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Post Event Report
presents 9th Asian Investment Summit Building better portfolios 21-22 May 2014, Ritz-Carlton, Hong Kong Post Event Report 310 delegates representing 190 companies across 18 countries www.AsianInvestmentSummit.com Thank You to our sponsors & partners AIWEEK Marquee Sponsors Co-Sponsors Associate Sponsors Workshop Sponsor Supporting Organisations alternative assets. intelligent data. Tech Handset Provider Education Partner Analytics Partner ® Media Partners Offical Broadcast Partner 1 www.AsianInvestmentSummit.com Delegate Breakdown 310 delegates representing 190 companies across 18 countries Breakdown by Organisation Institutional Investors 46% Haymarket Financial Media delegate attendee data is Asset Managemer 19% independently verified by the BPA Consultant 8% Fund Distributor / Private Wealth Management 5% Media & Publishing 4% Commercial Bank 4% Index / Trading Platform Provider 3% Association 2% Other 9% Breakdown of Institutional Investors Insurance 31% Endowment / Foundation 27% Corporation 13% Pension Fund 13% Family Office 8% Breakdown by Country Sovereign Wealth Fund 6% PE Funds of Funds 1% Mulitlateral Finance Hong Kong 82% Institution 1% ASEAN 10% North Asia 5% Australia 1% Europe 1% North America 1% Breakdown by Job Function Investment 34% Finance / Treasury 20% Marketing and Investor Relations 19% Other 11% CEO / Managing Director 7% Fund Selection / Distribution 7% Strategist / Economist 2% 2 www.AsianInvestmentSummit.com Participating Companies Haymarket Financial Media delegate attendee data is independently verified by the BPA 310 institutonal investors, asset managers, corporates, bankers and advisors attended the Forum. Attending companies included: ACE Life Insurance CFA Institute Board of Governors ACMI China Automation Group Limited Ageas China BOCOM Insurance Co., Ltd. Ageas Hong Kong China Construction Bank Head Office Ageas Insurance Company (Asia) Limited China Life Insurance AIA Chinese YMCA of Hong Kong AIA Group CIC AIA International Limited CIC International (HK) AIA Pension and Trustee Co. -
Global Offering
(Incorporated in the Cayman Islands with limited liability) Stock Code: Global Offering Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Leadad ManagersManagers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Project A_PPTUS cover(Eng) Cover size: 210 x 280mm / Open size: 445.3 x 280mm / Spine width: 25.3mm IMPORTANT If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. (Incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under : 550,000,000 Shares (subject to the Over- the Global Offering allotment Option) Number of Hong Kong Offer Shares : 27,500,000 Shares (subject to reallocation) Number of International Offer Shares : 522,500,000 Shares (including 55,000,000 Reserved Shares under the Preferential Offering) (subject to reallocation and the Over-allotment Option) Maximum Offer Price : HK$22.30 per Share plus brokerage of 1.0%, SFC transaction levy of 0.0027% and the Hong Kong Stock Exchange trading fee of 0.005% (payable in full on application, subject to refund) Nominal value : US$0.00001 per Share Stock code : 1209 Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, 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 prospectus. -
China Insurance Sector
China / Hong Kong Industry Focus China Insurance Sector Refer to important disclosures at the end of this report DBS Group Research . Equity 1 Nov 2017 Multi-year value growth ahead HSI: 28,336 • Strong growth potential back by C-ROSS, favourable policy direction, and structural drivers ANALYST • Favourable asset/liability mismatch position Ken SHIH +852 2820 4920 [email protected] bodes well under a rising rate environment; China lifers’ book value is set to rise Keith TSANG CFA, +852 2971 1935 nd [email protected] • Impact from 2 phase of auto insurance pricing reform expected to be more severe; online insurers considered to be a disruptive force Recommendation & valuation • Initiating coverage on China Insurance sector. Top picks: China Taiping (966 HK), CPIC (2601 HK), and C losing Targe t FY17F Ping An (2318 HK). Top SELLs: PICC P&C (2328 HK), Stock Ticker Rating Price Price PB Yield ROE and China Re (1508 HK) (HKD) (HK D) (X) (%) (% ) Spotlight on value enhancement: We believe China’s low Ping A n - H 2318 H K BUY 68. 1 86. 0 2.4 1.5 17.8 insurance coverage, launch of China Risk-Oriented Solvency C hina Life - H 2628 H K BUY 25. 8 32. 0 1.9 1.8 9.6 System (C-ROSS), and policy guidance will continue to direct China Taiping 966 HK BUY 25.1 38.0 1.4 1.1 8.9 China life insurers to refocus on traditional life products and C hina Pacific - H 2601 HK BUY 37. 7 54. 0 2.0 2.8 11.1 value enhancement. -
