DOCSLIB.ORG

Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 01 WORLDWIDE MARKETS TCL Communication Technology Holdings Limited (“TCL Communication” or the “Company”; HKSE stock code: 02618) together with its subsidiaries (collectively the TCL CORPORATION “Group”) designs, manufactures and markets an expanding portfolio of mobile and (SHENZHEN STOCK EXCHANGE, STOCK CODE: 000100) internet products worldwide under two key brands – ALCATEL ONETOUCH and TCL. The Group’s portfolio of products is currently sold in China and over 170 TCL countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacic. COMMUNICATION Headquartered in Shenzhen, China, the Group operates its highly efcient TECHNOLOGY manufacturing plant and research and development centres in various provinces HOLDINGS LIMITED of the PRC. It employs over 14,000 people in China, Hong Kong and overseas. The (HONG KONG STOCK EXCHANGE, Group is one of the few companies in Hong Kong or China who owns or licenses STOCK CODE: 02618) 2G, 2.5G, 2.75G, 3G and 4G patented technologies. It is also able to independently develop products and solutions for the GSM, GPRS, EDGE, CDMA, WCDMA, TD-SCDMA and LTE. Currently, TCL Corporation (“TCL Corp.”) is the Group’s largest PUBLIC (INCLUDING THE DIRECTORS OF THE COMPANY) shareholder. PRC MARKET 02 TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED Corporate Structure WORLDWIDE MARKETS TCL Communication Technology Holdings Limited (“TCL Communication” or the “Company”; HKSE stock code: 02618) together with its subsidiaries (collectively the TCL CORPORATION “Group”) designs, manufactures and markets an expanding portfolio of mobile and (SHENZHEN STOCK EXCHANGE, STOCK CODE: 000100) internet products worldwide under two key brands – ALCATEL ONETOUCH and TCL. The Group’s portfolio of products is currently sold in China and over 170 TCL countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacic. COMMUNICATION Headquartered in Shenzhen, China, the Group operates its highly efcient TECHNOLOGY manufacturing plant and research and development centres in various provinces HOLDINGS LIMITED of the PRC. It employs over 14,000 people in China, Hong Kong and overseas. The (HONG KONG STOCK EXCHANGE, Group is one of the few companies in Hong Kong or China who owns or licenses STOCK CODE: 02618) 2G, 2.5G, 2.75G, 3G and 4G patented technologies. It is also able to independently develop products and solutions for the GSM, GPRS, EDGE, CDMA, WCDMA, TD-SCDMA and LTE. Currently, TCL Corporation (“TCL Corp.”) is the Group’s largest PUBLIC (INCLUDING THE DIRECTORS OF THE COMPANY) shareholder. PRC MARKET ANNUAL REPORT 2014 03 Corporate Financial 2014 Year in Review Chairman’s Management Directors, Senior Structure Highlights Statement Discussion and Management and Analysis Executives 02 06 08 10 18 28 Corporate Corporate Social Report of Independent Consolidated Consolidated Governance Responsbility the Directors Auditors’ Report Statement of Statement of Report Report Prot or Loss Comprehensive 40 60 64 78 82 83 Income Consolidated Consolidated Consolidated Statement of Notes to Five Years Statement of Statement of Statement of Financial Position Financial Financial Financial Changes Cash Flows Statements Summary 84 Position 86 in Equity 88 90 91 180 Corporate Information 181 04 TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED Contents Corporate Financial 2014 Year in Review Chairman’s Management Directors, Senior Structure Highlights Statement Discussion and Management and Analysis Executives 02 06 08 10 18 28 Corporate Corporate Social Report of Independent Consolidated Consolidated Governance Responsbility the Directors Auditors’ Report Statement of Statement of Report Report Prot or Loss Comprehensive 40 60 64 78 82 83 Income Consolidated Consolidated Consolidated Statement of Notes to Five Years Statement of Statement of Statement of Financial Position Financial Financial Financial Changes Cash Flows Statements Summary 84 Position 86 in Equity 88 90 91 180 Corporate Information 181 ANNUAL REPORT 2014 05 REVENUE (HK$ Million) FINANCIAL SUMMARY (HK$'000) 2014 2013 CHANGE (%) REVENUE 30,691,054 19,362,061 +59% +59% GROSS PROFIT 5,917,552 3,672,153 +61% GROSS PROFIT MARGIN (%) 19.3% 19.0% +0.3% PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT 1,092,507 313,422 +249% BASIC EARNING PER SHARE (HK CENTS) 91.58 27.50 +233% 30,691 FINANCIAL POSITION (HK$'000) 2014 2013 CHANGE (%) PROPERTY, PLANT AND EQUIPMENT, INVESTMENT 1,598,232 1,069,532 +49% PROPERTIES AND PREPAID LAND LEASE PAYMENTS CASH AND CASH EQUIVALENTS AND PLEDGED DEPOSITS 2,387,771 1,840,036 +30% 19,362 NET CURRENT ASSETS 597,548 645,276 –7% TOTAL LIABILITIES 15,517,074 11,509,970 +35% INTEREST BEARING BORROWINGS 4,312,171 3,648,979 +18% NET ASSETS 4,179,082 2,913,054 +43% KEY FINANCIAL INDICATORS 2014 2013 CHANGE (%) INVENTORY TURNOVER (DAYS)* 37 39 –5% TRADE RECEIVABLE TURNOVER (DAYS) ** 72 63 +14% 2013 2014 CURRENT RATIO (TIMES) *** 1.04 1.06 –2% * ONLY INCLUDING FACTORY MATERIALS AND GOODS ** EXCLUDING FACTORED TRADE RECEIVABLES *** EXCLUDING RENMINBI (“RMB”) FOREIGN EXCHANGE PROGRAM 06 TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED Financial Highlights REVENUE (HK$ Million) FINANCIAL SUMMARY (HK$'000) 2014 2013 CHANGE (%) REVENUE 30,691,054 19,362,061 +59% +59% GROSS PROFIT 5,917,552 3,672,153 +61% GROSS PROFIT MARGIN (%) 19.3% 19.0% +0.3% PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT 1,092,507 313,422 +249% BASIC EARNING PER SHARE (HK CENTS) 91.58 27.50 +233% 30,691 FINANCIAL POSITION (HK$'000) 2014 2013 CHANGE (%) PROPERTY, PLANT AND EQUIPMENT, INVESTMENT 1,598,232 1,069,532 +49% PROPERTIES AND PREPAID LAND LEASE PAYMENTS CASH AND CASH EQUIVALENTS AND PLEDGED DEPOSITS 2,387,771 1,840,036 +30% 19,362 NET CURRENT ASSETS 597,548 645,276 –7% TOTAL LIABILITIES 15,517,074 11,509,970 +35% INTEREST BEARING BORROWINGS 4,312,171 3,648,979 +18% NET ASSETS 4,179,082 2,913,054 +43% KEY FINANCIAL INDICATORS 2014 2013 CHANGE (%) INVENTORY TURNOVER (DAYS)* 37 39 –5% TRADE RECEIVABLE TURNOVER (DAYS) ** 72 63 +14% 2013 2014 CURRENT RATIO (TIMES) *** 1.04 1.06 –2% * ONLY INCLUDING FACTORY MATERIALS AND GOODS ** EXCLUDING FACTORED TRADE RECEIVABLES *** EXCLUDING RENMINBI (“RMB”) FOREIGN EXCHANGE PROGRAM ANNUAL REPORT 2014 07 FEBRUARY MARCH APRIL Launched debut 4G smartphones Partnered with China Mobile’s online store Sponsored British band One Direction’s ONETOUCH IDOL 2S, ONETOUCH IDOL 2 and Suning.com to launch iconic smart- "Where We Are Tour 2014" concert tour in MINI S and 4G tablet ONETOUCH POP 7S phone TCL S720T (麼麼噠) in China; Latin America at MWC in Barcelona Launched ONETOUCH HERO in Hong Kong JANUARY Launched ONETOUCH IDOL X+, the