DOCSLIB.ORG

CITIC Wealth Management Open for Business, Maintain "Accumulate"

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CITIC Wealth Management Open for Business, Maintain 股 票 研 [Table_Title] Richard Cao 曹柱 Company Report: China CITIC BANK (00998 HK) 究 (86755) 2397 6870 Equity Research 公司报告： 中信银行 (00998 HK) [email protected] 20 November 2020 CITIC[Table_S ummaryWealth] Management Open for Business, Maintain "Accumulate" 信银理财开业，维持“收集” 公 The Company’s shareholders’ net profit was RMB36,918 mn, down 9.4% 司 Rating:[Table_Rank] YoY in 1-3Q20. In 1-3Q20, net interest income was RMB99,058 mn, up 5.2% Accumulate Maintained 报 YoY. Non-interest income increased by 4.8% to RMB50,449 mn. The Company’s NPL ratio was 1.98% as at the end of 3Q20, up 0.15 ppts 告 评级： 收集 (维持) Company Report compared with the end of 1H20, or up 0.33 ppts compared with the end of 2019. In 1-3Q20, the Company’s impairment losses increased by 25.1% YoY. NPL coverage ratio decreased by 5.17 ppts compared with the end of 2019 to 6[Table_Price]-18m TP 目标价 : HK$4.32 170.08%. Revised from 原目标价: HK$4.32 In June 2020, the commencement of business of the wholly-owned subsidiary Share price 股价: HK$3.330 告 of the Company, CITIC Wealth Management, was approved by regulators. 证 CITIC Wealth Management was formally established and open for business 报 Stock performance in July 2020. We expect that the commencement of CITIC Wealth 券 股价表现 究 Management will contribute to the Company's transformation of asset 研 management business, and will benefit the Company's healthy [Table_QuotePic] 10.0 % of return 研 development of the asset management business in the near future. 究 5.0 0.0 券 In the rest of 2020, as we expect the Company's NPL ratio to continue to 报 (5.0) increase to a certain extent, we project the Company’s impairment losses to (10.0) 证 告 remain at a high level, which is expected to impact its earnings negatively to a (15.0) Equity Research Report certain extent. We revise down EPS estimates for FY20/ FY21/ FY22 by (20.0) (25.0) 14.2%/ 14.1%/ 14.3%, respectively. We expect EPS for FY20/ FY21/ FY22 to (30.0) grow YoY by -8.8%/ 7.9%/ 8.8% to RMB0.870/ RMB0.939/ RMB1.021, (35.0) [Tab respectively. We maintain our "Accumulate" rating and our TP of HK$4.32 (40.0) for the Company, equivalent to 4.3x FY20 PER, 4.0x FY21 PER, 3.6x FY22 Nov-19 Feb-20 May-20 Aug-20 Nov-20 le_I HSI CITIC BANK PER, 0.4x FY20 PBR, 0.4x FY21 PBR and 0.3x FY22 PBR. nfo1 公司 2020 年前三季度股东净利润达 36,918 百万元人民币，同比下降 9.4%。2020 年前三 ] 季度，净利息收入达 99,058 百万元人民币，同比增长 5.2%。非利息收入同比增长 4.8% Change[Table_PriceChange] in Share Price 1 M 3 M 1 Y 至 百万元人民币。 年第三季度末，公司不良贷款率为 ，比 年上 银 50,449 2020 1.98% 2020 股价变动 1 个月 3 个月 1 年 行 半年末增加 0.15 个百分点，比 2019 年末增加 0.33 个百分点。2020 年前三季度，公司减 Abs. % 绝对变动 (0.6) (3.2) (26.7) 值损失同比增长 25.1%。