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1、,China New Economy Fund Limited中國新經濟投資有限公司,Stock Code 股份代號:80,中期報告Interim Report2011,2,4,8,14,16,17,18,19,20,Contents目錄Pages頁次,CORPORATE INFORMATIONMANAGEMENT DISCUSSION AND ANALYSISOTHER INFORMATIONREPORT ON REVIEW OF INTERIMFINANCIAL INFORMATIONINTERIM CONDENSEDFINANCIAL STATEMENTSInterim Condense
2、d Statement ofComprehensive IncomeInterim Condensed Statementof Financial PositionInterim Condensed Statementof Changes in EquityInterim Condensed Statement ofCash FlowsNotes to Interim CondensedFinancial Statements,公司資料管理層討論與分析其他資料中期財務資料審閱報告中期簡明財務報表中期簡明全面收益表中期簡明財務狀況表中期簡明權益變動表中期簡明現金流量表中期簡明財務報表附註,二零一
3、一年中期報告Interim Report 2011,1,2,Corporate Information公司資料,BOARD OF DIRECTORSEXECUTIVE DIRECTORSMr.Craig Blaser Lindsay(Chairman)Mr.Wang Junyan(Chief Executive Officer)Mr.Gu XuINDEPENDENT NON-EXECUTIVE DIRECTORSMr.Siu Kam ChauProfessor Xu YangshengMr.Doyle Ainsworth DallyAUDIT AND REMUNERATION COMMITTE
4、EMr.Siu Kam Chau(Chairman)Professor Xu YangshengMr.Doyle Ainsworth DallyCOMPANY SECRETARYMs.Lin Sio Ngo(ACIS,ACS)AUDITORSErnst&YoungCertified Public Accountants18th FloorTwo International Finance Centre8 Finance Street,CentralHong KongINVESTMENT MANAGERCITIC Securities InternationalInvestment Manage
5、ment(HK)Limited17/F,Chuangs Tower30-32 Connaught Road CentralCentral,Hong KongCUSTODIANHSBC Institutional Trust Services(Asia)Limited1 Queens Road CentralHong KongADMINISTRATORHSBC Trustee(Cayman)LimitedP.O.Box 484,HSBC House68 West Bay RoadGrand Cayman KY11106Cayman Islands中國新經濟投資有限公司China New Econ
6、omy Fund Limited,董事會執行董事Craig Blaser Lindsay 先生（主席）王俊彥先生（行政總裁）顧旭先生獨立非執行董事蕭錦秋先生徐揚生教授Doyle Ainsworth Dally 先生審核與薪酬委員會蕭錦秋先生（主席）徐揚生教授Doyle Ainsworth Dally 先生公司秘書練少娥女士(ACIS,ACS)核數師安永會計師事務所執業會計師香港中環金融街 8 號國際金融中心二期18 樓投資管理人中信証券國際投資管理（香港）有限公司香港中環干諾道中 30-32 號莊士大廈 17 樓託管人滙豐機構信託服務（亞洲）有限公司香港皇后大道中 1 號行政管理人HSBC T
7、rustee(Cayman)LimitedP.O.Box 484,HSBC House68 West Bay RoadGrand Cayman KY11106Cayman Islands,Corporate Information公司資料,REGISTERED OFFICEP.O.Box 309Ugland House,South Church StreetGeorge Town,Grand Cayman KY1-1104Cayman IslandsPRINCIPAL PLACE OF BUSINESS INHONG KONG AND HEADQUARTERS17/F,Chuangs Towe
8、r30-32 Connaught Road CentralCentralHong KongCOMPLIANCE ADVISERChina Everbright Capital Limited40/F,Far East Finance Centre16 Harcourt RoadHong KongHONG KONG SHARE REGISTRARComputershare Hong Kong Investor Services LtdShop 1712-1716,17th FloorHopewell Centre183 Queens Road EastWanchaiHong KongLEGAL
9、ADVISERSas to Cayman Islands Law:Maples and CalderP.O.Box 309Ugland House,South Church StreetGeorge Town,Grand Cayman KY1-1104Cayman Islandsas to Hong Kong Law:Clifford Chance,Hong Kong28th Floor,Jardine HouseOne Connaught PlaceCentralHong KongWEBSITE,註冊辦事處P.O.Box 309Ugland House,South Church Street
10、George Town,Grand Cayman KY1-1104Cayman Islands本公司於香港主要營業地點及總部香港中環干諾道中 30-32 號莊士大廈 17 樓合規顧問中國光大融資有限公司香港夏愨道 16 號遠東金融中心 40 樓香港證券登記處香港中央證券登記有限公司香港灣仔皇后大道東 183 號合和中心17 樓 1712-1716 室法律顧問開曼群島法律：Maples and CalderP.O.Box 309Ugland House,South Church StreetGeorge Town,Grand Cayman KY1-1104Cayman Islands香港法律：高
