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Wison Engineering Services Co. Ltd. a New Voyage , a Tech-Driven Interim Report 2019 A New Voyage , A Tech-Driven Venture Interim Report 中報 Wison Engineering Services Co. Ltd. (Incorporated in the Cayman Islands with limited liability Stock Code: 2236) Corporate Information Business Overview Management Discussion and Analysis Other Information Unaudited Financial Statements Interim Report 2019 Wison Engineering Services Co. Ltd. Corporate Information Corporate Information 2 Interim Report 2019 Wison Engineering Services Co. Ltd. Corporate Information Corporate Information Board of Directors Remuneration Committee Executive Directors Mr. Feng Guohua (Chairman) Ms. Rong Wei (Chief Executive Officer) Mr. Lawrence Lee Mr. Zhou Hongliang Mr. Tang Shisheng Mr. Li Zhiyong Mr. Dong Hua Global Headquarters, Principal Place of Business and Head Office in the PRC Independent Non-executive Directors Mr. Lawrence Lee 633 Zhongke Road Mr. Feng Guohua Zhangjiang Hi-Tech Park Mr. Tang Shisheng Pudong New Area Shanghai 201210 Audit Committee PRC Mr. Lawrence Lee (Chairman) Principal Share Registrar and Transfer Mr. Feng Guohua Office Mr. Tang Shisheng Conyers Trust Company (Cayman) Limited Nomination Committee Cricket Square Hutchins Drive Mr. Tang Shisheng (Chairman) P.O. Box 2681 Mr. Feng Guohua Grand Cayman, KY1-1111 Mr. Lawrence Lee Cayman Islands 3 Interim Report 2019 Wison Engineering Services Co. Ltd. Corporate Information Hong Kong Share Registrar Registered Office Computershare Hong Kong Investor Services Limited Cricket Square Shops 1712–1716, 17/F, Hopewell Centre Hutchins Drive 183 Queen’s Road East P.O. Box 2681 Wan Chai Grand Cayman, KY1-1111 Hong Kong Cayman Islands Company Secretary Principal Place of Business in Hong Kong Ms. Luk Wai Mei Room 5408 54th Floor Authorised Representatives Central Plaza 18 Harbour Road Mr. Li Zhiyong Wan Chai Ms. Luk Wai Mei Hong Kong Auditors Company’s Website Ernst & Young www.wison-engineering.com Principal Banks Stock Code China CITIC Bank Corporation Limited 2236 Bank of China Limited East West Bancorp, Inc China Merchants Bank Co., Ltd Industrial and Commercial Bank of China Limited Shanghai Pudong Development Bank Co., Ltd 4 Interim Report 2019 Wison Engineering Services Co. Ltd. Business Overview Business Overview 5 Interim Report 2019 Wison Engineering Services Co. Ltd. Business Overview Business Overview Overall Review capital expenditure of the domestic chemical products constantly expanded. In particular, During the first half of 2019, Wison Engineering investment in the petrochemical and its downstream Services Co. Ltd. (the “Company”, together with its sectors saw a significant growth, presenting new subsidiaries, the “Group”) adhered to the strategy of opportunities for the energy and chemical “A New Voyage, A New Venture”, made full use of engineering industry. During the Period under the swiftness and flexibility as a private enterprise Review, total new contract secured by the Group and responded to market and industry challenges amounted to approximately RMB11,507.6 million (net and changes in a timely manner. Meanwhile, the of estimated value added tax), representing a Group further increased its strategic investment substantial year-on-year increase of 282.2%. As at in refined project management, digital and 30 June 2019, the Group’s total backlog value was modularized value creation, technology research approximately RMB23,149.9 million (net of estimated and development and industry chain extension to value added tax), representing an increase of 75.4% consolidate its core competitive edges continuously compared to the total backlog value as of 31 and worked hard towards the target of “new start”, December 2018. aiming to drive the Group to become a domestically leading and internationally recognized energy and During the first half of 2019, against the backdrop of chemical technology engineering comprehensive increasingly growing trade tension and relatively solutions provider. weakened investment, the economics of some major countries recorded worse-than-expected decrease. Since 2019, the global economy and energy and As estimated by the World Bank, the global economic chemical market was deeply affected by the growth will ease to 2.6% in 2019. The energy and geopolitics and global trading relationships. As a chemical market performed volatilely. From the result, the overall international chemical market beginning of the year to April, the tightening global dropped and the domestic chemical market became crude oil supply pushed oil price high in a volatile a key pillar for the expansion of global production way. Meanwhile, the extension of production cuts by capacity. For the six months ended 30 June 2019 (the Organization of the Petroleum Exporting Countries “Period under Review”), the