The accompanying notes are an integral part of these consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
(In U.S. dollars, except for shares and per
share data)
Note 1 - Organization and description of business
Value Exchange International, Inc. (“VEII” or the “Company”),
formerly known as Sino Payments Inc., was incorporated in the State of Nevada on June 26, 2007. The Company’s principal business
is to provide credit and debit card processing services to multinational retailers in Asia and the systems development and information
technology business of Value Exchange Int’l (China) Limited (collectively, the “IT Business”).
On January 1, 2014, VEII received 100% of the issued and outstanding
shares of in Value Exchange Int’l (China) Limited (“VEI CHN”) in exchange for i) newly issued 12,000,000 shares of VEII’s
common stock to the majority stockholder of VEI CHN; and ii) 166,667 shares of our common stock held by VEI CHN to be transferred to the
majority stockholder of VEI CHN (“Share Exchange”). This transaction resulted in the owners of VEI CHN obtaining a majority
voting interest in VEII. The merger of VEI CHN into VEII, which has nominal net assets, resulted in VEI CHN having control of the combined
entities.
For financial reporting purposes, the transaction represents a "reverse
merger" rather than a business combination and VEII is deemed to be the accounting acquiree in the transaction. The transaction is
being accounted for as a reverse merger and recapitalization. VEII is the legal acquirer but accounting acquiree for financial reporting
purposes and VEI CHN is the acquired company but accounting acquirer. Consequently, the assets and liabilities and the operations that
will be reflected in the historical financial statements prior to the transaction will be those of VEI CHN and will be recorded at the
historical cost basis of VEI CHN, and no goodwill will be recognized in this transaction. The consolidated financial statements after
completion of the transaction will include the assets and liabilities of VEI CHN and VEII, and the historical operations of VEII and the
combined operations of VEI CHN from the initial closing date of the transaction.
VEI CHN, formerly known as TAP Investments Group Limited, was incorporated
on November 16, 2001 under the laws of Hong Kong SAR and changed its name to Value Exchange Int’l (China) Limited on May 13, 2013.
VEI CHN is an investment holding company. The Company provides IT Business’ services and solutions to the retail sector through
three operating subsidiaries located in Hong Kong SAR and the People’s Republic of China (“PRC”).
On September 2, 2008 VEI CHN established its first operating subsidiary,
Value Exchange Int’l (Shanghai) Limited (“VEI SHG”) in Shanghai, PRC, under the laws of the PRC. VEI SHG engages in
software development, trading and servicing of computer hardware and software activities.
On September 25, 2008, VEI CHN acquired its second operating subsidiary,
TAP Services (HK) Limited in Hong Kong which subsequently changed its name to Value Exchange Int’l (Hong Kong) Limited (“VEI
HKG”) on May 14, 2013. VEI HKG engages in software development, trading and servicing of computer hardware and software activities.
On May 14, 2013, VEI CHN further established another operating subsidiary,
Ke Dao Solutions Limited in Hong Kong, which subsequently changed its name to Cucumbuy.com Limited (“CUCUMBUY”) on May 26,
2017. CUCUMBUY conducts consultancy services for IT Services and Solutions activities. On May 21, 2018, VEI CHN disposed of CUCUMBUY with
consideration of HK$1.
In January 2017, VEI CHN acquired 100% of the capital stock of TapServices,
Inc., a corporation organized under the laws of the Republic of the Philippines (the “TSI”). TSI engages in software development,
trading and servicing of computer hardware and software activities in Philippines. TSI is operated as a subsidiary of VEI CHN. Prior to
and continuing after the acquisition, TSI relied on VEI CHN for provision of IT services.
In January 2019, VEI SHG established an operating subsidiary, Value
Exchange Int’l (Hunan) Limited (“VEI HN”) in Hunan, PRC, under the laws of the PRC. VEI HN engages in IT service call-center
activities.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2021 AND 2020
In February 2020, VEI SHG established an operating
subsidiary, Shanghai Zhaonan Hengan Information Technology Co., Limited (“SZH”) in Shanghai, PRC, under the laws of the PRC.
SZH engages in IT services.
As of December 31, 2021, the Company have four wholly owned subsidiaries.
Note 2 - Accounting policies
Basis of presentation and principle of consolidation
The consolidated financial statements include all of the assets, liabilities,
revenues, expenses and cash flows of entities in which the Company has a controlling interest (“subsidiaries”). Intercompany
accounts and transactions between consolidated companies have been eliminated in consolidation.
Consolidated financial statements prepared following a reverse acquisition
are issued under the name of the legal parent (accounting acquiree) (i.e. VEII) but as a continuation of the financial statements of the
legal subsidiary (accounting acquirer) (i.e VEI CHN), with one adjustment, which is to retroactively adjust the accounting acquirer’s
legal capital to reflect the legal capital of the accounting acquiree. That adjustment is required to reflect the capital of the legal
parent (the accounting acquiree). Comparative information presented in those consolidated financial statements also is retroactively adjusted
to reflect the legal capital of the legal parent (accounting acquiree).
