锐康药业 2016 年报

锐康药业 2016 年报

Rui Kang Pharmaceutical Group Investments Limited

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

( )

Stock Code : 8037

ANNUAL REPORT2016

锐康药业 2016 年报

CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET (“GEM”) OF THE STOCK EXCHANGE OF HONG KONG LIMITED (“STOCK EXCHANGE”)

GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.

Given the emerging nature of companies listed on GEM, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.

This report, for which the directors (“Directors”) of Rui Kang Pharmaceutical Group Investments Limited (“Company”) collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive; and there are no other matters the omission of which would make any statement herein or this report misleading.香港聯合交易所有限公司（「聯交所」）創業板（「創業板」）的特色

創業板的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的公司提供一個上市的市場。有意投資人士應瞭解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。創業板的較高風險及其他特色表示創業板較適合專業及其他老練投資者。

由於創業板上市公司新興的性質所然，於聯交所創業板買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波動風險，同時無法保證在創業板買賣的證券會有高流通量的市場。

香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。

本報告乃遵照創業板證券上市規則的規定而提供有關銳康藥業集團投資有限公司（「本公司」）的資料。本公司各董事（「董事」）願就本報告共同及個別承擔全部責任。董事在作出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬真確及完整，且無誤導或欺詐成分及本報告並無遺漏任何其他事項，致使本公告所載任何陳述或本報告有所誤導。

锐康药业 2016 年报

CONTENTS 目 錄

Corporate Information 公司資料Chairman’s Statement 主席報告書Management Discussion and Analysis 管理層討論及分析Biographical Details of Directors and Senior Management 董事及高級管理層履歷詳情Corporate Governance Report 企業管治報告Environmental, Social and Governance Report 環境、社會及管治報告Directors’ Report 董事報告Independent Auditors’ Report 獨立核數師報告Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表Consolidated Statement of Financial Position 綜合財務狀況表Consolidated Statement of Changes in Equity 綜合權益變動表Consolidated Statement of Cash Flows 綜合現金流量表Notes to the Consolidated Financial Statements 綜合財務報表附註Five Years Summary 五年財務概要2

5

1139476788103112114116119122270

锐康药业 2016 年报

002ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

CORPORATE INFORMATION 公司資料

EXECUTIVE DIRECTORS Mr. C han Ka Chung (appointed as Chairman and Executive Director on 1 Oct ober 2016)Mr. L eung Pak Hou Anson Ms. C hen Miaoping (Chief Executive Officer)Mr. C heung Wai Kwan (appointed as Executive Director on 1 Oct ober 2016)Mr. C heung Hung (resigned as Chairman and Executive Director on 1 Oct ober 2016)INDEPENDENT NO N-E XECUTIVE DIRECTORS

Mr. H o Fung Shan Bob Mr. L eung Ka Fai Mr. Y uen Chun Fai AUDIT COMMITTEE Mr. Y uen Chun Fai (Committee Chairman)Mr. H o Fung Shan Bob Mr. L eung Ka Fai NOMINATION COMMITTEE Mr. C han Ka Chung (appointed as Committee Chairman and committee member on 1 Oct ober 2016)

Mr. Y uen Chun Fai Mr. H o Fung Shan Bob Mr. L eung Ka Fai Mr. C heung Hung (resigned as Committee Chairman and committee member on 1 Oct ober 2016)REMUNERATION COMMITTEE Mr. Y uen Chun Fai (Committee Chairman)Mr. C han Ka Chung (appointed as committee member on 1 Oct ober 2016)Mr. H o Fung Shan Bob Mr. L eung Ka Fai Mr. L eung Pak Hou Anson COMPLIANCE OFFICER Mr. L eung Pak Hou Anson 執行董事陳嘉忠先生（於二零一六年十月一日獲委任 為主席及執行董事）梁伯豪先生陳妙娉女士（行政總裁）張衛軍先生（於二零一六年十月一日 獲委任為執行董事）張鴻先生（於二零一六年十月一日辭任主席及 執行董事）獨立非執行董事何峯山先生梁家輝先生阮駿暉先生審核委員會阮駿暉先生（委員會主席）何峯山先生梁家輝先生提名委員會陳嘉忠先生（於二零一六年十月一日 獲委任為委員會主席及委員會成員）阮駿暉先生何峯山先生梁家輝先生張鴻先生（於二零一六年十月一日 辭任委員會主席及委員會成員）薪酬委員會阮駿暉先生（委員會主席）陳嘉忠先生（於二零一六年十月一日 獲委任為委員會成員）何峯山先生梁家輝先生梁伯豪先生合規總監梁伯豪先生

锐康药业 2016 年报

003ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

CORPORATE INFORMATION 公司資料

COMPANY SECRETARY Mr. F ung Wing Sang, HKICPA (appointed on 28 Feb ruary 2017)Mr. L ei Kin Keong, HKICPA & HKICS (resigned on 28 Feb ruary 2017)AUTHORISED REPRESENTATIVES Mr. L eung Pak Hou Anson Mr. F ung Wing Sang (appointed on 28 Feb ruary 2017)Mr. L ei Kin Keong (resigned on 28 Feb ruary 2017)AUDITOR HLB Hodgson Impey Cheng Limited Certified Public Accountants 31/F, Gloucester Tower The Landmark 11 Pedder Street Central Hong Kong REGISTERED OFFICE Clarendon House 2 Church Street Hamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG 26/F., Times Tower 391-407 Jaffe Road Wan Chai Hong Kong 公司秘書馮永生先生，HKICPA （於二零一七年二月二十八日獲委任）李健強先生，HKICPA 及HKICS （於二零一七年二月二十八日辭任）授權代表梁伯豪先生馮永生先生 （於二零一七年二月二十八日獲委任）李健強先生 （於二零一七年二月二十八日辭任）核數師國衛會計師事務所有限公司執業會計師香港中環畢打街11號置地廣場告羅士打大廈31樓註冊辦事處Clarendon House 2 Church Street Hamilton HM 11Bermuda 總辦事處兼香港主要營業地點 香港灣仔謝斐道391–407號新時代中心26樓

