DOCSLIB.ORG

Half-Year Report 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Half-Year Report 2019 Half-Year Report 2019 China Construction Bank Corporation (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 939 (Ordinary H-share) 4606 (Offshore Preference Share) Contents DEFINITIONS 4 IMPORTANT NOTICE 6 1 FINANCIAL HIGHLIGHTS 7 2 CORPORATE INFORMATION 8 3 MANAGEMENT DISCUSSION & ANALYSIS 10 3.1 FINANCIAL REVIEW 10 3.1.1 Statement of Comprehensive Income Analysis 10 3.1.2 Statement of Financial Position Analysis 18 3.1.3 Differences between the Financial Statements Prepared under IFRS and those Prepared under PRC GAAP 25 3.1.4 Changes in Accounting Policies 25 3.2 BUSINESS REVIEW 26 3.2.1 Promotion of Three Major Strategies 26 3.2.2 Corporate Banking 27 3.2.3 Personal Banking 28 3.2.4 Treasury Business 30 3.2.5 Overseas Commercial Banking Business 31 3.2.6 Integrated Operation Subsidiaries 33 3.2.7 Analysed by Geographical Segment 36 3.2.8 Building of Branch Network and Channels 38 3.2.9 Product Innovation 39 3.2.10 Human Resources 40 3.3 RISK MANAGEMENT 41 3.3.1 Credit Risk Management 41 3.3.2 Liquidity Risk Management 45 3.3.3 Market Risk Management 47 3.3.4 Operational Risk Management 50 3.3.5 Reputational Risk Management 50 3.3.6 Country Risk Management 50 3.3.7 Consolidated Management 50 3.3.8 Internal Audit 50 3.4 CAPITAL MANAGEMENT 51 3.4.1 Capital Adequacy Ratios 51 3.4.2 Leverage Ratio 52 3.5 PROSPECTS 53 4 CHANGES IN SHARE CAPITAL AND PARTICULARS OF SHAREHOLDERS 54 4.1 CHANGES IN ORDINARY SHARES 54 4.2 NUMBER OF ORDINARY SHAREHOLDERS AND PARTICULARS OF SHAREHOLDING 54 4.3 CHANGES IN CONTROLLING SHAREHOLDERS AND ACTUAL CONTROLLING PARTIES 55 4.4 MATERIAL INTERESTS AND SHORT POSITIONS 55 4.5 DETAILS OF PREFERENCE SHARES 55 5 PROFILES OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT 57 5.1 PARTICULARS OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT 57 5.2 CHANGES IN DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT 57 5.3 CHANGES IN PERSONAL INFORMATION OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT 57 5.4 SHARES OF THE BANK HELD BY DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT 57 5.5 DIRECTORS’ AND SUPERVISORS’ SECURITIES TRANSACTIONS 57 6 MAJOR ISSUES 58 7 REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 62 8 HALF-YEAR FINANCIAL STATEMENTS 63 9 UNREVIEWED SUPPLEMENTARY FINANCIAL INFORMATION 162 APPENDIX SUPPLEMENTARY INFORMATION TO CAPITAL ADEQUACY RATIOS 168 We have included in this report certain forward-looking statements with respect to our financial position, operating results and business development. These statements are based on current plans, estimates and projections. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements do not constitute a substantive commitment to investors. Please be fully aware of the risks and understand the differences between plans, projections and commitments. The main risks faced by the Group include credit risk, liquidity risk, market risk, operational risk, reputational risk and country risk. We proactively took measures to effectively manage these risks. For more information, please refer to “Risk Management” in the “Management Discussion & Analysis”. This report is prepared in both Chinese and English. In case of discrepancy between the two texts, the Chinese version shall prevail. Definitions In this half-year report, unless the context otherwise requires, the following terms shall have the meanings set out below. “AI” Artificial intelligence “The Bank” China Construction Bank Corporation “Baowu Steel Group” China Baowu Steel Group Corporation Limited “Basis point” A unit that measures the changes of interest and exchange rates, 1% of one percentage point “The Board” Board of directors “CBIRC” China Banking and Insurance Regulatory Commission “CBRC” Former China Banking Regulatory Commission “CCB Asia” China Construction Bank (Asia) Corporation Limited “CCB Brasil” China Construction Bank (Brasil) Banco Múltiplo S/A “CCB Europe” China Construction Bank (Europe) S.A. “CCB Financial Leasing” CCB Financial Leasing Co., Ltd. “CCB Futures” CCB Futures Co., Ltd. “CCB Indonesia” PT Bank China Construction Bank Indonesia Tbk “CCB International” CCB International (Holdings) Limited “CCB Investment” CCB Financial Asset Investment Co., Ltd. “CCB Life” CCB Life Insurance Company Limited “CCB London” China Construction Bank (London) Limited “CCB Malaysia” China Construction Bank (Malaysia) Berhad “CCB New Zealand” China Construction Bank (New Zealand) Limited “CCB Pension” CCB Pension Management Co., Ltd. “CCB Principal Asset Management” CCB Principal Asset Management Co., Ltd. “CCB Property & Casualty” CCB Property & Casualty Insurance Co., Ltd. “CCB Russia” China Construction Bank (Russia) Limited “CCB Trust” CCB Trust