SUNEVISION：202425InterimReport.pdf

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1、中期報告2024/25INTERIM REPORTFinancial HighlightsFinancial HighlightsChairmans StatementManagement Discussion and AnalysisDirectors ProfileReport on Review of Condensed Consolidated Financial StatementsConsolidated Statement of Profit or Loss and Other Comprehensive IncomeConsolidated Statement of Finan

2、cial PositionConsolidated Statement of Changes in EquityCondensed Consolidated Statement of Cash FlowsNotes to the Condensed Consolidated Financial StatementsOther Information2361018192021222335Contents1SUNeVision Holdings Ltd.Interim Report 2024/25Financial HighlightsFINANCIAL HIGHLIGHTSFor the per

3、iod1 Jul 24 1 Jan 24 1 Jul 23 1 Jan 23 31 Dec 2430 Jun 2431 Dec 2330 Jun 23HK$000HK$000HK$000HK$000 Revenue1,469,9261,383,8611,289,6401,237,780Cost of sales(642,887)(652,042)(607,103)(547,599)Gross profit827,039731,819682,537690,181Other income8,6368,07311,6765,197Gain on liquidation of a subsidiary

4、15,525Operating expenditure*(84,038)(82,744)(72,215)(76,593)Profit from operations751,637657,148621,998634,310Finance costs(172,003)(115,534)(104,106)(70,612)Profit before taxation579,634541,614517,892563,698Income tax expense(95,640)(69,866)(82,452)(91,457)Profit for the period attributable to owne

5、rs of the Company483,994471,748435,440472,241 EBITDA*Data centre business1,059,036957,656906,851901,892ELV system business and unallocated corporate expenses(5,986)(8,072)(7,379)(14,949)1,053,050949,584899,472886,943 *Selling,general and administrative expenses*Earnings before interest,tax,depreciat

6、ion and amortisation2SUNeVision Holdings Ltd.Interim Report 2024/25Chairmans StatementFINANCIAL HIGHLIGHTS(in HK$million,unless specified)For the 6 months ended 31 December20232024%Change Revenue1,2901,470+14%Revenue from data centre and IT facilities1,1851,361+15%EBITDA8991,053+17%Profit attributab

7、le to owners of the Company435484+11%Net cash generated from operating activities excluding movement in working capital715982+37%Phase One of MEGA IDC,Hong Kongs largest hyperscale data centre by power capacity,was successfully pre-launched in the first half of 2024.This greenfield site in Tseung Kw

8、an O has been equipped with state-of-the-art infrastructure as well as abundant power provision that can support the latest high-density server deployments.The first group of customers has already commenced operations,and we are actively working through a strong pipeline of potential customers eager

9、 to deploy at this site.In light of the positive reception for Phase One,we have initiated the construction of Phase Two of MEGA IDC,which will add c.350,000 square feet of GFA.Completion is scheduled for 2026/2027,and this will further expand our capacity to meet the growing demand for hyperscale d

10、ata centre services in Hong Kong.Our connectivity business remains robust,supported by the extensive ecosystem of cross-connects and subsea cable connections within MEGA-i.The number of cross-connects continues to grow steadily.We anticipate strong demand to persist as additional international cable

11、s are routed through Hong Kong,further enhancing the regions status as a connectivity hub.With the successful launch of Phase One of MEGA IDC,we have now moved past the peak of our capital expenditure.Going forward,our investments will be more targeted on just-in-time deployment of customer-related

12、fit-outs and the development of Phase Two of MEGA IDC.Data centres are inherently capital-intensive,and with the outlook for further interest rate cuts remaining uncertain,the cost of capital is likely to remain elevated in the foreseeable future.In light of this,and despite the strong demand and a

13、robust sales pipeline,we remain resolutely focused on exercising the most stringent cost discipline across both capital and operating expenditures.Given the higher cost of capital,RESULTSDuring the period under review,the Groups revenue increased by 14%year-on-year reaching HK$1,470 million.The incr

14、ease was driven by revenue contributions from new data centres,particularly the commissioning of MEGA IDC Phase One,as well as steady growth from existing sites.EBITDA rose by 17%year on year to HK$1,053 million,with margins improving from 70%to 72%.Interest costs increased materially due to lower i

15、nterest capitalisation following the launch of IDC Phase One,which partially offset the growth in business.Profit attributable to shareholders increased by 11%year on year to HK$484 million due to higher revenues and improving rental.The Group has maintained a strong operating cash inflow,with net c

16、ash generated from operating activities(excluding movement in working capital)increasing by 37%to HK$982 million,compared to the same period last year.BUSINESS REVIEWOver the past six months,market demand for premium data centre infrastructure and services in Hong Kong has remained robust despite th

17、e slower recovery of the broader economy.Hong Kong is not a location for“model”training because of its cost,and does not house the most advanced chips.However,the growing demand for AI-driven applications has benefitted those Hong Kong data centres,which provide ultra-low latency,high-bandwidth conn

18、ectivity,and mission-critical infrastructure while being strategically located closer to end users.Hence we are the data centre of choice in Hong Kong for many cloud/AI customers.In addition,financial institutions and enterprises are also raising their standards for data centre services,with a growi

19、ng focus on operation continuity and resilience.These developments have benefitted our data centres,and allow us to capture a premium in the market.3SUNeVision Holdings Ltd.Interim Report 2024/25Chairmans Statementwe are prioritising premium projects that necessitate advanced infrastructure and are

20、well-positioned to generate above-market returns.We want to ensure our capital is utilised efficiently,optimising our investments and enhancing overall returns.We will continue to prudently manage our balance sheet to maintain a cost-effective capital structure,building out capacity in phases aligne

21、d with confirmed customer orders.Our adjusted gearing ratios remain healthy at 52%1,or 37%1 excluding shareholders loans,reinforcing our strong financial position.SUNeVision won the Judicial Review case against the Hong Kong Science and Technology Parks Corporation(HKSTP)in May 2022 regarding unauth

22、orised subletting activities among data centre operators in the Tseung Kwan O InnoPark under HKSTPs management.Over a year ago,HKSTP informed us that its investigation uncovered multiple breaches by operators,including HKCOLO and NTT Com Asia Ltd.Yet,the only concrete enforcement action taken by HKS

23、TP so far is the writ against HKCOLO.The rectification from NTT has not been completed even after more than two years.This is a clear sign that HKSTP has been dragging its feet in the enforcement process.We have repeatedly urged HKSTP to disclose to the public any details on what has been done to re

24、ctify the breaches and whether all potential breaches in Tseung Kwan O InnoPark have been investigated but HKSTP still insisted that they“see no reason why HKSTP must publish any result of its investigation whenever it comes across an arrangement in breach of the Lease Restrictions”.This lack of tra

25、nsparency is unacceptable and in our view,unprecedented for a government related entity.This attitude of procrastination is equally disappointing.HKSTP owes a full explanation to the public.It must disclose the findings of its investigation and,more importantly,the concrete steps it has taken to add

26、ress these breaches.By allowing these unauthorised activities to persist,HKSTP is not only failing its mandate but is effectively using taxpayers money to subsidise sizable foreign financial institutions,telecom operators and enterprises an outrageous misuse of public resources.1 Adjusted gearing ra

27、tios are calculated based on fair value of the major completed data centres as of 31 December 2024 and net debt as of 31 December 2024.The adjusted gearing ratios are not defined under HKFRSs and are not presented in accordance with HKFRSs.Further,the adjusted gearing ratios may differ from the gear

28、ing ratios used by other companies,including peer companies,potentially limiting the comparability of their financial results to the Companys.Adjusted gearing ratios are calculated as net debt divided by the sum of total equity and revaluation surplus.Total equity refers to historical cost of the Gr

29、oups data centres minus depreciation.Revaluation surplus refers to fair market value of the Groups data centres in operation as assessed by an independent valuer with assumed capitalisation rates ranging from 4.75%to 6.25%,minus their net book value.The failure to act swiftly and decisively raises s

30、erious questions about the accountability of HKSTPs board and management to Hong Kong and its taxpayers.As a publicly funded entity entrusted with significant resources,HKSTP has a duty to lead with integrity,urgency,and transparency.We call on HKSTP to provide to the public an open and thorough res

31、olution to these issues not just for the sake of fair competition,but for the long-term benefit of the industry,the taxpayers,and Hong Kong as a whole.PROSPECTSAs we look ahead,we remain optimistic about the potential opportunities brought on by rapid advancements in artificial intelligence.The rece

32、nt emergence of DeepSeek likely signifies another phase in AI development.As our data centres are not used for model training with advanced chips,there is no negative impact on us in demand.On the contrary,over the medium term these trends can benefit our growth.The cost efficiency improvements brou

33、ght about by DeepSeek and other followers will reduce cost for AI application developers and in turn accelerate enterprise AI adoption.This is very beneficial to the demand for AI“inference”data centres like ourselves,as AI applications will need to be hosted in metro areas with low latency.Our MEGA

34、 IDC is uniquely equipped to cater to such demand,as we have superior power provision and cutting-edge infrastructure.With the upcoming launch of MEGA IDC Phase Two,we will enhance our capabilities further.This next phase will integrate the latest customer specifications and allow flexibility for fu

35、rther innovative solutions such as liquid cooling and optimised floor loading and power distribution.Such advancements not only reflect our commitment to excellence but also ensure we remain at the forefront of technological evolution and efficiency.Moreover,our unwavering focus on delivering except

36、ional infrastructure and services has established us as a preferred partner for leading cloud providers.We are committed to providing industry-leading reliability,with our data centres ensuring high availability and resilience.Importantly,our data centre business prioritises security at every level,

37、implementing state-of-the-art protocols to safeguard against both physical and cyber threats,ensuring the highest level of protection for our customers critical infrastructure and data.4SUNeVision Holdings Ltd.Interim Report 2024/25Chairmans StatementWe recognise the complexities of the external env

38、ironment characterised by high interest rates,geopolitical tensions,and rising costs,and we will be agile in addressing these challenges.At the same time,we remain confident that the demand for our services will continue to grow.The global shift towards digital transformation and AI adoption present

39、s significant opportunities,and we are well-positioned to seize them.Our strategic focus on disciplined capital allocation and operational excellence will enable us to navigate these challenges effectively.The Group remains committed to its Environmental,Social,and Governance(ESG)initiatives,consist

40、ently investing in state-of-the-art energy-efficient equipment and infrastructure for our data centres.We have received the highest Excellent grade in the Management category of“BEAM Plus Existing Buildings Version 2.0 Selective Scheme”for MEGA-i,MEGA Plus and MEGA Two as well as the certification o

41、f LEED Gold Building Design and Construction for MEGA IDC,MEGA Gateway and MEGA Plus.This recognition highlights our commitment to implementing environmentally sustainable practices in the management of our data centres.We are actively advancing towards our long-term objective of achieving carbon ne

42、utrality by embracing innovations that enhance energy efficiency and sustainability.SUNeVision has proudly maintained its carbon-neutral status for internal operations for two consecutive years.Additionally,SHKP together with Veolia and CITIC Pacific have built the citys first privately funded solar

