UBA INVESTMENTS LIMITED 開明投資有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Stock code 股份代號 : 768 Annual Report 2022 年 報 CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論與分析 | 4 | | Profile of Directors | 董事會人員資料 | 25 | | Report of the Directors | 董事會報告 | 28 | | Corporate Governance Report | 企業管治報告 | 40 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | 57 | | Independent Auditor's Report | 獨立核數師報告 ...

Financial Performance - For the six months ended September 30, 2021, the gross proceeds from the disposal of trading securities amounted to HK$4,487,000, an increase of 88.0% compared to HK$2,388,000 in the same period of 2020[11]. - Revenue for the same period was HK$4,051,000, representing a 29.4% increase from HK$3,129,000 in 2020[11]. - The net loss on financial assets at fair value through profit or loss was HK$4,077,000, significantly improved from a loss of HK$20,270,000 in the previous year[11]. - The total comprehensive loss attributable to owners of the Company for the period was HK$1,998,000, a substantial reduction from HK$19,002,000 in the prior period[11]. - Basic and diluted loss per share decreased to 0.16 cents from 1.49 cents year-over-year[11]. - For the six months ended 30 September 2021, the Group reported a loss attributable to owners of approximately HK$1,998,000, a significant improvement from a loss of HK$19,002,000 in the same period of 2020, representing a reduction of approximately 89.5%[45][47]. - The decrease in net loss was primarily due to a reduction in realized and unrealized losses on financial assets at fair value through profit or loss, which amounted to approximately HK$4.1 million for the period, compared to HK$20.3 million in the previous corresponding period[99]. Assets and Equity - As of September 30, 2021, the Group's net assets were HK$102,688,000, down from HK$104,686,000 as of March 31, 2021[13]. - The Group's total equity as of September 30, 2021, was HK$102,688,000, compared to HK$104,686,000 as of March 31, 2021[13]. - The Group's net assets as of 30 September 2021 were approximately HK$102,688,000, a slight decrease from HK$104,686,000 as of 31 March 2021[56][58]. - The fair value of listed equity securities in Hong Kong was HK$95,445,000 as of 30 September 2021, down from HK$99,852,000 as of 31 March 2021, reflecting a decrease of approximately 4.5%[49][50]. - The fair value of unlisted equity securities increased to HK$1,898,000 as of 30 September 2021, compared to HK$1,450,000 as of 31 March 2021, representing an increase of approximately 30.9%[49][51]. Cash Flow and Liquidity - The cash and bank balances increased to HK$3,601,000 from HK$1,772,000 at the end of the previous reporting period[13]. - For the six months ended September 30, 2021, the net cash used in operating activities was HK$2,222,000, an improvement from HK$5,324,000 in the same period of 2020[18]. - The cash and cash equivalents at the end of the period increased to HK$3,601,000 from HK$3,550,000 at the end of the previous period, indicating a slight growth[18]. - The Group's cash levels as of September 30, 2021, were approximately HK$3,600,000, compared to HK$1,770,000 as of March 31, 2021, indicating healthy liquidity[100]. Investment Strategy - The Group operates solely in the investment holding and trading of securities, with all revenue derived from the Hong Kong market[31]. - The Group's short-term strategy focuses on trading listed securities to maintain sufficient dividend levels, while the long-term strategy aims to balance listed and unlisted investments for better returns[103]. - The Group plans to conduct further reviews on the acquisition of unlisted equity investments in the future[103]. - The Group remains cautiously optimistic about the outlook for global and Hong Kong equity markets, considering investments in higher-yield listed securities while maintaining sufficient liquidity for future opportunities[115][116]. Related Party Transactions - The amount due from related companies increased to HK$939,000 from HK$810,000[13]. - Investment management fees paid to a related company amounted to HK$807,000 for the period, a decrease from HK$836,000 in the same period of 2020, representing a decline of approximately 3.5%[62]. - The Group's transactions with connected parties were carried out in the normal course of business on mutually agreed terms[77]. Market Conditions - The Group expects challenges in global stock markets due to uncertainties surrounding the U.S. interest rate hike timetable and new regulations in China, alongside the impact of COVID-19 infections on Hong Kong's economy[114][116]. - The Hang Seng Index decreased sharply by 13.40% from 28,378 at the end of March 2021 to 24,575 at the end of September 2021, primarily due to negative impacts from COVID-19 and increased regulations in various sectors[111]. Dividend Policy - The Group did not declare any interim dividend for the six months ended 30 September 2021, consistent with the previous year[57][59]. - No performance fee was recorded for the six months ended 30 September 2021 and 2020, with management fees included under administrative expenses[66].

