DOCSLIB.ORG

HAINAN AIRLINES COMPANY LIMITED HAINAN AIRLINES COMPANY LIMITED Transaction

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
HAINAN AIRLINES COMPANY LIMITED HAINAN AIRLINES COMPANY LIMITED Transaction A31 2016年7月19日（星期二） HAINAN AIRLINES COMPANYThe HNA Group Company LIMITED Limited is the major shareholder of the Company and the Henghe Electronic is the controlled ANNOUNCEMENT OF RESOLUTIONS OF BOARD OF DIRECTORS ANNOUNCEMENT OF OUTBOUND INVESTMENT subsidiary of the HNA Group Company Limited. Therefore this transaction is a connected transaction. The related directors, Xin Di, Mu Weigang and Xie Haoming, had abstained from voting at the meeting of the board of directors discussing the connected HAINAN AIRLINES COMPANY LIMITED HAINAN AIRLINES COMPANY LIMITED transaction. The Hainan Airlines Company Limited and the entire members of its board of directors (“BoD”) hereby guarantee the The Hainan Airlines Company Limited and the entire members of its board of directors (“BoD”) hereby guarantee the 2. Basic Information of Related Parties truthfulness, accuracy and completeness of the announcement and would take responsibilities for significant omission, fictitious truthfulness, accuracy and completeness of the announcement and would take responsibilities for significant omission, fictitious 2.1 HNA Group Company Limited description or serious misleading of it. description or serious misleading of it. Registered capital: RMB 11,151.8 million yuan The 51st session of the seventh board of directors of the Hainan Airlines Company Limited (hereinafter referred to as “the Important Notice: Legal representative: Chen Feng Company”) was convened in the method of communication on July 18 of 2016. The entire members of the BoD (seven directors) ●● Target of investment: The Transportes Aereos Portugueses, SGPS, S.A. (hereinafter referred to as the TAP) Registered address: Hainang Development Mansion, No.29 Haixiu Road, Haikou city participated the meeting, which conforms to the regulations of the Company Law and Articles of Association. During the meeting, ●● Amount of investment: The Hainan Airlines Company Limited (hereinafter referred to as the Company) plans to buy 25% Business Scope: Investment and management of air traffic and airport; investment and management of hotels and golf courses; following proposals were deliberated and passed through: convertible bond of the TAP (which correspond 13.06% economic interests of the TAP) from the Azul S. A. with its own fund of information technology service; import and export of aircraft and aviation materials; investment and development of energy 1. The Report on Establishing Joint Venture Enterprise 30 million Euros. Upon the completion of this transaction, the Company would hold 23% economic interests of the TAP. It would resources, telecommunication, new technology and materials; capital operation; domestic labor and commercial service agency In order to make full use of the policy of the regional customs clearance integration reform and initiate attempt to innovate new also It would occupy 1 board seat of the 12 seats of the board of director of the TAP with voting power. Equity structure： commercial model to innovate its commercial development model, the Hainan Airlines Company Limited (hereinafter referred 1. General Capital Contribution to as the Company) plans to establish the HNA Import & Export Company Limited (hereinafter referred to as the HNA Import & 1.1 Basic information of outbound investment No. Shareholder Equity Percentage(%) Export) with the HNA Group Company Limited (hereinafter referred to as the HNA Group) and the Shenzhen Daqian Investment In order to explore the European and African air-route network, the Company plans to buy 25% convertible bond of the TAP (In RMB 1,000 yuan) Company Limited (hereinafter referred to as the Daqian Investment). The registered capital of the HNA Import & Export accounts (which correspond 13.06% economic interests of the TAP) from the Azul S. A. with its own fund of 30 million Euros. Upon the for RMB 500 million yuan, which includes RMB 175 million yuan of the HNA Group (35% stock right of the HNA Import & 1 Hainan Traffic Control Holding Co., Ltd. 7,806,260 70 completion of this transaction, the Company would hold 23% economic interests of the TAP. It would also It would occupy 1 board 2 Yangpu Construction & Transportation Co., Ltd. 3,345,540 30 Export), RMB 175 million yuan of the Daqian Investment (35% stock right of the HNA Import & Export) and RMB 150 million seat of the 12 seats of the board of director of the TAP with voting power. yuan of the Company (30% stock right of the HNA Import & Export). The Company would have the right to nominate one 1.2 The outbound investment had been deliberated and approved by the 51st session of the seventh board of directors of the Total 11,151,800 100 supervisor of the board of the supervisors. Company. Four directors cast for affirmative votes, three for avoiding votes, zero dissenting vote and zero avoiding vote. The 2.2 The Haihang Aviation Group Company Limited Opinions of the independent director: The investment in establishing the HNA Import & Export would make full use of the independent