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Annual Report CORPORATE INFORMATION
CONTENTS Corporate Information • 2 Corporate Profile • 4 Group Financial Summary • 6 Chairman’s Statement • 8 Management Discussion And Analysis • 11 Corporate Culture and Social Responsibilities • 41 Staff Relationship and Welfare • 43 Directors and Senior Management • 46 Report of The Directors • 53 Corporate Governance Report • 83 Independent Auditor’s Report • 95 Consolidated Statement of Profit or Loss and Other Comprehensive Income • 97 Consolidated Statement of Financial Position • 99 Consolidated Statement of Changes In Equity • 101 Consolidated Statement of Cash Flows • 103 Notes To The Consolidated Financial Statements • 106 CORPORATE INFORMATION BOARD OF DIRECTORS REMUNERATION COMMITTEE Executive Directors Mr. Lee Kwan Hung (Chairman of the Committee) Mr. Chao Guowei, Charles Mr. Liu Dejian (Chairman) Mr. Liu Sai Keung, Thomas Mr. Liu Luyuan (Chief Executive Officer) Mr. Zheng Hui NOMINATION COMMITTEE Mr. Chen Hongzhan Mr. Liu Sai Keung, Thomas (Chairman of the Committee) Non-executive Director Mr. Chao Guowei, Charles Mr. Lin Dongliang Mr. Lee Kwan Hung Independent non-executive Directors SHARE AWARD SCHEME COMMITTEE Mr. Chao Guowei, Charles Mr. Lee Kwan Hung (Chairman of the Committee) Mr. Lee Kwan Hung Mr. Liu Sai Keung, Thomas Mr. Liu Sai Keung, Thomas Mr. Yam Kwok Hei Benjamin Mr. Lau Hak Kin COMPLIANCE OFFICER AUTHORISED REPRESENTATIVES Mr. Liu Luyuan Mr. Liu Luyuan COMPANY SECRETARY Mr. Lau Hak Kin Mr. Lau Hak Kin HONG KONG LEGAL ADVISER QUALIFIED ACCOUNTANT Sidley Austin Mr. Yam Kwok Hei Benjamin, HKICPA, CA, CFA PRC LEGAL ADVISER Mr. Lau Hak Kin, HKICPA, FCCA, CFA Jingtian & Gongcheng AUDIT COMMITTEE AUDITOR Mr. Chao Guowei, Charles (Chairman of the Committee) Mr. Lee Kwan Hung Deloitte Touche Tohmatsu Mr. -
Performing Masculinity in Peri-Urban China: Duty, Family, Society
The London School of Economics and Political Science Performing Masculinity in Peri-Urban China: Duty, Family, Society Magdalena Wong A thesis submitted to the Department of Anthropology of the London School of Economics for the degree of Doctor of Philosophy, London December 2016 1 DECLARATION I certify that the thesis I have presented for examination for the MPhil/ PhD degree of the London School of Economics and Political Science is solely my own work other than where I have clearly indicated that it is the work of others (in which case the extent of any work carried out jointly by me and any other person is clearly identified in it). The copyright of this thesis rests with the author. Quotation from it is permitted, provided that full acknowledgement is made. This thesis may not be reproduced without my prior written consent. I warrant that this authorisation does not, to the best of my belief, infringe the rights of any third party. I declare that my thesis consists of 97,927 words. Statement of use of third party for editorial help I confirm that different sections of my thesis were copy edited by Tiffany Wong, Emma Holland and Eona Bell for conventions of language, spelling and grammar. 2 ABSTRACT This thesis examines how a hegemonic ideal that I refer to as the ‘able-responsible man' dominates the discourse and performance of masculinity in the city of Nanchong in Southwest China. This ideal, which is at the core of the modern folk theory of masculinity in Nanchong, centres on notions of men's ability (nengli) and responsibility (zeren). -
Decentralization, Deregulation and Economic Transition in China
Decentralization, Deregulation and Economic Transition in China Justin Yifu Lin China Center for Economic Research, Peking University Ran Tao China Center of Agriculture Policy, China Academy of Sciences Mingxing Liu China Center for Economic Research, Peking University 1 Decentralization, Deregulation and Economic Transition in China Abstract In this paper, based on an account of recent economic history of in China, we explore the institutional background and inter-government relationship both in the pre-reform and post- reform period. We demonstrate the centralization-decentralization cycle in the traditional planned system is an inevitable outcome of the regulatory structure endogenous to the overtaking development strategy inconsistent with China’s endowment structure. We also argue that the marketization reform since late 1970s can be viewed as a process of deregulation, and the decentralization at that time is only a means of deregulation. We make a critical review of the “Chinese style fiscal federalism” by arguing that the evolution of fiscal arrangements after the marketization reform is, to a large extent, endogenous to China’s transitional path and de-regulation sequencing. We propose a framework to explain China’s growth in transition and point out that rule-based decentralization in China is yet to be achieved. We argue that the administrative/fiscal decentralization may not promote economic development of China without further reducing government intervention. The existing problems in the current inter-government fiscal arrangement are analyzed from the perspective of development strategy and government regulation. 2 I. Introduction China’s economic transition has been remarkable in the past two decades. In the two decades, China has transformed itself from a centrally planned economy to an emerging market economy and at the same time has achieved a more than 9 percent average growth rate. -
