2013 Third Quarter Results
Hong Kong Stock 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.
ZHEJIANG EXPRESSWAY CO., LTD.
(A joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock code: 0576)
2013 Third Quarter Results
This quarterly results of Zhejiang Expressway Co., Ltd. (the "Company") for the nine months ended September 30,
2013 (the "Period") is made pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited and has been prepared in compliance with section 4.3 of the Disclosure and Transparency Rules
of the United Kingdom Listing Authority.
The audit committee of the Company has reviewed the quarterly results of the Company and its subsidiaries
(collectively the "Group") for the Period. Set out below are the Group's unaudited condensed consolidated
statement of profit or loss and other comprehensive income, condensed consolidated statement of financial
position and condensed consolidated statement of cash flows for the Period together with the comparative figures
for the corresponding period of 2012:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the nine months
ended September 30,
2013 2012
Rmb'000 Rmb'000
(Unaudited) (Unaudited
Notes and restated)
------------- --------------
Revenue 2 5,707,357 5,190,088
Operating costs (3,595,286) (3,344,800)
------------- --------------
Gross profit 2,112,071 1,845,288
Securities investment gains 86,886 71,899
Other income 3 158,570 204,801
Administrative expenses (55,096) (54,070)
Other expenses (33,685) (23,794)
Share of gain (loss) of associates 8,059 (10,642)
Share of loss of a joint venture (21,481) --
Finance costs (68,311) (108,047)
------------- --------------
Profit before tax 2,187,013 1,925,435
Income tax expense (550,428) (480,231)
------------- --------------
Profit for the Period 1,636,585 1,445,204
------------- --------------
Other comprehensive income (loss)
Items that may be reclassified
subsequently to profit or loss
when specific conditions are met:
Available-for-sale financial assets
-- Fair values gain (loss) during
the Period 10,992 (2,229)
-- Reclassification adjustments for
cumulative gain (loss) included
in profit or loss upon disposal (1,381) 24
Income tax relating to components
of other comprehensive income (loss) (2,403) 551
------------- --------------
Other comprehensive income (loss) for the
Period (net of tax) 7,208 (1,654)
------------- --------------
Total comprehensive income for the Period 1,643,793 1,443,550
============= ==============
Profit for the Period attributable to:
Owners of the Company 1,421,238 1,304,586
Non-controlling interests 215,347 140,618
------------- --------------
1,636,585 1,445,204
============= ==============
Total comprehensive income for the
Period attributable to:
Owners of the Company 1,425,340 1,303,723
Non-controlling interests 218,453 139,827
------------- --------------
1,643,793 1,443,550
============= ==============
Earnings per share -- Basic and diluted 4 32.72 cents 30.04 cents
============= ==============
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at
September 30, December 31,
2013 2012
Rmb'000 Rmb'000
(Unaudited) (Unaudited
and restated)
------------- --------------
Non-current assets 15,182,754 15,777,324
Current assets 16,609,537 15,707,988
Current liabilities 11,831,868 10,914,507
------------- --------------
Net current assets 4,777,669 4,793,481
------------- --------------
Total assets less current liabilities 19,960,423 20,570,805
------------- --------------
Non-current liabilities 600,174 949,124
------------- --------------
19,360,249 19,621,681
============= ==============
Capital and reserves
Share capital 4,343,115 4,343,115
Reserves 11,406,333 11,701,345
------------- --------------
Equity attributable to owners of the Company 15,749,448 16,044,460
Non-controlling interests 3,610,801 3,577,221
------------- --------------
19,360,249 19,621,681
============= ==============
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the nine months
ended September 30,
2013 2012
Rmb'000 Rmb'000
(Unaudited) (Unaudited
and restated)
------------- --------------
Net cash from operating activities 1,676,442 1,160,462
Net cash used in investing activities (1,321,780) (133,494)
Net cash used in financing activities (1,781,969) (1,572,036)
------------- --------------
Net decrease in cash and cash equivalents (1,427,307) (545,068)
Cash and cash equivalents at beginning of the Period 3,392,053 3,139,820
------------- --------------
Cash and cash equivalents at end of the Period 1,964,746 2,594,752
============= ==============
Notes:
1. MERGER ACCOUNTING RESTATEMENT
During the Period, the Group has acquired the remaining 76.55% equity interest in Zhejiang Jinhua Yongjin
Expressway Co., Ltd. ("Jinhua Co"), of which 66.283% equity interest was acquired from Zhejiang
Communications Investment Group Co., Ltd ("Communications Group"). Since Communications Group is the parent
company of the Company, this transaction was regarded as business combination involving entities under
common control and was accounted for using merger accounting method, in accordance with the guidance set out
in Accounting Guideline 5 "Merger Accounting for Common Control Combinations" issued by the Hong Kong
Institute of Certified Public Accountants (the "HKICPA"). As a result, the comparative condensed
consolidated statement of profit or loss and other comprehensive income and condensed consolidated
statement of cash flows for the period ended September 30, 2012 and the condensed consolidated statement of
financial position as at December 31, 2012 have therefore been restated, in order to include the losses,
assets and liabilities of the combining entities since the date on which they first come under common
control.
