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Annual Report 2019 010 Company 請取消段前 Overview

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COVER STORY EMBRACE THE UNKNOWN CHANGE FOR CHANCES “Go board featuring myriads of changes” – with infinite number of possible gambits of up to 171st power of ten, Go is a board game which is “inexhaustible as Heaven and Earth, unending as the flow of rivers and streams”. Though simple to play, it is regarded as the world’s most sophisticated and kaleidoscopic strategy game. With its ever-changing and challenging characteristics resembling the market trend, every move on the board has the potential to turn the game around. Top-notch players have high capability to concentrate, organise, perceive and drive on, equipped with individual intelligence and experience to face the dynamics of the game. When an advantageous layout is being built up on the board, the underlying power of every piece on the board can be released by “one single best move”. Grasping such edge will help bring victory. Like a board game player, CEL team will capitalise our spirits in the midst of market pressure and challenges. We will strive to achieve steady growth of our core businesses, while exploring the emerging industries www.gennexfm.com with high potential and continuously expanding the market share in order to yield the greatest return from all assets under our management. Design, Printing & Production: GenNex Financial Media Limited TABLE OF CONTENTS 10 26 Company Overview Chairman’s Statement 12 28 106 2019 Business Development Management Discussion Risk Management Report Highlights and Analysis 18 48 114 2019 Review Environmental, Social and Directors’ Report Governance Report 82 130 Corporate Governance Directors and Senior Report Management FINANCIAL SECTION 135 Independent Auditor’s Report 142 Consolidated Statement of Profit or Loss 143 Consolidated Statement of Comprehensive Income 144 Consolidated Statement of Financial Position 148 Notes to the Financial Statements 146 Consolidated Statement of Changes in Equity 234 Financial Summary 147 Consolidated Statement of Cash Flows 235 Particulars of Major Properties 236 Corporate Information CONCENTRATION ROBUSTNESS and MASTERY Under the new strategy, CEL focused on the leading enterprises incubated and nurtured, and deepened the support upstream and downstream of the industrial chain, and further promoted the constructive interaction of industrial investment and asset management. Four key industry platforms, Everbright Jiabao/EBA investments, CALC, Terminus and Everbright Senior Healthcare under CEL will maintain their leading positions in the industry, and look for development breakthrough. CONCENTRATION STRATEGY and PRUDENCE In the face of macroeconomic and industry challenges, CEL improvised to address prevailing situations, and launched a strategic reform towards the new strategic reform of becoming the “world-leading cross-border asset management company”. ORGANIZATION ORGANIZATION OBSERVATION FORESIGHT and ENTHUSIASM Industry funds and merger and acquisition funds focusing on new economy, artificial intelligence and advanced manufacturing, aircraft industry chain, infrastructure and medical care are established, complemented by setting up structural investment and financing and diversified products of secondary alternatives, to meet investors’ needs in terms of investment duration, returns, stability and risk appetite, achieving customisation of asset management solutions. OBSERVATION PRECISION and EXECUTION In 2019, the AUM of CEL reached HK$157.0 billion, with management fee income continued to rise. CEL entered the Top 100 world’s largest private equity firms for the first time, under international authority PEI 300. PROPULSION PROPULSION 連續Heading CHINA EVERBRIGHT LIMITED | ANNUAL REPORT 2019 010 COMPANY 請取消段前 OVERVIEW China Everbright Limited (“CEL” or the “Company”, together with its subsidiaries, collectively the “Group”) is a China’s leading cross-border asset management and investment company, and a company listed in Hong Kong with alternative asset management as the core business. China Everbright Group Ltd. (“Everbright Group”) is the largest shareholder of the Company, holding 49.74% of the shares of CEL. CEL is committed to becoming the “world-leading cross-border asset management company”, with fund management and principal investment as its key operating businesses. Apart from efforts in developing its Fund Management Business, the Group also provides capitals necessary for project fostering and fund development through Principal Investments Business, to coordinate progression and promote continuous development. For Fund Management Business, as of the end of 2019, the total assets under management (AUM)1 of CEL was approximately HK$157.0 billion, with 69 funds under management. CEL nurtured multiple enterprises