Hang Seng Indexes Announces Index Review Results
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Three Red Lines” Policy
Real Estate Developers with High Leverage to See Inventory Quality Tested Under Broader “Three Red Lines” Policy October 28, 2020 In our view, the widening of regulations aimed at controlling real estate developers’ interest- ANALYSTS bearing debt would further reduce the industry’s overall credit risk in the long term. However, the nearer term may see less headroom for highly leveraged developers to finance in the capital Xiaoliang Liu, CFA market, pushing them to sell off inventory to ease liquidity pressure. Beijing +86-10-6516-6040 The People’s Bank of China said in September that measures aimed at monitoring the funding [email protected] and financial management of key real estate developers will steadily be expanded. Media reports suggest that the new regulations would see a cap of 15% on annual growth of interest-bearing Jin Wang debt for all property developers. Developers will be assessed against three indicators, which are Beijing called “red lines”: whether asset liability ratios (excluding advance) exceeded 70%; whether net +86-10-6516-6034 gearing ratio exceeded 100%; whether cash to short-term debt ratios went below 1.0. Developers [email protected] which breached all three red lines won’t be allowed to increase their debt. If only one or two of the red lines are breached, such developers would have their interest-bearing debt growth capped at 5% and 10% respectively. The first half of the year saw debt grow rapidly among developers. In a sample of 87 real estate developers that we are monitoring, more than 40% saw their interest-bearing debt grow at a faster rate than 15% year over year as of the end of June (see the chart below). -
Shanghai Municipal Commission of Commerce Belt and Road Countries Investment Index Report 2018 1 Foreword
Shanghai Municipal Commission of Commerce Belt and Road Countries Investment Index Report 2018 1 Foreword 2018 marked the fifth year since International Import Exposition Municipal Commission of Commerce, President Xi Jinping first put forward (CIIE), China has deepened its ties releasing the Belt and Road Country the Belt and Road Initiative (BRI). The with partners about the globe in Investment Index Report series Initiative has transformed from a trade and economic development. to provide a rigorous framework strategic vision into practical action President Xi Jinping has reiterated at for evaluating the attractiveness during these remarkable five years. these events that countries should of investing in each BRI country. enhance cooperation to jointly build Based on extensive data collection There have been an increasing a community of common destiny and in-depth analysis, we evaluated number of participating countries for all mankind , and the Belt and BRI countries' (including key and expanding global cooperation Road Initiative is critical to realizing African nations) macroeconomic under the BRI framework, along with this grand vision. It will take joint attractiveness and risks, and identified China's growing global influence. By efforts and mutual understanding to key industries with high growth the end of 2018, China had signed overcome the challenges ahead. potential, to help Chinese enterprises BRI cooperation agreements with better understand each jurisdiction's 122 countries and 29 international Chinese investors face risks in the investment environment. organizations. According to the Big BRI countries, most of which are Data Report of the Belt and Road developing nations with relatively The Belt and Road Country (2018) published by the National underdeveloped transportation and Investment Index Report 2017 Information Center, public opinion telecommunication infrastructures. -
From Cleaner Production to Carbon Management
From Cleaner Production to Carbon Management: Lessons from the implementation of cleaner production in China and its implications on the promotion of carbon management Conference Paper Joint Actions on Climate Change 8 – 10 June – City of Aalborg – North Denmark Stephen Tsang Kadoorie Institute, the University of Hong Kong Abstract Cleaner Production (CP) is defined by the United Nations Environment Programme (UNEP) as “the continuous application of an integrated preventive environmental strategy to processes and products to reduce risks to humans and the environment”. Since 1994, UNEP in cooperation with United Nations Industry Development Organization (UNIDO), started to promote the application of CP by enterprises in developing and transition countries by setting up National Cleaner Production Centers (NCPCs) and National Cleaner Production Programmes (NCPPs). The China National Cleaner Production Centre (CNCPC) under the State Environmental Protection Administration (SEPA) was established in December 1994 with an aim to promote China’s CP research and consultation. In 1995, CNCPC launched the “Ten, One Hundred, One Thousand, Ten Thousand” programme which aimed to promote CP in 10 heavily polluting industrial sectors in 100 cities throughout China. The target is to have CP in place in 1000 enterprises and train 10000 people in CP concepts and methods. Since then, the Chinese government has seriously considered a cleaner production law, which signified its intention to shift away from traditional reliance on end‐of‐pipe solution as -
STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016
STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 128.4 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 69.3 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.3 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 57.5 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 37.7 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 32.6 6 7 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 32.0 7 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 28.5 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 26.5 9 9 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 20.4 10 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 19.4 11 10 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 18.9 12 12 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 KYG2103F1019 BWX52N2 1113.HK HK50CI CK Property Holdings HK HKD Y 17.9 14 11 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.8 15 14 HK0688002218 6192150 0688.HK 619215 China Overseas Land & Investme CN HKD Y 14.8 16 16 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 14.6 17 17 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 13.5 18 19 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co. -
The Trade War and China's Oil and Gas Supply Security
HIGH ANXIETY: THE TRADE WAR AND CHINA’S OIL AND GAS SUPPLY SECURITY BY ERICA DOWNS NOVEMBER 2019 “If Oil Supplies Are Cut Off, How Much Oil Does China Have?” —Cover of the June 15, 2019, issue of China Petroleum & Petrochemical1 “Is China’s Oil Supply Still Secure?” —Cover of the August 15, 2018, issue of China Petroleum & Petrochemical2 Introduction In summer 2018, China’s president Xi Jinping, facing pressure from the US-China trade war, intervened in a long-running debate within China’s oil industry about the extent to which national security concerns or market forces should determine domestic oil and natural gas production. Xi effectively tipped the scales in favor of advocates of prioritizing self-sufficiency over cost as part of a broader push for self-reliance amidst trade tensions. As a result, China’s national oil companies (NOCs) are accelerating investment in domestic exploration and production. While this ramp-up in spending is likely to result in an increase in output, especially of natural gas, it is unlikely to alter China’s substantial and growing reliance on oil and natural gas imports. However, the trade war probably will continue to contribute to shifts in the composition of China’s import portfolio, with both traditional and new suppliers gaining shares as a result of the slowdown in the flows of US liquified natural gas (LNG) and crude oil to China and decreases in deliveries of Iranian and Venezuelan crudes due to US sanctions. Xi instructed China’s NOCs to ramp up domestic exploration and production of oil and natural gas to enhance national energy security in July 2018. -
Annual Report, and They Severally and Jointly Accept Legal Responsibility for the Truthfulness, Accuracy and Completeness of Its Contents
(A joint stock limited company incorporated in the People's Republic of China with limited liability) Stock Code: 1618 * For identification purpose only IMPORTANT NOTICE I. The Board and the Supervisory Committee of the Company and its Directors, Supervisors and senior management warrant that there are no false representations, misleading statements contained in or material omissions from the information set out in this annual report, and they severally and jointly accept legal responsibility for the truthfulness, accuracy and completeness of its contents. II. The Company convened the 14th meeting of the third session of the Board on 31 March 2020. All Directors of the Company attended the meeting. III. Deloitte Touche Tohmatsu CPA LLP issued an unqualified audit report to the Company. IV. Guo Wenqing, the Chairman and legal representative of the Company, Zou Hongying, the Vice President and the Chief Accountant of the Company, and Fan Wanzhu, the Deputy Chief Accountant and the Head of the Financial Planning Department, have declared that they warrant the truthfulness, accuracy and completeness of the financial report contained in this annual report. V. The proposal for profit distribution or transfer of capital reserve to share capital for the Reporting Period was considered by the Board The net profit attributable to Shareholders of the Company in the audited consolidated statement of MCC in 2019 amounted to RMB6,599,712 thousand and the undistributed profit of MCC headquarters amounted to RMB1,920,906 thousand. Based on the total share capital of 20,723.62 million shares, the Company proposed to distribute to all Shareholders a cash dividend of RMB0.72 (tax inclusive) for every 10 shares and the total cash dividend is RMB1,492,101 thousand, the remaining undistributed profit of RMB428,805 thousand will be used for the operation and development of the Company and rolled over to the coming year for distribution. -
