Rego Interactive Co., Ltd — Interim / Quarterly Report 2019

Apr 23, 2019

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.

==> picture [50 x 50] intentionally omitted <==

(a joint stock limited company incorporated in thePeople’s Republic of China with limited liability) (Stock Code: 1065)

First Quarterly Report 2019

1. Important

• 1.1 The board (the “ Board ”) of directors (the “ Directors ”) and the supervisory committee of Tianjin Capital Environmental Protection Group Company Limited (the “ Company ”) and all of its Directors, supervisors and senior management warrant that there are no false information, misleading statements or material omissions in this quarterly report, and accept joint and several responsibility for the truthfulness, accuracy and completeness of the contents contained in this quarterly report.

• 1.2 Mr. Liu Yujun, the chairman of the Company, Ms. Peng Yilin, the officer in charge of the accounting function, and Mr. Liu Tao, the officer in charge of the accounting department (the accounting management officer) have warranted the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report.

• 1.3 The financial statements contained in the first quarterly report of the Company have not been audited.

— 1 —

2. Major Financial Data and Changes in Shareholders of the Company

2.1 Major Financial Data

														Comparison	Comparison	Comparison
														**between **	the
														end of this
													reporting period
								As at						and the end
							the end of				As at the			of the previous
							this reporting				end of the			year Increase/
							period				previous year			decrease (%)
		Total assets					1,603,324.8				1,568,744.8			2.20
		Net assets attributable
		to the		shareholders of
		the Company					576,030.2				581,820.3			-1.00
							From the				From the			Compared
							beginning of				beginning of			with the same
							the year to				the previous			**period of **	the
							the end of				year to the			previous year
							the reporting				end of the			Increase/
							period				corresponding			decrease (%)
											reporting
											period of the
											previous year
		Net cash flows from
		operating activities					20,693.1				-7,768.0			366.39
		Operating income					59,263.4				49,294.1			20.22
		Net profits attributable
		to the		shareholders of
		the Company					9,338.6				10,947.8			-14.7
		Net profit attributable to
		the shareholders of
		the Company after
		deduction of
		extraor-dinary			items		9,469.6				10,797.3			-12.3
		Weighted average return						1.61			2.08			Decreased by
		ratio on net assets (%)												0.47
														percentage
														point
		Basic	earnings per share
		(RMB/share)						0.065			0.077			-15.58
		Diluted earnings per
		share (RMB/share)						0.065			0.077			-15.58

— 2 —

Extraordinary items and amounts

Unit: 0’000 Currency: RMB

			Amount for
			the reporting
Items			period
Gain and loss from	disposal of non-current assets		0.0
Government grants included in profit or loss for the current
period other than	those closely related to the normal operation
of the Company, in compliance with national policies and
regulations, as well as the government grants entitled
continuously in accordance with certain standard quota or
quantity basis			58.7
Other non-operating income and expenditure except for those
mentioned above			-232
Impact on minority	shareholders interests (after tax)		-1
Impact on income tax			43.3
Total			-131.0

— 3 —

• 2.2 Total number of shareholders and tables of the shareholdings of the top ten shareholders and the top ten shareholders of circulating shares (or shareholders of non-restricted circulating shares) as at the end of the reporting period

			Total number of shareholders	Total number of shareholders	Total number of shareholders							**91,500, of which 65 were shareholders **	**91,500, of which 65 were shareholders **	**91,500, of which 65 were shareholders **	**91,500, of which 65 were shareholders **	of H Shares
						**Shareholdings of the **				top ten shareholders
					Number of
					shares held
					**at **	the end of Percentage					Number of
					**the **	reporting		of			restricted		**Pledged or **	frozen
			Name of shareholder			period shareholding					shares held		Status of	Number		Nature of
			(Full name)			(shares)		(%)				(shares)	shares	(shares)		shareholder
			Tianjin Municipal		715,565,186 50.14							0	None		0	State-owned
			Investment Company													legal person
			Limited (“TMICL”)
			HKSCC Nominees Limited		337,854,900 23.67							0	None		0	Unknown
			Central Huijin Asset		14,169,800			0.99				0	None		0	State-owned
			Management Ltd.													legal person
			Lv Qiang			7,251,600		0.51				0	None		0	Domestic
															natural person
			Agricultural Bank of China			4,415,108		0.31				0	None		0	Unknown
			Limited-CSI500 Index
			Open-ended Fund (中
			證500交易型開放式指數
			證券投資基金)
			Zhejiang Jinxin Construction			3,330,000		0.23				0	None		0	Domestic
			Engineering Co., Ltd.													non-state-
			(浙江錦鑫建設工程													owned legal
			有限公司)													person
			Hong Kong	Securities		2,365,582		0.17				0	None		0	Unknown
			Clearing	Company Ltd.
			Wu Zuojia			2,241,219		0.16				0	None		0	Domestic
															natural person
			Bank of China			1,530,117		0.11				0	None		0	Unknown
			Limited�	Guangfa China
			Securities Environmental
			Protection Industry Index
			Open-ended Fund (廣發中
			證環保產業交易型開放式
			指數證券投資基金)
			Shenyang Railway Coal			1,500,000		0.11				0	None		0	State-owned
			Group Co., Ltd.													legal person
			(瀋陽鐵道煤炭集團
			有限公司)

