Computer And Technologies Holdings Limited — Annual Report 2006

Apr 2, 2007

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CHINA AEROSPACE INTERNATIONAL HOLDINGS LIMITED 航 天 科 技 國 際 集 團 有 限 公 司

(Incorporated in Hong Kong with limited liability)

(Stock Code: 31)

ANNOUNCEMENT OF ANNUAL RESULT 2006

The Board of Directors (the “Board”) of China Aerospace International Holdings Limited (the “Company”) is pleased to announce the audited results and financial statements of the Company and its subsidiaries (collectively the “Group”) for the financial year ended 31 December 2006.

SUMMARY OF RESULTS

The audited consolidated results of the Group for the year ended 31 December 2006 and the comparative figures of the same period in 2005 are as follows:

CONSOLIDATED INCOME STATEMENT

Notes Continuing operations Turnover 3 Cost of sales Gross profit Other income Distribution costs Administrative expenses Waiver of debts Impairment loss recognised in respect of property, plant and equipment Fair value changes of investment properties Reversal of allowance for amounts due from related companies Finance costs Share of results of associates Share of results of jointly controlled entities Impairment loss on available-for-sale investments Gain on disposal of subsidiaries Reversal of allowance for amounts due from jointly controlled entities (Loss) gain on disposal of associates Profit before taxation 4 Taxation 5 Profit for the year from continuing operations Discontinued operation Loss for the year from discontinued operation Profit for the year	2006 HK$’000 1,528,101 (1,170,772) 357,329 32,909 (50,073) (199,060) – (937) 23,414 – (15,956) – (5,579) – – – (201) 141,846 (26,784) 115,062 – 115,062	2005 HK$’000 1,610,175 (1,171,905) 438,270 54,007 (43,697) (186,583) 176,024 (4,689) 1,679 5,450 (39,289) 274 (9,125) (146,705) 876 2,977 69,164 318,633 (1,506) 317,127 (31,252) 285,875

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Attributable to: Equity holders of the Company Minority interests Earnings per share – Basic 6 From continuing and discontinued operations From continuing operations CONSOLIDATED BALANCE SHEET AT 31 DECEMBER Notes Non-current assets Property, plant and equipment Prepaid lease payments Investment properties Interests in associates Interests in jointly controlled entities Available-for-sale investments Pledged bank deposits Current assets Inventories Trade and other receivables 8 Prepaid lease payments Loans receivable Amounts due from associates Taxation recoverable Bank balances and cash Assets classified as held for sale Current liabilities Trade and other payables 9 Amounts due to associates Amount due to a major shareholder Taxation payable Obligations under finance leases – amount due within one year Secured bank loans Other loan Net current assets Total assets less current liabilities	110,966 4,096 115,062 HK 5.2cents HK 5.2cents 2006 HK$’000 634,124 61,888 160,562 – 63,831 101,331 110,560 1,132,296 134,106 267,198 2,153 70,269 – 1,400 658,756 1,133,882 20,300 1,154,182 591,307 1,050 116,161 40,927 2,634 65,172 7,167 824,418 329,764 1,462,060	286,403 (528) 285,875 HK 13.4cents HK 14.8cents 2005 HK$’000 590,351 60,795 27,110 8,027 69,410 90,827 110,560 957,080 125,383 274,742 2,070 258,077 3,627 2,659 474,767 1,141,325 – 1,141,325 576,271 1,050 184,593 20,938 7,692 16,925 6,891 814,360 326,965 1,284,045

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Non-current liabilities

Non-current liabilities
Obligations under finance leases – amount due after one year Secured bank loans Deferred taxation Capital and reserves Share capital Reserves Equity attributable to equity holders of the Company Minority interests	44 166,401 22,616 189,061 1,272,999 214,242 1,006,170 1,220,412 52,587 1,272,999	3,987 191,780 7,954
		203,721
		1,080,324
		214,242 846,945
		1,061,187 19,137
		1,080,324

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2006

1. BASIS OF PREPARATION

The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and include applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Companies Ordinance. The consolidated financial statements have been prepared on the historical cost basis, except for certain properties and financial instruments, which are measured at fair value.

