DOCSLIB.ORG

Annual Report Stock Code: 3993

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report Stock Code: 3993 * Stock Code: 3993 * 2016 Annual Report * 2016 Annual ReportAnnual 2016 * For identification purposes only CONTENTS Company Profile 2 Chairman’s Letter 3 Financial Highlights 5 Market Review and Prospects 12 Business Review and Prospects 20 Management’s Discussion and Analysis 23 Resources and Reserves 31 Material Events 37 Material Events 37 Honours 39 Domestic Industry Policies 39 Risks Warning 41 Corporate Governance Report 43 Report of the Directors 56 Summary of Environmental, Social and Governance Report 70 Report of the Supervisory Committee 71 Profiles of Directors, Supervisors and Senior Management 74 Corporate Information 78 Auditor’s Report 80 All statements, other than statements of historical facts, that address business activities, events or developments that the Company expects or anticipates may or will occur in the future (including but not limited to projections, targets, estimates and business plans) are forward-looking statements. The Company’s actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various variables and uncertainties. The Company makes the forward-looking statements in the annual report for the year referred to herein as at 30 March 2017 and undertakes no obligation or responsibility to update these statements, and do not constitute the Company’s substantive undertakings to investors. Investors are advised to pay attention to investment risks. China Molybdenum Co., Ltd. 1 COMPANY PROFILE China Molybdenum Co., Ltd. (“CMOC” or the “Company”, and together with its subsidiaries, the “Group”) is a joint stock company established in the People’s Republic of China (the “PRC” or “China”) on 25 August 2006. The Company was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 26 April 2007 and the Shanghai Stock Exchange (the “SSE”) on 9 October 2012. The Company is primarily engaged in the mining and selecting, smelting and deep processing of molybdenum, tungsten, copper, cobalt, niobium and phosphorus minerals. It possesses a relatively complete and integrated industry chain. The Company represents one of the leading molybdenum producers, one of the top five molybdenum producers, one of the largest tungsten producers and the second largest cobalt and niobium producer in the world. It is also the fourth largest existing copper ore producer in Australia and the second largest phosphate fertilizer producer in Brazil. The Company has the highest production capacity in ferromolybdenum and molybdenum oxides in the PRC. The Company operates its wholly-owned Sandaozhuang molybdenum/tungsten mine (三道莊鉬鎢礦), one of the largest proved reserves of molybdenum and the second largest proved reserves of tungsten in the world, with very competitive cost for both molybdenum and tungsten. The Shangfanggou molybdenum/iron mine (上房溝鉬鐵礦), which is owned by Luoyang Fuchuan Mining Co., Ltd. (洛 陽富川礦業有限公司) (“Luoyang Fuchuan”), a joint venture of the Company, is close to the Sandaozhuang molybdenum mine and has an abundant high-grade molybdenum reserve. The molybdenum mine located in East Gobi, Hami, Xinjiang owned by Xinjiang Luomu Mining Co., Ltd. (新疆洛鉬礦業有限公司) (“Xinjiang Luomu”), a subsidiary of the Company, was the first huge porphyry- type molybdenum mine discovered in Xinjiang, the PRC. The mine is large in scale, of high grade, shallow in terms of burial depth and easy for open-pit mining. The Copebras Indústria Ltda., a wholly-owned subsidiary of the Company, is a relatively established operator of phosphate fertilizer resources and the second largest fertilizer producer with its businesses covering the whole phosphorus industry chain in Brazil. It treats approximately 6 million tonnes of ores in aggregate every year with total ore production ranking second in Brazil, and the Chapadão mine under it boasts the highest-grade phosphorus resources in Brazil. The yet-to-be-developed Coqueiros deposit possesses a high-quality ore mine similar to Chapadão mine; while the Morro Petro deposit represents one of the most promising mining projects in Brazil in recent years relying on its immense potential resources and advantageous location. The Niobras Mineração Ltda., located in Brazil and wholly owned by the Company, is among the top two niobium ore producers world wide. Niobras Mineração Ltda. expanded its niobium mine and achieved the designed production capacity in 2016, which resulted in a growth in the annual output of the niobium ores. The Tenke Fungurume mining area in which the Company owns 56% equity interests is located in Katanga of the Congo (DRC), represents a copper and cobalt mining area with one of the largest reserve and highest grade in the world. Meanwhile, it is also the largest uni-cobalt-core producer in the world and the largest foreign-invested enterprise in the Congo (DRC). The Northparkes copper/gold mine in Australia (“NPM”), in which the Company owns 80% equity interests, adopts