ChatDOC/OCRFlux-bench-single huggingface dataset:
Figure 7: Tidal displacements at the top and bottom of the ocean as a function of the aspect ratio \( \eta \). The values of the amplitudes are given in units of outer radius of the ocean (base of the icy shell). The shaded area represents the range 0.82 \( \leq \eta \leq \) 0.85 predicted by models of isostasy.

# A Tidal and libration forcings

# A.1 Tidal displacements

The three spherical harmonics components of the radial and tangential displacements are shown on Fig. 7 for different values of the aspect ratio, \( \eta \). The analytical expressions for the displacement are quite long and impractical. Instead, we provide a set of simplified expressions obtained using a Pade approximant on the interval \( \eta \in [ \frac { 1 6 } { 2 1 } , 1 ] \). All expressions are in dimensionless units :
# OTHER INFORMATION

# PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

Neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities during the six months ended 30 June 2021.

# COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

During the six months ended 30 June 2021, the Company has applied the principles of, and complied with, the applicable code provisions of the Corporate Governance Code as set out in Appendix 14 to the Listing Rules, except for the following deviations:

Under code provision A.6.7, independent non-executive directors and other non-executive directors should attend general meetings. Mr. Chan Kin Sang and Mr. Zheng Suijun, being independent non-executive Directors, were unable to attend the annual general meeting of the Company held on 25 June 2021 (the “AGM”) due to other pre-arranged business commitments and the circumstance under the COVID-19 outbreak, respectively.

Under code provision E.1.2, the chairman of the board should attend the annual general meeting. Mr. Liao Nangang, being the chairman of the Board was unable to attend the AGM due to the circumstances under the COVID-19 outbreak. Mr. Liao will endeavour to attend all future annual general meetings of the Company unless unexpected or special circumstances prevent him from doing so. Mr. Liao had entrusted Mr. Shin Yick, Fabian, being non-executive Director, to respond to shareholders’ concerns (if any) on his behalf at the AGM.

# DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted a code of conduct regarding Directors’ securities transactions (the “Model Code”) on terms no less exacting than the required standard set out in the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules. Having made specific enquiry of all Directors, the Company confirms that all the Directors have complied with the Model Code for the six months ended 30 June 2021.
# AUDIT COMMITTEE

The Audit Committee of the Company has reviewed the Interim Results with no disagreement with the accounting treatment adopted by the Group. At the request of the Directors, the Group’s external auditors have carried out a review of the Interim Results in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the HKICPA.

# PUBLICATION OF INTERIM REPORT ON THE WEBSITES OF THE STOCK EXCHANGE AND THE COMPANY

The Company’s interim report containing all information required by the Listing Rules will be despatched to the shareholders of the Company and published on the website of the Stock Exchange at www.hkexnews.hk and the website of the Company at www.paktakintl.com in due course.

On behalf of the Board

Pak Tak International Limited

Liao Nangang

Chairman

Hong Kong, 27 August 2021

As at the date of this announcement, the Board comprises Mr. Liao Nangang, Ms. Qian Pu, Mr. Wang Jian and Mr. Ning Jie as executive Directors; Mr. Shin Yick Fabian and Mr. Liu Xiaowei as non-executive Directors; and Mr. Chan Ngai Sang Kenny, Mr. Chan Kin Sang and Mr. Zheng Suijun as independent non-executive Directors.
at 31 December 2020

Note	2020	2019
HK$’000	HK$’000
Non-current liabilities
Bank loans	20	1,057,943	805,907
Lease liabilities	22	568,563	790,497
Deferred tax liabilities	23(b)	162,859	176,931
1,789,365	1,773,335
NET ASSETS	1,882,735	2,155,933
CAPITAL AND RESERVES	24
Share cailpta	279,967	279,967
Reserves	1,603,365	1,876,525
Total equity attributable to equity holders of the Company	1,883,332	2,156,492
Non-controlling interests	(597)	(559)
TOTAL EQUITY	1,882,735	2,155,933

Approved and authorised for issue by the Board of Directors on 26 March 2021.

Wu Kebo	Chow Sau Fong, Fiona
Director	Director
Share
cailpta	Share
premium	Cailpta
redemipton
reserve	Contributed
surplus	Reserve
funds	Exchange
reserve	Retained
profits	Total	Non-
controlling
interests	Total
equity
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
Balance at 1 January 2020	279,967	771,749	15,886	80,000	3,134	5,098	1,000,658	2,156,492	(559)	2,155,933
Changes in equity for 2020:
Loss for the year	–	–	–	–	–	–	(288,171)	(288,171)	(3)	(288,174)
Other comprehensive income	–	–	–	–	–	15,011	–	15,011	(35)	14,976
Total comprehensive income	–	–	–	–	–	15,011	(288,171)	(273,160)	(38)	(273,198)
Balance at 31 December 2020	279,967	771,749	15,886	80,000	3,134	20,109	712,487	1,883,332	(597)	1,882,735