不良贷款拨备覆盖率比 2019 年末下降 5.17 个百分点至 170.08%。 % 行 Rel. % to HS Index (8.0) (7.9) (23.9) 相对恒指变动 % 2020 年 6 月，监管机构已批准公司全资子公司信银理财开业。2020 年 7 月，信银理财已 业 Avg. Share price(HK$) 3.3 3.2 3.7 正式成立并开业。我们预计信银理财开业将有助于公司资管业务转型，未来一段时间将有 平均股价（港元） Banking Sector 利于公司资管业务健康发展。 Source: Bloomberg, Guotai Junan International. 2020 年余下时间，由于我们预计公司的不良贷款率将继续一定程度上增长，我们预计公司 的资产减值损失预计仍将维持在较高水平，预计将会一定程度上负面影响其盈利。我们分 别将 2020/2021/2022 财年的每股盈利预测下调 14.2%、14.1%和 14.3%。我们预计 2020/2021/2022 财年的每股盈利分别为 0.870 元人民币、0.939 元人民币和 1.021 元人民 币，分别同比上涨-8.8%、7.9%和 8.8%。我们维持我们对公司的“收集”投资评级及 4.32 [Tab 港元的目标价，对应 4.3 倍 2020 财年市盈率、4.0 倍 2021 财年市盈率和 3.6 倍 2022 财 le_I 年市盈率，0.4 倍 2020 财年市净率、0.4 倍 2021 财年市净率和 0.3 倍 2020 财年市净率。 Y[Table_ear End Turnover Net Profit EPS EPS PER BPS PBR DPS Yield ROE nfo2 年结Profit] 收入 股东净利 每股净利 每股净利变动 市盈率 每股净资产 市净率 每股股息 股息率 净资产收益率 ] 12/31 (RMB m) (RMB m) (RMB) (△%) (x) (RMB) (x) (RMB) (%) (%) 中 2018A 165,766 44,513 0.882 4.7 3.3 8.209 0.4 0.230 7.9 11.3 2019A 187,881 48,015 0.954 8.1 3.1 8.976 0.3 0.239 8.0 11.1 信 2020F 197,604 43,884 0.870 (8.8) 3.3 9.627 0.3 0.218 7.6 9.3 银 2021F 215,147 47,256 0.939 7.9 3.1 10.330 0.3 0.235 8.2 9.4 行 2022F 236,939 51,284 1.021 8.8 2.8 11.096 0.3 0.255 8.9 9.5 [Table_BaseData]Shares in issue (m) 总股数 (m) 48,934.8 Major shareholder 大股东 CITIC Group 66.0% Market cap. (HK$ m) 市值 (HK$ m) 162,952.9 Free float (%) 自由流通比率 (%) 34.0 3 month average vol. 3 个月平均成交股数 (‘000) 43,893.7 FY20 CET-1 Ratio (%) FY20 一级资本比率(%) 8.7 China (00998 CITIC HK) BANK 52 Weeks high/low (HK$) 52 周高/低 (HK$) 4.780 / 2.930 FY20 NPL Ratio (%) FY20 不良贷款率 (%) 2.0 Source: the Company, Guotai Junan International. See the last page for disclaimer Page 1 of 8 [Table_PageHeader]China CITIC BANK (00998 HK) China CITIC Bank’s (the "Company") shareholders' net profit decreased by 9.4% YoY in 1-3Q20. In 1-3Q20, mainly influenced by the decline in market interest rates and the repricing of LPR in our view, NIM] 1 decreasedr a M t byh 12g bpsi R YoY_ toe 2.00%l b a . T [ Net interest income was RMB99,058 mn, up 5.2% YoY, which was mainly driven by the expansion of interest-earning assets. Non-interest income increased by 4.8% YoY to RMB50,449 mn. Growth in non-interest income was primarily attributable to income from bank card fees and net investment income in 1H20, but both items performed relatively poorly in 3Q20. Among non-interest income, net fee and commission income increased by 1.0% YoY to RMB36,540 mn. The Company’s operating expenses amounted to RMB36,056 mn, down 5.2% YoY. Asset quality declined; the Company’s NPL ratio was 1.98% as of the November 2020 end of 3Q20, up 0.15 ppts compared with the end of 1H20, or up 0.33 ppts compared with the end of 2019. In 3Q20, the 20 Company's impairment losses increased by 25.1% YoY, which was one of the main reasons for the decrease in net profit. NPL