DOCSLIB.ORG

Annual Report 年度報告 Contents 目錄

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 年度報告 Contents 目錄 2018 ANNUAL REPORT 年度報告 CONTENTS 目錄 2 Corporate Profile 公司簡介 3 Mission Statement 公司使命 4 Financial Highlights 財務摘要 6 Retail Network 零售網絡 10 Chairman’s Statement 董事長報告書 12 Management Discussion and Analysis 管理層討論與分析 27 Biographies of Directors and Secretary 董事和秘書履歷 31 Corporate Governance Report 企業管治報告 45 Environmental, Social and Governance Report 環境、社會及管治報告 54 Directors’ Report 董事會報告 72 Independent Auditor’s Report 獨立核數師報告 78 Consolidated Statement of Profit or Loss 綜合損益表 79 Consolidated Statement of Comprehensive Income 綜合全面收益表 80 Consolidated Statement of Financial Position 綜合財務狀況表 82 Consolidated Statement of Changes in Equity 綜合權益變動表 84 Consolidated Statement of Cash Flows 綜合現金流量表 88 Notes to Financial Statements 財務報表附註 235 Corporate Information 公司資料 CORPORATE PROFILE 公司簡介 Maoye International Holdings Limited (the “Company”) was 茂業國際控股有限公司（「本公司」）為於2007 incorporated in the Cayman Islands with limited liability on 8 August 年8月8日在開曼群島註冊成立的有限責任公 2007. The Company and its subsidiaries (the “Group”) are principally 司。本公司及其附屬公司（「本集團」）主要在中 engaged in the operation and management of department stores and 華人民共和國（「中國」）經營及管理百貨店和物 property development in the People’s Republic of China (the “PRC”). 業發展業務。本公司之股份於2008年5月5日 The shares of the Company were listed on the Main Board of The Stock （「上市日」）在香港聯合交易所有限公司（「聯交 Exchange of Hong Kong Limited (the “Stock Exchange”) on 5 May 所」）主板上市。 2008 (the “Listing Date”). With a unique operation model of “retail + commercial property”, the 本集團自成立以來，以獨有的「零售+商業地 Group has been growing rapidly since its establishment, and has 產」模式迅速崛起，並在全國範圍內實現規模 achieved scale expansion across the country by duplicating this 化複製擴張。本集團以低成本拿地鋪路，實體 model. Supported by lands acquired at low costs, the Group uses its 零售商業反哺，打造核心業務互補互助的生態 physical retail to nurture property, building a closed ecological cycle in 閉環。 which its core business supplements and supports each other. Since Shenzhen Dongmen store, the first store of the Group, opened in 自1997年第一家門店深圳東門店開業以來， 1997, the Group has been concentrating on development and careful 本集團歷經20年潛心發展及審慎佈局，憑藉自 planning for over 20 years, and leveraging its strong competitiveness 身強大的競爭力及與時俱進的改革創新，逐步 and reform and innovation keeping pace with times, the leading 夯實於華南區域的領先地位，並深入拓展至中 position of the Group in Southern China has been strengthened step 國經濟最發達，發展速度最快的華東、西南、 by step. The Group has also further expanded into the most developed 北方區域腹地市場，成為多個區域內的行業龍 markets with the fastest growth rate in Eastern China, Southwestern 頭。截止至2018年12月31日，本集團擁有門 China and Northern China, becoming the industry leader in numbers of 店數達57家，總建築面積約288.7萬平方米， regions. As at 31 December 2018, the Group had 57 stores with total 其中自有物業面積佔比達76.0%，覆蓋重點城 gross floor area of 2.89 million sq. m., of which self-owned properties 市包括：華南的深圳、珠海；西南的成都、重 accounted for approximately 76% in gross floor area. The major cities 慶；華東的南京、無錫；及北方的呼和浩特、 under its coverage include Shenzhen and Zhuhai in Southern China; 包頭、秦皇島等。 Chengdu and Chongqing in Southwestern China; Nanjing and Wuxi in Eastern China; and Hohhot, Baotou and Qinhuangdao in Northern China. The Group actively grasps the development trend of medium-to- 本集團積極把握中國中高端實體零售的發展趨 high end physical retail in China, empowers new retail through the 勢，融合線上線下優勢，打通上下游，賦能新 integration of online and offline advantages and opening up upstream 零售，打造線下全時段、多場景、高效率的新 and downstream channels to create new offline consumption 型消費體驗，努力實現傳統百貨零售向新零售 experience featuring multi-scenario and high efficiency at all times, and 的戰略轉型。 