11、偉紳律師行，香港香港中環康樂廣場 1 號怡和大廈 28 樓網站,二零一一年中期報告Interim Report 2011,3,4,）,）,）,）,Management Discussion and Analysis管理層討論與分析,On behalf of the board of directors(Directors”)of China New Economy Fund Limited(the“Company”),I present to you the Companysinterim results for the six months ended 30 June2011.The Com
12、pany is a closed-ended investmentcompany established on 1 February 2010.Byinvesting globally in both private and publicenterprises supported by the new economiesof Greater China,the Company is devoted toachieving long-term capital appreciation forprofessional investors.INVESTMENT REVIEWFollowing the
13、 successful listing of the Companyon the Main Board of The Stock Exchange ofHong Kong Limited(the“Stock Exchange”)on 6January 2011(the“Listing Date”),the Companyheld four investments in listed companies on30 June 2011.The largest one is in a socialnetworking internet platform focusing on themainland
14、 China market.Amid the decline of the global and Chinamarkets in the first half of the year,theCompany reported an unaudited net assetvalue of approximately HK$0.87 per share asat 30 June 2011.The net asset value of theCompany decreased during the six monthsended 30 June 2011 due to unrealised mark
15、tomarket losses taken on the investment positionsin the portfolio.The Company will continue tomonitor the investments carefully and expectimprovement in its valuations as marketconditions improve.Chinese companies that have listed in theUnited States markets have had a difficult timein the first hal
16、f of this year due to concerns ofpossible corporate governance issues withsome of these companies.This negative marketsentiment has affected the valuations of wellmanaged Chinese companies as well.中國新經濟投資有限公司China New Economy Fund Limited,本人謹代表中國新經濟投資有限公司（本公司董事會（董事會 欣然向股東提呈本公司截至2011 年 6 月 30 日止六個月之中
17、期業績。本公司為一家於 2010 年 2 月 1 日成立的封閉式投資公司。透過投資全球獲大中華地區新經濟支持之私人及公眾企業，本公司致力於為專業投資者取得長期資本增值。投資回顧繼本公司於 2011 年 1 月 6 日（上市日期 在香港聯合交易所有限公司（聯交所主板成功上市後，本公司於2011年6月30日持有四項上市公司投資，其中最大一項為專注於中國大陸市場的社交網絡平台。在本年度上半年全球及中國市場下滑背景中，本公司呈報2011年6月30日未經審核資產淨值每股約 0.87 港元。本公司於截至 2011 年 6 月 30 日止六個月資產淨值減少，此乃由組合中的投資持倉產生未變現按市值計價的虧損所
18、致。本公司將繼續審慎監控投資，並預期本公司估值將因市況改善而有所提升。在美國市場上市之中國公司於本年度上半年因部分該等公司擔憂可能面臨的企業管治問題而處於困難境地。此負面市場情緒亦已影響對管理妥善的中國公司進行的估值。,機。,Management Discussion and Analysis管理層討論與分析,The Company remains Greater China focusedand will continue to approach the marketsvery conservatively,taking a long term view toinvestment strat
19、egy.In the coming months,wewill continue to monitor closely the inflation andinterest rates in Greater China and their impacton economic activities at both the corporateand consumer levels.LIQUIDITY,FINANCIAL RESOURCESAND GEARINGThe Company has obtained stock borrowingfacilities for the six months e
20、nded 30 June2011.As at 30 June 2011,the market valueof the Companys utilised stock borrowingwas HK$2,243,421(31 December 2010:Nil)and was secured by bank deposits ofHK$3,000,000(31 December 2010:Nil).The Company has maintained a sufficientcash position which will allow it to captureopportunities wit
