DOCSLIB.ORG

2020 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2020 Annual Report （於百慕達註冊成立的有限公司）(Incorporated in Bermuda with limited liability) Stock股份代號 Code : 00517 : 00517 ANNUAL REPORT 2020 PERSEVERANCE FOR A 二零二零年年報 行而不輟 SUSTAINABLE 47th Floor, COSCO Tower, 183 Queen’s Road Central, Hong Kong 香港皇后大道中 183 號中遠大廈 47 樓 未來可期FUTURE 電話 Telephone : (852) 2809 7888 傳真 Facsimile : (852) 8169 0678 電郵 E-mail : [email protected] 網址 Website : hk.coscoshipping.com C007445 Annual Report2020 2020年報 Vision COSCO SHIPPING International aims to build a world-class, China’s leading shipping services industrial cluster and a non-financial business investment platform that meets the investment needs and adapts to the strategies and principal development direction of COSCO SHIPPING Group, with the goal of “larger scale, stronger profitability, superior anti-cyclical capability and globalisation”, through deepening our penetrating in Hong Kong, gaining our foothold in the Bay Area, and going global. Corporate Profile COSCO SHIPPING International is a company listed on the Main Board of the Stock Exchange (stock code 00517). The Company is a subsidiary of COSCO SHIPPING (Hong Kong), which is a wholly-owned subsidiary of COSCO SHIPPING. COSCO SHIPPING International has aimed to establish the shipping services industrial cluster as its strategic development direction. The Group has initially laid an integrated shipping services platform comprising ship trading agency, insurance brokerage, supply of marine equipment and spare parts, production and sale of coatings as well as trading and supply of marine fuel and related products, offering diversified and specialised shipping related services and products to customers such as shipping companies, shipyards, container manufacturers, etc.. Its business network covers Mainland China, Hong Kong, Singapore, Japan, Germany and the United States, etc.. Mission By virtue of the support of the parent company and leveraging on the capital raising platform as a Hong Kong listed company, and by securing trustworthy and mutual success relationship with customers, investors and business partners, COSCO SHIPPING International will accomplish its vision and sustainable development, so as to provide quality services to customers, offer an ideal career path to employees, create ample return to shareholders, and make contribution to the community. CONTENTS 2 Definitions and Glossary 4 Company Information 6 Corporate Structure PURSUIT OF EXCELLENCE 10 Financial Highlights 12 Highlights of the Year 2020 13 Awards and Recognitions 14 Chairman’s Statement 20 Management Discussion and Analysis MOVING FORWARD FOR SUSTAINABLE DEVELOPMENT 46 Profile of Directors and Senior Management 52 Corporate Governance Report 67 Prospects 68 Investor Relations 72 Environmental, Social and Governance Report FINANCIAL SECTION 107 Directors’ Report 129 Independent Auditor’s Report 133 Consolidated Statement of Financial Position 134 Consolidated Income Statement 135 Consolidated Statement of Comprehensive Income 136 Consolidated Statement of Changes in Equity 138 Consolidated Statement of Cash Flows 139 Notes to the Financial Statements 206 List of Major Properties 207 Five-Year Financial Summary Definitions and Glossary In this annual report, the following expressions have the following meanings unless the context requires otherwise: “associates” the meaning ascribed to it in the Listing Rules; “Beijing COSCO SHIPPING Ship Trading” 北京中遠海運船舶貿易有限公司 (Beijing COSCO SHIPPING Ship Trading Co., Ltd.