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ANNUAL2020 REPORT SUSTAINABLE GROWTH THROUGH COMMITMENT TO EXCELLENCE (incorporated in the Cayman Islands with limited liability) Stock Code: 3301 CONTENTS Corporate Information 2 Major Honours and Awards 4 Chairman’s Statement 6 Summary of Principal Properties 10 Management Discussion and Analysis 16 Directors and Senior Management 37 Report of Directors 44 Corporate Governance Report 67 Environmental, Social and Governance Report 82 Independent Auditor’s Report 121 Consolidated Income Statement 128 Consolidated Statement of Comprehensive Income 129 Consolidated Balance Sheet 130 Consolidated Statement of Changes in Equity 132 Consolidated Statement of Cash Flows 134 Notes to the Consolidated Financial Statements 136 Five Years’ Financial Summary 224 Ronshine China Holdings Limited CORPORATE INFORMATION BOARD OF DIRECTORS AUDITOR Executive Directors PricewaterhouseCoopers Certified Public Accountants and Registered PIE Auditor Mr. Ou Zonghong 22/F, Prince’s Building (Chairman and Chief Executive Officer) Central Ms. Yu Lijuan Hong Kong Ms. Zeng Feiyan Mr. Ruan Youzhi Mr. Zhang Lixin (Chief Financial Officer) LEGAL ADVISERS As to Hong Kong law: Non-Executive Director Sidley Austin Ms. Chen Shucui As to Cayman Islands law: Independent Non-Executive Directors Conyers Dill & Pearman Mr. Ren Yunan As to PRC law: Mr. Qu Wenzhou Dentons Law Offices, LLP Mr. Ruan Weifeng CAYMAN ISLANDS PRINCIPAL AUDIT COMMITTEE SHARE REGISTRAR AND Mr. Qu Wenzhou (Chairman) TRANSFER OFFICE Mr. Ren Yunan Conyers Trust Company (Cayman) Limited Mr. Ruan Weifeng Cricket Square Hutchins Drive REMUNERATION COMMITTEE P.O. Box 2681, Grand Cayman, KY1-1111 Mr. Ren Yunan (Chairman) Cayman Islands Mr. Ou Zonghong Mr. Qu Wenzhou HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services Limited NOMINATION COMMITTEE Shops 1712–1716, 17th Floor Mr. Ou Zonghong (Chairman) Hopewell Centre Mr. Qu Wenzhou 183 Queen’s Road East, Wanchai Mr. Ruan Weifeng Hong Kong REGISTERED OFFICE Cricket Square Hutchins Drive P.O. Box 2681, Grand Cayman, KY1-1111 Cayman Islands 2 2020 Annual Report Corporate Information PRINCIPAL PLACE OF BUSINESS BOND AND HEAD OFFICE IN THE PRC US$323,729,000 8.25% Senior Notes due 2021 Common Code: 174766592 Building L1B, Hongqiao World Center, ISIN: XS1747665922 Lane 1588, Zhuguang Road Qingpu District US$560,000,000 11.25% Senior Notes due 2021 Shanghai Common Code: 195081972 The People’s Republic of China ISIN: XS1950819729 PRINCIPAL PLACE OF BUSINESS IN US$150,000,000 5.25% Senior Notes due 2021 HONG KONG Common Code: 226832645 Room 1210, 12th Floor, ICBC Tower ISIN: XS2268326456 3 Garden Road Central US$488,000,000 10.5% Senior Notes due 2022 Hong Kong Common Code: 195748144 ISIN: XS1957481440 JOINT COMPANY SECRETARIES US$690,000,000 8.75% Senior Notes due 2022 Mr. Yu Zuoyi Common Code: 197676078 Ms. Ng Wing Shan (FCS, FCG) ISIN: XS1976760782 AUTHORISED REPRESENTATIVES US$200,000,000 5.50% Senior Notes due 2022 Common Code: 229447254 Mr. Ou Zonghong ISIN: XS2294472548 Ms. Ng Wing Shan US$415,000,000 8.95% Senior Notes due 2023 PRINCIPAL BANKERS Common Code: 203146973 Bank of China Limited ISIN: XS2031469732 Agricultural Bank of China Limited US$316,000,000 8.10% Senior Notes due 2023 Common Code: 209094916 Industrial and Commercial Bank of China Limited ISIN: XS2090949160 WEBSITE US$410,000,000 7.35% Senior Notes due 2023 Common Code: 218930387 www.rongxingroup.com ISIN: XS2189303873 STOCK CODE US$166,000,000 6.75% Senior Notes due 2024 Common Code: 221151488 STOCK ISIN: XS2211514885 HKEx: 3301 US$250,500,000 7.1% Senior Notes due 2025 Common Code: 229030884 ISIN: XS2290308845 3 Ronshine China Holdings Limited MAJOR HONOURS AND AWARDS Corporate Brand Ranking 21th on the list of the “2020 China Top 500 Real Estate Developers” (March 2020, issued by the China Real Estate Association, Shanghai E-house Real Estate Research Institute and China Real Estate Appraisal Center) “Top 5 Kingpan Awards of 2020 China Real Estate Developers Product Capability” (31 December 2020, issued by Kinpan.com) “2020 China’s Real Estate Leading Enterprise of the Year” (December 2020, issued by China Real Estate Business) “Property Enterprise with Outstanding Influence of the Year 2020” (8 August 2020, issued by the 21st Century Business Herald) “2020 Best Brand Value Award of the Year” (November 2020, issued by Gelonghui) “PRC CSR Real Estate Enterprise of the