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Shenzhen Investment Holdings Co. Ltd. Assigned 'A' Rating; Outlook Stable
Shenzhen Investment Holdings Co. Ltd. Assigned 'A' Rating; Outlook Stable 27-Aug-2018 10:17 EDT View Analyst Contact Information SIHC has a sizable investment portfolio with high liquidity and credit quality, and we expect the company's loan-to-value (LTV) ratio to remain below 30% despite its plans to expand the portfolio; SIHC's high asset concentration tempers these strengths. We also see a very high likelihood of extraordinary support from the Shenzhen government to SIHC if needed. We are assigning our 'A' long-term issuer credit rating to SIHC, a Shenzhen-based investment holding company. The stable outlook reflects our expectation that SIHC's investment portfolio will remain highly liquid and the LTV ratio will remain below 30% over the next 24 months. HONG KONG (S&P Global Ratings) Aug. 27, 2018--S&P Global Ratings today assigned its 'A' long-term issuer credit rating to Shenzhen Investment Holdings Co. Ltd. (SIHC). The outlook is stable. SIHC is a Shenzhen-based investment holding company that is 100%-owned by the Shenzhen government. The rating on SIHC reflects the company's sizable investment portfolio with high liquidity and credit quality. We expect SIHC's LTV ratio to remain below 30%, despite the company's plan to expand its portfolio over the next two years. SIHC's high asset concentration tempers these strengths. The rating on SIHC also reflects our view of a very high likelihood that the company would receive extraordinary support from the Shenzhen government, if needed, based on SIHC's: Very important role to the government. -
Comparison Between Steel Arch Bridges in China and Japan
Journal of JSCE, Vol. 1, 214-227, 2013 COMPARISON BETWEEN STEEL ARCH BRIDGES IN CHINA AND JAPAN Kangming CHEN1, Shozo NAKAMURA2, Baochun CHEN3, Qingxiong WU3 and Takafumi NISHIKAWA4 1Student Member of JSCE, PhD Candidate, Dept. of Civil and Environmental Eng., Nagasaki University (1-14, Bukyo-machi, Nagasaki 852-8521, Japan) 2Member of JSCE, Professor, Dept. of Civil and Environmental Eng., Nagasaki University (1-14, Bukyo-machi, Nagasaki 852-8521, Japan) E-mail: [email protected] 3Professor, College of Civil Eng., University of Fuzhou (2, Xueyuan Road, Minhou, Fuzhou 350108, China) 4Member of JSCE, Assistant Professor, Dept. of Civil and Environmental Eng., Nagasaki University (1-14, Bukyo-machi, Nagasaki 852-8521, Japan) A review of the current status and progress of steel arch bridges in China and Japan, as well as an outline of the design vehicle load and design method against global buckling for such bridges, is presented in this paper. The existing steel arch bridges in China and Japan were analyzed in terms of year of completion, main span length, structure type, main arch rib form and construction method. It is shown that the steel arch bridge in China has developed rapidly since 2000, characterized by a long main span, while in Japan it has stepped into a fast-growing period since 1955, with medium and small bridges holding a great majority. As for the main span length, most of the bridges have a span from 100m to 250m in China, while majority of bridges are shorter than 150m in Japan. Over 80% of the bridges in China are through and half-through bridge types, and the arch ribs are hingeless structures. -
China 2025 16