strives to achieve the transformation from traditional department store retail to new retail. This annual report, in both English and Chinese versions, is available 本年度報告的中、英文本已登載於本公司網站 on the Company’s website at www.maoye.cn. www.maoye.cn。 Shareholders may at any time change their choice of language(s) (either 股東可隨時向本公司在香港的股份過戶登記處 English only or Chinese only or both languages) of the corporate 卓佳證券登記有限公司（地址為香港皇后大道 communications of the Company (including but not limited to annual 東183號合和中心22樓）給予合理時間下以預 reports, interim reports and circulars) by sending reasonable prior 先書面通知更改其收取本公司的公司通訊（其 notice in writing to the share registrar of the Company in Hong Kong, 中包括但不限於年報、中期報告及通函）的語 Tricor Investor Services Limited, at Level 22, Hopewell Centre, 183 言版本之選擇（即只收取英文版或只收取中文 Queen’s Road East, Hong Kong. 版或同時收取中、英文版）。 Shareholders who have chosen to receive the Company’s corporate 鑒於本年度報告之英文及中文版乃印列於同一 communications in either English or Chinese version will receive 冊子內，無論股東選擇收取本公司之英文或中 both English and Chinese versions of this annual report since both 文版的公司通訊，均同時收取兩種語言版本之 languages are bound together into one booklet. 年度報告。 2 MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公司 ANNUAL REPORT 2018 年度報告 MISSION STATEMENT 公司使命 Intelligence Creates A HAPPY LIFE 智慧創造幸福生活 ANNUAL REPORT 2018 年度報告 MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公司 3 FINANCIAL HIGHLIGHTS 財務摘要 Summary of the Group’s results, assets, liabilities and equity for the last 5 financial years is set out below: 本集團於過往五個財政年度的業績、資產、負債及權益摘要如下： OPERATING RESULTS 經營業績 For the years ended 31 December 截至12月31日止年度 2018 2017 2016 2015 2014 2018年 2017年 2016年 2015年 2014年 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 (Restated4) (Restated5) （追溯重述4） （追溯重述5） Total sales proceeds and 銷售所得款項及 rental income1 租賃收入總額1 15,787,762 15,711,849 13,433,479 9,362,084 10,968,235 Total operating revenue2 經營收入總額2 7,848,911 7,174,316 6,925,377 4,115,464 4,400,460 Operating profit 經營利潤 3,007,175 2,749,613 1,359,829 995,013 2,322,984 Profit for the year 年度利潤 1,127,221 1,268,409 112,061 289,533 1,449,933 Profit attributable to: 應佔利益： – Owners of the parent －母公司權益持有人 799,403 1,071,973 46,382 298,627 1,365,189 – Minority interests －少數股東權益 327,818 196,436 65,679 (9,094) 84,744 Basic earnings per share (RMB)3 每股基本盈利（人民幣元）3 0.16 0.21 0.009 0.058 0.263 Total sales proceeds and rental income Total operating revenue 銷售所得款項及租賃收入總額 經營收入總額 (RMB million) (RMB million) （人民幣百萬元） （人民幣百萬元） 20 7,849 6,925 7,174 15,712 15,788 16 13,433 12 10,968 4,400 4,115 9,362 8 4 2014014 2015015 2016016 2017 2018018 2014014 2015015 2016016 20172017 2018018 4 MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公司 ANNUAL REPORT 2018 年度報告 FINANCIAL HIGHLIGHTS 財務摘要 HIGHLIGHTS OF CONSOLIDATED STATEMENT OF 綜合財務狀況表摘要 FINANCIAL POSITION As at 31 December 於12月31日 2018 2017 2016 2015 2014 2018年 2017年 2016年 2015年 2014年 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 (Restated4) (Restated5) （追溯重述4） （追溯重述5） Assets and liabilities 資產及負債 Total assets 資產總額 50,969,724 47,831,805 45,975,332 31,774,937 24,461,197 Total liabilities 負債總額 35,674,838 34,043,632 33,898,763 22,128,489 16,260,197 Total equity 權益總額 15,294,886 13,788,173 12,076,569 9,646,448 8,201,000 – A ttributable to owners －母公司權益持有人 of the parent 應佔權益 12,300,008 11,072,182 10,135,809 8,256,505 7,141,989 – Attributable to Minority interests －少數股東應佔權益 2,994,878 2,715,991 1,940,760 1,389,943 1,059,011 Notes: 附註： 1. Total sales proceeds and rental income represent the sum of total sales 1. 銷售所得款項及租賃收入總額是指本集團所有門 proceeds from concessionaire sales and revenue from direct sales at the 店特許專櫃銷售總額、直銷收入及租賃收入總額。 department stores of the Group. 2. Total operating revenue represents the sum of the Group’s revenue and other 2. 經營收入總額指本集團收入及其他收入的總和。 income. 3. The calculation of basic earnings per share for the year ended 31 December 3. 