Thus, CITIC Group Corporation and CITIC Limited are deemed to be interested in the shares held by CNCB (Hong Kong) Investment Limited under the SFO. By the end of 2019, its total assets reached 179.6 billion yuan. Hong Kong Stock Exchange To strengthen investors' confidence and maintain the stability of corporate bond prices, the board of directors of Weiqiao Aluminum & Power passed a resolution in relation to the repurchase of the bonds (at 50% of the remaining principal amount of the bonds, the repurchase price is the par value plus accrued interest) on 13 January 2021. The consolidated financial statements are presented in Renminbi ("RMB"), which is also the functional currency of the Company and its subsidiaries in the People's Republic of China ("PRC") and Hong Kong. Amendments to IFRS 10 and IAS 28,Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of "settlement" to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. For the best MarketWatch.com experience, please update to a modern browser. (iv) On 24 February 2016, Shandong Hongqiao completed the issuance of 2016 domestic corporate bonds (third tranche), with an offering size of RMB1,200,000,000, for a term of 3+2 years (5-year fixed rate bonds, with the issuer's option to adjust the coupon rate and the investors' entitlement to sell back at the end of the third year), carrying interest of 4.04% per annum. As at 31 December 2020 and 2019, the Group has no significant contingent liability. 4 Effective for annual periods beginning on or after 1 June 2020. The Company has adopted a code of conduct regarding directors' securities transactions on terms no less exacting than the required standards as set out in the Model Code. The Group's income tax for 2020 amounted to approximately RMB2,259,599,000, representing a decrease of approximately 2.4% as compared to approximately RMB2,315,924,000 for the corresponding period of last year, which was mainly attributable to the compensation for the previously compensable losses of certain subsidiaries of the Company and the provision for deferred income tax assets during the Year. During the Year under Review, the Group further optimised its financial structure through diversified financing, thereby stabilising its sustainable development. Revenues have been growing at an average rate of 7.6% per year. If not presented separately in the statement of comprehensive income, the financial statements shall disclose the amounts of proceeds and cost included in profit or loss that relate to items produced that are not an output of the entity's ordinary activities, and which line item(s) in the statement of comprehensive income include(s) such proceeds and cost. As at 31 December 2020, the Group had secured bank borrowings of approximately RMB8,453,755,000 (31 December 2019: approximately RMB8,748,738,000). A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. As at 31 December 2020, the Group's trade receivables amounted to approximately RMB10,335,568,000, which was basically the same as that of approximately RMB10,311,326,000 as at 31 December 2019. In order to qualify for the 2020 Final Dividend, all completed share transfer forms accompanying with the relevant share certificates must be lodged with the Company's branch share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, not later than 4:30 p.m. on Friday, 4 June 2021. In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties. Shareholders of the Company whose names appear on the register of members of the Company on Thursday, 6 May 2021 are entitled to attend and vote at the forthcoming 2020 Annual General Meeting. 2. China Hongqiao Group Co., Ltd. is an extra-large multinational enterprise covering the entire aluminium industry chain. Corporate Bonds to Eligible Investors by Shandong Weiqiao Aluminum & Power Co., Ltd. (Zheng Jian Xu Ke [2019]) No. - sale of aluminum products (10.9%): aluminum bus bars, rolled products, aluminum profiles, extrusion products, aluminum plates and sheets, etc. During the Year under Review, the Group's total output of aluminum alloy products and aluminum fabrication products were approximately 5.622 million tons and 0.622 million tons respectively, basically maintained at the similar level as last year. The Group's proportion of revenue by product category for the year ended 31 December 2020 has no significant change as compared with the same period last year. Except as described below, the application of the Amendments to References to the Conceptual Framework in IFRSs and the amendments to IFRSs in the current year has had no material effect on the Group's financial performance and positions for the current and prior periods and/or on the disclosures set out in these consolidated financial statements. China Hongqiao is one of the worlds largest aluminum producer with an annual production capacity