DOCSLIB.ORG

Title Securities & Futures Commission V China Metal Recycling (Holdings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Title Securities & Futures Commission V China Metal Recycling (Holdings CORE Metadata, citation and similar papers at core.ac.uk Provided by HKU Scholars Hub Securities & Futures Commission V China Metal Recycling Title (Holdings) Limited: Regional Conflict of Laws, Judicial Recognition and Hong Kong-China Cross-Border Insolvencies Author(s) Lee, EH Securities & Futures Commission V China Metal Recycling (Holdings) Limited: Regional Conflict of Laws, Judicial Citation Recognition and Hong Kong-China Cross-Border Insolvencies. In Sarra, JP and Romaine, JB (Eds.), Annual Review of Insolvency Law, p. 599-623. Toronto: Carswell, 2014 Issued Date 2014 URL http://hdl.handle.net/10722/201539 Rights Creative Commons: Attribution 3.0 Hong Kong License Securities & Futures Commission v China Metal Recycling (Holdings) Limited: Regional Conflict of Laws, Judicial Recognition and Hong Kong-China Cross-Border Insolvencies Emily Lee* I. INTRODUCTION Using the recently adjudicated landmark case in Hong Kong of Securities and Futures Commission v China Metal Recycling (Holdings) Limited1as a launching board this article discusses and analyzes the complexities surrounding cross-border (corporate) insolvencies (“CBIs”) between Hong Kong and mainland China (HK-China CBI). Going forward, HK-China CBI will have a direct bearing on decisions made by Hong Kong and Chinese courts; since they are already increasingly requested to adjudicate on the same issues during a corporate insolvency, a new mechanism is called for in order to provide a practical and economically viable resolution to the regional conflict of laws issue arising from Hong Kong and mainland China having different insolvency laws in spite of Hong Kong being a part of mainland China, although a special administrative region within it. A new mechanism should focus on the judicial recognition of judgments and court orders concerning insolvencies of companies with establishments in both Hong Kong and mainland China; and if a new mechanism is properly implemented, it can more effectively and holistically facilitate resolution of the regional conflict of laws issue that typically arise during the insolvency procedure of a Hong Kong-listed company with subsidiary companies located in mainland China. Without such a mechanism in place, the provisional liquidators appointed in Hong Kong will need to devise a more convoluted resolution method in order for them to be approved by the Chinese court before they can take control of the Chinese subsidiary companies. Moreover, without a new mechanism, there will be duplication of insolvency procedures and costs and there may be incentives for forum shopping. The landmark case is significant because it is the first-ever instance of the securities industry regulator (i.e., Securities and Futures Commission (SFC)) making a petition to the Hong Kong Court of First Instance for winding-up of a Hong Kong-listed company (i.e., China Metal Recycling (Holdings) Limited). The case has a cross-border aspect because the provisional liquidators 2 appointed by the Hong Kong court had to seek recognition from the Chinese court * Dr. Emily Lee, Assistant Professor, Faculty of Law, The University of Hong Kong; Affiliated International Scholar, National Centre for Business Law in Vancouver, Canada. I would like to thank Professor Dr. Janis Sarra, Director of Peter Wall Institute for Advanced Studies at The University of British Columbia, for inviting me to present this paper at the 2015 Annual Insolvency Law Conference in Toronto, Canada. 1 Securities and Futures Commission v China Metal Recycling (Holdings) Limited HCCW 210/2013. 