雅视光学(01120) - 2025 - 中期业绩

Interim Results Highlights The company reported a slight revenue decrease, turning from profit to a HK$15 million loss attributable to owners, with no interim dividend Financial Highlights Revenue slightly decreased by 2% to HK$595 million, resulting in a HK$15 million loss attributable to owners and no interim dividend Financial Highlights for the Six Months Ended June 30, 2025 | Metric | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 594,939 | 606,394 | | (Loss) / Profit Attributable to Owners of the Company | (15,035) | 2,460 | | (Loss) / Earnings Per Share (HK Cents) | (3.89) | 0.64 | | Interim Dividend Per Share | Nil | Nil | - Profit attributable to owners of the company turned from a profit of HK$2.46 million in the same period of 2024 to a loss of HK$15.035 million in the same period of 2025[3] Condensed Consolidated Financial Statements This section presents the condensed consolidated financial statements, including the statement of profit or loss and other comprehensive income, and the statement of financial position Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Group revenue decreased by 2% to HK$595 million, turning to a HK$9.95 million loss due to higher expenses and reduced associate contributions Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Metric | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 594,939 | 606,394 | | Cost of Sales | (419,799) | (434,355) | | Gross Profit | 175,140 | 172,039 | | Operating (Loss) / Profit | (4,247) | 7,953 | | Finance Costs | (5,085) | (989) | | (Loss) / Profit Before Tax | (1,560) | 11,091 | | (Loss) / Profit for the Period | (9,950) | 5,534 | | (Loss) / Profit Attributable to Owners of the Company | (15,035) | 2,460 | - Operating profit turned from HK$7.953 million in the same period of 2024 to an operating loss of HK$4.247 million in the same period of 2025[4] - Finance costs significantly increased by 414.7% to HK$5.085 million, primarily due to higher interest on bank borrowings and lease liabilities[4][16] Condensed Consolidated Statement of Financial Position Total assets less current liabilities increased to HK$778 million, with net assets rising to HK$628 million, driven by non-current asset growth and increased bank borrowings Condensed Consolidated Statement of Financial Position (Summary) | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current Assets | 675,227 | 622,664 | | Current Assets | 773,769 | 773,149 | | Current Liabilities | 671,101 | 649,102 | | Net Current Assets | 102,668 | 124,047 | | Total Assets Less Current Liabilities | 777,895 | 746,711 | | Non-current Liabilities | 149,897 | 141,716 | | Net Assets | 627,998 | 604,995 | | Equity Attributable to Owners of the Company | 532,672 | 520,021 | | Total Equity | 627,998 | 604,995 | - Non-current assets increased by 8.4% to HK$675 million, mainly due to increases in property, plant and equipment to HK$447 million and investments in associates to HK$96.966 million[6] - Net current assets decreased by 17.2% to HK$103 million, primarily affected by increased inventories, decreased trade receivables, and higher bank borrowings within current liabilities[6] Notes to the Condensed Consolidated Financial Statements This section details the basis of preparation, application of new accounting standards, revenue segmentation, and specific financial item analyses Basis of Preparation The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Listing Rules, using consistent accounting policies as the 2024 annual financial statements - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and applicable disclosure requirements of the Listing Rules[8] - The accounting policies and methods of computation adopted are consistent with those used in the annual financial statements for the year ended December 31, 2024[8] New and Revised Hong Kong Financial Reporting Standards The Group adopted HKAS 21 amendments without policy changes and is assessing HKFRS 18's impact on presentation, with no material effect on financial position - The Group first applied the amendments to Hong Kong Accounting Standard 21 "Lack of Exchangeability" from January 1, 2025, without changing accounting policies or making retrospective adjustments[9] - Hong Kong Financial Reporting Standard 18 "Presentation and Disclosure in Financial Statements" will be effective from January 1, 2027, introducing significant changes to the statement of profit or loss structure, disclosure of management-defined performance measures, and aggregation of information classification[10] - Amendments to Hong Kong Financial Reporting Standards 9 and 7 are not expected to have a significant impact on the Group's financial position and performance[12] Application of Revised Hong Kong Financial Reporting Standards by the Group The Group adopted amendments to HKAS 21 from January 1, 2025, without any changes to accounting policies or retrospective adjustments - The Group first applied the amendments to Hong Kong Accounting Standard 21 "Lack of Exchangeability" from January 1, 2025[9] - The adoption of these revised standards did not result in changes to the Group's accounting policies