DOCSLIB.ORG

WU Mei V. Meishan Xicheng Paper Co., Ltd. of Sichuan Province, a Sale and Purchase Contract Dispute

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
WU Mei V. Meishan Xicheng Paper Co., Ltd. of Sichuan Province, a Sale and Purchase Contract Dispute WU Mei v. Meishan Xicheng Paper Co., Ltd. of Sichuan Province, A Sale and Purchase Contract Dispute Guiding Case No. 2 (Discussed and Passed by the Adjudication Committee of the Supreme People’s Court Released on December 20, 2011 ) CHINA GUIDING CASES PROJECT English Guiding Case (EGC2) * January 9, 2012 Edition * The citation of this translation of the Guiding Case is: 《吴梅诉四川省眉山西城纸业有限公司买卖合同 纠纷案》(WU Mei v. Meishan Xicheng Paper Co., Ltd. of Sichuan Province, A Sale and Purchase Contract Dispute ), CHINA GUIDING CASES PROJECT , English Guiding Case (EGC2), Jan. 9, 2012 Edition, available at http://cgc.law.stanford.edu/guiding -cases/guiding -case -2. This document was primarily prepared by Joseph Casey, WEI Chuchu, and XIA Shengying. The document was finalized by Jennifer Ingram and Dr. Mei Gechlik. Minor editing, such as splitting long paragraphs, adding a few words included in square brackets, and boldfacing the headings to correspond with those boldfaced in the original Chinese version, was done to make the piece more comprehensible to readers. The following text, otherwise, is a direct translation of the original text and reflects formatting of the Chinese document released by the Supreme People’s Court. The following Guiding Case was discussed and passed by the Adjudication Committee of the Supreme People’s Court of the People’s Republic of China and was released on December 20, 2011, available at http://old.chinacourt.org/public/detail.php?id=472159. See also 《最高人民法院关于发布第 一批指导性案例的 通知》 (The Supreme People’s Court’s Notice Concerning the Release of the First Batch of Guiding Cases ), Dec. 20, 2011, available at http://old.chinacourt.org/html/article/201112/21/472164.shtml. Copyright 2012 by Stanford University 2 2012.01.09 Edition Keywords Civil Litigation Enforcement Settlement Withdrawal of an Appeal Does Not Perform a Settlement Agreement Apply to Enforce the Judgment of First Instance Main Points of the Adjudication During the second instance of a civil case in which the two parties reach a settlement agreement and the people’s court [of second instance] approves the withdrawal of the appeal, that settlement agreement has [, therefore,] not been made into a bill of mediation by the people’s 1 court in accordance with law and belongs to [the class of] agreements reached outside of litigation. If one party does not perform the settlement agreement and the other party applies to enforce the judgment of first instance, the people’s court should support the application. Related Legal Rule(s) Article 207, Paragraph 2 of the Civil Procedure Law of the People’s Republic of China Basic Facts of the Case The plaintiff, WU Mei ( 吴梅 ), was the proprietor of Wu Mei Recycle Station of Dongpo District, Meishan Municipality, Sichuan Province and was engaged in the business of acquiring abandoned products. Since around 2004, WU Mei had sold abandoned books to the defendant, Meishan Xicheng Paper Co., Ltd. of Sichuan Province ( 四川省眉山西城纸业有限公司 ) (hereinafter referred to as “Xicheng Paper Company”). On April 14, 2009, after the two parties settled their account, Xicheng Paper Company issued WU Mei an IOU, which clearly stated: 1 In a piece of commentary contributed to the China Guiding Cases Project, Judge JIANG Heping wrote: “Parties who reach a settlement can, based on actual situations, choose between withdrawal and mediation procedures, where different procedures have entirely different legal consequences. If the parties choose withdrawal, the second -instance proceeding will terminate and the first -instance judgment will take legal effect. If the parties choose mediation, the court will examine the agreement reached by the parties; an agreement affirmed and established after examination will be made into a bill of mediation by the court, endowing the settlement agreement with legal authority equivalent to judgment.” JIANG Heping, A Brief Commentary on Guiding Case No. 2 , CHINA GUIDING CASES PROJECT , Jan. 16, 2012 (Randy WU trans., 2012), available at