directors issued independent opinions on the related proposal. policy of the regional customs clearance integration reform. It would help to reduce the overall cost on different aspect such as cost Enterprise nature: Limited partnership enterprise on aircraft, engine and aviation materials buying. Meanwhile it would improve the investment income of the Company. It would 2. Basic Information of the Trading Party Legal representative: Chen Wenli take positive effect on the future development of the Company. Name: Azul S.A. Registered address: Hainang Development Mansion, No.29 Haixiu Road, Haikou city This transaction is a connected transaction. The related directors, Xin Di, Mu Weigang and Xie Haoming, had abstained from Registered capital: BRL 503,427,288.62 Registered capital: RMB 17,000,000,000 yuan voting at the meeting of the board of directors discussing the connected transaction. Legal representative: David Neeleman Business scope: Investment management related to air transportation; capital operation & management; entrusted assets The proposal would be submitted to the general meeting for approval. Registered address: Av. Marcos Penteado de Ulhoa Rodrigues, 939, 8th floor, Torre Jatoba, CEP 06460-040, Barueri-SP, Brazil management; terminal building service and operation For details, please refer to the announcement of establishing joint venture enterprise disclosed on the same date of this Equity structure： Equity structure： announcement. No. Shareholder Equity Percentage(%) Capital Contribution Voting result: 4 affirmative votes, 0 dissenting vote, 0 abstention vote and 3 avoiding votes. No. Shareholder Equity Percentage(%) 2. The Report on Buying Convertible Bond of the TAP 1 David Neleeman 56.11 (In RMB 1,000 yuan) The Company plans to buy 25% convertible bond of the Transportes Aereos Portugueses, SGPS, S.A. (hereinafter referred to 2 Trip 31.87 1 The HNA Group Company Limited 12,650,000 74.41 as the TAP), which correspond to 13.06% economic interests of the TAP from the Azul S. A. with its own fund of 30 million Euros. 3 Grupo Bozano 2.57 Sanya Phoenix International Airport Company 13.82 Upon the completion of this transaction, the Company would hold 23% economic interests of the TAP. It would also It would 2 2,350,000 occupy 1 board seat of the 12 seats of the board of director of the TAP with voting power. 4 WP-New Air LLC 2.02 Limited Opinions of the independent director: The Company would own economic interest and voting power of the TAP through buying 6 WP-New Air LLC 0.96 Tianhong Chuangxin Assets Management 11.77 the TAP convertible bond held by the Azul S. A.. It would help to explore the air-rout network arrangement of the Company in 7 Other shareholders 6.47 3 2,000,000 Europe and Africa and take positive effect on the future development of the Company. The voting procedure is legal and effective. Company Limited No activity harming the interests of listing enterprise and all shareholders exists. (Remarks: The Company increased its capital investment in the Azul S.A. with its own fund of USD 450 million on Feb. 5 Total 17,000,000 100.00 For details, please refer to the announcement of outbound investment disclosed on the same date of this announcement. of 2016. Presently, the stock equity transfer has not been completed. For details, please refer to the Announcement of Outbound Voting result: 7 affirmative votes, 0 dissenting vote and 0 abstention vote. Investment of Feb. 5 of 2016. ) 2.3 The Hainan Haihang Aviation Sales Company Limited 3. The Report on Increasing Capital Investment into the Yangtze River Express Airlines Company Limited Main business and development of latest three years: The Azul S.A. is a cheap airlines established in Brazil in 2008. It’s Registered capital: RMB 410 million yuan The Company and the HNA Logistics Group Company Limited (hereinafter referred to as the HNA Logistics) plan to increase headquarter is located at the Viracopos-Campinas International Airport of Brazil. It owns largest domestic air-routes of Brazil. Its Legal representative: Liu Tao capital investment into the Yangtze River Express Airlines Company Limited (hereinafter referred to as the Yangtze River Express) fleet owns 152 aircraft. In 2012, the Azul S.A. bought the regional airlines TRIP and became the third largest airlines enterprise of Registered address: Hainan Resort Software Community, Laocheng High-tech Industry Demonstration Zone, Chengmai for RMB 915.2 million yuan (572 million shares) and 2,824.8 million yuan (1,765.5 shares) separately at the price of RMB 1.6 Brazil. In 2014, it started to operate international flight. Presently, the Azul S.A. owns loyal customers of 6 million and becomes County, Hainan Province yuan per share. Upon the completion of the capital increase, the Company would directly hold the stock 11.58% stock equity of the the most favorite airline enterprise of Brazil. Business Scope: Sales agency for domestic and international air ticket (which need to be operated subject to the approval of Yangtze River Express and indirectly hold 21.53% stock equity of the Yangtze River Express through its controlled subsidiary of Financial status: As of the end of 2015, the total assets of the Azul S.A.