— 4 —

	Shareholdings of the top ten shareholders of non-restricted circulating shares	Shareholdings of the top ten shareholders of non-restricted circulating shares	Shareholdings of the top ten shareholders of non-restricted circulating shares	Shareholdings of the top ten shareholders of non-restricted circulating shares	Shareholdings of the top ten shareholders of non-restricted circulating shares	Shareholdings of the top ten shareholders of non-restricted circulating shares	Shareholdings of the top ten shareholders of non-restricted circulating shares
				Number of
				non-restricted		**Type and number of **	shares
				circulating shares				Number
	Name of shareholder			held (shares)		Type		(shares)
	TMICL			715,565,186		Ordinary RMB	715,565,186
						Shares
	HKSCC Nominees	Limited		337,854,900		H Shares	337,854,900
	Central Huijin Asset Management Ltd.			14,169,800		Ordinary RMB		14,169,800
						Shares
	Lv Qiang			7,251,600		Ordinary RMB		7,251,600
						Shares
	Agricultural Bank of China			4,415,108		Ordinary RMB		4,415,108
	Limited-CSI500 Index Open-ended Fund					Shares
	(中證500交易型開放式指數證券投資基
	金)
	Zhejiang Jinxin Construction Engineering			3,330,000		Ordinary RMB		3,330,000
	Co., Ltd. (浙江錦鑫建設工程有限公司)					Shares
	Hong Kong Securities Clearing Company			2,365,582		Ordinary RMB		2,365,582
	Ltd.					Shares
	Wu Zuojia			2,241,219		Ordinary RMB		2,241,219
						Shares
	Bank of China Limited—Guangfa China			1,530,117		Ordinary RMB		1,530,117
	Securities Environmental Protection					Shares
	Industry Index Open-ended Fund		(廣發
	中證環保產業交易型開放式指數證券投
	資基金)
	Shenyang Railway	Coal Group Co.,	Ltd.	1,500,000		Ordinary RMB		1,500,000
	(瀋陽鐵道煤炭集團有限公司)					Shares
	Notes on the connected relationship or			It is not certain whether there is any connected			relationship
	parties acting in concert among the			among the top ten shareholders.
	above shareholders
				It is not certain whether there is any connected			relationship
				between the top ten shareholders of non-restricted
				circulating shares and	the top ten shareholders.
				Notes: (1) According	to the register of members as provided
				by HKSCC Nominees Limited, those			H shares
				held by it were held on behalf of various clients.
				There was	no	client who owned 5% or		more
				interest in	the	total share capital of the Company.
				(2) None of the top ten shareholders are			strategic
				investors of the Company

— 5 —

3. Major Events

3.1 Description of and reasons for substantial changes in principal financial statement items and financial indicators of the Company

As at 31 March 2019, the Company and its subsidiaries (the “ Group ”) had total assets in the amount of RMB16,033.25 million, representing an increase of RMB345.80 million or 2.20% as compared to the end of last year. Total liabilities were RMB9,464.01 million, representing an increase of RMB391.53 million or 4.32% as compared to the end of last year. Equity interest attributable to the shareholders of the Company was RMB5,760.30 million, representing a decrease of RMB57.90 million or 1.00% as compared to the end of last year. The realised net profit attributable to the Company for the period from January to March of 2019 was RMB93.39 million, representing a decrease of RMB16.09 million or 14.70% as compared to the same period last year.