with high growth potential through numerous Primary Market Funds, Secondary Market Investment Portfolios, and Funds-of-Funds, with its investors. While complementing economic development of China, it also introduces the advantages from overseas technologies into the Chinese market, providing multifaceted financial services to Chinese and overseas investors. HKD 157 69 billion AUM Investment Funds In respect of Principal Investments Business, CEL established senior healthcare brand, China Everbright Senior Healthcare EBA Investments’ Real Estate Fund (“EBA Investments”)/ Company Limited (“Everbright Senior Healthcare”). Everbright Jiabao Co., Ltd. (“Everbright Jiabao”), a leading Meanwhile, CEL also invests in structured financing products real estate private equity fund in China, nurtured China to achieve a balanced return and liquidity in its principal Aircraft Leasing Group Holdings Limited (”CALC”), the largest investments in a timely manner. In addition, CEL holds part independent aircraft leasing operator in China, incubated of the equity interests of two cornerstone investments, China Chongqing Terminus Technology Co., Ltd. (“Terminus”), a Everbright Bank Company Limited (“China Everbright Bank”) unicorn company in the artificial intelligence and Internet and Everbright Securities Company Limited (“Everbright of Things (AIoT) industry, and consolidated multiple mid- Securities”). to high-end senior healthcare companies to form a quality Note: 1 Total assets under management refers to the committed capital of fund investors (including CEL as an investor) 010 011 FUND MANAGEMENT BUSINESS PRINCIPAL INVESTMENTS BUSINESS PRIMARY SECONDARY FUNDS-OF- STRATEGIC FINANCIAL CORNERSTONE MARKET FUNDS MARKET FUNDS FUNDS INDUSTRY PLATFORMS INVESTMENTS INVESTMENTS Fund products including primary market funds Strategic Industry Platforms: focusing on aircraft full (including real estate private funds), secondary life-cycle services, artificial intelligence and Internet of market funds and funds-of-funds, among others Things (AIoT) and senior healthcare Both local and overseas investments, with both USD Financial Investments: financial investments in equity, and RMB-denominated products debts and structured products AUM amounting to HK$157.0 billion, of which seed Cornerstone Investments: stake in part of equity interests capital contributed by CEL accounts for 22%, with in China Everbright Bank and Everbright Securities an amount of approximately HK$34.8 billion The total asset value of the Principal Investments Business amounting to HK$39.2 billion OUR ADVANTAGES Huge resources and business network Market-oriented and international The parent company Everbright Group As a listed company based in Hong Kong is a large-scale enterprise group directly for years, CEL has a market-oriented under the State Council and possesses and international investment team and huge business network and social resources governance experience in China Diversified multi-industry investment Cross-border dual currency platform Through the funds under its management and Possessing rich cross-border business licenses its own funds, CEL has invested in more than and experience advantages, with both USD and 300 companies worldwide, involving more than RMB products, fully capturing good investment ten industries opportunities domestically and abroad Diversified multi-industry investment Co-investment mechanism Possessing strong capital strength and market CEL has funds and teams with expertise in fund-raising ability to promote the rapid operation and management in each relevant development of asset management business industry, and has established a mature co-investment mechanism to ensure that the interests of the teams and the funds and the Company are highly aligned 連續Heading CHINA EVERBRIGHT LIMITED | ANNUAL REPORT 2019 012 2019 BUSINESS 請取消段前 DEVELOPMENT HIGHLIGHTS STRATEGIC TRANSFORMATION In 2019, CEL launched a strategic reform towards the goal of being the “world-leading cross-border asset management company”. In the face of the challenging macroeconomics and landscape of private equity industry in 2019, CEL responded to the changing situations, and developed and announced the brand new “1-4-3” strategic plan during the year upon research and evaluation. The plan takes alternative asset management business as a core principal business, focusing on four key industries: real estate asset management, aircraft full life-cycle services, AIoT and senior healthcare, with an aim to expand as the leading company and synergise the development of the principal business, while improving the attributes of being market-oriented, professional and international to support the development of the principal business. “1-4-3” STRATEGIC PLAN Establishing competitive edge of the alternative asset management business
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