Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

China e-Wallet Payment Group Limited

中 國 錢 包 支 付 集 團 有 限 公 司 *

(a company incorporated in Bermuda with limited liability)

(Stock Code: 802)

PRELIMINARY RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 31 DECEMBER 2020

The board (the "Board") of directors (the "Directors") of China e-Wallet Payment Group Limited (the "Company") announced the audited consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2020 together with comparative figures for the year ended 31 December 2019 as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 December 2020

2020

2019

Notes

HK$'000

HK$'000

Revenue

4

60,324

93,904

Cost of sales

(46,239)

(75,854)

Gross profit

14,085

18,050

Other revenue and gains

10,320

252

Fair value loss on derivative financial assets

-

(542)

Unrealised loss on financial assets at fair value

(399)

through profit or loss, net

(1,213)

Allowance for expected credit losses on trade and

(5,052)

other receivables

(7,903)

Selling and administrative expenses

(69,480)

(87,691)

Loss from operations

5

(50,526)

(79,047)

Finance costs

6

(899)

(764)

Loss before taxation

(51,425)

(79,811)

Taxation

7

297

4,082

Loss for the year

(51,128)

(75,729)

Loss for the year attributable to:

(41,800)

Owners of the Company

(74,635)

Non-controlling interests

(9,328)

(1,094)

(51,128)

(75,729)

Loss per share

HK cents

HK cents

(1.52)

- Basic and diluted

8

(2.72)

  • For identification purposes only

1

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2020

2020

2019

Notes

HK$'000

HK$'000

Loss for the year

(51,128)

(75,729)

Other comprehensive loss for the year:

Items that may be reclassified to profit or loss:

Release of translation reserve upon disposal

of subsidiaries

(4,410)

-

Exchange differences on translating foreign operations

(8)

(3,096)

(4,418)

(3,096)

Total comprehensive loss for the year

(55,546)

(78,825)

Total comprehensive loss for the year attributable to:

Owners of the Company

(46,218)

(77,731)

Non-controlling interests

(9,328)

(1,094)

(55,546)

(78,825)

2

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2020

2020

2019

Notes

HK$'000

HK$'000

ASSETS

Non-current assets

Property, plant and equipment

333

740

Goodwill

4,686

4,686

Intangible assets

19,109

25,755

24,128

31,181

Current assets

Financial assets at fair value through profit or loss

17,463

15,707

Trade receivables

10

8,776

41,065

Deposits, prepayments and other receivables

398,507

443,954

Cash and bank balances

4,824

8,199

429,570

508,925

Total assets

453,698

540,106

CAPITAL AND RESERVES

Share capital

109,749

109,749

Reserves

312,790

348,843

Equity attributable to owners of the Company

422,539

458,592

Non-controlling interests

1,649

10,977

Total equity

424,188

469,569

3

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

As at 31 December 2020

2020

2019

Notes

HK$'000

HK$'000

LIABILITIES

Non-current liability

Deferred tax liabilities

4,778

6,439

Current liabilities

Trade payables

11

1,303

24,797

Accruals and other payables

20,527

37,225

Convertible notes

-

-

Tax payables

2,902

2,076

24,732

64,098

Total liabilities

29,510

70,537

Total equity and liabilities

453,698

540,106

Net current assets

404,838

444,827

Total assets less current liabilities

428,966

476,008

Net assets

424,188

469,569

4

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 December 2020

  1. GENERAL INFORMATION
    China e-Wallet Payment Group Limited (the "Company") was incorporated in Bermuda an exempted company with limited liability under Companies Act of Bermuda. The addresses of the registered office and principal place of business of the Company are Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and Room 626-629, Corporation Park, 11 On Lai Street, Siu Lek Yuen, Sha Tin, New Territories, Hong Kong respectively. The Company's shares are listed on the Main board of the The Stock Exchange of Hong Kong Limited (the "Stock Exchange").
    The consolidated financial statements are presented in Hong Kong dollars ("HK$"), which is also the functional currency of the Company and all values are rounded to nearest thousand except otherwise indicated.
  2. BASIS OF PREPARATION
    The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs") issued by the International Accounting Standards Board ("IASB"). These consolidated financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange and with the disclosure requirements of the Hong Kong Companies Ordinance (Cap.622). Significant accounting policies adopted by the Group are disclosed below.
    The IASB has issued certain new and revised IFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 3 provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these consolidated financial statements.
  3. ADOPTION OF NEW AND REVISED IFRS