Load more

Recommended publications
  • State Patriotism by Chen Weijian Oct 2018
    State patriotism by Chen Weijian (translation by Daisy Lee) Chen Weijian is New Zealand-based editor-in-chief of the political magazine Beijing Spring 4 June 1989 was a bloody day that cannot be erased in Chinese history. The Chinese People's Liberation Army (PLA) opened fire on unarmed students whose blood stained Tiananmen Square. 29 years later, on the same day, a New Zealand overseas Chinese leader, former PLA member Zhang Yikun, received the New Zealand Order of Merit. On September 12th, Zhang Yikun was formally honoured at Government House. The news was even covered by China's CCTV: a star in the overseas Chinese community was on the rise. But while awaiting his spectacular future, Zhang Yikun this month burst into public view in New Zealand following his undeclared $100,000 donation to National Party. The question of what political donations are legal and illegal is a matter for the relevant authorities. What I want to talk about is Zhang Yikun’s political background in China and the role he has been effectively playing in New Zealand as a "patriotic overseas Chinese" leader. In his motherland, China, Zhang Yikun has held quite a few resounding political titles which distinguish him from all the other community leaders of the CCP’s United Front organisations in New Zealand. In 2012, Zhang was elected as the vice chairman of Hainan Provincial Federation of Industry and Commerce. The website’s home page says the Federation is a group of people’s organisations and chambers of commerce under the leadership of the CCP.
    [Show full text]
  • Hainan Airlines Holding Company Limited
    A17 2019年4月4日（星期四） 2019年4月4日（星期四） HAINAN AIRLINES HOLDING COMPANY2019年4月 4LIMITED日（星期四） Capital Contribution Equity Percentage The Haihang Aviation Group pledged 60.78% stock of the Haihang Aviation Technology to two financial ANNOUNCEMENT ON RESOLUTIONS OF THE BOARD OF DIRECTORS No. Shareholder (In RMB yuan) (%) institutions. Presently, above mentioned stock pledged has not been discharged yet. For the sake of this equity HAINAN AIRLINES HOLDING COMPANY LIMITED acquisition, the Haihang Aviation Group shall lift the stock pledge within 90 working days from the approving date of The board of directors of the Hainan Airlines Holding Company Limited and its entire directors guarantee that there 1 The Hainan Airlines Holding Co., Ltd. 3,242,758,000 73.92 the shareholder’s general meeting of the Company on such trading proposal. is no significant omission, fictitious description or serious misleading of information in this announcement and they will 4.3 Acquisition price and pricing policy The China Foreign Economy and Trade Trust Co., Ltd. take both individual and joint responsibilities for the truthfulness, accuracy and completeness of the content. 2 1,143,887,100 26.08 An independent institute is executing the audit and evaluation work of the Haihang Aviation Technology, which The 42nd session of the eighth board of directors of the Hainan Airlines Holding Company Limited (hereinafter would be completed before 2019 Third Extraordinary General Meeting of Shareholders after this session of the board referred to as the Company) was convened in the method of communication on April 3 of 2019. The entire board of Total 4,386,645,100 100.00 of directors.
