VSTECS : ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

࠰ಥʹ׸ʿഐၑהϞࠢʮ̡ʿ࠰ಥᑌΥʹ׸הϞࠢʮ̡࿁͉ʮбʘʫ࢙฿ʔࠋபd ࿁Չ๟ᆽ׌אҁ዆׌͵ʔ೯ڌ΂Оᑊ׼dԨ׼ᆽڌͪd฿ʔ࿁Ϊ͉ʮбΌ௅א΂О ௅ʱʫ࢙Ͼପ͛אΪ࠿፠༈ഃʫ࢙Ͼˏߧʘ΂Оฦ̰וዄ΂Оப΂ f

ANNOUNCEMENT OF RESULTS

FOR

THE YEAR ENDED 31 DECEMBER 2020

࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ϋܓ

ʘ

ุᐶʮб

The board of directors (the "Board") of VSTECS Holdings Limited (the "Company") is pleased to present the consolidated results of the Company and its subsidiaries (collectively the "Group") and selected explanatory notes for the year ended 31 December 2020 as follows:

ਃ˻Գ؏છٰϞࠢʮ̡€˜͉ʮ̡™໨ԫึ €˜໨ԫึ™್ؚ౤я͉ʮ̡ʿՉڝ᙮ʮ̡€୕ ၈˜͉ණྠ™࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚ ˟ϋܓʘၝΥุᐶʿ፯֛Ⴍ׼ڝൗνɨj

Consolidated Statement of Profit or Loss ၝΥฦूڌ

For the year ended 31 December 2020 ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ϋܓ

Consolidated Statement of Other Comprehensive Income ၝΥՉ˼Όࠦϗɝڌ

For the year ended 31 December 2020 ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ϋܓ

Consolidated Statement of Financial Position ၝΥৌਕًرڌ

Consolidated Statement of Financial Position (Continued) ၝΥৌਕًرڌ€ᚃ

17,605,315

19,281,597

24,936,069

5,262,020

7,330,754

(a)

(a) Business segments (continued)

The segment results for the year ended 31 December 2020

are as follows:

(a) ุਕʱ௅€ᚃ

࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚

˟ϋܓʘʱ௅ุᐶνɨj

Consumer electronics ऊ൬ཥɿ HK$'000 ɷಥʩ

Total segment revenue

Segment results Finance costsShare of associates' profits Share of a joint venture's loss

Profit before taxation Taxation

Profit for the year

ʱЦᑌᐄʮ̡๐л ʱЦΥᐄΆุᑦฦ ৰ೼ۃ๐л ೼ධ

ϋʫ๐л 1,067,580

ʱ௅ϗूᐼᕘ

ʱ௅ุᐶ

ʱ௅ุᐶ ৌਕ൬͜

Reportable segment assets

27,364,638

450,597

Enterprise systems Άุӻ୕ HK$'000 ɷಥʩ

40,914,823

898,147

̙జѓʱ௅༟ପ

̙జѓʱ௅༟ପ

Cloud computing ථࠇၑ HK$'000 ɷಥʩ

Total ᐼᕘ HK$'000 ɷಥʩ

1,682,420 69,961,881

71,610 1,420,354

(193,908)

1,226,446

23,685

(2,866)

1,247,265 (179,685)

7,634,400

11,505,781

486,770 19,626,951

The restated segment results for the year ended 31 December 2019 are as follows:

࿚Їɚཧɓɘϋɤɚ˜ɧɤɓ˚ ˟ϋܓʊࠠΐʘʱ௅ุᐶνɨj

Consumer electronics ऊ൬ཥɿ

HK$'000 ɷಥʩ

Enterprise systems

Άุӻ୕

HK$'000 ɷಥʩ

Total segment revenue

Segment results Finance costsShare of associates' profits Share of a joint venture's loss

