URA

125 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 12. Investments As at 31 March 2018, the debt securities investments are analysed as follows: 2018 2017 $’000 $’000 Non-current portion  – Held-to-maturity investments 2,761,306 1,434,417 Current portion  – Held-to-maturity investments 1,746,547 194,230  – Investments at fair value through profit or loss 477,958 862,225 2,224,505 1,056,455 As at 31 March 2018, the Group’s debt securities represent high quality corporate and government bonds. The following table presents the Group’s assets that are measured at fair value at 31 March 2018. The different fair value hierarchy of the Group’s investments have been defined as follows: • Level 1 valuations: Quoted prices in active markets for identical assets or liabilities. No adjustments are made to the quoted price for these investments. • Level 2 valuations: Investments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotation or alternative pricing sources supported by observable inputs. • Level 3 valuations: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Level 1 Level 2 Total 2018 2017 2018 2017 2018 2017 $’000 $’000 $’000 $’000 $’000 $’000 Debt securities 439,999 363,372 37,959 498,853 477,958 862,225 During the years ended 31 March 2017 and 2018, there were no transfers between Level 1 and Level 2.