*), a wholly-owned subsidiary of the Company; “Board” the board of Directors; “connected person(s)” the meaning ascribed to it in the Listing Rules; “China Shipping” 中國海運集團有限公司 (China Shipping Group Company Limited*), a PRC state-owned enterprise and a wholly-owned subsidiary of COSCO SHIPPING; “ClarkSea Index” a weighted average index of earnings for the main vessel types where the weighting is based on the number of vessels in each fleet sector; “COSCO” 中國遠洋運輸有限公司 (China Ocean Shipping Company Limited*), a PRC state-owned enterprise and a wholly-owned subsidiary of COSCO SHIPPING; “COSCO Kansai Companies” COSCO Kansai (Tianjin), COSCO Kansai (Shanghai), COSCO Kansai (Zhuhai) and COSCO Kansai Paint (Shanghai) collectively; “COSCO Kansai Paint (Shanghai)” 中遠關西塗料（上海）有限公司 (COSCO Kansai Paint (Shanghai) Co., Ltd.*), a non-wholly owned subsidiary of the Company; “COSCO Kansai (Shanghai)” 中遠關西塗料化工（上海）有限公司 (COSCO Kansai Paint & Chemicals (Shanghai) Co., Ltd.*), a non-wholly owned subsidiary of the Company; “COSCO Kansai (Tianjin)” COSCO Kansai Paint & Chemicals (Tianjin) Co., Ltd., a non-wholly owned subsidiary of the Company; “COSCO Kansai (Zhuhai)” COSCO Kansai Paint & Chemicals (Zhuhai) Co., Ltd., a non-wholly owned subsidiary of the Company; “COSCO SHIPPING” 中國遠洋海運集團有限公司 (China COSCO Shipping Corporation Limited*), a company established in the PRC and the holding company of COSCO SHIPPING (Hong Kong) and the ultimate holding company of the Company; “COSCO SHIPPING Group” COSCO SHIPPING, COSCO SHIPPING (Hong Kong) and their respective subsidiaries; “COSCO SHIPPING (Hong Kong)” COSCO SHIPPING (Hong Kong) Co., Limited, a company incorporated in Hong Kong with limited liability and the immediate holding company of the Company and a wholly-owned subsidiary of COSCO SHIPPING; “COSCO SHIPPING International” or COSCO SHIPPING International (Hong Kong) Co., Ltd., the shares of which “Company” are listed on the Stock Exchange; “COSCO SHIPPING International Trading” 中遠海運國際貿易有限公司 (COSCO SHIPPING International Trading Company Limited*), a wholly-owned subsidiary of the Company; “dead weight tonnage” or “DWT” the unit of measurement of weight capacity of vessels, which is the total weight (usually in metric tonnes) the ship can carry, including cargo, bunkers, water, stores, spares, crew, etc. at a specified draft; “Director(s)” the director(s) of the Company; 2 COSCO SHIPPING International (Hong Kong) Co., Ltd. Definitions and Glossary “Double Rich” Double Rich Limited, an associate of the Company; “GDP” Gross Domestic Product; “Group” the Company and its subsidiaries; “HK COSCO SHIPPING Insurance Brokers” COSCO SHIPPING (Hong Kong) Insurance Brokers Limited, a wholly-owned subsidiary of the Company; “Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China; “IMF” International Monetary Fund; “Jotun COSCO” Jotun COSCO Marine Coatings (HK) Limited, a joint venture of the Company; “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange; “Nasurfar Changshu” 常熟耐素生物材料科技有限公司 (Nasurfar Biomaterial Technology (Changshu) Co., Ltd.*), an associate of the Company; “PRC” the People’s Republic of China; “Share(s)” the share(s) of HK$0.10 each in the capital of the Company; “Shareholders” the holders of the Share(s) of the Company; “Sinfeng” Sinfeng Marine Services Pte. Ltd., a wholly-owned subsidiary of the Company; “Stock Exchange” The Stock Exchange of Hong Kong Limited; “substantial shareholder(s)” the meaning ascribed to it in the Listing Rules; “United States” the United States of America; “Yuantong” Yuantong Marine Service Co. Limited, a wholly-owned subsidiary of the Company; and “14th Five-Year Plan” the 14th Five-Year Plan for National Economic and Social Development of the PRC. * for identification purposes only Annual Report 2020 3 Company Information DIRECTORS CORPORATE GOVERNANCE COMMITTEE Executive Directors Mr. Zhu Jianhui (Chairman and Managing Director) Mr. Zhu Jianhui (committee chairman) Mr. Ma Jianhua Mr. Tsui Yiu Wa, Alec Mr. Jiang, Simon X. Non-executive Directors Mr. Kwong Che Keung, Gordon Mr. Feng Boming Mr. Chen Dong