2 In Hong Kong, provisional liquidators could be (1) the Official Receiver who automatically becomes the provisional liquidator when a court winding-up order is made against a company; (2) a private sector insolvency practitioner appointed by the Official Receiver pursuant to s.194(1A) of the (Hong Kong) Companies Ordinance (Cap 32); (3) a private sector insolvency practitioner appointed by the Hong Kong High Court under s.193 of the Companies Ordinance (Cap 32); or (4) the person appointed by the directors of a company which is undergoing voluntary liquidation under s.228A of the Companies Ordinance (Cap 32), to safeguard and protect the assets of the company. However, the circumstances in which s.228A can now be employed are very limited. Arguably, the traditional (and most important) kind of appointment of provisional liquidator is that which is made pursuant to 1 Electronic copy available at: http://ssrn.com/abstract=2562755 before they can take control of the subsidiary companies of the Hong Kong-listed company that are located in mainland China. Part one of this article starts with an introduction and part two explains why judicial recognition and assistance, which is required for enforcing judgments or orders on HK-China CBI cases, is a matter of regional conflict of laws. Part three provides the background of the landmark case in Hong Kong whose importance and legal implications are discussed in part four. Part five examines an associated case to illustrate the landmark case’s distinguishing CBI elements. Further comments and observations about the landmark case are afforded in part six. Part seven features the fundamental challenges confronting HK-China CBI dispute resolutions. Some concluding remarks are made in part eight. II. REGIONAL CONFLICT OF LAWS The landmark case creates tension to a long-standing issue: how a judgment or order made by a Hong Kong court can be directly enforceable in mainland China, and vice versa, without a formal judicial recognition mechanism available to courts on both sides. Since Hong Kong’s reversion to Chinese sovereignty on 1 July 1997, the conflict between Hong Kong and mainland Chinese laws falls into the realm of “regional conflict of laws”,3 owing to Hong Kong’s status as a Special Administrative Region (SAR) of China: a SAR is a subordinated region of its Sovereign (China) and not an independent state. The signing of the Joint Declaration of the Government of the People’s Republic of China and the Government of the United Kingdom of Great Britain and Northern Ireland on the Question of Hong Kong (Sino- British Joint Declaration)4 on 19 December 1984 declared that Hong Kong would be returned to China as the Hong Kong Special Administrative Region (HKSAR) on 1 July 1997. The Sino- British Joint Declaration was an agreement between China and the United Kingdom (UK), guaranteeing Hong Kong’s freedoms and pluralism under the rule of law for 50 years starting from 1 July 1997. In fact, Hong Kong and mainland China have different insolvency laws: in Hong Kong, although it does not have a uniform corporate insolvency law, statutory provisions relating to corporate insolvency are embedded in the Companies Ordinance5 and its subsidiary legislation such as the Companies (Winding-up) Rules; in mainland China, the Enterprise s.193 of the Companies Ordinance (Cap 32) (i.e., type (3) as noted above). In fact, the two provisional liquidators appointed by the Hong Kong court in the main cases discussed herein concerning China Metal Recycling (Holdings) Limited are the traditional kind of appointment. 3 Xianchu Zhang and Philip Smart, “Development of Regional Conflict of Laws: On the Arrangement of Mutual Recognition and Enforcement of Judgments in Civil and Commercial Matters between Mainland China and Hong Kong SAR” (2006) 36 Hong Kong Law Journal 553. 4 Joint Declaration, Questions of Hong Kong, http://www.legislation.gov.hk/blis_ind.nsf/CurAllEngDoc/034B10AF5D3058DB482575EE000EDB9F?OpenDocu ment (last visited 8 July 2014). 5 The Laws of Hong Kong, Companies Ordinance (Cap 32). Available at http://www.legislation.gov.hk/blis_pdf.nsf/4f0db701c6c25d4a4825755c00352e35/BFBC0BDE18CA0665482575EE 0030D882/$FILE/CAP_32_e_b5.pdf (last visited 15 July 2014). 