China | Equity Strategy China 14 December 2014 EQUITY RESEARCH China The Year of the Ram: Stars Aligned for a Historic Bull Run Key Takeaway The Ram, the Bull and the Heavenly Twins – the stars are now aligned for China’s historic bull-run. China's stock market offers massive untapped potential given the high savings rate and low penetration. “Keeping Growth Steady” is a top priority for 2015; we expect SHCOMP and HSCEI to test 4,050 and 15,420, up 38% and 37% from current levels. As confidence gains momentum, volatility becomes the investors’ best friend. CHINA China Gallops into a Historic Bull Run. On Nov 20, 2013, we wrote “The Year of the Horse will see China unleash its full potential, as President Xi ushers in a new era of profound change.” “We expect capital markets to gradually gain confidence in China’s ability to drive fundamental reforms and expect Chinese stocks to enter a historic multi-year bull run.” Indeed, 2014 has been a remarkable year. As of Dec.12, SHCOMP surged 39% to 2938, breaking a seven-year bearish trend to become the best performing index in the world. China Stock Market: Massive Untapped Potential. According to China Household Finance Survey, property accounted for 66.4% of total Chinese household assets in 2013. Financial assets accounted for a mere 10.1% of household wealth. While over 61% of Chinese families have bank deposits, only 6.5% of them invested in the stock market. Given China’s high savings rate and low stock market penetration, we believe the A-share market offers significant upside potential. -
The Rise of China's Supercities: New Era of Urbanization
M BLUEPAPER October 10, 2019 08:00 PM GMT China The Rise of China's Supercities: New Era of Urbanization e believe Urbanization 2.0 will fuel productivity growth, allowing China to attain high-income status. By 2030 we expect the average size of the country's five Wsupercities to reach 120mn, an 8.5x increase in commuter rail length, and a tripling of the IoT and data market to almost US$1trn. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. M BLUEPAPER Contributors MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Robin Xing Gary Yu Jenny Zheng, CFA Economist Equity Analyst Economist +852 2848-6511 +852 2848-6918 +852 3963-4015 [email protected] [email protected] [email protected] MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY TAIWAN -
ANNUAL REPORT 2016/17 10-Year Financial Summary
HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED HOPEWELL HIGHWAY Stock Codes: 737 (HKD counter) & 80737 (RMB counter) ANNUAL 2016/17 REPORT Room 63-02, 63rd Floor Hopewell Centre 183 Queen’s Road East A Wan Chai, Hong Kong N N Tel: (852) 2528 4975 U A Fax: (852) 2861 0177 L REPORT www.hopewellhighway.com 2 0 1 6 / 1 7 Hopewell Highway Infrastructure Limited (“HHI”) (stock codes: 737 (HKD counter) and 80737 (RMB counter)), listed on the Stock Exchange since August 2003, builds and operates strategic expressway infrastructure in Guangdong Province. With the strong support and well established experience of its listed parent, Hopewell Holdings Limited (stock code: 54), HHI focuses on the initiation, promotion, development, investment and operation of toll expressways and bridges, particularly in the thriving Pearl River Delta region. Contents 2 Financial Highlights (Presented under Proportionate Consolidation Method) 3 10-Year Financial Summary 6 Chairman’s Statement 11 Profile of Directors 19 Management Discussion and Analysis 19 Business Review 34 Financial Review 45 Others 46 Sustainability Report 72 Corporate Governance Report 91 Report of the Directors 101 Independent Auditor’s Report 107 Consolidated Statement of Profit or Loss and Other Comprehensive Income 108 Consolidated Statement of Financial Position 109 Consolidated Statement of Changes in Equity 111 Consolidated Statement of Cash Flows 113 Notes to the Consolidated Financial Statements 159 Appendix – Consolidated Financial Information (Prepared under Proportionate Consolidation Method) -
Interim Report
HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED INFRASTRUCTURE HOPEWELL HIGHWAY 2014/15 Interim Report Interim Report 2014/15 Report Interim Hopewell Highway Infrastructure Limited (“HHI”) (stock codes: 737 (HKD counter) and 80737 (RMB counter)), listed on the Stock Exchange since August 2003, builds and operates strategic expressway infrastructure in Guangdong Province. With the strong support and well established experience of its listed parent, Hopewell Holdings Limited (stock code: 54), HHI focuses on the initiation, promotion, development, investment and operation of toll expressways and bridges, particularly in the thriving Pearl River Delta region. Contents Group Results 2 Dividend 7 Business Review 8 Financial Review 29 Corporate Sustainability 38 Other Information 40 Report on Review of Condensed Consolidated Financial Statements 48 Condensed Consolidated Statement of Profit or Loss 49 and Other Comprehensive Income Condensed Consolidated Statement of Financial Position 50 Condensed Consolidated Statement of Changes in Equity 51 Condensed Consolidated Statement of Cash Flows 53 Notes to the Condensed Consolidated Financial Statements 54 Appendix — Condensed Consolidated Financial Information 64 (Prepared Under Proportionate Consolidation Method) 10-Year Financial Summary 67 Corporate Information and Key Dates 70 Glossary 71 Group Results The Board is pleased to announce that the Group’s unaudited interim results for the six months ended 31 December 2014 presented in RMB were as follows: Six months ended 31 December 2013 2014 Net toll -
'Competition Is Going to Be Very Keen'
MONEY LAUNDERING FOSUN CHAIRMAN CUSTOMS , CASES UP REAPPEARS MARINE The Financial Intelligence Guo Guangchang spoke at OFFICIALS Office found 910 cases of Fosun’s previously scheduled FACE GRAFT suspected money laundering annual meeting, according to ACCUSATIONS transactions Chinese newspapers P5 P6 P10 TUE.15 Dec 2015 T. 15º/ 19º C H. 65/ 85% Blackberry email service powered by CTM MOP 5.00 2459 N.º HKD 7.50 FOUNDER & PUBLISHER Kowie Geldenhuys EDITOR-IN-CHIEF Paulo Coutinho “ THE TIMES THEY ARE A-CHANGIN’ ” WORLD BRIEFS WILFRED WONG EXCLUSIVE CHINA The reprieved death sentence of former CONRAD FORBES railways minister Liu Zhijun was commuted yesterday to life in prison by the Beijing Higher ‘Competition People’s Court. The Second Intermediate People’s Court of Beijing sentenced Liu to death with a two-year reprieve is going in July 2013 for bribery and abuse of power. Liu has been incarcerated in Qincheng Prison since August 2013. The penitentiary last to be very month proposed that his sentence be commuted to life in prison for good behavior during the two- year period. keen’ CHINA-SWITZERLAND Paulo Coutinho national Film Festival of Hong The World Intellectual Kong, and Chairman of the Property Organization HE St Regis Hotel is Asian Film Awards Academy. says China cranked out opening without a casi- “So of all the components in P5 patent applications at no this week in Cotai and the industry, the gaming part a record pace last year. Sheldon Adelson will be is the only part in which I have Its total of just under Tcoming to town for the occasion. -
Corporate Profile
Corporate Profile Shenzhen International Holdings Limited is a company incorporated in Bermuda with limited liability and is listed on the main board of The Stock Exchange of Hong Kong Limited. Its principal activity is investment holding. The Group, comprising the Company and its subsidiaries and associates, is principally engaged in the provision of total logistics and transportation ancillary services as well as investment, operation and management of related assets and projects. Shenzhen Investment Holding Corporation (“SIHC”) is the controlling shareholder holding approximately 44.25% of the issued share capital of the Company. SIHC is the largest investment holding institution empowered by the Shenzhen Municipal Government to own a portfolio of assets and operations such as infrastructure, energy, transportation, advanced and new technology, public utilities as well as finance and securities. It has a combined strength for the development of modern logistics in terms of resources, geographical location, expertise and mechanism. SIHC has strong support from the Shenzhen Municipal Government. With the