截至2018 年 12 月 31 日止年度的每股基本盈利 2018 is based on the net profit attributable to owners of the parent of 乃根據母公司權益持有人應佔淨利潤約人民幣 approximately RMB799,403,000 and weighted average number of ordinary 799,403,000元及已發行股份的加權平均普通股 shares of 5,140,326,000. 5,140,326,000股計算。 The calculation of basic earnings per share for the year ended 31 December 截至2017 年 12 月 31 日止年度的每股基本盈利 2017 is based on the net profit attributable to owners of the parent of 乃根據母公司權益持有人應佔淨利潤約人民幣 approximately RMB1,071,973,000 and weighted average number of ordinary 1,071,973,000元及已發行股份的加權平均普通股 shares of 5,140,326,000. 5,140,326,000股計算。 The calculation of basic earnings per share for the year ended 31 December 截至2016 年 12 月 31 日止年度的每股基本盈利 2016 is based on the net profit attributable to owners of the parent of 乃根據母公司權益持有人應佔淨利潤約人民幣 approximately RMB46,382,000 and weighted average number of ordinary 46,382,000元及已發行股份的加權平均普通股 shares of 5,141,489,556. 5,141,489,556股計算。 The calculation of basic earnings per share for the year ended 31 December 截至2015 年 12 月 31 日止年度的每股基本盈利 2015 is based on the net profit attributable to owners of the parent of 乃根據母公司權益持有人應佔淨利潤約人民幣 approximately RMB298,627,000 and weighted average number of ordinary 298,627,000元及已發行股份的加權平均普通股 shares of 5,160,924,290. 5,160,924,290股計算。 The calculation of basic earnings per share for the year ended 31 December 截至2014 年 12 月 31 日止年度的每股基本盈利 2014 is based on the net profit attributable to owners of the parent of 乃根據母公司權益持有人應佔淨利潤約人民幣 approximately RMB1,365,189,000 and the weighted average number of ordinary 1,365,189,000元及已發行股份的加權平均普通股 shares of 5,197,910,878 in issue. 5,197,910,878股計算。 4. For the year ended 31 December 2016, the Group has changed the accounting 4. 因2016年12月31日本集團持有的投資性房地產的 policy for investment properties from the cost model to the fair value model, and 後續計量模式由成本計量模式變更為公允價值計 accordingly restated the financial report of 2015. 量模式，對2015年度財務報告進行追溯重述。 5. Restated the comparable figures for the year 2014 according to the actuarial 5. 根據設定受益計劃之精算報告對2014年可比數據 valuation report of defined benefit plan. 進行追溯重述。 ANNUAL REPORT 2018 年度報告 MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公司 5 RETAIL NETWORK 零售網絡 Operating Area Store Name Province (sq.m.) Open
Load more

Recommended publications
  • Maoye International Holdings Limited 茂業國際控股有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 848)
    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. Maoye International Holdings Limited 茂業國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 848) INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018 HIGHLIGHTS • Total sales proceeds and rental income were RMB7,878.3 million, representing an increase of 1.3% compared to the corresponding period in the last year • Same-store sales proceeds and rental income were RMB7,847.5 million, representing an increase of 1.0% compared to the corresponding period in the last year • Total operating revenue was RMB3,802.5 million, representing an increase of 6.2% compared to the corresponding period in the last year • The net profit was RMB509.2 million, representing a decrease of 15.7% compared to the corresponding period in the last year • Without taking into account the effect of non-operating gains and losses, the net profit was RMB497.5 million, representing an increase of 330.2% compared to the corresponding period in the last year • Basic earnings per share for the period was RMB7.4 cents, the Board does not recommend the payment of interim dividend for the six months ended 30 June 2018 INTERIM RESULTS The board (the “Board”) of directors (the “Directors”) of Maoye International Holdings Limited (the “Company”) announces the unaudited consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2018.