2 Electronic copy available at: http://ssrn.com/abstract=2562755 Bankruptcy Law (EBL)6 is China’s uniform corporate insolvency law. Besides the difference in its corporate insolvency laws, mainland China is a country with civil law traditions while Hong Kong is a common law jurisdiction through adoption of the English common law; also, Hong Kong’s Companies Ordinance (particularly those provisions in relation to corporate insolvencies) is heavily influenced by the UK’s Insolvency Act of 1986. Therefore, due to different insolvency laws in mainland China and Hong Kong, which are guided by different legal traditions, CBIs that straddle both these jurisdictions are known as “HK-China CBI cases” and often involve the complex regional conflict of laws issue that have caught the interest and attention of private sector insolvency practitioners, insolvency law academics and government policy makers in mainland China and Hong Kong. 1. The Sino-British Joint Declaration Before Hong Kong was returned to Chinese sovereignty, Hong Kong was regarded as a foreign jurisdiction by mainland China. Ironically, even after the return of Hong Kong to China in 1997, Hong Kong is still regarded as a foreign jurisdiction by China; this may be evidenced by a judicial interpretation issued in 2002 by the Supreme People’s Court in China titled ‘Provisions Concerning the Jurisdiction Problems of Foreign-related [emphasis added] Civil and Commercial Cases’, whose Article 5 prescribes that “the jurisdiction of civil and commercial cases involving HKSAR, Macao SAR and Taiwan litigants shall be solved by referring to the Provision”.7 Under the rubric of ‘one country, two systems’, two judicial systems (in Hong Kong and mainland China, respectively) began to operate in parallel within one country.8 Guobin Zhu suggested that conflict of laws between China and HKSAR “is seen in a ‘vertical’ sense, so it cannot be regulated by an analogy of general conflict of laws rules”.9 On the other hand, if the conflict of laws is between the HKSAR and a province or another autonomous region in China, then such a conflict would be treated at a horizontal level.10 This horizontal level classification has inspired academics to invent the theory of regional conflict of laws (also referred to by some commentators such as Goubin Zhu as ‘inter’ regional conflict of laws) in order to cope with conflict of laws cases involving the courts in Hong Kong and the courts in mainland China.
Load more

Recommended publications
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Launching Coverage in China, Taiwan and Mongolia
    120730_50591_China Metals and Mining_F:Normal Cover 2011 7/30/2012 4:11 PM Page 1 Natural Resources & Energy China Equity July 2012 Simon Francis* Metals & Mining Head of Metals & Mining Research, Asia Pacific The Hongkong and Shanghai Banking Corporation Limited +852 2996 6620 [email protected] Simon Francis joined HSBC as Regional Sector Head of Metals & Mining in March 2012. He is a Chartered Accountant (UK ACA) with Metals & Mining a degree in mathematics from the University of London. Simon’s equity research experience in Asia spans almost 20 years, virtually all of it covering the Metals & Mining sector. He has lived in various countries in Asia and worked for various financial institutions. From 2003 to 2012, he was regional sector head at prominent securities firms in Hong Kong, achieving significant recognition in the Greenwich Asia, Greenwich Europe, and Greenwich US surveys. Back to reality – launching coverage in China, Taiwan and Mongolia Thomas Zhu* Analyst, Metals & Mining, Asia Pacific The Hongkong and Shanghai Banking Corporation Limited +852 2822 4325 [email protected] Thomas Zhu joined HSBC in March 2012 as Metals & Mining Analyst for the Asia-Pacific region. He holds a Master’s degree in Business from Tsinghua University, Beijing. Following completion of a rigorous graduate training programme at a global investment bank, Thomas worked with Simon Francis as a metals analyst from 2009 to 2012. Chris Chen* Analyst, Metals & Mining, Asia Pacific The Hongkong and Shanghai Banking Corporation Limited +852 2822 4277 China Equity [email protected] We forecast a return to normalized demand growth and prices.
