DOCSLIB.ORG

Tian Lun Gas (1600 HK) up MP OP a Gas Utilities Laggard to Unleash M&A-Driven Growth Potential

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Tian Lun Gas (1600 HK) up MP OP a Gas Utilities Laggard to Unleash M&A-Driven Growth Potential 15 December 2017 Last Closing: HK$ 5.63 Upside: +42% Target Price: HK$ 8.00 Gas Utilities Sector Tian Lun Gas (1600 HK) UP MP OP A gas utilities laggard to unleash M&A-driven growth potential Initiation of coverage Financial Highlights Y/E 31 Dec 2015 2016 2017E 2018E 2019E Revenue (RMB m) 2,252 2,693 3,178 3,714 4,335 NEUTRAL YoY growth (%) 67.6 19.6 18.0 16.8 16.7 Net profit (RMB m) 284 313 390 477 569 EPS (RMB) 0.282 0.317 0.394 0.482 0.575 SELL EPS growth (%) 5.9 12.5 24.4 22.4 19.2 P/E (x) 16.9 15.1 12.1 9.9 8.3 BVPS (RMB) 2.326 2.457 2.760 3.131 3.573 P/B (x) 2.1 1.9 1.7 1.5 1.3 Dividend yield (%) 0.0 1.6 1.9 2.3 2.8 We initiate coverage on Tian Lun Source: Company data, BOCOM Int’l estimates Gas (TLG) with a Buy rating and More than tenfold increases in revenue and retail gas sales in 2010-16. Since its DCF-based TP of HK$8.00. founding in 2002, Tian Lun Gas (TLG) has been growing fast in terms of revenue and gas TLG’s management emphasized acquisition-driven growth ahead sales volume. From 2002 to 2007, TLG laid the foundation for future growth by gaining with prudent project selection. three projects in key cities in Henan Province. After its listing in 2010, TLG started to We forecast TLG’s 3-year earnings expand quickly through a series of acquisitions. Since 2011, TLG has acquired 24 targets CAGR at 22.0%, with free cash flow with capex of ~RMB3.8bn. From 2010 to 2016, revenue, net profit and retail gas sales turning positive in 2019E. volume surged 14x, 6x and 20x, respectively, translating into 48%, 27% and 43% CAGRs YTD share performance of TLG has in the period. By 1H17, TLG had expanded its footprint into 13 provinces with a total of significantly underperformed peers’. We see re-rating potential 54 gas projects, 59 gas refilling stations, two LNG processing plants, and three operating for TLG once the company speeds long-haul pipelines. up acquisitions. Steadfast on M&A strategy with highly-selective approach. TLG’s management has Stock data reaffirmed M&A will not slow and remains the key strategy to drive expansion. Among 52w high (HK$) 7.6 the small- to mid-sized privately-owned gas distribution companies, TLG targets to 52w low (HK$) 3.75 acquire those with limited financial resources for expansion or with earnings levels Market cap (HK$ m) 5,572 insufficient for a listing. We reckon TLG prefers mature projects with good operational Issued shares (m) 990 efficiency and will keep the historical P/E of potential deals lower than its own to Avg daily vol (m) 1.42 1-mth change (%) -1.1 ensure value-accretive acquisitions. TLG is now looking for M&A opportunities in SW YTD change (%) -21.3 and NW regions as projects there are expected to enjoy better gas supply. 50d MA (HK$) 5.69 200d MA (HK$) 5.28 Expect strong earnings CAGR of 22.0% in 2016-19; free cash flow to improve 14d RSI 48.01 continuously. We forecast TLG’s net profit to register a 22.0% CAGR during 2016-19 on Source: Bloomberg the back of a 26% CAGR in retail gas sales volume and slight improvement in dollar 1-year performance chart margin. We have factored in RMB500m capex per year for M&A in 2017-19E. With HSI 1600.HK persistent improvement in operational cash flow, we estimate TLG’s free cash flow to 40% 30% turn positive in 2019E. Net gearing, on the other hand, is estimated to come down from 20% 105% to 90% from 2017 to 2019. 10% 0% -10% Undemanding valuation; initiate coverage with Buy and TP of HK$8.00: We derive our -20% -30% TP of HK$8.00 from our DCF model, based on 8.6% WACC and 2.0% terminal growth. -40% Our TP translates into 14.0x 2018E P/E. TLG has been a laggard amid a strong year for Dec-16 Apr-17 Aug-17 Nov-17 the gas utilities sector. We believe investors have been impatient with TLG’s somewhat Source: Bloomberg slower M&A progress after the Jintang acquisition in 2Q17. Current valuation at 10x Wallace Cheng 2018E P/E is at least ~30% discounted to those of major gas utilities names (ENN, CGH [email protected] and CRG). We expect such a discount to narrow when TLG further expedites its Tel: (852) 3766 1810 acquisitions. We initiate coverage on TLG with a Buy rating. Spencer Luo [email protected] Risk factors: (1) M&A progress may be slower than expected; (2) dollar margin and new Tel: (852) 3766 1853 connections may be lower than expected; and (3) relatively low liquidity of the stock. Download our reports from Bloomberg: BOCM〈enter〉 Download our reports from Bloomberg: BOCM〈enter〉 Tian Lun Gas (1600 HK) Gas Utilities Sector 15 December 2017 TABLE OF CONTENT Company Overview – Strong Growth Track since 2002 ............................................................................ 