貿易通 2021 年年報

Management Discussion and Analysis (Continued) 管理層討論及分析（續） 33 二零二一年年報 貿易通電子貿易有限公司 財務回顧（續） 持有的重大投資（續） (ii) 透過損益按公允價值計量的上市債務及股本 證券 本集團亦投資於全權委託單一債券投資組合 及盈富基金，均為透過損益按公允價值入 賬。 (a) 本集團尋求達致降低投資集中風險的 投資目標，並為股東增加其現金盈餘 儲備的回報。本公司於二零二零年 七月八日與瑞銀集團香港分行（「管理 人」或「瑞銀」）訂立全權委託資產管理 授權，其後將其現金盈餘儲備投資於 以美元計值的亞洲投資級別全權委託 單一債券投資組合。投資成本為港幣 154,400,000 元。 於二零二一年十二月三十一日，投 資組合包括 52 項單一債券，個別面 值各自不超過 500,000 美元。於二零 二一年十二月三十一日，本投資組 合中賬面價值最高的單一債券為港 幣 4,400,000 元（佔本集團資產總值的 0.8% ），投資組合的公允價值總計為港 幣 157,600,000 元（佔本集團資產總值的 28.0% ）。就債券發行人的類別而言， 該投資組合中約 51% 、 29% 、 18% 及 2% 分別為企業、金融機構、政府及其他 類別。就到期日而言，約 53% 的債券 將於 5 年內到期， 34% 的債券將於 5 年 後到期， 13% 屬於永續債券。 年內，該投資組合錄得公允價值收益 港幣 200,000 元，其中包括債券的應計 利息，並已扣除管理費。 本公司同意於每季結束時向管理人支 付管理費，金額相當於按所管理投資 組合於上個月最後一個營業日的每月 價值計每年 0.65% 。費用包括管理費、 交易費及託管費。管理人根據設定的 投資策略條款管理投資組合中的資 產，目標是適度增值資產。預期資產 價值會出現適度波動。本公司有權隨 時更改投資策略，增加或撤回資金。 (b) 於二零二一年，本集團投資於盈富基 金的成本約為港幣 4,400,000 元。該項 投資於二零二一年錄得公允價值虧損 港幣 800,000 元。 Financial Review (Continued) Significant Investments Held (Continued) (ii) Listed debt and equity securities measured at FVPL The Group also invests in a discretionary single bonds portfolio and the Tracker Fund of Hong Kong, which are accounted for as FVPL. (a) The Group seeks to achieve the investment objectives of reducing investment concentration risk and to enhance returns of its cash surplus reserves for shareholders. The Company entered into a discretionary asset management mandate with UBS AG, Hong Kong Branch (the “Manager” or “UBS”) on 8 July 2020 and subsequently invested its cash surplus reserves in a USD-denominated discretionary Asian investment grade single bonds portfolio. The investment cost was HK$154.4 million. As at 31 December 2021, the portfolio consisted of 52 single bonds with individual nominal value of no more than US$0.5 million each. The single bond which had the largest carrying value, as at 31 December 2021, in this portfolio was HK$4.4 million (accounting for 0.8% of the Group’s total assets) and the aggregate fair value of the portfolio was HK$157.6 million (accounting for 28.0% of the Group’s total assets). As for bonds issuer type, approximate 51%, 29%, 18% and 2% in this portfolio were corporates, financials, government and others respectively. As for maturity dates, approximately 53% of the bonds will be matured within 5 years, 34% will be matured after 5 years and 13% belongs to perpetual bonds. During the year, this portfolio recorded a fair value gain of HK$0.2 million which included accrued interest from the bonds, net of management fees. The Company agreed to pay the Manager a management fee, payable quarterly in arrears, which is equal to 0.65% per annum applied to the monthly value of the managed portfolio based on the last business day of the previous month. The fees cover the management fee, transaction fee and custody fee. The Manager manages assets in the portfolio in accordance with the terms of the investment strategy set. The objective is moderate appreciation of assets. Moderate volatility of asset value expected. The Company has the right to change the investment strategy, add or withdraw funds at any time. (b) The Group invested in Tracker Fund of Hong Kong at the cost of about HK$4.4 million during 2021. Fair value loss of HK$0.8 million was recorded for this investment in 2021.