DOCSLIB.ORG

Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with Limited Liability)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with Limited Liability) Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Web Proof Information Pack, make no representation as to its accuracy or completeness and expressly disclaim and liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Web Proof Information Pack. Web Proof Information Pack of Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with limited liability) WARNING This Web Proof Information Pack is being published as required by The Stock Exchange of Hong Kong Limited (“HKEx”)/the Securities and Futures Commission solely for the purpose of providing Information to the public in Hong Kong. This Web Proof Information Pack is in draft form. The information contained in it is incomplete and is subject to change which can be material. By viewing this Web Proof Information Pack, you acknowledge, accept and agree with Longfor Properties Co. Ltd. (the “Company”), any of its sponsors, advisers and/or members of the underwriting syndicate that: (a) this Web Proof Information Pack is only for the purpose of facilitating equal dissemination of information to investors in Hong Kong and not for any other purposes. No investment decision should be based on the information contained in this Web Proof Information Pack; (b) the posting of the Web Proof Information Pack or any supplemental, revised or replacement pages thereof on the HKEx website does not give rise to any obligation of the Company, any of its sponsors, advisers and/or members of the underwriting syndicate to proceed with an offering in Hong Kong or any other jurisdiction. There is no assurance that the Company will proceed with any offering; (c) the contents of the Web Proof Information Pack or any supplemental, revised or replacement pages thereof may or may not be replicated in full or in part in the actual prospectus; (d) this Web Proof Information Pack may be updated or revised by the Company from time to time but each of the Company and its affiliates, sponsors, advisers and members of the underwriting syndicate is under no obligation, legal or otherwise, to update any information contained in this Web Proof Information Pack; (e) this Web Proof Information Pack does not constitute a prospectus, notice, circular, brochure or advertisement or document offering to sell any securities to the public in any jurisdiction, nor is it an invitation or solicitation to the public to make offers to acquire, subscribe for or purchase any securities, nor is it calculated to invite or solicit offers by the public to acquire, subscribe for or purchase any securities; (f) this Web Proof Information Pack must not be regarded as an inducement to subscribe for or purchase any securities, and no such inducement is intended; (g) neither the Company nor any of its affiliates, sponsors, advisers or members of the underwriting syndicate is offering, or is soliciting offers to buy, any securities in any jurisdiction through the publication of this Web Proof Information Pack; (h) neither the Company nor any of its affiliates, sponsors, advisers or members of the underwriting syndicate makes any express or implied representation or warranty as to the accuracy or completeness of the information contained in this Web Proof Information Pack; (i) each of the Company and any of its affiliates, sponsors, advisers and members of the underwriting syndicate expressly disclaims any and all liabilities on the basis of any information contained in, or omitted from, or any inaccuracies or errors in, this Web Proof Information Pack; (j) the Company has not and will not register the securities referred to in this Web Proof Information Pack under the United States Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws of the United States; and (k) as there may be legal restrictions on the distribution of this Web Proof Information Pack or dissemination of any information contained in this Web Proof Information Pack, you agree to inform yourself about and observe any such restrictions applicable to you. THE WEB PROOF INFORMATION PACK IS NOT FOR PUBLICATION OR DISTRIBUTION TO PERSONS IN THE UNITED STATES. ANY SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED OR SOLD WITHOUT REGISTRATION THEREUNDER OR PURSUANT TO AN AVAILABLE EXEMPTION THEREFROM. NEITHER THIS WEB PROOF INFORMATION PACK NOR THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES. THIS WEB PROOF INFORMATION PACK IS NOT BEING MADE AND MAY NOT BE DISTRIBUTED OR SENT INTO CANADA OR JAPAN. Any offer or invitation to make an offer for any securities will only be made to the public in Hong Kong after the Company has registered its prospectus in accordance with the