coverage ratio decreased by 5.17 ppts compared with that at the end of 2019 to 170.08%. PBT was RMB44,153 mn, down 10.4% YoY. In 1-3Q20, the Company’s shareholders' net profit was RMB36,918 mn, down 9.4% YoY. Exhibit 1: CITIC Bank YoY growth of operating income, Exhibit 2: CITIC Bank NIM net interest income, net fee income, impairment losses and net profit 120.0% 3.00 % 100.0% 2.50 80.0% 2.00 ] 2 r a M t h g i R _ e l b a T [ 60.0% 40.0% 1.50 20.0% 1.00 0.0% -20.0% FY13 FY14 FY15 FY16 FY17 FY18 FY19 1-3Q20 0.50 -40.0% 0.00 Net interest income Net fee income FY13 FY14 FY15 FY16 FY17 FY18 FY19 1-3Q20 Operating income Net profit Impairment losses Source: the Company. Source: the Company. (00998 HK) Exhibit 3: CITIC Bank NPL ratio Exhibit 4: CITIC Bank NPL coverage ratio 2.50 % 350.00 % 中信银行 300.00 288.25 1.98 2.03 1.99 2.00 1.77 250.00 206.62 199.89 181.26 179.18 1.69 1.68 1.65 1.75 170.08 1.50 200.00 169.44 175.25 165.24 1.43 167.81 1.30 150.00 157.98 China CITIC BANK 1.00 1.03 155.50 100.00 0.74 0.50 50.00 0.00 0.00 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 3Q20 20E 21E 22E FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 3Q20 20E 21E 22E Source: the Company, Guotai Junan International. Source: the Company, Guotai Junan International. The commencement of CITIC Wealth Management is expected to contribute to the Company's transformation of asset management business and benefit the Company's healthy development of the asset management business in the near future. The Company formed a product line with fixed-income products as the body, and multi-asset products and equity products as the two wings; the scale of wealth management products is growing steadily. Meanwhile, the Company made achievements in the transformation of asset management business. As at the end of 1H20, the Company’s existing scale of non-risk-bearing wealth management products recorded RMB1,152.777 bn, up 4.49% compared with the end of the 2019, in which the proportion of NAV products was further increased to 67.70%, up 8.23 ppts compared with the end of the 2019. In Report June 2020, the Company received the reply of the China Banking and Insurance Regulatory Commission on Approving the Commencement of Business of CITIC Wealth Management Corporation Limited in which the CBIRC approved the commencement of business of the wholly-owned subsidiary of the Company, CITIC Wealth Management. According to the reply, Company CITIC Wealth Management was established in Shanghai with registered capital of RMB5 bn, and mainly engages in wealth See the last page for disclaimer Page 2 of 8 [Table_PageHeader]China CITIC BANK (00998 HK) management-related business such as issuance of public and private wealth management products, and wealth management consultation and advisory.