    [Show full text]
  • Upping Aviation's Ante
    Vol. 24 No. 1 February 2017 orientaviation.com UPPING AVIATION’S ANTE IATA director general and CEO, Alexandre de Juniac, targets heads of state in his lobbying campaign Malaysia Airlines Rolls-Royce bribery HNA Group buys plans 2019 IPO scandal centres on Asia into “Trump Corp.” IndustryIndia’s insight:growth airline explosion The fl exibility to fl y as many cycles as you want, to the destinations you want, as often as you want. LEAP. The architecture of reliability. cfmaeroengines.com CFM International is a 50/50 joint company between GE and Safran Aircraft Engines PERFORMANCE | EXECUTION | TECHNOLOGY MORE TO BELIEVE IN C38261.002_CFM_UTLIZIATION_OrientAviation_Oct16_273x202_v1.indd 1 03/10/2016 12:23 CONTENTS Volume 24, Issue 1 COVER STORY 20 UPPING PUBLISHED BY AVIATION’S ORIENT AVIATION MEDIA GROUP Mailing address: ANTE GPO Box 11435 Hong Kong Office: IATA boss, Alexandre de Juniac, 17/F Hang Wai Commercial Building, wants to engage heads of state in 231-233 Queen’s Road East, Wanchai, Hong Kong building understanding of aviation’s Tel: Editorial (852) 2865 1013 value to the global economy E-mail: [email protected] Website: www.orientaviation.com Publisher & Editor-in-Chief Christine McGee E-mail: [email protected] Chief Correspondent Tom Ballantyne Tel: (612) 9638 6895 Fax: (612) 9684 2776 E-mail: [email protected] Greater China Correspondent Dominic Lalk Tel: (852) 2865 1013 E-mail: [email protected] COMMENT AIR FREIGHT North Asia Correspondent 5 Structural discipline works 24 Asia-Pacific air freight spike spurs hopes of Geoffrey Tudor industry recovery Tel: (813) 3373 8368 E-mail: [email protected] ADDENDUM 6 Etihad Aviation Group CEO, James Hogan, MRO TRAINING India Correspondent R.
    [Show full text]
  • China Data Supplement January 2007
    China Data Supplement January 2007 J People’s Republic of China J Hong Kong SAR J Macau SAR J Taiwan ISSN 0943-7533 China aktuell Data Supplement – PRC, Hong Kong SAR, Macau SAR, Taiwan 1 Contents The Main National Leadership of the PRC 2 LIU Jen-Kai The Main Provincial Leadership of the PRC 30 LIU Jen-Kai Data on Changes in PRC Main Leadership 37 LIU Jen-Kai PRC Agreements with Foreign Countries 55 LIU Jen-Kai PRC Laws and Regulations 57 LIU Jen-Kai Hong Kong SAR 62 Political, Social and Economic Data LIU Jen-Kai Macau SAR 69 Political, Social and Economic Data LIU Jen-Kai Taiwan 73 Political, Social and Economic Data LIU Jen-Kai ISSN 0943-7533 All information given here is derived from generally accessible sources. Publisher/Distributor: GIGA Institute of Asian Studies Rothenbaumchaussee 32 20148 Hamburg Germany Phone: +49 (0 40) 42 88 74-0 Fax: +49 (040) 4107945 2 January 2007 The Main National Leadership of the PRC LIU Jen-Kai Abbreviations and Explanatory Notes CCP CC Chinese Communist Party Central Committee CCa Central Committee, alternate member CCm Central Committee, member CCSm Central Committee Secretariat, member PBa Politburo, alternate member PBm Politburo, member BoD Board of Directors Cdr. Commander CEO Chief Executive Officer Chp. Chairperson COO Chief Operating Officer CPPCC Chinese People’s Political Consultative Conference CYL Communist Youth League Dep.Cdr. Deputy Commander Dep. P.C. Deputy Political Commissar Dir. Director exec. executive f female Gen.Man. General Manager Hon.Chp. Honorary Chairperson Hon.V.-Chp. Honorary Vice-Chairperson MPC Municipal People’s Congress NPC National People’s Congress PCC Political Consultative Conference PLA People’s Liberation Army Pol.Com.