https://cgc.law.stanford.edu/commentary/1-judge -jiang. Copyright 2012 by Stanford University 3 2012.01.09 Edition Today, an amount of exactly ONE MILLION NINE HUNDRED AND SEVENTY THOUSAND YUAN (RMB 1,970,000.00) for abandoned books is owed to WU Mei. On June 11 of the same year, the two parties also conducted a settlement of their account for amounts due for later [sales of] goods. Xicheng Paper Company issued WU Mei an IOU, which clearly stated: Today, an amount of exactly FIVE HUNDRED AND FORTY EIGHT THOUSAND YUAN (RMB 548,000.00) for abandoned books is owed to WU Mei. Because WU Mei urged receipt of the abovementioned payments multiple times, but to no avail, she brought a lawsuit with the Dongpo District People’s Court of Meishan Municipality requesting that the court order Xicheng Paper Company to pay an amount of RMB 2,518,000 for goods plus interest. Defendant Xicheng Paper Company did not raise any objections to the fact that it owed WU Mei an amount of RMB 2,518,000 for goods. After the trial, the court of first instance held: Defendant Xicheng Paper Company shall pay plaintiff WU Mei an amount of RMB 2,518,000 for goods plus the default interest within ten days after this judgment comes into effect. After the judgment was pronounced, Xicheng Paper Company appealed to the Intermediate People’s Court of Meishan Municipality. While the second instance [of the case] was being handled, Xicheng Paper Company and WU Mei signed a repayment agreement on October 15, 2009 by which they agreed upon a plan for repayment by Xicheng Paper Company and WU Mei [agreed to] relinquish her request for interest payments. On October 20 of the same year, Xicheng Paper Company applied to withdraw its appeal on the grounds that it had voluntarily reached a settlement agreement with the other party. After the Intermediate People’s Court of Meishan Municipality ruled to allow the withdrawal, because Xicheng Paper Company had not fully performed the settlement agreement, WU Mei applied to the court of first instance for the enforcement of the judgment of first instance. The Dongpo District People’s Court of Meishan Municipality supported WU Mei’s application to enforce the judgment of first instance. Xicheng Paper Company applied to the Intermediate People’s Court of Meishan Municipality for enforcement supervision, claiming that the original judgment of first instance should not be enforced. Results of the Adjudication On July 7, 2010, the Intermediate People’s Court of Meishan Municipality issued the (2010) Mei Zhi Du Zi No. 4 Reply, in which it opined: Based upon WU Mei’s application, there Copyright 2012 by Stanford University 4 2012.01.09 Edition is nothing inappropriate in the court of first instance’s accepting [the request] to enforce a legal document that has already come into effect. The court of first instance should continue enforcing [the judgment]. Reasons for the Adjudication The court opined: Xicheng Paper Company should have known the legal consequence of withdrawing an appeal, which was that once the court ruled to allow it to withdraw the appeal, the Dongpo District People’s Court of Meishan Municipality’s judgment of first instance immediately became a legally effective judgment, and possessed compulsory enforcement authority. Although the settlement agreement that the two parties reached in second-instance proceedings on the basis of their own volition did set forth stipulations on related rights and obligations, [and] through signing the agreement, Xicheng Paper Company gave up exercising the right to appeal and WU Mei abandoned [monetary] interest; [nevertheless], this settlement agreement was [of the class of] agreements reached by two parties outside of litigation, not possessing compulsory enforcement authority before being affirmed and turned into a bill of mediation by a people’s court in accordance with law. Xicheng Paper Company did not act in accord with the settlement agreement to perform its repayment obligations, violating the parties’ agreement and the principle of good faith. As a result, the court did not support Xicheng Paper Company’s claim that the effective original judgment should not be enforced on the grounds that the two parties had already reached a settlement agreement. Copyright 2012 by Stanford University .
