ChatDOC/OCRFlux-bench-single huggingface dataset:
# 30. RETIREMENT BENEFITS

As stipulated by the regulations of the PRC, the Group’s subsidiaries in the PRC participate in basic defined contribution retirement schemes organised by the respective municipal governments under which they are governed. Details of the schemes of the subsidiaries are as follows:

Administrator	Beneficiary	Contribution rate
Beijing Municipal Government	Employees of Beijing OLM	19%
Shanghai Municipal Government	Employees of Shanghai OLM	20%
Chengdu Municipal Government,
Sichuan Province	Employees of Chengdu OLM	20.5%
Hangzhou Municipal Government,
Zhejiang Province	Employees of Beijing OLM
Hangzhou Branch	14%
Guangzhou Municipal Government,
Guangdong Province	Employees of Beijing OLM
Guangzhou Branch	14%

All employees are entitled to retirement benefits equal to a fixed proportion of their salaries and benefits in kind prevailing at their normal retirement ages.

The Group also operates a Mandatory Provident Fund Scheme (the “MPF scheme”) under the Hong Kong Mandatory Provident Fund Scheme Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance. The MPF scheme is a defined contribution retirement plan administered by independent trustees. Under the MPF scheme, the employer and its employees are each required to make contributions to the plan at 5% of the employees’ relevant income, subject to a cap of monthly relevant income of HK\$30,000. Contributions to the plan vest immediately.

The Group has no other material obligation for the payment of retirement benefits associated with this scheme beyond the contributions described above.
# 31. RELATED PARTY TRANSACTIONS

# (a) Save as disclosed elsewhere in the consolidated financial statements, details of transactions between the Group and its related parties are disclosed below:

2016	2015
RMB’000	RMB’000
Non-controlling interests
— Provision for software maintenance and other services	344	767

# (b) Remuneration to key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including directors and supervisors of the Group. The compensation of key management personnel is as follows:

2016	2015
RMB’000	RMB’000
Short-term employee benefits	6,897	8,175
Post-employment benefits	279	204
7,176	8,379

# (c) Contribution to defined contribution retirement plans

The Group participates in defined contribution retirement plans organised by municipal government for its employees. The details of the Group’s employee benefits plan are disclosed in note 30. As at 31 December 2016, there was no material outstanding contribution to post-employment benefit plans (2015: Nil).
# “Cloud Logistics“

The “Cloud Logistics” platform is an open comprehensive service platform for the logistics industry. It is a professional “Internet + Logistics + Finance” platform created by the Bank to provide consignors with online registration, online ordering, online freight payment and other related functions. The platform provides logistics companies with such functions as entry application, online receipt of orders, logistics tracking, online entrusted collection of payments and branch fund management to improve their automated financial reconciliation and sub-account management capabilities and help them achieve automated fund management. For orders on the platform paid through the Bank’s acquiring channel, the Bank will supervise the funds from entrusted collection of payments for goods and ensure that the collected payments are safely and timely distributed to the consignors. Currently, the Bank has signed business cooperation agreements with a number of logistics companies.

# “Cloud Service“

The “Cloud Service” platform, based on the WeChat public account named “Zhengzhou Bank Trade Finance” (鄭州銀行商貿金融), promoted the Bank’s latest products for corporate banking according to customers’ industry focus so as to accurately push industry insight reports and forward-looking industry analysis for corporate customers. The platform also linked the corporate online banking, providing customers with financial value-added services such as the online appointment to open corporate banking account, account alerts, electronic invoicing, easy payment and bank-enterprise reconciliation. In the future , the “Cloud Service” platform will integrate the application scenarios of “Cloud Financing”, “Cloud Trading”, “Cloud Logistics” and “Cloud Service”, in an effort to incorporate the functions of the “Five-Cloud” platform to form an organic ecosystem.