The consolidated financial statements include the accounts of Value
Exchange International, Inc., and the following subsidiaries:
| 1. | Value Exchange Int’l (China) Limited, a wholly-owned subsidiary of the Company incorporated in Hong Kong as a private company
on November 16, 2001; |
| 2. | Value Exchange Int’l (Shanghai) Limited, a wholly-owned subsidiary of the Company incorporated in Shanghai as a private company
on September 2, 2008; |
| 3. | Value Exchange Int’l (Hong Kong) Limited, a wholly-owned subsidiary of the Company incorporated in Hong Kong as a private company
on August 25, 2003 and acquired by VEI CHN on September 25, 2008; |
| 4. | TapServices, Inc., a wholly-owned subsidiary of the Company incorporated in Philippines as a private company on March 24, 2009 and
acquired by VEI CHN on January 23, 2017. |
| 5. | Value Exchange Int’l (Hunan) Limited, a subsidiary of the Company with 51% ownership incorporated in Hunan as a private company
on November 15, 2018; |
| 6. | Shanghai Zhaonan Hengan Information Technology Co., Limited, a subsidiary of the Company with 51% ownership incorporated in Hunan
as a private company on February 10, 2020. |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2021 AND 2020
The accompanying consolidated financial statements have been prepared
in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the
financial statements of the Company and all its wholly-owned subsidiaries that require consolidation. All material intercompany transactions
and balances have been eliminated in the consolidation. The following entities were consolidated as of December 31, 2021:
|
|
Place of incorporation |
|
Ownership percentage |
|
|
|
|
2021 |
|
2020 |
Value Exchange International, Inc. |
|
USA |
|
Parent Company |
|
Parent Company |
Value Exchange Int’l (China) Limited |
|
Hong Kong |
|
100% |
|
100% |
Value Exchange Int’l (Shanghai) Limited |
|
PRC |
|
100% |
|
100% |
Value Exchange Int’l (Hong Kong) Limited |
|
Hong Kong |
|
100% |
|
100% |
TapServices, Inc. |
|
Philippines |
|
100% |
|
100% |
Value Exchange Int’l (Hunan) Limited |
|
PRC |
|
51% |
|
51% |
Shanghai Zhaonan Hengan Information
Technology Co., Limited |
|
PRC |
|
51% |
|
51% |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2021 AND 2020
Use of estimates
Preparing consolidated financial statements in conformity with U.S.
GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. The more significant areas requiring using management’s estimates and assumptions relate to the collectability
of its receivables, the fair value and accounting treatment of financial instruments, the valuation of long-lived assets and valuation
of deferred tax liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed
to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates. In addition, different
assumptions or circumstances could reasonably be expected to yield different results.
Cash and cash equivalents
For purposes of the cash flow statements, the Company considers all
highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash includes
cash on hand and demand deposits in accounts maintained with financial institutions or state owned banks within the PRC and Hong Kong.
Accounts receivable and other receivables
Receivables include trade accounts due from customers and other receivables
such as cash advances to employees, utility deposits paid and advance to suppliers. Management reviews the composition of accounts receivable
and analyzes historical bad debts, customer concentration, customer credit worthiness, current economic trends and changes in customer
payment patterns to determine if the allowance for doubtful accounts is adequate. An estimate for doubtful accounts is made when collection
of the full amount is no longer probable. Delinquent account balances are written-off after management has determined that the likelihood
of collection is not probable and known bad debts are written off against the allowance for doubtful accounts when identified. As of December
31, 2021 and 2020, there was no allowance for uncollectible accounts receivable, respectively. Management believes that the remaining
accounts receivable are collectable.
Plant and equipment
Plant and equipment is stated at cost less accumulated depreciation
and accumulated impairment losses, if any. Expenditures for maintenance and repairs are charged to earnings as incurred. Major additions
are capitalized. When assets are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the
respective accounts, and any gain or loss is included in operations. Depreciation of plant and equipment is provided using the straight-line
method for substantially all assets with estimated lives as follows:
|
|
Estimated Useful Life |
Leasehold improvements |
|
Lesser of lease term or the estimated
useful lives of
5 years |
Computer equipment |
|
5 years |
Computer software |
|
5 years |
Office furniture and equipment |
|
5 years |
Motor Vehicle |
|
3 years |
Building |
|
5 years |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Impairment of long-lived assets
The Company evaluates long lived assets, including equipment, for impairment
at least once per year and whenever events or changes in circumstances indicate that the carrying value may not be recoverable from its
estimated future cash flows. Based on the existence of one or more indicators of impairment, the Company measures any impairment of long-lived
assets by comparing the asset's estimated fair value with its carrying value, based on cash flow methodology. If the net book value of
the asset exceeds the related undiscounted cash flows, the asset is considered impaired and an impairment loss equal to an amount by which
the carrying value exceeds the fair value of the asset is recognized.
Fair value of financial instruments
The Company values its financial instruments as required by FASB ASC
320-12-65. The estimated fair value amounts have been determined by the Company, using available market information or other appropriate
valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Consequently,
the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange.