    [Show full text]
  • 1 1 China Petroleum & Chemical Corporation 1913182 70713
    2011 Ranking 2010 Company Name Revenue (RMB, million) Net profit (RMB Million) Rankings (x,000,000) (x,000,000) 1 1 China Petroleum & Chemical Corporation 1913182 70713 2 2 China National Petroleum Corporation 1465415 139871 3 3 China Mobile Limited 485231 119640 China Mobile Revenue: 485,231,000,000 4 5 China Railway Group Limited 473663 7488 5 4 China Railway Construction Corporation Limited 470159 4246 6 6 China Life Insurance Co., Ltd. 388791 33626 7 7 Bank of China Ltd 380821 165156 8 9 China Construction Company Limited 370418 9237 9 8 China Construction Bank Corporation 323489 134844 10 17 Shanghai Automotive Group Co., Ltd. 313376 13698 11 . Agricultural Bank of China Co., Ltd. 290418 94873 12 10 China Bank 276817 104418 China Communications Construction Company 13 11 Limited 272734 9863 14 12 China Telecom Corporation Limited 219864 15759 China Telecom 15 13 China Metallurgical Co., Ltd. 206792 5321 16 15 Baoshan Iron & Steel Co., Ltd. 202413 12889 17 16 China Ping An Insurance (Group) Co., Ltd. 189439 17311 18 21 China National Offshore Oil Company Limited 183053 54410 19 14 China Unicom Co., Ltd. 176168 1228 China Unicom 20 19 China PICC 154307 5212 21 18 China Shenhua Energy Company Limited 152063 37187 22 20 Lenovo Group Limited 143252 1665 Lenovo 23 22 China Pacific Insurance (Group) Co., Ltd. 141662 8557 24 23 Minmetals Development Co., Ltd. 131466 385 25 24 Dongfeng Motor Group Co., Ltd. 122395 10981 26 29 Aluminum Corporation of China 120995 778 27 25 Hebei Iron and Steel Co., Ltd. 116919 1411 28 68 Great Wall Technology Co., Ltd.
    [Show full text]
  • Annual Report
    Company Limited China NationalMaterials China National Materials Company Limited A joint stock company incorporated in the People’s Republic of China with limited liability (Stock Code: 01893) Materials Bring a Prosperous Life Annual Report 2014 2014 Annual Report China National Materials Company Limited CONTENTS CORPORATE INFORMATION 2 CORPORATE PROFILE 4 CORPORATE STRUCTURE 5 FINANCIAL SUMMARY 6 BUSINESS SUMMARY 7 CHAIRMAN’S STATEMENT 8 MANAGEMENT DISCUSSION AND ANALYSIS 11 BIOGRAPHY OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT 24 DIRECTORS’ REPORT 32 SUPERVISORY COMMITTEE’S REPORT 45 CORPORATE GOVERNANCE REPORT 46 INDEPENDENT AUDITOR’S REPORT 59 CONSOLIDATED STATEMENT OF PROFIT OR LOSS 61 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 62 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 63 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 65 CONSOLIDATED STATEMENT OF CASH FLOWS 68 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 71 DEFINITIONS 222 Annual Report 2014 1 CORPORATE INFORMATION As at 31 December 2014 DIRECTORS STRATEGY COMMITTEE Executive Directors LIU Zhijiang (Chairman) LIU Zhijiang (Chairman) YU Shiliang PENG Jianxin1 (President) LI Xinhua PENG Jianxin1 Non-executive Directors LI Jianlun YU Shiliang YU Guobo LI Xinhua1 (Vice-chairman) ZHOU Zude LI Jianlun YU Guobo AUDIT COMMITTEE TANG Baoqi LU Zhengfei (Chairman) WANG Shimin Independent Non-executive Directors YU Shiliang LEUNG Chong Shun LU Zhengfei REMUNERATION COMMITTEE WANG Shimin WANG Shimin (Chairman) ZHOU Zude LEUNG Chong Shun LU Zhengfei Supervisors XU Weibing (Chairman) NOMINATION COMMITTEE ZHANG Renjie LIU Zhijiang (Chairman) WANG Jianguo WANG Shimin WANG Yingcai ZHOU Zude QU Xiaoli 1 On 26 August 2014, Mr. ZHANG Hai resigned from his position as a non-executive Director of the Company, and accordingly ceased to be a member of the Strategy Committee, with effect from 21 October 2014 on which the shareholders of the Company approved the appointment of a new Director as his replacement at the extraordinary general meeting; On 21 October 2014, Mr.