Share
cailpta	Share
premium	Cailpta
redemipton
reserve	Contributed
surplus	Reserve
funds	Exchange
reserve	Retained
profits	Total	Non-
controling
interests	Total
equity
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
Balance at 1 January 2019	279,967	771,749	15,886	80,000	3,134	(4,826)	1,035,750	2,181,660	(545)	2,181,115
Changes in equity for 2019:
Loss for the year	–	–
–	–	–	–	(35,092)	(35,092)	(24)	(35,116)
Other comprehensive income	–	–	–	–	–	9,924	–	9,924	10	9,934
Total comprehensive income	–	–	–	–	–	9,924	(35,092)	(25,168)	(14)	(25,182)
Balance at 31 December 2019	279,967	771,749	15,886	80,000	3,134	5,098	1,000,658	2,156,492	(559)	2,155,933

The notes on pages 102 to 157 form part of these financial statements.
# DIRECTORS AND SENIOR MANAGEMENT PROFILE
# 1. Board of Directors and Risk Control Committee

The Board of Directors has the ultimate responsibility for the risk management of the Company. The Board of Directors is mainly responsible for advancing the construction of risk culture; considering and approving the basic system of the comprehensive risk management of the Company; appointing chief risk officer; considering and approving major issues of the Company’s risk management, such as risk preference, risk tolerance, significant risk limit and information disclosure; reviewing and evaluating risk management reports and their implementation, etc. The Board of Directors may delegate its Risk Control Committee to fulfill part of its function of comprehensive risk management.

# 2. Senior Management (Including Chief Risk Officer) and Risk Management Committee

The senior management of the Company is responsible for organizing and implementing various works in comprehensive risk management in the operation and management process, which mainly performs the following duties:

(1) establish a risk management system and make timely adjustment;

(2) establish a healthy operation management structure for the Company’s comprehensive risk management, clarifying the duty allocation of risk management among various departments, and establish a working mechanism that features effective checking and balance and good coordination among the departments;

(3) establish a complete information technology system and data quality control mechanism;

(4) establish a performance assessment system for all staff that covers the effectiveness of risk management;

(5) formulate the specific execution plans for risk management according to the risk preference, risk tolerance and significant risk limit approved by the Board to ensure the effective implementation of the plans; monitor its progress, analyze reasons in a timely manner and handle it according to the authorizations granted by the Board;

(6) regularly assess the overall risk of the Company and various types of material risk management conditions, resolve problems that are found in risk management and report to the Board.
The Company establishes a Risk Management Committee under the senior management, which is responsible for the overall risk monitoring and management of the Company within the scope of authorization of the Board and management, formulating and adjusting the risk management decisions of the Company, approving new business and risk limits, and making decisions and approvals for important matters involving risk management.

The Company establishes a chief risk officer who is a senior management officer of the Company and is appointed and removed by the Board. The main responsibilities of the chief risk officer include:

(1) organize and implement the overall risk management of the Company;

(2) review and approve the Company’s risk management plan and risk measurement methods, models and indicators;

(3) organize the formulation of the Company’s internal risk management system and policies, and evaluate major market, credit, liquidity and other risks;

(4) organize investigation and inquiry for hidden risks existing in business operation and management activities; report major hidden risks that discovered to the president of the Company in a timely manner, and put forward rectification opinions to the person-in-charge of other relevant departments; possesses the authority to report to the Board and its Risk Control Committee or the chairman of the Supervisory Committee had the major hidden risks or the rectification of hidden risks fails to meet the standards.
We then used the bootstrapping algorithm and obtained the following means and standard errors for \( M \)= 1000 which, as reported below, com-pare quite well with the asymptotic theory estimates. The corresponding distributions are shown in Figures 14 and 15.

\( k _ { I } ^ { + } ( b o o t ) ( G L S ) \)	\( k _ { I } ^ { - } ( b o o t ) ( G L S ) \)	\( k _ { I } ^ { + } ( a s y m p ) ( G L S ) \)	\( \overline { { k _ { I } ^ { - } ( a s y m p ) ( G L S ) } } \)
mean	2.158	10.911	2.157	10.911
SE	0.0044	0.0247	0.00396	0.0225

Figure 14: Two parameters estimation \( ( k _ { I } ^ { + } , \, k _ { I } ^ { - } ) \). Bootstrapping distribution for \( k _ { I } ^ { + } \). We use GLS and M=1000 runs.

# 5.3 GLS Estimation of 3 Parameters

We tried next to estimate 3 parameters. We again used the GLS formulation with \( \gamma \) = 0.6. Once again we fixed all the parameters describing the domain and the polymerization function \( k _ { o n } \) and we also fixed either \( k _ { o f f } ^ { N } \) or \( k _ { o n } ^ { N } \) in the corresponding inverse problems.

