2019年第壹季度報告

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2019年第壹季度報告

  CHARACTERISTICSOFGEMOFTHESTOCKEXCHANGEOFHONGKONGLIMITED(THE“STOCKEXCHANGE”)

  GEMhasbeenpositionedasamarketdesignedtoaccommodatesmallandmid-sizedcompaniestowhichahigherinvestmentriskmaybeattachedthanothercompanieslistedontheStockExchange.Prospectiveinvestorsshouldbeawareofthepotentialrisksofinvestinginsuchcompaniesandshouldmakethedecisiontoinvestonlyafterdueandcarefulconsideration.

  GiventhatthecompanieslistedonGEMaregenerallysmallandmid-sizedcompanies,thereisariskthatsecuritiestradedonGEMmaybemoresusceptibletohighmarketvolatilitythansecuritiestradedontheMainBoardoftheStockExchangeandnoassuranceisgiventhattherewillbealiquidmarketinthesecuritiestradedonGEM.

  HongKongExchangesandClearingLimitedandtheStockExchangetakenoresponsibilityforthecontentsofthisreport,makenorepresentationastoitsaccuracyorcompletenessandexpresslydisclaimanyliabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisreport.

  Thisreport,forwhichthedirectorsofNationalArtsEntertainmentandCultureGroupLimited(the“Company”)collectivelyandindividuallyacceptfullresponsibility,includesparticularsgivenincompliancewiththeRulesGoverningtheListingofSecuritiesonGEMoftheStockExchangeforthepurposeofgivinginformationwithregardtotheCompany.ThedirectorsoftheCompany,havingmadeallreasonableenquiries,confirmthattothebestoftheirknowledgeandbelieftheinformationcontainedinthisreportisaccurateandcompleteinallmaterialrespectsandnotmisleadingordeceptive,andtherearenoothermatterstheomissionofwhichwouldmakeanystatementhereinorthisreportmisleading.

  香港结合买进卖所拥有限公司(「联提交所」)GEM(「GEM」)之特点

  GEM的定位,乃为中小型公司供壹个上市的市场,此等公司比较宗其他在联提交所上市的公司带拥有较高投资风险。拥有意投资的人士应了松投资于该等公司的潜在风险,并应经度过慎重周详的考虑前方干出产投资决议。

  鉴于GEM上市公司普遍为中小型公司,在GEM买进卖的证券能会较于联提交所主板买进卖之证券接受较父亲的市场摆荡风险,同时无法保障在GEM买进卖的证券会拥有高流动畅通量的市场。

  香港买进卖及结算所拥有限公司及联提交所对本报告之情节概不担负,对其正确性或完整顿性亦不发表发出产任何音皓,并皓白体即兴概不就因本报告整顿个或任何片断外面容而产生或因依顶赖该等外面容而伸致之任何损违反担负任何责。

  本报告载拥有遵循联提交所GEM证券上市规则之规则而供拥关于国艺文娱文皓集儿子团弄拥有限公司(「本公司」)之材料,本公司各董事愿就此壹道及壹般担负整顿个责。本公司各董事经干出产所拥有靠边查询后,确认就其所知及所信,本报告所载材料在各严重方面均属正确及完整顿,并无误带或欺负诈成份,且并无缺漏任何其他雄心,趾致使使本报告或其所载任何述产生误带。

  Contents 目次 Page

  页次

  UnauditedConsolidatedStatementofProfitorLossand 不经复核之概括损更加及? 3

  ?OtherComprehensiveIncome ?其他片面进款表

  NotestotheConsolidatedFinancialStatements 概括财政报表脚注 5

  ManagementDiscussionandAnalysis 办层讨论及剖析 10

  AdditionalInformation 附加以材料 27

  CorporateInformation 公司材料 39

  Theboard(the“Board”)ofdirectors(the“Directors”)of 国艺文娱文皓集儿子团弄拥有限公司(「本公司」)董事(「董

  NationalArtsEntertainmentandCultureGroupLimited 事」)会(「董事会」)谨此颁布匹本公司及其直属公司

  (the“Company”)announcestheunauditedconsolidated (统称「本集儿子团弄」)截到二洞壹九年叁月叁什壹日止

  resultsoftheCompanyanditssubsidiaries(collectively 叁个月的不经复核概括业绩,包同二洞壹八年同

  referredtoasthe“Group”)forthethreemonthsended31 期的比较数字如次:

  March2019,togetherwiththecomparativefiguresforthe

  correspondingperiodin2018asfollows:

  UNAUDITEDCONSOLIDATEDSTATEMENTOF

  PROFITORLOSSANDOTHERCOMPREHENSIVEINCOME

  不经复核概括损更加及其他片面进款表

  Threemonthsended31March

  截到叁月叁什壹日止叁个月

  2019 2018

  二洞壹九年 二洞壹八年

  HK$’000 HK$’000

  仟港元 仟港元

  Notes (Unaudited) (Unaudited)

  脚注 (不经复核) (不经复核)

  Revenue 顶出产

  —Goodandservices —商品及效力动 3 33,023 38,621

  —Rental —租 3 8,345 16,656

  —Interest —儿利 3 185 —

  Totalrevenue 尽顶出产 41,553 55,277

  Otherincome 其他顶出产 3 465 204

  Staffcosts 职工本钱 (13,483) (13,133)

  Depreciationofproperty,plantand物业、厂房及设备折陈旧

  equipment (2,867) (3,202)

  Amortisationoflandlease 预付土地出赁摊销

  prepayments (3,439) (3,439)

  Otheroperatingexpenses 其他经纪费 (23,834) (22,124)

  Gainonexchangedifference 汇兑差额进款 19,384 31,585

  Financecosts 融本钱钱 4 (69,287) (51,404)

  Shareoflossofajointventure 分占壹间合营企业载余 (306) (102)

  Lossbeforeincometax 摒除所得税前载余 5 (51,814) (6,338)

  Incometaxexpense 所得税开销 6 — —

  Lossfortheperiod 本时间载余 (51,814) (6,338)

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 03

  unauditedconsolidatedstatementofprofitorlossand

  othercomprehensiveincome

  不经复核概括损更加及其他片面进款表

  Threemonthsended31March

  截到叁月叁什壹日止叁个月

  2019 2018

  二洞壹九年 二洞壹八年

  HK$’000 HK$’000

  仟港元 仟港元

  Notes (Unaudited) (Unaudited)

  脚注 (不经复核) (不经复核)

  Othercomprehensiveincome 其他片面顶出产

  Exchangedifferenceson 换算海外面事情财政报表时

  translationoffinancial 产生的汇兑差额

  statementsofforeignoperations 13,097 20,162

  Othercomprehensiveincome 本时间其他片面顶出产

  fortheperiod 13,097 20,162

  Totalcomprehensive 本时间片面(开销)╱

  (expense)/incomeforthe 顶出产尽和

  period (38,717) 13,824

  Lossfortheperiodattributable 应占本时间载余:

  to:

  OwnersoftheCompany 本公司拥拥有人 (51,813) (6,337)

  Non-controllinginterests 匪控股权利 (1) (1)

  (51,814) (6,338)

  Totalcomprehensive 应占本时间片面

  (expense)/incomeforthe (开销)╱顶出产尽和:

  periodattributableto:

  OwnersoftheCompany 本公司拥拥有人 (38,716) 13,825

  Non-controllinginterests 匪控股权利 (1) (1)

  (38,717) 13,824

  Losspershare 每股载余

  Basicanddiluted 根本及摊薄 7 (HK1.13)cents港仙 (HK0.14)cents港仙

  04 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  NotestotheConsolidated

  FinancialStatements

  概括财政报表脚注

  1. GENERAL 1. 普畅通材料

  NationalArtsEntertainmentandCultureGroupLimited(the 国艺文娱文皓集儿子团弄拥有限公司(「本公司」)于二洞洞

  “Company”)wasincorporatedintheCaymanIslandson 壹年什壹月什六日根据开曼帮岛法例第22章公司

  16November2001asanexemptedcompanyunderthe 法(壹九六壹年法 例3,经概括及修订)在开曼帮岛

  CompaniesLaw,Cap.22(Law3of1961,asconsolidated 报户口成立为获避免去公司。于二洞壹洞年什月什四

  andrevised)oftheCaymanIslands.On14October2010, 日,本公司于开曼帮岛吊销报户口,并根据佰慕臻

  theCompanyderegisteredintheCaymanIslandsandduly 法例正式于佰慕臻以获避免去公司方法存放续,于二

  continuedinBermudaasanexemptedcompanyunderthe 洞壹洞年什月什四日违反灵。本公司的报户口做事处

  lawsofBermudaeffectiveon14October2010.The 为ClarendonHouse,2ChurchStreet,Hamilton

  registeredofficeoftheCompanyisClarendonHouse,2 HM11,Bermuda。本公司的香港首要营业地点位

  ChurchStreet,HamiltonHM11,Bermuda.TheCompany’s 于香港新界沙田石门装置帮街3号京瑞广场1期21楼

  principalplaceofbusinessinHongKongisatRm.L&M, L及M室。

  21/F.,KingsWingPlaza,Phase1,No.3OnKwanStreet,

  ShekMun,Shatin,NewTerritories,HongKong.

  TheCompany’ssharesarelistedonGEMofTheStock 本公司股份于联提交所GEM上市。本公司首要从事

  Exchange.TheCompanyisprincipallyengagedin 投资控股。本集儿子团弄之首要事情带拥有影片创造及发

  investmentholding.TheprincipalactivitiesoftheGroup 行、供师傅办效力动、活触动统筹、经纪影视城和

  includefilmproductionanddistribution,theprovisionof 酒店及供旅游相干产品。本公司及其直属公司

  managementservicestoartistes,eventcoordination, 于下文信称为本集儿子团弄。

  operationsoffilmstudioandhotelsandprovisionoftravel

  relatedproducts.TheCompanyanditssubsidiariesare

  referredtoastheGrouphereafter.

  Theunauditedconsolidatedfinancialstatementsare 不经复核概括财政报表以港元(「港 元」,亦为本公

  presentedinHongKongDollars(“HK$”),whichisalsothe 司的干用钱币)呈列,摒除另拥有指皓外面,所拥有价均

  functionalcurrencyoftheCompanyandallvaluesare 四舍五入到最接近的仟位数(「仟港元」)。

  roundedtothenearestthousand(“HK$’000”)unless

  otherwisestated.

  2. BASISOFPREPARATION 2. 编制基准

  Theunauditedconsolidatedfinancialstatementsofthe 本集儿子团弄之不经复核概括财政报表乃依照香港会计师

  GrouphavebeenpreparedinaccordancewiththeHong 师公会颁布匹之香港财政报告绳墨(带拥有所拥有使用

  KongFinancialReportingStandardswhichcollectively 壹般香港财政报告绳墨、香 港会计师绳墨及诠释)及

  includesallapplicableindividualHongKongFinancial 联提交所GEM证券上市规 则(「GEM上市规则」)第18

  ReportingStandard,HongKongAccountingStandardand 章所载之说出规则编制。

  InterpretationissuedbytheHongKongInstituteof

  CertifiedPublicAccountantsandthedisclosure

  requirementssetoutinChapter18oftheRulesGoverning

  theListingofSecuritiesonGEMoftheStockExchange

  (the“GEMListingRules”).

  Theunauditedconsolidatedresultsforthethreemonths 截到二洞壹九年叁月叁什壹日止叁个月之不经审

  ended31March2019havenotbeenauditedbythe 核概括业绩不经本公司核数师复核,但曾经由本

  Company’sauditors,buthavebeenreviewedbytheaudit 公司之复核委员会审阅。

  committeeoftheCompany.

  Theaccountingpoliciesandbasisofpreparationadopted 编制财政报表时所采取之会计师政策及编制基准,

  forthepreparationofthefinancialstatementsare 乃与本集儿子团弄于截到二洞壹八年什杏月如月叁什壹日止

  consistentwiththoseadoptedbytheGroupinitsannual 年度之年度财政报表所采取者贯彻不符。

  financialstatementsfortheyearended31December

  2018.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 05

  NotestotheConsolidatedFinancialStatements

  概括财政报表脚注

  3. REVENUEANDOTHERINCOME 3. 顶出产及其他顶出产

  RevenuederivedfromtheGroup’sprincipalactivities 期内确认到来己本集儿子团弄首要事情的顶出产如次:

  recognisedduringtheperiodisasfollows:

  Threemonthsended31March

  截到叁月叁什壹日止叁个月

  2019 2018

  二洞壹九年 二洞壹八年

  HK$’000 HK$’000

  仟港元 仟港元

  Revenuefromcontractswith 香港财政报告绳墨第15号范畴

  customerswithinthescopeof 内到来己客户合条约之进款,按

  HKFRS15,disaggregatedbymajor 首要产品或效力动系列分拆卸:

  productsorserviceslines:

  Artistemanagementfeeincome 师傅办费顶出产 18 143

  Hotelroomincome 酒店房间顶出产 3,037 3,849

  Foodandbeverageincome 餐饮顶出产 6,418 7,908

  Entrancefeeincome 门券顶出产 17,864 19,732

  Salesoftravelrelatedproducts 销特价而沽旅游相干产品 264 16

  Salesofgoods 销特价而沽商品 1,030 634

  Ancillaryservices 配套效力动 4,287 6,339

  ConsultationIncome 咨询顶出产 105 —

  33,023 38,621

  Interestrevenuethatreflectssignificant 反应赋予客户严重融资之儿利

  financinggrantedtocustomers 顶出产 185 —

  Rentalincome 租顶出产 8,345 16,656

  41,553 55,277

  Timingofrevenuerecognition: 顶出产确认时间:

  Atapointoftime 于某壹代间点 28,229 28,291

  Overtime 天天间 4,794 10,330

  33,023 38,621

  Otherincome 其他顶出产

  Others 其他 465 204

  465 204

  06 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  NotestotheConsolidatedFinancialStatements

  概括财政报表脚注

  4. FINANCECOSTS 4. 融本钱钱

  Threemonthsended31March

  截到叁月叁什壹日止叁个月

  2019 2018

  二洞壹九年 二洞壹八年

  HK$’000 HK$’000

  仟港元 仟港元

  Financeleasecharges 融资出赁费 440 486

  Interestonbonds 债券儿利 46,057 29,500

  Interestonconvertiblebonds 却换股债券儿利 — 2,679

  Interestonpromissorynote 接兑票据儿利 — 2,406

  Interestonloanfromshareholders 股东方存贷款儿利 16,746 12,403

  Interestonunsecuredotherborrowings 其他无顶押借贷儿利 2,103 1,864

  Interestonsecuredotherborrowings 其他拥有顶押借贷儿利 3,941 2,066

  69,287 51,404

  5. LOSSBEFOREINCOMETAX 5. 摒除所得税前载余

  Threemonthsended31March

  截到叁月叁什壹日止叁个月

  2019 2018

  二洞壹九年 二洞壹八年

  HK$’000 HK$’000

  仟港元 仟港元

  Lossbeforeincometaxisarrivedatafter 摒除所得税前载余已扣摒除下列

  charging: 各项:

  Auditor’sremuneration 核数师报施 213 280

  Amortisationoflandleaseprepayments 预付土地出赁摊销 3,439 3,439

  Depreciationofproperty,plantand 物业、厂房及设备折陈旧

  equipment 2,867 3,202

  Employeebenefitexpenses 干事福利开销

  (includingdirectors’remuneration) (带拥有董事报施)

  —Salariesandallowances —薪给及补养贴 12,468 12,085

  —Contributionstoretirementbenefits —离休福利方案供款

  schemes 1,015 1,048

  13,483 13,133

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 07

  NotestotheConsolidatedFinancialStatements

  概括财政报表脚注

  6. INCOMETAXEXPENSE 6. 所得税开销

  HongKongProfitsTaxhasnotbeenprovidedforthe 鉴于本集儿子团弄于截到二洞壹九年叁月叁什壹日止叁

  threemonthsended31March2019(2018:Nil)asthe 个月并无在香港产生任何应课税溢利,故并无就

  GroupdidnotgenerateanyassessableprofitsinHong 此等时间之香港利得税干出产拨备(二洞壹八年:

  Kongduringtheseperiods. 无)。

  ThePeople’sRepublicofChina(“PRC”)Enterprises 鉴于中华人民共和国(「中国」)直属公司于两个期

  IncomeTaxat25%hasnotbeenprovidedasthePRC 间均录得税政短 损,故并无就中资企业所得税(税

  subsidiariesincurredlossesfortaxationpurposeforboth 比值为25%)干出产拨备。

  periods.

  Taxationarisinginotherjurisdictioniscalculatedatthe 于其他司法权区产生的税项乃按相干司法权区的

  ratesprevailingintherelevantjurisdiction. 以后税比值计算。

  7. LOSSPERSHARE 7. 每股载余

  Thecalculationofbasiclosspershareisbasedonthe 每股根本载余乃根据本公司拥拥有人应占载余条约

  lossattributabletotheownersoftheCompanyof 51,813,000港元(二洞壹八年:条约6,337,000港元)

  approximatelyHK$51,813,000(2018:approximately 及期内已发行普畅通股的加以权平分条约

  HK$6,337,000)andtheweightedaverageofapproximately 4,584,108,000股(二洞壹八年: 条约4,516,795,000

  4,584,108,000(2018:approximately4,516,795,000) 股)计算。鉴于购股权、认股权证及却换股债券的

  ordinarysharesinissueduringtheperiod.Dilutedlossper 行使具拥有反摊薄影响,故此,截到二洞壹九年及

  shareforlossattributabletotheownersoftheCompany 二洞壹八年叁月叁什壹日止叁个月本公司拥拥有人

  forthethreemonthsended31March2019and2018was 应占载余的每股摊薄载余与每股根本载余相反。

  thesameasbasiclosspersharebecausetheimpactof

  theexerciseoftheshareoptions,warrantsandconvertible

  bondsisanti-dilutive.