    [Show full text]
  • DFA INVESTMENT DIMENSIONS GROUP INC Form NPORT-P Filed
    SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-09-29 | Period of Report: 2020-07-31 SEC Accession No. 0001752724-20-200730 (HTML Version on secdatabase.com) FILER DFA INVESTMENT DIMENSIONS GROUP INC Mailing Address Business Address 6300 BEE CAVE ROAD 6300 BEE CAVE ROAD CIK:355437| IRS No.: 363129984 | State of Incorp.:MD | Fiscal Year End: 1031 BUILDING ONE BUILDING ONE Type: NPORT-P | Act: 40 | File No.: 811-03258 | Film No.: 201208198 AUSTIN TX 78746 AUSTIN TX 78746 (512) 306-7400 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DFA INVESTMENT DIMENSIONS GROUP INC. FORM N-Q REPORT July 31, 2020 (UNAUDITED) Table of Contents DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES Emerging Markets Portfolio Emerging Markets Small Cap Portfolio Emerging Markets Value Portfolio Emerging Markets Core Equity Portfolio U.S. Large Cap Equity Portfolio DFA Commodity Strategy Portfolio DFA One-Year Fixed Income Portfolio DFA Two-Year Global Fixed Income Portfolio DFA Selectively Hedged Global Fixed Income Portfolio DFA Short-Term Government Portfolio DFA Five-Year Global Fixed Income Portfolio DFA World ex U.S. Government Fixed Income Portfolio DFA Intermediate Government Fixed Income Portfolio DFA Short-Term Extended Quality Portfolio DFA Intermediate-Term Extended Quality Portfolio DFA Targeted Credit Portfolio DFA Investment Grade Portfolio DFA Inflation-Protected Securities Portfolio DFA Short-Term Municipal Bond Portfolio DFA Intermediate-Term Municipal Bond Portfolio
    [Show full text]
  • In Fund Base Currency
    As of Date: 12/31/18 Fund: Manulife Global Fund Asia Small Cap Fund SECURITY DESCRIPTION MARKET VALUE + ACCRUED PERCENT INTEREST (IN FUND BASE ASSETS CURRENCY) ADITYA BIRLA FASHION AND RET 1,487,135.75 0.70 AEON THANA SINSAP THA-FOREIG 2,039,115.48 0.96 AEROSPACE INDUSTRIAL DEVELOP 2,957,435.66 1.39 AFREECATV CO LTD 1,868,869.33 0.88 ALKEM LABORATORIES LTD 3,350,033.07 1.57 AMMB HOLDINGS BHD 2,844,918.57 1.34 APOLLO HOSPITALS ENTERPRISE 1,682,894.02 0.79 APPEN LTD 1,780,077.26 0.84 AU SMALL FINANCE BANK LTD 3,212,188.82 1.51 BANGKOK CHAIN HOSPITAL-FOREG 2,299,840.29 1.08 BEACH ENERGY LTD 2,482,882.59 1.17 BEIGENE LTD-ADR 2,222,139.18 1.04 BIZLINK HOLDING INC 3,570,940.56 1.68 BUKIT ASAM TBK PT 2,751,491.66 1.29 CATHAY REAL ESTATE DEVELOPME 2,751,992.71 1.29 CHINA EVERBRIGHT GREENTECH L 2,130,008.24 1.00 CHINA METAL RECYCLING - - CHINA TRADITIONAL CHINESE ME 1,616,808.55 0.76 CHINASOFT INTERNATIONAL LTD 2,002,299.04 0.94 CIPUTRA DEVELOPMENT TBK PT 3,244,642.56 1.52 CITY UNION BANK LTD 1,483,156.68 0.70 COLGATE PALMOLIVE (INDIA) 3,408,958.63 1.60 COM2US CORP 1,249,535.76 0.59 COSTA GROUP HOLDINGS LTD 1,838,741.24 0.86 COWAY CO LTD 2,662,034.86 1.25 CTCI CORP 1,662,634.61 0.78 DAH SING FINANCIAL HOLDINGS 2,609,871.83 1.23 DAXIN MATERIALS CORP 1,068,061.29 0.50 E-MART INC 3,093,569.64 1.45 ECLAT TEXTILE COMPANY LTD 2,502,130.98 1.17 EGIS TECHNOLOGY INC 4,414,061.23 2.07 EXIDE INDUSTRIES LTD 3,274,063.84 1.54 FAR EASTONE TELECOMM CO LTD 5,431,044.02 2.55 FILA KOREA LTD 3,516,865.03 1.65 GENEXINE CO LTD 1,581,089.80 0.74 GLOBALWAFERS CO LTD
    [Show full text]
  • Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    Emerging Markets Core Equity Portfolio-Institutional Class As of July 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. Your use of this website signifies that you agree to follow and be bound by the terms
    [Show full text]
  • 120717 Base Metals Sector Report EN