world’s rst True Octa-Core smart- phone and nalist for “Best of CES 2014”, at CES in Las Vegas OCTOBER Sponsored The First Utility Super League Grand Final in England; TCL HERO 2 won 2014 " Best 4G Phone of the Year" and "Best Mobile Phone Design" in China NOVEMBER Partnered with TCL Corp. and CISCO for enterprise cloud services platform; ALCATEL ONETOUCH ranked fourth in terms of market share in the U.S. handset market (Source: November data of Handset Market KPI Report by ITG) DECEMBER JULY AUGUST Sponsored APAC Innovation Summit 2014 Launched 4G smartphone Sponsored The Color Run , in Houston, U.S. in Hong Kong; Participated inChina TCL P728M (Momoda 4G) in China; Mobile Worldwide Partner Conference Completed the construction of SEPTEMBER and launched TCL Momoda 3N in China Global Manufacturing Facility with Announced DJ AVICII to be brand ambassador for the HERO and maximum annual capacity of IDOL lines, and showcased ONETOUCH HERO 2 and ONETOUCH 120 million units HERO 8 at IFA Berlin ; In the third quarter, TCL-ALCATEL became the world's fth largest mobile brand and ranked eighth among the global smartphone brands for the rst time (Source: Strategy Analytics and company data) 08 TCL COMMUNICATION TECHNOLOGY HOLDINGS LIMITED 2014 Year in Review FEBRUARY MARCH APRIL Launched debut 4G smartphones Partnered with China Mobile’s online store Sponsored British band One Direction’s ONETOUCH IDOL 2S, ONETOUCH IDOL 2 and Suning.com to launch iconic smart- "Where We Are Tour 2014" concert tour in MINI S and 4G tablet ONETOUCH POP 7S phone TCL S720T (麼麼噠) in China; Latin America at MWC in Barcelona Launched ONETOUCH HERO in Hong Kong JANUARY Launched ONETOUCH IDOL X+, the world’s rst True Octa-Core smart- phone and nalist for “Best of CES 2014”, at CES in Las Vegas OCTOBER Sponsored The First Utility Super League Grand Final in England; TCL HERO 2 won 2014 " Best 4G Phone of the Year" and "Best Mobile Phone Design" in China NOVEMBER Partnered with TCL Corp. and CISCO for enterprise cloud services platform; ALCATEL ONETOUCH ranked fourth in terms of market share in the U.S. handset market (Source: November data of Handset Market KPI Report by ITG) DECEMBER JULY AUGUST Sponsored APAC Innovation Summit 2014 Launched 4G smartphone Sponsored The Color Run , in Houston, U.S. in Hong Kong; Participated inChina TCL P728M (Momoda 4G) in China; Mobile Worldwide Partner Conference Completed the construction of SEPTEMBER and launched TCL Momoda 3N in China Global Manufacturing Facility with Announced DJ AVICII to be brand ambassador for the HERO and maximum annual capacity of IDOL lines, and showcased ONETOUCH HERO 2 and ONETOUCH 120 million units HERO 8 at IFA Berlin ; In the third quarter, TCL-ALCATEL became the world's fth largest mobile brand and ranked eighth among the global smartphone brands for the rst time (Source: Strategy Analytics and company data) ANNUAL REPORT 2014 09 Chairman’s Statement 10 Chairman’s Statement Chairman’s Statement MR. LI DONGSHENG Sales Revenue Increased Dear Shareholders, On behalf of TCL Communication, I am pleased to present to you the annual results of the Group for the year ended 31 December 2014. +59% 2014 marked the 10th anniversary of the first step on TCL Corp.’s aspirational journey to expand beyond the national boundaries to make acquisitions in key markets around the world.