锐康药业 2016 年报

004ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

CORPORATE INFORMATION 公司資料

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Codan Services Limited Clarendon House 2 Church Street Hamilton HM 11Bermuda HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Union Registrars Limited Suites 3301-04, 33/F.Two Chinachem Exchange Square 338 King’s Road North Point Hong Kong PRINCIPAL BANKERS Bank of Guiyang Co. Ltd.Bank of China (Hong Kong) Limited Dah Sing Bank, Limited Hang Seng Bank Limited The Hongkong and Shanghai Banking Corporation Limited

Shanghai Commercial Bank Limited COMPANY WEBSITE STOCK CODE 8037主要股份過戶登記處Codan Services Limited Clarendon House 2 Church Street Hamilton HM 11Bermuda 股份過戶登記處香港分處聯合證券登記有限公司香港北角英皇道338號華懋交易廣場2期33樓3301–04室主要往來銀行貴陽銀行股份有限公司中國銀行（香港）有限公司大新銀行有限公司恒生銀行有限公司香港上海滙豐銀行有限公司上海商業銀行有限公司網站 股份代號8037

锐康药业 2016 年报

005ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

CHAIRMAN’S STATEMENT 主席報告書

Dear Shareholders,On behalf of Rui Kang Pharmaceutical Group Investments Limited (“Company ”) and its subsidiaries (collectively, the “Group ”), I am pleased to present the annual report and the audited consolidated financial statements of the Group for the year ended 31 Dec ember 2016 (“2016 Year ”) to the shareholders of the Company.

FINANCIAL RESULTS The 2016 Year was a challenging year for the Group. The Group recorded a loss from continuing and discontinued operations of approximately HK$60,092,000 for the 2016 Year (year ended 31 Dec ember 2015 (“2015 Year ”): HK$67,760,000).The Group’s loss from continuing operations attributable to owners of the Company for the 2016 Year amounted t o a p p r o x i m a t e l y H K $85,677,000 (2015 Y e a r : HK$54,160,000). This was mainly attributable to (i) on e-o ff no n-c ash impairment loss on goodwill of approximately HK$27,669,000 in respect of the Group’s subsidiaries in the provision of medical laboratory testing services and health check services segment; (ii) a significant net loss of approximately HK$25,679,000 on financial assets at fair value through profit or loss (2015 Year: HK$9,094,000); (iii) the recognition of an impairment loss on trade receivables of approximately HK$5,075,000 (2015 Year: HK$224,000); and (iv) the writ e-o ff of certain property, plant and equipment of approximately HK$6,134,000 (2015 Year: HK$7,503,000).

親愛的股東：本人謹代表銳康藥業集團投資有限公司（「本公司」）及其附屬公司（合稱「本集團」）欣然向股東提呈本集團截至二零一六年十二月三十一日止年度（「二零一六年年度」）的年度報告及經審核綜合財務報表。財務業績二零一六年年度對於本集團而言，是充滿挑戰的一年。於二零一六年年度，本集團錄得持續及已終止經營業務虧損約60,092,000港元（截至二零一五年十二月三十一日止年度（「二零一五年年度」）：67,760,000港元）。本集團於二零一六年年度之本公司擁有人應佔持續經營業務虧損約為85,677,000港元（二零一五年年度：54,160,000港元），主要由於（i ）有關本集團附屬公司提供醫學實驗室檢測服務及健康檢查服務分部之一次性商譽非現金減值虧損約27,669,000港元；(ii)透過損益按公平值列賬之大額金融資產虧損淨額約25,679,000港元（二零一五年年度：9,094,000港元）；（iii ）確認貿易應收賬款之減值虧損約5,075,000港元（二零一五年年度：224,000港元）；及（iv ）撇銷若干物業、廠房及設備約6,134,000港元（二零一五年年度：7,503,000港元）。

锐康药业 2016 年报

006ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

CHAIRMAN’S STATEMENT 主席報告書

The reason for the impairment loss on goodwill was mainly due to (i) the intensifying competition in the medical laboratory testing services and health check services in Hong Kong and the weak consumption sentiments in Hong Kong which have direct impacts on the revenue and profitability of the Group as the number of tests from doctors and corporate client reduced significantly. Based on the expected future market conditions and management’s latest business plans and industry environment, impairment loss on goodwill of approximately HK$27,669,000 was recognised during the 2016 Year. For details of the key assumptions used for calculating the recoverable amount of this cash generating unit, please refer to note 20 to the consolidated financial statements.DIVIDEND The Directors do not recommend the payment of a dividend for the 2016 Year (2015 Year: HK$Nil).REVIEW OF OPERATIONS Discontinued Operation The discontinued operation represented the disposal of the entire equity interest in Wallfaith Company Limited and its subsidiaries (collectively, the “Wallfaith Group ”) which principally engaged in (i) manufacture and sale of commodities including but not limited to dietary products, cosmetics, body products and health supplement wine; and (ii) trading of dental materials and equipment in the People’s Republic of China (“PRC ”). On 17 Dec ember 2015, the Company entered into a sale and purchase agreement to dispose of entire equity interests in Wallfaith Group at the consideration of HK$15,000,000. The disposal of the Wallfaith Group was completed on 16 Mar ch 2016 and the Group ceased to hold any equity interests in the Wallfaith Group.

出現商譽減值虧損之原因主要在於(i)香港醫學實驗室檢測服務及健康檢查服務競爭激烈，加上香港消費氣氛薄弱，隨著醫生及企業客戶進行檢測之數目大幅下降，對本集團收入及盈利能力均造成直接影響。根據預期未來市況及管理層之最新業務計劃及業內環境，於二零一六年年度已確認商譽減值虧損27,669,000港元。有關用作計算現金產生單位可收回金額之主要假設，請參閱綜合財務報表附註20。股息董事不建議就二零一六年年度派付股息（二零一五年年度：零港元）。業務回顧已終止經營業務已終止經營業務指出售Wallfaith Company Limited 及其附屬公司（統稱「Wallfaith 集團」）之全部股權。Wallfaith 集團主要於中華人民共和國（「中國」）從事（i ）製造及銷售商品（包括（但不限於）膳食產品、化妝品、護膚產品及保健酒）；及(ii)買賣牙科材料及設備。於 二零一五年十二月十七日，本公司訂立買賣協議，以出售Wallfaith 集團之全部股權，代價為15,000,000港元。出售Wallfaith 集團已於 二零一六年三月十六日完成，而本集團不再於Wallfaith 集團持有任何股權。

锐康药业 2016 年报

007ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

CHAIRMAN’S STATEMENT 主席報告書

The Wallfaith Group had recorded net profit from the discontinued operation for the 2016 Year of approximately HK$35,526,000 (2015 Year: net loss of approximately HK$8,109,000). The significant turnaround from loss to profit from discontinued operation was mainly attributable to the gain on disposal of discontinued operation of approximately HK$34,230,000 upon the completion of the disposal of the Wallfaith Group (including a on e-o ff no n-c ash reclassification of exchange reserve from equity to profit or loss amounting to approximately HK$24,802,000).

