DOCSLIB.ORG

Shenzhen Investment Holdings Co. Ltd. Assigned 'A' Rating; Outlook Stable

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

ShenzhenInvestment HoldingsCo. 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) ratiotoremainbelow30%despiteitsplanstoexpandtheportfolio; 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. SIHC acts as a platform for the Shenzhen government for asset holding and management, and for financing and capital market operations. SIHC is also an important infrastructure and industrial investment platform for the government. Many of SIHC's business operations correspond to very important economic, political, and social objectives of the government. We believe SIHC's roles cannot be easily replaced by other private entities or even state-owned enterprises (SOEs) that the Shenzhen government controls; and
 Very strong link to the government. The Shenzhen government owns
100% of SIHC, and we believe the government will keep its strong and stable ownership over the next five years. The government closely monitors and supervises the strategy and financial performance of SIHC through its appointed board and senior management.

We expect SIHC to remain a major asset holder and manager on behalf of theShenzhengovernment. SinceSIHC'sestablishmentin2004, theShenzhen government has transferred its holdings in some important Chinese SOEs toSIHC.Inaddition,theShenzhengovernmentmandatesSIHCtoparticipate on its behalf in equity placements and offerings of SOEs to maintain a stable shareholding. For example, SIHC invested in the H share offerings of Guotai Junan Securities Co. in 2017.

In our view, SIHC is likely to remain an important infrastructure and industrial investment platform for Shenzhen City. For example, it is mandated to develop "Shenzhen Bay Science Eco-Technology Park." In this project, SIHC is a builder of both the infrastructure and ecosystem. The company aims to attract technology and financial services providers and also invest in them. These investments have high strategic value to the government, and SIHC has received direct and indirect support from the government.

SIHC is likely to remain an investment holding company in view of its strategic objective, as mandated by the government. The company has limited operations of its own.

We expect SIHC's investment portfolio to remain highly liquid and have highcreditquality. Listedassetscomprisemorethan70%ofthecompany's asset value. Its key listed investees include Ping An Insurance (Group) Co. of China, Ltd., Guotai Junan Securities Co. Ltd., and Shenzhen International Holdings.

The lack of asset diversification should continue to constrain SIHC's credit profile over the next 12-24 months. Ping An contributes to 44% of SIHC's portfolio value as of July 2018, with an asset value of Chinese renminbi (RMB) 50 billion-RMB60 billion. We expect SIHC's holding in Ping An to be stable. We believe SIHC's LTV ratio would be below 30% in the next 12-24 months despite the company's planned investment of RMB8 billion-RMB10 billion per year in 2018-2020. The company has an LTV ratio of around 15% as of 2017, with RMB19 billion in net debt against a portfolio value of about RMB122billion.TheratiocouldincreasemoderatelybecauseSIHCislikely to partly fund its investments in technology and financial segments through debt.

We view SIHC favorably when compared with investment holding companies with similar ratings because we believe the company will continue to receive ongoing support from the Shenzhen government. Such support will likelybeintheformofcapitalinjectionsandassettransfers.Wereflect this factor in our positive comparable rating analysis.

ThestableoutlookreflectsourviewthatSIHC'sinvestmentportfoliowill remain highly liquid and its LTV ratio will remain below 30% over the next 24 months. This will provide buffers against the company's asset concentration risk. In addition, we see a very high likelihood of the Shenzhen government providing support to SIHC when needed. We also expect the credit profile of the Shenzhen government to remain stable.

We could lower the rating on SIHC if the company's LTV ratio is consistently higher than 30%. This could be driven by overly aggressive investments or a significant decline in portfolio value.

WecouldalsolowertheratingiftheShenzhengovernmentdevelopsanother platform to perform similar functions as SIHC, or the government substantially reduces its ownership in SIHC. We could also downgrade SIHC if the credit profile of the Shenzhen government deteriorates.

We could upgrade SIHC if the company becomes more conservative in its financial policy and lowers its LTV ratio to consistently below 10%. We would then revise our assessment of SIHC's stand-alone credit profile to 'a' or above. However, we view this scenario as remote. It could materializeifthecompanyreducesitsdebt,itsportfoliovalueincreases significantly, or it receives substantial asset or capital injections from the Shenzhen government.

We could upgrade SIHC if we assess that the credit profile of the Shenzhen government has improved.