Year 2020” (12 August 2020, issued by Guandian Property) 4 2020 Annual Report Major Honours and Awards Star Projects Wenzhou • Ronshine • Hai Yue Qing Feng Project Ronshine • Hangzhou NEO (溫州‧融信中能‧海月清風項目) (融信遠洋‧杭州厘望NEO): Aesthetics Vogue Award 2020-2021 – Extreme The Outstanding Property Award London 2019, Architectural Aesthetics Award of Excellence Interior Design-Commercial, Winner issued by Real Estate Line Omni-Media Platform, 23 issued by Farmani Group, 1 April 2020 December 2020 Fuzhou Ronshine • China Legend Capital Market (福州融信‧海月江潮) “Best ESG” Award on 6 January 2021 World Architecture Festival • China-Annual Excellent The “Fifth Golden HK Stocks Award” ceremony, issued by Works Award Zhitong Caijing issued by EMAP Group, UK, 1 December 2020 Best Investor Relations Award of the “Finance and Ronshine Taiyuan City of Time Capital Awards” on 26 January 2021 (融信太原時光之城) List of the third Golden Building Award Melbourne Design Awards – GOLD issued by DRIVENxDESIGN, 28 June 2020 Included in the Hang Seng Large-Mid Cap Value Tilt Index on 18 May 2020 Ronshine • Hangzhou Sky Mansion Included in the Hang Seng Large-Mid Cap (Investable) (融信保利‧杭州創世紀) Index on 19 October 2020 Hang Seng Indexes 2020 Pro+Award, SILVER issued by Real Estate Architect Branch of The Architecture Society of Shanghai China, 20 December 2020 5 Ronshine China Holdings Limited CHAIRMAN’S STATEMENT Zhanwang (Hangzhou) Dear Shareholders, During the Year, given that the pandemic is gradually under control in China, with the resumption of work On behalf of the board (the “Board”) of directors (the and production as well as the recovery of business “Directors”) of Ronshine China Holdings Limited (the and market going ahead, the recovery of real estate “Company” or “Ronshine” and its subsidiaries, the market was better than market expectations. In August, “Group”), I am pleased to present the annual results of the the introduction of the “three red lines” new policy Group for the year ended 31 December 2020 (the “Year”). ushered an era of “management dividends” for real estate industry. Ronshine, which has always focused Market Review on optimizing capital structure and improving operating capabilities, maintained steady development. The central In 2020, the global economy has slowed down amid the government continued to adhere to the positioning severe and complex domestic and foreign environments, of “housing is for living, not for speculation”, and kept especially against the backdrop of the novel coronavirus the main tone of “Stabilizing land prices, housing disease (“COVID-19”) pandemic (“pandemic”). Only prices and related expectations” for property market China’s economy rebounded after the COVID-19 regulation. Local governments continued to implement pandemic was under control. The gross domestic product the “city-specific policies” control mechanism to flexibly (“GDP”) in 2020 exceeded RMB100 trillion, representing control and prevent sharp fluctuations in housing an increase of 2.3% as compared with 2019. The rapid prices. According to the data of National Bureau of economic recovery is significantly higher than the overall Statistics, the sales of the real estate market continued world level, and continued to drive the world economic to grow positively in 2020. The sales of commodity growth. housing amounted to RMB17,361.3 billion for the Year, 6 2020 Annual Report Chairman’s Statement Haiyueqingfeng (Wenzhou) representing an increase of 8.7% as compared with remained low in net gearing ratio and further declined last year, while sales area amounted to 1,760.86 million in financing costs, and significantly optimized its capital sq.m. for the Year, representing an increase of 2.6% as structure. compared with 2019. The Group has also continued to deepen the “1+N” Business Review layout by adhering to the positioning of seeking quality with insight. The Group deeply cultivated nine core Facing the challenges arising from the pandemic and the urban agglomerations (the Yangtze River Delta, the west overall economy slowdown during the Year, the Group coast of the Straits, middle reaches of the Yangtze River, unwaveringly upheld the vision of “become a property Zhongyuan (Central Plain), Chengdu and Chongqing developer leader with quality and a service provider Region, the Greater Bay Area, the Beijing-Tianjin-Hebei for an ideal life”. The Group implemented the strategic Region, Shandong Peninsula and