Core Insights - The collaboration between Fudan University Affiliated Tumor Hospital and Jianuo Medical Management Group has successfully conducted a trial flight for emergency medical equipment delivery using drones, significantly improving logistics efficiency in medical services [1][2] - The use of the ARK40 octocopter drone allows for a 50% reduction in delivery time compared to traditional ground transportation, completing the delivery in just 10 minutes [1] - The emergency logistics system aims to ensure critical medical equipment can be dispatched across regions within one hour, directly benefiting patients in critical condition [2] Group 1 - The drone delivery system addresses the logistical challenges faced in emergency medical equipment transportation, particularly in time-sensitive situations [1] - The trial flight demonstrated the drone's advanced navigation and safety features, including emergency landing systems and various onboard modules for stable and efficient operation [1] - The initiative is part of a broader strategy to enhance the supply chain for high-precision medical instruments, which is crucial for the hospital's annual surgical volume exceeding 80,000 procedures [2]

Core Insights - The meeting of the Zhongguancun Green Mining Industry Alliance (Zhonglvmeng) focused on the development of group standards for green mining, emphasizing the importance of standardization for high-quality industry development [1][3][8] Group Standardization Achievements - The Secretary-General of Zhonglvmeng, Wang Liang, highlighted the alliance's achievements in promoting green mining standardization and its role in guiding industry development [3] - The meeting reviewed the past year's work and established a foundation for future standardization efforts, achieving an impressive self-evaluation score of 88 points for group standards in 2024 [6] Future Directions and Goals - The alliance aims to anchor its efforts towards green and low-carbon development in the mining sector, with a focus on demand-driven project management and continuous improvement of the standardization framework [6][8] - The revised "Management Measures for Group Standards" was approved, enhancing the scientific and normative aspects of standardization work [6] Technical Framework and Standards - The "Green Mining Technology System" standard will provide a unified basis for enterprise selection and bidding, serving as a reliable technical reference for mining construction and renovation [7] - The standard is expected to support the establishment of a new production technology system and promote high-quality industry development [7] Collaborative Discussions - The meeting included discussions on "Green Mining Technology Recognition" and the role of group standards, fostering rich ideas and consensus among industry experts [7] - The importance of aligning group standards with national standards was emphasized to enhance the impact of standardization on industrial upgrades and high-quality development [7]

Group 1 - The core viewpoint emphasizes the strengthening of Russia-China relations and the benefits of bilateral cooperation for both nations' citizens [2] - The pragmatic cooperation between Russia and China is developing rapidly, covering a wide range of areas with significant potential in trade and investment [2] - China's achievements in green development, particularly in solar and wind energy, position it as a global leader in energy investment, supported by the largest electric vehicle market and a comprehensive supply chain [2] Group 2 - The "dual carbon" goals proposed by China are encouraging private sector investment in green fields, providing valuable insights for other countries [2] - Russia can learn from China's supply-side structural reform experience to foster a mature green energy market, highlighting the vast potential for cooperation in the green low-carbon sector [2] - Educational cooperation between Russia and China is flourishing, with an increasing number of students and cultural exchange activities enhancing mutual understanding [2]

Group 1 - Vietnam's investment promotion conference in Beijing attracted over 200 representatives from both China and Vietnam, focusing on new investment opportunities in sectors such as renewable energy, high technology, smart manufacturing, and infrastructure development [1] - The bilateral trade scale between China and Vietnam continues to expand, with ongoing investment cooperation and significant projects being steadily advanced, providing strong momentum for the socio-economic development of both countries [1] - The China Chamber of Commerce for Import and Export of Mechanical and Electrical Products is committed to promoting economic cooperation between China and Vietnam by facilitating trade negotiations, investment matching events, and industry seminars [1] Group 2 - Nghe An Province aims to become a modern, smart, livable, and environmentally friendly economic hub, attracting more Chinese enterprises to invest [2] - Chinese investment in Vietnam has been increasing, covering a wide range of sectors from photovoltaic industry to renewable energy, with companies like Tianjin Tianjiao Environmental Protection Co., Ltd. leading in implementing green projects [2] - During the investment promotion conference, Tianjin Tianjiao signed a memorandum with Nghe An Province for renewable energy and environmental projects, further deepening China-Vietnam green cooperation [2]

[Report and Audit Opinion](index=3&type=section&id=Report%20and%20Audit%20Opinion) [Trustee's Report](index=3&type=section&id=Report%20of%20the%20trustee%20to%20the%20unitholders) Cititrust Limited, as trustee, confirms that Mirae Asset Global Investments (Hong Kong) Limited, as manager, has managed the Global X ETF series in all material respects in accordance with the trust deed - The trustee confirms the manager complied with the trust deed in **all material respects** for the year ended March 31, 2024[5](index=5&type=chunk) [Independent Auditor's Report](index=4&type=section&id=Independent%20auditor%27s%20report) PricewaterhouseCoopers issued an unmodified opinion on the financial statements, affirming they fairly present the funds' financial position and cash flows as of March 31, 2024, with key audit matters focusing on the existence and valuation of financial assets at fair value through profit or loss - The auditor issued an **unmodified opinion** on all sub-funds' financial statements, confirming they fairly present financial position and operating results in all material respects under IFRS[10](index=10&type=chunk) - The key audit matter is the existence and valuation of financial assets at fair value through profit or loss, which constitute the majority of each sub-fund's net assets, audited via custodian confirmations, external pricing comparisons, and valuation method assessments for suspended investments[15](index=15&type=chunk)[17](index=17&type=chunk)[21](index=21&type=chunk) [Audited Financial Statements](index=10&type=section&id=Audited%20financial%20statements) [Statement of