RELATED CRITERIA

Criteria - Corporates - Industrials: Methodology: Investment
Holding Companies, Dec. 1, 2015
General Criteria: Rating Government-Related Entities: Methodology

And Assumptions, March 25, 2015

General Criteria: Country Risk Assessment Methodology And

Assumptions, Nov. 19, 2013

General Criteria: Methodology: Industry Risk, Nov. 19, 2013 Criteria - Corporates - General: Corporate Methodology: Ratios And

Adjustments, Nov. 19, 2013

Criteria - Corporates - General: Corporate Methodology, Nov. 19,

2013

General Criteria: Group Rating Methodology, Nov. 19, 2013  General Criteria: Methodology: Management And Governance Credit
Factors For Corporate Entities And Insurers, Nov. 13, 2012
General Criteria: Stand-Alone Credit Profiles: One Component Of A

Rating, Oct. 1, 2010

 General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

Recommended publications
  • Corporate Profile

    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 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.
  • Increase in Price & Margin Improvement

    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.
  • Shenzhen Investment Holdings Bay Area

    Shenzhen Investment Holdings Bay Area

    SHENZHEN INVESTMENT HOLDINGS BAY AREA DEVELOPMENT COMPANY LIMITED (incorporated in the Cayman Islands with limited liability) Stock Codes: 737 (HKD counter) & 80737 (RMB counter) Hong Kong Shenzhen Dongguan Guangzhou Foshan Zhongshan Zhuhai Macao Huizhou Jiangmen Zhaoqing 2019 ANNUAL R E P O R T About Us Shenzhen Investment Holdings Bay Area Development Company Limited (the “Company”, formerly known as Hopewell Highway Infrastructure Limited) was incorporated in the Cayman Islands and listed on The Stock Exchange of Hong Kong Limited since 6 August 2003 with stock codes 737 (HKD counter) and 80737 (RMB counter). The ultimate parent company of the Company is Shenzhen Investment Holdings Company Limited. The Company is principally engaged in expressway business and adopts development strategies focusing on the infrastructure and correlated business as well as land development and utilisation along the GS Superhighway within the Guangdong-Hong Kong-Macao Greater Bay Area. Contents 2 Financial Highlights (Presented under Proportionate Consolidation Method) 3 5-Year Financial Summary 6 Chairman’s Statement 9 Dividend and Closure of Register 11 Profile of Directors 16 Management Discussion and Analysis 16 Business Review 34 Financial Review 45 Others 46 Corporate Governance Report 66 Report of the Directors 77 Independent Auditor’s Report 85 Consolidated Statement of Profit or Loss and Other Comprehensive Income 86 Consolidated Statement of Financial Position 87 Consolidated Statement of Changes in Equity 88 Consolidated Statement of Cash Flows
  • Moody's Assigns First-Time A2 Ratings to Shenzhen Investment Holdings

    Moody's Assigns First-Time A2 Ratings to Shenzhen Investment Holdings

    Rating Action: Moody's assigns first-time A2 ratings to Shenzhen Investment Holdings 28 Aug 2018 Hong Kong, August 28, 2018 -- Moody's Investors Service has assigned a first-time A2 issuer rating to Shenzhen Investment Holdings Co., Ltd. (SIHC). The ratings outlook is stable. RATINGS RATIONALE SIHC's A2 issuer rating considers its baseline credit assessment (BCA) of baa2 as well as the potential for support in times of stress, based on the assumption of a very high dependence on and high level of support from its local government owner, which results in a rating that is three notches above its BCA. This approach -- which considers first the company's standalone profile - recognizes that the entity is not guaranteed by its local government owner, which is not obliged to directly support the company's debt. However, given its importance we expect there is a high likelihood that the company will receive support to stabilize its credit profile in times of need. This support could take the form of government subsidies, capital or asset injections, bank lending from state-owned institutions, or other means. Moody's support assessment reflects SIHC's important role as a key state-owned capital investment company for the Shenzhen Government which owns 100% of the company. The support assessment also considers the reputational and contagion risks that may arise if it were to default, given SIHC's status as an important functional state-owned enterprises (SOEs) and the largest SOE in Shenzhen in terms of asset, revenue and profit contribution. As such, we believe the relevant authorities would support efforts by the city to seek ways to prevent SIHC from defaulting and thus avoid the risk of disruption to the domestic financial market that might occur otherwise.
  • Third Quarterly Report of 2020 of Shenzhen Expressway Company