Co., Ltd. “CCB Wealth Management” CCB Wealth Management Co., Ltd. “Cloud Pet” A gamified crowdsourcing application of information collection deployed in the Bank’s mobile banking, which organises a simple information collection operation as a gamified challenge and offers the users the opportunity to take the challenge anywhere and anytime they like and get rewards for their participation “Cloud-Based Customer Service” An umbrella term for enterprise-level remote financial customer services that the Bank provides to customers on a “comprehensive, cost-efficient, AI-assisted, multilingual and around-the-clock” basis through multiple channels and media, including phones, networks, mobile devices “CSRC” China Securities Regulatory Commission 4 China Construction Bank Corporation Half-Year Report 2019 Definitions “The Group”, “CCB” China Construction Bank Corporation and its subsidiaries “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited “Huidongni” A one-stop service platform built by the Bank for small and micro enterprises by using internet, big data and biometric technologies “Huidouquan” An innovative card acquiring product of the Bank that combines “all-type payment acceptance” with “scenario creations” “Huijin” Central Huijin Investment Ltd. “Huishibao” A high-end comprehensive settlement service platform of the Bank designed to meet the treasury management needs of niche markets and core enterprises in the supply chains “IFRS” International Financial Reporting Standards “Listing Rules of Hong Kong Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited Stock Exchange” “Long Fortune” A Fintech-based wealth management service platform of the Bank designed to deliver asset structuring, AI-assisted investment advisory, retail loans, liquidity management and AI-assisted insurance advisory services “Long Pay” A customer-centric and mobile web-based enterprise-level digital payment brand of the Bank, and also an umbrella term that refers to a group of all-inclusive and integrated payment and settlement product and service offerings “M&A” Merger and acquisition “Mega Asset Manager” An asset management service platform of the Bank that offers end-to-end coverage, serves all the market segments and all customer types, and incorporates all scenarios “MOF” Ministry of Finance of the People’s Republic of China “New financial instruments standard” International Financial Reporting Standard No. 9 – Financial Instruments issued by International Accounting Standards Board in July 2014 “PBC” The People’s Bank of China “PRC GAAP” Accounting Standards for Business Enterprises and other relevant requirements promulgated by the MOF on 15 February 2006 and afterwards “RMB” Renminbi “SFO” Securities and Futures Ordinance “Sino-German Bausparkasse” Sino-German Bausparkasse Co., Ltd. “SME” Small and micro enterprise “State Grid” State Grid Corporation of China “WMP” Wealth management product “Yangtze Power” China Yangtze Power Co., Limited “Yunongtong” A Fintech-based, county-level comprehensive service platform, as part of the Bank’s inclusive finance strategy, designed to address issues such as lack of financial service in underprivileged county-level rural areas Half-Year Report 2019 China Construction Bank Corporation 5 Important Notice The Board and the board of supervisors of the Bank and its directors, supervisors and senior management warrant that the information contained in this half-year report is truthful, accurate and complete and there are no false presentations or misleading statements contained in, or material omissions from, this report, and that they assume severally and jointly legal liability. The Half-Year Report 2019, its summary and results announcement have been reviewed and approved at the Board meeting of the Bank held on 28 August 2019. A total of 12 directors of the Bank attended the meeting in person. Due to work arrangement, Mr. Zhu Hailin appointed Ms. Feng Bing as his proxy to attend and vote on his behalf; due to business engagement, Ms. Anita Fung Yuen Mei appointed Mr. Murray Horn as her proxy to attend and vote on her behalf. As approved by the 2018 annual general meeting, the Bank distributed the 2018 cash dividend of RMB0.306 per share (including tax), totalling RMB2,936 million approximately, on 10 July 2019 to its A-share holders whose names appeared on the register of members after the close of market on 9 July 2019; it distributed the 2018 cash dividend of RMB0.306 per share (including tax), totalling RMB73,568 million approximately, on 30 July 2019 to its H-share holders whose names appeared on the register of members after the close of market on 9 July 2019. The Bank does not declare any 2019 interim dividend nor does it propose any capitalisation of capital reserve into share capital.