Profit before taxation Taxation

Profit for the year

Reportable segment assets

ʱ௅ϗूᐼᕘ

ʱ௅ุᐶ

ʱ௅ุᐶ ৌਕ൬͜

ʱЦᑌᐄʮ̡๐л ʱЦΥᐄΆุᑦฦ ৰ೼ۃ๐л ೼ධ ϋʫ๐л

̙జѓʱ௅༟ପ

̙జѓʱ௅༟ପ

29,424,605

35,585,029

419,831

794,025

9,245,220

Cloud computing ථࠇၑ

Total ᐼᕘ

HK$'000 ɷಥʩ

HK$'000 ɷಥʩ

1,200,287 66,209,921

46,356 1,260,212

(295,616)

964,596

50,106

(5,195)

1,009,507

(199,559)

809,948

10,121,288

360,468

19,726,976

Note:

ڝൗj

(b) Reconciliations of reportable segment profit or loss

and assets

Profit

Reconciliation of segment profit to the profit for the year in the consolidated statement of profit or loss is not presented as the segment profit is the same as the profit for the year presented in the consolidated statement of profit or loss.

(b) ̙జѓʱ௅ฦूʿ༟ପٙ ࿁ሪ

๐л

͟׵ʱ௅๐лၾၝΥฦूڌהя

ΐʘϋʫ๐л޴Ν d݂Ԩೌяΐ

ʱ௅๐лၾၝΥฦूڌʫʘϋʫ

๐лٙ࿁ሪ f

Assets

༟ପ

(c) Geographical information

The Group's three business segments operate principally in

North Asia and South East Asia.

(c) ήਜ༟ࣘ

͉ණྠɧࡈุਕʱ௅˴ࠅ׵̏ԭ

ʿ؇یԭ຾ᐄ f

2020 ɚཧɚཧϋ

HK$'000 ɷಥʩ

Revenue North Asia South East Asia

ϗू

• ̏ԭ 55,354,208 52,050,128

  ؇یԭ

  Total segment revenue

  ʱ௅ϗूᐼᕘ

• 14,607,673 14,159,793

2019 ɚཧɓɘϋ

HK$'000 ɷಥʩ

69,961,881 66,209,921

Revenue is allocated based on the region in which the customer is located.

ϗू࣬ኽ܄˒הίήਜʱৣ f

2020 ɚཧɚཧϋ

HK$'000 ɷಥʩ

2019 ɚཧɓɘϋ

HK$'000 ɷಥʩ

Assets North Asia South East Asia

༟ପ ̏ԭ 16,189,631 15,777,579

؇یԭ

Reportable segment assets

̙జѓʱ௅༟ପ

3,437,320 3,949,397 19,626,951 19,726,976

Reportable segment assets are allocated based on where the assets are located.

̙జѓʱ௅༟ପ࣬ኽ༟ପהίήʱৣ f

5. Dividends

5. ٰࢹ

(i)Dividends payable to equity shareholders of the Company attributable to the year

(i)

ϋʫᏐЦʘᏐ˹͉ʮ̡ᛆ ूܵϞɛٰࢹ

2020 ɚཧɚཧϋ

HK$'000 ɷಥʩ

Final dividend proposed after the end of the reporting period of approximately HK22 cents (2019: approximately HK16.7 cents) per ordinary share

׵జѓಂ͋ܝᏝݼ͋ಂٰ ࢹӊٰ౷ஷٰߒ22ಥ̀ €ɚཧɓɘϋjߒ 16.7 ಥ̀

2019 ɚཧɓɘϋ

HK$'000 ɷಥʩ

320,100

243,000

2020 ɚཧɚཧϋ

HK$'000 ɷಥʩ

Final dividend in respect of the previous financial year, approved and paid during the year of HK16.7 cents (2019: HK15.2 cents) per ordinary share

ఱɪɓৌ݁ϋܓ׵ϋʫҭ ࡘʿݼ˹ʘ͋ಂٰࢹӊ ٰ౷ஷٰ 16.7 ಥ̀€ɚ ཧɓɘϋj15.2ಥ̀

2019 ɚཧɓɘϋ

HK$'000 ɷಥʩ

242,413

220,908

The calculation of diluted earnings per share for the year is based on the profit attributable to equity shareholders of the Company of HK$1,067,580,000 (2019: HK$809,948,000) and the weighted average number of shares of 1,414,887,000 (2019: 1,422,029,000 shares), calculated as follows:

The ageing analysis of trade payables by invoice date is as follows:

൱׸Ꮠ˹ಛධܲ೯ୃ˚ಂྌʱʘሪᙧʱ ؓνɨj

2020 ɚཧɚཧϋ

HK$'000 ɷಥʩ

0 - 60 days Over 60 days

0Ї60˚ ൴ཀ60˚

2019 ɚཧɓɘϋ

HK$'000 ɷಥʩ

10,479,822 315,179 10,795,001

9,508,708 118,122 9,626,830

Management Discussion and Analysis ၍ଣᄴীሞʿʱؓ

Business Review

ุਕΫᚥ

The Group has recorded another record high in revenue. The Group's revenue for the year ended 31 December 2020 was HK$69,961,881,000 (2019: HK$66,209,921,000). Gross profit for the year ended 31 December 2020 amounted to HK$3,127,313,000 (2019: HK$2,967,854,000). Operating profit for the year ended 31 December 2020 amounted to HK$1,420,354,000 (2019: HK$1,260,212,000). Net profit for the year ended 31 December 2020 amounted to HK$1,067,580,000 (2019: HK$809,948,000). Basic earnings per share for the year ended 31 December 2020 was HK75.54 cents (2019: HK57.03 cents) per share.

͉ණྠ፽੻ٙϗूΎ௴ዝ̦อ৷f͉ණྠ ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ϋܓٙ ϗूމ 69,961,881,000 ಥʩ€ɚཧɓɘϋj 66,209,921,000 ಥʩf࿚Їɚཧɚཧϋɤ ɚ˜ɧɤɓ˚˟ϋܓٙˣлމ 3,127,313,000 ಥʩ€ɚཧɓɘϋj 2,967,854,000 ಥʩf ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ϋܓٙ຾ ᐄ๐лމ 1,420,354,000 ಥʩ€ɚཧɓɘϋj 1,260,212,000 ಥʩf࿚Їɚཧɚཧϋɤɚ ˜ɧɤɓ˚˟ϋܓٙॱлމ1,067,580,000ಥʩ €ɚཧɓɘϋj809,948,000 ಥʩf࿚Їɚཧ ɚཧϋɤɚ˜ɧɤɓ˚˟ϋܓٙӊٰਿ͉ޮл މӊٰ75.54ಥ ̀€ ɚ ཧ ɓ ɘ ϋ j57.03ಥ ̀ f

During the year, revenue from the enterprise systems segment increased by 15% to HK$40,914,823,000, contributing 58.5% of the total Group revenue. Revenue from the consumer electronics segment decreased by 7% to HK$27,364,638,000, contributing 39.1% of the total Group revenue. Revenue from the cloud computing segment increased by 40% to HK$1,682,420,000 contributing 2.4% of the total Group revenue.

ϋʫdԸІΆุӻ୕ʱ௅ٙϗूᄣ̋ 15% Ї 40,914,823,000 ಥʩdЦ͉ණྠᐼϗू 58.5% fԸІऊ൬ཥɿʱ௅ٙϗूಯˇ 7% Ї 27,364,638,000 ಥʩdЦ͉ණྠᐼϗू 39.1% fԸІථࠇၑʱ௅ٙϗूᄣ̋ 40% Ї 1,682,420,000 ಥʩdЦ͉ණྠᐼϗू 2.4% f

Geographically, both North Asia and South East Asia performed well in the year ended 31 December 2020. During the year, revenue generated in North Asia increased by 6% to HK$55,354,208,000, contributing 79% of the total Group revenue. Revenue from South East Asia increased by 3% to HK$14,607,673,000, contributing 21% of the total Group revenue. The Group has continuously aimed to widen our product range in order to provide more choices to our customers. Our extensive and diversified product lines now include HP, Apple, Seagate, AMD, Western Digital, Lenovo, Dell, IBM, Acer, Microsoft, Oracle, Cisco, Asus and many more.