Load more

Recommended publications
  • 2017Annual Report CONTENTS
    (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 6066 2017 Annual2017 Report 2017Annual Report CONTENTS Definitions ................................ 2 Chairman’s Statement ....................... 6 Section 1 Important Notice ................. 9 Section 2 Material Risk Factors ............. 10 Section 3 Company Information ............. 11 Section 4 Financial Summary ............... 26 Section 5 Management Discussion and Analysis .................... 32 Section 6 Report of Directors ............... 84 Section 7 Other Significant Events ........... 96 Section 8 Changes in Shares and Information on Substantial Shareholders .......... 108 Section 9 Directors, Supervisors, Senior Management and Employees ....... 114 Section 10 Corporate Governance Report ...... 150 Section 11 Environmental, Social and Governance Report ............... 177 Annex Independent Auditor’s Report and Notes to the Consolidated Financial Statements ..................... 205 Annual Report 2017 1 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this annual report: “A Share(s)” the ordinary shares with a nominal value of RMB1.00 each proposed to be issued by the Company under the A Share Offering, to be listed on the Shanghai Stock Exchange and traded in RMB “A Share Offering” the proposed initial public offering of not more than 400,000,000 A Shares in the PRC by the Company “Articles of Association” or “Articles” the articles of association of CSC Financial
    [Show full text]
  • Circular of the Beijing Municipal Finance Bureau on Strengthening Financial Services to Support the Prevention and Control of the COVID-19 Epidemic 56
    For Foreign-invested Enterprises in Beijing Municipality Compilation of Support Policies for Enterprises in Beijing Municipality During the COVID-19 Epidemic Beijing Municipal Commerce Bureau Contents Circular of the General Office of the Ministry of Commerce on Proactively Responding to the COVID-19 Epidemic, Strengthening Services for Foreign-invested Enterprises and Enhancing Investment Promotion 5 Circular of the General Office of the People's Government of Beijing Municipality on Releasing the Measures for Further Supporting Micro, Small and Medium-sized Enterprises to Mitigate the Impact of the COVID-19 Epidemic and Maintain Stable Development 8 Measures for Further Supporting Micro, Small and Medium-sized Enterprises to Mitigate the Impact of the COVID-19 Epidemic and Maintain Stable Development 9 Circular of the General Office of the People's Government of Beijing Municipality on Issuing the Measures for Preventing and Controlling the COVID-19 Epidemic and Ensuring the Safe and Orderly Resumption of Work and Production by Enterprises 14 Measures for Preventing and Controlling the COVID-19 Epidemic and Ensuring the Safe and Orderly Resumption of Work and Production by Enterprises 14 Measures of the General Office of the People's Government of Beijing Municipality for Further Supporting the Efforts to Defeat the COVID-19 Epidemic 19 Measures of the General Office of the People's Government of Beijing Municipality for Mitigating the Impact of the COVID-19 Epidemic, and Supporting Sustained and Healthy Development of Micro, Small
    [Show full text]
  • ANNUAL REPORT 2020 Annual Report CONTENTS
    2020 ANNUAL REPORT 2020 annual report Details of Changes in Ordinary Shares and Shareholders 90 SECTION VI Significant Events 74 SECTION V 2 6 8 Discussion and Analysis of Operations 27 SECTION IV Financial Highlights 22 SECTION III Company Profile 11 SECTION II Definitions 9 MESSAGE FROM CHAIRMAN FROM MESSAGE PRESIDENT FROM MESSAGE NOTICE IMPORTANT CONTENTS SECTION I Auditor’s Report 124 Written Confirmation of 2020 Annual Report by Directors, Supervisors and Senior Management Members of Hua Xia Bank Co., Limited 122 List of Documents for Inspection 121 SECTION XI Financial Statements 120 SECTION X Corporate Governance 112 SECTION IX Directors, Supervisors, Senior Management Members, Other Employees and Branches 100 SECTION VIII Preference Shares 96 SECTION VII 2 HUA XIA BANK CO., LIMITED MESSAGE FROM CHAIRMAN Chairman: Li Minji 2020 Annual Report 3 2020 was an extraordinary year. In a strategic In the persistent pursuit of development, we drive for great rejuvenation of the Chinese nation amid achieved new breakthroughs in reform and innovation seismic changes not seen for a century, China carried during the past four years. We insisted on driving out COVID-19 prevention and control and pursued business development with reform and innovation economic and social development in a coordinated and made solid progress in key reform tasks such way. The country successfully met challenges posed as the comprehensive risk management system, the by both the complicated international situation and operation management system and the resource the COVID-19 pandemic, securing a decisive victory allocation mechanism, which delivered gratifying in finishing the building of a moderately prosperous results.
