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Annual Report 2016 ANNUAL REPORT 2016

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Annual Report 2016 ANNUAL REPORT 2016 Annual Report 2016 2016 A joint stock company incorporated in the People's Republic of China with limited liability) China with limited of Republic in the People's incorporated company A joint stock Stock code: 6178 code: Stock ( Everbright Securities Company Limited 光大證券股份有限公司 ANNUAL REPORT 2016 年度報告 Everbright Securities Company Limited / Annual Report 2016 CONTENTS Section I Definitions and Warning of Material Risks 4 Section II Company Profile and Key Financial Indicators 8 Section III Summary on the Business of the Company 20 Section IV Report of the Board 23 Section V Significant Events 47 Section VI Changes in Ordinary Shares and Particulars about Shareholders 62 Section VII Particulars about Directors, Supervisors, Senior Management and Staff 72 Section VIII Corporate Governance 90 Section IX Relevant Information on Corporate Bonds 121 Section X Financial Report 125 2 Everbright Securities Company Limited IMPORTANT NOTICE I. The Board, the Supervisory Committee, Directors, Supervisors and senior management of the Company warrant that this annual report is true, accurate and complete and does not contain any false records, misleading statements or material omission and jointly and severally take full legal responsibility as to the contents herein. II. This report was reviewed and passed at the 28th meeting of the fourth session of the Board of the Company. The number of Directors that should attend the Board meeting was 11 and the number of Directors having voted at the Board meeting was 11. Mr. Xu Jingchang and Mr. Zhu Ning were authorized by Mr. Yang Guoping and Mr. Li Zheping to exercise their rights of voting, respectively. None of the Directors or Supervisors has made any objection to this report. III. Unless otherwise specified, the financial data disclosed in this report are prepared in accordance with the International Financial Reporting Standards and have been audited by KPMG, whom then issued a standard unqualified audit report thereon. Unless otherwise stated, the financial data set out in this report are denominated in RMB. IV. Mr. Xue Feng, the person-in-charge of the Company, Mr. Wang Yong, the person-in-charge of accounting affairs, and Mr. He Mannian, the head of accounting department, declare that they warrant the truthfulness, accuracy and completeness of the financial statements contained in this annual report. V. The profit distribution proposal or proposal on transfer of capital reserve into share capital reviewed by the Board for the Reporting Period is as follows: On the basis of a total share capital of 4,610,787,639 A Shares and H Shares in issue as of December 31, 2016, cash dividend of RMB2.00 per 10 shares (inclusive of tax) will be distributed to all holders of A Shares and H Shares, with total cash dividend amounting to RMB922,157,527.80. The above distribution proposal will be proposed at the general meeting of the Company for consideration and is subject to the approval by the Company’s shareholders at the general meeting before the execution thereof. VI. Forward-looking statements included in this report, including future plans and development strategies, do not constitute actual commitment of the Company to investors. Investors should be reminded of the risks of investment. VII. There was no appropriation of funds on a non-recurring basis by the Company's controlling shareholders or their related parties during the Reporting Period. VIII. The Company has not provided any external guarantees in violation of the prescribed decision-making procedures during the Reporting Period. IX. The Company prepared this annual report in both English and Chinese versions. In the event of any discrepancies in interpretation between the English version and Chinese version, the Chinese version shall prevail. Annual Report 2016 3 CHAIRMAN’S STATEMENT In 2016, the Company was successfully listed on the Main Board of the Hong Kong Stock Exchange and had its initial debut in the international market, which strengthened the “Everbright” brand and built a new image for Everbright Securities. In 2016, faced with a sluggish market, the Company achieved steady growth in primary businesses, made speedy progress in innovative businesses and pushed ahead the reform development, thus setting another record in performance results only second to that in 2015 since the listing of the Company’s A shares. In 2016, the Company was among Fortune China 500 and was named the “Best Securities Firm of the Year”, Top 500 Asian Brands and Top 500 Chinese Brands. It was again selected as one of the “Hurun Most Valuable Finance Brands (胡潤金融品牌價值榜)”, which maximised the Company’s market image and social influence. The year of 2017 is a crucial year of