Continuing Operations Medical laboratory testing services and health check services in Hong Kong On 16 Dec ember 2015, the Group completed the acquisition of the entire issued share capital of DVF Holdco (Cayman) Limited and its subsidiaries (collectively, the “DVF Group ”) which are engaged in the provision of medical laboratory testing services and health check services in Hong Kong. The Group has offered a wide spectrum of quality health check diagnostic services through three health check centers and one medical testing central laboratory. During the 2016 Year, the operating and financial performance of the DVF Group tumbled due to keen competition in the medical laboratory testing services and health check services industry, as the market reached a saturation stage with constant joining of new competitors. The Group has been looking for new customers and will provide special package discounts to existing customers in order to maintain the market shares in the forthcoming year.

The Group has acquired hig h-e nd equipment and has employed experts specialised in molecular genetic testing to establish a molecular laboratory which has commenced operation since October 2015. As the molecular laboratory is still in the infancy stage, its positive contribution to the segment of the provision of medical laboratory testing services and health check services may be minimal in the short term.

Wallfaith 集團於二零一六年年度錄得已終止經營業務純利約35,526,000港元（二零一五年年度：虧損淨額約8,109,000港元）。來自已終止經營業務由虧損大幅扭轉為溢利主要因為於完成出售Wallfaith 集團時產生出售已終止經營業務收益約34,230,000港元所致（包括匯兌儲備由權益一次性非現金重新分類至損益合共約24,802,000港元）。持續經營業務於香港之醫學實驗室檢測服務及健康檢查服務於二零一五年十二月十六日，本集團完成收購DVF Holdco (Cayman) Limited 及其附屬公司（統稱「DVF 集團」）全部已發行股本，而該等公司乃於香港提供醫學實驗室檢測服務及健康檢查服務。本集團一直透過三個健康檢查中心及一個醫學檢測中央實驗室提供各式各樣的優質健康檢查診斷服務。於二零一六年年度，由於醫學實驗室檢測服務及健康檢查服務行業競爭激烈，市場達到飽和但新競爭對手仍相繼加入，導致DVF 集團之經營及財務表現衰落。本集團一直物色新客戶，並將向現有客戶提供特別折扣計劃，務求在來年保持其市場份額。本集團已購置高端設備，以及聘請分子遺傳學檢測專家建立分子遺傳學實驗室，並已於二零一五年十月起投入運作。由於分子實驗室仍處於起步階段，短期內對提供醫學實驗室檢測服務及健康檢查服務分部作出之正面貢獻可能甚少。

锐康药业 2016 年报

008ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

CHAIRMAN’S STATEMENT 主席報告書

Although immediate turnaround of financial performance m a y s e e m r e m ot e g i v e n t h e m e d ic a l lab o r ato r y testing services and health check service business remains challenging with great uncertainties and fierce competition in the next few years, with the assistance of an experienced new management team, a number of initiatives are underway which will bring fresh impetus to the Group’s operations and its future development.Healthcare and skincare products m arket in Hong Kong Competition within Hong Kong’s healthcare and skincare product markets is extremely intense and the market has shrunk due to the reduction in Chinese tourist’s average spending recently. The sales performance of the healthcare and skincare products business of the Group in Hong Kong has been impacted significantly.

Pharmaceutical products market in the PRC During the 2016 Year, the manufacturing plant held by a subsidiary in Guizhou Province, 貴州雙升製藥有限公司 (in E nglish, for identification purpose only, Guizhou Shuang Sheng Pharmaceutical Co., Ltd.) (“Shuang Sheng ”) was expanding and Shuang Sheng has commenced to submit the tenders of new rebranded product of 七味薑黄搽劑 (in E nglish, for identification purpose only, Qiwei Jianghuang Chaji) in several provinces and main cities in the PRC. Up to the date of this report, Shuang Sheng successfully won 8 tenders. The Group expects that the financial performance of Shuang Sheng will improve gradually in the coming years as the Group has planned to diversify the products and advance the products into the market of different provinces and main cities in the PRC but it takes time to implement such plans.

儘管基於醫學實驗室檢測服務及健康檢查服務業務依然充滿挑戰，未來數年存在重大不明朗因素及激烈競爭，財務表現難以即刻好轉，但在經驗豐富的新管理團隊協助下，已在推行多項建議，並將為本集團營運及未來發展注入全新動力。香港之保健及皮膚護理產品市場香港保健及皮膚護理產品市場內之競爭十分激烈，而近期中國遊客平均消費減少已令市場萎縮。本集團於香港之保健及皮膚護理產品業務銷售表現一直受到重大影響。中國醫藥產品市場於二零一六年年度，貴州省附屬公司貴州雙升製藥有限公司（「雙升」）持有之製造廠房進行擴充，而雙升已開始在中國多個省份及主要城市為重新命名產品七味薑黃搽劑提交標書。截至本報告日期，雙升8次成功中標。本集團預期，由於本集團已計劃使產品多元化，並且將產品推進中國不同省份及主要城市的市場，雙升之財務表現將於往後年度逐步改善，惟實行上述計劃需要時間。

锐康药业 2016 年报

009ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

CHAIRMAN’S STATEMENT 主席報告書

Securities investment in listed securities Given high uncertainty of the stock market in Hong Kong and Australia, the Group recorded a net loss on financial assets at fair value through profit or loss of approximately HK$25,679,000 for the 2016 Year (2015 Year: HK$9,094,000). The Board will remain cautious in the allocation of internal resources in order to identify and seize appropriate securities investment opportunities and generate the securities gain to the Group.BUSINESS PROSPECTS Looking forward, the Group will continue to focus on the provision of medical laboratory testing services and health check services in Hong Kong and the manufacture and sale of health related and pharmaceutical products in PRC and Hong Kong. In order to expand the scope of its business and bring new dynamics for revenue growth, the Group will continue to look for potential acquisition projects for further development of the Group’s existing business segments and expand the trading of pharmaceutical intermediates to overseas.

