ChatDOC/OCRFlux-bench-single huggingface dataset:
(vi) a general unconditional mandate (the “Repurchase Mandate”) was given to the Directors to exercise all powers of our Company to purchase Shares on the Stock Exchange or on any other stock exchange on which the securities of the Company may be listed and recognised by the SFC and the Stock Exchange for this purpose with an aggregate nominal amount of not exceeding 10% of the aggregate nominal amount of our share capital in issue immediately following the completion of the Global Offering and the Capitalisation Issue but excluding any Shares which may be issued pursuant to the exercise of the Over-allotment Option until the conclusion of our next annual general meeting, or the date by which our next annual general meeting is required by the Articles of Association, the Companies Law or any other applicable law to be held, or the passing of an ordinary resolution by the Shareholders in general meeting revoking or varying the authority given to the Directors, whichever occurs first; and

(vii) the extension of the general mandate to allot, issue and deal with Shares to include the nominal amount of Shares which may be purchased or repurchased pursuant to paragraph (vi) above.

(d) the form and substance of each of the service agreements made between our executive Directors and our Company, the form and substance of each of the appointment letters made between each of our independent non-executive Directors with our Company and the form and substance of each of the employment contracts made between our Group and each of Mr. Michael Tung, Mr. Lo, Mr. Hou and Mr. Ricky Tung were approved.

# 5. Reorganisation

The companies comprising our Group underwent a reorganisation to rationalise our Group’s structure in preparation for the listing of the Shares on the Stock Exchange, which involved the following:

(a) on 21 September 2011, our Company was incorporated by Red Glory in the Cayman Islands under the Companies Law as an exempted company with an authorised share capital of HK\$350,000 divided into 3,500,000 Shares. Upon its incorporation, one Share was allotted and issued for cash at par to the subscriber, which was transferred to Red Glory on the same day;

(b) on 21 September 2011, Immense Ocean was incorporated in the BVI with limited liability with 50,000 authorised shares of US\$1.00 each. On 14 October 2011, one share of US\$1.00 was allotted and issued as fully paid at par by Immense Ocean to our Company, and Immense Ocean became our wholly-owned subsidiary since then;

(c) on 1 June 2011, Win Source was incorporated in Hong Kong with limited liability with 10,000 authorised shares of HK\$1.00 each. Upon its incorporation, one subscriber’s share was allotted and issued to Ready-Made Company Limited for
cash at par of HK\$1. On 20 June 2011, Ready-Made Company Limited transferred its one subscriber share in Win Source to Mr. Michael Tung for cash at the consideration of HK\$1. On 29 November 2011, Mr. Michael Tung transferred its one share in Win Source to Immense Ocean for cash at a consideration of HK\$1 and Win Source has become a wholly-owned subsidiary of Immense Ocean since then;

(d) Several subsidiaries of our Company entered into a series of trademark transfer assignments in 2011 to acquire our Tian Wang, Balco and other trademarks relevant to our operation from an Independent Third-Party and certain other companies in which our Controlling Shareholders have interest. Details of such trademark transfer assignment are described in paragraphs (c) to (n) of the section headed “Further Information About The Business of Our Company – 10. Summary of material contracts” in this section;

(e) on 1 June 2012, WMP and Win Source entered into a business transfer agreement, pursuant to which to Win Source acquired from WMP all the assets, rights and interests relating to our watch movement trading business, in particular comprising all fixed and moveable assets and property, cash and cash equivalent, contracts, accounts payable and receivables, goodwill, insurance policies, intellectual property rights, inventories, books and records, but excluding WMP’s equity interest in its subsidiaries and property interest in an office and warehouse situated in Tsuen Wan, Hong Kong (the “Business Assets”) at an aggregate consideration of HK\$49,999.90, which was settled by our Company allotting and issuing to Red Glory (at the direction of WMP) 499,999 Shares, credited as fully paid. Such acquisition was completed on 1 June 2012;