ఱήਹϾԊd̏ԭʿ؇یԭ׵࿚Їɚཧɚཧ ϋɤɚ˜ɧɤɓ˚˟ϋܓڌତԄλfϋʫd ԸІ̏ԭٙϗूᄣ̋ 6% Ї 55,354,208,000ಥ ʩdЦ͉ණྠᐼϗू79% fԸІ؇یԭٙϗ ूᄣ̋ 3% Ї 14,607,673,000 ಥʩdЦ͉ණ ྠᐼϗू 21% f͉ණྠɓٜߧɢןᄱପۜӻ ΐdਕӋމ܄˒౤Զһε፯኿fҢࡁٙᄿع ʿεʩʷପۜᇞତ଄ႊ౉౷eᘼ؈eҎઠe AMD eГ௅ᅰኽeᑌซeᏖဧe IBM e҃ 㛨 eฆழ e͠৶˖ eܠ߅ eശ၂ഃ f

Prospects

ۃ౻

Our extensive portfolio of products will enable us to continue to drive growth for the Group. We will continue to execute strategies to increase market shares as well as the range of products offered. This will enable the Group to continue to focus on growth in all business segments.

Ңࡁᕼɽٙପۜଡ଼Υ̙ԴҢࡁʔᓙપਗ͉ණ ྠٙᄣڗfҢࡁਗ਼ܵᚃੂБഄଫ˸ᄣ̹̋ఙ ЦϞଟʿה౤Զٙପۜ၇ᗳfவਗ਼Ϟп͉ණ ྠᘱᚃਖ਼ء׵הϞุਕʱ௅ٙ೯࢝ f

Our strategy remains to constantly redefine our value proposition as a trusted partner with strong relationships and deep understanding of our customers' needs. Strategically we will continue to expand in China and South East Asia. We will continue to work actively to improve internal operational and financial efficiencies to improve margins. We will also continue to expand our business into mobility devices and cloud computing.

Ңࡁ٢ܵɓ஫ഄଫdਗ਼Ңࡁٙᄆ࠽˴ੵࠠอ ່֛މ࠽੻ڦ፠ٙΥЪྫМdԨၾ܄˒ܔͭ ଉێᗫڷd˲ீ࿏ଣ༆܄˒ٙცӋfഄଫ ɪdҢࡁਗ਼ᘱᚃίʕ਷ʿ؇یԭᓒุ࢝ਕf Ңࡁਗ਼ʔᓙጐ฽ҷഛʫ௅ᐄ༶ʿৌਕࣖଟ˸ ౤ʺ๐лଟfҢࡁ͵ึᘱᚃਗ਼ุਕן࢝Ї୅ ਗༀໄʿථࠇၑ f

With our experienced and dedicated management team, we are confident that we will be able to continue to grow our business.

ኯᔟҢࡁ຾᜕ᔮబ˲။༐းபٙ၍ଣྠඟd Ңࡁଉڦุਕঐ੄ᘱᚃᄣڗ f

Liquidity and Financial Resources

ݴਗ༟ږʿৌਕ༟๕

As at 31 December 2020, the Group's cash and cash equivalents were approximately HK$3,559,192,000 (2019: approximately HK$2,327,702,000).

׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠʘତ ږʿତږഃᄆيߒމ3,559,192,000 ಥʩ€ɚ ཧɓɘϋjߒ2,327,702,000ಥʩf

As at 31 December 2020, the Group's borrowings amounted to approximately HK$6,750,812,000 (2019: approximately HK$8,017,112,000). The net debt to total asset ratio, calculated as borrowings less cash and cash equivalents divided by total assets, was 0.11 as at 31 December 2020 (2019: 0.23).

׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠʘ࠾ ൲ߒމ 6,750,812,000 ಥʩ€ɚཧɓɘϋjߒ 8,017,112,000 ಥʩf׵ɚཧɚཧϋɤɚ˜ɧ ɤ ɓ ˚ d ଋ ව ਕ ᐼ ༟ ପ ˢ ଟ€ ˸ ࠾ ൲ ಯ ତ ږ ʿ ତږഃᄆيৰ˸ᐼ༟ପࠇၑމ0.11 €ɚཧɓ ɘϋj0.23 f

As at 31 December 2020, the Group recorded total current assets of approximately HK$27,226,513,000 (2019: approximately HK$22,867,335,000) and total current liabilities of approximately HK$22,392,619,000 (2019: approximately HK$17,605,315,000). The current ratio of the Group, calculated by dividing the total current assets by the total current liabilities, was approximately 1.22 times as at 31 December 2020 (2019: approximately 1.30 times).

׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠ፽੻ ݴਗ༟ପᐼ࠽ߒ 27,226,513,000 ಥʩ€ɚཧ ɓɘϋjߒ 22,867,335,000 ಥʩʿݴਗࠋ වᐼᕘߒ 22,392,619,000 ಥʩ€ɚཧɓɘ ϋjߒ 17,605,315,000 ಥʩf׵ɚཧɚཧ ϋ ɤ ɚ ˜ ɧ ɤ ɓ ˚ d ͉ ණ ྠ ʘ ݴ ਗ ˢ ଟ€ ˸ ݴ ਗ༟ପᐼ࠽ৰ˸ݴਗࠋවᐼᕘࠇၑߒމ1.22 ࠴€ɚཧɓɘϋjߒ1.30࠴ f

The Group recorded an increase in shareholders' funds from approximately HK$5,654,472,000 as at 31 December 2019 to approximately HK$6,826,286,000 as at 31 December 2020.

͉ණྠʘٰ؇༟ږ͟ɚཧɓɘϋɤɚ˜ɧɤ ɓ˚ʘߒ 5,654,472,000 ಥʩᄣЇɚཧɚཧ ϋɤɚ˜ɧɤɓ˚ʘߒ6,826,286,000 ಥʩf

Treasury Policies

ࢫਕ݁ഄ

The Group generally finances its operations with internally generated resources and banking facilities provided by banks in the PRC, Hong Kong, Singapore, Thailand, Malaysia, Indonesia and the Philippines. The bank borrowings of the Group are predominantly subject to floating interest rates.

͉ණྠɓছ˸ʫ௅ପ͛ʘ༟๕˸ʿʕ਷e࠰ ಥeอ̋սeइ਷e৵ԸГԭeΙ̵ʿിܛ ႷვБה౤ԶʘვБፄ༟މᐄ༶౤Զ༟ږf ͉ණྠʘვБ࠾൲˴ࠅ˸ओਗлଟࠇࢹ f

Cash and bank deposits of the Group are mainly denominated in United States dollars, Renminbi and Singapore dollars.

͉ණྠʘତږʿვБπಛ˴ࠅ˸ߕʩeɛ͏ ࿆ʿอ̋սʩࠇ࠽ f

Transactions of the Group are mainly denominated in Hong Kong dollars, United States dollars, Renminbi, Singapore dollars, Thailand baht and Indonesian rupiah.

Contingent Liabilities

͉ණྠʘʹ׸˴ࠅ˸ಥʩeߕʩeɛ͏࿆e อ̋սʩ eइიʿΙ̵޷ࠇ࠽ f

א್ࠋව

As at 31 December 2020, the Group did not have any contingent liabilities.

׵ɚཧɚཧϋɤɚ˜ɧɤɓ˚d͉ණྠԨೌ ΂Оא್ࠋව f

Purchase, Sale or Redemption of Securities

ᒅ൯ ëਯאᛙΫᗇՎ

During the year ended 31 December 2020, the Company repurchased 1,770,000 ordinary shares of the Company on the Stock Exchange. The repurchased shares were cancelled. Details of the repurchase of shares by the Company are as follows:

׵࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ϋܓd ͉ʮ̡׵ᑌʹהᒅΫ1,770,000ٰ͉ʮ̡౷ஷ ٰfᒅΫʘٰ΅ʊ஗ൗቖfϞᗫ͉ʮ̡ᒅΫ ٰ΅ʘ༉ઋνɨj

The Board believes that such repurchase of shares will lead to an enhancement of the net asset value of the Company and/or its earnings per share.

໨ԫึ޴ڦdϞᗫٰ΅ᒅΫਗ਼ึ౤৷͉ʮ̡ ٙ༟ପଋ࠽ʿŊאӊٰޮл f

Apart from the above, the Company also acquired, through some trust setup specifically for purpose of employment compensation, a total of 11,372,000 ordinary shares of the Company during the year ended 31 December 2020 from the open market at a total cash consideration of approximately HK$44,212,000. These shares would be used primarily for providing employment/executive compensation of the Group.