industry reform and transformation where the investment banking sector will experience a long and profound reform characterised by orderly, regulated, responsible, large-scale and dominant businesses instead of unorderly, unorganised, profit- oriented, small-scale and submissive businesses. The road is tough but we will continue forge ahead at full speed and fight with pride and confidence. In the The year of 2016 was a year of special significance course of industry transformation, Everbright Securities for Everbright Securities in history. It marked the 20th will gear up for another takeoff. Striving toward the goal anniversary of the Company. Adhering to two major of becoming a “first-class comprehensive investment themes of reform and breakthrough, the Company strived bank with international competitiveness” and adhering toward the goal of becoming a “comprehensive investment to the core values of “growing stronger for the country bank” by making use of capital intermediary business as a and accumulating wealth for the world (為國家圖富強， linkage and enhancing its integrated operations, synergistic 為天下聚財富)”, we will follow the keynote of “making movement, innovative development, competitiveness and progress while ensuring stability” and focus on the market image, which ended on a good note in the arduous reform areas of “de-marketisation, conversion cycle journey of “two ventures” in three years. management and full-value chain development” by devoting our relentless efforts to overcome obstacles In 2016, the Company distinguished itself from the and write new chapters with a view to maximising general downgrade by rating agencies and fully resumed Shareholders’ returns and setting a role model for state- the “Grade A Category AA” rating. Being one of the only owned enterprises. eight securities firms with Category AA rating, it played a key role among the state-owned enterprises in compliant operations. 4 Everbright Securities Company Limited SECTION I DEFINITIONS AND WARNING OF MATERIAL RISKS I. Definitions In this annual report, unless the context otherwise requires, the following terms and expressions shall have the meanings set forth below: Company, our Company or Everbright Securities Company Limited (光大證券股份有限公司) Everbright Securities Everbright Group China Everbright Group Ltd. (中國光大集團股份公司), the largest shareholder of the Company Everbright Limited China Everbright Limited (中國光大控股有限公司), the second largest shareholder of the Company Everbright Capital Everbright Capital Investment Co., Ltd. (光大資本投資有限公司), a wholly-owned subsidiary of the Company Everbright Fortune Everbright Fortune Investment Co., Ltd. (光大富尊投資有限公司), a wholly-owned subsidiary of the Company Everbright Futures Everbright Futures Co., Ltd. (光大期貨有限公司), a wholly-owned subsidiary of the Company Everbright Asset Management Shanghai Everbright Securities Asset Management Co., Ltd. (上海光大 證券資產管理有限公司), a wholly-owned subsidiary of the Company EBSHK Everbright Securities Financial Holdings Limited (光大證券金融控股有限 公司), a wholly-owned subsidiary of the Company Everbright Pramerica Everbright Pramerica Fund Management Co., Ltd. (光大保德信基金管理 有限公司), a controlling subsidiary of the Company Everbright Leasing Everbright Fortune International Leasing Co., Ltd. (光大幸福國際租賃有 限公司), a subsidiary of the Company Everbright Easecreate Everbright Easecreate Network Technology Co., Ltd. (光大易創網絡科技 股份有限公司) Everbright Yunfu Everbright Yunfu Internet Co., Ltd. (光大雲付互聯網股份有限公司) ESIL Everbright Securities (International) Limited (光大證券（國際）有限公司), a wholly-owned subsidiary of EBSHK SHKFGL Sun Hung Kai Financial Group Limited (新鴻基金融集團有限公司), whose equity interest is held 70% and 30% by EBSHK and Sun Hung Kai & Co. Limited, respectively Annual Report 2016 5 SECTION I DEFINITIONS AND WARNING OF MATERIAL RISKS Dacheng Fund Dacheng Fund Management Co., Ltd. (大成基金管理有限公司), a joint venture of the Company Reporting Period the year of 2016 (January 1, 2016 to December 31, 2016) Directors the directors of the Company Board, Board of Directors The board of Directors of the Company Supervisors the supervisors of the Company Supervisory Committee The supervisory committee of the Company NEEQ National Equities Exchange and Quotations (全國中小企業股份轉讓系統) MOF Ministry of Finance of the PRC (中華人民共和國財政部) Huijin Central Huijin Investment Ltd. (中央匯金投資有限責任公司) PBOC People’s Bank of China, the central bank of the PRC SAFE State Administration of Foreign Exchange of the PRC (中華人民共和國 國家外匯管理局) PB Prime brokerage PPP Public-private Partnership FICC Fixed-income, Currencies and Commodities QFII Qualified foreign institutional investor securitization, ABS financing through issuance of tradable securities backed by specific asset portfolios or cash flows margin financing and provision of collateral by investors to securities firms to borrow funds for securities lending securities purchases
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