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2020 Annual Report
JULY 31, 2021 2021 Annual Report iShares Trust • iShares China Large-Cap ETF | FXI | NYSE Arca • iShares MSCI China A ETF | CNYA | Cboe BZX The Markets in Review Dear Shareholder, The 12-month reporting period as of July 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, eventually regaining the output lost from the pandemic. Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages Rob Kapito further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting President, BlackRock, Inc. period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets rebounded substantially. Total Returns as of July 31, 2021 The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the 6-Month 12-Month beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and U.S. -
2017Annual Report CONTENTS
(A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 6066 2017 Annual2017 Report 2017Annual Report CONTENTS Definitions ................................ 2 Chairman’s Statement ....................... 6 Section 1 Important Notice ................. 9 Section 2 Material Risk Factors ............. 10 Section 3 Company Information ............. 11 Section 4 Financial Summary ............... 26 Section 5 Management Discussion and Analysis .................... 32 Section 6 Report of Directors ............... 84 Section 7 Other Significant Events ........... 96 Section 8 Changes in Shares and Information on Substantial Shareholders .......... 108 Section 9 Directors, Supervisors, Senior Management and Employees ....... 114 Section 10 Corporate Governance Report ...... 150 Section 11 Environmental, Social and Governance Report ............... 177 Annex Independent Auditor’s Report and Notes to the Consolidated Financial Statements ..................... 205 Annual Report 2017 1 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this annual report: “A Share(s)” the ordinary shares with a nominal value of RMB1.00 each proposed to be issued by the Company under the A Share Offering, to be listed on the Shanghai Stock Exchange and traded in RMB “A Share Offering” the proposed initial public offering of not more than 400,000,000 A Shares in the PRC by the Company “Articles of Association” or “Articles” the articles of association of CSC Financial -
Annual Report, and They Severally and Jointly Accept Legal Responsibility for the Truthfulness, Accuracy and Completeness of Its Contents
(A joint stock limited company incorporated in the People's Republic of China with limited liability) Stock Code: 1618 * For identification purpose only IMPORTANT NOTICE I. The Board and the Supervisory Committee of the Company and its Directors, Supervisors and senior management warrant that there are no false representations, misleading statements contained in or material omissions from the information set out in this annual report, and they severally and jointly accept legal responsibility for the truthfulness, accuracy and completeness of its contents. II. The Company convened the 14th meeting of the third session of the Board on 31 March 2020. All Directors of the Company attended the meeting. III. Deloitte Touche Tohmatsu CPA LLP issued an unqualified audit report to the Company. IV. Guo Wenqing, the Chairman and legal representative of the Company, Zou Hongying, the Vice President and the Chief Accountant of the Company, and Fan Wanzhu, the Deputy Chief Accountant and the Head of the Financial Planning Department, have declared that they warrant the truthfulness, accuracy and completeness of the financial report contained in this annual report. V. The proposal for profit distribution or transfer of capital reserve to share capital for the Reporting Period was considered by the Board The net profit attributable to Shareholders of the Company in the audited consolidated statement of MCC in 2019 amounted to RMB6,599,712 thousand and the undistributed profit of MCC headquarters amounted to RMB1,920,906 thousand. Based on the total share capital of 20,723.62 million shares, the Company proposed to distribute to all Shareholders a cash dividend of RMB0.72 (tax inclusive) for every 10 shares and the total cash dividend is RMB1,492,101 thousand, the remaining undistributed profit of RMB428,805 thousand will be used for the operation and development of the Company and rolled over to the coming year for distribution. -
中國銀行股份有限公司 Bank of China Limited
