中国农产品交易二零二三年年报

CONTENTS FINANCIAL STATEMENTS 2Corporate Information6Chairman’s Statement10Management Discussion and Analysis30Board of Directors and Senior Management36Corporate Governance Report62Report of the Directors 81Independent Auditors’ Report87Consolidated Statement of Profit or Loss andOther Comprehensive Income89Consolidated Statement of Financial Position91Consolidated Statement of Changes in Equity92Consolidated Statement of Cash Flows94Notes to the Consolidated FinancialStatements225Particulars of Properties228Five-Year Financial Summary CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors GBS Mr. Tang Ching Ho,GBS, JP, Chairman(re-designated from a non-executive director toan executive director on 1 October 2022)Mr. Leung Sui Wah, RaymondChief Executive OfficerMr. Yau Yuk Shing Independent Non-executive Directors Mr. Ng Yat Cheung,JPMr. Lau King LungMr. Wong Ping Yuen AUDIT COMMITTEE Mr. Wong Ping Yuen,ChairmanMr. Ng Yat Cheung,JPMr. Lau King Lung REMUNERATION COMMITTEE GBS Mr. Ng Yat Cheung,JP, ChairmanMr. Lau King LungMr. Wong Ping YuenMr. Tang Ching Ho,GBS, JP(appointed on 1 October 2022) NOMINATION COMMITTEE GBS Mr. Lau King Lung,ChairmanMr. Ng Yat Cheung,JPMr. Wong Ping YuenMr. Tang Ching Ho,GBS, JP(appointed on 1 October 2022)Mr. Leung Sui Wah, Raymond EXECUTIVE COMMITTEE GBS Mr. Tang Ching Ho,GBS, JP, Chairman(appointed on 1 October 2022)Mr. Leung Sui Wah, Raymond(re-designated from Chairman to a memberon 1 October 2022)Mr. Yau Yuk Shing AUTHORIZED REPRESENTATIVES GBS Mr. Tang Ching Ho,GBS, JPMr. Leung Sui Wah, Raymond COMPANY SECRETARY Mr. Leung Sui Wah, Raymond(resigned on 1 October 2022)Ms. Ng Yee Man, Fiona(appointed on 1 October 2022) CORPORATE INFORMATION AUDITORS HLB Hodgson Impey Cheng LimitedCertified Public Accountants LEGAL ADVISERS Hong Kong Law: DLA Piper Hong KongPRC Law: King & Wood Mallesons PRINCIPAL BANKERS Agricultural Bank of China LimitedBank of China LimitedBank of Communications Co., Ltd. Hong Kong BranchChina CITIC Bank Corporation LimitedGuilin Bank Co., Ltd.Ping An Bank Co., Ltd.Qinzhou Metro Area Rural Credit CooperativesThe Hongkong and Shanghai Banking Corporation Limited REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 39323202 Suite 3202, 32/F, Skyline Tower39 Wang Kwong RoadKowloon BayKowloonHong Kong PRINCIPAL SHARE REGISTRARAND TRANSFER AGENT MUFG Fund Services (Bermuda) Limited4th Floor NorthCedar House41 Cedar AvenueHamilton HM 12Bermuda MUFG Fund Services (Bermuda) Limited4th Floor NorthCedar House41 Cedar AvenueHamilton HM 12Bermuda BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE IN HONG KONG 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong LISTING INFORMATION 0149 Shares Listing The Stock Exchange of Hong Kong LimitedStock Code: 0149 Notes Listing 1%5755 The Stock Exchange of Hong Kong LimitedThe Company’s 1% notes due 2024Stock Code: 5755 HOMEPAGE http://www.cnagri-products.com http://www.cnagri-products.com CHAIRMAN’S STATEMENT 596,000,000273,000,000 On behalf of the board of directors (the “Board” or the “Director(s)”) ofChina Agri-Products Exchange Limited (the “Company”, together withits subsidiaries, collectively the “Group”), I am pleased to present to ourshareholders the annual report for the year ended 31 March 2023 (the“Year” or the “year under review”). During the Year, the Group recordeda turnover of approximately HK$596 million, representing a decrease ofapproximately HK$273 million as compared to that of the last financialyear ended 31 March 2022 (the “Previous Year”). CHAIRMAN’S STATEMENT The Group has built a nationwide chain of wholesale markets and anetwork of modern agricultural produce logistics center, linking thesouthern and northern regions and across the eastern and south-westernparts of the PRC. During the Year, the Group managed a total of elevenagricultural produce exchange markets in mainland China, coveringWuhan, Huangshi, Suizhou, Luoyang, Puyang, Kaifeng, Yulin, Qinzhou,Xuzhou, Huai’an and Panjin, with business spreading across variousprovinces, including Hubei Province, Henan Province, Guangxi ZhuangAutonomous Region, Jiangsu Province and Liaoning Province. NATIONAL POLICIES 2023 is the starting year for PRC to comprehensively implement thespirit of the 20th National Congress of the Communist Party of China,and it is also the starting year for accelerating the construction of astrong agricultural country. It is utmost important to ensure the stableand secured supply of food and key agricultural products. Agriculturaland rural departments and rural revitalization departments at alllevels are fully implementing the spirit of the 20th National Congressof the Communist Party of China as well as the spirit of the CentralEconomic Work Conference and the Central Rural Work Conferenceby accelerating the es