3 Steadfast on Highly-selective Acquisitions .............................................................................................. 5 Operation to Stay on Track during 2017-19E ........................................................................................... 7 Expect 22.0% Earnings CAGR in 2016-19E; Free Cash Flow to Improve Continuously .............................. 10 Risk Factors .......................................................................................................................................... 12 Undemanding Valuation; Initiate Coverage with Buy Rating and TP of HK$8.00 ..................................... 13 TABLE OF CHARTS Figure 1: Summary of TLG’s major acquisitions after listing ..................................................................................................................................... 3 Figure 2: Revenue and net profit of TLG (2007-16) ................................................................................................................................................... 4 Figure 3: Retail gas sales volume of TLG (2007-16) ................................................................................................................................................... 4 Figure 4: Locations of TLG’s 3 projects before listing in 2010 ................................................................................................................................... 4 Figure 5: Summary of TLG’s project in 1H17 ............................................................................................................................................................. 4 Figure 6: Natural gas consumption volume and growth rate (2007-16) ................................................................................................................... 5 Figure 7: 1H17 operational data highlights ............................................................................................................................................................... 7 Figure 8: Comparison of retail gas sales breakdown in 2017E .................................................................................................................................. 7 Figure 9: Comparison of gas sales volume growth from gas stations (2017-19E) ..................................................................................................... 7 Figure 10: Key assumptions on gas sales volume...................................................................................................................................................... 8 Figure 11: New connections per year and cumulative connections ......................................................................................................................... 8 Figure 12: Key assumptions on dollar margin of retail gas sales ............................................................................................................................... 9 Figure 13: Revenue, gross profit and GPM forecasts .............................................................................................................................................. 10 Figure 14: Revenue and gross profit forecasts ........................................................................................................................................................ 10 Figure 15: Weighting of each segment in gross profit ............................................................................................................................................ 10 Figure 16: Net profit and EPS growth forecasts ...................................................................................................................................................... 11 Figure 17: Free cash flow and net gearing forecasts ............................................................................................................................................... 11 Figure 18: WACC assumptions ................................................................................................................................................................................ 13 Figure 19: DCF Model .............................................................................................................................................................................................. 13 Figure 20: DCF valuation sensitivity analysis ........................................................................................................................................................... 13 Figure 21: 5- year P/E band of TLG (x) ..................................................................................................................................................................... 14 Figure 22: 5-year P/B band of TLG (x) ....................................................................................................................................................................