Financial Performance - For the year ended March 31, 2021, UBA Investments Limited recorded a loss attributable to owners of approximately HK$8.7 million, a significant improvement from a loss of HK$44.5 million in 2020[8]. - The Group's net assets as of March 31, 2021, were approximately HK$104.7 million, down 7.7% from HK$113.4 million in 2020, contrasting with a 20% increase in the Hang Seng Index during the same period[8]. - The Group reported a total unrealised loss of HK$8,215,000 from investments, with a realised loss of HK$5,287,000[83]. - The net loss attributable to owners of the Company for the year was HK$8,698,000, a decrease from HK$44,515,000 in the prior year, reflecting a reduction of about 80.5%[151]. - Total assets as of March 31, 2021, were HK$105,033,000, down from HK$113,933,000 in the previous year, representing a decline of approximately 7.9%[152]. - Total liabilities decreased to HK$347,000 from HK$549,000, a reduction of about 36.7%[152]. - The Company's net assets amounted to HK$104,686,000 as of March 31, 2021, compared to HK$113,384,000 in the previous year, indicating a decrease of approximately 7.6%[152]. - The Group had no debt as of March 31, 2021, resulting in a gearing ratio of nil[86]. - For the year ended March 31, 2021, the Group reported a loss before taxation of HK$8,889,000, compared to a loss of HK$45,004,000 in the previous year, indicating an improvement of approximately 80.3%[151]. Investment Strategy - The Group's short-term strategy focuses on trading listed securities based on market sentiment while maintaining sufficient dividend levels for operations[13]. - The long-term strategy aims to balance listed and unlisted investments to enhance returns and maintain liquidity for future opportunities[13]. - The Company has maintained its investment policies since its listing in 2000, focusing on medium-term capital appreciation through investments in listed and unlisted companies in Hong Kong and the PRC[156]. - The Company aims to invest in a diversified range of sectors, including information technology, telecommunications, manufacturing, and property, to mitigate risks associated with downturns in specific industries[157]. - The Group plans to maintain sufficient liquidity for future investment opportunities and may consider investing in higher yield listed securities[21]. Market Conditions - The stock markets in the U.S., China, and Hong Kong experienced an uptrend, driven by fiscal stimulus and the global rollout of COVID-19 vaccines, contributing to economic recovery[14]. - The Dow Jones Index increased approximately 50% from 21,917 at the end of March 2020 to 32,981 at the end of March 2021[15]. - The Shanghai Composite Index rose about 25% from 2,750 at the end of March 2020 to 3,441 at the end of March 2021[18]. - The HSI increased significantly by approximately 20% from 23,603 at the end of March 2020 to 28,378 at the end of March 2021[19]. - China's GDP grew by approximately 18.3% in the first quarter of 2021 compared to the same period last year[18]. Corporate Governance - The company has complied with the corporate governance code except for the absence of a specific term for independent non-executive directors[107]. - An independent non-executive director was unable to attend the AGM on August 14, 2020, which deviated from code provision A.6.7[108]. - The independent non-executive directors have confirmed their independence for the year ended March 31, 2021[173]. - The term of office for independent non-executive directors lasts until retirement by rotation according to the Company's Articles of Association[171]. - The Company has maintained appropriate directors and officers liability insurance for relevant legal actions against its directors[179]. Dividend and Shareholder Information - The Board resolved not to recommend any payment of final dividend for the year[87]. - The Company has reserves available for distribution totaling approximately HK$89,220,000 as of March 31, 2021, down from HK$92,312,000 in the previous year, a decrease of about 3.2%[154]. - The Group holds 4,600,000 shares in BOC, representing 0.002% interest in the issued share capital, and derived a dividend income of HK$861,000 for the year ended 31st March 2021[58]. - The Group holds 1,200,000 shares in Bank Com., representing 0.002% interest, and derived a dividend income of HK$381,000 for the year ended 31st March 2021[55]. - The Group holds 4,791,250 shares in Gemilang, representing 1.906% interest in the issued share capital, with no dividend received during the year[63]. Operational Performance - CK Hutchison Holdings recorded revenue of approximately HK$266,396 million for the year ended 31st December, 2020, with a total comprehensive income of approximately HK$54,715 million and net assets of approximately HK$630,063 million[29]. - MTR Corporation Limited reported total revenue of approximately HK$42,541 million and a net loss of approximately HK$4,809 million for the year ended 31st December, 2020, significantly impacted by the COVID-19 pandemic[38]. - PCCW Limited recorded revenue of approximately HK$38,046 million and total comprehensive income of approximately HK$674 million for the year ended 31st December, 2020[35]. - MTR's property development profit decreased by 1.3% to HK$5,507 million, with profit from underlying businesses decreasing by 58.5% to HK$4,381 million[38]. - Bank of Communications Co., Ltd. recorded a profit of approximately RMB79,570 million and total comprehensive income of approximately RMB71,021 million for the year ended December 31, 2020, with a profit attributable to shareholders of approximately RMB78,274 million[52]. Environmental and Social Responsibility - The Group is committed to reducing its environmental impact and complying with environmental protection laws[180]. - Environmental policies and performance are discussed in the "Environmental, Social and Governance Report" from pages 56 to 68 of the annual report[138]. Employee and Management Information - The Group employed a total of 3 full-time employees as of March 31, 2021, consistent with the previous year[92]. - The Company continues to provide favorable career development opportunities for its employees[181]. - Directors' remuneration is reviewed annually by the Remuneration Committee, with fees subject to shareholders' approval at general meetings[133].

