3510-DS-P DEPARTMENT of COMMERCE International Trade
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Interim Report 2019 Corporate Information & Key Dates
20201919 QUICK FACTS 53 countries & territories 46,000+ employees worldwide 70M ft² land & facilities 10,000+ self-owned operating vehicles CONTENTS 02 Corporate Information & Key Dates 03 Financial Highlights 05 Management Discussion and Analysis Results Overview 05 Business Review 06 Financial Review 12 Staff and Remuneration Policies 12 GLOBAL NETWORK 13 Corporate Governance and Other Information 25 Independent Auditor’s Review Report 27 Interim Financial Statements 54 Definitions CHINA FOCUS ASIA SPECIALIST 1 INTERIM REPORT 2019 CORPORATE INFORMATION & KEY DATES KERRY LOGISTICS NETWORK LIMITED COMPANY SECRETARY (Incorporated in the British Virgin Islands and continued Ms LEE Pui Nee into Bermuda as an exempted company with limited liability) AUDITOR PricewaterhouseCoopers BOARD OF DIRECTORS Executive Directors LEGAL ADVISER Mr KUOK Khoon Hua (Chairman) Davis Polk & Wardwell Mr MA Wing Kai William (Group Managing Director) Mr NG Kin Hang REGISTERED OFFICE Victoria Place, 5th Floor, 31 Victoria Street Non-executive Director Hamilton HM 10, Bermuda Ms TONG Shao Ming CORPORATE HEADQUARTERS AND Independent Non-executive Directors PRINCIPAL PLACE OF BUSINESS IN HONG KONG Ms KHOO Shulamite N K 16/F, Kerry Cargo Centre, 55 Wing Kei Road Ms WONG Yu Pok Marina Kwai Chung, New Territories, Hong Kong Mr YEO Philip Liat Kok Mr ZHANG Yi Kevin PRINCIPAL SHARE REGISTRAR AND TRANSFER AGENT AUDIT AND COMPLIANCE COMMITTEE Estera Management (Bermuda) Limited Ms WONG Yu Pok Marina (Chairman) Victoria Place, 5th Floor, 31 Victoria Street Ms TONG Shao Ming -
Risk Factors for Carbapenem-Resistant Pseudomonas Aeruginosa, Zhejiang Province, China
Article DOI: https://doi.org/10.3201/eid2510.181699 Risk Factors for Carbapenem-Resistant Pseudomonas aeruginosa, Zhejiang Province, China Appendix Appendix Table. Surveillance for carbapenem-resistant Pseudomonas aeruginosa in hospitals, Zhejiang Province, China, 2015– 2017* Years Hospitals by city Level† Strain identification method‡ excluded§ Hangzhou First 17 People's Liberation Army Hospital 3A VITEK 2 Compact Hangzhou Red Cross Hospital 3A VITEK 2 Compact Hangzhou First People’s Hospital 3A MALDI-TOF MS Hangzhou Children's Hospital 3A VITEK 2 Compact Hangzhou Hospital of Chinese Traditional Hospital 3A Phoenix 100, VITEK 2 Compact Hangzhou Cancer Hospital 3A VITEK 2 Compact Xixi Hospital of Hangzhou 3A VITEK 2 Compact Sir Run Run Shaw Hospital, School of Medicine, Zhejiang University 3A MALDI-TOF MS The Children's Hospital of Zhejiang University School of Medicine 3A MALDI-TOF MS Women's Hospital, School of Medicine, Zhejiang University 3A VITEK 2 Compact The First Affiliated Hospital of Medical School of Zhejiang University 3A MALDI-TOF MS The Second Affiliated Hospital of Zhejiang University School of 3A MALDI-TOF MS Medicine Hangzhou Second People’s Hospital 3A MALDI-TOF MS Zhejiang People's Armed Police Corps Hospital, Hangzhou 3A Phoenix 100 Xinhua Hospital of Zhejiang Province 3A VITEK 2 Compact Zhejiang Provincial People's Hospital 3A MALDI-TOF MS Zhejiang Provincial Hospital of Traditional Chinese Medicine 3A MALDI-TOF MS Tongde Hospital of Zhejiang Province 3A VITEK 2 Compact Zhejiang Hospital 3A MALDI-TOF MS Zhejiang Cancer -
Annual Report 2019 Corporate Information & Key Dates
