貿易通 2021 年中報

Management Discussion and Analysis (Continued) 管理層討論及分析 （續） 18 Tradelink Electronic Commerce Limited Interim Report 2021 期內透過其他全面收益按公允價值計量的 上市債務證券產生了港幣 1,900,000 元（二零 二零年六月三十日：港幣 5,400,000 元）的利 息收入。利息收入減少主要是由於回顧期 內企業債券投資較二零二零年同期減少約 60% 。此外，為減緩風險，本集團於回顧期 內錄得出售企業債券虧損港幣 4,700,000 元，以結束面臨的一項企業債券風險。另 一方面，已就該等於回顧期處置及到期的 企 業 債 券 撥 回 預 期 信 貸 虧 損 撥 備 港 幣 1,600,000 元。於期內到期及處置透過其他 全面收益按公允價值計量的企業債券合共 為港幣 18,500,000 元，每次發行的處置面值 均不超過 3,000,000 美元。 (ii) 透過損益按公允價值計量的上市債務及股 本證券 本集團亦投資於全權委託單一債券投資組 合及盈富基金。 (a) 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。 於二零二一年六月三十日，投資組 合包括五十四項單一債券，個別面 值各自不超過 500,000 美元。於二零 二一年六月三十日，本投資組合中 賬面價值最高的單一債券為港幣 4,400,000 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 155,700,000 元（佔本集團資產總 值的 28.7% ）。就債券發行人的類別 而言，該投資組合中約 54% 、 31% 及 15% 分別為企業、金融機構及政府。 就到期日而言，約 46% 的債券將於五 年內到期， 41% 的債券將於五年後到 期， 13% 屬於永續債券。於二零二一 年六月三十日，投資組合的平均到 期 收 益 率 為 每 年 2.29% （未 扣 除 收 費）。 Interest income of HK$1.9 million was generated by the listed debt securities measured at FVOCI for the period (30 June 2020: HK$5.4 million). The decrease in interest income is mainly due to the decrease in investment in corporate bonds by about 60% during the review period when compared to that of the corresponding period in 2020. Besides, the Group recorded a loss on disposal of corporate bonds of HK$4.7 million during the review period to close our exposure in a corporate bond for risk mitigation. On the other hand, a reversal of the provision for expected credit loss of HK$1.6 million was made for those corporate bonds disposal of and matured during the review period. The corporate bonds measured at FVOCI matured and disposed of during the period totaled HK$18.5 million with the disposal for each issue of no more than US$3 million nominal value. (ii) Listed debt and equity securities measured at FVPL The Group also invests in a discretionary single bonds portfolio and the Tracker Fund of Hong Kong. (a) 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 30 June 2021, the portfolio consisted of 54 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 30 June 2021, in this portfolio was HK$4.4 million (accounting for 0.8% of the Group’s total assets) and the aggregate fair value of the portfolio was HK$155.7 million (accounting for 28.7% of the Group’s total assets). As for bonds issuer type, approximate 54%, 31% and 15% in this portfolio were corporates, financials and government respectively. As for maturity dates, approximately 46% of the bonds will mature within 5 years, 41% will mature after 5 years and 13% belongs to perpetual bonds. The average yield to maturity of the portfolio was 2.29% per annum (gross of fee) at 30 June 2021.