as compared to a segmental operating profit of HK\$104.5 million in 2009; while loss for the year from continuing operations totalled HK\$217.5 million as compared to a profit of HK\$30.4 million in 2009, which was mainly due to an operating loss from electronic power meters and solutions; a decline in operating profit of telecommunication solutions; and an operating loss from payment solutions for the year ended 31 December 2010. Profit from discontinued operation was HK\$1,096.5 million as compared to HK\$84.6 million in prior year.
With regard to our balance sheet, the total assets as at 31 December 2010 amounted to HK\$3,657.4 million, compared with HK\$2,318.3 million as at 31 December 2009. As at 31 December 2010 net current assets amounted HK\$1,457.8 million, compared with HK\$1,609.4 million as at 31 December 2009.
隨着分拆百富環球科技有限公司（「百富環球」）及其於二零一零年十二月二十日在香港聯合交易所有限公司主板上市（「分拆」）完成後，本集團將專注四大主要業務分類，即電訊解決方案及運營增值服務、金融解決方案、支付解決方案及電能計量產品及解決方案。對於呈列截至二零一零年及二零零九年十二月三十一日止年度之綜合財務報表，電子支付(EFT-POS)終端解決方案業務被視為「已終止經營業務」。
來 自 持 續 經 營 業 務 之 綜 合 營 業 額 為901,500,000港 元， 較 二 零 零 九 年 增 長14.9%。來自持續經營業務之分類經營虧損為168,500,000港元，而二零零九年的分類經營溢利為104,500,000港元。持續經營業務之年度虧損為217,500,000港元，而二零零九年則為溢利30,400,000港元，此乃主要由於截至二零一零年十二月三十一日止年度電能計量產品及解決方案的經營虧損、電訊解決方案的經營溢利下降以及支付解決方案的經營虧損所致。已終止經營業務溢利為 1,096,500,000 港元，而上年度則為84,600,000 港元。
至 於 本 集 團 資 產 負 債 表 方 面， 於 二 零一 零 年 十 二 月 三 十 一 日 的 資 產 總 值 為3,657,400,000 港元，於二零零九年十二月三 十 一 日 則 為 2,318,300,000 港 元。 流 動資產淨值於二零一零年十二月三十一日為1,457,800,000 港元，於二零零九年十二月三十一日則為 1,609,400,000 港元。
## Management Discussion and Analysis管理層之討論與分析
## INVESTING AND FINANCING ACTIVITIES
On 29 January 2010, Success Bridge Limited (“SBL”) allotted 600 SBL preference shares at a total subscription price of US\$60 million (equivalent to approximately HK\$465 million) to a subscriber. The SBL preference shares shall represent 6% of the total issued share capital of SBL as enlarged by the subscription. The SBL preference shareholders may require the Company to acquire all SBL preference shares and SBL ordinary shares then in issue and held by the SBL preference shareholders in consideration of the issue of such number of new shares of the Company to be calculated by US\$60 million divided by the exchange price of HK\$4.5 per share (subject to adjustments). Net proceed from the subscription was approximately HK\$463 million.
On 5 March 2010, New Concept Services Limited (“New Concept”), a then wholly-owned subsidiary of the Company purchased the entire issued share capital of Mega Hunt Investments Limited from an independent third party. The consideration was satisfied by the allotment and issue of the New Concept ordinary shares, representing 20% of the issued share capital of New Concept as enlarged by such allotment and issue. The subscriber shall procure that New Concept can secure the employment of the technical experts for the research and development of low voltage power line carrier wave communication technology (“PLC”) and shall also procure certain intellectual property rights in respect of PLC to be transferred to New Concept at nil consideration. PLC is a kind of communication system specifically designed for electricity system, whereby analog and digital data are transmitted by carrier wave through the power lines in the existing electricity system. It has
## 投資及融資活動
於二零一零年一月二十九日，SuccessBridge Limited（「SBL」）按 總 認 購 價60,000,000 美元（相當於約 465,000,000 港元）配發600股SBL優先股給認購人。SBL優先股佔經認購事項擴大後SBL全部已發行股本之6%。SBL優先股股東可要求本公司收購當時已發行並由SBL優先股股東持有之全部SBL優先股及SBL普通股，代價為發行本公司的新股份，相關股份數目則按60,000,000 美元除以轉換價每股股份 4.5 港元（可予調整）。認購事項所得款項淨額約為463,000,000 港元。
於二零一零年三月五日，本公司當時之全資附屬公司新創服務有限公司（「新創」）自一名獨立第三方購買 Mega Hunt InvestmentsLimited全部已發行股本。買賣之代價以配發及發行新創普通股之方式支付，其佔新創經配發及發行新創普通股擴大後之已發行股本之20%。認購人將促使新創能確保僱用技術專家進行低壓電力線載波通信技術（「PLC」）研發，並亦將促使若干有關PLC之知識產權按零代價轉讓予新創。PLC為一種特別為電力系統設計之通訊系統，據此模擬數據及數碼數據透過載波通過現有電力系統之電力線傳輸。其優點為利用現有電力系統之電力線使通訊範圍更廣。藉進行收購事項，新創能
## Management Discussion and Analysis管理層之討論與分析
the advantage of wide coverage of communication by utilizing the power lines in the existing electricity system. With the acquisition, New Concept is able to leverage on the technology developed by the technical experts and have synergy effects with the electronic power meters and solutions business.
In March 2010, SBL entered into a sale and purchase agreement with several independent third parties (the “JIM Vendors”), pursuant to which the JIM Vendors agreed to sell and SBL agreed to purchase the entire registered capital of JIM Holdings International Company Limited, a company incorporated in British Virgin Islands, and its subsidiaries for a cash consideration of US\$22 million (approximately HK\$171.6 million). The acquisition allows the Group to strengthen its telecommunication value-added services business in the PRC. The acquisition was completed on 29 March 2010.
On 20 December 2010, PAX Global was listed on the Main Board of the Stock Exchange of Hong Kong Limited. Prior to the Spin-off and separate listing of PAX Global, it was a then 60% owned subsidiary to the Group. Upon the listing of shares of PAX Global, the Company’s interest was reduced from 60% to 44.4% by way of issuance of new shares by PAX Global. In January 2011, the over-allotment option was partially exercised by the global coordinator of the Global Offering of PAX Global. The Company’s interest in PAX Global was reduced from 44.4% to approximately 42.8%. Following the Spin-off and separate listing of PAX Global, PAX Global’s results will be reflected in the Group’s share of results of associates. The Spin-off will enable the two separate management teams to adopt different business 夠利用技術專家所開發之技術，與其現時所 從事之電能計量產品及解決方案業務形成協 同效應。
於二零一零年三月，SBL與若干獨立第三方（「結行賣方」）訂立買賣協議，據此，結行賣方同意出售而SBL同意購買結行控股國際有限公司（於英屬處女群島註冊成立之公司）及其附屬公司之全部註冊資本，現金代價為22,000,000 美 元（ 約 171,600,000 港 元 ）。該收購使本集團繼續增强其於中國之電訊增值服務業務。該項收購於二零一零年三月二十九日完成。
於二零一零年十二月二十日，百富環球於香港聯合交易所有限公司主板上市。在百富環球分拆及獨立上市前，其當時為本集團持有60%權益之附屬公司。百富環球上市後，透過發行百富環球新股份，本公司之權益從60%下降至44.4%。二零一一年一月，其全球發售之全球協調人行使部份超額配股權。本公司於百富環球之權益從44.4%下降至42.8%。於百富環球分拆及獨立上市後，本集團於百富環球業績之份額將反映於聯營公司業績內。分柝將令兩個獨立管理團隊可採納不同業務策略，以便更配合其業務發展及更清晰區分角色，加強專注於在有關公司業務之獨有機遇之能力。此外，透過本集團分
## Management Discussion and Analysis管理層之討論與分析
strategies in order to better suit their businesses and with clearer segregation of roles and enhance their ability to focus on opportunities specific to the business of the relevant company. Besides, the Spinoff of PAX Global from the Group will enable each of Hi Sun and PAX Global to establish its own profile thereby attracting different investors. The share offer and separate listing of PAX Global can enhance awareness of, and strengthen, the “PAX” brand which can facilitate PAX Global’s efforts in developing overseas markets for its products. Lastly, since Hi Sun will remain the single largest shareholder of PAX Global, we will continue to benefit from the growth and the business prospects of PAX Global.
On 11 January 2011, the Company entered into a sale and purchase agreement (the “Agreement”) with an independent third party (the “Vendor”), pursuant to which the Vendor agreed to sell and the Company conditionally agreed to purchase the entire issued share capital (the “Sales Share”) of Merchant Support Co., Ltd (“Merchant Support”), a company incorporated in Japan, and the Sales Claims, which comprise (i) the Loan Claims (which represent the Vendor’s loan claims against Merchant Support and Merchant Capital Limited (“Merchant Capital”) under certain loan agreements between the Vendor and Merchant Support or between the Vendor and Merchant Capital which remain outstanding as at three Business Days before the Completion Date); and (ii) AM Claims (which represent the Vendor’s right to demand payment of remuneration incurred until the Completion Date (inclusive) under the cost reimbursement agreement between the Vendor and Merchant Support); for the consideration of JPY1,258,370,841 (equivalent to approximately HK\$118.3 million), subject to adjustment. Subject to fulfillment or waiver of the conditions stipulated in the 拆百富環球可使高陽及百富環球各自建立自 有之範疇，藉以吸引不同投資者。股份發售 及百富環球獨立上市可提升「百富」品牌之認 知度及強化其品牌形象，有利於百富環球致 力開發產品之海外市場。最後，由於高陽將 繼續為百富環球之最大單一股東，因此，本 集團將繼續自百富環球之發展及業務前景獲 益。
於二零一一年一月十一日，本公司與一獨立第三方（「賣方」）訂立買賣協議（「協議」），據此，賣方同意出售及本公司有條件地同意購買 Merchant Support Co., Ltd（「Merchant Support」）（一間於日本註冊成立之公司）之全部已發行股本（「待售股份」）以及待售申索權。待售申索權包括(i)貸款申索權（即根據賣方與 Merchant Support 或賣方與 Merchant Capital Limited（「MerchantCapital」）訂立之若干貸款協議，於完成日期前三個營業日賣方就仍未償還之貸款對Merchant Support 及 Merchant Capital 作出申索之申索權）及(ii) AM 索償權（即根據賣方與 Merchant Support 訂立之費用償還協議，要求支付直至完成日期（包括該日）之酬金之權利）。代價為1,258,370,841日圓（相等於約118,300,000港元）（可根據予以調整）。待協議所載條件達成或豁免後，將於二零一一年七月十五日或之前完成（有待本公司與賣
# Management Discussion and Analysis管理層之討論與分析
Agreement, Completion shall take place on a date on or before 15 July 2011 to be agreed by the Company and the Vendor, failing which Completion shall take place on 15 July 2011.
## CONTINUING OPERATIONS
The performance of the four key business segments under the continuing operations during the year is set out as below.
## Telecommunications solutions and operation value-added services
方協議），如未能協議則將於二零一一年七月十五日完成。
## 持續經營業務
年內持續經營業務下四大主要業務分類之表現如下：
## 電訊解決方案及運營增值服務
| There is no different view taken by the Audit Committee from the Board regarding the selection, appointment, resignation or dismissal of external auditors.The Company's annual results for the year ended 31 December 2010 has been reviewed by the Audit Committee. | 審核委員會就外聘核數師甄選、委任、辭任或罷免所持意見與董事會無異。本公司截至二零一零年十二月三十一日止年度之全年業績已經由審核委員會審閱。 |
| Nomination CommitteeThe principal duties of the Nomination Committee include reviewing the structure, size and composition of the Board, developing and formulating relevant procedures for nomination and appointment of Directors, making recommendations to the Board on the appointment and succession planning of Directors, and assessment of the Independence of the Independent Non-Executive Directors.The Nomination Committee carries out the process of selecting and recommending candidates for directorships by making reference to the balance of expertise, skills, experience, professional knowledge, personal integrity and time commitments of such individuals, the requirements of the business of the Group and other relevant statutory requirements and regulations. An external recruitment agency may be engaged to carry out the recruitment and selection process when necessary. The Nomination Committee held one meeting during the year.In accordance with the Company's bye-laws 87(1) and 87(2), Mr. Cheug Yuk Fung, Mr. Kui Man Chun and Mr. Xu Chang Jun, Executive Directors of the Company, and Mr. Xu Sitao, Independent Non-Executive Director of the Company, shall retire by rotation and being eligible, offer themselves for re-election at the 2011 annual general meeting. | 提名委員會提名委員會之主要職責包括審閱董事會之架構、規模及組成、制定有關董事提名及委任程序以及就董事委任及繼任規劃向董事會作出意見,並評估獨立非執行董事之獨立身分。提名委員會負責就均衡專業知識、技能、經驗、專業知識、個人誠信及投入時間以及就本集團業務需要及其他相關法定規則及規例,甄選及推薦候任董事人選。有需要時或會委任外界招聘代理進行招聘及甄選程序。提名委員會於年內舉行一次會議。根據本公司之公司細則第87(1)及87(2)條,本公司執行董事張玉峰先生、渠萬春先生及徐昌軍先生、以及本公司獨立非執行董事許思濤先生將輪值告退,惟符合資格並願意於二零一一年股東週年大會膺選連任。 |
## Corporate Governance Report企業管治報告
The Board recommended the re-appointment of the Directors standing for re-election at the 2011 annual general meeting of the Company.
The Company’s circular dated 28 March 2011 contains detailed information of the Directors standing for re-election.
## Remuneration Committee
The primary objectives of the Remuneration Committee include making recommendations on and approving the remuneration policy and structure and remuneration packages of the Directors and the senior management. The Remuneration Committee is also responsible for establishing transparent procedures for developing such remuneration policy and structure to ensure that no Director or any of his associates will participate in deciding his own remuneration, which remuneration will be determined by reference to the performance of the individual and the Company as well as market practice and conditions.
The Remuneration Committee normally meets for reviewing the remuneration policy and structure and determination of the annual remuneration packages of the Directors and the senior management and other related matters. The Human Resources Department is responsible for collection and administration of the human resources data and making recommendations to the Remuneration Committee for consideration. The Remuneration Committee shall consult the Chairman and/or the Board about these recommendations on remuneration policy and structure and remuneration packages. The Remuneration Committee held one meeting during the year.