Load more

Recommended publications
  • Table of Codes for Each Court of Each Level
    Table of Codes for Each Court of Each Level Corresponding Type Chinese Court Region Court Name Administrative Name Code Code Area Supreme People’s Court 最高人民法院 最高法 Higher People's Court of 北京市高级人民 Beijing 京 110000 1 Beijing Municipality 法院 Municipality No. 1 Intermediate People's 北京市第一中级 京 01 2 Court of Beijing Municipality 人民法院 Shijingshan Shijingshan District People’s 北京市石景山区 京 0107 110107 District of Beijing 1 Court of Beijing Municipality 人民法院 Municipality Haidian District of Haidian District People’s 北京市海淀区人 京 0108 110108 Beijing 1 Court of Beijing Municipality 民法院 Municipality Mentougou Mentougou District People’s 北京市门头沟区 京 0109 110109 District of Beijing 1 Court of Beijing Municipality 人民法院 Municipality Changping Changping District People’s 北京市昌平区人 京 0114 110114 District of Beijing 1 Court of Beijing Municipality 民法院 Municipality Yanqing County People’s 延庆县人民法院 京 0229 110229 Yanqing County 1 Court No. 2 Intermediate People's 北京市第二中级 京 02 2 Court of Beijing Municipality 人民法院 Dongcheng Dongcheng District People’s 北京市东城区人 京 0101 110101 District of Beijing 1 Court of Beijing Municipality 民法院 Municipality Xicheng District Xicheng District People’s 北京市西城区人 京 0102 110102 of Beijing 1 Court of Beijing Municipality 民法院 Municipality Fengtai District of Fengtai District People’s 北京市丰台区人 京 0106 110106 Beijing 1 Court of Beijing Municipality 民法院 Municipality 1 Fangshan District Fangshan District People’s 北京市房山区人 京 0111 110111 of Beijing 1 Court of Beijing Municipality 民法院 Municipality Daxing District of Daxing District People’s 北京市大兴区人 京 0115
    [Show full text]
  • CHINA VANKE CO., LTD.* 萬科企業股份有限公司 (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 2202)
    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 VANKE CO., LTD.* 萬科企業股份有限公司 (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2202) 2019 ANNUAL RESULTS ANNOUNCEMENT The board of directors (the “Board”) of China Vanke Co., Ltd.* (the “Company”) is pleased to announce the audited results of the Company and its subsidiaries for the year ended 31 December 2019. This announcement, containing the full text of the 2019 Annual Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcement of annual results. Printed version of the Company’s 2019 Annual Report will be delivered to the H-Share Holders of the Company and available for viewing on the websites of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and of the Company (www.vanke.com) in April 2020. Both the Chinese and English versions of this results announcement are available on the websites of the Company (www.vanke.com) and The Stock Exchange of Hong Kong Limited (www.hkexnews.hk). In the event of any discrepancies in interpretations between the English version and Chinese version, the Chinese version shall prevail, except for the financial report prepared in accordance with International Financial Reporting Standards, of which the English version shall prevail.
    [Show full text]
  • Spatial-Temporal Variations of Vegetation and the Relationship with Precipitation in Summer-A Case Study in the Hilly Area of Central Sichuan Province
    E3S Web of Conferences 53, 03060 (2018) https://doi.org/10.1051/e3sconf/20185303060 ICAEER 2018 Spatial-Temporal variations of vegetation and the relationship with precipitation in summer-A case study in the hilly area of central Sichuan province Xinrui Luo1, Wunian Yang1, Liang Liu1, Yuhang Zhang1 1 Key Laboratory of Geoscience Spatial Information Technology of Ministry of Land and Resources, 610059 Chengdu, China Abstract. The hilly area of central Sichuan is one of the ecologically fragile regions in the upper reaches of the Yangtze River, and it is also the main part of ecological engineering construction. The ecological environment in the study area is related to the ecological security in the middle and lower reaches of the Yangtze River. Recent years have witnessed a great change in vegetation cover in this area as a result of climate change. Therefore, it is necessary to identify the changing patterns of vegetation cover and the impacts of climate change on the vegetation cover change in the study area. In this paper, the characteristics of vegetation cover change over the past 15 years were analyzed, based on the dataset of MODIS NDVI from 2001 to 2015 as well as the climate data from 55 meteorological stations, with methods such as maximum value composite (MVC), linear regression and correlation coefficient. The results showed that the annual maximum average NDVI in the hilly areas of central Sichuan has increased at a rate of 5.84/10a (P<0.01), while the summer average NDVI has increased at a rate of 1.6/10a (P>0.1).