Northwest China). policy of “focus, balance and alliance with giants”, and Land acquisition slanted towards advantageous regions persisted in product quality while seeking progress and such as the Yangtze River Delta and the west coast of stability. Focusing on the key regions such as the Yangtze the Straits. The Group has accumulated outstanding River Delta and the west coast of the Straits, the Group brand competitiveness in advantageous regions, which acquired high-quality land parcels at a low premium by is conducive to enhancing the Group’s bargaining power accurately following the market cycle, and accelerated and profitability. As the pandemic gradually subsided, projects development during the pandemic. By exploring housing
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    A peer-reviewed open-access journal ZooKeys 855: 71–83 (2019)Review of the leafhopper subgenus Pediopsoides from China 71 doi: 10.3897/zookeys.855.33591 RESEARCH ARTICLE http://zookeys.pensoft.net Launched to accelerate biodiversity research Review of the leafhopper subgenus Pediopsoides (Sispocnis) (Hemiptera, Cicadellidae, Eurymelinae, Macropsini) with description of two new species from China Hu Li1, Juan Li1, Ren-Huai Dai2 1 Shaanxi Key Laboratory of Bio-resources, School of Biological Science & Engineering, Shaanxi University of Technology, Hanzhong, Shaanxi, 723000 P.R. China 2 Institute of Entomology of Guizhou University, The Provincial Key Laboratory for Agricultural Pest Management of Mountainous Region, Guiyang, Guizhou, 550025 P.R. China Corresponding author: Ren-Huai Dai ([email protected], [email protected]) Academic editor: James Zahniser | Received 1 February 2019 | Accepted 13 May 2019 | Published 13 June 2019 http://zoobank.org/11E1DA4C-F060-48ED-BDDB-F4D99C5E098D Citation: Li H, Li J, Dai R-H (2019) Review of the leafhopper subgenus Pediopsoides (Sispocnis) (Hemiptera, Cicadellidae, Eurymelinae, Macropsini) with description of two new species from China. ZooKeys 855: 71–83. https:// doi.org/10.3897/zookeys.855.33591 Abstract The leafhopper subgenusPediopsoides (Sispocnis) Anufriev, 1967 is reviewed and the type species is fixed as Bythoscopus kogotensis Matsumura, 1912. Six valid species of the subgenus are recognized including two new species described and illustrated here, Pediopsoides (Sispocnis) rectus Li, Li & Dai, sp. nov. and P. (S.) triangulus Li, Li & Dai, sp. nov. from Sichuan Province of Southwestern China. Additionally P. (S.) heterodigitatus Dai & Zhang, 2009 is proposed as a junior synonym of P. (S.) aomians (Kuoh, 1981) based on examination of many specimens.
  • Stability of the Milstein Method for Stochastic Differential Equations with Jumps†

    Stability of the Milstein Method for Stochastic Differential Equations with Jumps†

    J. Appl. Math. & Informatics Vol. 29(2011), No. 5 - 6, pp. 1311 - 1325 Website: http://www.kcam.biz STABILITY OF THE MILSTEIN METHOD FOR STOCHASTIC DIFFERENTIAL EQUATIONS WITH JUMPSy LIN HU¤ AND SIQING GAN Abstract. In this paper the Milstein method is proposed to approximate the solution of a linear stochastic di®erential equation with Poisson-driven jumps. The strong Milstein method and the weak Milstein method are shown to capture the mean square stability of the system. Furthermore using some technique, our result shows that these two kinds of Milstein methods can well reproduce the stochastically asymptotical stability of the system for all su±ciently small time-steps. Some numerical experiments are given to demonstrate the conclusions. AMS Mathematics Subject Classi¯cation : 60H10, 65C20, 65L20. Key words and phrases : Milstein method, mean square stability, asymp- totical stability, jump-di®usion, stochastic di®erential equation. 1. Introduction Stochastic di®erential equations (SDEs) with jumps have many important ap- plications in the areas such as biology, ¯nance, economics and so on. In general, SDEs with jumps have no explicit solutions. Thus, it is necessary to develop nu- merical methods and to study the properties of these numerical schemes. There is a vast literature on the stability of numerical methods for SDEs, see, for ex- ample, Higham [5], Milstein [12], Higham et al.[7] and for stochastic di®erential delay equations (SDDEs), for example, see [17, 9]. There are some results con- cerned with the weak approximate schemes for SDEs, see, for example, Saito and Mistui [14], Burrage et al. [2], Cao and Liu [4].