(f) on 1 June 2012, WMP and our Company entered into a share purchase agreement, pursuant to which Immense Ocean (at the direction of our Company) acquired from WMP the entire issued share capital of Win Sun, Gold Joy, Sky Sun, Gold Reach and Top World at an aggregate consideration of HK\$614,273,655, representing their then aggregate net book value. Such consideration was settled by our Company allotting and issuing, credited as fully paid, to Red Glory (at the direction of WMP) an aggregate of 500,000 Shares; and

(g) on 24 September 2012, Shenzhen Time Watch Management Consulting was established as a wholly-owned subsidiary of Tian Wang Shenzhen under the laws of the PRC with a registered capital of RMB6 million. Shenzhen Time Watch Management Consulting is principally engaged in sales and promotion of watches and related parts, brand marketing, administration and human resources management of our sales staff in the PRC.

Upon completion of the Reorganisation, our Company became the holding company of our Group.
项目	上期
归属于母公司所有者权益	少
数
股
东
权
益	所有者权益
股本	其他权益工具	资本
公积	减：
库存
股	其
他
综
合
收
益	专
项
储
备	盈余
公积	一
般
风
险
准
备	未分配利润
优
先
股	永
续
债	其
他
一、上年期末余额	6,000,000.00	7,978,159.70	930,123.81	8,371,114.25	23,279,397.76
加：会计政策变更
前期差错更正
同一控制下企业合并
其他
二、本年期初余额	6,000,000.00	7,978,159.70	930,123.81	8,371,114.25	23,279,397.76
三、本期增减变动金额（减
少以“－”号填列）	1,741,331.59	9,671,984.35	11,413,315.94
（一）综合收益总额	17,413,315.94	17,413,315.94
（二）所有者投入和减少资
本
1．股东投入的普通股
2．其他权益工具持有者投入
资本
3．股份支付计入所有者权益
的金额
4．其他
（三）利润分配	1,741,331.59	-7,741,331.59	-6,000,000.00
1．提取盈余公积	1,741,331.59	-1,741,331.59
2．提取一般风险准备
3．对所有者（或股东）的分
配	-6,000,000.00	-6,000,000.00
4．其他
（四）所有者权益内部结转
1.资本公积转增资本（或股
本）
2.盈余公积转增资本（或股
本）
3.盈余公积弥补亏损
4.设定受益计划变动额结转
留存收益
5.其他
（五）专项储备
1．本期提取
2．本期使用
（六）其他
四、本年期末余额	6,000,000.00	7,978,159.70	2,671,455.40	18,043,098.60	34,692,713.700

法定代表人：于涛	主管会计工作负责人：陶慧隽	会计机构负责人：陶慧隽
3-4 年 120.224.00 元
4-5 年 993.314.00 元
广东灏盈基金管理有限公司	非关联方	3,556,100.00	1 年以内	10.33
张梦	非关联方	2,156,000.00	1 年以内	6.26
朱东恩	非关联方	1,950,000.00	1 年以内	5.66
中昌汇金融资租赁（深圳）有
限公司	非关联方	928,544.00	1 年以内	2.70
合计	17,260,593.77	50.13

# （五） 存货及跌价准备

项目	期末数	期初数
账面余额	跌价准备	账面价值	账面余额	跌价准备	账面价值
原材料	8,327,344.39	8,327,344.39	7,774,627.42	7,774,627.42
在产品	982,105.32	982,105.32	423,150.26	423,150.26
库存商品	3,385,752.68	3,385,752.68	3,033,413.89	3,033,413.89
发出商品	20,343,430.14	20,343,430.14	22,987,219.55	22,987,219.55
合计	33,038,632.53	33,038,632.53	34,218,411.12	34,218,411.12

# （六） 长期股权投资

被投资单位	期初数	增减变动
追加投资	减少投资	权益法下确认
的投资损益	其他综合
收益调整	其他权益
变动
长沙高盛奥莎投资管理
中心（有限合伙）	4,454,236.68
合计	4,454,236.68