ASC Topic 820, Fair Value Measurement and Disclosures, defines fair
value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most
advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic
also establishes a fair value hierarchy which requires classification based on observable and unobservable inputs when measuring fair
value. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions
(unobservable inputs). The hierarchy consists of three levels:
|
Level one — |
Quoted market prices in active markets for identical assets or liabilities; |
|
Level two — |
Inputs other than level one inputs that are either directly or indirectly observable; and |
|
Level three — |
Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. |
Determining which category an asset or liability falls within the hierarchy
requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The carrying values of the Company’s
financial instruments; consisting of cash and cash equivalents, accounts receivable, accounts payable, other receivables and prepayments,
other payables and accrued liabilities, balances with a related party, balances with related companies and amounts due to director approximate
their fair values due to the short maturities of these instruments.
As of December 31, 2021, the Company’s financial instruments
consist principally of cash, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on
“Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values
of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates
or durations.
There was no asset or liability measured at fair value on a non-recurring
basis as of December 31, 2021.
Comprehensive income
U.S. GAAP generally requires that recognized revenue, expenses, gains
and losses be included in net income or loss. Although certain changes in assets and liabilities are reported as separate components of
the equity section of the consolidated balance sheet, such items, along with net income, are components of comprehensive income or loss.
The components of other comprehensive income or loss consist of foreign currency translation adjustments.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Earnings per share
The Company reports earnings per share in accordance with ASC 260,
Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the
income statement. Basic EPS is computed by dividing net income available to common shareholders (numerator) by the weighted average number
of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during
the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the
average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options
or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
Revenue recognition
Sales revenue is recognized when all of the following have occurred:
(i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed
or determinable, and (iv) the ability to collect is reasonably assured.
The Company’s revenue is derived from three primary sources:
(i) professional services for systems development and integration, including procurement of related hardware and software licenses on
behalf of customers, if required; (ii) professional services for system maintenance normally for a period of one year; and (iii) sale
of hardware and consumables during the service performed as stated above.
Multiple-deliverable arrangements
The Company derives revenue from fixed-price sale contracts with customers
that may provide for the Company to procure hardware and software licenses with varied performance specifications specific to each customer
and provide the technical services for systems development and integration of the hardware and software licenses. In instances where the
contract price is inclusive of the technical services, the sale contracts include multiple deliverables. A multiple-element arrangement
is separated into more than one unit of accounting if all of the following criteria are met:
| – | The delivered item(s) has value to the customer on a stand-alone basis; |
| – | There is objective and reliable evidence of the fair value of the undelivered item(s); and |
| – | If the arrangement includes a general right of return relative to the delivered item(s), delivery or performance of the undelivered
item(s) is considered probable and substantially in the control of the Company. |
The Company’s multiple-element contracts generally include customer-acceptance
provisions which provide for the Company to carry out installation, test runs and performance tests at the Company’s cost until
the systems as a whole can meet the performance specifications stated in the contracts. The delivered equipment and software licenses
have no standalone value to the customer until they are installed, integrated and tested at the customer’s site by the Company in
accordance with the performance specifications specific to each customer. In addition, under these multiple-element contracts, the Company
has not sold the equipment and software licenses separately from the installation, integration and testing services, and hence there is
no objective and reliable evidence of the fair value for each deliverable included in the arrangement. As a result, the equipment and
the technical services for installation, integration and testing of the equipment are considered a single unit of accounting pursuant
to ASC Subtopic 605-25, Revenue Recognition — Multiple-Element Arrangements. In addition, the arrangement generally includes customer
acceptance criteria that cannot be tested before installation and integration at the customer’s site. Accordingly, revenue recognition
is deferred until customer acceptance, indicated by an acceptance certificate signed off by the customer.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Revenues of maintenance services are recognized when the services are
performed in accordance with the contract term.
Revenues of sale of software, if not bundled with other arrangements,
are recognized when shipped and customer acceptance obtained, if all other revenue recognition criteria are met. Costs associated with
revenues are recognized when incurred.
Revenues are recorded net of value-added taxes, sales discounts and
returns. There were no sales returns during the years ended December 31, 2021 and 2020.
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
NET REVENUES | |
| | | |
| | |
Service income | |
| | | |
| | |
– systems development and integration | |
| 248,218 | | |
| 11,268,268 | |
– systems maintenance | |
| 7,439,172 | | |
| 7,379,350 | |
– sales of hardware and consumables | |
| 2,290,531 | | |
| 1,903,853 | |
| |
| 9,977,921 | | |
| 20,551,471 | |
Billings in excess of revenues recognized are recorded as deferred
revenue.
Income taxes
The Company accounts for income taxes in accordance with the accounting
standard issued by the Financial Accounting Standard Board (“FASB”) for income taxes. Under the asset and liability method
as required by this accounting standard, deferred income taxes are recognized for the tax consequences of temporary differences by applying
enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases
of existing assets and liabilities. The charge for taxation is based on the results for the reporting period as adjusted for items which
are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet
date. The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date.
A valuation allowance is recognized if it is more likely than not that some portion, or all of, a deferred tax asset will not be realized.
Under the accounting standard regarding accounting for uncertainty
in income taxes, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would
be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax
benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not”
test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense
in the year incurred.
Refer to Note 13 to the consolidated financial statements for further
information regarding the components of the Company’s income tax.
Operating leases
Leases where substantially all the rewards and risks of ownership of
assets remain with the leasing company are accounted for as operating leases. Payments made under operating leases are charged to the
statements of income on a straight-line basis over the lease periods.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Advertising costs
The Company expenses the cost of advertising as incurred in the period
in which the advertisements and marketing activities are first run or over the life of the endorsement contract. Advertising and marketing
expense for the years ended December 31, 2021 and 2020 were approximately $173 and $575, respectively.
Shipping and handling
Shipping and handling cost incurred to ship computer products to customers
are included in selling expenses. Shipping and handling expenses for the years ended December 31, 2021 and 2020 were insignificant.
Research and development costs
Research and development costs are expensed as incurred and are included
in general and administrative expenses. Research and development costs for the years ended December 31, 2021 and 2020 were insignificant.
Foreign currency translation
The functional currency and reporting currency of the Company is the
U.S. Dollar. (“US$” or “$”). The functional currency of the Hong Kong subsidiaries is the Hong Kong Dollar. The
functional currency of the PRC subsidiary is RMB. Results of operations and cash flow are translated at average exchange rates during
the period, and assets and liabilities are translated at the exchange rate as quoted by the Hong Kong Monetary Authority (“HKMA”)
at the end of the period. Capital accounts are translated at their historical exchange rates when the capital transaction occurred. Translation
adjustments resulting from this process are included in accumulated other comprehensive income. Transaction gains and losses that arise
from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results
of operations as incurred.
Year ended | |
December 31, 2021 | | |
December 31, 2020 | |
RMB : USD exchange rate | |
6.4707 | | |
6.9348 | |
Average period ended | |
| | |
| |
HKD : USD exchange rate | |
7.800 | | |
7.800 | |
Average period ended | |
| | |
| |
PESO : USD exchange rate | |
48.8351 | | |
49.6473 | |
Average period ended | |
| | |
| |
Year ended | |
December 31, 2021 | | |
December 31, 2020 | |
RMB : USD exchange rate | |
6.3699 | | |
6.5442 | |
HKD : USD exchange rate | |
7.800 | | |
7.800 | |
PESO : USD exchange rate | |
50.4854 | | |
47.7064 | |
Commitments and contingencies
The Company follows FASB ASC Subtopic 450-20, “Loss Contingencies”
in determining its accruals and disclosures with respect to loss contingencies. Accordingly, estimated losses from loss contingencies
are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable
that a liability could be incurred and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency
are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in
the financial statements when it is at least reasonably possible that a material loss could be incurred.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Segment Reporting
The Company uses the “management approach”
in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s
chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s
reportable segments. Management, including the chief operating decision maker, reviews operating results solely by monthly revenue from
software development and maintenance services (but not by sub-services/product type or geographic area) and operating results of the Company
and, as such, the Company has determined that the Company has one operating segment as defined by ASC Topic 280 “Segment Reporting”.
Recent accounting pronouncements
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments
- Credit Losses.” The ASU sets forth a “current expected credit loss” model which requires the Company to measure all
expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable
supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial
assets measured at amortized cost and applies to some off-balance sheet credit exposures. This ASU was effective for fiscal years beginning
after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. Recently, the FASB issued
the final ASU to delay adoption for smaller reporting companies to calendar year 2023. The Company intends to adopt this ASU in January
2022. The adoption of this ASU will not have a material impact on the Company’s consolidated financial statements and related disclosures.
In January 2020, the FASB issued Accounting Standards Update No. 2020-01,
Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging
(Topic 815) (ASU 2020-01), which clarifies the interaction of the accounting for equity securities under Topic 321, the accounting for
equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. This guidance
will be effective for us in the first quarter of 2021 on a prospective basis, with early adoption permitted. We do not expect the adoption
of this guidance to have a material impact on our consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform
(Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This standard addresses the risks from
the discontinuation of the London Interbank Offered Rate (LIBOR) and provides optional expedients and exceptions to contracts, hedging
relationships and other transactions that reference LIBOR if certain criteria are met. This new guidance is effective and may be applied
beginning March 12, 2020 through December 31, 2022. We do not expect the adoption of this guidance to have a material impact on our consolidated
financial statements.
In August 2020, the FASB issued ASU No. 2020-06, Debt-Debt with Conversion
and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for
Convertible Instruments and Contracts in an Entity’s Own Equity,
which simplifies accounting for convertible instruments by eliminating the requirement to separately account for an embedded conversion
feature as an equity component in certain circumstances. A convertible debt instrument will be reported as a single liability instrument
with no separate accounting for an embedded conversion feature unless separate accounting is required for an embedded conversion feature
as a derivative or under the substantial premium model. The ASU simplifies the diluted earnings per share calculation by requiring that
an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations.
Further, the ASU requires enhanced disclosures about convertible instruments. The ASU also removes certain settlement conditions that
are required for equity contracts to qualify for the derivative scope exception. The ASU is effective for annual reporting periods beginning
after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal
years beginning after December 15, 2020. This update permits the use of either the modified retrospective or fully retrospective method
of transition. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
In January 2021, the FASB issued ASU No. 2021-01, “Reference
Rate Reform (Topic 848),” which provides optional guidance to ease the potential accounting and financial reporting burden of reference
rate reform, including the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates
to alternative reference rates. The new guidance provides temporary optional expedients and exceptions for applying U.S. GAAP to transactions
affected by reference rate reform if certain criteria are met. These transactions include contract modifications, hedging relationships,
and the sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of
the beginning of the reporting period when the election is made. Unlike other topics, the provisions of this update are only available
until December 31, 2022, by which time the reference rate replacement activity is expected to be completed. The Company is currently evaluating
the impact of this standard on its consolidated financial statements and related disclosures and has yet to elect an adoption date.
In August 2021, the FASB issued ASU No. 2021-06, “Presentation
of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment
Companies (Topic 946).” The ASU includes Release No.33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses.
This update amends certain SEC disclosure guidance that is included in the accounting standards codification to reflect the SEC’s
recent issuance of rules intended to modernize and streamline disclosure requirements, including updates to business acquisition and disposition
significance tests used, the significance thresholds for proforma statement disclosures, the number of preceding years of financial statements
required for disclosure, and other provisions in the SEC releases. The guidance is effective upon its addition to the FASB codification.
The Company is assessing the impact of ASU No. 2021-06 but does not expect that it will have a material impact on its consolidated financial
statements and related disclosures.
In October 2021, the FASB issued ASU No. 2021-08, “Business Combinations
(Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” The ASU addresses diversity
and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination
and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance
with Topic 606, Revenue from Contracts with Customers. This standard is effective for fiscal years beginning after December 15, 2022,
including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after
the effective date of the amendments. Early adoption of the standard is permitted, including adoption in an interim period. The adoption
of this standard update is not expected to have a material impact on the Company's consolidated financial statements and related disclosures.
Other accounting standards that have been issued or proposed by the
FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on
the Company’s consolidated financial statements upon adoption.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Note 3 - Accounts receivable
Accounts receivable as of December 31, 2021 and 2020 consisted of the
following:
Schedule of Accounts Receivable
| |
|
|
|
|
| |
| |
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Accounts receivable | |
| 858,617 | | |
| 603,689 | |
Allowance for doubtful accounts | |
| - | | |
| (4,253 | ) |
Accounts receivable, less allowance for doubtful accounts | |
| 858,617 | | |
| 599,436 | |
During the years ended December 31, 2021 and 2020, the Company did
not have delinquent accounts receivable to write-off.
All of the Company’s customers are located in the PRC, Hong Kong
and Philippines. The Company provides credit in the normal course of business. The Company performs ongoing credit evaluations of
its customers and maintains allowances for doubtful accounts based on factors surrounding the credit risk of specific customers, historical
trends, and other information.
Note 4 - Other receivables and prepayments
Other receivables and prepayments as of December 31, 2021 and 2020
consisted of the following:
Schedule of Other Receivables and Prepayments
| |
|
|
|
|
| |
| |
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Prepaid expense | |
| 129,445 | | |
| 201,435 | |
Deposits | |
| 91,501 | | |
| 98,355 | |
Others | |
| 93,704 | | |
| 114,552 | |
Other receivables and prepayments | |
| 314,650 | | |
| 414,342 | |
Note 5 - Inventories
Inventories as of December 31, 2021 and 2020 consisted of the following:
Schedule of Inventories
| |
|
|
|
|
| |
| |
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Finished goods | |
| 389,259 | | |
| 238,147 | |
| |
| | | |
| | |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Note 6 – Plant and equipment, net
Plant and equipment consisted of the following
as of December 31, 2021 and 2020:
| |
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Leasehold improvements | |
| 81,274 | | |
| 78,224 | |
Office furniture and equipment | |
| 285,653 | | |
| 254,681 | |
Computer equipment | |
| 364,740 | | |
| 334,237 | |
Computer software | |
| 279,985 | | |
| 43,319 | |
Motor Vehicle | |
| 140,102 | | |
| 119,806 | |
Building | |
| 65,443 | | |
| 68,904 | |
Total | |
| 1,217,197 | | |
| 899,171 | |
Less: accumulated depreciation | |
| (669,267 | ) | |
| (542,150 | ) |
Plant and equipment, net | |
| 547,930 | | |
| 357,021 | |
Depreciation expense for the years ended December
31, 2021 and 2020 amounted to $135,129 and $193,390, respectively. For the years ended December 31, 2021 and 2020, no interest expense
was capitalized into plant and equipment.
As of December 31, 2021 and 2020, the Company's
motor vehicle was under finance lease arrangement with a net carrying amount $50,992 and $44,533 respectively.
