FORWARD TOGETHER 66 Notes to Condensed Consolidated Financial Information 30 June 2023 7. INCOME TAX EXPENSE For the six months ended 30 June 2023 2022 (Unaudited) (Unaudited) US$’000 US$’000 Current tax 26,511 58,475 Deferred tax 32,250 41,268 58,761 99,743 The Company was incorporated in the Cayman Islands as an exempted company with limited liability under the Cayman Islands Companies Law and is exempted from the payment of Cayman Islands income tax. During the period, Hong Kong profits tax has been provided at the rate of 16.5% (30 June 2022: 16.5%) on the assessable profits arising in Hong Kong. During the period, the subsidiaries incorporated in China are subject to China income tax at the rate of 25% (30 June 2022: 25%). Taxes on estimated assessable profits elsewhere were calculated at the rates of taxation prevailing in the respective jurisdictions in which the Group operates. 8. DIVIDENDS On 22 March 2023, the board of directors declared a final dividend of HK$12.5 cents (2021: nil) per ordinary share for the financial year ended 31 December 2022, amounting to approximately US$69,886,000 (2021: nil). The final dividend was paid by the Company during the six months ended 30 June 2023 (30 June 2022: nil). On 23 August 2023, the board of directors declared an interim dividend of HK$12.5 cents per ordinary share for the financial year ending 31 December 2023 (six months ended 30 June 2022: HK$12.5 cents per ordinary share for the financial year ended 31 December 2022), amounting to a total of approximately US$70,000,000 (six months ended 30 June 2022: US$70,777,000). 9. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY Basic earnings per share is calculated by dividing the profit attributable to ordinary equity holders of the Company (excluding distributions to holders of perpetual capital securities issued by a subsidiary) by the weighted average number of ordinary shares in issue during the period. The weighted average number of ordinary shares of 4,403,420,000 (30 June 2022: 4,470,248,000) in issue during the period. The calculation of the diluted earnings per share amounts is based on the profit for the period attributable to ordinary equity holders of the Company, adjusted to reflect the interest on the convertible bonds, where applicable. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the period, as used in the basic earnings per share calculation, and the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise or conversion of all dilutive potential ordinary shares into ordinary shares.
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