full support and assistance of SIHC, the Company is actively expanding its business with the aim of establishing a business system equipped with airports, harbours and land logistics resources and infrastructure projects and supported by logistics information platforms and supply chain management techniques. Cheung Kong Group Shenzhen Investment Holding Corporation Public 7.16% 44.25% 48.59% Shenzhen International Holdings Limited(1) 100% 100% 100% 24.39% 19.17% Yiwan Industry Xin Tong Chan Shenzhen High-Tech Development (Shenzhen) Development (Shenzhen) Total Logistics CSG Technology (2) Holdings Limited(1) Co., Ltd. Co., Ltd. (Shenzhen) Co., Ltd. Holding Co., Ltd. -
深圳市深粮控股股份有限公司 Shenzhen Cereals Holdings Co.,Ltd
深圳市深粮控股股份有限公司 2019 年年度报告全文 深圳市深粮控股股份有限公司 SHENZHEN CEREALS HOLDINGS CO.,LTD. ANNUAL REPORT 2019 April 2020 1 深圳市深粮控股股份有限公司 2019 年年度报告全文 Section I. Important Notice, Contents and Interpretation Board of Directors, Supervisory Committee, all directors, supervisors and senior executives of SHENZHEN CEREALS HOLDINGS CO.,LTD. (hereinafter referred to as the Company) hereby confirm that there are no any fictitious statements, misleading statements, or important omissions carried in this report, and shall take all responsibilities, individual and/or joint, for the reality, accuracy and completion of the whole contents. Chairman of the Company Zhu Junming, General Manager Hu Xianghai, Head of Accounting Jin Zhenyuan and Head of Accounting Institution (Accounting Supervisors) Wen Jieyu hereby confirm that the Financial Report of Annual Report 2019 is authentic, accurate and complete. Except for followed director, other directors are attending the Board Meeting for Annual Report deliberation in person Position of the director Director not attending in person Reasons on absent Trustee not attending in person Liu Haifeng Independent director Business trip Zhao Rubing Concerning the forward-looking statements with future planning involved in the annual report, they do not constitute a substantial commitment for investors, Securities Times, China Securities Journal, Hong Kong Commercial Daily and Juchao Website (www.cninfo.com.cn) are the media appointed by the Company for information disclosure, all information of the Company disclosed in the above mentioned media should prevail. Investors are advised to exercise caution of investment risks. The Company has analyzed the risk factors that the Company may exist and its countermeasures in the report, investors are advised to pay attention to read “Prospect for future development of the Company” in the report of Section 2 深圳市深粮控股股份有限公司 2019 年年度报告全文 IV-Discussion and Analysis of the Operation. -
Chimelong Hengqin Bay Hotel 长隆横琴湾酒店
Chimelong Hengqin Bay Hotel 长隆横琴湾酒店 与豚童乐,奇妙的海豚探索之旅在这启程 An Amazing Journey of Discovery with Dolphins 情 迎 宾 侣 1 大 洲 道 zhou Yingbin Road 路 香 吉大 Xiang Jida Lover’s Road 2 3 4 珠 海 8 Jiuzhou Avenue 洲大 道 南 九 6 ZHUHAI 湾 5 Changsheng Road 路 7 Nanwan昌盛路 South Zhuhai Avenue 珠海大道南 湾 仔 Road 9 澳 大桥 Wanzai Macao 珠海 得天独厚的地理位置,与香港、澳门一水之隔 Zhuhai Bridge Hengqin Bridge Hotel occupies a prime location situated in Hengqin New District, 横 琴 which is connected with Macau, close to Hong Kong and Guangzhou. Zhuhai Avenue 大 澳门国际机场 道 桥 Macao The convenient traffic network ensures all guests can reach easily. 大 氹仔岛 International Airport 1 珠海渔女 海 Statue of Fisher Girl 珠 Taipa 2 珠海市博物馆 10 Zhuhai Museum 1小时城际轻轨直达广州 莲花大桥 Lianhua Bridge 门 3 圆明新园 1-hour intercity light railway to Guangzhou 横琴新区 Macao The New Yuan Ming Palace Hengqin New District 路环岛 4 九洲港码头 Coloane Jiuzhou Port 70分钟水上航线直达香港 11 5 水湾酒吧街 70 minutes to Hong Kong by ferry Shuiwan Bar Street 珠海长隆 6 广珠城轨珠海站 Zhuhai Hengqin Zhuhai Railway Station 90分钟途径港珠澳大桥直达香港 7 拱北口岸 Gongbei Port 90 minutes to Hong Kong through Hong Kong – Zhuhai – Macau Bridge 8 华发商都 Huafa Mall 2小时车程内可达广州、深圳机场 9 湾仔海鲜街 Wanzai Seafood Street Within 2-hour’s drive to Guangzhou and Shenzhen airport 10 横琴口岸 Hengqin Port 11 珠海横琴国际网球中心 亚洲各大城市与港澳、广州也仅5小时内的机程 Zhuhai Hengqin International Tennis Center Within 5-hour’s flight journey from Guangzhou, Macau and Hong Kong International Airport to the major Asian cities 12 12 珠海金湾机场 Zhuhai Airport 长隆大道 Chimelong Avenue 1号停车场 No.1 Parking Lot Fuxiang Bay Road 长隆剧院 The Chimelong Theatre 路 湾 祥 富 海洋王国 Ocean Kingdom -