The adopting of merger accounting method has resulted in a decrease in total comprehensive income
attributable to owners of the Company and a decrease in profit attributable to owners of the Company for the
period ended September 30, 2012 by Rmb34,307,000 and Rmb34,307,000, respectively.
The effect of the merger accounting restatement described above on the condensed consolidated statement of
profit or loss and other comprehensive income for the nine months ended September 30, 2012 by line items is
as follows:
For the nine For the nine
months ended Merger months ended
September 30, accounting September 30,
2012 restatement 2012
Rmb'000 Rmb'000 Rmb'000
(Unaudited (Unaudited
and and restated)
originally stated)
------------------- -------------- ----------------
Revenue 5,022,210 167,878 5,190,088
Operating costs (3,191,201) (153,599) (3,344,800)
------------------- -------------- ----------------
Gross profit 1,831,009 14,279 1,845,288
Securities investment gains 71,899 -- 71,899
Other income 203,389 1,412 204,801
Administrative expenses (50,042) (4,028) (54,070)
Other expenses (23,428) (366) (23,794)
Share of loss of associates (21,152) 10,510 (10,642)
Finance costs (42,787) (65,260) (108,047)
------------------- -------------- ----------------
Profit before tax 1,968,888 (43,453) 1,925,435
Income tax expense (489,377) 9,146 (480,231)
------------------- -------------- ----------------
Profit for the period 1,479,511 (34,307) 1,445,204
------------------- -------------- ----------------
Other comprehensive loss
Items that may be reclassified
subsequently to profit or loss
when specific conditions are met:
Available-for-sale financial assets
-- Fair value loss during the period (2,229) -- (2,229)
-- Reclassification adjustments
for cumulative loss included
in profit or loss upon disposal 24 -- 24
Income tax relating to components
of other comprehensive loss 551 -- 551
------------------- -------------- ----------------
Other comprehensive loss for the period
(net of tax) (1,654) -- (1,654)
------------------- -------------- ----------------
Total comprehensive income for the period 1,477,857 (34,307) 1,443,550
=================== ============== ================
Profit for the period attributable to:
Owners of the Company 1,334,292 (29,706) 1,304,586
Non-controlling interests 145,219 (4,601) 140,618
------------------- -------------- ----------------
1,479,511 (34,307) 1,445,204
=================== ============== ================
Total comprehensive income attributable to:
Owners of the Company 1,333,429 (29,706) 1,303,723
Non-controlling interests 144,428 (4,601) 139,827
------------------- -------------- ----------------
1,477,857 (34,307) 1,443,550
=================== ============== ================
Earnings per share-Basic and diluted 30.72 cents (0.68) cents 30.04 cents
=================== ============== ================
The effect of the merger accounting restatement described above on the condensed consolidated statement of
financial position as at December 31, 2012 by line items is as follows:
As at Merger As at
December 31, accounting December 31,
2012 restatement 2012
Rmb'000 Rmb'000 Rmb'000
(Audited and (Unaudited and
originally stated) restated)
------------------- -------------- ----------------
Non-current assets 13,692,835 2,084,489 15,777,324
Current assets 15,752,546 (44,558) 15,707,988
Current liabilities 10,204,886 709,621 10,914,507
------------------- -------------- ----------------
Net current assets 5,547,660 (754,179) 4,793,481
------------------- -------------- ----------------
Total assets less current liabilities 19,240,495 1,330,310 20,570,805
------------------- -------------- ----------------
Non-current liabilities 224,220 724,904 949,124
------------------- -------------- ----------------
19,016,275 605,406 19,621,681
=================== ============== ================
Capital and reserves
Share capital 4,343,115 -- 4,343,115
Reserves 11,177,137 524,208 11,701,345
------------------- -------------- ----------------
Equity attributable to owners of the Company 15,520,252 524,208 16,044,460
Non-controlling interests 3,496,023 81,198 3,577,221
------------------- -------------- ----------------
19,016,275 605,406 19,621,681