STRATEGIC DEVELOPMENT Independent Non-executive Directors COMMITTEE Mr. Tsui Yiu Wa, Alec Mr. Jiang, Simon X. Mr. Zhu Jianhui (committee chairman) Mr. Kwong Che Keung, Gordon Mr. Ma Jianhua Mr. Feng Boming COMPANY SECRETARY RISK MANAGEMENT COMMITTEE Ms. Chiu Shui Suet Mr. Zhu Jianhui (committee chairman) Mr. Ma Jianhua AUDIT COMMITTEE Mr. Chen Dong Mr. Kwong Che Keung, Gordon (committee chairman) Mr. Tsui Yiu Wa, Alec INDEPENDENT AUDITOR Mr. Jiang, Simon X. PricewaterhouseCoopers (Certified Public Accountants and REMUNERATION COMMITTEE Registered Public Interest Entity Auditor) Mr. Jiang, Simon X. (committee chairman) Mr. Tsui Yiu Wa, Alec LEGAL ADVISERS Mr. Kwong Che Keung, Gordon Mr. Zhu Jianhui Linklaters Sit, Fung, Kwong & Shum Conyers Dill & Pearman NOMINATION COMMITTEE Mr. Tsui Yiu Wa, Alec (committee chairman) PRINCIPAL BANKERS Mr. Jiang, Simon X. Mr. Kwong Che Keung, Gordon Bank of China (Hong Kong) Limited Mr. Zhu Jianhui China Guangfa Bank Company Limited China Merchants Bank Company Limited Industrial and Commercial Bank of China (Asia) Limited Shanghai Pudong Development Bank Company Limited 4 COSCO SHIPPING International (Hong Kong) Co., Ltd. Company Information PRINCIPAL SHARE REGISTRAR AND INVESTOR RELATIONS TRANSFER OFFICE Telephone : (852) 2809 7888 Conyers Corporate Services (Bermuda) Limited Facsimile : (852) 8169 0678 Clarendon House Website : hk.coscoshipping.com 2 Church Street E-mail : [email protected] Hamilton HM 11 Bermuda FINANCIAL CALENDAR HONG KONG BRANCH SHARE 2020 Annual General Meeting : 29th May 2020 REGISTRAR AND TRANSFER OFFICE Announcement of 2020 Interim Results : 20th August 2020 Announcement of 2020 Annual Results : 25th March 2021 Tricor Abacus Limited 2021 Annual General Meeting: : 28th May 2021 Level 54, Hopewell Centre 183 Queen’s Road East Hong Kong DIVIDENDS 2020 Interim Dividend : 6.5 HK cents per share LISTING INFORMATION Proposed 2020 Final Dividend : 15.5 HK cents per share Dividends for the year 2020 :
Load more

Recommended publications
  • Download Voting Disclosure PDF File
    Vote Summary Report Reporting Period: 01/01/2018 to 03/31/2018 Cantel Medical Corp. Meeting Date: 01/03/2018 Country: USA Meeting Type: Annual Proposal Vote Number Proposal Text Mgmt Rec Instruction 1a Elect Director Charles M. Diker For For 1b Elect Director Alan R. Batkin For For 1c Elect Director Ann E. Berman For For 1d Elect Director Mark N. Diker For For 1e Elect Director Anthony B. Evnin For For 1f Elect Director Laura L. Forese For For 1g Elect Director George L. Fotiades For For 1h Elect Director Jorgen B. Hansen For For 1i Elect Director Ronnie Myers For For 1j Elect Director Peter J. Pronovost For For 2 Advisory Vote to Ratify Named Executive For Against Officers' Compensation 4 Adopt the Jurisdiction of Incorporation as the For Against Exclusive Forum for Certain Disputes 5 Ratify Deloitte & Touche LLP as Auditors For For Alibaba Health Information Technology Ltd. Meeting Date: 01/04/2018 Country: Bermuda Meeting Type: Special Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Approve Subscription Agreement, Grant of For For Specific Mandate and Related Transactions China Telecom Corporation Ltd Meeting Date: 01/04/2018 Country: China Meeting Type: Special Page 1 of 979 Vote Summary Report Reporting Period: 01/01/2018 to 03/31/2018 China Telecom Corporation Ltd Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Amend Articles of Association For Against Transmissora Alianca De Energia Eletrica SA Meeting Date: 01/04/2018 Country: Brazil Meeting Type: Special Proposal Vote Number Proposal Text Mgmt Rec Instruction 1 Approve Acquisition of Assets from Apollo 12 For Do Not Participacoes SA Including the Acquisition of Vote 24.95 Percent of IB SPE Transmissora de Energia SA 2 Authorize Board to Ratify and Execute For Do Not Approved Resolutions Vote Acuity Brands, Inc.