Net Assets](index=10&type=section&id=Statement%20of%20net%20assets) As of March 31, 2024, several sub-funds experienced varied Net Asset Value (NAV) changes, with MSCI China ETF and Hang Seng High Dividend Yield ETF seeing significant growth due to unit issuance, while China Biotech ETF and China Cloud Computing ETF recorded substantial declines Overview of Selected Sub-Fund Net Asset Values (NAV) | Sub-Fund | March 31, 2024 | March 31, 2023 | Trend | | :--- | :--- | :--- | :--- | | **Global X MSCI China ETF** (HKD) | 3,821,598,719 | 1,203,829,656 | ▲ Increase | | **Global X Hang Seng High Dividend Yield ETF** (HKD) | 2,164,451,606 | 946,490,138 | ▲ Increase | | **Global X China Biotech ETF** (RMB) | 367,030,869 | 724,492,526 | ▼ Decrease | | **Global X China Cloud Computing ETF** (RMB) | 240,390,363 | 503,503,823 | ▼ Decrease | | **Global X Hang Seng TECH ETF** (HKD) | 3,313,519,597 | N/A (Newly Established) | - | | **Global X USD Money Market ETF** (USD) | 32,550,753 | N/A (Newly Established) | - | [Statement of Profit or Loss and Other Comprehensive Income](index=13&type=section&id=Statement%20of%20profit%20or%20loss%20and%20other%20comprehensive%20income) For the fiscal year/period ended March 31, 2024, most China-market related ETFs reported significant losses primarily from fair value changes in financial assets, while Metaverse Theme Active ETF and USD Money Market ETF achieved profitability Selected Sub-Fund Annual Comprehensive Income/(Loss) | Sub-Fund | FY2024/Period | FY2023/Period | | :--- | :--- | :--- | | **Global X MSCI China ETF** (HKD) | (178,793,545) | (87,815,938) | | **Global X Hang Seng High Dividend Yield ETF** (HKD) | (52,984,454) | (8,725,848) | | **Global X China Biotech ETF** (RMB) | (148,268,254) | (119,502,840) | | **Global X China Cloud Computing ETF** (RMB) | (146,975,434) | 66,781,473 | | **Global X Hang Seng TECH ETF** (HKD) | (459,354,005) | N/A | | **Global X Metaverse Theme Active ETF** (USD) | 687,664 | (173,111) | [Statement of Changes in Net Assets Attributable to Unitholders](index=15&type=section&id=Statement%20of%20changes%20in%20net%20assets%20attributable%20to%20unitholders) This fiscal year, changes in sub-fund asset sizes were primarily influenced by unit subscription and redemption activities, with MSCI China ETF and Hang Seng TECH ETF growing through new unit issuance despite operating losses, while China Biotech and China Cloud Computing ETFs shrank due to net redemptions, and only Hang Seng High Dividend Yield ETF distributed dividends - MSCI China ETF's NAV growth was primarily driven by **net unit subscriptions of HKD 2.80 billion**, offsetting **operating losses of HKD 179 million**[54](index=54&type=chunk) - China Biotech ETF and China Cloud Computing ETF experienced NAV declines primarily due to **net unit redemptions of RMB 209 million and RMB 116 million**, respectively[54](index=54&type=chunk) - Hang Seng High Dividend Yield ETF was the only fund to distribute dividends during the reporting period, totaling **HKD 100,278,000** to unitholders[54](index=54&type=chunk) [Statement of Cash Flows](index=17&type=section&id=Statement%20of%20cash%20flows) Sub-funds' cash flows primarily reflect investment and financing activities, with operating cash flow typically a net outflow due to financial asset trading, and financing cash flow driven by unit issuance and redemption, serving as the main source of cash inflow MSCI China ETF Cash Flow Statement Overview (HKD) | Item | FY2024 | FY2023 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | (2,660,816,111) | (720,214,130) | | **Net Cash Flow from Financing Activities** | 2,682,671,102 | 711,360,619 | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | 21,854,991 | (8,853,511) | | **Cash and Cash Equivalents at End of Period** | 23,963,877 | 2,108,886 | [Notes to the Financial Statements](index=26&type=section&id=Notes%20to%20the%20financial%20statements) [General Information & Material Accounting Policies](index=26&type=section&id=1.%20GENERAL%20INFORMATION%20%26%202.%20MATERIAL%20ACCOUNTING%20POLICIES) This section outlines the Global X ETF series' legal structure, manager (Mirae Asset), trustee (Cititrust), and investment objectives, noting that financial statements are prepared under IFRS, with financial assets primarily measured at fair value through profit or loss, and redeemable units classified as financial liabilities only for the USD Money Market ETF due to different share classes - Each sub-fund aims to closely track its respective benchmark index (e.g., MSCI China ETF tracking the MSCI China Index) or achieve long-term capital appreciation through active investment in specific themes (e.g., electric vehicles, metaverse)[93](index=93&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk) - Financial statements are prepared in accordance with **IFRS**, with financial assets primarily measured at **fair value through profit or loss (FVPL)**[107](index=107&type=chunk)[119](index=119&type=chunk) - Due to the issuance of listed and unlisted share classes with different terms, the USD Money Market ETF's redeemable units are classified as **financial liabilities**, while other sub-funds' redeemable units are classified as **equity**[156](index=156&type=chunk)[157](index=157&type=chunk) [Related Party Transactions](index=48&type=section&id=6.%20TRANSACTIONS%20WITH%20THE%20TRUSTEE%2C%20THE%20MANAGER%20AND%20THEIR%20CONNECTED%20PERSONS) This report details transactions between sub-funds and the manager (Mirae Asset), trustee (Cititrust), and their affiliates, primarily involving management fees, trustee fees, and securities trading commissions paid through affiliated brokers, with the manager's affiliates also acting as participating dealers for unit subscriptions and redemptions Management Fee Rates by Sub-Fund | Sub-Fund | Annual Management Fee Rate (%) | | :--- | :--- | | MSCI China ETF | 0.18% | | Hang Seng High Dividend Yield ETF | 0.68% | | China Biotech ETF | 0.68% | | China Cloud Computing ETF | 0.68% | | Electric Vehicle and Battery Active ETF | 0.75% | | Metaverse Theme Active ETF | 0.75% | | Hang Seng TECH ETF | 0.35% | | USD Money Market ETF (Listed) | 0.05% (Effective Jan 1, 2024) | - The funds conduct some securities transactions through Mirae Asset Securities (HK) Limited, an affiliate of the manager, and Citigroup Global Markets Limited, an affiliate of the trustee, paying corresponding brokerage commissions[612](index=612&type=chunk) - Mirae Asset Securities (HK) Limited, an affiliate of the manager, acted as a participating dealer for several sub-funds, engaging in significant unit subscription and redemption activities during the fiscal year[181](index=181&type=chunk)[184](index=184&type=chunk)[196](index=196&type=chunk) [Financial Risk Management](index=67&type=section&id=14.