DOCSLIB.ORG

Read the Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Read the Report 7 Jul 2021 CMB International Securities | Equity Research | Company Initiation Yidu Tech (2158 HK) BUY (Initiation) China largest healthcare big data specialist Target Price HK$43.41 Up/Downside +16.2% Current Price HK$37.35 INITIATE AT BUY. Yidu Tech is the largest healthcare big data specialist in China with 5% market share. It analyzed 1.7bn healthcare records from 400mn patients and developed a suite of big data analytics solutions for the healthcare industry. China Software & IT Services We expect Yidu Tech revenue to grow at 47% CAGR in FY21-24E, reaching RMB2.8bn as China increasing big data solution adoption in healthcare industry Marley Ngan (market growing at 40% CAGR). (852) 3916 3719 [email protected] Largest healthcare big data solution provider in China. Yidu Tech, Stock Data founded in 2014 and listed on HKEx in Jan 2021, ranked no.1 in terms of Mkt Cap (HK$ mn) 34,557 revenue in China with 5% market share in 2019, according to EY. Yidu Tech Avg 3 mths t/o (HK$ mn) 63.85 built proprietary data intelligence infrastructure, YiduCore, through analyzing 52w High/Low (HK$) 69.80/ 32.30 Total Issued Shares (mn) 925 1.7bn healthcare records from over 400mn patients upon authorization. Based Source: Bloomberg on this “medical brain”, Yidu Tech developed a suite of big data analytics- driven solutions for the healthcare industry. Shareholding Structure Ms. Gong Yingying 44.99% China healthcare big data solutions market growing at 40% CAGR. China Sunshine Insurance 10.38% is still in an early stage to adopt big data solutions in healthcare industry (7.2% GIC 6.49% penetration in 2019). China healthcare big data solutions market is expected Source: HKEx to grow from RMB10.5bn in 2019 to RMB57.7bn in 2024 (40.5% CAGR) and Share Performance life science solutions should deliver the stronger growth at 52.8% CAGR. The Absolute Relative entry barrier is high with hurdles including hospital coverage, follow-up data 1-mth -4.0% -1.3% accumulation and advanced technology capabilities. 3-mth 2.0% 4.9% 6-mth NA NA Yidu Tech to deliver 46% revenue CAGR in FY21-24E. Yidu Tech has 3 Source: Bloomberg business segments namely 1) big data platform for hospitals and regulators 12-mth Price Performance (46% of FY21 revenue), 2) life science solutions for pharmaceutical, biotech (HK$) and medical device companies (21%) and 3) health management platform 70.0 2158 HK HSI (rebased) 60.0 (for patients and insurance companies (29%). We expect Yidu Tech revenue 50.0 to grow from RMB867mn in FY21 to RMB2,772mn in FY24E (47% CAGR), 40.0 30.0 mainly driven by increasing no. of active customers, especially in life science 20.0 sector (80% FY21-24E revenue CAGR) where big data solutions create 10.0 0.0 highest value that shorten drug/ medical device development cycle. Jan-21 Apr-21 Source: Bloomberg Initiate at BUY. We initiate at BUY with target price of HK$43.41. Our SOTP valuation implied 20x FY23E P/S, in-line with life-science solution peers Auditor: PwC average. Downside risks include tightening regulations in data privacy, lower than expected adoption and intensifying competition. Earnings Summary (YE 31 Mar) FY20A FY21A FY22E FY23E FY24E Revenue (RMB mn) 558 867 1,303 1,938 2,772 YoY growth (%) 447% 55% 50% 49% 43% Operating profit (RMB mn) (590) (443) (598) (798) (1,016) YoY growth (%) n.a. n.a. n.a. n.a. n.a. Net income (RMB) (1,510) (3,700) (589) (790) (1,010) Please cast your valuable vote EPS (RMB) (2.15) (4.00) (0.64) (0.85) (1.09) for CMBIS research team in the YoY growth (%) 58% 86% -84% 34% 28% 2021 Asiamoney Brokers Poll: P/S 59.6 38.4 25.6 17.2 12.0 ROE (%) n.a. n.a. n.a. n.a. n.a. https://euromoney.com/brokers Net gearing (%) -101% net cash net cash net cash net cash Source: Company data, Bloomberg, CMBIS estimates PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 1 MORE REPORTS FROM BLOOMBERG: RESP CMBR <GO> OR http://www.cmbi.com.hk 7 Jul 2021 Contents Investment Thesis .................................................................................... 3 China healthcare big data solutions demand to grow at 40% CAGR................... 3 Proprietary data-intelligent infrastructure – YiduCore .......................................... 3 Stable growth in big data platform and solutions .................................................. 3 Life sciences solutions create high value-add to customers ............................... 3 New revenue stream from health management platform ...................................... 3 Initiate at BUY ............................................................................................................ 3 Focus Charts ............................................................................................ 4 Company Overview .................................................................................. 5 Industry landscape .................................................................................. 6 China’s healthcare industry accelerating digitalization investment .................... 6 China healthcare big data solutions demand to grow at 40% CAGR................... 7 Competitive landscape ............................................................................................. 8 Core data-intelligence infrastructure – YiduCore ............................... 10 Proprietary data-intelligence infrastructure .........................................................10 Data arrangements and security ............................................................................10 Big data platform and solutions ........................................................... 