续：

被投资单位	增减变动	期末数	减值准备期末余额
宣告发放现金股
利或利润	计提减值
准备	其他
长沙高盛奥莎投资管
理中心（有限合伙）	4,454,236.68
合计	4,454,236.68

# （七） 固定资产

# 固定资产情况

项目	房屋建筑物	机器设备	运输工具	电子设备	办公设备及
其他	合计
一、账面原值
（1）期初数	22,815,623.99	21,389,570.68	2,530,087.10	387,293.04	82,403.99	47,204,978.80
（2）本期增加
金额	580,341.87	184,300.00	2,920.00	767,561.87
本期购置	580,341.87	184,300.00	2,920.00	767,561.87
在建工程转入
企业合并增加
（3）本期减少
金额
处置或报废
企业合并减少
（4）期末数	22,815,623.99	21,969,912.55	2,714,387.10	387,293.04	85,323.99	47,972,540.67
二、累计折旧
（1）期初数	2,882,897.85	8,611,054.24	2,083,614.72	305,633.49	68,573.01	13,951,773.31
（2）本期增加
金额	449,080.03	1,168,870.23	41,351.43	5,288.60	347.10	1,664,937.39
本期计提	449,080.03	1,168,870.23	41,351.43	5,288.60	347.10	1,664,937.39
企业合并增加
（3）本期减少
金额
（4）期末数	3,331,977.88	9,779,924.47	2,124,966.15	310,922.09	68,920.11	15,616,710.70
三、减值准备
（1）期初数
（2）本期增加
金额
本期计提
其他
（3）本期减少
金额
处置或报废
其他
（4）期末数
四、账面价值
合计
期末数	19,483,646.11	12,189,988.08	589,420.95	76,370.95	16,403.89	32,355,829.97
期初数	19,932,726.14	12,778,516.44	446,472.38	81,659.55	13,830.98	33,253,205.49

1．2018 年 1-6 月计提折旧额 1,664,937.39 元。

# 2．期无在建工程转入固定资产情况。

3．本报告期内抵押的固定资产。

被抵押资产名称	权属证明
Attributable to owners of the Company	Non-
controlling
interest	Total
equity
Share
capital	Share
premium	Convertible
bonds	Share option
reserve	Merger
reserve
(Note 20(a))	Other
reserves
(Note 20(b))	Exchange
reserve	Accumulated
losses	Total
US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000
Balance at 1 April 2018	1,188	47,752	38,954	1,096	(63,808)	13,636	(567)	(18,919)	19,332	4,290	23,622
Comprehensive (loss)/income
Profit for the year	—	—	—	—	—	—	—	10,090	10,090	(18)	10,072
Other comprehensive loss
Currency translation differences	—	—	—	—	—	—	(2,865)	—	(2,865)	(284)	(3,149)
Total comprehensive (loss)/income	—	—	—	—	—	—	(2,865)	10,090	7,225	(302)	6,923
Transactions with owners in their
capacity as owners
Employee share option scheme:
— Exercise of share options	8	1,336	—	(388)	—	—	—	—	956	—	956
Conversion of convertible bond	25	5,575	—	—	—	—	—	—	5,600	—	5,600
Balance at 31 March 2019	1,221	54,663	38,954	708	(63,808)	13,636	(3,432)	(8,829)	33,113	3,988	37,101

The accompanying notes are an integral part of this consolidated financial statements.
Attributable to owners of the Company	Non-
controlling
interest	Total
equity
Share
capital	Share
premium	Convertible
bonds	Share option
reserve	Merger
reserve
(Note 20(a))	Other
reserves
(Note 20(b))	Exchange
reserve	Accumulated
losses	Total
US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000
Balance at 1 April 2019	1,221	54,663	38,954	708	(63,808)	13,636	(3,432)	(8,829)	33,113	3,988	37,101
Comprehensive (loss)/income
Loss for the year	—	—	—	—	—	—	—	(10,209)	(10,209)	233	(9,976)
Other comprehensive loss
Currency translation differences	—	—	—	—	—	—	(2,039)	—	(2,039)	(202)	(2,241)
Total comprehensive loss	—	—	—	—	—	—	(2,039)	(10,209)	(12,248)	31	(12,217)
Balance at 31 March 2020	1,221	54,663	38,954	708	(63,808)	13,636	(5,471)	(19,038)	20,865	4,019	24,884

