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Annual Report 2016 泉州匯鑫小額貸款股份有限公司

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Annual Report 2016 泉州匯鑫小額貸款股份有限公司 Quanzhou Huixin Mic Quanzhou Huixin Micro-credit Co., Ltd.* 泉州匯鑫小額貸款股份有限公司 (Established in the People’s Republic of China with limited liability) Stock Code: 1577 r o-c r edit Co., Ltd. * 泉州匯鑫小額貸款股份有限公司 Quanzhou Huixin Micro-credit Co., Ltd.* 泉州匯鑫小額貸款股份有限公司 Annual Report 2016 Annual Report 2016 * For Identification only Contents 02 Corporate Information 04 Chairman’s Statement 05 Management Discussion and Analysis 23 Directors, Supervisors and Senior Management 32 Corporate Governance Report 43 Environmental, Social and Governance Report 46 Report of the Directors 60 Report of the Supervisory Committee 62 Independent Auditor’s Report 66 Statement of Profit or Loss and Other Comprehensive Income 67 Statement of Financial Position 68 Statement of Changes in Equity 69 Statement of Cash Flows 70 Notes to Financial Statements 109 Financial Summary 110 Definitions Corporate Information Directors Nomination Committee Executive Directors Mr. Zhou Yongwei (chairman) Mr. Cai Yi Mr. Zhou Yongwei (Chairman) Mr. Zhang Lihe Mr. Wu Zhirui Mr. Yan Zhijiang Joint Company Secretaries Non-executive Directors Ms. Liu Aiqin (appointed in March 2017) Mr. Yan Zhijiang Mr. Jiang Haiying Ms. Ng Ka Man (ACS, ACIS) Mr. Zhu Jinsong Mr. Wang Wenbin (resigned in March 2017) Authorised Representatives Independent Non-executive Directors Mr. Wu Zhirui Mr. Cai Yi Mr. Yan Zhijiang Mr. Zhang Lihe Mr. Wang Yiming Registered Address Supervisors 12/F, Former Finance Building No. 361 Feng Ze Street Ms. Hong Lijun (chairwoman) Quanzhou Mr. Li Jiancheng Fujian Mr. Ng Seng Chuan PRC Ms. Ruan Cen Mr. Wang Shijie Mr. Chen Jinzhu Headquarters/Principal Place of Mr. Wu Lindi Business in the PRC Mr. Ng Hong Hung (resigned in February 2016) Mr. Fang Qichao (resigned in March 2016) 12/F, Former Finance Building No. 361 Feng Ze Street Audit Committee Quanzhou Fujian PRC Mr. Zhang Lihe (chairman) Mr. Wang Yiming Mr. Zhu Jinsong Principal Place of Business in Hong Kong Remuneration Committee 36/F, Tower Two Times Square Mr. Wang Yiming (chairman) 1 Matheson Street Mr. Cai Yi Causeway Bay Mr. Wu Zhirui Hong Kong 02 QUANZHOU HUIXIN MICRO-CREDIT CO., LTD. Corporate Information (Continued) Company Website Principal Bankers www.qzhuixin.net The Agricultural Bank of China Jinjiang Jinjing Branch No. 365–367 Zhong Xing Road, Jin Jing Town Jinjiang City Stock Code Quanzhou City, Fujian Province PRC 1577 Quanzhou Rural Commercial Bank Jindian Branch No. 22–03 Dong Fang Jin Dian Auditor Fengze District Quanzhou City, Fujian Province Ernest & Young PRC Certified Public Accountants Xiamen Rural Commercial Bank Yingcun Branch Yingdaitou, Ying Village, Houxi Town Legal Advisers to Our Company Jimen District, Xiamen City Fujian Province Troutman Sanders (as to Hong Kong laws) PRC AllBright Law Offices (as to PRC laws) Xiamen Bank Co., Ltd Yinlong Branch No. 857 Xia He Road Compliance Adviser Xiamen City Fujian Changjiang Corporate Finance (HK) Limited PRC H Share Registrar Boardroom Share Registrars (HK) Limited 31/F, 148 Electric Road North Point Hong Kong 03 ANNUAL REPORT 2016 Chairman’s Statement The Company was listed on the Main Board of the Hong Kong Stock Exchange on 30 September 2016, marking a major milestone and new start for the Company. Since its inception in 2010, the Company has conducted its business in compliance with national financial laws and regulations and local micro-credit regulations with gradually increased profitability, steadily enhanced anti-risk capacity and increasingly improved corporate governance and internal control systems. The Company is mainly committed to providing local individual entrepreneurs, SMEs and micro-enterprises with flexible short-term financial solutions to support their business development and solve their need for working capital. With the rapid growth of our business, we built a solid customer base, and we have been striving to deliver satisfactory returns to our investors. Here I am pleased, on behalf of the Company’s Board of Directors, to present to the Shareholders the Company’s operating results in 2016. As at 31 December 2016, our outstanding loans amounted to RMB817.6 million; for the year then ended, our net interest income amounted to RMB137.7 million, up 5.8% as compared to the same period of the previous year, and our net profit amounted to RMB85.5 million, up 13.6% as compared to the same period of the previous year. In 2017, we will further optimize and streamline our main business processes to support our business growth. Meanwhile, we will conduct market research and internal discussions on service normalization to launch normalized credit granting products that meet market demand and further diversify our product mix and optimize our customer structure. We will further take advantage of the financial reform of Quanzhou City to provide financial service to more SMEs and help facilitate the financing of the real economy. Quanzhou Huixin Micro-credit Co., Ltd. ZHOU Yongwei Chairman 24 March 2017 04 QUANZHOU HUIXIN MICRO-CREDIT