Load more

Recommended publications
  • Credit Trend Monitor: Earnings Rising with GDP; Leverage Trends Driven by Investment
    CORPORATES SECTOR IN-DEPTH Nonfinancial Companies – China 24 June 2021 Credit Trend Monitor: Earnings rising with GDP; leverage trends driven by investment TABLE OF CONTENTS » Economic recovery drives revenue and earnings growth; leverage varies. Rising Summary 1 demand for goods and services in China (A1 stable), driven by the country's GDP growth, Auto and auto services 6 will benefit most rated companies this year and next. Leverage trends will vary by sector. Chemicals 8 Strong demand growth in certain sectors has increased investment requirements, which in Construction and engineering 10 turn could slow some companies’ deleveraging efforts. Food and beverage 12 Internet and technology 14 » EBITDA growth will outpace debt growth for auto and auto services, food and Metals and mining 16 beverages, and technology hardware. As a result, leverage will improve for rated Oil and gas 18 companies in these sectors. A resumption of travel, outdoor activities and business Oilfield services 20 operations, with work-from-home options, as the coronavirus pandemic remains under Property 22 control in China will continue to drive demand. Steel, aluminum and cement 24 Technology hardware 26 » Strong demand and higher pricing will support earnings growth for commodity- Transportation 28 related sectors. These sectors include chemicals, metals and mining, oil and gas, oilfield Utilities 30 services, steel, aluminum and cement. Leverage will improve as earnings increase. Carbon Moody's related publications 32 transition may increase investments for steel, aluminum and cement companies. But List of rated Chinese companies 34 rated companies, which are mostly industry leaders, will benefit in the long term because of market consolidation.
    [Show full text]
  • Annual Report 2019 Mobility
    (a joint stock limited company incorporated in the People’s Republic of China with limited liability) Stock Code: 1766 Annual Report Annual Report 2019 Mobility 2019 for Future Connection Important 1 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 this annual report and they will assume joint and several legal liabilities for the truthfulness, accuracy and completeness of the contents disclosed herein. 2 This report has been considered and approved at the seventeenth meeting of the second session of the Board of the Company. All Directors attended the Board meeting. 3 Deloitte Touche Tohmatsu CPA LLP has issued standard unqualified audit report for the Company’s financial statements prepared under the China Accounting Standards for Business Enterprises in accordance with PRC Auditing Standards. 4 Liu Hualong, the Chairman of the Company, Li Zheng, the Chief Financial Officer and Wang Jian, the head of the Accounting Department (person in charge of accounting affairs) warrant the truthfulness, accuracy and completeness of the financial statements in this annual report. 5 Statement for the risks involved in the forward-looking statements: this report contains forward-looking statements that involve future plans and development strategies which do not constitute a substantive commitment by the Company to investors. Investors should be aware of the investment risks. 6 The Company has proposed to distribute a cash dividend of RMB0.15 (tax inclusive) per share to all Shareholders based on the total share capital of the Company of 28,698,864,088 shares as at 31 December 2019.
    [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]
  • An Overview of Sustainability and Corporate Reporting in China
    The Reporting Exchange: An overview of sustainability and corporate reporting in China The Reporting Exchange In 2017, the World Business Council for Sustainable Development (WBCSD), in partnership with the Climate Disclosure Standards Board (CDSB) and Ecodesk, launched the Reporting Exchange. This free online platform has been designed to help business navigate the often-confusing world of corporate reporting. Compared to the development of financial Better quality reporting practices can support reporting, the evolution of non-financial reporting better internal and external decision-making on has been rapid and fragmented. There are many sustainability-related risks and opportunities regulations, reporting frameworks, guidance which, in turn, can influence capital allocations by and tools which influence the corporate investors – making more sustainable businesses, reporting process on environmental, social and more successful. governance issues (ESG). The resulting reporting landscape has been described in recent reports The Reporting Exchange also provides the by the Business and Sustainable Development evidence base to help drive action towards Commission1 and ACCA2, as complex, a more harmonized, aligned and effective overwhelming and there have been calls for corporate reporting environment. The platform more harmonization and alignment. maps sustainability reporting provisions across the world’s largest economies, showing how and What are the objectives of the where they link and align. Reporting Exchange? The Reporting Exchange has also been The primary objective of the Reporting Exchange designed as an open and collaborative space is to provide much-needed clarity to corporate for the many people and organizations active report writers on what, where and how to report in corporate reporting.