Note 7 – Goodwill
Goodwill consisted of the following as of December 31, 2021 and 2020:
Schedule of Goodwill
| |
|
|
|
|
| |
|
| |
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Goodwill arising from acquisition of TSI | |
| 206,812 | | |
| 206,812 | |
Note 8 – Leases
We have entered into various non-cancelable operating
lease agreements for certain of our offices. Our leases have original lease periods expiring between the remainder of 2022 and 2024. Many
leases include option to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be
reasonably assured. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.
| |
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Operating lease right-of-use assets, net | |
| 437,822 | | |
| 585,057 | |
| |
| | | |
| | |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
The components of lease liabilities are as follows:
| |
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Lease liabilities, current | |
| 258,647 | | |
| 303,687 | |
Lease liabilities, non-current | |
| 152,533 | | |
| 277,111 | |
Present value of lease liabilities | |
| 411,180 | | |
| 580,798 | |
Total lease cost for the year ended December 31,
2021 and 2020 amounted to $17,279 and $15,502. Weighted-average remaining lease term is 1.4 years, and weighted-average discount rate
is 3%.
The following is a schedule, by years, of maturities of lease liabilities
as of December 31, 2021:
| |
|
|
|
|
|
| |
| |
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Year one | |
| 266,924 | | |
| 316,880 | |
Year two | |
| 152,183 | | |
| 187,971 | |
Year three | |
| 2,483 | | |
| 95,772 | |
Year four | |
| - | | |
| - | |
Thereafter | |
| - | | |
| - | |
Total undiscounted cash flows | |
| 421,590 | | |
| 600,623 | |
Less: Imputed interest | |
| (10,410 | ) | |
| (19,826 | ) |
Present value of lease liabilities | |
| 411,180 | | |
| 580,798 | |
Note 9 – Intangible Assets
Intangible Assets consisted of the following as
of December 31, 2021 and 2020:
Schedule of Finite-Lived Intangible Assets
| |
|
|
|
|
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Customer relationship | |
| 200,641 | | |
| 200,641 | |
Less: accumulated amortization | |
| (200,641 | ) | |
| (200,641 | ) |
| |
| - | | |
| - | |
Amortization expense for the year ended December
31, 2021 and 2020 amounted to nil and nil, respectively. The amortization expense was included in general and administrative expenses.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Note 10 – Bank loan
Bank loan and accruals consisted of the following
as of December 31, 2021 and 2020:
Schedule of Bank Loan
| |
|
|
|
|
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Long term bank loan | |
| 76,478 | | |
| 101,823 | |
Less: Current portion of long term bank loan | |
| (39,143 | ) | |
| (38,874 | ) |
| |
| 37,335 | | |
| 62,949 | |
| |
| | | |
| | |
Short term bank loan | |
| - | | |
| - | |
Current portion of long term bank loan | |
| 39,143 | | |
| 38,874 | |
Total | |
| 39,143 | | |
| 38,874 | |
As of December 31, 2021 and 2020, the above bank loan secured by property
and equipment with net carrying amount of $50,992 and $44,533 respectively.
Note 11 – Other payables and accrued liabilities
Other payables and accruals consisted of the following
as of December 31, 2021 and 2020:
Schedule of Other Payables and Accrued Liabilities
| |
|
|
|
|
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Accrual | |
| 878,532 | | |
| 737,142 | |
Income taxes payable | |
| 86,856 | | |
| 94,675 | |
Accrued Liabilities, Current | |
| 965,388 | | |
| 831,817 | |
Accrual mainly represents salary payables and fringe and social security
accruals. According to the prevailing laws and regulations of the PRC, all eligible employees of the Company’s subsidiary are entitled
to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits through a PRC government-mandated
multi-employer defined contribution plan. The Company’s subsidiary is required to accrue for these benefits based on certain percentages
of the qualified employees’ salaries. The Company’s subsidiary is required to make contributions to the plans out of the amounts
accrued.
The Company’s subsidiaries incorporated in Hong Kong manage a
defined contribution Mandatory Provident Fund (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance, for
all of its employees in Hong Kong. The Company is required to contribute 5% of the monthly salaries for all Hong Kong based employees
to the MPF Scheme up to a maximum statutory limit.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Note 12 – Deferred income
Deferred income consisted of the following as
of December 31, 2021 and 2020:
Schedule of Deferred Income
| |
|
|
|
|
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Service fees received in advance | |
| 236,612 | | |
| 254,937 | |
Note 13 - Income taxes
Income is subject to tax in the various countries in which the company
operates.
The Company is subject to United States tax at a tax rate of 21%. No
provision for income taxes in the United States has been made as the Company had no income taxable in the United States.
The Company’s Hong Kong subsidiaries are subject to Hong Kong
Profits Tax at 16.5% of the estimated assessable profit. The Income Tax Laws in Hong Kong exempts income tax for dividends distributed
to its shareholders. Accordingly, no deferred tax liability was recognized for the undistributed earnings of the Company and its Hong
Kong subsidiaries.
The Company’s Philippine subsidiary is subject to Philippine
Statutory Corporate Income Tax at 30%.
The Company’s PRC subsidiary in the PRC is subject to PRC Enterprise
Income Tax at 25%.