or retrospective adjustments[9] Impact of New and Revised Hong Kong Financial Reporting Standards Issued But Not Yet Adopted by the Group HKFRS 18, effective 2027, will significantly alter financial statement presentation and disclosure, while other amendments are not expected to have a material impact - Hong Kong Financial Reporting Standard 18 "Presentation and Disclosure in Financial Statements" will be effective from January 1, 2027, introducing significant changes to the statement of profit or loss structure, disclosure of management-defined performance measures, and aggregation of information classification[10] - Management is assessing the potential impact of applying Hong Kong Financial Reporting Standard 18 on the presentation and disclosure of the condensed consolidated financial statements[10] - Amendments to Hong Kong Financial Reporting Standards 9 and 7 are not expected to have a significant impact on the Group's financial position and performance[12] Revenue and Segment Information Group revenue, segmented by market and division, slightly decreased overall, but saw growth in distribution and lens divisions, particularly in Asia - The Group's revenue is segmented by customer location into Europe, USA, Asia, and Other Regions, primarily selling optical products[13] Revenue and Results Analysis by Operating and Reportable Segment (Six Months Ended June 30, 2025) | Division/Region | Europe (HK$ Thousand) | USA (HK$ Thousand) | Asia (HK$ Thousand) | Other Regions (HK$ Thousand) | Total (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Original Design Manufacturing Division | 184,777 | 87,659 | 106,439 | 392 | 379,267 | | Distribution Division | 95,502 | 10,906 | 21,078 | 16,685 | 144,171 | | Lens Division | 266 | – | 71,074 | 161 | 71,501 | | Revenue from External Customers | 280,545 | 98,565 | 198,591 | 17,238 | 594,939 | | Segment Profit | 14,691 | 1,942 | 1,650 | 2,216 | 20,499 | Revenue and Results Analysis by Operating and Reportable Segment (Six Months Ended June 30, 2024) | Division/Region | Europe (HK$ Thousand) | USA (HK$ Thousand) | Asia (HK$ Thousand) | Other Regions (HK$ Thousand) | Total (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Original Design Manufacturing Division | 205,629 | 105,401 | 105,307 | 2,682 | 419,019 | | Distribution Division | 90,310 | 14,952 | 18,134 | 16,866 | 140,262 | | Lens Division | 59 | – | 47,054 | – | 47,113 | | Revenue from External Customers | 295,998 | 120,353 | 170,495 | 19,548 | 606,394 | | Segment Profit | 17,705 | 4,116 | 4,906 | 1,726 | 28,453 | Finance Costs Group finance costs significantly increased to HK$5.085 million, primarily driven by higher interest on bank borrowings and lease liabilities Finance Costs | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 3,662 | 760 | | Interest on Lease Liabilities | 1,423 | 229 | | Total | 5,085 | 989 | - Finance costs increased by 414.7% year-on-year, primarily driven by a HK$2.902 million increase in interest on bank borrowings and a HK$1.194 million increase in interest on lease liabilities[16] Income Tax Expense Income tax expense rose to HK$8.39 million, influenced by increased taxes in Hong Kong and the UK, deferred tax, and under-provision for PRC corporate income tax Income Tax Expense | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax | 1,132 | 643 | | PRC Corporate Income Tax | 113 | 197 | | UK Corporate Tax | 2,193 | 2,073 | | South Africa Corporate Tax | 69 | 122 | | Italy Corporate Tax | 162 | 322 | | Deferred Tax | 4,185 | 2,174 | | Total for the Period | 7,854 | 5,531 | | Under-provision in Prior Periods (PRC Corporate Income Tax) | 536 | 20 | | Total Income Tax Expense | 8,390 | 5,557 | - Income tax expense increased by 50.98% year-on-year to HK$8.39 million[17] - Hong Kong profits tax is levied at a two-tiered rate, with the first HK$2 million of assessable profits taxed at 8.25% and the remainder at 16.5%[17] (Loss) / Profit for the Period The Group recorded a loss of HK$9.95 million, primarily due to increased intangible asset amortization, inventory provisions, property, plant and equipment depreciation, and net exchange losses Key Items Affecting (Loss) / Profit for the Period | Item | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Amortisation of Intangible Assets | 1,346 | 2,231 | | Cost of Inventories | 409,691 | 438,376 | | Depreciation of Property, Plant and Equipment | 23,701 | 16,138 | | Decrease in Fair Value of Investment Properties | 1,100 | 4,000 | | Net Provision for / (Reversal of Provision for) Inventories | 10,108 | (4,021) | | Net Exchange Loss | 1,577 | 1,002 | - Net provision for inventories turned from a reversal of HK$4.021 million in the same period of 2024 to a provision of HK$10.108 million in the same period of 2025, negatively impacting profit[21] - Depreciation of property, plant and equipment increased by 46.8% to HK$23.701 million[21] Dividends The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025, and June 30, 2024[22] - The final dividend for 2024 was nil, while the final dividend for 2023 was 5.0 HK cents per share, amounting to HK$19.313 million paid[22] (Loss) / Earnings Per Share Basic