The accompanying notes are an integral part of this consolidated financial statements.
类别	年初余额
账面余额	坏账准备	账面价值
金额	比例
（%）	金额	计提比例
（%）
按信用风险特征组合计提坏账准
备的其他应收款	81,177.00	100.00	81,177.00
其中：低风险组合	81,177.00	100.00	81,177.00
账龄分析组合
单项金额不重大但单独计提坏账
准备的其他应收款
合计	81,177.00	100.00	81,177.00

# ②其他应收款按款项性质分类情况

款项性质	期末账面余额	年初账面余额
备用金	102,599.00	72,885.00
保证金	8,292.00
其他	344.10
往来款项	8,180,000.01
合计	8,282,943.11	81,177.00

# 5、存货

# （1）存货分类

项目	期末余额
账面余额	跌价准备	账面价值
原材料	3,657,105.50	40,277.23	3,616,828.27
周转材料	70,327.13	1,569.72	68,757.41
产成品	1,932,249.94	69,644.25	1,862,605.69
发出商品	348,631.99	348,631.99
合计	6,008,314.56	111,491.20	5,896,823.36

（续）

项目	年初余额
账面余额	跌价准备	账面价值
原材料	3,168,129.57	40,277.23	3,127,852.34
在产品	61,573.71	1,569.72	60,003.99
项目	年初余额
账面余额	跌价准备	账面价值
库存商品	1,549,018.78	69,644.25	1,479,374.53
周转材料	574,955.65	574,955.65
合计	5,353,677.71	111,491.20	5,242,186.51

# （2）存货跌价准备

项目	年初余额	本期增加金额	本期减少金额	期末余额
计提	其他	转回或转销	其他
原材料	40,277.23	40,277.23
周转材料	1,569.72	1,569.72
产成品	69,644.25	69,644.25
合计	111,491.20	111,491.20

# 6、其他流动资产

项目	期末余额	年初余额
预缴企业所得税	0.01
待摊费用	206,573.14	20,200.80
合计	206,573.15	20,200.80

# 7、固定资产

项目	期末余额	年初余额
固定资产	5,016,984.85	5,166,082.38
固定资产清理
合计	5,016,984.85	5,166,082.38

# （1）固定资产

# ①固定资产情况

项目	房屋及建筑物	机器设备	运输设备	办公及研发设备	合计
一、账面原值
1、年初余额	7,228,819.60	3,066,508.90	622,222.86	1,220,992.89	12,138,544.25
2、本期增加金额	156,595.87	15,727.63	172,323.50
（1）购置	156,595.87	15,727.63	172,323.50
3、本期减少金额
（1）处置或报废
4、期末余额	7,228,819.60	3,066,508.90	778,818.73	1,236,720.52	12,310,867.75
二、累计折旧
Figure 5. Observed spectral energy distribution of GRB 160625B (points) at late times, interpolated as necessary to the indicated dates, and the best fits given by boxfit (lines) at indicated participation fraction \( \xi \), using an constant CBM density profile. Data denoted by grey points are ignored in the fitting (see text).

