CHINA MINSHENG FINANCIAL HOLDING CORPORATION LIMITED 中國民生金融控股有限公司 中國民生金融控股有限公司 China Minsheng Financial Holding Corporation Limited 於香港註冊成立之有限公司 股份代號: 245 年報 ANNUAL REPORT 2017 二零一七年年報 2017 中國民生金融控股有限公司 China Minsheng Financial Holding Corporation Limited (Incorporated in Hong Kong with limited liability) Stock Code: 245 2017 ANNUAL REPORT
目錄 02 04 06 13 28 39 45 58 65 66 67 69 71 73 132
02
56 11 A02 183 22 245 HK www.cm-fin.com 03
+ 571 1 4 6 9 + 04
05
(GDP)6.9% 30% 06
6 1 4 6 9163 07
452,175,000230,232,000 96% 162,043 75,666 114.2% 33,099 39,569 (16.4%) 257,033 114,997 123.5% 452,175 230,232 96.4% 193,368,00031,343,000 (i) (ii) 6,158,503,000 5,913,876,0004.1% (259,741,000)(46,656,000)5,945,000(4,220,207,000) (137,042,000) 736,939,000 1,137,535,000 1,428,308,000 08
192,033,000 36,933,000419.9% 1,323,926,000 1,230,939,000 6,158,503,0005,913,876,000 14.1%15.7% 1,137,535,000 1,428,308,000698.7% 847.8% 09
746,371,000 789,246,000 14.1% 7159 10
313 282 31,699 61,855 313 93,836 62,535,000106,250,000 11
2,724,766,000 1,853,501,000 1% PACM Investment Funds SPC PACM Property Fund Segregated Portfolio 58,200 582,000 623,645 10.1% 66,549 25,000 193,869 158,780 2.6% (37,230) 600533.SH 27,617,154 183,739 160,236 2.6% 23,503 1,391 1,021 Chariot SPC Fund Chariot SP II 24,000 240,000 282,684 4.6% 26,389 Fullgoal China Access RQFII Fund SPC 100,850 1,008,845 1,098,787 17.8% 89,942 Fullgoal Industrial Investment Fund Segregated Portfolio Central China Dragon Growth Fund SPC 1,200,000 120,192 121,196 2.0% 1,004 2,671 Central China Drago Growth Fund SP3 12
5 15 3 13
622 57 LED T5 R410 45 57 14
65 66 30 31 6226 132 15
116 99 117 Cai Zaoping Chen Jie Guo Jun Ni Mei-Xiu Shen Zhaoyu 16
Xi Chenxing Zhang Ruichen Zhangyi 39 44 3.13 17
XV 352 XV 1. (b) 46,068,000 416,004,000 (a) 462,072,000 1.60% (a) (b) 416,004,000Group First Limited 1.4%Group First Limited 28,928,719,250 XV 352 XV 2. 352XV 18
17.09 19
(12) 1% (12) 211.00 0.170(i) 0.170(ii) 0.165 219,600,000 (3) 20
33 18 37 37 (i)(ii)cmi Financial Holding Company Limited CMI Financial Holding CorporationCMI CMI CMI Financial Holding Company LimitedCMI Financial Holding Corporation CMI Financial Holding Company Limited CMI Financial Holding Company Limited CMI Financial Holding Corporation14A.31 CMI 21
CMI CMI CMI CMI 28,000,00070,000,000 80,000,000 CMI1,119,00013,218,000 (a) (b) (c) 3000 740 14A.56 AMTD Strategic Capital Limited 113 1301 02 1306 099,9633,609.50 22
(1) 718,000 1,983,000 (2) 78,000 214,000 (3) 150,000 (AMTD Group Company Limited) 14A 10,811,000 14A 10 (i) (ii) (i)(ii) 1047,000,000 23