董事會推薦重選於本公司二零一一年股東週年大會膺選連任之董事。
本公司日期為二零一一年三月二十八日之通函載有膺選連任董事詳細資料。
## 薪酬委員會
薪酬委員會主要職青包括就董事及高級管理人員薪酬政策及結構與薪酬待遇作出推薦意見及加以批准。薪酬委員會亦負責制定該等薪酬政策及結構之具透明度程序，確保並無董事或彼任何聯繫人士參與釐定本身薪酬，而薪酬將參考個人及公司表現以及市場常規及情況後釐定。
薪酬委員會一般就審閱薪酬政策及結構以及釐定董事及高級管理人員年度薪酬待遇與其他相關事務舉行會議。人力資源部門負責收集及管理人力資源數據，並向薪酬委員會作出意見，以供其考慮。薪酬委員會須就該等薪酬政策及結構與薪酬待遇意見諮詢主席及╱或董事會。薪酬委員會於年內舉行一次會議。
## RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS
The Board is responsible for presenting a balanced, clear and understandable assessment of annual and interim reports, price-sensitive announcements and other disclosures required under the Listing Rules and other regulatory requirements.
The Directors acknowledge their responsibility for preparing the financial statements of the Company for the year ended 31 December 2010.
The statement of the external auditors of the Company about their reporting responsibilities on the financial statements is set out in the “Independent Auditor’s Report” on pages 65 to 68.
## INTERNAL CONTROL
For the internal control system of the Company, the Board has developed the Group’s systems of internal control and risk assessment and management. The Board has overall responsibility for reviewing and maintaining an adequate and effective internal control system to safeguard the interests of the shareholders and the assets of the Group. During the year, the Board has conducted reviews of the internal control system and considered the internal control system of the Group has been implemented effectively.
## 有關財務報表之責任
董事會須負責提呈年報及中期報告的均衡、清晰及易於理解的評估、上市規則與其他監管規則所規定的股價敏感公佈及其他披露資料。
董事明瞭彼等編製本公司截至二零一零年十二月三十一日止年度財務報表之責任。
本公司外聘核數師有關彼等申報財務報表責任之聲明載於第65至68頁「獨立核數師報告」。
## 內部監控
董事會就本公司內部監控制度制定本集團的內部監控及風險評估及管理制度，董事會對檢討及維持足夠及有效的內部監控措施負有全面責任，以保障股東利益及本集團資產。年內，董事會曾檢討其內部監控制度，並認為本集團之內部監控制度一直行之有效。
## Corporate Governance Report企業管治報告
## AUDITORS’ REMUNERATION
The external auditors have rendered certain nonaudit services to the Company for the year ended 31 December 2010 amounted to approximately HK\$5,250,000. The amount mainly represents nonaudit service fees in relation to the proposed spin-off of our electronic power meter business and our EFT-POS terminal solutions business to be listed on the Main Board of the Stock Exchange of Hong Kong Limited which was subsequently revised in August 2010 when the Company announced its proposed spin-off of its EFT-POS terminal solutions business and related taxation advisory services. The remuneration paid to the external auditor of the Company in respect of audit services for the year ended 31 December 2010 amounted to approximately HK\$2,600,000.
## SHAREHOLDER RIGHTS AND INVESTOR RELATIONS
The rights of shareholders and the procedures for demanding a poll on resolutions at shareholders’ meetings are contained in the Company’s bye-laws. Details of such rights and procedures to demand a poll are included in all circulars to shareholders during the year and the procedures for conducting a poll will be explained during the proceedings of meetings.
Poll results will be posted on the website of the Stock Exchange on the business day following the shareholders’ meeting.
Deviation from Code Provision E.1.2 (& reason):
Code provision E.1.2 stipulates that the Chairman of the Board should attend the annual general meeting. The Chairman did not attend the annual general meeting held on 28 Apirl 2010, however, Mr. Li Wenjin, an Executive Director of the Company, took the chair pursuant to the bye-laws of the Company.
## 核數師酬金
外聘核數師曾於截至二零一零年十二月三十一日止年度向本公司提供若干非核數服務，金額約5,250,000港元。此金額主要為與建議分拆電能計量產品業務及電子支付(EFT-POS)終端解決方案業務於香港聯合交易所有限公司主板上市相關之非核數服務費，其於二零一零年八月在本公司宣佈修訂分拆電子支付(EFT-POS)終端解決方案業務及相關稅務諮詢服務。本公司就截至二零一零年十二月三十一日止年度的核數服務而向外聘核數師支付的酬金約為2,600,000港元。
## 股東權利及投資者關係
股東權利及在股東大會要求按股數投票表決之程序，載於本公司之公司細則。要求按股數投票表決之權利及程序詳情，載於年內致各股東之所有通函，並將於會上講解按股數投票表決之程序。
按股數投票表決結果將於股東大會後之營業日，在聯交所網站刊載。
偏離守則條文第E.1.2條（及原因）：
守則條文第E.1.2條訂明董事會主席須出席股東週年大會，而主席並未出席於二零一零年四月二十八日舉行之股東週年大會，然而，本公司執行董事李文晉先生則根據本公司之公司細則出席會議並擔任主席。
## Corporate Governance Report企業管治報告
The Board recognises that the general meetings of the Company provide a forum for communication between the shareholders and the Board. The Chairman of the Board, or at his absence, an Executive Director of the Company, as well as chairmen of the Nomination Committee, Remuneration Committee and Audit Committee, or in their absence, other members of the respective committees, and where applicable, the Independent Board Committee, will be available to answer questions at future shareholders’ meetings.
Separate resolutions are proposed at shareholders’ meetings on each substantial issue, including the election of individual Directors.
The Company continues to enhance communications and relationships with its investors. Designated senior management maintains regular dialogue with institutional investors and analysts to keep them abreast of the Company’s developments. Enquiries from investors are dealt with in an informative and timely manner.
To promote effective communication, the Company maintains a website at www.hisun.com.hk, where extensive information and updates on the Company’s business developments and operations, financial information, corporate governance practices and other information are posted.
On behalf of the Board
## Cheung Yuk Fung
Chairman
Hong Kong, 17 March 2011董事會確認，本公司股東大會提供股東與董事會溝通之平台。董事會主席或（倘彼未能出席）本公司執行董事以及提名委員會、薪酬委員會及審核委員會與（如適用）獨立董事委員會主席或（倘彼等未能出席）各委員會成員，將出席日後股東會議，回答提問。
須於股東大會就各重大事項提呈獨立決議案，包括選舉個別董事。
本公司繼續加強與投資者之溝通及關係。指定高級管理人員與機構投資者及分析員經常聯繫，以簡報本公司發展。投資者查詢均盡快處理以提供有用資料。
為 促 進 有 效 溝 通， 本 公 司 設 有 網 站www.hisun.com.hk，刊載本公司業務發展及營運、財務資料、企業管治常規之廣泛及最新資料與其他資料。
代表董事會
主席張玉峰
香港，二零一一年三月十七日
The Directors submit their report together with the audited financial statements for the year ended 31 December 2010.
## PRINCIPAL ACTIVITIES ANDGEOGRAPHICAL ANALYSIS OFOPERATIONS
The principal activity of the Company is investment holding. After the Company span off PAX Global Technology Limited (“PAX Global”) on 20 December 2010, the Group focuses its activities on sales of electronic power meters and solutions, provision of telecommunication solutions and operation valueadded services, provision of financial solutions, services and related products and provision of payment solutions and services.
An analysis of the Group’s performance for the year by business and geographical segments is set out in note 6 to the financial statements.
## RESULTS AND APPROPRIATIONS
The results of the Group for the year ended 31 December 2010 are set out in the consolidated income statement on page 69.
The Directors do not recommend the payment of a dividend (2009: Nil).
## RESERVES
Details of the movements in the reserves of the Group and of the Company during the year are set out in the consolidated statement of changes in equity and in note 29 to the financial statements.
董事會謹此提呈彼等之報告及截至二零一零 年十二月三十一日止年度之經審核財務報 表。
## 主要業務及地區業務分析
本公司之主要業務為投資控股。隨著本公司於二零一零年十二月二十日分柝百富環球有限公司（「百富環球」）後，本集團的業務主要專注銷售電能計量產品及解決方案、提供電訊解決方案及運營增值服務、提供金融解決方案、服務及相關產品以及提供支付解決方案及服務。
本集團於本年度之表現按業務及地區劃分之分析載於財務報表附註6。
## 業績及分配
本集團截至二零一零年十二月三十一日止年度之業績載於第69頁之綜合收益表。
董事並不建議派付任何股息（二零零九年：無）。
## 儲備
年內本集團及本公司之儲備變動詳情載於綜合權益變動表及財務報表附註29。
## DONATIONS
Charitable and other donations of HK\$580,000 is made by the Group during the year (2009: Nil).
## PROPERTY, PLANT ANDEQUIPMENT
Details of the movements in property, plant and equipment of the Group are set out in note 16 to the financial statements.
## SHARE CAPITAL AND SHARE OPTIONS
The Company operates a share option scheme (the “Scheme”) for the purpose of attracting, retaining and motivating talented employees in order to strive for future developments and expansion of the Group. The Scheme became effective on 29 November 2001 and unless otherwise cancelled or amended, will remain valid and effective for a period of 10 years from that date.
No share option of the Company was granted or exercised during the year and there was no issued and outstanding share option under the Scheme which has not been exercised or lapsed at the date of this report.
The Board shall be entitled at any time, within 10 years of the date of the adoption of the Scheme to make an offer to any full-time employees, executive and nonexecutive directors of the Company or any subsidiary or associated companies (the “Participants”) in its absolute discretion. Further details of the Scheme can be found in the circulars of the Company dated 12 November 2001, 13 November 2006 and 24 November 2006 respectively.
## 捐獻
本集團於本年度作出慈善及其他捐獻為580,000港元（二零零九年：無）。
## 物業、廠房及設備
本集團物業、廠房及設備之變動詳情載於財務報表附註16。
## 股本及購股權
本公司之購股權計劃（「該計劃」）乃就吸引、留聘及鼓勵具實力員工為本集團之未來發展及拓展努力工作而設。該計劃已於二零零一年十一月二十九日生效，除非另行撤銷或修訂，否則該計劃將自生效當日起十年期間一直有效。
本公司並無於年內獲授出或行使之購股權，於本報告日期亦無根據購股權計劃發出而尚未行使或失效之購股權。
董事會有權自該計劃採納日期起計十年內隨時按其絕對酌情權向本公司或任何附屬公司或聯營公司任何全職僱員、執行及非執行董事（「參與者」）作出要約。該計劃的更多詳情載於本公司日期分別為二零零一年十一月十二日、二零零六年十一月十三日及二零零六年十一月二十四日的通函。
The maximum number of Shares which may be issued and to be issued upon exercise of all exercised and/ or outstanding options granted to each Participant shall not in aggregate exceed 1 per cent. of the relevant class of securities of the Company in issue in any 12-month period. Any further grant of options in excess of the aforesaid 1 per cent. limit shall be subject to the approval of the shareholders of the Company with such Participant and his/her associates abstaining from voting. As at the date of this report, no further Share was available for issue under the Scheme.
The exercise period of the options granted is determinable by the Directors, and such period shall commence on the date of the offer of the options (the “Offer Date”) and expire not later than 10 years after such date.
There is no minimum period for which an option must be held before it can be exercised and no performance target need to be achieved by the grantee before the options can be exercised.
A share option shall be deemed to have been accepted and to have taken effect when the duplicate letter comprising acceptance of the option duly signed by the Participant together with a remittance in favour of the Company of HK\$1.00 as consideration for the grant.
因悉數行使已行使的購股權及╱或已授予各參與者的尚未行使購股權而可能已發行及將予發行的最高股份數目不得超過於任何十二個月期間本公司已發行相關類別證券總數的1%。任何購股權的進一步授出如超越上述的1%限額，須待本公司股東批准方可作實，而該等參與者及其聯繫人須放棄投票。於本報告日期，該計劃下並無股份可供發行。
已授出的購股權之行使期由董事釐定，而該期間應由授予購股權之日起計算（「授予日期」），並於授予日期後十年內期滿。
概無設有行使前須持有購股權之最短期限規定，且承授人於行使購股權前毋須達致任何表現目標。
參與者於簽署有關接納購股權之複印函件，並匯款向本公司支付授予之代價1.00港元後，有關之購股權應被視為已獲接納及生效。
## Report of the Directors董事會報告
The exercise price of an option shall be determined at the discretion of the Board and shall be the highest of (i) the closing price of the Shares as stated in the Hong Kong Stock Exchange’s daily quotations sheet on the Offer Date, which must be a day on which the Hong Kong Stock Exchange is open for the business of dealing in securities (“Trading Day”); and (ii) a price being the average of the closing prices of the Shares as stated in the Stock Exchange’s daily quotation sheets for the five Trading Days immediately preceding the Offer Date; and (iii) the nominal value of a Share.
As at 31 December 2010, and up to the date of this report, there was no outstanding share option.
## DISTRIBUTABLE RESERVES
As at 31 December 2010, the Company had no reserves available for distribution as calculated under the Companies Act 1981 of Bermuda (as amended) (2009: HK\$27,916,000). However, the Company’s share premium account, in the amount of HK\$1,157,724,000 (2009: HK\$1,157,724,000) may be distributed in the form of fully paid bonus shares.
## PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the Company’s bye-laws and there was no restriction against such rights under the laws of Bermuda.
## FIVE YEAR FINANCIAL SUMMARY
A summary of the results and of the assets and liabilities of the Group for the last five financial years is set out on page 192.
購股權之行使價應由董事會酌情釐定，並應為下列之最高者(i) 授予日期當日（須為香港聯交所開放買賣證券的日子（「交易日」））香港聯交所每日報價表所列的股份收市價；及(ii)截至授予日期當日止五個交易日聯交所每日報價表所列股份收市價的平均數；及(iii)股份面值。
於二零一零年十二月三十一日及截至本報告日期，概無尚未行使之購股權。
## 可供分派儲備
根據百慕達一九八一年公司法（經修訂）計算，本公司於二零一零年十二月三十一日並無儲備可供分派（二零零九年：27,916,000港元）。然而，本公司可以繳足紅股方式分派股份溢價賬中為數1,157,724,000港元（二零零九年：1,157,724,000 港元）之款項。
## 優先認股權
本公司之公司細則並無有關優先認股權之條文規定，而百慕達法例亦無有關該等權利之限制。
## 五年財務概要
本集團於過去五個財政年度之業績及資產與負債概要載於第192頁。
## PURCHASE, SALE OR REDEMPTION OF SECURITIES
The Company has not redeemed any of its shares during the year. Neither the Company nor any of its subsidiaries has purchased or sold any of the Company’s shares during the year.