loss per share was 3.89 HK cents, compared to earnings per share of 0.64 HK cents in the prior period, reflecting the change in loss attributable to owners Basic (Loss) / Earnings Per Share | Metric | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | (Loss) / Profit for the Period Attributable to Owners of the Company | (15,035) | 2,460 | | Weighted Average Number of Shares | 386,263,374 | 386,263,374 | | Basic (Loss) / Earnings Per Share (HK Cents) | (3.89) | 0.64 | - Diluted (loss) / earnings per share is not presented as there were no outstanding potential ordinary shares in either period[23] Trade and Other Receivables, Deposits and Prepayments Total trade receivables decreased by 14% to HK$306 million, consistent with the revenue decline, with credit terms ranging from 30 to 150 days - The Group's trade receivables have credit terms ranging from 30 to 150 days[24] Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 – 90 Days | 195,722 | 245,483 | | 91 – 180 Days | 93,184 | 99,562 | | Over 180 Days | 16,726 | 9,421 | | Total | 305,632 | 354,466 | - Total trade receivables decreased by 13.78% from HK$354 million as of December 31, 2024, to HK$306 million as of June 30, 2025[24] Trade and Other Payables and Accruals Total trade and other payables and accruals decreased to HK$509 million, with trade payables reducing to HK$137 million Trade and Other Payables and Accruals | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade Payables | 136,815 | 173,490 | | Provision for Penalties | 19,383 | 19,359 | | Other Payables and Accruals | 353,315 | 351,931 | | Total | 509,513 | 544,780 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 – 60 Days | 121,422 | 132,589 | | 61 – 120 Days | 7,159 | 36,308 | | Over 120 Days | 8,234 | 4,593 | | Total | 136,815 | 173,490 | - Total trade payables decreased by 21.14% from HK$173 million as of December 31, 2024, to HK$137 million as of June 30, 2025[25] Bank Borrowings Total secured bank borrowings increased to HK$216 million, with a significant rise in short-term borrowings, collateralized by investment properties and other assets Analysis of Bank Borrowings Repayment Schedule | Repayment Period | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within One Year | 113,889 | 69,714 | | After One Year But Within Two Years | 22,371 | 14,116 | | After Two Years But Within Five Years | 66,426 | 68,538 | | After Five Years | 13,468 | 13,788 | | Total | 216,154 | 166,156 | - Total secured bank borrowings increased by 29.97% from HK$166 million as of December 31, 2024, to HK$216 million as of June 30, 2025[25] - HK$134.7 million of bank borrowings are secured by the Group's investment properties, leasehold land and buildings, and construction in progress[26][39] - The Group complied with its financial covenants for borrowing facilities for the six months ended June 30, 2025[27] Management Discussion and Analysis This section provides an in-depth analysis of the Group's financial performance, operational segments, liquidity, and future outlook Dividends The Board decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with the previous year - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[28] Profitability Analysis Consolidated revenue slightly decreased by 2% to HK$594.9 million, leading to a HK$15 million loss attributable to owners, primarily due to US tariffs, rising operating costs, and increased finance costs Profitability Analysis Summary | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Consolidated Revenue | 594,900 | 606,400 | | (Loss) / Profit Attributable to Owners of the Company | (15,000) | 2,500 | | (Loss) / Earnings Per Share (HK Cents) | (3.89) | 0.64 | - The loss was primarily due to increased US tariffs disrupting global supply chains and rising operating costs[31] - Increased staff costs, promotion, and exhibition expenses resulted from the development of eyewear frame distribution and lens businesses in China and Southeast Asian markets[31] - Bank borrowing interest significantly increased by HK$2.9 million as the Group funded production bases outside China[31] Original Design Manufacturing (ODM) Division ODM division revenue decreased by 9% to HK$379.2 million, accounting for 64% of consolidated revenue, mainly due to increased US tariffs on China impacting shipments Original Design Manufacturing Division Revenue | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 379,200 | 419,000 | | % of Consolidated Revenue | 64% | 69% | - Revenue decreased by 9%, primarily because a significant increase in US tariffs on China in April 2025 led most US customers to suspend shipments until June 2025[30] - Sales of optical frames, sunglasses, and accessories accounted for 45%, 49%, and 6% of ODM division revenue, respectively[30] Distribution Division Distribution division revenue grew moderately by 3% to HK$144.2 million, representing 24% of consolidated revenue, with significant growth in Asia driven by marketing efforts Distribution Division Revenue | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 144,200 | 140,300 | | % of Consolidated Revenue | 24% | 23% | - Asia sales significantly increased by 16% compared to