Analysis of items with more significant changes is set out below:

Unit: 0’000 Currency: RMB

								Amount of	Amount of
					31 March	31 December			increase/	Change
		Items			2019	2018			decrease	(%)	Reason
		Prepayments			3,289.20	2,353.10			936.1	39.78	Mainly due to	an increase		in
											prepayments for	recycled water
											pipeline network	project works
											in this period.
		Other receivables			5,231.5	3,616.2			1,615.3	44.67	Mainly due to	increases		in
											deposits for awarded tender
											projects and immediate			tax
											refund receivables.
		Other non-current assets			15,372.5	10,918.1			4,454.4	40.80	Mainly due to	increases		in
											prepayments	for sewage
											construction project works		and
											equipment.
		Wages payable			1,216.5	5,394.2			-4,177.7	-77.45	Mainly due to the payment			of
											year-end bonus	provided		for
											2018 during this	period.

— 6 —

							Amount of
				31 March		31 December	increase/	Change
		Items		2019		2018	decrease	(%)		Reason
		Operating costs		39,595.10		30,093.6	9,501.5	31.57		Mainly due to an increase of
										sewage treatment costs for a
										higher processing quantity and a
										stricter quality standard
										requirement for effluent water.
		Sales expenses		101.2		155.2	-54.0	-34.79		Mainly due to payment of
										bonuses to sales personnel for
										2017 at the same period last year.
		Administrative expenses		3,395.2		2,563.8	831.4	32.43		Mainly due to increases of
										management costs such as
										headcount costs and
										intermediary service costs after
										the commencement of relevant
										business upon the completion of
										our subsidiaries’ projects in this
										period.
		Research and development		155.1		295.9	-140.8	-47.58		Mainly due to payment of
			expenses							bonuses to R&D personnel for
										2017 at the same period last year.
		Other income		1,727.0		2,869.6	-1,142.6	-39.82		Mainly due to a lower VAT
										refund received as compared
										with same period last year for the
										lower VAT payables as a result of
										more input VAT deductibles for
										the Company’s projects under
										construction in this period.
		Non-operating income		15.9		166.5	-150.6	-90.45		Mainly due to no further
										industrial development grant to
										Tianjin Caring Technology
										Development Company Limited*
										(天津凱英科技發展股份有限公
										司) in this period as in the same
										period last year. The grant was
										one-off by nature.
		Non-operating expenses		237.9		67.8	170.1	250.88		Mainly due to a larger amount of
										donations to Xixiaoliang Village
										(西小良村) in this year as
										compared with the same period
										last year.
		Net cash flow from		20,693.2		-7,768.0	28,461.2	366.39		Mainly due to higher operating
			operating activities							income in this period as
										compared with the same period
										last year.
		Net cash flow from		41,373.3		76,918.7	-35,545.4	-46.21		Mainly due to a lower new debt
			financing activities							financing in this period as
										compared with the same period
										last year.

— 6 —

	Items 31 March 2019 31 December 2018 Amount of increase/ decrease Change (%) Reason Net increase in cash and cash equivalents -7,258.7 -5,089.4 -2,169.3 42.62 Mainly due to the combined impact of cash flows from operating, financing and investment activities.

— 7 —

• 3.2 Progress of major event and its effects as well as the analytical explanation of solutions

□ Applicable � Not applicable

• 3.3 Commitments that failed to be implemented on time during the reporting period

□ Applicable � Not applicable

• 3.4 Warning of the prediction that the accumulated net profits from the beginning of the year to the end of the next reporting period may record a loss or substantial changes may have occurred as compared with the same period of the previous year and the reasons

□ Applicable

• Not applicable

By order of the Board Liu Yujun Chairman

Tianjin, the PRC

23 April 2019

As at the date of this announcement, the Board comprises three executive Directors: Mr. Liu Yujun, Ms. Wang Jing and Mr. Niu Bo; three non-executive Directors: Mr. Yu Zhongpeng, Mr. Han Wei and Mr. Si Xiaolong; and three independent non-executive Directors: Mr. Di Xiaofeng, Mr. Guo Yongqing and Mr. Wang Xiangfei.

— 8 —

4. Appendices

Consolidated Balance Sheet

As at 31 March 2019

	Unit: ‘000 Currency: RMB	Unit: ‘000 Currency: RMB
	As at	As at
	31 March	31 December
Items	2019	2018
CURRENT ASSETS:
Currency funds	1,749,340	1,826,201
Notes receivable and trade receivables	2,222,377	2,091,760
Of which: Notes receivable	5,033	10,295
Trade receivables	2,217,344	2,081,465
Prepayments	32,892	23,531
Other receivables	52,314	36,162
Inventories	14,970	13,991
Non-current assets due within one year	21,397	22,789
Other current assets	201,150	156,688
Total current assets	4,294,440	4,171,122
NON-CURRENT ASSETS:
Long-term receivables	250,557	253,686
Long-term equity investments	195,000	195,000
Other investments in equity instruments	2,000	2,000
Investment properties	83,134	84,052
Fixed assets	341,708	346,641
Construction in progress	184,640	150,939
Intangible assets	10,528,044	10,374,827
Other non-current assets	153,725	109,181
Total non-current assets	11,738,808	11,516,326
TOTAL ASSETS	16,033,248	15,687,448

