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2017Annual Report CONTENTS
(A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 6066 2017 Annual2017 Report 2017Annual Report CONTENTS Definitions ................................ 2 Chairman’s Statement ....................... 6 Section 1 Important Notice ................. 9 Section 2 Material Risk Factors ............. 10 Section 3 Company Information ............. 11 Section 4 Financial Summary ............... 26 Section 5 Management Discussion and Analysis .................... 32 Section 6 Report of Directors ............... 84 Section 7 Other Significant Events ........... 96 Section 8 Changes in Shares and Information on Substantial Shareholders .......... 108 Section 9 Directors, Supervisors, Senior Management and Employees ....... 114 Section 10 Corporate Governance Report ...... 150 Section 11 Environmental, Social and Governance Report ............... 177 Annex Independent Auditor’s Report and Notes to the Consolidated Financial Statements ..................... 205 Annual Report 2017 1 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this annual report: “A Share(s)” the ordinary shares with a nominal value of RMB1.00 each proposed to be issued by the Company under the A Share Offering, to be listed on the Shanghai Stock Exchange and traded in RMB “A Share Offering” the proposed initial public offering of not more than 400,000,000 A Shares in the PRC by the Company “Articles of Association” or “Articles” the articles of association of CSC Financial -
ANNUAL REPORT 2020 Annual Report CONTENTS
2020 ANNUAL REPORT 2020 annual report Details of Changes in Ordinary Shares and Shareholders 90 SECTION VI Significant Events 74 SECTION V 2 6 8 Discussion and Analysis of Operations 27 SECTION IV Financial Highlights 22 SECTION III Company Profile 11 SECTION II Definitions 9 MESSAGE FROM CHAIRMAN FROM MESSAGE PRESIDENT FROM MESSAGE NOTICE IMPORTANT CONTENTS SECTION I Auditor’s Report 124 Written Confirmation of 2020 Annual Report by Directors, Supervisors and Senior Management Members of Hua Xia Bank Co., Limited 122 List of Documents for Inspection 121 SECTION XI Financial Statements 120 SECTION X Corporate Governance 112 SECTION IX Directors, Supervisors, Senior Management Members, Other Employees and Branches 100 SECTION VIII Preference Shares 96 SECTION VII 2 HUA XIA BANK CO., LIMITED MESSAGE FROM CHAIRMAN Chairman: Li Minji 2020 Annual Report 3 2020 was an extraordinary year. In a strategic In the persistent pursuit of development, we drive for great rejuvenation of the Chinese nation amid achieved new breakthroughs in reform and innovation seismic changes not seen for a century, China carried during the past four years. We insisted on driving out COVID-19 prevention and control and pursued business development with reform and innovation economic and social development in a coordinated and made solid progress in key reform tasks such way. The country successfully met challenges posed as the comprehensive risk management system, the by both the complicated international situation and operation management system and the resource the COVID-19 pandemic, securing a decisive victory allocation mechanism, which delivered gratifying in finishing the building of a moderately prosperous results. -
BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED （華晨中國汽車控股有限公司）* (Incorporated in Bermuda with Limited Liability) (Stock Code: 1114)
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. BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED （華晨中國汽車控股有限公司）* (Incorporated in Bermuda with limited liability) (Stock Code: 1114) (1) UPDATE ON DELAY IN PUBLICATION OF THE 2020 ANNUAL RESULTS; (2) FORMATION OF INDEPENDENT BOARD COMMITTEE AND INTENDED INDEPENDENT INVESTIGATION; (3) DELAY IN DESPATCH OF THE ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER, 2020; AND (4) CONTINUED SUSPENSION OF TRADING This announcement is made by Brilliance China Automotive Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) pursuant to Rules 13.09(2)(a) of the Rules (the “Listing Rules”) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Reference is made to the announcement of the Company dated 31st March, 2021 (the “Announcement”) in relation to the delay in publication of the announcement in relation to the annual results of the Group for the financial year ended 31st December, 2020 (the “2020 Annual Results”), the postponement of the meeting of the board of directors of the Company (the “Board”) and the suspension of trading in the shares of the Company on the Stock Exchange with effect from 9:00 a.m. -
Oil Rises As US Imposes New Sanctions on Iran