=================== ============== ================
2. REVENUE
An analysis of the Group's revenue, net of discounts and taxes, for the Period is as follows:
For the nine months
ended September 30,
2013 2012
Rmb'000 Rmb'000
(Unaudited (Unaudited and
restated)
---------------- ----------------
Toll operation revenue 2,978,465 2,823,015
Service area business revenue (mainly sales of goods) 1,482,842 1,444,572
Advertising business revenue 76,844 68,772
Commission income from securities operation 871,047 627,736
Interest income from securities operation 297,685 225,937
Others 474 56
---------------- ----------------
Total 5,707,357 5,190,088
================ ================
3. OTHER INCOME
For the nine months
ended September 30,
2013 2012
Rmb'000 Rmb'000
(Unaudited) (Unaudited and
restated)
---------------- ----------------
Interest income on bank balances, entrusted loan receivables
and financial products investment 68,911 123,092
Rental income 55,584 52,630
Handling fee income 2,492 4,781
Towing income 7,573 9,138
Net exchange loss (202) (2,460)
Others 24,212 17,620
---------------- ----------------
Total 158,570 204,801
================ ================
4. EARNINGS PER SHARE
The calculation of the basic earnings per share is based on profit for the Period attributable to owners of
the Company of Rmb1,421,238,000 (corresponding period of 2012 (restated): Rmb1,304,586,000) and the
4,343,114,500 (2012: 4,343,114,500) ordinary shares in issue during the Period.
Diluted earnings per share presented is the same as basic earnings per share since there was no potential
ordinary shares outstanding during the both periods.
BUSINESS REVIEW
As the Chinese economy has seen solid developments in the first three quarters of 2013, GDP rose 7.7%
year-on-year. In Zhejiang Province, the economy remained stable as increases in fixed assets investments played a
strong role in driving economic growth with GDP growing 8.3% during the Period, which was in line with the first
half of 2013.
Due to steady economic growth in Zhejiang Province in the past three quarters as well as a gradual recovery in
the organic growth of traffic volume and in the domestic financial markets, total income of the Group increased
10.2% year-on-year to Rmb5,884.33 million. Income from the three major expressways increased 5.5% year-on-year
to Rmb3,080.31 million and accounted for 52.3% of total income. Income from toll road-related businesses
increased 2.9% year-on-year to Rmb1,568.93 million and accounted for 26.7% of total income. Income from the
securities business increased 38.2% year-on-year to Rmb1,235.09 million and accounted for 21.0% of total income.
Toll Road Operation
As economy in Zhejiang Province has demonstrated upward signs during the Period, organic growth of traffic volume
of the expressways operated by the Group reached its peak level in the first quarter of 2013 since it has started
picking up in the second half of last year. During the second and third quarters of 2013, organic traffic volume
grew at a relatively high level despite having slowed down since the first quarter. Overall organic growth of
traffic volume in the past three quarters has been better than expected.
The Jiaxing-Shaoxing Expressway, which opened to traffic on July 19, 2013, contributed to the traffic volume
growth of the Shangsan Expressway operated by the Group. However, as the Jiaxing-Shaoxing Expressway is not yet
open to freight vehicles, its positive impact has not been fully realized yet. There was also a small traffic
diversion impact caused by the opening of the Jiaxing-Shaoxing Expressway to the Shanghai-Hangzhou-Ningbo
Expressway, resulting in a toll income loss of approximately Rmb8 million. Toll income were further negatively
impacted by several factors, including the "holiday toll-free policy" according to which small passenger vehicles
travelled toll-free during major public holidays in the first half of 2013, the "Unified Toll Cards" that have
been phased out since early 2012, the adjustment to round off the last figure for the toll of passenger vehicles,
as well as the reclassification of vehicles, resulting in an additional loss in toll income for the Group of
approximately Rmb191 million during the Period.