    [Show full text]
  • The Environmental Assessment on Chinese Logistics Enterprises Based on Non-Radial DEA
    energies Article The Environmental Assessment on Chinese Logistics Enterprises Based on Non-Radial DEA Jie Liu 1,*, Chunhui Yuan 1 and Xiaolong Li 2,* 1 School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing 100876, China; [email protected] 2 School of Modern Post, Beijing University of Posts and Telecommunications, Beijing 100876, China * Correspondence: [email protected] (J.L.); [email protected] (X.L.); Tel.: +86-188-1097-3901 (J.L.); +86-138-1131-8321 (X.L.) Received: 26 November 2019; Accepted: 11 December 2019; Published: 13 December 2019 Abstract: Under the new situation of economic development in China, the logistics industry is facing unbalanced development regarding economic and environmental performance. From the enterprise level, this study investigated the sustainability of Chinese logistics based on the environmental assessment data envelopment analysis (DEA) model, and measured the unified efficiency of a logistics company under two different production arrangement strategies. The empirical measurement provides several findings. First, logistics enterprises give higher priority to operational benefits than environmental performance. Second, under the operational priority of production arrangement, small and medium-sized enterprises’ (SMEs) unified efficiency is better than a large enterprise, and private enterprises’ unified efficiency is better than state-owned enterprises. Moreover, the empirical study has further proved that the sustainability development of Chinese logistics is still at the primary stage; when facing trade-offs in the sustainability context, logistics companies still prioritize operational performance first. Therefore, transforming corporate strategy into an environmental sustainable priority and realizing logistics sustainability still has a long way to go, which is the backbone of realizing balanced development of both the economy and environment.
    [Show full text]
  • China's Merchant Marine
    “China’s Merchant Marine” A paper for the China as “Maritime Power” Conference July 28-29, 2015 CNA Conference Facility Arlington, Virginia by Dennis J. Blasko1 Introductory Note: The Central Intelligence Agency’s World Factbook defines “merchant marine” as “all ships engaged in the carriage of goods; or all commercial vessels (as opposed to all nonmilitary ships), which excludes tugs, fishing vessels, offshore oil rigs, etc.”2 At the end of 2014, the world’s merchant ship fleet consisted of over 89,000 ships.3 According to the BBC: Under international law, every merchant ship must be registered with a country, known as its flag state. That country has jurisdiction over the vessel and is responsible for inspecting that it is safe to sail and to check on the crew’s working conditions. Open registries, sometimes referred to pejoratively as flags of convenience, have been contentious from the start.4 1 Dennis J. Blasko, Lieutenant Colonel, U.S. Army (Retired), a Senior Research Fellow with CNA’s China Studies division, is a former U.S. army attaché to Beijing and Hong Kong and author of The Chinese Army Today (Routledge, 2006).The author wishes to express his sincere thanks and appreciation to Rear Admiral Michael McDevitt, U.S. Navy (Ret), for his guidance and patience in the preparation and presentation of this paper. 2 Central Intelligence Agency, “Country Comparison: Merchant Marine,” The World Factbook, https://www.cia.gov/library/publications/the-world-factbook/fields/2108.html. According to the Factbook, “DWT or dead weight tonnage is the total weight of cargo, plus bunkers, stores, etc., that a ship can carry when immersed to the appropriate load line.