    [Show full text]
  • List of CMU Members 2021-08-18
    List of CMU Members 2021-09-23 Member Bond Code Member Name Bank Repo CMUBID Connect ABCI ABCI SECURITIES COMPANY LIMITED - Y Y ABNA ABN AMRO BANK N.V. - Y - ABOC AGRICULTURAL BANK OF CHINA LIMITED - Y Y AIAT AIA COMPANY (TRUSTEE) LIMITED - - - ASBK AIRSTAR BANK LIMITED - Y - ACRL ALLIED BANKING CORPORATION (HONG KONG) LIMITED - Y - ANTB ANT BANK (HONG KONG) LIMITED - - - ANZH AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED - - Y AMCM AUTORIDADE MONETARIA DE MACAU - Y - BEXH BANCO BILBAO VIZCAYA ARGENTARIA, S.A. - Y - BSHK BANCO SANTANDER S.A. - Y Y BBLH BANGKOK BANK PUBLIC COMPANY LIMITED - - - BCTC BANK CONSORTIUM TRUST COMPANY LIMITED - - - SARA BANK J. SAFRA SARASIN LTD - Y - JBHK BANK JULIUS BAER AND CO. LTD. - Y - BAHK BANK OF AMERICA, NATIONAL ASSOCIATION - Y Y BCHK BANK OF CHINA (HONG KONG) LIMITED - Y Y CDFC BANK OF CHINA INTERNATIONAL LIMITED - Y - BCHB BANK OF CHINA LIMITED, HONG KONG BRANCH - Y - CHLU BANK OF CHINA LIMITED, LUXEMBOURG BRANCH - - Y BMHK BANK OF COMMUNICATIONS (HONG KONG) LIMITED - Y - BCMK BANK OF COMMUNICATIONS CO., LTD. - Y - BCTL BANK OF COMMUNICATIONS TRUSTEE LIMITED - - Y DGCB BANK OF DONGGUAN CO., LTD. - - - BEAT BANK OF EAST ASIA (TRUSTEES) LIMITED - - - BEAH BANK OF EAST ASIA, LIMITED (THE) - Y Y BOIH BANK OF INDIA - - - BOFM BANK OF MONTREAL - - - BNYH BANK OF NEW YORK MELLON - - - BNSH BANK OF NOVA SCOTIA (THE) - - - BOSH BANK OF SHANGHAI (HONG KONG) LIMITED - Y Y BTWH BANK OF TAIWAN - Y - SINO BANK SINOPAC, HONG KONG BRANCH - - Y BPSA BANQUE PICTET AND CIE SA - - - BBID BARCLAYS BANK PLC - Y - EQUI BDO UNIBANK, INC.
    [Show full text]
  • Wealth Management Products and Issuing Banks' Risk in China
    In the Shadow of Banks: Wealth Management Products and Issuing Banks’ Risk in China* Viral V. Acharya Jun “QJ” Qian Zhishu Yang New York University, and Shanghai Adv. Inst. of Finance School of Economics and Mgmt. Reserve Bank of India Shanghai Jiao Tong University Tsinghua University [email protected] [email protected] [email protected] This Draft: February 10, 2017 Abstract To support China’s massive stimulus plan in response to the global financial crisis in 2008, large state-owned banks pumped huge volume of new loans into the economy and also grew more aggressive in the deposit markets. The extent of supporting the plan was different across the ‘Big Four’ banks, creating a plausibly exogenous shock in the local deposit market to small and medium-sized banks (SMBs) facing differential competition from the Big Four banks. We find that SMBs significantly increased shadow banking activities after 2008, most notably by issuing wealth management products (WMPs). The scale of issuance is greater for banks that are more constrained by on-balance sheet lending and face greater competition in the deposit market from local branches of the most rapidly expanding big bank. The WMPs impose a substantial rollover risk for issuers when they mature, as reflected by the yields on new products, the issuers’ behavior in the inter-bank market, and the adverse effect on stock prices following a credit crunch. Overall, the swift rise of shadow banking in China seems to be triggered by the stimulus plan and has contributed to the greater fragility of the banking system.
