The Group has sufficient confidence in the industry's future development. Amendments to IFRS 10 and IAS 28,Sale or Contribution of Assets between an Investor and its Associate or Joint Venture. , the registered capital of Weiqiao Haiyi was increased from RMB10,000,000 to RMB20,000,000 and the Group's equity interest in Weiqiao Haiyi was diluted from 60% to 30%. Please refer to the announcement of the Company dated 7 February 2018 for details. Overview Earnings & Estimates China Hongqiao Group Ltd. (3) Mr. Wen Xianjun was appointed as an independent non-executive Director on 5 March 2021. The revenue derived from aluminum fabrication products amounted to approximately RMB8,781,080,000, accounting for approximately 10.2% of the total revenue of the Group. Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. The following is an ageing analysis of accounts payable presented based on the invoice date at the end of the reporting period. Careers. (Incorporated under the laws of Cayman Islands with limited liability), ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020, Revenue increased by approximately 2.3% to approximately RMB86,144,641,000 as compared with the previous year, Gross profit increased by approximately 17.6% to approximately RMB19,355,188,000 as compared with the previous year, Profit for the year increased by approximately 61.8% to approximately RMB10,444,751,000 as compared with the previous year, Net profit attributable to owners of the Company increased by approximately 72.2% to approximately RMB10,495,936,000 as compared with the previous year, Basic earnings per share increased by approximately 72.3% as compared with the previous year and were approximately RMB1.2210 per share, Proposed final dividend of HK50 cents per share, together with the 2020 interim dividend of HK15 cents per share, the total 2020 dividend is HK65 cents per share, representing an increase of approximately 91.2% as compared with the 2019 dividend of HK34 cents per share. 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. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Source: China Hongqiao's 2018 annual report. Domestically, under the influence of supply-side reform in recent years, the total production capacity of the primary aluminum in China is under control, and the momentum of substantial growth in output is suppressed. Domestically, the Group focused on the material strategy of "Three New (new infrastructure, new material and new applications) and One High (high value-added)", accelerated the construction of aluminum lightweight material bases, and built a world-class full-process automotive lightweight R&D and manufacturing base and a world-class R&D center for lightweight aluminum materials in Shandong province. Do we speak up? Benefited from China's rapid prevention and control measures, the Pandemic's impact on the Group's overall operations during the Year was relatively small. Following the world's concern about environmental protection, China For a levy that would be within the scope of International Financial Report Interpretations Committee Interpretations ("IFRIC-Int") 21. , the acquirer applies IFRIC-Int 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date. Ms. Zheng Shuliang is the mother of Mr. Zhang Bo and the mother-in-law of Mr. Yang Congsen. As at 31 December 2020, the cash and cash equivalents of the Group amounted to approximately RMB45,465,361,000 (31 December 2019: approximately RMB41,857,116,000), which were mainly saved in commercial banks. Revenue, gross profit, gross profit margin and percentage of revenue. 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. In addition, the amendments introduce an optional "concentration test" that permits a simplified assessment of whether an acquired set of activities and assets is an asset rather than business acquisition, when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. We are also fully committed to the recycling and re-utilisation of secondary aluminum, establishing the largest industrial base for recycling secondary aluminum in China. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. For the year ended 31 December 2020, the Company has complied with the code provisions as set out in the CG Code, except for the following deviation: Code Provision A.2.1 stipulates that the roles of chairman and chief executive should be separate and not be performed by the same individual. (iii) On 22 March 2016, Weiqiao Alumina & Power completed the issuance of 2016 domestic corporate bonds (second tranche), 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 4.20% per annum. SFO; or to be notified to the Company and the Stock Exchange pursuant to the Model Code. China Hongqiao employs more than 43,000 workers in its 11 production bases in China and overseas. China Hongqiao Group Co., Ltd. is an extra-large multinational enterprise covering the entire aluminium industry chain. On 21 August 2019, Shandong Hongqiao resold the repurchased bonds above, for a resold amount of RMB427,471,000. The board ("Board") of directors (the "Directors") of China Hongqiao Group Limited (the "Company" or "China Hongqiao") is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively as the "Group") for the year ended 31 December 2020 (the "Year" or the "Year under Review"). and energy saving aluminum industry chain by pursuing optimisation of The Group received a number of industry and international recognition during the Year. None of the Directors waived or agreed to waive any emoluments during the Year. (i) On 10 March 2016, Weiqiao Alumina & Power completed the issuance of 2016 domestic corporate bonds (first tranche) (type 1), with an offering size of RMB3,500,000,000, 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 4.27% per annum. The Group used certain of its restricted bank deposits, inventories, trade receivables, equipment and right-of-use assets as collateral for bank borrowings to provide part of the funding for its daily business operation. After the completion of the repurchase, the remaining amount of the bonds is RMB953,695,000, and the coupon rate is still 7.00%. The amendments also clarify the meaning of "testing whether an asset is functioning properly". Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. 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. Fundamental company data and analyst estimates provided by FactSet. During the Year under Review, the Group further optimised its financial structure through diversified financing, thereby stabilising its sustainable development. 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. However, earlier application is permitted. The trend of tight supply will be maintained in the short term, and the market expects that the increase in demand for aluminum products will drive a further rise in aluminum prices. Hongqiao's green aluminum innovation industrial park in Yunnan province is a proof of our Group's effort to replace traditional practices with clean energies of hydropower and photovoltaic power so as to reduce the consumption of coal and emission of carbon, increasing the proportion of clean energy. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. Copyright 2023 Surperformance. (1) On 8 October 2015, the Company's subsidiary, Shandong Weiqiao Aluminum & Power Co., Ltd. ("Weiqiao Aluminum & Power") received the "Approval for the Issue of Corporate Bonds by Shandong Weiqiao Aluminum & Power Co., Ltd. (Fa Gai Cai Jin [2015] No. China Hongqiao : ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020, CONSOLIDATED STATEMENT OF FINANCIAL POSITION, NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS. Weiqiao Aluminum & Power will redeem the bonds in full based on its remaining aggregate principal amount and the interest accrued to the maturity date. Please refer to the announcements of the Company dated 24 September 2019, 25 September 2019 and 4 October 2019 for details. As of the date of this announcement, approximately 7% of the net proceeds have been used, and the remaining 13% of the net proceeds are expected to be used up before the end of 2021. (Vice President, Chief Financial Officer), Mr. LI Zimin (Mr. ZHANG Hao as his alternate), (1) On 12 September 2013, the Company's subsidiary, Shandong Hongqiao, obtained the "Approval for the Issue of 2013 Corporate Bonds by Shandong Hongqiao New Material Co., Ltd. (Fa Gai Cai Jin [2013] No. For the year ended 31 December 2020, the Group's overall gross profit margin of the products was approximately 22.5%, which increased by approximately 2.9 percentage points as compared with approximately 19.6% for the corresponding period of last year. After the completion of the repurchase, the remaining amount of the bonds is RMB1,055,325,900, and the coupon rate is still 6.30%. Innovation-centered and quality-focused, it has a diverse product portfolio that covers the aluminum industry chain and extends into the energy sector. (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.
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china hongqiao group limited annual report