    [Show full text]
  • The Mergers and Acquisitions Market in China 2020 by Daxue Consulting
    The M&A market in China February 2021 HONG KONG | BEIJING | SHANGHAI www.daxueconsulting.com [email protected] +86 (21) 5386 0380 TO ACCESS MORE INFORMATION ON THE MOBILITY MARJET IN CHINA, PLEASE CONTACT [email protected] CONTENT OUTLINE 1. M&A market dynamics 03 2. Retail & consumer sector 24 3. High-tech sector 37 4. Material sector 47 5. Automotive sector 58 6. Fashion sector 73 © 2021 DAXUE CONSULTING 2 ALL RIGHTS RESERVED 1 M&A market dynamics © 2021 DAXUE CONSULTING 3 ALL RIGHTS RESERVED China-related M&A transactions rose significantly in 2020 In 2020, the value and number of China M&A increased by 31.3% and 11.3% respectively compared to 2019, the average value of M&A deals increased about 16%. It means there were more large deals in 2020 than 2019. M&A deal of financial buyers is the major growing segment as strong government investment support. Total number and value of M&A deals in China (2016-2020) 2016 2017 2018 2019 2020 Number Value Number Value Number Value Number Value Number Value Strategic buyers (USDbn) (USDbn) (USDbn) (USDbn) (USDbn) Domestic 4,870 316.9 5,111 361.9 4,778 361.9 4,498 272.4 4,530 349.4 Foreign 271 6.7 255 13.8 178 13.8 278 20.9 181 14.6 Total strategic buyers 5,141 323.6 5,366 357.7 4,956 338.6 4,746 293.3 4,711 364.0 Financial buyers Private equity 1,767 212.0 1,324 361.9 1,920 212.9 1,585 206.3 2,077 332.4 VC 3,492 5.6 2,338 13.8 3,410 7.0 2,546 2.6 3,361 2.8 Total financial buyers 5,259 217.7 3,662 177.1 5,330 219.9 4,134 208.9 5,438 335.2 China mainland Outbound SOE 116 63.2 101 27.0
    [Show full text]
  • Annual Report; and Jointly and Severally Accept Full Responsibility for the Truthfulness, Accuracy and Completeness of the Information Contained in This Annual Report
    Contents I. Definitions ........................................................... 2 II. Company Introduction and Major Financial Indicators .......................... 5 III. Overview of the Company’s Business ...................................... 11 IV. Report of the Board .................................................... 14 V. Significant Events ..................................................... 42 VI. Movements in Share Capital and Shareholders ............................... 68 VII. Directors, Supervisors, Senior Management and Employees ..................... 75 VIII. Corporate Governance ................................................. 83 IX. Financial Report ...................................................... 102 X. Document Available for Inspection ........................................ 348 IMPORTANT NOTICE I. The board of directors (the “Board”), the supervisory committee, the directors, the supervisors and senior management of the Company warrant that there are no false representations or misleading statements contained in, or material omissions from this annual report; and jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the information contained in this annual report. II. All directors attended the board meeting. III. Ernst & Young Hua Ming LLP issued a standard unqualified audit opinion on the annual financial statements of the Company. IV. Mr. Ding Yi, representative of the Company, Mr. Wang Qiangmin, person overseeing the accounting operations, and Mr. Xing
    [Show full text]
  • Securing the Belt and Road Initiative: China's Evolving Military
    the national bureau of asian research nbr special report #80 | september 2019 securing the belt and road initiative China’s Evolving Military Engagement Along the Silk Roads Edited by Nadège Rolland cover 2 NBR Board of Directors John V. Rindlaub Kurt Glaubitz Matt Salmon (Chairman) Global Media Relations Manager Vice President of Government Affairs Senior Managing Director and Chevron Corporation Arizona State University Head of Pacific Northwest Market East West Bank Mark Jones Scott Stoll Co-head of Macro, Corporate & (Treasurer) Thomas W. Albrecht Investment Bank, Wells Fargo Securities Partner (Ret.) Partner (Ret.) Wells Fargo & Company Ernst & Young LLP Sidley Austin LLP Ryo Kubota Mitchell B. Waldman Dennis Blair Chairman, President, and CEO Executive Vice President, Government Chairman Acucela Inc. and Customer Relations Sasakawa Peace Foundation USA Huntington Ingalls Industries, Inc. U.S. Navy (Ret.) Quentin W. Kuhrau Chief Executive Officer Charles W. Brady Unico Properties LLC Honorary Directors Chairman Emeritus