NISHAT JV | Page 4 STAKE SALE | Page 10 Hyundai set to MUFG Q3 net assemble cars profi t rises 17% To advertise here in Pakistan to $2.62bn Call: Saturday, February 4, 2017 Jumada I 7, 1438 AH NONFARM PAYROLLS UP : Page 12 US job growth GULF TIMES accelerates in January, BUSINESS but wages lag A M Best affirms Oil rises as US imposes QIIC rating with ‘stable’ outlook By Santhosh V Perumal agency said while the com- Business Reporter pany benefits from moderate new sanctions on Iran underwriting leverage, capital requirements are largely Reuters A M Best, an international insur- driven by asset risk relating to New York/London ance rating agency, has aff irmed the company’s concentrated Qatar Islamic Insurance Com- portfolio, which is weighted pany’s financial strength rating towards domestic equities and il prices jumped yesterday after at ‘B++ (Good)’ and long-term real estate assets. the United States imposed sanc- issuer credit rating at “bbb+” The policyholders’ fund is Otions on some Iranian individuals with “stable” outlook. “suff iciently” capitalised on a and entities, days after the White House The ratings reflect the insurer’s standalone basis, supported by put Tehran “on notice” over a ballistic track record of excellent operat- QR110mn of retained surplus as missile test. ing performance, adequate com- on September 30, 2016. Front month US West Texas Intermedi- bined risk-adjusted capitalisation QIIC has a track record of strong ate crude futures climbed 24¢ to $53.78, (considering both shareholders’ operating and technical profit- after closing 34¢ down on Thursday, as of and policyholders’ funds), and ability, highlighted by a five-year 12:22pm ET (1722 GMT). -
2015Corporate Social Responsibility Report China CITIC Bank Co., Ltd
Corporate Social Responsibility Report 2015 China CITIC Bank Co., Ltd. PREPARATION EXPLANATION The 2015 Corporate Social Responsibility Report of China CITIC Bank Corporation Limited is hereinafter referred to as “the Report”. China CITIC Bank Corporation Limited is hereinafter referred to as “the Bank”. China CITIC Bank Corporation Limited and its subsidiaries are hereinafter referred to as “the Group”. Preparation Basis The basis for preparation of the Report includes the SSE Guidelines on Environmental Information Disclosure of Listed Companies, Guidelines on Preparation of Report on Company’s Fulfillment of Social Responsibilities, and SEHK Guidelines for Environmental, Social and Governance Reporting plus relevant notifications released by the SSE. The Report was prepared in accordance with the index systems and relevant disclosure requirements as detailed in the Guide of Report on Sustainable Development (4th Version) (G4) issued by the Global Reporting Initiative (“GRI” hereinafter). The Report was prepared with reference made to the Opinions on Strengthening Social Responsibilities of Banking Financial Institutions promulgated by the China Banking Regulatory Commission (“CBRC” hereinafter), Guidelines on Corporate Social Responsibilities of Banking Financial Institutions promulgated by the China Banking Association (“CBA” hereinafter), ISO26000 as well as GB/T36001-2015 Guidance on Social Responsibility Reporting. Preparation Method The work process and work approach related to preparation of the Report were both based on the Measures of China CITIC Bank for Management of Social Responsibility Reporting and the Information Management System for Social Responsibility Reporting of China CITIC Bank. Information about the Board of Directors, the Board of Supervisors, corporate governance and risk management information and financial data in the Report were sourced from the 2015 Annual Report (A Share) of the Group. -
2019 Annual Report 2019Re P O Rt Annu a L
l l t A R Annu Repo 2019 HUA XIA BANK CO., LIMITED 2019 ANNUAL REPOrt This report is printed on environmentally friendly paper is printed on environmentally This report Address: Hua Xia Bank Mansion, 22 Jianguomennei Street, Dongcheng District, Beijing Postal code: 100005 District, Beijing Postal Address: Hua Xia Bank Mansion, 22 Jianguomennei Street, Dongcheng 010-85239605 Fax: 010-85239938 010-85238570 Tel: www.hxb.com.cn Website: 2019 Annual Report CONTENTS 3 Message from Chairman 7 Message from President 8 Important Notice 9 Section I Definitions 10 Section II Company Profile 22 Section III Financial Highlights 27 Section IV Discussion and Analysis of Operations 74 Section V Significant Events 84 Section VI Details of Changes in Ordinary Shares and Shareholders 90 Section VII Preference Shares 94 Section VIII Directors, Supervisors, Senior Management Members, Other Employees and Branches 106 Section IX Corporate Governance 112 Section X Financial Statements 113 Section XI List of Documents for Inspection 114 Written Confirmation of the Annual Report 2019 by Directors, Supervisors and Senior Management Members of Hua Xia Bank Co., Limited 117 Auditor’s Report Chairman: Li Minji 2 2019 Annual Report MESSAGE FROM CHAIRMAN The year 2019 marked the 70th anniversary of the several consecutive years. We set up a steering institution founding of the People’s Republic of China, and saw the dedicated to poverty alleviation, put into practice the success of Hua Xia Bank’s fourth Party congress and requirements for precision poverty alleviation work relating defining of the development course. Guided by Xi Jinping to finance, strengthened financial services for poverty Thought on Socialism with Chinese Characteristics for a alleviation, elderly care, community, education, medical New Era, we thoroughly implemented the guiding principles care and other fields, and went all out to provide financial of the 19th National Party Congress, the second, third and support to poverty alleviation. -