QUICK FACTS 55 countries & territories 47,000+ employees worldwide 75M ft² land & facilities 10,000+ self-owned operating vehicles Cover Photo: A 33,000-kg air drum transported from Italy to a refinery in Russia by sea & road freight in 60 days. (computer-processed image) CONTENTS 02 Corporate Information & Key Dates 03 Financial Highlights 05 2015-2019 Financial Summary 06 Logistics Facilities GLOBAL NETWORK 13 Chairman’s Statement 14 Management Discussion and Analysis 14 Results Overview 15 Business Review 19 Financial Review 20 Staff and Remuneration Policies 21 Environmental, Social and Governance Report 34 Awards and Citations CHINA FOCUS 40 Corporate Governance Report 60 Directors and Senior Management 73 Report of Directors 99 Independent Auditor’s Report 108 Statement of Accounts 203 Definitions ASIA SPECIALIST 1 ANNUAL REPORT 2019 CORPORATE INFORMATION & KEY DATES BOARD OF DIRECTORS AUDITOR Executive Directors PricewaterhouseCoopers Mr KUOK Khoon Hua (Chairman) Certified Public Accountants and Registered PIE Auditor Mr MA Wing Kai William (Group Managing Director) Mr CHEUNG Ping Chuen Vicky LEGAL ADVISER Mr NG Kin Hang Davis Polk & Wardwell Non-executive Director REGISTERED OFFICE Ms TONG Shao Ming Victoria Place, 5th Floor, 31 Victoria Street Hamilton HM 10, Bermuda Independent Non-executive Directors Ms KHOO Shulamite N K CORPORATE HEADQUARTERS AND Ms WONG Yu Pok Marina PRINCIPAL PLACE OF BUSINESS IN HONG KONG Mr YEO Philip Liat Kok 16/F, Kerry Cargo Centre, 55 Wing Kei Road Mr ZHANG Yi Kevin Kwai Chung, New Territories, Hong -
Kerry Logistics Contact List - Asian Countries
Kerry Logistics Contact List - Asian Countries Countries/Region Handling Office Department Contact Phone number Email Ms. Mandy Kwan +852 22119-308 [email protected] Air Ms. Winnie Chan (Back Up) +852 22119-306 [email protected] Hong Kong Hong Kong Ms. Peggy Chow +852 22119-387 [email protected] Sea Mr. Anthony Ip (Back Up) +852 22119-368 [email protected] Fiona Liu +86 021 31316154 [email protected] Air Yvette Yue +86 02131316157 [email protected] Shanghai Gateway CS Mr. Jacky xu 86 21-51178154 [email protected] Sea Ms. Cherry Chen (Back Up) 86 21-51178267 [email protected] Ms. Lisa Bao (Back Up) 86-21-51178111 ext.8158 [email protected] Ms.Luna xu 86-574-87093241 [email protected] Air Mr.Roy Sun (Back Up) 86-574 83868330 [email protected] Ningbo Gateway CS Ms.Vivian Xie 86-574-83868328 [email protected] Sea Ms.Selinna Mao (Back Up) 86-574-87091936 [email protected] Ms.Kattie Wang 86755 8271 5715 [email protected] Air Ms. Emily Wang 86755 8271 5529 [email protected] Shenzhen Gateway CS Mr. Sunny Liao 86 755-8271 5695 [email protected] Sea Ms Yuki Ho 86 755- 8271 5630 [email protected] Air Mr.Aaron Liu 86 22 58295588 ext. 1017 [email protected] Ms.Sally Cui 86 22 58295588 ext.6020 [email protected] Tianjin Gateway CS Sea Ms.Hera Li 86 22-58295588 Ext.6031 [email protected] Ms.Rong Rong (Back Up) 86 22 58295588 ext. -
Kerry Logistics Network (636 HK)-Initiate at UW(V)
Company report Industrials Air Freight & Logistics abc Equity – Hong Kong Global Research Kerry Logistics Network (636 HK) Underweight (V) Initiate at UW(V): The world’s local logistics provider Target price (HKD) 11.75 Growth driven by mainland China, profitability driven by Share price (HKD) 12.98 Forecast dividend yield (%) 0.9 Hong Kong Potential return (%) -8.6 Yet the reality is that contract logistics is a low margin Note: Potential return equals the percentage difference between the current share price and business and growth is likely to be hotly contested the target price, plus the forecast dividend yield Dec 2012 a 2013 e 2014 e Initiate with an Underweight (V) rating and multiple-based HSBC EPS 0.00 0.53 0.57 HSBC PE 24.3 22.9 HKD11.75 target price Performance 1M 3M 12M Absolute (%) 27.0 Relative^ (%) 34.3 KLN is a solid company with a good track record and strong positioning in Hong Kong Note: (V) = volatile (please see disclosure appendix) where it is the No 1 third-party logistics (3PL) provider. It is well positioned to capitalize on growth in the Chinese domestic market, and the business it conducts there, it is arguably conducting well. But we believe there is a disconnect between KLN’s valuation, market expectations and the realities of operating an asset heavy, contract logistics-led 28 January 2014 freight forwarding model. Julia Winarso* Analyst Contract logistics is a low margin, competitive business: KLN’s profitability is largely HSBC Bank plc driven by Hong Kong logistics and its warehousing business, where it acts as landlord. -
Barcode:3844251-01 A-570-112 INV - Investigation