technologically advanced and highly automated mining method of block caving, and is characterized by its high-quality products, low production cost and long term of mining. The vision of the Company is to become a respected international resources company. The focus of our developmental strategies will be: — To strengthen and maintain the existing highly competitive cost advantages and reduce costs continually, improve management, enhance efficiency and dig out the potential within the Company; — To continue to manage and optimize the balance sheet, properly arrange the financing structure and reduce cost of funds; — To ensure the stable operation of our overseas businesses and explore and give play to the synergistic effects of businesses by virtue of the comprehensive competitive advantages of the Company in terms of the scale, industry chain, technology, funds, market and management and its diversified financing platform; Focusing on adjustment of structure and shift of the way of growth, to actively promote resource acquisitions and prioritize mergers and acquisitions on investments in quality and mature resource projects located in politically stable areas and with good cash flows, so as to speed up the Company’s development through “combination of industry and financing”. 2 2016 Annual Report CHAIRMAN’S LETTER Dear shareholders: 2016 is a year of transformation for our company. If the acquisition of Northparkes copper/gold mine in Australia from Rio Tinto in 2013 marked the beginning of our overseas adventure, with the successful acquisitions in 2016 of the controlling interest in the world class Tenke Fungurume copper and cobalt facilities in the Democratic Republic of Congo (“DRC”) from Freeport-McMoran Inc. and the niobium and phosphates businesses in Brazil from Anglo American plc, we have become a truly international mining group. Boasting assets operated in four continents, we are now a global leading producer of specialty metals of molybdenum, tungsten, cobalt and niobium, one of the lowest cost large-scale copper miner in the world and the second largest phosphates producer in Brazil. REVIEW “It was the worst of times, it was the best of times; it was the age of foolishness, it was the age of wisdom; it was the epoch of incredulity, it was the epoch of belief; it was the season of darkness, it was the season of light; it was the winter of despair, it was the spring of hope; we had nothing before us, we had everything before us …”, this famous quote from Charles Dickens written almost 160 years ago still remains relevant, of which I only changed the order. That was the opening remarks I made at the Board meeting in April 2016, at which all directors of the Board voted unanimously to approve the two major acquisitions in Brazil and DRC. Since then we have experienced this extraordinary year of 2016. Faith is the foundation Our vision is to become a respected international resources company. This faith is guiding our development. “Respected” is a simple word, but it really means a lot – it is very hard to become and stay “respected”. Resources are the key to the success of a mining company. First-tier resources make a first-tier mining company; and world-class resources make a world-class mining company. Without world-class assets, how can a mining company earn respect? In our opinion, mining is a quasi-financial and quasi-investment industry. With the commodity market undergoing cycles every couple of years, investing in mining sector is cyclical and needs a long-term vision and unrelenting persistence. For many years, we agonized over this strategic question: how do we utilize and structure our capital so that we can acquire and control first-tier or even world-class mining assets during different cycles? Four years ago, we predicted that the winter was coming for the mining industry. While other companies were splurging money to invest or chasing the market’s popularity, we were busy shedding non-core assets and disposing of inefficient assets to withdraw cash, and using financial tools and capital market to accumulate funds. Investing in the mining sector also entails tolerance to loneliness and resistance to temptations. When opportunities come, one needs to act decisively. How can we win the respect of others without such a strategic vision and a speedy execution? It is our faith that underpins everything. Timing is everything It is still fresh in our memory that mining industry entered cold winter in the second half of 2015, and then hit its most freezing point in early 2016; all companies in the industry were struggling. Now it might be difficult for us to imagine that at the lowest point, the market cap of the fourth largest mining company in the world dropped to US$3.4 billion, and that of the largest listed copper producer was merely US$4.4 billion. However, it is only against this background that we can find opportunities and make a deal – having a buyer alone doesn’t make a deal, one also needs a willing seller.