21、h good upside when theopportunities present themselves in both listedand private equities.As at 30 June 2011,the gearing ratio,definedas total borrowings divided by shareholdersequities,was 0.85%(31 December 2010:Nil).INTERIM DIVIDENDThe Directors do not recommend the paymentof an interim dividend f
22、or the six months ended30 June 2011(31 December 2010:Nil).,本公司仍看重大中華市場，並將繼續以非常謹慎的態度涉足有關市場和採取長遠的投資策略。於未來數月，我們將繼續密切監控大中華地區的通脹水平及利率以及其在企業與消費者層面對經濟活動的影響。流動資金、財務資源及資本負債比率本公司於截至2011年6月30日止六個月已獲得借股融資。於 2011 年 6 月 30 日，本公司已動用之借股市值為 2,243,421 港元（2010 年 12 月 31 日：無）及以銀行存款3,000,000港元（2010年12月31日：無）作抵押。本公司維持充裕現
23、金狀況，從而使本公司在上市及私募股權方面出現機遇時把握上漲趨勢之良於 2011 年 6 月 30 日，資產負債比率（按借貸總額除以股東權益計算）為0.85%（2010年12月31日：無）。中期股息董事不建議派付截至2011年6月30日止六個月的中期股息（2010 年 12 月 31 日：無）。,二零一一年中期報告Interim Report 2011,5,6,Management Discussion and Analysis管理層討論與分析,CAPITAL STRUCTUREOn 6 January 2011,the Company completeda share placement an
24、d a total of 303,000,000ordinary shares of HK$0.1 each were placedat a price of HK$1.03 per share for a totalcash consideration,before the related issueexpenses,of HK$312,090,000.CHARGES ON COMPANYS ASSETSAND CONTINGENT LIABILITIESExcept for the Companys utilised stockborrowing of HK$2,243,421 was s
25、ecured by aCompanys bank deposits of HK$3,000,000,there were no other charges on the Companysassets or significant contingent liabilities as at30 June 2011.CAPITAL EXPENDITURE ANDCOMMITMENTDuring the six months ended 30 June 2011,theCompany made no capital expenditures or anyother commitments.MATERI
26、AL ACQUISITION ANDDISPOSALDuring the six months ended 30 June 2011,the Company did not acquire or dispose of anysubsidiaries or associated companies.USE OF PROCEEDSThe Company has made four investments inlisted companies during the six months ended30 June 2011.The largest one is in a socialnetworkin
27、g internet platform focusing on themainland China market.中國新經濟投資有限公司China New Economy Fund Limited,股本架構於 2011 年 1 月 6 日，本公司完成股份配售及合共303,000,000 股每股面值 0.1 港元之普通股以每股1.03 港元的價格獲配售，總現金代價（扣除相關發行開支前）為 312,090,000 港元。本公司的資產抵押及或然負債除本公司已動用的借股 2,243,421 港元以本公司銀 行 存 款 3,000,000 港 元 作 抵 押 外，本 公 司 於2011年6月30日並無其
28、他抵押的資產，亦無重大或然負債。資本開支及承擔本公司於截至2011年6月30日止六個月並無資本開支，亦無任何其他承擔。重大收購及出售於截至2011年6月30日止六個月，本公司並無收購或出售任何附屬公司或聯營公司。所得款項用途本公司已於截至2011年6月30日止六個月對上市公司作出四項投資，其中最大一項為專注於中國大陸市場的社交網絡平台。,Management Discussion and Analysis管理層討論與分析,The rest of the net proceeds will be applied bythe Investment Manager in making investm
29、entsaccording to the investment objective,policiesand restrictions of the Company and therequirements of the Articles,the Listing Rulesand the investment management agreement.Any proceeds not deployed are placed onbank deposits or invested in money marketinstruments or money market funds.EMPLOYEESAs
30、 at 30 June 2011,the Company had noemployees but have three executive Directorsand three independent non-executive Directors.The Company does not have a share optionscheme.FOREIGN CURRENCY FLUCTUATIONThe Board believes that foreign exchange risksare minimal as the Company mainly uses theHong Kong or