Vanke - a (000002 CH) BUY (Initiation) Steady Sales Growth Target Price RMB31.68 Up/Downside +16.8% Current Price RMB27.12 SUMMARY
10 Jun 2019 CMB International Securities | Equity Research | Company Update Vanke - A (000002 CH) BUY (Initiation) Steady sales growth Target Price RMB31.68 Up/downside +16.8% Current Price RMB27.12 SUMMARY. We initiate coverage with a BUY recommendation on Vanke – A share. Vanke is a pioneer in China property market, in terms of leasing apartment, prefabricated construction and etc. We set TP as RMB31.68, which is equivalent to China Property Sector past five years average forward P/E of 9.0x. Upside potential is 16.8%. Share placement strengthened balance sheet. Vanke underwent shares Samson Man, CFA placement and completed in Apr 2019. The Company issued and sold 263mn (852) 3900 0853 [email protected] new H shares at price of HK$29.68 per share. The newly issued H shares represented 16.67% and 2.33% of the enlarged total issued H shares and total Chengyu Huang issued share capital, respectively. Net proceeds of this H shares placement was (852) 3761 8773 HK$7.78bn and used for debt repayment. New capital can flourish the balance [email protected] sheet although net gearing of Vanke was low at 30.9% as at Dec 2018. Stock Data Bottom line surged 25% in 1Q19. In 1Q19, revenue and net profit surged by Mkt Cap (RMB mn) 302,695 59.4% to RMB48.4bn and 25.2% to RMB1.12bn, respectively. The slower growth Avg 3 mths t/o (RMB mn) 1,584 in bottom line was due to the scale effect. Delivered GFA climbed 88.2% to 52w High/Low (RMB) 33.60/20.40 3.11mn sq m in 1Q19 but only represented 10.5% of our forecast full year Total Issued Shares (mn) 9.742(A) 1,578(H) delivered GFA. -
Reform in Deep Water Zone: How Could China Reform Its State- Dominated Sectors at Commanding Heights
Reform in Deep Water Zone: How Could China Reform Its State- Dominated Sectors at Commanding Heights Yingqi Tan July 2020 M-RCBG Associate Working Paper Series | No. 153 The views expressed in the M-RCBG Associate Working Paper Series are those of the author(s) and do not necessarily reflect those of the Mossavar-Rahmani Center for Business & Government or of Harvard University. The papers in this series have not undergone formal review and approval; they are presented to elicit feedback and to encourage debate on important public policy challenges. Copyright belongs to the author(s). Papers may be downloaded for personal use only. Mossavar-Rahmani Center for Business & Government Weil Hall | Harvard Kennedy School | www.hks.harvard.edu/mrcbg 1 REFORM IN DEEP WATER ZONE: HOW COULD CHINA REFORM ITS STATE-DOMINATED SECTORS AT COMMANDING HEIGHTS MAY 2020 Yingqi Tan MPP Class of 2020 | Harvard Kennedy School MBA Class of 2020 | Harvard Business School J.D. Candidate Class of 2023 | Harvard Law School RERORM IN DEEP WATER ZONE: HOW COULD CHINA REFORM ITS STATE-DOMINATED SECTORS AT COMMANDING HEIGHTS 2 Contents Table of Contents Contents .................................................................................................. 2 Acknowledgements ................................................................................ 7 Abbreviations ......................................................................................... 8 Introduction ......................................................................................... -
Poly Property Group Co., Limited 保利置業集團有限公司 (Incorporated in Hong Kong with Limited Liability) (Stock Code: 119)
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. Poly Property Group Co., Limited 保利置業集團有限公司 (Incorporated in Hong Kong with limited liability) (Stock code: 119) RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2017 RESULTS The directors (the “Directors”) of Poly Property Group Co., Limited (the “Company”) presented the audited consolidated financial statements of the Company and its subsidiaries (the “Group”) for the year ended 31st December, 2017, together with the independent auditor’s report issued by BDO Limited, as follows: – 1 – INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF POLY PROPERTY GROUP CO., LIMITED (incorporated in Hong Kong with limited liability) Opinion We have audited the consolidated financial statements of Poly Property Group Co., Limited and its subsidiaries (together “the Group”) set out on pages 9 to 120, which comprise the consolidated statement of financial position as at 31st December, 2017, the consolidated statement of profit or loss, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31st December, 2017 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance. -
Hang Seng Indexes Announces Index Review Results
