industry acquisdata snapshotsabc wins "best managed banking institution in asia" –...

This week’s News• Global Post - China December bank lending,money supply growthmiss forecasts -

15/1/2014•China’s new bank lending slowed more than expected while growth of broad money supply also

eased. For the complete story see: (http://www.globalpost.com/dispatch/news/thomson-reuters/140115/china-december-bank-lending-money-supply-

growth-miss-forecasts)•SouthChinaMorningPost-ChinaseesslowergrowthinnewloansandmoneysupplyinDecember-15/1/2014

Mainland banks’ new lending came in weaker than expected while broad money supply also grew at a slower rate.

For the complete story see: (http://www.scmp.com/business/banking-finance/article/1406063/china-sees-slower-growth-new-loans-and-

money-supply)•Xinhua-ForeignbanksexpectrewardsfromChina’sreform:PwCsurvey-15/1/2014 ForeignbanksareseekingopportunitiesthroughChina’sfinancialreform,accordingtoasurvey

by PricewaterhouseCoopers. For the complete story see: (http://news.xinhuanet.com/english/china/2014-01/15/c_133047708.htm)

Other Stories•Consumer Electronics Net - VisionChina Media Announces Extension of Revolving Credit

Facility with China Construction Bank - 16/1/2014•SinoShip News - China shipping to issue dollar bonds - 16/1/2014•Asahi Shimbun - China tells banks to report terror suspicions - 17/1/2014•WantChinaTimes-US$90bninoutboundinvestmentsbyChinain2013-18/1/2014

Media Releases•PBCSignedanAgencyAgreementonBondInvestmentwiththeIFC–9/1/2014•BankofChinaLondonBranchsuccessfullyissues2.5billionRMBBonds–10/1/2014•ABCWins“BestManagedBankingInstitutioninAsia”–15/1/2014

Latest Research•Acquisitionsbyemergingmarketmultinationals:Implicationsforfirmperformance•`ByPeterJ.Buckley,StefanoElia,MarioKafouros

IndustryOverview

OverviewsofLeadingCompaniesAgricultural Bank of China (SSE: 601288)BankofChinaLtd(HKSE:3988)BankofCommunications(HKSE:3328)ChinaCITICBankInternational(HKSE:998)ChinaConstructionBank(HKSE:393)ChinaMerchantsBankCo.Ltd.(HKSE:3968)IndustrialandCommercialBankofChina(HKSE:1398)WingHangBank(HKSE:302)

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23January2014

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Asia – China Banking

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News and Commentary Global Post - China December bank lending, money supply growth miss forecasts - 15/1/2014 China's new bank lending slowed more than expected while growth of broad money supply also eased. For the complete story see: (http://www.globalpost.com/dispatch/news/thomson-reuters/140115/china-december-bank-lending-money-supply-growth-miss-forecasts) South China Morning Post - China sees slower growth in new loans and money supply in December - 15/1/2014 Mainland banks' new lending came in weaker than expected while broad money supply also grew at a slower rate. For the complete story see: (http://www.scmp.com/business/banking-finance/article/1406063/china-sees-slower-growth-new-loans-and-money-supply) Xinhua - Foreign banks expect rewards from China's reform: PwC survey - 15/1/2014 Foreign banks are seeking opportunities through China's financial reform, according to a survey by PricewaterhouseCoopers. For the complete story see: (http://news.xinhuanet.com/english/china/2014-01/15/c_133047708.htm) Consumer Electronics Net - VisionChina Media Announces Extension of Revolving Credit Facility with China Construction Bank - 16/1/2014 VisionChina Media has been granted an extension of its existing secured revolving credit facility from China Construction Bank. For the complete story see: (http://www.consumerelectronicsnet.com/article/VisionChina-Media-Announces-Extension-of-Revolving-Credit-Facility-with-China-Construction-Bank-3013175) SinoShip News - China shipping to issue dollar bonds - 16/1/2014 China Shipping Group plans to issue US dollar-denominated credit enhancement bonds. For the complete story see: (http://sinoshipnews.com/News/China-Shipping-to-issue-dollar-bonds/3w3c2268.html) Asahi Shimbun - China tells banks to report terror suspicions - 17/1/2014 China's central bank told that they had an obligation to report transactions and accounts suspected of links to terror activities. For the complete story see: (http://ajw.asahi.com/article/asia/AJ201401170056)


