彩星集团(00635) - 2024 - 中期业绩

Management Discussion and Analysis Overview For the six months ended June 30, 2024, the Group's revenue increased by 23.3% year-on-year, but a significant deficit from investment property revaluation led to an operating loss, with loss attributable to owners of the Company reaching HKD 160 million, basic loss per share of 7.72 HK cents, and interim dividend maintained at 1.50 HK cents per share Key Financial Data for the Six Months Ended June 30 | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Group Revenue | 526,666 | 427,006 | | Toys Business Revenue | 445,141 | 347,231 | | Property Investment and Management Business Revenue | 79,339 | 76,792 | | Investment Business Revenue | 2,186 | 2,983 | | Gross Profit | 324,137 | 259,934 | | Net (Deficit)/Surplus from Investment Property Revaluation | (249,529) | 4,123 | | Operating (Loss)/Profit | (121,081) | 120,219 | | (Loss)/Profit Before Income Tax | (80,414) | 144,531 | | (Loss)/Profit Attributable to Owners of the Company | (159,880) | 96,291 | | (Loss)/Earnings Per Share (HK cents) | (7.72) | 4.65 | | Interim Dividend Per Share (HK cents) | 1.50 | 1.50 | Property Investment and Management The property investment and management segment's turnover increased by 3.3% year-on-year to HKD 79.3 million, but a net deficit of HKD 249.5 million from investment property revaluation resulted in an operating loss of HKD 190.3 million for the segment, reversing last year's profit, while the Group remains optimistic about long-term property investment prospects - Property investment and management segment turnover increased by 3.3% to HKD 79.3 million (2023: HKD 76.8 million)[2] - Net deficit from investment property revaluation was HKD 249.5 million (2023: net surplus of HKD 4.1 million)[2] - Segment operating loss (including property revaluation) was HKD 190.3 million (2023: profit of HKD 58.8 million)[2] Property Investment The Group's investment property portfolio includes commercial, residential, and industrial properties in Hong Kong, along with overseas properties accounting for 8.3% of total fair value, with total rental income growing 3.9% to HKD 68.5 million, but overall occupancy rate decreased to 68% - Total investment property rental income was HKD 68.5 million, a 3.9% increase year-on-year (2023: HKD 65.9 million)[3] - Overall occupancy rate for investment properties was approximately 68% (December 31, 2023: 74%)[3] - Overseas investment properties accounted for 8.3% of the Group's total investment property portfolio fair value (December 31, 2023: 8.1%)[3] Commercial Properties Hong Kong's retail sector faced challenges in the first half of 2024, impacting commercial property demand, though Canton Road is still considered a long-term prime shopping district - Hong Kong's retail sector faced significant challenges in the first half of 2024 due to changing spending patterns of inbound tourists and increased outbound travel by local consumers[4] - Canton Road is expected to remain one of Hong Kong's prime shopping districts in the long term[4] Residential Properties Hong Kong's residential property market was affected by high interest rates and economic downturn, but renovation work on Mid-Levels units is expected to enhance their long-term value - In the first half of 2024, Hong Kong's residential property market was impacted by high interest rates and a sluggish economic environment[5] - Internal renovation and refurbishment works for Mid-Levels units, commenced in 2021, are expected to enhance property value in the long term[5] Industrial Properties Playmates Industrial Building received conditional approval for conversion to commercial use in January 2020, and the Group is monitoring economic conditions to determine project scale - Playmates Industrial Building received conditional planning approval for conversion to commercial use on January 3, 2020[6] - The Group will continue to monitor the economic environment to determine the building's conversion and project scale[6] Property Management Property management business revenue slightly decreased by 0.9% to HKD 10.8 million, with comprehensive management services provided by Savills, and the Group remains optimistic about long-term property investment prospects, balancing its portfolio for capital appreciation and recurring income growth - Property management business segment revenue