  8. DIVIDEND 8. 股息

  TheDirectorsoftheCompanydoesnotrecommend 本公司董事不建议派付截到二洞壹九年叁月叁什

  paymentofdividendforthethreemonthsended31March 壹日止叁个月的股息(二洞壹八年:无)。

  2019(2018:Nil).

  08 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  NotestotheConsolidatedFinancialStatements

  概括财政报表脚注

  9. UNAUDITEDCONSOLIDATED 9. 不经复核概括权利变募化表

  STATEMENTOFCHANGESIN

  EQUITY

  AttributabletotheownersoftheCompany

  本公司拥拥有人应占

  Attributable

  to

  Properties ShareConvertible non-

  Share Share Special ContributedrevaluationTranslation optionbondequity Accumulated controlling

  capitalpremium reserve surplus reserve reserve reserve reserves lossesSubtotal interests Total

  物业重估 购股权 却换股债券 匪控股权利

  股本股份溢价特佩储藏 实完载余 储藏 换算储藏 储藏 权利储藏 累计载余 小计 应占 尽和

  HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000

  仟港元 仟港元 仟港元 仟港元 仟港元 仟港元 仟港元 仟港元 仟港元 仟港元 仟港元 仟港元

  At1January2018 于二洞壹八年壹月壹日

  (Audited) (经复核) 451,416 803,714 1,000 78,791 372,835 (75,087) 51,880 15,597 (1,059,949) 640,197 234 640,431

  Shareissuedupon 行使购股权所发行的

  exerciseofshare 股份

  options 300 668 — — — — (233) — — 735 — 735

  Transactionswithowners与拥拥有人终止的买进卖 300 668 — — — — (233) — — 735 — 735

  Lossfortheperiod 本时间载余 — — — — — — — — (6,337) (6,337) (1) (6,338)

  Exchangedifferenceon 换算海外面事情财政报表

  translationoffinancial 时产生的汇兑差额

  statementofforeign

  operations — — — — — 20,162 — — — 20,162 — 20,162

  Totalcomprehensive 本时间片面顶出产╱

  income/(expense) (开销)尽和

  fortheperiod — — — — — 20,162 — — (6,337) 13,825 (1) 13,824

  At31March2018 于二洞壹八年叁月

  (Unaudited) 叁什壹日(不经复核)451,716 804,382 1,000 78,791 372,835 (54,925) 51,647 15,597 (1,066,286) 654,757 233 654,990

  At1January2019 于二洞壹九年壹月壹日

  (Audited) (经复核) 451,716 804,495 6,302 78,791 335,013 (131,671) 41,912 — (1,441,615) 144,943 232 145,175

  Shareissuedupon 行使购股权所发行

  exerciseofshare 的股份

  options 43,101 68,929 — — — — — — — 112,030 — 112,030

  Transactionswithowners与拥拥有人终止的买进卖 43,101 68,929 — — — — — — — 112,030 — 112,030

  Lossfortheperiod 本时间载余 — — — — — — — — (51,813) (51,813) (1) (51,814)

  Exchangedifferenceon 换算海外面事情财政

  translationoffinancial 报表时产生

  statementofforeign 的汇兑差额

  operations — — — — — 13,097 — — — 13,097 — 13,097

  Totalcomprehensive 本时间片面顶出产╱

  income/(expense)for (开销)尽和

  theperiod — — — — — 13,097 — — (51,813) (38,716) (1) (38,717)

  At31March2019 于二洞壹九年

  (Unaudited) 叁月叁什壹日

  (不经审 核) 494,817 873,424 6,302 78,791 335,013 (118,574) 41,912 — (1,493,428) 218,257 231 218,488

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 09

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  FINANCIALREVIEW 财政回顾

  Therevenuefortheperiodunderreviewdecreasedto 回顾时间的顶出产由截到二洞壹八年叁月叁什壹日

  approximatelyHK$41.55millionfromapproximately 止叁个月的条约55.28佰万港元增添以到条约41.55佰万港

  HK$55.28millioninthethreemonthsended31March 元,相当于顶出产增添以条约13.73佰万港元。顶出产首要

  2018,representingadecreaseofapproximatelyHK$13.73 源己门券顶出产及影片创造团弄队运用本集儿子团弄影片拍

  millioninrevenue.Therevenuewasmainlyderivedfrom 摄基地的团弄队租顶出产,而片断顶出产则到来己于中

  theentrancefeeincomeandthecrewrentalincomefrom 国的商品销特价而沽、影片拍摄、配套效力动及酒店,以及

  thefilmproductioncrewsusingtheGroup’sfilmshooting 于香港的师傅办及活触动统筹事情。

  base,whilepartoftherevenuewasgeneratedfromsales

  ofgoods,filming,ancillaryserviceandhotelinthePRC,

  andtheartistemanagementandeventcoordination

  businessinHK.

  Staffcostsfortheperiodunderreviewincreasedto 回顾时间的职工本钱由截到二洞壹八年叁月叁什

  approximatelyHK$13.48millionfromapproximately 壹日止叁个月的条约13.13佰万港元添加以到条约13.48佰

  HK$13.13millioninthethreemonthsended31March 万港元,相当于职工本钱添加以 条约0.35佰 万港元。增

  2018,representinganincreaseofapproximatelyHK$0.35 加以首要鉴于中国的经纪扩张。

  millioninstaffcosts.Anincreasewasmainlyduetothe

  expansioninPRCoperation.

  Financecostsfortheperiodunderreviewincreasedby 回顾时间的融本钱钱添加以条约17.88佰万港元,乃由

  approximatelyHK$17.88millionbyreasonoftheinterest 二洞壹八年到二洞壹九年时间的额外面股东方存贷款利

  onadditionalshareholders’loanandinterestpaymentof 息及已发行债券的儿利付款所致。

  bondsissuedfrom2018to2019.

  Otheroperatingexpensesfortheperiodunderreview 回顾时间的其他经纪费由截到二洞壹八年叁月

  increasedtoapproximatelyHK$23.83millionfrom 叁什壹日止叁个月条约22.12佰万港元添加以到条约23.83

  approximatelyHK$22.12millioninthethreemonths 佰万港元。其他经纪费添加以条约1.71佰万港元乃主

  ended31March2018.Anincreaseofapproximately 要鉴于酒店的经纪本钱拥有所添加以。

  HK$1.71millioninotheroperatingexpenseswasmainly

  duetoanincreasefromthehoteloperatingcosts.

  Forthethreemonthsended31March2019,theGroup 截到二洞壹九年叁月叁什壹日止叁个月,本集儿子团弄

  recordedanetlossofapproximatelyHK$51.81millionas 录得载余净额条约51.81佰万港元,而截到二洞壹八

  comparedtoanetlossofapproximatelyHK$6.34million 年叁月叁什壹日止叁个月则录得载余净额条约6.34

  inthethreemonthsended31March2018.Theincrease 佰万港元。载余净额添加以首要鉴于融本钱钱添加以

  innetlosseswasmainlyduetotheincreaseinfinance 及顶出产及汇兑差额进款增添以。

  costsandthedecreaseinrevenueandgainonexchange

  difference.

  BUSINESSREVIEW 事情回顾

  XiqiaoNationalArtsStudioProject 正西樵地脊国艺影视城项目

  LocatedinFoshanCity,GuangdongProvince,theXiqiao 正西樵地脊国艺影视城(「影视城」)位于广东方节佛地脊

  NationalArtsFilmStudio(the“Studio”)hastheviewof 市,尽享国度五星级景点正西樵地脊的美景,已开辟

  MountXiqiao,whichisknownasoneofthenational 土地尽面积臻444,000平方米,包罗各种壹道影片

  5-startouristattractionsandhasatotaldevelopedland 拍摄场景,本题公园、酒店及扮场馆等。影视城

  areaof444,000squaremeters.Thereareuniquefilm 集儿子旅游及休闲设备于壹身,将令影视城成为广东方

  shootingareasthroughouttheStudioalongwiththeme 节的国际渡假胜于地。

  parks,hotelandperformingartscomplexes.TheStudio

  incorporatestourismandrecreationalfacilitiesthatleads

  theStudiotobecomeaninternationalvacationresortin

  GuangdongProvince.

  10 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  Forthefirstthreemonthsin2019,theStudioattracteda 于二洞壹九头叁个月,影视城招伸合共条约

  totalofapproximately356,000(2018:Approximately: 356,000名(二 洞壹八年:条约300,000名)游 客到访,

  300,000)visitors.Inparticular,theevent“The2019Lunar 特佩是「二洞壹九太阴历新年节庆活触动」招伸条约

  NewYearCelebration”attractedapproximately104,000 104,000名(二洞壹八年:条约80,000名)游者参加以。

  (2018:Approximately:80,000)visitors.

  Inaddition,theGrouphasparticipatedinseveralcharity 余外面,本集儿子团弄于二洞壹八岁末儿子已与数个慈善集儿子团弄

  groupsoneducationattheendof2018.TheStudio 赐教养育事政合干。比如,影视城与皓酷爱及保良局

  cooperatedwithcharitableorganisationssuchasCaritas 等慈善布匹局合办游学活触动,供先生参加以及探寻求影

  andPoLeungKuktoorganisestudygroupeventsfor 视城内不一的文皓特点及影片创造。

  studentstoparticipateandtoexploredifferentcultureand

  filmproductionintheStudio.

  TheGroupsbelievesthattheeventsheldbytheGroup 本集儿子团弄置信其举行的活触动将大力提升影视城的品

  willeffectivelyimprovethebrandawarenessoftheStudio 牌著名度,把影视城铰上主峰。

  andwillpushtheStudiotothepeak.

  Travel 旅游

  NationalArtsTravelLimited(“NATravel”)hasbeen 国艺旅游拥有限公司(「国艺旅游」)己二洞壹六年代男

  establishedandcommenceditsbusinesssince2016.It 立及展歇事情,供舒坦旅游处理方案,比如为

  providescozytravelsolutionsuchasorganising 各个机构、集儿子团弄及团弄体筹划定制里程。摒除传统旅

  tailormadetravelitinerariesfordifferentorganisations, 行团弄外面,国艺旅游亦铰出产了壹包串的特点登临团弄,

  groupsandindividuals.Besidestraditionalgrouptours, 政寻求提升客户的壹道旅游体验。

  NATravellaunchedaseriesoffeaturedgrouptoursto

  enhancecustomers’uniquetravelexperience.

  Toenhancethecomprehensivecustomersupport,NA 为改革概括客户帮助,国艺旅游于二洞壹八年更

  Travelhasupdateditsinquiryandsalessystemin2018. 新其查询及销特价而沽体系。该体系供世界性的资讯,

  Thesystemprovidesworldwideinformationonairtickets, 涵盖机票、酒店伸致旅游保管、提交畅通及签证央寻求,

  hotelsaswellastravelinsurance,transportationandvisa 以此增强大本集儿子团弄的市场竞赛力。

  application,thusstrengtheningthecompetitivenessofthe

  Groupinthemarket.

  In2018,theGroupenthusiasticallydiversifiedthecurrent 于二洞壹八年,本集儿子团弄主动拓展即兴拥有产品线,成

  productlinesbyestablishingabrand“SkyyerTravel”in 立「旅游闪令令」品牌,打造全新品牌笼统。「闪令

  ordertobuildanewbrandimage.“SkyyerTravel”isa 令旅游」是国艺旅游旗下的壹个品牌,专业打造

  brandunderNATravelwhichprofessionallydesigns 「为运触动、志趣及行业而设的度身订造旅程」,并 邀

  “Tailor-madetoursforsport,hobbyandindustry”and 请各界名人比值领及带游。余外面,「闪令令旅游」在

  invitesvariouscelebritiestoleadandguideindifferent 全球搜索特点及独家景点,将特定本题融入登临

  tours.Moreover,“SkyyerTravel”isexploringspecialand 团弄,带拥有:高尔丈夫球、瑜珈、单车、飞镖、画画、

  exclusivetouristattractionsandincorporatestraveltours 龙舟、潜水、留影、宗教养、音乐、美味美肴及马弹奏松等

  withspecificsubjects,whichincludegolf,yoga,bicycle, 等。

  darts,painting,dragonboat,diving,photography,religion,

  music,goodiesmarathon,etc.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 11

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  FilmShootingBase 影片拍摄基地

  ThefilmshootingbaseisthecoreprojectoftheXiqiao 影片拍摄基地是正西樵地脊国艺影视城项目的中心项

  NationalArtsFilmStudioProject.Itcovers374,000 目,占地374,000平方米,带拥有面积为120,000平方

  squaremetersofland,includingalakeof120,000square 米的湖泊水景及多间室内及室外面的留影棚,设备

  metersandanumberofindoorandoutdoorstudios 顶尖及片面的配套设备,为华南及海外面拍摄团弄队

  whichareequippedwithexcellentandcomprehensive 供最真实详细的场景。

  ancillaryfacilitiesinordertoprovidetheSouthernChina

  andforeignshootingcrewsthemostrealisticanddelicate

  scene.

  Duringthefirstthreemonthsof2019,approximately16 于二洞壹九头叁个月,条约拥有16顶创造团弄队于拍

  productioncrewsfilmedattheshootingbasebenefiting 摄基地终止拍摄,取于影片拍摄基地内多种场

  fromtheextensivechoicesofscenes,supreme 景选择、有益地文位置及多干用配套效力动。

  geographicallocationandmultinationalancillaryservices

  atthefilmshootingbase.

  Since2017,theGrouphastakentheroleofarental 由二洞壹七年宗,本集儿子团弄已成为出赁代劳动,与多

  agentbyenteringintoseveralrentalagreementswitha 间租用影片拍摄器材的公司订立数份出赁协议。

  numberofcompaniesrentingfilmshootingequipment. 本集儿子团弄的合干同伙供千头万绪道具、服饰及高

  TheGroup’spartnersprovidetheplentifulprops,attires 科技拍摄器材,带拥有微少量皓清时间的古装、古玩

  andhigh-techshootingequipmentincludinglotsof 家具、仿造军械及其他扮道具。出赁效力动为本

  ancientcostumesofMingandQingdynasties,antique 集儿子团弄带到来庞父亲进款。摒除为本集儿子团弄发皓庞父亲的壹道

  furniture,simulatedordnanceandotherperformingprops. 效应外面,其亦提升本集儿子团弄供影片拍摄配套效力动

  Therentalservicegeneratessubstantialrevenuetothe 的才干,也促终止业集儿子合募化以及增强大本集儿子团弄于同

  Group.Besidescreatingenormoussynergisticeffectfor 行之间的竞赛力。

  theGroup,italsoenhancestheGroup’scapabilityof

  provisionofancillaryservicesinrespectoffilmshooting,

  andalsofacilitatescentralizationoftheindustryaswellas

  strengthentheGroup’scompetitivenessamongitspeers.

  On4January2018,FoshanBureauofCulture, 于二洞壹八年壹月四日,佛地脊市文皓广电成事出产

  Publication,Radio,FilmandTelevision(the“Bureau”) 版局(「成事局」)任命权同意本公司数间全资儿分店

  approvedafewwholly-ownedsubsidiariesofthe 援助成事局经纪及拓展:(i)不一地区的影视企业到

  CompanytoassisttheBureauintheoperationand 佛地脊市落户、政策宣讲、招商伸资、援助拍摄等各

  expansion(i)thatwouldfacilitatefilmenterprisesfrom 项效力动;(ii)数码留影棚及影片场景确立项目;及(iii)

  variousregionsmovingintoFoshan,policypresentation, 影视道具器材种类扩张、出赁、集儿子聚道具出赁业

  solicitationofinvestmentandfundingaswellasshooting, 政。

  etc.;(ii)ofdigitalstudioandfilmlocationconstruction

  projects;and(iii)inrespectofdiversificationofpropsand

  equipmentportfolio,leasingandconsolidationofprops

  leasingbusiness.

  12 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  Withtherapidincreaseinthedemandinthefilmindustry 鉴于年到来影片业的需寻求急性添加以,本集儿子团弄主动开

  inrecentyears,theGroupisactivelydevelopingthe 发影视城第二期(「第二期项目」)。第二期项目包

  secondphasedevelopmentoftheStudio(“Second 括确立室内留影棚,从而扩展本集儿子团弄另日兴拥有影片

  PhaseProject”).TheSecondPhaseProjectincludesthe 业的定位,及在却见不到来,展开为享誉世界的电

  buildingofindoorstudio,whichcouldraisetheGroup’s 影拍摄基地。

  currentpositioninthefilmindustryandenabletheGroup

  todevelopintoaworld-knownfilmshootingbaseinthe

  foreseeablefuture.

  TheGroupisthefirstenterprisedesignatedbythe 本集儿子团弄亦是首间受到佛地脊市内阁指名援助打形成

  FoshanGovernmenttohelpbuildingFoshanasthe 佛地脊最父亲的道具器材及集儿子合影视产业的经纪中心,

  largesthubforpropsandequipmentinFoshan,witha 为本集儿子团弄提高内行业中的著名度,亦更其装置靖影

  focusonfilmandtelevisionindustry,whichboostedthe 视城在华南影视产业中的位置。

  reputationoftheGroupintheindustry,therebyfurther

  consolidatingthepresenceoftheStudiointhefilmand

  televisionindustryinSouthernChina.