    [Show full text]
  • STOXX Hong Kong All Shares 180 Last Updated: 01.04.2015
    STOXX Hong Kong All Shares 180 Last Updated: 01.04.2015 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 92.5 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 70.6 2 3 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 64.3 3 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 61.8 4 4 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 52.5 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 40.9 6 6 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 30.3 7 7 HK0013000119 6448068 0013.HK 644806 Hutchison Whampoa Ltd. HK HKD Y 26.2 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 25.3 9 16 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 25.2 10 10 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 25.0 11 9 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 21.7 12 11 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 20.9 13 12 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 20.9 14 13 HK0004000045 6435576 0004.HK 643557 Wharf (Holdings) Ltd. HK HKD Y 19.7 15 14 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 18.9 16 15 CNE100000205 B0B8Z29 3328.HK CN0054 Bank of Communications Co 'H' CN HKD Y 17.6 17 17 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co.
    [Show full text]
  • Charles Zhang
    In a little over 35 years China’s economy has been transformed Week in China from an inefficient backwater to the second largest in the world. If you want to understand how that happened, you need to understand the people who helped reshape the Chinese business landscape. china’s tycoons China’s Tycoons is a book about highly successful Chinese profiles of entrepreneurs. In 150 easy-to- digest profiles, we tell their stories: where they came from, how they started, the big break that earned them their first millions, and why they came to dominate their industries and make billions. These are tales of entrepreneurship, risk-taking and hard work that differ greatly from anything you’ll top business have read before. 150 leaders fourth Edition Week in China “THIS IS STILL THE ASIAN CENTURY AND CHINA IS STILL THE KEY PLAYER.” Peter Wong – Deputy Chairman and Chief Executive, Asia-Pacific, HSBC Does your bank really understand China Growth? With over 150 years of on-the-ground experience, HSBC has the depth of knowledge and expertise to help your business realise the opportunity. Tap into China’s potential at www.hsbc.com/rmb Issued by HSBC Holdings plc. Cyan 611469_6006571 HSBC 280.00 x 170.00 mm Magenta Yellow HSBC RMB Press Ads 280.00 x 170.00 mm Black xpath_unresolved Tom Fryer 16/06/2016 18:41 [email protected] ${Market} ${Revision Number} 0 Title Page.qxp_Layout 1 13/9/16 6:36 pm Page 1 china’s tycoons profiles of 150top business leaders fourth Edition Week in China 0 Welcome Note.FIN.qxp_Layout 1 13/9/16 3:10 pm Page 2 Week in China China’s Tycoons Foreword By Stuart Gulliver, Group Chief Executive, HSBC Holdings alking around the streets of Chengdu on a balmy evening in the mid-1980s, it quickly became apparent that the people of this city had an energy and drive Wthat jarred with the West’s perception of work and life in China.