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. -
Annual Report 2013 QUALITY GEEL
Geely Automobile Holdings Limited Holdings Geely Automobile (Incorporated in the Cayman Islands with limited liability) (Stock Code : 0175) QUALITY GEELY Annual Report 2013 Annual Report 2013 Room 2301, 23rd Floor, Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong 香港灣仔港灣道 23 號鷹君中心 23 樓 2301 室 CONTENTS Key Figures Five Year Financial Summary 003 Editorial Chairman’s Statement 005 Management Report Performance & Governance 009 Directors and Senior Management Profiles 021 Corporate Governance Report 027 Directors’ Report 050 Accounts Independent Auditors’ Report 069 Consolidated Income Statement 071 Consolidated Statement of Comprehensive Income 072 Consolidated Statement of Financial Position 073 Consolidated Statement of Changes in Equity 075 Consolidated Statement of Cash Flows 077 Notes to the Consolidated Financial Statements 079 Our Company Directory 171 GEELY AUTOMOBILE HOLDINGS LIMITED FIVE YEAR FINANCIAL SUMMARY Annual Report 2014 KEY FIGURES Five Year Financial Summary 002 KEY FIGURES Profit attributable to equity Turnover Equity attributable to equity holders of the Company (RMB Billion) holders of the Company (RMB Million) (RMB Billion) 3,000 30 20 2,500 24 15 2,000 1,500 18 10 1,000 6 5 500 0 0 0 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 GEELY AUTOMOBILE HOLDINGS LIMITED FIVE YEAR FINANCIAL SUMMARY Annual Report 2013 KEY FIGURES Five Year Financial Summary 003 A summary of the results and the assets and liabilities of the Group for the last five financial years, as extracted from the audited financial statements, is -
Asian Insurance Industry 2019 Gearing up for Regulatory Complexities
Asian Insurance Industry 2019 Gearing Up for Regulatory Complexities OVERVIEW & METHODOLOGY This report, in its sixth iteration, analyzes Asia’s life insurance industry through the PRODUCT DETAILS asset management lens. It provides both qualitative and quantitative information, including life insurance assets and premiums, asset allocations, investment practices, Included with Purchase and outsourcing to affiliated and third-party asset managers. The report discusses y Digital copy and hardcopy in color both institutional (general account) and retail (separate account or investment-linked y Online access to five related reports product) segments, and covers China, Taiwan, Hong Kong, Korea, Singapore, Thailand, y Unlimited online firm-wide access Indonesia, and Malaysia. y Exhibits in Excel The report also details key factors that influence insurers’ investments, such as y Key findings regulations, asset-liability management, products, distribution landscapes, and other y Analyst support key developments. Besides covering three region-wide themes—retirement products, y Interactive Report Dashboards insurers’ alternative investments, and outsourcing—the report provides in-depth analysis of Asia ex-Japan’s insurance markets, capturing trends in both chart and Interactive Report Dashboards text forms. Experience Cerulli’s digital analytics platform and explore interactive data from this report USE THIS REPORT TO 1. Asian Insurance Investment Landscape: Analyze five years of historical data that y Review the opportunities for asset managers -
Annual Report 2018 ABOUT CCB
Vision To become a first-class medium to large bank in Hong Kong Core Values Integrity Impartiality Prudence Mission Creation Provide better service to our customers Create higher value to our shareholders Build up broader career path for our associates Assume full responsibilities as a corporate citizen 28/F, CCB Tower, 3 Connaught Road Central Central, Hong Kong Tel: 3918 6939 www.asia.ccb.com CONTENTS About Us 02 About CCB 03 Our History 04 To Customers and Shareholders 06 Board of Directors and Executive Management 08 Subsidiary, Joint Venture and Associated Companies 15 Corporate Social Responsibility 16 Awards and Honors 22 Report of the Board of Directors 24 Independent Auditor’s Report 27 Consolidated Statement of Profit or Loss 34 Consolidated Statement of Comprehensive Income 35 Consolidated Statement of Financial Position 36 Consolidated