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FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 12 Months Ended
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Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract] |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 18. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The financial instruments of the Group primarily include cash, trade receivables, certain other current assets, trade payables, other payables and certain accrued liabilities, lease liabilities, amounts due to related companies, and an amount due to the Shareholder. The Group is exposed to credit risk, foreign currency risk, business and economic risk and liquidity risk. The Group has not used any derivatives and other instruments for hedging purposes. The Group does not hold or issue derivative financial instruments for trading purposes. The Group reviews and agrees policies for managing each of these risks and they are summarized below. (a) Credit risk Maximum exposure and year-end staging The tables below show the credit quality and the maximum exposure to credit risk based on the Group's credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as of December 31, 2019 and 2020. The amounts presented are gross carrying amounts for financial assets.
December 31, 2019 |  | 12-month ECLs |  |  | Lifetime ECLs |  |  |  |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
|  | CNY |  |  | CNY |  |  | CNY |  |  | CNY |
Trade receivables |  |  | 3,956 |  |  |  | — |  |  |  | — |  |  |  | 3,956 |
Financial assets included in other receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Normal* |  |  | 33 |  |  |  | — |  |  |  | — |  |  |  | 33 |
- Doubtful* |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Not yet past due |  |  | 3,444 |  |  |  | — |  |  |  | — |  |  |  | 3,444 |
Total |  |  | 7,433 |  |  |  | — |  |  |  | — |  |  |  | 7,433 |
December 31, 2020 |  | 12-month ECLs |  |  | Lifetime ECLs |  |  |  |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
|  | CNY |  |  | CNY |  |  | CNY |  |  | CNY |
Financial assets included in other receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Normal* |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | 32 |
- Doubtful* |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Not yet past due |  |  | 2,450 |  |  |  | — |  |  |  | — |  |  |  | 2,450 |
Total |  |  | 2,482 |  |  |  | — |  |  |  | — |  |  |  | 2,482 |
December 31, 2020 |  | 12-month ECLs |  |  | Lifetime ECLs |  |  |  |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Financial assets included in other receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Normal* |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 5 |
- Doubtful* |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Not yet past due |  |  | 375 |  |  |  | — |  |  |  | — |  |  |  | 375 |
Total |  |  | 380 |  |  |  | — |  |  |  | — |  |  |  | 380 |
——————— * The credit quality of the financial assets included in other receivables is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”. Cash and cash equivalents The Group maintains its cash and cash equivalents primarily with various PRC state-owned banks and Hong Kong based financial institutions, which management believes are of high credit quality. The Group performs periodic evaluations of the relative credit standing of those financial institutions. Trade receivables The Group trades only with recognized and creditworthy third parties. The Group sells copper ores to one customer in Mainland China. Trade receivables are typically unsecured and are mainly derived from revenue earned from the customer in Mainland China. The risk with respect to trade receivables is mitigated by credit evaluations that the Group performs on its customer and its ongoing monitoring of outstanding balances. The Group provides impairment for trade receivables primarily based on the aging of the balances and factors surrounding the customer’s creditworthiness. There was no balance of trade receivables as of December 31, 2020. No provision for impairment of trade receivables was made during the year ended December 31, 2019, since all the trade receivables were within the credit period. (b) Foreign currency risk The CNY is not freely convertible into foreign currencies. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of the CNY into foreign currencies. The value of the CNY is subject to changes in PRC government policies and to international economic and political developments affecting the supply and demand in the China Foreign Exchange Trading System market. All foreign exchange transactions continue to take place either through the People's Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People's Bank of China. (c) Business and economic risk The Group's operations may be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 40 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the political, economic and social conditions in the PRC. There is also no guarantee that the PRC government's pursuit of economic reforms will be consistent or effective. (d) Liquidity risk The Group manages its liquidity risk by regularly monitoring its liquidity requirements and its compliance with debt covenants to ensure that it maintains sufficient cash and cash equivalents, and adequate time deposits to meet its liquidity requirements in the short and long term. The table below summarizes the maturity profile of the Group's financial liabilities based on contractual undiscounted payments:
December 31, 2019 |  | On demand |  |  | Less than 1 year |  |  | 1 to 5 years |  |  | More than 5 years |  |  | Total |
|  | CNY |  |  | CNY |  |  | CNY |  |  | CNY |  |  | CNY |
Trade payables |  |  | — |  |  |  | 3,896 |  |  |  | — |  |  |  | — |  |  |  | 3,896 |
Other payables and accrued liabilities |  |  | — |  |  |  | 1,600 |  |  |  | — |  |  |  | — |  |  |  | 1,600 |
Due to related companies |  |  | — |  |  |  | 5,077 |  |  |  | — |  |  |  | — |  |  |  | 5,077 |
Due to the Shareholder |  |  | — |  |  |  | 7,097 |  |  |  | — |  |  |  | — |  |  |  | 7,097 |
Lease liabilities |  |  | — |  |  |  | 812 |  |  |  | — |  |  |  | — |  |  |  | 812 |
|  |  | — |  |  |  | 18,482 |  |  |  | — |  |  |  | — |  |  |  | 18,482 |
December 31, 2020 |  | On demand |  |  | Less than 1 year |  |  | 1 to 5 years |  |  | More than 5 years |  |  | Total |
|  | CNY |  |  | CNY |  |  | CNY |  |  | CNY |  |  | CNY |
Trade payables |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | 100 |
Other payables and accrued liabilities |  |  | — |  |  |  | 3,029 |  |  |  | — |  |  |  | — |  |  |  | 3,029 |
Due to related companies |  |  | — |  |  |  | 9,158 |  |  |  | — |  |  |  | — |  |  |  | 9,158 |
Due to the Shareholder |  |  | — |  |  |  | 7,149 |  |  |  | — |  |  |  | — |  |  |  | 7,149 |
Lease liabilities |  |  | — |  |  |  | 753 |  |  |  | 376 |  |  |  | — |  |  |  | 1,129 |
|  |  | — |  |  |  | 20,189 |  |  |  | 376 |  |  |  | — |  |  |  | 20,565 |
December 31, 2020 |  | On demand |  |  | Less than 1 year |  |  | 1 to 5 years |  |  | More than 5 years |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Trade payables |  |  | — |  |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 15 |
Other payables and accrued liabilities |  |  | — |  |  |  | 463 |  |  |  | — |  |  |  | — |  |  |  | 463 |
Due to related companies |  |  | — |  |  |  | 1,402 |  |  |  | — |  |  |  | — |  |  |  | 1,402 |
Due to the Shareholder |  |  | — |  |  |  | 1,095 |  |  |  | — |  |  |  | — |  |  |  | 1,095 |
Lease liabilities |  |  | — |  |  |  | 115 |  |  |  | 58 |  |  |  | — |  |  |  | 173 |
|  |  | — |  |  |  | 3,090 |  |  |  | 58 |  |  |  | — |  |  |  | 3,148 |
(e) Equity price risk Equity price risk is the risk that the fair values of equity securities decrease as a result of changes in the levels of equity indices and the value of individual securities. The Group is exposed to equity price risk arising from individual equity investments included in financial assets at fair value through profit or loss (Note 7) as of December 31, 2020. The Group’s listed investment is listed on the Hong Kong Stock Exchange and is valued at quoted market prices at the end of the reporting period. The market equity indices for the following stock exchanges, at the close of business of the nearest trading day in the year to the end of the reporting period, and their respective highest and lowest points during the year were as follows:
|  | December 31, |  |  | High/low |
|  | 2020 |  |  | 2020 |
Hong Kong – Hang Seng Index |  |  | 27,231 |  |  |  | 29,175/ 21,139 |
The following table demonstrates the sensitivity to every 1% change in the fair values of the equity investments, with all other variables held constant and before any impact on tax, based on their carrying amounts at the end of the reporting period.
|  | Carrying amount of equity investments |  |  | Increase/ (decrease) in profit before tax |  |  | Increase/ (decrease) in equity* |
2020 |  | CNY |  |  | CNY |  |  | CNY |
Investments listed in: |  |  |  |  |  |  |  |  |  |  |  |
Hong Kong – Financial assets at fair value through profit or loss |  |  | 138,674 |  |  |  | 1,387/ (1,387) |  |  |  | — |
——————— * Excluding retained profits
|  | Carrying amount of equity investments |  |  | Increase/ (decrease) in profit before tax |  |  | Increase/ (decrease) in equity* |
2020 |  | US$ |  |  | US$ |  |  | US$ |
Investments listed in: |  |  |  |  |  |  |  |  |  |  |  |
Hong Kong – Financial assets at fair value through profit or loss |  |  | 21,234 |  |  |  | 212/ (212) |  |  |  | — |
(f) Capital management The Group monitors capital on the basis of the debt to capital ratio (gearing ratio), which is calculated as interest-bearing debt divided by total capital. Interest-bearing debt mainly includes lease liabilities. Capital includes total equity and interest-bearing debt. The gearing ratio was 1.1% as of December 31, 2020 (2019: minus 3.0%).

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