REG - Air China Ld - Third Quarterly Report of 2023
27/10/2023 07:00
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RNS Number : 5252R Air China Ld 27 October 2023
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 OF 2023
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" or
"Air China", the Company together with its subsidiaries, the "Group") held a
meeting of the Board on 26 October 2023 and passed the resolution approving
the third quarterly report of 2023 (the "Quarterly Report") of the Company for
the period ended 30 September 2023 prepared in accordance with the PRC
Accounting Standards for Business Enterprises.
IMPORTANT NOTICE:
The Board and the supervisory committee of the Company together with the
directors, supervisors and the 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.
The person in charge of the Company, person in charge of accounting function
and person in charge of accounting department (accounting superintendent)
hereby guarantee that the financial information set out in the Quarterly
Report is true, accurate and complete.
Whether the financial statements of the third quarter are audited
Yes No
I. MAJOR FINANCIAL DATA
(1) Major accounting data and financial indicators
Unit: RMB'000
Increase/ decrease for the period from the beginning of the year to the end of
the Reporting
Period as compared to the corresponding period of the previous year
(%)
Increase/ decrease of the Reporting
Period as compared to the corresponding period of the previous year
(%)
For the period
from the beginning of the year to the end of the Reporting
Period
The Reporting
Items Period
Revenue 45,863,652 152.89 105,476,845 150.61
Net profit attributable to shareholders of the listed company 4,242,149 N/A 791,421 N/A
Net profit attributable to shareholders of the listed company after 4,065,035 N/A -873,124 N/A
deducting non-recurring
profits and losses
Net cash flows from operating activities N/A N/A 33,075,596 N/A
Basic earnings per share (RMB per share) 0.28 N/A 0.05 N/A
Diluted earnings per share (RMB per share) N/A N/A N/A N/A
Weighted average return on net assets (%) 11.46 Increased by 2.05 Increased by
33.67 percentage 60.26 percentage
points points
Increase/ decrease at the end of
the Reporting
Period as compared to the end of the previous year
(%)
At the end of the Reporting At the end of the previous
Period year
Total assets 338,864,552 295,011,335 14.86
Owners' equity attributable to shareholders of the listed company
39,061,556 23,609,134 65.45
Note: The "Reporting Period" refers to the 3-month period from the beginning
of this quarter to the end of this quarter, the same below.
(2) Items and amounts of non-recurring profits and losses
Unit: RMB'000
Amounts for the period from the beginning of the year
to the end of the Reporting
Period
Amounts for the Reporting
Period
Items
Gains or losses on disposal of non-current assets -143 673,841
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)
166.389 334.398
Gain or loss from change in fair value by holding financial assets
held-for-trading, derivative financial assets, financial liabilities
held-for-trading and derivative financial liabilities, and investment
income from disposal of financial assets held-for-trading, derivative
financial assets, financial liabilities held-for-trading and derivative
financial liabilities as well as other debt investments, excluding the
effective hedging businesses related to the normal operations of the
Company
-61 814
Reversal of provision for impairment of receivable and contract assets that
have undergone impairment test alone
215 3,559
Other non-operating income and expenses besides the above items 56,633 1,386,883
Less: Effect of income tax 2,587 80,371
Effect of non-controlling interests (after tax) 43,322 654,579
Total 177,114 1,664,545
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
(3) Changes of major accounting data and financial indicators and reasons for changes
Applicable Not applicable
Percentage of Change (%)
Items Major Reasons
Revenue 150.61 With the increase in deployment of transportation capacity by the Company, and
driven by the increase in both passenger load factor and price, the revenue
increased significantly
Net profit attributable to shareholders of the listed company N/A With the increase in deployment of transportation capacity by the Company, and
driven by the increase in both passenger load factor and price, the loss
decreased significantly with a growth in profit
Net profit attributable to shareholders of the listed company after deducting N/A With the increase in deployment of transportation capacity by the Company, and
non-recurring profits and losses driven by the increase in both passenger load factor and price, the loss
decreased significantly with a growth in profit
Net cash flow from operating activities N/A With the increase in deployment of transportation capacity by the Company, and
driven by the increase in both passenger load factor and price, the revenue
increased significantly
Basic earnings per share (RMB per share) N/A With the increase in deployment of transportation capacity by the Company, and
driven by the increase in both passenger load factor and price, the loss
decreased significantly with a growth in profit
Weighted average return on net assets (%) Increased by 60.26 With the increase in deployment of transportation capacity by the Company, and
driven by the increase in both passenger load factor and price, the loss
percentage decreased significantly with a growth in profit
points
Owners' equity attributable to shareholders of the listed company 65.45 Profit achieved during the current period, and the non-public issuance of
shares of Air China
II. INFORMATION OF SHAREHOLDERS
(1) Total number of holders of ordinary shares, the number of holders of preference shares with restored voting rights and the particulars of the top 10 shareholders
Unit: share
Total number of holders of preference shares with restored voting rights as at
the end of the Reporting Period (if any)
Total number of holders of ordinary shares as at the end of the Reporting
Period
162,801 /
Particulars of the top 10 shareholders
Number of shares held subject to selling restrictions Shares pledged, marked or frozen
Number of shares held Shareholding percentage
Name of shareholder Nature of shareholder
Status Number
(%)
China National Aviation Holding Corporation Limited State-owned legal person 6,566,761,847 40.53 614,525,150 Frozen 127,445,536
Cathay Pacific Airways Limited Foreign legal person 2,633,725,455 16.26 0 Nil 0
HKSCC NOMINEES LIMITED Foreign legal person 1,688,957,345 10.43 0 Nil 0
China National Aviation Corporation (Group) Limited Foreign legal person 1,556,334,920 9.61 0 Frozen 36,454,464
China Securities Finance Corporation Limited Others 311,302,365 1.92 0 Nil 0
China National Aviation Fuel Group Corporation State-owned legal person 238,524,158 1.47 0 Nil 0
Hong Kong Securities Clearing Company Ltd. Foreign legal person 156,551,132 0.97 0 Nil 0
China Structural Reform Fund Co., Ltd. State-owned legal person 67,039,106 0.41 0 Nil 0
Basic Pension Fund 15022 Portfolio Others 58,092,370 0.36 0 Nil 0
Bank of China Limited - China Merchants Anhua Bond Securities Investment Fund Others 49,638,500 0.31 0 Nil 0
(中國銀行股份有限公司－招商安華債券型證券投資基金)
Particulars of the top 10 shareholders not subject to selling restrictions
Number of tradable shares held not subject to selling
restrictions
Class and number of shares
Name of shareholder
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 1,688,957,345 Overseas listed foreign shares 1,688,957,345
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 Securities Finance Corporation Limited 311,302,365 RMB ordinary shares 311,302,365
China National Aviation Fuel Group Corporation 238,524,158 RMB ordinary shares 238,524,158
Hong Kong Securities Clearing Company Ltd. 156,551,132 RMB ordinary shares 156,551,132
China Structural Reform Fund Co., Ltd. 67,039,106 RMB ordinary shares 67,039,106
Basic Pension Fund 15022 Portfolio 58,092,370 RMB ordinary shares 58,092,370
Bank of China Limited - China Merchants Anhua Bond Securities Investment Fund 49,638,500 RMB ordinary shares 49,638,500
(中國銀行股份有限公司－招商安華債券型證券投資基金)
Explanation on connected relationship or action in concert among the above China National Aviation Corporation (Group) Limited ("CNACG") is a
shareholders wholly-owned subsidiary of China National Aviation Holding Corporation Limited
("CNAHC"). Accordingly, China National Aviation Holding Corporation Limited is
directly and indirectly interested in 50.14% of the shares of the Company.
Explanation on the participation of the top 10 shareholders and the top 10 Nil
shareholders not subject to selling restrictions in margin financing and
securities lending as well as margin and securities refinancing business (if
any)
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
1,688,957,345 H shares held by it in the Company do not include the
166,852,000 shares held by it as nominee of CNACG.
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號)) 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 and 36,454,464 shares held by
CNAHC, the controlling shareholder of the Company, and CNACG respectively are
frozen at present.
