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Annual Report 2018

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Annual Report 2018 COVT ER S ORY O PPORTUNITIES IN DISRUPTION The financial markets in 2018 were dynamic with challenges and game-changing moments like a volleyball match. Steady performance, professional skills and a cohesive team are the basics and core competencies of the greatest teams as well as leading financial institutions. But to win and stand out among their peers, the team has to be responsive to changes on the court and be decisive, mastering tactics and adjusting strategies according to the environment. Building on the DNA of being STABLE and STRONG yet AGILE and INNOVATIVE, Everbright has demonstrated its capability to Master the Playbook and Embrace Opportunities in Disruption. With sound fundamentals and its out-the-box thinking, Everbright has consistently delivered winning plays. TABLE OF CONTENTS 8 Company Overview 10 2018 Business Development Highlights 14 2018 Review 26 Chairman’s Statement 28 Management Discussion and Analysis 46 Environmental, Social and Governance Report 76 Corporate Governance Report 100 Risk Management Report 108 Directors’ Report 122 Directors and Senior Management FINANCIAL SECTION 127 Independent Auditor’s Report 133 Consolidated Statement of Profit or Loss 134 Consolidated Statement of Comprehensive Income 135 Consolidated Statement of Financial Position 137 139 Consolidated Statement of Changes in Equity Notes to the Financial Statements 138 222 Consolidated Statement of Cash Flows Financial Summary 223 Particulars of Major Properties 224 Corporate Information SOLIDSOLID FUNDAMENTALS In 2018, the global economy experienced a tumultuous year with increased market uncertainties and depressed sentiment. Even in the face of a sector-wide downturn in private equity, however, China Everbright Limited’s core businesses delivered a solid performance, showcasing its core competencies in cross-border investment and asset management. SOLID FUNDAMENTALS STRATEGIES BREAKTHROUGH STRATEGIES In the private equity sector, China Everbright Limited overcame the pressures brought on by tightening regulations and difficulties in fundraising with breakthrough strategies. Leveraging on a multi-prong approach, the Group exceeded expectations in fundraising for its USD funds and fund of funds, once again demonstrating its strength in fundraising capabilities. FOCUSED DIVERSE AND SPECIALISED With an increased number of now 62 funds under its management, China Everbright Limited has invested in a total of over 180 companies globally, covering multiple fields including real estate, medical and healthcare, new energy, infrastructure, high technology, advanced manufacturing, fintech and cultural consumption. Each sector-focus fund is managed by professional fund managers with diverse and specialised skills. CHINA EVERBRIGHT LIMITED 008 連續Heading ANNUAL REPORT 2018 請取消段前 COMPANY OVERVIEW CHINA’S CROSS–BORDER ASSET MANAGEMENT INDUSTRY PIONEER China Everbright Limited (CEL, stock code: 165.HK) was renamed and founded in Hong Kong in 1997 with over 20 years’ experience in PE investments and asset management. It is China’s leading cross-border investment and asset management company, backed by its parent company China Everbright Group. Through the private equity funds, venture capital funds, industry funds, mezzanine funds, fund of funds, fixed income and equity funds it manages, Everbright cultivates a number of high-growth-potential enterprises together with its investors. While closely following the development requirements of Chinese companies, it also introduces the best overseas technologies into the Chinese market, providing multifaceted services to Chinese and overseas clients. Moreover, via its principal investment, CEL is cultivating CALC, the largest independent aircraft leasing operator in China; incubating CEL Terminus, a unicorn enterprise specialising in AI and Internet of Things; and also integrating high-end elderly care platforms in China to build a proprietary and quality senior care brand. CEL became one of the first Hong Kong stocks to be traded following the launches of the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programmes in April 2014 and December 2017. CEL adheres to the motto of “The Power to Transform”. With a firm footing in Hong Kong – a true bridge between East and West – an international platform, and specialised sector focused teams, CEL is well-positioned to take advantage of the long-term opportunities presented by changes in the global markets, to respond flexibly, and to become a pioneer in Chinese cross-border investment and asset management. Renamed and Founded in HKD 1997 143.5 62 billion AUM Investment Funds As of 31 December 2018, CEL managed 62 funds and a Wish, Xjet and Satixfy, etc. It has invested in a total of