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English to Chinese: Banking General field: Bus/Financial Detailed field: Finance (general)
Source text - English Hong Kong SAR has established six cross-currency Payment-versus-Payment (PvP) links among the HKD, USD, EUR and RMB Real Time Gross Settlement (RTGS) systems, which improves efficiency and eliminates cross-border FX transaction risks arising from time lags and time zone differences. Hong Kong SAR’s USD RTGS system has three cross-border PvP links with the RTGS systems of Malaysia, Indonesia and Thailand. There are also cross-border payment arrangements with the Domestic Foreign Currency Payment System in Mainland China (which facilitates foreign currency funding and liquidity management of Mainland China banks and commercial payments).
Additionally, various banks in Hong Kong SAR also settle eligible FX trades through the CLS system covering 17 currencies, thereby further mitigates cross-border payment risks. The Hong Kong Monetary Authority (HKMA) also participates in the oversight of the CLS system through the CLS Oversight Committee.
Translation - Chinese 香港特别行政区在港元、美元、欧元和人民币“实时全额支付系统”之间建立了六个跨币种的“同步交收”(PvP)联网，提高了支付效率，消除了因时差和时区差异而产生的跨境外汇交易风险。香港特区的美元“实时全额支付系统”与马来西亚、印度尼西亚和泰国的“实时全额支付系统”建立了三个跨境“同步交收”联网。同时，香港特区与中国内地的“境内外币支付系统”也有跨境支付的安排（为中国内地银行的外币融资、流动性管理及商业支付提供了便利）。
English to Chinese: Finance General field: Bus/Financial Detailed field: Finance (general)
Source text - English Below are updates on select portfolio companies. Benson Hill Biosystems will be announcing their pre-IPO series D in the near future. They are targeting a $100M raise at a $500M valuation and are still targeting a $1.8B - $2.2B IPO. Amidst corona concerns, Geltor was able to close a $100M series B at a $400M post-money valuation (our entry valuation was $18.75M) and have several years of runway at their current burn rate. Molecular Assemblies was deemed an essential business and remains operational and will be receiving additional funding of $3M from a strategic investor. Artemis is extending runway to Q2 2021 through an employee reduction in the next week. SpringBig reached profitability in Q4 2019 and will only move forward with a capital raise if terms are friendly to existing investors given the capital is not required to scale the business.
Translation - Chinese 以下是精选投资组合公司的最新情况。Benson Hill Biosystems将在近期公布其首次公开募股前的D轮融资计划。他们计划以5亿美元的估值进行1亿美元的融资，首次公开募股的目标仍为18亿-22亿美元。在对新冠疫情的担忧中，Geltor公司能够以4亿美元的投后估值（我们的入股估值为1875万美元）完成1亿美元的B轮融资，按照目前的现金燃烧速度，他们还有数年的资金维持运营。Molecular Assemblies被认为是一项重要业务，目前仍在运营中，并且将从一位战略投资者那里获得300万美元的额外资金。Artemis将于下周通过裁员将维持运营的资金延长至2021年第二季度。SpringBig已于2019年第四季度实现盈利。考虑到并不需要资金来扩大业务规模，因此只有在条件对现有投资者有利的情况下，才会进行融资。
English to Chinese: Risk Management Policies General field: Bus/Financial Detailed field: Finance (general)
Source text - English Risk Management Policies
The Group adopts a thorough credit assessment and approval process, and will assess and approve each loan transaction on a case-by-case basis. The finance department of the Group (the “Finance Department”) is responsible for conducting a background check on the prospective borrower in compliance with the applicable laws and regulations, reviewing the background and financial strength of such borrower and where applicable, the guarantor, and enquiring the prospective borrower about the purpose of the loan and the expected source of funds for loan repayment. To support its analysis, the Group will obtain corporate documents, financial statements and search reports of the borrower and/or the guarantor, and thereafter, assess the credit risk of the loan and negotiate the terms thereof after considering (i) the background and financial position of the borrower or the guarantor (if applicable), including net asset value and gearing; and (ii) the value of the securities, if any.