# “Cloud Business“

The “Cloud Business” platform mainly serves the “Commerce and Logistics Alliance” initiated by the Bank and is expected to be an online e-commerce asset trading platform. The platform integrates the resources of the alliance to achieve win-win results by having qualified investors such as banks and quasi-financial institutions provide financial support as to the assets and financing needs of customers in the nine major commerce and logistics industries posted on the platform.
Figarch Model	Embedding delay
Figarch d=0.05	2
Figarch d=0.15	1
Figarch d=0.25	2
Figarch d=0.35	4
Figarch d=0.45	6
Figarch d=0.55	7
Figarch d=0.65	8
Figarch d=0.75	8
Figarch d=0.80	6
Figarch d=0.90	8

Table 1: Mutual Information for each Figarch Model.

The nearest neighbor in phase space will be a vector;

\[ y ^ { N N } ( i ) = ( x _ { i } ^ { N N } , x _ { i + T } ^ { N N } , x _ { i + 2 T } ^ { N N } , . . . , x _ { i + ( d - 1 ) T } ^ { N N } ) \eqno ( 1 1 ) \]

If the vector \( y ^ { N N } ( i ) \) is a false neighbor of y(i) having arrived its neighborhood by projection from a higher dimension because the present dimension d doesn’t unfold the attractor, then by going to next dimension \( d + \) 1 this false neighbor may be removed out of the neighborhood of y(i).

By looking at every data point y(i) and asking at what dimension all false neighbors are removed, we will sequentially intersections of orbits of lower and lower dimension are removed until at last point intersections are removed. At thatj uncture d will have been identified where the attractor is unfolded.

Comparing the distance between the vectors y(i) and \( y ^ { N N } ( i ) \) in dimension d with the dis-tance between the same vectors in dimension \( d + \) 1, it can easily be established which are true neighbors and which false. It only needs to be compared \( x _ { ( i + d T ) } - x _ { ( i + d T ) } ^ { N N } \) with the Euclidian distance \|yi − yNNi\| between nearest neighbors in dimension d.

If the additional distance is large compared to the distance in dimension d between nearest neighbors, then we have a false neighbor.

The square of the Euclidian distance between the nearest neighbor points as seen in di-mension d is

\[ R _ { d } ( i ) ^ { 2 } = \sum _ { m = 1 } ^ { d } [ x _ { i + ( m - 1 ) T } - x _ { i + ( m - 1 ) T } ^ { N N } ] ^ { 2 } \eqno ( 1 2 ) \]

while dimension d+1 it is;

\[ R _ { d + 1 } ( i ) ^ { 2 } = \sum _ { m = 1 } ^ { d + 1 } [ x _ { i + ( m - 1 ) T } - x _ { i + ( m - 1 ) T } ^ { N N } ] ^ { 2 } \eqno ( 1 3 ) \]

\[ R _ { d + 1 } ( i ) ^ { 2 } = R _ { d } ( i ) ^ { 2 } + | x _ { i + d T } - x _ { i + d T } ^ { N N } | ^ { 2 } \eqno ( 1 4 ) \]
The distance between points when seen in dimension \( d + \) 1 relative to the distance in dimension d is;

\[ \sqrt { \frac { R _ { d + 1 } ( i ) ^ { 2 } - R _ { d } ( i ) ^ { 2 } } { R _ { d } ( i ) ^ { 2 } } } = \frac { x _ { i + d T } - x _ { i + d t } ^ { N N } } { R _ { d } ( i ) } > r _ { t o l } \eqno ( 1 5 ) \]

When this quantity is larger than some threshold, we have a false neighbor (Kennel M B, Brown R and Abarbanel H D 1992).

Plot of percentage of false neighbors show the unfolded geometry and where there is no unfolding any more. With the correct choice of d dimension, modelling the data in d number of dynamical degrees of freedom will be adequate to capture the properties of the source.

Figure 2: FNN embedding dimension result for FIGARCH d=0.90.