%20FINANCIAL%20RISK%20MANAGEMENT%20OBJECTIVES%20AND%20POLICIES) This section details the funds' primary financial risks, including market price risk managed by tracking benchmarks or active strategies, credit risk mitigated by high-rated counterparties, and liquidity risk, noting significant unitholder concentration and the fair value hierarchy of assets Market Risk Sensitivity Analysis (As of March 31, 2024) | Sub-Fund | Sensitivity Threshold (%) | Impact on Profit or Loss | | :--- | :--- | :--- | | MSCI China ETF (HKD) | +/-17.38% | +/-667,764,861 | | Hang Seng High Dividend Yield ETF (HKD) | +/-7.03% | +/-169,934,949 | | China Biotech ETF (RMB) | +/-24.93% | +/-93,244,357 | | Hang Seng TECH ETF (HKD) | +/-18.66% | +/-618,009,893 | - Several sub-funds face significant unitholder concentration risk; for instance, as of March 31, 2024, one unitholder held **90.60%** of MSCI China ETF's total net assets, and three unitholders collectively held **95.70%** of Hang Seng ESG ETF's total net assets[280](index=280&type=chunk)[286](index=286&type=chunk) - Most investments (listed equities) are classified as Fair Value Level 1, unlisted Total Return Swaps and some debt securities as Level 2, and suspended equities as Level 3, with their fair value determined by the manager's best estimate, noting transfers from Level 3 to Level 1 occurred during the year as some stocks resumed trading[317](index=317&type=chunk)[318](index=318&type=chunk)[319](index=319&type=chunk) [Other Key Notes](index=39&type=section&id=Other%20Key%20Notes) This section covers other key financial information, including unit changes, dividends (only Hang Seng High Dividend Yield ETF), tax implications (Hong Kong profit tax exemption but 10% withholding tax on China dividends), and NAV differences due to accounting standards versus fund prospectus treatment of establishment costs - Only Hang Seng High Dividend Yield ETF distributed dividends totaling **HKD 100,278,000** during the fiscal year[215](index=215&type=chunk) - The funds are exempt from Hong Kong profits tax but are subject to a **10% withholding income tax** on dividends received from A-shares and H-shares, with the manager currently deeming no provision necessary for A-share capital gains[211](index=211&type=chunk)[687](index=687&type=chunk) - Differences between accounting NAV and subscription/redemption NAV arise because IFRS requires establishment costs to be expensed immediately, while the fund's constitutive documents permit amortization[549](index=549&type=chunk)[550](index=550&type=chunk) [Unaudited Supplementary Information](index=91&type=section&id=Unaudited%20Supplementary%20Information) [Investment Portfolio](index=93&type=section&id=Investment%20portfolio%20%28Unaudited%29) This section details each sub-fund's complete holdings as of March 31, 2024, exemplified by MSCI China ETF's high concentration in communication services, consumer discretionary, and financial sectors, with top holdings including Tencent Holdings, Alibaba, and Meituan MSCI China ETF Top Holdings (As of March 31, 2024) | Holding | Percentage of Net Assets (%) | | :--- | :--- | | **Tencent Holdings Ltd (腾讯控股)** | 14.18% | | **Alibaba Group Holding Ltd (阿里巴巴)** | 8.07% | | **PDD Holdings Inc (拼多多)** | 3.83% | | **Meituan-Class B (美团)** | 3.46% | | **China Construction Bank-H (建设银行H股)** | 3.20% | [Statement of Movements in Investment Portfolio](index=122&type=section&id=Statement%20of%20movements%20in%20investment%20portfolio%20%28Unaudited%29) This chapter comprehensively records the opening and closing positions, additions, disposals, and corporate actions for each security within the sub-funds' investment portfolios from April 1, 2023, to March 31, 2024, reflecting all trading activities during the year - This section provides a detailed tabular breakdown of all securities' position movements within each fund's investment portfolio during the reporting period, including additions, disposals, and corporate actions such as dividends and stock splits[485](index=485&type=chunk) [Derivative and Collateral Information](index=149&type=section&id=Details%20in%20respect%20of%20financial%20derivative%20instruments%20%28Unaudited%29) As of March 31, 2024, China Biotech ETF and China Cloud Computing ETF held unlisted Total Return Swaps as financial derivatives, with collateral comprising government bonds and equities held by Citibank, N.A. to mitigate counterparty credit risk - China Biotech ETF and China Cloud Computing ETF utilized unlisted **Total Return Swaps** with counterparties Citigroup Global Markets Limited and Mirae Asset Securities (HK) Limited[743](index=743&type=chunk)[746](index=746&type=chunk) Collateral Overview (As of March 31, 2024) | Sub-Fund | Total Collateral Value | Percentage of Net Assets | | :--- | :--- | :--- | | **China Biotech ETF** (RMB) | 162,703,438 | 44.33% | | **China Cloud Computing ETF** (RMB) | 113,599,368 | 47.26% | [Performance Record](index=153&type=section&id=Performance%20record%20%28Unaudited%29) During the reporting period, most China-focused ETFs underperformed their benchmarks with negative returns, while the Metaverse Theme Active ETF notably achieved a positive return of 38.05%, significantly exceeding its benchmark FY2024 Selected Sub-Fund Performance vs. Benchmark Index | Sub-Fund | Fund Performance (%) | Index Performance (%) | | :--- | :--- | :--- | | MSCI China ETF | (17.59) | (17.38) | | Hang Seng High Dividend Yield ETF | (7.88) | (7.03) | | China Biotech ETF | (25.41) | (24.93) | | Hang Seng TECH ETF | (15.11) | (15.53) | | Metaverse Theme Active ETF | 38.05 | 33.62 | [Management and Administration Information](index=158&type=section&id=Management%20and%20administration) This section lists the key service providers for the Global X ETF series, including the manager, trustee, custodian, registrar, legal counsel, and auditor, along with their respective names and addresses - The fund manager is **Mirae Asset Global Investments (Hong Kong) Limited**, and the trustee and custodian are **Cititrust Limited / Citibank, N.A.**[771](index=771&type=chunk)[784](index=784&type=chunk)

Financial Performance - As of September 30, 2023, the total assets of Global X MSCI China ETF amounted to HK$ 589,276,968, a decrease from HK$ 1,204,309,004 as of March 31, 2023[7] - The net assets attributable to unitholders for Global X China Biotech ETF were RMB 542,791,093, reflecting a decrease from RMB 724,492,526 as of March 31, 2023[7] - The total net assets for Global X Metaverse Theme Active ETF were USD 1,860,461, a decrease from USD 2,090,195 in the previous period[9] - For the six months ended September 30, 2023, Global X reported a total dividend income of HK$13,522,828, up from HK$9,830,256 in the same period of 2022, representing a growth of 37.4%[10] - The total comprehensive income loss for Global X MSCI China ETF was HK$109,762,829, compared to a loss of HK$95,628,420 in the previous year, marking an increase in losses of 14.5%[10] - Global X's total comprehensive income loss for the period across all ETFs was HK$98,509,033, compared to HK$75,681,083 in the previous year, representing an increase in losses of 30.2%[10] Cash and Cash Equivalents - Cash and cash equivalents for Global X Electric Vehicle and Battery Active ETF stood at USD 1,698,314, down from USD 1,896,450 in the previous period[9] - The cash and cash equivalents at the end of the period for Global X MSCI China ETF were HK$2,740,633, up from HK$940,060 in the previous year[16] - The total cash and cash equivalents for all Sub-Funds as of September 30, 2023, were placed with interest-bearing saving accounts in Citibank, N.A.