Each loan transaction will be approved by either the Board or if the loan principal does not exceed the threshold set by the Board, by the executive committee of the Board.
The Finance Department monitors the loan and interest repayment regularly and reviews the annual financial statements of the borrowers and guarantors (if applicable).It would promptly report to the chief executive or chief financial officer of the Group for any delay or default in repayment upon maturity, who would then formulate plans for loan collection, including but not limited to requesting for additional securities or initiating legal actions.
Loan Impairment Policies
The Company adopts estimated credit loss allowances (“ECLs”) according to the requirements of Hong Kong Financial Reporting Standard 9 issued by the Hong Kong Institute of Certified Public Accountants. Accordingly, it shall review the recoverable amount of each loan at the end of each reporting period to ensure that adequate impairment losses are made. The Group applies a general approach on loan receivables to assess for the ECLs. Assessment are done based on the Group’s historical credit loss experience, adjusted for factors that are specific to the borrower. In order to measure the ECLs of loan receivables, the Group will apply a credit rating for each of its borrowers by reference to each borrower’s past default records, current past due exposure, an analysis of its current financial position, likelihood or risk of a default, an assessment on any significant increase in credit risk, and fair value of collaterals (if any), and adjust for forward-looking information that is available without undue cost or effort, such as the current and forecasted global economy and the general economic conditions of the industry in which the borrower operates.
The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying any significant increase in credit risk before the loan amount becomes past due.
Liquidity, Financial Resources and Capital Structure
As at 31 December 2023, our non-current assets amounted to HK$2,041,542,000 (As at 30 June 2023: HK$2,025,899,000) and net current assets amounted to HK$2,055,950,000 (As at 30 June 2023: HK$1,569,339,000) with a current ratio of 6.1 times (As at 30 June 2023: 6.1 times) calculated on the basis of its current assets over current liabilities. Included in noncurrent assets and current assets are loan receivables of HK$193,885,000 (As at 30 June 2023: HK$346,074,000).
As at 31 December 2023, we had borrowings of HK$88,000,000 (excluding lease liabilities) (As at 30 June 2023: HK$183,240,000) and had undrawn letter of credit, bank and other loan facilities amounting to HK$517,909,000. As at 31 December 2023, we had a gearing ratio of nil (As at 30 June 2023: Nil), calculated on the basis of net debt over equity attributable to owners of the Company. For this purpose, net debt is defined as borrowings (excluding lease liabilities) less cash and cash equivalents.
Foreign Exchange Exposure
For the period under review, the Group’s assets were mainly denominated in Australian Dollars while the liabilities were mainly denominated in United States Dollars and Hong Kong Dollars. There would be no material immediate effect on the cash flows of the Group from adverse movements in foreign exchange for long term investments. In addition, the Group is required to maintain foreign currency exposure to cater for its present and potential investment activities, meaning it will be subject to reasonable exchange rate exposure. In light of this, the Group did not actively hedge for the risk arising from the Australian Dollars denominated assets. However, the Group will closely monitor this risk exposure as required.
Pledge of Assets
As at 31 December 2023, the Group’s listed securities held-for-trading with fair value of HK$374,400,000 (As at 30 June 2023: HK$256,100,000) were pledged to a bank to secure banking facilities granted to the Group.
Employees and Emolument Policy
The Group ensures that its employees are remunerated according to the prevailing manpower market conditions and individual performance with its remuneration policies reviewed on a regular basis. Employees are entitled to participate in the Group’s benefit plans including medical insurance and pension fund schemes including the Mandatory Provident Fund Scheme (subject to the applicable laws and regulations of the People’s Republic of China (the “PRC”) for its employees in the PRC).
The executive directors, key management personnel and employees of Prodigy Gold receive the superannuation guarantee contribution required by the Australian government. Other benefits include personal accident (working directors) insurance and other fringe benefits.
As at 31 December 2023, the Group, including its subsidiaries but excluding associates, had 25 (As at 30 June 2023: 28) employees. Total remuneration together with pension contributions incurred for 1H FY2024 amounted to HK$13,234,000 (1H FY2023: HK$12,835,000).