decreased by 0.9% to HKD 10.8 million (2023: HKD 10.9 million)[7] - Savills Property Management Limited manages Playmates Group Building and Playmates Industrial Building[7] - The Group remains optimistic about the long-term prospects of property investment and will balance its investment property portfolio to achieve capital appreciation and recurring income growth[7] Playmates Toys Playmates Toys' global turnover increased by 28% year-on-year to HKD 445 million, driven by the successful relaunch of "Godzilla x Kong: The New Empire" movie-related products, partially offset by declining "Teenage Mutant Ninja Turtles" toy sales, with gross margin improving to 56%, operating profit growing to HKD 68.4 million, and net profit reaching HKD 91.5 million - Global turnover was HKD 445 million, a 28% increase from the same period last year (2023: HKD 347 million)[8] - The successful relaunch of the "Godzilla x Kong" series partially offset the decline in "Teenage Mutant Ninja Turtles" toy sales[8] - Toy sales gross margin improved to 56% (2023: 54%), primarily due to increased sales proportion in the US market, reduced inventory discounts, and lower product development expenses as a percentage of sales[8] - Operating profit was HKD 68.4 million (2023: HKD 56.2 million), and net profit was HKD 91.5 million (2023: HKD 87 million)[8] - Global household spending budgets are expected to be tight in the second half, but the "Tales of The Teenage Mutant Ninja Turtles" animated series and "Godzilla x Kong" product lines are anticipated to provide support[8] Brand Overview The Group actively develops new products to align with major brand content releases, including "Teenage Mutant Ninja Turtles" movie sequels and animated series, "Godzilla x Kong" movie-driven product expansion, and a global licensing agreement with Hasbro for "Power Rangers" toys - "Teenage Mutant Ninja Turtles": Paramount Pictures and Nickelodeon Movies are producing a movie sequel and two seasons of "Tales of The Teenage Mutant Ninja Turtles" (premiering August 2024), and the Group is actively developing new products to complement these releases[9] - "Godzilla x Kong": The movie, released in Spring 2024, achieved impressive global box office results, driving strong toy sales, and the Group is developing and expanding its current product line[10] - "Power Rangers": A global licensing agreement with Hasbro grants the Group rights to produce and distribute "Power Rangers" toys, with plans to launch "Mighty Morphin Power Rangers" toy products in Fall 2025[11] Portfolio Investments The Group engages in portfolio investments in listed shares, aiming for returns through capital appreciation, dividends, and interest income, with prudent guidelines and monitoring, recording a net investment gain of HKD 18.5 million and dividend and interest income of HKD 32.2 million in the first half of 2024 - The Group recorded a net investment gain of HKD 18.5 million in the first half of 2024[13] - Dividend and interest income from the investment portfolio amounted to HKD 32.2 million in the first half of 2024[13] - The Group will continue to exercise caution, monitor and adjust its investment portfolio, and observe developments in major global economies and securities markets[13] Condensed Consolidated Financial Information Condensed Consolidated Income Statement For the six months ended June 30, 2024, Group revenue increased to HKD 527 million and gross profit to HKD 324 million, but a net deficit of HKD 249.5 million from investment property revaluation resulted in an operating loss of HKD 121 million, with loss attributable to owners of the Company at HKD 160 million Condensed Consolidated Income Statement (For the six months ended June 30) | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 526,666 | 427,006 | | Cost of sales | (202,529) | (167,072) | | Gross profit | 324,137 | 259,934 | | Marketing and license expenses | (91,651) | (59,278) | | Selling and distribution expenses | (31,725) | (24,856) | | Administrative expenses | (72,313) | (59,704) | | Net (deficit)/surplus from investment property revaluation | (249,529) | 4,123 | | Operating (loss)/profit | (121,081) | 120,219 | | Net other income | 48,651 | 33,309 | | Finance costs | (7,984) | (8,997) | | (Loss)/Profit before income tax | (80,414) | 144,531 | | Income tax expense | (34,485) | (5,492) | | (Loss)/Profit for