    [Show full text]
  • Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. Your use of this website signifies that you agree to follow and be bound by the terms
    [Show full text]
  • INTERIM REPORT 2020 Corporate Information (Continued)
    (Incorporated in the Cayman Islands with limited liability) Stock Code: 1638 * For identification purposes only CONTENTS 2 Corporate Information 4 Chairman’s Statement 10 Management Discussion and Analysis 18 Project Portfolio 40 Disclosure of Interests 54 Independent Review Report 55 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 57 Condensed Consolidated Statement of Financial Position 59 Condensed Consolidated Statement of Changes in Equity 60 Condensed Consolidated Statement of Cash Flows 62 Notes to the Condensed Consolidated Financial Information 121 Other Information CORPORATE INFORMATION DIRECTORS REGISTERED OFFICE Executive Directors Cricket Square Mr. KWOK Ying Shing (Chairman) Hutchins Drive Mr. SUN Yuenan (Vice Chairman) PO Box 2681 Mr. MAI Fan Grand Cayman, KY1-1111 Mr. LI Haiming Cayman Islands Mr. KWOK Hiu Kwan Non-Executive Director HEADQUARTERS IN THE PRC Ms. CHEN Shaohuan Room 3306, Kerry Center Ren Min Nan Road Independent Non-Executive Directors Luohu Mr. RAO Yong Shenzhen Mr. ZHANG Yizhao China Mr. LIU Xuesheng PRINCIPAL PLACE OF BUSINESS IN AUDIT COMMITTEE HONG KONG Mr. RAO Yong (Chairman) 30/F, The Center Mr. ZHANG Yizhao 99 Queen’s Road Central Ms. CHEN Shaohuan Central Hong Kong REMUNERATION COMMITTEE Mr. ZHANG Yizhao (Chairman) PRINCIPAL SHARE REGISTRAR AND Mr. RAO Yong TRANSFER OFFICE Mr. KWOK Ying Shing Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road NOMINATION COMMITTEE George Town Mr. KWOK Ying Shing (Chairman) Grand Cayman, KY1-1110 Mr. RAO Yong Cayman Islands Mr. ZHANG Yizhao HONG KONG SHARE REGISTRAR AUTHORISED REPRESENTATIVES Computershare Hong Kong Investor Services Limited Mr. SUN Yuenan Mr.
    [Show full text]
  • China Distribution & Trading
    LI & FUNG RESEARCH CENTRE China Distribution & Trading Issue 89 August 2011 Department stores in China, 2011 IN THIS ISSUE: Overview . The total sales value of department stores in China was 249.8 billion I. Overview yuan in 2009; sales of select member enterprises of the China Commerce Association for General Merchandise registered 17.5% growth in 2010. II. Operation modes of Operation modes of department stores in China department stores in . Department stores operators in China generate revenue from (1) China commissions on concessionaire sales, (2) merchandise direct sales, (3) rental income from store tenants, (4) agency fee earned by serving as agents and (5) management fee etc. III. Competitive landscape . Commissions on concessionaire sales are the predominant source of income. IV. Challenges Competitive landscape . Compared with many mature markets, China’s department store sector is very fragmented. V. Recent developments . Domestic department store operators tend to focus on regional markets, while leading foreign department store operators have wider footprints. A growing number of department store operators look for opportunities in lower-tier cities. Challenges . Many department stores in China are poorly differentiated. Reliance on commissions from concessionaire sales is a major reason behind. Heavy initial capital outlays, lack of expertise in merchandising and long nurturing period for new brands are some common concerns Li & Fung Research Centre for operators to try out new operating models. Department stores are facing Increasing challenges from other retail 11/F, LiFung Tower formats such as shopping malls, professional stores, discount outlets and online retail stores. 868 Cheung Sha Wan Road, Kowloon, Hong Kong Recent developments Tel: (852) 2300 2399 .
    [Show full text]
  • American Century Investments® Quarterly Portfolio Holdings Avantis
    American Century Investments® Quarterly Portfolio Holdings Avantis® Emerging Markets Equity ETF (AVEM) November 30, 2020 Avantis Emerging Markets Equity ETF - Schedule of Investments NOVEMBER 30, 2020 (UNAUDITED) Shares/ Principal Amount ($) Value ($) COMMON STOCKS — 100.1% Brazil — 5.6% AES Tiete Energia SA 100,200 299,250 Aliansce Sonae Shopping Centers SA(1) 13,600 67,221 Alliar Medicos A Frente SA 300 608 Alpargatas SA, Preference Shares 3,700 28,247 Alupar Investimento SA 9,800 44,762 Ambev SA, ADR 128,781 342,557 Arezzo Industria e Comercio SA 7,000 90,809 Atacadao SA 20,500 76,224 Azul SA, ADR(1)(2) 7,899 168,012 B2W Cia Digital(1) 3,400 45,027 B3 SA - Brasil Bolsa Balcao 65,700 688,345 Banco ABC Brasil SA, Preference Shares 8,800 24,130 Banco Bradesco SA 48,460 197,190 Banco Bradesco SA, ADR 155,990 708,195 Banco BTG Pactual SA 14,300 210,707 Banco do Brasil SA 55,890 355,950 Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares 26,000 64,643 Banco Inter SA 2,700 36,740 Banco Inter SA, Preference Shares 7,100 32,337 Banco Pan SA, Preference Shares 36,800 64,225 Banco Santander Brasil SA, ADR(2) 21,322 155,224 BB Seguridade Participacoes SA 32,700 176,946 BK Brasil Operacao e Assessoria a Restaurantes SA 300 609 BR Malls Participacoes SA(1) 64,100 117,374 BR Properties SA 31,200 60,858 BrasilAgro - Co. Brasileira de Propriedades Agricolas 1,500 7,658 Braskem SA, ADR(2) 7,362 61,988 BRF SA, ADR(1) 65,511 269,250 Camil Alimentos SA 17,100 35,940 CCR SA 139,200 339,075 Centrais Eletricas Brasileiras SA, ADR(2) 13,437