Principal Risks
The Group adopts a comprehensive risk management framework. Policies and procedures are developed, regularly reviewed and updated to enhance risk management and react to changes in market conditions and the Group’s business strategy. The Audit Committee reviews the Group’s policies and scrutinises that management has performed its duty to have effective risk management and internal control systems necessary for monitoring and controlling major risks arising from the Group’s business activities, changing external risks and the regulatory environment, and reports to the Board on the above.
Financial Risk
Financial risk includes market risk, credit risk and liquidity risk. Market risk concerns that the value of an investment will change due to movements in market factors and which can be further divided into foreign currency risk, interest rate risk and other price risk. Credit risk is the risk of losses arising from clients or counterparties failing to make payments as contracted. Liquidity risk concerns that a given security or asset cannot be traded readily in the market to prevent a loss or make the required profit.
Operational Risk
The Group faces various operational risks which are concerned with possible losses caused by human factors, inadequate or failed internal processes, systems or external events. Operational risk is mitigated and controlled through establishing robust internal controls, proper segregation of duties and effective internal reporting. The business and operating line management are responsible for managing the operational risks of their business units on a day-to-day basis.
Each department head has to identify risks, evaluate the effectiveness of key controls in place and assess whether the risks are effectively managed. Independent monitoring and reviews are conducted by the internal audit team which reports regularly to the respective senior management and the Audit Committee.
Significant Investments, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Material Investments or Capital Assets
Save as disclosed in this announcement, during the six months ended 31 December 2023, the Group did not hold any other significant investments nor have any material acquisitions or disposals of subsidiaries, associates and joint ventures. Save as disclosed in this announcement, as at 31 December 2023, the Group did not have any plans for material investments or capital assets.
Capital Commitments
As at 31 December 2023, the Group had no material capital commitments contracted but not provided for.
Contingent Liabilities
As at the date of this announcement and as at 31 December 2023, the Board is not aware of any material contingent liabilities.
Important Events Affecting the Group after the End of the Financial Period
There are no important events affecting the Group after the end of the financial period for the six months ended 31 December 2023 and up to the date of this announcement.
Company Strategy
The Board believes that the performance of the equity investments will be dependent on market sentiment which is affected by factors such as commodity prices, interest rate movements, geopolitical conditions and performance of the macro economy. In order to mitigate the associated risks, the Group will review its investment strategy regularly and take appropriate actions whenever necessary in response to changes in market situation. In addition, the Group will also seek potential investment opportunities with an aim to maximize value for the shareholders.
English to Chinese: Patek Philippe takes Haute Joaillerie to a new pinnacle. General field: Marketing Detailed field: Advertising / Public Relations
Source text - English Patek Philippe takes Haute Joaillerie to a new pinnacle.
The Geneva workshops take pleasure in presenting several one-of-a-kind exemplars of the Twenty~4® that have been transformed into breathtaking feminine treasures with the ultimate in gemsetting prowess. They reflect exuberant joy that has its origins in the master setter's extraordinary virtuosity with precious stones and for each watch necessitates an investment of several hundred hours of work.
Ever since the company was founded in 1839, Patek Philippe has been among the most ardent protectors of Geneva's heritage in craftsmanship. To preserve all of the artisanal skills that for hundreds of years have served to decorate timepieces, the manufacture goes far beyond exhibiting the finest examples of this heritage at the Patek Philippe Museum. It also places great emphasis on safeguarding these precious skills and enlisting the help, when the need arises, of the few artisans who still master the last occupational secrets of their guild. It goes without saying that these traditions only have a future if they are rescued into the present, further refined, and evolved with the latest technical resources. Many exceptional creations owe their existence to this approach – unique pocket watches, wristwatches, or unique pendulum clocks – with which amazing artisanal talents are saved from becoming extinct. The engraving is the oldest technique for adorning watches. Skeletonizing involves delicately pierced, engraved, and chamfered movement parts. But the finesse of the jeweler's art at the level of Haute Joaillerie also dramatically ennobles timepieces by fusing craftsmanship with the fascinating brilliance of light.