43、 farm on a landfill in Tseung Kwan O.SUNeVision will harness the green power generated from these solar panels for our data centre operations.Our dedication to sustainability has been acknowledged with the Sustainable Organisation Merit award at the UNSDG Achievement Awards Hong Kong 2024.APPRECIATI

44、ONI want to close by thanking all the Directors and management,and every member of our committed staff for their dedication and hard work to ensure we maintained the high levels of service demanded by our customers.I would also like to thank our shareholders for their continued confidence and suppor

45、t.Kwok Ping-luen,RaymondChairmanHong Kong,25 February 20255SUNeVision Holdings Ltd.Interim Report 2024/25Management Discussion and AnalysisBUSINESS REVIEWiAdvantageSUNeVision operates its data centre business under iAdvantage.As at 31 December 2024,the Group operates eight data centres in Hong Kong,

46、seven of which are owned by the Group.To enhance international connectivity and resilience,the Group owns and operates a cable landing station(“HKIS-1”)with another site(“HKIS-2”)under construction.iAdvantage is the largest,most connected,carrier-neutral,cloud-neutral and cable-neutral data centre o

47、perator in Hong Kong.It offers best-in-class facilities built around the MEGA Campus(consisting of MEGA-i,MEGA Plus,MEGA Two,MEGA Fanling,MEGA Gateway and MEGA IDC)and is regarded as the preferred data centre operator to partner with in Hong Kong.Customers of iAdvantage include global and regional c

48、loud service providers,new economy players,telcos,Internet Service Providers(“ISPs”),large multinationals,local enterprises and financial institutions.The demand for the Groups data centre services remained strong during the period under review.Demand for“connectivity”capacity,mainly through MEGA-i,

49、continued to grow.MEGA Gateway has also seen increasing connectivity demand as a resilience site to MEGA-i.As more international subsea cables come to Hong Kong,including Asia Direct Cable(“ADC”)which landed in HKIS-1 and has officially launched,the Group expects that demand for connectivity will co

50、ntinue to increase.Demand for“hyperscale”capacity continued to increase as well.With the emergence of AI,hyperscalers expanded their capacity at the Groups existing and new sites with increased power requirements.To accommodate the rising demand for more powerful computing capabilities for new appli

51、cations,the Group has enhanced the electrical capacity at its facilities.The well-established MEGA-i is a major connectivity hub in Asia and the most carrier-dense colocation site in the world2,currently carrying around 15,000 cross-connects and interconnecting hundreds of global and regional telcos

52、,ISPs,enterprises,cloud and new economy players within its ecosystem.The number of cross-connects within MEGA-i continues to grow steadily.The ongoing upgrade of power capacity at MEGA-i has further strengthened the Groups ability to meet customers increasingly intense power needs and enhanced its l

53、eading position in connectivity.The Groups new data centre MEGA Gateway in Tsuen Wan,which opened in the first quarter of 2023,has 90%of its deployed capacity taken up by a good mix of cloud,telco and bank customers.It is experiencing strong demand,with a major Asian tech company having moved in.As

54、there has been less supply recently within the Tsuen Wan cluster,the Groups negotiating power has become stronger,and so it is prioritising connectivity customers who are willing to pay higher prices to fill up the remaining capacity,further reinforcing the Groups strategy of just-in-time delivery t

55、o meet concrete and high margin customer demands.MEGA Gateways strategic positioning as an expansion of MEGA-i,is focused on becoming the next major connectivity hub in Hong Kong and has directed efforts towards attracting high-value,connectivity-intensive customers.This targeted approach has helped

56、 increase interconnection revenue.MEGA Plus,the Groups high-tier flagship data centre in Tseung Kwan O,and MEGA Two,strategically located in Shatin a key gateway for data flow between mainland China and Hong Kong are both effectively fully occupied.The revitalisation work of multiple floors of MEGA

57、Two has allowed the Group to attract hyperscale and cloud service providers with higher power demands,further enhancing its position in this strategic location.MEGA Fanling,the single-user data centre project based on an asset-light model,became operational in June 2022 and is fully ramped up.The Gr

58、oup,which owns the majority of its data centres,has a strategic advantage that enables it to provide long-term service stability,which is valued by all its major customers,especially cloud players.MEGA IDC is the Groups flagship greenfield project in Tseung Kwan O with approximately 1.2 million squa

59、re feet GFA and is designed to support an ultra-high IT power capacity of up to 180MW.This truly state-of-the-art facility has extraordinarily abundant electricity provision and a superior infrastructure designed for and capable of housing the most demanding servers,capturing the demand driven by AI

60、.It is located right next to MEGA Plus and connects directly to MEGA-i through MEGA Plus via a subsea cable system TKO Connect,providing unrivalled connectivity for the customers.It is being built on land approved for data centre use and is free from any subletting restrictions which apply to data c

61、entres in the nearby industrial estate.Phase 2 Source:TeleGeography“The State of the Network”2024 Edition6SUNeVision Holdings Ltd.Interim Report 2024/25Management Discussion and AnalysisOne of MEGA IDC,consisting of approximately 500,000 square feet GFA and 50MW,was successfully pre-launched in the

62、first half of 2024.This facility is the largest data centre in Hong Kong measured by power capacity and will provide customers with the advantage of being able to support their expansion needs for both space and power.The first group of customers has already commenced operations,and the Group is act

63、ively working through a strong pipeline of potential customers eager to deploy at this site.In light of the positive reception for Phase One,the Group has initiated the construction of Phase Two of MEGA IDC,which will add approximately 350,000 square feet of GFA.Completion of Phase Two is scheduled

64、for 2026/2027,and this will further expand the Groups capacity to meet the growing demand for hyperscale data centre services in Hong Kong.The completion of the entire MEGA IDC development project will increase the total gross floor area of the Groups data centres in Hong Kong from 2.3 million squar

65、e feet as at 31 December 2024 to almost 3 million square feet,and its power capacity will increase from 150MW to over 280MW when the facilities are fully operational.The Hong Kong Segment of China Telecom Globals Asia Direct Cable(“ADC”),which had landed at the Groups HKIS-1 cable landing station in

66、 2023,has now officially launched.The added capability of the cable landing station reinforces the Groups strategy of providing a one-stop data centre service solution,being a carrier,cloud and now cable-neutral service provider.In March 2022,the Group won the tender for a site in Chung Hom Kok(“RBL

67、1219”)to develop its second cable landing station HKIS-2 for international submarine cables.The two neighbouring sites will offer path diversity and expansion capacity for the subsea cables being planned for Hong Kong.Cost control continues to be of focus,with the outlook for further interest rate c

68、uts remaining uncertain,the cost of capital is likely to remain elevated in the foreseeable future.In light of this,and despite the strong demand and a robust sales pipeline,the Group remains resolutely focused on exercising the most stringent cost discipline across both capital and operating expend

69、itures.The Group has been taking action and adopting just-in-time delivery to meet concrete and confirmed customer orders which reinforces the Groups discipline on cost and cash management.As the largest data centre service provider in Hong Kong with Asias number one connectivity,the Group is please

70、d to have won the 2024 CAHK STAR Awards Best Data Centre Gold Award for its groundbreaking hyperscale project MEGA IDC,recognising the state-of-the-art infrastructure and best-in-breed data centre solutions.The Group is honoured to have achieved a double triumph at the 19th China IDC Industry Annual

71、 Ceremony,earning the prestigious“Leading Enterprise Award for Going Global”and“Innovative Development Award”,marking the sixth consecutive year of receiving the industry award.The flagship data centre MEGA-i under the Group has been recognised as the most carrier-dense colocation site globally by T

72、eleGeography for three consecutive years.These industry awards are a recognition of the Groups leading position both in Hong Kongs data centre industry and as a provider of connectivity ecosystem in the region.The Group has received the highest Excellent grade in the Management category of“BEAM Plus

73、 Existing Buildings Version 2.0 Selective Scheme”for MEGA-i,MEGA Plus and MEGA Two as well as the certification of LEED Gold Building Design and Construction for MEGA IDC,MEGA Gateway and MEGA Plus.The cable landing station HKIS-1 has also achieved a Rated-4 Certification of“ANSI/TIA-942 DCCC”.The r

74、ecognition reaffirms that the Groups energy-efficient data centre management practice is reinforcing its environmental goals and supporting its customers sustainability targets.With a commitment to improving the Groups environmental,social and governance performance,and contributing to Hong Kongs in

75、novation and technology development,the Group launched its Startup Programme for second consecutive year.This initiative aims to accelerate the growth of local startups and enhance the thriving I&T ecosystem within Hong Kongs digital economy.The Group actively finds new ways to finance and operate i

76、n a more sustainable manner.To help underpin the long-term sustainability performance of the Group,around 45%of bank financing is sustainability-linked.The Group purchases International Renewable Energy Certificates to offset all the carbon emission of general building electricity usage.To reduce it

77、s carbon footprint,the Group has installed solar 7SUNeVision Holdings Ltd.Interim Report 2024/25Management Discussion and Analysispanels in MEGA Plus,and has signed a 6-year agreement with CLP Power to purchase the CLP Renewable Energy Certificates(RECs)linked to the environmental attributes generat

78、ed by the solar farm operated by Green Valley Landfill Limited(affiliate of Sun Hung Kai Properties).In addition,the Group was awarded“UNSDG Achievement Awards Hong Kong 2024 Sustainable Organisation Merit”from Green Council for its proven track record in ESG.With its robust corporate governance pra

79、ctices and dedication to sustainable development,the Group achieved an A in the MSCI ESG Ratings.These awards and gradings serve as a recognition and are a demonstration of its ongoing commitment to environmental sustainability.The Group will continue to provide world-class data centre infrastructur

80、e and services to its customers in a sustainable environment.Super e-Technology and Super e-NetworkSuper e-Technology secured contracts for the installation of Extra Low Voltage(“ELV”)and IT systems totaling HK$47 million during the period under review.Super e-Technology is seeking new opportunities

81、 to enhance its service offerings and maintains a positive outlook for the ELV sector.Super e-Network continued to work with broadband and network service providers to expand its service offerings.It has been actively pursuing new opportunities to expand its broadband and WiFi solutions to different

82、 sectors.FINANCIAL REVIEWReview of operating resultsDuring the period under review,the Groups revenue increased by 14%year on year to HK$1,470 million.Revenue from data centre and IT facilities business rose by 15%year on year to HK$1,361 million,primarily driven by revenue contribution from new cus

83、tomers moving in to the new sites during the period under review.Revenue from the ELV and IT systems business increased by 4%year on year to HK$109 million as a result of an increased installation fee income.The Groups cost of sales increased by 6%year on year to HK$643 million,primarily due to high

84、er staff costs and depreciation as a result of the opening of new sites like MEGA IDC.Operating expenditure increased by 16%year on year to HK$84 million predominantly attributable to the expansion of the Groups data centre businesses.The Groups operating expenditure to sales ratio maintained steady