Load more

Recommended publications
  • Review of the Development and Reform of the Telecommunications Sector in China”, OECD Digital Economy Papers, No
    Please cite this paper as: OECD (2003-03-13), “Review of the Development and Reform of the Telecommunications Sector in China”, OECD Digital Economy Papers, No. 69, OECD Publishing, Paris. http://dx.doi.org/10.1787/233204728762 OECD Digital Economy Papers No. 69 Review of the Development and Reform of the Telecommunications Sector in China OECD Unclassified DSTI/ICCP(2002)6/FINAL Organisation de Coopération et de Développement Economiques Organisation for Economic Co-operation and Development 13-Mar-2003 ___________________________________________________________________________________________ English text only DIRECTORATE FOR SCIENCE, TECHNOLOGY AND INDUSTRY COMMITTEE FOR INFORMATION, COMPUTER AND COMMUNICATIONS POLICY Unclassified DSTI/ICCP(2002)6/FINAL REVIEW OF THE DEVELOPMENT AND REFORM OF THE TELECOMMUNICATIONS SECTOR IN CHINA text only English JT00140818 Document complet disponible sur OLIS dans son format d'origine Complete document available on OLIS in its original format DSTI/ICCP(2002)6/FINAL FOREWORD The purpose of this report is to provide an overview of telecommunications development in China and to examine telecommunication policy developments and reform. The initial draft was examined by the Committee for Information, Computer and Communications Policy in March 2002. The report benefited from discussions with officials of the Chinese Ministry of Information Industry and several telecommunication service providers. The report was prepared by the Korea Information Society Development Institute (KISDI) under the direction of Dr. Inuk Chung. Mr. Dimitri Ypsilanti from the OECD Secretariat participated in the project. The report benefited from funding provided mainly by the Swedish government. KISDI also helped in the financing of the report. The report is published on the responsibility of the Secretary-General of the OECD.
    [Show full text]
  • China Unicom (Hong Kong)
    邁步從頭越 ANNUAL REPORT 2015 CHINA UNICOM (HONG KONG) LIMITED HKEx : 0762 NYSE : CHU 352037/<)2&86(' 5(6285&(621*72)8(/ 02%,/(%86,1(66020(1780 ARPU FTTH RMB FTTX IDC 88 'HF 4G net add >42 million Big Data Internet+ C0-building M FTTH CONTENTS 2 Company Profile 3 Shareholding Structure 4 Performance Highlights 6 Major Events 8 Chairman’s Statement 15 Business Overview 4G base station 21 Financial Overview 28 Biographical Details of Directors and Senior Management 35 Corporate Governance Report 400k 52 Report of the Directors 72 Human Resources Development 74 Corporate Social Responsibility 78 Notice of Annual General Meeting 81 Independent Auditor’s Report 82 Consolidated Statement of Financial Position 84 Consolidated Statement of Income 85 Consolidated Statement of Comprehensive Income 86 Consolidated Statement of Changes in Equity 87 Consolidated Statement of Cash Flows 89 Notes to the Consolidated Financial Statements 166 Financial Summary 168 Corporate Information FORWARD-LOOKING STATEMENTS Certain statements contained in this report may be viewed as “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 (as amended) and Section 21E of the U.S. Securities Exchange Act of 1934 (as amended). Such forward- looking statements are subject to known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such e forward-looking statements. In addition, we do not intend to update these forward-looking statements.
    [Show full text]
  • Chinese Photovoltaic Market and Industry Outlook (Part 1)
    IEEJ: April 2010 Chinese Photovoltaic Market and Industry Outlook (Part 1) Kan Sichao* Summary In China over the recent years, wind power, solar energy and other renewable energy sources have been expected to become not only promising tools against climate change but also a key economic growth driver. Particularly, growth of Chinese photovoltaic cell makers has attracted global attention. However, the Chinese government has been unable to provide sufficient support for them because of huge fiscal costs. China's PV market is still inactive. As PV costs are expected to decline substantially due to a silicon price fall in 2008, however, the Chinese PV market is projected to achieve dramatic growth. In early 2009, the Chinese government came up with measures to subsidize and promote PV. In December, it became clear that the country will revise its PV generation target for 2020 upward to 20 gigawatts. While giving positive considerations to the exploration of the domestic PV market and the development of relevant industries, the Chinese government has recognized the domestic industries’ technological capacity shortages, overheated investment and other problems and indicated a cautious attitude. Part 1 of this paper outlines China’s PV projects, focusing on the PV market and PV promotion measures. 1. Introduction On September 22, 2009, Chinese President Hu Jintao delivered an attention-attracting speech at the U.N. Climate Change Summit held at the U.N. Headquarters in New York. China would incorporate climate change measures into its economic and social development plan and take more effective measures for the promotion of renewable and nuclear energy, he said.