    Third Quarterly Report of 2020 of Shenzhen Expressway Company

    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. (Incorporated in Bermuda with limited liability) (Stock Code: 00152) (Debt Securities Stock Code: 05042) OVERSEAS REGULATORY ANNOUNCEMENT The document attached hereto is the Third Quarterly Report of 2020 of Shenzhen Expressway Company Limited, a subsidiary of Shenzhen International Holdings Limited (the “Company”), which has been released to the Shanghai Stock Exchange. The document is originally prepared in Chinese. In case of any inconsistency between the Chinese version and the English version, the Chinese version shall prevail. Hong Kong, 29 October 2020 As at the date of this announcement, the board of directors of the Company consists of Messrs. Li Hai Tao, Wang Peihang and Dai Jingming as executive directors, Messrs. Hu Wei and Zhou Zhiwei as non-executive directors and Professor Cheng Tai Chiu, Edwin, Messrs. Pan Chao Jin and Chan King Chung as independent non-executive directors. 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. 深圳高速公路股份有限公司 SHENZHEN EXPRESSWAY COMPANY LIMITED (a joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code: 00548) THIRD QUARTERLY REPORT OF 2020 This announcement is made pursuant to the disclosure obligation under Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and related requirements.
  • Tianda Securities Limited Marginable Stock List Effective Date: 29/09/2020

    Tianda Securities Limited Marginable Stock List Effective Date: 29/09/2020

    Tianda Securities Limited Marginable Stock List Effective Date: 29/09/2020 Stock Margin Code Stock Name Ratio 1 CK HUTCHISON HOLDINGS LTD. 70% 2 CLP HOLDINGS LTD. 70% 3 HONG KONG AND CHINA GAS CO. LTD., THE 70% 4 WHARF (HOLDINGS) LTD., THE 60% 5 HSBC HOLDINGS PLC 70% 6 POWER ASSETS HOLDINGS LTD. 70% 8 PCCW LTD. 40% 10 HANG LUNG GROUP LTD. 60% 11 HANG SENG BANK LTD. 70% 12 HENDERSON LAND DEVELOPMENT CO. LTD. 70% 14 HYSAN DEVELOPMENT CO. LTD. 60% 16 SUN HUNG KAI PROPERTIES LTD. 70% 17 NEW WORLD DEVELOPMENT CO. LTD. 60% 18 KECK SENG INVESTMENTS (HONG KONG) LTD. 30% 19 SWIRE PACIFIC LTD. 'A' 70% 20 MELCO INTERNATIONAL DEVELOPMENT LTD. 50% 23 BANK OF EAST ASIA, LTD., THE 60% 25 CHEVALIER INTERNATIONAL HOLDINGS LTD. 20% 26 CHINA MOTOR BUS CO., LTD. 40% 27 GALAXY ENTERTAINMENT GROUP LTD. 60% 28 TIAN AN CHINA INVESTMENTS CO. LTD. 40% 31 CHINA AEROSPACE INTERNATIONAL HOLDINGS LTD. 20% 32 CROSS-HARBOUR (HOLDINGS) LTD., THE 40% 34 KOWLOON DEVELOPMENT CO. LTD. 40% 35 FAR EAST CONSORTIUM INTERNATIONAL LTD. 40% 38 FIRST TRACTOR CO LTD. - H SHARES 20% 41 GREAT EAGLE HOLDINGS LTD. 50% 44 HONG KONG AIRCRAFT ENGINEERING CO. LTD. 50% 45 HONGKONG AND SHANGHAI HOTELS, LTD., THE 40% 50 HONG KONG FERRY (HOLDINGS) CO. LTD. 40% 52 FAIRWOOD HOLDINGS LTD. 40% 53 GUOCO GROUP LTD. 30% 54 HOPEWELL HOLDINGS LTD. 50% 56 ALLIED PROPERTIES (HK) LTD. 30% 57 CHEN HSONG HOLDINGS LTD. 30% 62 TRANSPORT INTERNATIONAL HOLDINGS LTD. 30% 64 GET NICE HOLDINGS LTD. 20% 66 MTR CORPORATION LTD.
  • Shenzhen International Announces 2019 Annual Results Revenue and Profit Hit Record Highs Dividend Per Share of HK$1.17 Increased by 10% Yoy