85、 at approximately 6%compared to the previous comparable period.Operating profit of the Group rose by 21%year on year to HK$752 million supported by an increase in revenue from data centre and IT facilities business but partially offset by an increase in operating expenditure and depreciation from th

86、e addition of new sites.EBITDA of the Group increased by 17%year on year to HK$1,053 million,driven mainly by EBITDA growth from the data centre business.EBITDA margin rose to 72%due to customers having moved in for the new sites and improved rental.Profit attributable to owners of the Company incre

87、ased 11%year on year to HK$484 million due to higher revenues and improved rental.Finance costs increased by 65%year on year to HK$172 million mainly due to lower interest capitalisation upon the commissioning of MEGA IDC Phase One.Net cash generated from operating activities excluding movement in w

88、orking capital of the Group increased by 37%year on year to HK$982 million,driven by business growth.Capital InvestmentThe data centre developments and fit-outs of MEGA Gateway,MEGA IDC and investment in cable landing stations HKIS-1 and HKIS-2 will enhance and expand the Groups high-tier data centr

89、e capacity to meet the increasing data demands and operational requirements of the Groups customers.The capital expenditure of the Group has reached a peak level in the last financial year as it was completing the buildout and related fit-out infrastructure for MEGA Gateway and Phase One of MEGA IDC

90、.The Group continues to exercise the highest level of discipline on cost and cash management.All capital expenditure will be deployed on the basis of just-in-time to meet concrete and confirmed customer orders.The data centre business is a capital-intensive industry,requiring long-term capital commi

91、tment.The Group is committed to continuing investment in existing and new infrastructure for new business development and regularly reviews its investment profile to take into account the changing customer and market environment.8SUNeVision Holdings Ltd.Interim Report 2024/25Management Discussion an

92、d AnalysisOther financial discussion and analysisThe Group had HK$517 million bank balances and deposits as of 31 December 2024,while bank borrowings were HK$12,212 million.Total net bank borrowings increased by 3%to HK$11,695 million compared to HK$11,398 million as at 30 June 2024.The shareholders

93、 loans were HK$5,000 million as at 31 December 2024,consisting of an existing HK$3,800 million fixed-rate facility,whose maturity has been extended for 24 months and the fixed interest rate of 3%to be converted to a floating rate with effect from 3 January 2025,and a new HK$2,000 million floating ra

94、te facility of which HK$1,200 million had been utilised.SHKP Group will continue to support the Groups development in the long term.The gearing ratio,being net debt divided by equity attributable to owners of the Company,as of 31 December 2024 was 324%;excluding the long-term unsecured shareholders

95、loans of HK$5,000 million from SHKP Group,such ratio was 233%.At the end of December 2024,the Groups total equity based on the historical cost of the Groups data centres minus depreciation was HK$5.2 billion.If the total equity were based on the fair market value of the Groups data centres in operat

96、ion,as assessed by an independent valuer,the Groups total equity would increase to HK$31.9 billion.Based on this market-based valuation,the Groups gearing ratio would be substantially lower at 37%3 without shareholders loans(or 52%3 including shareholders loans).The Group will continue to review ann

97、ually the fair value of its existing properties,as well as the properties in the pipeline as when completed,and plan to provide the supplementary adjusted net gearing ratios to facilitate a more meaningful insight to the Groups financial position.As of 31 December 2024,the Group had no contingent li

98、ability while the Company had an aggregate of HK$12,375 million contingent liabilities in respect of guarantees for general banking facilities utilised by the Groups subsidiaries and other guarantees.The Groups core operations are based in Hong Kong and its assets are primarily in Hong Kong or US do

99、llars.It had no significant exposure to foreign exchange rate fluctuations.The Group had not pledged any of its assets as of 31 December 2024.EMPLOYEESThe Group employed 518 full-time employees as of 31 December 2024.During the period under review,SUNeVision continued to promote and protect the heal

100、th and safety of its employees.The Group has implemented various measures to safeguard the wellbeing of its employees whilst maintaining the highest service standards for customers.To remain an employer of choice and attract new talent in an increasingly competitive labour market,SUNeVision has intr

101、oduced a range of programmes to support the development and retention of its people.Training workshops are organised regularly whereby employees can develop skills to enhance their career.In addition,the Group offers a competitive remuneration package to employees.Fringe benefits,including Mandatory

102、 Provident Fund contributions and medical insurance,are reviewed regularly.Share options are granted to selected Directors and employees based on performance and as part of the package to retain talents.3 Adjusted gearing ratios are calculated based on fair value of the major completed data centres

103、as of 31 December 2024 and net debt as of 31 December 2024.The adjusted gearing ratios are not defined under HKFRSs and are not presented in accordance with HKFRSs.Further,the adjusted gearing ratios may differ from the gearing ratios used by other companies,including peer companies,potentially limi

104、ting the comparability of their financial results to the Companys.Adjusted gearing ratios are calculated as net debt divided by the sum of total equity and revaluation surplus.Total equity refers to historical cost of the Groups data centres minus depreciation.Revaluation surplus refers to fair mark

105、et value of the Groups data centres in operation as assessed by an independent valuer with assumed capitalisation rates ranging from 4.75%to 6.25%,minus their net book value.9SUNeVision Holdings Ltd.Interim Report 2024/25Directors ProfileEXECUTIVE DIRECTORSKwok Ping-luen,Raymond(Age:71)ChairmanMr.Kw

106、ok has been the Chairman and an Executive Director of the Company since 29 January 2000 and he is a director of certain subsidiaries of the Company.He holds a Master of Arts degree in Law from Cambridge University,a Masters degree in Business Administration from Harvard University,an Honorary Doctor

107、ate degree in Business Administration from Hong Kong Metropolitan University and an Honorary Doctorate degree in Laws from The Chinese University of Hong Kong.Mr.Kwok is the chairman and managing director and a member of the executive committee of Sun Hung Kai Properties Limited(“SHKP”),the substant

108、ial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of the laws of Hong Kong).Prior to the appointment as chairman of SHKP,Mr.Kwok had acted as vice chairman of SHKP.He is also the chairman and a non-executive director of SmarTone Telecomm

109、unications Holdings Limited,and a non-executive director of Transport International Holdings Limited and Wing Tai Properties Limited.In civic activities,Mr.Kwok is a director of The Real Estate Developers Association of Hong Kong.Mr.Kwok is the father of Mr.Kwok Kai-wang,Christopher(being a Non-Exec

110、utive Director of the Company).For the financial year ended 30 June 2024,Mr.Kwok received a directors fee of HK$60,000 for being the Chairman of the Company.Fung Yuk-lun,Allen(Age:56)Vice ChairmanMr.Fung is a Vice Chairman of the Company.He was appointed as a Non-Executive Director of the Company in

111、 January 2014 and re-designated as an Executive Director of the Company on 2 April 2018.He is also the Authorised Representative of the Company under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.Mr.Fung is a member of each of the Remuneration Committee and

112、 Corporate Governance Committee of the Board.He is also a director of certain subsidiaries of the Company.He obtained an undergraduate degree(Modern History)from Oxford University and holds a doctoral degree in History and East Asian Languages from Harvard University.From 1996 to 1997,Mr.Fung was a

113、visiting Assistant Professor of History at Brown University.From 1997 to 2013,he worked in McKinsey&Company Hong Kong,where he became the managing partner and director.Mr.Fung is an executive director and a member of the executive committee of Sun Hung Kai Properties Limited(“SHKP”),the substantial

114、shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of the laws of Hong Kong),as well as the chief executive officer of the SHKP groups non-property related portfolio investments.He is also a director of certain subsidiaries of SHKP.Mr.Fung is

115、 a deputy chairman and an executive director of SmarTone Telecommunications Holdings Limited.He is also a non-executive director of Transport International Holdings Limited.Mr.Fung is a member of the General Committee of the Hong Kong General Chamber of Commerce,the vice president of The Hong Kong F

116、ederation of Youth Groups and a board member of the Hong Kong Tourism Board.He has also been elected a professor of practice of The Hong Kong Management Association and a member of its Executive Committee.For the financial year ended 30 June 2024,Mr.Fung received a directors fee of HK$52,500 for bei

117、ng the Vice Chairman of the Company and a member of each of the Remuneration Committee and Corporate Governance Committee of the Board.10SUNeVision Holdings Ltd.Interim Report 2024/25Directors ProfileTung Chi-ho,Eric(Age:65)Mr.Tung has been an Executive Director of the Company since 29 January 2000.

118、He holds a Bachelor of Arts degree in Architectural Studies and a Bachelor of Architecture degree from The University of Hong Kong.Mr.Tung is a member of The Hong Kong Institute of Architects and a registered Architect.Mr.Tung is the chairman of iAdvantage Limited,a subsidiary of the Company and a d

119、irector of certain subsidiaries of the Company.He has been with the Sun Hung Kai Properties group for more than 35 years and has been an executive director of Sun Hung Kai Properties Limited(“SHKP”),the substantial shareholder of the Company within the meaning of Part XV of the Securities and Future

120、s Ordinance(Chapter 571 of the laws of Hong Kong),since December 2013.Mr.Tung is also a member of the executive committee of SHKP and a director of certain subsidiaries of SHKP.He served as project director for various large-scale residential,commercial and mixed developments and oversaw the complet

121、ion of data centres for major tenants such as JP Morgan and ING Barings.For the financial year ended 30 June 2024,Mr.Tung received a directors fee of HK$45,000 for being a director of the Company.Chan Man-yuen,Martin(Age:68)Mr.Chan has been an Executive Director of the Company since 31 October 2019.