The Group has applied the Amendments to Reference to the Conceptual Framework in IFRS Standards and the following amendments to IFRSs issued by the IASB for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2020 for the preparation of the consolidated financial statements:

Amendments to IAS 1 and IAS 8

Definition of Material

Amendments to IFRS

3

Definition of a Business

Amendments to IFRS

9, IAS 39 and IFRS 7

Interest Rate Benchmark Reform

The application of the Amendments to References to the Conceptual Framework in IFRS Standards and the amendments to IFRSs in the current year had no material impact on the Group's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

5

3. ADOPTION OF NEW AND REVISED IFRSs (CONTINUED) New and revised IFRSs in issue but not yet effective

The Group has not applied any new and revised IFRSs that have been issued but are not yet effective for the financial year beginning 1 January 2020. These new and revised IFRSs include the following which may be relevant to the Group.

Effective for

accounting

periods

beginning on

or after

Amendments to IFRS 3

Reference to the Conceptual Framework

1 January 2022

Amendments to IAS 16

Property, plant and equipment:

proceeds before intended use

1 January 2022

Amendments to IAS 37

Onerous contracts - cost of fulfilling a contract

1 January 2022

Annual Improvements to IFRSs 2018 - 2020 Cycle

1 January 2022

Amendments to IAS 1 Classification of liabilities as current or non-current

1 January 2023

Hong Kong Interpretation 5 (2020) Presentation of Financial Statements

- Classification by the Borrower of a Team Loan that contains a repayment

on Demand Clause

1 January 2023

The Group is in the process of making an assessment of what the impact of these amendments and new standards is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have a significant impact on the consolidated financial statements.

4. REVENUE AND SEGMENT INFORMATION

The chief operating decision-maker (the "CODM") has been identified as the key management of the Group. The CODM reviews the Group's internal reporting in order to assess performance and allocate resources. The CODM has determined the operating segments based on these reports.

The CODM considers the business from both a business and geographic perspective. From business perspective, CODM assesses the performance of internet and mobile's application and related accessories operating segments.

  • Internet & mobile's application and related accessories segment are mobile payment platform and gaming industry and in particular in application development for merchants, online gaming, interactive virtual reality experience utilities application for mobile platform and mass advertising.

6

4. REVENUE AND SEGMENT INFORMATION (CONTINUED)

The following table presents the Group's revenue, segment results and other information for business segments:

Internet and Mobile's

Application and Related

Accessories

Unallocated

Total

2020

2019

2020

2019

2020

2019

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

Revenue - external sales

60,324

93,904

-

-

60,324

93,904

Segment results

(42,816)

(47,857)

-

-

(42,816)

(47,857)

Unallocated other operating income

765

9

Fair value loss of derivative

financial assets

-

(542)

Gain on disposal of subsidiaries

9,555

-

Unrealised loss on financial assets

at fair value through profit or loss

(399)

(1,213)

Realised gain on disposal of

financial asset at fair value

through profit or loss

-

243

Unallocated expenses

(17,631)

(29,687)

Finance costs

(899)

(764)

Loss before taxation

(51,425)

(79,811)

Taxation

297

4,082

Loss for the year

(51,128)

(75,729)

Segment revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the current year (2019: Nil).

7

4. REVENUE AND SEGMENT INFORMATION (CONTINUED)

The accounting policies of the operating segments are the same as the Group's accounting policies. Central revenue and expenses are not allocated to the operating segments as they are not included in the measure of the segments' results that is used by the CODM for assessment of segment performance. Segment assets do not include financial assets at fair value through profit or loss and other unallocated head office and corporate assets. Segment liabilities do not include deferred tax liabilities, tax payables and other unallocated head office and corporate liabilities.

