Yeebo International : INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER, 2019

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

YEEBO (INTERNATIONAL HOLDINGS) LIMITED

(Incorporated in Bermuda with limited liability)

(Stock Code: 259)

INTERIM RESULTS FOR THE SIX MONTHS

ENDED 30TH SEPTEMBER, 2019

The board of directors of Yeebo (International Holdings) Limited (the "Company") has pleasure in presenting the unaudited consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30th September, 2019 which have been reviewed by the Company's audit committee and the auditor.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30th September, 2019

		Six months ended
		30.9.2019		30.9.2018
	Notes	HK$' 000	HK$' 000
		(unaudited)	(unaudited)
Revenue	3	450,957		510,717
Cost of sales		(377,514)	(427,554)
Gross profit		73,443		83,163
Other income		7,234		6,428
Other gains and losses	4	(7,821)	2,144
Selling and distribution expenses		(37,453)	(38,039)
Administrative expenses		(13,640)	(13,702)
Finance costs		(230)	(642)
Share of results of associates	5	53,879		63,856
Profit before income tax		75,412		103,208
Income tax expense	6	(8,697)	(11,568)
Profit for the period	7	66,715		91,640

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		Six months ended
		30.9.2019	30.9.2018
	Note	HK$' 000	HK$' 000
		(unaudited)	(unaudited)
Other comprehensive income (expense):
Item that will not be reclassified to profit or loss:
Share of other comprehensive income (expense)
of an associate		3,126		(3,605)
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation of
foreign operations
Subsidiaries		2,991		5,252
Associates		(86,049)	(135,484)
Total comprehensive expense for the period		(13,217)	(42,197)
Profit for the period attributable to:
Owners of the Company		63,127		86,910
Non-controlling interests		3,588		4,730
		66,715		91,640
Total comprehensive expense for the period attributable to:
Owners of the Company		(15,219)	(43,692)
Non-controlling interests		2,002		1,495
		(13,217)	(42,197)
Earnings per share
Basic - HK cents	9	6.3		8.7

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30th September, 2019

		30.9.2019	31.3.2019
	Notes	HK$' 000			HK$' 000
		(unaudited)			(audited)
Non-current assets		247,261
Property, plant and equipment		246,947
Investment properties		1,478	1,579
Prepayment for acquisition of plant and equipment		9,266	2,510
Interests in associates	5	1,350,753	1,403,259
Financial assets at fair value through profit or loss		2,739	2,739
Intangible assets		1,459		1,459
		1,612,956	1,658,493
Current assets
	128,505
Inventories		147,478
Trade and other receivables	10	230,975	200,691
Amounts due from associates		75	51
Financial assets at fair value through profit or loss		1,813	1,962
Bank balances and cash		247,325		318,123
		608,693	668,305
Current liabilities
	291,512
Trade and other payables	11	290,386
Contract liabilities		11,256	13,411
Dividend payable		51,394			-
Lease liabilities		4,241			-
Tax payable		24,336		20,907
		382,739	324,704
Net current assets		225,954	343,601
Total assets less current liabilities		1,838,910	2,002,094
Non-current liabilities		56,378
Deferred tax liabilities		57,828
Lease liabilities		6,381			-
		62,759	57,828
		1,776,151	1,944,266
Capital and reserves
	199,928
Share capital	12	199,928
Reserves		1,552,140		1,720,673
Equity attributable to owners of the Company		1,752,068	1,920,601
Non-controlling interests		24,083		23,665
Total equity		1,776,151	1,944,266

