Mobile Internet China : (I) ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020, (II) UPDATE ON LEGAL PROCEEDINGS AGAINST A SUBSTANTIAL SHAREHOLDER, AND (III) RESUMPTION OF TRADING

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Mobile Internet (China) Holdings Limited

移 動 互 聯（ 中 國 ）控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1439)

(I) ANNUAL RESULTS FOR

THE YEAR ENDED 31 DECEMBER 2020,

1. 1. UPDATE ON LEGAL PROCEEDINGS AGAINST A SUBSTANTIAL SHAREHOLDER, AND
   2. 1. RESUMPTION OF TRADING
2. ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 The Financial Statements

The board (the "Board") of directors (the "Directors") of Mobile Internet (China) Holdings Limited 移動互聯（中國）控股有限公司 (the "Company") announces the audited

consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2020 together with the comparative figures for the previous financial year as follows:

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER

COMPREHENSIVE INCOME

For the year ended 31 December 2020

		2020			2019
	Notes	RMB'000	RMB'000
Revenue	5	214,535			443,642
Cost of sales		(177,000)	(343,657)
Gross profit		37,535			99,985
Other revenue	6	1,037			1,844
Other income	7	3,868			610
Selling and distribution expenses		(23,462)	(142,482)
Administrative expenses		(57,428)	(47,303)
Amortisation of intangible assets		(8,496)	(9,594)
Allowance for expected credit loss ("ECL")
recognised in respect of financial assets carried at		(7,412)
amortised costs, net		(1,769)
Other operating loss	9	(114,669)	(217,249)
Loss from operations		(169,027)	(315,958)
Finance costs	8	(71,250)	(130,975)
Loss before tax	9	(240,277)	(446,933)
Income tax	10	1,410			5,622
Loss for the year		(238,867)	(441,311)
Other comprehensive income/(loss) for the year,
net of tax
Item that may be reclassified subsequently to profit
or loss:
Exchange differences on translating foreign
operations		27,853			(6,428)
Other comprehensive income/(loss) for the year, net
of tax		27,853			(6,428)
Total comprehensive loss for the year, net of tax		(211,014)	(447,739)

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		2020		2019
	Notes	RMB'000	RMB'000
Loss for the year attributable to Owners
of the Company		(238,867)	(441,311)
Total comprehensive loss for the year
attributable to Owners of the Company		(211,014)	(447,739)
Loss per share attributable to owners of the Company
- Basic and diluted (RMB cents)	12	(17.34)	(32.04)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2020

		2020	2019
	Notes	RMB'000		RMB'000
Non-current assets
Property, plant and equipment		199,688	186,111
Goodwill		-	11,999
Intangible assets		-	15,631
Right-of-use assets		2,209	3,616
Long-term prepayment		-		35,727
		201,897	253,084
Current assets
Inventories		52,240	52,923
Trade receivables	13	71,877	70,385
Prepayments, deposits and other receivables		16,224	9,978
Cash and bank balances		61,646	179,071
		201,987	312,357
Current liabilities
Trade, other payables and accruals	14	268,648	208,062
Borrowings		311,304	324,408
Lease liabilities		461	1,363
Contract liabilities		60	246
Tax payable		334		-
		580,807	534,079
Net current liabilities		(378,820)		(221,722)
Total assets less current liabilities		(176,923)		31,362
Non-current liability
Lease liabilities		672	172
Net (liabilities)/assets		(177,595)	31,190
Equity
Share capital		11,161	11,161
Reserves		(188,756)	20,029
(Capital deficiency)/total equity		(177,595)	31,190

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NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2020

1. GENERAL INFORMATION
   The Company was incorporated in Cayman Islands on 12 July 2013 as an exempted company with limited liability under the Companies Law, Chapter 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The registered office of the Company is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. The principal place of business of the Company is located at Suite 1501, Greenfield Tower, Concordia Plaza, 1 Science Museum Road, Tsim Sha Tsui, Kowloon, Hong Kong. The shares of the Company have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") since 13 January 2014.
   The Company acts as an investment holding company while its principal operating subsidiaries are engaged in manufacturing and sales of packaging materials and development, distribution and operation of mobile game products.
   The directors of the Company (the "Directors") consider the parent and the ultimate holding company of the Company to be Novel Blaze Limited ("Novel Blaze"), a company incorporated in the British Virgin Islands (the "BVI") with limited liability. Its ultimate controlling party is Ms. Zheng Xue Xia, who is a spouse of the executive director of the Company, Mr. Sun Shao Hua.
   The consolidated financial statements are presented in Renminbi ("RMB") and rounded to the nearest thousand (RMB'000), unless otherwise stated. RMB is the Company's presentation currency and the functional currency of the principal operating subsidiaries of the Group. The functional currency of the Company is Hong Kong dollars ("HK$"). The Directors consider that choosing RMB as the presentation currency best suits the needs of the shareholders and investors.
2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS ("HKFRSs")
   Amendments to HKFRSs that are mandatorily effective for the current year

In the current year, the Group has applied the following Amendments to References to the Conceptual Framework in HKFRS Standards and the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2020 for the preparation of the consolidated financial statements:

Amendments to HKAS 1 and HKAS 8	Definition of Material
Amendments to HKFRS 3	Definition of a Business
Amendments to HKFRS 9, HKAS 39	Interest Rate Benchmark Reform
and HKFRS 7

In addition, the Group has early applied the Amendment to HKFRS 16 Covid-19-Related Rent Concessions.

Expect as described below, the application of the Amendments to References to the Conceptual Framework in HKFRS Standards and the amendments to HKFRSs in the current year had no material impact on the Group's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

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