with spectra produced by boxfit at these epochs. The power-law slope of the SED, \( \beta \), between the optical (r) and X-ray (5 keV) bands, steepens slightly over time, from −0.79 ± 0.02 between 3 and 10 d to −0.86 ± 0.04 at 141 d. This is steeper than −0.65, expected from \( p \approx \) 2.3 implied by the early optical and X-ray light curves (see Section 4.2.1) for \( \nu < \nu _ { c } \), but shallower than−1.15, which is expected for \( \nu > \nu _ { c } \). Alexander et al. (2017) obtain an early X-ray spectral slope similar to this, \( \beta _ { X } = - 0 . 8 6 _ { - 0 . 1 0 } ^ { + 0 . 0 9 } \), and explain this as \( \nu _ { c } \) being lo-catedj ust below the X-ray band. However, according to the UKSSDC Swift Burst Analyser11 the X-ray pho-ton index \( \Gamma _ { X } \) (and thus the spectral slope in X-ray) does not significantly evolve over the first 30 d but stays around ∼ 1.8, after which the spectrum seems to flatten to \( \Gamma _ { X } \sim \)\( 1 . 1 \). This feature may not be real, though, as the Burst Analyzer light curve deviates much more from a clean power law when this is used in flux calculation– thus we assume a constant \( \Gamma _ { X } \) 12. If \( \nu _ { c } \) was initially just below X-ray and changed as \( \nu _ { c } \propto t ^ { - 1 / 2 } \), one would expect the spectrum to instead steepen over time to its \( \nu \gg \nu _ { c } \) value. We discuss this evolution further in Sec-tion 4.2.1.

Figure 6. Observed F160W (extinction-corrected), X-ray and interpolated 6 and 9 GHz light curves of the afterglow of GRB 160509A (points) and our power law fits including the broken power laws described by Eq. 1 (lines). The red triangle is the upper limit of the F160W flux at 24.8 d. X-ray flux densities from Swift/XRT (solid triangles) and Chan-dra/ACIS-S (open triangles) are reported at 5 keV. Both choices of \( \omega \) fit the late light curve equally well. The early light curve exhibits a shallower decay and another break, and thus points before \( 4 \times 1 0 ^ { 4 } \) s (grey) are ignored.

# 3.2. GRB 160509A

It was noted in Laskar et al. (2016) that the host galaxy of GRB 160509A contributes substantially to the

