DOCSLIB.ORG

Annual Report 2015 Annual Report 2015 Report Annual

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2015 Annual Report 2015 Report Annual BEIJING ENTERPRISES HOLDINGS LIMITED BEIJING ENTERPRISES HOLDINGS LIMITED Stock Code : 392 ANNUAL REPORT 2015 ANNUAL REPORT 2015 CONTENT 2 Corporate Information 4 Corporate Structure 5 Financial Highlights 6 Chairman’s Statement 8 Management Discussion and Analysis 21 Directors and Senior Management 26 Report of The Directors 41 Corporate Governance Report 53 Independent Auditors’ Report 55 Consolidated Statement of Profit or Loss 56 Consolidated Statement of Comprehensive Income 57 Consolidated Statement of Financial Position 60 Consolidated Statement of Changes in Equity 62 Consolidated Statement of Cash Flows 65 Notes to Financial Statements 191 Five Year Financial Summary Beijing Enterprises Holdings Limited 01 Annual Report 2015 Corporate Information CORPORATE INFORMATION DIRECTORS CORPORATE GOVERNANCE & RISK Executive Directors MANAGEMENT COMMITTEE Mr. Wang Dong (Chairman) Mr. Zhou Si (Committee Chairman) Mr. Hou Zibo (Vice Chairman) Mr. Jiang Xinhao Mr. Zhou Si (Vice Chairman & Chief Executive Officer) Mr. Lam Hoi Ham Mr. Li Fucheng (Vice Chairman) Mr. Fu Tingmei Mr. Li Yongcheng (Vice Chairman) Dr. Yu Sun Say Mr. E Meng (Executive Vice President) Mr. Jiang Xinhao (Vice President) COMPANY SECRETARY Mr. Tam Chun Fai Mr. Tam Chun Fai CPA CFA (Chief Financial Officer & Company Secretary) STOCK CODE Independent Non-Executive Directors 392 Mr. Wu Jiesi Mr. Lam Hoi Ham WEBSITE Mr. Fu Tingmei www.behl.com.hk Mr. Sze Chi Ching Mr. Shi Hanmin SHARE REGISTRAR Dr. Yu Sun Say Tricor Tengis Limited Level 22, Hopewell Centre, AUDIT COMMITTEE 183 Queen’s Road East, Mr. Wu Jiesi Hong Kong Mr. Lam Hoi Ham (Committee Chairman) Mr. Fu Tingmei REGISTERED OFFICE 66/F., Central Plaza, REMUNERATION COMMITTEE 18 Harbour Road, Mr. Zhou Si Wanchai, Hong Kong Mr. Wu Jiesi (Committee Chairman) Tel: (852) 2915 2898 Mr. Lam Hoi Ham Fax: (852) 2857 5084 NOMINATION COMMITTEE AUDITORS Mr. Wang Dong (Committee Chairman) Ernst & Young Mr. Lam Hoi Ham Mr. Fu Tingmei 02 Beijing Enterprises Holdings Limited Annual Report 2015 CORPORATE INFORMATION LEGAL ADVISERS Hong Kong Law DLA Piper Mayer Brown JSM PRC Law Haiwen & Partners US Law Mayer Brown JSM PRINCIPAL BANKERS In Hong Kong Bank of China, Hong Kong Branch Bank of Communications, Hong Kong Branch China Construction Bank, Hong Kong Branch DBS Bank Ltd., Hong Kong Branch Mizuho Corporate Bank Ltd., Hong Kong Branch In Mainland China Agricultural Bank of China Bank of China China Construction Bank Guangdong Development Bank The Industrial and Commercial Bank of China ADR Depository Bank The Bank of New York Beijing Enterprises Holdings Limited 03 Annual Report 2015 Corporate Structure CORPORATE STRUCTURE As at 31 December 2015 Other entities, most of which are under the Beijing Enterprises Group Company Limited control of the Beijing Municipal Government 72.72% 27.28% Beijing Enterprises Investment Limited Public Investors 40.24% 20.56% 39.20% # Beijing Enterprises Holdings Limited Stock Code: 392 79.77% Yanjing Beer 100% Beijing Gas 57.39% Yanjing Brewery T 40% PetroChina Beijing Stock Code: 000729 Pipeline Co 50.03% Yanjing Huiquan* Stock Code: 600573 22.70% China Gas # Stock Code: 384 50.43% Beijing Development # Stock Code: 154 43.84% BE Water # Stock Code: 371 20.76% Biosino Bio-Tech Stock Code: 8247 * Listed on The Shanghai Stock Exchange T Listed on The Shenzhen Stock Exchange # Listed on The Main Board of The Hong Kong Stock Exchange π Listed on The Growth Enterprise Market of The Hong Kong Stock Exchange 04 Beijing Enterprises Holdings Limited Annual Report 2015 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Financial Highlights 2015 2014 Change for the year ended 31 December HK$’000 HK$’000 Turnover 60,149,945 47,935,795 +25.5% Gross profit 9,051,048 8,576,031 +5.5% Profit for the year 5,955,913 