Load more

Recommended publications
  • Table S1 the Detailed Information of Garlic Samples Table S2 Sensory
    Electronic Supplementary Material (ESI) for RSC Advances. This journal is © The Royal Society of Chemistry 2019 Table S1 The detailed information of garlic samples NO. Code Origin Cultivar 1 SD1 Lv County, Rizhao City, Shandong Rizhaohong 2 SD2 Jinxiang County, Jining City, Shandong Jinxiang 3 SD3 Chengwu County, Heze City, Shandong Chengwu 4 SD4 Lanshan County, Linyi City, Shandong Ershuizao 5 SD5 Anqiu City, Weifang City, Shandong Anqiu 6 SD6 Lanling County, Linyi City, Shandong Cangshan 7 SD7 Laicheng County, Laiwu City, Shandong Laiwu 8 JS1 Feng County, Xuzhou City, Jiangsu Taikongerhao 9 JS2 Pei County, Xuzhou City, Jiangsu Sanyuehuang 10 JS3 Tongshan County, Xuzhou City, Jiangsu Lunong 11 JS4 Jiawang County, Xuzhou City, Jiangsu Taikongzao 12 JS5 Xinyi County, Xuzhou City, Jiangsu Yandu 13 JS6 Pizhou County, Xuzhou City, Jiangsu Pizhou 14 JS7 Quanshan County, Xuzhou City, Jiangsu erjizao 15 HN1 Zhongmou County, Zhengzhou City, Sumu 16 HN2 Huiji County, ZhengzhouHenan City, Henan Caijiapo 17 HN3 Lankao County, Kaifeng City, Henan Songcheng 18 HN4 Tongxu County, Kaifeng City, Henan Tongxu 19 HN5 Weishi County, Kaifeng City, Henan Liubanhong 20 HN6 Qi County, Kaifeng City, Henan Qixian 21 HN7 Minquan County, Shangqiu City, Henan Minquan 22 YN1 Guandu County, Kunming City, Yunnan Siliuban 23 YN2 Mengzi County, Honghe City, Yunnan Hongqixing 24 YN3 Chenggong County, Kunming City, Chenggong 25 YN4 Luliang County,Yunnan Qujing City, Yunnan Luliang 26 YN5 Midu County, Dali City, Yunnan Midu 27 YN6 Eryuan County, Dali City, Yunnan Dali 28
    [Show full text]
  • 中国输美木制工艺品注册登记企业名单registered Producing
    中国输美木制工艺品注册登记企业名单 Registered Producing Industries of Wooden Handicrafts of China Exported to the U.S. 注册登记编号 序号 所在省份 所在城市 企业名称 企业地址 Registered Number Province City Company Name Company Address Number 天津市北辰区双口镇双河村30号 天津津长工艺品加工厂 天津 天津 NO.30, SHUANGHE VILLAGE, 1 TIANJIN JINCHANG ARTS & 1206ZMC0087 TIANJIN TIANJIN SHUANGKOU TOWN, BEICHEN CRAFTS FACTORY DISTRICT, TIANJIN CITY, CHINA 天津市静海县利邦工艺制品厂 天津市静海区西翟庄镇西翟庄 天津 天津 2 TIANJIN JINGHAI LEBANG ARTS XIZHAI ZHUANG, JINGHAI COUNTRY 1204ZMC0004 TIANJIN TIANJIN CRAFTS CO.,LTD TIANJIN 天津市宁河县板桥镇田庄坨村外东侧 天津鹏久苇草制品有限公司 天津 天津 THE EAST SIDE OF TIANZHUANGTUO 3 TIANJIN PENGJIU REED PRODUCTS 1200ZMC0012 TIANJIN TIANJIN VILLAGE, BANQIAO TOWN, NINGHE CO.,LTD. COUNTY, TIANJIN, CHINA 河北百年巧匠文化传播股份有限公司 石家庄桥西区新石北路399号 河北 石家庄 4 HEBEI BAINIANQIAOJIANG NO.399, XINSHI NORTH ROAD, QIAOXI 1300ZMC9003 HEBEI SHIJIAZHUANG CULTURE COMMUNICATION INC. DISTRICT, SHIJIAZHUANG CITY 行唐县森旺工贸有限公司 河北省石家庄行唐县口头镇 河北 石家庄 5 XINGTANGXIAN SENWANG KOUTOU TOWN, XINGTANG COUNTY, 1300ZMC0003 HEBEI SHIJIAZHUANG