Barcode:3844251-01 A-570-112 INV - Investigation - PRODUCERS AND EXPORTERS FROM THE PRC Producer/Exporter Name Mailing Address A-Jax International Co., Ltd. 43th Fei Yue Road, Zhongshan City, Guandong Province, China Anhui Amigo Imp.&Exp. Co., Ltd. Private Economic Zone, Chaohu, 238000, Anhui, China Anhui Sunshine Stationery Co., Ltd. 17th Floor, Anhui International Business Center, 162, Jinzhai Road, Hefei, Anhui, China Anping Ying Hang Yuan Metal Wire Mesh Co., Ltd. No. 268 of Xutuan Industry District of Anping County, Hebei Province, 053600, China APEX MFG. CO., LTD. 68, Kuang-Chen Road, Tali District, Taichung City, 41278, Taiwan Beijing Kang Jie Kong 9-2 Nanfaxin Sector, Shunping Rd, Shunyi District, Beijing, 101316, China Changzhou Kya Fasteners Co., Ltd. Room 606, 3rd Building, Rongsheng Manhattan Piaza, Hengshan Road, Xinbei District, Changzhou City, Jiangsu, China Changzhou Kya Trading Co., Ltd. Room 606, 3rd Building, Rongsheng Manhattan Piaza, Hengshan Road, Xinbei District, Changzhou City, Jiangsu, China China Staple #8 Shu Hai Dao, New District, Economic Development Zone, Jinghai, Tianjin Chongqing Lishun Fujie Trading Co., Ltd. 2-63, G Zone, Perpetual Motor Market, No. 96, Torch Avenue, Erlang Technology New City, Jiulongpo District, Chongqing, China Chongqing Liyufujie Trading Co., Ltd. No. 2-63, Electrical Market, Torch Road, Jiulongpo District, Chongqing 400000, China Dongyang Nail Manufacturer Co.,Ltd. Floor-2, Jiaotong Building, Ruian, Wenzhou, Zhejiang, China Fastco (Shanghai) Trading Co., Ltd. Tong Da Chuang Ye, Tian -
Annual Report 2018 Corporate Information & Key Dates
QUICK FACTS 53 countries & territories 40,000+ employees worldwide 60M ft² land & facilities 10,000+ self-owned operating vehicles CONTENTS 02 Corporate Information & Key Dates 03 Financial Highlights 05 2014-2018 Financial Summary 06 Logistics Facilities GLOBAL NETWORK 13 Chairman’s Statement 14 Management Discussion and Analysis 14 Results Overview 15 Business Review 20 Financial Review 20 Staff and Remuneration Policies 21 Environmental, Social and Governance Report 33 Awards and Citations CHINA FOCUS 39 Corporate Governance Report 57 Directors and Senior Management 73 Report of Directors 99 Independent Auditor’s Report 108 Statement of Accounts 198 Definitions ASIA SPECIALIST 1 ANNUAL REPORT 2018 CORPORATE INFORMATION & KEY DATES BOARD OF DIRECTORS COMPANY SECRETARY Executive Directors Ms LEE Pui Nee Mr YEO George Yong-boon (Chairman) Mr MA Wing Kai William (Group Managing Director) AUDITOR Mr KUOK Khoon Hua PricewaterhouseCoopers Mr NG Kin Hang LEGAL ADVISER Non-executive Director Davis Polk & Wardwell Mr CHIN Siu Wa Alfred REGISTERED OFFICE Independent Non-executive Directors Canon’s Court, 22 Victoria Street Ms KHOO Shulamite N K Hamilton HM12, Bermuda Mr WAN Kam To Ms WONG Yu Pok Marina CORPORATE HEADQUARTERS AND Mr YEO Philip Liat Kok PRINCIPAL PLACE OF BUSINESS IN HONG KONG Mr ZHANG Yi Kevin 16/F, Kerry Cargo Centre, 55 Wing Kei Road AUDIT AND COMPLIANCE COMMITTEE Kwai Chung, New Territories, Hong Kong Ms WONG Yu Pok Marina (Chairman) PRINCIPAL SHARE REGISTRAR AND Mr CHIN Siu Wa Alfred Mr WAN Kam To TRANSFER AGENT Mr ZHANG Yi -
Factory Address Country
Factory Address Country Durable Plastic Ltd. Mulgaon, Kaligonj, Gazipur, Dhaka Bangladesh Lhotse (BD) Ltd. Plot No. 60&61, Sector -3, Karnaphuli Export Processing Zone, North Potenga, Chittagong Bangladesh Bengal Plastics Ltd. Yearpur, Zirabo Bazar, Savar, Dhaka Bangladesh ASF Sporting Goods Co., Ltd. Km 38.5, National Road No. 3, Thlork Village, Chonrok Commune, Korng Pisey District, Konrrg Pisey, Kampong Speu Cambodia Ningbo Zhongyuan Alljoy Fishing Tackle Co., Ltd. No. 416 Binhai Road, Hangzhou Bay New Zone, Ningbo, Zhejiang China Ningbo Energy Power Tools Co., Ltd. No. 50 Dongbei Road, Dongqiao Industrial Zone, Haishu District, Ningbo, Zhejiang China Junhe Pumps Holding Co., Ltd. Wanzhong Villiage, Jishigang Town, Haishu District, Ningbo, Zhejiang China Skybest Electric Appliance (Suzhou) Co., Ltd. No. 18 Hua Hong Street, Suzhou Industrial Park, Suzhou, Jiangsu China Zhejiang Safun Industrial Co., Ltd. No. 7 Mingyuannan Road, Economic Development Zone, Yongkang, Zhejiang China Zhejiang Dingxin Arts&Crafts Co., Ltd. No. 21 Linxian Road, Baishuiyang Town, Linhai, Zhejiang China Zhejiang Natural Outdoor Goods Inc. Xiacao Village, Pingqiao Town, Tiantai County, Taizhou, Zhejiang China Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. South Zhenghe Road, Leliu Town, Shunde District, Foshan, Guangdong China Yangzhou Juli Sports Articles Co., Ltd. Fudong Village, Xiaoji Town, Jiangdu District, Yangzhou, Jiangsu China Eyarn Lighting Ltd. Yaying Gang, Shixi Village, Shishan Town, Nanhai District, Foshan, Guangdong China Lipan Gift & Lighting Co., Ltd. No. 2 Guliao Road 3, Science Industrial Zone, Tangxia Town, Dongguan, Guangdong China Zhan Jiang Kang Nian Rubber Product Co., Ltd. No. 85 Middle Shen Chuan Road, Zhanjiang, Guangdong China Ansen Electronics Co. Ning Tau Administrative District, Qiao Tau Zhen, Dongguan, Guangdong China Changshu Tongrun Auto Accessory Co., Ltd. -
Inquiry Into the Wenzhou Model of Industrial Development In
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Insitutional Repository at the National Graduate Institute for Policy Studies From Inferior to Superior Products: An Inquiry into the Wenzhou Model of Industrial Development in China1 Tetsushi Sonobe, Foundation for Advanced Studies on International Development, Tokyo 162-8677, Japan Dinghuan Hu Institute of Agricultural Economics, Chinese Academy of Agricultural Sciences, Beijing 100081, China Keijiro Otsuka Foundation for Advanced Studies on International Development, Tokyo 162-8677, Japan (May 2004) Running head: Wenzhou Model of Industrial Development 1 From Inferior to Superior Products: An Inquiry into the Wenzhou Model of Industrial Development in China Abstract Although the vitality of small private enterprises as the prime mover of the substantial economic growth in Wenzhou is widely recognized, empirical research investigating the development process of such private enterprises is useful. Based on a survey of enterprises producing low-voltage electric appliances, we find that the entry of a large number of new enterprises producing poor-quality products was followed by the upgrading of product quality and the introduction of new marketing strategies. Hence, we attempt to identify statistically the mechanisms underlying this evolutionary process of industrial development. JEL classification numbers: O12, P23 2 1. Introduction China’s substantial economic growth in the 1980s is attributable mainly to township- and village enterprises (TVEs) according to Chen et al. (1992), Jefferson et al. (1996), and Otsuka et al. (1998). However, the private sector emerged as the new engine of Chinese economic growth in the 1990s. The heartland of this private sector growth is Zhejiang Province, particularly in Wenzhou City as Zhang (1989), Nolan (1990), Dong (1990), Wang (1996), Li (1997), Zhang (1999) and Sonobe et al. -
Seeking Zen: a Post-Pandemic 3PL Market Latest Third-Party Logistics Market Results and Predictions for 2021 Including Estimates for 190 Countries
Seeking Zen: A Post-Pandemic 3PL Market Latest Third-Party Logistics Market Results and Predictions for 2021 Including Estimates for 190 Countries August 2021 Phone: +1-800-525-3915 Website: www.3PLogistics.com Email: [email protected] ABOUT ARMSTRONG & ASSOCIATES, INC. Armstrong & Associates, Inc. (A&A) was established in 1980 to meet the needs of a newly deregulated domestic transportation market. Since then, through its leading Third-Party Logistics (3PL) market research and history of helping companies outsource logistics functions, A&A has become an internationally recognized key resource for 3PL market information and consulting. A&A’s mission is to have leading proprietary supply chain knowledge and market research not available anywhere else. As proof of our continued work in supporting our