[141] - The total interest-bearing term deposits for the USD Money Market ETF as of September 30, 2023, amounted to USD 24,258,790, with the majority maturing in less than one month[140] Liabilities and Fees - The total liabilities for Global X Hang Seng ESG ETF were HK$ 495,276, with management fees payable amounting to HK$ 75,265[9] - The total liabilities for Global X China Cloud Computing ETF were RMB 1,274,178, with a management fee payable of RMB 299,076[9] - The management fee for the MSCI China ETF for the period ended 30 September 2023 was HK$584,420, compared to HK$404,978 for the same period in 2022, reflecting a year-over-year increase[117] - The Hang Seng High Dividend Yield ETF incurred a management fee of HK$3,504,299 for the period ended 30 September 2023, up from HK$2,038,587 in the previous year[117] Investment Performance - The net loss on financial assets at fair value through profit or loss for Global X Hang Seng ETF was HK$119,637,162, compared to a loss of HK$103,875,945 in the previous year, indicating a deterioration of 15.1%[10] - The total comprehensive income for Global X China Biotech ETF showed a loss of RMB53,809,511, compared to a loss of RMB190,728,491 in the previous year, indicating improved performance[12] - The net loss for the Hang Seng High Dividend Yield ETF for the year ended September 30, 2023, was HK$87,003,612, compared to a net income of HK$138,207,752 for the previous year[149] - The total fair value of the holdings in the MSCI China ETF includes various companies, with the smallest being OVCTEK China Inc at HK$49,109,000, or 0.01% of net assets[183] Unit Issuance and Redemptions - The number of units in issue at the end of the period for Global X MSCI China ETF increased to 53,800,000 from 41,600,000, showing growth in investor interest[12] - The cash paid on redemptions of units for Global X MSCI China ETF was HK$923,086,050, significantly higher than HK$207,457,876 in the previous year, indicating higher investor withdrawals[16] - The Electric Vehicle and Battery Active ETF had a net redemption of USD334,155, with 50,000 units redeemed[170] Asset Valuation - The fair value of the listed equities in the MSCI China ETF as of September 30, 2023, is HK$ 2,201,023 for Contemporary Amperex Technology Co., accounting for 0.37% of net assets[179] - The total fair value of holdings in the MSCI China ETF includes significant investments such as WanHua Chemical Group Co Ltd at HK$681,667,000 (0.12% of net assets) and Tongwei Co Ltd at HK$342,722,000 (0.06% of net assets)[185] - The largest holding in the Hang Seng High Dividend Yield ETF is Agricultural Bank of China-H, valued at HK$24,591,726, accounting for 2.33% of net assets[193] Market Strategy and Focus - The portfolio reflects a focus on key industries such as banking, technology, and pharmaceuticals, with multiple holdings exceeding HK$100,000 million in fair value[178] - Future strategies may include further investments in technology and market expansion, although specific plans were not detailed in the provided content[200]

Financial Assets and Performance - As of March 31, 2023, the financial assets at fair value through profit or loss for Global X MSCI China ETF amounted to HKD 1,202,150,566, while Global X Hang Seng High Dividend Yield ETF had HKD 945,918,883[13]. - The total financial assets at fair value through profit or loss for Global X China Biotech ETF and Global X China Cloud Computing ETF were RMB 724,319,566 and RMB 502,665,423, respectively[13]. - The Global X Hang Seng ESG ETF reported financial assets at fair value through profit or loss of RMB 25,388,056, and the Global X Electric Vehicle and Battery Active ETF had USD 6,790,533[13]. - The financial assets at fair value through profit or loss for Global X MSCI China ETF and Global X Hang Seng High Dividend Yield ETF included listed equities valued at HKD 847,348 and HKD 685,975, respectively[13]. - Total assets for Global X ETF Series as of March 31, 2023, amounted to HK$1,204,309,004, an increase from HK$580,508,395 in 2022[36]. - Financial assets at fair value through profit or loss reached HK$1,202,150,566, compared to HK$525,189,619 in the previous year, indicating a significant growth of approximately 128.7%[36]. - Net assets attributable to unitholders for Global X MSCI China ETF were HK$1,203,829,656, up from HK$526,436,175 in 2022, reflecting an increase of about 128.7%[36]. - The total net assets attributable to unitholders increased to HK$1,203,829,656 by the end of the period, up from HK$526,436,175 at the beginning of the year[41]. - The total comprehensive income for the Global X China Biotech ETF was a profit of RMB 66,781,473, contrasting with a loss of RMB 696,898,825 in the previous year[39]. - Global X China Cloud Computing ETF achieved a profit before tax of RMB 66.9 million, contrasting with a loss of RMB 566.3 million in the previous year, marking a turnaround of over RMB 633 million[49]. Audit and Financial Reporting - The independent auditor confirmed that the financial statements provide a true and fair view of the financial position of each Sub-Fund as of March 31, 2023, in accordance with International Financial Reporting Standards (IFRSs)[8]. - The audit focused on the existence and valuation of financial assets at fair value through profit or loss, which represented the principal element of the Sub-Funds' net assets attributable to unitholders[16]. - The report includes a comprehensive statement of cash flows for the relevant periods, indicating the financial transactions and cash flows of the Sub-Funds[11]. - Financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) and presented in respective currencies for each ETF[70][71]. - The Sub-Funds measure their investments at fair value at the end of each reporting period, with fair value determined based on market conditions and valuation techniques[89][90]. Management and Fees - The management is responsible for preparing financial statements that are free from material misstatement and for assessing the Sub-Funds' ability to continue as a going concern[23]. - The management fee payable across the ETFs was HK$179,348 for Global X MSCI China ETF, slightly up from HK$176,787 in 2022[36]. - Management fees for the year amounted to HK$992,673, down from HK$1,444,824, indicating a reduction of about 31.3%[39]. - The Hang Seng High Dividend Yield ETF incurred a management fee of HK$4,829,281 for the year ended 31 March 2023, compared to HK$1,125,043 for the year ended 31 March 2022[140]. - The China Biotech ETF's management fee for the year ended 31 March 2023 was RMB 5,468,272, down from RMB 11,591,023 in the previous year[140]. Cash Flows and Distributions - The cash received from the issue of units was HK$1,047,198,141, significantly higher than HK$99,364,062 in the previous year[43]. - The net cash flows used in operating