Internet and Mobile's

Application and Related

Accessories

Unallocated

Total

2020

2019

2020

2019

2020

2019

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

Segment assets

453,358

521,172

340

18,934

453,698

540,106

Segment liabilities

3,220

27,713

26,290

42,824

29,510

70,537

Other segment information:

Capital expenditure

27

171

-

-

27

171

Loss on disposal of property,

plant and equipment

-

(683)

(6)

-

(6)

(683)

Fair value loss of derivative

financial assets

-

-

-

(542)

-

(542)

Unrealised loss on financial assets

at fair value through profit or loss

-

-

(399)

(1,213)

(399)

(1,213)

Depreciation of property, plant and

equipment

(382)

(388)

(6)

(6)

(388)

(394)

Amortisation of intangible assets

(6,646)

(6,646)

-

-

(6,646)

(6,646)

Allowance for expected credit losses

on trade receivables

(750)

(1,149)

-

-

(750)

(1,149)

Allowance for expected credit losses

on deposits, prepayments

and other receivables

(4,302)

(6,754)

-

-

(4,302)

(6,754)

Finance costs

-

-

(899)

(764)

(899)

(764)

The Group's revenue from its major products and services were as follow:

Disaggregation of revenue from contracts with customers

2020

2019

HK$'000

HK$'000

Revenue from contracts with customers within the scope of IFRS 15:

Mobile's application development and settlement application services

59,319

90,742

Computer and mobile related electronic products

1,005

3,162

60,324

93,904

Time of revenue recognition:

At a point in time

60,324

93,904

8

4. REVENUE AND SEGMENT INFORMATION (CONTINUED) Geographical information

The Group operates in two principal geographical areas - Hong Kong and the People's Republic of China ("PRC") (excluding Hong Kong). The Group's revenue from end customers is divided into following geographical area and the Group's non-current assets by geographical location:

Revenue

Non-current assets

2020

2019

2020

2019

HK$'000

HK$'000

HK$'000

HK$'000

Hong Kong

6,387

11,232

24,124

31,170

The PRC

53,937

82,672

-

1

Others

-

-

4

10

60,324

93,904

24,128

31,181

Additions to

Amortisation and

Segment assets

Segment liabilities

non-current assets

depreciation

2020

2019

2020

2019

2020

2019

2020

2019

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

HK$'000

Hong Kong

447,616

499,404

21,546

31,869

27

171

7,028

7,034

The PRC

5,647

4,653

7,395

37,692

-

-

-

-

Others

435

36,049

569

976

-

-

6

6

453,698

540,106

29,510

70,537

27

171

7,034

7,040

Information about major customer

Revenue from major customer, accounted for the 10% or more of the Group's revenue, is set out below:

2020

2019

HK$'000

HK$'000

Customer A

41,184

43,496

9

5. LOSS FROM OPERATIONS

Loss from operations is stated after charging:

2020

2019

HK$'000

HK$'000

Depreciation of property, plant and equipment

388

394

Cost of inventories sold

43,485

72,943

Amortisation of intangible assets

6,646

6,646

Loss on disposal of property, plant and equipment

6

683

Allowance for expected credit losses on trade receivables

750

1,149

Allowance for expected credit losses on deposits,

prepayments and other receivables

4,302

6,754

Auditors' remuneration

- Audit services

620

800

- Other services

-

30

Short term lease payment

1,570

1,069

Staff costs:

- Share-based payment expenses

10,165

23,514

- Salaries and allowances, including directors' and

chief executive officer's remuneration

6,697

5,431

- Retirement benefit schemes contribution

308

372

17,170

29,317

6.

FINANCE COSTS

2020

2019

HK$'000

HK$'000

Interest expense on convertible notes

-

585

Interest expense on other borrowings

705

179

Default interest expense on other borrowings

194

-

899

764

7.