The Group expects that the business will continue to encounter challenges including (i) the increase in labour costs, rental expenses and raw material costs in health related and pharmaceutical products industry in the PRC and Hong Kong and the medical laboratory testing services and health check services in Hong Kong; (ii) the weak consumption sentiments in health related and pharmaceutical products in the PRC and Hong Kong; and (iii) the fierce competition in the healthcare related products industry and medical laboratory testing services and health check services in Hong Kong with continuing discounts and promotion programmes, directly affecting on the profitability of the Group.

上市證券之證券投資鑑於香港及澳洲股票市場十分不明朗，本集團於二零一六年年度錄得透過損益按公平值列賬之金融資產虧損淨額約25,679,000港元（二零一五年年度：9,094,000港元）。董事會在分配內部資源時將維持審慎，物色並把握適當之證券投資機會，務求為本集團帶來證券收益。業務展望展望將來，本集團將繼續專注於香港提供醫學實驗室檢測服務及健康檢查服務，以及於中國及香港製造及銷售保健相關及醫藥產品。為了拓展業務範圍並且為收益增長注入新動力，本集團將繼續物色潛在收購項目以進一步發展現有業務分部，並拓展海外醫藥中間體貿易。本集團預期將繼續面對種種業務挑戰，包括(i)中國及香港之保健相關及醫藥產品行業以及香港醫學實驗室檢測服務及健康檢查服務之員工成本、租金開支及原材料成本上漲；(ii)中國及香港對保健相關及醫藥產品之消費意欲薄弱；及(iii)香港保健相關產品行業及醫學實驗室檢測服務及健康檢查服務競爭激烈，持續推出折扣及推廣計劃對本集團盈利能力造成直接影響。

锐康药业 2016 年报

010ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

CHAIRMAN’S STATEMENT 主席報告書

In order to tackle the challenges, the Group will continue to enlarge the customer base and product and service lists by (i) negotiating with potential suppliers in overseas and Hong Kong for the exclusive distribution agreements of the healthcare related products; (ii) strengthening the cooperation with overseas molecular laboratory companies as distributor to promote the specialty tests in Hong Kong; and (iii) increasing the number of distribution channels for the products and services of the Group. The Group will consider streamlining its business portfolio through disposal of unde r-p erforming business if necessary.

APPRECIATION I would like to take this opportunity to express my sincere thanks and gratitude to all our business partners and shareholders for their continuing trust and support in the Group. I would also like to thank all staff and members of the Board for their dedicated efforts and contributions to the Group over the past year.

Chan Ka Chung Chairman Hong Kong, 20 Mar ch 2017為了應付挑戰，本集團將繼續透過以下方式擴大客戶群以及產品與服務清單：(i)與海外及香港的潛在供應商磋商保健相關產品之獨家分銷協議；(ii)鞏固與海外分子實驗室公司作為分銷商之合作，於香港推廣專業測試；及(iii)增加本集團產品及服務之分銷渠道數目。本集團將考慮在必要時出售表現未達標之業務，藉此精簡其業務組合。鳴謝本人欲藉此機會對我們所有業務夥伴及股東一直信任及支持本集團表示衷心感謝及感激，亦同時答謝全體員工及董事會成員在過去一年對本集團付出之努力與貢獻。陳嘉忠主席香港，二零一七年三月二十日

锐康药业 2016 年报

011ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

FINANCIAL REVIEW During the year ended 31 Dec ember 2016 (“2016 Year ”), the principal activities of the Group are (i) manufacture, research and development, sale and distribution of health related and pharmaceutical products in the PRC and Hong Kong, (ii) provision of medical laboratory testing services and health check services in Hong Kong, and (iii) trading of securities in Hong Kong. The manufacture and sale of consumer cosmetics and health supplement wine, and trading of dental materials and equipment in the PRC were

regarded as discontinued operation.

Discontinued operation On 17 Dec ember 2015, the Company entered into a sale and purchase agreement to dispose of the entire equity interests in Wallfaith Company Limited (“Wallfaith ”) and its subsidiaries (collectively, the “Wallfaith Group ”). The manufacture and sale of consumer cosmetics and health supplement wine, and trading of dental materials and equipment in the PRC were regarded as discontinued operation, which included the manufacturing plant and sale corporations in Suzhou and Shanghai. Upon the completion of the disposal of the Wallfaith Group on

16 Mar ch 2016, the Group ceased to hold any equity

interests in the Wallfaith Group.

The Group generated a profit from discontinued operation of approximately HK$35,526,000 from 1 Jan uary 2016 to 16 Mar ch 2016, as compared with loss of approximately HK$8,109,000 for the year ended 31 Dec ember 2015 (“2015 Year ”). The significant turnaround from loss to profit from discontinued operation was mainly attributable to the gain on disposal of discontinued operation of approximately HK$34,230,000 upon the completion of the disposal of the Wallfaith Group (including a on e-o ff no n-c ash reclassification of exchange reserve from equity to profit or loss amounting to approximately

HK$24,802,000).