11 Stable growth in big data platform and solutions ................................................11 Solutions for hospitals ............................................................................................12 Solutions for regulators ..........................................................................................13 Part of big data solution pricing is recurring .......................................................14 Life sciences solutions.......................................................................... 15 Strong value add to customers, reflected in higher retention rate ....................15 Analytics-driven clinical development ..................................................................16 Real-world Evidence (RWE)-based research ........................................................17 Evidence-based digital commercialization ...........................................................18 Health management platform and solutions ....................................... 19 Emerging revenue stream ......................................................................................19 Insurance technology and disease management solutions ...............................20 Financial analysis .................................................................................. 22 Revenue to grow at 47% CAGR in FY21-24E ........................................................22 Gross margin to decrease on mix change ............................................................23 Opex ratio declining ................................................................................................24 Working capital improving but free cash flow to remain negative.....................25 Valuation ................................................................................................. 27 Initiate at BUY with target price of HK$43.41 ........................................................27 Company profile ..................................................................................... 29 Management background .......................................................................................29 Shareholding structure ...........................................................................................30 Investment risks ......................................................................................................30 Financial Summary ................................................................................ 31 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE 2 7 Jul 2021 Investment Thesis China healthcare big data solutions demand to grow at 40% CAGR China healthcare big data solutions market size is expected to grow from RMB10.5bn in 2019 to RMB57.7bn in 2024 (40.5% CAGR) with penetration rate rise from 7.2% to 16.2%, according to EY estimates. We identified 3 types of providers that Yidu Tech is competing against: traditional IT companies, traditional CROs and healthcare big data solution specialists. We think LinkDoc is the closest peers and Yidu Tech prevails in hospital coverage (500 for Yidu Tech vs. 330 for LinkDoc) and the number of healthcare records collected (400mn for Yidu Tech vs. 2.5mn for LinkDoc). Also, LinkDoc is relatively niche and specializes in oncology while Yidu Tech disease registries cover over 50 disease areas. Proprietary data-intelligent infrastructure – YiduCore YiduCore is the proprietary data intelligence infrastructure built by Yidu Cloud. It is built through processing and analyzing 1.7bn healthcare records from 400mn patients upon authorization. Based on this “medical brain” YiduCloud developed a suite of data-analytics healthcare solutions for the healthcare industry. Stable growth in big data platform and solutions YiduCloud launched big data platform and solutions in 2015. The platform aggregates raw data and process them into structured and standardized
Load more

Recommended publications
  • Landscape Analysis of Geographical Names in Hubei Province, China
    Entropy 2014, 16, 6313-6337; doi:10.3390/e16126313 OPEN ACCESS entropy ISSN 1099-4300 www.mdpi.com/journal/entropy Article Landscape Analysis of Geographical Names in Hubei Province, China Xixi Chen 1, Tao Hu 1, Fu Ren 1,2,*, Deng Chen 1, Lan Li 1 and Nan Gao 1 1 School of Resource and Environment Science, Wuhan University, Luoyu Road 129, Wuhan 430079, China; E-Mails: [email protected] (X.C.); [email protected] (T.H.); [email protected] (D.C.); [email protected] (L.L.); [email protected] (N.G.) 2 Key Laboratory of Geographical Information System, Ministry of Education, Wuhan University, Luoyu Road 129, Wuhan 430079, China * Author to whom correspondence should be addressed; E-Mail: [email protected]; Tel: +86-27-87664557; Fax: +86-27-68778893. External Editor: Hwa-Lung Yu Received: 20 July 2014; in revised form: 31 October 2014 / Accepted: 26 November 2014 / Published: 1 December 2014 Abstract: Hubei Province is the hub of communications in central China, which directly determines its strategic position in the country’s development. Additionally, Hubei Province is well-known for its diverse landforms, including mountains, hills, mounds and plains. This area is called “The Province of Thousand Lakes” due to the abundance of water resources. Geographical names are exclusive names given to physical or anthropogenic geographic entities at specific spatial locations and are important signs by which humans understand natural and human activities. In this study, geographic information systems (GIS) technology is adopted to establish a geodatabase of geographical names with particular characteristics in Hubei Province and extract certain geomorphologic and environmental factors.