    [Show full text]
  • Interchange from NWFB and Citybus to Turbojet Save Ferry Fare up to $30 and Enjoy an Exclusive Seat Class Upgrade with $50
    Interchange from NWFB and Citybus to TurboJET Save Ferry Fare Up to $30 and Enjoy an Exclusive Seat Class Upgrade with $50 (17 May 2019, Hong Kong) New World First Bus (“NWFB”) and Citybus announced a collaboration with TurboJET today to launch “One tap to board with Octopus” interchange discount scheme. From now to 31 December 2019, Octopus paying passengers of NWFB and Citybus routes can enjoy an interchange discount equivalent to bus fare of the last single trip, when using the “One Tap to Board with Octopus” service to pay their ferry fare at the first gate of ferry terminal to Macau at Hong Kong Macau Ferry Terminal in Sheung Wan, Tuen Mun Ferry Terminal and China Hong Kong City Ferry Terminal. The maximum discount is $30. In addition, passengers of NWFB and Citybus can at the same time enjoy an exclusive offer by TurboJET for seat class upgrade with $50 using “One Tap to Board with Octopus” service. Please visit http://www.turbojet.com.hk/en/promotions/octopus-tj-discount.aspx for *terms and conditions. – END – *Terms and conditions 1. The offer is valid from now until 31 December 2019, provided by TurboJET. 2. Interchange must take place within 120 minutes after the bus fare payment and the use of “One Tap to Board with Octopus” service at designated Ferry Terminals; same Octopus has to be used in order to enjoy the offer. 3. The interchange discount is equivalent to the bus fare of the last paid trip, to be directly deducted from the ferry fare during the use of “One Tap to Board with Octopus” service.
    [Show full text]
  • Annual Report 2009
    NWS HOLDINGS LIMITED NWS Holdings Limited (incorporated in Bermuda with limited liability) ANNUAL REPORT 2009 ANNUAL REPORT 28/F New World Tower 18 Queen’s Road Central Hong Kong Tel: (852) 2131 0600 Fax: (852) 2131 0611 E-mail: [email protected] Sustaining Growth www.nws.com.hk Striving for Excellence NWS Holdings Limited takes every practicable measure to conserve resources and minimize waste. NWS HOLDINGS LIMITED This annual report is printed on FSC certified paper using vegetable oil-based inks. Pulps used are elemental chlorine-free. ANNUAL REPORT 2009 The FSC logo identifies product group from well-managed forests and other controlled sources in accordance with the rules of the Forest Stewardship Council. STOCK CODE: 659 VISION To build a dynamic and premier group of infrastructure and service management companies driven by a shared passion for customer value and care MISSION Synergize and develop business units that: • Nurture total integrity • Attain total customer satisfaction • Foster learning culture and employee pride • Build a world-class service provider brand • Maximize financial returns CORE VALUES • Reputable customer care • Pride and teamwork • Innovation • Community contributions and environmental awareness • Stakeholders’ interest CONTENTS 2 CORPORATE PROFILE 4 MILESTONES 6 FINANCIAL HIGHLIGHTS 8 CHAIRMAN’S STATEMENT 10 BOARD OF DIRECTORS 14 CORPORATE GOVERNANCE REPORT 26 KEY INFORMATION FOR SHAREHOLDERS 30 HUMAN CAPITAL 32 COMMUNITY CARE 34 ENVIRONMENTAL FRIENDLINESS 36 MANAGEMENT DISCUSSION AND ANALYSIS 48 REPORTS AND FINANCIAL STATEMENTS 150 FIVE-YEAR FINANCIAL SUMMARY 152 PROJECT KEY FACTS AND FIGURES 164 GLOSSARY OF TERMS 166 CORPORATE INFORMATION CORPORATE PROFILE About NWS Holdings NWS Holdings Limited (“NWS Holdings” or the “Group”, Hong Kong stock code: 659) is the infrastructure and service flagship of New World Development Company Limited (Hong Kong stock code: 17).