Companies Ordinance (Cap 32). If an offer or an invitation is made to the public in Hong Kong in due course, prospective investors are reminded to make their investment decisions solely based on a prospectus of the Company registered with the Registrar of Companies in Hong Kong, copies of which will be distributed to the public during the offer period. THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained herein is incomplete and subject to change and it must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. CONTENTS This Web Proof Information Pack contains the following information relating to the Company extracted from post hearing proof of the draft document: • Summary • Definitions • Forward-Looking Statements • Risk Factors • Directors • Corporate Information • Industry Overview • History, Reorganization and Group Structure • Relationship with Our Founders and Our Controlling Shareholders • Business • Directors, Senior Management and Employees • Substantial Shareholders • Share Capital • Financial Information • Future Plans • Appendix I: Accountant’s Report • Appendix IV: Property Valuation • Appendix V: Summary of Principal PRC Legal and Regulatory Provisions • Appendix VI: Summary of the Constitution of the Company and Cayman Company Law • Appendix VII: Statutory and General Information YOU SHOULD READ THE SECTION HEADED “WARNING” ON THE COVER OF THIS WEB PROOF INFORMATION PACK. THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained herein is incomplete and subject to change and it must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. SUMMARY OVERVIEW We are engaged in the property development, property investment and property management businesses CO.3rd(1) CO.3rd(3) in China. In Chongqing, the largest and most populous municipality in China, we were the market leader in App1A29(2) terms of both contract sales and GFA sold of residential properties in 2006, 2007 and 2008, according to the China Index Academy1. Leveraging our premium brand and management capabilities, we expanded into Chengdu in 2005 and Xi’an in the second half of 2007, two of the most populous and affluent cities in western China, and into Beijing in late 2005 and Shanghai in the second half of 2007. In Chengdu and Beijing, we have quickly established ourselves as a leading player in the residential property market. In Chengdu, we were ranked third in 2007 and 2008 in terms of annual contract sales of residential properties, according to the China Index Academy. In Beijing, we were ranked second in 2008 in terms of annual contract sales of residential properties, according to the China Index Academy. In 2009, we entered the Wuxi, Shenyang and Changzhou markets and we plan to continue to expand our national footprint in other selected high growth areas throughout China, including the Pan Bohai Rim and the Yangtze River Delta. Our aim is to become one of the most respected and trustworthy national market leaders in the property industry in China. We have a wide product spectrum and a broad customer base. Our residential property development projects cover a wide range of middle-to-high end products, including high-rise apartment buildings, low-rise garden apartments (花園洋房), townhouses and luxury stand-alone houses, offering residences for the mass market, the middle class and the upper class. We have also built various middle to large scale shopping malls and other commercial properties. We have adopted a threefold “multiple products, selected regional focus” strategy under which we initially focus on supplying a wide range of property products in the cities where we already operate. Secondly, we will selectively penetrate into other regions that are expected to have a large population inflow and in particular, locations where higher income and well-educated people prefer to reside. Finally, we aim to become a market leader in every regional market where we have a business presence. Under this strategy, we have, in the past ten years, taken a disciplined and systematic approach to accumulate experience and expertise on a wide variety of property development and property investment projects, and on building a professional management team, a decentralized corporate structure and an information technology platform that can support rapid regional expansion. As of August 31, 2009, we had completed 15 residential and commercial projects, as well as certain phases of four residential and commercial projects, with a total GFA of approximately 5,054,792 sq.m. (including car parks). As of August 31, 2009, we had retained four shopping malls in Chongqing with a total GFA of approximately 331,843 sq.m. (including car parks), which are currently being held for investment. 1 Based on a report dated September 9, 2009.