5,405,647 +10.2% Profit attributable to shareholders of the Company 5,667,378 4,831,678 +17.3% Basic EPS (in HK dollars) 4.41 3.78 +16.7% Total dividend per share (in HK dollars) 0.95 0.90 +5.6% EBIT 7,939,737 7,142,972 +11.2% EBITDA 10,701,227 9,565,663 +11.9% Total assets 124,766,040 124,173,816 +0.5% Bank balance and cash 13,766,807 11,266,441 +22.2% Shareholders’ equity 58,187,267 57,176,356 +1.8% Key financial indicators for the year ended 31 December 2015 2014 Average finance costs 3.6% 3.7% Current ratio (times) 1.28 0.94 Gross profit margin 15.0% 17.9% Net gearing ratio 30.6% 38.1% Net profit margin 9.9% 11.3% Payout ratio (%) 21.5% 23.8% Return on average equity 9.8% 8.7% Definitions: • Average finance costs • Net profit margin Total interest expenses/Average borrowing for the year Net profit for the year/Turnover • Current ratio • Payout ratio Current assets/Current liabilities Dividend per share/Earnings per share • Gross profit margin • Return on average equity Gross profit/Turnover Profit attributable to shareholders of the Company/Average equity attributable to equity holders of the Company • Net gearing ratio Net borrowing/Total equity Beijing Enterprises Holdings Limited 05 Annual Report 2015 CHAIRMAN’S STATEMENT CHAIRMAN’S STATEMENT In 2015, the global economic development was getting more complicated with initial signs of recovery in developed economies such as USA and Europe, while the emerging economies represented by China were accumulating momentum for innovation and development despite global economic downward pressure. Beijing Enterprises Holdings Limited (the “Company” or the “Group”) fully intensified its enterprise reform and innovation and continued to maintain a sustained, steady and healthy development. According to the financial statements prepared under the Hong Kong Financial Reporting Standards, the Company achieved operating revenue of HK$60.15 billion in 2015, representing a year-on-year increase of 25.5%. Profit attributable to shareholders of the Company amounted to HK$5.67 billion, representing a year-on- year increase of 17.3%. The board of directors proposed a final dividend of HK65 cents per share. 2015 was the final year of our second Five-year Plan. Since 2011, we adhered to the principle of focusing on our principal businesses in accordance with the established strategic plan, pooled resources together to develop the three major core businesses in gas, water and solid waste treatment and also the beer segment as our value investment business, and withdrawn from other non-principal businesses gradually. Over the past year, sales volume of our natural gas business continued to maintain a high-speed growth, water and solid waste treatment businesses achieved a leap-forward development, with our strategic layout basically completed. At the same time, through investment, financing and a series of successful capital market operations, the Company’s foundation became more stable which gave a clearer sector layout and more solid capital market position. Looking forward into 2016, the Company will continue to unswervingly facilitate the clean energy business and environmental protection business. We will seize the opportunities brought by energy industry reform and at the same time, intensify our efforts to develop new businesses such as cooling-heating-power supply projects to further increase our leading superiority in gas business. By leveraging on the opportunity of integrating Beijing, Tianjin and Hebei together, the Group will focus on developing the Beijing, Tianjin and Hebei markets and further elevate the synergetic cooperation with China Gas Holdings Limited (Stock Code: 384) to reinforce and expand the national gas market. In environmental protection business, we will continue to optimize the strategic planning of water business, maintain the capital advantage of Beijing Enterprises Water Group Limited (Stock Code: 371), forcefully promote our technical competitiveness and make a success in the two drivers of capital and technology advantage. The solid waste treatment operations are the growing business that we will develop in full swing. The Company will fully support the solid waste treatment segment to secure high-quality projects, enlarge its scale rapidly, escalate industry influence, establish environmental protection brand image and strive for becoming the industry standard. 06 Beijing Enterprises Holdings Limited Annual Report 2015 CHAIRMAN’S STATEMENT In the beginning of 2016, the Company completed the acquisition of the 100% interest equity of EEW Energy from Waste GmbH (“EEW”), an energy-from-waste company in Munich, Germany. The acquisition of EEW is the largest merger and acquisition project by a Chinese enterprises in Germany, which for sure will enhance our operation scale and industry standing in the solid waste treatment and environmental protection sector in China. This acquisition is also an important measure to actively carry out green development concept, boost up the development of environmental protection industry and explore the overseas markets pro-actively by the Company; and at the same time also conform with the “One Belt One Road” development strategy advocated by our government, which plays an active demonstration role for PRC enterprises to implement the “Going Global” strategy. In the future, we will keep on grasping economic development opportunities both domestically and abroad and go with the times of green low-carbon development. Furthermore, we will move forward the implementation of strategic agreements within the framework of enhancing original international co-operations. We will strive to promote the overall standard of domestic environmental protection industry through learning and introducing the advanced environmental protection ideas, skills and management experience in Europe, and contribute to the green sustainable development in China. We will forge ahead, be hardworking and be dedicated to become a leading services provider of clean energies and utilities in China, making tremendous contributions to the nation’s economic and social development. Wang Dong Chairman Hong Kong 31 March 2016 Beijing Enterprises Holdings Limited 07 Annual Report 2015 Management Discussion and Analysis MANAGEMENT DISCUSSION AND ANALYSIS I. BUSINESS REVIEW Natural Gas Distribution Business Beijing Gas Group Company Limited (“Beijing Gas”) recorded a revenue of HK$43.95 billion in 2015, representing a year-on-year growth of 35.5%.
Load more

Recommended publications
  • Spirits Catalog
    SPIRITS CATALOG WWW.CNSIMPORTSCA.COM [email protected] PH: 626 579 9018 | FAX: 626 579 0584 TABLE OF CONTENTS Whiskey 1 Liqueurs 10 Vodka 5 Asian Beers 13 Gin 6 Baijiu 14 Tequilla 7 Terms & Conditions 16 Mezcal 8 Return Policy 17 Rum 9 WHISKEY AMERICAN DRIFTLESS GLEN DRIFTLESS GLEN STRAIGHT RYE WHISKEY STRAIGHT BOURBON WHISKEY SINGLE BARREL SINGLE BARREL (Barrel Program Available) (Barrel Program Available) Origin: Baraboo, WI Origin: Baraboo, WI Mash: 80% Rye, 10% Malted Barley, 10% Corn Mash: 60% Corn, 20% Malted Barley, 20% Rye Nose: Cinnamon, Hints of Oak Nose: Vanilla, Honey, Light Spices Tongue: Spicy Rye, Honey Tongue: Buttered Popcorn, Raw Corn Husk, Rye Spice Finish Accolades: Silver - WSWA 2017 ABV 48% Size: 750ML ABV 48% Size: 750ML DRIFTLESS GLEN DRIFTLESS GLEN RYE WHISKEY BOURBON WHISKEY Origin: Baraboo, WI Origin: Baraboo, WI Mash: 80% Rye, 10% Malted Barley, 10% Corn Mash: 60% Corn, 20% Rye, 20% Malted Barley Nose: White pepper, Burnt Oak Nose: Vanilla, Caramel Corn Tongue: Spicy Vanilla, Honey Tongue: Light Molasses, Brown Sugar Toffee ABV 48% Size: 750ML ABV 48% Size: 750ML INDIAN RAMPUR INDIAN SINGLE VINN WHISKEY MALT WHISKY DOUBLE CASK Origin: Wilsonville, OR Origin: Rampur, India Mash: 100% Long Grain Rice Mash: 100% Indian Malted Barley Nose: Toffee, Fruit Gummies Nose: Tropical Fruit, Deep Malt, Oak Tongue: Sweet, Tapioca, Spicy Cocoa Tongue: Sherry, Rich Fruit ABV 43% Size: 375ML/750ML ABV 45% Size: 750ML 1 Spirits Catalog 2019 WHISKEY JAPANESE RAMPUR INDIAN SINGLE KUJIRA MALT WHISKY RYUKYU WHISKY 20 YEAR Origin:
    [Show full text]
  • 201804020332129474.Pdf
    China’s Beer Industry These trends highlight that consumer stickiness toward traditional beer World’s #1 Producer & Consumer brands has diminished, and consumption patterns are becoming increasingly Industry is Highly Concentrated fragmented and indiviudalized. Traditional beer brands are facing immense market challenges. Major beer brands are gradually shifting toward the high- Fragmented Consumption Is Leading to Industrial Restructuring end market, where consumption is increasing. Their operating conditions have generally improved since the end of 2016. 3 Since 2002, China has been the world’s largest producer and consumer of beer. In 2016, China’s annual beer production exceeded 45.064 billion liters, China’s beer industry is currently ushering in a period of deep consolidation. totalling about twice as much as that of the U.S., the world’s second largest Product quality upgrades and innovation in production technologies will be producer. Annual per capita beer sales topped 35 liters, surpassing the world’s two major tests that beer companies must face.4 1 average (26.4 liters/person). China’s beer industry is highly concentrated, resulting in limited competition due to the small number of producers. The beer market began to consolidate in the early 1990's, undergoing a series of corporate mergers and acquisitions, but this pattern has since stabilized. Other At present, China’s beer indsutry is monopolized by five major brands: China Resources Snow (“CR Snow”), Tsingtao Beer, Anheuser-Busch InBev (“AB InBev”), Yanjing Beer and Carlsberg. In 2016, these five companies comprised over 75% of the market, with the largest domestic beer enterprise – CR Snow – accounting for 26% (see Figure 1).
    [Show full text]
  • Beer Market Insights 2014 China In-Depth Analysis of Key Brewers, Brands, Volume, Value and Segmentation Trends and Opportunities in the Beer Market
    Beer Market Insights 2014 China In-depth Analysis of Key Brewers, Brands, Volume, Value and Segmentation Trends and Opportunities in the Beer Market www.canadean.com Sample Pages Published: June 2014 Summary The China Beer Market Insights report comprises a high level market research data on the China beer industry. The report provides readers with an excellent way of gaining a thorough understanding of the dynamics and structure of the China Beer industry. Data includes volumes from 2009 to 2013 plus 2014 forecast, enabling historical and current trend analysis. In-depth market segmentation is presented: mainstream, premium, super premium, discount, alcoholic strength, local segmentation and beer type. It also provides data and analysis of the performance of both domestic and imported brands and reports on new product activity in 2013. It presents an analysis of industry structure, and reports on company volumes, with the addition of brewer profiles for the major brewers. The report provides distribution channel data for total market (on- vs off-premise) and discusses the latest trends in the key sub-channels. Packaging data includes consumption volumes by pack material, type, size, refillable vs non-refillable, multi-serve vs single serve. Market valuation data and pricing data are also provided. Key Findings • Beer around China witnessing positive trends • Exports increase in China beer, Tsingtao leading Chinese beer around the world • New innovation in Chinese beer contributing to the increase in sales Reasons to Buy • The China Beer Market Insight report is designed for clients needing a quality in-depth understanding of the dynamics and structure of the Beer market • The report provides a much more granular and detailed data set than our competitors.
    [Show full text]
  • Meet China's Corporates: a Primer
    Meet China’s Corporates: A Primer An At-A-Glance Guide to China’s Non-Financial Sectors July 9, 2020 S&P Global (China) Ratings www.spgchinaratings.cn July 9, 2020 Meet China’s Corporates: A Primer July 9, 2020 Contents Beer ..................................................................................................... 3 Car Makers ........................................................................................... 6 Cement ................................................................................................ 9 Chemical Manufacturers .................................................................... 11 Coal ................................................................................................... 13 Commercial Real Estate ..................................................................... 16 Engineering and Construction ............................................................ 18 Flat Panel Display Technology ............................................................ 21 Household Appliances ....................................................................... 23 Liquor ................................................................................................ 25 Online and Mobile Gaming.................................................................. 28 Power Generation ............................................................................... 31 Real Estate Development ................................................................... 34 Semiconductors ................................................................................
    [Show full text]
  • Corporate Social Responsibility Report Invest for a Better Life About the Report
    2015 Corporate Social Responsibility Report Invest For A Better Life About the Report The Report has been reviewed and ratified by the Board of Directors of Beijing Enterprises Holdings Limited. Beijing Enterprises hereby represents that the Report contains no false representations, misleading statements or material omissions. Reporting Period Release cycle Jan. 1st, 2015-Dec. 31st, 2015, part of the content is beyond the scope. The Report is the 2nd CSR report officially released by Beijing Enterprises. From 2015 onwards, Beijing Enterprises periodically discloses CSR-related Reporting Boundary information in line with relevant requirements of the Stock Exchange of Hong Kong Ltd. (HKEX). The Report covers the headquarters, subsidiaries and affiliates of Beijing Enterprises Holdings Limited. Report compilation principles Reference This Report is aligned with Appendix 27: Environmental, Social and Governance Reporting Guide of Stock Exchange of Hong Kong Ltd. (HKEX), For the convenience of expression, Beijing Enterprises Holdings Limited the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines(G4), (HK.00392) is hereinafter referred to as “Beijing Enterprises”, “the Company”, or Chinese Academy of Social Sciences (CASS) China Corporate Social “we/us”. Responsibility Reporting Guidelines (CASS-CSR3.0), International Organization Beijing Gas Group Company Limited is referred to as Beijing Gas. for Standardization (ISO) Social Responsibility Guide (ISO 26000:2010). China Gas Holdings Ltd. (HK.00384) is referred to as China Gas, Data sources Beijing Enterprises Water Group Limited (HK.00371) is referred to as BE Water. All data included in the Report are from formal documents, statistical Beijing Development (Hong Kong) Limited (HK.00154) is referred to as reports and financial reports of the Company, as well as sustainability- Beijing Development.
    [Show full text]
  • Exclusions As of 06/30/2018 Company Name Country Ticker ISIN Issue
    Exclusions as of 06/30/2018 Company Name Country Ticker ISIN Issue Alpha Natural Resources Inc. US ANR US02076X1028 Climate Change (thermal coal) Arch Coal Inc. US ACI US0393801008 Climate Change (thermal coal) China Coal Energy Company Limited Non US 1898 CNE100000528 Climate Change (thermal coal) China Resources Power Holdings HKG: 0836 Company Limited Non US HK0836012952 Climate Change (thermal coal) China Shenhua Energy Company SHA: 601088 Limited Non US CNE1000002R0 Climate Change (thermal coal) China Shenhua Overseas Capital - Company Limited Non US XS1165128239 Climate Change (thermal coal) Cloud Peak Energy Inc. US CLD US18911Q1022 Climate Change (thermal coal) NSE: COAL Coal India Limited Non US INE522F01014 Climate Change (thermal coal) JSE: EXX Exxaro Resources Limited Non US ZAE000084992 Climate Change (thermal coal) Glencore plc Non US LSE:GLEN JE00B4T3BW64 Climate Change (thermal coal) Hallador Energy Company US HNRG US40609P1057 Climate Change (thermal coal) Inner Mongolia Yitai Coal Co. Ltd. Non US 900948 CNE000000SK7 Climate Change (thermal coal) Peabody Energy Corp. US BTU US7045491047 Climate Change (thermal coal) IDX: ADRO PT Adaro Energy Tbk Non US ID1000111305 Climate Change (thermal coal) IDX: PTBA PT Bukit Asam (Persero) Tbk Non US ID1000094006 Climate Change (thermal coal) Westmoreland Coal Co. US WLB US9608781061 Climate Change (thermal coal) Whitehaven Coal Limited Non US WHC AU000000WHC8 Climate Change (thermal coal) Avichina Industry & Technology Co. Non US SEHK:2357 CNE1000001Y8 Human Rights Bank Hapoalim B.M. Non US TASE:POLI IL0006625771 Human Rights Bank Leumi Le-Israel BM Non US TASE:LUMI IL0006046119 Human Rights China Communications Construction Co. Non US SEHK:1800 CNE1000002F5 Human Rights China Petroleum & Chemical Corporation Non US SEHK:386 CNE1000002Q2 Human Rights Consolidated Infrastructure Group ltd.
    [Show full text]
  • 052014 CHINA Perfil E Oportunidades Alimentos E Bebidas
    CHINA Perfil e Oportunidades Comerciais em Alimentos, Bebidas e Agronegócio 2014 1 Apex-Brasil Mauricio Borges PRESIDENTE Ricardo Santana DIRETOR DE NEGÓCIOS Tatiana Porto DIRETORA DE GESTÃO CORPORATIVA Marcos Tadeu Caputi Lélis GERENTE EXCECUTIVO DE INTELIGÊNCIA COMERCIAL E ESTRATÉGIA DE NEGÓCIOS Camila Orth Clara Santos Patrícia Steffen AUTORAS DO ESTUDO (GERÊNCIA DE INTELIGÊNCIA COMERCIAL – GIC) SEDE Setor Bancário Norte, Quadra 02, Lote 11, CEP 70.040-020 Brasília – DF Tel.: +55 (61) 3426-0202 Fax: +55 (61) 3426-0263 E-mail: [email protected] © 2014 Apex-Brasil Qualquer parte desta obra poderá ser reproduzida, desde que citada a fonte. 2 Índice Sumário Executivo ...................................................................................................................... 5 Dados Gerais ............................................................................................................................... 7 Panorama da produção e consumo de alimentos e bebidas ..................................................... 9 Produção ........................................................................................................... 9 Consumo ......................................................................................................... 12 Comércio de alimentos, bebidas e agronegócio ...................................................................... 18 Regiões e Principais cidades ..................................................................................................... 24 VareJo ......................................................................................................................................
    [Show full text]
  • Bernsteinglanz Und Perlen Des Schwarzen Drachen Die Geschichte Der Chinesischen Weinkultur
    Peter Kupfer Bernsteinglanz und Perlen des Schwarzen Drachen Die Geschichte der chinesischen Weinkultur Deutsche Ostasienstudien 26 OSTASIEN Verlag Autor und Verlag danken Cheng Shengwu 程胜武 (Qingzhou, Shandong) für die Erlaubnis, für das Umschlaglayout sein Bild „Genshen yemao shuoguo leilei“ 根深叶茂硕果累累 „Tiefe Wurzeln, üppiges Laub, opulente Früchte“ verwenden zu dürfen. Gefördert durch die Deutsche Forschungsgemeinschaft (DFG) - Projektnummer KU 635/16-1 Bibliographische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliographie; detaillierte bibliographische Daten sind im Internet über dnb.d-nb.de abrufbar. © 2019. OSTASIEN Verlag, Gossenberg. 1. Auflage. Alle Rechte vorbehalten Redaktionelle Bearbeitung und Fachlektorat: Martin Hanke und Dorothee Schaab-Hanke Layout und Realisation: Martin Hanke Druck und Bindung: Rosch-Buch Druckerei GmbH, Scheßlitz Printed in Germany ISBN 978-3-946114-28-4 Inhalt Preface (Patrick McGovern) I Vorwort 1 01 Wein- und Alkoholkultur: 7 Integrales Erbe der chinesischen Zivilisation und der universalen menschlichen Evolution 02 Auch in China: 31 Im Anfang war der Wein 03 Überlieferungen, Mythen und Legenden: 47 Trinkkultur im alten China 04 Entfaltung einer einzigartigen Fermentations- und Alkoholritualkultur: 69 Die Xia-, Shang- und Zhou-Zeit (21.–3. Jh. v. Chr.) 05 Maßvoll und gesellschaftsorientiert: 95 Konfuzius und die Trinkriten 06 Wein an der Seidenstraße: 107 Kontakte und Austausch mit dem Westen in der Han-Zeit
    [Show full text]
  • 18119 Enter the Dragons Den UK Layout 1
    ENTER THE DRAGONS’ DEN CHINA TOP 50 FMCG COMPANIES 2010 Est. Grocery Revenue Rank Company (RMBm) Category Key Brands 1 Wahaha 49,500 Non-alcoholic Beverages, Dairy, Packaged Food Future Cola, Shuang WaiWai, AD Calcium Milk, Wahaha Non-alcoholic Beverages, Packaged Food, 2 Tingyi 45,244 Kang Shi Fu (Master Kong) Bakery & Snacks 3 P&G 31,707 Beauty & Personal Care, Home Care Safeguard, Olay, Crest, Tide, Whisper, Pampers 4 Coca-Cola 31,380 Non-alcoholic Beverages Coca-Cola, Sprite, Minute Maid Pulpy 5 Mengniu 30,265 Dairy, Ice-cream Telunsu, Mengniu Suan Suan Ru, Mengniu Ice-cream 6 Yili Group 29,162 Dairy, Ice-cream Jindian, Yili Ice-cream, Yili Milk Powder 7 China Resources Enterprise 27,815 Beer, Non-alcoholic Beverages, Packaged Food Snow Beer, C’estbon Water, Ng Fung Hong 8 Amway 22,000 Consumer Health, Beauty & Personal Care, Home Care Amway, Artistry 9 Shuanghui Group 21,311 Packaged Food Shuanghui Meat Food 10 Tsingtao Brewery 19,614 Beer Tsingtao Beer 11 AB InBev 19,482 Beer Budweiser, Harbin Beer 12 SABMiller 18,029 Beer Snow Beer Non-alcoholic Beverages, Dairy, Bakery & Snacks, 13 Nestlé 17,822 Nescafe, Nestlé Packaged Food 14 Yihai Kerry Oils & Grains 16,617 Packaged Food Arawana (Jinlongyu) Edible Oils, Rice & Flour 15 Want Want 15,196 Dairy, Bakery & Snacks Hot-Kid Milk, Want Want Rice Cracker Dove Chocolate, Twix®, Mars®, M&M’s® Chocolate, 16 Mars 15,178 Bakery & Snacks Pedigree, Whiskas 17 Wuliangye Group 14,081 Spirits Wuliangye Heqizheng Herbal tea, Daliyuan, Copico Chips, 18 Dali Group 13,000 Non-alcoholic Beverages, Bakery
    [Show full text]
  • China Convergence Fund a Sub-Fund of Value Partners Intelligent Funds NAV Per Unit : Class a USD - USD150.10 Fund Size : USD299.0 Million
    China Convergence Fund A Sub-Fund of Value Partners Intelligent Funds NAV per unit : Class A USD - USD150.10 Fund size : USD299.0 million 31 March 2017 • China Convergence Fund (The “Fund”) primarily invests in A and B shares listed on the stock exchanges of Shanghai and Shenzhen as well as in H shares listed in Hong Kong. • The Fund invests in China and therefore is subject to emerging market risks. Generally, investments in emerging markets are more volatile than investments in developed markets due to additional risks relating to political, social, economic and regulatory uncertainty. • The Fund is also subject to concentration risk due to its concentration in China-related companies. Adverse development in such region may affect the value of the underlying securities in which the Fund invests. • The Fund may directly invest in A Shares and other eligible securities through the qualified foreign institutional investors (“QFII”) quota. Investors will be subject to certain risks including repatriation risk, custodial risk, regulatory risk. In addition, the QFII policy and rules are subject to change. All these may adversely impact the Fund. • The Fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and may expose the Fund to significant losses. • You should not make investment decision on the basis of this material alone. Please read the explanatory memorandum for details and risk factors. Investment objective Performance update 1 Class A MSCI China The fund The fund aims to provide unitholders with long-term capital appreciation USD Index 2 Class Z by investing primarily in A and B shares listed on the stock exchanges of One month +3.8% +2.1% +3.7% Shanghai and Shenzhen, as well as H shares listed in Hong Kong.
    [Show full text]
  • Der Markt Für Alkoholische Getränke in China Zielgruppenanalyse Im Rahmen Der Exportangebote Für Die Agrar- Und Ernährungswirtschaft / Oktober 2013
    Der Markt für alkoholische Getränke in China Zielgruppenanalyse im Rahmen der Exportangebote für die Agrar- und Ernährungswirtschaft / Oktober 2013 www.bmelv.de/export INHALTSVERZEICHNIS Inhalt 1 Einleitung ................................................................................................................................................. 6 2 Management Summary ............................................................................................................................ 7 3 Überblick über Politik und Wirtschaft im Zielland ................................................................................. 10 3.1 Politischer Hintergrund .......................................................................................................................... 10 3.1.1 Geographische Lage ............................................................................................................................... 11 3.1.2 Demographische Daten .......................................................................................................................... 12 3.1.3 Stärkere Kontrollen in der Lebensmittelsicherheit ................................................................................ 14 3.2 Wirtschaft, Struktur und Entwicklung .................................................................................................... 15 3.2.1 Entwicklung des chinesischen Bruttoinlandsproduktes ......................................................................... 15 3.2.2 Einkommensverteilung .........................................................................................................................
    [Show full text]
  • Ineligible List As of December 31, 2015 Entity Name TICKER CUSIP
    Ineligible List as of December 31, 2015 Entity_name TICKER CUSIP SEDOL ISIN ISSUES US or Non US 22nd Century Group Inc XXII 90137F103 B1FH4T9 US90137F1030 Tobacco US 888 Hldgs 888 B0L4LM9 GI000A0F6407 Gambling Non US Adris Grupa D.D. ADRS-R-A B1L6YX4 HRADRSRA0007 Tobacco Non US Advini SA ADVI 4434296 FR0000053043 Alcohol Non US Aerojet Rocketdyne Holdings Inc AJRD 007800105 BWD7PX9 US0078001056 Weapons US AeroVironment Inc. AVAV 008073108 B1P5YY8 US0080731088 Weapons US African Distillers Ltd. AFDS 6009658 ZW0009011025 Alcohol Non US AG&E Holdings Inc WGA 00108M102 BRTMCL0 US00108M1027 Gambling US Agilysys, Inc AGYS 00847J105 2689162 US00847J1051 Gambling US Ainsworth Game Technology Limited AGI 009023102 6427829 AU000000AGI3 Gambling Non US Airbus Group SE AIR 009279100 4012250 NL0000235190 Weapons Non US Al-Eqbal Investment Company Ltd EICO 6460385 JO4104811016 Tobacco Non US Alimentation Couche-Tard, Inc. ATD.B 01626P403 2011646 CA01626P4033 Tobacco Non US Alliance One International Inc. AOI 018772301 2269865 US0187723012 Tobacco US Altria Group Inc. MO 02209S103 2692632 US02209S1033 Alcohol,Tobacco US Amaya Inc AYA BT8J595 CA02314M1086 Gambling Non US Ambev SA ABEV3 02319V103 BG7ZWY7 BRABEVACNOR1 Alcohol Non US Amcon Distributing Company DIT 02341Q205 B0146X5 US02341Q2057 Tobacco US Amphenol Corp. APH 032095101 2145084 US0320951017 Weapons US Anadolu Efes Biracilik ve Malt Sanayi A.S. AEFES 032523201 B03MNV4 TRAAEFES91A9 Alcohol Non US Andrew Peller Limited ADW.A 2032647 CA03444Q1000 Alcohol Non US Angostura Hldgs. Ltd. AHL 2032915 TTP035561005 Alcohol Non US Anheuser-Busch InBev ABI 03524A108 4755317 BE0003793107 Alcohol Non US Anhui Gujing Distillery Company Limited 200596 6026691 CNE000000K82 Alcohol Non US Aristocrat Leisure ALL 6253983 AU000000ALL7 Gambling Non US Asahi Group Holdings, Ltd.
    [Show full text]