INDUSTRY AND TRADING CO.,LTD SHIJIAZHUANG, HEBEI CHINA 唐山市燕南制锹有限公司 河北省滦南县城东 河北 唐山 6 TANGSHAN YANNAN EAST OF LUANNAN COUNTY, HEBEI, 1302ZMC0002 HEBEI TANGSHAN SHOVEL-MAKING CO.,LTD CHINA 唐山天坤金属工具制造有限公司 河北省唐山市滦南县唐乐公路南侧 河北 唐山 7 TANGSHAN TIANKUN METAL SOUTH OF TANGLE ROAD, LUANNAN 1302ZMC0008 HEBEI TANGSHAN TOOLS MAKING CO.,LTD COUNTY, HEBEI, CHINA 唐山市长智农工具设计制造有限公司 TANGSHAN CHANGZHI 河北省滦南县城东杜土村南 河北 唐山 8 AGRICULTURAL TOOLS SOUTH OF DUTU TOWN, LUANNAN 1302ZMC0031 HEBEI TANGSHAN DESIGNING AND COUNTY, HEBEI, CHINA MANUFACTURING CO.,LTD. 唐山腾飞五金工具制造有限公司 河北省滦南县宋道口镇 河北 唐山 9 TANGSHAN TENGFEI HARDWARE SONG DAO KOU TOWN, LUANNAN 1302ZMC0009 HEBEI TANGSHAN TOOLS MANUFACTURE CO.,LTD. COUNTY, HEBEI CHINA 河北省滦南县宋道口镇杜土村南 唐山舒适五金工具制造有限公司 河北 唐山 SOUTH OF DUTU, SONG DAO KOU 10 TANGSHAN SHUSHI HARDWARE 1302ZMC0040 HEBEI TANGSHAN TOWN, LUANNAN COUNTY, HEBEI TOOLS MANUFACTURE CO,LTD CHINA 唐山腾骥锻轧农具制造有限公司 河北省滦南县宋道口镇 河北 唐山 TANGSHAN TENGJI FORGED 11 SONG DAO KOU TOWN, LUANNAN 1302ZMC0011 HEBEI TANGSHAN AGRICULTURE IMPLEMENTS COUNTY, HEBEI CHINA MANUFACTURING CO.,LTD.
    [Show full text]
  • Documented Cases of Falun Gong Practitioners "Sentenced" to Prison Camps Based on Reports Received January - June 2009 Falun Dafa Information Center
    Documented Cases of Falun Gong Practitioners "Sentenced" to Prison Camps Based on Reports Received January - June 2009 Falun Dafa Information Center Name Date of Sentence Place currently Scheduled date Initial place of Case # Name (Chinese) Age Gender Occupation Date of Sentencing Charges City Province Court Judge's name Lawyer Notes (Pinyin)2 Detention length detained of release detention Employee of No.8 Arrested with his wife at his mother-in-law's Mine of the Coal Pingdingshan Henan Zhengzhou Prison in Xinmi Pingdingshan City 1 Liu Gang 刘刚 m 18-May-08 early 2009 18 2027 home; transferred to current prison around Corporation of City Province City, Henan Province Detention Center March 18, 2009 Pingdingshan City Nong'an Nong'an 2 Wei Cheng 魏成 37 m 27-Sep-07 27-Mar-09 18 Jilin Province Guo Qingxi March, 2027 Arrested from home; County County Court Zhejiang Fuyang Zhejiang Province 3 Jin Meihua 金美华 47 f 19-Nov-08 15 Fuyang City November, 2023 Province City Court Women's Prison Nong'an Nong'an 4 Han Xixiang 韩希祥 42 m Sep-07 27-Mar-09 14 Jilin Province County Guo Qingxi March, 2023 Arrested from home; County Court Nong'an Nong'an 5 Li Fengming 李凤明 45 m 27-Sep-07 27-Mar-09 14 Jilin Province County Guo Qingxi March, 2023 Arrested from home; County Court Arrested from home; detained until late April Liaoning Liaoning Province Fushun Nangou 6 Qi Huishu 齐会书 f 24-May-08 Apr-09 14 Fushun City 2023 2009, and then sentenced in secret and Province Women's Prison Detention Center transferred to current prison.