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, 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 document. 中國銀行股份有限公司 BANK OF CHINA LIMITED (a joint stock company incorporated in the People’s Republic of China with limited liability) (the “Bank”) (Stock Code: 3988 and 4619 (Preference Shares)) Report for the Third Quarter ended 30 September 2020 The Board of Directors (the “Board”) of the Bank is pleased to announce the unaudited results of the Bank and its subsidiaries (the “Group”) for the third quarter ended 30 September 2020. This announcement is made by the Bank pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. I. BASIC INFORMATION 1.1 Corporate information A Share Shanghai Stock Exchange Stock Name 中國銀行 Stock Code 601988 H Share The Stock Exchange of Hong Kong Limited Stock Name Bank of China Stock Code 3988 Domestic Preference Share Shanghai Stock Exchange First Tranche Stock Name 中行優1 Stock Code 360002 Second Tranche Stock Name 中行優2 Stock Code 360010 Third Tranche Stock Name 中行優3 Stock Code 360033 Fourth Tranche Stock Name 中行優4 Stock Code 360035 Offshore Preference Share (Second Tranche) The Stock Exchange of Hong Kong Limited -
Pacer CSOP FTSE China A50 ETF Schedule of Investments July 31, 2020 (Unaudited) Shares Value COMMON STOCKS - 98.0% Agriculture - 1.6% Muyuan Foodstuff Co Ltd
Page 1 of 4 Pacer CSOP FTSE China A50 ETF Schedule of Investments July 31, 2020 (Unaudited) Shares Value COMMON STOCKS - 98.0% Agriculture - 1.6% Muyuan Foodstuff Co Ltd. - Class A 9,230 $ 120,977 Wens Foodstuffs Group Co Ltd. - Class A 4,660 15,857 136,834 Auto Manufacturers - 0.7% SAIC Motor Corp Ltd. - Class A 24,600 64,077 Banks - 23.7% Agricultural Bank of China Ltd. - Class H 352,300 163,039 Bank of China Ltd. - Class H 193,900 92,512 Bank of Communications Co Ltd. - Class A 184,100 125,556 China CITIC Bank Corp Ltd. - Class H 24,700 18,261 China Construction Bank Corp. - Class H 81,500 71,464 China Everbright Bank Co Ltd. - Class H 126,400 68,456 China Merchants Bank Co Ltd. - Class A 108,200 539,489 China Minsheng Banking Corp Ltd. - Class A 254,300 201,851 Industrial & Commercial Bank of China Ltd. - Class A 198,400 140,993 Industrial Bank Co Ltd. - Class A 127,400 285,849 Ping An Bank Co Ltd. - Class A 75,000 143,348 Shanghai Pudong Development Bank Co Ltd. - Class A 132,300 196,379 2,047,197 Beverages - 17.9% Jiangsu Yanghe Brewery Joint-Stock Co Ltd. - Class A 4,000 77,398 Kweichow Moutai Co Ltd. - Class A 4,000 961,777 Wuliangye Yibin Co Ltd. - Class A 16,200 504,835 1,544,010 Building Materials - 1.6% Anhui Conch Cement Co Ltd. - Class H 15,900 139,921 Coal - 0.5% China Shenhua Energy Co Ltd. -
ANNUAL REPORT 2020 Annual Report CONTENTS
2020 ANNUAL REPORT 2020 annual report Details of Changes in Ordinary Shares and Shareholders 90 SECTION VI Significant Events 74 SECTION V 2 6 8 Discussion and Analysis of Operations 27 SECTION IV Financial Highlights 22 SECTION III Company Profile 11 SECTION II Definitions 9 MESSAGE FROM CHAIRMAN FROM MESSAGE PRESIDENT FROM MESSAGE NOTICE IMPORTANT CONTENTS SECTION I Auditor’s Report 124 Written Confirmation of 2020 Annual Report by Directors, Supervisors and Senior Management Members of Hua Xia Bank Co., Limited 122 List of Documents for Inspection 121 SECTION XI Financial Statements 120 SECTION X Corporate Governance 112 SECTION IX Directors, Supervisors, Senior Management Members, Other Employees and Branches 100 SECTION VIII Preference Shares 96 SECTION VII 2 HUA XIA BANK CO., LIMITED MESSAGE FROM CHAIRMAN Chairman: Li Minji 2020 Annual Report 3 2020 was an extraordinary year. In a strategic In the persistent pursuit of development, we drive for great rejuvenation of the Chinese nation amid achieved new breakthroughs in reform and innovation seismic changes not seen for a century, China carried during the past four years. We insisted on driving out COVID-19 prevention and control and pursued business development with reform and innovation economic and social development in a coordinated and made solid progress in key reform tasks such way. The country successfully met challenges posed as the comprehensive risk management system, the by both the complicated international situation and operation management system and the resource the COVID-19 pandemic, securing a decisive victory allocation mechanism, which delivered gratifying in finishing the building of a moderately prosperous results. -
Hearing on China's Military Reforms and Modernization: Implications for the United States Hearing Before the U.S.-China Economic