Load more

Recommended publications
  • 中國中車股份有限公司 Crrc Corporation 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 14A.69(4) consult your licensed dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in CRRC Corporation Limited (the “Company”), you should at once hand this circular and the enclosed New Proxy Form to the purchaser or the transferee or to the bank, licensed dealer in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser or the transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no 14A.70(1) 13.52 Note 5 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. 中國中車股份有限公司 CRRC CORPORATION LIMITED (a joint stock limited company incorporated in the People’s Republic of China with limited liability) 13.28(1) 13.51A (Stock code: 1766) A1B1 (1) PROPOSED ISSUANCE AND PLACING OF NEW A SHARES; (2) CONNECTED TRANSACTION: PROPOSED SUBSCRIPTION OF NEW A SHARES BY CRRC GROUP; AND (3) SUPPLEMENTAL NOTICE OF 2015 ANNUAL GENERAL MEETING Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders A supplemental notice of the AGM of the Company, which will be held as originally scheduled at Empark Grand Hotel, No.
    [Show full text]
  • The Mineral Industry of China in 2016
    2016 Minerals Yearbook CHINA [ADVANCE RELEASE] U.S. Department of the Interior December 2018 U.S. Geological Survey The Mineral Industry of China By Sean Xun In China, unprecedented economic growth since the late of the country’s total nonagricultural employment. In 2016, 20th century had resulted in large increases in the country’s the total investment in fixed assets (excluding that by rural production of and demand for mineral commodities. These households; see reference at the end of the paragraph for a changes were dominating factors in the development of the detailed definition) was $8.78 trillion, of which $2.72 trillion global mineral industry during the past two decades. In more was invested in the manufacturing sector and $149 billion was recent years, owing to the country’s economic slowdown invested in the mining sector (National Bureau of Statistics of and to stricter environmental regulations in place by the China, 2017b, sec. 3–1, 3–3, 3–6, 4–5, 10–6). Government since late 2012, the mineral industry in China had In 2016, the foreign direct investment (FDI) actually used faced some challenges, such as underutilization of production in China was $126 billion, which was the same as in 2015. capacity, slow demand growth, and low profitability. To In 2016, about 0.08% of the FDI was directed to the mining address these challenges, the Government had implemented sector compared with 0.2% in 2015, and 27% was directed to policies of capacity control (to restrict the addition of new the manufacturing sector compared with 31% in 2015.
    [Show full text]
  • 2020 Annual Report
    AUGUST 31, 2020 2020 Annual Report iShares, Inc. • iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ • iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ • iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX • iShares MSCI Emerging Markets Multifactor ETF | EMGF | Cboe BZX • iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. Ifyou hold accounts throughafinancial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies ofyour shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contactingyour financial intermediary. Please note that not all financial intermediaries may offer this service.
    [Show full text]
  • Section 3: China's Strategic Aims in Africa
    SECTION 3: CHINA’S STRATEGIC AIMS IN AFRICA Key Findings • Beijing has long viewed African countries as occupying a cen- tral position in its efforts to increase China’s global influence and revise the international order. Over the last two decades, and especially under General Secretary of the Chinese Com- munist Party (CCP) Xi Jinping’s leadership since 2012, Beijing has launched new initiatives to transform Africa into a testing ground for the export of its governance system of state-led eco- nomic growth under one-party, authoritarian rule. • Beijing uses its influence in Africa to gain preferential access to Africa’s natural resources, open up markets for Chinese exports, and enlist African support for Chinese diplomatic priorities on and beyond the continent. The CCP flexibly tailors its approach to different African countries with the goal of instilling admira- tion and at times emulation of China’s alternative political and governance regime. • China is dependent on Africa for imports of fossil fuels and commodities constituting critical inputs in emerging technology products. Beijing has increased its control of African commodi- ties through strategic direct investment in oil fields, mines, and production facilities, as well as through resource-backed loans that call for in-kind payments of commodities. This control threatens the ability of U.S. companies to access key supplies. • As the top bilateral financier of infrastructure projects across Africa, China plays an important role in addressing the short- age of infrastructure on the continent. China’s financing is opaque and often comes with onerous terms, however, leading to rising concerns of economic exploitation, dependency, and po- litical coercion.