CO., LTD. Management Discussion and Analysis Industry Overview Since the CBRC and the People’s Bank of China (中國人民銀行) promulgated the Guiding Opinions on the Pilot Operation of Microfinance Companies (關於小額貸款公司試點的指導意見) in 2008, which first formalized the registration procedures for microfinance companies at the national level, China’s microfinance industry has seen rapid expansion. In 2012, the State Council approved the establishment of a pilot financial reform zone in Quanzhou City, making Quanzhou City the third pilot financial reform zone in China. Fujian provincial government subsequently implemented a series of financial reform policies and measures aimed at developing and cultivating the local financial services sector and channeling private capital to SMEs and local microenterprises. Moreover, in 2014, the National Development and Reform Commission of the PRC (中華人民共 和國國家發展和改革委員會) designated Quanzhou City as a pilot zone for the comprehensive reform of the private economy, initiating reform programs that include improving the financial services sector as well as increasing the financial support of, and the financing resources available to, private enterprises. Competition within the microfinance industry in Fujian Province and Quanzhou City is increasingly intense. According to the Fujian Economic and Information Technology Commission, there were 119 registered microfinance companies in Fujian Province as of 31 December 2016, of which 32 were in Quanzhou City. The total registered capital of microfinance companies in Fujian Province amounted to RMB27.1 billion as of 31 December 2016, of which RMB8.5 billion was the total registered capital of microfinance companies in Quanzhou City, according to the Fujian Economic and Information Technology Commission. As of 31 December 2016, the average principal amount of outstanding loans per microfinance company amounted to RMB237.0 million in Fujian Province and RMB271.0 million in Quanzhou City. Business Overview Our loan business Based in Quanzhou City, we are the largest licensed microfinance company in Fujian Province in terms of revenue in 2016, according to the Fujian Economic and Information Technology Commission. We are primarily dedicated to providing local entrepreneurial individuals, SMEs and microenterprises with practical and flexible short-term financing solutions to support their continued development and address their ongoing liquidity needs. We generate substantially all of our income by charging interest on the loans extended to our customers. We provide two types of loans, namely, revolving loans and term loans to our customers. For the years ended 31 December 2015 and 2016, we served 384 and 341 customers, respectively. 05 ANNUAL REPORT 2016 Management Discussion and Analysis (Continued) We financed our operations primarily through a combination of share capital of our Shareholders and bank borrowings. The following table sets forth our share capital, net capital, principal amount of outstanding loans and loan/net capital ratio as of the dates indicated: As of 31 December 2016 2015 Share capital (RMB in millions) 680.0 500.0 Net capital (RMB in millions)(1) 939.0 629.1 Principal amount of outstanding loans (RMB in millions) 817.6 705.0 Loan/Net capital ratio(2) 0.87 Times 1.12 Times Notes: (1) Represents the aggregate of our share capital, reserves and retained profits. (2) Represents the balance of the principal amount of our outstanding loans divided by our net capital. We consider a number of factors in determining the interest rates that we charge on a loan, including the customer’s background and credit history, whether the loan is secured or unsecured, the value of collateral, if any, the quality of the guarantee, and the use and term of the loan. The table below sets forth the average balance of our outstanding performing loans and corresponding average effective interest rate per annum for the years indicated: Year ended 31 December 2016 2015 Average balance of outstanding performing loans(1) (RMB’000) 727,371 692,311 Average effective interest rate per annum(2) 19.33% 19.00% Notes: (1) Calculated as the average balance of the principal amount of our outstanding performing loans at the end of each month for the year. (2) Calculated by dividing the interest income derived from our performing loans for the year by the average balance of outstanding performing loans for the year. The interest rates we charge on our loans vary depending on the tenure of each loan or drawdown, the credit profile of the customer, and the prevailing conditions of the lending market. Loan portfolio The principal amount of our outstanding loans increased steadily from RMB705.0 million as of 31 December 2015 to RMB817.6 million as of 31 December 2016, primarily due to our enlarged share capital as a result of the Listing. 06 QUANZHOU HUIXIN MICRO-CREDIT CO., LTD. Management Discussion and Analysis (Continued) Revolving loans and term loans We offer two types of loans, namely, revolving loans and term loans, as part of our flexible financing solutions, depending on a customer’s repayment and re-borrowing needs.
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