    [Show full text]
  • Zhang Jindong Suning Commerce Group
    11 Retail.FIN.qxp_Layout 1 13/9/16 5:59 pm Page 130 Week in China China’s Tycoons Retail Zhang Jindong Suning Commerce Group Appliance – initially as a wholesaler of air- conditioning units. It was a smart move: Nanjing gets very hot in the summer, and is He just became known as one of the Three Furnaces (the other the boss of two are the cities of Chongqing and Wuhan). Inter Milan In his first year he earned Rmb10 million. Still under 30, he was soon battling with local state enterprises – which started a price war – but he was winning. By 1995, Zhang had concluded that the future was in being a retailer rather than a wholesaler. Initially he opened shops exclusively selling air-con units, but in 2000 he decided to expand his ambitions, taking on electrical retailer GOME to open shops that stocked a wider range of appliances. By 2004, Suning was opening a new store every four days. By 2016 Suning had 1,600 stores in 60 cities – the company has grown from 10 staff to 180,000. More recently the firm has also been aggressively expanding its presence online. Zhang declared that his goal is to create a In 2012 Wang Jianlin, owner of China’s biggest retail empire with sales of $100 billion by commercial landlord, famously challenged 2020. Alibaba’s boss Jack Ma to a wager: Wang would lose Rmb100 million to Ma should online Need to know consumption surpass 50% of total retail In August 2015 Zhang struck a deal which saw volume by 2022.
    [Show full text]
  • Maoye International Holdings Limited
    THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in MAOYE INTERNATIONAL HOLDINGS LIMITED, you should at once hand this circular and the accompanying form of proxy to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was affected for transmission to the purchaser or transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, 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 circular. Maoye International Holdings Limited 茂業國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 848) MAJOR TRANSACTION DISPOSAL OF SHARES IN ZHONGJIA BOCHUANG This circular is despatched to the Shareholders for information purpose only, and a written Shareholder’s approval has been obtained in lieu of holding a general meeting of the Company pursuant to the Listing Rules. 30 October 2020 CONTENTS Page Definitions ......................................................... 1 Letter from the Board ...............................................
    [Show full text]
  • Vanguard ESG International Stock ETF Annual Report August 31, 2020
    Annual Report | August 31, 2020 Vanguard ESG International Stock ETF See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Important information about access to shareholder reports Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com. You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
    [Show full text]
  • Maoye International Holdings Limited
    THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in MAOYE INTERNATIONAL HOLDINGS LIMITED, you should at once hand this circular and the accompanying form of proxy to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was affected for transmission to the purchaser or transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, 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 circular. Maoye International Holdings Limited 茂業國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 848) MAJOR TRANSACTION IN RELATION TO THE ACQUISITION OF 100% OF THE EQUITY INTEREST IN THE TARGET COMPANY This circular is despatched to the Shareholders for information purpose only, and a written Shareholder’s approval has been obtained in lieu of holding a general meeting of the Company pursuant to the Listing Rules. 24 December 2020 CONTENTS Page DEFINITIONS ..................................................... 1 LETTER FROM THE BOARD ........................................ 4 APPENDIX I – FINANCIAL INFORMATION OF THE GROUP ............ I-1 APPENDIX II – ACCOUNTANTS’ REPORT OF THE TARGET COMPANY .
    [Show full text]
  • Vanguard Emerging Markets Stock Index Fund
    Annual Report | October 31, 2020 Vanguard Emerging Markets Stock Index Fund See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Important information about access to shareholder reports Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com. You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
    [Show full text]