    [Show full text]
  • Primary Dealers (With Effect from 1 October 2021)
    HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA GOVERNMENT BOND PROGRAMME List of Primary Dealers (with effect from 1 October 2021) 1. Bank of China (Hong Kong) Limited 2. Bank of Communications Company, Limited 3. BNP Paribas, Hong Kong 4. Citibank N.A. 5. Crédit Agricole Corporate and Investment Bank 6. DBS Bank (Hong Kong) Limited 7. Hang Seng Bank Limited 8. Hongkong and Shanghai Banking Corporation Limited, The 9. Societe Generale 10. Standard Chartered Bank (Hong Kong) Limited List of Recognized Dealers (with effect from 30 September 2021) 1. ABN AMRO Bank N.V. 2. Agricultural Bank of China Limited 3. Airstar Bank Limited 4. Allied Banking Corporation (Hong Kong) Limited 5. Ant Bank (Hong Kong) Limited 6. Australia and New Zealand Banking Group Limited 7. Banco Bilbao Vizcaya Argentaria, S.A. 8. Banco Santander, S.A. 9. Bangkok Bank Public Company Limited 10. Bank Julius Baer & Co. Ltd. 11. Bank of America, National Association 12. Bank of China (Hong Kong) Limited 13. Bank of China International Limited 14. Bank of Communications Company, Limited 15. Bank of Communications (Hong Kong) Limited 16. Bank of Dongguan Co., Ltd. 17. Bank of East Asia, Limited (The) 18. Bank of India 19. Bank of Montreal 20. Bank of Nova Scotia (The) 21. Bank of Taiwan 22. Bank SinoPac, Hong Kong Branch 23. Banque Pictet & Cie SA 24. Barclays Bank plc 25. BDO Unibank, Inc. 26. BNP Paribas, Hong Kong 27. BNP Paribas Securities Services 28. Cathay Bank 29. Cathay United Bank Company, Limited 30. Chang Hwa Commercial Bank, Limited 31.
    [Show full text]
  • China Zheshang Bank Co., Ltd. 浙 商 銀 行 股 份 有 限
    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. CHINA ZHESHANG BANK CO., LTD. 浙商銀行股份有限公司 (A joint-stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2016) (Stock Code of Preference Shares: 4610) 2018 ANNUAL RESULTS ANNOUNCEMENT The board of directors (the “Board”) of China Zheshang Bank Co., Ltd. (the “Bank”) hereby announces the audited results of the Bank for the year ended December 31, 2018. This announcement, containing the full text of the 2018 annual report of the Bank, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in relation to information to accompany preliminary announcements of annual results. Publication OF Annual Results ANNOUNCEMENT AND Annual Report Both the Chinese and English versions of this results announcement are available on the websites of the Bank (www.czbank.com) and the Stock Exchange (www.hkex.com.hk). In the event of any discrepancies in interpretations between the English and Chinese text, the Chinese version shall prevail. The printed version of the 2018 annual report of the Bank will in due course be delivered to the H shareholders of the Bank and available for viewing on the websites of the Bank (www.czbank.com) and the Stock Exchange (www.hkex.com.hk).