On the other hand, the Company has been taking measures to actively promoting the new policy of charging vehicles
on an actual driving route basis implemented by Zhejiang Province since May 15, 2012, and adopted measures such
as rectifying and modifying weighing devices, resulting in additional toll income of approximately Rmb79 million
for the Group.
In the first half of 2013, the Group completed the acquisition of a 76.55% equity interest in Zhejiang Jinhua
Yongjin Expressway Co., Ltd. (which owns and operates the 69.7km Jinhua Section of the Ningbo-Jinhua Expressway).
During the Period, certain bridges on the S211 Provincial Road, which runs parallel to the Ningbo-Jinhua
Expressway, were still under construction. This led to an increase in the number of vehicles rerouted to some
parts of the Jinhua Section of the Ningbo-Jinhua Expressway. Also, continued traffic congestion on the roads in
some areas of Yiwu caused a large number of local short-distance vehicles to switch to the nearby Jinhua Section
of the Ningbo-Jinhua Expressway. Moreover, due to the rapid growth in import and export trade in Jinhua, the
traffic volume of large trucks and container trucks increased significantly on a year-on-year basis during the
Period.
During the Period, the average daily traffic volume in full-trip equivalents along the Group's
Shanghai-Hangzhou-Ningbo Expressway was 44,309, up by 4.9% year-on-year. In particular, average daily traffic
volume in full-trip equivalents along the Shanghai-Hangzhou Section of the Shanghai-Hangzhou-Ningbo Expressway
was 44,541, up by 3.8% year-on-year, and that along the Hangzhou-Ningbo Section was 44,146, up by 5.8%
year-on-year. Average daily traffic volume in full-trip equivalents along the Shangsan Expressway was 17,993
during the Period, up by 5.9% year-on-year. Average daily traffic volume in full-trip equivalents along the
Jinhua Section of the Ningbo-Jinhua Expressway was 14,343 during the Period, up by 20.5% year-on-year.
Total toll income from the 248km Shanghai-Hangzhou-Ningbo Expressway, the 142km Shangsan Expressway and the 70km
Jinhua Section of the Ningbo-Jinhua Expressway amounted to Rmb3,080.31 million during the Period, up by 5.5%
year-on-year. Toll income from the Shanghai-Hangzhou-Ningbo Expressway amounted to Rmb2,326.33 million, up by
4.6% year-on-year; toll income from the Shangsan Expressway amounted to Rmb557.52 million, up by 6.5%
year-on-year; while toll income from the Jinhua Section of the Ningbo-Jinhua Expressway amounted to Rmb196.46
million, up by 14.4% year-on-year.
Toll Road-Related Business Operations
The Company also operates certain toll road-related businesses along its expressways through its subsidiaries
and associated companies, including gas stations, restaurants and shops in service areas, roadside advertising
businesses as well as automobile service, etc.
During the Period, due to the renovation of Jiaxing Service Area starting in July 2013, income from this service
area was adversely affected. However, increasing sales of refined oil products offset the adverse effect and the
total income of the service area grew slightly. Income from toll road-related operations during the Period
amounted to Rmb1,568.93 million, up by 2.9% year-on-year.
Securities Business
During the Period, the aggregate trading volume of the Shanghai and Shenzhen stock exchanges rose by 40.5%
year-on-year as a result of the recovery of trading activities in the Chinese stock market. While the market
share of Zheshang Securities Co., Ltd. ("Zheshang Securities") declined slightly, the brokerage business realized
healthy growth during the Period, benefiting from a favorable commission rate policy.
While boosting the comprehensive development of its various businesses, Zheshang Securities has been vigorously
improving its income and profit structure and enhancing business innovation to gradually adjust the current
business pattern, which is dominated by the brokerage business. Income from the brokerage, investment bank and
asset management businesses have all achieved satisfactory growth from the same period last year.