---

11 http://www.swift.ac.uk/burst analyser/00020667/12 The post-break X-ray slope would not change by changing \( \Gamma _ { x } \) at the latest Swift points, as Chandra points would be affected equally – but \( t _ { j , \mathrm { X } } \) could be delayed.
Location
地點	Stage of
comlpetion
完工狀況	Expected
comlpetion date
預計完工日期	Site area/Gross
floor area
佔地面積╱
建築面積	Type of use
用途	Gr’oups
interest
集團權益
PROPERTIES HELD FOR DEVELOPMENT: (Continued)
持有作發展物業：（續）
A parcel of land in Tie Ji Village,
Hong Shan District, Wuhan,
The Peol’es Reblhppuic of Cina
中華人民共和國
武漢市洪山區
鐵機村之一塊土地	Under
construction
建造中	December 2022
(Phase VI)
二零二二年十二月
（第六期）	390,000 sq.m./
1,731,000 sq.m.
390,000平方米╱
1,731,000平方米	Office/
Commercial/
Residential
辦公室╱
商業╱住宅	68%
A parcel of land in Ma Chi Lu,
Dong Xi Hu District, Wuhan,
The Peol’es Reblhppuic of Cina
中華人民共和國
武漢市東西湖區
馬池路之一塊土地	Under
construction
建造中	June 2021
二零二一年六月	59,000 sq.m./
297,000 sq.m.
59,000平方米╱
297,000平方米	Commercial/
Residential
商業╱住宅	55%
Four parcels of land
in Tu Hu Cun Xia Liao, Danshui,
Huiyang District, Huizhou,
Guandgong Province,
The Peol’blipes Repuc of China
中華人民共和國
廣東省惠州市
惠陽區淡水
土湖村下寮地段之
四塊土地	Under
construction
建造中	January 2022
(Phase IV)
二零二二年一月
（第四期）	187,000 sq.m./
863,000 sq.m.
187,000平方米╱
863,000平方米	Residential
住宅	70%
A parcel of land at east of
Cheng Dong Lu and South of
Tan Jia Ling Dong Lu,
Li Zhou Jie Dao,
Yu Yao County,
Zhejiang Province,
The Peol’es Reblhppuic of Cina
中華人民共和國
浙江省
余姚市
梨洲街道
城東路以東及譚家岭東路以南之
一塊土地	Under
construction
建造中	June 2018
二零一八年六月	208,000 sq.m./
622,000 sq.m.
208,000平方米╱
622,000平方米	Commercial/
Residential
商業╱住宅	100%
Location
地點	Stage of
comlpetion
完工狀況	Expected
comlpetion date
預計完工日期	Site area/Gross
floor area
佔地面積╱
建築面積	Type of use
用途	Gr’oups
interest
集團權益
PROPERTIES HELD FOR DEVELOPMENT: (Continued)
持有作發展物業：（續）
Four parcels of land
in Bei Da Huai Shu reigon,
HuaiiDiyn strict,
Jinan, Shandong Province,
The P’eolpes Relihipubc of Cna
中華人民共和國
山東省濟南市
槐蔭區北大槐樹片區之
四塊土地	Under
construction
建造中	October 2019
二零一九年十月	89,000 sq.m./
502,000 sq.m.
89,000平方米╱
502,000平方米	Commercial/
Residential
商業╱住宅	85%
A parcel of land at south of
Hua Yuan Lu,
east of Hua Xian Chang Lu, Lixia District,
Jinan, Shandong Province,
The Peol’es Reblhppuic of Cina
中華人民共和國
山東省濟南市
歷下區
花園路南側
化纖廠路東側之
一塊土地	Under
construction
建造中	October 2018
二零一八年十月	112,000 sq.m./
419,000 sq.m.
112,000平方米╱
419,000平方米	Residential
住宅	80%
Four parcels of land at east of Hua Xi Da Dao,
Nan Ming District,
Guiyang, Guizhou Province,
The Peol’es Reblhppuic of Cina
中華人民共和國
貴州省貴陽市
南明區花溪大道東側
之四塊土地	Under
construction
建造中	May 2021
二零二一年五月	248,000 sq.m./
1,566,000 sq.m.
248,000平方米╱
1,566,000平方米	Commercial/
Residential
商業╱住宅	51%
“Main Board”	the stock exchange (excluding the option market)
operated by the Stock Exchange which is independent
from and operated in parallel with the Growth Enterprise
Market of the Stock Exchange. For the avoidance of
doubt, the Main Board excludes the Growth Enterprise
Market
“Memorandum” or
“Memorandum of Association”	the eihhdgt amende and restated memorandum of
association of the Company adopted by special resolution
on October 8, 2019 with effect from Listing, as amended
from time to time, a summary of which is set out in the
section headed “Appendix IV – Summary of the
Constitution of the Company and Cayman Companies
Law”
“MOFCOM”	the Ministry of Commerce of the PRC (中華人民共和國
商務部)
“NDRC”	the National Development and Reform Commission (國
家發展和改革委員會)
“NMPA”	National Medical Products Administration (國家藥品監
督管理局) and its predecessor, the China Food and Drug
Administration (國家食品藥品監督管理總局)
“Nomination Committee”	the nomination committee of the Board
“Ocean Prominent”	Ocean Prominent Limited (越揚有限公司), a limited
liability company incorporated in the BVI on March 18,
2014, and one of the Com’pans subsidiyaries
“Offer Price”	the final Hong Kong dollar price per Offer Share (before
brokerage of 1%, SFC transaction levy of 0.0027% and
Stock Exchange trading fee of 0.005%) at which Shares
are to be subscribed or purchased pursuant to the Global
Offering, which will be not more than HK$8.95 and is
expected to be not less than HK$8.18, to be determined as
described in “Structure of the Global Offering – (E)
Pricing of the Global Offering” in this prospectus
“Offer Share(s)”	the Hong Kong Offer Shares and the International
Offering Shares, where relevant, with any Shares being
issued pursuant to the exercise of the Over-allotment
Option
“Over-allotment Option”	the option to be granted by our Company to the Joint
Global Coordinators (on behalf of the International
Underwriters) under the International Underwriting
Agreement pursuant to which our Company may be
required by the Joint Global Coordinators to allot and
issue up to 37,548,000 additional Shares, representing
approximately 15% of the Offer Shares initially available
under the Global Offering, at the Offer Price to cover
over-allocations in the International Offering, details of
which are described in the section headed “Structure of
the Global Offering” in this prospectus
“Over-allotment Shares”	up to 37,548,000 Shares which our Company may be
required to issue at the Offer Price pursuant to the
Over-allotment Option
“PRC Legal Advisor”	Commerce & Finance Law Offices
“Pre-IPO Incentivisation Plans”	the 2015 Pre-IPO Incentivisation Plan, the 2016 Pre-IPO
Incentivisation Plan and the 2018 Pre-IPO Incentivisation
Plan, the principal terms of which are set out in the
section headed “Appendix V – Statutory and General
Information – Pre-IPO Incentivisation Plans”
“Pre-IPO Investments”	the subscription of 55,500,000 Series A Preferred Shares,
125,976,000 Series B Preferred Shares, 145,506,500
Series C Preferred Shares, and 205,262,271 Series D
Preferred Shares by the Pre-IPO Investors at an aggregate
consideration of approximately US$244 million pursuant
to the Series A and B Share Purchase Agreement, Series
B Agreements, Series C Share Purchase Agreement,
Series D1 Share Purchase Agreement and Series D2
Share Purchase Agreement, further information on which
is set forth in the section headed “History, Development
and Corporate Structure – Pre-IPO Investment” in this
prospectus
“Pre-IPO Investors”	the Series A Preferred Shareholder, the Series B Preferred
Shareholders, the Series C Preferred Shareholders and the
Series D Preferred Shareholders
# KEY AUDIT MATTERS (continued)

