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Tradelink Electronic Commerce Limited
貿易通電子貿易有限公司
Management Discussion and Analysis
(Continued)
管理層討論及分析
（續）
China
Our China activities developed apace during the first half of this year, with a
number of new projects underway. The principal one will be the platform for
connecting the carriers, cargo terminal and freight forwarders at Shenzhen
Airport, a platform not dissimilar to the Community Platform we jointly
developed with our partner in Hong Kong connecting the same group of users.
Development work is in its final stages and testing should commence in Q3 of
2015.
To exploit opportunities in the market offered from the policy initiative in the PRC
to enhance domestic consumption and to develop cross-border E-commerce,
we are in the process of signing a co-operation agreement with a subsidiary
of Ministry of Commerce of the People’s Republic of China (“MOFCOM”) to
develop a direct sales business for imports, initially in a bonded warehouse
adjacent to the Beijing Capital International Airport. The warehouse is currently
under renovation and the plan is to have the facility operational by the end of
2015. Although the terms of the co-operation agreement is still under discussion,
our PRC partner has already secured agreement to develop similar facilities in
Tientsin and is in discussion with relevant authorities to expand to other major
cities.
During the period, our China investments performed roughly on par with last
year, with our share of the results of our PRC associates coming to about HK$3
million, roughly the same as last year. We, however, expect contribution from
this source to decline during the second half of this year in light of the agreement
signed recently to dispose of our stake in Guofurui, the Beijing Data Center,
for RMB85 million. Although the disposal is subject to, among other things, the
approval by the relevant authorities, it is expected that the transaction would
be completed before the end of 2015 and as such the Group will not share
Guofurui’s profit during the second half.
In fact, we fully expect our share of the results of our PRC associates to go into
negative territory during the second half of the year as, apart from no longer
sharing Guofurui’s profits, our share of losses at U-Link, our joint-venture 4PL
company in Shanghai, might increase as it dedicates additional resources into
developing and marketing its business. Much will, however, depend on the
outcome of a capital increase and business restructuring exercise it is in the
process of completing. As part of this exercise, U-Link is in the final stages of
acquiring a logistics business, one of the largest in Shenzhen with an annual
turnover of RMB200 million. In exchange for around 20% of the subsidiary
operating U-Link’s 4PL platform, the logistics company will inject its entire
business into the subsidiary with an undertaking that the company will have at
least RMB50 million net asset at the time of injection. At the same time, one of
Shenzhen’s leading venture capital funds will inject RMB43 million into the same
subsidiary in return for a stake of around 20%. The due diligence exercises
for the scheme has already been undertaken successfully and the necessary
formality to complete the transaction, expected for Q3 2015, is in process.
中國
今年上半年，我們的中國業務發展迅速，多個新項目正在進
行，最主要的項目為連接深圳機場的運輸公司、貨櫃碼頭及
貨運代理的平台。該平台類似我們與香港合作夥伴開發連接
相同用戶群的「社區平台」。開發工作已進入最後階段，將於
二零一五年第三季度開始測試。
為掌握中國推行刺激政策提高國內消費及發展跨境電子商
貿所帶來的市場機會，我們正與中華人民共和國商務部
（「
MOFCOM
」）附屬公司簽訂合作協議，首先於北京首都國
際機場鄰近的保稅倉發展進口直銷業務。該倉庫目前正在裝
備中，計劃不遲於二零一五年底開始運營。儘管合作協議的
條款仍在磋商，我們的中國合作夥伴已訂立協議於天津開發
同類設施，並正與相關機構討論擴充至其他主要城市。
期內，我們的中國投資表現大致與去年相若，我們所佔中國
聯營公司業績與去年大致相同，約為港幣
3,000,000
元。然
而，由於我們最近簽訂協議以人民幣
85,000,000
元出售所
持北京數據中心國富瑞股權，預期今年下半年來自中國聯營
公司的貢獻會減少。儘管出售須包括獲得相關機構的批准，
預期該交易將可於二零一五年底前完成。因此，本集團下半
年將不再分佔國富瑞的溢利。
事實上，除不再分佔國富瑞的利潤外，應佔上海匯通（我們
在上海提供第四方物流服務的聯營公司）虧損或會因其投入
更多資源發展及推廣其業務而有所增加，因此我們預期下半
年所佔中國聯營公司業績大有可能轉盈為虧，但很大程度上
須視乎其快將完成的增資及業務重組後的情況而定。根據業
務重組，上海匯通即將完成收購深圳其中一間最大物流業務
公司，其營業額每年達人民幣
200,000,000
元。為換取經
營上海匯通第四方物流平台之附屬公司約
20%
權益，該物流
公司會將全部業務注入該附屬公司，並承諾注資時至少擁有
人民幣
50,000,000
元的資產淨值。同時，深圳一家主要的
私募基金將向該附屬公司注資人民幣
43,000,000
元，換取
約
20%
權益。有關計劃已成功完成盡職調查，現正辦理所必
要的手續，預期於二零一五年第三季完成交易。