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Annual Report CONTENTS (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 6066 2018Annual Report CONTENTS Definitions ................................ 2 Chairman’s Statement ....................... 6 Section 1 Important Notice ................. 8 Section 2 Company Information ............. 10 Section 3 Financial Summary ............... 29 Section 4 Management Discussion and Analysis .................... 35 Section 5 Report of Directors ............... 102 Section 6 Other Significant Events ........... 120 Section 7 Changes in Shares and Information on Substantial Shareholders .......... 124 Section 8 Directors, Supervisors, Senior Management and Employees ....... 129 Section 9 Corporate Governance Report ...... 163 Section 10 Environmental, Social and Governance Report ............... 192 Annex Independent Auditor’s Report and Notes to the Consolidated Financial Statements ..................... 224 Annual Report 2018 1 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this annual report: “A Share(s)” listed domestic shares in the share capital of our Company with a nominal value of RMB1.00 each, listed on the Shanghai Stock Exchange and traded in RMB “Articles of Association” or “Articles” the articles of association of CSC Financial Co., Ltd. “Board” or “Board of Directors” the Board of Directors of our Company “BSCOMC” Beijing State-owned Capital Operation and Management Center (北京國有資本經營管理中心) “Central Huijin” Central Huijin Investment Limited (中央匯金投資有限責任公司) “Century Jinyuan” Century Jinyuan Investment Group Limited (世紀金源投資集團有 限公司) “China Jianyin” China Jianyin Investment Limited (中國建銀投資有限責任公司) “China Securities Capital” China Capital Management Limited (中信建投資本管理有限公司) “China Securities Funds” China Securities Funds Management Limited (中信建投基金管理 有限公司) “China Securities Futures” China Futures Co., Ltd. (中信建投期貨有限公司) “China Securities International” China Securities (International) Finance Holding Company Limited (中信建投（國際）金融控股有限公司) “China Securities Investment” China Securities Investment Limited (中信建投投資有限公司) “CIC” China Investment Corporation (中國投資有限責任公司) “CITIC Group” CITIC Group Corporation Ltd. (中國中信集團有限公司) 2 CSC Financial Co., Ltd. DEFINITIONS (Continued) “CITIC Limited” CITIC Limited (中國中信股份有限公司) “CITIC Securities” CITIC Securities Co., Ltd. (中信證券股份有限公司) “Company Law” Company Law of the People’s Republic of China “CSC” or “Company”, CSC Financial Co., Ltd. “our Company”, “parent company” “CSRC” China Securities Regulatory Commission (中國證券監督管理委員 會) “CSRF” China Structural Reform Fund Co., Ltd. (中國國有企業結構調整基 金股份有限公司) “Director(s)” the director(s) of our Company “E-Capital” E-Capital Transfer Co., Ltd. (證通股份有限公司) “FICC” Fixed income securities, currencies and commodities “Glasslake Holdings” Glasslake Holdings Limited (鏡湖控股有限公司) “Group” CSC Financial Co., Ltd. and its subsidiaries “H Share(s)” listed overseas foreign shares in the share capital of our Company with a nominal value of RMB1.00 each, listed on the Hong Kong Stock Exchange and traded in HK dollars “HK$” or “HKD” Hong Kong dollars, the lawful currency of Hong Kong “Hong Kong Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended from time to time) “Hong Kong Stock Exchange” or The Stock Exchange of Hong Kong Limited “HKEX” Annual Report 2018 3 DEFINITIONS (Continued) “Hong Kong” or “HK” the Hong Kong Special Administrative Region of the PRC “IPO” initial public offering “Latest Practicable Date” March 18, 2019, being the latest practicable date prior to the printing of this annual report for the purposes of ascertaining the information contained herein “Listing Rules of the SSE” the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange (as amended from time to time) “Ministry of Finance” Ministry of Finance of the People’s Republic of China “NEEQ” the National Equities Exchange and Quotations “NEEQ Company” National Equities Exchange and Quotations Co., Ltd. (全國中小企 業股份轉讓系統有限責任公司) “PRC” or “China” the People’s Republic of China “PwC” PricewaterhouseCoopers “PwC Zhong Tian” PricewaterhouseCoopers Zhong Tian LLP “QDII” Qualified Domestic Institutional Investor “QFII” Qualified Foreign Institutional Investor “Reporting Period” from January 1, 2018 to December 31, 2018 “RMB” or “Renminbi” the lawful currency of the PRC “RQFII” Renminbi Qualified Foreign Institutional Investor “Securities Law” Securities Law of the People’s Republic of China “Shanghai and Shenzhen Stock Shanghai Stock Exchange and Shenzhen Stock Exchange Exchanges” 4 CSC Financial Co., Ltd. DEFINITIONS (Continued) “Shanghai Shangyan” Shanghai Shangyan Investment Center (Limited Partnership) (上 海商言投資中心（有限合夥)) “Share(s)” ordinary shares in the share capital of our Company with a nominal value of