8 9 336 (d) (a) 14,464,590,000 50.00% CMI Financial Holding Company Limited (a) 14,464,590,000 50.00% (a) 14,464,590,000 50.00% VMS Investment Group Limited (b) 2,389,910,000 8.26% VMS Holdings Limited (b) 2,389,910,000 8.26% New Jargon Limited (b) 2,389,910,000 8.26% Gold Legend Global Limited (b) 2,389,910,000 8.26% (b) 2,389,910,000 8.26% (c) 1,993,600,000 6.89% (c) 1,993,600,000 6.89% 24
(a) CMI Financial Holding Company LimitedCMI Financial Holding Company Limited (b) Gold Legend Global Limited Gold Legend Global Limited New Jargon Limited New Jargon Limited VMS Investment Group LimitedVMS Investment Group Limited VMS Holdings Limited VMS Holdings Limited (c) 75%1,993,600,000 (d) 28,928,719,250 XV 2 3 5% 336 5%1,500 25
33 30% 5% etoro Group Ltd.e ee 1,216,248 ee50,000,000e 26
27
14 A.4.1E.1.2A.6.7 A.4.1 A.4.1 E.1.2 A.6.7 3.13 3.13 28
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32 35 30
15 31
58 64 10 3.21 32
(i) (ii) (iii) (iv) 36 33
36 34
36 35
D3.1 1 14/14 0/1 2 3/3 3 14/14 0/1 4 13/13 1/1 5 11/11 1/1 6 6/6 7 0/0 8 0/0 9 12/14 0/1 14/14 6/6 7/7 7/7 1/1 14/14 4/6 6/7 6/7 0/1 10 4/4 2/2 3/3 3/3 11 4/4 1/2 3/3 3/3 12 7/9 3/3 3/4 3/4 1/1 36
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 2,285,000970,000864,000 106,000 5611 A02 37
56 11 A02 56 11 A02 5611 A02 ir@cm-fin.com 38
58 33608237 2611601211 3818 600233 1336 297 600500 600,000 XV 39
51 600,000 XV 48 Top Pro Limited 40
840,000 84,000 XV 36 250,000 XV 41
58 1019 1060 18368032 2203818 250,000 XV 42
53 3669 250,000 XV 72 40 250,000 43
XV 47 600390 601229 250,000 XV 44
27 45 57 ir@cm-fin.com 66 45
0 5 10 15 20 25 30 35 40 45 2% 98% 46
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486 48
201 20,000 2017VR 49
環境 社會及管治報告 中國民生金融控股有限公司 二零一七年年報 50
97,324.2761.85 1 0 2 76.89 1 2 51
4R(Reduce)(Reuse)(Recycle)(Replace) 25 LED T5 2017 VR 3.84 3R(Reduce)(Reuse)(Recycle) 380 52
A. A1 51 (a) (b) A1.1 51 51 A1.2 51 51 A1.3 52 A1.4 52 A1.5 51 52 A1.6 52 A2 51 52 52 A2.1 51 A2.2 52 53
A2.3 51 52 A2.4 52 A2.5 52 A3 51 52 52 A3.1 52 51 52 B. B1 (a) (b) 45 47 47 B1.1 45 B1.2 54
B2 47 (a) (b) B2.1 47 B2.2 47 B2.3 47 B3 48 B3.1 B3.2 B4 B4.1 B4.2 (a) (b) 48 55
B5 48 B5.1 B5.2 B6 48 (a) (b) B6.1 B6.2 B6.3 B6.4 B6.5 56
B7 B7.1 B7.2 B8 (a) (b) 49 49 49 49 B8.1 B8.2 57
65 131 58
1,323,926,000 3.7.2 21 59
782,624,0001,149,510,000 33 3 3 3.5 3.7.1 17 19 60
538,000 15,871,000 538,000 3.7.2 6 13 61
782,425,000 1,502,666,000 3.7.2 17 19 62
405 63
64
162,043 75,666 33,099 39,569 257,033 114,997 4,5 452,175 230,232 (304) (296) 451,871 229,936 12,484 1,534 464,355 231,470 8 (89,352) (65,063) 8 (12,736) (22,223) (8,875) (28,159) (22,460) (3,867) (1,919) (4,895) (2,691) (9,268) (42,950) (35,062) (36,081) (205,562) (180,039) 258,793 51,431 16 (3,361) (3,259) 27 (47,280) (6,121) 6 208,152 42,051 7 (14,784) (10,708) 193,368 31,343 192,033 36,933 1,335 (5,590) 193,368 31,343 11 0.66 0.13 11 0.66 0.13 65