    [Show full text]
  • Annual Report 2019 of Xinhua Winshare, but Does Not Include the Financial Statements and Our Auditor’S Report Thereon
    (a joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code: 00811) ANNUAL 2019 REPORT For identification purposes only Contents 2 Definitions 6 Important Notice 7 Corporate Information 9 Financial Summary 10 Chairman’s Statement 16 Corporate Structure of the Group 20 Management Discussion and Analysis 39 Report of the Directors 52 Corporate Governance Report 68 Profile of Directors, Supervisors, Senior Management and Employees 78 Environmental, Social and Governance Report 99 Report of the Supervisory Committee 102 Auditor’s Report 107 Statements, Notes and Supplementary Information Prepared in accordance with the China Accounting Standards for Business Enterprises Definitions In this report (excluding the section of the auditor’s report), the following expressions shall have the meanings stated below unless the context otherwise requires: 2019 AGM the annual general meeting to be held by the Company on 21 May 2020 A Share(s) Renminbi-denominated ordinary share(s) of the Company with a nominal value of RMB1.00 each, all of which are issued in China, subscribed in Renminbi and listed on the SSE Articles of Association the articles of association of the Company (as amended from time to time) Audit Committee the audit committee under the Board of the Company Bank of Chengdu Bank of Chengdu Co., Ltd. Board the board of directors of the Company CG Code the Corporate Governance Code set out in Appendix 14 to the Listing Rules CITIC Buyout Fund CITIC Buyout Investment Fund (Shenzhen) Partnership (Limited Partnership) Companies Ordinance the Hong Kong Companies Ordinance (Chapter 622 of the Laws of Hong Kong) Company Law the Company Law of the People’s Republic of China Company, Xinhua Winshare or Xinhua Winshare Publishing and Media Co., Ltd.* (新華文軒出版傳媒股份有 Listed Company 限公司) Consolidated Statement of Changes the details of movements of the Group’s reserves for the Year in Shareholders’ Equity Controlling Shareholder or Sichuan Xinhua Publishing Group Co., Ltd.
    [Show full text]
  • Tibet Insight, 15-31 August 2018
    TIBET INSIGHT, 15-31 AUGUST 2018 1 TAR NEWS Wang Yang’s Visit to Tibet August 28, 2018 Wang Yang made a visit to Tibet from August 24-26, in the capacity of the Chairman of the 13th Chinese People's Political Consultative Conference (CPPCC) National Committee, and Member of PBSC. He visited Chamdo and Lhasa. Wang stated that with Xi Jinping’s Socialism with Chinese Characteristic in the New Era as the guiding principle, all the TAR Officials should conscientiously implement the General Secretary and the Party’s strategy of managing Tibet and Tibet affairs, also to closely focus on safeguarding the ‘Motherland’s reunification’, vanguard and oppose splittism/separatism, to strengthen national unity and to focus on improving the livelihood of people. Wang also upheld the importance of alleviating poverty; keeping the pace of building a well-off society (time frame 2020), deepen anti-separatist movements, creating innovative but effective Temple/monastic Management and fostering long-term stability. The first place of visit for Wang’s weekend trip to Tibet was Chamdo wherein he visited the home of the ‘Best Poverty Alleviated Family,’ spoke with the family members, cheered a glass of beer with the head of the family, and spent some time with the family. His next stop in Chamdo was a cow breeding centre and a grassland pastoral area. On 26th August, he visited Sera Monastery, which is one of the "three great" Gelug university monasteries of Tibet, located 1.25 miles north of Lhasa and about 5 km north of the Jokhang, also happened to be one of the hotbeds of the 2008 Pan-Tibet Uprising.
    [Show full text]
  • 領地控股集團有限公司 Announcement of Annual Results for the Year
    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. Leading Holdings Group Limited 領 地 控 股 集 團 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 6999) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 ANNUAL RESULTS AND OPERATIONAL HIGHLIGHTS • Contracted sales for the year ended 31 December 2020 was RMB22,134.3 million, representing a year-on-year increase of 44.8%. • Contracted GFA sold for the year ended 31 December 2020 was 2.7 million sq.m., representing a year-on-year increase of 34.7%. Contracted average selling price for the year ended 31 December 2020 was RMB8,318 per sq.m., representing a year-on- year increase of 7.5%. • Revenue for the year ended 31 December 2020 was RMB13,158.1 million, representing a year-on-year increase of 73.9%. • Gross profit for the year ended 31 December 2020 was RMB 3,556.2 million, representing a year-on-year increase of 69.2% • Profit for the year attributable to owners of the Company ended 31 December 2020 was RMB860.3 million, representing a year-on-year increase of 57.9%. • Core profit(1) for the year ended 31 December 2020 was RMB1,099.8 million, representing a year-on-year increase of 99.4%.