  WeddingPhotography 婚纱留影

  TheGroupreachedanagreementwitharenowned 本集儿子团弄于二洞壹叁年第四节与国际壹个著名的婚

  domesticweddingphotographychaingroupinthefourth 纱留影包锁集儿子团弄臻协议,展开其婚纱留影事情。

  quarterof2013todevelopitsweddingphotography 根据该协议,本集儿子团弄出产租该影视城内占地条约20亩

  business.Undertheagreement,theGroupleasedanarea (13,333.33平方米)的范畴予该婚纱留影包锁集儿子

  ofapproximately20mu(13,333.33squaremeters)inthe 团弄,租期12年,及婚纱留影公司已投资人民币

  Studiototheweddingphotographychaingroupfora 10,000,000元兴修多个不一干风的景区,如 欧式、

  termof12yearsandtheweddingphotographycompany 韩式、日 式等。已 订拥有每年到微少 拥有28,800对新人进

  investedRMB10millionfortheconstructionofscenic 入景区拍摄婚纱照的保障。意想此项装置排己二洞

  spotsindifferentstylessuchasEuropean,Koreanand 壹六年宗每年产生的顶出产将不微少于条约人民币

  Japanesestyles.Itisguaranteedtherewillbeatleast 1,200,000元。

  28,800couplestakingweddingphotosinthescenic

  spotsperyear.Theannualincomeofthisarrangement

  willbenolessthanapproximatelyRMB1.2millionstarting

  from2016.

  Inaddition,theGroupisnegotiatingwithseveraljeweler, 余外面,本集儿子团弄正与若干珠珍、中新式礼饼、西式结

  Chineseandwesternbakery,Chinesestyleweddinggown 婚礼服及婚礼筹划公司商量,为新人供壹站式

  andweddingplanningcompanyinordertoprovideone 婚礼效力动。该影视城预期将成为片面的已婚尽先顺手

  stopserviceforweddingcouples.TheStudioisexpected 胜于地。

  tobecomeacomprehensiveweddinghotspot.

  Hotel 酒店

  The5-starNationalArtsResortHotel(the“Hotel”) 毗邻该影视城的五星级国艺度假酒店(「该酒店」)

  locatednexttotheStudioprovides350suites,ranging 供350间客房,带拥有万端荣套房及经济实惠的规范

  fromdeluxesuitestoeconomicstandardrooms.The 房。该酒店设备各类康乐设备,如水疗设备、当代当世

  Hotelisequippedwithavarietyofrecreationalfacilities 游水池及棋艺室。摒除康乐设备外面,该酒店亦供

  suchasspafacilities,modernswimmingpoolandchess 餐饮效力动及商政中心、会室及演讲厅,以满意

  room.Apartfromtherecreation,theHotelalsoprovides 客户各种各样的需寻求。

  cateringservicesandcommercialservicessuchas

  businesscentre,meetingroomsandlecturehalls,thereby

  satisfyingthevariousneedsandwantsofthecustomers.

  Toboostthequalityofitsservice,theHotelwishesto 为提升效力动质斋,该酒店拟藉筹划运触动日等团弄体

  buildstrongcommunicationamongitsstaffbyorganising 活触动,增强大职工之间的沟畅通,以教养育职工,皓白团弄

  groupactivitiessuchassportday,inordertoeducatethe 队工干的要紧性,以及提高职工在企业环境中的

  staffoftheimportanceofteamworkandtoraisespiritin 团弄队肉体。

  thecorporateenvironment.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 13

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  TheHotelwasawarded“ResortHoteloftheYear2018” 该酒店荣 获「2018年度假酒店金珠奖品」及「第18届 中

  and“18thGoldenHorseAwardofChinaHotel—Best 国酒店金马奖品—父亲湾区最佳本题度假酒店」,表

  ThemeHotelResortofGreaterBayArea”,which 扬该酒店的企业办质斋及效力动质斋。

  recognizedthecorporatemanagementqualityandservice

  qualityoftheHotel.

  AsthedevelopmentoftheHotelisbecomingmatureand 鉴于该酒店的展开浸趋熟、其著名度及旅主人

  itspopularityandthenumberoftouristscontinuously 数时时添加以,本集儿子团弄已增建打扮效力动、卡弹奏OK

  grow,theGrouphasintroducedadditionalfacilitiessuch 室、桌球室等设备和其他康乐设备。本集儿子团弄亦预

  asbeautyservice,karaokeroom,billiardparlourandother 期在却见不到来确立稀品酒店。

  recreationalfacilities.TheGroupisalsoexpectingtobuild

  boutiquehotelintheforeseeablefuture.

  FilmProduction 影片创造

  TheGroupsparednoeffortinpromotingentertainment 本集儿子团弄历年到来竭尽全力推向影片文皓,比如创造

  cultureformanyyearssuchasproductionofand 及投资于影片、微影片及网上电视节目,以铰进

  investmentinmovie,microcinemaandonlineTV 文娱文皓及肉体。

  programmetopromotethecultureandthespiritof

  entertainment.

  During2016,theGroupinvestedintheproductionofa 于二洞壹六年,本集儿子团弄投资创造壹出产慈善影片「我

  charityfilmnamed“OurDaysin6E”(我们的6E班).The 们的6E班」。「我们的6E班」的本题符合以后社会状

  themeof“OurDaysin6E”isinlinewiththecurrent 况,满载教养育意思,借此也实行社会责。

  socialstatus,ladenwitheducationalsignificanceaspart 于二洞壹九年,本集儿子团弄投资创造壹出产当代当世浪漫电

  ofitssocialresponsibility.In2019,theGrouphas 影,名为「婚姻的童话?」。本集儿子团弄预期持续投资制

  investedintheproductionofamodernromanticfilm 干更多各种本题的影片,奔向佰花绽的影片市

  named“RomanticMarriage?”(婚姻的童话?).TheGroup 场。

  expectstoinvestmoreinproductionoffilmsofvarious

  themesandsteppingforwardtothediversifiedfilm

  market.

  Inaddition,theGroupheldvariouscoursesfromtimeto 余外面,本集儿子团弄时时举行各种课程,培育新壹代电

  timetocultivatethenextgenerationoffilmproducersand 影创造人及演员,鼓励影片创造的展开,为影片

  actorsinordertoencouragethedevelopmentoffilm 业的提高干出产贡献。就本集儿子团弄的影片创造前景而

  productionandcontributetothebettermentofthefilm 言,本集儿子团弄将加以父亲对香港与内地影片创造的投资,

  industry.Withregardtotheprospectsoffilmproduction 护持在华南影片业的位置。

  oftheGroup,theGroupwillstepforwardinrespectof

  HongKong-Mainlandfilmproductionandmaintaina

  positioninthefilmindustryinSouthernChina.

  Cinema 影片院

  NationalArtsFilmsProductionLimited(“NAFilms”),an 本公司直接全资直属公司国艺影视创造拥有限公司

  indirectlywholly-ownedsubsidiaryoftheCompany, (「国艺影视」)于二洞壹二年订立合营企业协议,

  enteredintoajointventureagreementforthe 以在中华人民共和国(「中国」)广东方珠海市中心的

  developmentofcinemabusinessinalargeshoppingmall 父亲型商场展开影片院事情。

  inatransportationhubareaofZhuhai,Guangdong,the

  People’sRepublicofChina(“PRC”)in2012.

  NAFilmsheld60%equityinterestinthejointventure.The 国艺影视持拥有合营企业60%股本权利。该影片院

  cinemaboastseightscreensandatotalofmorethan 设拥有八个银幕,供合共逾730个座位。该影片院

  730seats.Thecinemahascommenceditsoperation 己二洞壹四年蒲月宗已参加营运,令本集儿子团弄的娱

  sinceMay2014whichsupportsfurthercomprehensive 乐文皓事情足以更片面展开。

  developmentoftheGroup’sentertainmentandculture

  business.

  14 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  ArtisteManagement 师傅办

  ToenhancethepopularityoftheGroup’sartistssuchas 为提高老嘉桓及阮歌颂等本集儿子团弄旗下艺员的著名

  RoseChanandBrianYuen,theGrouphasarrangeda 度,本集儿子团弄已装置排千头万绪的扮时间,带拥有参

  varietyofperformanceopportunitiesincludingthe 演慈善影片「我们的6E班」、浪漫影片「婚姻的童

  participationinthecharitymovie,“OurDaysin6E”(我们 话?」、网上电视就续剧「反黑」、品牌代言、电视剧

  的6E班),theromanticmovie,“RomanticMarriage?”(婚姻 如「守养护神物之保管考查」及担待春天道贺活触动的节

  的童话?),theonlineTVseries“OCTB”(反黑),brand 目掌管、电视游玩节目「父亲玩特玩」及「美女厨房」

  representative,dramassuchas“GuardianAngel”(守养护神物 的扮嘉客等。

  之保管考查)andTVgameshowshostoftheLunarNew

  YearCelebration,andguestperformersforthe“NewYear

  isAGame”(父亲玩特玩)and“CookingBeauties”(美女厨

  房).

  Besides,theGroupalsoexploresthePRCmarketforits 摒除此之外面,本集儿子团弄亦为师傅开辟中国市场,装置排

  artistsbymakingarrangementforthemtoparticipatein 师傅参演直播真人秀及网绕剧以吸纳更多的著名

  liverealityshowandonlinedramatoenhancetheir 度。

  popularity.

  Withthehugemarketofdomesticmovies,theGroupwill 国际影片市场庞父亲,本集儿子团弄不到来会持续罗致拥有潜

  continuetorecruitartistswithpotentialinthefutureto 质的师傅,以应对庞父亲的市场需寻求,并会扩展艺

  copewiththedemandsinthevastmarketandexpand 人办分部,以冀成为本集儿子团弄的首要顶出产到来源之

  theartistemanagementsegment,hopingthatitwill 壹。

  becomeoneofthemajorincomesourcesoftheGroup.

  ForeignCurrencyExposure 外面币风险

  TheGroup’sreportingcurrencyisexpressedinHong 本集儿子团弄以港元干为呈报钱币。于截到二洞壹九年

  Kongdollars.Duringthethreemonthsended31March 叁月叁什壹日止叁个月,本集儿子团弄全片断买进卖、资

  2019,mostofthetransactions,assetsandliabilitiesofthe 产及拉亏空均以港元及人民币结算。于回顾时间内,

  GroupweredenominatedinHongKongdollarsand 鉴于本集儿子团弄区别以港元及人民币收款和付款,故

  Renminbi.Duringtheperiodunderreview,sincethe 人民币风险净额并不严重。董事会认为,本集儿子团弄

  GrouphadbothHongKongdollarsandRenminbi 面对的汇兑风险并不严重,故于期内并无终止对

  receiptsandpayments,thenetRenminbiexposurewas 冲买进卖。

  notsignificant.TheBoardconsidersthattheGroup’s

  exposuretoforeignexchangeriskwasnotsignificant,

  therefore,nohedgingtransactionwasmadeduringthe

  period.

  FutureProspect 不到来展望

  AgainstthebackdropthatChina’sfilm-inducedtourismis 中国影视旅游仍在展开阶段,在此背景下,本集儿子

  atthedevelopmentstage,theGroupiscommittedtothe 团弄竭力进壹步展开第二期项目,政寻求在旅游业及

  furtherdevelopmentoftheSecondPhaseProjectinorder 影片业的上升父亲势及侪辈竞赛中僵持优势。

  tocompetewithitspeersinfaceoftheupwardtrendin

  bothtourismindustryandfilmindustry.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 15

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  Over130shootingcrewsconductedfilmingintheStudio 于二洞壹八年,逾130个拍摄团弄队在影视城拍摄,

  in2018,whichwas20%morethanthatin2017.The 较二洞壹七年多20%。本集儿子团弄置信,第二期项目

  GroupbelievesthattheSecondPhaseProjectisessential 实属必要,将带拥有:(i)兴修室内的留影棚;(ii)与资

  andtheSecondPhaseProjectwillinclude(i)the 源厚墩墩的公司合 干,供高科技设 备、道具等等;

  constructionofindoorstudios;(ii)cooperationwith 及(iii)新稀品酒店。本集儿子团弄估计影视城设备提升

  resourcefulcompanyinprovidinghigh-techequipment, 后,会拥有更多拍摄团弄队及不清雅光游者为剧组拍摄。

  props,etc,and(iii)newboutiquehotels.TheGroup 余外面,影视城在短期内亦将聚集儿子合教养育范畴,比

  expectsthattherewillbemoreshootingcrewstofilmin 如向先生供更多带赐予团弄。久远而言,本集儿子团弄考

  theStudioaftertheStudiohasbeenimprovedforthe 虑成立影片创造校,供时间予任何对影片业

  crewsandtourists.Besides,intheshortterm,theStudio 拥有志趣及暖和酷爱影片的人士,比如参加以初期创造、

  willalsofocusoneducationsuchasprovidingmoretours 演员培训等。所拥有而言,本集儿子团弄置信更好的土地

  tothestudents.Inthelongterm,theGroupwillconsider 用途方案、供帮助设备等等,将使影视城在却

  buildingafilmproductionschoolforgivingopportunities 见不到来成为概括影片片厂。

  toanypersonwhoisinterestedinandpassionateabout

  filmindustrysuchaspost-productionandactortraining.

  Overall,theGroupbelievesthatbetterlanduseplanning

  andprovisionofsupportingfacilitieswillallowtheStudio

  tobecomeacomprehensivefilmstudiointheforeseeable

  future.

  Inrecentyears,tourismhasexperiencedcontinuous 年来过到来,旅游业展开持续增长。遂著休闲时代的

  growth.Withtheadventoftheleisureera,theGroup 到来临,本集儿子团弄预期影视旅游的前景畅旺,会以多

  believesthatfilm-inducedtourismwillpresentapromising 元募化的旅游点、团弄体游、花样翻新旅游活触动的情节和

  prospect,advancinginadirectioncharacterizedby 结合规划与兴修的标注的目的展开。

  diversifiedtouristattractions,individualizedtourists,

  updatedtourismcontentsandintegratedplanningand

  construction.

  PLACINGOFNEWSHARES 根据普畅通任命权配特价而沽新股份

  UNDERGENERALMANDATE

  On13February2019,theCompanyenteredintotwo 于二洞壹九年杏月如月什叁日,本公司与骏升证券拥有

  separateplacingagreements(“GMPlacingAgreements”) 限公司及东方英亚洲拥有限公司(各为壹名「普畅通任命权

  withQuasarSecuritiesCo.,LimitedandOrientalPatron 配特价而沽代劳动」,统称「普畅通任命权配特价而沽代劳动」)订立两份

  AsiaLimited(eacha“GMPlacingAgent”;collectivelythe 孤立的配特价而沽协 议(「壹 般任命权配特价而沽协 议」),据此,本

  “GMPlacingAgents”)pursuanttowhichtheCompany 公司已拥有环境地赞同配特价而沽至多846,153,844股配特价而沽

  hasconditionallyagreedtoplaceupto846,153,844 股份(「普畅通任命权配特价而沽股份」),而各普畅通任命权配特价而沽

  placingshares(“GMPlacingShares”)andeachofthe 代劳动拥有环境赞同干为配特价而沽代劳动,按养稀蓄锐基准

  GMPlacingAgentshasconditionallyagreedtoprocureon 物色当前预期不微少于六名接配人(该等接配人及其

  abesteffortbasis,asplacingagent,currentlyexpectedto 终极实更加拥拥有人须为本公司孤立第叁方),彼等将

  benotlessthansixplaceeswhoandwhoseultimate 按每股普畅通任命权配特价而沽股份0.26港元的标价,认购最

  beneficialownersshallbeindependentthirdpartiesofthe 多423,076,922股普畅通任命权配特价而沽股份(「普畅通任命权配

  Companytosubscribeforupto423,076,922GMPlacing 特价而沽事项」)。

  SharesatapriceofHK$0.26perGMPlacingShares

  (“GMPlacing”).

  TheplacingpriceofHK$0.26perGMPlacingShare 配特价而沽价为每股普畅通任命权配特价而沽股份0.26港元,较:(i)

  represents(i)nodiscountorpremiumtotheclosingprice 股份于二洞壹九年杏月如月什二 日(即普畅通任命权配特价而沽协

  ofHK$0.26perShareasquotedontheStockExchange 议日期前股份于联提交所买进卖的最末日儿子(「普畅通任命

  on12February2019,beingthelastdayonwhichthe 权最末买进卖日」))在联提交所所报收牌价每股0.26港

  SharesweretradedontheStockExchangepriortothe 元并无折让或溢价;及(ii)股份于紧接普畅通任命权配

  dateoftheGMPlacingAgreement(“GMLastTrading 特价而沽协议日期前最末五个就续买进卖日(带拥有普畅通任命权

  Day”);and(ii)apremiumofapproximately0.8%tothe 最末买进卖日)在联提交所所报平分收牌价每股条约

  averageclosingpriceofapproximatelyHK$0.258per 0.258港元溢价条约0.8%。

  ShareasquotedontheStockExchangeforthelastfive

  consecutivetradingdays(includingtheGMLastTrading

  Day)immediatelypriortothedateoftheGMPlacing

  Agreements.

  16 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  CompletionoftheGMPlacingunderthePlacing 根据配特价而沽协议完成普畅通任命权配特价而沽事项须待以下条

  Agreementsisconditionalupon:(a)theListingCommittee 件臻后,方告干实:(a)联提交所上市委员会同意

  oftheStockExchangegrantingoragreeingtograntthe 或赞同同意普畅通任命权配特价而沽股份的上市及买进卖;及

  approvalforlistingof,andpermissiontodealin,theGM (b)本公司就普畅通任命权配特价而沽事项及其项下拟终止之

  PlacingShares;and(b)allnecessaryconsentsand 买进卖曾经得到所拥有必须得到之赞同书及批文。

  approvalsrequiredtobeobtainedonthepartofthe

  CompanyinrespectoftheGMPlacingandthe

  transactionscontemplatedthereunderhavingbeen

  obtained.

  ReasonsforandthebenefitsoftheGMPlacing 终止普畅通任命权配特价而沽事项之说辞及裨更加

  Asat31December2018,theunauditedcashandbank 于二洞壹八年什杏月如月叁什壹日,本集儿子团弄的不经审

  balancesoftheGroupwereapproximatelyHK$15.7 核即兴金及银行载余条约为15.7佰万港元。

  million.