production capacity and and its alliances (“OPEC+”), the US sanctions against 6 Interim Report 2019 Wison Engineering Services Co. Ltd. Business Overview two major oil exporters, Iran and Venezuela, terminal consumer market, basic chemicals and together with the diminishing marginal increment of downstream chemicals sectors still have a large self- the US shale oil production and the US crude oil supply shortage. Despite the influence of external pipeline bottleneck, provided support to the global environment on current market, China will remain crude oil price. However, since May, with the rising the leader of global demand growth in the medium uncertainty of global economy due to weakened and long term. global economy and intensified trade tension, and the market concern over the growth of crude oil For overseas market, in the first half of 2019, under demand in the future given the continuous increase the influence of factors such as trade tension, Brexit, of crude oil inventories in America, the oil price geopolitics, fluctuation in oil prices and exchange dropped significantly at the end of May. The rates and consumption slowdown in major Organization of Petroleum Exporting Countries economies, it is increasing uncertain whether the (OPEC), International Energy Agency (IEA) and U.S. global economy will slide and global chemical Energy Information Administration (EIA) lowered product demand is expected to slow down. However, their outlook for growth of global crude oil demand individual markets still boast their regional in 2019 respectively. advantages. The US chemical industry has benefitted from shale gas development. With abundant reserve International Oil Price Trend and low cost, the shale gas development has Unit: USD/Barrel attracted a large amount of new investments into 75 the US, driving the increase in the exports of major 70 Brent shale gas-related chemicals. With rich oil and gas 65 Crude Oil 60 resources, the Middle East continues to further 55 WTI develop the chemical industry chain, increases Crude Oil 50 investment in the downstream chemical market and 0 improves the value-in-use of crude oil in order to 2019123 4 56 (month) reduce the reliance on crude oil mining and export, Source: Bloomberg thus generating many market opportunities for refining and chemical industry as well as the Market Environment construction, capacity expansion and transformation During the Period under Review, the continuously and technological transformation of the extended increasing macroeconomic uncertainties around the downstream chemical engineering. The Southeast world disturbed market confidence in the chemical Asia is likely to become the next global economic industry, though with distinct regional difference. In growth engine, where the demand for petrochemical Asia, with emerging economies represented by China products will keep increasing in the future. Africa, and India still leading the global economic growth, capitalizing on its large population and abundant Asian market remains the major growth momentum resources, has broad market prospect and of the global chemical industry. In particular, China, considerable growth potential in the engineering with the world’s largest energy and chemical market of energy infrastructure, chemical fertilizers and downstream chemical products. 7 Interim Report 2019 Wison Engineering Services Co. Ltd. Business Overview The Group pays close attention to the changes in the refinery-petrochemical integration competition has core international markets. With its competitive accelerated the exit pace of domestic medium and advantages such as acute market insight, extensive small-sized refineries with lagged production experience in overseas project management and capacity, bringing a positive impact on the execution, capability to respond swiftly and flexible restructuring of planning refineries as well as operation mechanism, the Group focuses on the industrial structure optimization. On 30 June 2019, opportunities for energy and chemical infrastructure the National Development and Reform Commission projects such as refinery, petrochemical, LNG and (NDRC) and the Ministry of Commerce issued the power generation in different regions, as well Special Administrative Measures for Foreign as continuing to establish its presence in key Investment Access (Negative List) (2019 Edition), international regions and markets. At the same time, which further relaxes foreign investment in areas the Group will continue to proactively respond to such as oil and gas exploration and development and China’s “Belt and Road” initiative and help improve urban gas. This, coupled with a combination of a the infrastructure in the countries and regions along series of implemented supportive policies of lifting the aforesaid initiative,
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