    [Show full text]
  • An Analysis of Corporate Governance Under the Dual-Class Structure – a Case Study of JD
    An analysis of corporate governance under the dual-class structure – A case study of JD Yijia Liu Master (MSc) in Business Administration Supervisor: PhD Álvaro de Borba Cruz Lopes Dias, Invite Assistant Professor, ISCTE Business School - University Institute of Lisbon April 2021 Department of Marketing, Strategy and Operations An analysis of corporate governance under the dual-class structure – A case study of JD Yijia Liu Master (MSc) in Business Administration Supervisor: PhD Álvaro de Borba Cruz Lopes Dias, Invite Assistant Professor, ISCTE Business School - University Institute of Lisbon April 2021 An analysis of corporate governance under the dual-class structure - A case study of JD Acknowledgment Firstly, I would like to thank all those who helped me during my academic journey. I would like to extend my deepest gratitude to my mentor, Professor Alvaro Diaz. He helped me to complete the project of case analysis. With his constant encouragement and guidance, I became more rigorous in academic pursuit. Secondly, I am sincerely grateful to all the professors who have taught me during my ISCTE-IUL study, and I have learned more professional knowledge than before. This laid a good foundation for me to finish the thesis. Finally, I would like to thank my parents and friends who have always supported me in China. They encouraged me on the phone and online. The work of the paper was arduous. With their help, I completed it more smoothly and with full confidence. i An analysis of corporate governance under the dual-class structure - A case study of JD Resumo O comércio eletrônico na china tem crescido rapidamente nos últimos 20 anos.
    [Show full text]
  • Istilah-Istilah Dalam Dunia Investasi
    Download eBook/Audiobook Indonesia Gratis:http://myebookyourebook.blogspot.com/ ISTILAH-ISTILAH DALAM DUNIA INVESTASI Disusun oleh: Dragon Forex Trading Course DRAGON FOREX TRADING COURSE Jl. Rawajati timur K/7 Kompleks Kalibata Indah Jakarta Selatan www.dragonforex.blogspot.com ([email protected] ) JAKARTA 2006 1 Raja Ar Ra’du 2006 A Above The Market Suatu Strategi yang biasa digunakan oleh para trader jangka pendek. Contohnya, stop order akan dilakukan setelah melewati level resistance untuk beli. Bila harga sekuritas melewati level resistance, investor akan dapat berpartisipasi pada tingkat harga yang berada dalam tren naik. Above Water Suatu kondisi dimana nilai aktual suatu aset lebih tinggi dari nilai bukunya Absolute Advantage Kemampuan suatu negara, individu, perusahaan, atau daerah untuk memproduksi barang atau jasa dengan biaya per unit yang lebih rendah dibandingkan dengan yang lain. Absolute Breadth Index Suatu indikator pasar untuk menentukan tingkat volatilitas dalam pasar tanpa harus mencari (factoring) arah harga. Indeks ini dihitung melalui nilai absolut antara jumlah naik dan turun. Biasanya, angka yang besar berarti tingkat volatilitas meningkat dimana hal tersebut akan menyebabkan perubahan signifikan harga saham dalam beberapa minggu mendatang. Absolute Priority Suatu prinsip dalam prosedur kebangkrutan yang mewajibkan kreditor senior dibayarkan sebelum kreditor yunior dan pemegang saham adalah orang terakhir yang mendapat bayaran bila perusahaan tersebut bankrut. Absolute Rate Absolute Rate porsi tetap (fixed portion) dalam interest rate swap. Absolute Rate adalah kombinasi dari reference rate dan premium atau discounted rate. Absolute rate biasanya dinyatakan dalam presentase. Contohya bila LIBOR (London Interbank Offered Rate) adalah 3 % dan porsi interest swap dalam level 7 % premium, maka Absolute Rate nya adalah 10 %.