of more than 6 million tonnes per year. Extraordinaries & Discontinued Operations. Revenue from a customer of the corresponding year contributing over 10% of the total revenue of the Group is as follows: Imputed interest on receivables arising from disposal of a subsidiary, Gain from sales of raw materials and scraps materials, Gain from sales of slag of carbon anode blocks, Gain on disposal of property, plant and equipment, Gain on disposal of investment properties, Gain on partial disposal of a subsidiary(note 13), Reversal of impairment of property, plant and equipment, Reversal of impairment of other receivables, Rental income for investment properties under operating, Impairment loss recognised in respect of property, plant and equipment, Impairment loss recognised in respect of right-of-use assets, Impairment loss recognised in respect of goodwill, Impairment loss recognised in respect of other receivables, Impairment loss recognised in respect of trade receivables, Write-down of inventories to net realisable value, Write-off of property, plant and equipment, Dividends recognised as distribution during the year. 1378:HKG price moved over +2.73% to 6.39Jun 15 2023. 42)"( ') from the Shanghai Stock Exchange, approving Shandong Hongqiao to issue the corporate bonds by non-public issuance of not more than RMB6,000,000,000 in the PRC. China Hongqiao Group Co Ltd, one of the world's largest aluminum producers, will expand its business in Indonesia. On 24 September 2019, the Company issued 7.375% senior unsecured notes due 2023 in the aggregate principal amount of US$200,000,000. Source: Kantar Media, Extraordinaries & Discontinued Operations. After the completion of the sale-back, the remaining amount of the bonds is RMB2,000,000,000, and the coupon rate increases to 6.30%. PDF China Hongqiao Group Limited - Home - Lianhe Global On 1 August 2017, Shandong Hongqiao resold the repurchased bonds above, for a resold amount of RMB700,000,000. The retained interest in Weiqiao Haiyi was accounted for as an associate as the Group can exercise significant influence over Weiqiao Haiyi. 1654)". ) On 1 August 2017, Shandong Hongqiao resold the repurchased bonds above, for a resold amount of RMB700,000,000. It was designed to have annual capacity of 2 million metric tons, which was . The Group has applied the amendments prospectively to transactions for which the acquisition date is on or after 1. Long-term Issuer Credit Rating to China Hongqiao Group Limited. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract (examples would be direct labour or materials) and an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). As at 31 December 2020, the Group's total bank borrowings were approximately RMB34,260,898,000. China Hongqiao Group Limited (1378.HK) Stock Price, News, Quote For the year ended 31 December 2020, net profit attributable to shareholders of the Company amounted to approximately RMB10,495,936,000, representing a year-on-year increase of approximately 72.2%, mainly attributable to (i) an increase in the average sales price of aluminum products during the Year compared to the corresponding period of last year and a decrease in production costs, resulting in an increase in the Group's gross profit; (ii) a decrease in the Group's impairment losses during the Year; and (iii) a decrease in the Group's finance cost and increase in the Group's exchange gains during the Year. The Group operates principally in the PRC (including Hong Kong) and Indonesia. On behalf of the Board, I would like to extend my sincere gratitude to the Group's management team and employees for their efforts and dedication in 2020, and to our shareholders, investors and business partners for their support and trust. The closing price of SHFE contracts for the month rose from a lowest of approximately RMB11,310/ton (including value-added tax) in March to a highest of approximately RMB17,000/ton (including value-added tax) in December, representing an increase of approximately 50.3%. Shareholder Returns. (3) On 17 August 2016, Weiqiao Alumina & Power received the "Approval for the Public Issuance of, Corporate Bonds to Eligible Investors by Shandong Weiqiao Aluminum & Power Co., Ltd. (Zheng Jian Xu Ke [2016]) No. The Company has established the audit committee (the "Audit Committee") in compliance with the Code on Corporate Governance Practices (the "CG Code") contained in Appendix 14 to the Listing Rules for the purposes of reviewing and providing supervision over the Group's financial reporting process and internal controls. It was listed on the Main Board of the Hong Kong Stock Exchange in 2011. Pursuant to the terms and conditions of the convertible bonds, as a result of the completion of the placing and the subscription of the Company on 27 November 2020 and 2 December 2020 respectively, the conversion price per share was adjusted from HK$6.31 to HK$6.29 effective from 2 December 2020. Corporate Bonds to Eligible Investors by Shandong Hongqiao New Material Co., Ltd. (Zheng Jian Xu Ke [2015]) No. Can I liquidate them and take a tax write-off? Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. The functional currency of a subsidiary established in Indonesia is denoted in Indonesia Rupiah ("IDR") and the functional currency of subsidiaries established in Singapore and the Republic of Guinea are denoted in United States Dollar ("US$"). The Audit Committee is composed of three independent non-executive Directors. As for the industry, the uniqueness of the aluminum industry has spared aluminum production from being significantly impacted by the Pandemic. At the same time, the Group increased its investment in technological innovation, and cooperated with national research institutions to further increase the technological content of the aluminum industry. Hongqiao is currently the second largest aluminium producer in the world after Chinalco. The Group aims to maintain a balance between the continuity and flexibility of funding through various debt financing instruments. China Hongqiao Group Limited (1378.HK) is the global industry leader of aluminum products. from the China Securities Regulatory Commission, approving Weiqiao Alumina & Power to issue the corporate bonds of no more than RMB6,000,000,000 in the PRC. Hongqiao is committed to creating a greener, more environmental-friendly During the Year under Review, overseas demand for primary aluminum was adversely affected by the Pandemic, and despite the fact that the supply remained stable, demand decreased sharply. The 2026 CBs are listed on Singapore Exchange Securities Trading Limited. The Outlook is Positive. During the Year, the Group managed to further strengthen the leadership in the aluminum industry by leveraging its core competitive advantages, its business model and proactive business development strategies. After the completion of the repurchase, the remaining amount of the bonds is RMB1,064,213,000, and the coupon rate is still 7.30%. For the year ended 31 December 2020, the foreign exchange gain of the Group was approximately RMB 320,832,000 (2019: exchange loss approximately RMB178,459,000). Finally, the amendments add an explicit statement that an acquirer does not recognise contingent assets acquired in a business combination. Suite 5108 The Center 99th Queens Road Central Central Hong Kong. Finally, the amendments add an explicit statement that an acquirer does not recognise contingent assets acquired in a business combination. DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES. However, as the Pandemic is not yet completely over, there are uncertainties in the world economic development and there will still be certain challenges and opportunities ahead for the aluminum industry. PUBLICATION OF ANNUAL RESULTS AND ANNUAL REPORT ON WEBSITE OF THE STOCK EXCHANGE AND THE COMPANY. Hongqiao is committed to creating a greener, more environmental-friendly and energy saving aluminum industry chain. from the China Securities Regulatory Commission, approving Shandong Hongqiao to issue the corporate bonds of not more than RMB6,000,000,000 in the PRC. of the resold, the remaining amount of the bonds is RMB1,056,362,000 and the coupon rate is still 7.45%. As at 31 December 2020, so far as it is known to the Directors and the chief executive of the Company, the following persons (other than the Directors or the chief executive of the Company) had interests or short positions in the shares and underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange pursuant to provisions of Divisions 2 and 3 of Part XV of the SFO, or recorded in the register required to be kept by the Company under section 336 of the SFO: CTI Capital Management Limited(2)CNCB (Hong Kong) Investment, Beneficial owner Beneficial owner Beneficial owner, Interest of a controlled corporation Interest of a controlled corporation. Delayed Quote The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use, i.e. 1 Effective for annual periods beginning on or after 1 January 2021. Recently, China's total primary aluminum production capacity has been controlled under the influence of supply-side reform. During the bond repurchase registration period from 8 December 2020 to 10 December 2020, the principal registered for repurchase by bond holders was RMB846,305,000. General Corporate www.lhratingsglobal.com September 2019 3 from the National Development and Reform Commission of the PRC, approving Shandong Hongqiao to issue the corporate bonds of not more than RMB2,300,000,000 in the PRC. To strengthen investors' confidence and maintain the stability of corporate bond prices, the board of directors of Shandong Hongqiao passed a resolution in relation to the repurchase of