Impairment assessment of intangible assets, construction in progress (“CIP”) and property, plant
and equipment (“PP&E”) of Full Gold
Refer to notes 14, 15, 16 to the consolidated financial statements and the accounting policies on page
80.
The Key Audit Matter	How the matter was addressed in our audit
Due to the increasing uncertainty about the
operational environment of a cash-generating unit
(“CGU”), Full Gold Mining Limited Liability
Company (“Full Gold”), a subsidiary of the Group,
which incorporated in and has operations in the
Kyrgyz Republic, there is a risk that the value of
the intangible assets, CIP and PP&E of Full Gold
may not be recoverable in full through the future
cash flows to be generated from its mining
operations or from disposal of these assets.
Full Gold held intangible assets (excluding
exploration and evaluation assets) totalling RMB96
million, CIP totalling RMB9 million and PP&E
totalling RMB178 million as at 31 December 2020.
The recoverable amount of the cash generating
unit which included Full Gold was determined by
management as the greater of the value in use
and the fair value less cost of disposal of the
assets of Full Gold. A discounted cash flow
forecast was prepared by management to
determine the value in use.
We identified the impairment assessment of the
intangible assets, CIP and PP&E of Full Gold as a
key audit matter because the impairment
assessment prepared by management is complex
and contains certain judgements and assumptions,
particularly in relation to future gold prices, the
long-term growth rate and the discount rate
applied, which are inherently uncertain and may be
subject to management bias.	Our audit procedures to assess potential impairment of
the intangible assets, CIP and PP&E of Full Gold
included the following:
• engaging our internal valuation specialists to assist
us in evaluating the methodology used by
management in the preparation of the discounted
cash flow forecast with reference to the
requirements of the prevailing accounting
standards;
• comparing the future gold prices used in the
discounted cashflow forecast with gold futures
contract prices in the market;
• comparing data in the discounted cashflow forecast
with the relevant data, including future revenue,
future cost of sales and future other operating
expenses, in the budget which was approved by
the Board of Directors;
• comparing the revenue and operating costs
included in discounted cashflow forecast prepared
in the prior year with the current year’s
performance of Full Gold to assess how accurate
the prior year’s discounted cashflow forecast was
and making enquiries of management as to the
reasons for any significant variations identified;
• with the assistance of our internal valuation
specialists, assessing whether the discount rate
applied in the discounted cashflow forecast was
within the range adopted by other companies in
the same industry;