財務回顧於截至二零一六年十二月三十一日止年度（「二零一六年年度」），本集團的主要業務為(i)在中國及香港製造、研發、銷售及分銷保健相關及醫藥產品；(ii)於香港提供醫學實驗室檢測服務及健康檢查服務；及(iii)於香港買賣證券。於中國製造及銷售日用化妝品及保健酒以及買賣牙科材料及設備被視作已終止經營業務。

已終止經營業務於二零一五年十二月十七日，本公司訂立買賣協議，以出售Wallfaith Company Limited （「Wallfaith 」）及其附屬公司（統稱「Wallfaith 集團」）全部股權。於中國製造及銷售日用化妝品及保健酒以及買賣牙科材料及設備被視作已終止經營業務，包括於蘇州及上海的製造廠房及銷售企業。於二零一六年三月十六日完成出售Wallfaith 集團時，本集團不再持有Wallfaith 集團任何股權。由二零一六年一月一日至二零一六年三月十六日，本集團來自已終止經營業務產生溢利約35,526,000港元，截至二零一五年十二月三十一日止年度（「二零一五年年度」）則約為8,109,000港元虧損。來自已終止經營業務由虧損扭轉為溢利主要因為於完成出售Wallfaith 集團時產生出售已終止經營業務收益約34,230,000港元所致（包括匯兌儲備由權益一次性非現金重新分類至損益合共約24,802,000港元）。

锐康药业 2016 年报

012ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Turnover During the 2016 Year, the Group achieved a turnover o f a p p r o x i m a t e l y H K $86,565,000 (2015 Y e a r : HK$34,127,000) from continuing operations, representing a significant increase of approximately 1.54 times as compared with the turnover for the 2015 Year. The overall increase in the turnover was mainly due to the contribution of provision of medical laboratory testing services and health check services by DVF Holdco (Cayman) Limited (“DVF ”) and its subsidiaries (collectively, the “DVF Group ”), which was acquired by the Group in December 2015, as its full year’s turnover has been recognised in the 2016 Year. However, such increase was partially offset by the deconsolidation of the results of a then subsidiary of the Company, 廣州獅馬龍藥業有限公司 (In E nglish, for identification purpose only, Guangzhou Shimalong Pharmaceutical Co., Ltd.) (“Shimalong ”), which is principally engaged in the sale of medicated oil products in the PRC, on 30 Jan uary 2015 (“Deconsolidation ”) as a result of the disposal of 70% of the issued share capital of Magical Bloom Limited and its subsidiaries. The Deconsolidation led to a decrease in turnover in the

manufacture and sale of health related and pharmaceutical

products segment. During the period from 1 Jan uary 2015

to 30 Jan uary 2015, Shimalong generated a turnover of

approximately HK$6,613,000.

營業額

本集團於二零一六年年度實現持續經營業務之營業額約為86,565,000港元（二零一五年年度：34,127,000港元），較二零一五年年度營業額顯著增加約1.54倍。營業額整體增加主要來自D V F H o l d c o (Cayman) Limited （「DVF 」）及其附屬公司（統稱「DVF 集團」）提供醫療實驗室檢測服務及健康檢查服務所貢獻，D V F 集團乃本集團於二零一五年十二月收購所得，其整個年度的營業額已於二零一六年 年度確認。然而，有關增加因為出售妙盛有限公司及其附屬公司70%已發行股本而於二零一五年一月三十日取消綜合計算本公司當時附屬公司廣州獅馬龍藥業有限公司（「獅馬龍」）業績（「取消綜合計算」）所部份抵銷，而獅馬龍主要在中國從事藥油產品銷售。取消綜合計算已導致製造及銷售保健相關及醫藥產品分部之營業額減少。於二零一五年 一月一日至二零一五年一月三十日期間，獅馬龍產生合共約6,613,000港元之營業額。

锐康药业 2016 年报

013ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Manufacture and sale of health related and pharmaceutical products

Manufacture and sale of health related and pharmaceutical products segment recorded a slight improvement in total turnover during the 2016 Year as compared with 2015 Year. The total turnover of this segment increased slightly from approximately HK$26,718,000 for the 2015 Year to approximately HK$26,846,000 for the 2016 Year mainly due to contribution of the new extended business portfolio, i.e. trading of pharmaceutical intermediates to overseas, of approximately HK$10,115,000 (2015 Year: HK$Nil) in the fourth quarter of 2016, and offset by (i) the Deconsolidation, which led to a decrease in sale of medicated oil products including CMALO Wood Lock Oil, CMALO Red Flower Oil and Strong Haling Oil by Shimalong, no turnover of Shimalong was recognised in the 2016 Year while one month of turnover of Shimalong of approximately HK$6,613,000 was recognised in the 2015 Year; and (ii) decrease of turnover generated by 貴州雙升製藥有限公司 (in E nglish, for identification purpose

only, Guizhou Shuang Sheng Pharmaceutical Co., Ltd.)

(“Shuang Sheng ”) from approximately HK$15,897,000

in the 2015 Year to approximately HK$13,292,000 in the

2016 Year due to fact that the existing main product,

薑黃消痤搽劑 (in E nglish, for identification purpose only,

Jianghuang Xiaocuo Chaiji), will be gradually phased out.

Provision of m edical laboratory testing services and health check services

The Group has established a foothold in the provision of medical laboratory testing services and health check services industry since the fourth quarter of 2015. The provision of medical laboratory testing services and health check services segment recorded a total turnover of approximately HK$57,048,000 during the 2016 Year (2015 Year: HK$7,384,000), which was mainly attributable to the contribution made by the DVF Group, which was acquired by the Group in December 2015, as its full year’s turnover has been recognised in the 2016 Year.

製造及銷售保健相關及醫藥產品與二零一五年年度比較，製造及銷售保健相關及醫藥產品分部在二零一六年年度錄得總營業額輕微改善。此分部的總營業額由二零一五年年度約26,718,000港元輕微上升至二零一六年年度約26,846,000港元，主要因為二零一六年第四季度新拓展業務組合（即從事海外醫藥中間體貿易）帶來約10,115,000港元（二零一五年年度：零港元）之貢獻，並已被(i)取消綜合計算導致獅馬龍的藥油產品（包括獅馬龍活絡油、獅馬龍紅花油及雙龍驅風油）銷售減少，於二零一六年年度並無確認獅馬龍營業額，而於二零一五年年度則確認一個月獅馬龍營業額約6,613,000港元；及(ii)貴州雙升製藥有限公司（「雙升」）產生的營業額由二零一五年年度約15,897,000港元減少至二零一六年年度約13,292,000港元，原因為現有主要產品薑黃消痤搽劑將逐漸淡出市場。提供醫學實驗室檢測服務及健康檢查服務本集團已於二零一五年第四季度開始駐足提供醫學實驗室檢測服務及健康檢查服務之行業。提供醫學實驗室檢測服務及健康檢查服務分部於二零一六年年度錄得總營業額約57,048,000港元（二零一五年年度：7,384,000港元），主要來自DVF 集團的貢獻。DVF 集團由本集團於二零一五年十二月收購，其整個年度的營業額已於二零一六年年度確認。

锐康药业 2016 年报

014ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Money lending business Ferran Finance Limited, an indirect wholl y-o wned subsidiary of the Company, is a holder of money lenders licence under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong). With the increasing market demands of the micr o-f inancing business in Hong Kong, the Company raised HK$20 million for the money lending business through the rights issue completed on 18 Sep tember 2015 and net proceeds from the rights issue of approximately HK$16.4 million has been utilised as intended as at 31 Dec ember 2016. The money lending business commenced in the fourth quarter of 2015. The Group’s loan portfolio comprises unsecured loans granted to individual customers; the loan receivables carry interest rates ranging from 8% to 10% per annum and are repayable within one year. The money lending business

recorded an interest income of approximately HK$913,000

for the 2016 Year (2015 Year: HK$25,000).