The figure 2 shows minimum embedding dimension where percentage of nearest neighbors goes to zero taken into account some threshold \( r _ { t o l } \). Disappearance of false neighbors indicates minimum embedding dimension \( r _ { t o l } \) is false neighbor Euclidian distance tolerance and \( a _ { t o l } \) is neighbor tolerance based on attractor size. The neighbors are declared false neighbors, when the ratio of the Euclidian distances between neighbor candidates in successive embedding dimensions exceeds \( r _ { t o l } \).
# 33. EQUITY SETTLED SHARE-BASED PAYMENTS

The Company adopted a share option scheme pursuant to a resolution in writing passed by the Shareholders on 3 January 2013 (the “Share Option Scheme”) for the purpose to grant share options to selected participants as incentives or rewards for their contribution to the Group. Eligible participants of the Share Option Scheme include directors of the Company or any of its subsidiaries, including non-executive directors and independent non-executive directors, other employees of the Group and consultants.

Pursuant to the Share Option Scheme, shares which may be issued upon exercise of all options to be granted under the Share Option Scheme or any other share option scheme adopted by the Company must not in aggregate exceed 10% of the shares of the Company in issue at the time dealings in the shares of the Company first commence on the Stock Exchange. The Company may renew this 10% limit with shareholders' approval provided that each such renewal may not exceed 10% of the shares of the Company in issue as at the date of the shareholders' meeting.

The maximum number of shares of the Company which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Share Option Scheme and any other share option schemes of the Company must not in aggregate exceed 30% of the issued share capital of the Company in issue from time to time.

Unless approved by the Shareholders of the Company, the total number of shares of the Company issued and to be issued upon the exercise of options granted to each eligible participant (including exercised and unexercised options) under the Share Option Scheme or any other share option schemes adopted by the Company in any 12-month period must not exceed 1% of the shares of the Company in issue.

On 17 March 2014, the Company granted 10,800,000 share options (the “first share option”) to certain eligible participants of the Group under the Share Option Scheme. Set out below were details of the outstanding share options granted under the Share Option Scheme:

(1) All share options granted were at an exercise price of HK\$1 per share;

(2) All holders of share options might only exercise their options in the following manner:

The share options will be vested in 3 tranches, i.e. the first 30% from the date immediately after the first anniversary of the offer date until the last day of the option period, the second 30% from the date immediately after the second anniversary of the offer date until the last day of the option period, the balance 40% from the date immediately after the third anniversary of the offer date until the last day of the option period; and

(3) All outstanding or unexercised share options granted to the grantees shall lapse on 16 March 2019 or 16 March 2024.
# 33. EQUITY SETTLED SHARE-BASED PAYMENTS (continued)

The estimated fair values of share options vested on 17 March 2014 were HK\$3,911,000. These fair values were calculated using the Binomial model. The inputs into the model are as follows:

Share price	HK$0.95
Exercise price	HK$1.00
Expected volatility	50.554%
Expected life	5 years/10 years
Risk-free interest rate	1.2010%/2.1656%
Dividend yield	4.274%
Suboptimal factor	2.2

The risk-free rate was based on market yield rate from Hong Kong Monetary Authority Exchange Fund Bills Yield Curve as at the valuation date on 17 March 2014. Expected volatility was estimated by the average of historical daily volatilities of the comparable companies with similar business operation as at valuation date. Dividend yield was estimated by the trailing 12-month dividend payout of the Company divided by Company’s closing share price as at the dividend declaration date.

On 3 July 2015, the Company granted 13,400,000 share options (the “second share option”) to certain eligible participants of the Group under the Share Option Scheme. Set out below were details of the outstanding share options granted under the Share Option Scheme.