    [Show full text]
  • Annual Report 2018
    CHINA VANKE CO., LTD.* (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock code: 2202) ANNUAL REPORT 2018 *For identification purpose only Important Notice: 1. The Board, the Supervisory Committee and the Directors, members of the Supervisory Committee and senior management of the Company warrant that in respect of the information contained in 2018 Annual Report (the “Report”, or “Annual Report”), there are no misrepresentations, misleading statements or material omission, and individually and collectively accept full responsibility for the authenticity, accuracy and completeness of the information contained in the Report. 2. The Report has been approved by the 18th meeting of the 18th session of the Board (the “Meeting”) convened on 25 March 2019. Mr. LIN Maode, vice chairman of the Board and a non-executive director, did not attend the Meeting due to business engagement, and had authorized Mr. CHEN Xianjun, a non-executive director, to attend the Meeting and execute voting rights on his behalf. All other directors attended the Meeting in person. 3. The Company’s proposal on dividend distribution for the year of 2018: The total amount of cash dividends proposed for distribution for 2018 will be RMB11,811,892,641.07 (inclusive of tax), accounting for 34.97% of the net profit for the year attributable to equity shareholders of the Company for 2018, without any bonus shares or transfer of equity reserve to the share capital. Based on the Company’s total number of 11,039,152,001 shares at the end of 2018, a cash dividend of RMB10.7 (inclusive of tax) will be distributed for each 10 shares.
    [Show full text]
  • CIFI Holdings (Group) Co. Ltd. 旭 輝 控 股（集 團）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. CIFI Holdings (Group) Co. Ltd. 旭輝控股（集團）有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 00884) ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021 2021 INTERIM RESULTS HIGHLIGHTS • Recognised revenue increased by 58.0% year-on-year to RMB36.4 billion • Core net profit increased by 4.8% year-on-year to RMB3,346 million, with core net profit margin at 9.2%. Gross profit of approximately RMB7,525 million increased by 27.5% • Declared interim dividend of RMB10 cents (or equivalent to HK12 cents) per share, increased by 9% year-on-year • Contracted sales amounted to RMB136.2 billion with cash collection ratio from property sales achieved over 90% • As at 30 June 2021, net debt-to-equity ratio decreased by 3.6 percentage points to 60.4% compared with that as at 31 December 2020. Abundant cash on hand of RMB52.4 billion • As at 30 June 2021, weighted average cost of indebtedness decreased by 0.3 percentage point to 5.1% compared with that as at 31 December 2020 – 1 – INTERIM RESULTS The board of directors (the “Board”) of CIFI Holdings (Group) Co. Ltd. (the “Company”) is pleased to announce the unaudited consolidated results
    [Show full text]
  • Annual Report
    Important Notice: 1. The Board, the Supervisory Committee and the Directors, members of the Supervisory Committee and senior management of the Company warrant that in respect of the information contained in 2020 Annual Report (the “Report”, or “Annual Report”), there are no misrepresentations, misleading statements or material omission, and individually and collectively accept full responsibility for the authenticity, accuracy and completeness of the information contained in the Report. 2. The Report has been approved by the sixth meeting of the 19th session of the Board (the “Meeting”) convened on 30 March 2021. Mr. XIN Jie and Mr. TANG Shaojie, both being Non-executive Directors, did not attend the Meeting due to business engagement, and had authorised Mr. LI Qiangqiang, also a Non-executive Director, to attend the Meeting and executed voting rights on their behalf. All other Directors attended the Meeting in person. 3. The Company’s proposal on dividend distribution for the year of 2020: Based on the total share capital on the equity registration date when dividends are paid, the total amount of cash dividends proposed for distribution for 2020 will be RMB14,522,165,251.25 (inclusive of tax), accounting for 34.98% of the net profit attributable to equity shareholders of the Company for 2020, without any bonus shares or transfer of equity reserve to the share capital. Based on the Company’s total number of 11,617,732,201 shares at the end of 2020, a cash dividend of RMB12.5 (inclusive of tax) will be distributed for each 10 shares. If any circumstances, such as issuance of new shares, share repurchase or conversion of any convertible bonds into share capital before the record date for dividend distribution, results in the changes in our total number of shares on record date for dividend distribution, dividend per share shall be adjusted accordingly on the premise that the total dividends amount remains unchanged.