## DIRECTORS
The Directors during the year and up to the date of this report were:
## Executive Directors:
CHEUNG Yuk Fung KUI Man Chun XU Wensheng LI Wenjin XU Chang Jun
## Non-Executive Directors:
YANG Lei, Raymond CHANG Kai-Tzung, Richard
## Independent Non-Executive Directors:
TAM Chun Fai LEUNG Wai Man, Roger XU Sitao
In accordance with the Company’s bye-laws 87(1) and 87(2), one-third of the Directors of the Company are subject to retirement by rotation and re-election at the annual general meeting of the Company.
Messrs. Cheung Yuk Fung, Kui Man Chun, Xu Chang Jun and Xu Sitao will retire and, being eligible, will offer themselves for re-election at the forthcoming annual general meeting.
## 購買、出售或贖回證券
本公司於年內並無贖回其任何股份。年內，本公司或其任何附屬公司概無購買或出售本公司任何股份。
## 董事
年內及直至本報告日期之董事為：
## 執行董事：
張玉峰渠萬春徐文生李文晉徐昌軍
非執行董事：楊鐳張楷淳
## 獨立非執行董事：
譚振輝 梁偉民 許思濤
根據本公司之公司細則第87(1)及第87(2)條，本公司三分一董事須於本公司股東週年大會上輪值告退並可膺選連任。
張玉峰先生、渠萬春先生、徐昌軍先生及許思濤先生將退任，而彼等符合資格並願意於應屆股東週年大會膺選連任。
## Report of the Directors董事會報告
## DIRECTORS’ SERVICE CONTRACTS
As at the date of this report, each of Mr. Kui Man Chun, Mr. Li Wenjin, Mr. Xu Wensheng and Mr. Xu Chang Jun has entered into a service contract with the Company for a term of one year from 1 January 2004 and shall continue thereafter unless and until terminated by either the Company or the Directors giving to the other not less than a notice of three months.
Save as disclosed herein, none of the Directors had any existing or proposed service contracts with the Company or any member of the Group (excluding contracts expiring or determinable within one year without payment of compensation, other than statutory compensation).
## DIRECTORS’ INTERESTS IN CONTRACTS
No contracts of significance in relation to the Group’s business to which the Company, its fellow subsidiaries or its holding company was a party and in which a Director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.
## BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT
Brief biographical details of Directors and senior management are set out on pages 6 to 11.
## 董事之服務合約
於本報告日期，渠萬春先生、李文晉先生、徐文生先生及徐昌軍先生已各自與本公司訂立服務合約，任期自二零零四年一月一日起計，為期一年，並於其後繼續有效，除非及直至本公司或董事向對方發出不少於三個月之通知而終止。
除本報告披露者外，各董事概無與本公司或本集團任何成員公司訂有或擬訂立任何服務合約，惟不包括於一年內屆滿或可遭本公司終止而毋須賠償（法定賠償除外）之服務合約。
## 董事於合約之權益
本公司、其同系附屬公司或其控股公司概無於本年度終結時或年內任何時間訂有任何本公司董事於當中直接或間接擁有任何重大權益，且與本集團業務有關之重大合約。
## 董事及高級管理人員之履歷詳情
董事及高級管理人員之履歷詳情概要載於第6頁至11頁。
附註：
DIRECTORS’ AND CHIEF EXECUTIVE OFFICER’S INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES
As at 31 December 2010, the interests and short positions of each Director and Chief Executive Officer in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of the Securities and Futures Ordinance (“SFO”)), as recorded in the register maintained by the Company under Section 352 of the SFO or as notified to the Company were as follows:
Ordinary shares of HK\$0.0025 each in the Company
## 董事及行政總裁於股份、相關股份及債券之權益及淡倉
於二零一零年十二月三十一日，各董事及行政總裁於本公司及其相聯法團（定義見證券及期貨條例（「證券及期貨條例」））之股份、相關股份及債券中擁有，已記入本公司根據證券及期貨條例第352條存置之登記冊或已知會本公司之權益及淡倉如下：
本公司每股面值0.0025港元之普通股
| Name of Shareholder
股東名稱 | Number of ordinary shares
普通股數目 | Approximate percentage of shareholding**
股權之概約百分比** |
| Rich Global Limited ("RGL")*** | 617,083,636(L)* | 23.08% |
| Hi Sun Limited ("HSL")*** (Note 1)
(附註1) | 617,083,636(L)* | 23.08% |
| Mr. Kui Man Chun (Note 1)
渠萬春先生(附註1) | 645,733,636(L)* | 24.15% |
| Ever Union Capital Limited ("Ever Union") | 215,447,000(L)* | 8.06% |
| Mr. Che Fung (Note 2)
車峰先生(附註2) | 215,447,000(L)* | 8.06% |
| Atlantis Investment Management Limited | 267,722,000 (L) | 10.01% |
| Atlantis Investment Management (Hong Kong) Limited | 267,722,000 (L) | 10.01% |
| Ms. Liu Yang (Note 3)
劉央女士(附註3) | 267,722,000 (L) | 10.01% |
## Notes:
1 HSL is interested in the Company's share capital by virtue of its control of 100% shareholding in RGL, such capital are deem interested, and HSL in turn by Kui Man Chun through his control of 99.16% interest in HSL, in addition to his partner interest or disclosed in the section above.
2 Mr. Che Fung is interested in the Company’s share capital by virtue of his control of 100% shareholding in Ever Union.
3 Ms. Liu Yang is interested in the Company’s share capital by virtue of her until of 40% and 90% shareholding in Atlantis Investment Management Limited and Atlantis Investment Management (Hong Kong) Limited respectively, according to the disclosure by such parties.
The Letter “L” denotes a long position in shares.
\*\* The percentage is calculated based on the total number of issued shares of the Company as at 31 December 2010, which was 2,673,429,835 ordinary shares.
\*\*\* Mr. Kui Man Chun and Mr. Li Wenjin are directors of RGL and Mr. Kui Man Chun, Mr. Li Wenjin and Mr. Xu Wensheng are directors of HSL which were deemed or taken to have interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the SFO.
## CONNECTED TRANSACTIONS
There was no related party transaction which constituted connected transaction or continuing connected transaction not exempted under Rule 14A.31 or Rule 14A.33 of the Listing Rules during the year ended 31 December 2010. The Group has complied with the disclosure requirements in accordance with chapter 14A of the Listing Rules in respect of such transaction.
## 附註：
1 HSL因持有RGL之100%股權而於本公司股本擁有權益。該等股權被視為由渠萬春先生除彼之合夥人權益或上文所披露者外，通過持有HSL 99.16%權益持有。
2 車峰先生因持有Ever Union之100%股權而於本公司股本擁有權益。
3 根據有關方之披露，劉央女士因分別持有 Atlantis Investment Management Limited 及 Atlantis Investment Management (Hong Kong) Limited之40%及90%股權而於本公司股本擁有 權益。
大 「L」表示股份之好倉。
大\* 百分比乃根據本公司於二零一零年十二月三十一日之已發行股份總數2,673,429,835股普通股股份計算。
\*\*\* 渠萬春先生及李文晉先生為RGL董事及渠萬春先生、李文晉先生及徐文生先生為HSL董事，而其於本公司股份或相關股份中，被視作或當作擁有須根據證券及期貨條例第XV部第2及3分部規定披露之權益或淡倉。
## 關連交易
於截至二零一零年十二月三十一日止年度，概無構成關連交易或持續關連交易但未能根據上市規則第14A.31條或14A.33條獲豁免之關連方交易。本集團已遵守根據上市規則第14A章關於該交易之披露規定。
Details of a non-exempted connected transaction which was entered at the end of 2009 and was completed in the current financial year are disclosed below.
## Disposal and Issue of Convertible Preference Shares of Success Bridge Limited
As disclosed in the announcement of the Company of 30 December 2009 and the circular of 8 January 2010, the Company and Wise World Group Limited (the “Subscriber”) entered into a conditional subscription agreement (the “Subscription Agreement”) on 24 December 2009, pursuant to which the Company shall procure the issue and allotment by Success Bridge Limited (“Success Bridge”) (a wholly owned subsidiary of the Company) of, and the Subscriber shall subscribe for 600 preference shares of US\$0.001 each in the share capital of Success Bridge (“SBL Preference Shares”) at a total consideration of US\$60 million (equivalent to approximately HK\$465 million) (the “Subscription”). The 600 SBL Preference Shares represent 6.0% of the issued share capital of Success Bridge as enlarged by the Subscription. The 600 SBL Preference Shares have been issued on 29 January 2010.
On completion of the Subscription Agreement (“Completion”), the Company, the Subscriber and Success Bridge would enter into a shareholders’ agreement, pursuant to which the Company agreed to grant the rights to shareholders of SBL Preference Shares (other than the Company) (“SBL Preference Shareholders”) to, within a prescribed time frame, transfer to the Company all SBL Preference Shares together with all ordinary shares of Success Bridge (“SBL Ordinary Shares”) (that have arisen from the 於二零零九年年末訂立並於目前財政年度完 成之獲豁免關連交易之詳情披露如下。
## 出 售 及 發 行 Success BridgeLimited可換股優先股
誠如本公司日期為二零零九年十二月三十日之公佈及日期為二零一零年一月八日之通函所披露，本公司與Wise World GroupLimited （「認購人」）於二零零九年十二月二十四日訂立有條件認購協議（「認購協議」），據此，本公司須促使Success BridgeLimited（「Success Bridge」，本公司之全資附屬公司）發行及配發，而認購人須認購600股 Success Bridge 股本中每股面值 0.001美元之優先股（「SBL優先股」），總代價為60,000,000 美 元（ 相 等 於 約 465,000,000港元）（「認購事項」）。600股SBL優先股佔Success Bridge經認購事項擴大後之已發行股本6.0%。600股SBL優先股已於二零一零年一月二十九日發行。
於認購協議完成（「完成」）時，本公司、認購 人及Success Bridge將訂立股東協議，據 此，本公司將同意授予本公司以外之SBL優 先股股東（「SBL優先股股東」）權利，於指 定時限內，將全部SBL優先股連同當時已 conversion of the SBL Preference Shares) then in issue and held by such SBL Preference Shareholders in consideration of the issue of new ordinary shares of the Company (“Shares”) at the initial exchange price of HK\$4.5 per Share (subject to adjustments). The Company also agree, (i) if the audited consolidated net profit after taxation of Success Bridge and its subsidiaries for the financial year ending 31 December 2010 (the “2010 SBL Net Profit”) is less than RMB450,000,000, the Company shall transfer to the SBL Preference Shareholders such aggregate number of additional SBL Ordinary Shares equal to up to 3% of the aggregate number of ordinary and preference shares of Success Bridge (“SBL Shares”) in issue as at Completion at a consideration of HK\$1.00 (the “Ratchet Disposal”); and (ii) if the 2010 SBL Net Profit is RMB500,000,000 or more, the SBL Preference Shareholders shall transfer to the Company such aggregate number of SBL Preference Shares and/or SBL Ordinary Shares equal to up to 2% of the aggregate number of SBL Shares in issue as at Completion at a consideration of HK\$1.00 (the “Ratchet Acquisition”).
Pursuant to the Shareholders’ Agreement, at any time during a period from (and including) the day falling nine months after the date of the first issue of the SBL Preference Shares to (and excluding) the date falling on the third anniversary thereof and subject to the number of SBL Preference Shares then outstanding exceeding 50% in number of the aggregate number of such SBL Preference Shares and SBL Ordinary Shares (that have arisen on the conversion of the SBL Preference Shares), the majority SBL Preference Shareholders may, at their sole option, require the Company to acquire all SBL Preference Shares then in issue and SBL Ordinary Shares (that have arisen from the conversion of the SBL Preference Shares) and held
## Report of the Directors
董事會報告
發行並由該等SBL優先股股東持有之全部Success Bridge普通股（「SBL普通股」，因轉換SBL優先股而產生）轉撥予本公司，作為本公司按初步轉換價每股4.5港元（可予調整）發行新普通股股份（「股份」）之代價。本公司亦同意，(i) 倘 Success Bridge 及其附屬公司截至二零一零年十二月三十一日止財政年度之經審核綜合除稅後純利（「二零一零年SBL純利」）少於人民幣450,000,000元，本公司將按代價1.00港元向SBL優先股股東轉撥總數相等於完成時Success Bridge已發行之普通股及優先股股份總數（「SBL股份」）最多3%之SBL額外普通股股份（「漸增出售事項」）；及(ii)倘二零一零年SBL純利為人民幣500,000,000元或以上，則SBL優先股股東將按代價1.00港元向本公司轉撥總數相等於完成時已發行SBL股份總數最多2%之SBL優先股及╱或SBL普通股（「漸減收購事項」）。
根據股東協議，於由首次發行SBL優先股日期後九個月屆滿當日（包括當日）至發行SBL優先股日期第三週年屆滿日期（不包括當日）止期間任何時候及須受當時此等尚未轉換SBL優先股之數目超逾SBL優先股及SBL普通股（因轉換SBL優先股而產生）總數之50%所限，主要SBL優先股股東可全權要求本公司收購當時已發行由SBL優先股股東（本公
## Report of the Directors董事會報告
by the SBL Preference Shareholders (other than the Company) in consideration of the issue to the relevant SBL Preference Shareholder or the person (not being a connected person of the Company) designated by it of such number of new Shares to be calculated by US\$60 million (or its HK\$ equivalent calculated at the exchange rate of US\$1: HK\$7.7553) divided by the initial exchange price of HK\$4.5 per Share (subject to adjustments) (“Exchange Rights”). There will be no Ratchet Disposal or Ratchet Acquisition if the Exchange Rights are exercised in full.
The Subscriber was wholly-owned by Hao Capital Fund II L.P.. Hao Capital Fund II L.P. and Hao Capital China Fund L.P. (being funds under common control) through their wholly owned subsidiaries were substantial shareholders of a then subsidiary of the Company. Accordingly, each of the Subscription, the Ratchet Disposal, the Ratchet Acquisition, the purchase of SBL Shares on exercise of the Exchange Rights, constituted a connected transaction of the Company, subject to reporting, announcement and independent shareholders approval requirements under Chapter 14A of the Listing Rules. The Completion took place on 29 January 2010.
司除外）持有之全部SBL優先股及SBL普通股（於SBL優先股行使轉換權後發行者），代價為向有關SBL優先股股東或其指定的人士（非本公司的關連人士）發行新股份，相關股份數目則按60,000,000美元（或其按匯率1美元兌7.7553港元計算的相應港元金額）除以初步轉換價每股股份4.5港元（可予調整）計算（「轉換權」）。倘悉數行使轉換權，則漸增出售事項或漸減收購事項將不會出現。
認購人乃由 Hao Capital Fund II L.P. 全資擁有，而 Hao Capital Fund II L.P. 及 HaoCapital China Fund L.P.（受共同控制之基金）透過彼等之全資附屬公司為本公司當時一家附屬公司之主要股東。因此，認購事項、漸增出售事項、漸減收購事項及因行使轉換權而購買SBL股份均構成本公司之關連交易，根據上市規則第14A章，須遵守申報、公佈及獨立股東批准之規定。完成已於二零一零年一月二十九日生效。
## OTHER TRANSACTIONS
## (a) Acquisition of Mega Hunt Investments Limited
On 26 January 2010, a then wholly-owned subsidiary of the Company, New Concept Services Limited (“New Concept”), entered into a sale and purchase agreement with two independent third parties (the “Mega Hunt Vendor” and the “Guarantor”), pursuant to which Mega Hunt Vendor agreed to sell and New Concept agreed to purchase the entire issued share capital of Mega Hunt Investments Limited (“Mega Hunt”) for a consideration of 25 new shares of New Concept. The new shares represent 20% of the issued share capital of New Concept as enlarged by the allotment and issue of shares. The acquisition is expected to enhance the Group’s research in relation to PLC technology, a low voltage power line carrier wave communication technology, with a view to developing PLC modules into the development of the Group’s electronic power meters. The acquisition was completed on 5 March 2010.
## 其他交易
## (a) 收購 Mega Hunt Investments Limited
於二零一零年一月二十六日，本公司當時之全資附屬公司新創服務有限公司（「新創」）與兩名獨立人士（「Mega Hunt賣方」）及（「擔保人」）訂立買賣協議，據此，Mega Hunt賣方同意出售而新創同意購買 Mega Hunt Investments Limited（「Mega Hunt」）全部已發行股本，代價為25股新創新股份。新股份佔新創經配發及發行股份擴大後之已發行股本之20%。預期該收購加強本集團對有關PLC技術（低壓電力線載波通信技術）之研究，以發展PLC組件為本集團電能計量產品。該收購已於二零一零年三月五日完成。
## Report of the Directors董事會報告
## (b) Acquisition of JIM Holdings International Limited
On 19 March 2010, a subsidiary of the Company, Success Bridge Limited (“Success Bridge”), entered into a sale and purchase agreement with several independent third parties (the “JIM Vendors”), pursuant to which the JIM Vendors agreed to sell and Success Bridge agreed to purchase the entire registered capital of JIM Holdings International Company Limited, a company incorporated in British Virgin Islands, and its subsidiaries for the cash consideration of US\$22,000,000 (approximately HK\$171,600,000). The acquisition allows the Group to strengthen its telecom value-added services business in the PRC. The acquisition was completed on 29 March 2010.
## (c) Spin-off and separate listing of the electronic fund transfer point-ofsale (EFT-POS) terminal solutions business
During the year 2010, the Company announced its intention to spin-off the electronic fund transfer point-of-sale (“EFT-POS”) terminal solutions business on the Main Board of the Hong Kong Stock Exchange. The spin-off and separate listing was completed on 20 December 2010. For details of the spin-off and separate listing, please refer to the announcement dated 15 March 2010 and 19 August 2010 and circular dated 8 November 2010.
## (b) 收購結行控股國際有限公司
於二零一零年三月十九日，本公司附屬公司Success Bridge Limited（「SuccessBridge」）與若干獨立第三方（「結行賣方」訂立買賣協議，據此，結行賣方同意出售而 Success Bridge 同意購買結行控股國際有限公司（於英屬處女群島註冊成立之公司）及其附屬公司之全部註冊資本，現金代價為22,000,000美元（ 約171,600,000港 元 ）。 收 購 事 項使本集團得以強化於國內的電訊增值服務業務。收購事項已於二零一零年三月二十九日完成。
## (c) 分拆電子支付（EFT-POS）終端機解決方案業務並將之獨立上市
於二零一零年內，本公司宣佈有意將電子支付（EFT-POS）終端機解決方案業務分拆並在香港聯交所上市。分拆及獨立上市一事已於二零一零年十二月二十日完成。有關分柝及獨立上市之詳情，請參閱日期為二零一零年三月十五日及二零一零年八月十九日之公佈及日期為二零一零年十一月八日之通函。
## MANAGEMENT CONTRACTS
No contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the year.
## MAJOR CUSTOMERS AND SUPPLIERS
The percentages of purchases and sales for the year attributable to the Group’s major suppliers and customers are as follows:
## Purchases
– the largest supplier 7%
– five largest suppliers combined 21%
## Sales
the largest customer 24%
– five largest customers combined 51%
None of the Directors, their associates or any shareholder (which to the knowledge of the Directors own more than 5% of the Company’s share capital) had an interest in the major customers or suppliers noted above.
## SUBSEQUENT EVENTS
## (a) Acquisition of Merchant Support Co., Ltd
On 11 January 2011, the Company entered into a sale and purchase agreement (the “Agreement”) with an independent third party (the “Vendor”), pursuant to which the Vendor agreed to sell and the Company conditionally agreed to purchase the entire issued share capital (the “Sales Share”) of Merchant Support Co., Ltd (“Merchant Support”), a company incorporated in Japan, and
## 管理合約
年內，概無訂立或存在任何與本公司全部或任何重大業務部分相關之管理及行政合約。
## 主要客戶及供應商
年內，本集團主要供應商和客戶的應佔採購和銷售百分比如下：
採購
| For the year ended 31 December截至十二月三十一日止年度 |
| 2010二零一零年HK$'000千港元 | 2009二零零九年HK$'000千港元 |
| Profit for the year | 年内溢利 | 878,948 | 114,923 |
| Other comprehensive income | 其他全面收益 | | |
| Exchange differences arising on translation of the financial statements of foreign subsidiaries | 換算海外附屬公司財務報表產生之匯兑差額 | 59,404 | (348) |
| Fair value gain on revaluation of available-for sale financial assets | 重估可供出售金融資產公平值收益 | 100 | - |
| Release of reserve upon disposal of subsidiaries | 出售附屬公司之儲備解除 | (36,551) | - |
| Share of other comprehensive income of an associated company | 所佔一間聯營公司之其他全面收益 | 134 | - |
| Total comprehensive income for the year | 年内全面收益總額 | 902,035 | 114,575 |
| Total comprehensive income attributable to: | 應佔全面收益總額: | | |
| – Equity holders of the Company | –本公司權益持有人 | 873,093 | 85,498 |
| – Non-controlling interests | –非控股權益 | 28,942 | 29,077 |
| | 902,035 | 114,575 |
The notes on pages 80 to 191 are an integral part of these consolidated financial statements.
第80至191頁之附註乃綜合財務報表之其中部分。
# Consolidated Balance Sheet綜合資產負債表
| As at 31 December於十二月三十一日 |
| Note附註 | 2010二零一零年HK$'000千港元 | 2009二零零九年HK$'000千港元 |
| ASSETS | 資產 | | | |
| Non-current assets | 非流動資產 | | | |
| Investment properties | 投資物業 | 15 | 2,438 | 1,827 |
| Property, plant and equipment | 物業、廠房及設備 | 16 | 116,733 | 125,734 |
| Leasehold land | 租賃土地 | 17 | 38,826 | 42,007 |
| Intangible assets | 無形資產 | 18 | 252,595 | 116,064 |
| Interest in an associated company | 於一間聯營公司之權益 | 21 | 1,285,714 | - |
| Available-for-sale financial assets | 可供出售金融資產 | 19 | 23,500 | 23,400 |
| Long-term deposits | 長期按金 | 23 | 1,596 | - |
| Total non-current assets | 非流動資產總額 | | 1,721,402 | 309,032 |
| Current assets | 流動資產 | | | |
| Inventories | 存貨 | 22 | 168,426 | 167,558 |
| Trade and other receivables, prepayments and deposits | 應收賬款及其他應收款項、預付款項及按金 | 23 | 291,880 | 437,805 |
| Tax recoverable | 可收回税項 | | 3,590 | - |
| Financial assets at fair value through profit or loss | 溢利或虧損之金融資產 | 24 | 12,898 | 480 |
| Restricted cash | 受限制現金 | 25 | - | 1,740 |
| Short-term bank deposits | 短期銀行存款 | 26 | 177,557 | 261,741 |
| Cash and cash equivalents | 現金及現金等價物 | 27 | 1,281,616 | 1,139,974 |
| Total current assets | 流動資產總額 | | 1,935,967 | 2,009,298 |
| Total assets | 資產總額 | | 3,657,369 | 2,318,330 |
| EQUITY | 權益 | | | |
| Capital and reserves attributable to the Company's equity holders | 本公司權益持有人應佔股本及儲備 | | | |
| Share capital | 股本 | 28 | 6,684 | 6,684 |
| Reserves | 儲備 | 29 | 3,043,776 | 1,746,156 |
| | | 3,050,460 | 1,752,840 |
| Non-controlling interests | 非控股權益 | | 117,346 | 162,936 |
| Total equity | 權益總額 | | 3,167,806 | 1,915,776 |
The notes on pages 80 to 191 are an integral part of these consolidated financial statements.
第80至191頁之附註乃綜合財務報表之其中部分。
| 本公司權益持有人應佔 | Non-controlling interests | Total |
| Share capital股本HK$'000千港元 | Share premium股份溢價HK$'000千港元 | Contributed surplus實繳盈餘HK$'000千港元 | Other reserves其他儲備HK$'000千港元 | Exchange reserve外匯儲備HK$'000千港元 | Retained earnings保留盈利HK$'000千港元 | 非控股權益HK$'000千港元 | HK$'000千港元 |
| Balance at 1 January 2010 | 於二零一零年一月一日之結餘 | 6,684 | 930,020 | 168,434 | 108,785 | 81,675 | 457,242 | 162,936 | 1,915,776 |
| Comprehensive income | 全面收益 | | | | | | | | |
| Profit for the year | 年內溢利 | - | - | - | - | - | 850,275 | 28,673 | 878,948 |
| Other comprehensive income | 其他全面收益 | | | | | | | | |
| Exchange differences arising on translation of the financial statements of foreign subsidiaries | 換算海外附屬公司財務報表產生之匯兑差額 | - | - | - | - | 48,813 | - | 10,591 | 59,404 |
| Release of reserve upon disposal of subsidiaries (Note 33(b)) | 出售附屬公司所產生之儲備解除(附註33(b)) | - | - | - | - | (26,229) | - | (10,322) | (36,551) |
| Fair value gain on revaluation of available-for-sale financial assets (Note 19) | 重估可供出售金融資產公平值收益(附註19) | - | - | - | 100 | - | - | - | 100 |
| Share of other comprehensive income of an associated company (Note 21) | 所佔一間聯營公司之其他全面收益(附註21) | - | - | - | - | 134 | - | - | 134 |
| Total comprehensive income | 全面收益總額 | - | - | - | 100 | 22,718 | 850,275 | 28,942 | 902,035 |
| Issue of convertible preference share by a subsidiary (Note 36) | 一間附屬公司發行可換股優先股(附註36) | - | - | - | 407,354 | - | - | 55,440 | 462,794 |
| Acquisition of a subsidiary (Note 37(a)) | 收購一間附屬公司(附註37(a)) | - | - | - | 17,173 | - | - | 91,042 | 108,215 |
| Disposal of subsidiaries (Note 33(b)) | 出售附屬公司(附註33(b)) | - | - | - | - | - | - | (221,014) | (221,014) |
| Balance at 31 December 2010 | 於二零一零年十二月三十一日之結餘 | 6,684 | 930,020 | 168,434 | 533,412 | 104,393 | 1,307,517 | 117,346 | 3,167,806 |
The notes on pages 80 to 191 are an integral part of these consolidated financial statements.
第80至191頁之附註乃綜合財務報表之其中部分。
## For the year ended 31 December 2009 截至二零零九年十二月三十一日止年度
Attributable to equity holders of the Company 本公司權益持有人應佔
| 本公司權益持有人應佔 | Non-controlling interests非控股權益HK$'000千港元 | Total合計HK$'000千港元 |
| Share capital股本HK$'000千港元 | Share premium股份溢價HK$'000千港元 | Contributed surplus實繳盈餘HK$'000千港元 | Other reserves其他儲備HK$'000千港元 | Exchange reserve外匯儲備HK$'000千港元 | Retained earnings保留盈利HK$'000千港元 |
| Balance at 1 January 2009 | 於二零零九年一月一日之結餘 | 5,580 | 548,330 | 168,434 | 21,204 | 82,022 | 371,397 | 67,702 | 1,264,669 |
| Comprehensive income | 全面收益 | | | | | | | | |
| Profit for the year | 年內溢利 | - | - | - | - | - | 85,845 | 29,078 | 114,923 |
| Other comprehensive income | 其他全面收益 | | | | | | | | |
| Exchange differences arising on translation of the financial statements of foreign subsidiaries | 換算海外附屬公司財務報表產生之匯兑差額 | - | - | - | - | (347) | - | (1) | (348) |
| Total comprehensive income | 全面收益總額 | - | - | - | - | (347) | 85,845 | 29,077 | 114,575 |
| Shares issued under share options scheme of the Company | 根據本公司購股權計劃發行股份 | 104 | 82,810 | - | - | - | - | - | 82,914 |
| Issue of new shares | 發行新股 | 1,000 | 299,000 | - | - | - | - | - | 300,000 |
| Share issue expenses | 發行股份之開支 | - | (120) | - | - | - | - | - | (120) |
| Disposal of 20% equity interest in a subsidiary | 出售一家附屬公司20%股權 | - | - | - | 87,581 | - | - | 66,157 | 153,738 |
| Balance at 31 December 2009 | 於二零零九年十二月三十一日之結餘 | 6,684 | 930,020 | 168,434 | 108,785 | 81,675 | 457,242 | 162,936 | 1,915,776 |
The notes on pages 80 to 191 are an integral part of these consolidated financial statements.