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

In the current year, the Group has applied, for the first time, a number of new standard, amendments and interpretations (“new HKFRSs”) issued by the HKICPA, which are either effective for accounting periods beginning on or after 1 December 2005 or 1 January 2006. The adoption of the new HKFRSs had no material effect on how the results and financial position for the current or prior accounting periods have been prepared and presented. Accordingly, no prior period adjustment has been required.

The Group has not early applied the following new standards, amendment or interpretations that have been issued but are not yet effective. The directors of the Company anticipate that the application of these new standards, amendment or interpretations will have no material impact on the results and the financial position of the Group.

HKAS 1 (Amendment)	Capital disclosures1
HKFRS 7	Financial instruments: Disclosures1
HKFRS 8	Operating segments2
HK(IFRIC) – INT 7	Applying the restatement approach under HKAS 29 Financial Reporting in
	Hyperinflationary Economies3
HK(IFRIC) – INT 8	Scope of HKFRS 24
HK(IFRIC) – INT 9	Reassessment of embedded derivatives5
HK(IFRIC) – INT 10	Interim financial reporting and impairment6
HK(IFRIC) – INT 11	HKFRS 2 – Group and treasury share transactions7
HK(IFRIC) – INT 12	Service concession arrangements8

• 1 Effective for annual periods beginning on or after 1 January 2007.

• 2 Effective for annual periods beginning on or after 1 January 2009.

• 3 Effective for annual periods beginning on or after 1 March 2006.

• 4 Effective for annual periods beginning on or after 1 May 2006.

• 5 Effective for annual periods beginning on or after 1 June 2006.

• 6 Effective for annual periods beginning on or after 1 November 2006.

• 7 Effective for annual periods beginning on or after 1 March 2007.

• 8 Effective for annual periods beginning on or after 1 January 2008.

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3. SEGMENT INFORMATION

The Group’s turnover and contribution to trading results, analysed by business segments, which is the primary segment, are as follows:

2006

Manufacturing Plastic products Liquid crystal display Printed circuit boards Intelligent chargers and security system Other products Property Trading Finance Elimination Consolidated total from continuing operations Unallocated corporate income Unallocated corporate expenses Finance costs Share of results of jointly controlled entities Loss on disposal of associates Profit before taxation Taxation Profit for the year		Turnover	Total HK$’000 633,564 235,773 206,816 502,383 3,928 1,582,464 26,824 5,230 2,078 1,616,596 (88,495) 1,528,101	Results from continuing operations Segment result HK$’000 63,698 20,482 46,639 56,572 (12,944) 174,447 40,854 (3,625) 6,116 217,792 (23,062) 194,730 7,847 (38,995) 163,582 (15,956) (5,579) (201) 141,846 (26,784) 115,062
	External sales HK$’000 558,956 234,305 206,816 502,383 3,928 1,506,388 16,483 5,230 – 1,528,101 – 1,528,101	Inter- segment sales HK$’000 74,608 1,468 – – – 76,076 10,341 – 2,078 88,495 (88,495) –

Inter-segment sales are charged at prevailing market prices.

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2005

Manufacturing Plastic products Liquid crystal display Printed circuit boards Intelligent chargers and security system Other products Property Trading Finance Elimination Consolidated total from continuing operations Unallocated corporate income Unallocated corporate expenses Finance costs Share of results of associates Share of results of jointly controlled entities Gain on disposal of subsidiaries Reversal of allowance for amounts due from related companies Reversal of allowance for amounts due from jointly controlled entities Gain on disposal of associates Profit before taxation Taxation Profit for the year		Turnover	Total HK$’000 550,175 133,398 165,426 429,420 – 1,278,419 392,323 9,939 52,807 1,733,488 (123,313) 1,610,175	Results from continuing operations Segment result HK$’000 41,289 10,882 30,694 58,661 (1,683) 139,843 168,534 (781) 13,252 320,848 (64,920) 255,928 76,647 (44,269) 288,306 (39,289) 274 (9,125) 876 5,450 2,977 69,164 318,633 (1,506) 317,127
	External sales HK$’000 483,656 133,398 165,426 429,359 – 1,211,839 381,080 9,939 7,317 1,610,175 – 1,610,175	Inter- segment sales HK$’000 66,519 – – 61 – 66,580 11,243 – 45,490 123,313 (123,313) –

Inter-segment sales are charged at prevailing market prices.

