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Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2021
Text block [abstract] |
Intangible assets |
24 | Intangible assets
|  | Trademarks and licenses |  |  | Computer software and others |  |  | Development in progress |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
As of January 1, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost |  |  | 1,815,576 |  |  |  | 560,056 |  |  |  | 54,418 |  |  |  | 2,430,050 |
Accumulated amortization |  |  | (4,238 | ) |  |  | (452,444 | ) |  |  | — |  |  |  | (456,682 | )
Net book amount |  |  | 1,811,338 |  |  |  | 107,612 |  |  |  | 54,418 |  |  |  | 1,973,368 |
Year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening net book amount |  |  | 1,811,338 |  |  |  | 107,612 |  |  |  | 54,418 |  |  |  | 1,973,368 |
Additions |  |  | — |  |  |  | 19,383 |  |  |  | — |  |  |  | 19,383 |
Transfer |  |  | — |  |  |  | 54,418 |  |  |  | (54,418 | ) |  |  | — |
Impairment |  |  | — |  |  |  | (64,209 | ) |  |  | — |  |  |  | (64,209 | )
Amortization charge |  |  | (762 | ) |  |  | (31,205 | ) |  |  | — |  |  |  | (31,967 | )
Closing net book amount |  |  | 1,810,576 |  |  |  | 85,999 |  |  |  | — |  |  |  | 1,896,575 |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost |  |  | 1,815,576 |  |  |  | 633,857 |  |  |  | — |  |  |  | 2,449,433 |
Accumulated amortization |  |  | (5,000 | ) |  |  | (483,649 | ) |  |  | — |  |  |  | (488,649 | )
Impairment |  |  | — |  |  |  | (64,209 | ) |  |  | — |  |  |  | (64,209 | )
Net book amount |  |  | 1,810,576 |  |  |  | 85,999 |  |  |  | — |  |  |  | 1,896,575 |
|  | Trademarks and licenses |  |  | Computer software and others |  |  | Development in progress |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
As of January 1, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost |  |  | 1,815,576 |  |  |  | 633,857 |  |  |  | — |  |  |  | 2,449,433 |
Accumulated amortization |  |  | (5,000 | ) |  |  | (483,649 | ) |  |  | — |  |  |  | (488,649 | )
Impairment |  |  | — |  |  |  | (64,209 | ) |  |  | — |  |  |  | (64,209 | )
Net book amount |  |  | 1,810,576 |  |  |  | 85,999 |  |  |  | — |  |  |  | 1,896,575 |
Year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening net book amount |  |  | 1,810,576 |  |  |  | 85,999 |  |  |  | — |  |  |  | 1,896,575 |
Additions |  |  | — |  |  |  | 17,718 |  |  |  | — |  |  |  | 17,718 |
Amortization charge |  |  | — |  |  |  | (31,831 | ) |  |  | — |  |  |  | (31,831 | )
Closing net book amount |  |  | 1,810,576 |  |  |  | 71,886 |  |  |  | — |  |  |  | 1,882,462 |
As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost |  |  | 1,815,576 |  |  |  | 255,063 |  |  |  | — |  |  |  | 2,070,639 |
Accumulated amortization |  |  | (5,000 | ) |  |  | (118,968 | ) |  |  | — |  |  |  | (123,968 | )
Impairment |  |  | — |  |  |  | (64,209 | ) |  |  | — |  |  |  | (64,209 | )
Net book amount |  |  | 1,810,576 |  |  |  | 71,886 |  |  |  | — |  |  |  | 1,882,462 |
|  | Trademarks and licenses |  |  | Computer software and others |  |  | Development in progress |  |  | Total |
|  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |  |  | RMB’000 |
As of January 1, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost |  |  | 1,815,576 |  |  |  | 255,063 |  |  |  | — |  |  |  | 2,070,639 |
Accumulated amortization |  |  | (5,000 | ) |  |  | (118,968 | ) |  |  | — |  |  |  | (123,968 | )
Impairment |  |  | — |  |  |  | (64,209 | ) |  |  | — |  |  |  | (64,209 | )
Net book amount |  |  | 1,810,576 |  |  |  | 71,886 |  |  |  | — |  |  |  | 1,882,462 |
Year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening net book amount |  |  | 1,810,576 |  |  |  | 71,886 |  |  |  | — |  |  |  | 1,882,462 |
Additions |  |  | — |  |  |  | 3,126 |  |  |  | — |  |  |  | 3,126 |
Impairment |  |  | (963,948 | ) |  |  | — |  |  |  | — |  |  |  | (963,948 | )
Amortization charge |  |  | — |  |  |  | (22,234 | ) |  |  | — |  |  |  | (22,234 | )
Closing net book amount |  |  | 846,628 |  |  |  | 52,778 |  |  |  | — |  |  |  | 899,406 |
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost |  |  | 1,815,576 |  |  |  | 258,189 |  |  |  | — |  |  |  | 2,073,765 |
Accumulated amortization |  |  | (5,000 | ) |  |  | (141,202 | ) |  |  | — |  |  |  | (146,202 | )
Impairment |  |  | (963,948 | ) |  |  | (64,209 | ) |  |  | — |  |  |  | (1,028,157 | )
Net book amount |  |  | 846,628 |  |  |  | 52,778 |  |  |  | — |  |  |  | 899,406 |
The trademarks and licenses were intangible assets acquired in business combinations as part of the reorganization of the Group. Most of the trademarks and licenses acquired were determined to be indefinite useful life as there is no foreseeable limit to the period over which these assets are expected to generate net cash inflows for the Group. Impairment review on the trademarks and licenses with indefinite useful life were conducted by the Group as of December 31, 2020 and 2021 according to IAS 36 “Impairment of assets”. For the purposes of impairment assessment, the recoverable amount of the trademarks and licenses with indefinite life were determined based on the higher amount of the fair value less cost of disposal (“FVLCD”) and value-in-use calculations. Given there is no active market for the Group’s trademarks and licenses with indefinite life, the fair value less cost of disposal of these trademarks and licenses were determined based on the valuation technique using discounted cash flow . The value-in-use calculations use cash flow projections based on business plan for a three to seven years’ period considering past performance and expectation of future market developments. The discount rate used reflects market assessments of the time value and the specific risks relating to intangible assets. The primary valuation technique used for recoverable amount of cash-generating unit or group of units is cash flow projection based on business plans approved by management covering a three to seven years’ period and a risk adjusted discount rate. The discount rate used by the Group is 20%. Cash flows beyond that period have been extrapolated using a steady growth rate and terminal value. The recoverable amount of licenses of Ping An Financing Guarantee (Tianjin) Co., Ltd., Shenzhen Qianhai Financial Asset Exchange Co., Ltd. and Chongqing Financial Assets Exchange Co., Ltd. were significantly lower than book value during impairment assessment as of December 2021. As a result, impairment losses amounting to RMB964 million were recognized.

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- Definition The entire disclosure for intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 38 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=38&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IAS38_g118-128_TI -URIDate 2021-03-24 + Details
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