    [Show full text]
  • Cross-Listing A-Share and H-Share Stock Price Relationship Study: the Granger Causality Analysis Based on Establishment of Shanghai-Hong Kong Connect
    Cross-listing A-Share and H-Share Stock Price Relationship Study: The Granger Causality Analysis Based on Establishment of Shanghai-Hong Kong Connect by Siyao Fang An honors thesis submitted in partial fulfillment of the requirements for the degree of Bachelor of Science Business Honors Program NYU Shanghai May 2017 Professor Marti G. Subrahmanyam Professor Stephen Figlewski Professor Jiawei Zhang Faculty Advisers Thesis Adviser Abstract In this paper, we mainly focus on the informativeness and causality relationship detection based on the past historical data for those cross-listing companies have stocks both listed in Shanghai Stock Exchange and Hong Kong Stock Exchange. The paper applies Unit Root Test, Cointegration Test and Granger Causality Test to check whether long term stability exists between cross-listing companies’ A and H shares. The results shows that At a 95% critical level, 25 companies reject null hypothesis of H share does not Granger Cause A share; 18 companies reject null hypothesis of A share does not Granger Cause H share. Among them, 5 companies show both informativeness from H share and A share to the other. The relationship may work as the first step to find possible trading strategy between A share and H share. Acknowledgements To Professor Stephen Figlewski – thank you for all your help from the very beginning of my project to the ending of this honor program. I can’t have this project done without your kind suggestions on topic choosing, data process and test calibration. I’m truly appreciated the opportunity you provide and the time you spent with my callow research.
    [Show full text]
  • Kamus Investasi
    ISTILAH-ISTILAH DALAM DUNIA INVESTASI Disusun oleh: Dragon Forex Trading Course DRAGON FOREX TRADING COURSE Jl. Rawajati timur K/7 Kompleks Kalibata Indah Jakarta Selatan www.dragonforex.blogspot.com ([email protected] ) JAKARTA 2006 1 Raja Ar Ra’du 2006 A Above The Market Suatu Strategi yang biasa digunakan oleh para trader jangka pendek. Contohnya, stop order akan dilakukan setelah melewati level resistance untuk beli. Bila harga sekuritas melewati level resistance, investor akan dapat berpartisipasi pada tingkat harga yang berada dalam tren naik. Above Water Suatu kondisi dimana nilai aktual suatu aset lebih tinggi dari nilai bukunya Absolute Advantage Kemampuan suatu negara, individu, perusahaan, atau daerah untuk memproduksi barang atau jasa dengan biaya per unit yang lebih rendah dibandingkan dengan yang lain. Absolute Breadth Index Suatu indikator pasar untuk menentukan tingkat volatilitas dalam pasar tanpa harus mencari (factoring) arah harga. Indeks ini dihitung melalui nilai absolut antara jumlah naik dan turun. Biasanya, angka yang besar berarti tingkat volatilitas meningkat dimana hal tersebut akan menyebabkan perubahan signifikan harga saham dalam beberapa minggu mendatang. Absolute Priority Suatu prinsip dalam prosedur kebangkrutan yang mewajibkan kreditor senior dibayarkan sebelum kreditor yunior dan pemegang saham adalah orang terakhir yang mendapat bayaran bila perusahaan tersebut bankrut. Absolute Rate Absolute Rate porsi tetap (fixed portion) dalam interest rate swap. Absolute Rate adalah kombinasi dari reference rate dan premium atau discounted rate. Absolute rate biasanya dinyatakan dalam presentase. Contohya bila LIBOR (London Interbank Offered Rate) adalah 3 % dan porsi interest swap dalam level 7 % premium, maka Absolute Rate nya adalah 10 %. Accelerated Cost Recovery System Suatu system penghitungan depresiasi yang diperkenalkan oleh Economic Recovery Tax Act tahun 1981.
