# 26. LEASE LIABILITIES

26. 租賃負債

<table><tr><td rowspan="3"></td><td colspan="2">As at 31 March 2020
於二零二零年三月三十一日</td></tr><tr><td>Present value 
of the minimum 
lease payments
最低租賃款項
之現值</td><td>Total minimum 
lease payments
最低租賃款項
總額</td></tr><tr><td>HK$’000 
千港元</td><td>HK$’000
千港元</td></tr><tr><td>Lease liabilities:               租賃負債：</td><td></td><td></td></tr><tr><td>Within one year                一年內</td><td>917</td><td>979</td></tr><tr><td>Within a period of more than one year but not   超過一年但不超過兩年
more than two years</td><td>299</td><td>304</td></tr><tr><td></td><td>1,216</td><td>1,283</td></tr><tr><td>Less: total future interest expenses        減：未來利息開支總額</td><td></td><td>(67)</td></tr><tr><td>Present value of lease liabilities         租賃負債現值</td><td></td><td>1,216</td></tr><tr><td>Less: amount due for settlement with 12 months 減：12個月內到期償還款項
shown under current liabilities         （列為流動負債）</td><td></td><td>(917)</td></tr><tr><td>Amount due for settlement after 12 months    12個月後到期償還款項
shown under non-current liabilities       （列為非流動負債）</td><td></td><td>299</td></tr></table>

As at 31 March 2020, the Group’s lease obligations denominated in RMB amounted to approximately HK\$70,000. The lessee’s incremental borrowing rate was 8.00% per annum for the year ended 31 March 2020.

# 27. CN

CN with conversion price of HK\$0.90 was issued by the Company to the subscriber, Gold Achieve Investments Limited, on 1 February 2019. The gross proceeds from issuing the CN of HK\$10,000,000 are to be used for general working capital of the Group. It entitled the holder to convert into Shares at any time one day after the date of issue and five business days before maturity date, which is on the second anniversary of the date of issue of CN. If the CN has not been converted, it will be redeemed on maturity date at the entire principal amount with accrued and unpaid interest. The CN bears interest at 8% per annum payable monthly. At the option of the Company, the CN may be redeemed in amounts of HK\$1,000,000 or integral multiples thereof on any business day prior to the maturity date at 100% of the principal amount outstanding under the CN together with all interest accrued thereon up to and including the date of redemption. At the option of the subscriber, the CN may be redeemed in amounts of HK\$1,000,000 or integral multiples thereof at any time three months after the date of issue of the CN at 100% of the principal amount outstanding under the CN together with all interest accrued thereon up to and including the date of redemption.

於二零二零年三月三十一日，本集團以人民幣計值之租賃承擔約70,000港元。截至二零二零年三月三十一日止年度的承租人增量借貸利率為年利率8.00厘。

27. 可換股票據

本公司於二零一九年二月一日以0.90港元之兌換價向認購人Gold Achieve Investments Limited發行可換股票據。發行10,000,000港元可換股票據所得款項總額將用作本集團之一般營運資金用途。持有人可選擇於發行之日後一天至到期日前五個營業日（可換股票據發行日期起計第二週年當日）期間任何時間內，將其轉換為股份。倘若可換股票據未獲轉換，則將於到期日以全部本金額連同應計及未支付利息贖回。可換股票據以年利息8厘計息，按月支付。本公司可選擇於到期日前任何營業日，按可換股票據項下未轉換本金額之100%，連同截至贖回日期（包括該日）止應計之所有利息，以1,000,000港元或其整數倍之金額贖回可換股票據。認購人可選擇於可換股票據發行日期後三個月任何時間，按可換股票據項下未轉換本金額之100%，連同截至贖回日期（包括該日）止應計之所有利息，以1,000,000港元或其整數倍之金額贖回可換股票據。

# 27. CN (CONTINUED)

On 29 March 2019, the Company entered into a supplemental deed with the noteholder pursuant to which the noteholder agreed to delete the terms and conditions about its early redemption right of the CN.

The fair value of the debt components were estimated at the issue date using equivalent market interest rate for similar bonds without a conversion option. The residual amounts were assigned as the equity components and are included in CN equity reserve.

The CN contains a debt component, an equity component and an issuer’s early redemption option. The equity component represents the value of the conversion option, which is credited directly to equity as CN equity reserve of the Company and the Group. The early redemption option is considered as closely related to the host contract. The debt component of the CN is carried as a non-current liability on the amortised cost basis until extinguished on conversion or redemption. The effective interest rate of the liability component is 35.99% per annum.

The carrying amounts of the CN recognised at the end of the reporting period were calculated as follows:

27. 可換股票據（續）

於二零一九年三月二十九日，本公司與票據持有人訂立補充契據，據此，票據持有人同意刪除有關提前贖回可換股票據權利之條款及條件。

債務部分之公允值於發行日期，採用並無換股權之類似債券之對等市場利率進行估計。剩餘金額列作權益部分，並計入可換股票據權益儲備內。

可換股票據包括債務部分、權益部分及發行人提前贖回權。權益部分指換股權之價值，直接於權益入賬為本公司及本集團之可換股票據權益儲備。提前贖回權被視為與主合約密切相關。可換股票據之債務部分按攤銷成本基準入賬為非流動負債，直至獲轉換或贖回時註銷為止。負債部分的實際年利率為35.99厘。

可換股票據於報告期末確認之賬面值計算如下：

<table><tr><td rowspan="2"></td><td>2020 
二零二零年</td><td>2019
二零一九年</td></tr><tr><td>HK$’000 
千港元</td><td>HK$’000
千港元</td></tr><tr><td>Equity component               權益部分</td><td></td><td></td></tr><tr><td>At the beiignnng of the year           於年初</td><td>3,398</td><td>–</td></tr><tr><td>Issue during the year              年內發行</td><td>–</td><td>3,398</td></tr><tr><td>At the end of the year              於年末</td><td>3,398</td><td>3,398</td></tr><tr><td>Debt component               債務部分</td><td></td><td></td></tr><tr><td>At the beiignnng of the year           於年初</td><td>6,822</td><td>–</td></tr><tr><td>Issue during the year              年內發行</td><td>–</td><td>6,602</td></tr><tr><td>Effective interest expenses charged to      計入綜合損益表之實際利息開支
consolidated statement of profit or loss</td><td>2,330</td><td>363</td></tr><tr><td>Interest paid                  已支付利息</td><td>(800)</td><td>(143)</td></tr><tr><td>At the end of the year              於年末</td><td>8,352</td><td>6,822</td></tr></table>