    [Show full text]
  • Annual Report 2018 Connecting Lives Building Futures
    NWS HOLDINGS LIMITED NWS HOLDINGS LIMITED STOCK CODE: 659 NWS Holdings Limited (incorporated in Bermuda with limited liability) ANNUAL REPO 28/F New World Tower 18 Queen’s Road Central Central, Hong Kong Tel : (852) 2131 0600 Fax : (852) 2131 0611 E-mail : [email protected] R T www.nws.com.hk 2018 Annual Report 2018 Connecting Lives Building Futures NWS Holdings Limited takes every practicable measure to conserve resources and minimize waste. ™ This annual report is printed on FSC certified paper and other controlled material using chemistry free plate system and soy ink. The FSC™ logo identifies product group from responsible forestry in accordance with the rules of the Forest Stewardship Council®. About NWS Holdings NWS Holdings Limited (Hong Kong stock code: 659) is the infrastructure and service flagship of New World Development Company Limited (Hong Kong stock code: 17). Listed on the Hong Kong Stock Exchange, NWS Holdings embraces a range of businesses predominately in Hong Kong and Mainland China. With a workforce of approximately 30,000 people, NWS Holdings is committed to achieving sustainable growth in its two core business areas of infrastructure and services. VISION MISSION CORE VALUES To build a dynamic and Synergize and develop • Reputable customer care premier group of business units that: • Pride and teamwork infrastructure and service • Nurture total integrity • Innovation management companies • Attain total customer driven by a shared • Community contributions satisfaction passion for customer value and environmental and care • Foster learning culture awareness and employee pride • Stakeholders’ interest • Build a world-class service provider brand • Maximize financial returns CONNECTING LIVES • BUILDING FUTURES NWS HOLDINGS LIMITED This year’s annual report features a brightly coloured bird, its vibrancy NWS HOLDINGS LIMITED STOCK CODE: 659 representing the Group’s diverse and flourishing business segments.
    [Show full text]
  • Stock Code Stock Name Margin Category HK 1 CK HUTCHISON HOLDINGS LTD
    UOB KAY HIAN (SINGAPORE) PRIVATE LIMITED MARGIN STOCK LIST - HONG KONG MARKET 1 April 2021 Stock Code Stock Name Margin Category HK 1 CK HUTCHISON HOLDINGS LTD. SA HK 2 CLP HOLDINGS LTD. A HK 3 HONG KONG AND CHINA GAS CO. LTD. A HK 4 WHARF (HOLDINGS) LTD. A HK 5 HSBC HOLDINGS PLC SA HK 6 POWER ASSETS HOLDINGS LTD. SA HK 8 PCCW LTD. C HK 10 HANG LUNG GROUP LTD. A HK 11 HANG SENG BANK LTD. SA HK 12 HENDERSON LAND DEVELOPMENT CO. LTD. A HK 14 HYSAN DEVELOPMENT CO. LTD. B HK 16 SUN HUNG KAI PROPERTIES LTD. SA HK 17 NEW WORLD DEVELOPMENT CO. LTD. A HK 19 SWIRE PACIFIC LTD. 'A' A HK 23 BANK OF EAST ASIA, LTD. A HK 27 GALAXY ENTERTAINMENT GROUP LTD. A HK 38 FIRST TRACTOR CO LTD. - H SHARES D HK 41 GREAT EAGLE HOLDINGS LTD. C (Max Net Loan H$10M) HK 45 HONGKONG AND SHANGHAI HOTELS, LTD. B (Max Net Loan H$10M) HK 53 GUOCO GROUP LTD. B (Max Net Loan H$10M) HK 56 ALLIED PROPERTIES (HK) LTD. D HK 62 TRANSPORT INTERNATIONAL HOLDINGS LTD. D (Max Net Loan H$1M) HK 66 MTR CORPORATION LTD. SA HK 69 SHANGRI-LA ASIA LTD. A HK 81 CHINA OVERSEAS GRAND OCEANS GROUP LTD. C HK 83 SINO LAND CO. LTD. A HK 86 SUN HUNG KAI & CO. LTD. D HK 87 SWIRE PACIFIC LTD. 'B' A (Max Net Loan H$10m) HK 101 HANG LUNG PROPERTIES LTD. A HK 107 SICHUAN EXPRESSWAY CO.