the same period last year, primarily from self-owned distributors in Hong Kong and Malaysia[32] - The German brand STEPPER remains the most popular brand in the distribution division[32] Lens Division Lens division revenue surged by 52% to HK$71.5 million, comprising 12% of consolidated revenue, driven by investments in production facilities in China and Malaysia Lens Division Revenue | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 71,500 | 47,100 | | % of Consolidated Revenue | 12% | 8% | - Sales significantly increased by 52%, primarily due to the Group's further investment in expanding its lens production facilities in China and Malaysia in the second half of 2024[33] - Currently, almost all revenue from the lens division is generated from Asia, and the Group plans to gradually expand its lens business to other regions[33] Financial Position and Liquidity The Group experienced a net cash outflow of HK$3.1 million from operations, with high capital expenditure and a deteriorating net cash position, though the current ratio remained stable - Net cash outflow from operating activities was HK$3.1 million (2024: inflow of HK$28.2 million), primarily due to the net loss recorded during the reporting period[34] - Capital expenditure amounted to HK$31.4 million, allocated to investment plans for the Malaysia optical lens production line and Vietnam factory expansion[34] - The net cash position (bank balances and cash less bank borrowings) decreased by HK$47.5 million, from a negative HK$13.8 million as of December 31, 2024, to a negative HK$61.3 million as of June 30, 2025[34] Cash Flow The Group recorded a net cash outflow from operating activities of HK$3.1 million, with continued high capital expenditure and a deteriorating net cash position - The Group recorded a net cash outflow from operating activities of HK$3.1 million, compared to an inflow of HK$28.2 million in the same period last year[34] - Capital expenditure remained high at HK$31.4 million, primarily for investment plans in the Malaysia optical lens production line and Vietnam factory expansion[34] - The net cash position (bank balances and cash less bank borrowings) decreased by HK$47.5 million, from a negative HK$13.8 million as of December 31, 2024, to a negative HK$61.3 million as of June 30, 2025[34] Working Capital Management Inventory turnover increased due to suspended US shipments, trade receivables turnover slightly increased, while the current ratio remained stable at 1.2 - Inventory balance increased by 18% to HK$260.4 million, and inventory turnover days increased from 71 days to 113 days, mainly due to suspended shipments to US customers[35] - Total trade receivables and bills receivable balance decreased by 14% to HK$305.8 million, and trade receivables turnover days slightly increased from 91 days to 94 days[35] - The Group's current ratio remained stable at 1.2 as of June 30, 2025, and December 31, 2024[35] Gearing Position The Group maintained a normal gearing position, with the debt-to-equity ratio slightly increasing to 28%, and non-current liabilities primarily comprising bank borrowings - The Group maintained a normal gearing position, with the debt-to-equity ratio slightly increasing from 27% as of December 31, 2024, to 28% as of June 30, 2025[36] - Non-current liabilities primarily include bank borrowings, amounting to HK$102.3 million as of June 30, 2025[36] Net Assets Equity attributable to owners of the company increased to HK$532.7 million, with net assets per share rising to HK$1.38, reflecting growth from the end of 2024 Net Assets Per Share | Metric | June 30, 2025 (HK$) | December 31, 2024 (HK$) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 532,700,000 | 520,000,000 | | Total Number of Issued Shares | 386,263,374 | 386,263,374 | | Net Assets Per Share | 1.38 | 1.35 | - Equity attributable to owners of the company was HK$532.7 million as of June 30, 2025, an increase from HK$520 million as of December 31, 2024[37] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[38] Pledge of the Group's Assets As of June 30, 2025, HK$134.7 million of the Group's bank borrowings were secured by investment properties, leasehold land and buildings, and construction in progress - HK$134.7 million of the Group's bank borrowings are secured by investment properties, leasehold land and buildings, and construction in progress[39] Foreign Currency Risk The Group primarily faces RMB exchange rate fluctuations against USD and HKD, but manages this limited risk through close monitoring and forward contracts - The Group primarily faces the risk of fluctuations in the Renminbi against the US Dollar and Hong Kong Dollar[40] - As most transactions are conducted in US Dollars, Hong Kong Dollars, or Renminbi, the Group's exposure to foreign exchange fluctuation risk is limited[40] - The Group manages its foreign exchange risk by closely monitoring changes in foreign currency exchange rates and entering into forward contracts when appropriate[40] Capital Structure and Financial Policy Total shareholders' funds increased to HK$628 million, with financing primarily from internal cash flow and bank credit, guided