122、He has been the Chief Operating Officer of the Company since 1 April 2015 and is also a director of certain subsidiaries of the Company.Mr.Chan obtained his Higher Diploma in Electronic Engineering from The Hong Kong Polytechnic University,and his Master of Arts(major in Information Technology Manag

123、ement)from Macquarie University,Australia.Mr.Chan graduated from an engineering discipline and developed into a highly competitive and seasoned business executive with over 40 years experience in the information and communications technology industry.Mr.Chan joined the Company in 2012 and has been a

124、 key member in developing the Company and its subsidiaries(the“Group”)into a leader of data centre service providers in Hong Kong,with top-notched facilities and best practice operation,meeting the demand of global internet companies.Before joining the Group,Mr.Chan was the senior vice president of

125、PCCW Limited and had served in the information technology division for 23 years,during which he had held various senior management positions in application development,operation management,outsourcing as well as data centre business.Prior to this,Mr.Chan had worked in Paxus Financial Systems in Aust

126、ralia,where he served in the research and development division and was also the business development manager of Asia.Mr.Chan was a Project Management Professional of Project Management Institute,USA(2001)and Certified Professional of IT(Project Director)of The Hong Kong Institute for IT Professional

127、 Certification(2007).Mr.Chan received fellowship from Hong Kong Computer Society in 2004 and was also its vice president(2001 2005).Mr.Chan is a member of Hong Kong Information Technology Joint Council.For the financial year ended 30 June 2024,Mr.Chan received a directors fee of HK$45,000 and other

128、emoluments(including basic salaries and allowances,bonuses and retirement benefit scheme contributions),mainly with reference to market pay level and his contributions,of approximately HK$6,614,000 for being an Executive Director and the Chief Operating Officer of the Company.11SUNeVision Holdings L

129、td.Interim Report 2024/25Directors ProfileNON-EXECUTIVE DIRECTORSCheung Wing-yui(Age:75)Vice ChairmanMr.Cheung is a Vice Chairman of the Company and has been a Non-Executive Director of the Company since 29 January 2000.He is the Chairman of the Corporate Governance Committee of the Board and is a m

130、ember of each of the Audit Committee,Remuneration Committee and Nomination Committee.Mr.Cheung received a Bachelor of Commerce degree in accountancy from The University of New South Wales,Australia and is a member of the CPA Australia.He has been a practising solicitor in Hong Kong since 1979 and is

131、 a consultant of the law firm Woo Kwan Lee&Lo.Mr.Cheung was also admitted as a solicitor in the United Kingdom and as an advocate and solicitor in Singapore.Mr.Cheung is a deputy chairman and a non-executive director of SmarTone Telecommunications Holdings Limited.He is also a non-executive director

132、 of Tai Sang Land Development Limited and Transport International Holdings Limited.Mr.Cheung was a non-executive director of SRE Group Limited(November 1999 December 2015)and Tianjin Development Holdings Limited(September 2004 June 2023),an independent non-executive director of Ping An Insurance(Gro

133、up)Company of China,Ltd.(May 2003 June 2009),Hop Hing Group Holdings Limited(November 1989 August 2017)and Agile Group Holdings Limited(October 2005 February 2018).He is a non-executive director of Sun Hung Kai Properties Insurance Limited,which is a wholly-owned subsidiary of Sun Hung Kai Propertie

134、s Limited,the substantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of the laws of Hong Kong).Mr.Cheung is currently a member of Sponsorship&Development Fund Committee and a court member of Hong Kong Metropolitan University,and an ho

135、norary council member of The Hong Kong Institute of Directors Limited.He is also a director and an executive committee member of The Community Chest of Hong Kong.Mr.Cheung had held the positions of deputy chairman of the council and a co-deputy chairman of Sponsorship&Development Fund Committee of H

136、ong Kong Metropolitan University,the deputy chairman of The Hong Kong Institute of Directors Limited,a director of Po Leung Kuk,the vice chairman of the Mainland Legal Affairs Committee of The Law Society of Hong Kong,a member of the Board of Review(Inland Revenue Ordinance)and the fourth vice presi

137、dent&Admissions,Budgets and Allocations Committee chairman of The Community Chest of Hong Kong.Mr.Cheung was awarded the Bronze Bauhinia Star(BBS)in 2013.Mr.Cheung was awarded an honorary degree of Doctor of Business Administration from Hong Kong Metropolitan University in 2016.For the financial yea

138、r ended 30 June 2024,Mr.Cheung received a directors fee of HK$270,000 for being the Vice Chairman of the Company and a member of each of the Audit Committee,Remuneration Committee,Nomination Committee and Corporate Governance Committee of the Board.Kwok Kai-wang,Christopher(Age:38)Mr.Kwok has been a

139、 Non-Executive Director of the Company since 1 February 2017.He holds a Bachelor of Science degree in Chemistry from Harvard University and a Masters degree in Business Administration from Stanford Graduate School of Business.Mr.Kwok is an executive director and a member of the executive committee o

140、f Sun Hung Kai Properties Limited(“SHKP”),the substantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of the laws of Hong Kong).He joined the SHKP group in 2011 and is primarily responsible for the leasing of residential,retail and com

141、mercial properties of the SHKP group in Hong Kong and on the mainland.Besides,he assumes the overall responsibilities for the property business of the SHKP group in Northern China.Mr.Kwok also assists Mr.Kwok Ping-luen,Raymond(“Mr.Raymond Kwok”,the chairman and managing director of SHKP as well as t

142、he Chairman and an Executive Director of the Company)in all other non-property businesses of the SHKP group.He is also a non-executive director of Transport International Holdings Limited.Mr.Kwok is a son of Mr.Raymond Kwok.In addition,Mr.Kwok is a member of the General Committee of the Employers Fe

143、deration of Hong Kong,a governor of Our Hong Kong Foundation Limited and a member of its Development Committee as well as a council member of Hong Kong Chronicles Institute Limited.He is also a member of the Beijing Municipal Committee of the Chinese Peoples Political Consultative Conference,a vice-

144、chairman of Greater Bay Area Homeland Youth Community Foundation,and a member of the Museum Advisory Committee and its History Sub-committee of the Leisure and Cultural Services Department of the Government of the Hong Kong Special Administrative Region.Mr.Kwok was appointed as a Justice of the Peac

145、e in July 2023.For the financial year ended 30 June 2024,Mr.Kwok received a directors fee of HK$45,000 for being a director of the Company.12SUNeVision Holdings Ltd.Interim Report 2024/25Directors ProfileDavid Norman Prince(Age:73)Mr.Prince has been a Non-Executive Director of the Company since 29 O

146、ctober 2016.He is a member of the Chartered Institute of Management Accountants(UK)and the Chartered Institute of Purchasing and Supply(UK).Mr.Prince has been a non-executive director of SmarTone Telecommunications Holdings Limited since 2005.He is also a director of Wilson Group Limited,a wholly-ow

147、ned subsidiary of Sun Hung Kai Properties Limited(“SHKP”),the substantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of the laws of Hong Kong),as well as a consultant of Sun Hung Kai Real Estate Agency Limited,a wholly-owned subsidiar

148、y of SHKP.Mr.Prince has over 20 years of experience operating at the board level in an international environment.He previously served as a non-executive director and a member of the audit and governance committees of Adecco Group AG(formerly Adecco SA)(“Adecco”),a global leader in human resource ser

149、vices.Mr.Prince also held the position of non-executive director and chair of the audit committee at Ark Therapeutics plc.During his tenure at Adecco,he was a founding member and board member of Fesco Adecco,a joint venture human resources company primarily operating in China.In recognition of his c

150、ontributions,Mr.Prince was honored in 2024,with the Magnolia Silver Award by the Shanghai Municipal Peoples Government.Mr.Prince was group finance director of Cable and Wireless plc.until December 2003 and prior to this,spent some 12 years working in the telecommunications industry in Hong Kong and

151、Asia and on the mainland.From 1994 to 2000 he was finance director and latterly deputy chief executive officer of Hong Kong Telecommunications Limited until it was acquired by PCCW in 2000.Mr.Prince went on to join PCCW plc.as group chief financial officer.In 2002,he left PCCW to join Cable and Wire

152、less as group finance director.Prior to his time in Hong Kong,he held senior management roles for Cable and Wireless.His early career was spent in the gas,oil and electronic industries within Europe and the USA.For the financial year ended 30 June 2024,Mr.Prince received a directors fee of HK$150,00

153、0 for being a director of the Company.Siu Hon-wah,Thomas(Age:71)Mr.Siu has been a Non-Executive Director of the Company since 7 May 2010.He holds an MPhil degree from University of Cambridge and a PhD degree in Information Systems.Mr.Siu is a Certified Public Accountant and is a member of the Britis

154、h Computer Society.Mr.Siu is a non-executive director of SmarTone Telecommunications Holdings Limited.He was the managing director of Wilson group(until June 2018),which is a major transport infrastructure services provider in Hong Kong and is wholly-owned by Sun Hung Kai Properties Limited,the subs

155、tantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of the laws of Hong Kong),and is currently a senior consultant of Wilson group.Prior to joining Wilson group,Mr.Siu had more than 25 years of experience in telecommunications and IT s

156、ectors.His experience covers finance,business operations and development.For the financial year ended 30 June 2024,Mr.Siu received a directors fee of HK$45,000 for being a director of the Company.Chan Hong-ki,Robert(Age:60)Mr.Chan has been a Non-Executive Director of the Company since 7 August 2017.

157、He graduated from The Hong Kong Polytechnic University and holds a Bachelors Degree from the University of Greenwich.Mr.Chan joined Sun Hung Kai Properties Limited(“SHKP”),the substantial shareholder of the Company within the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of

158、the laws of Hong Kong),in 1993 and has progressed through the ranks.He is an executive director and a member of the executive committee of SHKP.Mr.Chan is also a director of certain subsidiaries of SHKP.He is a project director for various key residential,commercial,industrial and mixed developments

159、 of the SHKP group both in Hong Kong and on the mainland.Mr.Chan is also responsible for design aspects including architectural,structural,electrical and mechanical,landscape and interior design of various development projects of the SHKP group.Mr.Chan is a member of The Hong Kong Institute of Surve

160、yors and The Royal Institution of Chartered Surveyors and a Registered Professional Surveyor.He is also an Authorised Person under the Buildings Ordinance(Chapter 123 of the laws of Hong Kong)and a director of BEAM Society Limited.For the financial year ended 30 June 2024,Mr.Chan received a director

161、s fee of HK$45,000 for being a director of the Company.13SUNeVision Holdings Ltd.Interim Report 2024/25Directors ProfileLau Yeuk-hung,Fiona(Age:43)Ms.Lau is a Non-Executive Director of the Company.She was appointed as an Executive Director of the Company in October 2019 and re-designated as a Non-Ex

162、ecutive Director of the Company on 15 February 2023.Ms.Lau holds a Bachelor of Arts degree in Philosophy from The University of Chicago.Ms.Lau has been an executive director and the chief executive officer of SmarTone Telecommunications Holdings Limited(“SmarTone”)since February 2023.Prior to joinin

163、g SmarTone,she was the Chief Commercial Officer of the Company and had taken up various leadership roles in business development,corporate strategy,sales and marketing,product development and investor relations.Ms.Lau joined Sun Hung Kai Properties Limited(“SHKP”),the substantial shareholder of the

164、Company within the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of the laws of Hong Kong)in June 2017.Prior to joining SHKP,Ms.Lau was a director at BlackRock Asset Management(North Asia),where she held various senior positions across the chairmans office,corporate strategy

165、,and retail and private banking functions during 2010 to 2017.From 2005 to 2010,she worked in McKinsey&Company and held the position of engagement manager.Ms.Lau has been an independent non-executive director of Octopus Holdings Limited,Octopus Cards Limited and Octopus Cards Client Funds Limited si

166、nce January 2025.She is also a member of the Remuneration Committee thereof.For the financial year ended 30 June 2024,Ms.Lau received a directors fee of HK$45,000 for being a director of the Company.INDEPENDENT NON-EXECUTIVE DIRECTORSLi On-kwok,Victor(Age:70)Professor Li has been an Independent Non-

167、Executive Director of the Company since 29 January 2000.He is also the Chairman of the Nomination Committee and a member of each of the Audit Committee and Remuneration Committee of the Board.Professor Li received his bachelors,masters,engineers and doctoral degrees in Electrical Engineering and Com

168、puter Science from the Massachusetts Institute of Technology in 1977,1979,1980 and 1981 respectively.Professor Li is Chair Professor of Information Engineering of the Department of Electrical and Electronic Engineering(“EEED”)at The University of Hong Kong(“HKU”),and was the head(until 28 February 2

169、018)and Cheng Yu-Tung Professor in Sustainable Development(until 30 June 2023)of the EEED at HKU.Prior to joining HKU,he was Professor of Electrical Engineering at the University of Southern California(“USC”)and director of the USC Communication Sciences Institute.Professor Li had chaired various co

170、mmittees of international professional organisations such as the Technical Committee on Computer Communications of the Institute of Electrical and Electronics Engineers.He was awarded the Bronze Bauhinia Star by the Government of Hong Kong in 2002.For the financial year ended 30 June 2024,Professor

171、Li received a directors fee of HK$240,000 for being a director of the Company and a member of each of the Audit Committee,Remuneration Committee and Nomination Committee of the Board.King Yeo-chi,Ambrose(Age:90)Professor King has been an Independent Non-Executive Director of the Company since 1 Janu

172、ary 2007.He is also the Chairman of the Remuneration Committee and a member of each of the Audit Committee and Nomination Committee of the Board.Professor King received his BA from National Taiwan University(1957),MA from National Cheng Chi University(1959),and PhD from the University of Pittsburgh(

173、1970).Professor King is the Emeritus Professor of Sociology at The Chinese University of Hong Kong.He had been the head of New Asia College(1977 1985),Chair Professor of Sociology(1983 2004),Pro-Vice-Chancellor(1989 2002)and Vice-Chancellor(2002 2004)at The Chinese University of Hong Kong.In additio

174、n,Professor King had been the Visiting Fellow at the Centre of International Studies,MIT(1976)and Visiting Professor at University of Heidelberg(1985)and University of Wisconsin(1986).He was elected as Academician,Academia Sinica,Taipei(1994).14SUNeVision Holdings Ltd.Interim Report 2024/25Directors

175、 ProfileProfessor King had held many advisory positions to the Hong Kong Government such as Independent Commission Against Corruption,The Law Reform Commission,Central Policy Unit and University Grants Committee Research Grants Council.He is currently a member of the supervisory board of Chiang Chin

176、g-kuo Foundation for International Scholarly Exchange(“the Foundation”)and was a member of the board of directors of the Foundation.Professor King was appointed the Non-Official Justice of Peace in 1994.He was awarded the Silver Bauhinia Star of Hong Kong and the Doctor of Literature,honoris causa o

177、f The Hong Kong University of Science and Technology in 1998 and the Doctor of Laws,honoris causa of The Chinese University of Hong Kong in 2005.For the financial year ended 30 June 2024,Professor King received a directors fee of HK$240,000 for being a director of the Company and a member of each of

178、 the Audit Committee,Remuneration Committee and Nomination Committee of the Board.Wong Kai-man(Age:74)Mr.Wong has been an Independent Non-Executive Director of the Company since 16 January 2007.He is also the Chairman of the Audit Committee and a member of each of the Remuneration Committee and Nomi

179、nation Committee of the Board.Mr.Wong obtained his Bachelor of Science from The University of Hong Kong and Master of Business Administration from The Chinese University of Hong Kong.He is a fellow of the Association of Chartered Certified Accountants,United Kingdom and a fellow of the Hong Kong Ins

180、titute of Certified Public Accountants.Mr.Wong is an accountant with 32 years of experience in audit,initial public offering and computer audit.Mr.Wong is an independent non-executive director of VTech Holdings Limited.He had served in a number of government committees and the boards of certain non-

181、governmental organisations.Mr.Wong was a non-executive director of the Securities and Futures Commission(May 2009 May 2015)and an independent non-executive director of Great Wall Pan Asia Holdings Limited(formerly known as Armada Holdings Limited and SCMP Group Limited)(April 2007 November 2016).He

182、is currently an executive director of Victor and William Fung Foundation Limited and a director of Li&Fung Foundation Limited.He was an honorary associate professor of the School of Business of The University of Hong Kong(2005 January 2018)and a member of the Growth Enterprise Market Listing Committ

183、ee of The Stock Exchange of Hong Kong Limited(1999 2003)and Accounting and Financial Reporting Council(formerly known as Financial Reporting Council(FRC)(December 2014 September 2021).Mr.Wong was an audit partner of PricewaterhouseCoopers,Hong Kong before his retirement on 30 June 2005.Mr.Wong was a

184、ppointed as a Justice of the Peace in 2002,and was awarded Bronze Bauhinia Star in 2007 by the Government of Hong Kong.He was conferred honorary fellowships of Lingnan University,Hong Kong in 2007,City University of Hong Kong in 2013 and The University of Hong Kong in 2016 respectively.For the finan

185、cial year ended 30 June 2024,Mr.Wong received a directors fee of HK$240,000 for being a director of the Company and a member of each of the Audit Committee,Remuneration Committee and Nomination Committee of the Board.Lee Wai-kwong,Sunny(Age:65)Mr.Lee has been an Independent Non-Executive Director of

186、 the Company since 1 November 2013.He is a member of the Corporate Governance Committee of the Board with effect from 1 November 2024.Mr.Lee holds a Bachelors Degree and Masters Degree in Operations Research&Industrial Engineering,both from Cornell University in the USA.He is a Distinguished Fellow

187、of Hong Kong Computer Society and Fellow of Hong Kong Institute of Engineers.Mr.Lee is an independent non-executive director,a member of the capital works committee and the chairman of the technology advisory panel of MTR Corporation Limited.He is also an independent non-executive director,a member

188、of each of audit committee,nomination and remuneration committee,risk committee,strategy and budget committee as well as sustainability committee of BOC Hong Kong(Holdings)Limited and its principal operating subsidiary,Bank of China(Hong Kong)Limited.Mr.Lee has more than 40 years of experience in bu

189、siness and technology management gained in both Hong Kong and overseas.He is the former Vice-President(Administration)of City University of Hong Kong and was the executive director of information technology(“IT”)of The Hong Kong Jockey Club(“HKJC”),where he served as a member of board of management

190、and had overall responsibility for HKJCs IT strategy and innovation.Prior to joining HKJC,Mr.Lee served at The Hong Kong and China Gas Company Limited(Towngas)where he was an executive committee member and held a number of key positions thereat,including chief information officer of the group and ch

191、ief executive officer of two strategic diversification businesses,iC Limited and Towngas Telecommunications Company Limited.15SUNeVision Holdings Ltd.Interim Report 2024/25Directors ProfileDuring the early 1990s,Mr.Lee was vice president and systems director of the Bank of America in Hong Kong,where

192、 he played a key role in building up IT capabilities to support the banks business expansion in Asia.He had also held key IT positions in the financial,management consulting and manufacturing industries in the USA.Mr.Lee takes time to serve in many high level governing and advisory committees in the

193、 academic,professional and community arena.He is the board chairman of Hong Kong Applied Science and Technology Research Institute Company Limited(ASTRI)and a council member of Hong Kong Management Association.Mr.Lee is also a past president of Hong Kong Computer Society,a past chairman of the Hong

194、Kong Institute of IT Professional Certification,a past council member of Vocational Training Council,a past audit committee member of Hong Kong Housing Society and a past board chairman of Hong Kong Education City.Mr.Lee was a recipient of Hong Kongs Ten Outstanding Young Digi Persons Award in 1999,

195、Asia CIO Award in 2002 and 2007,China Top CIO Award in 2007,2009 Asian IT Influencer recognition,2009 China Best Value CIO Award,and 2011 Hong Kong CIO Outstanding Achievement Award.He was appointed a Justice of the Peace in 2010 and was awarded the Bronze Bauhinia Star(BBS)in 2022.Mr.Lee was a torc

196、hbearer of the 2008 Beijing Olympics,representing Hong Kongs IT achievers.For the financial year ended 30 June 2024,Mr.Lee received a directors fee of HK$150,000 for being a director of the Company.Jack Lau(Age:57)Professor Lau has been an Independent Non-Executive Director of the Company since 19 A

197、pril 2024.He received his Bachelors and Masters degrees in Electrical Engineering and Computer Sciences from the University of California,Berkeley,and obtained his Ph.D.degree in Electrical and Electronic Engineering from The Hong Kong University of Science and Technology(“HKUST”)in 1994.Professor L

198、au then continued his post-doctoral research at Stanford University and completed his Executive Master of Business Administration program of Northwestern University Kellogg-HKUST in 2010.Professor Lau is an Adjunct Professor of the Department of Electronic and Computer Engineering at HKUST and also

199、a Court member of HKUST.He is the President of Qatar Science and Technology Park.Professor Lau was a member of the Appeal Tribunal Panel(Buildings)of the Development Bureau of the Government of the Hong Kong Special Administrative Region and the Listing Committee of The Stock Exchange of Hong Kong L

200、imited.Professor Lau was awarded the Ten Outstanding Young Persons in Hong Kong(2000),Young Industrialist Award of Hong Kong(2005),Excellence in Achievement of World Chinese Youth Entrepreneurs Award(2009)and Ernst&Young Entrepreneur Of The Year China(Technology)(2009).He was bestowed an Honorary Fe

201、llowship at HKUST and honoured with the Directors Of The Year Award by the Hong Kong Institute of Directors in 2010 and 2011 respectively.Professor Lau is entitled to receive a directors fee of HK$150,000 per annum(or a pro rata amount for the duration of his directorship for an incomplete year)for

202、being a director of the Company.Save as disclosed above,all the Directors of the Company(i)did not hold any other directorships in the last three years in any other public companies,the securities of which are listed on any securities market in Hong Kong or overseas;(ii)do not hold any other positio

203、n in the Company and its subsidiaries;and(iii)do not have any relationship with any Directors,senior management,substantial shareholders or controlling shareholders(as respectively defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited)of the Company.Each

204、 of the Executive Directors of the Company has entered into a service agreement with the Company.Each agreement is for a period of three years commencing on the date of appointment of the respective Director and shall continue thereafter until terminated by either party giving written notice to the

205、other(save the ones for Mr.Kwok Ping-luen,Raymond and Mr.Tung Chi-ho,Eric where each of which commenced on 1 March 2003 for a period of three years and shall continue thereafter until terminated by either party giving to the other not less than six months prior written notice).There are no service a

206、greements entered into between the Company and the Non-Executive Directors(including the Independent Non-Executive Directors)of the Company.Each of them received an appointment letter from the Company for their respective appointments.All the Directors of the Company are subject to retirement by rot

207、ation and re-election at annual general meetings of the Company in accordance with the amended and restated articles of association of the Company.16SUNeVision Holdings Ltd.Interim Report 2024/25Directors ProfileThe directors fees are fixed by the Board while their annual salaries,if any,are determi

208、ned by the Board from time to time with reference to their contributions in terms of time,effort and their expertise and are reviewed on an annual basis,and the sum of discretionary bonus,if any,is determined by the Board at its absolute discretion having regard to the operating results of the Compa

209、ny,its subsidiaries and its associated companies from time to time and the performance of the respective Directors.SENIOR MANAGEMENTThe Executive Directors of the Company are also members of senior management of the Group.17SUNeVision Holdings Ltd.Interim Report 2024/25Report on Review of Condensed

210、ConsolidatedFinancial Statements TO THE BOARD OF DIRECTORS OF SUNEVISION HOLDINGS LTD.新意網集團有限公司INTRODUCTIONWe have reviewed the condensed consolidated financial statements of SUNeVision Holdings Ltd.(the“Company”)and its subsidiaries(collectively referred to as the“Group”)set out on pages 19 to 34,w

211、hich comprise the consolidated statement of financial position as of 31 December 2024 and the related consolidated statement of profit or loss and other comprehensive income,consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six-month period then e

212、nded,and notes to the condensed consolidated financial statements.The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accou

213、nting Standard 34“Interim Financial Reporting”(“HKAS 34”)issued by the Hong Kong Institute of Certified Public Accountants.The directors of the Company are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with HKAS 34.Our responsibil

214、ity is to express a conclusion on these condensed consolidated financial statements based on our review,and to report our conclusion solely to you,as a body,in accordance with our agreed terms of engagement,and for no other purpose.We do not assume responsibility towards or accept liability to any o

215、ther person for the contents of this report.SCOPE OF REVIEWWe conducted our review 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 Hong Kong Institute of Certified Public Account

216、ants.A review of these condensed consolidated financial statements consists of making inquiries,primarily of persons responsible for financial and accounting matters,and applying analytical and other review procedures.A review is substantially less in scope than an audit conducted in accordance with

217、 Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.Accordingly,we do not express an audit opinion.CONCLUSIONBased on our review,nothing has come to our attention that caus

218、es us to believe that the condensed consolidated financial statements are not prepared,in all material respects,in accordance with HKAS 34.Deloitte Touche TohmatsuCertified Public AccountantsHong Kong25 February 202518SUNeVision Holdings Ltd.Interim Report 2024/25Consolidated Statement of Profit or

219、Loss andOther Comprehensive IncomeFor the six months ended 31 December 2024Six months ended 31 December20242023HK$000HK$000NOTES(unaudited)(unaudited)Revenue31,469,9261,289,640Cost of sales(642,887)(607,103)Gross profit827,039682,537Other income48,63611,676Selling expenses(21,908)(18,904)Administrat

220、ive expenses(62,130)(53,311)Profit from operations751,637621,998Finance costs(172,003)(104,106)Profit before taxation579,634517,892Income tax expense5(95,640)(82,452)Profit and total comprehensive income for the period attributable to owners of the Company6483,994435,440 Earnings per share based on

221、profit attributable to owners of the Company(reported earnings per share)8Basic(Remark(i)11.92 cents10.73 cents Diluted(Remark(i)11.92 cents10.73 cents Remarks:(i)Upon completion of the bonus issue of shares(with a convertible note(“Convertible Note(s)”,which were constituted by the deed poll dated

222、25 November 2010)alternative)on 25 November 2010,the Company had 2,342,675,478 ordinary shares in issue and outstanding Convertible Notes which could be converted into 1,720,292,188 fully paid ordinary shares,representing a total of 4,062,967,666 ordinary shares which form the basis for the calculat

223、ion of basic and diluted earnings per share.Adjustments are made in respect of shares repurchased and share options exercised.(ii)Details of earnings per share calculation and the Companys share capital are set out in notes 8 and 18 respectively.19SUNeVision Holdings Ltd.Interim Report 2024/25Consol

224、idated Statement of Financial PositionAt 31 December 202431 December202430 June2024HK$000HK$000NOTES(unaudited)(audited)Non-current assetsInvestment property958,00058,000Property,plant and equipment1023,278,98522,770,006Equity instrument at fair value through other comprehensive income(“FVTOCI”)113,

225、7103,710 23,340,69522,831,716 Current assetsInventories4,6456,178Trade and other receivables12788,924696,500Contract assets1334,00438,700Cash and cash equivalents516,866498,741 1,344,4391,240,119 Current liabilitiesTrade and other payables141,513,5741,779,887Contract liabilities15106,88488,048Lease

226、liabilities17,62118,051Tax payables60,73276,849 1,698,8111,962,835 Net current liabilities(354,372)(722,716)Total assets less current liabilities22,986,32322,109,000 Non-current liabilitiesContract liabilities153,2533,761Lease liabilities178,756187,955Deferred tax liabilities440,002402,215Bank borro

227、wings1612,212,01611,897,116Shareholders loans175,000,0004,500,000 17,834,02716,991,047 Net assets5,152,2965,117,953 Capital and reservesShare capital18233,906233,906Reserve arising from issuance of convertible notes18172,002172,002Other reserves184,744,3604,710,017 Equity attributable to owners of t

228、he Company5,150,2685,115,925Non-controlling interests2,0282,028 Total equity5,152,2965,117,953 20SUNeVision Holdings Ltd.Interim Report 2024/25Consolidated Statement of Changes in EquityFor the six months ended 31 December 2024Attributable to owners of the Company SharecapitalSharepremiumReservearis

229、ing fromissuance ofconvertiblenotesShareoptionreservePropertyvaluationreserveRetainedprofitsTotalNon-controllinginterestsTotalequityHK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000(Note)At 1 July 2024(audited)233,9062,377,540172,00256,73248,6392,227,1065,115,9252,0285,117,953 Profit and total

230、comprehensive income for the period483,994483,994483,994Recognition of equity-settled share-based payments2,4702,4702,470Lapse of share options(502)502Unclaimed dividend forfeited2,4952,4952,495Final dividend and distribution paid(note 7)(454,616)(454,616)(454,616)At 31 December 2024(unaudited)233,9

231、062,377,540172,00258,70048,6392,259,4815,150,2682,0285,152,296 Attributable to owners of the Company SharecapitalSharepremiumReservearising fromissuance ofconvertiblenotesShareoptionreservePropertyvaluationreserveRetainedprofitsTotalNon-controllinginterestsTotalequityHK$000HK$000HK$000HK$000HK$000HK

232、$000HK$000HK$000HK$000(Note)At 1 July 2023(audited)233,9062,377,540172,00268,70048,6391,753,0064,653,7932,0284,655,821 Profit and total comprehensive income for the period435,440435,440435,440Recognition of equity-settled share-based payments3,1473,1473,147Lapse of share options(6,894)6,894Final div

233、idend and distribution paid(note 7)(454,616)(454,616)(454,616)At 31 December 2023(unaudited)233,9062,377,540172,00264,95348,6391,740,7244,637,7642,0284,639,792 Note:Pursuant to an ordinary resolution in relation to the bonus issue of shares(with a Convertible Note alternative)passed at the extraordi

234、nary general meeting of the Company held on 1 November 2010,311,191,645 bonus shares of HK$0.1 each were issued on 25 November 2010 on the basis of one bonus share for every existing share held by the shareholders of the Company whose names appeared on the register of members of the Company on 1 Nov

235、ember 2010.Reserve arising from issuance of the Convertible Notes was then capitalised from the Companys share premium account for the purpose of issue of new shares upon conversion of the Convertible Notes.This reserve balance represented the aggregate amount of the Convertible Notes outstanding at

236、 the period end.No Convertible Notes were exercised and converted into ordinary shares by noteholders during the six months ended 31 December 2024 and 2023.As a result,the Convertible Notes in the amount of HK$172,001,633.30 remained outstanding as at 31 December 2024 and 2023.The Convertible Notes

237、are unlisted,non-transferable and irredeemable but have conversion rights entitling the noteholders to convert into an equivalent number of shares as the number of bonus shares which the noteholders would otherwise be entitled to receive under the bonus issue had the shareholder not elected for the

238、Convertible Notes.The Convertible Notes do not carry voting rights at any general meeting of shareholders of the Company.The noteholders have the same right as the shareholders to receive dividend.The noteholders can exercise the conversion rights at any time after the issue of the Convertible Notes

239、,subject to the terms and conditions of the deed poll constituting the Convertible Notes.The Convertible Notes were recognised as equity and are presented in reserves as“reserve arising from issuance of convertible notes”.21SUNeVision Holdings Ltd.Interim Report 2024/25Condensed Consolidated Stateme

240、nt of Cash FlowsFor the six months ended 31 December 2024Six months ended 31 December20242023HK$000HK$000(unaudited)(unaudited)OPERATING ACTIVITIESProfit for the period483,994435,440Adjustments for:Income tax expense95,64082,452Depreciation of property,plant and equipment308,107284,038Finance costs1

241、72,003104,106Others(4,263)(3,287)Operating cash inflows before movements in working capital1,055,481902,749Changes in working capital(79,894)226,411 CASH GENERATED FROM OPERATIONS975,5871,129,160Hong Kong profits tax paid(73,970)(187,748)NET CASH GENERATED FROM OPERATING ACTIVITIES901,617941,412 INV

242、ESTING ACTIVITIESPurchase of property,plant and equipment(780,955)(1,561,143)Interest received6,3036,473Proceeds from disposal of property,plant and equipment7 NET CASH USED IN INVESTING ACTIVITIES(774,652)(1,554,663)FINANCING ACTIVITIESNew bank loans raised800,0001,590,000New shareholders loan rais

243、ed500,000Repayment of bank loans(500,000)Dividends and distribution paid(448,568)(454,616)Interest paid(450,432)(366,423)Others(9,840)(39,423)NET CASH(USED IN)FROM FINANCING ACTIVITIES(108,840)729,538 NET INCREASE IN CASH AND CASH EQUIVALENTS18,125116,287CASH AND CASH EQUIVALENTS AT THE BEGINNING OF

244、 THE PERIOD498,741237,279 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD,represented by bank balances and deposits516,866353,566 22SUNeVision Holdings Ltd.Interim Report 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 20241.BASIS OF PREPARATION

245、The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard(“HKAS”)34“Interim Financial Reporting”issued by the Hong Kong Institute of Certified Public Accountants(“HKICPA”)as well as with the applicable disclosure requirements of Appendix 16 t

246、o the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.In preparing the condensed consolidated financial statements,the directors of the Company have given careful consideration to the future liquidity of the Group in light of the fact that the Groups current liab

247、ilities exceeded its current assets by HK$354,372,000 as at 31 December 2024.The Groups total equity is HK$5.2 billion as at 31 December 2024.For illustrative purposes,had the Groups data centres in operation(which is stated at cost net of accumulated depreciation)been stated at fair value at 31 Dec

248、ember 2024,total equity of the Group at 31 December 2024 would be HK$31.9 billion.The fair value,which was determined based on the income approach,has been arrived at with the assistance of an independent valuer not connected with the Group.Such information is for illustrative purposes only and is n

249、ot necessarily an indication of total equity of the Group that actually would have been achieved had the Groups data centres in operation been stated at fair value at 31 December 2024,nor is it intended to be a projection of future results.In the opinion of the directors of the Company,the Group has

250、 a number of sources of finance available to fund its operations,including but not limited to internal resources available and unutilised facilities of HK$2,300,000,000 from financial institutions and shareholder.Accordingly,the condensed consolidated financial statements have been prepared on a goi

251、ng concern basis.2.PRINCIPAL ACCOUNTING POLICIESThe condensed consolidated financial statements have been prepared on the historical cost basis,except for certain property and financial instruments,which are measured at fair values.Other than changes in accounting policies resulting from application

252、 of the Hong Kong Financial Reporting Standards(“HKFRSs”)and the amendments to HKFRSs,the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 31 December 2024 are the same as those followed in the preparation of the Groups a

253、nnual financial statements for the year ended 30 June 2024.Application of amendments to HKFRSsIn the current interim period,the Group has applied the following HKFRSs and amendments to HKFRSs issued by the HKICPA,for the first time,which are mandatorily effective for the Groups annual period beginni

254、ng on 1 July 2024 for the preparation of the Groups condensed consolidated financial statements:Amendments to HKFRS 16Lease Liability in a Sale and LeasebackAmendments to HKAS 1Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5(2020)Amendment

255、s to HKAS 1Non-current Liabilities with CovenantsAmendments to HKAS 7 and HKFRS 7Supplier Finance ArrangementsThe application of the amendments to HKFRSs in the current period has had no material impact on the Groups financial performance and positions for the current and prior periods and/or on the

256、 disclosures set out in these condensed consolidated financial statements.23SUNeVision Holdings Ltd.Interim Report 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 20243.SEGMENT INFORMATIONDisaggregation of revenueFor the six months ended 31 Decembe

257、r 2024SegmentsData centreand IT facilitiesELV and ITsystemsTotalHK$000HK$000HK$000 Types of services recognised over timeIncome from data centre and information technology(“IT”)facilities colocation services and interconnection services1,360,6051,360,605Installation and maintenance fee of extra-low

258、voltage(“ELV”)and IT systems109,321109,321 Revenue from contract with customers1,360,605109,3211,469,926 For the six months ended 31 December 2023SegmentsData centreand IT facilitiesELV and ITsystemsTotalHK$000HK$000HK$000 Types of services recognised over timeIncome from data centre and IT faciliti

259、es colocation services and interconnection services1,184,9911,184,991Installation and maintenance fee of ELV and IT systems104,649104,649 Revenue from contract with customers1,184,991104,6491,289,640 Segment revenue and resultsSegment profit represents the profit earned by each segment without alloc

260、ation of central administrative costs,directors emoluments,interest income,certain rental income and finance costs.This is the measure reported to the Groups management,being the chief operating decision maker,for the purposes of resource allocation and performance assessment.The principal activitie

261、s of the operating segments and reportable segments of the Group are as follows:(a)Data centre and IT facilities cover the provision of 1)data centre and IT facilities colocation services to allow customers to house their IT infrastructure or equipment,2)interconnection services to provide customers

262、 with high-speed and reliable interconnectivity,and 3)other managed services.(b)ELV and IT systems comprise installation and maintenance services for the respective systems.24SUNeVision Holdings Ltd.Interim Report 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months ende

263、d 31 December 20243.SEGMENT INFORMATION(continued)Segment revenue and results(continued)An analysis of the Groups revenue and results,substantially derived from Hong Kong,by reportable segment is as follows:For the six months ended 31 December 2024Data centreand IT facilitiesELV and ITsystemsElimina

264、tionConsolidatedtotalHK$000HK$000HK$000HK$000 REVENUEExternal1,360,605109,3211,469,926Inter-segment95(95)Total1,360,605109,416(95)1,469,926 RESULTSSegment results752,00320,611772,614 Unallocated corporate expenses(28,457)Interest income6,697Rental income783Finance costs(172,003)Profit before taxatio

265、n579,634 For the six months ended 31 December 2023Data centreand IT facilitiesELV and ITsystemsEliminationConsolidatedtotalHK$000HK$000HK$000HK$000 REVENUEExternal1,184,991104,6491,289,640Inter-segment95(95)Total1,184,991104,744(95)1,289,640 RESULTSSegment results622,92119,358642,279 Unallocated cor

266、porate expenses(27,628)Interest income6,564Rental income783Finance costs(104,106)Profit before taxation517,892 Inter-segment sales are charged at prevailing market rates.The Group does not report regularly segment assets and liabilities to the chief operating decision maker and therefore no analysis

267、 of segment assets and liabilities is presented.25SUNeVision Holdings Ltd.Interim Report 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 20244.OTHER INCOMESix months ended 31 December20242023HK$000HK$000 Interest income6,6976,564Rental income7832,4

268、69Miscellaneous1,1562,643 8,63611,676 5.INCOME TAX EXPENSESix months ended 31 December20242023HK$000HK$000 Current tax Hong Kong Profits Tax57,85363,189Deferred tax charge37,78719,263 95,64082,452 Hong Kong Profits Tax is calculated at 16.5%(2023:16.5%)on the estimated assessable profits for the per

269、iod.6.PROFIT FOR THE PERIODSix months ended 31 December20242023HK$000HK$000 Profit for the period has been arrived at after charging(crediting):Staff costs151,878134,440Share-based payments2,4703,147Retirement benefit scheme contributions4,8003,869 Total staff costs including directors emoluments159

270、,148141,456 Depreciation of property,plant and equipment312,486293,100Less:amounts capitalised(4,379)(9,062)308,107284,038 Loss on disposal of property,plant and equipment46 26SUNeVision Holdings Ltd.Interim Report 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months end

271、ed 31 December 20246.PROFIT FOR THE PERIOD(continued)Six months ended 31 December20242023HK$000HK$000 Interest on bank borrowings311,744297,586Interest on shareholders loans77,38357,468Other finance costs17,90113,735Interest on lease liabilities3,0323,249Less:amounts capitalised(238,057)(267,932)Tot

272、al finance costs172,003104,106 7.DIVIDENDSDuring the period,a final dividend of HK11.20 cents per share in respect of the year ended 30 June 2024(2023:HK11.20 cents per share in respect of the year ended 30 June 2023)was declared and paid to the owners and convertible noteholders of the Company.The

273、aggregate amount of the final dividend declared and paid in the period amounted to HK$454,616,000 (31 December 2023:HK$454,616,000).The board of directors does not recommend the payment of an interim dividend for the six months ended 31 December 2024 (31 December 2023:nil).8.EARNINGS PER SHAREReport

274、ed earnings per shareThe calculation of the basic and diluted earnings per share attributable to owners of the Company is based on the following data:Six months ended 31 December20242023HK$000HK$000 Earnings for the purposes of basic and diluted earnings per share483,994435,440 20242023Numberof shar

275、esNumberof shares Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share4,059,073,6664,059,073,666 For the purposes of basic and diluted earnings per share,the weighted average number of ordinary shares is calculated after taking into account the effect of

276、 the issuance of bonus shares(with a Convertible Note alternative)in November 2010.Details of the issuance of bonus shares are set out in note 18.The computation of diluted earnings per share does not assume the exercise of all Companys share options because the exercise price of those share options

277、 was higher than the average market price for shares for the six months ended 31 December 2024 and 2023.Save as the share options mentioned above,there were no other dilutive potential ordinary shares in existence during the six months ended 31 December 2024 and 2023.27SUNeVision Holdings Ltd.Interi

278、m Report 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 20249.INVESTMENT PROPERTYHK$000 At 30 June and 31 December 202458,000 The fair value of the Groups investment property,which is located in Hong Kong,at 30 June and 31 December 2024 has been d

279、etermined with reference to a valuation on market value basis carried out by Knight Frank Petty Limited,independent qualified professional surveyor not connected with the Group.In estimating the fair value of the investment property,the highest and best use of the property is its current use.The val

280、uation was valued using the income capitalisation method by capitalising the net income from the existing tenancy and reversionary income potential at appropriate capitalisation rates.The capitalisation rate adopted is 3%(30 June 2024:3%)which is derived by making reference to the yields achieved fr

281、om analysis of comparable property investment transactions and valuers view of prevailing investor expectations regarding rental growth and perceived risks.A lower capitalisation rate would imply a higher property value,and vice versa.All of the fair value measurements of the Groups investment prope

282、rty was categorised into Level 3 of the fair value hierarchy.Level 3 fair value measurements are those derived from valuation techniques in which unobservable inputs are used.There were no transfers into or out of Level 3 during the year.All of the Groups property interests that are held under opera

283、ting leases to earn rentals or for capital appreciation purposes are measured using the fair value model and are classified and accounted for as investment property.10.PROPERTY,PLANT AND EQUIPMENTDuring the period,additions to property,plant and equipment including right-of-use assets amounted to ap

284、proximately HK$821,837,000(31 December 2023:HK$1,716,018,000).During the period,the Group entered into a new lease agreement for warehouse usage(31 December 2023:office usage)for 3 years(31 December 2023:3 years).The Group is required to make fixed monthly payments during the contract period.On leas

285、e commencement,the Group recognised HK$619,000(31 December 2023:HK$4,832,000)of right-of-use asset and HK$619,000(31 December 2023:HK$4,832,000)of lease liability.During the six months ended 31 December 2024,the management reassessed the useful lives of Groups certain data centre facilities.In previ

286、ous years,certain data centre facilities were depreciated 10%per annum.With effect from 1 July 2024,certain data centre facilities have been depreciated at 6.67%per annum for alignment with latest expected useful lives of the related assets and the practice of other operators in the industry.As a re

287、sult,depreciation expense decreased by approximately HK$71 million for the six months ended 31 December 2024.11.EQUITY INSTRUMENT AT FVTOCI31 December202430 June2024HK$000HK$000 Equity instrument at FVTOCI:Unlisted equity instrument3,7103,710 31 December202430 June2024HK$000HK$000 Carrying amount an

288、alysed for reporting purposes as:Non-current asset3,7103,710 28SUNeVision Holdings Ltd.Interim Report 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202412.TRADE AND OTHER RECEIVABLES31 December202430 June2024HK$000HK$000 Trade receivables300,2263

289、23,198Less:allowance for credit losses(84)(204)300,142322,994Unbilled revenue for use of data centre and IT facilities(Note)259,231162,816Other receivables74,20769,402Prepayments114,509109,360Deposits paid40,83531,928 788,924696,500 Note:Unbilled revenue represents services provided but not yet bill

290、able according to the terms of the contract with customers.The amounts are unconditional and will be billed according to the billing arrangement as set out in the contract with customer.The Group allows an average credit period of 30 days to its trade customers.The following is an ageing analysis of

291、 trade receivables based on the invoice date,net of allowance for credit losses at the end of the reporting period:31 December202430 June2024HK$000HK$000 0 60 days261,490288,12761 90 days8,07310,576 90 days30,57924,291 300,142322,994 As at 31 December 2024,out of the past due balances,HK$30,579,000(

292、30 June 2024:HK$24,291,000)has been past due 90 days or more and is not considered as in default because those debtors are with continuous settlements during and subsequent to the reporting period and no material default history noted.13.CONTRACT ASSETS31 December202430 June2024HK$000HK$000 Unbilled

293、 revenue for installation services15,70923,656Retention receivables of installation services18,29515,044 Total contract assets34,00438,700 29SUNeVision Holdings Ltd.Interim Report 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202414.TRADE AND OTH

294、ER PAYABLES31 December202430 June2024HK$000HK$000 Trade payables aged within 60 days31,1657,598Trade payables aged over 60 days1,844770Other payables and accruals(Note)1,301,9551,594,531Dividend payable3,553Deposits received175,057176,988 1,513,5741,779,887 Note:Other payables and accruals include p

295、ayables for property,plant and equipment of HK$1,008,742,000(30 June 2024:HK$1,210,916,000).15.CONTRACT LIABILITIESThe carrying amounts of contract liabilities are as follows:31 December202430 June2024HK$000HK$000 Current liabilities(release to the consolidated statement of profit or loss within one

296、 year)106,88488,048Non-current liabilities3,2533,761 110,13791,809 During the six months ended 31 December 2024,revenue recognised in the current period relating to contract liabilities at the beginning of the period was HK$46,349,000(31 December 2023:HK$32,225,000).The Group receives upfront lump s

297、um payments from certain customers before the commencement of use of data centre and IT facilities and monthly fee in advances from certain customers at the beginning of each month.The upfront lump sum and advance payment result in contract liabilities being recognised.30SUNeVision Holdings Ltd.Inte

298、rim Report 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202416.BANK BORROWINGSDuring the period,the Group did not obtain any new long term banking facilities(31 December 2023:HK$1,600,000,000)and raised unsecured bank loans of HK$800,000,000(31

299、December 2023:HK$1,590,000,000)from its existing unutilised banking facilities and repaid the bank loan with a principal amount of HK$500,000,000(31 December 2023:Nil).As at 31 December 2024,the Group has available unutilised banking facilities of HK$1,500,000,000(30 June 2024:HK$1,800,000,000).At 3

300、1 December 2024,the carrying amount of the Groups unsecured bank loans amounted to approximately HK$12,212,016,000(30 June 2024:HK$11,897,116,000).All loans carry interest at the Hong Kong Interbank Offered Rate plus specific margins.The carrying amounts of the unsecured bank loans are repayable:31

301、December202430 June2024HK$000HK$000 Within a period of more than one year but less than two years4,978,7502,394,500Within a period of more than two years but less than five years7,233,2669,502,616 Total12,212,01611,897,116 17.SHAREHOLDERS LOANSOn 28 December 2018,the Group and Sun Hung Kai Propertie

302、s Limited and its subsidiaries,other than members of the Group(“SHKP Group”)entered into a loan agreement pursuant to which SHKP Group had agreed to make available unsecured term loan facility in an aggregate amount of HK$3,800,000,000 to the Group for a term of 72 months from the first date of draw

303、 down at a fixed interest rate of 4%per annum.The fixed interest rate of 4%per annum was then amended to 3%per annum effective from 1 August 2020.On 17 June 2024,SHKP Group had agreed to extend the loan to a further 24 months and the fixed interest rate shall amend to a Hong Kong Interbank Offered R

304、ate plus a margin with effect from 3 January 2025.On 17 June 2024,the Group and SHKP Group entered into another loan agreement pursuant to which SHKP Group had agreed to make available unsecured term loan facility in an aggregate amount of HK$2,000,000,000 to the Group for a term of 36 months at a H

305、ong Kong Interbank Offered Rate plus a margin.At the end of the reporting period,HK$5,000,000,000(30 June 2024:HK$4,500,000,000)was drawn down from such facility which was used to fund various existing data centre projects and for working capital requirements.31SUNeVision Holdings Ltd.Interim Report

306、 2024/25Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202418.SHARE CAPITAL AND OTHER RESERVESNumber ofordinary sharesAmountHK$000 Ordinary shares of HK$0.1 eachAuthorised:At 1 July 2023,31 December 2023,1 July 2024 and 31 December 202410,000,000,0001,00

307、0,000 Issued and fully paid:At 1 July 2024 and 31 December 20242,339,057,333233,906 Notes:(i)Pursuant to an ordinary resolution in relation to the bonus issue of shares(with a Convertible Note alternative)passed at the extraordinary general meeting of the Company held on 1 November 2010,311,191,645

308、bonus shares of HK$0.1 each were issued on 25 November 2010 to the shareholders of the Company who were entitled to those bonus shares and did not elect to receive the Convertible Notes.Convertible Notes in the amount of HK$172,029,218.80 were issued to shareholders of the Company who elected for th

309、e Convertible Note alternative,and the same amount was capitalised from the Companys share premium account as“reserve arising from issuance of convertible notes”.Holders of the Convertible Notes are entitled to convert into an equivalent number of shares as the number of bonus shares which the noteh

310、olders would otherwise be entitled to receive under the bonus issue.Accordingly,Convertible Notes can be converted into ordinary shares of HK$0.1 each on a one-to-one basis.During the six months ended 31 December 2024 and 2023,no Convertible Notes were exercised and converted into ordinary shares of

311、 the Company.Number of fullypaid ordinaryshares to be issued(issued)uponconversionAmountHK$000 At 1 July 2024 and 31 December 20241,720,016,333172,002 Upon conversion of all the outstanding Convertible Notes,the issued share capital of the Company would be 4,059,073,666(30 June 2024:4,059,073,666)fu

312、lly paid ordinary shares of HK$0.1 each.Details of the bonus issue of shares(with a Convertible Note alternative)are set out in the circular of the Company dated 29 September 2010.(ii)During the six months ended 31 December 2024 and 2023,no shares were issued upon exercise of share options.(iii)Othe

313、r reserves represented share premium,share option reserve,property valuation reserve and retained profits.A dividend declared and paid of HK$454,616,000(31 December 2023:HK$454,616,000)has been debited in the retained profits during the period.32SUNeVision Holdings Ltd.Interim Report 2024/25Notes to

314、 the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202419.RELATED PARTY TRANSACTIONSThe significant transactions with related parties during the period are as follows:(a)Transactions with the SHKP GroupSix months ended 31 December20242023HK$000HK$000 Income from ins

315、tallation,operation and provision of cable networking76,90171,107Income from maintenance and repair of network infrastructure and security systems30,35130,486Income from data centre and IT facilities colocation services,interconnection services and other managed services2,3762,258Licence and managem

316、ent fee charge257233Property management service fees2,2723,280Cable networking installation charges5,0818,188Maintenance and repair charges of network infrastructure and security systems1,9101,903Maintenance of data centre security systems2,9561,448Management fee charges1,0001,000Insurance service c

317、harges4,0133,274Construction work charges76,665416,911Interest on shareholders loans77,38357,468Interest on lease liabilities7779Other finance costs1,267 (b)Transaction with a joint venture of the SHKP GroupSix months ended 31 December20242023HK$000HK$000 Interest on lease liabilities2,9253,128 (c)T

318、ransaction with a directorDuring the period,professional fees of HK$738,000(31 December 2023:HK$228,000)were paid/payable by the Group to Messrs.Woo Kwan Lee&Lo,a firm of solicitors which provided professional services to the Group.Mr.Cheung Wing-yui,a director of the Company,is a consultant of Mess

319、rs.Woo Kwan Lee&Lo.(d)Compensation of key managementFees,salaries and other benefits paid/payable by the Group to the key management during the period amounted to HK$3,148,000(31 December 2023:HK$2,596,000).33SUNeVision Holdings Ltd.Interim Report 2024/25Notes to the Condensed Consolidated Financial

320、 StatementsFor the six months ended 31 December 202420.FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTSCertain Groups financial instruments are measured at fair value at the end of each reporting period.The level of the fair value hierarchy into which the fair value measurements are categorised(Leve

321、l 1 to 3)based on the degree to which the inputs to the fair value measurements is observable.31 December202430 June2024HK$000HK$000 Unlisted equity instrument(Level 3)3,7103,710 Fair value of the unlisted equity instrument has been determined by dividend discount model that is not based on observab

322、le market data.The carrying amounts of financial assets and financial liabilities recorded at amortised costs in the condensed consolidated financial statements approximate to their fair values.There was no transfer of financial assets and financial liabilities between fair value hierarchy classific

323、ations during the six months ended 31 December 2024 and 2023.21.CAPITAL COMMITMENTS31 December202430 June2024HK$000HK$000 Capital expenditure in respect of development of construction in progress contracted for but not provided in the consolidated financial statements307,212657,423 34SUNeVision Hold

324、ings Ltd.Interim Report 2024/25Other InformationDIVIDENDThe board of Directors(the“Board”)does not recommend the payment of an interim dividend for the six months ended 31 December 2024(2023:Nil).DIRECTORS INTERESTSAs at 31 December 2024,the interests and short positions of the Directors and chief e

325、xecutive of the Company in the shares,underlying shares and debentures of the Company and its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance(the“SFO”)which were notified to the Company and The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)purs

326、uant to Divisions 7 and 8 of Part XV of the SFO(including interests and short positions which they were taken or deemed to have under such provisions of the SFO),or which were recorded in the register required to be kept by the Company under Section 352 of the SFO,or which were required,pursuant to

327、the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)set out in Appendix C3 to the Rules Governing the Listing of Securities on the Stock Exchange(the“Listing Rules”)as adopted by the Company,to be notified to the Company and the Stock Exchange,were as follows:1.

328、Long position in shares and underlying shares of the CompanyNumber of shares held Name of DirectorPersonal interests(held as beneficial owner)Familyinterests(interests of spouse or child under 18)Corporate interests(interests of controlledcorporation)Other interestsSub-totalNumber of underlying shar

329、es held under equity derivativesTotal%ofshares in issueas at 31.12.2024 Kwok Ping-luen,Raymond3,485,000 13,485,0003,485,0000.15Fung Yuk-lun,Allen4,000,0004,000,0004,000,000 28,000,0000.34Chan Man-yuen,Martin12,00012,0004,000,000 24,012,0000.17Kwok Kai-wang,Christopher13,272,658 1&313,272,65813,272,6

330、580.57Lau Yeuk-hung,Fiona3,700,000 23,700,0000.16King Yeo-chi,Ambrose1,0001,0001,0000.00Notes:1.Messrs.Kwok Ping-luen,Raymond and Kwok Kai-wang,Christopher were deemed to be interested in 3,485,000 shares in the Company by virtue of them being beneficiaries of certain discretionary trusts for the pu

331、rpose of Part XV of the SFO.Such shares represented the same interests and were therefore duplicated between them.2.These underlying shares of the Company held under equity derivatives represented the share options(being regarded for the time being as unlisted physically settled equity derivatives)g

332、ranted by the Company under its share option schemes.Particulars of these share options and their movements during the six months ended 31 December 2024 are set out in the section headed“Share Option Schemes”.3.Mr.Kwok Kai-wang,Christopher was also deemed to be interested in 9,787,658 shares in the

333、Company by virtue of him being a beneficiary of a discretionary trust for the benefit of the sons of the late Mr.Kwok Ping-sheung,Walter,of Mr.Kwok Ping-kwong,Thomas and of Mr.Kwok Ping-luen,Raymond respectively for the purpose of Part XV of the SFO.35SUNeVision Holdings Ltd.Interim Report 2024/25Other Information2.Long position in shares and underlying shares of associated corporations of the Com