第80至191頁之附註乃綜合財務報表之其中部分。
# Consolidated Cash Flow Statement綜合現金流量表
| For the year ended 31 December截至十二月三十一日止年度 |
| Note附註 | 2010二零一零年HK$'000千港元 | 2009二零零九年HK$'000千港元 |
| Cash flows from operating activities | 經營業務之現金流量 | | | |
| Cash (used in)/generated from operations | 經營(所用)/所得現金 | 33(a) | (59,499) | 304,532 |
| Hong Kong income tax paid | 已付香港所得稅 | | (2,074) | (566) |
| Overseas income tax paid | 已付海外所得稅 | | (39,825) | (37,641) |
| Net cash (used in)/generated from operating activities | 經營業務(所用)/所得現金淨額 | | (101,398) | 266,325 |
| Cash flows from investing activities | 投資活動之現金流量 | | | |
| Purchase of property, plant and equipment | 購置物業、廠房及設備 | 16 | (43,393) | (19,592) |
| Purchase of intangible assets | 購置無形資產 | 18 | (12) | - |
| Proceeds from disposals of property, plant and equipment and leasehold land | 出售物業、廠房及設備及租賃土地所得款項 | 33(c) | 13,200 | 1,840 |
| Proceeds from disposal of 20% equity interest in a subsidiary that does not result in losing control of the subsidiary | 出售一家附屬公司之20%股權而並無導致失去該附屬公司控制權之所得款項 | | - | 153,738 |
| Acquisition of subsidiaries, net cash paid | 收購附屬公司,淨額現金付出 | 37 | (48,516) | - |
| Acquisition of available-for-sale financial assets | 收購可供出售金融資產 | | - | (23,400) |
| Interest received | 已收利息 | | 10,900 | 7,598 |
| Net cash (used in)/generated from investing activities | 投資活動(所用)/所得現金淨額 | | (67,821) | 120,184 |
The notes on pages 80 to 191 are an integral part of these consolidated financial statements.
第80至191頁之附註乃綜合財務報表之其中部分。
| Cash flows from financing activities | 融資活動之現金流量 | | | |
| Proceeds from inception of short term bank loans | 訂立短期銀行貸款所得款項 | | 21,850 | - (15,209) |
| Repayment of short term bank loans | 償還短期銀行貸款 | | - |
| Proceeds from issue of new ordinary shares | 發行新普通股所得款項 | | - | 382,794 |
| Interest paid | 已付利息 | | (473) | (464) |
| Net proceeds from issue of convertible preference shares by a subsidiary | 一家附屬公司發行可換股優先股之所得款項淨額 | 36 | 462,794 | - |
| (Increase)/decrease in restricted cash | 受限制現金(增加)/減少 | | (1,023) | 6,872 |
| Decrease/(increase) in short-term bank deposit | 短期銀行存款減少/(增加) | | 84,184 | (137,441) |
| Net cash generated from financing activities | 融資活動所得現金淨額 | | 567,332 | 236,552 |
| Net increase in cash and cash equivalents | 現金及現金等價物之增加淨額 | | 398,113 | 623,061 |
| Exchange gains/(losses) on cash and cash equivalents | 現金及現金等價物之匯兑收益/(虧損) | | 25,436 | (348) |
| Net cash outflow arising from disposal of subsidiaries | 出售附屬公司之現金流出淨額 | 33(b) | (281,907) | - |
| Cash and cash equivalents at beginning of the year | 年初現金及現金等價物 | | 1,139,974 | 517,261 |
| Cash and cash equivalents at the end of the year | 年終現金及現金等價物 | 27 | 1,281,616 | 1,139,974 |
The notes on pages 80 to 191 are an integral part of these consolidated financial statements.
第80至191頁之附註乃綜合財務報表之其中部分。
## Notes to the Consolidated Financial Statements 綜合財務報表附註
## 1 GENERAL INFORMATION
The principal activity of Hi Sun Technology (China) Limited (the “Company”) is investment holding.
The Company and its subsidiaries (collectively referred to as the “Group”), are principally engaged in the sales of electronic power meters and solutions, provision of telecommunication solutions and operation value-added services, provision of financial solutions, services and related products and provision of payment solutions and services.
In 2010, the Group span off its electronic fund transfer point-of-sale ("EFT-POS") terminal solutions business through a separate listing of PAX Global Technology Limited (the “PAX Global”), a then subsidiary of the Company, on the Main Board of The Stock Exchange of Hong Kong Limited (the “Spin-off”).
The Spin-off was completed on 20 December 2010. Upon the completion of the Spin-off, the Group’s interest in PAX Global was diluted from 60.0% to 44.4% and resulted in losing control of PAX Global, PAX Global was deconsolidated from the date that control ceased and was accounted as an associated company. For the presentation of the consolidated financial statements for the years end 31 December 2010 and 2009, the EFT-POS terminal solutions business was regarded as “discontinued operation” (Note 38).
T h e C o m p a n y i s a l i m i t e d l i a b i l i t y c o m p a n y incorporated in Bermuda. The address of its registered office is Clarendon House, 2 Church Street. Hamilton HM 11. Bermuda
## 1 一般資料
高陽科技（中國）有限公司（「本公司」）之主要業務為投資控股。
本公司及其附屬公司（合稱為「本集團」）主要從事銷售電能計量產品及解決方案、提供電訊解決方案及運營增值服務、提供金融解決方案、服務及相關產品以及提供支付解決方案及服務。
於二零一零年，本集團透過將本公司當時之附屬公司百富環球科技有限公司（「百富環球」）在香港聯合交易所有限公司主板獨立上市以分拆其電子支付(EFT-POS)終端機解決方案業務（「分拆」）。
分拆已於二零一零年十二月二十日完成。分拆完成後，本集團佔百富環球之權益由60.0%攤薄至44.4%，並導致失去百富環球之控制權，百富環球自該控制權終止之日起不再綜合入賬，而作為聯營公司列賬。對於呈列截至二零一零年及二零零九年十二月三十一日止年度之綜合財務報表，電子支付終端機解決方案業務被視為「已終止經營業務」（附註38）。
本公司為於百慕達註冊成立的有限公司，其註冊辦事處地址為 Cl ar en d on H o us e ,2 C h u r c h S t r e e t , H a m i l t o n H M 11,Bermuda。
## 1 GENERAL INFORMATION (continued)
The Company is listed on the Stock Exchange of Hong Kong Limited.
These consolidated financial statements are presented in thousands of units of Hong Kong dollars (HK\$’000), unless otherwise stated. These consolidated financial statements have been approved for issue by the Board of Directors on 17 March 2011.
## 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## 2.1 Basis of preparation
The consolidated financial statements of the Company have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss and available-for-sale financial assets.
The preparation of financial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement i n t h e p r o c e s s o f a p p l y i n g t h e G r o u p ’ s accounting policies. The areas involving a higher degree of judgement on complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4.
## 1 一般資料（續）
本公司於香港聯合交易所有限公司上市。
除另有所指外，綜合財務報表以千港元（千港元）為單位呈列。此等綜合財務報表於二零一一年三月十七日獲董事會批准刊發。
## 2 重大會計政策概要
編製此等綜合財務報表時採用之主要會計政策載列如下。除另有所指外，該等政策於呈報之所有年度貫徹採用。
## 2.1 編製基準
本公司之綜合財務報表乃根據香港會計師公會（「香港會計師公會」）頒佈之香港財務報告準則(「香港財務報告準則」）而編製。該等綜合財務報表按歷史成本法編製，並就按公平值計入溢利或虧損之金融資產及金融負倩(包括衍生工具）以及可供出售金融資產之重估作修訂。
為與香港財務報告準則相符，編製財務報表時須作出若干重要之會計估計，管理層亦須在應用本集團會計政策之過程中作出判斷。在綜合財務報表中涉及高度判斷或複雜程度的範疇，或有重要假設及估計的範疇於附註4內披露。
## Notes to the Consolidated Financial Statements 綜合財務報表附註
## 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
## 2.1 Basis of preparation (continued)
(a) The following new standards, amendments to standards and interpretations are mandatory for the financial year beginning 1 January 2010, but do not have material impact to the consolidated financial information of the Group.
HK(IFRIC) Int 17, ‘Distributions of non-cash assets to owners’
HK(IFRIC) Int 18, ‘Transfers of assets from customers
HK-Int 5, ‘Presentation of Financia Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause
Amendment to HKFRS 1, ‘Additional exemptions for first-time adopters
Amendment to HKFRS 2, ‘Group cash-settled share-based payment transaction’
Amendment to HKFRS 5, ‘Noncurrent assets held for sale and discontinued operations’
• Amendment to HKFRS 8, ‘Operating segments’
Amendment to HKAS 1, ‘Presentation of financial statements’
Amendment to HKAS 7, ‘Statement of cash flows’
• Amendment to HKAS 17, ‘Lease
Amendment to HKAS 36, ‘Impairment of assets’
## 2 重大會計政策概要（續）
## 2.1 編製基準（續）
(a) 以下新準則、準則之修訂及詮釋於二零一零年一月一日開始之財政年度強制採納，但對本集團之綜合財務資料並無重大影響。
香港（國際財務報告詮釋委員會）第17號「向所有者分派非現金資產
香港（國際財務報告詮釋委員會）第18號「客戶轉讓資產」
香港－詮釋第5號「財務報表之列報－借款人對包含可隨時要求償還條款之定期貸款之分類
香港財務報告準則第1號「首次採納人士之額外豁免」之修訂
香港財務報告準則第2號「集團以現金結算以股份為基礎付款交易」之修訂
香港財務報告準則第5號「持作出售之非流動資產及已終止經營業務」之修訂
香港財務報告準則第8號「經營分部」之修訂
香港會計準則第1號「財務報表呈列」之修訂
• 香港會計準則第7號「現金流量表」之修訂
• 香港會計準則第17號「租賃之修訂
• 香港會計準則第36號「資產減值」之修訂
## 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
## 2.1 Basis of preparation (continued)
(a) The following new standards, amendments to standards and interpretations are mandatory for the financial year beginning 1 January 2010, but do not have material impact to the consolidated financial information of the Group. (continued)
Amendment to HKAS 38, ‘Intangible assets’
Amendment to HKAS 39, ‘Eligible hedged items’
A m e n d m e n t t o H K ( I F R I C ) I n t 9 , ‘ R e a s s e s s m e n t o f e m b e d d e d derivatives’
Amendment to HK(IFRIC) Int 16, ‘Hedges of a net investment in a foreign operation’
(b) The following new standards, amendments to standards and interpretations have been issued, but are not effective for the financial year beginning 1 January 2010 and have not been early adopted:
HKAS 24 (Revised), ‘Related party disclosures’ | Continuing operations | 持續經營業務 | | |
| Turnover | 營業額 | | |
| Sales of electronic power meters and solutions | 銷售電能計量產品及解決方案 | 370,439 | 253,586 |
| Provision of telecommunication solutions and operation value-added services | 提供電訊解決方案及運營增值服務 | 349,569 | 359,646 |
| Provision of financial solutions, services and related products | 提供金融解決方案、服務及相關產品 | 141,542 | 148,968 |
| Provision of payment solutions and services | 提供支付解決方案及服務 | 39,971 | 22,452 |
| | 901,521 | 784,652 |
| Other income | 其他收入 | | |
| Interest income | 利息收入 | 9,973 | 7,327 |
| Value added tax refund (Note) | 退還增值稅(附註) | 1,059 | 13,897 |
| Subsidy income | 補貼收入 | 3,640 | 1,537 |
| Rental income | 租金收入 | 1,003 | 924 |
| Others | 其他 | 1,282 | 1,954 |
| | 16,957 | 25,639 |
| Other gains, net | 其他收益凈額 | | |
| Gain on disposal of financial assets at fair value through profit or loss | 出售按公平值計入溢利或虧損之金融資產之收益 | 6,328 | 978 |
| Dividend income on financial assets at fair value through profit or loss | 按公平值計入溢利或虧損之金融資產股息收入 | 376 | 53 |
| Fair value gain/(loss) on financial assets at fair value through profit or loss | 按公平值計入溢利或虧損之金融資產公平值收益/(虧損) | 209 | (39) |
| | 6,913 | 992 |
| Turnover, other income and other gains, net from continuing operations | 來自持續經營業務營業額、其他收入及其他收益凈額 | 925,391 | 811,283 |
# Notes to the Consolidated Financial Statements 綜合財務報表附註
5 TURNOVER, OTHER INCOME, OTHER GAINS, NET (continued)
營業額、其他收入及其他收益淨額（續）For the year ended31 December截至十二月三十一日止年度2010 2009二零一零年 二零零九年HK\$’000 HK\$’000千港元 千港元(Restated)（重列）
| Continuing operations持續經營業務 | Discontinued operation已終止經營業務 |
| Telecom-munication solutions and operation value-added services電訊解決方案及運營增值服務HK$'000千港元 | Financial solutions, services and related products金融解決方案、服務及相關產品HK$'000千港元 | Payment solutions and services支付解決方案及服務HK$'000千港元 | Electronic power meters and solutions電能計量產品及解決方案HK$'000千港元 | Others其他HK$'000千港元 | Total總計HK$'000千港元 | EFT-POS terminal solutions電子支付終端解決方案HK$'000千港元 | Total Group集團總計HK$'000千港元 |
| Year ended 31 December 2010 | 截至二零一零年十二月三十一日止年度 | | | | | | | | |
| Segment turnover | 分類營業額 | 349,569 | 186,402 | 39,971 | 370,439 | - | 946,381 | 687,458 | 1,633,839 |
| Inter-segment turnover | 分類間營業額 | - | (44,860) | - | - | - | (44,860) | - | (44,860) |
| Turnover from external customers | 來自外部客戶之營業額 | 349,569 | 141,542 | 39,971 | 370,439 | - | 901,521 | 687,458 | 1,588,979 |
| Segmental EBITDA | 分類EBITDA | 70,897 | 18,353 | (72,554) | (119,204) | (13,814) | (116,322) | 159,046 | 42,724 |
| Depreciation | 折舊 | (10,732) | (17,560) | (1,912) | (8,374) | (417) | (38,995) | (2,496) | (41,491) |
| Amortisation | 攤銷 | - | - | (6,282) | (6,856) | - | (13,138) | (5) | (13,143) |
| Segmental operating profit/(loss) | 分類經營溢利/(虧損) | 60,165 | 793 | (80,748) | (134,434) | (14,231) | (168,455) | 156,545 | (11,910) |