mission, A&A’s 3PL market research is frequently cited in media articles, publications, and securities filings by publicly traded 3PLs. In addition, A&A’s email newsletter currently has over 88,000 subscribers globally. A&A’s market research complements its consulting activities by providing continually updated data for analysis. Based upon its unsurpassed knowledge of the 3PL market and the operations of leading 3PLs, A&A has provided strategic planning consulting services to over 30 3PLs, supported 24 closed investment transactions, and provided advice to numerous companies looking to benchmark existing 3PL operations or outsource logistics functions. All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopied, recorded or otherwise, without the prior permission of the publisher, Armstrong & Associates, Inc. -
Ronny Chow PARTNER
Ronny Chow PARTNER LOCATION: Hong Kong EMAIL: [email protected] DIRECT: +852 2825 9435 PRINCIPAL AREAS Capital Markets Debt Equity Regulatory Compliance Corporate and M&A Public M&A/Takeovers Private M&A Regulatory Corporate Governance LANGUAGES English Cantonese Mandarin JURISDICTIONS Hong Kong England and Wales (non-practising) EXPERIENCE Ronny is the co-head of the Corporate Finance Practice Group and is based in Hong Kong. He has almost 30 years of experience in the corporate finance field and his practice spans across corporate finance and securities work as well as private and public mergers and acquisitions and private equity transactions (with a cross-border focus). He is particularly well-known for advising on global offerings and listings of corporations on the Hong Kong Stock Exchange. PROFESSIONAL HIGHLIGHTS Ronny advises a wide range of sponsors and underwriters includingB NP Paribas Capital, CLSA, DBS, BOCI, China Construction Bank, ABC International, Haitong, China Merchants Securities, Guotai Junan and Shenwan Hongyuan in relation to the global offerings and listings of: AcrossAsia, Anchorstone, Baofeng Modern, Beijing Jingkelong (a Beijing government-controlled chain store operator), BGMC International, BYD, Canvest Environmental Protection, China Art Financial, China Industrial Securities International Financial, China Saite, Convenience Retail Asia (“Circle K”), Ever Sunshine Lifestyle Services, Feiyang International, Focus Media, FSE Engineering, Goldenmars Technology (listing in 2013 and transferred from GEM -
The Brand for Fashion and Lifestyle
The brand for fashion and lifestyle. Fashion supply chain strategies for China China’s rapidly swelling ranks of style-conscious consumers, with money to burn on the latest fashion, represent an exciting prospect for international brands. Established names such as Chanel, voted China’s favourite luxury brand for 2013 1, are growing alongside fast fashion giants such as H&M and Zara. And this year, China overtook the USA as the world’s largest digital retail market, with Chinese shoppers spending an estimated USD296 billion compared with the USD252 billion spent by US e-shoppers. 2 The apparel sector sales make up around 13 percent of e-commerce purchases 2. Western fashion e-tailers have been keen to enter the market and take a slice of the pie already enjoyed by Chinese e-commerce giants such as Taobao and Tmall, two of e-commerce giant Alibaba’s biggest businesses, Vancl, M18 and JingDong. www.kerrylogistics.com © Kerry Logistics Network Ltd. All rights reserved. Getting the balance The UK’s largest on-line fashion retailer, Forecasting and understanding demand is key. right between bricks ASOS, launched its Chinese web-site in the second week of November. Chinese shoppers are historically frugal and and mortar stores and like a bargain. They expect a high level of e-commerce is Kerry Logistics is supporting its service and speed when it comes to shipping, important. e-commerce platform in Shanghai, and expecting costs to be minimal or free, and managing freight from the British retailer’s UK orders to arrive the next day, or even the global hub into China.