Trading of financial assets at fair value through profit or loss (“FVTPL”)

T h e G r o u p ’s i n v e s t m e n t p o r t f o l i o c o m p r i s e s investments in listed securities in Hong Kong and Australia during the 2016 Year. This business segment recorded a net loss on financial assets at FVTPL of approximately HK$25,679,000 during the 2016 Year (2015 Year: HK$9,094,000) comprising (i) the net unrealised loss on fair value changes of approximately HK$19,798,000 (2015 Year: net unrealised gain of approximately HK$10,748,000); and (ii) the net realised loss of approximately HK$5,881,000 (2015 Year: HK$19,842,000). The net unrealised loss on financial assets at FVTPL were mainly attributable to the net unrealised loss of approximately HK$13,113,000 (2015 Year: net unrealised gain of approximately HK$2,730,000) derived from the investment in Town Health International

Medical Group Limited (“Town Health ”).

放債業務

本公司一間間接全資附屬公司富運財務有限公司取得放債人條例（香港法例第163章）之放債人牌照。隨著香港小額融資業務的市場需求增加，本集團透過於二零一五年九月十八日完成之供股籌集20,000,000港元以撥資放債業務，而於二零一六年十二月三十一日已按擬定用途動用了供股所得款項淨額約16,400,000港元。放債業務已於二零一五年第四季度開始運作。本集團的貸款組合包括授予個人客戶的無抵押貸款；應收貸款年息率介乎每年8%至10%，並須於一年內償還。放債業務於二零一六年年度錄得利息收入約913,000港元（二零一五年年度：25,000港元）。

買賣透過損益按公平值列賬之金融資產本集團於二零一六年年度之投資組合包括投資於香港及澳洲上市證券。該業務分部於二零一六年年度錄得透過損益按公平值列賬之金融資產虧損淨額約25,679,000港元（二零一五年年度：9,094,000港元），包括(i)未變現公平值變動虧損淨額約19,798,000港元（二零一五年年度：未變現收益淨額約10,748,000港元）；及(ii)已變現虧損淨額約5,881,000港元（二零一五年年度：19,842,000港元）。透過損益按公平值列賬之金融資產未變現虧損淨額主要源自於康健國際醫療集團有限公司（「康健」）之投資未變現虧損淨額約13,113,000港元（二零一五年年度：未變現收益淨額約2,730,000港元）。

锐康药业 2016 年报

015ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Gross profit and gross profit margin The Group recorded a significant increase in the gross profit from continuing operations in the 2016 Year of approximately HK$30,043,000 when compared with that of approximately HK$10,868,000 in the 2015 Year. The gross profit margin for the 2016 Year was approximately 34.71%, representing a steady increase by approximately 2.86% when compared with the gross profit margin of approximately 31.85% for the 2015 Year. The improvement in both gross profit and gross profit margin was mainly attributable to (i) the contribution of provision of medical laboratory testing services and health check services by the DVF Group which generated a gross profit

of approximately HK$22,150,000 and recorded a higher

gross profit margin of approximately 42.21% than other

business segments of the Group during the 2016 Year;

and (ii) the increase in selling prices of health related

products in the PRC due to the upgrading of the product

use and the package design.

Selling and distribution expenses Selling and distribution expenses for the 2016 Year from continuing operations were approximately HK$19,996,000

(2015 Year: HK$7,998,000), representing an increase of approximately HK$11,998,000 or 1.50 times as compared with such expenses for the 2015 Year. Such significant increase was mainly attributable to the new business segment of the provision of medical laboratory testing services and health check services introduced in the fourth quarter of 2015. This new business segment incurred selling and distribution expenses of approximately HK$10,159,000 in the 2016 Year (2015 Year: HK$1,113,000), which mainly includes (i) staff costs of approximately HK$5,747,000 (2015 Year: HK$792,000); and (ii) rental expenses in respect of medical laboratory

and health check centers of approximately HK$3,013,000 (2015 Year: HK$259,000).毛利及毛利率本集團於二零一六年年度來自持續經營業務的毛利約為30,043,000港元，而二零一五年年度則約為10,868,000港元。二零一六年年度毛利率約為34.71%，較二零一五年年度毛利率約為31.85%穩步增長約2.86%。毛利及毛利率同時改善主要因為(i)DVF 集團提供醫療實驗室檢測服務及健康檢查服務之貢獻產生毛利約22,150,000港元，並且於二零一六年年度錄得較本集團其他業務分部為高之毛利率約42.21%；及(ii)由於升級產品使用及包裝設計，保健相關產品於中國之售價調高。銷售及分銷開支於二零一六年年度，來自持續經營業務的銷售及分銷開支約為19,996,000港元（二零一五年年度：7,998,000港元），較二零一五年年度增加約11,998,000港元或1.50倍。銷售及分銷開支大幅增加主要因為於二零一五年第四季度引進新業務分部提供醫療實驗室檢測服務及健康檢查服務。該新業務分部於二零一六年年度的銷售及分銷開支約為10,159,000港元（二零一五年年度：1,113,000港元），主要包括(i)員工成本約5,747,000港元（二零一五年年度：792,000港元）；及(ii)醫療實驗室及健康檢查中心有關的租金開支約3,013,000港元（二零一五年年

度：259,000港元）。

锐康药业 2016 年报

016ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Administrative expenses T h e a d m i ni s tr a t i v e e x p en s e s f o r t h e 2016 Y ear f r o m c o n t i n u i n g o p e r a t i o n s w e r e a p p r o x i m a t e l y H K $55,728,000, r e p r e s e n t i n g a n i n c r e a s e o f approximately 49.86%, as compared with that of approximately HK$37,186,000 for the 2015 Year. The provision of medical laboratory testing services and health check services segment incurred administrative expenses of approximately HK$15,267,000 in the 2016 Year (2015 Year: HK$3,734,000), mainly including (i) staff costs of approximately HK$4,535,000 (2015 Year: HK$1,282,000); (ii) rental expenses of approximately HK$1,869,000 (2015 Year: HK$491,000); (iii) depreciation of property, plant and equipment of approximately HK$2,083,000 (2015 Year: HK$315,000); and (iv) amortisation of intangible assets of approximately HK$1,225,000 (2015 Year: HK$51,000).