| Gain on disposal of subsidiaries | 出售附屬公司之收益 | | | | | | - | 966,028 | 966,028 |
| Unallocated other income | 未分配其他收入 | | | | | | 10,256 | - | 10,256 |
| Unallocated corporate expenses | 未分配企業開支 | | | | | | (67,458) | - | (67,458) |
| Share of profit of an associated company | 應佔一間聯營公司溢利 | | | | | | 6,860 | - | 6,860 |
| Finance costs | 融資成本 | | | | | | (473) | - | (473) |
| (Loss)/profit before income tax | 除所得稅前(虧損)/溢利 | | | | | | (219,270) | 1,122,573 | 903,303 |
| Income tax credit/(expense) | 所得稅抵免/(開支) | | | | | | 1,742 | (26,097) | (24,355) |
| (Loss)/profit for the year | 年內(虧損)/溢利 | | | | | | (217,528) | 1,096,476 | 878,948 |
## 6 SEGMENT INFORMATION (continued)
## 6 分類資料（續）
| Continuing operations持續經營業務 | Discontinued operation已終止經營業務 |
| Telecom-munication solutions and operation value-added services電訊解決方案及運營增值服務HK$'000千港元 | Financial solutions, services and related products金融解決方案、服務及相關產品HK$'000千港元 | Payment solutions and services支付解決方案及服務HK$'000千港元 | Electronic power meters and solutions電能計量產品及解決方案HK$'000千港元 | Others其他HK$'000千港元 | Total總計HK$'000千港元 | EFT-POS terminal solutions電子支付終端解決方案HK$'000千港元 | Total Group集團總計HK$'000千港元 |
| Year ended 31 December 2009 | 截至二零零九年十二月三十一日止年度 | | | | | | | | |
| Segment turnover | 分類營業額 | 359,646 | 186,032 | 22,452 | 253,586 | - | 821,716 | 492,942 | 1,314,658 |
| Inter-segment turnover | 分類間營業額 | - | (37,064) | - | - | - | (37,064) | - | (37,064) |
| Turnover from external customers | 來自外部客戶之營業額 | 359,646 | 148,968 | 22,452 | 253,586 | - | 784,652 | 492,942 | 1,277,594 |
| Segmental EBITDA | 分類EBITDA | 148,271 | 23,205 | (45,970) | 25,033 | (668) | 149,871 | 102,435 | 252,306 |
| Depreciation | 折舊 | (10,863) | (15,952) | (241) | (11,256) | - | (38,312) | (1,918) | (40,230) |
| Amortisation | 攤銷 | - | - | - | (7,100) | - | (7,100) | (5) | (7,105) |
| Segmental operating profit/(loss) | 分類經營溢利/(虧損) | 137,408 | 7,253 | (46,211) | 6,677 | (668) | 104,459 | 100,512 | 204,971 |
| Unallocated other income | 未分配其他收入 | | | | | | 2,806 | - | 2,806 |
| Unallocated corporate expenses | 未分配企業開支 | | | | | | (63,547) | - | (63,547) |
| Finance costs | 融資成本 | | | | | | (35) | (429) | (464) |
| Profit before income tax | 除所得稅前溢利 | | | | | | 43,683 | 100,083 | 143,766 |
| Income tax expense | 所得稅開支 | | | | | | (13,311) | (15,532) | (28,843) |
| Profit for the year | 年內溢利 | | | | | | 30,372 | 84,551 | 114,923 |
# Notes to the Consolidated Financial Statements 綜合財務報表附註
## 6 SEGMENT INFORMATION (continued)
The segment assets and liabilities at 31 December 2010 and additions to non-current assets for the year ended 31 December 2010 are as follows:
## 6 分類資料（續）
於二零一零年十二月三十一日之分類資產及 負債與截至二零一零年十二月三十一日止年 度之非流動資產的添置如下︰
| Continuing operations持續經營業務 | Discontinued operation已終止經營業務 |
| Telecom-munication solutions and operation value-added services電訊解決方案及運營增值服務HK$'000千港元 | Financial solutions, services and related products金融解決方案、服務及相關產品HK$'000千港元 | Payment solutions and services支付解決方案及服務HK$'000千港元 | Electronic power meters and solutions電能計量產品及解決方案HK$'000千港元 | Others其他HK$'000千港元 | Subtotal小計HK$'000千港元 | Unallocated未分配HK$'000千港元 | Total總計HK$'000千港元 | EFT-POS terminal solutions電子支付終端解決方案HK$'000千港元 | Total Group集團總計HK$'000千港元 |
| As at 31 December2010 | 於二零一零年十二月三十一日 | | | | | | | | | | |
| Segment assets | 分類資產 | 439,678 | 149,506 | 226,345 | 694,884 | 11,620 | 1,522,033 | 2,135,336 | 3,657,369 | - | 3,657,369 |
| Segment liabilities | 分類負債 | (38,650) | (47,416) | (19,631) | (353,782) | (2,156) | (461,635) | (27,928) | (489,563) | - | (489,563) |
| Year ended31 December 2010 | 截至二零一零年十二月三十一日止年度 | | | | | | | | | | |
| Additions to non-currentassets (excludinglong-term deposits,interest in an associatedcompany andavailable-for-salefinancial assets) | 非流動資產的添置(不包括長期按金、應佔一間聯營公司之權益及可供出售金融資產) | | | | | | | | | | |
| | 15,669 | 5,605 | 163,177 | 15,457 | 4,201 | 204,109 | 3,389 | 207,498 | 4,554 | 212,052 |
# Notes to the Consolidated Financial Statements
## 6 SEGMENT INFORMATION (continued)
The segment assets and liabilities at 31 December 2009 and additions to non-current assets for the year ended 31 December 2009 are as follows:
## 6 分類資料（續）
於二零零九年十二月三十一日之分類資產及 負債與截至二零零九年十二月三十一日止年 度之非流動資產的添置如下︰
| Continuing operations持續經營業務 | Discontinued operation已終止經營業務 |
| Telecom-munication solutions and operation value-added services電訊解決方案及運營增值服務HK$'000千港元 | Financial solutions, services and related products金融解決方案、服務及相關產品HK$'000千港元 | Payment solutions and services支付解決方案及服務HK$'000千港元 | Electronic power meters and solutions電能計量產品及解決方案HK$'000千港元 | Others其他HK$'000千港元 | Subtotal小計HK$'000千港元 | Unallocated未分配HK$'000千港元 | Total總計HK$'000千港元 | EFT-POS terminal solutions電子支付終端解決方案HK$'000千港元 | Total Group集團總計HK$'000千港元 |
| As at 31 December 2009 | 於二零零九年十二月三十一日 | | | | | | | | | | |
| Segment assets | 分類資產 | 494,383 | 153,929 | 33,646 | 458,404 | 9,874 | 1,150,236 | 602,387 | 1,752,623 | 565,707 | 2,318,330 |
| Segment liabilities | 分類負債 | (72,193) | (39,478) | (6,015) | (104,826) | - | (222,512) | (51,808) | (274,320) | (128,234) | (402,554) |
| Year ended 31 December 2009 | 截至二零零九年十二月三十一日止年度 | | | | | | | | | | |
| Additions to non-current assets (excluding available-for-sale financial assets) | 非流動資產的添置(不包括可供出售金融資產) | 9,193 | 3,726 | 2,319 | 1,471 | - | 16,709 | 41 | 16,750 | 2,842 | 19,592 |
Additions to non-current assets comprises additions to property, plant and equipment and intangible assets including additions resulting from acquisition through business combinations.
非流動資產的添置包括對物業、廠房及設備及無形資產的添置，包括透過業務合併進行收購產生的添置。
# Notes to the Consolidated Financial Statements 綜合財務報表附註
## 6 SEGMENT INFORMATION (continued)
The amounts provided to the Board of Directors with respect to total assets and total liabilities are measured in a manner consistent with that of the financial statements. These assets and liabilities are allocated based on the operations of the segment.
Sales between segments are carried out at arm’s length. The revenue from external parties reported to the Board of Directors is measured in a manner consistent with that in the income statement.
The Group is principally domiciled in Hong Kong and Mainland China. The Group’s turnover by geographical location, which is determined by the location in which the turnover are generated from, is as follows:
## 6 分類資料（續）
向董事會就總資產及總負債提供之金額採用與財務報表一致的方法計量。該等資產及負債按分類的業務而分配。
分類間之銷售按公平基準進行。向董事會匯報自外部客戶之收入採用與收益表一致的方法計量。
本集團主要於香港及中國大陸註冊。本集團按地區之營業額按該營業額產生之地區載列如下：
| 2010二零一零年HK$'000千港元 | 2009二零零九年HK$'000千港元(Restated)(重列) |
| Auditor's remuneration | 核數師酬金 | 2,659 | 2,233 |
| Depreciation of property, plant and equipment | 物業、廠房及設備折舊 | 39,736 | 38,645 |
| Depreciation of investment properties | 投資物業折舊 | 108 | 108 |
| Amortisation of leasehold land | 租賃土地攤銷 | 1,073 | 1,089 |
| Amortisation of intangible assets | 無形資產攤銷 | 12,825 | 6,771 |
| Employee benefit expense (including Directors' emoluments) (Note 9) | 僱員福利開支(包括董事酬金)(附註9) | 287,574 | 213,427 |
| Costs of inventories sold (Note 22) | 售出存貨成本(附註22) | 371,636 | 221,823 |
| Operating lease rentals in respect of land and buildings | 土地及樓宇之營業租賃租金 | 26,676 | 21,054 |
| Operating lease rentals in respect of equipment | 設備之營業租賃租金 | 13,200 | 13,058 |
| Research and development costs (Gain)/loss on disposal of property, plant and equipment and leasehold land | 研究及開發成本出售物業、廠房及設備與租賃土地(收益)/虧損 | 111,432 | 50,679 |
| Provision for impairment of trade receivables | 應收賬款減值撥備 | (5,073) | 102 |
| 9,360 | 267 |
| Write-back of provision for impairment of trade receivables | 應收賬款減值撥備撥回 | (1,277) | (3,330) |
| Provision for inventories | 存貨撥備 | 523 | 4,539 |
| Impairment of goodwill (Note 18) | 商譽減值(附註18) | 29,593 | - |
## 8 NET FOREIGN EXCHANGE GAIN/ LOSS
The net foreign exchange gain recognised in the consolidated income statement and included in administrative expenses for the year ended 31 December 2010 amounted to HK\$5,004,000 (2009: exchange loss of HK\$883,000).
## 9 EMPLOYEE BENEFIT EXPENSE(INCLUDING DIRECTORS’EMOLUMENTS)
## 8 外匯淨收益╱虧損
於截至二零一零年十二月三十一日止年度於綜合收益表中確認且計入行政開支的外匯淨收益，達5,004,000港元（二零零九年：外匯虧損883,000港元）。
## 9 僱員福利開支（包括董事酬金）
| Number of individuals人數 |
| 2010二零一零年 | 2009二零零九年 |
| HK$1,000,001 - HK$2,500,000 | 1,000,001港元 - 2,500,000港元 | 1 | - |
| HK$2,500,001 - HK$5,000,000 | 2,500,001港元 - 5,000,000港元 | - | 1 |
| | 1 | 1 |
## 10 融資成本
| Group本集團 |
| Buildings樓宇HK$'000千港元 | Leaseholdimprovements租賃物業裝修HK$'000千港元 | Officefurnitureandequipment辦公室家具及設備HK$'000千港元 | Plant andequipment廠房及設備HK$'000千港元 | Motorvehicles汽車HK$'000千港元 | Total合計HK$'000千港元 |
| At 1 January 2009 | 於二零零九年一月一日 | | | | | | |
| Cost | 成本 | 53,535 | 5,525 | 146,327 | 24,139 | 15,006 | 244,532 |
| Accumulated depreciation | 累計折舊 | (4,664) | (5,016) | (73,669) | (7,153) | (6,489) | (96,991) |
| Net book amount | 賬面淨值 | 48,871 | 509 | 72,658 | 16,986 | 8,517 | 147,541 |
| Year ended 31 December 2009 | 截至二零零九年十二月三十一日止年度 | | | | | | |
| Opening net book amount | 期初賬面淨值 | 48,871 | 509 | 72,658 | 16,986 | 8,517 | 147,541 |
| Additions | 添置 | - | 295 | 15,222 | 702 | 3,373 | 19,592 |
| Transfer from investment properties (Note 15) | 轉自投資物業(附註15) | 34 | - | - | - | - | 34 |
| Disposals (Note 33(c)) | 出售(附註33(c)) | (203) | - | (12) | (83) | (570) | (868) |
| Depreciation | 折舊 | (3,213) | (330) | (28,788) | (4,760) | (3,474) | (40,565) |
| Closing net book amount | 期末賬面淨值 | 45,489 | 474 | 59,080 | 12,845 | 7,846 | 125,734 |
| At 31 December 2009 | 於二零零九年十二月三十一日 | | | | | | |
| Cost | 成本 | 53,360 | 5,820 | 157,155 | 24,651 | 17,287 | 258,273 |
| Accumulated depreciation | 累計折舊 | (7,871) | (5,346) | (98,075) | (11,806) | (9,441) | (132,539) |
| Net book amount | 賬面淨值 | 45,489 | 474 | 59,080 | 12,845 | 7,846 | 125,734 |
| Year ended 31 December 2010 | 截至二零一零年十二月三十一日止年度 | | | | | | |
| Opening net book amount | 期初賬面淨值 | 45,489 | 474 | 59,080 | 12,845 | 7,846 | 125,734 |
| Additions | 添置 | - | 11,614 | 16,124 | 5,614 | 10,041 | 43,393 |
| Transfer to investment properties (Note 15) | 轉往投資物業(附註15) | (719) | - | - | - | - | (719) |
| Acquisition of subsidiaries (Note 37(b)) | 收購附屬公司(附註37(b)) | - | 765 | 1,157 | - | 66 | 1,988 |
| Disposals (Note 33(c)) | 出售(附註33(c)) | (4,795) | - | (378) | (74) | (502) | (5,749) |
| Depreciation | 折舊 | (3,243) | (1,759) | (28,639) | (3,612) | (4,979) | (42,232) |
| Disposed as a part of the discontinued operation (Note 33(b)) | 作為已終止經營業務一部分之出售(附註33(b)) | (3,743) | (149) | (4,463) | (485) | (2,461) | (11,301) |
| Exchange realignment | 匯兑調整 | 1,804 | 311 | 2,403 | 663 | 438 | 5,619 |
| Closing net book amount | 期末賬面淨值 | 34,793 | 11,256 | 45,284 | 14,951 | 10,449 | 116,733 |
| At 31 December 2010 | 於二零一零年十二月三十一日 | | | | | | |
| Cost | 成本 | 41,266 | 16,979 | 167,117 | 29,281 | 21,036 | 275,679 |
| Accumulated depreciation | 累計折舊 | (6,473) | (5,723) | (121,833) | (14,330) | (10,587) | (158,946) |
| Net book amount | 賬面淨值 | 34,793 | 11,256 | 45,284 | 14,951 | 10,449 | 116,733 |
## 16 PROPERTY, PLANT AND EQUIPMENT (continued)
Depreciation expense of HK\$26,564,000 (Restated 2 0 0 9 : H K \$ 2 7 , 7 0 4 , 0 0 0 ) h a s b e e n e x p e n s e d in cost of sales and HK\$13,172,000 in selling and administrative expenses (Restated 2009: HK\$10,941,000).