English to Chinese: The Wings of Horus General field: Art/Literary Detailed field: Poetry & Literature
Source text - English The Wings of Horus
BINOVITCH had the bird in him somewhere: in his features, certainly, with his piercing eye and hawk-like nose; in his movements, with his quick way of flitting, hopping, darting; in the way he perched on the edge of a chair; in the manner he pecked at his food; in his twittering, high-pitched voice as well; and, above all, in his mind. He skimmed all subjects and picked their heart out neatly, as a bird skims lawn or air to snatch its prey. He had the bird's-eye view of everything. He loved birds and understood them instinctively; could imitate their whistling notes with astonishing accuracy. Their one quality he had not was poise and balance. He was a nervous little man; he was neurasthenic. And he was in Egypt by doctor's orders.
Such imaginative, unnecessary ideas he had! Such uncommon beliefs!
"The old Egyptians," he said laughingly, yet with a touch of solemn conviction in his manner, "were a great people. Their consciousness was different from ours. The bird idea, for instance, conveyed a sense of deity to them—of bird deity, that is: they had sacred birds—hawks, ibis, and so forth—and worshiped them." And he put his tongue out as though to say with challenge, "Ha, ha!"
"They also worshiped cats and crocodiles and cows," grinned Palazov. Binovitch seemed to dart across the table at his adversary. His eyes flashed; his nose pecked the air. Almost one could imagine the beating of his angry wings.
"Because everything alive," he half screamed, "was a symbol of some spiritual power to them. Your mind is as literal as a dictionary and as incoherent. Pages of ink without connected meaning! Verb always in the infinitive! If you were an old Egyptian, you—you—" he flashed and spluttered, his tongue shot out again, his keen eyes blazed—"you might take all those words and spin them into a great interpretation of life, a cosmic romance, as they did. Instead, you get the bitter, dead taste of ink in your mouth, and spit it over us like that"—he made a quick movement of his whole body as a bird that shakes itself—"in empty phrases."
Khilkofif ordered another bottle of champagne, while Vera, his sister, said half nervously, "Let's go for a drive; it's moonlight." There was enthusiasm at once. Another of the party called the head-waiter and told him to pack food and drink in baskets. It was only eleven o'clock. They would drive out into the desert, have a meal at two in the morning, tell. stories, sing, and see the dawn.
It was in one of those cosmopolitan hotels in Egypt which attract the ordinary tourists as well as those who are doing a "cure," and all these Russians were ill with one thing or another. All were ordered out for their health, and all were the despair of their doctors. They were as unmanageable as a bazaar and as incoherent. Excess and bed were their routine. They lived, but none of them got better. Equally, none of them got angry. They talked in this strange personal way without a shred of malice or offense. The English, French, and Germans in the hotel watched them with remote amazement, referring to them as "that Russian lot." Their energy was elemental. They never stopped. They merely disappeared when the pace became too fast, then reappeared again after a day or two, and resumed their "living" as before. Binovitch, despite his neurasthenia, was the life of the party. He was also a special patient of Dr. Plitzinger, the famous psychiatrist, who took a peculiar interest in his case. It was not surprising. Binovitch was a man of unusual ability and of genuine, deep culture. But there was something more about him that stimulated curiosity. There was this striking originality. He said and did surprising things.
"I could fly if I wanted to," he said once when the airmen came to astonish the natives with their biplanes over the desert, "but without all that machinery and noise. It's only a question of believing and understanding—"
"Show us!" they cried. "Let's see you fly!"
"He's got it! He's off again! One of his impossible moments."
These occasions when Binovitch let himself go always proved wildly entertaining. He said monstrously incredible things as though he really did believe them. They loved his madness, for it gave them new sensations.