# 5.4 GLS Estimation for \( k _ { I } ^ { + } \),\( k _ { I } ^ { - } \) and \( k _ { o n } ^ { N } \)

We fixed values as follows:

\( \overline { { k _ { o f f } ^ { N } } } \)	\( k _ { o n } ^ { m i n } \)	\( k _ { o n } ^ { m a x } \)	\( x _ { 1 } \)	\( x _ { 2 } \)	\( i _ { m a x } \)
93.33	1684.38	\( 1 . 5 \cdot 1 0 ^ { 9 } \)	0.062	0.859	\( 3 . 5 \cdot 1 0 ^ { 5 } \)
Figure 15: Two parameters estimation \( ( k _ { I } ^ { + } , \, k _ { I } ^ { - } ) \). Bootstrapping distribution for \( k _ { I } ^ { - } \). We use GLS and M=1000 runs.

We used as initial parameter values:

\( \underline { { k _ { I } ^ { + } } } \)	\( \underline { { k _ { I } ^ { - } } } \)	\( k _ { o n } ^ { N } \)
\( q _ { 0 } \)	2.1600	10.9270	4616.962

We obtained the estimated parameters together with the corresponding standard errors, variances and the condition numbers \( \kappa \) of the corresponding sensitivity matrices for the four data sets as reported below. The 95% con-fidence results based on the asymptotic theory are also depicted for DS 4 in Figure 16.

\( \overline { { k _ { I } ^ { + } } } \)	\( k _ { I } ^ { - } \)	\( \mathit { k } _ { o n } ^ { N } \)	SE	\( \sigma ^ { 2 } \)	\( \kappa \)
\( D S \) 1	2.26	13.49	4616.96	\( ( . 0 1 2 , . 0 9 9 , 5 3 . 9 2 5 ) \)	\( 8 . 5 2 \cdot 1 0 ^ { - 6 } \)	\( 8 . 8 9 \cdot 1 0 ^ { 1 0 } \)
\( D S \) 2	2.99	16.20	4616.96	\( ( . 0 2 1 , . 1 5 1 , 5 6 . 6 9 1 ) \)	\( 9 . 6 7 \cdot 1 0 ^ { - 6 } \)	\( 4 . 3 7 \cdot 1 0 ^ { 1 0 } \)
\( D S \) 3	2.18	15.76	9840.31	\( ( . 0 1 1 , . 1 0 3 , 9 0 . 4 6 6 ) \)	\( 6 . 4 5 \cdot 1 0 ^ { - 6 } \)	\( 3 . 9 4 \cdot 1 0 ^ { 1 1 } \)
\( D S \) 4	2.16	10.91	4616.96	\( ( 0 . 0 0 8 9 , 0 . 0 6 4 9 , 4 5 . 2 6 2 ) \)	\( 6 . 3 6 \cdot 1 0 ^ { - 6 } \)	\( 7 . 1 4 \cdot 1 0 ^ { 1 0 } \)

To compare these asymptotic results with bootstrapping, we carried out bootstrapping with Data Set (DS) 4 for the estimation of \( k _ { I } ^ { + } \), \( k _ { I } ^ { - } \) and \( k _ { o n } ^ { N } \) with the same initial values as above. We then obtained the following means and standard errors for a run with \( M \)= 1000, in comparison to the asymptotic theory.
# 2 Summary of significant accounting policies (Continued)

# 2.6 Foreign currency translation (Continued)

# (b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in other gains/(losses) – net.

# (c) Group companies

The results and financial position of all the Group entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

(i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

(ii) income and expenses for each profit or loss are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and

(iii) all resulting currency translation differences are recognized in other comprehensive income.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

# 2.7 Property, plant and equipment

Property, plant and equipment, other than construction in progress, are stated at historical cost less depreciation and provision for impairment loss, if any. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to profit or loss during the financial year in which they are incurred.

Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives or, in the case of leasehold improvements, the shorter lease term as follows:

Buildings	20 years
Leasehold improvements	Shorter of remaining lease terms of 2–3 years or useful life
Machinery and equipment	5–10 years
Furniture, fittings and equipment	3–5 years
Vehicles	5–10 years
# 2 Summary of significant accounting policies (Continued)

# 2.7 Property, plant and equipment (Continued)

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Construction in progress represents buildings under construction and is stated at cost less provision for impairment loss, if any. Cost includes the costs of construction and acquisition. When the assets concerned are available for use, the costs are transferred to property, plant and equipment and depreciated in accordance with the policy as stated above.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 2.9).

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within “other gains/(losses) – net” in the profit or loss.