(1) All share options granted were at a subscription price of HK\$4.07 per Share;

(2) All holders of share options might only exercise their options in the following manner:

The share options will be vested in 3 tranches, i.e. the first 30% from the date immediately after the first anniversary of the Offer Date until the last day of the option period, the second 30% from the date immediately after the second anniversary of the Offer Date until the last day of the option period, the balance 40% from the date immediately after the third anniversary of the Offer Date until the last day of the option period; and

# (3) All outstanding or unexercised share options granted to the grantees shall lapse on 2 July 2025.

The estimated fair values of share options granted on 3 July 2015 were HK\$25,864,188. These fair values were calculated using the Binomial Model. The inputs into the model are as follows:

Share price	HK$3.70
Exercise price	HK$4.07
Expected volatility	61.8%
Expected life	10 years
Risk-free interest rate	1.87%
Expected dividend yield	2.04%
# 9.	Interest in a Joint Venture (continued)

Bozhou Botong Information Technology Co., Ltd is the only joint venture in which the Group participates and it is not considered material to the Group. Financial information (the Group’s share) of this joint venture is as follows:

9.	於合營企業的權益（續）

亳州市博通信息科技有限公司為本集團參與業務的唯一一間合營企業，並不被視為對本集團屬重大。本集團分佔該合營企業之財務資料如下：

2016
二零一六年	2015
二零一五年
HK$’000
千港元	HK$’000
千港元
Loss from continuing operations 持續經營虧損	(5,927)	(13,676)
Gain on deemed disposal 視作出售的收益	–	3,657
Other comprehensive income 其他全面收入	(815)	(2,155)
Total comprehensive income 全面收入總額	(6,742)	(12,174)

# 10.	Trade and Other Receivables

10.	貿易及其他應收款項

2016
二零一六年	2015
二零一五年
HK$’000
千港元	HK$’000
千港元
Trade receivables, net 貿易應收款項淨額	8,237,903	7,702,999
Other receivables and prepayments 其他應收款項及預付款項	1,123,639	855,104
Deferred expenses (Note 16 (d)) 遞延開支（附註16(d)）	10,875	9,795
9,372,417	8,567,898
Less: Non-current deferred expenses 減：非即期遞延開支
(Note 16 (d)) （附註16(d)）	(4,792)	(3,884)
9,367,625	8,564,014
# 10.	Trade and Other Receivables (continued)

The Group grants credit periods to third party customers ranging from 7 to 150 days, which may be extended for selected customers depending on their trade volume and settlement history with the Group. The ageing analysis of net trade receivables by invoice date is as follows:

10.	貿易及其他應收款項（續）

本集團給予第三方客戶之信貸期介乎7至150日，而選定客戶之信貸期可予延長，視乎彼等與本集團之交易量及付款記錄而定。貿易應收款項淨額按發票日期劃分的賬齡分析如下：

2016
二零一六年	2015
二零一五年
HK$’000
千港元	HK$’000
千港元
0 – 30 days 0至30日	4,206,581	4,075,671
31 – 60 days 31至60日	2,530,711	2,098,333
61 – 90 days 61至90日	731,820	675,494
Over 90 days 超過90日	768,791	853,501
8,237,903	7,702,999

As at 31 December 2016, trade receivables of HK\$1,607,675,000 (2015: HK\$1,765,791,000), which were fully performing, were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables by due date is as follows:

於二零一六年十二月三十一日，已全部履行的貿易應收款項1,607,675,000港元（二零一五年：1,765,791,000港元）已逾期但未減值。該等款項與多名獨立客戶有關，彼等並無近期違約記錄。該等貿易應收款項按到期日劃分的賬齡分析如下：

2016
二零一六年	2015
二零一五年
HK$’000
千港元	HK$’000
千港元
0 – 30 days 0至30日	1,220,506	1,090,855
31 – 60 days 31至60日	184,977	265,787
61 – 90 days 61至90日	61,976	121,090
Over 90 days 超過90日	140,216	288,059
1,607,675	1,765,791
# 2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

# Related parties

A party is considered to be related to the Group if:

# (a) the party is a person or a close member of that person’s family and that person:

(i) has control or joint control over the Group;

(ii) has significant influence over the Group; or

(iii) is a member of the key management personnel of the Group or of a parent of the Group;or

# (b) the party is an entity where any of the following conditions applies:

(i) the entity and the Group are members of the same group;

(ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

(iii) the entity and the Group are joint ventures of the same third party;

(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

(v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; and the sponsoring employers of the post-employment benefit plan;

(vi) the entity is controlled or jointly controlled by a person identified in (a);