"It's only levitation, after all, this flying," he exclaimed, shooting out his tongue between the words, as his habit was when excited; "and what is levitation but a power of the air? None of you can hang an orange in space for a second, with all your scientific knowledge; but the moon is always levitated perfectly. And the stars. D' you think they swing on wires? What raised the enormous stones of ancient Egypt? D' you really believe it was heaped-up sand and ropes and clumsy leverage and all our weary and laborious mechanical contrivances? Bah! It was levitation. It was the powers of the air. Believe in those powers, and gravity becomes a mere nursery trick—true where it is, but true nowhere else. To know the fourth dimension is to step out of a locked room and appear instantly on the roof or in another country altogether. To know the powers of the air, similarly, is to annihilate what you call weight—and fly."
"Show us, show us!" they cried, roaring with delighted laughter.
"It's a question of belief," he repeated, his tongue appearing and disappearing like a pointed shadow. "It's in the heart; the power of the air gets into your whole being. Why should I show you? Why should I ask my deity to persuade your scoffing little minds by any miracle? For it is deity, I tell you, and nothing else. I know it. Follow one idea like that, as I follow my bird idea,—follow it with the impetus and undeviating concentration of a projectile,—and you arrive at power. You know deity—the bird idea of deity, that is. They knew that. The old Egyptians knew it."
"Oh, show us, show us!" they shouted impatiently, wearied of his nonsense-talk. "Get up and fly! Levitate yourself, as they did! Become a star!"
Binovitch turned suddenly very pale, and an odd light shone in his keen brown eyes. He rose slowly from the edge of the chair where he was perched. Something about him changed. There was silence instantly.
"I will show you," he said calmly, to their intense amazement; "not to convince your disbelief, but to prove it to myself. For the powers of the air are with me here. I believe. And Horus, great falcon-headed symbol, is my patron god."
The suppressed energy in his voice and manner was indescribable. There was a sense of lifting, upheaving power about him. He raised his arms; his face turned upward; he inflated his lungs with a deep, long breath, and his voice broke into a kind of singing cry, half-prayer, half-chant:
"O Horus,
Bright-eyed deity of wind,
Feather my soul
Through earth's thick air,
To know thy awful swiftness—"
He broke off suddenly. He climbed lightly and swiftly upon the nearest table—it was in a deserted card-room, after a game in which he had lost more pounds than there are days in the year—and leaped into the air. He hovered a second, spread his arms and legs in space, appeared to float a moment, then buckled, rushed down and forward, and dropped in a heap upon the floor, while every one roared with laughter.
But the laughter died out quickly, for there was something in his wild performance that was peculiar and unusual. It was uncanny, not quite natural. His body had seemed, as with Mordkin and Nijinski, literally to hang upon the air a moment. For a second he gave the distressing impression of overcoming gravity. There was a touch in it of that faint horror which appals by its very vagueness. He picked himself up unhurt, and his face was as grave as a portrait in the academy, but with a new expression in it that everybody noticed with this strange, half-shocked amazement. And it was this expression that extinguished the claps of laughter as wind that takes away the sound of bells. Like many ugly men, he was an inimitable actor, and his facial repertory was endless and incredible. But this was neither acting nor clever manipulation of expressive features. There was something in his curious Russian physiognomy that made the heart beat slower. And that was why the laughter died away so suddenly.
"You ought to have flown farther," cried some one. It expressed what all had felt.
"Icarus did n't drink champagne," another replied, with a laugh; but nobody laughed with him.
"You went too near to Vera," said Palazov, "and passion melted the wax."
But his face twitched oddly as he said it. There was something he did not understand, and so heartily disliked.
The strange expression on the features deepened. It was arresting in a disagreeable, almost in a horrible, way. The talk stopped dead; all stared; there was a feeling of dismay in everybody's heart, yet unexplained. Some lowered their eyes, or else looked stupidly elsewhere; but the women of the party felt a kind of fascination. Vera, in particular, could not move her sight away. The joking reference to his passionate admiration for her passed unnoticed. There was a general and individual sense of shock. And a chorus of whispers rose instantly:
"Look at Binovitch! What's happened to his face?"
"He's changed—he's changing!"
"God! Why he looks like a-bird!"
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