TAXATION

2020

2019

HK$'000

HK$'000

Current tax:

- Hong Kong

-

109

- The PRC

1,364

857

Reversal of temporary differences in the current year

(1,661)

(5,048)

(297)

(4,082)

10

  1. LOSS PER SHARE
    The calculation of basic loss per share for the year is based on the Group's loss attributable to owners of the Company of approximately HK$41,800,000 (2019: HK$74,635,000) and weighted average number of ordinary shares in issue during the year ended 31 December 2020 of 2,743,729,744 (2019: 2,743,729,744).
    The basic and diluted loss per share are the same for the years ended 31 December 2020 and 2019 as the effect of the share options does not have any dilutive effect (2019: share options and convertible notes outstanding were anti-dilutive).
  2. DIVIDENDS
    The directors of the Company do not recommend the payment of any dividend for the year ended 31 December 2020 (2019: Nil).
  3. TRADE RECEIVABLES
    An aged analysis of the trade receivables, arising from contracts with customers within the scope of IFRS 15 as at the end of the reporting period, based on the invoice date is as follows:

2020

2019

HK$'000

HK$'000

0 to 30 days

1,282

6,725

31 to 60 days

1,477

4,528

61 to 90 days

1,044

8,358

91 to 180 days

3,283

18,729

Over 180 days

4,204

4,489

11,290

42,829

Less: Allowance for expected credit losses

(2,514)

(1,764)

8,776

41,065

The credit terms of trade receivables are generally on 30-180 days (2019: 30-180 days) during the year ended 31 December 2020.

11

11. TRADE PAYABLES

An aged analysis of the trade payables as at the end of the reporting period, based on the invoice date is as follows:

2020

2019

HK$'000

HK$'000

0 to 30 days

43

3,633

31 to 60 days

-

9,458

61 to 90 days

-

7,076

Over 90 days

1,260

4,630

1,303

24,797

The credit terms of trade payables are generally 0-60 days (2019: 0-60 days).

12. COMPARATIVE FIGURES

Certain comparative figures have been reclassified to conform with current year's presentation.

12

MANAGEMENT DISCUSSION AND ANALYSIS

Business Review

"Internet and Mobile's Application and Related Accessories" is the Group's main business. The Group specialized in providing programming and advertising solutions in mobile platform with branch office in Hong Kong, Shenzhen and Shanghai. The programming teams of the Group have extensive experience on developing mobile application and interactive virtual reality technologies for well-known companies in Hong Kong and overseas. The Group is also engaged in the business of distribution of computer-related and mobile-related electronic products and accessories.

The Group believe that the business of "Internet and Mobile's Application and Related Accessories" as a key growth area, is in-line with the growth of the mobile and gaming industry and in particular in application development for merchants, online gaming, interactive virtual reality experience and utilities applications for mobile platform and mass advertising.

The Company already procured thousands of merchants to participate in its settlement application services. In order to capture its market share and procure sizable merchants, the Company would pay earnest deposits to these merchants. The Company would derive marketing plan with these merchants in order to give incentives by way of E-coupons or discounts to their customers who use our designated settlement application services and the earnest deposits would be utilized accordingly. In return, the Company would share the transaction fee from the settlement application services and receive rebate income from these merchants. Since 2018, the Group expanded its settlement application services through referring merchants to Alipay.com Co., Ltd. to use the Alipay services in the PRC.

In the financial year of 2020, the Group recorded a revenue of approximately HK$60.3 million, representing a decrease of 35.8% compared to the same period in 2019. The decrease was primarily due to the global outbreak of the novel coronavirus (COVID-19). The lock-down of different regions in the PRC during the first quarter of 2020 has adversely affected the customers of our merchants in the PRC and caused a significant decrease in the Group's revenue.

The Group reported a net loss of approximately HK$51.1 million for the year ended 31 December 2020. The decrease of net loss was mainly attributable to the decrease of selling and administrative expenses.

13

Financial review

Revenue

The revenue of the Group was mainly attributable to the application development income generated by efforts in diversification into settlement application market. For the year ended 31 December 2020, the Group reported a total revenue of approximately HK$60.3 million representing a decrease of 35.8% compared to approximately HK$93.9 million in the same period in 2019.

Gross profit

Gross profit in 2020 was HK$14.1 million which was a decrease, as compared to a gross profit of HK$18.1 million in the same period of 2019.

Other revenue and gains

Other revenue and gains, mainly included a non-recurring gain on disposal of subsidiaries of approximately HK$9.6 million, increased by approximately HK$10.1 million to approximately HK$10.3 million.