    [Show full text]
  • This Article Appeared in a Journal Published by Elsevier. The
    This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues. Other uses, including reproduction and distribution, or selling or licensing copies, or posting to personal, institutional or third party websites are prohibited. In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier’s archiving and manuscript policies are encouraged to visit: http://www.elsevier.com/copyright Author's personal copy Energy for Sustainable Development 14 (2010) 238–244 Contents lists available at ScienceDirect Energy for Sustainable Development Household level fuel switching in rural Hubei Wuyuan Peng a,⁎, Zerriffi Hisham b, Jiahua Pan c a School of Economic Management, China University of Geosciences (Wuhan Campus), 388 Lumo Road, Hongshan District, Wuhan, Zip code 430074, China b Liu Institute for Global Issues, University of British Columbia, Vancouver, Canada c Research Centre for Sustainable Development, Chinese Academy of Social Sciences, Beijing, China article info abstract Article history: The majority of rural residents in China are dependent on traditional fuels, but the quality and quantity of Received 3 July 2010 existing data on the process of fuel switching in rural China are insufficient to have a clear picture of current Accepted 3 July 2010 conditions and a well-grounded outlook for the future. Based on an analysis of a rural household survey data in Hubei province in 2004, we explore patterns of residential fuel use within the conceptual framework of Keywords: fuel switching using statistical approaches.
    [Show full text]
  • 5Cc2bdd38012f.Pdf
    Chapter 1 Interpretation 2 Chapter 2 General and Key Financial Indicators 4 Chapter 3 Brief Introduction on the Company’s businesses 10 Chapter 4 Discussion and Analysis on Business Operation 14 Chapter 5 Major Events 26 Chapter 6 Changes in Common Share Capital Contents>> and Shareholders 40 Chapter 7 Preferred Stock 45 Chapter 8 Directors, Supervisors, Senior Management and Employees 46 Chapter 9 Corporate Governance 56 Chapter 10 Corporate Bonds 60 Chapter 11 Financial Report 64 Chapter 12 Documents for Inspection 149 Chapter 1 Interpretation 2 1 I. Interpretation In this Report, unless otherwise requires, the below terms have the following meanings: Interpretation of the common words Reporting period means Year 2018 RMB, RMB K Yuan, RMB 10000 Yuan, RMB million Yuan, RMB 100 million Yuan, Yuan, K Yuan, 10 K Yuan, mio Yuan, 100 mio Yuan means China’s legal currency LH means LafargeHolcim Ltd. IT means Information technology KPI means Key Performance Indicators NOx means Nitrogen oxide (s) SNCR means Selective non-catalytic reduction SO2 means Sulfur dioxide PC32.5R cement means 32.5 grade composite silicate cement with strong intensity in the early stage 3 Chapter 2 General and Key Financial Indicators 4 2 I. Company Information Name of the Company in Chinese 华新水泥股份有限公司 Abbreviation in Chinese 华新水泥 Name of the Company in English Huaxin Cement Co., Ltd. Abbreviation in English HUAXINCEM Legal Representative Mr. Li Yeqing II. Liaison Information Secretary to the Board Securities Affairs Representative Name Mr. Wang Ximing Ms. Wang Lu Tower B, Huaxin Tower, No.426, Gaoxin Avenue, East Lake Tower B, Huaxin Tower, No.426, Gaoxin Avenue, East Lake Liaison Address High-tech Development Zone, Wuhan City, Hubei Province High-tech Development Zone, Wuhan City, Hubei Province Tel 02787773896 02787773898 Fax 02787773992 02787773992 E-mail [email protected] [email protected] 5 ANNUAL REPORT 2018 III.
    [Show full text]
  • Ecosystem Services Value Assessment and Uneven Development of the Qingjiang River Basin in China
    sustainability Article Ecosystem Services Value Assessment and Uneven Development of the Qingjiang River Basin in China Zhengsong Lin 1,2 ID , Xinyue Ye 3,4,* ID , Qian Wei 2, Fan Xin 5, Zhang Lu 2, Sonali Kudva 6 ID and Qiwen Dai 4,* 1 School of Environmental Studies, China University of Geosciences (Wuhan), Wuhan 430074, China; [email protected] 2 School of Arts Communication, China University of Geosciences (Wuhan), Wuhan 430074, China; [email protected] (Q.W.); [email protected] (Z.L.) 3 Department of Geography, Kent State University, Kent, OH 44242, USA 4 School of Economics and Management, Guangxi Normal University, Guilin 541004, China 5 School of Public Administration, China University of Geosciences (Wuhan), Wuhan 430074, China; [email protected] 6 School of Information, Kent State University, Kent, OH 44242, USA; [email protected] * Correspondence: [email protected] (X.Y.); [email protected] (Q.D.); Tel.: +1-419-494-7825 (X.Y.); +86-773-5816858 (Q.D.); Fax: +1-330-672-4034 (X.Y.); +86-773-5816858 (Q.D.) Received: 11 August 2017; Accepted: 8 December 2017; Published: 18 December 2017 Abstract: As an important ecological barrier in Southwest China, the Qingjiang river basin plays a vital role in shaping the mountainous terrain. This paper analyzes the Ecosystem Services Value (ESV) using a series of methods based on the data of changes in land use from 2000 to 2015 and the statistical yearbook. The changes in land use between 2000 and 2015 were dominated by forest land, which accounted for 60.63% of the total area, followed by arable landwhich accounted for about 22.26%, while grassland and other land use contribution rates were the lowest, accounting for only about 17.11%.
    [Show full text]
  • Bannerman and Townsman: Ethnic Tension in Nineteenth-Century Jiangnan
    Bannerman and Townsman: Ethnic Tension in Nineteenth-Century Jiangnan Mark Elliott Late Imperial China, Volume 11, Number 1, June 1990, pp. 36-74 (Article) Published by The Johns Hopkins University Press DOI: 10.1353/late.1990.0005 For additional information about this article http://muse.jhu.edu/journals/late/summary/v011/11.1.elliott.html Access Provided by Harvard University at 02/16/13 5:36PM GMT Vol. 11, No. 1 Late Imperial ChinaJune 1990 BANNERMAN AND TOWNSMAN: ETHNIC TENSION IN NINETEENTH-CENTURY JIANGNAN* Mark Elliott Introduction Anyone lucky enough on the morning of July 21, 1842, to escape the twenty-foot high, four-mile long walls surrounding the city of Zhenjiang would have beheld a depressing spectacle: the fall of the city to foreign invaders. Standing on a hill, looking northward across the city toward the Yangzi, he might have decried the masts of more than seventy British ships anchored in a thick nest on the river, or perhaps have noticed the strange shapes of the four armored steamships that, contrary to expecta- tions, had successfully penetrated the treacherous lower stretches of China's main waterway. Might have seen this, indeed, except that his view most likely would have been screened by the black clouds of smoke swirling up from one, then two, then three of the city's five gates, as fire spread to the guardtowers atop them. His ears dinned by the report of rifle and musket fire and the roar of cannon and rockets, he would scarcely have heard the sounds of panic as townsmen, including his own relatives and friends, screamed to be allowed to leave the city, whose gates had been held shut since the week before by order of the commander of * An earlier version of this paper was presented at the annual meeting of the Association for Manchu Studies (Manzokushi kenkyùkai) at Meiji University, Tokyo, in November 1988.
    [Show full text]
  • Summary Environmental Impact Assessment Yichang
    SUMMARY ENVIRONMENTAL IMPACT ASSESSMENT YICHANG-WANZHOU RAILWAY PROJECT IN THE PEOPLE'S REPUBLIC OF CHINA June 2003 CURRENCY EQUIVALENTS (as of 31 May 2003) Currency Unit – Yuan (CNY) CNY1.00 = $0.1208 $1.00 = CNY8.277 ABBREVIATIONS ADB – Asian Development Bank CSRC – China Securities Regulatory Commission EIA – environmental impact assessment EPB – environmental protection bureau FABHP – Fisheries Administration Bureau of Hubei Province GDP – gross domestic product HICAS – Hydrobiology Institute of China Academy of Sciences MOR – Ministry of Railways NH – National Highway NOx – nitrogen oxides pH – measure of acidity/alkalinity PRC – People's Republic of China SEPA – State Environmental Protection Agency YNCZCS – Yichang Natural Conservation Zone for Chinese Sturgeon YWR – Yichang-Wanzhou Railway YRARI – Yangtze River Aquaculture Research Institute WEIGHTS AND MEASURES ° – degrees Celsius ha – hectare kg – kilogram km – kilometer m – meter mm – millimeter s – second t – ton y – year NOTE In this report, "$" refers to US dollars. CONTENTS Page Map 1 Map 2 Map 3 I. INTRODUCTION 1 II. DESCRIPTION OF THE PROJECT 1 III. DESCRIPTION OF THE ENVIRONMENT 2 A. Physical Resources 2 B. Ecological Resources 2 C. Human and Economic Development 4 D. Quality of Life Values 4 IV. ALTERNATIVES 6 V. ANTICIPATED ENVIRONMENTAL IMPACTS AND MITIGATION MEASURES 7 A. Noise 9 B. Water 10 C. Air 10 D. Solid Waste 11 E. Flora and Fauna 12 F. Historical, Cultural, and Archeological Sites 13 G. Resettlement 13 H. Safety and Health 14 I. Induced Impacts 14 VI. ECONOMIC ASSESSMENT 15 A. Environmental Protection Costs 15 B. Environmental Benefits 15 VII. INSTITUTIONAL REQUIREMENTS AND ENVIRONMENTAL MONITORING PROGRAM 16 VIII. PUBLIC PARTICIPATION 18 IX.
    [Show full text]
  • Ecological Risk Assessment of Heavy Metals in Sediment and Human Health Risk Assessment of Heavy Metals in Fishes In
    See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/51488871 Ecological Risk Assessment of Heavy Metals in Sediment and Human Health Risk Assessment of Heavy Metals in Fishes in... Article in Environmental Pollution · July 2011 DOI: 10.1016/j.envpol.2011.06.011 · Source: PubMed CITATIONS READS 298 2,700 3 authors, including: Yu-Jun Yi Shanghong Zhang Beijing Normal University North China Electric Power University 31 PUBLICATIONS 656 CITATIONS 29 PUBLICATIONS 439 CITATIONS SEE PROFILE SEE PROFILE Some of the authors of this publication are also working on these related projects: Evolution Mechanism of the Ecohydrological Processes in Shallow Macrophysic Lakes and Its Integrated Regulation Framework View project All content following this page was uploaded by Yu-Jun Yi on 05 February 2015. The user has requested enhancement of the downloaded file. All in-text references underlined in blue are added to the original document and are linked to publications on ResearchGate, letting you access and read them immediately. This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues. Other uses, including reproduction and distribution, or selling or licensing copies, or posting to personal, institutional or third party websites are prohibited. In most cases authors are permitted to post their version of the article
    [Show full text]
  • Global Artificial Intelligence Industry Whitepaper
    Global artificial intelligence industry whitepaper Global artificial intelligence industry whitepaper | 4. AI reshapes every industry 1. New trends of AI innovation and integration 5 1.1 AI is growing fully commercialized 5 1.2 AI has entered an era of machine learning 6 1.3 Market investment returns to reason 9 1.4 Cities become the main battleground for AI innovation, integration and application 14 1.5 AI supporting technologies are advancing 24 1.6 Growing support from top-level policies 26 1.7 Over USD 6 trillion global AI market 33 1.8 Large number of AI companies located in the Beijing-Tianjin-Hebei Region, Yangtze River Delta and Pearl River Delta 35 2. Development of AI technologies 45 2.1 Increasingly sophisticated AI technologies 45 2.2 Steady progress of open AI platform establishment 47 2.3 Human vs. machine 51 3. China’s position in global AI sector 60 3.1 China has larger volumes of data and more diversified environment for using data 61 3.2 China is in the highest demand on chip in the world yet relying heavily on imported high-end chips 62 3.3 Chinese robot companies are growing fast with greater efforts in developing key parts and technologies domestically 63 3.4 The U.S. has solid strengths in AI’s underlying technology while China is better in speech recognition technology 63 3.5 China is catching up in application 64 02 Global artificial intelligence industry whitepaper | 4. AI reshapes every industry 4. AI reshapes every industry 68 4.1 Financial industry: AI enhances the business efficiency of financial businesses
    [Show full text]
  • Short- and Medium-Chain Chlorinated Paraffins in Sediments from The
    Science of the Total Environment 575 (2017) 1177–1182 Contents lists available at ScienceDirect Science of the Total Environment journal homepage: www.elsevier.com/locate/scitotenv Short- and medium-chain chlorinated paraffins in sediments from the middle reaches of the Yangtze River: Spatial distributions, source apportionment and risk assessment Lin Qiao a,b,LirongGaoa,⁎,DanXiaa,b, Huiting Huang a,b, Minghui Zheng a a State Key Laboratory of Environmental Chemistry and Ecotoxicology, Research Center for Eco-Environmental Sciences, Chinese Academy of Sciences, Beijing 100085, China b University of Chinese Academy of Sciences, Beijing 100049, China HIGHLIGHTS GRAPHICAL ABSTRACT • SCCPs and MCCPs in sediments from the Yangtze River were measured by GC × GC–TOFMS. • CP concentrations in the sediments tended to decrease from urban to rural areas. • Correspondence analysis indicated SCCPs in the sediments were from CP- 42 and CP-52. • CPs with nine carbon atoms in sedi- ment samples were quantitated for the first time. • Ecological risks posed by SCCPs in the sediments were assessed. article info abstract Article history: Chlorinated paraffins (CPs) are easily adsorbed into sediments where they pose potential risks to the ecosystem Received 14 July 2016 and human health. Few studies have investigated short- and medium-chain CPs (SCCPs and MCCPs) in sedi- Received in revised form 2 September 2016 ments. The aim of the present study was to comprehensively investigate contamination levels, spatial distribu- Accepted 23 September 2016 tions, sources and risks posed by CPs in sediments from the middle reaches of the Yangtze River. The sediment Available online 30 September 2016 samples were analyzed by two-dimensional gas chromatography coupled with time-of-flight mass spectrometry – Editor: Adrian Covaci (GC × GC TOFMS).
    [Show full text]
  • Huaxin Cement Co., Ltd. Announcement on Providing Guarantee for Bank Loans of Some Subsidiaries
    Stock Codes: 600801, 900933 Stock Abbreviations: Huaxin Cement, Huaxin B Share Ref: 2020-014 Huaxin Cement Co., Ltd. Announcement on Providing Guarantee for Bank Loans of Some Subsidiaries To the best of our knowledge, the Board of Directors of the Company and its members confirm that there is no material false or misleading statement or material omission in this announcement and shall be severally and jointly liable for the truthfulness, accuracy and completeness of its content. Important Content: Guaranteed companies: Huaxin Cement (Yangxin) Ltd. and other 55 wholly owned subsidiaries and controlling subsidiaries. Guarantee amount provided by the Company for Huaxin Cement (Yangxin) Ltd. and other 55 wholly owned subsidiaries and controlling subsidiaries is 5.419 billion RMB. By the end of 2019, the Company’s actual guarantee balance for the 56 wholly owned subsidiaries and controlling subsidiaries was 1.79 billion RMB. Counter guarantee: nil Overdue guarantee: nil I. General Information of the Guarantees On April 27, 2020, the Sixteenth Meeting of the Ninth Board of Directors of Huaxin Cement Co., Ltd. (hereinafter referred to as “the Company”) reviewed and adopted the Proposal in Respect of Providing Guarantee for Bank Loans of Some Subsidiaries. By December 31, 2019, guarantee reviewed by the Board of Directors for wholly owned subsidiaries, controlling subsidiaries and related party companies totalled at 7.065 billion RMB within the valid duration. Affected by periodical financing environment and subjective reasons of some subsidiaries, the actual utilized guarantee amount is 1,442.8234 million RMB and 49.74 million USD, accounting for 10.7% of the latest audited net assets and 25% of the approved total guarantee amount.