    [Show full text]
  • Annual-Report-Hk-En-3073.Pdf
    SPDR® FTSE® Greater China ETF A Sub-Fund of the SPDR® ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_EN.html Annual Report 2020 1st October 2019 to 30th September 2020 SPDR® FTSE® Greater China ETF A Sub-Fund of the SPDR® ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_EN.html Annual Report 2020 Contents Page Statement by the Manager 2 Report of the Trustee 3 Independent Auditor’s Report to the unitholders of SPDR® FTSE® Greater China ETF (a sub-fund of the SPDR® ETFs) (the “Sub-Fund”) 4 Statement of Financial Position 9 Statement of Comprehensive Income 10 Statement of Changes in Equity 11 Statement of Cash Flows 12 Notes to the Financial Statements 13 Investment Portfolio (Unaudited) 39 Statement of Movements in Portfolio Holdings (Unaudited) 67 Performance Record (Unaudited) 68 Administration and Management 69 1 SPDR® FTSE® Greater China ETF A Sub-Fund of the SPDR® ETFs Annual Report 2020 STATEMENT BY THE MANAGER Manager’s Responsibilities The Manager of SPDR® FTSE® Greater China ETF (the “Sub-Fund”) is required by the Code on Unit Trusts and Mutual Funds issued by the Securities and Futures Commission of Hong Kong (the “SFC Code”) and the Trust Deed dated 27th July 2010, as amended and restated by the second supplemental trust deed dated 30th December 2019 (the “Trust Deed”), to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Sub-Fund at the end of that period and of the transactions for the period then ended.
    [Show full text]
  • Victory Fund Holdings Victory Vif Sophus
    VICTORY FUND HOLDINGS As of June 30, 2021 VICTORY VIF SOPHUS EMERGING MARKETS MATURITY TRADED MARKET TRADED MARKET SECURITY DESCRIPTION DATE VALUE (BASE) VALUE (BASE) % ALIBABA GROUP HOLDING LTD ADR 1,972,532.44 4.25% BAIDU, INC. ADR 501,186.20 1.08% CEMEX DA - ADR 425,787.60 0.92% BANCO DE CREDITO E INVERSIONES 42.24 0.00% BANCO DE CHILE 222,461.14 0.48% CONTROLADORA VUELA CIA-ADR 252,035.20 0.54% VALE SA 519,202.93 1.12% GRUPO FINANCIERO BANORTE SAB DE CV 53,844.63 0.12% ALSEA SAB DE CV 191,300.90 0.41% PETROBRAS DISTRIBUIDORA SA 280,040.22 0.60% HDFC BANK, LTD. ADR 295,770.40 0.64% INFOSYS TECHNOLOGIES ADR 917,463.43 1.98% JD.COM INC 462,259.52 1.00% MYTILINEOS HOLDINGS SA 231,598.89 0.50% ASM PACIFIC TECHNOLOGY LIMITED 289,896.61 0.63% WALSIN TECHNOLOGY CORP 358,898.56 0.77% HINDUSTAN PETROLEUM CORP LTD 420,901.59 0.91% LIC HOUSING FINANCE LTD 347,677.95 0.75% TATA STEEL LTD 279,822.18 0.60% NMDC LTD 371,024.87 0.80% DB INSURANCE CO LTD 248,435.54 0.54% CJ CORP 218,169.43 0.47% CHINA AIRLINES LTD 237,394.11 0.51% NANYA TECHNOLOGY CORP 437,286.77 0.94% LG UPLUS CORP 400,318.87 0.86% INBODY CO LTD 147,250.34 0.32% EVERGREEN MARINE CORP TAIWAN LTD 550,999.17 1.19% FORMOSA PLASTICS CORP 266,092.71 0.57% FOSCHINI GROUP LTD/THE 78,224.61 0.17% SIAM COMMERCIAL BANK P-NVDR 302,348.74 0.65% MEDIATEK INC 586,318.72 1.26% SAMSUNG SECURITIES CO LTD 272,600.80 0.59% DR.