As at 31 December 2010, bank borrowings of RMB19,000,000 (approximately HK\$22,490,000) were secured on building with a total net book value of HK\$16,254,000 (Note 31).
As at 31 December 2009, banking facilities of RMB20,000,000 (approximately HK\$22,600,000) were secured on buildings with a total net book value of HK\$4,211,000 (Note 31).
## Company
本公司
## 16 物業、廠房及設備（續）
折舊開支中26,564,000港元（重列二零零九年：27,704,000港元）已於銷售成本內支銷；及13,172,000港元已於銷售及行政費用支銷（重列二零零九年：10,941,000港元）。
於二零一零年十二月三十一日，銀行借款人民幣 19,000,000 元（約 22,490,000 港元）乃由賬面淨值總額16,254,000港元之樓宇作抵押（附註31）。
於二零零九年十二月三十一日，人民幣20,000,000 元（相等於約 22,600,000 港元）之銀行信貸乃由賬面淨值總額4,211,000港元之樓宇作抵押（附註31）。
Office furniture and equipment
辦公室家具及設備
HK\$’000
千港元
| Name | Place of incorporation and type of legal entity | Principal activities and place of operation | Particulars of issued share capital/ registered capital | Interest held |
| 名稱 | 註冊成立地點及法定實體類別 | 主要業務及營業地點 | 已發行股本/註冊資本詳情 | 所持權益 |
| Emerging Technology Limited | The British Virgin Islands ("BVI"), limited liability company英屬處女群島,有限公司 | Investment holding in PRC | 7,692,308 ordinary shares of US$1 each7,692,308股每股面值1美元之普通股 | 100% |
| Hi Sun Development Management Limited高陽拓業管理有限公司 | Hong Kong, limited liability company香港,有限公司 | Provision of management services in Hong Kong在香港提供管理服務 | 2 ordinary shares of HK$1 each2股每股面值1港元之普通股 | 100% |
| Hi Sun Technology Holding Limited高陽科技控股有限公司 | Bermuda, limited liability company百慕達,有限公司 | Provision of financial solutions, services and related products in Hong Kong在香港提供金融解決方案服務及相關產品 | 168,070,000 ordinary shares of HK$0.1 each168,070,000股每股面值0.1港元之普通股 | 100% |
| New Concept Services Limited新創服務有限公司 | BVI, limited liability company英屬處女群島,有限公司 | Investment holding in PRC在中國從事投資控股 | 125 ordinary shares of US$1 each125股每股面值1美元之普通股 | 80% |
| Pacific Sheen International Limited富順國際有限公司 | Hong Kong, limited liability company香港,有限公司 | Investment Holding in PRC在中國從事投資控股 | 3,900,000 ordinary shares of HK$1 each3,900,000股每股面值1港元之普通股 | 80% |
| Pax Data Limited百富數據有限公司 | Hong Kong, limited liability company香港,有限公司 | Investment holding in PRC在中國從事投資控股 | 1 ordinary share of HK$1 each1股每股面值1港元之普通股 | 100% |
# Notes to the Consolidated Financial Statements 綜合財務報表附註
## 20 於附屬公司之投資及應收╱（應付）附屬公司款項（續）
20 INVESTMENTS IN SUBSIDIARIES AND DUE FROM/(TO) SUBSIDIARIES (continued)
| Name | Place of incorporation and type of legal entity | Principal activities and place of operation | Particulars of issued share capital/ registered capital | Interest held |
| 名稱 | 註冊成立地點及法定實體類別 | 主要業務及營業地點 | 已發行股本/註冊資本詳情 | 所持權益 |
| Success Bridge Limited | BVI, limited liability company英屬處女群島,有限公司 | Investment holding in Hong Kong在香港從事投資控股 | 9,400 ordinary shares of US$0.001 each600 preference shares of US$0.001 each9,400股每股面值0.001美元之普通股600股每股面值0.001美元之優先股 | 94% |
| Turbo Speed Technology Limited | BVI, limited liability company英屬處女群島,有限公司 | Investment holding in PRC在中國從事投資控股 | 35,897,440 ordinary shares of US$0.1 each35,897,440股每股面值0.1美元之普通股 | 94% |
| 北京高陽金信信息技術有限公司(Beijing Hi Sun Advanced Business Solutions Information Technology Limited) | PRC, limited liability company中國,有限公司 | Provision of financial solutions services and related products in PRC在中國提供金融解決方案服務及相關產品 | HK$100,000,000100,000,000港元 | 100% |
| 北京高陽聖思園信息技術有限公司(Beijing Hi Sunray Information Technology Limited) | PRC, limited liability company中國,有限公司 | Provision of telecommunication solutions, and operation value-added services in PRC在中國提供電訊解決方案及營運增值服務 | HK$80,000,00080,000,000港元 | 94% |
| 杭州富順信息技術有限公司Hangzhou Fushun Information Technology Company Limited | PRC, limited liability company中國,有限公司 | Properties holding in PRC在中國持有物業 | US$3,500,0003,500,000美元 | 80% |
| 杭州佰福數據技術有限公司Hangzhou Pax Data Limited | PRC, limited liability company中國,有限公司 | Research & development研究及開發 | HK$10,000,00010,000,000港元 | 100% |
## 20 INVESTMENTS IN SUBSIDIARIES AND DUE FROM/(TO) SUBSIDIARIES (continued)
## 20 於附屬公司之投資及應收╱（應付）附屬公司款項（續）
| Name | Place of incorporation and type of legal entity | Principal activities and place of operation | Particulars of issued share capital/ registered capital | Interest held |
| 名稱 | 註冊成立地點及法定實體類別 | 主要業務及營業地點 | 已發行股本/註冊資本詳情 | 所持權益 |
| 杭州百富電子技術有限公司 Hangzhou PAX Electronic Technology Limited | PRC, limited liability company 中國, 有限公司 | Manufacturing and sales of electronic power meters and solutions in PRC 在中國生產及銷售電能計量產品及解決方案 | RMB53,400,000人民幣53,400,000元 | 80% |
| 杭州百富電力技術有限公司 Hangzhou PAX Electricity Technology Limited | PRC, limited liability company 中國, 有限公司 | Investment Holding in PRC 在中國從事投資控股 | RMB27,500,000人民幣27,500,000元 | 80% |
| 湖南高陽通聯信息技術有限公司 Hunan Hisun Mobile Pay IT Limited | PRC, limited liability company 中國, 有限公司 | Provision of payment solutions and services 提供支付解決方案及服務 | HK$20,000,00020,000,000港元 | 94% |
| JIM Holdings International Company Limited 結行控股國際有限公司 | BVI, limited liability company 英屬處女群島, 有限公司 | Investment holding in PRC 在中國從事投資控股 | 10,588,200 ordinary shares of US$0.001 each 10,588,200股每股面值0.001美元之普通股 | 94% |
| 結行信息技術(上海)有限公司 | PRC, limited liability company 中國, 有限公司 | Provision of payment solutions and services 提供支付解決方案及服務 | US$3,550,0003,550,000美元 | 94% |
| 重慶結行移動商務有限公司 | PRC, limited liability company 中國, 有限公司 | Provision of payment solutions and services 提供支付解決方案及服務 | RMB10,000,000人民幣10,000,000元 | 94%² |
| Beijing Hisun Mobile Pay IT Company 北京高陽通聯信息技術有限公司 | PRC, limited liability company 中國, 有限公司 | Provision of payment solutions and services 提供支付解決方案及服務 | HK$20,000,00020,000,000港元 | 94% |
## 20 INVESTMENTS IN SUBSIDIARIES AND DUE FROM/(TO) SUBSIDIARIES (continued)
Shares held directly by the Company.
2 The Company does not have legal ownership in equity of this subsidiary. Nevertheless, under certain contractual agreement enacted among the registered owners of the subsidiary, the Company and its other subsidiary, the Company controls the company by way of controlling more than one half of the voting rights of it, governing its financial and operating policies and appointing or removing the majority of the members of its controlling authorities, and casting the majority of votes at meetings of such authorities. In addition, such contractual agreements also transfer the risks and rewards of the company to the Company. As a result, it is presented as consolidating subsidiary of the Company.
## 20 於附屬公司之投資及應收╱（應付）附屬公司款項（續）
1 本公司直接持有股份。
2 本公司並無擁有該附屬公司權益的法定擁有權。然而，根據該附屬公司的註冊擁有人、本公司及其其他附屬公司所訂立的若于合約安排，本公司透過控制該公司逾半投票權、控制其財務及營運決策、任免其管治組織的大部份成員，以及於該管治組織會議上投大多數票，從而控制該公司。此外，有關合約協議亦將該公司的風險及回報轉移予本公司。因此，彼被呈列作為本公司的綜合附屬公司。
## 21 INTEREST/INVESTMENT IN AN ASSOCIATED COMPANY
## 21 於一間聯營公司之權益╱投資
| As at31 December 2010於二零一零年十二月三十一日 | As at31 December 2010於二零一零年十二月三十一日 | Year ended31 December 2010截至二零一零年十二月三十一日止年度 | As at31 December 2010於二零一零年十二月三十一日Effectiveinterestheld所持有之實際權益 |
| Name | Place of incorporationand kind of legal entity註冊成立地點及法定實體類別 | Particular ofissued share capital | Assets | Liabilities | Share ofturnover | Share ofprofit |
| 名稱 | 已發行股本詳情 | 資產HK$'000千港元 | 負債HK$'000千港元 | 應佔營業額HK$'000千港元 | 應佔利潤HK$'000千港元 |
| PAX Global | Bermuda, limited liability company | 1,000,000,000 ordinary share of HK$0.1 each | 1,505,360 | (218,249) | 16,051 | 6,860 | 44.4% |
| 百富環球 | 百慕達,有限公司 | 1,000,000,000股每股面值0.1港元之普通股 | | | | | |
## 22 INVENTORIES
## 22 存貨
| Contributed |
| Share premium股份溢價HK$'000千港元 | Surplus (Note(i)) 實繳盈餘(附註(i)) HK$'000千港元 | Other reserves其他儲備HK$'000千港元 | Exchange reserve匯兑儲備HK$'000千港元 | Retained earnings保留盈利HK$'000千港元 | Total合計HK$'000千港元 |
| At 1 January 2009 | 於二零零九年一月一日 | 548,330 | 168,434 | 21,204 | 82,022 | 371,397 | 1,191,387 |
| Profit for the year | 年度溢利 | - | - | - | - | 85,845 | 85,845 |
| Issue of new ordinary shares | | 298,880 | - | - | - | - | 298,880 |
| Disposal of 20% equity interest in a subsidiary that does not result in losing control of the subsidiary | 出售一家附屬公司之20%股權而並無導致失去該附屬公司控制權 | - | - | 87,581 | - | - | 87,581 |
| Shares issued under share options scheme of the Company | 根據本公司購股權計劃發行股份 | 82,810 | - | - | - | - | 82,810 |
| Exchange differences arising on translation of the financial statements of foreign subsidiaries | 換算海外附屬公司財務報表之匯兑差額 | - | - | - | (347) | - | (347) |
| At 31 December 2009 | 於二零零九年十二月三十一日 | 930,020 | 168,434 | 108,785 | 81,675 | 457,242 | 1,746,156 |
| At 1 January 2010 | 於二零一零年一月一日 | 930,020 | 168,434 | 108,785 | 81,675 | 457,242 | 1,746,156 |
| Profit for the year | 年度溢利 | - | - | - | - | 850,275 | 850,275 |
| Issue of convertible preferred shares by a subsidiary (Note 36) | 一間附屬公司發行可換股優先股(附註36) | - | - | 407,354 | - | - | 407,354 |
| Acquisition of a subsidiary (Note 37(a)) | 收購一間附屬公司(附註37(a)) | - | - | 17,173 | - | - | 17,173 |
| Release of reserve upon disposal of subsidiaries (Note 33(b)) | 出售附屬公司所產生之儲備解除(附註33(b)) | - | - | - | (26,229) | - | (26,229) |
| Fair value gain on revaluation of available-for-sale financial assets (Note 19) | 重估可供出售金融資產之公平值收益(附註19) | - | - | 100 | - | - | 100 |
| Share of other comprehensive income of an associated company (Note 21) | 應佔一間聯營公司之其他全面收入(附註21) | - | - | - | 134 | - | 134 |
| Exchange differences arising on translation of the financial statements of foreign subsidiaries | 換算海外附屬公司財務報表之匯兑差額 | - | - | - | 48,813 | - | 48,813 |
| At 31 December 2010 | 於二零一零年十二月三十一日 | 930,020 | 168,434 | 533,412 | 104,393 | 1,307,517 | 3,043,776 |
## Note:
(i) The contributed surplus of the Group represents the difference between the nominal value of the ordinary shares and share premium account of Hi Sun Holdings Limited (“HSHL”) acquired pursuant to the group reorganisation (the “Reorganisation”) on 17 October 2001 as set out in the circular to the shareholders of HSHL dated 9 August 2001, over the nominal value of the Company’s shares issued in exchange thereof.
(ii) PRC companies are required to allocate 10% of the companies’ net profit to a statutory reserve fund until such fund reaches 50% of the companies registered capital. The statutory reserve fund can be utilized upon approval by the relevant authorities, to offset accumulated losses or to increase registered capital of the companies, provided that such fund is maintained at a minimum of 25% of the companies’ registered capital. As at 31 December 2010, retained earnings comprise of statutory reserve fund amounting to HK\$62,841,000 (2009: HK\$100,812,000).