    [Show full text]
  • Market Overview
    China Green Bond Market Newsletter Q3 2019 中国绿色债券市场季报 2019 第三季度 July-September 2019/2019 年 7 月- 9 月 Market overview Green bond market increase in Q3 2019 Both global and Chinese green bonds issuance have increased At a glance significantly in Q3 compared to the same quarter of 2018, although the total amount of global green bonds that are aligned with Total Q3 Chinese issuance: USD14.5bn/CNY104.3bn international definitions decreased from last quarter. Onshore issuance: USD13.9bn/CNY100.2bn 80 Offshore issuance: USD600m/CNY4.1bn 60 Issuance that meets international definitions: USD5.8bn/CNY40.3bn 40 Largest issuer: Industrial Bank Co., Ltd at USD2.9bn 20 Largest issuing sector: Low Carbon Transport USD Billions 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Greater levels of alignment might be achieved if Chinese issuers 2018 2019 provide more clarity on the use of proceeds for working capital. Pending Tightening NDRC regulations, which allow up to 50% of green bond China issuance not aligned with international definitions proceeds to be allocated to working capital, and Shanghai Stock China issuance aligned with international definitions Exchange rules, which allows 30% for bonds listed on it, would help. Global issuance aligned with international definitions (excl. China) Despite the surge from the same period last year, the USD14.5bn 2% worth of green bonds dropped by 2% from Q2. Only 40% (or Working capital/General needs USD5.8bn) of the Q3 volume from Chinese issuers is in line with 35% international green bond definitions. Another 45% is aligned with Not aligned 63% China’s domestic green bond definitions only Insufficient information There are 15 deals on the Pending list, all from onshore issuers.
    [Show full text]
  • Equity Investment People's Republic of China: China Everbright Bank
    Extended Annual Review Report Reference Number: 30704 April 2009 Equity Investment People’s Republic of China: China Everbright Bank In accordance with ADB's public communications policy (PCP, 2005), this extended annual review report excludes information referred to in paragraph 126 of the PCP. CURRENCY EQUIVALENTS Currency Unit – yuan (CNY) At Appraisal At Project Completion 14 September 1996 13 December 2007 CNY1.00 = $0.1204 $0.1355 $1.00 = CNY8.3052 CNY7.3785 ABBREVIATIONS ADB – Asian Development Bank BOC – Bank of China CAGR – compound annual growth rate CAR – capital adequacy ratio CBRC – China Banking Regulatory Commission CCB – city commercial bank CEB – China Everbright Bank CEG – China Everbright Group CIB – China Investment Bank EROIC – economic return on invested capital FIRR – financial internal rate of return GDP – gross domestic product ICBC – Industrial and Commercial Bank of China IFC – International Finance Corporation IFRS – International Financial Reporting Standard IPO – initial public offering NAV – net asset value NPL – nonperforming loan PBOC – People’s Bank of China PRC – People’s Republic of China PSOD – Private Sector Operations Department RCC – rural credit cooperative ROIC – return on invested capital SME – small and medium-sized enterprises SOCB – state-owned commercial bank SOE – state-owned enterprise TA – technical assistance WACC – weighted average cost of capital NOTE In this report, "$" refers to US dollars Vice-President X. Zhao, Operations Group 1 Director General P. Erquiaga, Private Sector Operations Department (PSOD) Director R. van Zwieten, Capital Markets and Financial Sector Division, PSOD Team leader M. E. Paterno, Investment Specialist, PSOD Team members B. Huang, Young Professional, PSOD I. Chua, Investment Officer, PSOD CONTENTS Page EXECUTIVE SUMMARY i I.
    [Show full text]
  • BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED （華晨中國汽車控股有限公司）* (Incorporated in Bermuda with Limited Liability) (Stock Code: 1114)
    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. BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED （華晨中國汽車控股有限公司）* (Incorporated in Bermuda with limited liability) (Stock Code: 1114) (1) UPDATE ON DELAY IN PUBLICATION OF THE 2020 ANNUAL RESULTS; (2) FORMATION OF INDEPENDENT BOARD COMMITTEE AND INTENDED INDEPENDENT INVESTIGATION; (3) DELAY IN DESPATCH OF THE ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER, 2020; AND (4) CONTINUED SUSPENSION OF TRADING This announcement is made by Brilliance China Automotive Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) pursuant to Rules 13.09(2)(a) of the Rules (the “Listing Rules”) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Reference is made to the announcement of the Company dated 31st March, 2021 (the “Announcement”) in relation to the delay in publication of the announcement in relation to the annual results of the Group for the financial year ended 31st December, 2020 (the “2020 Annual Results”), the postponement of the meeting of the board of directors of the Company (the “Board”) and the suspension of trading in the shares of the Company on the Stock Exchange with effect from 9:00 a.m.