Enhancement of Life
Enhancement of life 生命 的 栽培 年報 2010-2011 Annual Report 宗 旨 會 訓 本基督之精神,促進個人德智體群 爾識真理 真理釋爾 四育之發展,俾有高尚健全之人格, ( 會 訓 釋 義: 耶 穌 是 道 路、 真 理、 生 命, 只 要 我 們 認 識 團契之精神,服務社會,造福人群。 和得著耶穌並有上帝的話語作生活指南,心靈就不再受 罪惡、憂鬱、恐懼所捆綁而滿有真理、喜樂和平安,有 PURPOSE 持守美善的自由,也有不為惡的自由。) The purpose of the Association is to advance ( 取自新約聖經約翰福音八章卅二節 ) t h e s p i r i t u a l , m e n t a l , p h y s i c a l a n d s o c i a l w e l f a r e o f i n d i v i d u a l s , t o p r o m o t e t h e i r MOTTO growth in Christian character and to cultivate Christian spirit of fellowship and service. A n d yo u s h a l l k n ow t h e t ru t h a n d t h e t ru t h shall make you free (John 8:32) 藍 三 角 會 徽 的 意 義 世 界 基 督 教 女 青 年 會 的 格 言 象徵基督教女青年會服務宗旨是生命的栽培。 萬 軍 之 耶 和 華 說:「 不 是 倚 靠 勢 力, 不 是 倚 靠 才 它代表了一個人成長及發展的四方面: 能,乃是倚靠我的靈,方能成事。」 德、智、體、群。 (取自舊約聖經撒迦利亞書四章六節) 假 如 一 個 人 能 夠 在 德 智 體 群 各 方 面 平 均 發 展, 就 會 獲 得 豐 盛 的 生 命, 滿 有 真 理、 喜 樂 與 平 安, 成 MOTTO OF THE WORLD YWCA 為社會上才德兼備、造福社群的人才。 "Not by might nor by power, but by my Spirit," says the Lord Almighty. -
Dr the Hon Victor Fung Kwok-King GBM, GBS DOCTOR of LAWS Honoris Causa Citation
Dr the Hon Victor Fung Kwok-king GBM, GBS DOCTOR OF LAWS honoris causa Citation Dr Victor Fung Kwok-king is the Group Chairman of the Li & Fung Group. Through his visionary outlook and tireless effort, Dr Fung transformed Li & Fung Group from a small family trading business in the early „70s to a world-class supply chain management company, orchestrating a network of over 15,000 suppliers serving over 2,000 customers in the US, Europe and Asia. Today, the Li & Fung Group is a diverse multinational group with three distinct core businesses -- export sourcing, distribution and retailing, with over 35,000 employees working in more than 40 economies across the world, earning a total revenue of US$16 billion in 2009. There are now four public companies in the Li & Fung Group. Born and raised in Hong Kong, Dr Fung holds bachelor‟s and master‟s degrees in electrical engineering from the Massachusetts Institute of Technology, and a doctorate in business economics from Harvard University. After graduation he worked briefly in Citibank‟s Corporate Banking Group in New York, before joining the faculty at Harvard Business School where he taught as an assistant professor for four years. Dr Fung can truly claim that he was one of us in academia. In 1976, he answered the call for service to his family, and returned to Hong Kong to look after the family trading business which his grandfather started in 1906 in Guangzhou. In other words, the Li & Fung Group has more than 100 years of history. Dr Fung is not only admired for transforming his family business; he is also a successful entrepreneur. -
The Role of Chinese Universities in the Knowledge Economy Shuang-Ye Chen*
London Review of Education Vol. 10, No. 1, March 2012, 101–112 Contributing knowledge and knowledge workers: the role of Chinese universities in the knowledge economy Shuang-Ye Chen* Department of Educational Administration and Policy, The Chinese University of Hong Kong, Hong Kong SAR, China (Received 9 December 2011; final version received 9 January 2012) As China has appeared only recently as an important knowledge producer with growing global economic significance, little is known internationally about how these processes develop and are managed within China. The rapidly expanding Chinese higher education system is playing an increasingly important role in China’s knowledge economy and there- fore in the global knowledge society. This paper reviews historically the changing role of Chinese universities from the planned economy to the knowledge economy, analyses their contribution of knowledge and knowledge workers, and critically reflects on the mecha- nisms driving or confining their future contribution to the knowledge economy. Keywords: China; university; knowledge economy; knowledge production; knowledge worker Introduction The knowledge economy is defined by Powell and Snellman (2004) as production and ser- vices based on knowledge-intensive activities. In the current knowledge economy, the rela- tionship between knowledge and wealth has been significantly highlighted, tightened, and materialised. It is a time of opportunity and threat for the university. The university institution has survived, together with the church, as one of the oldest western institutions. Its roles have evolved across times and nations from cultivating gentle- men in Newman’s ideal, the Humboldtian promotion of science and scholarship, to Kerr’s teaching–research–service uses of the ‘multiversity’, and then to be a vital engine for the glo- bal knowledge economy (Barnett 1994; Delanty 2001). -
Directors and Senior Management