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4. PROFIT BEFORE TAXATION

Profit before taxation has been arrived at after charging: Auditors’ remuneration Depreciation on – owned assets – assets held under finance leases Amortisation on prepaid lease payments Loss on disposal of property, plant and equipment Allowance for doubtful debts Allowance for amount due from an associate Minimum lease payments under operating leases in respect of land and buildings Research expenses Total staff costs, including directors’ remuneration and after crediting: Gross rental income Less: Direct operating expenses from investment properties that generated rental income during the year Net gain on disposal of investments held for trading Reversal of allowance (allowance) for obsolete inventories_(note)_ Interest income	Continuing operations 2006 2005 HK$’000 HK$’000 3,289 2,452 43,484 49,645 2,173 2,926 2,116 2,070 7,165 11,533 634 4,358 3,601 – 4,751 3,511 11,603 9,210 182,725 168,283 16,483 21,270 (1,346) (2,898) 15,137 18,372 7,190 – 1,408 (3,046) 11,143 7,317	Discontinued operations 2006 2005 HK$’000 HK$’000 – 295 – 2,181 – – – – – 4,839 – – – – – – – 111 – 8,643 – – – – – – – – – 15,079 – –	Total 2006 2005 HK$’000 HK$’000 3,289 2,747 43,484 51,826 2,173 2,926 2,116 2,070 7,165 16,372 634 4,358 3,601 – 4,751 3,511 11,603 9,321 182,725 176,926 16,483 21,270 (1,346) (2,898) 15,137 18,372 7,190 – 1,408 12,033 11,143 7,317
	2006 HK$’000 3,289 43,484 2,173 2,116 7,165 634 3,601 4,751 11,603 182,725 16,483 (1,346) 15,137 7,190 1,408 11,143	2006 HK$’000 – – – – – – – – – – – – – – – –	2006 HK$’000 3,289 43,484 2,173 2,116 7,165 634 3,601 4,751 11,603 182,725 16,483 (1,346) 15,137 7,190 1,408 11,143

Note: The amounts are included in cost of sales.

5. TAXATION

The tax charge for the year comprises:

Current tax: Hong Kong Profits Tax PRC Enterprise Income Tax Under(over)provision in prior years: Hong Kong Profits Tax Deferred tax Taxation attributable to the Company and its subsidiaries	Continuing operations 2006 2005 HK$’000 HK$’000 5,998 457 16,240 10,717 22,238 11,174 185 (91) 4,361 (9,577) 26,784 1,506

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Hong Kong Profits Tax is calculated at 17.5% on the estimated assessable profits for both years. Taxation arising in other jurisdictions is calculated at rates prevailing in the relevant jurisdictions.

Pursuant to relevant laws and regulations in the PRC, certain of the Company’s subsidiaries are entitled to exemption from income tax under tax holidays and concessions. Income tax was calculated at rates given under the concessions.

6. EARNINGS PER SHARE

The calculation of the basic earnings per share is based on the following data:

Earnings Earnings for the year for calculation of basic earnings per share from continuing and discontinued operations Earnings for the year for calculation of basic earnings per share from continuing operations Weighted average number of ordinary shares for the calculation of basic earnings per share	2006 2005 HK$’000 HK$’000 110,966 286,403 110,966 317,655 Number of Shares ’000 ’000 2,142,420 2,142,420	2005 HK$’000 286,403
		317,655

7. DIVIDEND

No dividend was paid or proposed during 2006, nor has any dividend been proposed since the balance sheet date (2005: nil).

8. TRADE AND OTHER RECEIVABLES

Trade receivables Other receivables, deposits and prepayments	2006 HK$’000 229,827 37,371 267,198	2005 HK$’000 195,315 79,427
		274,742

The Group allows an average credit period of 90 days to its trade customers. The following is an aged analysis of trade receivables at the balance sheet date:

Within 90 days Between 91 – 180 days	2006 HK$’000 221,637 8,190 229,827	2005 HK$’000 195,315 –
		195,315

The fair value of the Group’s trade and other receivables at 31 December 2006 approximates to the corresponding carrying amount.

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9. TRADE AND OTHER PAYABLES

Trade payables Other payables and accrued charges The following is an aged analysis of trade payables at the balance sheet date: Within 90 days Between 91 – 180 days Between 181 – 365 days Between 1 to 2 years Over 2 years	2006 HK$’000 268,350 322,957 591,307 2006 HK$’000 236,508 5,872 348 5,256 20,366 268,350	2005 HK$’000 316,776 259,495
		576,271
		2005 HK$’000 280,739 4,402 1,440 8,977 21,218
		316,776

The fair value of the Group’s trade and other payables at 31 December 2006 approximates to the corresponding carrying amount.

BUSINESS REVIEW

The audited turnover of the Group for the year ended 31 December 2006 was HK$1,528,101,000 and the profit attributable to shareholders was approximately HK$110,966,000. The earnings per share was HK$0.052.

In 2006, through acquiring new quality customers, continuing technological enhancement and strengthening internal control, the Group’s hi-tech manufacturing business, which comprises liquid crystal displays, printed circuit boards, plastic injection and intelligent battery chargers as the core products, achieved a steady growth. The turnover from which recorded HK$1,506,388,000, representing an increase of about 24% as compared to that of last year; and the profit was HK$174,447,000, representing an increase of about 25% as compared to that of last year. In particular, the performance of the businesses of liquid crystal displays and printed circuit boards was relatively strong. During the year, the turnover of both businesses increased 76% and 25% respectively.

In 2006, the Group has focused in asset restructure and enhancement; with such efforts gaining a substantial breakthrough. With the full support from the substantial shareholder, China Aerospace Science & Technology Corporation (“CASC”), the Group entered into a sale and purchase agreement with CASC in March 2006. Pursuant to the agreement, CASC was assigned loans receivable of approximately HK$188,000,000; the Group, in return, received a 79.25% shareholdings in Vanbao Development (Canada) Limited, the related shareholder’s loan and the entire shareholdings of Dongguan Huadun Enterprises Limited as the consideration for the disposal of loans receivable. The transaction was made in accordance with an equal-value swap principle. In order to settle the balance, CASC agreed to set off a sum of HK$80,000,000 shareholder’s loan due from the Group and paid to the Group a sum of approximately HK$14,924,000 in cash. The details of the transaction are referred to the shareholders’ circular dated 10 April 2006. The independent shareholders of the Company approved the transaction at the extraordinary general meeting held on 26 April 2006. The transaction was completed on 30 September 2006.

The assets swap transaction strengthened the financial position and improved the asset quality of the Group. As of 31 December 2006, the appraised values of the two pieces of land assigned from the assets swap transaction contributed a surplus of HK$18,533,000 to the Group upon revaluation, as a result of the booming property markets.

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In 2006, the Group captured opportunities to strengthen the development of new businesses and migrated an important step forward. Hi-tech manufacturing business, science and technology park complex development, and hi-tech industries development are the three major focuses of the Group’s business development. With the support from CASC, the Group successfully reached a joint venture agreement with the Shanghai Minhang Investment Construction Company Limited, a wholly-owned subsidiary of the government of Minhang District in Shanghai, to establish the Shanghai Aerospace Technology Investment Company Limited (the “Joint Venture”). The details of the agreement are referred to the shareholders’ circular dated 16 November 2006. The principal activities of the Joint Venture are the development, management and operation of the Aerospace Technology Park (“Park”). Locating in the Minhang District, Shanghai, the Park is planned to attract enterprises from aerospace and advanced-technology industries. At present, the Joint Venture has been established and engaged in normal operation. The Park has commenced an initial site work in order to prepare for the construction. It is anticipated that the Joint Venture will attract high potential enterprises from CASC to the Park.

The mission of the Park is to become the economic focal point for CASC’s industries. Being a 80% controlling shareholder of the Joint Venture, the Group will utilize this investment project to establish a platform with an aim to explore and realize orderly mergence and interactive development of aerospace and advanced-technology industries in the PRC. As the developer, manager and operator of the Park, the Joint Venture will ensure that those enterprises’ projects entering into the Park will comply with the relevant requirements of the Shanghai Municipal People’s Government. The Joint Venture will also assist those enterprises from CASC to introduce capital investments.

BUSINESS PROSPECT

Following the completion of the third phase extension work of Huizhou Industrial Park, the Group’s overall production capacity will be enhanced. It is anticipated that the hi-tech manufacturing business will maintain a steady growth and contribute a stable foundation to generate profits for the Group.

In relation to the complex development of the Park, the Group’s Joint Venture in Shanghai will endeavor to build up a professional team and work closely with the municipal government and experienced business partners so as to construct and develop the Park jointly. In the meantime, the Group will continue to strengthen the communications with CASC and fully utilize the leading resources of CASC to further explore other potential projects and investment opportunities.

Looking forward, the Board is full of confidence of the Group’s future development. The Group will adhere to the above business focuses and endeavor to active development in hope of creating values for our shareholders and the community.

MANAGEMENT DISCUSSION AND ANALYSIS

The audited turnover of the Group for the year ended 31 December 2006 was HK$1,528,101,000, representing a decrease of 5% as compared with that of the continuing operations in 2005. The administrative expenses and the finance costs were HK$199,060,000 and $15,956,000 respectively, representing an increase of 6.69% and a decrease of 59% as compared with last year. The profits attributable to shareholders were HK$110,966,000, representing a decrease of 61% as compared with that of HK$286,403,000 in last year. The Directors resolved not to declare any final dividend in respect of the financial year ended 31 December 2006.

The reduction of turnover in 2006, as compared with that of 2005, was mainly due to the disposal of Conic Investment Building in 2005 which generated a revenue of HK$330,000,000. The reduction of overall profits in 2006, as compared with that of 2005, was due to the profits of 2005 being included exceptional gains arising from the waiver of debts resulting from the restructuring of the loans with the Bank of China, of HK$176,024,000, and the profits on the disposal of the shareholdings in CASIL Telecommunications Holdings Limited and several associate companies, of HK$69,164,000. Save for the exceptional gains, the profits in 2006 increased 53% as compared with that of 2005 of HK$72,467,000. The increase was arising from the growth in profits of hi-tech manufacturing business. The substantial reduction of finance costs in 2006 was the results of a series of loan restructurings and the betterment of assets. The increase in administrative expenses was caused by the increase in staff cost of the Group, the relocation of head office, and the increase in research and development expenses and the additional provisions made by the subsidiaries.

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During the first half of 2006, the Group completed its business restructuring in accordance with the development strategy, and continued to devote to market development. Through the adoption of the measures of strict cost control, cutting finance expenses and accelerating assets consolidation, the Group improved its overall assets allocation. The core competitive advantages and leading position of the major businesses were further strengthened, maintaining a relatively good development strength and creating better conditions for the Group’s future development.

In 2006, the operations of the Group’s hi-tech manufacturing business was well performed. The turnovers for businesses of liquid crystal displays, printed circuit boards, plastic products and intelligent battery chargers were HK$234,305,000, HK$206,816,000, HK$558,956,000 and HK$502,383,000, representing an increase of 76%, 25%, 16% and 17% respectively. The overall average gross profit margin of hi-tech manufacturing business was 22%. Through continuous measures such as enhancement of production efficiency, strict cost control and provision of good quality of customer services, the hi-tech manufacturing business maintains strong competitive advantages.

The construction work of the third phase extension of Huizhou Industrial Park was completed at the end of 2006. It is anticipated that production will commence in the new factory buildings, of around 45,000 m[2] , during the first half of 2007. The production capacity of hi-tech manufacturing business will then be enhanced, creating a new momentum for the hi-tech manufacturing business to attain future growth.

As at 31 December 2006, the total assets of the Group were HK$2,286,478,000, of which the non-current portion and the current portion were HK$1,132,296,000 and HK$1,154,182,000 respectively. The total liabilities were HK$1,013,479,000, of which the current and the non-current liabilities were HK$824,418,000 and HK$189,061,000 respectively. Save for the minority interest, the equity attributable to equity holders of the Company was HK$1,220,412,000 and the net assets per share was HK$0.57. Save as the litigation disclosed in the 2006 annual report, the Group did not have any material contingent liabilities. As at 31 December 2006, the assets/liabilities ratio was 44.32% representing an improvement as compared to that of 48.52% of last year and the current ratio was 1.40, which was more or less the same to that of last year.

The source of funding of the Group mainly comes from its internal financial resources and banking facilities. The Group’s cash on hand as at 31 December 2006 was HK$769,316,000, most of which was in HK dollars and the rest in RMB and US dollars. The Group reviews its cash flow and financial position periodically and does not engage into any financial instruments or derivatives to hedge the exchange and the interest rate risks.