Meanwhile, in order to speed up the process of its listing on the Shanghai Stock Exchange, Zheshang Securities
has submitted an IPO application which was accepted by the China Securities Regulatory Commission in May, 2013,
and is officially admitted into the waiting list for IPOs.
During the Period, Zheshang Securities realized operating income of Rmb1,235.09 million, up by 38.2% year-on-year.
Of such income, brokerage commission income amounted to Rmb937.41 million, up by 40.4%, and interest income from
the securities business amounted to Rmb297.68 million, up by 31.8%. Moreover, securities investment gains of
Zheshang Securities included in the condensed consolidated statement of profit or loss and other comprehensive
income of the Group was Rmb77.36 million during the Period.
Long-Term Investments
Zhejiang Expressway Petroleum Development Co., Ltd. (a 50% owned associated company of the Company) recorded
income of Rmb4,787.51 million, an increase of 7.1% year-on-year, due to an increase in sales of refined oil. The
net profit of the Period reached Rmb17.48 million, compared with Rmb17.59 million in the same period of 2012.
JoinHands Technology Co., Ltd. (a 27.582%-owned associated company of the Company), with property leasing as its
major business, showed no substantial improvement in operations during the Period. The Company had instituted
legal proceedings with regard to the transfer of the equity interest in the associated company, and then lodged
an appeal against the subsequent judgment of the Company's priority of compensation for the mortgaged properties
which was ruled in favor of the Company by the Hangzhou Intermediate People's Court on April 28, 2013. These
mortgaged properties in the associated company were appraised on October 10, 2013 by the Hangzhou Intermediate
People's Court and are expected to be auctioned off in November 2013.
Shengxin Expressway Co., Ltd. (a 50% owned joint venture of the Company) operates the 73.4km long Shaoxing
Section of Ningbo-Jinhua Expressway. During the Period under review, the traffic volume of Shaoxing Section
picked up due to the improving provincial economy, with the average daily traffic volume in full-trip equivalents
reaching 12,749 vehicles, an increase of 4.6% year-on-year. Toll income during the Period was Rmb219.18 million.
However, due to its relatively heavy financial burden, the joint venture reported a loss of Rmb42.96 million.
On March 30, 2013, the Company entered into a capital increase agreement with Zhejiang Communications Investment
Group Finance Co., Ltd. ("Zhejiang Communications Finance") and its existing shareholders, conditionally agreeing
to carry out a cash capital injection of Rmb280 million to the equity capital of Zhejiang Communications Finance
for acquiring 35% of the equity interest in Zhejiang Communications Finance. Earnings from the associated company
were accounted for as a share of gain of associates of the Company from May 1, 2013, and Zhejiang Communications
Finance realized a net profit of Rmb33.00 million from May 1, 2013 to the end of the Period.
FINANCIAL ANALYSIS
Liquidity and Financial Resources
As at September 30, 2013, current assets of the Group amounted to Rmb16,609.54 million in aggregate (December 31,
2012 (restated): Rmb15,707.99 million), of which bank balances and cash accounted for 16.3% (December 31, 2012
(restated): 31.0%), bank balances held on behalf of customers accounted for 46.3% (December 31, 2012 (restated):
47.7%), and held-for-trading investments accounted for 6.1% (December 31, 2012 (restated): 9.5%). Current ratio
(current assets over current liabilities) of the Group as at September 30, 2013 was 1.4 (December 31, 2012
(restated): 1.4). Excluding the effect of customer deposits arising from the securities business, the resultant
current ratio of the Group (current assets less bank balances held on behalf of customers over current
liabilities less balance of accounts payable to customers arising from the securities business) was 2.1 (December
31, 2012 (restated): 2.4).
During the Period, net cash inflow generated from the Group's operating activities amounted to Rmb1,676.44
million.
The Directors do not expect the Company to experience any problem with liquidity or financial resources in the
foreseeable future.
Borrowings and Solvency
As at September 30, 2013, total liabilities of the Group amounted to Rmb12,432.04 million (December 31, 2012
(restated): Rmb11,863.63 million), of which 13.0% was bank loans and 60.5% was accounts payable to customers
arising from securities business.