    Base Metals Sector Phillip Securities (HK) Ltd Seeking appropriate chance to Phillip Securities Research Ltd invest in 17 July 2012 Base Metals Sector Report type: Update Company Rating Price TP Upside M.Cap. (HK$) (HK$) (%) (HK$'bn) Jiangxi Copper Buy 17.12 20.78 21.4% 81 China Zhongw ang Accumulate 2.89 3.39 17.3% 16 China Hongqiao Buy 3.46 4.17 20.5% 20 A. Base metals prices kept fluctuating in 1H12 In 1H12, base metals prices kept fluctuating domestically and abroad, declining after early rise. With global easing liquidity in the first quarter, some metals like copper, nickel and tin had gone upwards nearly 10%. At the same time, aluminum, zinc and lead prices had seen a little change. Entering into April, the European debt crisis began worsening again, economic situation for Europe, the U.S. and emerging economies became weaker, then metals prices declined, but with a limited extent. Overall speaking, most metals only lost about 3% in 1H12, Source: Bloomberg, Phillip Securities among which tin price declined 7.5%, but copper price decreased less than 1%. Fig 1.Base metals prices trend in 1H12 Analyst Fan Guohe 120.0 [email protected] +8621 5169 9400 112.5 105.0 97.5 Copper Aluminum Lead Nickel Tin Zinc HSI Index 90.0 1-Jun-12 9-Mar-12 6-Apr-12 4-May-12 13-Jan-12 27-Jan-12 15-Jun-12 29-Jun-12 10-Feb-12 24-Feb-12 23-Mar-12 20-Apr-12 30-Dec-11 18-May-12 Sources ：Bloomberg, Phillip Securities Meanwhile, influenced by the production limit in the 12th 5-yr plan for non-ferrous metals sector and sluggish downstream demand, the output growth of most metals had slowed down in the early five months.
    [Show full text]
  • DFA INVESTMENT DIMENSIONS GROUP INC Form NPORT-P Filed
    SECURITIES AND EXCHANGE COMMISSION FORM NPORT-P Filing Date: 2020-09-29 | Period of Report: 2020-07-31 SEC Accession No. 0001752724-20-201352 (HTML Version on secdatabase.com) FILER DFA INVESTMENT DIMENSIONS GROUP INC Mailing Address Business Address 6300 BEE CAVE ROAD 6300 BEE CAVE ROAD CIK:355437| IRS No.: 363129984 | State of Incorp.:MD | Fiscal Year End: 1031 BUILDING ONE BUILDING ONE Type: NPORT-P | Act: 40 | File No.: 811-03258 | Film No.: 201208807 AUSTIN TX 78746 AUSTIN TX 78746 (512) 306-7400 Copyright © 2020 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DFA INVESTMENT DIMENSIONS GROUP INC. FORM N-Q REPORT July 31, 2020 (UNAUDITED) Table of Contents DEFINITIONS OF ABBREVIATIONS AND FOOTNOTES T.A. U.S. Core Equity 2 Portfolio Tax-Managed DFA International Value Portfolio T.A. World ex U.S. Core Equity Portfolio VA U.S. Targeted Value Portfolio VA U.S. Large Value Portfolio VA International Value Portfolio VA International Small Portfolio VA Short-Term Fixed Portfolio VA Global Bond Portfolio VIT Inflation-Protected Securities Portfolio VA Global Moderate Allocation Portfolio U.S. Large Cap Growth Portfolio U.S. Small Cap Growth Portfolio International Large Cap Growth Portfolio International Small Cap Growth Portfolio DFA Social Fixed Income Portfolio DFA Diversified Fixed Income Portfolio U.S. High Relative Profitability Portfolio International High Relative Profitability Portfolio VA Equity Allocation Portfolio DFA MN Municipal Bond Portfolio DFA California Municipal Real Return Portfolio DFA Global Core Plus Fixed Income Portfolio Emerging Markets Sustainability Core 1 Portfolio Emerging Markets Targeted Value Portfolio DFA Global Sustainability Fixed Income Portfolio DFA Oregon Municipal Bond Portfolio NOTES TO FINANCIAL STATEMENTS Organization Security Valuation Financial Instruments Federal Tax Cost Recently Issued Accounting Standards Other Subsequent Event Evaluations Table of Contents TABLE OF CONTENTS CONTINUED THE DFA INVESTMENT TRUST COMPANY SCHEDULES OF INVESTMENTS The U.S.