    [Show full text]
  • E2491 Public Disclosure Authorized
    E2491 Public Disclosure Authorized Sichuan Small Towns Development Project by WB Loans Summary of EIA Reports (Draft) Public Disclosure Authorized Public Disclosure Authorized China Railway Eryuan Engineering Group Co., Ltd. National Environmental Impact Assessment Certificate Jia No. 3210 May 2010 Public Disclosure Authorized Contents Chapter I General ...........................................................................................................................................1 1.1 Background ................................................................................................................................................. 1 1.1.1 Project origin..................................................................................................................................1 1.1.2 Necessity of construction ...............................................................................................................1 1.2 Basis for EA Report Preparation ................................................................................................................. 1 1.2.1 PRC Laws and Regulations............................................................................................................1 1.2.2 WB Requirements ..........................................................................................................................2 1.2.3 Industry systems of the State..........................................................................................................2 1.2.4 Main technical Guides....................................................................................................................3
    [Show full text]
  • CIFI Holdings (Group) Co. Ltd. 旭 輝 控 股（集 團）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. CIFI Holdings (Group) Co. Ltd. 旭輝控股（集團）有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 00884) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 RESULTS HIGHLIGHTS • Contracted sales increased by 15.2% to RMB231.0 billion • Recognised revenue increased by 27.2% to RMB71.8 billion • Profit for the year increased by 28.7% to RMB11.9 billion • Core net profit to equity owners of the Company increased by 16.3% to RMB8.03 billion • Gross profit margin (adjusted*) and core net profit margin at 25.1% and 11.2% respectively; core return on average equity at 24.2% • The Board proposed final dividend of RMB24.3 cents (equivalent to HK29 cents) per share, payable in cash with scrip option. Together with the interim dividend of RMB9.8 cents (equivalent to HK11 cents) per share, total dividends for the year amounted to RMB34.1 cents (equivalent to HK40 cents) per share • Net debt-to-equity ratio of 64.0% as at 31 December 2020 • Weighted average cost of indebtedness at 5.4% as at 31 December 2020 * excluding the accounting effects due to financial consolidation of certain projects as subsidiaries of the Group – 1 – ANNUAL RESULTS The board of directors (the “Board”) of CIFI Holdings (Group) Co.
    [Show full text]
  • Sanctioned Entities Name of Firm & Address Date of Imposition of Sanction Sanction Imposed Grounds China Railway Constructio
    Sanctioned Entities Name of Firm & Address Date of Imposition of Sanction Sanction Imposed Grounds China Railway Construction Corporation Limited Procurement Guidelines, (中国铁建股份有限公司)*38 March 4, 2020 - March 3, 2022 Conditional Non-debarment 1.16(a)(ii) No. 40, Fuxing Road, Beijing 100855, China China Railway 23rd Bureau Group Co., Ltd. Procurement Guidelines, (中铁二十三局集团有限公司)*38 March 4, 2020 - March 3, 2022 Conditional Non-debarment 1.16(a)(ii) No. 40, Fuxing Road, Beijing 100855, China China Railway Construction Corporation (International) Limited Procurement Guidelines, March 4, 2020 - March 3, 2022 Conditional Non-debarment (中国铁建国际集团有限公司)*38 1.16(a)(ii) No. 40, Fuxing Road, Beijing 100855, China *38 This sanction is the result of a Settlement Agreement. China Railway Construction Corporation Ltd. (“CRCC”) and its wholly-owned subsidiaries, China Railway 23rd Bureau Group Co., Ltd. (“CR23”) and China Railway Construction Corporation (International) Limited (“CRCC International”), are debarred for 9 months, to be followed by a 24- month period of conditional non-debarment. This period of sanction extends to all affiliates that CRCC, CR23, and/or CRCC International directly or indirectly control, with the exception of China Railway 20th Bureau Group Co. and its controlled affiliates, which are exempted. If, at the end of the period of sanction, CRCC, CR23, CRCC International, and their affiliates have (a) met the corporate compliance conditions to the satisfaction of the Bank’s Integrity Compliance Officer (ICO); (b) fully cooperated with the Bank; and (c) otherwise complied fully with the terms and conditions of the Settlement Agreement, then they will be released from conditional non-debarment. If they do not meet these obligations by the end of the period of sanction, their conditional non-debarment will automatically convert to debarment with conditional release until the obligations are met.
    [Show full text]