    [Show full text]
  • 2015Corporate Social Responsibility Report China CITIC Bank Co., Ltd
    Corporate Social Responsibility Report 2015 China CITIC Bank Co., Ltd. PREPARATION EXPLANATION The 2015 Corporate Social Responsibility Report of China CITIC Bank Corporation Limited is hereinafter referred to as “the Report”. China CITIC Bank Corporation Limited is hereinafter referred to as “the Bank”. China CITIC Bank Corporation Limited and its subsidiaries are hereinafter referred to as “the Group”. Preparation Basis The basis for preparation of the Report includes the SSE Guidelines on Environmental Information Disclosure of Listed Companies, Guidelines on Preparation of Report on Company’s Fulfillment of Social Responsibilities, and SEHK Guidelines for Environmental, Social and Governance Reporting plus relevant notifications released by the SSE. The Report was prepared in accordance with the index systems and relevant disclosure requirements as detailed in the Guide of Report on Sustainable Development (4th Version) (G4) issued by the Global Reporting Initiative (“GRI” hereinafter). The Report was prepared with reference made to the Opinions on Strengthening Social Responsibilities of Banking Financial Institutions promulgated by the China Banking Regulatory Commission (“CBRC” hereinafter), Guidelines on Corporate Social Responsibilities of Banking Financial Institutions promulgated by the China Banking Association (“CBA” hereinafter), ISO26000 as well as GB/T36001-2015 Guidance on Social Responsibility Reporting. Preparation Method The work process and work approach related to preparation of the Report were both based on the Measures of China CITIC Bank for Management of Social Responsibility Reporting and the Information Management System for Social Responsibility Reporting of China CITIC Bank. Information about the Board of Directors, the Board of Supervisors, corporate governance and risk management information and financial data in the Report were sourced from the 2015 Annual Report (A Share) of the Group.
    [Show full text]
  • 2019 Annual Report 2019Re P O Rt Annu a L
    l l t A R Annu Repo 2019 HUA XIA BANK CO., LIMITED 2019 ANNUAL REPOrt This report is printed on environmentally friendly paper is printed on environmentally This report Address: Hua Xia Bank Mansion, 22 Jianguomennei Street, Dongcheng District, Beijing Postal code: 100005 District, Beijing Postal Address: Hua Xia Bank Mansion, 22 Jianguomennei Street, Dongcheng 010-85239605 Fax: 010-85239938 010-85238570 Tel: www.hxb.com.cn Website: 2019 Annual Report CONTENTS 3 Message from Chairman 7 Message from President 8 Important Notice 9 Section I Definitions 10 Section II Company Profile 22 Section III Financial Highlights 27 Section IV Discussion and Analysis of Operations 74 Section V Significant Events 84 Section VI Details of Changes in Ordinary Shares and Shareholders 90 Section VII Preference Shares 94 Section VIII Directors, Supervisors, Senior Management Members, Other Employees and Branches 106 Section IX Corporate Governance 112 Section X Financial Statements 113 Section XI List of Documents for Inspection 114 Written Confirmation of the Annual Report 2019 by Directors, Supervisors and Senior Management Members of Hua Xia Bank Co., Limited 117 Auditor’s Report Chairman: Li Minji 2 2019 Annual Report MESSAGE FROM CHAIRMAN The year 2019 marked the 70th anniversary of the several consecutive years. We set up a steering institution founding of the People’s Republic of China, and saw the dedicated to poverty alleviation, put into practice the success of Hua Xia Bank’s fourth Party congress and requirements for precision poverty alleviation work relating defining of the development course. Guided by Xi Jinping to finance, strengthened financial services for poverty Thought on Socialism with Chinese Characteristics for a alleviation, elderly care, community, education, medical New Era, we thoroughly implemented the guiding principles care and other fields, and went all out to provide financial of the 19th National Party Congress, the second, third and support to poverty alleviation.
    [Show full text]