Selling and administrative expenses

Selling and administrative expenses, mainly included the expenses on utilization of earnest deposits as incentives by giving E-coupons or discount to customers for settlement application services of approximately HK$38.1 million (2019: HK$40.0 million) and share-based payment expenses of approximxately HK$10.2 million (2019: HK$23.5 million), decreased by approximately HK$18.2 million from approximately HK$87.7 million in 2019 to approximately HK$69.5 million in the same period in 2020. The decrease was attributable to the decrease in share-based payment expenses by approximately HK$13.3 million.

Loss for the year

The Group's loss for the year was approximately HK$51.1 million compared to loss of approximately HK$75.7 million in the same period in 2019. The decrease of net loss was mainly attributable to the increase of other revenue and gains and the decrease of selling and administrative expenses.

Loss attributable to owners of the Company

Loss attributable to owners of the Company decreased from a loss of approximately HK$74.6 million in 2019 to a loss of approximately HK$41.8 million in the same period of 2020.

Loss attributable to the non-controlling interests

The loss attributable to the non-controlling interests of approximately HK$9.3 million for the year ended 31 December 2020 (2019: HK$1.1 million).

14

Review of the Group's financial position

Liquidity and capital resources

The Group has internal budgeting systems in place to ensure that if and when cash is committed to fund major expenditures there is sufficient cash flow to maintain the Group's daily operations and meet all of its contractual obligations.

The Group funds its operations with revenue from its operating activities. The Group also has cash inflows from interest income and collections. Key drivers in the Group's sources of cash are primarily the Group's sales, and their inflow depends on the Group's ability to collect payments. There have been no material changes in the Group's underlying drivers during the period under review.

The Group did not incur any capital expenditure during the year of 2020 (2019: HK$Nil).

There were no assets charged or pledged as at 31 December 2020 (2019: HK$ Nil).

The Group had cash and cash equivalents of approximately HK$4.8 million as at 31 December 2020 compared to approximately HK$8.2 million as at 31 December 2019.

Capital commitments

The Group had no capital commitments as at 31 December 2020 (2019: Nil).

Gearing ratio

As at 31 December 2020, the Group's gearing ratio was approximately 7.0%, as compared to 15.4% as at 31 December 2019. The gearing ratio was calculated as the Group's total liabilities divided by its total capital. The total liabilities and total capital of the Group were approximately HK$29.5 million (2019: HK$70.5 million) and HK$422.5 million (2019: HK$458.6 million) as at 31 December 2020.

Contingent Liabilities

As at 31 December 2020, the Group had no contingent liabilities (2019: Nil). The Company has not been acted as a guarantor of its subsidiaries to secure any interest-bearing borrowings.

Foreign exchange risk management

Certain of the Group's bank balances are denominated in Ringgit, United States Dollars and Renminbi, each of which is a currency other than the functional currency of the relevant group entities, which exposes it to foreign currency risk. The Group has not used any financial instruments to hedge against this currency risk. However, the Group monitors foreign exchange exposure and will consider hedging significant foreign currency exposure should the need arise.

15

MANAGEMENT OUTLOOK

The Group had continued the efforts to consolidate and realign its businesses to enable the Group to achieve improvements in its financial position. The Group will utilise its existing technical knowledge and programmers to diversify its income stream and will continue to work towards, attaining a stable platform for sustainability and basis for any potential growth.

By leveraging the knowledge on its interactive virtual reality programming on different business sectors, such as animation and culture, the Group obtained the license from the largest Japanese animation studio to conduct an interactive animation exhibition in Hong Kong in 2019. The Group will continue to explore the potential of this business opportunities and utilize its resource with prudence in the future.

Furthermore, the outbreak of COVID-19 has cast a confronting shadow over the growth prospects for the PRC. Although the PRC government is doing very well with combinations of fiscal and monetary policies in their stimulus package, the Board expects that financial results and the operations of the Group during 2021 will still be impacted. While it remains uncertain as to when the COVID-19 epidemic might end and the PRC economy might fully recover, the Board will continue to monitor and assess the situation with respect to COVID-19, and remains committed to mitigate any adverse risk or impact COVID-19 may have on the operating and financial performance of its business in the PRC.