the bonds (at 50% of the remaining principal amount of the bonds, the repurchase price is the par value plus accrued interest) on 16 November 2020. Having made specific enquiry of all the Directors, the Company confirmed that each of the Directors has complied with the required standards set out in the Model Code and the code of conduct of the Company regarding directors' securities transactions throughout the year ended 31 December 2020 and up to the date of this announcement. The Group's cash and cash equivalents were mainly held in RMB and US Dollars, of which approximately 97.2% was held in RMB and approximately 2.3% was held in US Dollars. Have Watchlists? After the completion. (7,082)At 31 December 2019 and 1 January 2020 Issue of shares upon share subscription(note). Gain on partial disposal of a subsidiary: Fair values of 30% retained equity interest held by the Group - classified as. The company was founded in 1994 and is headquartered in Zouping, Shandong province of the People's. As one of the largest aluminum producers in the world, China Hongqiao holds its core value of from society and for society and keeps committed to social welfare and environmental protection. The Group's sales volume of alumina products was approximately 6.734 million tons, representing a year-on-year increase of approximately 27.6%. Campus recruitment. (i) On 26 October 2015, Weiqiao Alumina & Power completed the issuance of 2015 corporate bonds in the PRC, with an offering size of RMB1,000,000,000, for a term of 4+3 years (7-year fixed rate bonds, with the issuer's option to adjust the coupon rate and the investors' entitlement to sell back at the end of the fourth year), carrying interest of 5.26% per annum. Looking back on the global economic environment in 2020, the uncertainty of world economic growth has increased, due to the adverse effects of the Pandemic, thus the world economy will take a long time to recover to pre-pandemic levels. . Latest news. China Hongqiao Group Co., Ltd. is one of the worlds largest aluminum producer covering the entire aluminum industry chain. For the year ended 31 December 2020, the administrative expenses of the Group amounted to approximately RMB4,052,174,000, representing an increase of approximately 11.1% as compared with approximately RMB3,645,691,000 for the corresponding period of last year, which was mainly due to the increase in the maintenance expenses as a result of the Group's arrangement of centralized maintenance for some production lines during the Year. China Hongqiao Group Limited is a company founded in 1994 that specializes in the production of aluminium. After the completion of the repurchase, the remaining amount of the bonds is RMB256,685,000, and the coupon rate is still 7.00%. China Hongqiao is one of the worlds largest aluminum producer. After the completion of the repurchase, the remaining amount of the bonds is RMB1,853,166,600, and the coupon rate is still 6.50%. IAS 16 now specifies this as assessing whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods or services, for rental to others, or for administrative purposes. Fundamental company data and analyst estimates provided by FactSet. He died 7 months ago, but she never told me. During the bond repurchase registration period from 6 January 2021 to 8 January 2021, the principal registered for repurchase by bond holders was RMB697,010,000. All rights reserved. During the current year, a final dividend of HK34 cents per share in respect of the year ended 31 December 2019 and an interim dividend of HK15 cents per share in respect of the six months ended 30 June 2020 have been approved and paid. Further details are set out in the announcements of the Company dated 8 January 2021 and 27 January 2021. The annual report will be dispatched to shareholders on or before 7 April 2021 and will be available on the Company's website and the website of the Stock Exchange at the same time. 102)" (. ) After the completion of the sale-back, the remaining amount of the bonds is RMB214,000 and the coupon rate increases to 6.26%. PLACING OF EXISTING SHARES AND SUBSCRIPTION OF NEW SHARES. (i) On 14 January 2016, Shandong Hongqiao completed the issuance of 2016 domestic corporate bonds (first tranche) (type 1), with an offering size of RMB2,000,000,000 for a term of 3+2 years (5-year fixed rate bonds, with the issuer's option to adjust the coupon rate and the investors' entitlement to sell back at the end of the third year), carrying interest of 4.10% per annum. As at 31 December 2020, the interests and short positions of the Directors and chief executive of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) ("SFO")) which were required to be notified to the Company and the Stock Exchange pursuant to the provisions of Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have under such provisions of