    [Show full text]
  • Case Studies on Companies That Delisted from US and Relisted in China
    Case Studies on Companies that Delisted from US and Relisted in China By Yuan Tian B.S. Electrical Engineering, Tsinghua University, 2013 SUBMITTED TO THE MIT SLOAN SCHOOL OF MANAGEMENT IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF SCIENCE IN MANAGEMENT STUDIES AT THE MASSACHUSETTS INSTITUTE OF TECHNOLOGY JUNE 2020 © 2020 Yuan Tian. All Rights Reserved. The author hereby grants to MIT permission to reproduce and distribute publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Signature of Author______________________________________________________________ MIT Sloan School of Management Certified by_____________________________________________________________________ Christopher F. Noe Senior Lecturer of MIT Sloan School of Management Thesis Supervisor Accepted by___________________________________________________________________ Jacob Cohen Senior Associate Dean for Undergraduate & Master’s Program MIT Sloan School of Management 1 Case Studies on Companies that Delisted from US and Relisted in China By Yuan Tian Submitted to the MIT Sloan School of Management on May 8, 2020, in partial fulfillment of the requirements for the degree of Master of Science in Management Studies Abstract China concept stocks, the stock in a company that operates in mainland China and listed in the US, are becoming the largest group of non-native listed stocks in the US in terms of market value. This paper reviews the peaks and troughs of China concept stocks listed in the US in the past two decades, analyzes the reasons why Chinese companies have had to raise funds in the US, the benefits of an IPO in US stock market, and their post-IPO stock performance.
    [Show full text]
  • BDO China Dahua CPA Co., Ltd.; Ernst & Young Hua Ming
    UNITED STATES OF AMERICA RECEIVED -1 n Before the J;J SECURITIES AND EXCHANGE COMMISSION ADMINISTRATIVE PROCEEDING File Nos. 3-14872, 3-15116 In the Matter of BDO China Dahua CPA Co., Ltd.; Ernst & Young Hua Ming LLP; KPMG Huazhen (Special General Partnership); The Honorable Cameron Elliot, Deloitte Touche Tohmatsu Certified Public Administrative Law Judge Accountants Ltd.; and PricewaterhouseCoopers Zhong Tian CP As Limited, Respondents. DIVISION OF ENFORCEMENT'S DISCLOSURE OF EXPERT CHYHE K. BECKER Pursuant to the Comi's Order On Joint Motion To Amend Hearing and Prehearing Schedules, dated June 10, 2013 ("Scheduling Order"), the SEC's Division of Enforcement ("Division") hereby discloses its rebuttal expert, Dr. Chyhe K. Becker, on remedies. Attached hereto are the Rebuttal Summary Report of Chyhe K. Becker and accompanying exhibits. 1 Dated: July 19, 2013 Respectfully submitted, Q~~ David Mendel (202) 551-4418 Amy Friedman (202) 551-4520 Douglas Gordimer (202) 551-4891 Marc E. Johnson (202) 551-4499 Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549-5971 COUNSEL FOR DIVISION OF ENFORCEMENT 2 UNITED STATES OF AMERICA BEFORE THE SECURITIES AND EXCHANGE COMMISSION ADMINISTRATIVE PROCEEDING File Nos. 3-14872, 3-15116 In the Matter of BDO Dahua CPA Co., Ltd; Ernst & Young Hua Ming LLP; KPMG Huazhen (Special General Partnership); Deloitte Touche Tohmatsu Certified Public The Honorable Cameron Elliot, Accountants Ltd.; Administrative Law Judge PricewaterhouseCoopers Zhong Tian CP As Limited Respondents. REBUTTAL SUMMARY REPORT OF DR. CHYHE BECKER I. Qualifications 1. I am the Assistant Director in charge of the Office of Litigation Support in the Division of Economic and Risk Analysis at the U.S.