    [Show full text]
  • Directors, Supervisors and Senior Management
    THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT BOARD OF DIRECTORS App1A-41(1) The Board consists of eleven Directors, including five executive Directors, two non-executive 3rd Sch 6 Directors and four independent non-executive Directors. The Directors are elected for a term of three years and are subject to re-election, provided that the cumulative term of an independent non-executive Director shall not exceed six years pursuant to the relevant PRC laws and regulations. The following table sets forth certain information regarding the Directors. Time of Time of joining the joining the Thirteen Date of Position held Leading City Time of appointment as of the Latest Group Commercial joining the as a Practicable Name Age Office Banks Bank Director Date Responsibility Mr. DOU 54 December N/A December December Executive Responsible for the Rongxing 2013 2014 23, 2014 Director, overall management, (竇榮興) chairperson of strategic planning and the Board business development of the Bank Ms. HU 59 N/A January 2010 December December Executive In charge of the audit Xiangyun (Joined 2014 23, 2014 Director, vice department, regional (胡相雲) Xinyang chairperson of audit department I and Bank) the Board regional audit department II of the Bank Mr. WANG Jiong 49 N/A N/A December December Executive Responsible for the (王炯) 2014 23, 2014 Director, daily operation and president management and in charge of the strategic development department and the planning and financing department of the Bank Mr.
    [Show full text]
  • Appendix V Statutory and General Information
    APPENDIX V STATUTORY AND GENERAL INFORMATION A. FURTHER INFORMATION ABOUT OUR COMPANY, SUBSIDIARIES AND CONSOLIDATED AFFILIATED ENTITIES 1. Incorporation Our Company was incorporated in the Cayman Islands on 15 November 2017 as an exempted company with limited liability. Our registered office address is at Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands. Accordingly, our Company’s corporate structure and Memorandum and Articles are subject to the relevant laws of the Cayman Islands. A summary of our Memorandum and Articles of Association is set out in the section headed “Summary of the Constitution of the Company and Cayman Companies Law” in Appendix IV. Our registered place of business in Hong Kong is at 40/F, Sunlight Tower, 248 Queen’s Road East, Wanchai, Hong Kong. We were registered as a non-Hong Kong company under Part 16 of the Companies Ordinance on 11 July 2018 with the Registrar of Companies in Hong Kong. Mr. Wong Yu Kit has been appointed as the authorised representative of our Company for the acceptance of service of process in Hong Kong. The address for service of process is 40/F, Sunlight Tower, 248 Queen’s Road East, Wanchai, Hong Kong. As of the date of this document, our Company’s head office is located at No. 66, Beihai East Road, Shangqiu, Henan Province, the PRC. 2. Changes in the share capital of our Company The following changes in the share capital of our Company took place during the two years immediately preceding the date of this document: (a) on 15 November 2017, our Company issued and allotted 1 share of par value HK$0.00001 to Vistra (Cayman) Limited (the incorporator of our Company) that was transferred to Chunlai Investment on the same day; and (b) on 12 February 2018, our Company issued and allotted 899,999,999 shares of par value HK$0.00001 to Chunlai Investment.
    [Show full text]
  • World Bank Document
    CONFORMED COPY LOAN NUMBER 7909-CN Public Disclosure Authorized Project Agreement Public Disclosure Authorized (Henan Ecological Livestock Project) between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Public Disclosure Authorized and HENAN PROVINCE Dated July 26, 2010 Public Disclosure Authorized PROJECT AGREEMENT AGREEMENT dated July 26, 2010, entered into between INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (the “Bank”) and HENAN PROVINCE (“Henan” or the “Project Implementing Entity”) (“Project Agreement”) in connection with the Loan Agreement of same date between PEOPLE’S REPUBLIC OF CHINA (“Borrower”) and the Bank (“Loan Agreement”) for the Henan Ecological Livestock Project (the “Project”). The Bank and Henan hereby agree as follows: ARTICLE I – GENERAL CONDITIONS; DEFINITIONS 1.01. The General Conditions as defined in the Appendix to the Loan Agreement constitute an integral part of this Agreement. 1.02. Unless the context requires otherwise, the capitalized terms used in the Project Agreement have the meanings ascribed to them in the Loan Agreement or the General Conditions. ARTICLE II – PROJECT 2.01. Henan declares its commitment to the objective of the Project. To this end, Henan shall: (a) carry out the Project in accordance with the provisions of Article V of the General Conditions; and (b) provide promptly as needed, the funds, facilities, services and other resources required for the Project. 2.02. Without limitation upon the provisions of Section 2.01 of this Agreement, and except as the Bank and Henan shall otherwise agree, Henan shall carry out the Project in accordance with the provisions of the Schedule to this Agreement. ARTICLE III – REPRESENTATIVE; ADDRESSES 3.01.