193,368 31,343 48,223 (54,422) 14,166 (6,915) 62,389 (61,337) 255,757 (29,994) 269,593 (39,025) (13,836) 9,031 255,757 (29,994) 66
12 9,264 9,493 13 15,871 16,409 14 500 500 16 164,206 123,207 7,002 367 17 623,844 865,455 19 1,659,513 256,295 2,480,200 1,271,726 20 445,365 106,944 17 407,509 599,151 19 33,900 100,417 18 32,183 21 1,323,926 1,230,939 7 11,760 8,045 22 70,256 68,248 24 313 282 23 370 212,814 23 247,369 854,819 24 1,137,535 1,428,308 3,678,303 4,642,150 6,158,503 5,913,876 67
88,983 76,674 30 5,667,546 5,667,546 784,797 704,603 (918,861) (1,110,894) 5,533,482 5,261,255 (258,347) (244,511) 5,275,135 5,016,744 25 349,200 349,200 18 7,690 7 353 356,890 349,553 26 196,721 393,508 26 200,450 7 30,835 14,100 28 9,106 16,759 46,538 18 383 29 88,983 76,674 526,478 547,579 883,368 897,132 6,158,503 5,913,876 68
5,667,546 6,389 726,699 20,075 5,862 (54,422) (1,110,894) 5,261,255 (244,511) 5,016,744 192,033 192,033 1,335 193,368 182,355 182,355 182,355 (143,400) (143,400) (143,400) 9,268 9,268 9,268 29,337 29,337 (15,171) 14,166 29,337 48,223 192,033 269,593 (13,836) 255,757 6,061 6,061 6,061 (3,427) (3,427) (3,427) 5,667,546 9,023 726,699 49,412 5,862 (6,199) (918,861) 5,533,482 (258,347) 5,275,135 69
5,666,290 556 726,699 41,611 5,862 (1,147,827) 5,293,191 (253,542) 5,039,649 36,933 36,933 (5,590) 31,343 (59,046) (59,046) (59,046) (38,326) (38,326) (38,326) 42,950 42,950 42,950 (21,536) (21,536) 14,621 (6,915) (21,536) (54,422) 36,933 (39,025) 9,031 (29,994) 1,256 (556) 700 700 6,389 6,389 6,389 5,667,546 6,389 726,699 20,075 5,862 (54,422) (1,110,894) 5,261,255 (244,511) 5,016,744 70
208,152 42,051 (162,043) (75,666) (15,938) (16,486) 3,867 1,919 37 499 124 3,361 3,259 2,633 6,389 538 (143,400) (38,326) 9,268 42,950 417 (11,289) (133,269) (16,712) 35,872 (32,183) 47,280 6,121 4,750 7,707 (138,351) (79,767) (349,508) (99,302) (97,000) (1,223,000) 819,894 (1,067,616) (44,335) 67,064 190,700 (2,402,621) (1,308,449) (2,670,444) (1,309,233) (340,000) (20,132) 1,924,900 1,084,258 23,621 11,289 105,988 15,914 16,486 171,924 81,264 (53,394) (352) (1,580) (87) (259,741) (4,220,207) 71
(553) (2,331) (10,058) 35 35 (44,360) (126,466) (46,656) (137,042) 349,200 396,408 387,739 (390,463) 5,945 736,939 (300,452) (3,620,310) 1,428,308 5,062,465 9,679 (13,847) 1,137,535 1,428,308 24 1,137,535 1,428,308 72
1. 5611 A02 CMI Financial Holding Company Limited 2. 2.1 622 3.7 73
2. 2.1 (a) 12 7 738 (b) (i) 9 9 939 9 39 9 39 74
2. 2.1 (b) (i) 9 39 9 1,031,353,000 95% (ii) 15 15 1811 15 (iii) 16 16 16 17 16 75
2. 2.2 2.2.1 39 76
2. 2.2 2.2.1 2.2.2 2.3 20% 50% 77
2. 2.3 2.4 2.5 (a) (b) 78
2. 2.5 (c) (a) (b) (c) 2.6 2 3 20% 20% 20% 79
2. 2.7 (a) (b) 80
2. 2.8 39 12 (i) 39 81