    [Show full text]
  • 中國遠洋控股股份有限公司 China COSCO Holdings Company Limited*
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 中國遠洋控股股份有限公司 China COSCO Holdings Company Limited* (a joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock code: 1919) CONNECTED TRANSACTIONS — ACQUISITIONS OF EQUITY INTERESTS IN OFFSHORE COMPANIES On 5 August 2016, the Group and COSCO SHIPPING Group entered into the Offshore Companies SPAs, pursuant to which the Group conditionally agreed to acquire and other members of the COSCO Group or CS Group conditionally agreed to sell certain equity interests in the Offshore Companies. As at the date of this announcement, COSCO is the controlling shareholder of the Company and COSCO SHIPPING is the indirect controlling shareholder of the Company which holds the entire equity interests in COSCO and China Shipping. Being a member of the COSCO Group or the CS Group, the sellers to the Offshore Company SPAs are connected persons of the Company for the purpose of Chapter 14A of the Listing Rules and the Proposed Transactions constitute connected transactions under Chapter 14A of the Listing Rules. As the highest applicable percentage ratio as defined under the Listing Rules in respect of the Proposed Transactions exceeds 0.1% but is lower than 5%, the Proposed Transactions are subject to reporting and announcement requirements under Chapter 14A of the Listing Rules but are exempt from independent shareholders’ approval requirement.
    [Show full text]
  • Cosco Shipping Energy Transportation Co., Ltd.* 中遠海運能源運輸股份有限公司
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司 (a joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1138) 2019 INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2019 FINANCIAL HIGHLIGHTS • Revenues of the Group increased by approximately 40% to approximately RMB7,059 million • Profit for the period attributable to equity holders of the Company was approximately RMB470 million • The basic and diluted earnings per share for the period were RMB11.66 cents The board (the“Board”) of directors (the “Directors”) of COSCO SHIPPING Energy Transportation Co., Ltd. (the “Company”) is pleased to announce the unaudited interim results of the Company and its subsidiaries (together referred to as the “Group”) for the six months ended 30 June 2019 (the “Reporting Period”), together with the comparative figures for the corresponding period in 2018. - 1 - CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2019 Six months ended 30 June Note 2019 2018 (Restated) (Unaudited) (Unaudited) RMB’000 RMB’000 Revenues 4 7,058,637 5,036,166 Operating
    [Show full text]
  • China's Logistics Capabilities for Expeditionary Operations
    China’s Logistics Capabilities for Expeditionary Operations The modular transfer system between a Type 054A frigate and a COSCO container ship during China’s first military-civil UNREP. Source: “重大突破！民船为海军水面舰艇实施干货补给 [Breakthrough! Civil Ships Implement Dry Cargo Supply for Naval Surface Ships],” Guancha, November 15, 2019 Primary author: Chad Peltier Supporting analysts: Tate Nurkin and Sean O’Connor Disclaimer: This research report was prepared at the request of the U.S.-China Economic and Security Review Commission to support its deliberations. Posting of the report to the Commission's website is intended to promote greater public understanding of the issues addressed by the Commission in its ongoing assessment of U.S.-China economic relations and their implications for U.S. security, as mandated by Public Law 106-398 and Public Law 113-291. However, it does not necessarily imply an endorsement by the Commission or any individual Commissioner of the views or conclusions expressed in this commissioned research report. 1 Contents Abbreviations .......................................................................................................................................................... 3 Executive Summary ............................................................................................................................................... 4 Methodology, Scope, and Study Limitations ........................................................................................................ 6 1. China’s Expeditionary Operations