(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and

(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or the parent of the Group.
# 49. SHARE OPTION SCHEME (Continued)

# (b) Share Option Scheme (Continued)

The fair values of share options granted were calculated using the Black-Scholes option pricing model for the years ended 31 December 2016 and 2015. The inputs into the model were as follows:

49. 購股權計劃（續）

(b) 購股權計劃（續）

於截至二零一六年及二零一五年十二月三十一日止年度內，已授出購股權之公平值乃使用伯力克－舒爾茲期權定價模式計算。輸入該模式之數據如下：

11 December
2014
二零一四年
十二月十一日	8 June 2015
二零一五年
六月八日	11 December
2015
二零一五年
十二月十一日	5 July
2016
二零一六年
七月五日	8 November
2016
二零一六年
十一月八日	12 December
2016
二零一六年
十二月十二日
Exercise price 行使價	HK$1.814港元	HK$2.13港元	HK$3.37港元	HK$3.49港元	HK$0.98港元	HK$0.786港元
Adjusted exercise price 經調整行使價	HK$0.3628港元	HK$0.426港元	HK$0.674港元	HK$0.698港元	N/A不適用	N/A不適用
Expected volatility 預期波幅	41.71%-42.35%	44.45%-49.47%	48.48%-50.96%	30.23%-50.51%	38.61%-52.79%	44.32%-53.52%
Expected life 預期年期	2-5 years年	2-5 years年	2-4 years年	2.5-10 years年	10 years年	10 years年
Expected dividend yield 預期股息收益	0.676%	0.219%	0.287%	0.264%	0.164%	0.215%
Risk-free rate 無風險利率	0.43%-1.237%	0.48%-1.31%	0.404%-0.895%	0.42%-0.93%	1.12%	1.57%

Expected volatility of the options granted under the Pre-IPO Share Option Scheme and Share Option Scheme was determined by using the historical volatility of the share price of comparable companies and the Company respectively. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioral considerations.

The Group recognised the total expenses of approximately RMB109,986,000 for the year ended 31 December 2016 (2015: RMB43,999,000) in relation to share options granted by the Company.

In the opinion of directors, regarding the share option granted to Company’s consultants, the fair value of the service rendered by consultants cannot reliably measured because the nature of services rendered by them includes but not limit to build up investors relationships, enhance corporate strategy and branding etc., which may not have a quantifiable and measurable effect for assessment. Thus, the fair value of the service rendered is by reference to the fair value of share option granted to them and recognised in profit or loss for the years ended 31 December 2016 and 2015 accordingly.

根據首次公開發售前購股權計劃及購股權計劃授出之購股權之預期波幅乃分別採用可資比較公司及本公司之股價之過往波幅而釐定。該模式所採用之預期年期已根據管理層之最佳估計就不可轉讓性、行使限制及行為因素作出調整。

本集團於截至二零一六年十二月三十一日止年度就本公司授出之購股權確認開支總額約人民幣109,986,000元（二零一五年：人民幣43,999,000元）。

董事認為，就本公司顧問獲授之購股權而言，顧問提供服務之公平值無法可靠計量，原因為其提供服務之性質包括但不限於建立投資者關係，提升企業策略及品牌等，其可能並無可量化及可計量之效果以供評估。因此，所提供服務之公平值乃參考彼等獲授購股權之公平值釐定，並相應於截至二零一六年及二零一五年十二月三十一日止年度之損益表確認。
# 50. INFORMATION ABOUT THE STATEMENT OF FINANCIAL POSITION OF THE COMPANY

Statement of financial position of the Company at the end of the reporting period is as follows:

50. 有關本公司之財務狀況表之資料

於報告期末本公司之財務狀況表如下：

As at 31 December
於十二月三十一日
2016
二零一六年	2015
二零一五年
Notes
附註	RMB’000
人民幣千元	RMB’000
人民幣千元
Non-current asset 非流動資產
Investments in subsidiaries 於附屬公司之投資	a	–	–
Current assets 流動資產
Prepayments and other receivables 預付賬款及
其他應收款項	1,246	521
Amounts due from subsidiaries 應收附屬公司款項	c	5,716,177	2,384,963
Amounts due from joint ventures 應收合營企業款項	c	9,981	8,629
Held-for trading securities 持作買賣證券	20,902	–
Bank balances and cash 銀行結餘及現金	171,721	83,396
5,920,027	2,477,509
Current liabilities 流動負債
Accruals 應計費用	8,266	6,313
Amounts due to subsidiaries 應付附屬公司款項	c	230,654	105,306
Amount due to a related company 應付一間
關連公司款項	d	–	395
Corporate bonds 公司債券	–	173,719
238,920	285,733
Net current assets 流動資產淨值	5,681,107	2,191,776
Total assets less current liabilities 總資產減流動負債	5,681,107	2,191,776
Non-current liabilities 非流動負債
Borrowings 借貸	542,576	–
Corporate bonds 公司債券	65,265	60,044
Convertible bonds 可換股債券	1,393,172	234,098
2,001,013	294,142
Net assets 資產淨值	3,680,094	1,897,634
Capital and reserves 資本及儲備
Share Capital 股本	358,259	321,642
Reserves 儲備	b	3,321,835	1,575,992
Total equity 權益總額	3,680,094	1,897,634
Property Valuers	Beijing Colliers International Real Estate Valuation
Co., Ltd.
Suite 501, Tower W3
Oriental Plaza
No.1 East Chan’gan Avenue
Dongcheng District
Beijing, China, 100738
Cushman & Wakefield K.K.
Sanno Park Tower 13F 2-11-1N agatacho
2-11-1N agatacho
Chiyoda-ku, Tokyo, 100-6113
Japan
CBRE Limited
3/F, 4/F & 12/F 1204-06 (Reception)
Three Exchange Square
8 Connauhgt Place
Central, Hong Kong
Industry Consultant	Jones Lang LaSalle Limited
7/F, One Taikoo Place
979 Kin’gs Road, QuarrBy ay
Hong Kong
Receiving Bank	Standard Chartered Bank (Hong Kong) Limited
15th Floor, Standard Chartered Tower
388 Kwun Tong Road
Kwun Tong, Kowloon
Hong Kong
Compliance Advisor	Octal Caidptal Limite
Room 801-805N an Fung Tower
173 Des Voeux Road, Central
Hong Kong
Reigstered office	c/o Walkers Corporate Limited
Cayman Corporate Centre
27 Hosiptal Road, George Town
Grand Cayman, KY1-9008
Cayman Islands
Headquarters and principal
place of business in Hong Kong	2406-07 Man Yee Building
68 Des Voeux Road, Central
Hong Kong
Com’paniys webste	www.esr.com
(The contents on this website do not formp art of this
Prospectus)
Company Secretary	Mr. Richard Kin-sing Lee (李建成) (HonKg ongs olicitor)
2406-07, Man Yee Building
68 Des Voeux Road Central
Hong Kong
Authorized Representatives	Mr. Jinchu Shen (沈晉初)
Room B, 62/F., Block 1
Harbourfront Landmark
No. 11 Wan Hoi Street, Hung Hom
Hong Kong
Mr. Richard Kin-sing Lee (李建成)
2406-07, Man Yee Building
68 Des Voeux Road Central
Hong Kong
Audit Committee	Mr. Simon James McDonald (Chairman)
Mr. JosehGp Radymon agnon
Mr. Brett Harold Krause
Nomination Committee	The Rihgt Honorable Sir HuGgo eorge William Swire,
KCMG, MP (Chairman)
Mr. Brett Harold Krause
Ms. Liu Jingsheng (劉京生)
Remuneration Committee	Mr. Brett Harold Krause (Chairman)
Mr. Jeffrey David Perlman
Mr. Simon James McDonald
Principal share reigstrar and
transfer office	Walkers Corporate Limited
27 Hosidptal Roa, GeorTge own
Grand Cayman, KY1-9008
Cayman Islands