2. 2.8 (ii) (iii) 2.9 82
2. 2.9 2.10 83
2. 2.11 2.12 2.13 2.14 2.15 24 2.16 84
2. 2.17 12 2.18 2.19 (a) 85
2. 2.19 (b) (c) 86
2. 2.20 (a) (b) (c) (d) 30 e 87
2. 2.21 2.22 (a) (b) 88
2. 2.22 (b) (c) 2.23 3. 89
3. 3.1 3.1.1 5% -/+4,374 -/+16,201 5% -/+4,101 -/+17,282 5% -/+151 -/+4,563 90
3. 3.1 3.1.2 5%5% 5% -/+1,365 +/-3,895 +/-33,050 5% 75,133,00019,322,000 39,729,00040,180,000 91
3. 3.1 3.1.3 50 502,746,000 1,746,000 5050 3.2 92
3. 3.2 1. 2. 3. 4. 5. 6. 379,979,000857,148,000BBB+BBB+ 3.3 93
3. 3.3 349,200 349,200 224,241 27,259 51,904 303,404 201,264 201,264 9,106 9,106 6,706 6,706 383 7,690 8,073 441,700 34,949 401,104 877,753 349,200 349,200 436,620 25,173 73,452 535,245 16,759 16,759 46,538 46,538 6,817 6,817 506,734 25,173 422,652 954,559 94
3. 3.4 (a) (b) (c) (d) 746,371 789,246 5,275,135 5,016,744 14.1% 15.7% 100,000 95
3. 3.5 7 1 2 3 403,879 1,098,787 1,502,666 106,124 50,723 156,847 33,900 33,900 233,007 233,007 15,722 15,722 199 199 782,425 782,425 266,907 525,725 1,932,134 2,724,766 (383) (383) (7,690) (7,690) (8,073) (8,073) 96
3. 3.5 356,712 356,712 661,005 661,005 50,495 50,495 196,010 557,096 753,106 13,744 13,744 18,439 18,439 661,005 584,905 607,591 1,853,501 1 1 2 2 97
11 (11) 3. 3.5 607,591 199 632,307 (50,307) 286,724 (61,395) (24,904) 11 (11) 782,624 607,591 1,058,845 90,665 1,149,510 90,665 1,722,432,000 a 158,780,000 50,922,000 12.4% (a) 98
3. 3.6 (8,073) (8,073) 370 (7,703) (8,073) (8,073) 370 (7,703) 32,183 32,183 32,183 32,183 32,183 32,183 99
3. 3.6 30 60 3.7 3.7.1 3 1,932,134,000607,591,000 100
3. 3.7 3.7.2 (i) (ii)(iii) 101
3. 3.7 3.7.2 4. 102
4. 18,457 75,062 347,108 2,740 8,808 452,175 430 44,458 295,742 (29,104) (103,374) 208,152 54,767 97,228 1,240 8,808 162,043 (269) (573) (99) (2,926) (3,867) (6,241) (7,121) (10,867) (12,982) (52,141) (89,352) 20,838 32,772 170,909 374 5,339 230,232 (294) 19,581 110,581 (25,394) (376) (12,401) (49,646) 42,051 18,258 53,385 70 3,953 75,666 (226) (465) (566) (662) (1,919) 103
5. 124,221 67,174 27,594 3,451 10,228 5,040 1 162,043 75,666 3,585 3,270 15,526 11,640 6,650 8,604 1,982 14,739 6,000 672 33,099 39,569 133,269 16,712 (36,289) 43,473 143,400 38,326 16,653 16,486 257,033 114,997 452,175 230,232 6. 2,508 1,580 970 3,325 37 499 124 538 4,756 7,516 (12,168) (1,091) 104
7. 16.5%16.5% 25%25% 17,627 12,515 (155) 790 1,542 1 14 (3,479) (3,363) 14,784 10,708 208,152 42,051 33,767 13,640 8,400 9,727 (26,168) (13,601) (471) 14 (1,257) (2,789) 114 363 3,797 36 (80) 14,784 10,708 105
7. 6,950,000 3,386,000 47,720 503 48,223 (58,728) 4,306 (54,422) 14,166 14,166 (6,915) (6,915) 61,886 503 62,389 (65,643) 4,306 (61,337) 503 4,306 4,810 4,659 6,950 3,386 11,760 8,045 353 106