Hengqin Island - Area Overview
Hengqin Island - Area Overview China’s Newest Special Economic Area Hengqin Island is the newest government endorsed new economic district to be granted special economic freedoms. Just the third such district (following Pudong in Shanghai and BinHai in Tianjin), Hengqin will focus on business services, tourism and recreation, clean energy, education, scientific research and development, high -tech, wellness services and other clean industries. Scientific research and development focus includes the bio -medical and bio-technology areas. Requirements for all businesses in the new area are that they must be innovative and high -end. This applies to both technology, finance, and service based businesses. Henqin Island boasts four distinct advantages over ot her locations in the area: location, policy, development, and ecology. The area blueprint articulates the 4 -island concept: Open Island – connecting Hong Kong and Macau with the Mainland Energetic Island – lifestyle and prosperous business Intelligent Island – Knowledge-intensive and information-driven Eco-Island – Balancing resources with the environment With a focus on co-operating, innovation and service, Hengqin will be a showcase for exploring and implementing innovative new working relationships be tween Guangdong, Hong Kong and Macau. It is a pilot region for deepening reform, opening -up, technical and financial innovation, and a platform for promoting industrial upgrades in the W estern-bank areas of the Pearl River Estuary. In the area of financi al reforms, Huang Wenzhong of the China Democratic National Construction Association Municipal Committee has noted: “… it is imperative to set up a pilot program in which large financial institutions can offer comprehensive services and offshore banking.” The plan is for the area to implement more preferential policies and autonomy than previous new areas. -
Increase in Price & Margin Improvement
20 Mar 2019 Securities Analysis Hopewell Infrastructure (737 HK) Focusing on infrastructure within Greater Bay Area The major overseas-listed platform under SIHC focusing on infrastructure within BUY (Initiation) Greater Bay Area. The Company operates GS Superhighway and Western Delta Route in the Greater Bay Area. As the major overseas-listed platform under SIHC (a major platform of technology and financial investment (科技金控平台) for Shenzhen), the Company will Target Price HK$5.21 focus on infrastructure and correlated businesses within the Bay Area. Up/downside +25% Current Price HK$4.16 Average daily traffic of Western Delta Route will maintain double-digit growth. Hanbo Xu Western Delta Route was fully opened in 2013, and is still experiencing fast growth. In 2018, Tel: (852) 3761 8725 average daily traffic of Western Delta Route increased 10% YoY. Net profit contribution Email: [email protected] increased 34% YoY to RMB 162mn. The increase benefitted from the opening of HZM Equity Research Bridge. As utilization of HZM Bridge enhances, we believe Western Delta Route will Wenjie Ding, PhD maintain double-digit growth in the future. We forecast average daily traffic of Western Tel: (852) 3900 0856/ Delta Route will grow 14%/12%/10% YoY in CY19/20/21E. (86) 755 2367 5597 Email: [email protected] GS Superhighway will remain a stable source of revenue. GS Superhighway was China Infrastructure Sector opened in 1997. In 2018, average daily traffic of GS Superhighway decreased 1% YoY. Net profit contribution decreased 3% YoY to RMB 527mn. The decline was mainly due to traffic Mkt.