中国农产品交易二零二四年年报

2024 ANNUAL REPORT CONTENTS Corporate Information2Chairman’s Statement6Management Discussion and Analysis10Board of Directors and Senior Management26Corporate Governance Report32Report of the Directors54 FINANCIAL STATEMENTS Consolidated Statement of Financial Position81 Consolidated Statement of Changes in Equity83 Consolidated Statement of Cash Flows84 Notes to Financial Statements86 Particulars of Properties190 Five-Year Financial Summary192 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors GBS Mr. Tang Ching Ho,GBS, JP, ChairmanMr. Leung Sui Wah, RaymondChief Executive OfficerMr. Wong Ka Kit(appointed on 1 April 2024)Ms. Luo Xu Ying(appointed on 1 April 2024)Mr. Yau Yuk Shing(resigned on 1 April 2024) Independent Non-executive Directors Mr. Lau King LungMr. Wong Ping YuenMr. Li Yin Quan(appointed on 1 April 2024)Mr. Ng Yat Cheung,JP(resigned on 15 April 2024) AUDIT COMMITTEE Mr. Wong Ping Yuen,ChairmanMr. Lau King LungMr. Li Yin Quan(appointed on 1 April 2024)Mr. Ng Yat Cheung,JP(resigned on 15 April 2024) REMUNERATION COMMITTEE GBS Mr. Li Yin Quan, Chairman(appointed on 1 April 2024 andappointed as Chairman on 15 April 2024)Mr. Lau King LungMr. Wong Ping YuenMr. Tang Ching Ho,GBS, JPMr. Ng Yat Cheung,JP(resigned on 15 April 2024) NOMINATION COMMITTEE GBS Mr. Lau King Lung,ChairmanMr. Wong Ping YuenMr. Li Yin Quan(appointed on 1 April 2024)Mr. Tang Ching Ho,GBS, JPMr. Leung Sui Wah, RaymondMr. Ng Yat Cheung,JP(resigned on 15 April 2024) EXECUTIVE COMMITTEE GBS Mr. Tang Ching Ho,GBS, JP, ChairmanMr. Leung Sui Wah, RaymondMr. Wong Ka Kit(appointed on 1 April 2024)Ms. Luo Xu Ying(appointed on 1 April 2024)Mr. Yau Yuk Shing(resigned on 1 April 2024) AUTHORIZED REPRESENTATIVES GBS Mr. Tang Ching Ho,GBS, JPMr. Leung Sui Wah, Raymond COMPANY SECRETARY Ms. Ng Yee Man, Fiona AUDITORS Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor 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 REGISTRAR ANDTRANSFER 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 HOMEPAGE http://www.cnagri-products.com http://www.cnagri-products.com Dear Shareholders, 579,000,000 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 2024 (the“Year” or the “year under review”). During the Year, the Group recordeda revenue of approximately HK$579 million, which was generally constantas compared to that of the last financial year ended 31 March 2023 (the“Previous Year”). The Group has built a nationwide chain of wholesale markets and a networkof modern agricultural produce logistics center, linking the southern andnorthern regions and across the eastern and south-western parts of the PRC.During the Year, the Group managed a total of eleven agricultural produceexchange markets in mainland China, covering Wuhan, Huangshi, Suizhou,Luoyang, Puyang, Kaifeng, Yulin, Qinzhou, Xuzhou, Huai’an and Panjin, withbusiness spreading across various provinces, including Hubei Province,Henan Province, Guangxi Zhuang Autonomous Region, Jiangsu Provinceand Liaoning Province. CHAIRMAN’S STATEMENT NATIONAL POLICIES According to the No. 1 Document of the Central Committee of theCommunist Party of China (“CPC”) in 2024, national governance stillfocuses on agriculture, which proposes various measures to revitalizerural development, including: to ensure national food security, toeliminate large-scale poverty, to raise the standards of rural industrialdevelopment, rural construction and rural governance, and to strengthenCPC’s overall leadership over the work of “agriculture rural areas andfarmers” (“Three Rural”). Agricultural and rural departments and ruralrevitalization departments at all levels are fully implementing the spirit ofthe 20th National Congress