HUMAN RESOURCES

As at 31 December 2020, in addition to the Directors, there were approximately 53 employees (31 December 2019: 56) of the Group stationed in the Group's offices in Hong Kong, Shanghai, Shenzhen, Beijing and Kuala Lumpur. Total staff costs for the year ended 31 December 2020 were approximately HK$17.2 million (which included share-based payment of approximately HK$10.2 million), compared with approximately HK$29.3 million in 2019.

The Group offers training and development courses for its employees to enhance the staff's working capabilities. Remuneration packages are linked to individual performance, the Group's business performance, and taking into consideration of the industry practices and market conditions, reviewed on an annual basis. Directors' remuneration is determined with reference to his duties and responsibilities with the Company, the Company's standards for emoluments and market conditions. Share options are also granted to eligible employees based on individual's performance as well as the Group's performance.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES

The total number of issued share capital of the Company as at 31 December 2020 was 2,743,729,744 ordinary shares.

Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities during the year ended 31 December 2020.

16

SIGNIFICANT INVESTMENTS

As at 31 December 2020, the Group did not hold any significant investments.

DIVIDEND

The Board maintains a cautious view and, having regarded to the requirement to retain cash, has decided not to recommend a dividend in respect of the year ended 31 December 2020.

SCOPE OF WORK OF MCMILLAN WOODS (HONG KONG) CPA LIMITED

The figures in respect of the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income and the related notes thereto for the year ended 31 December 2020 of the Group as set out in the preliminary announcement have been agreed by the Company's auditor, McMillan Woods (Hong Kong) CPA Limited, to the amounts set out in the Group's audited consolidated financial statements for the year. The work performed by McMillan Woods (Hong Kong) CPA Limited in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expressed by McMillan Woods (Hong Kong) CPA Limited on the preliminary announcement.

REVIEW BY AUDIT COMMITTEE

The Company established an audit committee (the "Audit Committee") on 28 June 2004 with written terms of reference, which was revised on 18 December 2015, in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"). The Audit Committee is comprised of three members, namely Mr. Kwan King Wah as chairman with Mr. Cheng Ruixiong and Ms. Lo Suet Lai, both independent non-executive Directors as members. The arrangement of the Audit Committee complied with the Rule 3.21 of the Listing Rules.

The Audit Committee has reviewed with the management and the Company's independent external auditors, McMillan Woods (Hong Kong) CPA Limited, the accounting principles and practices adopted by the Group and discussed auditing, risk management, internal control and financial reporting systems including the review of the consolidated financial statements for the year ended 31 December 2020, which have been audited by McMillan Woods (Hong Kong) CPA Limited.

CORPORATE GOVERNANCE CODE

In connection with the listing of the Company on the Stock Exchange in February 2009, the Company adopted the code provisions set out in the Corporate Governance Code and Corporate Governance Report (the "CG Code") contained in Appendix 14 to the Listing Rules as its additional code on corporate governance practices on 2 February 2009. The Company has complied with the code provisions set out in the CG Code throughout the year ended 31 December 2020.

17

COMPLIANCE WITH THE MODEL CODE

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Listing Rules. All Directors have confirmed, following specific enquiry by the Company, that they have fully complied with the Model Code throughout the year ended 31 December 2020.

PUBLICATION OF RESULTS ANNOUNCEMENT AND ANNUAL REPORT

This announcement is published on the websites of The Stock Exchange of Hong Kong Limited and the webpage of the Company (www.hklistco.com/802), respectively. The annual report 2020 will also be published on the aforesaid websites in due course.

By Order of the Board of

China e-Wallet Payment Group Limited

Li Jinglong

Executive Director

Hong Kong, 31 March 2021

As at the date of this announcement, the Board comprises the following Directors:

Executive Directors:

Li Jinglong

Zhang Ligong

Wang Zhongling

Independent Non-executive Directors:

Cheng Ruixiong

Kwan King Wah

Lo Suet Lai

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China e-Wallet Payment Group Limited published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2021 16:04:07 UTC.