    [Show full text]
  • On the Local Political Economy of Rural Urbanisation in China, In: Journal of Current Chinese Affairs, 45, 1, 109–139
    Journal of Current Chinese Affairs China aktuell Topical Issue: Policy Implementation in the New Socialist Countryside Guest Editor: René Trappel Meyer-Clement, Elena (2016), The Great Urban Leap? On the Local Political Economy of Rural Urbanisation in China, in: Journal of Current Chinese Affairs, 45, 1, 109–139. URN: http://nbn-resolving.org/urn/resolver.pl?urn:nbn:de:gbv:18-4-9488 ISSN: 1868-4874 (online), ISSN: 1868-1026 (print) The online version of this article and the other articles can be found at: <www.CurrentChineseAffairs.org> Published by GIGA German Institute of Global and Area Studies, Institute of Asian Studies and Hamburg University Press. The Journal of Current Chinese Affairs is an Open Access publication. It may be read, copied and distributed free of charge according to the conditions of the Creative Commons Attribution-No Derivative Works 3.0 License. To subscribe to the print edition: <[email protected]> For an e-mail alert please register at: <www.CurrentChineseAffairs.org> The Journal of Current Chinese Affairs is part of the GIGA Journal Family, which also includes Africa Spectrum, Journal of Current Southeast Asian Affairs and Journal of Politics in Latin America: <www.giga-journal-family.org>. Journal of Current Chinese Affairs 1/2016: 109–139 The Great Urban Leap? On the Local Political Economy of Rural Urbanisation in China Elena MEYER-CLEMENT Abstract: This paper provides insights into the local political econ- omy of China’s current in situ urbanisation as compared to the 1980s and 1990s, focusing on the role played by county and township gov- ernments in shaping urbanisation in their localities.
    [Show full text]
  • The Guo Boxiong Edition James Mulvenon
    So Crooked They Have to Screw Their Pants On Part 3: The Guo Boxiong Edition James Mulvenon On 30 July, the Central Committee announced that General Guo Boxiong, who served as vice-chairman of the Central Military Commission between 2002 and 2012, was expelled from the Chinese Communist Party and handed over to prosecutors for accepting bribes “on his own and through his family . for aiding in the promotion [of officers].” Guo’s expulsion comes one year after similar charges against his fellow CMC vice-chair Xu Caihou, who died of bladder cancer in March 2015. This article examines the charges against Guo, places them in the context of the larger anti-corruption campaign within the PLA, and assesses their implications for Xi Jinping’s relationship with the military and for party-army relations. The Rise and Fall of Guo Boxiong On 30 July, the Central Committee announced that General Guo Boxiong, who served as vice-chairman of the Central Military Commission between 2002 and 2012, was expelled from the Chinese Communist Party and handed over to prosecutors for accepting bribes “on his own and through his family . for aiding in the promotion [of officers].”1 Guo’s explusion comes one year after similar charges against his fellow CMC vice-chair Xu Caihou, who was expelled from the party in June 2014 and died of bladder cancer in March 2015.2 This article examines the charges against Guo, places them in the context of the larger anti-corruption campaign within the PLA, and assesses their implications for Xi Jinping’s relationship with the military and for party-army relations.
    [Show full text]
  • Is It the Appropriate Time to Stop Applying Selenium Enriched Salt in Kashin-Beck Disease Areas in China?
    Nutrients 2015, 7, 6195-6212; doi:10.3390/nu7085276 OPEN ACCESS nutrients ISSN 2072-6643 www.mdpi.com/journal/nutrients Article Is It the Appropriate Time to Stop Applying Selenium Enriched Salt in Kashin-Beck Disease Areas in China? Yujie Ning :, Xi Wang :, Sen Wang, Feng Zhang, Lianhe Zhang, Yanxia Lei and Xiong Guo * School of Public Health, Health Science Center, Xi’an Jiaotong University, Key Laboratory of Trace Elements and Endemic Diseases, National Health and Family Planning Commission, Xi’an, Shaanxi 710061, China; E-Mails: [email protected] (Y.N.); [email protected] (X.W.); [email protected] (S.W.); [email protected] (F.Z.); [email protected] (L.Z.); [email protected] (Y.L.) : These authors contributed equally to this work. * Author to whom correspondence should be addressed; E-Mail: [email protected]; Tel.: +86-029-82655091; Fax: +86-029-82655032. Received: 5 June 2015 / Accepted: 20 July 2015 / Published: 28 July 2015 Abstract: We aimed to identify significant factors of selenium (Se) nutrition of children in Kashin-Beck disease (KBD) endemic areas and non-KBD area in Shaanxi Province for providing evidence of whether it is the time to stop applying Se-enriched salt in KBD areas. A cross-sectional study contained 368 stratified randomly selected children aged 4–14 years was conducted with 24-h retrospective questionnaire based on a pre-investigation. Food and hair samples were collected and had Se contents determined with hydride generation atomic fluorescence spectrometry. Average hair Se content of 349.0 ˘ 60.2 ng/g in KBD-endemic counties was significantly lower than 374.1 ˘ 47.0 ng/g in non-KBD counties.