In addition, the increase of such administrative expenses was also attributable to (i) higher legal and professional fees of approximately HK$5,171,000 (2015 Year: HK$4,117,000) incurred for merger and acquisition projects and other corporate activities; (ii) impairment loss on trade receivables of approximately HK$5,075,000 was recognised during the 2016 Year (2015 Year: HK$224,000) as certain trade debts had been long overdue and the possibility of recovery of which was considered as remote; (iii) the recognition of impairment loss on availabl e-f o r-s ale financial assets of approximately

HK$3,195,000 during the 2016 Year (2015 Year: HK$Nil).

Finance costs During the 2016 Year, the Group’s interest expenses (including capitalised interest) amounted to approximately HK$2,482,000 (2015 Year: HK$402,000). The increase in finance costs (including capitalised interest) was attributable to the new mortgage loan arrangement for the property occupied by the Group for operating the laboratory testing business in Hong Kong and the short term other borrowings as the working capital to finance the construction costs of the expansion of the

manufacturing plant held by Shuang Sheng during the

2016 Year, which resulted in a higher average borrowing

level.

行政開支

於二零一六年年度，來自持續經營業務之行政開支約為55,728,000港元，相較二零一五年年度約37,186,000港元，增加約49.86%。於二零一六年年度提供醫療實驗室檢測服務及健康檢查服務分部引致之行政開支約15,267,000港元（二零一五年年度：3,734,000港元），主要包括(i)員工成本約4,535,000港元（二零一五年年度：1,282,000港元）；(ii)租金開支約1,869,000港元（二零一五年年度：491,000港元）；(iii)物業、廠房及設備之折舊約2,083,000港元（二零一五年年度：315,000港元）；及(iv)無形資產攤銷約1,225,000港元（二零一五年年度：51,000港元）。

此外，行政開支增加亦主要因為(i)合併及收購項目及其他企業活動引致較高法律及專業費用約5,171,000港元（二零一五年年度：4,117,000港元）；(ii)由於若干貿易債務被長期拖欠及收回此等債項之可能性甚微，故二零一六年年度確認貿易應收賬款之減值虧損約5,075,000港元（二零一五年年度：224,000港元）；(iii)於二零一六年年度確認可供出售金融資產減值虧損約3,195,000港元（二零一五年年度：零港元）。融資成本

於二零一六年年度，本集團利息開支（包括資本化利息）約2,482,000港元（二零一五年年度：402,000港元）。融資成本（包括資本化利息）增加，乃因本集團於二零一六年年度就於香港經營實驗室檢測業務所佔用物業作出新造按揭貸款安排，以及為雙升所持之製造廠房擴充之建築成本作融資之其他短期借款作為營運資金，導致平均借款水平上升。

锐康药业 2016 年报

017ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Loss for the 2016 Year from continuing operations The Group continued to record a significant net loss from continuing operations of approximately HK$95,618,000 for the 2016 Year (2015 Year: HK$59,651,000) mainly attributable to (i) a significant net loss of approximately HK$25,679,000 on financial assets at fair value through profit or loss (2015 Year: HK$9,094,000); (ii) the recognition of an impairment loss on trade receivables of approximately HK$5,075,000 (2015 Year: HK$224,000); (iii) the impairment of availabl e-f o r-s ale financial assets of approximately HK$3,195,000 (2015 Year: HK$Nil); (iv) the writ e-o ff of certain property, plant and equipment of approximately HK$6,134,000 (2015 Year: HK$7,503,000); (v) the increase of impairment loss on goodwill in respect of its certain subsidiaries of approximately HK$27,669,000 (2015 Year: HK$1,000,000); and (vi) increase in selling and distribution expenses, administrative expenses, rental expenses and employee related expenses as a result of

the expansion of the Group’s business portfolio.

BUSINESS REVIEW Voluntary securities exchange offers On 5 Feb ruary 2016, China Wah Yan Healthcare Limited (“China Wah Yan ”) proposed to the Board that China Wah Yan would, subject to fulfillment of certain conditions, make the voluntary conditional securities exchange offers (i) to acquire all of the issued shares of the Company (other than those already owned by China Wah Yan and parties acting in concert with it); and (ii) to cancel all of the outstanding share options granted by the Company pursuant to the share option scheme adopted by the Company, whether vested or not (“Voluntary Securities Exchange Offers ”). All of the conditions of the Voluntary Securities E xchange Offers have been fulfilled and the Voluntary Securities E xchange Offers have become unconditional in all respects on 11 May 2016. The minimum public float of the Company was restored on