中期報告 Interim Report 2020 UBA INVESTMENTS LIMITED 開明投資有限公司 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Dr. WONG Yun Kuen (Chairman) Mr. CHENG Wai Lun, Andrew Independent Non-executive Directors Mr. CHAN Chung Yee, Alan, CPA Dr. FUNG Lewis Hung Mr. TANG Hon Bui, Ronald Mr. KWOK Ming Fai, CPA COMPANY SECRETARY Mr. LEUNG Man Lai, CPA AUDITORS HLB Hodgson Impey Cheng Limited Certified Public Accountants AUDIT COMMITTEE Mr. CHAN Chung Yee, Alan, CPA (Chairman) Dr. FUNG Lewis Hung Mr. TANG Hon Bui ...

UBA INVESTMENTS LIMITED 開明投資有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Stock code 股份代號 : 768 Annual Report 2020 年 報 CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論與分析 | 4 | | Profile of Directors | 董事會人員資料 | 23 | | Report of the Directors | 董事會報告 | 26 | | Corporate Governance Report | 企業管治報告 | 38 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | 55 | | Independent Auditors' Report | 獨立核數師報告 ...

中期報告 Interim Report 2019 UBA INVESTMENTS LIMITED 開明投資有限公司 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Dr. WONG Yun Kuen (Chairman) Mr. CHENG Wai Lun, Andrew Independent Non-executive Directors Mr. CHAN Chung Yee, Alan, CPA Dr. FUNG Lewis Hung Mr. TANG Hon Bui, Ronald Mr. KWOK Ming Fai (Appointed on 1 December 2019) COMPANY SECRETARY Mr. LEUNG Man Lai, CPA AUDITORS HLB Hodgson Impey Cheng Limited Certified Public Accountants AUDIT COMMITTEE Mr. CHAN Chung Yee, Alan, CPA (Chairman) Dr. FUNG L ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Stock code 股份代號 : 768 Annual Report 2019 年報 UBA INVESTMENTS LIMITED 開明投資有限公司 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論與分析 | 4 | | Profile of Directors | 董事會人員資料 | 23 | | Report of the Directors | 董事會報告 | 25 | | Corporate Governance Report | 企業管治報告 | 37 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | 54 | | Independent Auditors' Report | 獨立核數師報告 | 59 | | Cons ...