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WantChinaTimes - US$90bn in outbound investments by China in 2013 - 18/1/2014 China's renminbi-denominated outward direct investments topped 85.6 billion yuan in 2013. For the complete story see: (http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20140118000003&cid=1203) South China Morning Post - Liquidity crunch could devastate China's SMEs - 20/1/2014 With China's GDP growth dropping SMEs are going to struggle, which could have a disastrous effect on China's future. For the complete story see: (http://www.scmp.com/comment/insight-opinion/article/1407726/liquidity-crunch-could-devastate-chinas-smes) Media Releases PBC Signed an Agency Agreement on Bond Investment with the IFC – 9/1/2014 On December 26, 2013, the PBC signed the Agency Agreement with the International Financial Corporation (IFC) in Beijing for PBC to act as the IFC’s agent to invest in China’s interbank bond market. The IFC is a member of the World Bank Group. The signing of the Agency Agreement reflects the IFC’s confidence in the Chinese economy and financial market development. The investment in China’s bond market will help the IFC diversify investment portfolio and strengthen liquidity management, and further strengthen the cooperation between China and the World Bank Group.

(http://www.pbc.gov.cn:8080/publish/english/955/2014/20140109090322039789022/20140109090322039789022_.html) Bank of China London Branch successfully issues 2.5 billion RMB Bonds – 10/1/2014 On 9th January 2014, the book building of the first London offshore RMB bonds issued by Bank of China London Branch was successfully completed， making it the highest value single issue of RMB bonds in London and providing UK and European investors with an additional high quality RMB product. According to the syndicate team, the bonds were heavily oversubscribed and were finally priced with a yield of 3.45%. In contrast to previous deals with major investors from Hong Kong and Asia, the final allocation of this issuance reached a record high of 40 percent allocated to European investors. The funds raised from the deal will be entirely retained in London to support the further development of the London offshore RMB market as well as UK-China bilateral trade and investment. The successful completion of the first RMB bond issuance in London’s offshore RMB market in 2014 not only reflects the market recognition of the bond structure, attractive pricing as well as the good rating of Bank of China, but also reflects the market confidence in RMB internationalization and the recognition of the bank's leading role in the offshore RMB market. Wenjian Fang, the General Manager of Bank of China London Branch said: “Bank of China London Branch has been operating in the UK for 85 years. We are always committed to the development of the financial market in London. As the largest Chinese bank by assets in the UK with the longest continuously operating history and widest customer


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base, Bank of China has strong confidence in London’s RMB market. We will continue to add our bricks to it to make it bigger and stronger, together with other market players. The great success of the issuance again proves that London has huge advantages in foreign exchange market, capital market and institutional investor base, which will further attract more and more high-quality RMB bond issuers. Mark Boleat, Policy Chairman for the City of London Corporation said, “The City of London views today’s Bank of China RMB bond issuance as further demonstration of London’s comprehensive range of RMB products and services and the financial sector’s continued dedication to meeting the needs of UK and European corporate.” The issuance was also highly commended by the UK banking community. Spencer Lake, Group General Manager and Global Head of Capital Financing at HSBC, which was a joint lead manager on the deal, said: “We are very proud to be part of this successful inaugural transaction. I have no doubt that this strategic move will further assist the Bank of China's international success and underscore London's role as a leading RMB hub. Support from a huge range of public and private UK institutions is putting London at the forefront of the internationalisation of the Chinese currency.” (http://www.boc.cn/en/bocinfo/bi1/201401/t20140110_2804599.html) ABC Wins "Best Managed Banking Institution in Asia" – 15/1/2014 Agricultural Bank of China (ABC) wins the award of the "Best Managed Banking and Finance Institution in Asia" by Euromoney in its Annual Asia Company Ranking survey of 2013. The polling for Asia Best Managed Companies, which takes place every year from September 9th to October 25th, targets equity analysts at leading banks and research institutions throughout Asia. Respondents are asked to nominate the top 3 companies from a range of industries such as banking, insurance, IT, real estate and telecom for each of the following merits: most convincing and coherent strategy; best system of corporate governance; most accessible senior management; most transparent financial account; best for shareholder value; most useful and informative web-site and most improved performance. This year, 18 financial institutions in Asia were nominated and a total of 93 analysts joined the survey. Agricultural Bank of China wins the award with an overwhelmingly high percentage of votes. The honor is a clear recognition of ABC's strong business performance and sound corporate governance by the global capital market. (http://www.abchina.com/en/about-us/news/201401/t20140115_425756.htm)