    [Show full text]
  • HNA Group: Chinese Officials Take Control of Airline Operator - CNN 9/21/20, 1003 AM
    HNA Group: Chinese officials take control of airline operator - CNN 9/21/20, 1003 AM Chinese o!cials are taking control of troubled airline operator HNA By Laura He, CNN Business Updated 5:13 AM ET, Mon March 2, 2020 Hong Kong (CNN Business) — Chinese authorities are stepping in to run one of the country's largest conglomerates as it struggles to overcome a massive debt crisis made worse by the novel coronavirus outbreak. Government o<cials in Hainan province have established a "working group" with other agencies to help solve HNA Group's financial woes, the company said in a statement Saturday. The move was made at HNA's request, it added. HNA began life as an airline but grew rapidly through investments in real estate and finance, and overseas acquisitions, to become one of the most important players in China's private sector. Much of its growth was financed by borrowing, however, and the company has been forced to retrench in the last couple of years. Two government o<cials were appointed to top management positions at HNA. Gu Gang has become the company's executive chairman and Ren Qinghua was appointed as HNA's co-CEO. They will work alongside HNA's current management team, which includes chairman Chen Feng. Two other senior members of the working group come from the country's civil aviation authority and one of its policy banks. While HNA's ownership structure is extremely complex and opaque — it is apparently controlled by a nonprofit charity foundation — it has traditionally been classified as a major player in China's private sector.
    [Show full text]
  • Hong Kong Airlines
    Vol. 24 No. 6 July-August 2017 orientaviation.com STAR PERFORMER All Nippon Airways CEO, Yuji Hirako, focuses on smarter operations at the dynamic carrier New Garuda boss HNA group chairman Industry forecasts confirm has 12 months to Chen Feng on charm Asia-Pacific airline market fix carrier offensive supremacy INDUSTRYSPECIALAsia-Pacific INSIGHT REPORT crewan training: update B:420 mm T:404 mm S:384 mm THINK MORE THINK MAX B:285 mm S:253 mm T:273 mm Introducing the 737 MAX 10. The newest addition to the 737 MAX family offers the lowest per-seat cost in the single-aisle segment. Setting new standards in seat costs and effi ciency, the 737 MAX is now the most profi table family in any airline’s fl eet. It’s time to take a closer look. Think more. Think MAX. boeing.com/737MAX FS:188.825 mm FS:188.825 mm F:202 mm F:202 mm Job Number: 10761315 Version: B Client/Brand: Boeing/BCA Date: 6-20-2017 6:15 PM APPROVALS File Name: 10761315vB_LAUNCH_737MAX_404x273.indd QC: Steve Jablonoski Bleed: 420 mm x 285 mm Gutter: 6.35 mm Publications: Aviation Business Middle East, PA: Steve Hutchings PR: Pat Owens Trim: 404 mm x 273 mm Folds: Half202 mm Orient Aviation RET: Greg Olsen/Scott Wulf PP: Audrey Wojtonik Safety: 384 mm x 253 mm Media/Color Sp: PRINT/4 COLOR Notes: None AB: Kathleen Candelaria TM: Deanna Loperena/Kate Vilt Scale: 1=1 Country: None Vendor: None Actual Size: 404x273 Language: English Output%: None GCD: Eugene Varnado Colors: Cyan, Magenta, Yellow, Black AD: Sarah Frazer Fonts: Helvetica Neue (55 Roman, 75 Bold, 35 Thin, 95 Black; Type 1) CW: Chloe Lebamoff AE: Megan O’Malley ALL CONTENT WITHIN THIS FILE IS FOR OUTPUT ONLY BY END PRINTER/VENDOR.