Statement of Changes in Equity 38 Consolidated Statement of Cash Flows 40 Notes to the Consolidated Financial Statements 41 Unaudited Supplementary Financial Information 176 Service Network 205 This annual report is printed on environmentally friendly paper. ABOUT US China Construction Bank (Asia) China Construction Bank (Asia) Corporation Limited (“CCB (Asia)”) is the comprehensive and integrated commercial banking platform of China Construction Bank Corporation (“CCB”) in Hong Kong. Currently, CCB (Asia) has over 50 service outlets in Hong Kong and offers a wide array of banking products and services to customers, including consumer banking services, commercial banking services, corporate -
China Resources Gas
China / Hong Kong Company Guide China Resources Gas Version 1 | Bloomberg: 1193 HK EQUITY | Reuters: 1193.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 11 May 2018 FULLY VALUED (Initiate coverage) Losing Steam Last Traded Price ( 10 May 2018):HK$28.25 (HSI : 30,809) Dollar margin remain under pressure from lack of Price Target 12-mth: HK$25.00 (-12% downside) midstream facilities and government regulation A nalyst Conservative development strategy hinders growth Tony WU CFA +852 2971 1708 potential [email protected] Patricia YEUNG +852 2863 8908 Diminishing SOE advantage [email protected] Initiate with FULLY VALUED, TP is set at HK$25 Price Relative Not the time to be optimistic on margin yet. In contrary to HK$ Relative Index 33.1 market’s expectation on a rebound in dollar margin, we believe 206 31.1 the dollar margin for CR Gas could remain suppressed and decline 29.1 186 27.1 166 by Rmb0.03/m3 in the next two years. The market has 25.1 146 23.1 underestimated the severity of winter gas supply shortage, and 126 21.1 106 CR Gas will suffer in dollar margin due to the lack of midstream 19.1 17.1 86 facilities. It also has high exposure to regions with higher pressure 15.1 66 May-14 May-15 May-16 May-17 May-18 on dollar margin coming from government’s regulation on distribution margin. Moreover, conservative development strategy China Resources Gas (LHS) Relative HSI (RHS) towards integrated energy and rural coal to gas projects could Forecasts and Valuation FY Dec (HK$ m) 2017A 2018F 2019F 2020F hinder its growth potential. -
Schedule of Investments (Unaudited) Blackrock Advantage Emerging Markets Fund January 31, 2021 (Percentages Shown Are Based on Net Assets)
Schedule of Investments (unaudited) BlackRock Advantage Emerging Markets Fund January 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks China (continued) China Life Insurance Co. Ltd., Class H .................. 221,000 $ 469,352 Argentina — 0.0% China Longyuan Power Group Corp. Ltd., Class H ....... 52,000 76,119 (a) 313 $ 60,096 Globant SA .......................................... China Mengniu Dairy Co. Ltd.(a) ......................... 15,000 89,204 Brazil — 4.9% China Merchants Bank Co. Ltd., Class H ................ 36,000 275,683 Ambev SA ............................................. 236,473 653,052 China Overseas Land & Investment Ltd.................. 66,500 151,059 Ambev SA, ADR ....................................... 94,305 263,111 China Pacific Insurance Group Co. Ltd., Class H......... 22,000 90,613 B2W Cia Digital(a) ...................................... 20,949 315,188 China Railway Group Ltd., Class A ...................... 168,800 138,225 B3 SA - Brasil Bolsa Balcao............................. 33,643 367,703 China Resources Gas Group Ltd. ....................... 30,000 149,433 Banco do Brasil SA..................................... 15,200 94,066 China Resources Land Ltd. ............................. 34,000 134,543 BRF SA(a).............................................. 22,103 85,723 China Resources Pharmaceutical Group Ltd.(b) .......... 119,500 62,753 BRF SA, ADR(a) ........................................ 54,210 213,045 China Vanke Co. Ltd., Class A .......................... 67,300 289,157 Cia de Saneamento de Minas Gerais-COPASA .......... 52,947 150,091 China Vanke Co. Ltd., Class H .......................... 47,600 170,306 Duratex SA ............................................ 19,771 71,801 CITIC Ltd............................................... 239,000 186,055 Embraer SA(a).......................................... 56,573 90,887 Contemporary Amperex Technology Co. Ltd., Class A .... 1,700 92,204 Gerdau SA, ADR ...................................... -
EQUITIES MTR Corporation Ltd (66 HK) CONGLOMERATES
8 March 2017 EQUITIES MTR Corporation Ltd (66 HK) CONGLOMERATES Reduce: Resilient business but stock is fully valued Hong Kong FY16 underlying earnings ahead on property development; MAINTAIN REDUCE recurrent earnings was in-line with expectation. Strong land tender pipeline to capture Mainland demand TARGET PRICE (HKD) PREVIOUS TARGET (HKD) 35.00 33.50 Maintain Reduce, but raise TP to HKD35 (from HKD33.5) SHARE PRICE (HKD) UPSIDE/DOWNSIDE Resilient core business, but stock is fully valued. MTR’s underlying earnings 41.45 -15.6% came in ahead of our expectation; recurrent profit (which excludes property (as of 07 Mar 2017) development) was in-line with our expectation. Outlook for the core business remains resilient, with full-year contribution from the new lines underpinning patronage and MARKET DATA Market cap (HKDm) 244,790 Free float 24% EBITDA growth in 2017e, despite having a negative impact on net profit due to Market cap (USDm) 31,526 BBG 66 HK depreciation charges. Despite stable fundamentals, we see potential downside to the 3m ADTV (USDm) 16 RIC 0066.HK stock given premium valuation, with the stock trading at close to par with our NAV, or FINANCIALS AND RATIOS (HKD) 27x 2017e PE, while offering a 2.7% (excl. special) dividend yield. Year to 12/2016a 12/2017e 12/2018e 12/2019e HSBC EPS 1.61 1.53 1.49 1.60 FY16 earnings ahead on property development. MTR reported FY16 underlying HSBC EPS (prev) 1.56 1.55 1.48 - Change (%) 3.2 -1.3 0.7 - earnings of HKD9,446m, down 13% y-o-y, and 3%/4% above consensus/HSBC Consensus EPS 1.58 1.61 1.64 - estimate. -
PPP Case Studies – People's Republic of China
1 PPP Case Studies People’s Republic of China Craig Sugden, Principal PPP Specialist East Asia Department 13 May 2015 The views expressed in this presentation are the views of the author and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. 2 Background PPP Case Studies: the PRC PRC’s PPP projects 3 EIU’s 1,186 infrastructure PPPs finalised in the Infrascope PRC from 1990 to 2014 highlighted the PRC’s Compared to 838 in India, 126 in the Philippines, 108 in Indonesia, 73 in Sri Lanka, “phenomenal” 65 in Bangladesh wealth of project 648 active PPPs in the UK, 567 in the experience Republic of Korea, 127 in Australia (as of 2013) Source: World Bank. 2015. Private Participation in Infrastructure Projects Database and Burger P. and I. Hawkesworth. 2013. Capital Budgeting and Procurement Practices. Organization for Economic Cooperation and Development. Paris. PPP Case Studies: the PRC PPP activity in the PRC 4 Note: Excludes projects that are led by a majority-state owned enterprise Source: World Bank PIAF Database and IMF PPP Case Studies: the PRC Case studies 5 • Beijing Subway Line 4 The PRC has • Shanghai Huadian Xinzhuang Industrial Park combined cycle heat and power project • Baiyinchagan-Yongtaigong -
MTR Corporation (66 HK) EQUITIES
Flashnote 6 January 2017 EQUITIES MTR Corporation (66 HK) CONGLOMERATES Reduce: Outlook remains lacklustre Hong Kong Pre-blackout meeting confirmed lacklustre business outlook REDUCE Valuation still rich despite recent share price weakness TARGET PRICE (HKD) PREVIOUS TARGET (HKD) Maintain Reduce with an unchanged TP of HKD33.5 33.50 Pre-blackout meeting provided little encouragement. MTR hosted a pre-blackout SHARE PRICE (HKD) UPSIDE/DOWNSIDE analyst meeting on 5 January 2017 in which management outlined the company’s 38.30 -12.5% performance in 2H16 and its outlook for 2017. We saw little evidence of a significant (as of 04 Jan 2017) improvement in MTR’s fundamental outlook over our current expectation. Share price MARKET DATA has been weak in recent months, but the stock remain expensive in our view, trading Market cap (HKDm) 226,155 Free float 24% at a 4% discount to our NAV estimate, or 25x 2017e PE, despite flat earnings growth Market cap (USDm) 29,162 BBG 66 HK 3m ADTV (USDm) 22 RIC 0066.HK to 2018e and offering just a 2.9% regular dividend yield in 2017e (based on the current share price on an ex-div basis, i.e. after the upcoming special dividend FINANCIALS AND RATIOS (HKD) (HKD2.2/sh) in July). Year to 12/2015a 12/2016e 12/2017e 12/2018e HSBC EPS 1.87 1.56 1.55 1.48 HSBC EPS (prev) - - - - Core business outlook remains lacklustre. 1) patronage growth remained sluggish Change (%) - - - - in 2H16 (+0.4% through 11M16, vs +0.2% in 1H16) and we expect organic patronage Consensus EPS 1.83 1.55 1.65 1.65 PE (x) 20.5 24.6 24.7