Annual Report 2021

NOTESTOTHE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2021 122 The United Laboratories International Holdings Limited Annual Report 2021 29. CONVERTIBLE BONDS (Continued) The fair value of the Convertible Bonds with embedded derivatives were determined by the directors with reference to a valuation report carried out by an independent valuer. The movement of the Convertible Bonds for the year ended 31 December 2020 are set out as below: Debt Derivative Total component components amount RMB’000 RMB’000 RMB’000 At 1 January 2020 710,962 297,471 1,008,433 Interest charged 42,981 – 42,981 Interest paid (13,226) – (13,226) Conversion into ordinary shares (747,149) (614,215) (1,361,364) Exchange loss 6,432 2,130 8,562 Loss on fair value changes – 314,614 314,614 At 31 December 2020 – – –