ৰɪࠑ٫̮d׵࿚Їɚཧɚཧϋɤɚ˜ɧ ɤɓ˚˟ϋܓd͉ʮ̡͵ீཀतйމ྇ ඿໾Ꮅணͭʘڦৄ׵ʮක̹ఙɪϗᒅΥ΍ 11,372,000ٰ͉ʮ̡౷ஷٰdତږ˾ᄆᐼᕘ ߒމ44,212,000ಥʩf༈ഃٰ΅ਗ਼˴ࠅ͜׵ ౤Զ͉ණྠʘ྇඿ŊБ݁໾Ꮅ f

Save as disclosed above, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company's shares.

ৰɪ˖המᚣ٫̮d͉ʮ̡אՉ΂Оڝ᙮ʮ ̡฿ೌᒅ൯ ëਯאᛙΫ͉ʮ̡ʘ΂Оٰ΅ f

Corporate Governance Practices

Άุ၍ط੬஝

Throughout the year ended 31 December 2020, the Company has complied with the Corporate Governance Code as set out in Appendix 14 of the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") except for code provisions A.2.1 and A.6.7 as explained below.

׵࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ϋܓd ͉ʮ̡ɓٜ፭ςᑌʹהᗇՎɪ̹஝ۆ€˜ɪ̹ ஝ۆ™ڝ፽ɤ̬ה༱ʘΆุ၍طςۆdઓɨ ˖הᙕࠑʘςۆૢ˖A.2.1ૢʿA.6.7ૢৰ̮ f

Code provision A.2.1 stipulates that the roles of Chairman and Chief Executive Officer ("CEO") should be separate and should not be performed by the same individual. The division of responsibilities between the Chairman and CEO should be clearly established and set out in writing. The current Chairman and CEO of the Company is Mr. Li Jialin. The Board believes that vesting the roles of both Chairman and CEO in the same person will not impair the balance of power and authority between the Directors and the management of the Company and considers that this structure will enable the Group to make and implement decisions promptly and effectively. The Directors will meet regularly to consider major matters affecting the operations of the Company.

ςۆૢ˖ A.2.1 ૢࠈ׼d˴ࢩၾБ݁ᐼ൒ ˜Б݁ᐼ൒™¡ٙԉЍᏐϞਜʱ dԨʔᏐ͟ ɓɛΝࣛࡒ΂f˴ࢩၾБ݁ᐼ൒ʘගᔖபʘ ʱʈᏐ૶ูޢ֛Ԩ˸ࣣࠦΐ༱f͉ʮ̡ତࣛ ʘ˴ࢩࡒБ݁ᐼ൒މҽԳ؍΋͛f໨ԫึ޴ ڦdਗ਼˴ࢩʿБ݁ᐼ൒ʘԉЍᓥ᙮Νɓɛʔ ึฦ࢔͉ʮ̡໨ԫၾ၍ଣᄴʘගٙᛆɢʿᛆ ̻ࠢፅdԨႩމϤݖ࿴ਗ਼̙ᜫ͉ණྠঐʿࣛ ʿϞࣖήՓࠈʿપБӔഄf໨ԫਗ਼֛ಂᑘБ ึᙄ˸Ͻᅇᅂᚤ͉ʮ̡ᐄ༶ʘࠠɽԫ֝ f

Under the code provision A.6.7, independent non-executive directors and non-executive directors should attend general meetings and develop a balanced understanding of the views of shareholders. Mr. Li Jialin, Mr. Ong Wei Hiam, Mr. Hung Wai Man and Mr. Wang Xiaolong were unable to attend the annual general meeting of the Company held on 26 May 2020 due to other engagements. All other Directors attended the 2020 annual general meeting to answer questions and collect views of shareholders

