(b)

Music events and performances business engages in the provision of services related to music festival events and music performances and sale of musical instruments.

Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on reportable operating segment’s profit/(loss), which is a measure of adjusted profit/(loss) before tax. The adjusted profit/(loss) before tax is measured consistently with the Group’s profit/(loss) before tax except that foreign exchange differences, net, finance income,

non-lease-related

finance costs, as well as head office and corporate income/expenses are excluded from such

measurement

Segment assets exclude amounts due from shareholders and related parties,

cash

and cash equivalents and other unallocated head office and corporate assets as these assets are managed on a group basis.

Segment liabilities exclude interest-bearing loans and borrowings, amounts due to a related party and a shareholder, income tax payable and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis.


	Subscription, licensing and smart music learning business For the years ended December 31,						Music events and performances business For the years ended December 31,								Total For the years ended December 31,
	2021		2020		2019		2021			2020			2019		2021			2020			2019
	RMB’000		RMB’000		RMB’000		RMB’000			RMB’000			RMB’000		RMB’000			RMB’000			RMB’000

Segment revenue:
Sales to external customers		218,515		135,367		146,054		77,382			27,514			—		295,897			162,881			146,054

Segment results:
The Group		27,749		25,936		70,418		1,426			2,244			—		29,175			28,180			70,418
Share of loss of a joint venture ^		—		—		—		(491	)		(9	)		—		(491	)		(9	)		—

		27,749		25,936		70,418		935			2,235			—		28,684			28,171			70,418

Reconciliation:
Finance income																79			1,621			258
Foreign exchange differences, net																(1,032	)		361			1,173
Other unallocated gains																—			8			—
Corporate and other unallocated expenses																(79,711	)		(34,209	)		(3,357	)
Non-lease related finance costs																(6,602	)		(7,544	)		(2,629	)

(Loss)/profit before tax																(58,582	)		(11,592	)		65,863

Other segment information
Depreciation of property, plant and equipment		10,385		2,001		1,251		324			256			—		10,709			2,257			1,251
Depreciation of right-of-use assets		3,143		3,383		1,618		996			1,097			—		4,139			4,480			1,618
Amortisation of intangible assets		8,422		5,366		3,762		—			—			—		8,422			5,366			3,762
Impairment losses on financial assets, net		18,498		34,177		3,088		2,155			1,063			—		20,653			35,240			3,088

The Group has discontinued recognition of its share of loss of a joint venture and the

unrecognised

share of loss was RMB997,000 (2020: Nil; 2019: Nil) for the year ended December 31, 2021 and cumulatively RMB997,000 (

December

31, 2020: Nil) as at December 31, 2021. The joint venture has been subsequently dissolved on February 18, 2022.


	Subscription, licensing and smart music learning business				Music events and performances business				Total
	As at December 31,				As at December 31,				As at December 31,
	2021		2020		2021		2020		2021		2020
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
			(Restated)				(Restated)				(Restated)

Segment assets		797,424		595,503		251,987		246,773		1,049,411		842,276
Reconciliation:
Corporate and other unallocated assets										59,888		35,077

										1,109,299		877,353

Segment liabilities		102,110		126,604		12,680		1,854		114,790		128,458
Reconciliation:
Corporate and other unallocated liabilities										52,850		87,726

										167,640		216,184

Other segment information
Investment in a joint venture		—		—		—		491		—		491
Capital expenditure*		295,473		158,755		—		769		295,473		159,524

*	Capital expenditure consists of additions of property, plant and equipment, intangible assets, right-of-use assets and deposits paid for purchase of non-current assets, including assets from the acquisition of a subsidiary.

Geographical information

Geographical information is not presented since over 90% of the Group’s revenue from external customers is generated in the PRC and over 90% of the

non-current

assets of the Group (other than financial instruments) are located in the PRC. Accordingly, in the opinion of the directors, the presentation of geographical information would provide no additional useful information to the users of the consolidated financial statements.

Information about major customers

Revenue from major customers of the Group which individually accounted for 10% or more of the Group’s revenue was derived from the subscription, licensing and smart

music learning

business segment. The respective revenue generated by these customers for each reporting period is set out below:


	2021		2020		2019
	RMB’000		RMB’000		RMB’000
Customer 1		60,226		22,146		N/A	*
Customer 2		46,358		18,868		N/A	*

*	The corresponding revenue from these customers is not disclosed as it individually did not contribute 10% or more to the Group’s revenue for th at year.