  AsdisclosedintheinterimreportoftheGroupforthesix 诚如本集儿子团弄截到二洞壹八年六月叁什日止六个月

  monthsended30June2018,thetotalliabilitiesofthe 的中期报告所说出,本集儿子团弄于二洞壹八年六月叁

  GroupwereapproximatelyHK$2.1billionasat30June 什日的尽拉亏空条约21亿港元,就中,于二洞壹八年

  2018,amongwhich,theGrouprecorded(i)loansfrom 六月叁什日,本集儿子团弄录得(i)股东方的存贷款尽和条约

  shareholdersofanaggregateamountofapproximately 609.0佰万港元;(ii)借款尽和条约197.5佰万港元;(iii)

  HK$609.0million;(ii)borrowingsofanaggregateamount 应付贸善款及其他应付款及应计费尽和条约

  ofapproximatelyHK$197.5million;(iii)tradepayablesand 80.3佰万港元;(iv)债券尽和条约871.5佰万港元;及

  otherpayablesandaccrualsofanaggregateamountof (v)接兑票据尽和条约104.6佰万港元。

  approximatelyHK$80.3million;(iv)bondsofanaggregate

  amountofapproximatelyHK$871.5million;and(v)

  promissory notes of an aggregate amount of

  approximatelyHK$104.6millionasat30June2018.

  Itwasexpectedthatassumingthemaximumnumberof 假定根据普畅通任命权配特价而沽协议配特价而沽最父亲数量的普畅通

  theGMPlacingSharesisplacedundertheGMPlacing 任命权配特价而沽股份,预期普畅通任命权配特价而沽事项的所得款

  Agreements,thegrossproceedsfromtheGMPlacing 项尽和将为条约220.0佰万港元,扣摒除普畅通任命权配特价而沽

  wouldbeapproximatelyHK$220.0million,andthenet 事项产生的行佣及其他开销后,所得款净额将

  proceedswouldbeapproximatelyHK$201.5million(after 条约201.5佰万港元,相当于每股普畅通任命权配特价而沽股份

  deductionofcommissionandotherexpensesincurredin 净发行价条约0.24港元。经参考上文所述之本集儿子团弄财

  thePlacing),representinganetissuepriceof 政情景,预期普畅通任命权配特价而沽事项的所得款净额

  approximatelyHK$0.24perGMPlacingShare.With 条约201.5佰万港元将用干片断发还本集儿子团弄债券及借

  referencetothefinancialpositionoftheGroupas 贷的基金及儿利。

  mentionedabove,itwasexpectedthatthenetproceeds

  fromtheGMPlacing,beingapproximatelyHK$201.5

  million,willbeutilisedforthepartialrepaymentofthe

  principalandinterestsofbondsandborrowingsofthe

  Group.

  Asthemajorityofinterestratesoftheexistingbonds, 鉴于即兴拥有债券、借款及到来己股东方及董事存贷款的利

  borrowingsandloansfromshareholdersanddirectors 比值首要介乎条约6.0%到15.0%,该等债所产生的

  rangefromapproximately6.0%to15.0%,thefinancial 财政本钱在本集儿子团弄尽开销中占据严重比例。故此,

  costderivedfromsuchdebtsrepresentsasignificantpart 董事会认为,上述还款将减轻本集儿子团弄的儿利担负,

  ofthetotalexpenseoftheGroup.Assuch,theBoard 改革本集儿子团弄的本钱拉亏空比比值并增强大本集儿子团弄的财政

  wasoftheviewthattheabovementionedrepayment 情景及载利才干。

  wouldreducetheinterestburdenoftheGroup,improve

  thegearingratioofGroupandstrengthenthefinancial

  positionandprofitabilityoftheGroup.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 17

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  TheBoardhasconsideredotheralternativefundraising 董事会曾考虑其他集儿子资方法如债融资、供股或

  methodssuchasdebtfinancing,rightsissueoropen 地下出产特价而沽。董事会认为,债融资或令本集儿子团弄伸

  offer.TheBoardconsideredthatdebtfinancingmay 致更多儿利担负。另壹方面,与藉普畅通任命权配特价而沽

  furtherincurinterestburdenontheGroup.Ontheother 事项终止股本融资比较,供股或地下出产特价而沽能牵

  hand,rightsissueoropenoffermayinvolverelatively 涉较长时间及本钱。余外面,普畅通任命权配特价而沽事项将

  substantialtimeandcosttocompleteascomparedtothe 强大募化本公司的本钱基础。

  equityfinancingthroughtheGMPlacing.Inaddition,the

  GMPlacingwouldstrengthenthecapitalbaseofthe

  Company.

  AssetoutintheCompany’sannouncementdated15 诚如本公司日期为二洞壹九年叁月什五日之公报

  March2019,(1)alltheconditionsoftheGMPlacinghave 说出:(1)普畅通任命权配特价而沽事项的所拥有环境均获臻,

  beenfulfilledandthecompletionoftheGMPlacingtook 且普畅通任命权配特价而沽事项已于二洞壹九年叁月什五日

  placeon15March2019;and(2)anaggregateof 完成;及(2)合共428,769,230股普畅通任命权配特价而沽股份

  428,769,230GMPlacingShareshavebeensuccessfully 已根据普畅通任命权配特价而沽协议的章及环境,按每股

  placedattheplacingpriceofHK$0.260perGMPlacing 普畅通任命权配特价而沽股份0.260港元之配特价而沽价成配特价而沽。

  SharepursuanttothetermsandconditionsoftheGM 普畅通任命权配特价而沽事项项下的普畅通任命权配特价而沽股份的尽

  PlacingAgreements.Theaggregatenominalvalueofthe 面值将为42,876,923港元。

  GMPlacingSharesundertheGMPlacingwillbe

  HK$42,876,923.

  The428,769,230GMPlacingSharesrepresent(i) 428,769,230股普畅通任命权配特价而沽股份占:(i)紧接普畅通

  approximately9.5%oftheissuedsharecapitalofthe 任命权配特价而沽事项完成前本公司已发行股本条约9.5%;

  CompanyimmediatelybeforethecompletionoftheGM 及(ii)经配发及发行428,769,230股普畅通任命权配特价而沽股

  Placing;and(ii)approximately8.7%oftheissuedshare 份扩展后本公司已发行股本条约8.7%。

  capitaloftheCompanyasenlargedbytheallotmentand

  issueofthe428,769,230GMPlacingShares.

  ThegrossproceedsfromtheGMPlacingwas 普畅通任命权配特价而沽事项的所得款尽和条约为111.5佰万

  approximatelyHK$111.5million,andthenetproceeds 港元,而普畅通任命权配特价而沽事项的所得款净额(己所

  fromtheGMPlacing,afterdeductingtheplacing 得款尽和扣摒除配特价而沽行佣及与普畅通任命权配特价而沽事项

  commissionandotherexpensesinconnectionwiththe 拥关于的其他开销后)则 条约为104.5佰万港元,该笔款

  GMPlacingfromthegrossproceeds,wasapproximately 项拟用于发还片断本集儿子团弄债券及借款基金及儿利。

  HK$104.5millionwhichwasintendedtobeusedforthe

  partialrepaymentoftheprincipalandinterestsofthe

  bondsandborrowingsoftheGroup.

  TheGMPlacingShareswereallottedandissuedpursuant 普畅通任命权配特价而沽股份将根据股东方于二洞壹八年六月

  tothegeneralmandategrantedtotheDirectorsbythe 二什八日举行的本公司股东方周年父亲会上经度过壹项

  Shareholderspursuanttoanordinaryresolutionpassedat 普畅通决定案而赋予董事的普畅通任命权配发及发行,

  theannualgeneralmeetingoftheCompanyheldon28 却配发及发行至多903,432,244股新股份,故此,

  June2018toallotandissueupto903,432,244new 普畅通任命权配特价而沽股份之配发及发行毋须经任何额外面

  Shares,andthereforetheallotmentandissueoftheGM 股东方同意。

  PlacingShareswasnotsubjecttoanyadditional

  Shareholders’approval.

  FurtherdetailsoftheGMPlacingAgreementsandtheGM 关于普畅通任命权配特价而沽协议及普畅通任命权配特价而沽事项的更

  PlacingaredisclosedintheCompany’sannouncements 多概微,于本公司日期为二洞壹九年杏月如月什叁日、

  dated13February2019,15March2019and4April 二洞壹九年叁月什五日及二洞壹九年四月四日的

  2019. 公报说出。

  18 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  PLACINGOFNEWSHARES 根据特佩任命权配发新股份及添加以

  UNDERSPECIFICMANDATE 法定股本

  ANDINCREASEIN

  AUTHORISEDSHARECAPITAL

  On13February2019,theCompanyenteredintoa 于二洞壹九年杏月如月什叁日,本公司与英皇证券(香

  placingagreement(“SMPlacingAgreement”)with 港)拥有限公司、10bet官网拥有限公司及东方英亚洲拥有

  EmperorSecuritiesLimited,KingstonSecuritiesLimited 限公司及骏升证券拥有限公司(统称为「特佩任命权配

  andOrientalPatronAsiaLimitedandQuasarSecurities 特价而沽代劳动」)订立壹份配特价而沽协议(「特佩任命权配特价而沽协

  Co.,Limited(collectivelythe“SMPlacingAgents”), 议」),据此,本公司已拥有环境赞同透度过特佩任命权配

  pursuanttowhichtheCompanyhasconditionallyagreed 特价而沽代劳动按养稀蓄锐基准配特价而沽至多6,153,846,153股

  toplacethroughtheSMPlacingAgents,onabesteffort 配特价而沽股份(「特佩任命权配特价而沽股份」)予即兴时预期不微少

  basis,ofupto6,153,846,153placingshares(“SM 于六名接配人(该等接配人及其终极实更加拥拥有人应

  PlacingShares”)tocurrentlyexpectedtobenotless 为本公司孤立第叁方),配特价而沽价为每股特佩任命权配

  thansixplaceeswhoandwhoseultimatebeneficial 特价而沽股份0.26港元(「特佩任命权配特价而沽事 项」)。特佩任命权

  ownersshallbeindependentthirdpartiesoftheCompany 配特价而沽股份将根据本公司于二洞壹九年蒲月二什壹

  atapriceofHK$0.26perSMPlacingShare(“SM 日举行的股东方特佩父亲会上寻寻求之特佩任命权配发及

  Placing”).TheSMPlacingShareswillbeallottedand 发行。

  issuedpursuanttothespecificmandatetobesoughtat

  thespecialgeneralmeetingoftheCompanytobeheld

  on21May2019.

  TheplacingpriceofHK$0.26perSMPlacingShare 配特价而沽价为每股特佩任命权配特价而沽股份0.26港元,较(i)股

  represents(i)nodiscountorpremiumtotheclosingprice 份于二洞壹九年杏月如月什二日(即 刊发特佩任命权配特价而沽

  ofHK$0.26perShareasquotedontheStockExchange 协议前股份于联提交所买进卖的最末日儿子(「特佩任命权

  on12February2019,beingthelastdayonwhichthe 最末买进卖日」)),在联提交所所报收牌价每股0.26港

  SharesweretradedontheStockExchangepriortothe 元并无折让或溢价;及(ii)股份于紧接特佩任命权配

  dateoftheSMPlacingAgreement(“SMLastTrading 特价而沽协议日期前最末五个就续买进卖日(带拥有特佩任命权

  Day”);and(ii)apremiumofapproximately0.8%tothe 最末买进卖日)在联提交所所报平分收牌价每股条约

  averageclosingpriceofapproximatelyHK$0.258per 0.258港元溢价条约0.8%。

  ShareasquotedontheStockExchangeforthelastfive

  consecutivetradingdays(includingtheSMLastTrading

  Day)immediatelypriortothedateoftheSMPlacing

  Agreement.

  Assumingthattherewillbenochangeintheissuedshare 假定于本报告日期宗到特佩任命权配特价而沽事项完竟日

  capitaloftheCompanybetweenthedateofthisreport 期止时间,本公司的已发行股本并无变募化,特佩

  andthecompletiondateoftheSMPlacing,themaximum 任命权配特价而沽股份最高数量相当于:(i)本报告日期的已

  numberoftheSMPlacingSharesrepresents(i) 发行股份尽额条约124.4%;及(ii)经特佩任命权配特价而沽事

  approximately124.4%ofthetotalnumberofSharesin 项(假定特佩任命权配特价而沽股份最高数量已获配特价而沽)而

  issueasatthedateofthisreport;and(ii)approximately 扩展的已发行股份尽额条约55.4%。

  55.4%ofthetotalnumberofSharesinissueasenlarged

  bytheSMPlacing(assumingthemaximumnumberofthe

  SMPlacingSharesisplaced).

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 19

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  CompletionoftheSMPlacingundertheSMPlacing 根据特佩任命权配特价而沽协议完成特佩任命权配特价而沽事项须

  Agreementisconditionalupon:(a)thepassingbythe 待下列环境臻后,方却干实:(a)股东方经度过普畅通

  ShareholdersofanordinaryresolutiontoapprovetheSM 决定案同意特佩任命权配特价而沽协议及其项下拟终止之

  PlacingAgreementandthetransactionscontemplated 买进卖,带拥有但不限于特佩任命权配特价而沽股份之配发及

  thereunder,includingbutnotlimitedtotheallotmentand 发行;(b)股东方经度过普畅通决定案同意建议透度过增设

  issueoftheSMPlacingShares;(b)thepassingbythe 额外面14,000,000,000股新股份,将本公司法定股本

  Shareholdersofanordinaryresolutiontoapprovethe 由600,000,000港元(分为6,000,000,000股股份)增

  proposedincreaseintheauthorisedsharecapitalofthe 到2,000,000,000港元(分为20,000,000,000股股份)

  Company from HK$600,000,000 divided into (「添加以法定股本」);(c)联提交所上市委员会赋予或

  6,000,000,000SharestoHK$2,000,000,000dividedinto 赞同赋予特佩任命权配特价而沽股份上市及买进卖之同意;

  20,000,000,000Sharesbythecreationofanadditional 及(d)本公司已得到其须就特佩任命权配特价而沽事项及其

  14,000,000,000newShares(“IncreaseinAuthorised 项下拟终止之买进卖得到的所拥有必要赞同及同意。

  ShareCapital”);(c)theListingCommitteeoftheStock

  Exchangegrantingoragreeingtogranttheapprovalfor

  listingof,andpermissiontodealin,theSMPlacing

  Shares;and(d)allnecessaryconsentsandapprovals

  requiredtobeobtainedonthepartoftheCompanyin

  respectoftheSMPlacingandthetransactions

  contemplatedthereunderhavingbeenobtained.

  TheSMPlacingissubjecttotheShareholders’approval. 特佩任命权配特价而沽事项须经股东方同意后,方却干实。

  AspecialgeneralmeetingoftheCompanywillbeheldon 本公司将于二洞壹九年蒲月二什壹日举行股东方特

  21May2019forthepurposesofconsideringand,if 佩父亲会,以考虑及酌情同意(i)特佩任命权配特价而沽协议及

  thoughtfit,approving(i)theSMPlacingAgreementand 其项下拟终止之买进卖,带拥有任命出产特佩任命权以配发

  thetransactionscontemplatedthereunder,includingthe 及发行特佩任命权配特价而沽股份;及(ii)添加以法定股本。

  grantofthespecificmandatefortheallotmentandissue

  oftheSMPlacingShares;and(ii)theIncreasein

  AuthorisedShareCapital.

  ReasonsforandthebenefitsoftheSMPlacing 终止配特价而沽事项之说辞及裨更加

  TheGroupisprincipallyengagedinfilmproductionand 本集儿子团弄首要从事影片创造及发行、供师傅办

  distribution,theprovisionofmanagementservicesto 效力动、活触动统筹、供登临相干产品及经纪影视

  artistes,eventcoordination,provisionoftravelrelated 城和酒店。

  productsandoperationsoffilmstudioandhotel.

  AsdisclosedintheannualreportoftheCompanyforthe 诚如本公司截到二洞壹八年什杏月如月叁什壹日止年

  yearended31December2018,thetotalliabilitiesofthe 度的年报所说出,本集儿子团弄于二洞壹八年什杏月如月叁

  GroupwereapproximatelyHK$2.2billionasat31 什壹日的尽拉亏空条约为22亿港 元,带拥有(i)股东方的存贷款

  December2018,whichconsistedof(i)loansfrom 尽和条约601.0佰万港元;(ii)借贷合共条约193.1佰万港

  shareholdersofanaggregateamountofapproximately 元;(iii)应付贸善款及其他应付款以及应计费

  HK$601.0million;(ii)borrowingsofanaggregateamount 用合共条约103.8佰万港元;(iv)债券合共条约10亿港

  ofapproximatelyHK$193.1million;(iii)tradepayablesand 元;(v)接兑票据合共条约106.5佰万港元;(vi)面提交延税

  otherpayablesandaccrualsofanaggregateamountof 项拉亏空条约158.5佰万港元;(vii)融资出赁担破开条约24.2

  approximatelyHK$103.8million;(iv)bondsofan 佰万港元;及(viii)所得税拨备条约3.0佰万港元。

  aggregateamountofapproximatelyHK$1.0billion;(v)

  promissory notes of an aggregate amount of

  approximatelyHK$106.5million;(vi)deferredtaxliabilities

  ofapproximatelyHK$158.5million;(vii)financelease

  obligationofapproximatelyHK$24.2million;and(viii)

  provisionforincometaxofapproximatelyHK$3.0million.

  20 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  ThebookvalueoftheunsecuredbondsoftheGroup, 于二洞壹八年什杏月如月叁什壹日,本集儿子团弄无顶押债

  beingapproximatelyHK$1.0billionasat31December 券账面值 条约10亿 港元带拥有本公司454份 债券的基金

  2018,comprisedoftheaggregateprincipalandinterests 及儿利尽和,该等债券于二洞壹八年什杏月如月叁什

  ofthe454bondsoftheCompanythatwereoutstanding 壹日尚不赎回回(「不赎回回债券」)。该等不赎回回债券

  asat31December2018(the“OutstandingBonds”). 的账面值指基金尽和条约12亿港元及被买进卖成 本(包

  SuchbookvalueoftheOutstandingBondsrepresentsthe 括行政开销、行佣费及其他触及发行不赎回回债

  aggregateprincipalamountofapproximatelyHK$1.2 券的开销)顶销。不赎回回债券的基金额介乎150,000

  billionandoffsetbythetransactioncostsincluding 港元到26,954,000港元。请参阅下文的概微:

  administrativeexpenses,commissionfeesandother

  expensesinvolvedinissuingoftheOutstandingBonds.

  TheprincipalamountsoftheOutstandingBondsvaryfrom

  HK$150,000toHK$26,954,000.Pleasefindthedetails

  below:

  Asat31December2018

  Principal 基金 于二洞壹八年什杏月如月叁什壹日

  Numberof Approximate

  bonds %

  债券数量 概条约%

  HK$150,000toHK$1,000,000 150,000港元到1,000,000港元 239 52.6

  HK$1,000,001toHK$3,000,000 1,000,001港元到3,000,000港元 97 21.4

  HK$3,000,001toHK$10,000,000 3,000,001港元到10,000,000港元 100 22.0

  HK$10,000,001toHK$26,954,000 10,000,001港元到26,954,000港元 18 4.0

  Total 一共 454 100.0

  Asat31December2018,the454OutstandingBonds 于二洞壹八年什杏月如月叁什壹 日,454份不赎回回债券

  hadoriginalmaturitiesfrom14daystoeight(8)years 的原届期日介乎己觉行日期宗14日到八(8)年,其

  fromthedatesofissue,amongwhich,theoriginal 中四(4)份不赎回回债券的原届期日已延伸。届期日

  maturitiesoffour(4)OutstandingBondshadbeen (经延伸)概微如次:

  extended.Pleasefindthedetailsofmaturitydates(after

  extension)below:

  Asat31December2018

  Maturitydate(afterextension) 届期日(经延伸) 于二洞壹八年什杏月如月叁什壹日

  Numberof Approximate

  bonds %

  债券数量 概条约%

  Onorbefore31/12/2019 于二洞壹九年什杏月如月叁什壹日或之前 341 75.1

  1/1/2020to31/12/2021 二洞二洞年壹月壹日到

  二洞二壹年什杏月如月叁什壹日 47 10.3

  1/1/2022to31/12/2023 二洞二二年壹月壹日到

  二洞二叁年什杏月如月叁什壹日 28 6.2

  1/1/2024to31/12/2026 二洞二四年壹月壹日到

  二洞二六年什杏月如月叁什壹日 38 8.4

  Total 一共 454 100.0

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 21

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  Asat31December2018,amongallOutstandingBonds, 于二洞壹八年什杏月如月叁什壹日,所拥有不赎回回债券

  therewere137bondsthatwereoverdue(the“Overdue 中,拥有137份债券属已逾期(「逾期债券」)。于二洞

  Bonds”).Asat26April2019,four(4)oftheOverdue 壹九年四月二什六日,四(4)份逾期债券已结付,

  Bondshadbeensettledand102oftheOverdueBonds 102份 逾期债券已延期,而剩31份逾期债券的账

  hadbeenextendedandtheaginganalysisofthe 龄剖析如次:

  remaining31OverdueBondsisasfollows:

  Asat26April2019

  于二洞壹九年四月二什六日

  Numberof Approximate Principal Approximate

  bonds % amounts %

  债券数量 概条约% 基金额 概条约%

  (HK$)

  (港元)

  Pastdue1to31days 逾期1日到31日 11 35.5 10,600,000 30.6

  Pastdue32to61days逾期32日到61日 16 51.6 13,700,000 39.6

  Pastdue62to92days逾期62日到92日 4 12.9 10,300,000 29.8

  Total 一共 31 100.0 34,600,000 100.0

  Asat26April2019,theremaining31OverdueBonds 于二洞壹九年四月二什六日,剩31份逾期债券

  withanaggregateprincipalamountofapproximately 的基金尽和条约为34.6佰万港元,占二洞壹八年什二

  HK$34.6millionrepresentedapproximately2.9%tothe 月叁什壹日所拥有不赎回回债券的基金尽和条约2.9%。

  aggregateprincipalamountofallOutstandingBondsas

  at31December2018.

  Asat26April2019,thematuritiesof102OverdueBonds 于二洞壹九年四月二什六日,102份逾期债券的到

  hadbeenextended,detailsofmaturitydatesaresetout 期日已延伸,其届期日概微载列如次:

  below:

  Asat26April2019

  Maturitydate(afterextension) 届期日(经延伸) 于二洞壹九年四月二什六日

  Numberof Approximate

  bonds %

  债券数量 概条约%

  Onorbefore31/12/2020 于二洞二洞年什杏月如月叁什壹日或之前 100 98.0

  二洞二壹年壹月壹日到

  1/1/2021to31/12/2022 二洞二二年什杏月如月叁什壹日 1 1.0

  二洞二叁年壹月壹日到

  1/1/2023to31/12/2023 二洞二叁年什杏月如月叁什壹日 1 1.0

  Total 一共 102 100.0

  TheloanfromshareholdersoftheGroupofapproximately 于二洞壹八年什杏月如月叁什壹日,本集儿子团弄股东方存贷款

  HK$601.0millionasat31December2018consistofthe 条约为601.0佰万港 元,由活期存贷款条约387.4佰万港元

  fixedloansofapproximatelyHK$387.4millionand 及循环存贷款条约213.6佰万港元结合。于二洞壹九年

  revolvingloansofapproximatelyHK$213.6million.Asat 四月二什六日,合共10份活期存贷款及7份股东方循环

  26April2019,theoutstandingprincipalforthetotal 存贷款之不发还基金额条约为607.2佰万港元,须于壹

  amountof10fixedloansand7revolvingloansfrom 年后但两年内发还。

  shareholderswereapproximatelyHK$607.2millionin

  aggregateandrepayableoveroneyearbutwithintwo

  years.

  22 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  TheborrowingsofGroupofapproximatelyHK$193.1 于二洞壹八年什杏月如月叁什壹日,本集儿子团弄之借贷条约

  millionasat31December2018consistoftheclean 193.1佰万港元,由无顶押存贷款条约88.5佰万港元及

  loansofapproximatelyHK$88.5millionandthesecured 拥有顶押存贷款条约104.6佰万港元结合。于二洞壹九年

  loanofapproximatelyHK$104.6million.Asat26April 四月二什六日,前述借存贷款之不发还基金额条约为

  2019,theoutstandingprincipalforthesaidborrowings 147.4佰万港元及须于壹年内发还。

  wereapproximatelyHK$147.4millionandrepayablewithin

  oneyear.

  Thetradepayablesandotherpayablesandaccrualsof 于二洞壹八年什杏月如月叁什壹日,本集儿子团弄之贸善应

  theGroupofapproximatelyHK$103.8millionasat31 付款及其他应付款及应计款条约为103.8佰万

  December 2018 consist of trade payable of 港元,由贸善应付款及其他应付款条约20.0佰 万

  approximatelyHK$20.0millionandtheotherpayablesand 港元及应计款条约83.8佰万港元结合。于二洞壹九

  accrualsofapproximatelyHK$83.8million.Asat26April 年四月二什六日,前述各项之不发还金额条约为

  2019,theoutstandingamountoftheaforesaidwas 108.6佰万港元。

  approximatelyHK$108.6million.

  Asat31December2018,theauditedcashandbank 于二洞壹八年什杏月如月叁什壹日,本集儿子团弄之经复核

  balancesoftheGroupwereapproximatelyHK$13.5 即兴金及银行载余条约为13.5佰万港元。董事认为本集儿子

  million.TheDirectorsconsiderthattheGroup’sexisting 团弄即兴拥有即兴金加以上本集儿子团弄事情产生之即兴金,缺乏以

  cashtogetherwiththecashgeneratedfromtheGroup’s 发还本集儿子团弄之拉亏空,故此必须分派特佩任命权配特价而沽

  operationisnotsufficienttomeettherepaymentof 事项之所得款以发还其拉亏空。

  liabilitiesoftheGroupandthereforeitisnecessaryto

  allocatetheproceedsoftheSMPlacingforrepaymentof

  itsliabilities.

  AssumingthemaximumnumberoftheSMPlacing 假定根据特佩任命权配特价而沽协议配特价而沽最高数量的特佩

  SharesisplacedundertheSMPlacingAgreement,the 任命权配特价而沽股份,特佩任命权配特价而沽事项的所得款尽

  gross proceeds from the SM Placing will be 额将为条约16亿港元,扣摒除特佩任命权配特价而沽事项产生

  approximatelyHK$1.60billion,andthenetproceedswill 的行佣及其他开销后,所得款净额将条约为15.5

  beapproximatelyHK$1.55billion(afterdeductionof 亿港元,相当于每股特佩任命权配特价而沽股份净发行价

  commissionandotherexpensesincurredintheSM 条约0.252港元。预期特佩任命权配特价而沽事项的所得款

  Placing),representinganetissuepriceofapproximately 净额将会用干以下用途:

  HK$0.252perSMPlacingShare.Itisexpectedthatthe

  netproceedsfromtheSMPlacingwillbeutilisedforthe

  followingpurposes:

  (i) approximatelyHK$347.3millionforthepartial (i) 条约347.3佰万港元用于片断发还逾期债券及

  repaymentoftheprincipalandinterestsofthe 将于二洞壹九年蒲月叁什壹日届期之其他赎回

  OverdueBondsandotherOutstandingBondswhich 回顶帐券之基金及儿利;

  willdueby31May2019;

  (ii) approximatelyHK$658.0millionfortherepaymentof (ii) 条约658.0佰万港元用于发还本集儿子团弄剩不赎回

  theprincipalamountsandpartialinterestsofthe 回债券(于二洞壹九年四月二什六 日)之基金

  remainingOutstandingBonds(asat26April2019) 额及片断儿利;

  oftheGroup;

  (iii) approximatelyHK$296.5millionforthepartial (iii) 条约296.5佰万港元用于片断发还股东方存贷款的

  repaymentoftheprincipalandinterestsofloans 基金额及儿利;

  fromshareholders;

  (iv) approximatelyHK$124.7millionforthepartial (iv) 条约124.7佰万港元用于片断发还借贷的基金

  repaymentoftheprincipalamountofborrowings; 额;

  (v) approximatelyHK$73.9millionfortherepaymentof (v) 条约73.9佰万港元用于发还贸善应付款及其

  tradepayablesandotherpayablesandaccruals; 他应付款及应计款;及

  and

  (vi) approximatelyHK$50.0millionfortheconstruction (vi) 条约50.0佰万港元用于修盖影视城的两个室内

  oftwoindoorfilestudiofortheStudio. 留影棚。

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 23

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  Asthemajorityofinterestratesoftheexistingbonds, 鉴于即兴拥有债券、借款及到来己股东方及董事存贷款的利

  borrowingsandloansfromshareholdersrangefrom 比值首要介乎条约6.0%到15.0%,该等债所产生的

  approximately6.0%to15.0%,thefinancialcostderived 财政本钱在本集儿子团弄尽开销中占据严重比例。故此,

  fromsuchdebtsrepresentsasignificantpartofthetotal 董事会认为,上述还款将减轻儿利担负,改革资

  expenseoftheGroup.Assuch,theBoardisoftheview 本拉亏空比比值并增强大本集儿子团弄的财政情景及载利才干。

  thattheabovementionedrepaymentwouldreducethe

  interestburden,improvethegearingratioandstrengthen

  thefinancialpositionandprofitabilityoftheGroup.

  GiventherapiddevelopmentofGuangdong-HongKong- 鉴于粤港澳父亲湾区(「父亲湾区」)的迅凶展开,父亲湾

  MacaoGreaterBayArea(the“GreaterBayArea”),the 区的旅游业预期将成为展开重心。鉴于影视城位

  tourismindustryoftheGreaterBayAreaisexpectedto 于父亲湾区沿线,预期本集儿子团弄影视城将受惠于父亲湾

  becomethefocalpointofdevelopment.AstheStudioof 区旅游业微绵软弱的展开势头。故此,本公司认为,影

  theGroupislocatedattheboundarylineoftheGreater 视城的展开将拥有助本公司把握旅游业的潜在增长

  BayArea,theStudioisexpectedtobenefitfromthe 及商机,并对本集儿子团弄影视城事情产生久远的

  strongmomentumofthetourismdevelopmentinthe 壹道效应,亦适宜其扩张影视旅游事情的商策

  GreaterBayArea.Therefore,theCompanyisoftheview 微。

  thatthedevelopmentoftheStudiowouldhelpthe

  Companycapturepotentialgrowthandbusiness

  opportunitiesinthetourismindustryandgeneratesynergy

  effecttotheGroup’sfilmstudiooperationinthelongrun,

  whichisalsoinlinewithitsbusinessstrategyof

  expansionoffilm-inducedtourismbusiness.

  OtherthantheSMPlacing,theBoardhasconsidered 摒除特佩任命权配特价而沽事项外面,董事会曾考虑顶替融资

  alternativefundraisingmethodssuchasdebtfinancing 方法,如债融资及优先发行股票筹资(即供股或地下

  andpre-emptiveequityfinancing(i.e.rightsissueoropen 出产特价而沽)。董事会认为,债融资或令本集儿子团弄招致更

  offer).TheBoardconsideredthatdebtfinancingmay 多儿利担负。鉴于本集儿子团弄之当前财政情景及上述

  furtherincurinterestburdenontheGroup.Giventhe 考量,本公司认为本集儿子团弄以靠边本钱获取更多债

  Group’scurrentfinancialpositionandtheabove 政融资会拥有困苦,且更多债融资关于本集儿子团弄之

  consideration,theCompanyconsidersthatitwouldbe 临时财政情景不强大健,故此并无就债融资接洽

  difficultfortheGrouptoobtainfurtherdebtfinancingata 金融机构。

  reasonablecostandfurtherdebtfinancingwouldnotbe

  healthytothelong-termfinancialconditionoftheGroup

  andthereforehasnotapproachedfinancialinstitutionsfor

  debtfinancing.

  24 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  Ontheotherhand,rightsissueoropenoffermayinvolve 另壹方面,与特佩任命权配特价而沽事项比较,供股或公

  relativelysubstantialtimeandcosttocompleteas 开出产特价而沽能牵涉对立较长时间及本钱。董事认为,

  comparedtotheSMPlacing.TheDirectorsconsidered 与特佩任命权配特价而沽比较,供股或地下出产特价而沽(i)因就寄发

  thatwhencomparedwiththeSMPlacing,rightsissueor 供股╱招股章程以及相干文件及央寻求表格委聘申

  open offer may incur (i) comparatively higher 报会计师师、法度顾讯问、孤立财政顾讯问、股份度过户登

  administrativecosts,professionalfeesandotherexpenses 记处及财经印刷商而产生的行政本钱、专业费

  ofapproximatelyHK$2.0milliontoapproximatelyHK$3.0 及其他开销或会对立较高,介乎条约2.0佰万港元到

  millioninrelationtotheengagementofreporting 条约3.0佰万港元;及(ii)畅通日介乎条约1.0%到4.0%的包

  accountants,legaladviser,independentfinancialadviser, 销行佣(经参考联提交所上市公司之近期优先认购权

  shareregistrarandfinancialprinterinconnectionwiththe 集儿子资活触动)或会对立较高。条是,本公司已就优先

  despatchofprospectusandrelateddocumentsand 发行股票筹资与两(2() 名包销商接洽,碍于本公司之财

  applicationforms;and(ii)underwritingcommissioninthe 政状而况拉亏空比比值高企,彼等均体即兴并无志趣参

  rangeofapproximately1.0%to4.0%ingeneralwith 与包销。考虑到厘定包销行佣将受限于事先的即兴

  referencetorecentpre-emptivefundraisingactivitiesby 行市况、本集儿子团弄财政情景及优先发行的草拟集儿子资

  companieslistedontheStockExchange.Nonetheless, 规模,董事认为,鉴于本集儿子团弄于近几年内处于短

  theCompanyhadapproachedtwo(2)underwritersin 损情景,而本公司市值较小,故与特佩任命权配特价而沽

  respectofpre-emptiveequityfinancingandnoneofthem 比较,不能保障本集儿子团弄将却以就优先发行以更优

  indicatedinterestinunderwritinginlightofthefinancial 厚的章即时得到商包销。

  positionoftheCompanywithahighgearingratio.After

  takingintoaccountthatdeterminationofunderwriting

  commissionwillbesubjecttothethenprevailingmarket

  condition,financialconditionoftheGroupandproposed

  fundraisingscaleofthepre-emptiveissue,theDirectors

  areoftheviewthatthereisnoguaranteethattheGroup

  willbeabletoprocurecommercialunderwritingforpre-

  emptiveissueatmorefavourabletermsinatimely

  mannerascomparedwiththeSMPlacing,giventhe

  loss-makingpositionoftheGroupduringtherecentyears

  andtherelativelysmallmarketcapitalisationofthe

  Company.

  Moreover,theDirectorsconsideredthatrightsissueor 余外面,董事认为供股或地下出产特价而沽能需寻求较长时

  openoffermayrequirearelativelylongertimeperiod, 间完成,畅通日不微少于两(2)到叁(3)个月,鉴于优先

  usuallynotlessthantwo(2)tothree(3)month,to 发行拥有对立更严峻的文件要寻求,比如编制上市文

  completeinviewoftherelativelymorestringent 件、编制载于章程的不经复核凡例财政材料、申

  documentaryrequirementsforpre-emptiveissuessuchas 请表格、上市文件吊销要寻求及与包销商就包销协

  preparationofalistingdocument,preparationof 议的章及环境终止商量。余外面,上述较长时间

  unauditedproformafinancialinformationtobeincludedin 将因袭误事发还不赎回回债券的经过,招致相干于特佩

  the prospectus, application forms, registration 任命权配特价而沽事项,本集儿子团弄将产生额外面儿利开销。由

  requirementsforalistingdocumentandnegotiationwith 于不赎回回债券尽体上的账面值金额父亲,该等不赎回

  theunderwriteronthetermsandconditionsofthe 回债券的额外面儿利开销对本集儿子团弄形成沉重的儿利

  underwritingagreement.Inaddition,theabovementioned 担负,就而能对本集儿子团弄的财政情景形成不顺溜影

  longertimeperiodwoulddelaytheprocessofrepayment 响。

  oftheOutstandingBonds,resultinginadditionalinterest

  expensestobeincurredbytheGroupascomparedto

  theSMPlacing.AstheOutstandingBondsinaggregate

  havealargeamountofbookvalue,suchadditional

  interestexpensesoftheOutstandingBondsrepresent

  heavyinterestburdentotheGroupandmayinturn

  causeanadverseimpactonthefinancialconditionofthe

  Group.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 25

  ManagementDiscussionAndAnalysis

  办层讨论及剖析

  Althougharightsissuewouldhavebeenofferedtothe 固然供股将按配额比例向股东方提呈,即合阅世股

  Shareholdersonaprorataentitlementbasis,whichthe 东方却选择接购或僵持或出产特价而沽彼等之配额,惟买进卖

  qualifyingShareholdersaregivenachoicetotakeupor 不完股款权利之市场能否存放在依然不能决定。合

  giveuporselltheirentitlements,thereisuncertaintyof 阅世股东方会否管资产以进壹步投资优先发行的

  theexistenceofamarkettotradethenil-paidrights.Itis 股份及对股份干出产进壹步投资会否与该等合阅世

  alsouncertainwhetherthequalifyingShareholderswould 股东方事先之投资目的不符亦无法决定。就选择并

  reservefundingsforfurtherinvestmentintheSharesin 不全数接购彼等其保障配额之合阅世股东方而言,

  caseofapre-emptiveissueandwhethersuchfurther 彼等于本公司持拥有之股权权利将被摊薄。

  investmentintheShareswouldbeinlinewiththethen

  investmentobjectivesofthosequalifyingShareholders.

  ForthosequalifyingShareholderswhochoosenottotake

  uptheirassuredentitlementsinfullwouldhavedilutionto

  theirshareholdinginterestsintheCompany.

  Accordingly,inviewofthe(i)comparativelyhighercost;(ii) 故此,鉴于(i)对立较高的本钱;(ii)物色拥有志趣供

  theuncertaintyinidentifyinginterestedunderwriterswith 有益环境的包销商存放在不阴阴暗要斋;(iii)完成所需

  favourableterms;(iii)thecomparativelylongerperiodof 对立较长时间及故此将产生额外面儿利开销;及(iv)

  timeforcompletionandasaresult,theadditionalinterest 就优先发行股票筹资厘定股东方投资阅世的不决定性,

  expensestobeincurred;and(iv)theuncertaintyin 本公司并不认为优先发行股票筹资(即供股及地下发

  qualifyingShareholder’sinvestmentinrespectofthepre- 特价而沽)乃特佩任命权配特价而沽事项之适宜顶替方法。

  emptiveequityfinancing,theCompanydoesnotconsider

  pre-emptiveequityfinancing(i.erightsissueandopen

  offer)tobedesirablealternativestotheSMPlacing.

  Inlightoftheabove,theDirectorsconsiderthatthe 拥有见及此,董事认为特佩任命权配特价而沽协议及特佩任命

  termsoftheSMPlacingAgreementandtheSMPlacing 权配特价而沽事项的章为正日商章,实属公允合

  areonnormalcommercialterms,whicharefairand 理,并适宜本公司及股东方的所有益更加。

  reasonableandintheinterestsoftheCompanyand

  Shareholdersasawhole.

  FurtherdetailsoftheSMPlacingAgreementsandtheSM 特佩任命权配特价而沽协议及特佩任命权配特价而沽事项的更多详

  PlacingaredisclosedintheCompany’sannouncements 情于本公司日期为二洞壹九年杏月如月什叁日及二洞

  dated13February2019and4April2019,andthe 壹九年四月四日的公报,以及日期为二洞壹九年

  Company’scirculardated2May2019. 蒲月二日的畅通函内说出。

  26 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  AdditionalInformation

  附加以材料

  DIRECTORS’ANDCHIEF 董事及首要行政人员于股份、相

  EXECUTIVES’INTERESTSAND 关股份及债券之权利及淡仓

  SHORTPOSITIONSIN

  SHARES,UNDERLYINGSHARES

  ANDDEBENTURES

  Asat31March2019,theinterestsandshortpositionsof 于二洞壹九年叁月叁什壹日,董事、本 公司首要行

  theDirectorsandchiefexecutiveoftheCompanyandtheir 政人员及彼等各己之联绕人于本公司或其任何相

  respectiveassociatesintheshares,underlyingsharesand 联法团弄(定义见证券及期货条例(「证券及期货条

  debenturesoftheCompanyoranyofitsassociated 例」)第XV部)之股份、相干股份及债券拥拥有之根据

  corporations(withinthemeaningofPartXVoftheSecurities 证券及期货条例第XV部第7名落孙山8分部之规则须知会

  andFuturesOrdinance(the“SFO”))whichwererequiredto 本公司及联提交所之权利及淡仓(带拥有上述人士根据

  benotifiedtotheCompanyandtheStockExchange 该等证券及期货条例条文被干为或视为拥拥有之权

  pursuanttoDivisions7and8ofPartXVoftheSFO 更加及淡仓),或根据证券及期货条例 第352条 之规则

  (includinginterestsandshortpositionswhichtheywere 须吊销于所述之吊销册内之权利及淡仓,或根据

  takenordeemedtohaveundersuchprovisionsofthe GEM上市规则 第5.46条到5.67条之规则须知会本公

  SFO),orwhichwererequired,pursuanttosection352of 司及联提交所之权利及淡仓如次:

  theSFO,tobeenteredintheregisterreferredtotherein,or

  whichwererequired,pursuanttoRules5.46to5.67ofthe

  GEMListingRules,tobenotifiedtotheCompanyandthe

  StockExchange,wereasfollows:

  1. LongPositionsintheordinarysharesofHK$0.1 1. 于本公司每股面值0.1港元之普畅通股(「股份」)之

  eachoftheCompany(“Shares”) 好仓

  Approximate

  percentageof

  theissued

  Capacity/Nature Numberof sharecapital

  NameofDirector ofinterest sharesheld oftheCompany

  所持 占本公司已发行

  董事姓名 身份╱权利习惯 股份数股本之概条约佰分比

  (Note)

  (脚注)

  Mr.ChowKaiWeng BeneficialOwner 1,000,000 0.02%

  周展荣先生 实更加拥拥有人

  Mr.ChuiChiYunRobert BeneficialOwner 3,000,000 0.06%

  崔志仁先生 实更加拥拥有人

  Mr.LiKitChee BeneficialOwner 4,480,000 0.09%

  李杰之先生 实更加拥拥有人

  Note: 脚注:

  Thisisbasedonthetotalissuedsharesasat31March 此乃基于二洞壹九年叁月叁什壹日整顿个已发行股

  2019(i.e.4,948,170,452shares). 份(即4,948,170,452股)。

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 27

  AdditionalInformation

  附加以材料

  2. LongpositionsintheunderlyingShares 2. 于相干股份之好仓

  Approximate

  percentageof

  theissuedshare

  Numberof capitalofthe

  NameofDirector Capacity/Natureofinterest sharesheld Company

  占本公司

  已发行股本之

  董事姓名 身份╱权利习惯 所持股份数量 概条约佰分比

  (Note1)

  (脚注1)

  Mr.ChowKaiWeng BeneficialOwner 45,063,695 0.91%

  周展荣先生 实更加拥拥有人 (Note2() 脚注2)

  Mr.ChuiChiYunRobert BeneficialOwner 1,546,896 0.03%

  崔志仁先生 实更加拥拥有人 (Note3() 脚注3)

  Mr.ChengWangChun BeneficialOwner 44,980,000 0.91%

  郑弘骏先生 实更加拥拥有人 (Note4() 脚注4)

  Notes: 脚注:

  1. ThisisbasedonthetotalissuedSharesasat31 1. 此乃基于二洞壹九年叁月叁什壹日的已发

  March2019(i.e.4,948,170,452Shares). 行股份尽额(即4,948,170,452股股份)。

  2. TheseunderlyingSharesrepresent(i)24,888Shares 2. 该等相干股份指(i)于根据于二洞洞二年七

  tobeissueduponexerciseofthephysicallysettled 月二什二日采取,并于二洞壹洞年菊月二

  shareoptionsgrantedtoMr.ChowKaiWengon 什九日终止的购股权方案(「初次地下出产特价而沽

  29September2010pursuanttotheshareoption 后购股权方案」),于二洞壹洞年菊月二什

  schemeadoptedon22July2002andterminated 九日赋予周展荣先生的什物结算购股权获

  on29September2010(“Post-IPOShareOption 行使后将予发行之24,888股股份,据此,周

  Scheme”)underwhichMr.Chowmayexercisethe 先生却于二洞壹洞年菊月二什九日到二洞

  saidoptionsfrom29September2010to2 二洞年菊月二日时间行使前述购股权,行

  September2020atanexercisepriceofHK$2.89 使价为每股2.89港元;(ii)于根据二洞壹洞年

  perShare;(ii)58,807Sharestobeissuedupon 菊月二什九日采取的购股权方案(「新购股

  exerciseofthephysicallysettledshareoptions 权方案」)于二洞壹壹年叁月二什八日赋予

  grantedtoMr.Chowon28March2011pursuant 周先生的什物结算购股权获行使后将予发

  totheshareoptionschemeadoptedon29 行之58,807股股份,据此,周先生却于二洞

  September2010(“NewShareOptionScheme”) 壹二年叁月二什八日到二洞二壹年叁月二

  underwhichMr.Chowmayexercisethesaid 什七日时间行使前述购股权,行使价为每

  optionsfrom28March2012to27March2021at 股7.62港元;及(iii)于根据新购股权方案于二

  anexercisepriceofHK$7.62perShare;and(iii) 洞壹七年蒲月什六日赋予周先生的什物结

  44,980,000Sharestobeissueduponexerciseof 算购股权获行使后将予发行之44,980,000股

  thephysicallysettledshareoptionsgrantedtoMr. 股份,据此,周先生却于二洞壹七年蒲月

  Chowon16May2017pursuanttotheNewShare 什六日到二洞二洞年蒲月什五日时间行使

  OptionSchemeunderwhichMr.Chowmay 前述购股权,行使价为每股0.2456港元。

  exercisethesaidoptionsfrom16May2017to15

  May2020atanexercisepriceofHK$0.2456per

  Share.

  28 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  AdditionalInformation

  附加以材料

  3. TheseunderlyingSharesrepresent(i)33,292Shares 3. 该等相干股份指(i)于根据初次地下出产特价而沽后

  tobeissueduponexerciseofthephysicallysettled 购股权方案于二洞壹洞年蒲月什叁日赋予

  shareoptionsgrantedtoMr.ChuiChiYunRobert 崔志仁先生的什物结算购股权获行使后将

  on13May2010pursuanttothePost-IPOShare 予发行之33,292股股份,据此,崔先生却于

  OptionSchemeunderwhichMr.Chuimayexercise 二洞壹洞年蒲月什叁日到二洞二洞年蒲月

  thesaidoptionsfrom13May2010to12May 什二日时间行使前述购股权,行使价为每

  2020atanexercisepriceofHK$3.66perShare;(ii) 股3.66港元;(ii)于根据新购股权方案于二洞

  33,604Sharestobeissueduponexerciseofthe 壹壹年叁月二什八日赋予崔先生的什物结

  physicallysettledshareoptionsgrantedtoMr.Chui 算购股权获行使后将予发行之33,604股股

  on28March2011pursuanttotheNewShare 份,据此,崔先生却于二洞壹二年叁月二

  OptionSchemeunderwhichMr.Chuimayexercise 什八日到二洞二壹年叁月二什七日时间行

  thesaidoptionsfrom28March2012to27March 使前述购股 权,行使价为每 股7.62港 元;及

  2021atanexercisepriceofHK$7.62perShare; (iii)于根据新购股权方案于二洞壹七年蒲月

  and(iii)1,480,000Sharestobeissuedupon 什六日赋予崔先生的什物结算购股权获行

  exerciseofthephysicallysettledshareoptions 使后将予发行之1,480,000股股份,据此,

  grantedtoMr.Chuion16May2017pursuantto 崔先生却于二洞壹七年蒲月什六日到二洞

  theNewShareOptionSchemeunderwhichMr. 二洞年蒲月什五日时间行使前述购股权,

  Chuimayexercisethesaidoptionsfrom16May 行使价为每股0.2456港元。

  2017to15May2020atanexercisepriceof

  HK$0.2456perShare.

  4. TheseunderlyingSharesrepresent44,980,000 4. 该等相干股份指于根据新购股权方案于二

  Sharestobeissueduponexerciseofthephysically 洞壹七年蒲月什六日赋予郑弘骏先生的实

  settledshareoptionsgrantedtoMr.ChengWang 物结算购股权获行使后将予发行之

  Chunon16May2017pursuanttotheNewShare 44,980,000股 股份,据此,郑先生却于二洞

  OptionSchemeunderwhichMr.Chengmay 壹七年蒲月什六日到二洞二洞年蒲月什五

  exercisethesaidoptionsfrom16May2017to15 日时间行使前述购股权,行使价为每股

  May2020atanexercisepriceofHK$0.2456per 0.2456港元。

  Share.

  Saveasdisclosedabove,noneoftheDirectors,chief 摒除上文所说出外面,于二洞壹九年叁月叁什壹日,

  executiveoftheCompanyortheirassociateshad,asat 各董事、本公司首要行政人员及彼等各己之联绕

  31March2019,anyinterestsorshortpositionsinany 人概无于本公司或其任何相联法团弄(定义见证券及

  shares,underlyingsharesordebenturesoftheCompany 期货条例第XV部)之 任何股份、相干股份或债券中

  oranyofitsassociatedcorporations(withinthemeaning 拥拥有任何根据证券及期货条例第XV部第7名落孙山8分

  ofPartXVoftheSFO)whichwouldhavetobenotifiedto 部之规则须知会本公司及联提交所之权利或淡 仓(包

  theCompanyandtheStockExchangepursuantto 括上述人士根据该等证券及期货条例条文被干为

  Divisions7and8ofPartXVoftheSFO(including 或视为拥拥有之权利或淡仓),或根据证券及期货条

  interestsorshortpositionswhichtheyweretakenor 例第352条 规则须吊销于所述吊销册内之权利或淡

  deemedtohaveundersuchprovisionsoftheSFO),or 仓,或根据GEM上市规则第5.46条到第5.67条之规

  whichwererequired,pursuanttosection352oftheSFO, 定须知会本公司及联提交所之权利或淡仓。

  tobeenteredintheregisterreferredtotherein,orwhich

  wererequired,pursuanttoRules5.46to5.67oftheGEM

  ListingRules,tobenotifiedtotheCompanyandthe

  StockExchange.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 29

  AdditionalInformation

  附加以材料

  SUBSTANTIALSHAREHOLDERS’ 首要股东方及其人家士于股份及相

  ANDOTHERPERSONS’ 关股份之权利及淡仓

  INTERESTSANDSHORT

  POSITIONSINTHESHARES

  ANDUNDERLYINGSHARES

  Asat31March2019,thepersonsorcorporations,other 于二洞壹九年叁月叁什壹日,根据本公司依照证

  thanadirectororchiefexecutiveoftheCompany,who 券及期货条例第XV部第336条规则寄停之吊销册所

  hadinterestsorshortpositionsinthesharesand 记载,或本公司已获知会,下列人士或法团弄(摒除本

  underlyingsharesoftheCompanyasrecordedinthe 公司董事或行政尽裁剪外面)于本公司之股份及相干股

  registerrequiredtobekeptundersection336ofPartXV 份中拥拥有权利或淡仓:

  oftheSFOorhadotherwisebeennotifiedtothe

  Companywereasfollows:

  Substantialshareholders’longpositionintheShares 首要股东方于股份之好仓

  Approximate

  percentageofthe

  Capacity/ Numberof issuedsharecapital

  Nameofshareholder Natureofinterest sharesheld oftheCompany

  占本公司

  已发行股本之

  股东方姓名 身份╱权利习惯 持拥有股份数量 概条约佰分比

  (Note1)

  (脚注1)

  Mr.SinKwokLam(“Mr.Sin”) BeneficialOwner 848,580,623 17.15%

  冼国林先生「( 冼先生」) 实更加拥拥有人

  InterestofSpouse(Note2) 23,352,000 0.47%

  匹偶权利(脚注2)

  Ms.LawPoYee(“Ms.Law”) BeneficialOwner 23,352,000 0.47%

  罗珍男女男(「罗女男」) 实更加拥拥有人

  InterestofSpouse(Note3) 848,580,623 17.15%

  匹偶权利(脚注3)

  TseYoungLai BeneficialOwner 563,547,600 11.39%

  谢欣礼 实更加拥拥有人

  Notes: 脚注:

  1. ThisisbasedonthetotalissuedSharesasat31March 1. 此乃基于二洞壹九年叁月叁什壹日的整顿个已发行

  2019(i.e.4,948,170,452Shares). 股份(即4,948,170,452股股份)。

  2. ByvirtueoftheSFO,Mr.Sin,beingthespouseofMs.Law, 2. 根据证券及期货条例,冼先生(罗女男之匹偶)被

  wasdeemedtobeinterestedinalltheSharesinwhich 视为于罗女男拥拥有权利的整顿个股份中拥拥有权利。

  Ms.Lawwasinterested.

  3. ByvirtueoftheSFO,Ms.Law,beingthespouseofMr. 3. 根据证券及期货条例,罗女男(冼先生之匹偶)被

  Sin,wasdeemedtobeinterestedinalltheSharesin 视为于冼先生拥拥有权利的整顿个股份中拥拥有权利。

  whichMr.Sinwasinterested.

  Saveasdisclosedabove,asat31March2019,the 摒除上文所述者外面,截到二洞壹九年叁月叁什壹日,

  Companyhasnotbeennotifiedofanypersons,other 本公司并不知悉任何人士(本公司董事或首要行政

  thanadirectororchiefexecutiveoftheCompany,who 人员摒除外面)于 本公司股份或相干股份中拥拥有根据证

  hadinterestsorshortpositionsinthesharesor 券及期货条例第XV部第336条所规则寄停吊销册内

  underlyingsharesoftheCompanywhichwouldfalltobe 记载的须向本公司说出的权利或淡仓。

  disclosedtotheCompanyasrecordedintheregister

  requiredtobekeptundersection336ofPartXVofthe

  SFO.

  30 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  AdditionalInformation

  附加以材料

  SHAREOPTIONSCHEMES 购股权方案

  Pursuanttoawrittenresolutionofthesoleshareholderof 根据本公司独壹股东方于二洞洞二年七月二什二日

  theCompanydated22July2002,theCompany 之封皮决定案,本公司拥有环境地采取及同意初次

  conditionallyadoptedandapprovedPost-IPOShare 地下招股后购股权方案。拥关于的首要章载于日

  OptionScheme.Theprincipaltermsofwhicharesetout 期为二洞洞二年什月九日之本公司招股章程附录

  inAppendixIVtotheprospectusoftheCompanydated 四内。

  9October2002.

  Pursuanttoaresolutionpassedattheextraordinary 根据本公司于二洞壹洞年菊月二什九日举行之股

  generalmeetingoftheCompanydated29September 东方特佩父亲会上经度过之决定案,新购股权方案获采

  2010,theNewShareOptionSchemewasadoptedand 纳,而初次地下招股后购股权方案被终止。新购

  thePost-IPOShareOptionSchemewasterminated.The 股权方案之首要章载于本公司于二洞壹洞年九

  principaltermsofNewShareOptionSchemearesetout 月六日收回之畅通函内。

  inthecircularoftheCompanydated6September2010.

  Post-IPOShareOptionScheme 初次地下招股后购股权方案

  Asat31March2019,theshareoptionstosubscribefor 于二洞壹九年叁月叁什壹日,根据初次地下招股

  anaggregateof58,180sharesoftheCompanygranted 后购股权方案任命出产而却认购本公司合共58,180股

  pursuanttothePost-IPOShareOptionSchemewere 股份之购股权尚不获行使。于截到二洞壹九年叁

  outstanding.ThedetailsofthePost-IPOShareOption 月叁什壹日止叁个月之初次地下招股后购股权计

  Schemeduringthethreemonthsended31March2019 划概微如次:

  aresetoutasfollows:

  Numberofshareoptions

  购股权数量

  Exercise Outstandingasat

  priceper Asat Granted Exercised Lapsed Cancelled 31March2019

  Categoryof Share 1January2019 during during during during 于二洞壹九年

  participants 每股 Dateofgrant Exerciseperiod 于二洞壹九年theperiod theperiod theperiod theperiod 叁月叁什壹日

  参加以人类佩 行使价 任命出产日期 行使期 壹月壹日 期内任命出产 期内行使 期内违反灵 期内吊销 尚不行使

  (HK$)

  (港元)

  Directors 3.66 13May2010 13May2010–12May2020 33,292 – – – – 33,292

  董事 二洞壹洞年蒲月什叁日 二洞壹洞年蒲月什叁日—

  二洞二洞年蒲月什二日

  Directors 3.38 20May2010 20May2010–19May2020 33,420 – – (33,420) – –

  董事 二洞壹洞年蒲月二什日 二洞壹洞年蒲月二什日—

  二洞二洞年蒲月什九日

  Directors 2.89 3September2010 29September2010– 4,006,968 – – (3,982,080) – 24,888

  2September2020

  董事 二洞壹洞年菊月叁日 二洞壹洞年菊月二什九日—

  二洞二洞年菊月二日

  Total 4,073,680 – – (4,015,500) – 58,180

  尽额

  Note:AllshareoptionsgrantedunderthePost-IPOShareOption 脚注︰根据初次地下出产特价而沽后购股权方案任命出产的购股权全

  Schemearevestedimmediately. 部已即时归属。

  NewShareOptionScheme 新购股权方案

  Inaccordancewiththeresolutionpassedattheannual 根据于二洞壹七年六月二什九日举行之股东方周年

  generalmeeting(the“AGM”)heldon29June2017,the 父亲会(「股东方周年父亲会」)上经度过之决定案,根据新

  schemelimitonthegrantofoptionsundertheNewShare 购股权方案及本公司任何其他购股权方案任命出产购

  OptionSchemeandanyothershareoptionschemesof 股权之方案限额已花样翻新到至多449,848,122股股

  theCompanyhasbeenrefreshedtoupto449,848,122 份,即以4,498,481,222股已发行股份为基准,为于

  Shares,being10%oftheSharesinissueasattheAGM 股东方周年父亲会当天已发行股份之10%(根据新购股

  datebasedon4,498,481,222Sharesinissue(excluding 权方案之前任命出产、尚不行使、吊销、违反灵或行使之

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 31

  AdditionalInformation

  附加以材料

  shareoptionspreviouslygranted,outstanding,cancelled, 购股权摒除外面)(「花样翻新方案限额」);及任命权董事全权

  lapsedorexercisedundertheNewShareOptionScheme) 酌情根据新购股权方案之规则任命出产却认购股份之

  (the“RefreshedSchemeLimit”);andtheDirectorsare 购股权,数额以花样翻新方案限额为限;于根据新购

  authorised,attheirabsolutediscretion,tograntshare 股权方案所任命出产之购股权获行使时,配发、发行

  optionstosubscribeforShareswithintheRefreshed 及处理股份,数额以花样翻新方案限额为限;及因应

  SchemeLimitinaccordancewiththerulesoftheNew 于花样翻新方案限额范畴内实行新购股权方案干出产拥有

  ShareOptionScheme;toallot,issueanddealwiththe 关举触动及签立拥关于文件。

  Sharespursuanttotheexerciseofshareoptionsgranted

  undertheNewShareOptionSchemewithinthe

  RefreshedSchemeLimit;andtodosuchactsand

  executesuchdocumentsfororincidentaltoimplement

  theNewShareOptionSchemewithintheRefreshed

  SchemeLimit.

  Asat31March2019,theshareoptionstosubscribefor 于二洞壹九年叁月叁什壹日,根据新购股权方案

  anaggregateof254,472,411Sharesgrantedpursuantto 任命出产却认购合共254,472,411股股份之购股权尚不

  theNewShareOptionSchemewereoutstanding.The 获行使。于截到二洞壹九年叁月叁什壹日止叁个

  detailsoftheshareoptionsgrantedundertheNewShare 月之根据新购股权方案任命出产的购股权概微如次:

  OptionSchemeduringthethreemonthsended31March

  2019aresetoutasfollows:

  Numberofshareoptions

  购股权数量

  Outstanding

  Exercise Asat Granted Exercised Lapsed Cancelled asat

  Categoryof priceper 1Januaryduringtheduringtheduringthe during 31March

  participants Share Dateofgrant Vestingperiod Exerciseperiod 2019 period period periodtheperiod 2019

  于

  二洞壹九年

  于 叁月

  每股 二洞壹九年 叁什壹日

  参加以人类佩 行使价 任命出产日期 归属期 行使期 壹月壹日 期内任命出产 期内行使 期内违反灵 期内吊销 尚不行使

  (HK$)

  (港元)

  Directors(Note1) 7.62 28March2011 28March2011– 28March2012– 4,830,579 — — (4,738,168) — 92,411

  27March2012 27March2021

  董事(附 注1) 二洞壹壹年 二洞壹壹年叁月二什八日到 二洞壹二年叁月二什八日到

  叁月二什八日 二洞壹二年叁月二什七日 二洞二壹年叁月二什七日

  Directors(Note1) 0.2456 16May2017 — 16May2017– 57,660,000 — (2,240,000) (8,960,000) — 46,460,000

  15May2020 (Note2)

  董事(附 注1) 二洞壹七年 — 二洞壹七年蒲月什六日到 (脚注2)

  蒲月什六日 二洞二洞年蒲月什五日

  Otherparticipants 0.2456 16May2017 — 16May2017– 207,920,000 — — — — 207,920,000

  15May2020

  其他参加以人士 二洞壹七年 — 二洞壹七年蒲月什六日到

  蒲月什六日 二洞二洞年蒲月什五日

  Total 270,410,579 — (2,240,000)(13,698,168) — 254,472,411

  尽额

  Note1: TheDirectorsincludeformerdirectorsoftheCompany. 脚注1: 董事带拥有本公司前任董事。

  Note2: Theweightedaverageclosingpriceofsharesofthe 脚注2: 紧接购股权获行使当天之前,本公司股份的加以

  Companyimmediatelybeforethedateonwhichthe 权平分收牌价为0.35港元。

  optionswereexercisedisHK$0.35.

  32 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  AdditionalInformation

  附加以材料

  (i) NewShareOptionScheme’spurpose (i) 新购股权方案目的

  ThepurposeoftheNewShareOptionSchemeisto 新购股权方案旨在招伸及挽剩最优秀的人

  attractandretainthebestavailablepersonnel,to 才、向经甄选人士供额外面嘉奖品,以及铰进

  provideadditionalincentivetoselectedpersonand 本集儿子团弄事情成。

  topromotethesuccessofthebusinessofthe

  Group.

  (ii) Qualifyingparticipants (ii) 合阅世参加以者

  TheparticipantsoftheNewShareOptionScheme 新购股权方案的参加以者带拥有本公司或其任何

  includeanyemployeeoftheCompanyorany 直属公司的任何干事、董事、股东方、供应

  subsidiaryoftheCompany,adirector,a 商、客户或本公司任何直属公司;向本公司

  shareholder,asupplier,acustomerorany 或其任何直属公司供研发或其他技术帮助

  subsidiaryoftheCompany;anagent,adviser, 或任何拥有价效力动的代劳动、顾讯问、专业顾

  consultant,strategist,contractor,sub-contractor, 讯问、战微师、过顺手商、分过顺手商、专家或实

  expert or entity that provides research, 体;及任何已发行证券的持拥有人。

  developmentorothertechnologicalsupportorany

  valuableservicestoCompanyoranyofits

  subsidiary;andaholderofanysecuritiesissued.

  (iii) Maximumnumberofshares (iii) 最高股份数量

  Inaccordancewiththeresolutionpassedatthe 根据于二洞壹七年六月二什九日的股东方周年

  AGMon29June2017,theschemelimitonthe 父亲会上经度过之决定 案,根据新购股权方案及

  grantofoptionsundertheNewShareOption 本公司任何其他购股权方案任命出产购股权之计

  Schemeandanyothershareoptionschemesofthe 划限额已花样翻新到花样翻新方案限额,即

  CompanywasrefreshedtouptotheRefreshed 449,848,122股股份,占股东方周年父亲会当天已

  SchemeLimit,i.e.449,848,122Shares,being10% 发行股 份(即4,498,481,222股已发行股 份)之

  oftheSharesinissueasatthedateoftheAGM 10%(根据新购股权方案之前任命出产、尚不行

  (i.e.4,498,481,222Sharesinissue)(excludingshare 使、吊销、违反灵或行使之购股权摒除外面)及占

  optionspreviouslygranted,outstanding,cancelled, 于本报告日期已发行股份(即4,948,170,452

  lapsedorexercisedundertheNewShareOption 股股份)条约9.09%;及 任命权董事全权酌情根据

  Scheme)andrepresentingapproximately9.09%of 新购股权方案之规则任命出产却认购股份之购股

  theissuedSharesasatthedateofthisreport(i.e. 权,数额以花样翻新方案限额为限;于根据新购

  4,948,170,452Shares);andtheDirectorsare 股权方案所任命出产之购股权获行使时,配发、

  authorized,attheirabsolutediscretion,togrant 发行及处理股份,数额以花样翻新方案限额为

  shareoptionstosubscribeforShareswithinthe 限;及因应于花样翻新方案限额范畴内实行新购

  RefreshedSchemeLimitinaccordancewiththe 股权方案干出产拥关于举触动及签立拥关于文件。

  rulesoftheNewShareOptionScheme;toallot,

  issueanddealwiththeSharespursuanttothe

  exerciseofshareoptionsgrantedundertheNew

  ShareOptionSchemewithintheRefreshedScheme

  Limit;andtodosuchactsandexecutesuch

  documentsfororincidentaltoimplementtheNew

  ShareOptionSchemewithintheRefreshedScheme

  Limit.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 33

  AdditionalInformation

  附加以材料

  (iv) Maximumentitlementofeachqualifyingparticipant (iv) 每名合阅世参考者却获任命权利下限

  Noqualifyingparticipantshallbegrantedany 倘若赋予合阅世参加以者之购股权于截到建议

  optionswhich,ifexercisedinfull,wouldresultin 任命出产日期(包 括当 日)止12个月时间获片面行

  suchperson’smaximumentitlementexceeding1% 使,将招致该人士却获任命权利下限超逾事先

  oftheaggregatenumberofSharesforthetime 根据新购股权方案已发行股份及却发行股份

  beingissuedandissuableundertheNewShare 尽额之1%,则该合阅世参加以者不获赋予购

  OptionSchemeinthe12-monthperioduptoand 股权,惟获股东方于股东方父亲会上预同意者摒除

  includingtheproposedgrantdateunlesssuchgrant 外面。如合阅世参加以者为首要股东方或孤立匪执

  isapprovedinadvancebytheShareholdersin 行董事或任何彼等各己之联绕人士及适宜以

  generalmeeting.Noqualifyingparticipantwhoisa 下情景,均不得获任命购股权(惟购股权赋予

  substantialShareholderoranindependentnon- 曾经本公司股东方在股东方父亲会上预同意者摒除

  executiveDirector,oranyoftheirrespective 外面):根据新购股权方案,曾经及将会赋予

  associatesshallbegrantedanyoptions,which,if 该等人士之购股权获片面行使后将招致曾经

  exercisedinfull,wouldresultinthesharesissued 及将予发行股份之数量于截到及带拥有建议任命

  andissuabletosuchpersonundertheNewShare 出产日期止前12个月时间(带拥有当天):(a)算计

  OptionSchemeinthe12-monthperioduptoand 超逾已发行股份数量0.1%;及(b)根据相干购

  includingtheproposedgrantdateforsuchoptions, 股权方案,每回任命出产购股权予该人士之拥关于

  unlesssuchgrantofoptionsisapprovedin 日期于联提交所之每日报价表所列之股份收盘

  advancebytheShareholdersoftheCompanyin 价计算,尽值超逾五佰万港元。

  generalmeeting:(a)representinginaggregateover

  0.1%ofthenumberofSharestheninissue;and(b)

  havinganaggregatevalue,basedontheclosing

  priceoftheSharesasstatedintheStock

  Exchange’sdailyquotationssheetsoneachrelevant

  dateonwhichthegrantofsuchoptionsismadeto

  suchpersonundertherelevantscheme,inexcess

  ofHK$5million.

  (v) Optionperiod (v) 购股权年期

  Theshareoptionsmaybeexercisedinwholeorin 参加以者却于行使期(即根据新购股权方案任命

  partbytheparticipantatanytimeduringthe 出产相干新购股权的日期宗计不超越10年)

  exerciseperiod,i.e.notexceed10yearsfromthe 内,天天透度过向本公司递送提交已按董事会同意

  dateofgrantoftherelevantnewshareoptions 的方法妥为签名的畅通牒(包同就将予认购的

  pursuanttotheNewShareOptionScheme,by 每股新股份顶付的全数行使价款),并递送

  deliveringtotheCompanyanoticedulysignedina 提交新购股权证明以供修订或吊销,以行使全

  formapprovedbytheBoard(togetherwithpayment 部或片断购股权。

  oftheexercisepriceinfullinrespectofeachnew

  sharetobesubscribedfor)anddeliveryofthenew

  shareoptioncertificateforamendmentor

  cancellation.

  (vi) Minimumperiodforwhichanoptionmustbeheldbefore (vi) 行使前须持拥有购股权之最短限期

  itcanbeexercised

  Noofferofanewshareoptionwhichiscapableof 根据新购股权方案,不得于行使期服满后提

  oropenforacceptanceshallbemadeafterthe 呈却获接纳或却供接纳的新购股权。

  expiryoftheexerciseperiodpursuanttotheNew

  ShareOptionScheme.

  34 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  AdditionalInformation

  附加以材料

  (vii) Paymentonacceptanceoftheoption (vii) 就接纳购股权之付款

  HK$1ispayablebythegranteetotheCompanyon 承继任命人于接纳购股权要条约时须向本公司顶付

  acceptanceoftheshareoptionoffer.Theshare 1港元。购股权要条约将却于任命出产要条约日期宗

  optionofferwillbeofferedforacceptancefora 计14天内予以接纳。

  periodof14daysfromthedateonwhichtheoffer

  isgranted.

  (viii) Basisofdeterminingtheexerciseprice (viii) 厘定行使价之基准

  TheexercisepricefortheshareundertheNew 新方案下的股份行使价将由董事会于提呈任命

  SchemewillbedeterminedbytheBoardinits 出产新购股权时全权酌情厘定,惟认购价无论

  absolutediscretionatthetimeofmakingtheoffer 何以最微少须为下列叁者中的较高者:(i)股份

  ofgrantofanewshareoptionbutinanycasethe 于提呈任命出产日 期(必须为营业 日)在联提交所每

  subscriptionpricemustbeatleastthehigherof(i) 日报价表所报的收牌价;(ii)股份于紧接提呈

  theclosingpriceofthesharesasstatedinthe 任命出产日期前五个营业日在联提交所每日报价表

  StockExchange’sdailyquotationssheetonthe 所报的平分收牌价;及(iii)股份面值。

  dateoftheofferofgrant,whichmustbea

  businessday;(ii)theaverageclosingpriceofthe

  sharesasstatedintheStockExchange’sdaily

  quotationssheetsforthefivebusinessday

  immediatelyprecedingthedateoftheofferof

  grant;and(iii)thenominalvalueoftheshares.

  (ix) RemaininglifeoftheNewShareOptionScheme (ix) 新购股权方案之剩年期

  TheNewShareOptionSchemewillremaininforce 新购股权方案于新购股权方案成为无环境之

  foraperiodof10yearscommencingonthedate 日宗计10年 内拥有效。董事会却天天修订新购

  onwhichtheNewShareOptionSchemebecomes 股权方案的任何条 文,或撤回或以其他方法

  unconditional.TheBoardmayamendanyofthe 终止新购股权方案,惟摒除匪经股东方于股东方父亲

  provisionsoftheNewShareOptionSchemeor 会上同意,不然不得干出产任何有益于任何参

  withdraworotherwiseterminatetheNewShare 与者的修订。所拥有拥关于终止前已任命出产但事先

  OptionSchemeatanytimebutnoalterationsshall 尚不行使的新购股权将持续拥有效,并受限于

  bemadetotheadvantageofanyparticipantunless 新购股权方案的章及却根据该等章行

  approvedbytheShareholdersingeneralmeeting. 使。

  Allnewshareoptionsgrantedpriortosuch

  terminationandnotthenexerciseshallcontinueto

  bevalidandexercisablesubjecttoandin

  accordancewiththetermsoftheNewShare

  OptionScheme.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 35

  AdditionalInformation

  附加以材料

  EMPLOYEEAND 干事及薪酬政策

  REMUNERATIONPOLICY

  TheDirectorsbelievethatthequalityofitsemployeesis 董事置信,干事本质为本集儿子团弄持续增长及改革其

  themostimportantfactorinsustainingtheGroup’s 载利才干的最要紧要斋。本集儿子团弄的干事薪酬乃按

  growthandimprovingitsprofitability.TheGroup’s 工干体即兴、阅世及以后行业揪容例厘定。摒除根本薪

  remuneratesitsemployeesbasedontheirperformances, 金及强大迫性公积金外面,本集儿子团弄亦供医疗保障计

  experienceandprevailingindustrypractices.Inadditionto 划及购股权等职工福利。

  basicsalariesandmandatoryprovidentfund,staffbenefits

  includingmedicalcoverageschemeandshareoptionsare

  offered.

  TheGroup’sremunerationpolicywasreviewed 董事会薪酬委员会活期检讨本集儿子团弄之薪酬政策,

  periodicallybytheremunerationcommitteeoftheBoard 而董事会之薪酬乃参考市场章、公司体即兴及个

  andtheBoard’sremunerationisdeterminedbyreference 人阅世及体即兴厘定。本集儿子团弄旨在招聘、挽剩及发

  tomarketterms,companyperformance,andindividual 展拙讷而对本集儿子团弄久远成及增长拥有担负的人士。

  qualificationsandperformance.TheGroupaimedto 干事的薪酬及其他福利均每年检讨,以回应市况

  recruit,retainanddevelopcompetentindividualswho 及趋势,亦以阅世、阅历、责及体即兴为基准。

  werecommittedtotheGroup’slong-termsuccessand

  growth.Remunerationsandotherbenefitsofemployees

  werereviewedannuallyinresponsetobothmarket

  conditionsandtrends,andwerebasedonqualifications,

  experience,responsibilitiesandperformance.

  Thecurrentremunerationofthekeymanagementis 首要办层的即兴时薪酬乃按壹般人士的体即兴及市

  determinedbytheindividualperformanceandmarket 场趋势厘定。

  trends.

  Duringtheperiodunderreview,theGrouphasnot 于回顾时间,本集儿子团弄与其干事之间并无突发任何

  experiencedanysignificantproblemswithitsemployees 严重效实,亦无因劳动资纠纷而伸致营运受到烦扰,

  ordisruptiontoitsoperationduetolabourdisputesnor 且在招聘及挽剩拥有阅历职工方面亦无遭受任何困

  hasitexperiencedanydifficultiesintherecruitmentand 难。董事置信,本集儿子团弄与其干事护持良好工干关

  retentionofexperiencedstaff.TheDirectorsbelievethat 系。

  theGrouphasagoodworkingrelationshipwithits

  employees.

  PURCHASE,SALEOR 买进卖或赎回回本公司上市证券

  REDEMPTIONOFTHE

  COMPANY’SLISTED

  SECURITIES

  NeithertheCompanynoranyofitssubsidiaries 本公司及其任何直属公司于截到二洞壹九年叁月

  purchased,soldorredeemedanyoftheCompany’slisted 叁什壹日止叁个月概无买进卖或赎回回本公司任何上

  securitiesduringthethreemonthsended31March2019. 市证券。

  COMPETINGINTERESTS 竞赛权利

  NoneoftheDirectorsormanagementshareholdersofthe 董事或本公司办层股东方(定义见GEM上市规则)

  Company(asdefinedintheGEMListingRules)ortheir 或彼等各己之严稠密联绕人概无于与本集儿子团弄事情构

  respectivecloseassociateshadanyinterest,whether 成竞赛或能结合竞赛之事情中拥拥有任何直接或

  directlyorindirectly,inabusinesswhichcompetesor 直接权利。

  maycompetewiththebusinessoftheGroup.

  36 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  AdditionalInformation

  附加以材料

  CORPORATEGOVERNANCE 企业管治水

  TheCompanyiscommittedtomaintainingahigh 本公司竭力经度过完备及靠边的企业管治水揪容例及程

  standardofcorporategovernancewithsoundand 前言僵持高水准的企业管治水,旨在为股东方带到来最父亲

  reasonablecorporategovernancepracticesand 利更加,同时提高对权利牵涉者之透皓度及讯问责性。

  procedureswithanaimofmaximizingtheshareholders’ 拥关于此方面,就董事会所知,于截到二洞壹九年

  interestsaswellastoenhancingthestakeholders’ 叁月叁什壹日止叁个月,本公司已信守GEM上市

  transparencyandaccountability.Inthisrespect,tothe 规则附录15所载企业管治水守则(「企业管治水守则」)

  bestknowledgeoftheBoard,theCompanyhascomplied 当年拥有效的所拥有守则条文,惟以下所述者摒除外面:

  withallofthecodeprovisionssetoutintheCorporate

  GovernanceCodecontainedinAppendix15oftheGEM

  ListingRules(“CorporateGovernanceCode”)thenin

  forceduringthethreemonthsended31March2019,

  exceptthefollowing:

  AsMr.ChowKaiWenghasservedasboththechairman 鉴于周展荣先生己二洞壹八年六月什叁日宗出产任

  (“Chairman”)andthechiefexecutiveofficer(“Chief 本公司主席(「主席」)及行政尽裁剪(「行政尽裁剪」),

  ExecutiveOfficer”)oftheCompanywitheffectfrom13 拥关于揪容例已偏退企业管治水守则的守则条文第

  June2018,suchpracticedeviatesfromthecode A.2.1。董事会认为,将主席及行政尽裁剪归属由同

  provisionA.2.1oftheCorporateGovernanceCode.The 壹人出产任,能推向实行本集儿子团弄的营运战微,且却

  Boardbelievesthatvestingtherolesofboththe 提高营运效力。故此,董事会认为在此雕刻种情景下

  ChairmanandtheChiefExecutiveOfficerinthesame 偏退企业管治水守则的守则条文第A.2.1条实属适宜。

  personcanfacilitatetheexecutionoftheGroup’s

  businessstrategiesandenhanceeffectivenessofits

  operation.Therefore,theBoardconsidersthatthe

  deviationfromthecodeprovisionA.2.1oftheCorporate

  GovernanceCodeisappropriateinsuchcircumstances.

  REQUIREDSTANDARDOF 董事终止证券买进卖的规范守则

  DEALINGSFORDIRECTORS’

  SECURITIESTRANSACTIONS

  TheCompanyhasadoptedacodeofconductregarding 本公司已采取壹套拥关于董事终止证券买进卖之行为

  securitiestransactionsbydirectorsontermsnoless 守则,其章不逊于GEM上市规则第5.48条到5.67

  exactingthantherequiredstandardofdealingssetoutin 条所载之规则买进卖规范。本公司已向所拥有董事干

  Rules5.48to5.67oftheGEMListingRules.Having 出产特定查询,而所拥有董事已确认,彼等于截到二

  madespecificenquiryofallDirectors,allDirectors 洞壹九年叁月叁什壹日止叁个月壹直信守拥关于规

  confirmedthattheyhavecompliedwiththerequired 定买进卖规范及本公司所采取拥关于董事终止证券提交

  standardofdealingsandthecodeofconductregarding 善之行为守则。

  securitiestransactionsbydirectorsadoptedbythe

  Companythroughoutthethreemonthsended31March

  2019.

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 37

  AdditionalInformation

  附加以材料

  AUDITCOMMITTEE 复核委员会

  TheCompanyhasestablishedtheauditcommittee 本公司已于二洞洞二年代男立复核委员会(「复核委

  (“AuditCommittee”)in2002withwrittentermsof 员会」),并订拥有封皮职权范畴,清楚列皓其权力与

  reference,whichdealclearlywithitsauthoritiesand 天职。复核委员会之首要天职为审阅本公司之年

  duties.TheprimarydutiesoftheAuditCommitteeareto 报及财政报表、中期报告及季度报告,并与办

  reviewtheCompany’sannualreportsandfinancial 层就拥关于审计、外面部监控及财政报告等议题终止

  statements,interimreportsandquarterlyreportsand 商量。己黄龙道德教养任命于二洞壹九年壹月壹日辞任

  discusswiththemanagementoverissuesrelatingto 孤立匪实行董预,本公司董事会及复核委员会

  auditing,internalcontrolandfinancialreporting.Following 但拥有两名孤立匪实行董事,低于GEM上市规则第

  theresignationofProf.WongLungTakPatrickasan 5.28条规则的最微少人数。于二洞壹九年叁月二什

  IndependentNon-executiveDirectorwitheffectfrom1 二日,董事会委派林国兴先生为孤立匪实行董事

  January2019,theCompanyhadonlytwoIndependent 以及董事会复核委员会、提名委员会及薪酬委员

  Non-executiveDirectorsontheBoardandintheAudit 会各己的成员。林先生获委派后,本公司已适宜

  Committee,whichfellbelowtheminimumnumber GEM上市规则第5.05(1)及5.28条的规则。

  requiredunderRule5.28oftheGEMListingRules.On

  22March2019,theBoardappointedMr.LamKwokHing

  WilfredtobeanIndependentNon-executiveDirectorand

  amemberofeachoftheAuditCommittee,the

  nominationcommitteeandtheremunerationcommitteeof

  theBoard.FollowingtheappointmentofMr.Lam,the

  Companyhascompliedwiththerequirementsunder

  Rules5.05(1)and5.28oftheGEMListingRules.

  From1January2019to21March2019,theAudit 于二洞壹九年壹月壹日到二洞壹九年叁月二什壹

  CommitteecomprisedtwoIndependentNon-executive 日,复核委员会由两名孤立匪实行董事(即 崔志仁

  Directors,namelyMr.ChuiChiYunRobert(Chairman) 先生(主席)及李杰之先生)结合。于二洞壹九年叁

  andMr.LiKitChee.From22March2019tothedateof 月二什二日到本报告日期,复核委员会由叁名独

  thisreport,theAuditCommitteecomprisesthree 立匪实行董事(即崔志仁先生(主席)、李杰之先生

  IndependentNon-executiveDirectors,namelyMr.ChuiChi 及林国兴先生)结合。复核委员会已审阅本集儿子团弄截

  YunRobert(Chairman),Mr.LiKitCheeandMr.Lam 到二洞壹九年叁月叁什壹日止叁个月之不经复核

  KwokHingWilfred.TheGroup’sunauditedresultsforthe 业绩及本报告,认为拥关于业绩及本报告已遵循适

  threemonthsended31March2019andthisreporthave 用会计师绳墨及规则编制,并已干出产充分说出。

  beenreviewedbytheAuditCommittee,whichwasofthe

  opinionthatthepreparationofsuchresultsandthis

  reporthavecompliedwithapplicableaccounting

  standardsandrequirementsandthatadequate

  disclosureshavebeenmade.

  OnbehalfoftheBoard 代表董事会

  NationalArtsEntertainmentandCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  ChowKaiWeng 主席、实行董事兼行政尽裁剪

  Chairman,ExecutiveDirectorandChiefExecutiveOfficer 周展荣

  HongKong,8May2019 香港,二洞壹九年蒲月八日

  38 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

  CorporateInformation

  公司材料

  BOARDOFDIRECTORS 董事会

  Chairman,ExecutiveDirectorandChiefExecutive 主席、实行董事兼行政尽裁剪

  Officer

  Mr.ChowKaiWeng 周展荣先生

  ExecutiveDirectors 实行董事

  Mr.ChengWangChun 郑弘骏先生

  Mr.HoLeungTing 何明霆先生

  Non-ExecutiveDirector 匪实行董事

  Dr.LamLeeG. 林家礼落士

  IndependentNon-executiveDirectors 孤立匪实行董事

  Mr.ChuiChiYunRobert 崔志仁先生

  Mr.LiKitChee 李杰之先生

  Mr.LamKwokHingWilfred 林国兴先生

  (Appointedon22March2019) (于二洞壹九年叁月二什二日获委派)

  Prof.WongLungTakPatrick 黄龙道德教养任命

  (Resignedon1January2019) (于二洞壹九年壹月壹日辞任)

  COMPANYSECRETARY 公司秘书

  Ms.SunShui 孙儿子瑞女男

  COMPLIANCEOFFICER 监院主任

  Mr.ChowKaiWeng 周展荣先生

  HEADOFFICERAND 尽做事处及营业地点

  PRINCIPALPLACEOF

  BUSINESS

  Rm.L&M,21/F.,KingsWingPlaza, 香港

  Phase1,No.3OnKwanStreet, 新界沙田石门

  ShekMun,Shatin,N.T., 装置帮街3号京瑞广场1期

  HongKong 21楼L及M室

  SHAREREGISTRARAND 股份度过户及吊销处

  TRANSFEROFFICES

  Principalshareregistrarandtransferoffice 首要股份度过户及吊销处

  ConyersCorporateServices(Bermuda)Limited ConyersCorporateServices(Bermuda)Limited

  ClarendonHouse ClarendonHouse

  2ChurchStreet 2ChurchStreet

  HamiltonHM11 HamiltonHM11

  Bermuda Bermuda

  HongKongbranchshareregistrarandtransferoffice 香港股份度过户及吊销分处

  TricorSecretariesLimited 卓佳秘书商政拥有限公司

  Level22,HopewellCentre 香港

  183Queen’sRoadEast 皇后小道东方183号

  HongKong 合和中心22楼

  FirstQuarterlyREPORT2019 二洞壹九年第壹季度报告 39

  CorporateInformation

  公司材料

  AUTHORISED 任命权代表

  REPRESENTATIVES

  Mr.ChowKaiWeng 周展荣先生

  Mr.ChengWangChun 郑弘骏先生

  COMMITTEES 辖下委员会

  AuditCommittee 复核委员会

  Mr.ChuiChiYunRobert(Chairman) 崔志仁先生(主席)

  Mr.LiKitChee 李杰之先生

  Mr.LamKwokHingWilfred 林国兴先生

  (Appointedon22March2019) (于二洞壹九年叁月二什二日获委派)

  Prof.WongLungTakPatrick 黄龙道德教养任命

  (Resignedon1January2019) (于二洞壹九年壹月壹日辞任)

  RemunerationCommittee 薪酬委员会

  Mr.ChuiChiYunRobert(Chairman) 崔志仁先生(主席)

  Mr.LiKitChee 李杰之先生

  Mr.LamKwokHingWilfred 林国兴先生

  (Appointedon22March2019) (于二洞壹九年叁月二什二日获委派)

  Prof.WongLungTakPatrick 黄龙道德教养任命

  (Resignedon1January2019) (于二洞壹九年壹月壹日辞任)

  NominationCommittee 提名委员会

  Mr.ChowKaiWang(Chairman) 周展荣先生(主席)

  Mr.LiKitChee 李杰之先生

  Mr.LamKwokHingWilfred 林国兴先生

  (Appointedon22March2019) (于二洞壹九年叁月二什二日获委派)

  Prof.WongLungTakPatrick 黄龙道德教养任命

  (Resignedon1January2019) (于二洞壹九年壹月壹日辞任)

  LEGALADVISORS 法度顾讯问

  ConyersDill&Pearman(Bermudalaws) ConyersDill&Pearman(佰慕臻法度)

  LCHLawyersLLP(HongKonglaws) 吕郑洪律师行拥有限法度责合伙(香港法度)

  AUDITORS 核数师

  ElitePartnersCPALimited 开元信道德会计师师事政所拥有限公司

  CertifiedPublicAccountants 执业会计师师

  10/F.,8ObservatoryRoad 香港

  TsimShaTsui 九龙

  Kowloon 尖沙咀

  HongKong 地文台道8号10楼

  PRINCIPALBANKER 首要往还到银行

  HangSengBank 恒生银行

  REGISTEREDOFFICE 报户口做事处

  ClarendonHouse ClarendonHouse

  2ChurchStreet 2ChurchStreet

  HamiltonHM11 HamiltonHM11

  Bermuda Bermuda

  GROUP’SWEBSITE 本集儿子团弄网址

  http://www.nationalarts.hk http://www.nationalarts.hk

  STOCKCODE 股份代号

  8228 8228

  40 NationalArtsEntertainmentAndCultureGroupLimited 国艺文娱文皓集儿子团弄拥有限公司

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