14 August 2020 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Company Limited (“Hang Seng Indexes”) today announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 30 June 2020. All changes will take effect on 7 September 2020 (Monday). 1. Hang Seng Index The following constituent changes will be made to the Hang Seng Index. The total number of constituents remains unchanged at 50. Inclusion: Code Company 1810 Xiaomi Corporation - W 2269 WuXi Biologics (Cayman) Inc. 9988 Alibaba Group Holding Ltd. - SW Removal: Code Company 83 Sino Land Co. Ltd. 151 Want Want China Holdings Ltd. 1088 China Shenhua Energy Co. Ltd. - H Shares The list of constituents is provided in Appendix 1. The Hang Seng Index Advisory Committee today reviewed the fast expanding innovation and new economy sectors in the Hong Kong capital market and agreed with the proposal from Hang Seng Indexes to conduct a comprehensive study on the composition of the Hang Seng Index. This holistic review will encompass various aspects including, but not limited to, composition and selection of constituents, number of constituents, weightings, and industry and geographical representation, etc. The underlying aim of the study is to ensure the Hang Seng Index continues to serve as the most representative and important benchmark of the Hong Kong stock market. Hang Seng Indexes will report its findings and propose recommendations to the Advisory Committee within six months. The number of constituents of the Hang Seng Index may increase during this period. Hang Seng Indexes Announces Index Review Results /2 2. -
Hang Seng Indexes Announces Index Review Results
10 May 2019 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Company Limited (“Hang Seng Indexes”) today announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 29 March 2019. All changes will be effective on 17 June 2019 (Monday). 1. Hang Seng Index There is no change to the constituents of the Hang Seng Index. The total number of constituents is fixed at 50. The list of constituents is provided in Appendix 1. 2. Hang Seng China Enterprises Index The following constituent changes will be made to the Hang Seng China Enterprises Index. The total number of constituents is fixed at 50. Inclusion: Code Company 291 China Resources Beer (Holdings) Co. Ltd. 960 Longfor Group Holdings Ltd. 2007 Country Garden Holdings Co. Ltd. 2020 ANTA Sports Products Ltd. 2688 ENN Energy Holdings Ltd. Removal: Code Company 753 Air China Ltd. - H Shares 902 Huaneng Power International, Inc. - H Shares 1776 GF Securities Co., Ltd. - H Shares 1816 CGN Power Co., Ltd. - H Shares 2333 Great Wall Motor Co. Ltd. - H Shares The list of constituents is provided in Appendix 2. Changes in constituent companies of the HSCEI will also be applied to the Hang Seng China Enterprises Smart Index. more… Hang Seng Indexes Announces Index Review Results / 2 3. Hang Seng Composite LargeCap & MidCap Index The following constituent changes will be made to the Hang Seng Composite LargeCap & MidCap Index. The total number of constituents will increase from 303 to 304. Inclusion: Code Company Size Industry 1896 Maoyan Entertainment MidCap Consumer Services Following the constituent changes above, the number of constituents in the Hang Seng Composite Index will increase from 485 to 486. -
Real Estate and Construction-210204-EN
Real Estate and Construction Beijing Guangzhou Hong Kong Shanghai Shenzhen 27/F, North Tower 17/F, International Finance 26/F, One Exchange Square 24/F, HKRI Centre Two, 17/F, Tower One, Kerry Plaza Beijing Kerry Centre Place, 8 Huaxia Road, 8 Connaught Place, Central HKRI Taikoo Hui 1 Zhong Xin Si Road 1 Guanghua Road Zhujiang New Town Hong Kong 288 Shi Men Yi Road Futian District Chaoyang District Guangzhou 510623, China Shanghai 200041, China Shenzhen 518048, China Beijing 100020, China Tel: +86 10 5769 5600 Tel: +86 20 3225 3888 Tel: +852 3976 8888 Tel: +86 21 2208 1166 Tel: +86 755 8159 3999 Fax:+86 10 5769 5788 Fax:+86 20 3225 3899 Fax:+852 2110 4285 Fax:+86 21 5298 5599 Fax:+86 755 8159 3900 www.fangdalaw.com Real Estate and Construction 01 Real Estate and Construction Practice Fangda’s Real Estate and Construction Practice Team excels at providing one-stop and full-scale services to leading real estate market players, including real estate developers, real estate private equity sponsors, institutional investors, financial institutions and other corporations and individuals in complicated domestic and cross-border real estate transactions. Our lawyers are frequently appointed as arbitrators in real estate and construction-related disputes. Our strength in this area includes a combination of understanding the traditions of the Chinese market and practice and our abundant experience in serving international clients, complemented by services for non-contentious and contentious cases. We are one of the few firms based in China that can provide integrated real estate and construction related legal services, and present practical advice based on our knowledge and experience in the local market.