activities amounted to HK$720,214,130, compared to a net cash generation of HK$130,494,985 in the prior year[43]. - The cash paid on redemptions of units was HK$335,837,522, compared to HK$227,519,366 in the previous year[45]. - The distribution to unitholders for the Global X Hang Seng High Dividend Yield ETF was HK$61,224,000, compared to HK$12,822,000 in the previous year[45]. - The total cash balances for the Hang Seng High Dividend Yield ETF from unit creations amounted to HK$141,404,400, while cash from redemptions was HK$21,816,807[130]. Losses and Gains - For the year ended 31 March 2023, Global X reported a net loss of HK$87,815,938, compared to a loss of HK$286,718,905 in the previous year[39]. - The net loss on financial assets at fair value through profit or loss was HK$94,360,581, a significant improvement from a loss of HK$297,472,751 in the prior year[39]. - The total comprehensive loss for the Global X Hang Seng High Dividend Yield ETF was HK$6,536,982, a decrease from a profit of HK$9,024,104 in the previous year[45]. - The loss before tax for the Global X MSCI China ETF was HK$87,049,044, an improvement from a loss of HK$285,771,734 in the previous year[43]. - Global X China Biotech ETF reported a loss before tax of RMB 119.1 million for the year ended 31 March 2023, a significant improvement from a loss of RMB 696.3 million in 2022, indicating a reduction in losses by approximately 83.9%[47]. Unit Issuance and NAV - As of March 31, 2023, the MSCI China ETF had 42,200,000 units in issue, with a net asset value (NAV) per unit of HK$28.5268, down from HK$29.9111 a year earlier, reflecting a decrease of approximately 4.6%[128]. - The Hang Seng High Dividend Yield ETF issued 20,800,000 units during the year, resulting in a total of 41,600,000 units at the end of the period, with a NAV per unit of HK$22.7522, down from HK$25.9073[128]. - The China Biotech ETF redeemed 4,000,000 units, bringing the total units in issue to 12,750,000, with a NAV per unit of RMB56.8229, down from RMB64.2334[128]. - The China Cloud Computing ETF had a total of 8,700,000 units in issue, with a NAV per unit of RMB57.8740, a decrease from RMB48.6367 in the previous year[128]. - The Electric Vehicle and Battery Active ETF issued 1,700,000 units and redeemed 700,000 units, totaling 1,000,000 units in issue, with a NAV per unit of USD7.3014[128]. Sector Allocations - The largest industry allocation was in Consumer discretionary, with a fair value of HK$348,194,876, accounting for 28.92% of net asset value[200]. - Communication Services represented 20.35% of net asset value, with a fair value of HK$244,950,458 as of March 31, 2023[200]. - Financials accounted for 15.26% of net asset value, with a fair value of HK$183,698,261, down from 17.10% in the previous year[200]. - The fair value of Consumer staples increased to HK$73,724,182, representing 6.12% of net asset value, up from 5.57% in the previous year[200]. - The Energy sector saw a rise in fair value to HK$33,188,791, which is 2.76% of net asset value, compared to 2.35% in the previous year[200].

Financial Performance - The net assets attributable to unitholders for Global X Hang Seng High Dividend Yield ETF were HK$526,436,175, down from HK$564,778,840 as of March 31, 2022, indicating a decline of approximately 6.8%[7]. - The total liabilities for Global X Electric Vehicle & Battery Active ETF were RMB 1,434,625, which is a significant increase from RMB 362,813 as of March 31, 2022[9]. - Dividend income for Global X MSCI China ETF decreased to HK$40,296,893 from HK$6,829,350, representing a decline of approximately 69.5% year-over-year[11]. - The total comprehensive loss for the period for Global X China Biotech ETF was RMB190,728,491, a significant increase from RMB91,843,733 in the prior year, reflecting a rise of approximately 107%[11]. - The operating loss for Global X High Dividend Yield ETF was HK$136,014,199, compared to HK$3,485,394 in the previous year, indicating a significant increase in losses[11]. - The Global X CSI 300 ETF experienced a loss before tax of RMB 2,820,980, which was higher than the loss of RMB 1,237,690 in the previous year[20]. - For the period ended 30 September 2022, the loss after tax and total comprehensive income for the Hang Seng High Dividend Yield ETF was HK$138,207,752, compared to a loss of HK$3,829,163 for the same period in 2021[154]. Asset and Liability Changes - As of September 30, 2022, the total assets for Global X MSCI China ETF amounted to HK$656,059,610, a decrease from HK$565,620,418 as of March 31, 2022[7]. - The total assets for Global X China Cloud Computing ETF were RMB 20,715,509, down from RMB 29,885,058 as of March 31, 2022, indicating a decline of approximately 30.5%[9]. - The total liabilities and equity for Global X Electric Vehicle & Battery Active ETF were USD 1,678,170, reflecting a stable position compared to previous periods[9]. - The total balance at the end of the period for Global X CSI 300 ETF was RMB654,425,135, compared to RMB182,355,594 at the beginning, reflecting an increase of approximately 258%[13]. - The total cash and cash equivalents at the end of the period for the Global X MSCI China ETF were USD 8,651,320, down from USD 10,962,397 at the beginning of the period[16]. - The total cash and cash equivalents for Global X China Biotech ETF at the end of the period was RMB 14,635,005, down from RMB 20,214,904[22]. Management Fees and Expenses - The management fee payable for Global X MSCI China ETF was HK$1,082,551, which is an increase from HK$477,154 as of March 31, 2022[7]. - Management fees for Global X China Cloud Computing ETF were RMB1,685,450, down from RMB2,510,982, showing a decrease of approximately 33%[12]. - The management fee for the Hang Seng High Dividend Yield ETF for the period ended 30 September 2022 was HK$2,038,587, compared to HK$144,013 for the same period in 2021, reflecting a significant increase[121]. - The management fee for the China Biotech ETF for the period ended 30 September 2022 was RMB2,814,521, down from RMB6,457,134 in the previous year[121]. - The total expenses borne by the Manager for the period ended September 30, 2022, amounted to HK$515,097, compared to HK$270,135 for the same period in 2021, reflecting an increase of approximately 90%[130]. Investment Strategy and Holdings - MSCI China ETF aims to closely correspond to the performance of the MSCI China Index by investing substantially all assets in index securities[35]. - The investment strategy focuses on high-growth sectors, including technology and renewable energy, to capitalize on market trends[170]. - The portfolio includes significant investments in the healthcare sector, such as GUANGZHOU BAIYUNSHAN PHAR-A valued at HK$57,369, which is 0.02% of net assets[172]. - The portfolio reflects a balanced approach with investments in both established firms and high-potential growth companies across different industries[189]. - The investment strategy focuses on high-growth sectors, with substantial allocations to renewable energy and technology companies[189]. Unit and Share Information - The number of units in issue for Global X MSCI China ETF decreased from 22,600,000 to 21,600,000, indicating a reduction of about 4.4%[13]. - The total number of units redeemed during the period for Global X China Biotech ETF was 2,100,000, reflecting a decrease in investor interest[13]. - The total number of units in issue at the end of the period for the Global X China Cloud Computing ETF was 9,900,000, down from 9,950,000 at the beginning of the period[15]. - The Hang Seng ESG ETF issued 57,000,000 units, raising HK$212,605,200 in investments and cash balances[108]. - The Metaverse Theme Active ETF issued 300,000 units, raising USD 2,263,306 since its inception on March 18, 2022[109]. Cash Flows and Financing Activities - The net cash flows generated from operating activities amounted to HK$ 137,523,322, a significant increase from HK$ 39,395,986 in the previous period[16]. - Cash received from the issue of units was HK$ 59,912,217, while cash paid on redemptions of units was HK$ 207,457,876, resulting in net cash flows used in financing activities of HK$ 147,545,659[16]. - Net cash flows used in financing activities for Global X China Biotech ETF were RMB 84,307,524, compared to RMB 167,910,563 in the prior period[22]. Market and Investment Performance - The net total returns of the underlying index of the Global X Hang Seng ESG ETF were -20.9%, compared to -17.3% for the Base Index during the same period[167]. - The fair value of holdings in the MSCI China ETF as of September 30, 2022, includes CHINA YANGTZE POWER CO LTD-A valued at HK$808,209, representing 0.24% of net assets[171]. - The total fair value of the listed equities in the portfolio reflects a diverse range of sectors, including technology, finance, and energy[171]. - The portfolio shows a strong presence in the technology sector with investments in companies like BOE Technology Group valued at HK$ 191,800 million, which is 0.06% of net assets[170]. - The total fair value of the holdings in the portfolio is diversified across various sectors, with significant investments in banking and energy sectors[170].

Financial Position and Performance - As of March 31, 2022, the financial assets at fair value through profit or loss for the Global X MSCI China ETF amounted to HK$525,189,619, while the Global X Hang Seng High Dividend Yield ETF was HK$564,198,146, Global X CSI 300 ETF was HK$29,558,796, Global X China Biotech ETF was HK$963,477,060, and Global X China Cloud Computing ETF was HK$483,252,072[13]. - The total net assets attributable to unitholders for the sub-funds were not explicitly stated in the provided content, but the financial assets indicate significant holdings across various sectors[13]. - Total assets amounted to HK$80,508,390,000, with liabilities at HK$54,072,220,000, resulting in equity of HK$26,436,170,000[33]. - The company reported a profit after tax of HK$286,718,905, reflecting a comprehensive income increase compared to the previous year[37]. - The company experienced a significant increase in net assets attributable to unitholders, totaling HK$995,159,184[40]. - The total income from financial assets at fair value through profit was reported at HK$297,472,750[37]. Audit and Compliance - The financial statements for the year ended March 31, 2022, were audited in accordance with International Financial Reporting Standards (IFRSs) and were found to give a true and fair view of the financial position of each sub-fund[8]. - The independent auditor's report confirmed that the financial statements were properly prepared in accordance with the relevant disclosure provisions of the Trust Deed and the SFC Code[28]. - The management of the sub-funds is responsible for ensuring that the financial statements are free from material misstatement, whether due to fraud or error[20]. - The audit included an assessment of key controls over the existence and valuation of financial assets, with no material exceptions found during testing[16]. - The engagement partner for the audit was Mr. Chau Chi Kit from PricewaterhouseCoopers, indicating a reputable auditing firm was involved in the process[29]. Fund Management and Strategy - The company plans to expand its market presence, focusing on new product development and technology advancements[33]. - Future guidance indicates a positive outlook for revenue growth, driven by strategic market expansions and potential acquisitions[33]. - The company aims to enhance operational efficiency through cost management strategies, targeting a reduction in overall expenses[37]. Fund Performance and Income - Global X MSCI China ETF reported a loss before tax of HK$285,771,734 for 2022, compared to a profit of HK$305,952,519 in 2021, indicating a significant decline in performance[42]. - The net cash flows generated from operating activities for Global X MSCI China ETF decreased to HK$130,494,985 in 2022 from HK$156,945,065 in 2021, reflecting a drop of approximately 17%[42]. - Global X Hang Seng High Dividend Yield ETF experienced a profit before tax of HK$9,024,104 in 2022, down from HK$33,445,362 in 2021, showing a decline of about 73%[44]. - Global X CSI 300 ETF reported a loss before tax of RMB6,094,136 in 2022, compared to a profit of RMB24,160,011 in 2021, indicating a substantial downturn[46]. - The net cash flows generated from operating activities for Global X China Biotech ETF were RMB826,524,234 in 2022, a recovery from a loss of RMB1,151,950,213 in 2021[48]. - Global X China Cloud Computing ETF reported a loss before tax of RMB566,331,340 in 2022, compared to a profit of RMB206,020,858 in 2021, indicating a significant decline[50]. Financial Assets and Valuation - The financial assets of the sub-funds are classified as either measured at amortized cost or at fair value through profit or loss (FVPL)[69]. - The fair value measurement of financial instruments is based on quoted last traded market prices within the bid-ask spread[86]. - The Sub-Funds' net assets attributable to unitholders are calculated based on the total assets minus liabilities, classified as equity under IFRSs[109]. - The expected credit losses (ECLs) for debt instruments not held at fair value through profit or loss are based on the difference between contractual cash flows and expected cash flows, discounted at the original effective interest rate[103]. - ECLs are recognized in two stages: a 12-month ECL for exposures without significant credit risk increase, and a lifetime ECL for those with significant credit risk increase[104]. Unit Transactions and NAV - The number of units in issue at the end of the year was 17,600,000, with a net asset value of HK$526,436,175[40]. - As of March 31, 2022, the Accounting NAV for the MSCI China ETF was HK$526,436,175, a decrease of 47% from HK$995,159,184 in 2021[113]. - The Hang Seng High Dividend Yield ETF reported an Accounting NAV of HK$564,778,840, up from HK$98,530,157 in 2021, indicating a significant increase[113]. - The China Biotech ETF's Accounting NAV decreased to RMB963,501,712 from RMB2,490,238,419, reflecting a decline of approximately 61%[113]. - The