27 May 2016 by way of disposal of the shares by China

Wah Yan on the Stock E xchange, details of which are

disclosed in the announcement of the Company dated

27 May 2016.

二零一六年年度之持續經營業務虧損本集團於二零一六年年度繼續錄得持續經營業務重大虧損淨額約95,618,000港元（二零一五年年度：59,651,000港元），主要由於(i)透過損益按公平值列賬之金融資產重大虧損淨額約25,679,000港元（二零一五年年度：9,094,000港元）；(ii)確認貿易應收款項減值虧損約5,075,000港元（二零一五年年度：224,000港元）；(iii)可供出售金融資產減值約3,195,000港元（二零一五年年度：零港元）；(iv)撇銷若干物業、廠房及設備約6,134,000港元（二零一五年年度：7,503,000港元）；(v)其若干附屬公司之商譽減值虧損增加約27,669,000港元（二零一五年年度：1,000,000港元）；及(vi)因本集團擴展業務組合而導致之銷售及分銷開支、行政開支、租金開支及僱員相關開支增加。業務回顧自願證券交換要約於二零一六年二月五日，中國華仁醫療有限公司（「中國華仁」）向董事會建議，指中國華仁待達成若干條件後將提出自願有條件證券交換要約，以(i)收購本公司所有已發行股份（中國華仁及其一致行動人士已擁有者除外）；及(ii)註銷所有由本公司根據本公司所採納之購股權計劃授出而尚未行使之購股權，不論是否已歸屬（「自願證券交換要約」）。自願證券交換要約之所有條款已獲履行，而自願證券交換要約已於二零一六年五月十一日在各方面成為無條件。藉著中國華仁於聯交所出售股份，本公司已於二零一六年五月二十七日恢復其公眾持股量，有關詳情披露於本公司日期為二零一六年五月二十七日之公告。

锐康药业 2016 年报

018ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Details of the Voluntary Securities E xchange Offers are disclosed in the announcements dated 17 Feb ruary 2016, 6 Apr il 2016, 19 Apr il 2016, 10 May 2016, 11 May 2016 and 25 May 2016, and the composite document in respect of the Voluntary Securities Exchange Offers dated 20 Apr il 2016 jointly published by China Wah Yan and the Company.Disposal of subsidiaries (a) The Wallfaith Group Having taken into consideration that the performance of the Wallfaith Group for the past financial years was not satisfactory, the Directors considered that the disposal of the Wallfaith Group would enable the Company to free up the resources devoted to this business and redirect the resources to the Group’s existing business which might have higher growth potential to maximise the benefit of the shareholders of the Company. The resolution approving the disposal was passed by the shareholders of the Company by way of poll at the special general meeting held on 3 Feb ruary 2016. The completion of the disposal took place on 16 Mar ch 2016 and each member of the Wallfaith Group ceased to be a wholl y-o wned subsidiary of the Company since then. Details of the disposal of the Wallfaith Group are disclosed in the announcement of the Company dated

17 Dec ember 2015, and the circular of the Company

dated 15 Jan uary 2016 and the disclosure made in

note 16 to the consolidated financial statements.

有關自願證券交換要約之詳情乃披露於日期為二零一六年二月十七日、二零一六年四月 六日、二零一六年四月十九日、二零一六年 五月十日、二零一六年五月十一日及 二零一六年五月二十五日之公告，以及中國華仁與本公司聯合刊發之日期為二零一六年四月二十日之綜合文件，內容有關自願證券交換

要約。

出售附屬公司(a) Wallfaith 集團經考慮Wallfaith 集團過去數個財政年度之表現均未如理想，董事認為出售Wallfaith 集團有助本公司騰出投入此業務之資源，將其轉投於增長潛力較高之本集團現有業務，藉此為本公司股東創造最大得益。有關批准建議出售之決議案已於二零一六年二月三日舉行之股東特別大會上經本公司股東以投票表決方式通過。是項出售於二零一六年三月十六日完成，而Wallfaith 集團各成員公司自此以後不再為本公司之全資附屬公司。有關出售Wallfaith 集團之詳情乃披露於本公司日期為二零一五年十二月十七日之公告及本公司日期為二零一六年一月十五日之通函，以及綜合財務報表附註16作出之披露。

锐康药业 2016 年报

019ANNUAL REPORT 2016 RUI KANG PHARMACEUTICAL GROUP INVESTMENTS LIMITED

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

(b) Allied View Allied View International Limited (“Allied View ”) holds 6.136% of the total issued share capital of Trillion Epoch Limited, which, in turn, holds the entire issued share capital of Bravo Star Holdings Limited (“Bravo Star ”). 重慶兩江新區利亨小額貸款有限公司 (in E nglish, for identification purpose only, Chongqing Liangjing New Area Li Hang Microfinance Co., Ltd.) (formerly known as 重慶市北部新區利亨小額貸款有限公司 (in E nglish, for identification purpose only, Chongqing City North New District Li Hang Microfinance Co., Ltd.)), a direct wholl y-o wned subsidiary of Bravo Star, is principally engaged in the money lending business in the PRC. Taking into account that the financial performance of Allied View for the past two financial years was not satisfactory as a result of, among other matters, impairment loss of the no n-r ecoverable loan receivables and loan interest receivables, the Directors were of the view that the disposal of Alllied View represented an opportunity for the Group to realise its investment in Allied View so that the Group would not be required to make further capital contribution to Allied View in case it requires funds to finance its operations in the future. In addition, the disposal would enable the Group to r e-a llocate

its financial resources in the existing businesses of

the Group more efficiently. The completion of the

disposal of Allied View took place on 15 Feb ruary

2017. Details of the disposal of Allied View are

disclosed in the announcements of the Company

dated 28 Jan uary 2016, 26 Feb ruary 2016, 31 May

2016 and 17 Nov ember 2016 and the disclosure

made in note 33(b) to the consolidated financial

statements.

(b) 滙景

滙景國際有限公司（「滙景」）持有億世有

限公司已發行股本總數之6.136%，而億世則持有茂帆控股有限公司（「茂帆」）之全部已發行股本。重慶兩江新區利亨小額貸款有限公司（前稱重慶市北部新區利亨小額貸款有限公司）為茂帆之一間直接全資附屬公司，主要於中國從事放貸業務。經計及滙景過去兩個財政年度由於（其中包括）不可收回應收貸款及應收貸款利息之減值虧損而導致財務表現均未如理想，董事認為出售滙景讓本集團有機會變現其於滙景之投資，因而倘滙景日後需要資金為其營運提供融資，本集團亦毋須向其作出進一步注資。此外，是項出售可讓本集團能夠更有效地將其現有財務資源重新分配至本集團現有業務。出售滙景於二零一七年二月十五日完成。有關出售滙景之詳情乃披露於本公司日期為二零一六年一月二十八日、二零一六年二月二十六日、二零一六年五月三十一日及二零一六年十一月 十七日之公告，以及綜合財務報表附註33(b)作出之披露。

本文来源：https://www.bwwdw.com/article/henm.html