8. 81,979 57,903 6,061 6,389 1,312 771 12,736 102,088 65,063 9 7,339 9,983 7,312 2,095 1,563 3,087 63 53 1,622 17,899 15,218 2,000,000 3 2,000,0015,000,000 3 1 5,000,000 1 107
9. (a) a 584 584 263 263 1 2,214 8 11,114 13,336 2 535 535 937 35 972 3 338 338 4 400 2,292 688 3,380 5 8 8 250 250 250 250 116 116 6 134 134 28 28 116 116 3,959 4,506 688 43 11,114 20,310 1 2 3 4 5 6 108
9. (a) a 15,673 16 15,689 347 347 939 28 967 600 600 400 400 250 250 250 250 255 255 215 215 169 169 215 - - - 215 3,640 15,673 44 19,357 (b) 36 109
10. 11. 192,033,00036,933,000 28,928,719,00028,927,886,000 110
12. 570 2,574 6,284 9,428 5,249 3,665 1,144 10,058 (362) (704) (1,066) (35) 321 (330) (44) 5,784 6,198 1,144 5,250 18,376 3,064 706 3,770 (325) (536) (28) (212) (1,101) 62 128 320 510 8,585 6,496 1,116 5,358 21,555 354 1,377 5,743 7,474 1,144 546 102 127 1,919 137 (669) (532) (14) 340 (304) 22 1,484 2,400 102 4,897 8,883 2,675 843 228 121 3,867 (325) (431) (8) (141) (905) 46 96 304 446 3,880 2,908 322 5,181 12,291 4,705 3,588 794 177 9,264 4,300 3,798 1,042 353 9,493 111
13. 10,792 10,792 5,079 5,079 538 15,871 16,409 20% 20% 20% 15% 20% 20% 20% 20% 2.5% 2.5% 2.5% 2.5% 21% 24% 21% 24% 538,000 112
14. 500 522 1,022 522 522 500 500 500 500 113
15. 29,970,106 100% CM Financial Investment Management Limited 260,000,002 100% 880,000,001 100% Top Pro Limited 1 100% 1 100% 905,000,000 100% 33,700,000 100% 100,000,000 100% 6,000,000 100% 360,000,000 100% 1 100% 6,410,000 100% 114
15. 387,690,000 100% # 30,000,000 96% 600,000,000 * 100% 10,000,000 ** 70% ## 20,000,000 96% CM SPC 1 100% Prosperity (Cayman) Limited 1 100% # ## * 600,000,000 8,816,239 ** 10,000,000 115
15. % 100%/0% 100%/0% 100%/0% 100%/0% 47,385 44,609 145,129 136,776 22,802 19,335 (443,953) (417,811) (7,315) (6,699) (6,307) (4,675) (258,138) (242,733) 15,487 14,660 (97,798) (91,788) (4,974) (4,894) (32,223) 374 (1,035) (1,125) (82) (376) (14,371) 13,513 909 (1,254) (1,035) (1,125) (82) (376) (1,135) (348) 2,583 (1,805) 77 16 1 707 56 (199) 325 (428) (215) 2,400 (1,479) 116
16. Grand Flight Holding Company Limited 30 1 Grand Flight Hooyoung Investment L.P. 30 2 1 Grand Flight Holding Company Limited 2 Grand Flight Hooyoung Investment L.P. 15,846,794122,960,000 123,207 44,360 126,466 (3,361) (3,259) 164,206 123,207 117
16. Grand Flight Holding Company Limited Grand Flight Holding Company Limited Grand Flight Hooyoung Investment L.P. Grand Flight Hooyoung Investment L.P. 9,769 5,922 541,920 409,740 4,337 5,201 5,432 721 541,920 409,740 15,618 11,555 4,706 721 (15,711) (11,585) 4,706 721 (15,711) (11,585) 721 409,970 148,520 421,553 4,706 721 (15,711) (11,583) 5 (859) 230 5,432 721 541,920 409,970 (30%) 1,630 216 162,576 122,991 17. 1,464,606 199 1,502,318 2,670,444 (2,117,435) (1,142,675) 181,853 (63,351) 11 (11) 1,031,353 1,464,606 143,401,00038,326,000 9,268,000, 42,950,000 118
17. 199 50,495 233,007 661,005 15,722 782,425 753,106 1,031,353 1,464,606 623,844 865,455 407,509 599,151 1,031,353 1,464,606 782,425,000753,106,000 782,425,000753,106,000 623,645,000664,430,000 696,415 904,371 160,436 225,490 76,881 174,502 257,864 1,031,353 1,464,606 9,268,000,42,950,000 119
18. 13,744 18,439 (383) 7,690) (8,073) 32,183 (7,690) (383) 32,183 (8,073) 32,183 19. 1,502,666 256,295 100,417 156,847 33,900 1,693,413 356,712 1,659,513 256,295 33,900 100,417 1,693,413 356,712 1,502,666,000256,295,000 1,502,666,000256,295,000 1,532,965,000256,295,000 120
20. 442,855 104,944 442,855 104,944 2,510 1,982 18 445,365 106,944 1,442,588,000 398,238,600 0 90 2,510 1,982 91 180 181 365 365 18 2,510 2,000 121
21. 8.5% 10%7.3% 30% 12 22. 58,418 60,901 9,355 9,830 70,256 68,248 23. 370,00034,648,000 122
24. 313,000 282,000 224,000 224,000 226,691,000 184,928,000 92,905,0001,930,497,000 25. 349,200,000 349,200,000 6.5%5 26. 396,408,000 387,739,000 1.3% 5.5% 123
27. 5,050 14,869 3,389 25,518 2,069 1,843 663 47,280 6,121 28. 30 90 0 90 91 180 181 365 1 365 9,106 16,758 9,106 16,759 29. 37,193 25,167 613 577 22,315 13,247 4,136 7,931 24,726 29,752 88,983 76,674 124
30. 28,928,719 5,667,546 28,927,291 5,666,290 (a) 1,428 1,256 28,928,719 5,667,546 28,928,719 5,667,546 (a) 1,428,000 0.49 1,428 700 1,428 700 1,256,000 125
31. (i) 2 (ii) (1) (2) (iii) 2.5 (iv) 10% 50% (v) 126
32. (a) 7,387 6,148 3,882,493 3,528,463 164,206 123,207 6,624 121,195 623,645 557,096 4,805,550 4,214,914 2,824 65,431 160,236 174,995 250,037 396,817 239,984 264,318 259,784 732,611 912,865 1,634,172 5,718,415 5,849,086 29 5,667,546 5,667,546 30 753,864 700,459 (1,300,260) (1,304,565) 5,121,150 5,063,440 349,200 349,200 349,200 349,200 205,763 393,197 42,302 43,249 248,065 436,446 597,265 785,646 5,718,415 5,849,086 127
32. (b) 556 726,699 727,255 32 (556) (556) 6,389 6,389 (32,629) (32,629) 6,389 (32,629) 726,699 700,459 6,389 (32,629) 726,699 700,459 32 6,061 6,061 (3,427) (3,427) 50,771 50,771 9,023 18,142 726,699 753,864 128
33. 0.49 1,428,000 0.49 (1,428,000) 129
33. 6,061,0006,389,000 34. 8,431,000 9,425,000 35. 36. (a) 31,682 4,446 15,166 7 46,848 4,453 (b) 62,535,000106,250,000 130
37. (a) i 1,766 13,966 ii 110 245 i: ii: 7.3% (b) 10,811,000 (c) 9 38. 387,739 200,000 (194,055) 2,724 196,408 200,000 39. etoro Group Ltd.e ee 1,216,248 ee50,000,000e 131
452,175 230,232 201,091 68,086 112,220 192,033 36,933 (28,580) (30,144) (1,757) (1,335) (5,590) (16,025) (10,979) (19,504) 6,158,503 5,913,876 5,084,840 40,193 61,477 (883,368) (897,132) (45,191) (36,365) (47,320) 5,275,135 5,016,744 5,039,649 3,828 14,157 132