SUNWAY INTERNATIONAL HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

Stock Code: 00058

Annual

Report

2021

Contents

2 Corporate Information

  1. Statement from the Board of Directors
  2. Management Discussion and Analysis
  1. Biographical Details of Directors and Senior Management
  1. Report of the Directors
  1. Corporate Governance Report
  1. Independent Auditor's Report
  1. Consolidated Statement of Profit or Loss
  2. Consolidated Statement of Profit or Loss and Other Comprehensive Income
  3. Consolidated Statement of Financial Position
  1. Consolidated Statement of Changes in Equity
  2. Consolidated Statement of Cash Flows
  1. Notes to the Consolidated Financial Statements

Corporate Information

DIRECTORS

Executive Directors:

Law Chun Choi

Lin Jinchong (appointed on 1 January 2022)

Lam Kai Yeung (appointed on 27 August 2021 and   resigned on 10 January 2022)

Li Chongyang (Managing Director) (resigned on 27 August 2021)

Fok Po Tin (Chairman) (resigned on 1 January 2022)

NOMINATION COMMITTEE

Yu Shui Sang Bernard (Chairman)

  • (redesignated on 1 January 2022) Choi Pun Lap
    Lum Pak Sum
    Wong Yue Kwan Alan (appointed on 1 January 2022) Tong Leung Sang (resigned on 1 January 2021)
    Chan Sung Wai (resigned on 1 November 2021) Fok Po Tin (Chairman) (resigned on 1 January 2022)

Non-executive Director:

Lum Pak Sum

Independent non-executive Directors:

Choi Pun Lap

Yu Shui Sang Bernard (appointed on 4 January 2021) Wong Yue Kwan Alan (appointed on 1 January 2022) Tong Leung Sang (resigned on 1 January 2021)

Chan Sung Wai (resigned on 1 November 2021)

COMPANY SECRETARY

Law Chun Choi

AUTHORISED REPRESENTATIVES

Law Chun Choi

Lum Pak Sum (appointed on 10 January 2022) Lam Kai Yeung (appointed on 27 August 2021 and   resigned on 10 January 2022)

Li Chongyang (resigned on 27 August 2021)

AUDIT COMMITTEE

Choi Pun Lap (Chairman)

Yu Shui Sang Bernard (appointed on 4 January 2021) Wong Yue Kwan Alan (appointed on 1 January 2022) Tong Leung Sang (resigned on 1 January 2021)

Chan Sung Wai (resigned on 1 November 2021)

REMUNERATION COMMITTEE

Wong Yue Kwan Alan (Chairman)

  • (appointed on 1 January 2022) Choi Pun Lap
    Law Chun Choi
    Yu Shui Sang Bernard (appointed on 4 January 2021) Tong Leung Sang (resigned on 1 January 2021)
    Chan Sung Wai (Chairman) (resigned on 1 November 2021) Fok Po Tin (resigned on 1 January 2022)

REGISTERED OFFICE

Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

HEAD OFFICE AND

PRINCIPAL PLACE OF BUSINESS

3/F., Mandarin Commercial House 38 Morrison Hill Road Wanchai, Hong Kong

2 SUNWAY INTERNATIONAL HOLDINGS LIMITED • ANNUAL REPORT 2021

Corporate Information

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Conyers Corporate Services (Bermuda) Limited

Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE

Tricor Tengis Limited

Level 54, Hopewell Centre

183 Queen's Road East

Hong Kong

AUDITOR

Elite Partners CPA Limited

Certified Public Accountants

10/F, 8 Observatory Road

Tsim Sha Tsui

Kowloon

LEGAL ADVISERS

As to Bermuda law: Conyers Dill & Pearman 2901, One Exchange Square 8 Connaught Place Central

Hong Kong

As to Hong Kong law: Gallant Solicitors & Notaries 5/F., Jardine House

1 Connaught Place Central

Hong Kong

PRINCIPAL BANKERS

In Hong Kong:

Bank of Communication Co., Ltd, Hong Kong Branch

Dah Sing Bank Limited

In the People's Republic of China:

Guangdong Yangdong Rural Commercial Bank China Construction Bank Corporation Industrial and Commercial Bank of China Limited

WEBSITE

http://www.hk0058.com

STOCK CODE

The Stock Exchange of Hong Kong Limited: 58

SUNWAY INTERNATIONAL HOLDINGS LIMITED • ANNUAL REPORT 2021

3

Statement from the Board of Directors

The Group's consolidated loss for the year had increased by approximately 37% as compared to the corresponding period in

2020. Such an increase in consolidated loss was mainly attributable to:

  1. the deferred tax for which last year's figure was a deferred tax credit of approximately HK$4.5 million but it changed to a deferred tax charge of approximately HK$6.0 million in the current year; and
  2. the increase in selling and distribution expenses from approximately HK$60 million to approximately HK$74 million as a result of increase in revenue.

The outbreak of COVID-19 in the PRC had a certain impact on the operations of the Group since early 2020 but the effects on the businesses of the Group was only temporary. The local businesses started to resume in late February 2020 and the Group's operations had gradually restored to normal level very soon. With the continuing economic growth, China has experienced rapid urbanisation and industrialisation, which in turn boost the demand for construction materials. Therefore, although the outbreak of COVID-19 continued in 2021, there was no material adverse impact on our business which was demonstrated by the increase in revenue when compared with last year.

It is expected that infrastructure investment will become the backbone of China's economic recovery. For example, The Communist Party of China Central Committee and the State Council announced on 5 September 2021 to plan to build a Guangdong-Macaoin-depth cooperation zone (the "Zone"), with a total area of about 106 square kilometers, in Hengqin. Hengqin is located in the southern part of Zhuhai City in Guangdong Province. The Zone will be an important driving force for Macao's long-term development and hence it is a major arrangement to enrich the practice of "One Country, Two Systems".

In the coming few years, China's infrastructure investment will continue to increase to support the economic recovery and stabilize the job market after the epidemic. Among them, traditional infrastructure such as major transportation and water conservancy projects will become the main economic support. As a result, the operations of the Group will be benefited by the rapid economic development and the provincial government's plans to further enhance the transportation infrastructure and etc. in Guangdong Province, the PRC.

Law Chun Choi

Executive Director

Hong Kong 5 May 2022

4 SUNWAY INTERNATIONAL HOLDINGS LIMITED • ANNUAL REPORT 2021

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Sunway International Holdings Limited published this content on 05 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2022 11:08:07 UTC.