    [Show full text]
  • China Europe Business Meeting 24-26 September 2006, Geneva, Switzerland
    China Europe Business Meeting 24-26 September 2006, Geneva, Switzerland a Horasis-leadership event co-hosts: All China Federation of Industry and Commerce China Entrepreneurs Forum China-Europe Association for Technical and Economic Cooperation China Federation of Industrial Economics Economic Development Office, State of Geneva Kingdom Club Report compiled in cooperation with Report Table of Contents Foreword 4 Preamble Meeting 6 Session Summaries Opening Reception 11 Rethinking Scenarios for China’s Future 12 Investing in Europe 14 Riding the Next Wave of IT 16 The Strategic Imperative of Human Resources 18 Redesigning Financial Services 20 Boosting Quality 22 Debating China’s Rise 24 China’s role in Global Trade 25 Towards Competitive Logistics Management 26 Leadership in the Chinese Context 28 Building Chinese Brands 30 The Lure of Private Equity 32 Technology and Innovation: Outlook and Opportunities 34 Sustainability – Shifting towards a ‘Green GDP’ 36 Preparing for China’s Energy Needs 38 Envisioning the Global Chinese Firm 40 Acquiring companies in Europe: Strategic Legal Issues for Chinese Firms 42 Listing Chinese firms 43 Facilitating Investments through Strategic Communications 45 Manufacturing, Sourcing and Supply Chain Management 46 Chinese Business Leader of the Year 48 Key Insights on How to Do Business in Europe 49 Interviews 50 Horasis is a global visions community committed to enact visions for a sustainable future (http:/www.horasis.org) China Europe Business Meeting 24-26 September 2006, Geneva, Switzerland a Horasis-leadership event Co-hosts: All China Federation of Industry and Commerce China Entrepreneurs Forum China-Europe Association for Technical and Economic Cooperation China Federation of Industrial Economics Economic Development Office, State of Geneva Kingdom Club Thought Leadership Partner: PricewaterhouseCoopers Co-chairs: Ronnie C.
    [Show full text]
  • Aviation Strategy Issue #214, March 2016
    Issue no. 214 March 2016 HNA Group: creating a This issue includes mysterious global Page conglomerate China Dream 1 are few conglomerates in the world of aviaon born out Raonalising the of the establishment of an airline, and none seemingly with intra-European market 6 T such overwhelming ambion as the HNA Group. Chairman and founder,Chen Feng, has stated that “by 2020 we can become one of the Finnair: East by Northeast 10 world’s top 100 companies and by 2030 we want to become one of the top 50”. And yet it is privately owned; its ownership, financial data and LATAM: Impressive cost structure obscure and opaque. cung and fleet HNA Group grew out of Hainan Grand China Airlines was established restructuring 15 Airlines, now China’s fourth largest as a parent company for the listed airline. The airline, based in the his- Hainan Airlines and the group ac- torically piracal tropical island of quired control of a handful of smaller Hainan, was formed by Chen Feng carriers: Chang’an, Xinhua and Shanxi in 1993 in an unusual public/private Airlines. partnership with the regional gov- Now HNA Group is mulnaonal, ons (how it jusfies this claim is un- ernment of Hainan Province, later in a sprawling conglomerate with fin- clear); ownership of at least 8 air- 1995helpedbyasmallinial$25min- gers in many pies primarily relang to ports, 330 retail stores, 440 hotels, a vestment from George Soros’ Quan- transport and tourism, boasng rev- fleet of 40 ships of various types, a tum Fund apparently creang the enues of RMB190bn ($30bn) in 2015, shipbuilding yard, the world’s largest first sino-foreign “joint venture” air- assets of over RMB600bn and major container leasing operaon, and the line.
    [Show full text]
  • 00E Security Cover 0..0
    IMPORTANT NOTICE NOT FOR DISTRIBUTION IN THE UNITED STATES NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES OR ANY U.S. PERSONS. THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE ADDRESSEES OUTSIDE OF THE UNITED STATES. IMPORTANT: You must read the following before continuing. The following applies to the preliminary supplement to the offering circular following this page (the ‘‘Supplement’’), and you are therefore advised to read this carefully before reading, accessing or making any other use of this Supplement. In accessing this Supplement, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (‘‘REGULATION S’’), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THIS OFFERING IS MADE SOLELY IN OFFSHORE TRANSACTIONS PURSUANT TO REGULATION S UNDER THE SECURITIES ACT.
    [Show full text]
  • Research on the Culture of Fujian Merchants Group
    [Type text] ISSN : [Type0974 -text] 7435 Volume 10[Type Issue text] 12 2014 BioTechnology An Indian Journal FULL PAPER BTAIJ, 10(12), 2014 [5910-5919] Research on the culture of Fujian merchants group Chunhao Li, Xiangqian Zhang* Business Administration College HuaQiao University, No. 269, Chenghua North Road, Quanzhou 362021, (P.R.CHINA) E-mail : [email protected] ABSTRACT Fujian merchants spread all over the world and have made an indelible contribution to the development of China and the world. The paper mainly analyzes the four development stages of Fujian merchants group, Summarize that the culture characteristics is marine, family, diversity, inheritance, deification and the spirit is love fighting, pragmatism, solidarity and friendship, honesty and trustworthiness, feedback hometown. However, Fujian merchants group still have some problem and face with enormous challenges at home and abroad, recommended that promoting to transform old spirit into new, strengthen cultural publicity, promote the change of management and internal guide and external united, so as to promoting the sustainable development of Fujian merchants culture. KEYWORDS Fujian merchants; Development phase of Fujian merchants; Culture of Fujian merchants; Spirit of Fujian merchants; Sustainable development. © Trade Science Inc. BTAIJ, 10(12) 2014 Xiangqian Zhang and Chunhao Li 5911 INTRODUCTION On May 16, 2010, the CCTV International Channel aired large historical documentary "Fujian merchants" to promote people's understanding of the history and culture of Fujian merchants. Fujian merchants is the general designation of who is Fujian membership and engage in commodity production, commodity exchange, foreign trade, financial services and other activities at home and abroad[1], and is one of the most active three business group in our country economic stage at present.
    [Show full text]
  • A Major Threat to US Posed by Corrupted Members of China's
    A nation within a nation: a major threat to US posed by corrupted members of China’s Politburo Standing Committee (PSC) and their international corporations Recently Guo Wengui, an exiled Chinese billionaire, has drawn media’s attentions at home and from abroad123. Mr. Guo, also known as Miles Kowk, alleged that Wang Qishan, a member of China’s Politburo Standing Committee (PSC) and one of the most powerful men in China, is corrupted and has embezzled billions of dollars, transferred the money abroad and put them into the hands of his family members and vassals. Mr.Guo claimed that he has been wrongly persecuted by Mr. Wang and Mr. Wang wants him dead because he holds sensitive information about Mr. Wang. The irony is that Mr. Wang himself is the leader of Communist party’s Central Commission for Discipline Inspection, which is in charge of catching corrupted officials in China. The scheme, according to Mr.Guo, is as follows: HNA Group, an international corporation controlled by Mr. Wang, takes loans from Chinese state-owned banks and buys up assets abroad. Then HNA transfers its assets including cash to private and unrelated companies or funds owned or controlled by Chen Feng, HNA’s CEO and Guan Jun, a mysterious major shareholder, who allegedly owns at least 30% of HNA Group4. According to Mr.Guo, HNA doesn’t have to pay off the debt owed to the state-owned banks. The debt could become bad debt and be bought by state-owned asset management companies controlled by Mr. Wang and then sold to companies controlled or owned by Mr.
    [Show full text]
  • Journal of Current Chinese Affairs
    Journal of C urrent Chinese Affairs China Data Supplement May 2009 People’s Republic of China Hong Kong SAR Macau SAR Taiwan China aktuell China Data Supplement – PRC, Hong Kong SAR, Macau SAR, Taiwan 1 Contents The Main National Leadership of the PRC ......................................................................... 2 LIU Jen-Kai The Main Provincial Leadership of the PRC ..................................................................... 30 LIU Jen-Kai Data on Changes in PRC Main Leadership ...................................................................... 37 LIU Jen-Kai PRC Agreements with Foreign Countries ......................................................................... 44 LIU Jen-Kai PRC Laws and Regulations .............................................................................................. 47 LIU Jen-Kai Hong Kong SAR................................................................................................................ 51 LIU Jen-Kai Macau SAR....................................................................................................................... 58 LIU Jen-Kai Taiwan .............................................................................................................................. 63 LIU Jen-Kai ISSN 0943-7533 All information given here is derived from generally accessible sources. Publisher/Distributor: GIGA Institute of Asian Studies Rothenbaumchaussee 32 20148 Hamburg Germany Phone: +49 (0 40) 42 88 74-0 Fax: +49 (040) 4107945 2 May 2009 The Main National
    [Show full text]