III. OTHER ALERTS
Other important information that needs to be brought to the attention of
investors regarding the Company's operations during the Reporting Period
Applicable Not applicable
On 30 August 2023, the resolutions regarding the amendments to the Articles of
Association, the Rules and Procedures of Shareholders' Meetings and the Rules
and Procedures of Meetings of the Board have been approved by the twenty-third
meeting of the sixth session of the Board of the Company. For details, please
refer to the relevant announcements published by the Company on the website of
the Shanghai Stock Exchange (http://www.sse.com.cn/),
(http://www.sse.com.cn/)) China Securities Journal, Shanghai Securities News
and Securities Daily on 31 August 2023. On 26 October 2023, the above
resolutions have been approved by the 2023 third extraordinary general
meeting, the 2023 first A shareholders' class meeting and the 2023 first H
shareholders' class meeting of the Company. For details, please refer to the
relevant announcements published by the Company on the website of the Shanghai
Stock Exchange (http://www.sse.com.cn/), (http://www.sse.com.cn/)) China
Securities Journal, Shanghai Securities News and Securities Daily on 27
October 2023.
IV. QUARTERLY FINANCIAL STATEMENTS
(1) Type of audit opinion
Applicable Not applicable
(2) Financial statements
CONSOLIDATED BALANCE SHEET
30 September 2023
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
30 September 31 December
Items 2023 2022
CURRENT ASSETS:
Cash and bank balance 22,219,322 11,435,877
Provisions on payables
Contributions made
Financial assets held-for-trading 2,687 3,398
Derivative financial assets
Bills receivable 31,497 7,483
Accounts receivable 3,343,487 1,649,356
Receivables financing
Prepayments 607,357 368,692
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables 5,387,334 2,807,726
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories 3,916,847 2,557,823
Contract assets
Held-for-sale assets 66,481 1,302
Non-current assets due within a year
Other current assets 2,938,315 3,413,474
Total current assets 38,513,327 22,245,131
30 September 31 December
Items 2023 2022
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments 1,386,956 1,360,982
Long-term receivables 899,034 539,624
Long-term equity investments 14,671,191 12,574,373
Investments in other equity instruments 738,620 243,760
Other non-current financial assets
Investment properties 324,845 106,118
Fixed assets 97,833,833 86,369,754
Construction in progress 37,912,741 32,908,551
Biological assets for production
Oil and gas assets
Right-of-use assets 122,830,591 122,591,793
Intangible assets 5,497,440 4,300,216
Development expenses
Goodwill 4,097,942 1,102,185
Long-term deferred expenses 272,315 249,268
Deferred tax assets 13,878,557 10,417,452
Other non-current assets 7,160 2,128
Total non-current assets 300,351,225 272,766,204
Total assets 338,864,552 295,011,335
30 September 31 December
Items 2023 2022
CURRENT LIABILITIES:
Short-term loans 23,341,530 19,946,147
Short-term financing bonds payable 2,006,149
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable 240,649
Accounts payable 22,734,330 11,628,611
Air traffic liabilities 7,634,011 2,757,601
Receipts in advance 150,970 58,970
Contract liabilities 1,412,321 1,095,185
Sale of financial assets repurchased
Deposits from clients and placements from other banks
Brokerage payable
Underwriting fees payable
Employee compensations payable 4,315,267 4,317,738
Taxes payable 442,637 275,930
Other payables 15,253,529 13,131,744
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within a year 37,374,032 37,264,533
Other current liabilities
Total current liabilities 112,899,276 92,482,608
30 September 31 December
Items 2023 2022
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans 72,980,897 66,868,774
Debentures payable 11,196,030 11,193,342
Including: Preference shares
Perpetual bonds
Lease liabilities 68,640,093 76,897,347
Long-term payables 28,077,364 20,551,757
Long-term employee compensation payables 196,402 202,016
Accrued liabilities 4,253,291 3,090,965
Deferred income 430,713 418,200
Deferred tax liabilities 371,164 323,297
Other non-current liabilities 1,793,752 1,422,843
Total non-current liabilities 187,939,706 180,968,541
Total liabilities 300,838,982 273,451,149
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 16,200,793 14,524,815
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 39,587,727 26,270,841
Less: Treasury shares
Other comprehensive income 208,955 421,075
Special reserves 3,047
Surplus reserves 11,564,287 11,564,287
General risk provisions 137,138 137,138
Retained earnings -28,640,391 -29,309,022
Total owners' equity (or shareholders' equity) attributable to the parent
company
39,061,556 23,609,134
Non-controlling interests -1,035,986 -2,048,948
Total owners' equity (or shareholders' equity) 38,025,570 21,560,186
Total liabilities and owners' equity (or shareholders' equity)
338,864,552 295,011,335
Person in charge of the Company: Mr. Ma Chongxian Person in charge of
accounting function: Mr. Sun Yuquan Person in charge of accounting department:
Mr. Lyu Lingfei
CONSOLIDATED INCOME STATEMENT
January to September 2023
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First three quarters of 2023 (January to September) First three quarters of 2022 (January to September)
Items
I. Total revenue from operations 105,476,845 42,088,565
Including: Operating income 105,476,845 42,088,565
Interest income
Premium earned
Fees and commission income
II. Total operating cost 111,920,572 76,941,159
Including: Operating costs 97,359,086 61,410,372
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 259,123 96,654
Selling expenses 3,996,379 2,712,924
General and administrative expenses 3,729,604 3,231,633
R&D expenses 213,842 126,195
Finance expenses 6,362,538 9,363,381
Including: Interest expenses 5,323,094 4,783,027
Interest income 481,087 159,173
Add: Other income 3,208,572 2,153,587
Investment income (loss is represented by "-" sign) 2,240,021 -642,522
Including: Share of profits of associates and joint ventures
2,189,703 -683,153
Gains on derecognition of 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)
-711 -624
First three quarters of 2023 (January to September) First three quarters of 2022 (January to September)
Items
Impairment loss of credit (loss is represented by "-" sign)
-16,331 -218
Impairment loss of assets (loss is represented by "-" sign)
-107,432
Gains from disposal of assets (loss is represented by "-" sign)
689,664 -3,176
III. Profit from operations (loss is represented by "-" sign) -429,944 -33,345,547
Add: Non-operating income 1,468,565 76,286
Less: Non-operating expenses 97,505 93,094
IV. Total profit (total loss is represented by "-" sign) 941,116 -33,362,355
Less: Income tax expenses -245,721 -950,069
V. Net profit (net loss is represented by "-" sign) 1,186,837 -32,412,286
(I) Classified by continuity of operations
1. Net profit from continuing operations (net loss is represented by "-" sign)
1,186,837 -32,412,286
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)
791,421 -28,103,264
2. Profit or loss attributable to non-controlling interests (net loss is
represented by "-" sign)
395,416 -4,309,022
VI. Other comprehensive income after tax, net -91,351 1,883,524
(I) Other comprehensive income after tax attributable to owners of the parent
company, net
-65,958 1,850,445
1. Other comprehensive income that cannot be subsequently reclassified to
profit or loss
-23,673 2,659
(1) Changes arising on remeasurement of defined benefit plans
33 -260
(2) Other comprehensive income accounted for using the equity method that
cannot be reclassified to profit or loss
-10
(3) Change in fair value of investments in other equity instruments
-23,706 2,929
(4) Change in fair value of own credit risk of the Company
First three quarters of 2023 (January to September) First three quarters of 2022 (January to September)
Items
2. Other comprehensive income that will be reclassified to profit or loss
-42,285 1,847,786
(1) Other comprehensive income accounted for using the equity method that may
be reclassified to profit or loss
-473,547 269,267
(2) Change in fair value of other debt investments 159 -132
(3) Amount of financial assets reclassified into other comprehensive income
(4) Provisions for credit impairment of other debt investments
-344 -1,210
(5) Reserve for cash flow hedging
(6) Exchange difference on translation of financial statements in foreign
currency
431,447 1,579,861
(7) Others
(II) Other comprehensive income after tax attributable to non- controlling
interests, net
-25,393 33,079
VII. Total comprehensive income 1,095,486 -30,528,762
(I) Total comprehensive income attributable to owners of the parent company
725,463 -26,252,819
(II) Total comprehensive income attributable to non-controlling interests
370,023 -4,275,943
VIII. Earnings per share:
(I) Basic earnings per share (RMB per share) 0.05 -2.05
(II) Diluted earnings per share (RMB per share) N/A N/A
For business combination under common control during the current period, the
net profit of merged party before the business combination is RMB0, and the
net profit of the merged party for the last period is RMB0.