— 9 —

Items CURRENT LIABILITIES: Short-term borrowings Notes payable and trade payable Wages payable Taxes payable Other payables Including: Interests payable Dividends payable Non-current liabilities due within one year Contract liabilities Total current liabilities NON-CURRENT LIABILITIES: Long-term borrowings Bonds payable Long-term payables Expected liabilities Deferred income Deferred income tax liabilities Other non-current liabilities Total non-current liabilities TOTAL LIABILITIES OWNERS’ EQUITY: Share capital Capital reserves Surplus reserves Retained earnings Total equity attributable to owners of the Company Minority shareholders interest Total owners’ (or shareholders’) equity TOTAL LIABILITIES AND OWNERS’ (OR SHAREHOLDERS’) EQUITY	As at 31 March 2019 As at 31 December 2018 200,000 200,000 223,250 176,398 12,165 53,942 75,016 68,893 1,320,462 1,458,045 62,399 43,768 153,198 1,912 290,548 243,369 535,472 469,185 2,656,913 2,669,832 2,430,141 2,051,953 1,796,616 1,796,363 262,923 266,367 10,069 10,069 2,128,919 2,101,085 140,431 138,812 38,000 38,000 6,807,099 6,402,649 9,464,012 9,072,481 1,427,228 1,427,228 431,024 431,024 517,107 517,107 3,384,943 3,442,844 5,760,302 5,818,203 808,934 796,764 6,569,236 6,614,967 16,033,248 15,687,448	As at 31 March 2019 As at 31 December 2018 200,000 200,000 223,250 176,398 12,165 53,942 75,016 68,893 1,320,462 1,458,045 62,399 43,768 153,198 1,912 290,548 243,369 535,472 469,185 2,656,913 2,669,832 2,430,141 2,051,953 1,796,616 1,796,363 262,923 266,367 10,069 10,069 2,128,919 2,101,085 140,431 138,812 38,000 38,000 6,807,099 6,402,649 9,464,012 9,072,481 1,427,228 1,427,228 431,024 431,024 517,107 517,107 3,384,943 3,442,844 5,760,302 5,818,203 808,934 796,764 6,569,236 6,614,967 16,033,248 15,687,448
		2,051,953 1,796,363 266,367 10,069 2,101,085 138,812 38,000 6,402,649
		9,072,481
		1,427,228 431,024 517,107 3,442,844 5,818,203
		796,764 6,614,967
		15,687,448

— 10 —

Balance Sheet of the Company

As at 31 March 2019

	Unit: ‘000	Currency: RMB
	As at	As at
	31 March	31 December
Items	2019	2018
CURRENT ASSETS:
Currency funds	596,872	595,990
Notes receivable and trade receivables	1,758,111	1,687,179
Of which: Trade receivables	1,758,111	1,687,179
Prepayments	3,000	822
Other receivables	145,748	134,560
Inventories	4,758	3,992
Non-current assets due within one year	21,397	22,789
Other current assets	818,436	824,650
Total current assets	3,348,322	3,269,982
NON-CURRENT ASSETS:
Long-term receivables	250,557	253,686
Long-term equity investments	3,676,787	3,520,705
Other investments in equity instruments	2,000	2,000
Investment properties	62,497	63,289
Fixed assets	105,935	107,316
Intangible assets	4,060,796	4,092,295
Other non-current assets	136,883	190,519
Total non-current assets	8,295,455	8,229,810
TOTAL ASSETS	11,643,777	11,499,792

— 11 —

Items CURRENT LIABILITIES: Short-term borrowings Notes payable and trade payables Contract liabilities Wages payable Taxes payable Other payables Including: Interests payable Dividends payable Non-current liabilities due within one year Total current liabilities NON-CURRENT LIABILITIES: Long-term borrowings Bonds payable Long-term payables Expected liabilities Deferred income Deferred income tax liabilities Other non-current liabilities Total non-current liabilities TOTAL LIABILITIES OWNERS’ EQUITY (OR SHAREHOLDERS’ EQUITY): Share capital Capital reserves Surplus reserves Retained earnings Total owners’ equity TOTAL LIABILITIES AND OWNERS’ EQUITY	As at 31 March 2019 As at 31 December 2018 200,000 200,000 73,710 46,500 74,048 4,541 8,584 24,868 17,999 250 1,035,438 961,291 62,399 42,974 153,198 1,912 79,817 81,417 1,489,596 1,318,867 1,405,392 1,318,713 1,796,616 1,796,363 262,923 266,367 10,069 10,069 1,662,031 1,662,338 69,157 67,841 290,000 290,000 5,496,188 5,411,691 6,985,784 6,730,558 1,427,228 1,427,228 380,788 380,788 517,107 517,107 2,332,870 2,444,111 4,657,993 4,769,234 11,643,777 11,499,792	As at 31 March 2019 As at 31 December 2018 200,000 200,000 73,710 46,500 74,048 4,541 8,584 24,868 17,999 250 1,035,438 961,291 62,399 42,974 153,198 1,912 79,817 81,417 1,489,596 1,318,867 1,405,392 1,318,713 1,796,616 1,796,363 262,923 266,367 10,069 10,069 1,662,031 1,662,338 69,157 67,841 290,000 290,000 5,496,188 5,411,691 6,985,784 6,730,558 1,427,228 1,427,228 380,788 380,788 517,107 517,107 2,332,870 2,444,111 4,657,993 4,769,234 11,643,777 11,499,792
		1,318,713 1,796,363 266,367 10,069 1,662,338 67,841 290,000 5,411,691
		6,730,558
		1,427,228 380,788 517,107 2,444,111 4,769,234
		11,499,792

— 12 —

Consolidated Income Statement

January to March 2019

		Unit: ’000	Currency: RMB
		First Quarter	First Quarter
Items		of 2019	of 2018
1.	Total operating income	592,634	492,941
	Including: Operating income	592,634	492,941
2.	Total operating costs	480,058	373,590
	Including: Operating costs	395,951	300,936
	Tax and surcharges	6,722	9,545
	Sales expenses	1,012	1,552
	Administrative expenses	33,952	25,638
	Research and development expenses	1,551	2,959
	Financial expenses	40,870	32,960
	Including: Interest expenses	60,372	46,515
	Interest income	17,104	13,220
	Add: Other income	17,270	28,696
3.	Operation profit (losses are stated by “-”)	129,846	148,047
	Add: Non-operating income	159	1,665
	Less: Non-operating expenses	2,379	678
4.	Total profit (total losses are stated by “-”)	127,626	149,034
	Less: Income tax expenses	30,172	35,944
5.	Net profit (net losses are stated by “-”)	97,454	113,090
	(1)Classified by continuity of operations
	1. Net profit from continuing operations (net	97,454	113,090
	losses are stated by “-”)
	(2)Classified by ownership of the equity
	1. Net profit attributable to shareholders of	93,386	109,478
	the Company (net losses are stated by “-”)
	2. Loss or profit attributable to minority	4,068	3,612
	shareholders (net losses are stated by “-”)
6.	Other comprehensive income, net of tax	—	—
7.	Total comprehensive income	97,454	113,090
	Total comprehensive income attributable to	93,386	109,478
	owners of the Company
	Total comprehensive income attributable to	4,068	3,612
	minority shareholders
8.	Earnings per share:
	(1) Basic earnings per share (RMB/share)	0.065	0.077
	(2) Diluted earnings per share (RMB/share)	0.065	0.077

For the business combination under common control effected in the current period, the net profit recognized by the merged party before the combination was RMB0, and the net profit recognized by the merged party in the previous period was RMB0.

— 13 —

Income Statement of the Company

January to March 2019

			Unit: ’000	Currency: RMB
			First Quarter	First Quarter
Items			of 2019	of 2018
1.	Operating income		267,780	230,006
	Less:	Operating costs	170,325	119,048
		Tax and surcharges	944	3,543
		Administrative expenses	18,934	13,633
		Financial expenses	37,098	30,615
		Including: Interest expenses	42,717	34,567
		Interest income	-3,044	-3,366
	Add:	Other incomes	3,834	13,525
		Investment Income	11,461	5,128
2.	Operation profit (losses are stated by “-”)		55,774	81,820
	Add:	Non-operating income	0	8
	Less:	Non-operating expenses	2,379	666
3.	Total	profit (total losses are stated by “-”)	53,395	81,162
	Less:	Income tax expenses	13,349	20,290
4.	Net profit (net losses are stated by “-”)		40,046	60,872
	(1) Net profit from continuing operations (net		40,046	60,872
	losses are stated by “-”)
5.	Other	comprehensive income, net of tax	—	—
6.	Total	comprehensive income	40,046	60,872
7.	Earnings per share:
	(1)Basic earnings per share (RMB/share)		—	—
	(2) Diluted earnings per share (RMB/share)		—	—

— 14 —

Consolidated Cash Flow Statement

January to March 2019

		Unit: ’000	Currency: RMB
		First Quarter	First Quarter
Items		of 2019	of 2018
1.	Cash flows from operating activities:
	Cash received from sales of goods and	598,185	264,219
	rendering of services
	Taxes and levies rebate received	5,674	19,466
	Cash received relating to other operating	93,244	94,369
	activities
	Sub-total of cash inflow from operating	697,103	378,054
	activities
	Cash paid for goods and services	258,129	203,366
	Cash paid to and on behalf of employees	113,562	85,034
	Payments of taxes and levies	75,097	120,592
	Cash payments relating to other operating	43,384	46,742
	activities
	Sub-total of cash outflow from operating	490,172	455,734
	activities
	Net cash flows from operating activities	206,931	077,680
2.	Cash flows from investing activities:
	Cash received from other investing activities	4,274	13,500
	Sub-total of cash inflow from investing	4,274	13,500
	activities
	Cash paid to acquire and construct fixed	697,526	358,944
	assets, intangible assets and other long-term
	assets
	Cash paid for investments	—	396,957
	Sub-total of cash outflow from investing	697,526	755,901
	activities
	Net cash flows from investing activities	-693,252	-742,401

— 15 —

		First Quarter	First Quarter
Items		of 2019	of 2018
3.	Cash flows from financing activities:
	Cash received from investment	8,100	63,896
	Including: Cash received form capital	8,100	63,896
	contribution by minority shareholders of
	subsidiaries
	Cash received from borrowings	689,130	759,902
	Sub-total of cash inflow from financing	697,230	823,798
	activities
	Cash paid for repayments of debts	263,164	41,028
	Cash paid for distribution of dividends and	20,334	13,583
	profits or for interest expenses
	Sub-total of cash outflow from financing	283,498	54,611
	activities
	Net cash flows from financing activities	413,732	769,187
4.	Effect of foreign exchange rate changes on	—	—
	cash or cash equivalents
5.	Net increase in cash and cash equivalents	-72,589	-50,894
	Add: Balance of cash and cash equivalents at	1,808,543	1,893,689
	the beginning of period
6.	Balance of cash and cash equivalents at the	1,735,954	1,842,795
	end of period

— 16 —

Cash Flow Statement of the Company

January to March 2019

Unit: ’000 Currency: RMB

		First Quarter	First Quarter
Items		of 2019	of 2018
1.	Cash flows from operating activities:
	Cash received from sales of goods and rendering	310,240	172,564
	of services
	Taxes and levies rebate received	2,078	9,238
	Cash received relating to other operating activities	379,225	128,568
	Sub-total of cash inflow from operating activities	691,543	310,370
	Cash paid for goods and services	116,804	78,206
	Cash paid to and on behalf of employees	46,284	31,795
	Payments of taxes and levies	17,059	50,334
	Cash payments relating to other operating	324,152	187,492
	activities
	Sub-total of cash outflow from operating activities	504,299	347,827
	Net cash flows from operating activities	187,244	-37,457
2.	Cash flows from investing activities:
	Cash paid to acquire and construct fixed assets,	101,580	80,630
	intangible assets and other long-term assets
	Cash paid for investments	156,082	412,275
	Sub-total of cash outflow from investing activities	257,662	492,905
	Net cash flows from investing activities	-257,662	-492,905
3.	Cash flows from borrowings:
	Cash received from borrowings	335,679	700,000
	Sub-total of cash inflow from financing activities	335,679	700,000
	Cash repayments of borrowings	250,000	—
	Cash paid for distribution of dividends and profits	14,377	8,384
	or for interest expenses
	Sub-total of cash outflow from financing activities	264,377	8,384
	Net cash flows from financing activities	71,302	691,616
4.	Effect of foreign exchange rate changes on cash	—	—
	or cash equivalents
5.	Net increase in cash and cash equivalents	884	161,254
	Add: Balance of cash and cash equivalents at the	586,888	779,808
	beginning of period
6.	Balance of cash and cash equivalents at the end	587,772	941,062
	of period

— 17 —