E Mbarking on Interest Rate Liberalization Reforms Nearly
COUNTRY ANALYSIS UNIT FEDERAL RESERVE BANK OF SAN FRANCISCO MAY 2014 China’s Interest Rate Liberalization Reform mbarking on interest rate liberalization reforms nearly two A cautionary note is that in spite of these expected benefits, the E decades ago, China has made significant progress in the actual implementation of such reforms can be fraught with risks past few years, but has yet to take the final and most critical to a country’s financial system and economy. As Mehran and step—removing deposit rate ceilings—to reach full interest rate Laurens (1997) concluded, “interest rate liberalization may not liberalization. China’s policymakers have adopted a cautious produce the expected benefits if the timing, pace and sequencing approach towards the timing and sequencing of the liberalization are off.”4 They argue that successful reform often depends on to minimize disruptions to the stability of the financial system. macro-economic and financial stability in countries, conditions of Despite the slow pace of reform, policymakers have placed a the banking and state enterprise sectors, and central bank high priority on liberalizing interest rates. Market participants capabilities. When implemented too rapidly, interest rate anticipate full liberalization within the next decade to improve liberalization almost always results in heightened volatility in the allocation of financial resources and facilitate the rebalancing interest rates and capital outflows and subsequently, bank of the Chinese economy. This Asia Focus report explains the failures. On the other hand, too slow a pace in implementation importance of interest rate liberalization, reviews historical may cause new distortions to emerge. progress and current efforts that China has made to date, and discusses the potential impacts on the banking sector. -
Annual Report CONTENTS
(A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 6066 2018Annual Report CONTENTS Definitions ................................ 2 Chairman’s Statement ....................... 6 Section 1 Important Notice ................. 8 Section 2 Company Information ............. 10 Section 3 Financial Summary ............... 29 Section 4 Management Discussion and Analysis .................... 35 Section 5 Report of Directors ............... 102 Section 6 Other Significant Events ........... 120 Section 7 Changes in Shares and Information on Substantial Shareholders .......... 124 Section 8 Directors, Supervisors, Senior Management and Employees ....... 129 Section 9 Corporate Governance Report ...... 163 Section 10 Environmental, Social and Governance Report ............... 192 Annex Independent Auditor’s Report and Notes to the Consolidated Financial Statements ..................... 224 Annual Report 2018 1 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this annual report: “A Share(s)” listed domestic shares in the share capital of our Company with a nominal value of RMB1.00 each, listed on the Shanghai Stock Exchange and traded in RMB “Articles of Association” or “Articles” the articles of association of CSC Financial Co., Ltd. “Board” or “Board of Directors” the Board of Directors of our Company “BSCOMC” Beijing State-owned Capital Operation and Management Center (北京國有資本經營管理中心) “Central Huijin” Central Huijin Investment Limited (中央匯金投資有限責任公司) -
Cleaning the Security Apparatus Before the Two Meetings
ASIA PROGRAMME CLEANING THE SECURITY APPARATUS BEFORE THE TWO MEETINGS BY ALEX PAYETTE PH.D, CEO CERCIUS GROUP ADJUNCT PROFESSOR, GLENDON COLLEGE MAY 2020 ASIA FOCUS #139 l’IRIS ASIA FOCUS #139 – ASIA PROGRAMME / May 2020 n April 19 2020, Sun Lijun 孙力军 was put under investigation. Sun is the mishu of Meng Jianzhu 孟建柱, Party secretary of the Central Political and Legal Affairs o Commission [zhengfa] from 2012 to 2017, and a close ally of Politburo member Han Zheng 韩正, who is also a full member of Jiang Zemin’s 江泽民 Shanghai Gang 上海帮 . His arrest, which happened only one day after 15 pro-democracy activists were arrested in Hong Kong1, almost coincided with his return from Wuhan – as part of the Covid-19 containment steering group 中央赴湖北指导组. To this effect, it is evident that Sun’s investigation and arrest have been in motion for quite a while now. With Sun out of play, the former public security “tsar” Zhou Yongkang 周永康 has effectively lost most of his tentacles on the public security system. That said, Sun’s arrest might not even be the most important news shaking up the public security apparatus ahead of the upcoming “Two Meetings” 两会. CUTTING THE ROOTS As it is customary with Cadres working for public security, State security and national Defence, Sun Lijun’s public profile is quite limited. Sun, who studied in Australia, majored in public health and urban management, a very interesting choice especially considering the current pandemic. Sun was primarily active in Shanghai, and held a number of notable posts in his career including: • Director of the Hong Kong affairs office of the Ministry of Public Security from 2016 until his arrest; • Deputy director of the infamous “610” unit 中央610办公室– also known as the Central Leading Group on Preventing and Dealing with Heretical Religions 中央防范 和处理邪教问题领导小组2; • Director of the No. -
China Pharmaceutical University 2019 Guidance for Incoming
2019 Guidance for Incoming International Students China Pharmaceutical University u u p c p . c n _ o n i s o i s i s s i m d m a d / a / m o m c o . c k . o r e o t b t i e c w t a / f School of International Education / . : s w Building G11, #639 Longmian Avenue, Jiangning District, Nanjing, China, 211198 p t w t w h Tel: +86-25-86185423, 86185052, 86185426 Email: [email protected], [email protected] School webpage: international.cpu.edu.cn CPU homepage: en.cpu.edu.cn 1.Pre-departure Guidance What to Bring CPU Online Application Form, Original transcripts/degree Background certificates, Admission Notice, passport, Physical exam record(s), JW201/202 form, and photocopies of each. Info Cash, but less than 5,000 Yuan (RMB). CPU uses @stu.cpu.edu.cn email UnionPay/Visa/Master card that 1.Receives foreign money and admission email as 2.Supports RMB and online payment with daily transaction limit no primary method of less than RMB 30,000 Yuan. Please contact your bank to customize communication. Text the card. message, mobile phone A temporary mobile phone SIM card with limited minutes that can calls and WeChat are be purchased at airport. The rate is very high so it’s for emergency supplementary. Student use only. shall take responsibility Contact list, and stay in touch with your family and friends. in updating their contact info. Get immunized. Hepatitis A&B and other epidemic disease immunizations required for international travelling. -
Hua Xia Bank China
Hua Xia Bank China On record This profile is no longer actively maintained, with the information now possibly out of date Send feedback on this profile By: BankTrack Created before Nov 2016 Last update: May 24 2016 Contact: Yu Xiaogang, Founder of Green Watershed About Hua Xia Bank Hua Xia is a state-controlled bank which began its operations in 1992 in Beijing. In 1995 it underwent restructuring and transformed itself into a country-wide joint stock commercial bank. In 2003 Hua Xia bank became the fifth Chinese bank to be publicly listed on the Shanghai Stock Exchange. By 2008, the bank had created an extensive network of office branches throughout China and overseas. The bank provides a variety of personal and corporate banking services, and engages in activities such as credit analysis and asset assurance. Website http://www.hxb.com.cn/home/en/ Headquarters Hua Xia Bank Plaza, No.22 Jianguomennei Street, Dongcheng District 100005 Beijing China CEO/chair Jian Wu Chairman Supervisor Annual report 2013 Annual Report Ownership listed on Shanghai Stock Exchange Partially State Owned. Deutsche Bank has an equity stake of nearly 20% in Hua Xia bank. Complaints and grievances Sustainability Voluntary standards Hua Xia Bank has committed itself to the following voluntary standards: Principles for Responsible Banking (PRB) Investment policies The bank declared in its CSR policy improvements listed below. You can find policy texts under "Documents" section if the bank has disclosed any of them. 2008 None 2009 None 2010 The Bank: Established “Huaxia Bank Compliance Risk Management Procedures”, clearly defining the bank's risk management goals and refining compliance risk management requirements. -
2017 China Insurance Review
2017 Insurance Review FEBRUARY 2018 Thomas P. Fitzgerald Chairman Winston & Strawn LLP Foreword The continued growth of China’s insurance market means more opportunities for established and new insurance companies and insurance intermediaries looking to expand or create a foothold there. Winston & Strawn, a leading expert in cross-border M&A, contentious, and regulatory work, established offices in Hong Kong in 2008 and in Shanghai in 2009 in order to better serve our clients that operate in Asia. Our presence in Hong Kong and Mainland China has allowed us to broaden our services and extend the reach of our practices to include insurance expertise for the PRC. I hope that you find this booklet useful. Please feel free to reach out to our China team should you have any questions or require any additional information. You will find their contact details at the end of this booklet. Attorney advertising materials – © 2018 Winston & Strawn LLP 1. Introduction The overall outlook for China’s insurance industry has enjoyed robust growth in recent years. Total premium income, for example, China is healthy and rose 27.5% in 2016 to reach RMB 3.1 trillion (USD 490 billion), the strongest growth the industry has enjoyed statistics for 2017 show since 2008. As well, by the end of 2016, total insurance industry assets stood at RMB 15.12 trillion (USD 2.39 that overall insurance trillion), a 22.3% increase from the start of the year. Premium growth slowed in 2017 due in large part to premium income rose China Insurance Regulatory Commission (“CIRC”) reforms aimed at universal life insurance.