The Income Tax Laws in PRC also imposes a 10% withholding income tax
for dividends distributed by a foreign invested enterprise to its immediate holding company outside PRC for distribution of earnings generated
after January 1, 2008. Under the Income Tax Laws, the distribution of earnings generated prior to January 1, 2008 is exempt from the withholding
tax. As the Company’s subsidiary located in the PRC that are available for distribution to the Company of approximately $0 at December
31, 2020 are considered to be indefinitely reinvested, and accordingly, no provision has been made for the Chinese dividend withholding
taxes that would be payable upon the distribution of those amounts to the Company. As of December 31, 2021, the Company’s subsidiary
located in the PRC that are available for distribution to the Company of approximately $0.
The Company’s income tax expense consisted of:
| |
|
|
|
|
|
| |
| |
Year ended December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Current income tax | |
| 79,549 | | |
| 20,727 | |
Deferred income tax | |
| 7,582 | | |
| - | |
Income tax expenses | |
| 87,131 | | |
| 20,727 | |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
A reconciliation of the income tax expense / (credit) applicable to
income before tax using the applicable statutory rates for the jurisdictions in which the Company and its subsidiaries operated to the
tax expense / (credit) at the effective tax rates are as follows:
| |
|
|
|
|
|
| |
| |
Year ended December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Pre-tax income | |
| 764,533 | | |
| 126,231 | |
| |
| | | |
| | |
U.S. federal corporate income tax rate | |
| 21 | % | |
| 21 | % |
Philippine corporate income tax rate | |
| 30 | % | |
| 30 | % |
P.R.C. corporate income tax rate | |
| 25 | % | |
| 25 | % |
Hong Kong corporate income tax rate | |
| 16.5 | % | |
| 16.5 | % |
| |
| | | |
| | |
Current tax computed at various jurisdiction rate | |
| 79,549 | | |
| 20,727 | |
Deferred tax computed at various jurisdiction rate | |
| 7,582 | | |
| - | |
Effective income taxes | |
| 87,131 | | |
| 20,727 | |
Deferred income taxes reflect the net tax effects of temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
Significant components of deferred income tax assets and liabilities are as follows:
| |
|
|
|
|
|
| |
| |
December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Deferred income tax assets: | |
| | | |
| | |
Tax losses | |
| 44,038 | | |
| 71,681 | |
Note 14 – Statutory reserves
Statutory reserves
The laws and regulations of the PRC require that before an enterprise
distributes profits to its owners, it must first satisfy all tax liabilities, provide for losses in previous years, and make allocations
in proportions determined at the discretion of the Board of Directors after the statutory reserves.
As stipulated by the Company Law of the PRC, as applicable to Chinese
companies with foreign ownership, net income after taxation can only be distributed as dividends after appropriation has been made for
the following:
|
1. |
Making up cumulative prior years’ losses, if any; |
|
2. |
Allocations to the “Statutory surplus reserve” of at least 10% of income after tax, as determined under PRC accounting rules and regulations, until the fund amounts to 50% of the company’s registered capital; and; |
|
3. |
Allocations to the discretionary surplus reserve, if approved in the shareholders’ general meeting. |
The statutory reserve fund is non-distributable other than during liquidation
and can be used to fund previous years’ losses, if any. It may be utilized for business expansion or converted into share capital
by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently
held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital.
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Note 15 – Related party and shareholder transactions
Other than disclosed elsewhere in these financial statements, the Company
also had the following related party balances and transactions:
Related party balances
| |
December 31, | |
| |
2021 | | |
2020 | |
Due from related parties | |
US$ | | |
US$ | |
Value Exchange International Limited (i) | |
| 1,369,968 | | |
| 1,269,620 | |
Cucumbuy.com Limited (ii) | |
| 2,564 | | |
| 30,769 | |
SmartMyWays Co., Limited (iii) | |
| 61,539 | | |
| 30,769 | |
Retail Intelligent Unit Limited (iv) | |
| 24,615 | | |
| 12,308 | |
AppMyWays Co., Limited (v) | |
| 159,643 | | |
| - | |
TAP Technology (HK) Limited (vi) | |
| 24,159 | | |
| - | |
| |
| 1,642,488 | | |
| 1,343,466 | |
| |
| | | |
| | |
Due to related parties | |
| | | |
| | |
AppMyWays Co., Limited (v) | |
| - | | |
| 253,063 | |
Mr. Johan Pehrson (vii) | |
| 2,500 | | |
| 10,000 | |
| |
| 2,500 | | |
| 263,063 | |
Related party transactions:
| |
Year end December 31, | |
| |
2021 | | |
2020 | |
| |
US$ | | |
US$ | |
Subcontracting fees paid to | |
| | | |
| | |
Value Exchange International Limited (i) | |
| (698,564 | ) | |
| - | |
AppMyWays Co., Limited (v) | |
| - | | |
| (771,538 | ) |
Value E Consultant International (M) Sdn. Bhd (ix) | |
| (34,840 | ) | |