附註：
(i) 本集團之實繳盈餘指向高陽控股有限公司（「高陽控股」）股東寄發日期為二零零一年八月九日之通函所載，根據於二零零一年十月十七日進行之集團重組（「重組」）所收購之高陽控股之普通股面值及股份溢價賬，與本公司就此交換之已發行股份面值之差額。
(ii) 中國公司必須將本公司纯利之10%分配至該儲備金直至該儲備金達至該公司註冊資本之50%。法定儲備金經有關當局批准後可用於抵消累計虧損或增加公司之註冊資本，惟該儲備金最低須維持於公司註冊資本之25%水平。於二零一零年十二月三十一日，保留盈利含有法定儲備金達62,841,000 港元（二零零九年：100,812,000 港元）。
# Notes to the Consolidated Financial Statements 綜合財務報表附註
29 RESERVES (continued) (b) Company
## 29 儲備（續）
(b) 本公司
| 2010二零一零年HK$'000千港元 | 2009二零零九年HK$'000千港元 |
| (Loss)/profit before income tax from continuing operations | 除持續經營業務之所得税前(虧損)/溢利 | (219,270) | 43,683 |
| Profit before income tax from discontinued operation | 已終止經營業務除稅前溢利 | 1,122,573 | 100,083 |
| Adjustments for: | 調整: | | |
| Depreciation of property, plant and equipment | 物業、廠房及設備折舊 | 42,232 | 40,565 |
| Depreciation of investment property | 投資物業折舊 | 108 | 108 |
| Amortisation of leasehold land | 租賃土地攤銷 | 1,078 | 1,094 |
| Amortisation of intangible assets | 無形資產攤銷 | 12,825 | 6,771 |
| Gain on disposal of subsidiaries | 出售附屬公司之收益 | (966,028) | - |
| Share of profit of an associated company | 應佔一間聯營公司溢利 | (6,860) | - |
| (Gain)/loss on disposal of property, plant and equipment and leasehold land | 出售物業、廠房及設備及租賃土地之(收益)/虧損 | (4,989) | 107 |
| Provision for impairment of trade receivables | 應收賬款減值撥備 | 9,734 | 689 |
| Write-back of provision for impairment of trade receivables | 應收賬款減值撥備撥回 | (1,277) | (3,330) |
| Provision for inventory | 存貨撥備 | 523 | 4,539 |
| Impairment of goodwill | 商譽減值 | 29,593 | - |
| Interest income | 利息收入 | (10,900) | (7,598) |
| Finance costs | 融資成本 | 473 | 464 |
| Operating profit before working capital changes | 營運資金變動前之經營溢利 | 9,815 | 187,175 |
| Increase in long-term deposits | 長期按金增加 | (1,596) | - |
| Increase in inventories | 存貨增加 | (133,669) | (2,034) |
| (Increase)/decrease in trade and other receivables, prepayments and deposits | 應收賬款及其他應收款項、預付款項及按金(增加)/減少 | (179,737) | 94,996 |
| Increase/(decrease) in financial assets at fair value through profit or loss | 按公平值計入溢利或虧損之金融資產增加/(減少) | (12,406) | 39 |
| Decrease in amount due from a related company | 應收一家關連公司款項減少 | - | 1,176 |
| Increase in trade and other payables | 應付賬款及其他應付款項增加 | 258,094 | 23,180 |
| Cash (used in)/generated from operations | 經營(所用)/產生之現金 | (59,499) | 304,532 |
# Notes to the Consolidated Financial Statements 綜合財務報表附註
## 33 NOTES TO CONSOLIDATED CASH FLOW STATEMENT (continued)
(b) Net cash outflow in respect of disposal of subsidiaries
## 33 綜合現金流量表附註（續）
(b) 出售附屬公司之現金流出淨額
20 December 2010 二零一零年 十二月二十日 HK\$’000 千港元
| Analysis of assets and liabilities over which control was lost: | 失去控制權之資產及負債分析: | |
| Property, plant and equipment | 物業、廠房及設備 | 11,301 |
| Leasehold land | 租賃土地 | 231 |
| Inventories | 存貨 | 144,555 |
| Trade and other receivables, prepayments and deposits | 應收賬款及其他應收款項、預付款項及按金 | 348,211 |
| Restricted cash | 受限制現金 | 2,846 |
| Cash and cash equivalents | 現金及現金等價物 | 281,907 |
| Trade and other payables | 應付賬款及其他應付款項 | (194,140) |
| Taxation payable | 應付税項 | (24,654) |
| Net assets disposed of | 已出售資產淨值 | 570,257 |
| Non-controlling interests (including release of reserve) | 非控股權益(包括儲備之解除) | 231,336 |
| Release of reserve upon disposal of subsidiaries | 出售附屬公司所產生之儲備解除 | 26,229 |
| Gain on disposal of subsidiaries (Note 38) | 出售於附屬公司之收益(附註38) | 966,028 |
| Net cash outflow arising from disposal of subsidiaries | 出售附屬公司之現金流出淨額 | |
| Cash and cash equivalents disposed | 已出售現金及現金等價物 | 281,907 |
# Notes to the Consolidated Financial Statements 綜合財務報表附註
## 33 NOTES TO CONSOLIDATED CASH FLOW STATEMENT (continued)
(c) In the cash flow statement, proceeds from sale of property, plant and equipment and leasehold land comprise:
## 33 綜合現金流量表附註（續）
(c) 於現金流量表內，出售物業、廠房及設備及租賃土地所得款項如下：
| Fair value公平值HK$'000千港元 | Acquiree'scarryingamount被收購人之賬面值HK$'000千港元 |
| Cash and cash equivalents | 現金及現金等價物 | 23,084 | 23,084 |
| Property, plant and equipment | 物業、廠房及設備 | 1,988 | 1,988 |
| Other current assets | 其他流動資產 | 6,317 | 6,316 |
| Other current liabilities | 其他流動負債 | (6,974) | (6,974) |
| Patents (included in intangible assets) | 專利(計入無形資產) | 155 | - |
| Customer contracts(included in intangible assets) | 客戶合同(計入無形資產) | 41,226 | - |
| Deferred tax liabilities | 遞延税項負債 | (10,345) | - |
| Fair value of net assets | 資產淨值公平值 | 55,451 | 24,414 |
| Goodwill (included in intangible assets) | 商譽(計入無形資產) | 116,149 | |
| Net cash outflow arising on acquisition | 收購產生之現金流出淨額 | | |
| Purchase consideration settled in cash | 以現金結算之購買代價 | 171,600 | |
| Less: cash and cash equivalents | 減:所收購附屬公司之 | | |
| in subsidiaries acquired | 現金及現金等價物 | (23,084) | |
| Net cash outflow arising on acquisition | 收購產生之現金流出淨額 | 148,516 | |
# Notes to the Consolidated Financial Statements 綜合財務報表附註
## 37 BUSINESS COMBINATION (continued)
## (b) Acquisition of JIM Holdings International Company Limited (continued)
The goodwill is attributable to the synergies expected to arise after the Group’s acquisition of these subsidiaries. None of the goodwill recognised is expected to be deductible for income tax purpose.
The fair value of trade and other receivables was HK\$5,728,000. This included trade receivables with a total fair value of HK\$1,245,000. The gross contractual amount for these trade receivables was HK\$1,245,000.
## 38 DISCONTINUED OPERATION
Upon the completion of the Spin-Off, the effective interest held by the Group in PAX Global reduced from 60% to 44.4%. This has resulted in the Group losing control over PAX Global and PAX Global is accounted by the Group as an associated company since 20 December 2010.
## 37 業務合併（續）
## (b) 收購結行控股國際有限公司（續）
商譽乃與本集團收購該等附屬公司後預期產生之協同效應有關。概無已確認商譽預期將於計算所得稅時予以扣除。
應收賬款及其他應收款項之公平值為5,728,000港元，包括總公平值為1,245,000港元之應收賬款。該等應收賬款之合約總額為1,245,000港元。
## 38 已終止經營業務
完成分拆後，本集團持有百富環球之實際權益由60%減至44.4%，並導致失去百富環球之控制權。百富環球自二零一零年十二月二十日起被本集團作為聯營公司列賬。
## Notes to the Consolidated Financial Statements 綜合財務報表附註
## 38 DISCONTINUED OPERATION(continued)
## 38 已終止經營業務（續）
| Results of the discontinued operation: | 已終止經營業務業績: | | |
| Revenue | 收入 | 687,458 | 492,942 |
| Cost of sales | 銷售成本 | (407,692) | (300,082) |
| Gross profit | 毛利 | 279,766 | 192,860 |
| Other income | 其他收入 | 18,017 | 10,479 |
| Selling expenses | 銷售開支 | (72,504) | (59,083) |
| Administrative expenses | 行政費用 | (68,734) | (43,744) |
| Operating profits | 經營溢利 | 156,545 | 100,512 |
| Finance costs | 融資成本 | - | (429) |
| Profit before taxation | 除稅前溢利 | 156,545 | 100,083 |
| Taxation | 稅項 | (26,097) | (15,532) |
| Profit for the period/year | 期內/年內溢利 | 130,448 | 84,551 |
| Gain on disposal of subsidiaries | 出售附屬公司之收益 | 966,028 | - |
| Profit from discontinued operation | 已終止經營業務溢利 | 1,096,476 | 84,551 |
| Profit from discontinued operation attributable to: | 應佔已終止經營業務溢利: | | |
| – Equity holders of the Company | -本公司權益持有人 | 1,041,256 | 49,182 |
| – Non-controlling interests | -非控股權益 | 55,220 | 35,369 |
| | 1,096,476 | 84,551 |
| Cash flows from discontinued operation: | 已終止經營業務之現金流: | | |
| Net cash inflow from operating activities | 經營業務之現金流入淨額 | 35,641 | 150,964 |
| Net cash outflow from investing activities | 投資活動之現金流出淨額 | (3,392) | (2,571) |
| Net cash outflow from financing activities | 融資活動之現金流出淨額 | (1,106) | (15,837) |
## Notes to the Consolidated Financial Statements 綜合財務報表附註
## 39 RELATED PARTY TRANSACTIONS
As at 31 December 2010, Rich Global Limited (incorporated in British Virgin Islands) owns 23.08% of the Company’s shares. The remaining 76.92% of the shares are widely held.
## (a) Transactions with related parties during the year:
The Group has no significant transaction with related parties during the year (2009: Nil).
## (b) Key management compensation
During the years ended 31 December 2009 and 2010, key management compensation is equivalent to the Directors’ emolument as disclosed in Note 9.
## 39 關連方交易
於 二 零 一 零 年 十 二 月 三 十 一 日，RichGlobal Limited（於英屬處女群島註冊成立）擁有本公司23.08%股份。餘下76.92%股份由公眾人士持有。
## (a) 年內與關連方交易：
本集團於年內概無任何重大關連方交易（二零零九年：無）。
## (b) 主要管理人員補償
截至二零零九年及二零一零年十二月三十一日止年度，主要管理人員補償相等於附註9所披露之董事酬金。
## Notes to the Consolidated Financial Statements 綜合財務報表附註
## 40 SUBSEQUENT EVENTS
(a) Acquisition of Merchant Support Co., Ltd On 11 January 2011, the Company entered into a sale and purchase agreement (the “Agreement”) with an independent third party (the “Vendor”), pursuant to which the Vendor agreed to sell and the Company conditionally agreed to purchase the entire issued share capital (the “Sales Share”) of Merchant Support Co., Ltd. (“Merchant Support”), a company incorporated in Japan, and the Sales Claims, which comprise (i) the Loan Claims (which represent the Vendor’s loan claims against Merchant Support and Merchant Capital Limited (“Merchant Capital”) under certain loan agreements between the Vendor and Merchant Support or between the Vendor and Merchant Capital which remain outstanding as at three Business Days before the Completion Date); and (ii) AM Claims (which represent the Vendor’s right to demand payment of remuneration incurred until the Completion Date (inclusive) under the cost reimbursement agreement between the Vendor and Merchant Support); for the consideration of JPY1,258,370,841 (equivalent to approximately HK\$118.3 million), subject to adjustment. Subject to fulfillment or waiver of the conditions stipulated in the Agreement, completion shall take place on a date on or before 15 July 2011 to be agreed by the Company and the Vendor, failing which completion shall take place on 15 July 2011.
## (b) Exercise of over-allotment option of PAX Global Technology Limited
On 12 January 2011, the over-allotment option as detailed in the prospectus of PAX Global dated 8 December 2010, an associated company of the Company, was partially exercised by the global coordinator of the Global Offering of PAX Global. PAX Global issued an aggregate of 37,728,000 additional shares at Offer Price and the Company’s interest in PAX Global was reduced from 44.4% to approximately 42.8%.
## 40 結算日後事項
(a) 收購 Merchant Support Co., Ltd於二零一一年一月十一日，本公司與一獨立第三方（「賣方」）訂立買賣協議（「協議」），據此，賣方同意出售及本公司有條件地同意購買MerchantS u p p o r t C o . , L t d .（「M e r c h a n tSupport」）（一間於日本註冊成立之公司）之全部已發行股本（「待售股份」）以及待售申索權。待售申索權包括(i)貸款申索權（即根據賣方與MerchantSupport 或賣方與 Merchant CapitalLimited（「Merchant Capital」））訂立之若干貸款協議，於完成日期前三個營業日賣方就仍未償還之貸款對Merchant Support 及 Merchant Capital作出申索之申索權）及(ii) AM索償權（即根據賣方與 Merchant Support 訂立之費用償還協議，要求支付直至完成日期（包括該日）之酬金之權利）。代 價 為 1,258,370,841 日 圓（ 相 等 於約118,300,000港元）（可根據予以調整）。待協議所載條件達成或豁免後，將於二零一一年七月十五日或之前完成（有待本公司與賣方協議），如未能協議則將於二零一一年七月十五日完成。
## (b) 行使百富環球科技有限公司之超額配股權
於二零一一年一月十二日，百富環球（本公司之聯營公司）日期為二零一零年十二月八日之招股章程中所述之超額配股權，由百富環球全球發售之全球協調人部分行使。百富環球按發售價發行總共37,728,000股額外股份，而本公司於百富環球之權益由44.4%減少至約42.8%。
# Summary Financial Information財務資料摘要
A summary of the published consolidated results and of the consolidated assets and liabilities of the Group for the last five financial years, as extracted from the audited financial statements and restated as appropriate, is set as below:
摘錄自經審核財務報表及按適用情況重列的本集團過去五個財政年度已公佈綜合業績及綜合資產與負債概要如下：
Year ended 31 December