The completion of the assets swap transaction with CASC resulted in substantial reduction in the outstanding amount of loans receivable of the Group, increase in cash on hand, and decrease in the amount due to substantial shareholder; the quality of the Group’s asset was then improved as a result. The Group will endeavor to collect the remaining loans receivable and handle the related litigation properly.

In December 2006, the Group reached an agreement with an independent third party to dispose part of the property assets of Dongguan Huadun Enterprises Limited. The disposal is expected to complete during the first half of 2007 and the revenues arising from such transaction will be reflected in 2007.

A couple of the Group’s real estates and investments have been mortgaged to banks for financing with interest calculated at prime rate, and the remaining terms by installment are repayable in about 5 years.

The Group’s emolument policy is based on employee’s qualification, experience and performance and is referred to market data. The Group will continue to strengthen the human resources management and strictly apply the performance based evaluation standard so as to enhance the performance of individual staff and their contributions to the Group. As at 31 December 2006, the Group had more than 5,700 staff in both the mainland China and Hong Kong.

Looking forward to year 2007, under the leadership of the Board, the Group will reinforce its capabilities to enhance sales and profitability, perfect the internal control system, and strengthen internal management, with an aim to maintain the steady growth of the hi-tech manufacturing business. Regarding science and technology park complex development and hi-tech industries investment, the Group will actively explore opportunities, so as to achieve breakthrough in new business development and deliver outstanding performance for shareholders.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES

There had been no purchase, sale or redemption of the Company’s listed securities by the Company and its subsidiaries during the period.

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CORPORATE GOVERNANCE

During 2006, the Company had complied with the provisions of the Code on Corporate Governance Practices of Appendix 14 of the Listing Rules.

The Company had adopted the Model Code for Securities Transactions by Directors of Listed Issuers, Appendix 10 of the Listing Rules, as the required standard for the Directors of the Company to trade the securities of the Company. Hence, the Company enquired all the Directors individually whether they had complied with Appendix 10 while trading the securities of the Company during 2006, and all Directors had complied with the requirements of Appendix 10 during the period.

AUDIT COMMITTEE

The Audit Committee of the Company currently has a membership comprising two Independent Non-Executive Directors, Mr Chow Chan Lum, Charles and Mr Luo Zhenbang, and a Non-Executive Director, Mr Wang Yujun. The Audit Committee of the Company reviewed, discussed and approved this 2006 financial statements that had been audited by the auditors, Deloitte Touche Tohmatsu.

DISCLOSURE OF INFORMATION WEBSITES

Information that is required by paragraphs 45(1) to 45(3) of Appendix 16 of the Listing Rules will be released on the websites of the Stock Exchange (www.hkex.com.hk) and the Company (www.casil-group.com) in due course.

DIRECTORS

Upon the Board’s approval to the audited financial statements of the Group for the year ended 31 December 2006, Mr Lee Hung Sang, due to limited time available to the directorship of the Company, and Mr Chen Dingyi, due to the reason of retirement, resigned as Independent Non-Executive Director and member of Remuneration Committee of the Company, and Non-Executive Director of the Company respectively and Mr Wang Junyan was appointed as Independent Non-Executive Director and member of Remuneration Committee of the Company, with effect from 30 March 2007. The Board expresses its appreciation to Mr Lee Hung Sang and Mr Chen Dingyi for the valuable contributions to the Company during their tenure of services and extends a warm welcome to Mr Wang Junyan in joining the Board of the Company.

APPRECIATION

The Company expresses its sincere gratitude to its shareholders, banks, business partners, people from various social communities, as well as all staff of the Group for their long-time support.

By order of the Board Ma Xingrui Chairman

Hong Kong SAR, 30 March 2007

As of the date of this announcement, the Board of Directors of the Company comprises:

Executive Directors Non-Executive Directors Independent Non-Executive Directors Mr Zhao Liqiang (President) Mr Ma Xingrui (Chairman) Mr Chow Chan Lum, Charles Mr Zhou Qingquan Mr Gong Bo Mr Luo Zhenbang Mr Zhao Yuanchang Ms Chan Ching Har, Eliza Mr Wang Junyan Mr Wu Hongju Mr Wang Yujun Mr Guo Xianpeng Mr Xu Jianhua

“Please also refer to the published version of this announcement in The Standard”

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