Lawrence W. Clarkson Melody Meyer Invesco LLC Senior Vice President (Ret.) President The Boeing Company Maria Livanos Cattaui Melody Meyer Energy LLC Secretary General (Ret.) Thomas E. Fisher Long Nguyen International Chamber of Commerce Senior Vice President (Ret.) Chairman, President, and CEO Unocal Corporation George Davidson Pragmatics, Inc. (Vice Chairman) Joachim Kempin Kenneth B. Pyle Vice Chairman, M&A, Asia-Pacific (Ret.) Senior Vice President (Ret.) Professor, University of Washington HSBC Holdings plc Microsoft Corporation Founding President, NBR Norman D. Dicks Clark S. Kinlin Jonathan Roberts Senior Policy Advisor President and Chief Executive Officer Founder and Partner Van Ness Feldman LLP Corning Cable Systems Ignition Partners Corning Incorporated Richard J.
    [Show full text]
  • A Better Living a Better Bank
    China Construction Bank Corporation A Better Bank Annual Report 2018 A Better Living Corporate introduction China Construction Bank Corporation, headquartered in Beijing, is a leading joint stock large-scale commercial bank in China. Its predecessor, China Construction Bank, was established in October 1954. It was listed on Hong Kong Stock Exchange in October 2005 (stock code: 939) and the Shanghai Stock Exchange in September 2007 (stock code: 601939). At the end of 2018, the Bank’s market capitalisation reached US$207,179 million, ranking fifth among all listed banks in the world. The Group ranks second among global banks in terms of Tier 1 capital. The Bank provides customers with comprehensive financial services, such as personal banking, corporate banking, investment and wealth management. With 14,977 banking outlets and 345,971 staff members, the Bank serves hundreds of millions of personal and corporate customers. The Bank has commercial banking branches and subsidiaries in 29 countries and regions with nearly 200 commercial banking entities at various levels, and subsidiaries in different industries and sectors, including fund management, financial leasing, trust, insurance, futures, pension and investment banking. Adhering to the “customer-centric, market-oriented” business philosophy, the Bank is committed to developing itself into a bank with top value creation capability. The Bank strives to achieve the balance between short-term and long-term benefits, and between business goals and social responsibilities, so as to maximise the value for customers, shareholders, society and its associates. Vision Build a world class banking group with top value creation capability. Missions Provide better services to our customers, create greater value to our shareholders, build up a broader career platform for our associates, and assume full responsibilities as a corporate citizen.
    [Show full text]
  • China Baowu Steel Group Corp Ltd 20 July 2020 Leverage Will Rise in 2020 As EBITDA Declines with Demand
    CORPORATES ISSUER IN-DEPTH China Baowu Steel Group Corp Ltd 20 July 2020 Leverage will rise in 2020 as EBITDA declines with demand » Leverage will increase in 2020 as EBITDA declines, then improve in 2021 as steel demand recovers. China Baowu Steel Group Corporation Limited's (A3 stable) EBITDA will decline this year as demand from steel-intensive sectors slows. Baowu's leverage Analyst Contacts reduction in recent years provides a buffer against a moderate increase in adjusted Mike Zhu +86.10.6319.6506 debt/EBITDA. We expect its leverage to improve in 2021 as steel demand picks up with AVP-Analyst economic growth. [email protected] » Weak demand and high supply push down steel price. We expect steel demand to Roy Zhang +852.3758.1515 VP-Senior Analyst decline by a low-single-digit percentage in 2020. An increase in government-backed [email protected] infrastructure investments will be offset by soft demand from other steel-intensive Kai Hu +86.21.2057.4012 sectors and reduced export demand from manufacturing companies that use steel as an Senior Vice President input. Although demand for steel products has declined with the coronavirus pandemic, [email protected] steel production has remained high. This combination, along with an already high steel Li Ma +86.21.2057.4015 inventory level, has weakened steel prices. MD-Corporate Finance [email protected] » Fluctuation in price of iron ore will cause volatility in Baowu's profit margins. Gary Lau +852.3758.1377 The price of iron ore has been volatile this year with fluctuations in iron ore demand and MD-Corporate Finance availability.