    [Show full text]
  • Annual Report DBX ETF Trust
    May 31, 2021 Annual Report DBX ETF Trust Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) Xtrackers MSCI All China Equity ETF (CN) Xtrackers MSCI China A Inclusion Equity ETF (ASHX) DBX ETF Trust Table of Contents Page Shareholder Letter ....................................................................... 1 Management’s Discussion of Fund Performance ............................................. 3 Performance Summary Xtrackers Harvest CSI 300 China A-Shares ETF ........................................... 6 Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF .................................. 8 Xtrackers MSCI All China Equity ETF .................................................... 10 Xtrackers MSCI China A Inclusion Equity ETF ............................................ 12 Fees and Expenses ....................................................................... 14 Schedule of Investments Xtrackers Harvest CSI 300 China A-Shares ETF ........................................... 15 Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF .................................. 20 Xtrackers MSCI All China Equity ETF .................................................... 28 Xtrackers MSCI China A Inclusion Equity ETF ............................................ 33 Statements of Assets and Liabilities ........................................................ 42 Statements of Operations ................................................................. 43 Statements of Changes in Net
    [Show full text]
  • SPDR® FTSE® Greater China ETF a Sub-Fund of the SPDR® Etfs Stock Code: 3073 Website
    SPDR® FTSE® Greater China ETF A Sub-Fund of the SPDR® ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_EN.html Interim Report 2021 1st October 2020 to 31st March 2021 SPDR® FTSE® Greater China ETF A Sub-Fund of the SPDR® ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_EN.html Interim Report 2021 Contents Page Condensed Statement of Financial Position (Unaudited) 2 Condensed Statement of Comprehensive Income (Unaudited) 3 Condensed Statement of Changes in Equity (Unaudited) 4 Condensed Statement of Cash Flows (Unaudited) 5 Notes to the Unaudited Condensed Financial Statements 6 Investment Portfolio (Unaudited) 10 Statement of Movements in Portfolio Holdings (Unaudited) 41 Derivative Financial Instruments (Unaudited) 42 Performance Record (Unaudited) 42 Administration and Management 43 1 SPDR® FTSE® Greater China ETF a Sub-Fund of the SPDR® ETFs Interim Report 2021 CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED) As at 31st March 2021 31.03.2021 30.09.2020 Notes HK$ HK$ Assets Current assets Investments 1,385,908,557 969,438,426 Derivative financial instruments 54,331 47,229 Amounts due from brokers – 1,529,953 Dividends receivable 994,452 1,771,941 Other receivables 6(i) 122,017 347,255 Margin deposits 104,721 1,032,223 Cash at bank 6(f) 3,100,556 2,423,717 Total Assets 1,390,284,634 976,590,744 Liabilities Current liabilities Derivative financial instruments – 14 Amounts due to brokers – 1,500,560 Audit fee payable 154,612 309,225 Trustee fee payable 6(e) 382,474 270,773 Management fee payable 6(d) 684,377 481,283 Tax provision 156,265 214,282 Total Liabilities 1,377,728 2,776,137 Equity Net assets attributable to unitholders 4 1,388,906,906 973,814,607 The notes on pages 6 to 9 form part of these financial statements.
    [Show full text]
  • Business and Human Rights - Towards a Decade of Global Implementation
    Business and Human Rights - Towards a Decade of Global Implementation Chinese Stakeholders Consultation Seminar Summary of Discussion January 14, 2021, Online Co-organized by: China National Textile and Apparel Council (CNTAC) China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters (CCCMC) I. Keynote speeches: The development of business and human rights issues globally and in Asia Mr. Dante Pesce, Vice Chairperson of the United Nations Working Group on Business and Human Rights, thanked the organizers and made a keynote speech on Global Perspectives on Business and Human Rights. After that, Mr. Livio Sarandrea, director of the B+HR project of the UNDP Asia-Pacific Office, thanked the organizers and introduced the Development of Business and Human Rights in Asia. They respectively introduced the development status of business and human rights issues on a global scale and in Asia, and expressed their expectation and support for Chinese stakeholders to continue to participate in this global agenda. II. China's policy development on business and human rights: Dr. Liang Xiaohui, China National Textile and Apparel Council (CNTAC) Dr. Liang pointed out that the Chinese government has realized the important impact of business on human rights, and has therefore made policy shift since 2011, prompting enterprises to assume the responsibility of respecting human rights. This transformation is reflected in the Chinese government's policies dealing with domestic investment, overseas investment, bilateral and multilateral trade and investment agreements, national human rights action plans, global development agenda (SDGs), global supply chain governance, as well as the Belt and Road Initiative. Dr. Liang summarized China's policy transformation on business and human rights and came up with the following conclusions and recommendations on the UNGPs: 1) China's policy shift on issues related to business and human rights supports and confirms the necessity and effectiveness of the UNGPs.