31、 United States dollar to carry outits business transactions.PROSPECTSLooking into the second half of the year,we continue to look for good investmentopportunities as we anticipate to see potentiallypositive factors emerge in Greater China.Weexpect to continue to see more structuralchanges in the Chi
32、nese economy and marketsover the coming months as well.We will alsocontinue to monitor economic and relatedevents outside of China for their effects on ourportfolio.,剩餘上市所得款項淨額將由投資管理人根據本公司投資目標、政策及限制和章程細則、上市規則及投資管理協議的規定進行投資。未動用的任何所得款項將存作銀行存款或投資於貨幣市場工具或貨幣市場基金。僱員於2011年6月30日，本公司並無僱員，僅有三名執行董事及三名獨立非執行董事。本
33、公司並未設有購股權計劃。外幣波動董事會認為，由於本公司主要使用港元或美元進行業務交易，故外匯風險極微。前景展望本年度下半年，由於我們預期大中華市場將出現潛在正面因素，我們將繼續物色投資良機。我們預計中國經濟及市場於未來數月亦將繼續呈現更多結構性變動。我們亦將繼續監控中國境外的經濟及相關事件對本公司投資組合的影響。,二零一一年中期報告Interim Report 2011,7,8,（）,）,Other Information其他資料,DIRECTORS AND CHIEF EXECUTIVESINTERESTS AND SHORT POSITIONS INSHARES,UNDERLYING SH
34、ARES ANDDEBENTURESAs at 30 June 2011,none of the Directorsor chief executives of the Company hadany interest or short position in the shares,underlying shares or debentures of theCompany or any of its associated corporations(within the meaning of Part XV of the Securitiesand Futures Ordinance(the“SF
35、O”)as recordedin the register required to be kept by theCompany pursuant to Section 352 of the SFO,or as otherwise notified to the Company andthe Stock Exchange pursuant to the ModelCode for Securities Transactions by Directors ofListed Issuers as set out in Appendix 10 to theListing Rules(the“Model
36、 Code”).SUBSTANTIAL SHAREHOLDERS/OTHER PERSONS INTERESTS ANDSHORT POSITIONS IN SHARES ANDUNDERLYING SHARESAs at 30 June 2011,the following persons(other than the Directors or chief executives ofthe Company)had interests or short positions inthe shares or underlying shares of the Companywhich were re
37、corded in the register required tobe kept by the Company pursuant to Section336 of the SFO.中國新經濟投資有限公司China New Economy Fund Limited,董事及主要行政人員於股份、相關股份及債券之權益及淡倉於 2011 年 6 月 30 日，概無本公司董事或主要行政人員於本公司或其任何聯營法團（定義見證券及期貨條例證券及期貨條例第 XV 部份）之股份、相關股份或債券中，擁有須錄入本公司根據證券及期貨條例第 352 條存置之登記冊，或根據上市規則附錄10所載上市發行人董事進行證券交易的
38、標準守則（標準守則須知會本公司及聯交所之任何權益或淡倉。主要股東其他人士於股份及相關股份之權益及淡倉於 2011 年 6 月 30 日，下列人士（本公司董事或主要行政人員除外）於本公司股份或相關股份中擁有記錄於本公司根據證券及期貨條例第 336 條規定須存置之登記冊之權益或淡倉。,倉,Note:,）,Other Information其他資料,Long positions in the ordinary shares of,於本公司每股面值 0.10 港元之普通股（股份）長,HK$0.10 each of the Company(the“Shares”)Approximate%of,Numbe
39、r ofshares held,Number ofshares held,issued sharecapital of,Name of the shareholders股東名稱,(Direct Interests)所持股份數目（直接權益）,(Indirect Interests)所持股份數目（間接權益）,the Company佔本公司已發行股本之概約百分比,Pan Global Alpha Fund LtdMurtsa Investment Managers LimitedMurtsa Capital Partners LimitedDiamond Kingdom Investments Li
40、mitedCheerful Profit Investments LimitedCheung Lam Hung（張林雄）Advance Profit Group Limited,29,000,000,30,700,000(Note)（附註）30,700,000(Note)（附註）30,700,000(Note)（附註）30,700,000(Note)（附註）30,700,000(Note)（附註）30,700,000(Note)（附註）,9.5710.1310.1310.1310.1310.1310.13,These interests represented(i)29,000,000 Sha
