Company Announcements

THIRD QUARTERLY REPORT 2021

Source: RNS
RNS Number : 1914R
Air China Ld
03 November 2021
 

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.

 

中國國際航空股份有限公司

AIR CHINA LIMITED

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 00753)

 

THIRD QUARTERLY REPORT 2021

 

This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 and Rule 13.10B of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

 

The board of directors (the "Board") of Air China Limited (the "Company", the Company together with its subsidiaries, the "Group") held a Board meeting on 29 October 2021 and passed the resolution approving the third quarterly report 2021 (the "Quarterly Report") of the Company for the three months ended 30 September 2021 (the "Reporting Period" or "Period") prepared in accordance with the PRC Accounting Standards for Business Enterprises.

 

I.       IMPORTANT NOTICE

 

1.1.    The Board and the supervisory committee of the Company together with the directors, supervisors and senior management of the Company guarantee that the contents of the Quarterly Report are true, accurate and complete and do not contain any false representation, misleading statement or material omission, and shall jointly and severally accept legal liability.

 

1.2.    The legal representative of the Company, person in charge of accounting function and person in charge of accounting department (accounting superintendent) hereby guarantee that the financial statements set out in the Quarterly Report are true, accurate and complete.

 

1.3.    The third quarterly report of the Company is unaudited.

    

 

II.      BASIC INFORMATION OF THE COMPANY

 

2.1.    Major accounting data and financial indicators

 

Unit: RMB'000

 

 

 

 

 

 

Revenue

19,793,622

5.24

57,457,425

18.58

Net profit attributable to shareholders of the listed company

 

-3,535,851

 

427.17

 

-10,321,667

 

2.07

Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses

 

 

-3,653,470

 

 

388.49

 

 

-10,573,863

 

 

2.22

Net cash flows from operating activities

 

N/A

 

N/A

 

10,151,293

 

668.84

Basic earnings per share (RMB per share)

 

-0.26

 

427.17

 

-0.75

 

1.35

Diluted earnings per share (RMB per share)

 

N/A

 

N/A

 

N/A

 

N/A

Weighted average return on net assets (%)

 

-5.07

Decreased by 4.25 percentage points

 

-14.18

Decreased by 2.62 percentage points

 

 

 

 

 

 

 

 

 

 

At the end of the Reporting Period

 

 

 

 

 

At the end of the previous year

Increase/decrease at the end of the Reporting Period as compared to the end of the previous

year (%)

Total assets

287,445,792

284,070,710

1.19

Owners' equity attributable to shareholders of the listed company

 

67,991,228

 

77,582,421

 

-12.36

 

2.2.    Non-recurring profits and losses items and amounts

 

Unit: RMB'000

 

 

 

 

 

 

Items

 

 

 

 

Amounts for the Reporting Period

Amounts for the period from the beginning of the year to the end of the Reporting

Period

 

 

 

Gains or losses on disposal of non-current assets (including write-offs of asset impairment provision)

 

19,037

 

19,806

Government subsidies recorded in the income statement for the current period (excluding those closely related to the Company's normal business and continuously entitled to in fixed amounts or quotas in accordance with the requirements of the state policy)

 

 

 

107,554

 

 

 

269,002

Reversal of provision for impairment of receivables which are individually tested for impairment

 

100,383

 

101,458

Other non-operating income and expenses not covered above

-8,506

38,991

Less: Effect of income tax

27,828

78,934

Effect of non-controlling shareholders' interests (after taxation)

                73,021

                98,127

 

 

 

 

 

 

Total

              117,619

              252,196

 

 

 

 

 

 

Explanation of   non-recurring   profits   and   losses   items   listed   in   the   "Interpretative

Announcement for Information Disclosure of Companies That Issue Securities to the Public No.1 - Non-recurring Profits and Losses" (《公開發行證券的公司信息披露解釋性公告第1號-非經常性損益》) which are defined as recurring profits and losses items

 

Applicable        Not applicable

 

2.3.    Changes of major accounting data and financial indicators and reasons for changes

 

Applicable             Not applicable

 

 

 

Items

Percentage of change (%)

 

Main reason

 

 

 

Net profit   attributable to shareholders of the listed company for the Reporting Period

427.17

Mainly due to the combined effects of the sporadic outbreak of COVID-19 pandemic, the rising aviation fuel price and the fluctuation in exchange rate

Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses for the Reporting Period

388.49

Mainly due to the combined effects of the sporadic outbreak of COVID-19 pandemic, the rising aviation fuel price and the fluctuation in exchange rate

Basic earnings per share for the Reporting Period (RMB per share)

427.17

Mainly due to the combined effects of the sporadic outbreak of COVID-19 pandemic, the rising aviation fuel price and the fluctuation in exchange rate

Net cash flows from operating activities for the period from the beginning of the year to the end of the Reporting Period

668.84

Mainly due to the impact of the year-on- year increase in sales revenue and the decrease in returned tickets

 

The Group will firmly establish the concept of "Safety First", implement safety responsibilities, stringently adhere to rules and regulations as well as manage and control various types of risks, thereby resolutely upholding the safety standards. Moreover, the organizational leadership in respect of the pandemic prevention and control will be further strengthened and the regularized prevention and control measures will be strictly implemented. The Group will continuously strengthen market research and judgement, keep abreast of the changes in demand, dynamically adjust the deployment of transport capacity and implement strict cost control, all in an effort to reduce the impact of the pandemic on the operation.

 

2.4.    Total number of shareholders, particulars of the top 10 shareholders and the top 10 shareholders of tradable shares (or shares not subject to selling restrictions) as at the end of the Reporting Period

 

Total number of shareholders of ordinary shares and number of shareholders of preference shares with restored voting rights as well as particulars of the top 10 shareholders

 

Unit: share

 

http://www.rns-pdf.londonstockexchange.com/rns/1914R_1-2021-11-3.pdf

 

Particulars of the top 10 shareholders not subject to selling restrictions

 

 

 

Name of shareholder

Number of tradable shares held not subject to selling

restrictions

Class and number of shares

 

 

Class of shares

 

 

Number

 

 

 

 

China National Aviation Holding Corporation Limited

5,952,236,697

RMB ordinary shares

5,952,236,697

Cathay Pacific Airways Limited

2,633,725,455

Overseas listed foreign shares

2,633,725,455

HKSCC NOMINEES LIMITED

1,688,048,365

Overseas listed foreign shares

1,688,048,365

China National Aviation Corporation (Group) Limited

1,556,334,920

RMB ordinary shares

1,332,482,920

 

 

Overseas listed foreign shares

223,852,000

China National Aviation Fuel Group Corporation

462,583,102

RMB ordinary shares

462,583,102

China Securities Finance Corporation Limited

311,302,365

RMB ordinary shares

311,302,365

Hong Kong Securities Clearing Company Ltd.

79,930,038

RMB ordinary shares

79,930,038

Agricultural Bank of China Limited - GF Balanced Preferred Hybrid Securities Investment Fund

(中國農業銀行股份有限公司-廣發均衡優選混合型

證券投資基金)

72,954,329

RMB ordinary shares

72,954,329

China Construction Bank Corporation -

GF Value Leading Hybrid Securities Investment Fund (中國建設銀行股份有限公司-廣發價值領先混合型

證券投資基金)

37,046,485

RMB ordinary shares

37,046,485

Industrial Bank Co., Ltd. - GF Stable Preferred Six-month Hybrid Securities Investment Fund

(興業銀行股份有限公司-廣發穩健優選六個月持有期

混合型證券投資基金)

36,480,514

RMB ordinary shares

36,480,514

Explanation on connected relationship or action in concert among the above shareholders

China National Aviation Corporation (Group) Limited is a wholly-owned subsidiary of China National Aviation Holding Corporation Limited. Accordingly, China National Aviation Holding Corporation Limited is directly and indirectly interested in 51.70% of the shares of the Company.

Explanation on the top 10 shareholders and the top 10 shareholders not subject to selling restrictions

involved in margin financing and securities lending as well as margin and securities refinancing business

(if any)

Nil

 

1.       HKSCC NOMINEES LIMITED is a subsidiary of The Stock Exchange of Hong Kong Limited and its principal business is acting as nominee for and on behalf of other corporate shareholders or individual shareholders. The 1,688,048,365 H shares held by it in the Company do not include the 166,852,000 shares held by it as nominee of China National Aviation Corporation (Group) Limited.

 

2.       According to the "Implementation Measures on Partial Transfer of State-owned Shares to the National Social Security Fund in the Domestic Securities Market" (Cai Qi [2009] No.

94) (《境內證券市場轉持部分國有股充實全國社會保障基金實施辦法》(財企[2009]94))

and the Notice ([2009] No. 63) jointly issued by the Ministry of Finance, the State-owned Assets Supervision and Administration Commission of the State Council, China Securities Regulatory Commission and the National Council for Social Security Fund, 127,445,536 shares and 36,454,464 shares held by China National Aviation Holding Corporation Limited, the controlling shareholder of the Company, and China National Aviation Corporation (Group) Limited respectively are frozen at present.

 

III.    OTHER REMINDERS

 

Other significant information in relation to the operation of the Company during the Reporting Period that needs to be brought to the attention of investors

 

Applicable            Not applicable

 

IV.    QUARTERLY FINANCIAL STATEMENTS

 

Types of audit opinion

Applicable            Not applicable

 

 

 

 

 

CONSOLIDATED BALANCE SHEET

30 September 2021

 

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

Items

30 September

2021

31 December

2020

 

 

 

CURRENT ASSETS:

 

 

Cash and bank balance

9,482,681

6,575,243

Provisions on payables

 

 

Contributions made

 

 

Financial assets held-for-trading

 

 

Derivative financial assets

 

 

Billsreceivable

5,748

6,593

Accounts receivable

2,709,506

2,942,799

Receivables financing

 

 

Prepayments

496,939

421,237

Premium receivable

 

 

Receivables on reinsurance

 

 

Provisions for reinsurance contracts

 

 

Other receivables

3,166,001

3,491,233

Including: Interest receivable

 

 

Dividend receivable

 

 

Purchase of financial assets resold

 

 

Inventories

2,406,238

1,853,990

Contract assets

 

 

Held-for-sale assets

 

 

Non-current assets due within a year

 

 

Other current assets

4,197,760

4,444,806

Total current assets

22,464,873

19,735,901

 

 

Items

30 September

2021

31 December

2020

 

 

 

NON-CURRENT ASSETS:

 

 

Loans and advances

 

 

Debtinvestments

 

 

Other debt investments

1,329,055

1,344,829

Long-term receivables

618,907

621,398

Long-term equity investments

11,479,800

12,379,614

Investments in other equity instruments

197,017

235,223

Othernon-current financial assets

 

 

Investment properties

130,353

138,688

Fixed assets

86,477,618

87,717,717

Construction in progress

33,675,777

38,138,866

Biological assets for production

 

 

Oil and gas assets

 

 

Right-of-use assets

116,572,791

112,074,148

Intangible assets

3,545,707

3,597,206

Development expenses

 

 

Goodwill

1,102,185

1,102,185

Long-term deferred expenses

279,183

292,972

Deferred income tax assets

9,572,526

6,691,963

Other non-current assets

 

 

Total non-current assets

264,980,919

264,334,809

Total assets

287,445,792

284,070,710

 

 

Items

30 September

2021

31 December

2020

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

Short-term loans

22,306,828

29,327,087

Short-term financing bonds payable

2,530,144

510,810

Borrowings from central bank

 

 

Contributions received

 

 

Financial liabilities held-for-trading

 

 

Derivative financial liabilities

 

 

Bills payable

-

62,570

Accounts payables

14,896,695

12,740,096

Air traffic liabilities

2,254,283

2,002,649

Receipts in advance

 

 

Contract liabilities

1,523,522

1,280,102

Sale of financial assets repurchased

 

 

Deposits from clients and placements from other banks

 

 

Brokerage payable

 

 

Underwriting fees payable

 

 

Employee compensations payable

2,543,024

2,608,944

Taxes payable

229,711

206,547

Other payables

13,043,968

9,600,645

Including: Interest payable

 

 

Dividend payable

 

 

Fees and commissions payable

 

 

Amounts payable on reinsurance

 

 

Held-for-sale liabilities

 

 

Non-current liabilities due within a year

22,562,294

22,054,735

Othercurrent liabilities

 

 

Totalcurrent liabilities

81,890,469

80,394,185

 

 

Items

30 September

2021

31 December

2020

 

 

 

 

 

 

NON-CURRENT LIABILITIES:

 

 

Reserves on insurance contracts

 

 

Long-term loans

35,079,045

21,140,699

Debentures payable

9,499,132

10,498,398

Including: Preference shares

 

 

Perpetual bonds

 

 

Lease liabilities

76,218,303

76,098,678

Long-term payables

5,450,951

5,783,825

Long-term employee compensation payables

225,344

229,332

Accrued liabilities

3,045,899

3,023,109

Deferred income

549,103

488,791

Deferred income tax liabilities

329,728

334,720

Other non-current liabilities

1,971,922

2,264,843

Total non-current liabilities

132,369,427

119,862,395

Total liabilities

214,259,896

200,256,580

 

 

 

OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):

 

 

Paid-up capital (or share capital)

14,524,815

14,524,815

Other equity instruments

 

 

Including: Preference shares

 

 

Perpetual bonds

 

 

Capital reserve

26,270,841

26,270,841

Less: Treasury shares

 

 

Other comprehensive income

-137,476

-871,587

Including: Foreign currency translation differences

-2,435,937

-2,311,036

Specialreserves

 

 

Surplusreserves

11,564,287

11,564,287

General risk provisions

110,628

110,628

Retained earnings

15,658,133

25,983,437

Total owners' equity (or shareholders' equity) attributable to equity shareholders of the parent company

 

 

67,991,228

 

 

77,582,421

Non-controlling interests

5,194,668

6,231,709

Total owners' equity (or shareholders' equity)

73,185,896

83,814,130

Total liabilities and owners' equity (or shareholders' equity)

 

287,445,792

 

284,070,710

 

Person in charge of the Company: Mr. Song Zhiyong 

Person in charge of accounting function: Mr. Xiao Feng

 

Person in charge of accounting department: Mr. Zhan Zhong

 

CONSOLIDATED INCOME STATEMENT

January to September 2021

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

 

Items

First three quarters of 2021 (January to September)

First three quarters of 2020 (January to September)

 

 

 

I.       Total revenue from operations

57,457,425

48,454,050

Including: Operating income

Interest income Premium earned

Fees and commission income

57,457,425

48,454,050

 

 

 

II.      Total operating cost

73,584,421

61,471,267

Including: Operating costs

63,149,708

52,945,632

Interest expenses

 

 

Fees and commission expenses

 

 

Returned premium

 

 

Net reimbursement paid

 

 

Net amounts of provisions on insurance obligations drawn

 

 

Bonus paid on insurance policy

 

 

Reinsurance premium

 

 

Taxes and other levies

188,691

153,033

Selling expenses

3,316,364

2,967,568

General and administrative expenses

3,244,237

2,737,019

R&D expenses

92,814

223,392

Finance expenses

3,592,607

2,444,623

Including: Interest expenses

4,052,386

3,830,249

Interest income

63,887

107,760

Add: Other income

2,919,449

2,989,572

Investment income (loss is represented by "-" sign)

-1,592,710

-3,666,326

Including: Investment income from associates and joint ventures

 

-1,648,727

 

-3,713,229

Derecognition of gains on financial assets measured at amortised cost

 

 

Exchange gains (loss is represented by "-" sign)

 

 

Gains from net exposure to hedging (loss is represented by "-" sign)

 

 

Gains from changes in fair value (loss is represented by "-" sign)

 

 

Impairment loss of credit

(loss is represented by "-" sign)

 

100,850

 

70,165

Impairment loss of assets (loss is represented by "-" sign)

 

-5,027

 

-137

Gains from disposal of assets (loss is represented by "-" sign)

 

25,796

 

29,079

 

 

 

 

 

 

Items

First three quarters of 2021 (January to September)

First three quarters of 2020 (January to September)

 

 

 

III.     Profit from operations (loss is represented by "-" sign)

-14,678,638

-13,594,864

Add: Non-operating income

88,974

132,287

Less: Non-operating expenses

55,917

106,516

 

 

 

IV.     Total profit (total loss is represented by "-" sign)

-14,645,581

-13,569,093

Less: Income tax expenses

-2,849,163

-2,107,276

 

 

 

V.      Net profit (net loss is represented by "-" sign)

-11,796,418

-11,461,817

(I) Classified by continuity of operations

 

 

1. Net profit from continuing operations (net loss is represented by "-" sign)

 

-11,796,418

 

-11,461,817

2. Net profit from discontinued operation (net loss is represented by "-" sign)

 

 

(II) Classified by ownership

 

 

1. Net profits attributable to shareholders of the parent company (net loss is represented by "-" sign)

 

-10,321,667

 

-10,111,847

2. Profit or loss attributable to non-controlling interests (net loss is represented by "-" sign)

 

-1,474,751

 

-1,349,970

 

 

 

VI.     Other comprehensive income after taxation, net

702,188

-1,403,285

(I) Other comprehensive income after taxation attributable to shareholders of the parent company, net

 

730,474

 

-1,386,552

1.Other comprehensive income that cannot be subsequently reclassified to profit or loss

 

-20,066

 

-123,665

(1) Changes arising on remeasurement of defined benefit plans

-1,594

-3,324

(2) Other comprehensive income accounted for using the equity method that cannot be reclassified to profit or loss

 

-3,858

 

-103,423

(3) Change in fair value of investments in other equity instruments

-14,614

-16,918

(4) Change in fair value of own credit risk of the Company

 

 

 

 

 

Items

First three quarters of 2021 (January to September)

First three quarters of 2020 (January to September)

 

 

 

2.Other comprehensive income that will be reclassified to profit or loss

 

750,540

 

-1,262,887

(1) Other comprehensive income accounted for using the equity method that may be reclassified to profit or loss

 

879,233

 

-885,536

(2) Change in fair value of other debt investments

-388

-8,011

(3) Amount of financial assets reclassified into other comprehensive income

 

 

(4) Provisions for credit impairment of other debt investments

-3,404

17,511

(5) Reserve for cash flow hedging

 

 

(6) Exchange difference on translation of financial statements in foreign currency

 

-124,901

 

-386,851

(7) Others

 

 

(II) Other comprehensive income after taxation attributable to non-controlling interests, net

 

-28,286

 

-16,733

 

 

 

VII.    Total comprehensive income

-11,094,230

-12,865,102

(I) Total comprehensive income attributable to shareholders of the parent company

 

-9,591,193

 

-11,498,399

(II) Total comprehensive income attributable to non-controlling interests

 

-1,503,037

 

-1,366,703

 

 

 

VIII. Earnings per share:

 

 

(I) Basic earnings per share -RMB per share

-0.75

-0.74

(II) Diluted earnings per share -RMB per share

N/A

N/A

 

For business combination under common control during the Period, the net profit of merged party before the business combination is Nil, and the net profit of the merged party for the last period is Nil.

 

Person in charge of the Company: Mr. Song Zhiyong 

Person in charge of accounting function: Mr. Xiao Feng

 

Person in charge of accounting department: Mr. Zhan Zhong

 

CONSOLIDATED CASH FLOW STATEMENT

January to September 2021

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

 

 

Items

First three quarters of 2021 (January to September)

First three quarters of 2020 (January to September)

 

 

 

I.       Cash flows from operating activities:

 

 

Cash received from sales of goods and provision of services

61,020,442

44,861,340

Net increase in deposits from clients and placements from banks

 

 

Net increase in borrowings from central bank

 

 

Net increase in borrowings from other financial institutions

 

 

Cash received from premiums of original insurance contracts

 

 

Net cash receipt from reinsurance operations

 

 

Net increase in reserve of the insured and investment

 

 

Cash received from interest, fees and commission

 

 

Net increase in contributions received

 

 

Net increase in cash from repurchase operations

 

 

Net cash receipt from securities trading as agent

 

 

Refund of taxes and levies

13,275

24,206

Other cash received relating to operating activities

6,962,870

4,873,350

Subtotal of cash inflows of operating activities

67,996,587

49,758,896

Cash paid for goods purchased and services received

34,568,979

30,033,412

Net increase in loans and advances to clients

 

 

Net increase in deposits in central bank and other banks

 

 

Cash paid in respect of claims under original insurance contracts

 

 

Net increase in contributions made

 

 

Cash paid for interest, fees and commissions

 

 

Cash paid for bonus paid on insurance policy

 

 

Cash paid to or on behalf of employees

17,412,815

16,862,435

Taxes and levies paid

1,318,399

1,495,050

Other cash paid relating to operating activities

4,545,101

3,152,563

Subtotal of cash outflows from operating activities

57,845,294

51,543,460

Net cash flows from operating activities

10,151,293

-1,784,564

 

 

 

 

 

 

 

Items

First three quarters of 2021 (January to September)

First three quarters of 2020 (January to September)

 

 

 

II.      Cash flows from investing activities:

 

 

Cash received from sale and redemption of investments

1,681,058

 

Recovery of the secured bank deposits

25,579

1,713

Cash received from investment income

27,120

17,350

Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets

 

105,047

 

101,728

Net cash proceeds from disposal of subsidiaries and other business units

 

 

Other cash received relating to investing activities

63,887

107,760

Subtotal of cash inflows from investing activities

1,902,691

228,551

Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets

 

3,051,141

 

8,836,759

Cash paid for investments

 

4,322,061

Net increase in secured loans

 

 

Net cash payments for acquisition of subsidiaries and other business units

 

 

Increase in secured bank deposits

14,761

1,633

Other cash paid relating to investing activities

 

 

Subtotal of cash outflows from investing activities

3,065,902

13,160,453

Net cash flows from investing activities

-1,163,211

-12,931,902

 

 

 

 

 

 

 

Items

First three quarters of 2021 (January to September)

First three quarters of 2020 (January to September)

 

 

 

III.     Cash flows from financing activities:

 

 

Cash received from capital injection

 

 

Including: Cash received from capital injection of minority shareholders in subsidiaries

 

 

Cash received from issuance of debentures

6,300,000

29,300,000

Cash received from borrowings

36,016,349

42,857,458

Cash received from capital injection

490,148

 

Other cash received relating to financing activities

 

 

Subtotal of cash inflows from financing activities

42,806,497

72,157,458

Cash paid for repayment of borrowings

27,741,688

23,350,268

Cash paid for repayment of debentures

5,700,000

19,100,000

Cash paid for distribution of dividends, profits or payment of interest expenses

 

4,184,910

 

4,447,319

Including: Dividends and profits paid to minority shareholders by subsidiaries

 

24,152

 

16,477

Cash paid for leases

11,211,366

10,454,908

Other cash paid relating to financing activities

 

 

Subtotal of cash outflows from financing activities

48,837,964

57,352,495

Net cash flows from financing activities

-6,031,467

14,804,963

 

 

 

IV.     Effect of exchange rate changes on cash and cash equivalents

 

-26,438

 

-28,661

 

 

 

V.      Net increase in cash and cash equivalents

2,930,177

59,836

Add: Balance of cash and cash equivalents as at the beginning of the Period

 

5,837,998

 

8,935,282

 

 

 

VI.     Balance of cash and cash equivalents as at the end of the Period

 

8,768,175

 

8,995,118

 

Person in charge of the Company: Mr. Song Zhiyong 

Person in charge of accounting function: Mr. Xiao Feng

 

Person in charge of accounting department: Mr. Zhan Zhong

 

Particulars in relation to adjustments made to the financial statements as at the beginning 
of the year for the initial implementation of New Lease Standard since 2021

 

Applicable            Not applicable

 

By Order of the Board

Air China Limited 

Huang Bin      Huen Ho Yin

 Joint Company Secretaries

 

Beijing, the PRC, 29 October 2021

 

As at the date of this announcement, the directors of the Company are Mr. Song Zhiyong, Mr. Ma Chongxian, Mr. Feng Gang, Mr. Patrick Healy, Mr. Xue Yasong, Mr. Duan Hongyi*, Mr. Stanley Hui Hon-chung* and Mr. Li Dajin*.

 

*    Independent non-executive director of the Company

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