the SFO); or to be recorded in the register required to be kept by the Company under section 352 of the SFO; or to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the "Model Code") as set out in Appendix 10 to the Listing Rules, were as follows: Long positions in the shares of the Company, Approximate percentage of shareholding in the total issued share capital as at, Name of directorCapacity/type of interestNumber of total shares held, Save as disclosed above, as at 31 December 2020, there was no any other Directors or chief executive of the Company or any of their spouse or children under the age of 18 who had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which were required to be notified to the Company and the Stock Exchange pursuant to the provisions of Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they were taken or deemed to have under such provisions of the SFO); or to be recorded in the register required to be kept by the Company under section 352 of the. The Board recommended payment of a final dividend of HK50 cents per share for 2020 (same period in 2019: HK34 cents). PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY. Hongqiao is dedicated to providing a healthy, safe and comfortable working environment and diverse opportunities. The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark. The amendments are effective for business combinations for which the date of acquisition is on or after the beginning of the first annual period beginning on or after 1 January 2022. Pursuant to the terms entitling the investor to sell back the bonds as set out in the bond prospectus, during the sale-back period from 14 December 2018 to 18 December 2018, the sale-back amount of the bond holders is RMB0. As of the date of this announcement, the Board comprised three executive Directors, four non-executive Directors and four independent non-executive Directors. (1) Shiping Prosperity Private Trust Company held such shares as the trustee. Please refer to the announcement of the Company dated 15 August 2017, the circular dated 2 November 2017, the poll results announcement dated 20 November 2017 and the announcement dated 28 November 2017, respectively, for details. The Group will continue to take effective measures to ensure sufficient liquidity and financial resources, so as to satisfy the business needs and maintain a sound and steady financial position. To strengthen investors' confidence and maintain the stability of corporate bond prices, the board of directors of Weiqiao Aluminum & Power passed a resolution in relation to the repurchase of the bonds (at 50% of the remaining principal amount of the bonds, the repurchase price is the par value plus accrued interest) on 13 January 2021. Aforesaid notes and bonds help to optimise the Group's debt structure and reduce its financial costs. In order to increase the proportion of clean energy, the Company will use 20% of the net proceeds for construction of Yunnan green aluminum innovation industrial park project of the Group. All shares issued rank pari passu in all respects with all shares then in issue. In addition, the Group will sustain its existing production capacity advantages, control its production costs, improve its profitability and improve its cash flow position in order to maintain the adequate liquidity of the Group. After the completion of the sale-back, the remaining amount of the bonds is RMB1,800,000,000, and the coupon rate increases to 7.00%. Overview Earnings & Estimates China Hongqiao Group Ltd. Corporate Bonds to Eligible Investors by Shandong Hongqiao New Material Co., Ltd. (Zheng Jian Xu Ke [2015]) No. On 7 January 2021 (after trading hours), the Company and the subsidiary guarantors entered into the CB subscription agreement with the joint lead managers, pursuant to which the Company has agreed to issue and the joint lead managers have agreed, severally and not jointly, on a best efforts basis, to subscribe and pay for, or to procure subscriptions and payment for the US$300,000,000 5.25% convertible bonds due 2026, with an initial conversion price (subject to adjustment) of HK$8.91. The net proceeds of the convertible bonds placing were approximately US$316,800,000 which the Company has fully ultilised for the uses as described in the announcement of the Company dated 15. I would like to take this opportunity to express my sincere gratitude to our Board members and management team, and to all the employees, business partners, customers and shareholders of the Group. Comparatives are not restated. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. Amendments to IFRS 9, IAS 39 and IFRS 7 address the effects of interbank offered rate reform on financial reporting. The amendments provide a new definition of material that states "information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity".