Annual Report 2019 Contents
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Fullshare Holdings Limited 豐盛控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code: 00607 Annual Report 2019 Contents Contents Corporate Information 2 Biographical Details of Directors and Senior Management 3 Chairman’s Statement 8 Management Discussion and Analysis 10 Corporate Governance Report 24 Report of the Directors 36 Independent Auditor’s Report 59 Consolidated Statement of Profit or Loss and other Comprehensive Income 67 Consolidated Statement of Financial Position 69 Consolidated Statement of Changes in Equity 71 Consolidated Statement of Cash Flows 72 Notes to the Consolidated Financial Statements 74 Five Years Financial Summary 202 Annual Report 2019 Fullshare Holdings Limited 1 Corporate Information Corporate Information BOARD OF DIRECTORS PRINCIPAL BANKERS Executive Directors China CITIC Bank Corporation Limited Mr. Ji Changqun (Chairman and CEO) Ms. Du Wei Bank of Communications Co., Ltd. Mr. Shen Chen (appointed on 23 October 2019) Industrial and Commercial Bank of China Limited Mr. Wang Bo (resigned on 23 October 2019) Bank of China (Hong Kong) Limited Bank of Jiangsu Co., Ltd Independent Non-executive Directors Mr. Lau Chi Keung Nanjing Bank Co., Ltd Mr. Chow Siu Lui Bank of China Travel Service Co., Ltd Jiaozuo Mr. Tsang Sai Chung LEGAL ADVISER AUDITOR Baker Tilly Hong Kong Limited LC Lawyers LLP Certified Public Accountants 2nd Floor, 625 King’s Road REGISTERED OFFICE North Point, Hong Kong Cricket Square COMPANY SECRETARY Hutchins Drive Ms. Seto Ying P.O. Box 2681 Grand Cayman KY1-1111 AUTHORISED REPRESENTATIVES Cayman Islands Mr. Shen Chen (appointed on 23 October 2019) Ms. Seto Ying HEAD OFFICE AND PRINCIPAL PLACE Mr. Wang Bo (up to 23 October 2019) OF BUSINESS AUDIT COMMITTEE Unit 2805, Level 28 Mr. Chow Siu Lui (Chairman) Admiralty Centre Tower 1 Mr. Lau Chi Keung 18 Harcourt Road Mr. Tsang Sai Chung Admiralty, Hong Kong REMUNERATION COMMITTEE PRINCIPAL SHARE REGISTRAR Mr. Lau Chi Keung (Chairman) Ms. Du Wei (appointed on 23 October 2019) SMP Partners (Cayman) Limited Mr. Tsang Sai Chung Royal Bank House Mr. Ji Changqun (resigned on 23 October 2019) 3rd Floor, 24 Shedden Road NOMINATION COMMITTEE P.O. Box 1586 Grand Cayman, KY1-1110 Mr. Ji Changqun (Chairman) Cayman Islands Mr. Lau Chi Keung Mr. Tsang Sai Chung BRANCH SHARE REGISTRAR IN HONG KONG RISK MANAGEMENT COMMITTEE Tricor Standard Limited Mr. Shen Chen (Chairman) Level 54 (appointed on 23 October 2019) Ms. Du Wei (re-designated on 23 October 2019) Hopewell Centre Mr. Tsang Sai Chung 183 Queen’s Road East Mr. Wang Bo (resigned on 23 October 2019) Hong Kong ENVIRONMENTAL, SOCIAL AND WEBSITE GOVERNANCE COMMITTEE Ms. Du Wei (Chairman) www.fullshare.com (re-designated on 23 October 2019) Mr. Shen Chen (appointed on 23 October 2019) STOCK CODE Mr. Tsang Sai Chung Mr. Wang Bo (resigned on 23 October 2019) 00607 2 Fullshare Holdings Limited Annual Report 2019 Biographical Details of Directors and Senior Management Biographical Details of Directors and Senior Management DIRECTORS Executive Directors Mr. Ji Changqun (“Mr. Ji”), aged 51, was appointed as an executive director of Fullshare Holdings Limited (the “Company”, together with its subsidiaries, the “Group”), chief executive officer and the chairman of the board (the “Board”) of directors (the “Director(s)”) of the Company on 12 December 2013. He is the chairman of nomination committee (the “Nomination Committee”) of the Company. Mr. Ji is responsible for the Group’s strategic control and organization development. Mr. Ji has over eleven years of management experience in the real estate industry in the People’s Republic of China (“PRC”). He was a director of certain subsidiaries of the Company. Mr. Ji studied the courses for postgraduates majoring in management science and engineering in Southeast University from September 2003 to September 2005. Mr. Ji obtained a master’s degree majoring in business administration issued by Macau University of Science and Technology in June 2006. Mr. Ji is a PRC senior engineer and senior economist. Mr. Ji holds a lot of social positions, including the chairman of Australia Nanjing General Chamber of Commerce(澳大利亞南京總商會), the chairman of Anhui Chamber of Commerce of Jiangsu Province(江 蘇省安徽商會), the honorary chairman of the board of Nanjing University of Chinese Medicine, the dean of Fullshare Health College(豐盛健康學院)of Nanjing University of Chinese Medicine, the director of the board of Wuhan University, the honorary chairman of the Institute of Chinese Medicine and Natural Medicine of School of Pharmaceutical Sciences of Wuhan University, the honorary chairman of Singapore Chinese Medicine College, etc. Ms. Du Wei (“Ms. Du”), aged 39, was appointed as an executive Director on 7 July 2018. She is the chairman of environmental, social and governance committee (the “ESG Committee”) and a member of remuneration committee (the “Remuneration Committee”) and risk management committee (the “Risk Management Committee”) of the Company. Ms. Du is responsible for the Group’s human resources strategic planning, organizational system construction, corporate culture construction, remuneration and incentives, performance management, execution evaluation and development, management and operation of the Group’s Hong Kong office and hosting general meetings and board meetings of the Company. Ms. Du obtained a Bachelor of Tourism Management degree and a Master of Business Administration degree from Nanjing Normal University, China, in 2002 and 2014, respectively. Ms. Du has more than 17 years’ experience in human resources and administration management. From 2012 to August 2016, Ms. Du worked as the officer of chairman’s office and human resources director of Fullshare Group Limited. Since 1 September 2016, she has been and is currently an officer of the human resources management committee of the Company. Since 1 April 2018, Ms. Du has been appointed as the general manager of Fullshare Holdings (Singapore) Service Management Pte Ltd, a wholly-owned subsidiary of the Company. Ms. Du is also a director of certain subsidiaries of the Company. From 2008 to 2012, Ms. Du also worked in certain subsidiaries of Fullshare Group Limited as human resources and administration manager. Annual Report 2019 Fullshare Holdings Limited 3 Biographical Details of Directors and Senior Management Mr. Shen Chen (“Mr. Shen”), aged 48, was appointed as an executive Director on 23 October 2019. He is the chairman of the Risk Management Committee and a member of the ESG Committee. He joined the Group in November 2018 and was appointed as the financial controller of the Company in June 2019. Mr. Shen is responsible for the capital, financing, fund, financial reporting and financial management of the Group and participates in investment decisions. He obtained a diploma in accounting from Nanjing Economic College (currently known as Nanjing University of Finance and Economics) in 1994 and obtained a bachelor degree in economic management from Correspondence Institute of the Party School of the Central Committee of the Communist Party of China*(中共中央黨校函授學院)in 2000. Mr. Shen has professional qualification of senior accountant. He was the financial controller of Nanjing JoyMain Science and Technology Development Co., Ltd.* (南京中脈科技發展有限公司)from August 1994 to July 2011. He was the vice president of Jiangsu Ruiheng Asset Management Co., Ltd.*(江蘇瑞恒資產管理有限公司)from July 2011 to April 2012. He was the financial controller of Nanjing Jiangong Industrial Group Co., Ltd.*(南京建工產業集團有限公司, formerly known as Nanjing Fullshare Industrial Holding Group Co., Ltd.* (南京豐盛產業控股集團有限公司))(“Nanjing Jiangong Industrial”) and Fullshare Technology Group Limited*(豐盛科技集團有限公司)from April 2012 to May 2013. He was the financial controller of Fullshare Green Building Group Company Limited*(豐盛綠建集團有限公司)and Nanjing Fullshare Energy Science & Technology Company Limited*(南京豐盛新能源科技股份有限公司)from May 2013 to November 2018. Mr. Shen was a director of a wholly-owned subsidiary of the Company. Independent Non-executive Directors Mr. Lau Chi Keung (“Mr. Lau”), aged 71, was appointed as an independent non-executive Director on 12 December 2013. He is the chairman of Remuneration Committee and a member of Nomination Committee and audit committee (the “Audit Committee”) of the Company. Mr. Lau has over 45 years of management experience in the real estate industry in the PRC and in Hong Kong. Mr. Lau obtained a higher diploma majoring in surveying/ building technology issued by Hong Kong Technical College (currently known as Hong Kong Polytechnic University) in 1970. Mr. Lau was admitted fellow member of each of the Hong Kong Institute of Surveyors and the Royal Institution of Chartered Surveyors respectively in 1987. Mr. Lau was appointed as a director of Henderson Investment Limited in 1995 and was appointed as a director of Henderson China Development Limited in 2005. Since September 2016, Mr. Lau has been appointed as an independent non-executive director of Applied Development Holdings Limited (“ADHL”) (stock code: 519), a company listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). Mr. Lau served in many social positions, including a member of the Construction Industry Training Authority, a member of the Administrative Appeals Board from 2003 to 2009 and an external examiner of the University of Hong Kong – B.Sc. (Hons) Degree in Surveying from 1998 to 2001 and the Hong Kong Polytechnic University – B.Sc. (Hons) programme in Building Surveying from 2005 to 2007 respectively. Mr. Lau currently holds several social positions,