| - | |
TAP Technology (HK) Limited (vi) | |
| (121,588 | ) | |
| - | |
| |
| | | |
| | |
Service income received from | |
| | | |
| | |
Value Exchange International Limited (i) | |
| 389,796 | | |
| 1,117 | |
AppMyWays Co., Limited (v) | |
| 657,568 | | |
| 788,987 | |
ValueX International Pte. Ltd. (viii) | |
| - | | |
| 159,581 | |
Value E Consultant International (M) Sdn. Bhd (ix) | |
| - | | |
| 18,069 | |
TAP Technology (HK) Limited (vi) | |
| - | | |
| 262,821 | |
| |
| | | |
| | |
Service income paid to | |
| | | |
| | |
Cucumbuy.com Limited (ii) | |
| - | | |
| (41,216 | ) |
| |
| | | |
| | |
Management fees received from | |
| | | |
| | |
Value Exchange International Limited (i) | |
| 98,821 | | |
| 49,700 | |
Cucumbuy.com Limited (ii) | |
| 30,769 | | |
| 30,769 | |
SmartMyWays Co., Limited (iii) | |
| 30,769 | | |
| 30,769 | |
Retail Intelligent Unit Limited (iv) | |
| 12,308 | | |
| 12,308 | |
TAP Technology (HK) Limited (vi) | |
| 30,769 | | |
| 30,769 | |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
| (i) | Mr. Kenneth Tan and Ms. Bella Tsang, directors of the Company, are shareholders and a directors of Value Exchange International Limited,
a company incorporated in Hong Kong. The balance is unsecured, interest free and repayable on demand. |
| (ii) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Cucumbuy.com Limited, a company incorporated in Hong
Kong. The balance is unsecured, interest free and repayable on demand. |
| (iii) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of SmartMyWays Co., Limited, a company incorporated in
Hong Kong. Mr. Kenneth Tan, a director of the Company, is a director of SmartMyWays Co., Limited. The balance is unsecured, interest free
and repayable on demand. |
| (iv) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of Retail Intelligent Unit Limited, a company incorporated
in Hong Kong. Mr. Kenneth Tan, a director of the Company, is a director of Retail Intelligent Unit Limited. The balance is unsecured,
interest free and repayable on demand. |
| (v) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of AppMyWays Co., Limited, a company incorporated in Hong
Kong. The balance is unsecured, interest free and repayable on demand. |
| (vi) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of TAP Technology (HK) Limited, a company incorporated
in Hong Kong. The balance is unsecured, interest free and repayable on demand. |
| (vii) | Mr. Johan Pehrson is a director of the Company. The balance is unsecured, interest free and repayable on demand. |
| (viii) | Ms. Bella Tsang, a director of the Company, is a shareholder and a director of ValueX International Pte. Ltd., a company incorporated
in Singapore. The balance is unsecured, interest free and repayable on demand. |
| (ix) | Ms. Bella Tsang, a director of the Company, is a shareholder of Value E Consultant International (M) Sdn. Bhd, a company incorporated
in Malaysia. The balance is unsecured, interest free and repayable on demand. |
VALUE EXCHANGE INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Note 16 - Concentration of risks
The Company’s operations are carried out in the PRC and in Hong
Kong through the Company’s operating subsidiaries located in PRC and Hong Kong SAR. Its operations in the PRC and Hong Kong SAR
are subject to specific considerations and significant risks not typically associated with companies in North America and Western Europe.
These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company’s
results may be adversely affected by changes in government policies regarding laws and regulations, anti-inflationary measures, currency
conversion and remittance abroad, and rates and methods of taxation, among other things.
The Company provides unsecured credit terms for sales to certain customers.
As a result, there are credit risks with the accounts receivable balances. The Company constantly re-evaluates the credit worthiness of
customers buying on credit and maintains an allowance for doubtful accounts.
The following individual customer accounted for
10% or more of the Company’s revenues for the years ended December 31, 2021 and 2020:
Schedule of Concentration of risks
| |
2021 | | |
2020 | |
Aisino Wincor Nixdorf Retail & Banking Systems
(Shanghai) Co., Ltd. Company | |
| 25.5 | % | |
| 9.9 | % |
Wuhan Watson's Personal Care Stores Co., Limited | |
| 22.9 | % | |
| 8.1 | % |
Robinsons Retail Group | |
| 11.9 | % | |
| 3.4 | % |
DXC Technology Enterprise Services (Hong Kong) Limited | |
| - | | |
| 52.4 | % |
Individual customer accounts receivable that represented
10% or more of total accounts receivable as of December 31, 2021 and 2020 were as follows:
| |
Percentage of accounts receivable as of December 31, | |
| |
2021 | | |
2020 | |
Aisino Wincor Nixdorf Retail & Banking
Systems (Shanghai) Co., Ltd. Company | |
| 10.9 | % | |
| 10.6 | % |
Wincor Nixdorf (Hong Kong) Limited | |
| - | | |
| 13.5 | % |
Robinsons Retail Group | |
| 38.4 | % | |
| 37.1 | % |
Fujitsu South China Limited | |
| 16.3 | % | |
| 2.9 | % |
PCCW Solutions Limited | |
| 15.1 | % | |
| - | |
F-25