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30th September, 2019

1. BASIS OF PREPARATION
   The condensed consolidated financial statements of Yeebo (International Holdings) Limited (the "Company") and its subsidiaries (collectively referred to as the "Group") have been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA") as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
2. PRINCIPAL ACCOUNTING POLICIES
   The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair value, as appropriate.
   Other than changes in accounting policies resulting from application of new and amendments and interpretation to Hong Kong Financial Reporting Standards ("HKFRSs"), the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30th September, 2019 are the same as those followed in the preparation of the Group's annual financial statements for the year ended 31st March, 2019.
   Application of new and amendments to HKFRSs
   In the current interim period, the Group has applied, for the first time, the following new and amendments to HKFRSs issued by the HKICPA which are mandatorily effective for the annual period beginning on or after 1st April, 2019 for the preparation of the Group's condensed consolidated financial statements:

HKFRS 16 HK(IFRIC) - Int 23 Amendments to HKFRS 9 Amendments to HKAS 19 Amendments to HKAS 28 Amendments to HKFRSs

Leases

Uncertainty over Income Tax Treatments Prepayment Features with Negative Compensation Plan Amendment, Curtailment or Settlement Long-term Interests in Associates and Joint Ventures Annual Improvements to HKFRSs 2015 - 2017 Cycle

The new and amendments and interpretation to HKFRSs have been applied in accordance with the relevant transition provisions in the respective standards and amendments which results in changes in accounting policies, amounts reported and/or disclosures set out in these condensed consolidated financial statements.

3. REVENUE/SEGMENT INFORMATION

The Group's operating segments, based on information reported to the chief operating decision maker ("CODM"), the executive directors and senior management, for the purposes of resource allocation and performance assessment, focus on the types of products sold by the Group's operating divisions, which are liquid crystal displays ("LCDs"), liquid crystal display modules ("LCMs"), LCDs-related optical products and LCDs-related products.

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The following is an analysis of the Group's revenue and results by operating segment for the period under review:

Six months ended 30th September, 2019

						LCD-related
						optical	LCD-related	Segment
	LCDs	LCMs	products	products	total	Eliminations	Consolidated
	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000					HK$'000
Revenue
External sales	91,244		296,908	111	62,694	450,957	-	450,957
Inter-segment sales	43,662	12,915	-	-	56,577	(56,577)					-
Total	134,906		309,823	111	62,694	507,534	(56,577)	450,957
Segment profit (loss)	(1,520)	26,197	(145)	2,546					27,078
Interest income														1,547
Unallocated administrative
costs														(6,862)
Finance costs														(230)
Share of results of
associates														53,879
Profit before income tax														75,412
Six months ended 30th September, 2018
						LCD-related
						optical	LCD-related	Segment
	LCDs	LCMs	products	products	total	Eliminations					Consolidated
	HK$' 000	HK$' 000	HK$' 000	HK$' 000	HK$' 000	HK$' 000					HK$' 000
Revenue
External sales	143,170		326,160	173	41,214	510,717	-	510,717
Inter-segment sales	59,361	21,569	-	-	80,930	(80,930)					-
Total	202,531		347,729	173	41,214	591,647	(80,930)	510,717
Segment profit (loss)	9,698		30,013	(449)	245					39,507
Interest income														443
Unallocated
administrative costs														44
Finance costs														(642)
Share of results of
associates														63,856
Profit before income tax														103,208

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Segment profit (loss) represents the profit (loss) generated from/incurred by each segment, net of selling and distribution expenses and administrative expenses directly attributable to each segment without allocation of interest income, dividend income, unallocated administrative costs, finance costs and share of results of associates. This is the measure reported to the CODM for the purpose of resource allocation and performance assessment.

As the CODM reviews the Group's assets and liabilities for the Group as a whole on a consolidated basis, no assets or liabilities are allocated to the operating segments. Therefore, no analysis of segment assets and liabilities is presented.

4.	OTHER GAINS AND LOSSES
		Six months ended
		30.9.2019	30.9.2018
		HK$' 000	HK$' 000
	Gain on disposal of property, plant and equipment	232	150
	Net exchange (loss) gain	(4,985)	1,994
	Gain on disposal of a subsidiary	32	-
	Other loss (Note )	(3,100)	-
		(7,821)	2,144

Note: Other loss represents a loss provision in relation to a fire accident during the period.

5. INTERESTS IN ASSOCIATES

		30.9.2019	31.3.2019
		HK$' 000		HK$' 000
	Share of net assets
	Listed associate	1,175,534	1,223,000
	Unlisted associates	175,219	180,259
		1,350,753	1,403,259
	Fair value of listed associates	1,903,356	2,376,449
6.	INCOME TAX EXPENSE
		Six months ended
		30.9.2019	30.9.2018
		HK$' 000		HK$' 000
	The tax charge comprises:
	Current tax
	Hong Kong	3,085	2,961
	People's Republic of China (the "PRC")
	other than Hong Kong, Macau and Taiwan	2,893	4,992
	Other jurisdictions	787	1,322
		6,765	9,275
	Deferred taxation
	Current period	1,932	2,293
		8,697	11,568

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Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying companies will be tax rates at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of companies not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. The directors of the Company considered the amount involved upon implementation of the two-tiered profits tax rates regime as insignificant to the Group.

Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profits for both periods. Taxation arising in other jurisdictions is calculated at the rate prevailing in the relevant jurisdiction.

Under the Law of the PRC on Enterprise Income Tax (the "EIT Law") and Implementation Regulation of the EIT Law, the tax rate of the PRC subsidiaries is 25%.

Under the EIT Law, distributable profits earned by foreign investment enterprises since 1st January, 2008 are subject to withholding tax of 10% of profit distributed to non-resident investors. However, pursuant to the Arrangement between the Mainland and Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion (the "Arrangement"), the withholding tax aforementioned can be reduced to 5%, if the non-resident investor is a Hong Kong incorporated company, provided that the Hong Kong incorporated company beneficially owns no less than 25% of the PRC company.

Pursuant to the above-mentioned Arrangement, the Group has recognised deferred tax liabilities for the Group's share of undistributed profits earned by its PRC associates since 1st January, 2008. No deferred tax liabilities have been recognised in respect of the PRC subsidiaries as the Group is able to control the timing of the reversal of temporary differences of the subsidiaries and it is probable that the temporary differences will not reverse in the foreseeable future.

7.	PROFIT FOR THE PERIOD
	Profit for the period has been arrived at after charging:
		Six months ended
		30.9.2019		30.9.2018
		HK$' 000	HK$' 000
	Depreciation of property, plant and equipment	24,819		26,691
	Share of tax of associates (included in share of results of associates)	12,137		12,199
	Interest expenses for lease liabilities	230		-
	Interest expenses for bank borrowing	-	642
	(Reversal of)/allowances for obsolete inventories	(2,882)
	(included in cost of sales)	8,152
	Allowances for credit losses	3,088		1,418
8.	DIVIDENDS
		Six months ended
		30.9.2019		30.9.2018
		HK$' 000	HK$' 000
	Special dividend in respect of the year ended 31st March,	99,964
	2019 of HK10 cents per share (2018: nil)		-
	Final dividend in respect of the year ended 31st March,
	2019 of HK5 cents per share (2018: HK5 cents per share	49,982
	for the year ended 31st March, 2018)		49,982
		149,946		49,982

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9. EARNINGS PER SHARE

The calculation of the basic earnings per share is based on the following data:

	Six months ended
	30.9.2019		30.9.2018
Earnings attributable to owners of the Company
for the purpose of basic earnings per share (HK$' 000)	63,127		86,910
Number of ordinary shares
for the purpose of basic earnings per share	999,641,171		999,641,171

The directors of the Company consider that dilutive impact arising from share awards is insignificant for both periods.

10. TRADE AND OTHER RECEIVABLES/BILLS RECEIVABLES The Group allows a credit period of 30-120days to its trade customers.

The following is an aged analysis by invoice date of trade receivables, net of allowance for credit losses, at the end of the reporting period:

		30.9.2019	31.3.2019
		HK$' 000		HK$' 000
1 - 30 days	93,108	81,838
31	- 60 days	36,720	30,785
61	- 90 days	8,378	25,209
91	- 120 days	4,572	4,169
Over 120 days	5,951	6,702
		148,729	148,703

All the Group's bills receivables as at 30th September, 2019 and 31st March, 2019 were due within 270 days.

11. TRADE AND OTHER PAYABLES

The following is an aged analysis by invoice date of trade payables at the end of the reporting period:

		30.9.2019	31.3.2019
		HK$' 000		HK$' 000
Up to 30 days	48,738	49,272
31	- 60 days	27,793	14,115
61	- 90 days	20,187	20,762
91	- 120 days	11,547	14,711
Over 120 days	11,791	16,576
		120,056	115,436

All the Group's bills payables amounting to HK$182,000 as at 30th September, 2019 and HK$160,000 as at 31st March, 2019 were due within 90 days.

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12. SHARE CAPITAL
	Number of shares	Share capital
		' 000	HK$' 000
Authorised ordinary shares of HK$0.2 each
At 1st April, 2018, 30th September, 2018, 31st March, 2019 and
30th September, 2019	2,000,000		400,000
Issued and fully paid
At 1st April, 2018, 30th September, 2018, 31st March, 2019 and
30th September, 2019	999,641		199,928

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MANAGEMENT DISCUSSION AND ANALYSIS

Review of Operations

The Group recorded a consolidated turnover for the 6 months ended 30th September, 2019 of approximately HK$451 million (2018: HK$511 million), a drop of HK$60 million or 12% as compared with the same period of last year. Profit attributable to owners of the Company was HK$63 million (2018: HK$87 million), representing a decrease of approximately HK$24 million or 27%.

The uncertainties over the prospects of a trade deal between China and USA and the deceleration of the global economy has weighed in on the sentiment of liquid crystal display ("LCD") and liquid crystal displays module ("LCM") businesses. External sales of LCDs decreased by HK$52 million, from HK$143 million to HK$91 million. The LCD segment recorded a segment loss of approximately HK$2 million as compared with a segment profit of HK$10 million last year. The loss of the LCD segment was largely due to the fall in turnover and a one-off loss of HK$3 million provided. In September 2019, a fire broke out in one of the production chambers and caused damage to certain production facilities, machineries and inventories. Despite the unfortunate incident, there was no material disruption of the production. An estimated net loss provision of HK$3 million in relation to the fire accident was recorded in the period under review. Excluding the said one-off loss, the LCD segment posted a profit of HK$1 million. Turnover of LCM decreased by HK$29 million, from HK$326 million to HK$297 million, and the LCM segment recorded a segment profit of HK$26 million as compared with HK$30 million of last year. The drop in LCM segment profit was largely due to the fall in turnover and keen price competition, which led to a lower profitability. The LCD-related product segment was mainly related to capacitive touch panel ("CTP"), which recorded a segment profit of HK$3 million (2018: HK$245,000). CTP sales rose from HK$41 million to HK$63 million or an increase of 54% which was a result of our committed efforts to gain market share in the high-value and growing CTP modules market segment.

As the Group's turnover decreased, the gross profit dropped from HK$83 million to HK$73 million. While production capacity was under-utilized during the period, the Group adopted cost tightening measures to control manufacturing costs and reduce slow moving stocks. Accordingly, we managed to maintain the gross profit margin at 16% (2018: 16%) in the period under review.

During the period, other income amounted to approximately HK$7 million (2018: HK$6 million). The other income mainly comprised tooling income, scrap sales, interest income and compensation received from vendors.

Net loss of HK$8 million (2018: net gain of HK$2 million) from other gains and losses for the current period was mainly attributable to exchange loss of approximately HK$5 million (2018: exchange gain of HK$2 million) due to the depreciation of Renminbi and the provision for fire loss as mentioned above (2018: nil).

Selling and distribution expenses amounted to approximately HK$37 million (2018: HK$38 million) or down by 3% which was mainly due to the decrease in promotional expenses.

Administrative expenses was HK$14 million which was at the same level as last year (2018: HK$14 million).

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Investments in Associates

Investment in Nantong Jianghai Capacitor Company Ltd ("Nantong Jianghai")

Nantong Jianghai, a 31.84% owned associate of the Group, is mainly engaged in the research, manufacture and sale of capacitors and related materials and components.

The share of profit from Nantong Jianghai for the period under review decreased from HK$55 million to HK$47 million, representing a decrease of HK$8 million or 15%. The Sino-US trade dispute has weakened the overall demand for aluminium electrolytic capacitors and the set up costs of the new factories have affected profitability during the period. The thin film capacitors business is growing progressively alongside with the expansion of the customer portfolio. The super capacitor products were well received by the market and the business is developing satisfactorily. Nantong Jianghai is set for higher sales volume of super capacitors when the full scale production in the new plant commences in 2020. For the new plant in Hubei Province, pilot run for small sized capacitors and multi-layer polymer capacitors were conducted and mass production is expected to commence in the near future.

Investment in Kunshan Visionox Technology Co. Ltd. ("Kunshan Technology")

In August 2018, the Group entered into agreements with Kunshan Govisionox Optoelectronics Co. Ltd., the largest shareholder of Kunshan Visionox Display Co. Ltd. ("Kunshan Display"), to dispose of its entire 43.87% interest in Kunshan Display for a consideration of RMB220 million. Upon completion, a one-off gain before taxation of approximately HK$244 million was recorded in the final results of the year ended 31st March, 2019. As Kunshan Display ceased to be an associate of the Group, no share of results for Kunshan Display was recorded in the period under review.

The share of profit from Kunshan Technology, a 35.1% owned associate of the Group which is engaged in the sales and production of organic light-emitting diodes ("OLED"), amounted to approximately HK$8 million which increased by approximately HK$3 million as compared with last year. During the period Kunshan Technology recorded a steady business growth with expansion in the overseas market. However, the Sino-US trade war has affected the demand of OLED towards the end of the third quarter, in particular in the wearable market. Thanks to the well-diversified customer portfolio, undesirable market impact has been mitigated to a certain extent.

Investment in Zaozhuang Visionox Electronics Technology Company Limited ("Zaozhuang Visionox ")

Zaozhuang Visionox, a 40% owned associate of the Group, is situated in the Shandong Province. It is mainly engaged in the manufacture and sales of flexible printed circuits ("FPC") and OLED related materials. The Group's share of loss in the current period amounted to HK$1 million as compared to a share of profit of HK$2 million in last year, mainly due to the reduction of government grant income. The construction of the new FPC plant is expected be completed in 2020, by then mass production will commence.

Income Tax

Effective tax rate in relation to the Group's core business (income tax expenses excluding the withholding tax on undistributed profits in associates as a percentage of profit before income tax excluding share of results of associates) was 26% (2018: 20%). The increase in effective tax rate was largely due to the non-deduction of exchange losses recorded during the period under review.

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PROSPECTS

Given the prevailing Sino-US trade war and the slowdown of the global economy, the Group took a prudent view on the results for the second half year. The Group will strengthen the product development of Thin Film Transistor ("TFT") and CTP modules to capture more business in the high-value product market. Furthermore, the Group will launch a more aggressive marketing program to gain more market share in the high-volume-order segment, which aims to increase the production capacity utilization. The Group will also adopt cost control measures to enhance profitability. On the other hand, it is expected that Nantong Jianghai and Kunshan Technology will continue to make positive profit contribution to the Group.

LIQUIDITY AND FINANCIAL RESOURCES

As at 30th September, 2019, the Group's current ratio was 1.6 (31st March, 2019: 2.1). The gearing

ratio, as a ratio of bank borrowings to net worth, was nil (31st March, 2019: nil).

As at 30th September, 2019, the Group had total assets of approximately HK$2,222 million, which were financed by liabilities of HK$446 million and total equity of HK$1,776 million.

As at 30th September, 2019, the Group's banking facilities amounted to approximately HK$163 million (31st March, 2019: HK$163 million) of which approximately HK$0.2 million (31st March, 2019: HK$0.2 million) were utilized mainly for issuance of letters of credit, short term loan and bills payable.

Certain subsidiaries of the Group have foreign currency assets and liabilities, which expose the Group to foreign currency risk. The management monitors the foreign exchange risk and will consider hedging significant foreign currency exposure should the need arise.

CONTINGENT LIABILITIES AND CHARGES OF ASSETS

The Group did not have any significant contingent liabilities and there were no significant charges or pledges on any of the Group's assets as at 30th September, 2019.

EMPLOYMENT AND REMUNERATION POLICY

The remuneration package for the Group's employees is structured by reference to market terms and industry's practice. Discretionary bonus and other performance reward are based on the financial performance of the Group and the performance of individual staff. Staff benefit plans maintained by the Group include mandatory and voluntary provident fund scheme and medical insurance.

The Company has adopted a restricted share award scheme (the "Scheme") pursuant to which shares of the Company will be purchased by an independent trustee from the market and held in trust for the participants of the Scheme, including employees or consultants engaged by any member of the Group, until such shares are vested with the relevant participants in accordance with the provisions of the Scheme. The purpose of the Scheme is to act as an incentive to retain and encourage the participants for the continual operation and development of the Group.

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DIVIDEND

The directors have resolved not to recommend the payment of an interim dividend for the six months ended 30th September, 2019.

CORPORATE GOVERNANCE

None of the directors of the Company is aware of any information that would reasonably indicate that the Company has not compiled with the Code on Corporate Governance Practices (the "Code") as set out in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), except for the following deviation:

Under Code provision A.4.1, non-executive directors should be appointed for a specific term and subject to re-election. Mr. Chu Chi Wai, Allan and Mr. Lau Yuen Sun, Adrian, both independent non-executive directors of the Company, are not appointed for a specific term but are subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the provision of the bye-laws of the Company. The board does not believe that arbitrary term limits on the directors' services are appropriate given that directors ought to be committed to representing the long-term interests of the shareholders.

The board is reviewing the situation and will, where appropriate, take necessary steps including amendment of the Company's bye-laws to ensure compliance with the Code.

COMPLIANCE WITH MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as set out in Appendix 10 of the Listing Rules as its code of conduct regarding securities transactions by the directors. Having made specific enquiries of all directors, they have confirmed their compliance with the required standard as set out in the Model Code throughout the six months ended 30th September, 2019.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

There was no purchase, sale or redemption of securities of the Company or by any of its subsidiaries during the six months ended 30th September, 2019.

AUDIT COMMITTEE

The Audit Committee comprises two of the three independent non-executive directors, namely Mr. Chu Chi Wai, Allan and Mr. Lau Yuen Sun, Adrian; as well as Mr. Fang Yan Tak, Douglas, non-executive director. The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed financial reporting matters, including a review of the unaudited condensed accounts for the six months ended 30th September, 2019.

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PUBLICATION OF INTERIM REPORT

The interim results announcement is published on the websites of The Stock Exchange of Hong Kong Limited (http://www.hkexnews.hk) and the Company (http://www.yeebo.com.hk). The interim report will be dispatched to the shareholders and will be available on the websites of The Stock Exchange of Hong Kong Limited and the Company in due course.

By order of the Board

Lau Siu Ki, Kevin

Company Secretary

Hong Kong, 28th November, 2019

As at the date of this announcement, the board of directors of the Company comprises Mr. Fang Hung, Kenneth, GBS, JP, Mr. Li Kwok Wai, Frankie and Mr. Leung Tze Kuen as executive directors; Mr. Fang Yan Tak, Douglas as non-executive director and Mr. Chu Chi Wai, Allan, Mr. Lau Yuen Sun, Adrian and Mr. Chen Shuang, JP as independent non-executive directors.

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