the period | (114,899) | 139,039 | | (Loss)/Profit attributable to owners of the Company | (159,880) | 96,291 | | (Loss)/Profit attributable to non-controlling interests | 44,981 | 42,748 | | Basic (loss)/earnings per share (HK cents) | (7.72) | 4.65 | | Diluted (loss)/earnings per share (HK cents) | (7.72) | 4.65 | Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2024, the Group recorded a loss for the period of HKD 114.9 million, with negative other comprehensive income due to exchange differences on translation of overseas subsidiaries, resulting in a total comprehensive loss attributable to owners of the Company of HKD 170.8 million Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | (Loss)/Profit for the period | (114,899) | 139,039 | | Other comprehensive income: | | | | - Exchange differences on translation of overseas subsidiaries | (10,936) | 915 | | Total comprehensive income for the period | (125,835) | 139,954 | | Total comprehensive income attributable to owners of the Company | (170,816) | 97,206 | | Total comprehensive income attributable to non-controlling interests | 44,981 | 42,748 | Condensed Consolidated Statement of Financial Position As of June 30, 2024, the Group's total assets less current liabilities decreased to HKD 5.898 billion from HKD 6.127 billion on December 31, 2023, primarily due to a reduction in investment property value, while net current assets increased, and total equity stood at HKD 5.843 billion Condensed Consolidated Statement of Financial Position (As at June 30) | Metric | June 30, 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Non-current assets | | | | Investment properties | 4,675,356 | 4,933,614 | | Other property, plant and equipment | 135,017 | 139,337 | | Right-of-use assets | 6,970 | 8,789 | | Goodwill | 5,976 | 5,976 | | Prepayments | 9,130 | - | | Deferred tax assets | 46,096 | 52,126 | | Current assets | | | | Inventories | 51,932 | 58,886 | | Trade receivables | 135,613 | 330,521 | | Deposits paid, other receivables and prepayments | 64,528 | 45,759 | | Tax recoverable | 7,892 | 12,340 | | Financial assets at fair value through profit or loss | 98,438 | 95,324 | | Cash and bank balances | 1,149,898 | 1,094,933 | | Current liabilities | | | | Bank loans | 172,200 | 217,175 | | Trade payables | 58,478 | 91,390 | | Deposits received, other payables and accrued charges | 169,353 | 218,908 | | Provisions | 47,183 | 65,413 | | Lease liabilities | 4,159 | 3,987 | | Tax payable | 37,578 | 53,792 | | Net current assets | 1,019,350 | 987,098 | | Total assets less current liabilities | 5,897,895 | 6,126,940 | | Non-current liabilities | | | | Bank loans | 6,800 | 10,400 | | Lease liabilities | 4,117 | 6,250 | | Long service payment obligations | 2,087 | 1,938 | | Deferred tax liabilities | 41,746 | 42,265 | | Net assets | 5,843,145 | 6,066,087 | | Total equity | 5,843,145 | 6,066,087 | Notes to the Condensed Consolidated Financial Information 1. Basis of Preparation and Accounting Policies These condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and applicable disclosure provisions of the HKEX Listing Rules, consistent with accounting policies used in the 2023 annual financial statements - These condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the applicable disclosure provisions of the Listing Rules of the Stock Exchange[18] - The accounting policies adopted in the preparation of these condensed consolidated financial statements are consistent with those applied in the annual financial statements for the year ended December 31, 2023[18] 2. Changes in Accounting Policies Certain HKFRS amendments issued by the HKICPA became effective for the first time in the current accounting period but had no significant impact on the Group's results or financial position for current or prior periods, and the Group has not applied any new standards or interpretations not yet effective - Certain amendments to Hong Kong Financial Reporting Standards issued by the HKICPA had no significant impact on the Group's results or financial position for the current or prior periods[19] - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[19] 3. Revenue and Segment Information The Group identifies three reportable segments: property investment and management, investment, and toys, with total revenue of HKD 526.7 million in the first half of 2024, primarily from toy sales