by policies ensuring adequate resources and prudent risk management - The Group's total shareholders' funds amounted to HK$628 million as of June 30, 2025, an increase from HK$605 million as of December 31, 2024[41] - The Group generally funds its business operations through internally generated cash flows and credit facilities provided by its principal bankers in Hong Kong and Mainland China[41] - The Group's financial policy aims to ensure sufficient financial resources to support its business operations and investment activities while prudently and effectively managing financial risks[41] Future Outlook and Other Information This section outlines the market outlook, employee and remuneration policies, and significant events after the reporting period Market Outlook The global economy faces trade volatility due to US tariffs, which the Group addresses through diversified production bases and strategic focus on the lens and smart eyewear sectors - The global economy is affected by US tariff measures, leading to volatile trade environments and widespread disruptions to global supply chains[42] - The Group has adopted a proactive strategy by establishing overseas production bases and flexibly allocating production capacity using its integrated global production network in China, Vietnam, and Malaysia[42] - The lens division and smart eyewear sector are considered strategic priorities for the Group's long-term development blueprint, with continuous strategic resource allocation to capture growth opportunities[42] Employees and Remuneration Policy As of June 30, 2025, the Group employed approximately 3,400 full-time staff globally, with remuneration based on performance, experience, qualifications, and market levels, supplemented by various benefits - As of June 30, 2025, the Group employed approximately 3,400 full-time employees in Mainland China, Hong Kong, Europe, Southeast Asia, and South Africa (December 31, 2024: 3,600 employees)[43] - Remuneration is determined based on employee performance, experience, qualifications, and market salary levels, with discretionary performance bonuses[43] - Other employee benefits include insurance and medical coverage, subsidized education and training courses, and provident fund schemes[43] Significant Events After the Reporting Period No significant events impacting the Group occurred after the reporting period up to the date of this announcement, other than those already disclosed - Except for those disclosed in this announcement, no significant events affecting the Group occurred after the end of the reporting period and up to the date of this announcement[44] Corporate Governance and Other Disclosures This section covers the company's adherence to corporate governance codes, share transactions, review of interim results, publication details, and board composition Corporate Governance The company complied with the Listing Rules' Corporate Governance Code, with independent non-executive directors serving on key committees for oversight and advice - The Company has complied with all applicable code provisions set out in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited's Corporate Governance Code throughout the reporting period[45] - The Company has an Audit Committee, Remuneration Committee, and Nomination Committee, all comprising independent non-executive directors, responsible for oversight and recommendations in their respective areas[45][46] Purchase, Sale or Redemption of the Company's Listed Securities Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the reporting period, and no treasury shares were held - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[47] - As of June 30, 2025, the Company did not hold any treasury shares[47] Review of Interim Results The Group's unaudited interim results and interim report were reviewed by the Audit Committee, which confirmed their preparation in accordance with applicable accounting standards and adequate disclosure - The Group's unaudited interim results and interim report for the reporting period have been reviewed by the Audit Committee[48] - The Audit Committee believes that the report has been prepared in accordance with applicable accounting standards and requirements, and that adequate disclosures have been made[48] Publication of Interim Report The 2025 Interim Report will be dispatched to shareholders in mid-September 2025 and published on the company's and HKEXnews websites - The 2025 Interim Report will be dispatched to the Company's shareholders in mid-September 2025[49] - The report will be published on the Company's website (www.artsgroup.com) and the HKEXnews website (www.hkexnews.hk)[49](index=49&type=chunk) Directors As of the announcement date, the Board of Directors comprises eight directors, including four executive directors and four independent non-executive directors - The Board of Directors comprises eight directors, including four executive directors: Mr. Ng Hoi Ying, Ms. Ng Yat Shan, Mr. Ng Kim Ying, and Ms. Ng Chi Hung[50] - The four independent non-executive directors are Mr. Wong Chak Wai, Mr. Chung Hiu Lam, Mr. Lam Yu Lung, and Dr. Fong Kin Chiu[50]