    [Show full text]
  • STOXX Hong Kong All Shares 50 Last Updated: 02.10.2017
    STOXX Hong Kong All Shares 50 Last Updated: 02.10.2017 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 75.2 1 1 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.1 2 2 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 47.9 3 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 44.5 4 4 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 33.0 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 31.7 6 6 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 30.1 7 7 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 26.3 8 8 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 21.5 9 9 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 19.2 10 11 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 18.7 11 10 KYG2177B1014 BYZQ077 1113.HK HK50CI CK Asset Holdings Ltd HK HKD Y 18.6 12 12 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 17.3 13 14 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.2 14 13 HK0027032686 6465874 0027.HK 646587 GALAXY ENTERTAINMENT GP. HK HKD Y 16.0 15 17 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 15.3 16 15 HK0011000095 6408374 0011.HK 640837 Hang Seng Bank Ltd.
    [Show full text]
  • China Molybdenum (3993 HK) China M Ol Ybdenum
    China Materials 7 August 2019 China Molybdenum (3993 HK) China M ol ybdenum Target price: HKD2.75 Share price (7 Aug): HKD2.50 | Up/downside: +10.0% Initiation: once a red-hot metal, now cool to touch Dennis Ip, CFA (852) 2848 4068 Attractive play for cobalt market turnaround [email protected] Low-cost copper assets buoy earnings in a downcycle; M&A upside Tony Wu, CFA (852) 2848 4469 Initiating with an Outperform (2) and PBR-based TP of HKD2.75 [email protected] Investment case: We initiate coverage of China Molybdenum (CMOC), one Share price performance of the leading non-ferrous metal producers in the world, with an Outperform (HKD) (%) (2) rating. Due to oversupply in the cobalt market, CMOC’s share price 3.9 110 declined by more than 60% from its peak in 2018, and we now see an 3.4 98 3.0 85 attractive entry point for investors. We prefer cobalt over lithium, as we 2.5 73 expect the cobalt industry to re-enter a supply deficit in 2020E and lithium to 2.0 60 remain in severe supply surplus. Also, the cobalt price is below the incentive Aug-18 Nov-18 Feb-19 May-19 Aug-19 price, whereas the lithium price is 50% above the cost of production. China Moly (LHS) Relative to HSI (RHS) Low-cost copper assets less vulnerable to downcycle. Relative to peers, 12-month range 2.09-3.86 CMOC looks well placed to weather temporary copper-price weakness Market cap (USDbn) 6.89 thanks to its low-cost copper mine asset, which we see aiding profitability of 3m avg daily turnover (USDm) 7.79 Shares outstanding (m) 21,599 its copper business and helping maintain positive CF.
    [Show full text]
  • What Is a Land Rich Company?
    No provision for capital gains tax (CGT) will be derived from the trading of A-shares, bar those derived from the trading of PRC resident enterprises defined as “Land Rich Companies”. Further, Z-Ben Advisors believe that this LRC provision extends to HK-domiciled RQFII funds only. The European outlook suggests that no withholding provision will be made as stated by Source/CSOP in their CSOP Source FTSE China A50 UCITS ETF prospectus, we expect Deutsche Bank/Harvest to follow suit with their db x-trackers Harvest CSI300 Index UCITS ETF . Below is Z-Ben Advisors’ LRC breakdown of what we understand constitutes a Land Rich Company and what proportion these contribute to the CSI 300 and FTSE China A50 indices. Land Rich Companies CSI 300 Weight: 12.15% 50 45 45 Real Estate Sector Port and Railway Sector 40 Beijing Tianhong Baoye Real Estate Co Ltd Daqin Railway Co Ltd 35 China Merchants Property Development Co Ltd Ningbo Port Co Ltd China Vanke Co Ltd 30 Shanghai International Airport Co Ltd Financial Street Holding Co Ltd 25 Shanghai International Port (Group) Co Ltd 20 Gemdale Corporation Poly Real Estate Group Co Ltd Oil and Gas Sector 15 A Risesun Real Estate Development Co Ltd China Petroleum and Chemical Corp (Sinopec) 10 7 Shanghai Lujiazui Finance and Trade Zone Development Co Ltd PetroChina Co Ltd 5 Shanghai Oriental Pearl (Group) Co Ltd Mining Sector 0 Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd CSI 300 FTSE China A 50 Aluminum Corporation of China Limited Shanghai Yuyuan Tourist Mart Co Ltd Anhui Hengyuan Coal Industry and Electricity Power Co Ltd Shanghai Zhangjiang Hi-tech Park Development Co Ltd Chenzhou Mining Group Co Ltd Shenzhen Overseas Chinese Town Co Ltd China Coal Energy Co Ltd Suning Universal Co Ltd China Molybdenum Co., Ltd.
    [Show full text]