41、resheld by Pan Global Alpha Fund Ltd(“PGAF”);and(ii)1,700,000 Shares held by Murtsa Greater ChinaOpportunity Master Fund(“MGCOMF”).Murtsa Investment Managers Limited(“MIML”)holds 100%of voting shares in PGAF andMGCOMF respectively.MIML is wholly owned byDiamond Kingdom Investments Limited(“DKIL”),wh
42、ich is turn majority owned by Advance ProfitGroup Limited(“APGL”).APGL is wholly owned byMr.CHEUNG Lam Hung.Murtsa Capital Partners Limited(“MCPL”)hasdiscretionary asset management of PGAF,which inturn is 100%owned by Cheerful Profit InvestmentsLimited(“CPIL”).CPIL is majority owned by APGL.Accordin
43、gly each of MIML,DKIL,APGL,MCPL,CPIL,and Mr.CHEUNG Lam Hung is deemedto have interest in the 29,000,000 Shares heldby PGAF and the 1,700,000 Shares held byMGCOMF.,附註：該等權益指(i)Pan Global Alpha Fund Ltd（PGAF持有之 29,000,000 股股份；及(ii)Murtsa GreaterChina Opportunity Master Fund（MGCOMF）持有之 1,700,000 股股份。Mur
44、tsa Investment Managers Limited（MIML）分別持有 PGAF 及 MGCOMF100%投票股份。MIML 由Diamond Kingdom Investments Limited（DKIL）全資擁有，而DKIL主要由Advance Profit Group Limited（APGL）擁有。APGL 由張林雄先生全資擁有。Murtsa Capital Partners Limited（MCPL）擁有PGAF 的全權資產管理權，而 PGAF 由 Cheerful ProfitInvestments Limited（CPIL）100%擁有。CPIL 主要由 APGL
45、擁有。因此，MIML、DKIL、APGL、MCPL、CPIL 及張林雄先生均被視為於PGAF持有的29,000,000股股份及MGCOMF 持有的 1,700,000 股股份中擁有權益。,二零一一年中期報告Interim Report 2011,9,Other Information其他資料,Save as disclosed above,as at 30 June 2011,the Company has not been notified by any otherpersons who had interests or short positions inthe shares or und
46、erlying shares of the Companywhich are required to be recorded in the registerrequired to be kept by the Company underSection 336 of the SFO.DIRECTORS RIGHTS TO ACQUIRESHARES OR DEBENTURESAt no time during the six months ended 30June 2011 was the Company,its subsidiaries,its fellow subsidiaries or i
47、ts holding companies,a party to any arrangement to enable theDirectors of the Company or their respectivespouse or children under 18 years of age toacquire benefits by means of the acquisition ofshares in,or debentures of,the Company or anyother body corporate.CHANGES IN INFORMATION OFDIRECTORSPursu
48、ant to Rule 13.51(B)of the RulesGoverning the Listing of Securities(the“ListingRules)on the Stock Exchange,the changesin information of Directors of the Companysubsequent to the date of the 2010 AnnualReport of the Company are set out below:,除上文所披露外，於2011年6月30日，本公司並未獲知會有任何其他人士於本公司股份或相關股份中擁有須紀錄於本公司根據
49、證券及期貨條例第336 條規定須存置之登記冊之權益或淡倉。董事購買股份或債券之權利於截至2011年6月30日止六個月內任何時間，本公司、其附屬公司、其同系附屬公司或其控股公司概無訂立任何安排，致使本公司董事或其配偶或未滿18歲子女可藉購入本公司或其任何其他法團之股份或債券而獲益。董事資料變更根 據 聯 交 所 證 券 上 巿 規 則（上 巿 規 則）第13.51(B)條，本公司董事資料於本公司 2010 年年報日期後之變更載列如下：,10,中國新經濟投資有限公司China New Economy Fund Limited,王俊彥,Other Information其他資料Name of,Dir
50、ectorCraig BlaserLindsay,Details of ChangesAppointed as director of TheAmerican Club Hong Kong on 1,董事姓名Craig BlaserLindsay,變更詳情分別於2011年1月1日、2011年4 月 18 日 及 2011 年 7 月 22 日 獲,January 2011,CSI RMB FundLimited on 18 April 2011 andNext Horizon Company Limitedon 22 July 2011Wang Junyan Appointed as an i