RMB1.00 each, comprising A Shares and H Shares “Shareholder(s)” holder(s) of the Share(s) “SSE” Shanghai Stock Exchange “Supervisor(s)” the supervisor(s) of the Company “Supervisory Committee” the supervisory committee of the Company “Tengyun Investment” Xizang Tengyun Investment Management Limited (西藏騰雲投 資管理有限公司) (formerly known as Xizang Shannan Century Jinyuan Investment Management Limited (西藏山南世紀金源投資 管理有限公司)) “the end of the Reporting Period” December 31, 2018 “US$” United States dollars, the lawful currency of the United States “Wind Info” Wind Information Co., Ltd. (上海萬得信息技術股份有限公司), a joint-stock company with limited liability incorporated in the PRC and a service provider of financial data, information and software Annual Report 2018 5 CHAIRMAN’S STATEMENT Dear Shareholders, Year 2018 has been an extraordinary year. It is the first year for the full implementation of the spirit of the 19th National Congress of the Communist Party of China (“NCCPC”) by the Company and the first year for the Company to list on the A-share capital market. At present, the national economy undergoes changes with stability, in spite of a complicated and tough external environment, and after four decades of reform and opening-up, the PRC economy is in the process of transforming from old kinetic energy into new ones. The Communist Party of China (“CPC”) and the State Council attach great importance to the development of the capital market that the General Secretary Xi Jinping, during his important speech at the China’s Central Economic Work Conference in 2018, stated that “the capital market initiates a small change in one place and thus ripples and affects the whole in the process of financial operation.” A series of key systems has been successively implemented in the capital market, gradually generating dividends in the market. Faced with the complex and ever-changing market environment, the Company regarded the Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era and the spirit of the 19th NCCPC as guidance, earnestly adhered to the spirit of the 19th NCCPC, the China’s Central Economic Work Conference and the National Financial Work Conference, strengthened its function of serving the real economy, persistently built the core competitiveness of the Company to achieve high quality development. In 2018, the Company offered help to private enterprises to alleviate and tackle their difficulties in a market-oriented approach; adjustments were initially made to the organizational structure of the Company’s main business lines; the investment banking business continued to expand its client base; the wealth management business examined its internal mechanism to respond to the industrial cycle; the service capabilities of trading and serving institutional clients continued to improve; the investment management business further underwent transformation and upgrade; the risk and compliance management initiatives were pushed forward in general; the work efficiency in operation management and information technology was further enhanced; various efforts in party establishment, discipline inspection, labour unions, poverty alleviation and other related work were reinforced. The Company has been rated by CSRC as one of the “Class A Grade AA” among three securities companies for nine consecutive years. After 13 years of dedicated work, the Company was listed on the Shanghai Stock Exchange in 2018 to become the 11th A+H listed securities company in the PRC, opening a new era for corporate development and creating better conditions for the long-term sound development of the Company. 6 CSC Financial Co., Ltd. CHAIRMAN’S STATEMENT (Continued) Looking forward to 2019, we welcome the upcoming 70th anniversary of the establishment of China. Acceleration of the pace in opening up the PRC financial industry to the world, coupled with increasing deepening penetration of the Internet technologies into the financial industry, diversification and specification of customer demand also put forward higher requirements on the integrated service abilities of securities companies. To this end, the Company will endeavor to foster the general upgrade of customer service system and drive the Company’s transformation toward digital new kinetic energy, enhance the core competitiveness in several areas such as talent, capital, technology, compliance risk control, organizational structure and corporate culture, firmly grasp the policies and opportunities arising from the formation of a science and technological innovation board and pilot registration system, and improve its ability in serving the real economy in a comprehensive manner. Adhered to the core value of “recognition
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