Latest Research Acquisitions by emerging market multinationals: Implications for firm performance Peter J. Buckley, Stefano Elia, Mario Kafouros Abstract This study develops and tests a framework about the resource- and context-specificity of prior experience in acquisitions. Although extant research has explained why multinational companies from emerging countries (EMNCs) acquire companies in developed countries, we have an incomplete and inconsistent understanding of the consequences of such acquisitions for the performance of target firms. First, we show that despite the concerns raised by politicians and the general public in developed countries, the acquisitions made by EMNCs often enhances the performance of target firms. Second, we examine whether the role of EMNCs' idiosyncratic resources (such as access to new markets and cheap production facilities) and investment experience in enhancing the performance of target firms differs across acquisition contexts. We demonstrate that not all types of resources and investment


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experience are equally beneficial and, in fact, some types of experience even have a negative effect on the performance of target firms. By contrast, other types of experience that EMNCs accumulate from prior investment enhance the performance of target firms by facilitating resource redeployment and the exploitation of complementarities. (http://www.sciencedirect.com/science/article/pii/S1090951613001016) The Industry Statistical Report on Uses of Loans by Financial Institutions, Q3 2013 According to preliminary PBC statistics, the outstanding amount of all RMB loans by financial institutions stood at 70.28 trillion yuan at end-September, posting a yoy growth of 14.3 percent, up 0.1 percentage points from the end of the previous quarter. Outstanding RMB loans increased by 7.28 trillion yuan in January September, up 557 billion yuan yoy. The uses of loans have the following features: 1. Medium and long-term loans to enterprises rebounded while short-term loans and bill financing grew at slower pace. At end-September, the outstanding amount of RMB and foreign currency loans extended by all financial institutions to enterprises and other sectors reached 54.26 trillion yuan, rising by 11.6 percent yoy, down 0.7 percentage points from the end of the previous quarter. The increase for January-September posted 4.47 trillion yuan, down 712.3 billion yuan yoy. By loan term, at end-September, medium and long-term (MLT) RMB and foreign currency loans extended by financial institutions to enterprises and other sectors posted an outstanding amount of 27.95 trillion yuan, rising by 9 percent yoy, an acceleration of 1.5 percentage points from the end of the previous quarter, and the increase for January-September registered 2.13 trillion yuan, up 671.5 billion yuan yoy; the outstanding amount of short-term loans and bill financing to enterprises and other sectors increased by 14 percent yoy to 25.48 trillion yuan, 3.2 percentage points lower than that recorded at the end of the previous quarter, and the increase for January-September registered 2.17 trillion yuan, down 1.36 trillion yuan yoy. By loan use, fixed asset loans in RMB and foreign currencies extended by financial institutions to enterprises and other sectors posted an outstanding amount of 22.87 trillion yuan, rising by 10.3 percent yoy, an acceleration of 0.4 percentage points from the end of the previous quarter; business loans recorded an outstanding amount of 24.43 trillion yuan, up 12.6 percent yoy, an acceleration of 2.2 percentage points from the end of the previous quarter. 2. Lending to micro and small enterprises picked up pace, with its share of total enterprise loans further enlarged. At end-September, RMB micro and small enterprise (MSE) loans extended by major financial institutions small rural financial institutions and foreign-funded banks posted an outstanding amount of 12.82 trillion yuan, representing a yoy growth of 13.6 percent, up 0.9 percentage points from the end of the previous quarter. The growth rate surpassed that of loans to large enterprises and to medium enterprises in the same period by 2.2 percentage points and 3.4 percentage points respectively. It was 2 percentage points higher than overall enterprise loan growth. The percentage of MSE loans continued to rise. RMB loans to enterprises posted an increase of 3.7 trillion yuan in January-September. Specifically, RMB MSE loans grew by 1.61 trillion yuan, representing 43.4 percent of total new loans to enterprises in the same period, a proportion 8.4 percentage points higher than that recorded for the same period last year.