    Shenzhen International Announces 2019 Annual Results Revenue and Profit Hit Record Highs Dividend Per Share of HK$1.17 Increased by 10% Yoy

    Shenzhen International Announces 2019 Annual Results [For Immediate Release] March 20, 2020 Incorporated in Bermuda with limited liability (Stock Code: 00152) Shenzhen International Announces 2019 Annual Results Revenue and Profit Hit Record Highs Dividend Per Share of HK$1.17 Increased by 10% YoY Financial Highlights: Revenue increased y-o-y by 45% to HK$14.986 billion. Profit attributable to shareholders increased y-o-y by 19% to HK$5.021 billion. The Board recommended a final dividend of HK$0.53 per share and a special dividend of HK$0.64 per share, total dividend per share increased y-o-y by 10% to HK$1.17. (Hong Kong, March 20 2020) Shenzhen International Holdings Limited ("Shenzhen International" or the "Company", HKEx: 00152) announced the operating results of the Company and its subsidiaries (the "Group") for the year (the “Year”) ended December 31, 2019. In 2019, the Group has taken active measures in response to the volatile and complicated global economy, under which the Group fully seized growth opportunities, stepped up investment and development of logistics business, proactively boosted the operating efficiency of projects in which are put into operation; meanwhile, the Group strictly controlled costs, and vigorously improved corporate governance, which have led to satisfactory performance. The Group has continued to maintain its growth momentum during the year. In 2019, the Group recorded revenue of HK$14.986 billion, a year-on-year increase of 45% as compared to the corresponding period of the previous year, and for its core business, operating profit rose by 42% to HK$ 5.589 billion as compared with last year.
  • Joint Announcement

    Joint Announcement

    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint 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 joint announcement. 深 圳 高 速 公 路 股 份 有 限 公 司 SHENZHEN EXPRESSWAY COMPANY LIMITED (a joint stock limited company incorporated in the People's (Incorporated in Bermuda with limited liability) Republic of China with limited liability) (Stock Code: 00152) (Stock Code: 00548) JOINT ANNOUNCEMENT MAJOR TRANSACTION AND CONNECTED TRANSACTION IN RELATION TO THE ACQUISITION OF SHENZHEN INVESTMENT INTERNATIONAL CAPITAL HOLDINGS INFRASTRUCTURE CO., LTD. References are made to the joint announcements of Shenzhen International and Shenzhen Expressway dated 15 March 2021 and 14 April 2021 made pursuant to Rule 13.09 of the Listing Rules and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the SFO. On 15 March 2021, Shenzhen Expressway and SIHCL entered into the MOU, pursuant to which, SIHCL intended to transfer its indirect interests in Bay Area Development representing 71.83% of the total issued share capital of Bay Area Development to Shenzhen Expressway. On 10 August 2021, (i) the Purchaser and the Seller entered into the Sale and Purchase Agreement in relation to the Acquisition and (ii) SIHCL, the Seller, the Purchaser and Shenzhen Expressway entered into the Payment Obligation Agreement in relation to the Payment Obligation Arrangement.
  • Annual Report

    Annual Report

    (Incorporated in Bermuda with limited liability) Stock Code : 00152 2016 Annual Report CONTENTS Corporate Profile 2 Biographies of Directors and Senior Management 42 Corporate Information 4 Report of the Directors 46 Financial Highlights 5 Corporate Governance Report 53 Key Events in 2016 8 Disclosure of Interests 69 Chairman’s Statement 10 Management Discussion and Analysis Financial Report Overall Review 13 Independent Auditor’s Report 71 Logistic Business 16 Consolidated Balance Sheet 77 Toll Road Business 26 Consolidated Income Statement 79 Other Investments 34 Consolidated Statement of Comprehensive Income 80 Financial Position 36 Consolidated Statement of Changes in Equity 81 Outlook for 2017 40 Consolidated Statement of Cash Flows 83 Human Resources 41 Notes to the Consolidated Financial Statements 84 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. The Group is principally engaged in the investment, construction and operation of logistic infrastructure facilities, as well as providing various value-added logistic services to customers leveraging its infrastructure facilities and information services platform. Shenzhen Investment Holdings Company Limited, the controlling shareholder of the Company, is a corporation wholly-owned by Shenzhen Municipal People’s Government State-owned Assets Supervision and Administration Commission and, as at the date of this report, holds approximately 44.26% of