DIRECTORS AND SENIOR MANAGEMENT DIRECTORS William FUNG Kwok Lun Group Managing Director Victor FUNG Kwok King Group Non-executive Chairman Aged 62. Brother of Dr Victor Fung Kwok King and uncle of Chairman of Nomination Committee and Mr Spencer Theodore Fung. Group Managing Director since Risk Management Committee 1986. Joined the Group in 1972 and became a Director of the Group’s export trading business in 1976. Graduated Aged 65. Brother of Dr William Fung Kwok Lun and father of from Princeton University with a Bachelor of Science degree Mr Spencer Theodore Fung. Group Chairman of Li & Fung in Engineering. Holds an MBA degree from the Harvard group companies including the Company and the publicly listed Graduate School of Business. Degrees of Doctor of Business Convenience Retail Asia Limited, Trinity Limited and Integrated Administration, honoris causa, were conferred by the Hong Distribution Services Group Limited which was privatized on Kong University of Science & Technology and by the Hong 29 October 2010. A director of King Lun Holdings Limited and Kong Polytechnic University. An independent non-executive its wholly owned subsidiary, Li & Fung (1937) Limited, substantial director of VTech Holdings Limited, Shui On Land Limited and shareholders of the Company. Joined the Group in 1973 as Sun Hung Kai Properties Limited. An independent director Manager and became Managing Director of the Group’s export of Singapore Airlines Limited. An independent non-executive trading business in 1977. Became Group Managing Director in director of The Hongkong and Shanghai Hotels, Limited since 1981 and Group Chairman in 1989. Holds Bachelor and Master 3 January 2011. -
Coming Home to China Booklet
UNCLASSIFIED Coming Home Booklet- Fujian 1 UNCLASSIFIED Introduction China’s economy has continued to grow rapidly over the past decade; it has become an important developing country in the world. With the continuous appreciation of RMB and burgeoning business and job opportunities, more and more overseas Chinese students choose to return home. This is the best testimony of the country’s growing strength. The Prime Minister of the UK has also visited China repeatedly in the last two years and established a “partners for growth” relationship between the two countries. Many Chinese people in the UK still feel lonely and homesick; they endure the hardship in another country for a better life of their family at home. After some years, the yearning for home might grow stronger and stronger. If you are considering coming back to China, this booklet may give you some helpful advices and a glance of China’s development since your last time there. It also gives you guidance from application materials all through to your journey back home, provides answers to questions you might have, and shares some successful cases of people establishing business after returning. You can find information on China’s household registration, medical provision, vocational training, business opportunities as well as lists of religious venues and non-profit organizations in the booklet which will help you learn the current conditions at home. China has many provinces and regions; this guidance only applies to Fujian Province. 2 UNCLASSIFIED Table of Contents PART ONE -
The University W1 the University – Introduction
The University W1 The University – Introduction Introduction The Hong Kong Polytechnic University (PolyU) is committed to the mission of achieving academic excellence in a professional context. The emphasis is to provide application-oriented education and training programmes to support the community’s need for skilled and professional manpower. The University is centrally located in Hung Hom on a site of approximately 93,360m2 adjacent to the Cross Harbour Tunnel. Located at the heart of the campus is the Li Ka Shing Tower, a 18-storey building, housing the University’s central administration units, academic offices, teaching rooms, computer rooms and communal facilities. Redevelopment of Pak Sui Yuen provides about 260 guest rooms, ancillary facilities as well as teaching and office accommodation for the School of Hotel and Tourism Management. The Jockey Club Innovation Tower is home to the School of Design and also provides high quality facilities for communal uses as well as self-financed activities. The multi-purpose Jockey Club Auditorium and the Chiang Chen Studio Theatre provide quality venues for performances, exhibitions, conferences and student/staff activities. Redevelopment of Block X, comprising a low rise and sustainable building with uses including workshops and offices for Aviation Services Research Centre, an indoor swimming pool, a 5-a-side indoor football pitch, an indoor gymnasium and student communal facilities, will also provide landscaped recreational space and serve as a circulation hub for the Main Campus. The project was completed in the summer of 2017. Majority of Block X has been put into operation since September 2017. Meanwhile, an iconic footbridge linking the Main Campus and podium level of Block Z is being constructed and scheduled for completion in early 2019. -
Annual Report and Accounts for the Year Ended 31 December 2013
