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Investments accounted for using the equity method | 12 Months Ended
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Dec. 31, 2022
Investments accounted for using the equity method |
Investments accounted for using the equity method | 14 Investments accounted for using the equity method ​
(a) | Investment in associate
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ |  | RMB’000 |  | RMB’000 |  | RMB’000
At beginning of year |  | 115,124 | ​ | 172,757 | ​ | 184,907
Additions |  | 60,000 | ​ | — | ​ | —
Share of (losses)/gain of associate |  | (4,878) | ​ | 12,150 | ​ | 25,291
Gain on dilution of interest in associate (Note 8) |  | 2,511 | ​ | — | ​ | —
​ | ​ | 172,757 | ​ | 184,907 | ​ | 210,198
Less: impairment loss allowance | ​ | — | ​ | — | ​ | (10,998)
At end of year |  | 172,757 | ​ | 184,907 | ​ | 199,200
(i) | On March 28, 2017, Shanghai OneConnect set up Pingan Puhui Lixin Asset Management Co., Ltd. (“Puhui Lixin”) with Pingan Puhui Enterprise Management Co., Ltd. (“Puhui Management”), a subsidiary of Lufax, by investing a capital amount of RMB 40,000,000. In January 2019, Shanghai OneConnect made an additional capital injection of RMB 100,000,000 into Puhui Lixin. On February 20, 2020, Puhui Management made another additional capital injection of RMB 40,000,000 into Puhui Lixin. Accordingly, the Group’s equity interests in the investee were diluted from 35% to 31.82%, resulting in a dilution gain amounting to RMB 2,511,000. In March 2020, Shanghai OneConnect made an additional capital injection of RMB 60,000,000 into Puhui Lixin, and the Group’s equity interests in the investee were increased to 40%.
​ 14 Investments accounted for using the equity method (Continued) ​
(a) | Investment in associate (Continued)
On November 24, 2022, Shanghai OneConnect entered into the Equity Transfer Agreement with Puhui Management, pursuant to which Shanghai OneConnect conditionally agreed to sell, and Puhui Management conditionally agreed to purchase, the Group’s 40% equity interest in Puhui Lixin at a consideration of RMB199,200,000. Upon the completion, Shanghai OneConnect will no longer hold any equity interest in Puhui Lixin. As at December 31, 2022, the aforementioned transaction was subject to the extraordinary general meeting’s approval. Impairment charges on associates of RMB10,998,000 was recognized based on the expected consideration of the transaction.
(ii) | Summarised financial information for associate
​
​ | ​ | ​ | ​ | ​ | ​ | ​
Summarised balance sheet | ​ | As at December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets |  | 423,148 |  | 1,075,852 |  | 1,686,575
Total liabilities |  | (60,650) |  | (682,979) |  | (1,230,475)
Net assets |  | 362,498 |  | 392,873 |  | 456,100
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Summarised income statement | ​ | For the year ended December 31, |
​ |  | 2020 |  | 2021 |  | 2022 |
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income |  | 51,690 |  | 96,372 |  | 144,762 | ​
Profit or loss from continuing operations |  | (13,473) |  | 30,375 |  | 63,228 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Group’s share % |  | 40 | % | 40 | % | 40 | %
Group’s share in net assets |  | 144,999 |  | 157,149 |  | 182,440 | ​
Goodwill |  | 27,758 |  | 27,758 |  | 27,758 | ​
​ |  | 172,757 |  | 184,907 |  | 210,198 | ​
Less: impairment charges on associates |  | — |  | — |  | (10,998) | ​
Carrying amount |  | 172,757 |  | 184,907 |  | 199,200 | ​
​
(b) | Investment in joint venture
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the year ended December 31,
​ |  | 2020 |  | 2021 |  | 2022
​ | ​ | RMB’000 | ​ | RMB’000 | ​ | RMB’000
​ | ​ | ​ | ​ | ​ | ​ | ​
At beginning of year | ​ | 3,705 | ​ | 2,976 | ​ | 439
Additions | ​ | 2,040 | ​ | — | ​ | —
Share of losses of joint venture | ​ | (2,924) | ​ | (2,204) | ​ | (439)
Exchange difference | ​ | 155 | ​ | (333) | ​ | —
At end of year | ​ | 2,976 | ​ | 439 | ​ | —
​ On August 23, 2019, the Group entered into an investment in SBI OneConnect Japan Co., Ltd. (“SBI Japan”) with SBI Holdings, Inc., (“SBI”) by investing a capital of RMB4,321,000 (JPY65,100,000), and held the equity interest as to 31%. The Group shares control with SBI and accounts for the investment as a joint venture. In October 2021, the Company disposed of the investment to SBI at no consideration as it was fully impaired considering accumulated losses. 14 Investments accounted for using the equity method (Continued)
(b) | Investment in joint venture (Continued)
​ The Group entered into an agreement of setting up Financial Open Portal (Guangxi) Cross-border Financial Digital Co., Ltd. (“Open Portal Guangxi”) with Digital Guangxi Group Co., Ltd. (“Digital Guangxi”) on April 10, 2020. The Group made a capital injection of RMB2,040,000 on July 10, 2020. The Group and Digital Guangxi owned the equity interest in Open Portal Guangxi as to 51% and 49%, respectively. The Group shares control with Digital Guangxi and accounts for the investment as a joint venture. The decisions on major operational and financial activities require the unanimous consent of the Group and Digital Guangxi pursuant to the provisions of the article of association of Open Portal Guangxi. ​

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