    [Show full text]
  • CHINA UNICOM (HONG KONG) LIMITED 中國聯合網絡通信 (香港)股份有限公司 (Incorporated in Hong Kong with Limited Liability) (Stock Code: 0762)
    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. CHINA UNICOM (HONG KONG) LIMITED 中國聯合網絡通信(香港)股份有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 0762) Appointment of Executive Directors The board of directors (the “Board”) of China Unicom (Hong Kong) Limited (the “Company”) announces that Mr. Li Guohua, has been appointed as Executive Director and President of the Company and Mr. Zhu Kebing has been appointed as Executive Director of the Company with effect from 17 August 2018. Mr. Li Guohua, aged 58, Senior Economist, obtained an MBA degree from Nanchang University and University of Poitiers, France in 1999. Mr. Li is a Director and General Manager of China United Network Communications Group Company Limited (the ultimate parent company of the Company), a Director and President of China United Network Communications Limited and a Director and President of China United Network Communications Corporation Limited. Mr. Li served as a Deputy Chief of the Jiangxi Posts and Telecommunications Administration Bureau, a Deputy Chief and the Chief of the Jiangxi Post Bureau, a Deputy Post Master General of the State Post Bureau, Deputy President and President of China Post Group, a Non-Executive Director and the Chairman of the Board of Directors of Postal Savings Bank of China Co., Ltd.
    [Show full text]
  • Corporate Rating Component Scores Asia Pacific Q4 2020
    Corporate Rating Component Scores Asia Pacific Q4 2020 FALSE APAC Corporate Rating Component Scores Oct. 31, 2020 Corporate Rating Component Scores Asia Pacific Methodology," which is the criteria we use for rating corporate industrial companies and utilities. We list the scores for the 530 public ratings in APAC that are within the scope of our corporate methodology, accompanied by charts that show the distribution of aggregated scores. We believe that the list and charts enhance benchmarking across industries and rating levels for all market participants. We disclose these scores in line with the information we provide in our rating research publications, such as research updates and full analyses. By releasing all scores for public corporate ratings in APAC, S&P Global Ratings confirms its commitment to deliver greater transparency and insight into the ratings process and simplify access for all market participants. Ratings are organized alphabetically by industry sector. The scores reflect the building blocks of the corporate ratings framework (see chart 1). Modifiers and components related to our group rating methodology or government-related entity methodology are indicated only where they have a positive or negative effect on the rating. The report reflects corporate credit ratings and scores as of Oct. 31, 2020. This document will not be updated for future rating actions or score revisions. To keep it concise, the list only discloses scores for the main rated entity of larger corporate groups. We omit certain entities such as subsidiaries or holding companies where the ratings are linked to those on their parent companies. In this report, we highlight changes since Jan.
    [Show full text]
  • 中國冶金科工股份有限公司 Important Notice
    * 中國冶金科工股份有限公司 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. All Directors of the Company attended the 29th meeting of the second session of the Board convened on 28 March 2017. III. Deloitte Touche Tohmatsu CPA LLP (Special General Partnership) issued a standard 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. During the Reporting Period, the proposal for profit distribution or transfer of capital reserve to share capital was considered by the Board The net profit attributable to Shareholders of listed Company in the audited consolidated statement of MCC in 2016 amounted to RMB5,375,858 thousand and the undistributed profit of MCC headquarters amounted to RMB3,457,916 thousand. Based on the total share capital of 20.724 billion shares, the Company proposed to distribute cash dividend of RMB0.60 (tax inclusive) for every 10 shares to all Shareholders and total cash dividend will amount to RMB1,243,417 thousand, accounting for 23.13% of net profit attributable to Shareholders of listed Company in the consolidated statement.
    [Show full text]