    [Show full text]
  • Yichang to Badong Expressway Project
    IPP307 v2 World Bank Financed Highway Project Yiba Expressway in Hubei·P. R. China YBE_05 Public Disclosure Authorized Public Disclosure Authorized Yichang to Badong Expressway Project Social Assessment Report Final Public Disclosure Authorized Public Disclosure Authorized The World Bank Financed Project Office of HPCD Social Survey Research Center of Peking University 22 September 2008 1 Preface Entrusted by the World Bank Financed Project Execution Office (PEO) under the Hubei Provincial Communications Department (HPCD), the Social Survey Research Center of Peking University (SSRCPKU) conducted an independent assessment on the “Project of the Stretch from Yichang to Badong of the Highway from Shanghai to Chengdu”. The Yiba stretch of the highway from Shanghai to Chengdu is lying in the west of Hubei Province which is at the joint of middle reaches and upper reaches of the Yangtze River. The project area administratively belongs to Yiling District Yichang City, Zigui County, Xingshang County and Badong County of Shien Tujia & Miao Autonomous Prefecture. It adjoins Jianghan Plain in the east, Chongqing City in the west, Yangtze River in the south and Shengnongjia Forest, Xiangfan City etc in the north. The highway, extending 173 km, begins in Baihe, connecting Jingyi highway, and ends up in Badong County in the joint of Hubei and Sichuan, joining Wufeng highway in Chongqing. Under the precondition of sticking to the World Bank’s policy, the social assessment is going to make a judgment of the social impact exerted by the project, advance certain measures, and in the meanwhile bring forward supervision and appraisement system. During July 1st and 9th, 2007, the assessment team conducted the social investigation in Yiling District Yichang City, Zigui County, XingshanCounty and Badong County.
    [Show full text]
  • SSC Study Tour from Senegal Visits China
    Edition no.19, December 2013 SSC EVENTS - 1996: FAO’S SSC initiative launched - 2006: A Letter of Intent on forming Strategic Alliance signed between the Government of China and FAO - 2008 : A donation of USD30 million Trust Fund to FAO announced by the Government of China - 2009: General Agreement on the Trust Fund signed between the Government of China and FAO SSC Study Tour from Senegal Visits China According to the Tripartite Agreement and the Project Document for the Implementation of the South- South Cooperation (SSC) Programme in support of the National Programme for Food Security in Senegal, a SSC study tour from Senegal, composed of 9 participants headed by Mr. Ibrahima Ndiaye, Chief, Office of Early Allert and Harmonised Framework, National Council for Food Security, visited China from 16 to 28 November 2013. This 13-day study tour mission, hosted by the Foreign Economic Cooperation Center (FECC) of the Ministry of Agriculture, provided access to agriculture related experience and expertise of China, contributed to the strengthening of capacities for the SSC host country counterparts and facilitated the effective implementation of the SSC Programme in Senegal. The study tour participants had a series of meetings with FECC, Chinese Academy of Agricultural Sciences, FAO-China, as well as local authorities, institutes and enterprises in Yidu and Yichang, Hubei Province. The mission incorporated the technical components of irrigation, livestock, aquaculture, agro- processing : peanuts, citrus, cotton and tea and aquaculture-processing: fish. The study tour participants had a meeting with Mr. Percy W. Misika, the FAO representative in China, DPR Korea and Mongolia.
    [Show full text]