# 2.8 Intangible assets

# (a) Acquired trademark

Separately acquired trademarks are shown at historical cost. Trademarks acquired in a business combination are recognised at fair value at the acquisition date. Amortization of trademark that has a finite useful life is calculated using the straight-line method to allocate the costs of acquired trademark over its estimated useful life of 10 years. It is subsequently carried at cost less accumulated amortisation and impairment losses.

# (b) Computer software

Acquired computer software license is capitalized on the basis of the costs incurred to acquire the specific software. These costs are amortized over a period ranging from 3 to 10 years.

# (c) Goodwill

Goodwill is measured as the excess of the acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments.
Hicend Futures	Hicend Futures Co., Ltd. (海證期貨有限公司)
HuaAn Funds	HuaAn Funds Management Co., Ltd. (華安基金管理有限公司)
Guoxiang Properties	Shanhgai GuoxianPLdg ro有公perties Co., t. (上海國翔置業限司)
SPD Bank	Shanhdgai PuonDlCg eveo浦發銀股有
pment Bank o., Ltd. (上海東展行份限公司)
Shanhgai Rural Commercial Bank	Shanhgai Rural Commercial Bank Co., Ltd. (上海農村商業銀行股份有限公
司)
Convertible Bonds/
A Share Convertible Bonds	’the convertible corporate bonds (which can be converted into the Companys
A Shares) amounting to RMB7 billion issued by the Company on 7 July 2017
and listed on Shanhai Stock Exchange on 24 July 2017g
Company Law	the Company Law of the PRC
Securities Law	the Securities Law of the PRC
SSE Listing Rules	the Rules Governing the Listing of Stocks on the Shanhai Stock Egxchange
Hong Kong Listing Rules	the Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited, as amended, sulppemented or otherwise modified from time
to time
Model Code	the Model Code for Securities Transactions by Directors of Listed Issuers as
set out in Appendix 10 to the Hong Kong Listing Rules
Corporate Governance Code	the Corporate Governance Code and Corporate Governance Report as set
out in Appendix 14 to the Hong Kong Listing Rules
SFO	the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong), as amended, sulpemented and modifpied otherwise from time to time
Reporting Period	the first half of 2020
Yuan	RMB Yuan
A Shares	domestic shares of the Company, with a nominal value of RMB1.00 each,
which are listed on the Shanhai Stock Exchange and are traded in RMBg
H Shares	overseas listed foreign shares of the Company, with a nominal value of
RMB1.00 each, which are listed on the Hong Kong Stock Exchange and traded
in Hong Kong dollars
FICC	Fixed Income, Currencies and Commodities
Daohe APP	APP serving corporate and institutional customers
Matrix System	the corporate and institutional customers management system
Jun Hong APP	APP serving retail customers
Jun Hong Bai Shi Tong	the retail customers management system
# I. PROFILE

Name in Chinese	國泰君安証券股份有限公司
Abbreviation in Chinese	國泰君安
Name in Enlhgis	Guotai Junan Securities Co., Ltd.
Abbreviation in Enlgish	GTJA, Guotai Junan Securities
Legal Representative	HE Qing
General Manager	WANG Song

# Registered Capital and Net Capital of the Company

# Unit: thousand yuan Currency: RMB

At the
end of the
Reporting
Period	At the
end of
last year
Registered Capital	8,907,948	8,907,948
Net Capital	89,338,264	85,971,493
ShNtare Capiteal o	8,907,949	8,907,948

Note: From July 2019 when the Company completed the change of registered capital to the end of the Reporting Period, the cumulative number of Shares converted from the \( \mathrm { A } \) Share Convertible Bonds of the Company was 614 Shares, and the share capital of the Company increased to 8,907,948,568 Shares. The Company will apply for registering the change of the registered capital in a timely manner in accordance with the relevant requirements.

# Business Qualifications for Each Individual Business of the Company

# √ Applicable □ Not applicable

# 1. Individual Business Qualifications of the Company

No.	Approval Department	Qualification Name/Membership
1	Th’e PeolfChpes Bank o ina	Interbank Borrowing Qualification (Yin Huo Zheng [2000] No.
122, Yin Zong Bu Han [2016] No. 22)
Interbank Bonds Market Maker (Yin Fa [2004] No. 157)
Participation of Gold Trading on Shanhgai Gold Exchange as
an Institutional Dealer (Yin Shi Huang Jin Bei [2014] No. 143)
Free Trade Accounting Business (August 2015)
2	CSRC and its local branches	Operation license of securities businesses: securities brokerage;
securities investment advisory; securities transaction and
securities investment related financial advisory; securities
underwriting and sponsorship; securities proprietary trading;
margin financing and securities lending; agency sale of
securities investment fund; agency sale of financial products;
stock option market making. (Number: 10270000)
Online Agency Securities Trading (Zheng Jian Xin Xi Zi [2001]
No. 3)