and stable growth in property investment rental income, while segment results show a loss for property investment and management and a profit for the toys business - The Group presents three reportable segments: property investment and management business, investment business, and toys business[20] Revenue by Source (For the six months ended June 30) | Revenue Source | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Toy sales | 445,141 | 347,231 | | Property management income | 10,804 | 10,882 | | Investment property rental income | 68,535 | 65,910 | | Dividend income | 507 | 1,036 | | Interest income | 1,679 | 1,947 | | Total revenue | 526,666 | 427,006 | 3.1 Segment Results, Assets and Liabilities Segment results show the property investment and management business recorded an operating loss of HKD 190.3 million in the first half of 2024, while the toys business achieved an operating profit of HKD 68.21 million, with property investment and management assets and liabilities, though still the largest portion of total assets, both decreasing Segment Operating (Loss)/Profit (For the six months ended June 30) | Segment | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Property investment and management business | (190,320) | 58,760 | | Investment business | 2,161 | 2,958 | | Toys business | 68,210 | 55,888 | | Total segment operating (loss)/profit | (119,949) | 117,606 | Reportable Segment Assets (As at June 30) | Segment | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Property investment and management business | 4,850,717 | 5,093,657 | | Investment business | 58,552 | 105,254 | | Toys business | 1,427,864 | 1,518,396 | | Total reportable segment assets | 6,337,133 | 6,717,307 | Reportable Segment Liabilities (As at June 30) | Segment | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Property investment and management business | 216,365 | 272,871 | | Toys business | 256,063 | 352,957 | | Total reportable segment liabilities | 472,428 | 625,828 | 3.2 Geographical Segment Information The Group's revenue from external customers primarily originates from the Americas, followed by Europe and Hong Kong, while designated non-current assets are mainly concentrated in Hong Kong Revenue from External Customers (For the six months ended June 30) | Region | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong | 81,629 | 79,072 | | Americas | 335,288 | 240,952 | | Europe | 90,536 | 80,498 | | Other Asia Pacific (excluding Hong Kong) | 18,825 | 25,678 | | Others | 388 | 806 | | Total | 526,666 | 427,006 | Specified Non-current Assets (As at June 30) | Region | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong | 4,381,865 | 4,629,707 | | Americas (USA) | 183,320 | 185,413 | | Europe | 198,159 | 190,739 | | Other Asia Pacific (excluding Hong Kong) | 69,105 | 81,857 | | Total | 4,832,449 | 5,087,716 | 3.3 Major Customers In the first half of 2024, two customers each accounted for over 10% of the Group's total revenue, a decrease from four major customers in the same period of 2023 - Two customers accounted for over 10% each of the Group's total revenue, approximately HKD 157,994,000 and HKD 102,552,000 respectively[31] - In the same period of 2023, four customers each accounted for over 10% of total revenue[31] 4. Net Other Income Net other income significantly increased to HKD 48.651 million in the first half of 2024, primarily driven by a substantial rise in interest income from Playmates Toys treasury and net gains from financial assets at fair value through profit or loss Net Other Income (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Net gains from financial assets at fair value through profit or loss | 18,516 | 17,357 | | Playmates Toys treasury — Interest income | 29,811 | 15,692 | | Playmates Toys treasury — Dividend income | 240 | 217 | | Others | 84 | 43 | | Total | 48,651 | 33,309 | 5. (Loss)/Profit Before Income Tax The loss before income tax was primarily impacted by cost of inventories sold, marketing and license expenses, administrative expenses, and the deficit from investment property revaluation, with overall expenses increasing despite a decrease in interest expenses, leading to a pre-tax loss (Loss)/Profit Before Income Tax Deducted/(Credited) Items (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 184,619 | 147,480 | | Product development and tooling expenses | 10,638 | 11,656 | | Royalty expenses | 58,936 | 50,149 | | Directors' and employees' remuneration | 39,857 | 30,558 | | Depreciation | 6,336 | 6,636 | | Interest expenses | 6,565 | 7,952 | | Net exchange gains | (315) | (3,953) | 6. Income Tax Expense Income tax expense significantly increased to HKD 34.485 million in the first half of 2024, primarily due to higher Hong Kong profits tax and overseas taxes, partially offset by deferred tax movements, and the Group holds unrecognized accumulated tax losses with no expiry date Income Tax Expense (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong profits tax | 15,565 | 9,377 | | Overseas tax | 12,897 | 5,716 | | Underprovision in prior years — overseas | - | 243 | | Current period tax | 28,462 | 15,336 | | Deferred tax | 6,023 | (9,844) | | Income tax expense | 34,485 | 5,492 | - As of June 30, 2024, the Group's accumulated unrecognized tax losses amounted to HKD 4,368,000 (December 31, 2023: HKD 6,869,000), and these tax losses have no expiry date[34] 7. Dividends The Board resolved to pay an interim dividend of 1.5 HK cents per share, consistent with last year, payable on September 27, 2024, and the Group also paid a second interim dividend and a special interim dividend for the previous financial year during the interim period, totaling HKD 62.091 million Interim Dividends (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Interim dividend of 1.5 HK cents per share | 31,045 | 31,050 | - The Board resolved to pay an interim dividend of 1.5 HK cents per share, payable on September 27, 2024, to shareholders whose names appear on the register of members on September 10, 2024[35] Dividends Paid for the Previous Financial Year During the Interim Period (For the six months ended June 30) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Second interim dividend of 1.5 HK cents per share | 31,046 | 31,072 | | Special interim dividend of 1.5 HK cents per share | 31,045 | 31,071 | | Total | 62,091 | 62,143 | 8. (Loss)/Earnings Per Share For the six months ended June 30, 2024, both basic and diluted loss per share were 7.72 HK cents, reflecting the loss attributable to owners of the Company of HKD 159.88 million and the weighted average number of ordinary shares outstanding during the period, with no significant dilutive effect due to the absence of potential ordinary shares - Basic (loss)/earnings per share was (7.72) HK cents (2023: profit of 4.65 HK cents)[37] - Basic (loss)/earnings per share is calculated based on the loss attributable to owners of the Company of HKD 159,880,000 and the weighted average number of ordinary shares outstanding during the period of 2,069,760,000 shares[37] - Diluted (loss)/earnings per share is equal to basic (loss)/earnings per share, as there were no potential ordinary shares during the period[37] 9. Trade Receivables As of June 30, 2024, net trade receivables significantly decreased to HKD 135.6 million from HKD 330.5 million on December 31, 2023, with the largest portion of receivables aged zero to sixty days Trade Receivables (As at June 30) | Item | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables | 165,398 | 353,732 | | Less: Provision for customer discounts | (29,785) | (23,211) | | Net | 135,613 | 330,521 | Ageing Analysis of Trade Receivables (As at June 30) | Ageing | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | 0 to 60 days | 105,528 | 254,223 | | 61 to 90 days | 29,057 | 71,745 | | 91 to 180 days | 525 | 4,250 | | Over 180 days | 503 | 303 | | Total | 135,613 | 330,521 | - The Group typically transacts with toys business customers on an open account basis with credit terms of 60 to 90 days, or by sight or usance letters of credit[38] 10. Trade Payables As of June 30, 2024, total trade payables decreased to HKD 58.478 million from HKD 91.39 million on December 31, 2023, with the majority of payables aged zero to thirty days Ageing Analysis of Trade Payables (As at June 30) | Ageing | 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 57,407 | 91,315 | | 31 to 60 days | 259 | 66 | | Over 60 days | 812 | 9 | | Total | 58,478 | 91,390 | 11. US Dollar Equivalents US dollar equivalent figures provided in the report are for reference only, calculated using an exchange rate of HKD 7.8 to USD 1 as of June 30, 2024 - US dollar equivalent figures are for reference purposes only[40] - The exchange rate used is HKD 7.8 to USD 1 as of June 30, 2024[40] Financial Review The Group's property investment and management business provided stable income, though overall occupancy decreased, while the seasonal toys business saw reduced trade receivables and inventories at period-end, and the Group's gearing ratio and liquidity ratio both improved, with ample cash and bank balances primarily denominated in USD - The property investment and management business provided a relatively stable source of income for the period, with an overall occupancy rate of 68% (December 31, 2023: 74%)[41] - The toys business is subject to industry seasonality, with trade receivables of HKD 133,954,000 (December 31, 2023: HKD 328,827,000) and inventories of HKD 51,932,000 (December 31, 2023: HKD 58,886,000)[41] - The gearing ratio was 2.8% (December 31, 2023: 3.4%), and the liquidity ratio was 3.1 (December 31, 2023: 2.5)[41] - Cash and bank balances amounted to HKD 1,149,898,000 (December 31, 2023: HKD 1,094,933,000), of which HKD 1,068,200,000 was denominated in US dollars[41] Repurchase, Sale or Redemption of Shares The Company repurchased 310,000 shares on the Stock Exchange at HKD 0.56 per share during the period, holding no treasury shares for the six months ended June 30, 2024 - The Company repurchased 310,000 shares on the Stock Exchange at a price of HKD 0.56 per share[42] - As of June 30, 2024, the Company held no treasury shares for the six months ended[42] Corporate Governance For the six months ended June 30, 2024, the Company adopted and complied with the principles of the Corporate Governance Code in Appendix C1 of the Listing Rules, except for the non-segregation of Chairman and Chief Executive roles, which the Board deems appropriate for effective management and oversight of the Group's business and operations - The Company has adopted the principles of Part 2 of the Corporate Governance Code set out in Appendix C1 of the Listing Rules and has complied with all applicable code provisions[43] - Code Provision C.2.1 stipulates that the roles of chairman and chief executive should be separate, and while the Company has no designated chief executive, the Board considers the current structure appropriate to ensure effective management and oversight of the Group's business and operations[43] - Further information on the Company's corporate governance practices will be included in the Corporate Governance Report in the Company's annual report for the year ended December 31, 2024[44] Audit Committee The Audit Committee has reviewed the Group's accounting standards and practices with management, discussing matters related to internal controls and financial reporting, including the unaudited condensed consolidated financial information for the six months ended June 30, 2024 - The Audit Committee has reviewed the Group's accounting standards and practices with management[45] - Discussions covered matters related to internal controls and financial reporting, including the review of the unaudited condensed consolidated financial information for the six months ended June 30, 2024[45] Closure of Register of Members The Company will suspend its register of members from September 9 to September 10, 2024, to determine eligible shareholders for the interim dividend, requiring transfer documents to be submitted by 4:30 p.m. on September 6, 2024, with the interim dividend payable on September 27, 2024 - The Company's register of members will be closed from September 9, 2024, to September 10, 2024 (both dates inclusive)[46] - To ensure eligibility for the declared dividend, all transfer documents, accompanied by the relevant share certificates, must be lodged with the Company's share registrar by 4:30 p.m. on September 6, 2024[46] - The interim dividend will be paid on September 27, 2024, to shareholders whose names appear on the Company's register of members on September 10, 2024[46] Board of Directors and Representatives As of the announcement date, the Company's Board of Directors comprises Mr. Chan Kwong Fai as Chairman, two executive directors, one non-executive director, and three independent non-executive directors - Board members include: Chairman Mr. Chan Kwong Fai, Executive Directors Ms. Chan Hoi Lun and Mr. Chan Kwong Keung, Non-executive Director Mr. Li Ka Sze, Independent Non-executive Directors Mr. Law Kai Yiu, Dr. Ko Ching Fai, and Mr. Tang Wing Yung[46]