    [Show full text]
  • Chinese Direct Investment in California: 2017 Update
    CHINESE DIRECT INVESTMENT IN CALIFORNIA: 2017 UPDATE BY THILO HANEMANN AN ASIA SOCIETY SPECIAL REPORT WITH RHODIUM GROUP CHINESE DIRECT INVESTMENT IN CALIFORNIA: 2017 UPDATE BY THILO HANEMANN November 2017 AN ASIA SOCIETY SPECIAL REPORT WITH RHODIUM GROUP AsiaSociety.org/ChinaCAInnovation © 2017 Asia Society. Asia Society Northern California 500 Washington Street, Suite 350 San Francisco, CA 94111 Phone: 415-421-8707 Email: [email protected] AsiaSociety.org/Northern-California ABOUT THIS REPORT THILO HANEMANN is a Director at Rhodium Group and leads the firm’s work on global trade and investment. Thilo supports the investment management, strategic planning, and policy analysis requirements of RHG clients within his fields of expertise. He is also a Senior Policy Fellow at the Mercator Institute for China Studies in Berlin, Europe's biggest China think tank. Thilo’s research focuses on new trends in global trade and capital flows, related policy developments, and the political and commercial dynamics of specific transactions. One of his areas of expertise is the rise of emerging economies as global investors, and the implications for host economies and the global economy. His most recent work focuses on the evolution of China’s international investment position, and the economic and policy implications of this new trend. ASIA SOCIETY is the leading educational organization dedicated to promoting mutual understand- ing and strengthening partnerships among peoples, leaders and institutions of Asia and the United States in a global context. Across the fields of arts, business, culture, education, and policy, the Society provides insight, generates ideas, and promotes collaboration to address present challenges and create a shared future.
    [Show full text]
  • China Stock Market in a Global Perspective
    DOW JONES INDEXES SEPTEMBER 2002 CHINA STOCK MARKET IN A GLOBAL PERSPECTIVE Research Report by Executive Summary Sheldon Gao, PhD. China’s stock market has experienced amazing growth since establishing its two Senior Director, Dow Jones exchanges in 1990, although the growth has been uneven and irregular, and the Indexes market remains in the early stages of its development. This report seeks to identify 609-520-4114 the key characteristics of China’s market and how they combine to form the most [email protected] dynamic and intriguing developing market in the world. The current structure of China’s market is one of its key obstacles to further develop- ment. There are very few stocks that would fit the definition of “blue-chip” trad- ing on China’s mainland exchanges. Whereas most developed markets are domi- nated by a limited number of large-cap stocks, China’s market is cramped by a multitude of small-cap stocks. This feature allows for increased speculation and higher turnover for both investors and indexes, among other problems. A related matter is the reliance of China’s market on external expansion, that is, expansion through the issuance of new shares rather than the appreciation in value of existing stocks. Since these shares generally do not experience sustained growth, often because of market manipulation, they contribute to the dominance of smaller size stocks in China’s market. Ultimately, the current structure is a major obstacle to the creation of viable index-related products in China. Another issue is the fact that, despite the tremendous growth of the stock market, China’s companies are not operating at a high level of profitability.
    [Show full text]
  • 2019 Annual Report 03 Chairman’S Statement
    809971 (CITIC SC_Eng) (210x285) \ 14/04/2020 \ M11 \ P. IFC A Stock Code: 6030 Website: www.citics.com IMPORTANT NOTICE The Board and the Supervisory Committee and the Directors, Supervisors and Senior Management warrant the truthfulness, accuracy and completeness of contents of this report and that there is no false representation, misleading statement contained herein or material omission from this report, for which they will assume joint and several liabilities. This report was considered and approved at the Fourth Meeting of the Seventh Session of the Board. All Directors attended this meeting of the Board. No Director raised any objection to this announcement. The Company’s domestic and international financial statements for the year were audited by PricewaterhouseCoopers Zhong Tian LLP and PricewaterhouseCoopers, respectively. Auditor’s reports with unqualified audit opinions were issued accordingly. CITICS Mr. ZHANG Youjun, head of the Company, Mr. LI Jiong, the Chief Financial Officer, and Mr. SHI Benliang, head of the Company’s accounting department, warrant that the financial statements set out in this report are true, accurate and complete. The Company’s 2019 profit distribution plan as considered and approved by the Board is to distribute a cash dividend of RMB5.00 (tax inclusive) for every 10 shares. This proposal is subject to the approval by the general meeting of the Company. Forward looking statements, including future plans and development strategies, contained in this report do not constitute a substantive commitment to the investors by the Company. Investors should be aware of investment risks. There was no appropriation of funds of the Company by controlling Shareholder(s) or its/their related parties for non-operating purposes.
    [Show full text]