China Cloud Computing ETF's Accounting NAV fell to RMB483,934,722 from RMB1,080,395,975, a decrease of about 55%[113]. Fees and Expenses - Management fees totaled HK$1,444,824, with trustee fees at HK$183,550,965, contributing to overall expenses of HK$17,044,867[37]. - The management fee for the Manager is calculated at an annual rate based on the Dealing NAV of the Sub-Funds, accrued daily and payable monthly[126]. - MSCI China ETF management fee for 2022 was HK$1,444,824, a significant increase from HK$571,054 in 2021[127]. - Hang Seng High Dividend Yield ETF management fee for 2022 was HK$1,125,043, up from HK$218,837 in 2021[127]. - China Biotech ETF management fee for 2022 reached RMB 11,591,023, compared to RMB 9,166,612 in 2021, indicating a growth of approximately 26%[127]. - China Cloud Computing ETF management fee for 2022 was RMB 4,936,366, a decrease from RMB 5,886,935 in 2021[127]. Market and Investment Strategy - The MSCI China ETF aims to closely correspond to the performance of the MSCI China Index by investing substantially all assets in index securities[55]. - The Hang Seng High Dividend Yield ETF targets performance alignment with the Hang Seng High Dividend Yield Index[56]. - The CSI 300 ETF is designed to reflect the performance of the CSI 300 Index, with stock codes for both Renminbi and Hong Kong dollar counters[57]. - The China Biotech ETF seeks to mirror the performance of the Solactive China Biotech Index NTR[58]. - The China Cloud Computing ETF aims to replicate the performance of the Solactive China Cloud Computing Index NTR[59].

[Financial Summary and Performance Review](index=3&type=section&id=Interim%20Financial%20Statements) [Key Financial Data](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2021/22, the Group's turnover slightly decreased by 0.5% to RMB 368.06 million, with loss narrowing to RMB 54.61 million, yet significant net current liabilities and net liabilities at period-end raise substantial going concern uncertainties Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric (RMB '000) | 2021/22 H1 (Unaudited) | 2020/21 H1 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | **Turnover** | 368,062 | 370,037 | -0.5% | | **Gross Profit** | 22,736 | 33,023 | -31.1% | | **Operating Loss** | (38,165) | (41,490) | -8.0% | | **Loss Attributable to Owners of the Company for the Period** | (54,612) | (55,783) | -2.1% | | **Basic Loss Per Share (RMB Cents)** | 12.5 | 15.3 | -18.3% | Balance Sheet Summary | Balance Sheet Item (RMB '000) | October 31, 2021 (Unaudited) | April 30, 2021 (Audited) | | :--- | :--- | :--- | | **Total Assets** | 877,796 | 977,111 | | **Total Liabilities** | 1,110,144 | 1,168,204 | | **Net Current Liabilities** | (237,261) | (256,588) | | **Net Liabilities** | (232,348) | (191,093) | - The company faces significant going concern uncertainties, primarily due to net current liabilities of approximately **RMB 237 million** and net liabilities of approximately **RMB 232 million** as of October 31, 2021. Additionally, convertible notes with a principal amount of approximately **HKD 190 million** matured in August 2019 and remain unpaid[26](index=26&type=chunk) [Business Segment Performance](index=18&type=section&id=Financial%20Summary%20and%20Business%20Review) The Group's two main business segments showed divergent performance, with 'Fresh Agricultural and Processed Products' revenue slightly declining by 1.14% due to weather-related output reduction, while 'Branded Food Products and Other Products' revenue grew by 8.21% benefiting from recovering domestic consumption Revenue by Business Segment | Business Segment (RMB '000) | 2021/22 H1 (Unaudited) | 2020/21 H1 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Fresh Agricultural and Processed Products | 342,035 | 345,985 | -1.14% | | Branded Food Products and Other Products | 26,027 | 24,052 | +8.21% | | **Total** | **368,062** | **370,037** | **-0.53%** | - The slight decrease in revenue from Fresh Agricultural and Processed Products was due to a slight reduction in fresh agricultural product output caused by a sharp drop in temperature in Northeast China during the latter part of the review period[60](index=60&type=chunk) - The growth in revenue from Branded Food Products and Other Products primarily benefited from the overall control of the COVID-19 pandemic in mainland China and the gradual recovery of consumer demand[61](index=61&type=chunk) [Profitability Analysis](index=19&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) During the reporting period, both the Group's gross profit and gross profit margin significantly declined, primarily due to reduced output and revenue in the core agricultural products segment impacted by weather; however, loss attributable to owners of the company narrowed by 2.1% year-over-year, driven by increased other income from government land acquisition, effective sales expense control, and fair value gains on biological assets - Gross profit decreased from **RMB 33.023 million** in the prior period to **RMB 22.736 million**, with gross profit margin falling from **8.92%** to **6.18%**, primarily due to reduced output from Baicheng farmland caused by a sharp temperature drop in Northeast China, leading to lower revenue in the fresh agricultural products segment[64](index=64&type=chunk) - Total operating expenses decreased from **RMB 80.713 million** in the prior period to **RMB 76.643 million**, mainly due to reduced promotion expenses and lower administrative expenses from staff streamlining[66](index=66&type=chunk) - Loss attributable to owners of the company narrowed to **RMB 54.612 million**, primarily due to (i) increased other income from government acquisition of Hubei land assets; (ii) reduced sales and distribution expenses; and (iii) gains from fair value changes of biological assets[67](index=67&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20Risk%20Management) The Group faces severe liquidity risk, with net current liabilities reaching **RMB 237 million** and a current ratio of **0.6x** at period-end, primarily pressured by defaulted **HKD 190 million** convertible notes and **RMB 238 million** in bank loans; management is actively pursuing debt restructuring and has secured financial support from the Chairman Liquidity Metrics | Metric | October 31, 2021 | April 30, 2021 | | :--- | :--- | :--- | | Net Current Liabilities | RMB 237 million | RMB 257 million | | Current Ratio | 0.60 times | 0.60 times | | Cash and Cash Equivalents | RMB 133 million | RMB 147 million | | Bank Borrowings | RMB 238 million | RMB 239 million | - Current liabilities primarily include **HKD 190 million** convertible notes that matured and defaulted in August 2019, and **RMB 238 million** in bank loans from mainland China[69](index=69&type=chunk) - Mitigation measures include debt restructuring negotiations with noteholders, contacting banks for credit financing, and a written confirmation from Chairman Mr. Sun Shaofeng to continue providing financial support to the Group[30](index=30&type=chunk)[69](index=69&type=chunk) [Capital Structure and Financing Activities](index=24&type=section&id=Capital%20Structure) During the reporting period, the company successfully raised approximately **HKD 14.2 million** net proceeds from a placing of 73.03 million new shares for general working capital, yet an overdue defaulted **HKD 190 million** convertible note remains unresolved with a statutory demand for payment issued, and a planned **USD 30 million** bond issuance has been cancelled - The company completed a placing of **73,031,674** new shares at **HKD 0.2** per share in July 2021, raising net proceeds of approximately **HKD 14.2 million** for general working capital and potential investments[85](index=85&type=chunk)[86](index=86&type=chunk)[88](index=88&type=chunk) - In November 2021, the company received a statutory demand for payment from convertible noteholders, requesting repayment of **HKD 190 million** principal and accrued interest, totaling approximately **HKD 242 million**[92](index=92&type=chunk) - A previously planned bond issuance with a maximum principal amount of **USD 30 million** has lapsed and will not proceed, as no formal agreement was entered into within the stipulated timeframe[95](index=95&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=29&type=section&id=Significant%20Investments%20Held%20and%20Major%20Acquisitions%20and%20Disposals) During the reporting period, the Group actively disposed of assets to improve its financial position, completing the sale of land and assets in Hubei for **RMB 4.8 million**, agreeing with the Hebei local government to recover land use rights for approximately **RMB 14.1 million** in compensation, and selling a financial asset to resolve a prior audit qualification - The sale of state-owned construction land use rights and related assets in Hubei for **RMB 4.8 million** was completed in August 2021[101](index=101&type=chunk) - An agreement was entered into with the Wanquan District Government of Zhangjiakou City, Hebei, for the government to recover state-owned construction land use rights in the district, with compensation of **RMB 14,097,374.64**, though the transaction is not yet completed[103](index=103&type=chunk) - A financial asset (a **4.49%** equity interest in a Hong Kong unlisted company) was sold for **HKD 100,000**, resolving a previous audit qualification[104](index=104&type=chunk)[106](index=106&type=chunk) [Litigation and Contingent Liabilities](index=21&type=section&id=Litigation) The Group is involved in multiple legal proceedings initiated by Convoy Global Holdings Limited and its affiliates; the company is vigorously defending all lawsuits and has not recognized any provision for contingent liabilities as of the reporting period end - The company is a defendant in multiple lawsuits, with plaintiffs including Convoy Global Holdings Limited, Convoy Finance Limited, and Convoy Investment Services Limited[73](index=73&type=chunk)[76](index=76&type=chunk)[81](index=81&type=chunk) - The company has vigorously defended the relevant lawsuits and submitted defense statements; as of the reporting period end, these lawsuits are ongoing[73](index=73&type=chunk)[75](index=75&type=chunk) - As of October 31, 2021, the Group has not made any provision for contingent liabilities related to the lawsuits[98](index=98&type=chunk) [Outlook and Prospects](index=20&type=section&id=Outlook%20and%20Prospects) Management maintains cautious optimism for the future, anticipating opportunities from China's economic recovery and consumption upgrade driving demand for healthy branded foods, and plans to enhance market competitiveness through diversified marketing, new retail channel expansion, cost control, and brand investment - Management believes that consumption upgrades, domestic demand stimulation, and public attention to nutritious and healthy food provide a favorable environment for the Group's sales performance[70](index=70&type=chunk) - Future plans include increasing brand investment and promotion, expanding business volume through new retail and community retail models, and adhering to prudent financial management and cost control[72](index=72&type=chunk) [Other Important Information](index=33&type=section&id=Other%20Information) [Directors' and Shareholders' Interests](index=33&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Securities) As of the reporting period end, Chairman Mr. Sun Shaofeng held approximately **4.18%** of the company's shares through his controlled entity, while Convoy Finance Limited, holding convertible notes, was deemed to have a potential interest of approximately **21.68%**, making it a major shareholder; additionally, certain directors and employees held granted share options - Chairman and CEO Mr. Sun Shaofeng holds **18,327,330** shares, representing approximately **4.18%** of the company's equity, through his controlled entity Capital Mate Limited[112](index=112&type=chunk) - Convoy Finance Limited and its holding company, Convoy Global Holdings Limited, are deemed to have approximately **21.68%** interest in the company due to holding convertible notes convertible into **95,000,000** shares[121](index=121&type=chunk)[122](index=122&type=chunk) - As of October 31, 2021, the company had **31,361,425** outstanding share options, with Executive Directors Mr. Sun Shaofeng and Mr. Wang Jinhuo holding **3.4 million** and **3.25 million** options respectively[115](index=115&type=chunk)[118](index=118&type=chunk) [Corporate Governance](index=37&type=section&id=Corporate%20Governance%20Practices) The company has adopted the Corporate Governance Code but had several deviations during the reporting period, including the Chairman also serving as CEO, no directors' liability insurance, and management not providing monthly updates to the board; the company provided explanations, deeming existing arrangements reasonable and risks controllable - Chairman Mr. Sun Shaofeng also serves as Chief Executive Officer, which the Board believes ensures consistent leadership for the Group, with the existing Board structure effectively balancing power[128](index=128&type=chunk) - The company has not purchased liability insurance for directors, as the Board considers the associated risks low and the cost of insurance potentially outweighing the benefits[126](index=126&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the interim results and deemed them compliant with applicable accounting standards and Listing Rules[131](index=131&type=chunk) [Employees and Remuneration](index=32&type=section&id=Employees,%20Training,%20and%20Remuneration%20Policy) As of October 31, 2021, the Group employed **418** staff, with total employee and director remuneration for the period amounting to approximately **RMB 9.21 million**; the company bases remuneration on individual performance and market levels, also providing training opportunities Employee Statistics and Remuneration | Metric | October 31, 2021 | | :--- | :--- | | Total Employees | 418 persons | | Of which: Plantation Workers | 280 persons | | Total Employee and Director Remuneration for the Period | Approximately RMB 9,210,000 |