    [Show full text]
  • 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]
  • The Latest Dynamic of Chinese Governance After 18Th CPC National Congress --- Based on the Visiting of Members of the Political Bureau
    IOSR Journal Of Humanities And Social Science (IOSR-JHSS) Volume 22, Issue 7, Ver. 11 (July. 2017) PP 12-21 e-ISSN: 2279-0837, p-ISSN: 2279-0845. www.iosrjournals.org The latest Dynamic of Chinese Governance After 18th CPC National Congress --- based on the visiting of Members of the Political Bureau Wang Bo, Qi Xudong （School of Government, Beijing Norml University, Beijing 100875, China） Corresponding Author: * Wang Bo ABSTRACT: Based on the Axial Coding from the visiting spot and theme of the Member of the Political Bureau between 2013 to 2016, this article is used to explore the recently dynamic of governance after 18th CPC National Congress. The Chinese Member of the Political Bureau have been to all provinces in China, however, the visiting spot or theme are not balance, In order to achieve governance objectives, they have to think about the national policy and the particularity of each province. All the Member of the Political Bureau have been pay more attention on decentralization and innovation. As we can see, the decentralization between government and market has been made a policy. We found that the reform and innovation are the main policy and dynamic. The Power of Chinese government and the activity of market has consisted. They are willing to make a difference. Members of the Political Bureau are the third energy of Chinese reform or economy. Key words: the latest dynamic of Chinese governance; visiting density; market-augmenting government; axial coding --------------------------------------------------------------------------------------------------------------------------------------- Date of Submission: 12 -05-2017 Date of acceptance: 20-07-2017 ----------------------------------------------------------------------------------------------------------------------------- ---------- I. RESEARCH BACKGROUND AND METHODS Chinese President Xi Jinping has illustrated the “Two Centenary Plan” : “ The first Centenary Goal that is to comprehensively build a moderately prosperous society can be realized.
    [Show full text]
  • History, Distribution, and Potential of the Olive Industry in China: a Review
    sustainability Review History, Distribution, and Potential of the Olive Industry in China: A Review ChunJiang Su 1, Junfeng Sun 2,3,* ID , Wanze Zhu 2 and Li Peng 1 ID 1 Institute of Mountain Hazards and Environment, Chinese Academy of Sciences, # 9, Block 4, Renminnan Road, Chengdu 610041, China; [email protected] (C.S.), [email protected] (L.P.) 2 University of Chinese Academy of Sciences, #19A Yuquan Road, Beijing 100049, China; [email protected] 3 School of Tourism, History, and Culture, South West Minzu University, # 16, South Section, 1st Ring Road, Chengdu 610041, China * Correspondence: [email protected]; Tel.: +86-28-8522-5378 Received: 7 April 2018; Accepted: 2 May 2018; Published: 4 May 2018 Abstract: China, as a non-Mediterranean country with non-Mediterranean climate, is taking olive cultivation as an important part of its agricultural development. In order to highlight some important facts about the history, status, distribution, and trends of the olive industry in China, we performed analyses based on Internet databases, online GIS software, and scientific papers. Results show that the olive industries have been concentrated in several key areas in Gansu, Sichuan, Yunnan, Chongqing, and Hubei. However, the business scope of olive enterprises is still narrow, the scale of enterprises is generally small, and individual or family management of farmers plays an important role. Thus, increased investment and policies are needed to enhance their capacities of R&D and production, and Chinese investigators should carry out socio-economic studies at the microcosmic level and take the initiative to innovate the products by cooperating with people in the same professions worldwide.
    [Show full text]