Total interest-bearing borrowings of the Group as at September 30, 2013 amounted to Rmb1,620.00 million,
representing a decrease of 30.8% compared to that as at December 31, 2012. The borrowings comprised outstanding
balances of domestic commercial bank loans of Rmb1,400.00 million and loans from a domestic non-bank financial
institution of Rmb220.00 million. Of the interest-bearing borrowings, 24.7% was not payable within one year.
Total interest expenses for the Period amounted to Rmb68.31 million (corresponding period of 2012 (restated):
Rmb108.05 million), while profit before interest and tax amounted to Rmb2,255.32 million (corresponding period
of 2012 (restated): Rmb2,033.48 million). The interest cover ratio (profit before interest and tax over interest
expenses) stood at 33.0 times (corresponding period of 2012 (restated): 18.8 times).
As at September 30, 2013, the asset-liability ratio (total liabilities over total assets) was 39.1% (December 31,
2012 (restated): 37.7%). Excluding the effect of customer deposits arising from the securities business, the
resultant asset-liability ratio (total liabilities less balance of accounts payable to customers arising from
securities business over total assets less bank balances held on behalf of customers) of the Group was 20.4%
(December 31, 2012 (restated): 18.3%).
Capital Structure
As at September 30, 2013, the Group had Rmb19,360.25 million in total equity, Rmb8,701.81 million in fixed-rate
liabilities, Rmb1,400.00 million in floating-rate liabilities and Rmb2,330.23 million in interest-free
liabilities, representing 60.9%, 27.4%, 4.4% and 7.3% of the Group's total capital, respectively. The gearing
ratio, which was computed by dividing the total liabilities less accounts payable to customers arising from
securities business by total equity, was 25.3% as at September 30, 2013 (December 31, 2012 (restated): 22.3%).
OUTLOOK
The traffic volume of the Group's expressways recorded a positive organic growth in the first three quarters in
2013, mainly due to a steadily improving economy and strong export volume that kept reaching historical high
levels. However, since the GDP growth rate of Zhejiang Province is expected to slow down slightly in the fourth
quarter due to a higher comparable base in the same period last year, the organic growth rate of traffic volume
of the Group's expressways may also see a gradual slow-down in the fourth quarter.
In addition, since the Jiaxing-Shaoxing Expressway is not yet open to freight vehicles, the positive impact from
its potential contribution to the Group's Shangsan Expressway has yet to be fully realized. The opening of the
Jiaxing-Shaoxing Expressway to freight vehicles is expected to soften the current small diversion impact on the
Group's Shanghai-Hangzhou-Ningbo Expressway. Meanwhile, we will continue to optimize toll collection and carry
out various marketing initiatives to promote newly developed expressway network such as the Jiaxing-Shaoxing
Expressway, so as to attract more vehicles to the expressway sections operated by the Group and offset the loss
from traffic diversion.
Moreover, the construction plan of the Shanghai Free Trade Zone was approved in early July this year, and it is
expected to bring increasing demand in both trade and transportation that will eventually lead to additional
growth in traffic volume on the expressways operated by the Group.
Meanwhile, Zheshang Securities has been exploring innovative businesses and broadening revenue sources, together
with the optimization of revenue and profit structure, to cope with the uncertainties over the recovery of the
Chinese stock market. Zheshang Securities continues to push forward its A-share listing process, while
strengthening controls on costs and risks to boost the comprehensive development of all its businesses.
The management team will, on the one hand, closely monitor changes in external environments to adjust its
business strategies accordingly, and on the other hand, continue to strengthen its principal expressway business,
improve its securities business, seek appropriate investment projects, and cultivate management capabilities to
operate diversified businesses.
The electronic version of this announcement is published on the website of The Stock Exchange of Hong Kong
Limited (www.hkex.com.hk) and on the Company's website (www.zjec.com.cn).
By order of the Board
Zhejiang Expressway Co., Ltd.
ZHAN Xiaozhang
Chairman
Hangzhou, PRC, November 11, 2013
As of the date of this announcement, the executive directors of the company are Mr. ZHAN Xiaozhang, Ms. LUO
Jianhu, and Mr. DING Huikang; non-executive directors of the company are Mr . LI Zongsheng, Mr . WANG Weili,
and Mr. WANG Dongjie; independent non-executive directors are Mr. ZHANG Junsheng, Mr. ZHOU Jun, and
Mr. PEI Ker-Wei.
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