貿易通 2020 年年報

Management Discussion and Analysis (Continued) 管理層討論及分析（續） 二零二零年年報 貿易通電子貿易有限公司 35 財務回顧（續） 持有的重大投資（續） (ii) 透過損益按公允價值計量的上市債務證券 本集團尋求達致降低投資集中風險的投資 目標，並為股東增加其現金盈餘儲備的回 報。本公司於二零二零年七月八日與瑞銀 集團香港分行（「管理人」）訂立全權委託資 產管理授權，其後將其現金盈餘儲備投資 於以美元計值的亞洲投資級別全權委託單 一債券投資組合。 於二零二零年十二月三十一日，投資組合 包括 53 項單一債券，個別面值各自不超過 500,000 美元。於二零二零年十二月三十一 日，本投資組合中賬面價值最高的單一債 券為港幣 4,600,000 元（佔本集團資產總值的 0.8% ），投資組合的公允價值總計為港幣 156,400,000 元（佔 本 集 團 資 產 總 值 的 26.7% ）。就債券發行人的類別而言，該投 資組合中約 52% 、 32% 、 15% 及 1% 分別為企 業、金融機構、政府及其他類別。就到期日 而言，約 46% 的債券將於 5 年內到期， 39% 的債券將於 5 年後到期， 15% 屬於永續債券。 於二零二零年，本集團錄得透過損益按公 允價值計量的上市債務證券的公允價值收 益為港幣 1,900,000 元，其中包括從債券收 取的利息，並已扣除管理費。於二零二零 年十二月三十一日，投資組合的平均到期 收益率為每年 2.26% 。 本公司同意於每季結束時向管理人支付管 理費，金額相當於按所管理投資組合於上 個月最後一個營業日的每月價值計每年 0.65% 。費用包括管理費、交易費及託管 費。管理人根據設定的投資策略條款管理 投資組合中的資產，目標是適度增值資 產。預期資產價值會出現適度波動。本公 司有權隨時更改投資策略，增加或撤回資 金。 Financial Review (Continued) Significant Investments Held (Continued) (ii) Listed debt securities measured at FVPL The Group seeks to achieve the investment objectives of reducing investment concentration risk and to enhance returns of its cash surplus reserves for shareholders. The Company entered into a discretionary asset management mandate with UBS AG, Hong Kong Branch (“the Manager”) on 8 July 2020 and subsequently invested its cash surplus reserves in a discretionary Asian investment grade single bonds portfolio denominated in USD. As at 31 December 2020, the portfolio consisted of 53 single bonds with individual nominal value of no more than US$0.5 million each. The single bond which had the largest carrying value, as at 31 December 2020, in this portfolio was HK$4.6 million (accounting for 0.8% of the Group’s total assets) and the aggregate fair value of the portfolio was HK$156.4 million (accounting for 26.7% of the Group’s total assets). As for bonds issuer type, approximate 52%, 32%, 15% and 1% in this portfolio were corporates, financials, government and others respectively. As for maturity dates, approximately 46% of the bonds will be matured within 5 years, 39% will be matured after 5 years and 15% belongs to perpetual bonds. During 2020, the Group recorded a fair value gain on the listed debt securities measured at FVPL of HK$1.9 million which included interests received from the bonds, net of management fees. The average yield to maturity of the portfolio was 2.26% per annum at 31 December 2020. The Company agreed to pay the Manager a management fee, payable quarterly in arrears, which is equal to 0.65% per annum applied to the monthly value of the managed portfolio based on the last business day of the previous month. The fees cover the management fee, transaction fee and custody fee. The Manager manages assets in the portfolio in accordance with the terms of the investment strategy set. The objective is moderate appreciation of assets. Moderate volatility of asset value expected. The Company has the right to change the investment strategy, add or withdraw funds at any time.