total AUM of HK$143.5 billion. Through both proprietary over 300 companies, covering fields including real estate, funds and the funds it manages, CEL has invested in aircraft leasing, medical & healthcare, elderly care, new companies both in China and globally, including China UMS, energy, infrastructure, high-end manufacturing, advanced Goldwind, CECEP Wind-power Corporation, HC SemiTek, technology and cultural consumption. Of these, more than BGI, Betta Pharmaceuticals Co. Ltd., Amcare, LifeTech 150 companies have been listed in China or overseas, or Scientific Corporation, Focus Media, iQiYi, SenseTime, NIO, were listed but have since withdrawn due to mergers and Tirana International Airport, Boreal, Burke Porter Group, acquisitions. 008 009 OUR COMPANY STRUCTURE CEL is the second-largest shareholder of Everbright Holdings Limited (stock code: 1848.HK). In Singapore, it is Securities (stock code: 601788.SH, 6178.HK) and a strategic the second largest shareholder of Ying Li International Real shareholder of China Everbright Bank (stock code: 601818. Estate Limited (stock code: 5DM. SGX). CEL and its subsidiary SH, 6818.HK). It is also the largest shareholder of Everbright companies currently have offices in Hong Kong, Beijing, Jiabao Co., Ltd (stock code: 600622.SH). In Hong Kong, it Shanghai, Shenzhen, Qingdao, Tianjin, Singapore and Dublin. is the largest shareholder of China Aircraft Leasing Group CHINA EVERBRIGHT GROUP CHINA EVERBRIGHT LIMITED (165.HK) Principal Investment Fund Management Nurturing new fund products with seed capital Covering Primary Market Funds, Secondary Market Funds, Mezzanine Funds, Fund of Funds and Everbright Prestige Jointly investing in projects under Fund Management Capital Asset Management businesses business and providing bridging loan to fund products requiring fundraising Offering USD- and RMB-denominated fund products Responding swiftly to market opportunities and investing Investing in both international and China projects in projects offering long-term return, e.g. aircraft leasing, elderly care industry OUR ADVANTAGES Resources from China Internationalised Team China Everbright Group, the parent company As a listed company operating in Hong Kong of CEL, owns wide business networks and for years, we have built our international team substantial resources in Mainland China of professionals and corporate management experiences Experienced in cross-border finance Integration of industry and finance Possess rich and professional experience We use our financial perspective to look into in cross-border financial activities and the industries with long-term growth potential, investment at the same time introducing innovative financial products CHINA EVERBRIGHT LIMITED 010 連續Heading ANNUAL REPORT 2018 請取消段前 2018 BUSINESS DEVELOPMENT HIGHLIGHTS FUND MANAGEMENT On the strength of its brand and track record, CEL’s total AUM increased 11% to HK$143.5 billion despite a macro-economic downturn and tightening of industry regulations BUSINESS CONTINUED Strengthened fundraising domestically and overseas. First half of 2018 saw an increase TO THRIVE in fundraising momentum for USD-denominated funds while the success in the second half was marked by the setup of two large-scale Fund of Funds (FoF) with local government agencies in China GLOBALISATION Cross-border investment capabilities strengthened with the setup of the Walden CEL Global Fund I and the CEL New Economy USD Fund, increasing the total number of overseas MOVEMENT funds to five as well as expediting global allocation, resulting in the ex-China investment ratio increasing to about 30% Investments made to address China’s needs, facilitating the Burke Porter Group (“BPG”), a world-leading advanced manufacturing and high-end equipment supplier, to set up a new plant in Wuxi, China EBA Investments successfully “went global” by acquiring Arrow RE Holdings, a well-known US asset management company, taking a step closer toward its vision of becoming a global cross-border real estate asset manager DIVERSE DEVELOPMENT Developed deep-rooted expertise in aircraft leasing, elderly care and ‘AIoT’ sectors through CALC, Huichen Senior Care and CEL Terminus, creating multiple high-quality ecosystem OF PRINCIPAL platforms with great potential INVESTMENT BUSINESS Expanded structured finance business to provide structured investment and financing services for corporate customers, building a business model featuring short cycle, efficient divestment and high returns for the Group’s principal investments 010 011 Major Income Items (in HK$ 100 million) 2018 2017 Change Total income 46.96 55.29 (15%) Operating income, which mainly includes: 16.44 17.67 (7%) – Management fees 3.54 3.08 15% – Performance & consultancy fees 2.07 1.99 4% – Interest income 3.87 3.98 (3%) – Dividend income 8.50 5.76
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