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2021 Interim Results Announcement

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2021 Interim Results Announcement 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. (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 6030) 2021 INTERIM RESULTS ANNOUNCEMENT The board of directors of CITIC Securities Company Limited is pleased to announce the unaudited interim results of the Company and its subsidiaries for the six months ended 30 June 2021. This announcement, containing the full text of the 2021 interim 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 accompanying preliminary announcement of the interim results. This interim results announcement of the Company is available for viewing on the website of Hong Kong Exchange and Clearing Limited at http://www.hkexnews.hk and on the website of the Company at http://www.citics.com . 1 IMPORTANT NOTICE The Board and the Supervisory Committee of the Company and the Directors, Supervisors and Senior Management warrant the truthfulness, accuracy and completeness of contents of this interim results announcement and that there is no false representation, misleading statement contained herein or material omission from this interim result announcement, for which they will assume joint and several liabilities. This interim results announcement was considered and approved at the 27th Meeting of the Seventh Session of the Board. All Directors attended the meeting. No Director raised any objection to this interim results announcement. The 2021 interim financial statements of the Company were unaudited. PricewaterhouseCoopers Zhong Tian LLP and PricewaterhouseCoopers issued review opinions in accordance with the PRC Accounting Standards for Enterprises and the International Financial Reporting Standards, respectively. Mr. ZHANG Youjun, head of the Company, Mr. LI Jiong, the Chief Financial Officer, and Mr. SHI Benliang, head of the Company’s accounting department, warrant that the financial statements set out in the interim report are true, accurate and complete. There was no profit distribution plan or plan of conversion of the capital reserve into the share capital of the Company for the first half of 2021. Forward looking statements, including future plans and development strategies, contained in this interim results announcement do not constitute a substantive commitment to investors by the Company. Investors should be aware of investment risks. There was no appropriation of funds of the Company by the controlling shareholder and its related/connected parties for non-operating purposes. The Company had made no guarantee to external parties in violation of the stipulated decision-making process. There is no such a situation where the majority of the Directors cannot warrant the truthfulness, accuracy and completeness of the interim results announcement disclosed by the Company. The Company prepared this interim results announcement in both English and Chinese languages. In the event of any discrepancies between the English version and Chinese version of this announcement, the Chinese version shall prevail. 2 CONTENT DEFINITIONS . 4 MATERIAL RISK FACTORS........................................................................ 7 I. COMPANY INFORMATION AND MAJOR FINANCIAL INDICATORS ............................... 8 II. MANAGEMENT DISCUSSION AND ANALYSIS ................................................. 13 III. CORPORATE GOVERNANCE................................................................. 39 IV. ENVIRONMENTAL AND SOCIAL RESPONSIBILITY ............................................. 41 V. SIGNIFICANT EVENTS ...................................................................... 44 VI. CHANGES IN ORDINARY SHARES AND INFORMATION ON SHAREHOLDERS ..................... 61 VII. DIRECTORS, SUPERVISORS, SENIOR MANAGEMENT AND EMPLOYEES .......................... 65 VIII. UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS .................. 67 IX. DOCUMENTS AVAILABLE FOR INSPECTION .................................................. 140 APPENDIX: INDEX OF INFORMATION DISCLOSURE.................................................. 141 3 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this results announcement: “AUM” assets under management “A Share(s)” the domestic Share(s) in the ordinary share capital of the Company with a nominal value of RMB1.00 each, which are listed on the SSE (stock code: 600030) “A Shareholder(s)” holder(s) of A Shares “Articles of Association” the articles of association of the Company “Board” the board of directors of the Company “China AMC” China Asset Management Company Limited “ChiNext” the growth enterprise board in China launched by the SZSE “CITIC Corporation Limited” CITIC Corporation Limited “CITIC Futures” CITIC Futures Company Limited “CITIC Global Trade” CITIC Global Trade (Shanghai) Co., Ltd. “CITIC Group” CITIC Group Corporation “CITIC Limited” CITIC Limited “CITIC PE Fund” CITIC Private Equity Funds Management Co., Ltd. “CITIC Securities Finance MTN” CITIC Securities Finance MTN Co., Ltd. “CITIC Securities Investment” CITIC Securities Investment Limited “CITIC Securities (Shandong)” CITIC Securities (Shandong) Co., Ltd. “CITIC Securities South China” or CITIC Securities South China Company Limited (formerly known as “Guangzhou “Guangzhou Securities” Securities Company Limited) “CLSA B.V.” Crédit Agricole Securities Asia B.V., a private limited company incorporated under the laws of the Netherlands and became a wholly-owned subsidiary of CSI on 31 July 2013 “CLSA Limited” CLSA Limited “CLSA” the brand name of the offshore business of the Company “Company” or “CITIC Securities” CITIC Securities Company Limited “Company Law” the Company Law of the People’s Republic of China “connected transaction(s)” has the same meaning ascribed to it under the Hong Kong Listing Rules currently in effect and as amended from time to time “CSDCC” China Securities Depository and Clearing Corporation Limited 4 “CSI” CITIC Securities International Co., Ltd. “CSRC” China Securities Regulatory Commission “Director(s)” the director(s) of the Company “Financial Holdings Limited” Guangzhou Yuexiu Financial Holdings Group Limited “GoldStone Haorui” Qingdao GoldStone Haorui Investment Company Limited “GoldStone Investment” GoldStone Investment Co., Ltd. “GoldStone Zexin” GoldStone Zexin Investment Management Co., Ltd. “Group” the Company and its subsidiaries “Guangzheng Lingxiu” Guangzheng Lingxiu Investment Company Limited “H Share(s)” the overseas-listed foreign Share(s) in the ordinary share capital of the Company with a nominal value of RMB1.00 each, which are listed on the Hong Kong Stock Exchange (stock code: 6030) “H Shareholder(s)” holder(s) of H Shares “HKEX” Hong Kong Exchanges and Clearing Limited “Hong Kong” the Hong Kong Special Administrative Region of the PRC “Hong Kong Listing Rules” Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited “IPO” initial public offering “Kington Securities” Kington Securities Limited Liability Company, a wholly-owned securities subsidiary of the Company “Ministry of Finance” the Ministry of Finance of the People’s Republic of China “NSSF” National Social Security Fund of the PRC “OTC” over-the-counter “PRC” or “China” the People’s Republic of China “PwC Hong Kong” PricewaterhouseCoopers “PwC Zhong Tian” PricewaterhouseCoopers Zhong Tian LLP “REITs” real estate investment trust “related party transaction(s)” For the purpose of Chapter V “Significant Events” only, has the same meaning ascribed to it under the SSE Listing Rules currently in effect and as amended from time to time “Reporting Period” the six months ended 30 June 2021 “Securities Law” the Securities Law of the People’s Republic of China 5 “Shanghai Clearing House” Interbank Market Clearing House Co., Ltd. “Share(s)” A Share(s) and H Share(s) “Shareholder(s)” holder(s) of the domestic Share(s) or the overseas-listed foreign Share(s) in the ordinary share capital of the Company with a nominal value of RMB1.00, each of which are listed on the SSE and the Hong Kong Stock Exchange, respectively “Shenzhen Securities Regulatory Bureau” the Shenzhen Securities Regulatory Bureau of the CSRC “SSE” Shanghai Stock Exchange “SSE Listing Rules” Rules Governing the Listing of Stocks on Shanghai Stock Exchange “STAR Market” the science and technology innovation board of SSE “Supervisor(s)” the supervisor(s) of the Company “Supervisory Committee” the supervisory committee of the Company “SZSE” Shenzhen Stock Exchange “Wind Info” Wind Information Co., Ltd. “Yuexiu Financial Holdings” Guangzhou Yuexiu Financial Holdings Group Co., Ltd. 6 MATERIAL RISK FACTORS The Group’s business is highly dependent on the macroeconomic and market conditions of China and other areas in which the Company operates its business. Therefore, fluctuation in the Chinese and international capital markets will have material impact on the operating results of the Group. The major risks exposed to by the Group mainly include: legal and compliance risk caused by possible failure
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