Person in charge of the Company: Mr. Ma Chongxian Person in charge of
accounting function: Mr. Sun Yuquan Person in charge of accounting department:
Mr. Lyu Lingfei
CONSOLIDATED CASH FLOW STATEMENT
January to September 2023
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First three quarters of 2023 (January to September) First three quarters of 2022 (January to September)
Items
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 117,873,834 44,775,183
Net increase in deposits from clients and placements from banks
Net increase in borrowings from central bank
Net increase in contributions received 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 1,260,276 3,667,415
Other cash received relating to operating activities 3,970,888 3,866,614
Subtotal of cash inflows of operating activities 123,104,998 52,309,212
Cash paid for goods purchased and services received 60,606,339 33,419,398
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 22,312,292 18,342,731
Taxes and levies paid 1,425,490 895,130
Other cash paid relating to operating activities 5,685,281 4,547,513
Subtotal of cash outflows from operating activities 90,029,402 57,204,772
Net cash flows from operating activities 33,075,596 -4,895,560
First three quarters of 2023 (January to September) First three quarters of 2022 (January to September)
Items
II. Cash flows from investing activities:
Cash received from sale and redemption of investments 695,882 3,690
Recovery of the secured bank deposits 2,379 15,081
Cash received from investment income 161,483 247,381
Net cash received for acquisition of subsidiaries and other business units
5,392,113
Net cash proceeds from disposal of fixed assets, intangible assets and other
long-term assets
802,934 569,232
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investing activities 472,732 159,173
Subtotal of cash inflows from investing activities 7,527,523 994,557
Cash paid for purchase and construction of fixed assets, intangible assets and
other long-term assets
13,758,422 5,685,046
Cash paid for investments 171,838 961,140
Net increase in secured loans
Net cash payments for acquisition of subsidiaries and other business units
Increase in secured bank deposits 6,407 1,557
Other cash paid relating to investing activities
Subtotal of cash outflows from investing activities 13,936,667 6,647,743
Net cash flows from investing activities -6,409,144 -5,653,186
III. Cash flows from financing activities:
Cash received from capital injection 18,393,017
Including: Cash received from capital injection of non-controlling
shareholders in subsidiaries
Cash received from issuance of debentures 13,950,000
Cash received from borrowings 40,176,857 79,739,578
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 58,569,874 93,689,578
Cash paid for repayment of borrowings 39,733,328 51,580,318
Cash paid for repayment of debentures 9,500,000 17,000,000
Cash paid for distribution of dividends, profits or payment of interest
expenses
5,653,200 5,001,317
Including: Dividends and profits paid to non-controlling shareholders by
subsidiaries
9,890 644
Cash paid for leases 19,592,765 11,758,167
Other cash paid relating to financing activities 13
Subtotal of cash outflows from financing activities 74,479,306 85,339,802
Net cash flows from financing activities -15,909,432 8,349,776
First three quarters of 2023 (January to September) First three quarters of 2022 (January to September)
Items
IV. Effect of exchange rate changes on cash and cash equivalents 145,037 39,950
V. Net increase in cash and cash equivalents 10,902,057 -2,159,020
Add: Balance of cash and cash equivalents as at the beginning of the period
10,607,711 15,934,713
VI. Balance of cash and cash equivalents as at the end of the period
21,509,768 13,775,693
Person in charge of the Company: Mr. Ma Chongxian Person in charge of
accounting function: Mr. Sun Yuquan Person in charge of accounting department:
Mr. Lyu Lingfei
Adjustments made to the financial statements as at the beginning of the year
for the initial implementation of New Accounting Standards or interpretation
of standards since 2023
Applicable Not applicable
The announcement is hereby given.
By Order of the Board
Air China Limited
Huang Bin Huen Ho Yin
Joint Company Secretaries
Beijing, the PRC, 26 October 2023
As at the date of this announcement, the directors of the Company are Mr. Ma
Chongxian, Mr. Wang Mingyuan, Mr. Feng Gang, Mr. Patrick Healy, Mr. Xiao Peng,
Mr. Li Fushen*, Mr. He Yun*, Mr. Xu Junxin* and Ms. Winnie Tam Wan-chi*.
* Independent non-executive director of the Company
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