    [Show full text]
  • Cosco Shipping International (Singapore) Co., Ltd
    COSCO SHIPPING INTERNATIONAL (SINGAPORE) CO., LTD. (Incorporated in the Republic of Singapore) (Company Registration Number: 196100159G) SUBSCRIPTION OF 30% INTEREST IN TAN CANG – COSCO – OOCL LOGISTICS COMPANY LIMITED 1. Introduction The Board of Directors (the “Board”) of COSCO SHIPPING International (Singapore) Co., Ltd. (the “Company”, and together with its subsidiaries, collectively the “Group”) wishes to announce that its subsidiary, COSCO SHIPPING Southeast Asia Container Logistics Services Pte. Ltd. (“COSCO SEA”) has today made a capital contribution of US$300,000 (equivalent to approximately 6,873,000,000 Vietnamese Dong (“VND”) and approximately S$416,000) for 30% interest in TAN CANG – COSCO – OOCL Logistics Company Limited (“TAN CANG – COSCO – OOCL”) (the “Subscription”). The contributed capital of TAN CANG – COSCO – OOCL before and after the Subscription is as follows: Before the After the Subscription Subscription Amount % Amount % Tan Cang Overland Transport Joint US$154,000 50 US$400,000 40 Stock Company (“TAN CANG”) OOCL Logistics (Hong Kong) US$154,000 50 US$300,000 30 Limited (“OOCL”) COSCO SEA - - US$300,000 30 Total US$308,000 100 US$1,000,000 100 OOCL is a subsidiary of COSCO SHIPPING Holdings Co., Ltd. which is in turn a subsidiary of China COSCO SHIPPING Corporation Limited. China Ocean Shipping Company Limited, being the controlling shareholder of the Company, is also wholly-owned by China COSCO SHIPPING Corporation Limited. In respect of the Subscription, COSCO SEA is the “entity at risk” for the purposes of Chapter 9 of the Listing Manual and OOCL is an "interested person". The transaction therefore constitutes an "interested person transaction" within the meaning of Chapter 9 of the Listing Manual.
    [Show full text]
  • ANE (Cayman) Inc. (The “Company”) (A Company Incorporated in the Cayman Islands with Limited Liability)
    The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of ANE (Cayman) Inc. (the “Company”) (A company incorporated in the Cayman Islands with limited liability) WARNING The publication of this Application Proof is required by The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and the Securities and Futures Commission (the “Commission”) solely for the purpose of providing information to the public in Hong Kong. This Application Proof is in draft form. The information contained in it is incomplete and is subject to change which can be material. By viewing this document, you acknowledge, accept and agree with the Company, its sponsors, advisers or members of the underwriting syndicate that: (a) this document is only for the purpose of providing information about the Company to the public in Hong Kong and not for any other purposes. No investment decision should be based on the information contained in this document; (b) the publication of this document or supplemental, revised or replacement pages on the Stock Exchange’s website does not give rise to any obligation of the Company, its sponsors, advisers or members of the underwriting syndicate to proceed with an offering in Hong Kong or any other
    [Show full text]