Load more

Recommended publications
  • Company Report: Longfor Properties (00960 HK) Van Liu 刘斐凡 Equity Research Equity 公司报告：龙湖地产 (00960 HK) +86 755 23976672 [email protected]
    股 票 研 究 Company Report: Longfor Properties (00960 HK) Van Liu 刘斐凡 Equity Research Equity 公司报告：龙湖地产 (00960 HK) +86 755 23976672 [email protected] 28 March 2017 Benign Prospective Fundamentals with Strong Contracted Sales, Reiterate "Buy" 强劲合约销售下的良好基本面展望，重申“买入” 公 2016 underlying net profit missed our expectation. Top line increased by 司 Rating: Buy 15.6% YoY to RMB54,799 mn. Underlying net profit increased 7.0% YoY to Maintained 报 RMB8,169 mn. 评级： 买入 维持 ( ) 告 The Company is expected to have sustainable revenue growth with Company Report Company stable margins. Contracted sales are likely to experience fast growth despite 目标价 policy tightening. Rental income is expected to grow fast. In addition, a quality 6-18m TP : HK$15.07 Revised from 原目标价: HK$13.22 land bank, appropriate unit land cost (27.6% of ASP in 2016) and low funding costs could result in stable margins. 股价： HK$13.120 Share price The Company is expected to maintain a healthy financial position. We estimate net gearing ratios to gradually decline in 2017-2019 and to maintain Stock performance below 60.0%. 股价表现 We think that Longfor deserves a low NAV discount. We revise up our target price from HK$13.22 to HK$15.07, representing a 24% discount to its 2017E 证 NAV, 7.0x 2017 underlying PER and 1.1x 2017 PBR. Therefore, we reiterate "Buy". Risk: lower-than-expected contracted sales and absent rental income 券 growth. 研 究 2016 年核心净利低于预期。总收入同比增长 15.6%到人民币 54,799 百万元。核心净利同 比上升 7.0%到人民币 8,169 百万元。 报 公司预计获得在稳定利润率下的可持续收入增长。尽管政策收紧但合约销售很有可能快速 告 增长。租金收入将快速增长。另外，有质量的土储，合适的单位土地成本（2016 年销售单 Equity Research Report Research Equity 价的 ）以及低的财务成本能导致稳定的利润率。 27.6% 公司能够维持一个健康的财务状况。我们预测净资产负债率在 2017-2019 年逐渐降低并维 Change in Share Price 1 M 3 M 1 Y 股价变动 1 个月 3 个月 1 年 持在 60.0%以下。 Abs.
    [Show full text]
  • STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016
    STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 128.4 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 69.3 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.3 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 57.5 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 37.7 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 32.6 6 7 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 32.0 7 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 28.5 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 26.5 9 9 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 20.4 10 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 19.4 11 10 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 18.9 12 12 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 KYG2103F1019 BWX52N2 1113.HK HK50CI CK Property Holdings HK HKD Y 17.9 14 11 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.8 15 14 HK0688002218 6192150 0688.HK 619215 China Overseas Land & Investme CN HKD Y 14.8 16 16 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 14.6 17 17 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 13.5 18 19 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co.
    [Show full text]
  • Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 960)
    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. Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 960) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2016 FINANCIAL SUMMARY • Contracted sales increased by 61.6% to RMB88.14 billion as compared with that of last year. • Revenue increased by 15.6% to RMB54.80 billion as compared with that of last year, of which the rental income from the property investment business increased by 35.2% to RMB1.91 billion. • Profit attributable to shareholders was RMB9.15 billion. Excluding effects, such as minority interest and valuation gains, core net profit increased by 11.8% to RMB7.76 billion as compared with that of last year. Gross profit margin increased by 1.7% to 29.1%. Core net profit margin attributable to shareholders was 14.2%. • The net debt to equity ratio (net debt divided by total equity) was 53.9%. Cash in hand was RMB17.36 billion. • Total consolidated borrowings amounted to RMB57.87 billion. Average cost of borrowing decreased from 5.74% to 4.92% per annum. Average maturity period of loan was 5.90 years. • Fully diluted earnings per share were RMB1.57. The Board recommends a final dividend of RMB0.466 per share, representing an increase of 30.5% as compared with that of last year.
    [Show full text]
  • 730661007 HCN Horizons China High Dividend
    Summary of Investment Portfolio (continued) Horizons China High Dividend Yield Index ETF (HCN:TSX) Summary of Investment Portfolio As at March 31, 2020 % of ETF's Asset Mix Net Asset Value Net Asset Value Global Equities $ 9,616,772 100.73% Cash and Cash Equivalents 100,527 1.05% Other Assets less Liabilities (170,187) -1.78% $ 9,547,112 100.00% % of ETF's Sector Mix Net Asset Value Net Asset Value Hong Kong Broad Equity Index $ 9,616,772 100.73% Cash and Cash Equivalents 100,527 1.05% Other Assets less Liabilities (170,187) -1.78% $ 9,547,112 100.00% Summary of Investment Portfolio (continued) Horizons China High Dividend Yield Index ETF (HCN:TSX) Summary of Investment Portfolio (continued) As at March 31, 2020 % of ETF’s Top Holdings Net Asset Value Global X Hang Seng High Dividend Yield ETF 100.73% Cash and Cash Equivalents 1.05% Top 25 Securities % Weighting in In the Underlying Index*—Hang Seng High Dividend Yield Index Underlying Index Nine Dragons Paper Holdings Ltd. 4.35% China International Marine Containers (Group) Co. Ltd. 3.37% Kingboard Holdings Ltd. 3.30% Shenzhen International Holdings Ltd. 3.13% Xinyi Glass Holdings Ltd. 3.06% Yuzhou Properties Co. Ltd. 2.89% China Minsheng Banking Corp. Ltd. 2.72% Guangzhou R&F Properties Co. Ltd. 2.65% Lee & Man Paper Manufacturing Ltd. 2.63% China Petroleum and Chemical Corp. (Sinopec) 2.56% China Everbright Ltd. 2.38% Logan Property Holdings Co. Ltd. 2.38% Bank of China Ltd. 2.34% Agricultural Bank of China Ltd.
    [Show full text]
  • China Vanke (A-1)
    9-314-104 REV: MAY 9, 2014 L Y N N S . P A I N E JOHN MACOMBER K E I T H C H I - H O W O N G China Vanke (A-1) For me, long term is five to ten years. For Wang Shi it’s way out there—beyond imagination. Twenty years ago when Vanke was still a very small company, he already had a very grand vision that I thought was impossible to achieve. Twelve years ago when I became the general manager, we were only a two billion RMB company. He was thinking what Vanke might look like if it's a 100 billion company. I couldn’t have imagined that we’d achieve that goal in less than 10 years. — Yu Liang, President, China Vanke China Vanke president Yu Liang surveyed the densely developed expanse of land below as his plane touched down in the southern city of Shenzhen in November 2011. Yu was eager to get back to the company’s headquarters in the suburbs of Shenzhen after several days on the road meeting with subsidiary heads, construction partners, and government officials across China. Under the leadership of its founder Wang Shi, China Vanke Co. Ltd. (Vanke) had grown from a small trading firm to China’s largest homebuilder, successfully navigating the tumultuous mix of volatile markets and ever-changing government policies that characterized China’s real estate market. For 2011, Vanke expected to sell some 10.7 million square meters of floor area, or more than 120,000 homes valued at over 120 billion RMB (about US $20 billion).1 Nonetheless, the year had been a slow one for the industry, as the central government introduced successive waves of austerity measures to bring down skyrocketing prices.
    [Show full text]
  • Longfor Properties(960
    COMPANY NOTE Target Change China | Property | China Property 28 May 2015 EQUITY RESEARCH (960 HK) BUY Longfor Properties Price target HK$14.50 Re-rating Trend to Continue; Reiterate Buy (from HK$12.30) Price HK$13.00 Bloomberg: 960 HK Reuters: 0960.HK Key Takeaway Longfor share re-rating is largely due to its timely adjustment in business model and prudent financial management despite high market volatility, in our view. Financial Summary We expect additional upside will be driven by: 1) upcoming increase in sales, Net Debt (MM): Rmb28,705 2) further reduction in funding cost to 6%, and 3) higher sales visibility and margin recovery through upgrading land bank. With such a high-quality credit Market Data profile, valuation is undemanding at 35% NAV disc/8.4x PE. Reit. Buy. 52 Week Range: HK$15.00 - HK$8.46 CHINA Total Entprs. Value (MM): HK$102,923.4 Sales pickup coming: Due to ongoing inventory clearance as a major contribution (mainly in Northern China and tier-3 cities in Eastern China), the company’s sales declined Market Cap. (MM): HK$67,016.3 14% yoy to Rmb10.8bn as of April, locking in 20% of its full-year target. We expect its sales Shares Out. (MM): 5,155.1 to pick up from June since four projects will be launched in May/June and another 13 new Float (MM): 1,181.1 projects for the 2H, mainly in Beijing, Shanghai and Hangzhou. Driven by robust sentiment Avg. Daily Vol.: 8,214,764 in these cities, we expect 75% of total units will be sold on the first day, and overall sell- through rate will improve to 58% from 52% in 2014.
    [Show full text]
  • Federated Hermes Global Allocation Fund Portfolio of Investments
    Federated Hermes Global Allocation Fund Portfolio of Investments February 28, 2021 (unaudited) Shares, Principal Amount or Contracts Value COMMON STOCKS—61.7% Communication Services—4.7% 16,115 Activision Blizzard, Inc. $ 1,540,755 631,541 1 Alibaba Pictures Group Ltd. 87,855 910 1 Alphabet, Inc., Class A 1,839,938 1,123 1 Alphabet, Inc., Class C 2,287,394 40,806 America Movil S.A.B. de C.V. 26,078 54,940 Auto Trader Group PLC 420,303 1,517 1 CarGurus, Inc. 39,366 8,884 1 China Literature Ltd. 82,706 673,966 China Tower Corp Ltd. 101,244 579 1 Consolidated Communications Holdings, Inc. 3,046 6,511 1 Facebook, Inc. 1,677,364 1,281 1 GOGO, Inc. 15,180 615 Gray Television, Inc. 11,162 2,708 Hellenic Telecommunication Organization SA 41,552 466 Iliad SA 82,419 1,285 Info Edge India Ltd. 85,275 9,198 Intouch Holdings Public Co. Ltd. 16,883 372 Kakao Corp. 161,412 4,275 Konami Corp. 276,169 6,796 LG Uplus Corp. 71,269 289 1 Loral Space & Communications Ltd. 12,814 9,070 Mobile Telesystems, ADR 74,555 1,570 1 MSG Networks, Inc. 26,627 4,084 MTN Group Ltd. 19,616 134 NCsoft Corp. 111,428 7,678 NetEase, Inc. 167,874 4,726 New York Times Co., Class A 241,829 1,526 Nexon Co., Ltd. Tokyo 48,078 649 NHN Corp. 216,418 477 Nintendo Co. Ltd. 289,740 15,254 Omnicom Group, Inc. 1,048,407 3,664 1 Orbcomm, Inc.
    [Show full text]
  • The Annual Report on the World's Most Valuable Chinese Brands March 2017
    China 100 2017 The annual report on the world’s most valuable Chinese brands March 2017 Foreword Contents steady downward spiral of poor communication, Foreword 2 wasted resources and a negative impact on the bottom line. Definitions 4 Methodology 6 Brand Finance bridges the gap between the marketing and financial worlds. Our teams have Analysis - China 100 8 experience across a wide range of disciplines from market research and visual identity to tax and Full Table (USDm) 14 accounting. We understand the importance of design, advertising and marketing, but we also Full Table (CNYm) 16 believe that the ultimate and overriding purpose of Understand Your Brand’s Value 18 brands is to make money. That is why we connect brands to the bottom line. How We Can Help 20 By valuing brands, we provide a mutually intelligible Contact Details 21 language for marketers and finance teams. David Haigh, CEO, Brand Finance Marketers then have the ability to communicate the What is the purpose of a strong brand; to attract significance of what they do and boards can use customers, to build loyalty, to motivate staff? All the information to chart a course that maximises true, but for a commercial brand at least, the first profits. answer must always be ‘to make money’. Without knowing the precise, financial value of an asset, how can you know if you are maximising your Huge investments are made in the design, launch returns? If you are intending to license a brand, how and ongoing promotion of brands. Given their can you know you are getting a fair price? If you are potential financial value, this makes sense.
    [Show full text]
  • An Analysis of Investment Value Of
    Fixed Income Perspective An Analysis of Investment Value of Dim Sum Bonds and Chinese US Dollar Bonds In the backdrop of China’s stock market crash, prevailing macroeconomic weakness and a lax monetary policy by the PBoC in 2015, the Chinese onshore bond market has experienced the longest bull run in history of more than 2 years. Ten-year China government bond yield fell drastically from 3.63% at the end of 2014 to 2.82% a year later. In contrast, offshore bond yields remain higher than the onshore bonds despite having been driven down by the latter. The PBoC auctioned one-year bills (Dim Sum bonds) aggregating RMB 5 billion at an average yield of 3.1% in London last October. This issue was oversubscribed five times and the yield-to-maturity was 40 basis points higher than onshore government bonds with the same maturity. Lower yields of domestic bonds have been resulting in narrowing of credit spreads and smaller carrying costs, giving rise to the expectation that the demand for offshore bonds with higher yields will continue to rise. Value Analysis of Dim Sum Bonds Dim Sum bonds generally refer to offshore RMB bonds issued in Hong Kong. The market began to develop as early as in 2007 but Chinese financial institutions and sovereign entities were the only issuers, which limited the scale of the said market. The market had not changed dramatically until 2010 when the RMB started appreciating. Later restraints on issuers were gradually relaxed to allow companies worldwide to issue RMB-nominated bonds in Hong Kong, which triggered rapid growth of the Dim Sum bond market.
    [Show full text]
  • Investment Portfolio (Unaudited) 6 - 8
    Semi-Annual Report CMS CSI OVERSEAS MAINLAND ENTERPRISE ETF Reports and Financial Statements For the six months ended 30 June 2014 Unaudited Condensed Semi-Annual Financial Statements For the six months ended 30 June 2014 Contents Management and Administration 1 Condensed Statement of Financial Position (unaudited) 2 Condensed Statement of Comprehensive Income (unaudited) 3 Condensed Statement of Changes in Net Assets Attributable to Unitholders (unaudited) 4 Condensed Statement of Cash Flows (unaudited) 5 Investment Portfolio (unaudited) 6 - 8 Statement of Movements in Portfolio Holdings (unaudited) 9-10 Performance Record (unaudited) 11 CMS CSI OVERSEAS MAINLAND ENTERPRISE ETF Management and Administration Manager Participating Dealer(s) CMS Asset Management (HK) Co., Limited 48th floor, One Exchange Square, China Merchants Securities (HK) Co., Limited th 8 Connaught Place, Central 45 floor, One Exchange Square, Hong Kong 8 Connaught Place, Central Hong Kong Directors of the Manager Citigroup Global Markets Asia Limited th Wan Siu Wah 50 floor, Citibank Tower, Citibank Plaza He Zhong 3 Garden Road, Central Hong Kong Trustee Goldman Sachs (Asia) Securities Limited Cititrust Limited 68th floor, Cheung Kong Center 50th floor, Citibank Tower, Citibank Plaza 2 Queens’s Road, Central 3 Garden Road, Central Hong Kong Hong Kong Nomura International (HK) Ltd Custodian 30th floor, Two International Finance Center Citibank, N.A. 8 Finance Street, Central 50th floor, Citibank Tower, Citibank Plaza Hong Kong 3 Garden Road, Central Hong Kong Registrar Computershare Hong Kong Investor Services Limited 46th floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Conversion Agent HK Conversion Agency Services Limited 2nd floor, Vicwood Plaza 199 Des Voeux Road, Central Hong Kong Listing Agent China Merchants Securities (HK) Co.
    [Show full text]
  • Ziroom: Winning in China’S Housing Rental Services Market
    E-House Ziroom: Winning in China’s Housing Rental Services Market Sponsored by March 2018 E-House E-House Ziroom: Winning in China’s Housing Rental Services Market The housing rentals market is projected to be a major growth engine in China’s real estate sector over the next 10 years. Prohibitively expensive housing prices, shifting millennial mindsets, and population increases have boosted demand for rentals, especially in China’s major cities. Ziroom, a leader in branded apartment rentals, now holds the lead position in China for rental services. To stay there, Ziroom needs to maintain its scale advantage while carefully managing capital expansion. But wealthy real estate Goliaths with cost advantages are entering the market, posing strategic challenges for Ziroom’s management to overcome. Brewing in-house innovation: A Brief it launched. Xiong Lin chose the name Ziroom or “自如” History of Ziroom in Chinese — meaning carefree — to reflect his vision of a blissful rental experience for millennials. Ziroom’s parent company, Lianjia (Homelink), is a familiar name to many Chinese tenants and landlords. Ziroom sources its units from property owners, renovates Established in 2010, Lianjia quickly grew to become one these apartments through standardized template styles, of China’s largest rental platforms through a series of and then rents out the properties at a premium while acquisitions, claiming to own more than 50% of the real providing other add-on services. With access to Lianjia’s estate rental market in Beijing and Chengdu, and now rental platform and its customer and property listing operates in 25 cities in China.1 data, Ziroom was set up for success and has grown at a staggering rate.
    [Show full text]
  • SPDR® FTSE® Greater China ETF a Sub-Fund of the SPDR® Etfs Stock Code: 3073 Website
    SPDR® FTSE® Greater China ETF A Sub-Fund of the SPDR® ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_EN.html Interim Report 2021 1st October 2020 to 31st March 2021 SPDR® FTSE® Greater China ETF A Sub-Fund of the SPDR® ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_EN.html Interim Report 2021 Contents Page Condensed Statement of Financial Position (Unaudited) 2 Condensed Statement of Comprehensive Income (Unaudited) 3 Condensed Statement of Changes in Equity (Unaudited) 4 Condensed Statement of Cash Flows (Unaudited) 5 Notes to the Unaudited Condensed Financial Statements 6 Investment Portfolio (Unaudited) 10 Statement of Movements in Portfolio Holdings (Unaudited) 41 Derivative Financial Instruments (Unaudited) 42 Performance Record (Unaudited) 42 Administration and Management 43 1 SPDR® FTSE® Greater China ETF a Sub-Fund of the SPDR® ETFs Interim Report 2021 CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED) As at 31st March 2021 31.03.2021 30.09.2020 Notes HK$ HK$ Assets Current assets Investments 1,385,908,557 969,438,426 Derivative financial instruments 54,331 47,229 Amounts due from brokers – 1,529,953 Dividends receivable 994,452 1,771,941 Other receivables 6(i) 122,017 347,255 Margin deposits 104,721 1,032,223 Cash at bank 6(f) 3,100,556 2,423,717 Total Assets 1,390,284,634 976,590,744 Liabilities Current liabilities Derivative financial instruments – 14 Amounts due to brokers – 1,500,560 Audit fee payable 154,612 309,225 Trustee fee payable 6(e) 382,474 270,773 Management fee payable 6(d) 684,377 481,283 Tax provision 156,265 214,282 Total Liabilities 1,377,728 2,776,137 Equity Net assets attributable to unitholders 4 1,388,906,906 973,814,607 The notes on pages 6 to 9 form part of these financial statements.
    [Show full text]