Annual report and accounts For the year ended 31 December 2013 www.youthbusiness.org About Youth Business International Who we are 2013 highlights Youth Business International is a global In 2013 Youth Business International network of not-for-profit organisations supported more than 14,000 young that help young entrepreneurs build people to start a business, and provided successful and sustainable businesses. entrepreneurship training to nearly 200,000 young people. Our network is dedicated exclusively to supporting under-served young people and is designed to maximise the collaborative The network team’s contribution to this impact of our work. included: The network comprises member We recruited nine new organisations to organisations in 40 countries and a the network, expanding our services for young network team based in London, which is entrepreneurs in Brazil, Chile, Italy, Jordan, responsible for the support and development Mongolia, the Netherlands, Peru, Sweden and of the network. the United Kingdom. The network team is a registered charity and We organised the Global Youth company limited by guarantee, The Prince of Entrepreneurship Summit, bringing Wales Youth Business International Ltd. together 450 experts in youth entrepreneurship. Our role is to facilitate, challenge and enable Youth Business International’s members Through Global Entrepreneurship Week UK, to support ever greater numbers of young we engaged close to 350,000 people and entrepreneurs. were awarded “Country of the Year” by the global organisers. YBI’s proven system of support includes access to finance and a range of locally As a direct result of the network team’s relevant types of non-financial support, fundraising efforts, over half of our including technical training and mentoring. -
Our Board and Management Team
Our board and management team Board Member Biographies Victor Fung Kwok King Honorary Chairman Chairman of Risk Management and Sustainability Committee Aged 69. Brother of Dr William Fung Kwok Lun and father of Mr Spencer Theodore Fung. Group Chairman of the Fung Group, a Hong Kong-based multinational which comprises operating groups engaging in trading, logistics, distribution and retailing. They include publicly-listed Trinity Limited, Convenience Retail Asia Limited, Global Brands Group Holding Limited and the Company. Honorary Chairman of the Company after stepping down as Group Chairman since May 2012. Joined the Group in 1973 as Manager and became Managing Director of the Group’s export trading business in 1977. Became Group Managing Director in 1981 and Group Chairman in 1989. A director of King Lun Holdings Limited and Fung Holdings (1937) Limited, which are substantial shareholders of the Company. Holds Bachelor and Master degrees in Electrical Engineering from the Massachusetts Institute of Technology, and a Doctorate in Business Economics from Harvard University. An independent non-executive director of Chow Tai Fook Jewellery Group Limited (Hong Kong), Koç Holding A. (Turkey) and China Petrochemical Corporation (People’s Republic of China). Founding Chairman of the Fung Global Institute, an independent non-profit think-tank based in Hong Kong. A member of the Chinese People’s Political Consultative Conference. A member of the Economic Development Commission of the Hong Kong Government. Chairman of the Steering Committee on -
“Time Bomb“? ‒ Youth Employment Problems in China
Inclusion of a paper in the Working Papers series does not constitute publication and should limit in any other venue. Copyright remains with the authors. Inclusion of a paper in the Working Papers serve to disseminate the research results of work in progress prior publicaton encourage exchange ideas and academic debate. Working GIGA GIGA Research Unit: Institute of Asian Studies ___________________________ A Ticking “Time Bomb“? ‒ Youth Employment Problems in China Günter Schucher No 258 October 2014 www.giga-hamburg.de/workingpapers GIGA Working Papers 258/2014 Edited by the GIGA German Institute of Global and Area Studies Leibniz‐Institut für Globale und Regionale Studien The GIGA Working Papers series serves to disseminate the research results of work in progress prior to publication in order to encourage the exchange of ideas and academic debate. An objective of the series is to get the findings out quickly, even if the presenta‐ tions are less than fully polished. Inclusion of a paper in the GIGA Working Papers series does not constitute publication and should not limit publication in any other venue. Copy‐ right remains with the authors. GIGA research unit responsible for this issue: Institute of Asian Studies Copyright for this issue: © Günter Schucher WP Coordination and English‐language Copyediting: James Powell Editorial Assistance and Production: Silvia Bücke All GIGA Working Papers are available online and free of charge on the website <www.giga‐hamburg.de/workingpapers>. For any requests please contact: <workingpapers@giga‐hamburg.de> The GIGA German Institute of Global and Area Studies cannot be held responsible for errors or any consequences arising from the use of information contained in this Working Paper; the views and opinions expressed are solely those of the author or authors and do not necessarily reflect those of the Institute.