    [Show full text]
  • 2021 Semi-Annual Report (Unaudited)
    FEBRUARY 28, 2021 2021 Semi-Annual Report (Unaudited) iShares, Inc. • iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca • iShares MSCI BRIC ETF | BKF | NYSE Arca • iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ • iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca The Markets in Review Dear Shareholder, The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemploy- ment claims spiked, causing a global recession and a sharp fall in equity prices. After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving Rob Kapito economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period President, BlackRock, Inc. following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets re- Total Returns as of February 28, 2021 bounded substantially from lows in late March 2020.
    [Show full text]
  • Dimensional Accounts 30 Jun 20.Xlsm
    Interim Report and Financial Statements (unaudited) for the period ended 30 June 2020 Dimensional Funds ICVC Authorised by the Financial Conduct Authority No marketing notification has been submitted in Germany for the following Funds of Dimensional Funds ICVC: Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund Accordingly, these Funds must not be publicly marketed in Germany. Table of Contents Dimensional Funds ICVC General Information* 2 Investment Objectives and Policies* 3 Authorised Corporate Director’s Investment Report* 5 Incorporation and Share Capital* 9 The Funds* 9 Fund Cross-Holdings* 9 Fund and Shareholder Liability* 9 Regulatory Disclosure* 9 Potential Implications of Brexit* 9 Directors' Statement* 10 The Interim Report and Financial Statements for each of the below sub-funds (the “Funds”); Emerging Markets Core Equity Fund Global Short-Dated Bond Fund International Core Equity Fund International Value Fund United Kingdom Core Equity Fund United Kingdom Small Companies Fund United Kingdom Value Fund are set out in the following order: Price and Distribution Record 11 Portfolio Statement* 25 Statement of Total Return 139 Statement of Change in Net Assets Attributable to Shareholders 139 Balance Sheet 140 Note to the Financial Statements 140 Distribution Tables 141 Supplemental Information* 148 * These collectively comprise the Authorised Corporate Director’s (“ACD”) Report. Dimensional Fund Advisors
    [Show full text]
  • Emerging Markets Small Cap Portfolio-Institutional Class As of March 31, 2021 (Updated Monthly) Source: State Street Holdings Are Subject to Change
    Emerging Markets Small Cap Portfolio-Institutional Class As of March 31, 2021 (Updated Monthly) Source: State Street Holdings are subject to change. The information below represents the portfolio's holdings (excluding cash and cash equivalents) as of the date indicated, and may not be representative of the current or future investments of the portfolio. The information below should not be relied upon by the reader as research or investment advice regarding any security. This listing of portfolio holdings is for informational purposes only and should not be deemed a recommendation to buy the securities. The holdings information below does not constitute an offer to sell or a solicitation of an offer to buy any security. The holdings information has not been audited. By viewing this listing of portfolio holdings, you are agreeing to not redistribute the information and to not misuse this information to the detriment of portfolio shareholders. Misuse of this information includes, but is not limited to, (i) purchasing or selling any securities listed in the portfolio holdings solely in reliance upon this information; (ii) trading against any of the portfolios or (iii) knowingly engaging in any trading practices that are damaging to Dimensional or one of the portfolios. Investors should consider the portfolio's investment objectives, risks, and charges and expenses, which are contained in the Prospectus. Investors should read it carefully before investing. This fund operates as a feeder fund in a master-feeder structure and the holdings listed below are the investment holdings of the corresponding master fund. Your use of this website signifies that you agree to follow and be bound by the terms and conditions of use in the Legal Notices.
    [Show full text]