HEARING ON CHINA'S MILITARY REFORMS AND MODERNIZATION: IMPLICATIONS FOR THE UNITED STATES HEARING BEFORE THE U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION ONE HUNDRED FIFTEENTH CONGRESS SECOND SESSION THURSDAY, FEBRUARY 15, 2018 Printed for use of the United States-China Economic and Security Review Commission Available via the World Wide Web: www.uscc.gov UNITED STATES-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION WASHINGTON: 2018 U.S.-CHINA ECONOMIC AND SECURITY REVIEW COMMISSION ROBIN CLEVELAND, CHAIRMAN CAROLYN BARTHOLOMEW, VICE CHAIRMAN Commissioners: HON. CARTE P. GOODWIN HON. JAMES TALENT DR. GLENN HUBBARD DR. KATHERINE C. TOBIN HON. DENNIS C. SHEA MICHAEL R. WESSEL HON. JONATHAN N. STIVERS DR. LARRY M. WORTZEL The Commission was created on October 30, 2000 by the Floyd D. Spence National Defense Authorization Act for 2001 § 1238, Public Law No. 106-398, 114 STAT. 1654A-334 (2000) (codified at 22 U.S.C. § 7002 (2001), as amended by the Treasury and General Government Appropriations Act for 2002 § 645 (regarding employment status of staff) & § 648 (regarding changing annual report due date from March to June), Public Law No. 107-67, 115 STAT. 514 (Nov. 12, 2001); as amended by Division P of the “Consolidated Appropriations Resolution, 2003,” Pub L. No. 108-7 (Feb. 20, 2003) (regarding Commission name change, terms of Commissioners, and responsibilities of the Commission); as amended by Public Law No. 109- 108 (H.R. 2862) (Nov. 22, 2005) (regarding responsibilities of Commission and applicability of FACA); as amended by Division J of the “Consolidated Appropriations Act, 2008,” Public Law Nol. 110-161 (December 26, 2007) (regarding responsibilities of the Commission, and changing the Annual Report due date from June to December); as amended by the Carl Levin and Howard P. -
Schedule of Investments (Unaudited) Ishares MSCI Total International Index Fund (Percentages Shown Are Based on Net Assets) September 30, 2020
Schedule of Investments (unaudited) iShares MSCI Total International Index Fund (Percentages shown are based on Net Assets) September 30, 2020 Mutual Fund Value Total International ex U.S. Index Master Portfolio of Master Investment Portfolio $ 1,034,086,323 Total Investments — 100.4% (Cost: $929,170,670) 1,034,086,323 Liabilities in Excess of Other Assets — (0.4)% (3,643,126) Net Assets — 100.0% $ 1,030,443,197 iShares MSCI Total International Index Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in International Tilts Master Portfolio (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of September 30, 2020, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $1,034,086,323 and 99.9%, respectively. The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Directors of the Master Portfolio. Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: • Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access • Level 2 – Other observable inputs (including, but not limited to, quoted prices -
BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED (華晨中國汽車控股有限公司)* (Incorporated in Bermuda with Limited Liability) (Stock Code: 1114)
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. BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED (華晨中國汽車控股有限公司)* (Incorporated in Bermuda with limited liability) (Stock Code: 1114) (1) UPDATE ON DELAY IN PUBLICATION OF THE 2020 ANNUAL RESULTS; (2) FORMATION OF INDEPENDENT BOARD COMMITTEE AND INTENDED INDEPENDENT INVESTIGATION; (3) DELAY IN DESPATCH OF THE ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER, 2020; AND (4) CONTINUED SUSPENSION OF TRADING This announcement is made by Brilliance China Automotive Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) pursuant to Rules 13.09(2)(a) of the Rules (the “Listing Rules”) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Reference is made to the announcement of the Company dated 31st March, 2021 (the “Announcement”) in relation to the delay in publication of the announcement in relation to the annual results of the Group for the financial year ended 31st December, 2020 (the “2020 Annual Results”), the postponement of the meeting of the board of directors of the Company (the “Board”) and the suspension of trading in the shares of the Company on the Stock Exchange with effect from 9:00 a.m. -
2015Corporate Social Responsibility Report China CITIC Bank Co., Ltd
Corporate Social Responsibility Report 2015 China CITIC Bank Co., Ltd. PREPARATION EXPLANATION The 2015 Corporate Social Responsibility Report of China CITIC Bank Corporation Limited is hereinafter referred to as “the Report”. China CITIC Bank Corporation Limited is hereinafter referred to as “the Bank”. China CITIC Bank Corporation Limited and its subsidiaries are hereinafter referred to as “the Group”. Preparation Basis The basis for preparation of the Report includes the SSE Guidelines on Environmental Information Disclosure of Listed Companies, Guidelines on Preparation of Report on Company’s Fulfillment of Social Responsibilities, and SEHK Guidelines for Environmental, Social and Governance Reporting plus relevant notifications released by the SSE. The Report was prepared in accordance with the index systems and relevant disclosure requirements as detailed in the Guide of Report on Sustainable Development (4th Version) (G4) issued by the Global Reporting Initiative (“GRI” hereinafter). The Report was prepared with reference made to the Opinions on Strengthening Social Responsibilities of Banking Financial Institutions promulgated by the China Banking Regulatory Commission (“CBRC” hereinafter), Guidelines on Corporate Social Responsibilities of Banking Financial Institutions promulgated by the China Banking Association (“CBA” hereinafter), ISO26000 as well as GB/T36001-2015 Guidance on Social Responsibility Reporting. Preparation Method The work process and work approach related to preparation of the Report were both based on the Measures of China CITIC Bank for Management of Social Responsibility Reporting and the Information Management System for Social Responsibility Reporting of China CITIC Bank. Information about the Board of Directors, the Board of Supervisors, corporate governance and risk management information and financial data in the Report were sourced from the 2015 Annual Report (A Share) of the Group. -
2019 Annual Report 2019Re P O Rt Annu a L
l l t A R Annu Repo 2019 HUA XIA BANK CO., LIMITED 2019 ANNUAL REPOrt This report is printed on environmentally friendly paper is printed on environmentally This report Address: Hua Xia Bank Mansion, 22 Jianguomennei Street, Dongcheng District, Beijing Postal code: 100005 District, Beijing Postal Address: Hua Xia Bank Mansion, 22 Jianguomennei Street, Dongcheng 010-85239605 Fax: 010-85239938 010-85238570 Tel: www.hxb.com.cn Website: 2019 Annual Report CONTENTS 3 Message from Chairman 7 Message from President 8 Important Notice 9 Section I Definitions 10 Section II Company Profile 22 Section III Financial Highlights 27 Section IV Discussion and Analysis of Operations 74 Section V Significant Events 84 Section VI Details of Changes in Ordinary Shares and Shareholders 90 Section VII Preference Shares 94 Section VIII Directors, Supervisors, Senior Management Members, Other Employees and Branches 106 Section IX Corporate Governance 112 Section X Financial Statements 113 Section XI List of Documents for Inspection 114 Written Confirmation of the Annual Report 2019 by Directors, Supervisors and Senior Management Members of Hua Xia Bank Co., Limited 117 Auditor’s Report Chairman: Li Minji 2 2019 Annual Report MESSAGE FROM CHAIRMAN The year 2019 marked the 70th anniversary of the several consecutive years. We set up a steering institution founding of the People’s Republic of China, and saw the dedicated to poverty alleviation, put into practice the success of Hua Xia Bank’s fourth Party congress and requirements for precision poverty alleviation work relating defining of the development course. Guided by Xi Jinping to finance, strengthened financial services for poverty Thought on Socialism with Chinese Characteristics for a alleviation, elderly care, community, education, medical New Era, we thoroughly implemented the guiding principles care and other fields, and went all out to provide financial of the 19th National Party Congress, the second, third and support to poverty alleviation. -
E Mbarking on Interest Rate Liberalization Reforms Nearly
COUNTRY ANALYSIS UNIT FEDERAL RESERVE BANK OF SAN FRANCISCO MAY 2014 China’s Interest Rate Liberalization Reform mbarking on interest rate liberalization reforms nearly two A cautionary note is that in spite of these expected benefits, the E decades ago, China has made significant progress in the actual implementation of such reforms can be fraught with risks past few years, but has yet to take the final and most critical to a country’s financial system and economy. As Mehran and step—removing deposit rate ceilings—to reach full interest rate Laurens (1997) concluded, “interest rate liberalization may not liberalization. China’s policymakers have adopted a cautious produce the expected benefits if the timing, pace and sequencing approach towards the timing and sequencing of the liberalization are off.”4 They argue that successful reform often depends on to minimize disruptions to the stability of the financial system. macro-economic and financial stability in countries, conditions of Despite the slow pace of reform, policymakers have placed a the banking and state enterprise sectors, and central bank high priority on liberalizing interest rates. Market participants capabilities. When implemented too rapidly, interest rate anticipate full liberalization within the next decade to improve liberalization almost always results in heightened volatility in the allocation of financial resources and facilitate the rebalancing interest rates and capital outflows and subsequently, bank of the Chinese economy. This Asia Focus report explains the failures. On the other hand, too slow a pace in implementation importance of interest rate liberalization, reviews historical may cause new distortions to emerge. progress and current efforts that China has made to date, and discusses the potential impacts on the banking sector.