࣬ኽςۆૢ˖A.6.7 ૢdዹͭڢੂБ໨ԫʿڢ ੂБ໨ԫᏐ̈ࢩٰ؇ɽึd࿁ٰ؇ٙจԈϞ ʮ͍ٙə༆fҽԳ؍΋͛eˮਃ᧰΋͛eݳ މ͏΋͛ʿˮወᎲ΋͛ΪՉ˼ࠠࠅʮਕϾ͊ ঐ̈ࢩ͉ʮ̡׵ɚཧɚཧϋʞ˜ɚɤʬ˚ᑘ Бʘٰ؇඄ϋɽึfהϞՉ˼໨ԫʊ̈ࢩɚ ཧɚཧϋܓٰ؇඄ϋɽึdΫᏐ౤ਪʿᛓ՟ ٰ؇ʘจԈ f

Model Code for Securities Transactions

ᗇՎʹ׸ʘᅺ๟ςۆ

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules (the "Model Code"). Specific enquiry has been made to all the Directors and the Directors have confirmed that they have complied with the Model Code throughout the year ended 31 December 2020.

͉ʮ̡ʊમॶɪ̹஝ۆڝ፽ɤה༱ʘɪ̹೯ Бɛ໨ԫආБᗇՎʹ׸ٙᅺ๟ςۆ€˜ᅺ๟ς ۆ™f͉ʮ̡ʊΣΌ᜗໨ԫЪ̈Ո᜗ݟ༔ ܝdϾ໨ԫʊᆽႩ־ഃ׵࿚Їɚཧɚཧϋɤ ɚ˜ɧɤɓ˚˟ϋܓɓٜ፭ςᅺ๟ςۆ f

Final Dividend

͋ಂٰࢹ

The Directors recommend the payment of a final dividend for the year ended 31 December 2020 of HK22.0 cents per ordinary share (2019: HK16.7 cents).

Audit Committee

໨ԫܔᙄఱ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚ ˟ϋܓݼ˹͋ಂٰࢹӊٰ౷ஷٰމ 22.0 ಥ̀ €ɚཧɓɘϋj16.7ಥ̀f

ᄲࣨ։ࡰึ

The consolidated results of the Group for the year ended 31 December 2020 have been reviewed by the Audit Committee who was of the opinion that the preparation of such results complied with the applicable accounting standards and requirements and that adequate disclosures have been made.

ᄲࣨ։ࡰึʊᄲቡ͉ණྠ࿚Їɚཧɚཧϋɤ ɚ˜ɧɤɓ˚˟ϋܓʘၝΥุᐶdϾᄲࣨ։ ࡰึႩމ༈ഃุᐶɗ፭๫ቇ͜ʘึࠇ๟ۆʿ ஝֛ᇜႡ dԨʊЪ̈̂ʱמᚣ f

The consolidated financial statements of the Group for the year ended 31 December 2020 have been audited by the Company's auditor, KPMG.

͉ණྠ࿚Їɚཧɚཧϋɤɚ˜ɧɤɓ˚˟ϋ ܓʘၝΥৌਕజڌʊ͉͟ʮ̡ࣨᅰࢪଭ৵۾ ึࠇࢪԫਕהᄲࣨ f

On behalf of the Board Li Jialin

Chairman and Chief Executive Officer

˾ڌ໨ԫึ ˴ࢩʿБ݁ᐼ൒ ҽԳ؍

Hong Kong, 25 March 2021

࠰ಥ dɚཧɚɓϋɧ˜ɚɤʞ˚

As at the date of this announcement, the Board comprises Mr. Li Jialin, Mr. Ong Wei Hiam William, Mr. Li Yue and Mr. Chan Hoi Chau as executive directors; Mr. Xia Bin and Mr. Cheung Wing Lee Isaiah as non-executive directors; and Mr. Li Wei, Mr. Lam Hin Chi, Mr. Hung Wai Man and Mr. Wang Xiaolong as independent non-executive directors.

׵͉ʮб˚ಂd໨ԫึ͟ੂБ໨ԫҽԳ؍΋ ͛eˮਃ᧰΋͛eҽٔ΋͛ʿ௓ऎݲ΋͛i ڢੂБ໨ԫࢀ㏇΋͛ʿੵ͑л΋͛i˸ʿዹ ͭڢੂБ໨ԫҽ⑸΋͛eᔝᜑሮ΋͛eݳމ ͏΋͛ʿˮወᎲ΋͛ଡ଼ϓ f