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3. MLT industrial loans rebounded and MLT service sector loans saw continued pickup. At end-September, MLT industrial loans in RMB and foreign currencies extended by major financial institutions posted an outstanding amount of 6.6 trillion yuan, rising by 4.1 percent yoy, up 1.3 percentage points from the end of the previous quarter. The increase for January-September registered 267.3 billion yuan, up 29 billion yuan yoy. Specifically, outstanding MLT loans to the heavy industry stood at 5.88 trillion yuan, rising by 3.4 percent yoy, 1.2 percentage points higher than that recorded at the end of the previous quarter; outstanding MLT loans to the light industry posted 720.5 billion yuan, rising by 10.5 percent yoy, an acceleration of 2.3 percentage points from the end of the previous quarter. At end-September, MLT service sector loans posted an outstanding amount of 17.45 trillion yuan, rising by 10.8 percent yoy, an acceleration of 1.7 percentage points from the end of the previous quarter. Specifically, outstanding MLT loans to transport, warehousing and postal industries increased by 12.3 percent yoy, an acceleration of 0.2 percentage points from the end of the previous quarter; outstanding MLT loans to culture, sports and entertainment industries saw a yoy growth of 36 percent, up 10.2 percentage points from the end of the previous quarter. 4. Loans to farmers and rural areas (at or below the county level) grew at faster pace. At end-September, RMB and foreign currency loans to rural areas (at or below the county level) issued by major financial institutions, small rural financial institutions, village and township banks and finance companies recorded an outstanding amount of 16.73 trillion yuan, rising by 18.6 percent yoy, up 1 percentage point from the end of the previous quarter. The increase for January-September registered 2.32 trillion yuan, up 362.1 billion yuan yoy. Outstanding loans to farmers registered 4.43 trillion yuan, accelerating by 5.8 percentage points from the end of the previous quarter to see a yoy growth of 22.5 percent. The increase for January-September was 812.5 billion yuan, up 318.4 billion yuan yoy. Outstanding agricultural loans posted 3.07 trillion yuan, rising by 11.9 percent yoy, up 0.3 percentage points from the end of the previous quarter. The increase for January-September was 371.3 billion yuan, up 45.7 billion yuan yoy 5. Property loans grew fast. At end-September, RMB property loans extended by major financial institutions, small rural financial institutions and foreign-funded banks posted an outstanding amount of 14.17 trillion yuan, rising by 19 percent yoy, up 0.9 percentage points from the end of the previous quarter. In January-September, the increase in RMB property lending expanded by 917.6 billion yuan yoy to 1.9 trillion yuan. At end-September, land development loans outstanding stood at 1.08 trillion yuan, rising by 13.1 percent yoy, a deceleration of 4.1 percentage points from the end of the previous quarter. Housing development loans posted an outstanding amount of 3.43 trillion yuan, rising by 14.9 percent yoy, up 3.9 percentage points from the end of the previous quarter. Personal home loans outstanding grew by 21.2 percent yoy to 9.47 trillion yuan, an acceleration of 0.1 percentage points from the end of the previous quarter. Personal home loans increased by 1.37 trillion yuan in January-September, up 693.1 billion yuan yoy. At end-September, outstanding loans for low-income housing development posted 686.3 billion yuan, rising by 31.3 percent yoy, down 6.2 percentage points from the end of the previous quarter. The increase for January-September was 113.4 billion yuan, representing 28.1 percent of the increase in housing development loans in the same period. 6. Household loans saw rapid growth. At end-September, RMB and foreign currency household loans by all financial institutions recorded an outstanding amount of 19.22 trillion yuan, rising by 23.7 percent yoy, up 0.1 percentage points from the end of the previous quarter. The increase for January-September posted 3.07 trillion yuan, up 1.14 trillion yuan yoy.


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At end-September, outstanding household consumption loans increased by 24.7 percent yoy to 12.44 trillion yuan, up 0.4 percentage points from the end of the previous quarter. The increase for January-September was 2 trillion yuan, up 900.4 billion yuan yoy. The outstanding amount of household loans for business purposes rose by 21.8 percent yoy to 6.78 trillion yuan, down 0.5 percentage points from the end of the previous quarter. The increase for January-September posted 1.07 trillion yuan, up 243.9 billion yuan yoy. (http://www.pbc.gov.cn/image_public/UserFiles/english/upload/File/Statistical%20report%20on%20uses%20of%20loans,%20Q3%202013.pdf) Leading Companies Agricultural Bank of China (SSE: 601288) The predecessor of Agricultural Bank of China is Agricultural Cooperative Bank established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. The Bank was listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, respectively in July 2010, which marked the completion of our transformation into a public shareholding commercial bank. Being one of the major integrated financial service providers in China, the Bank is committed to catering to the needs of Sannong and capitalizing on the synergy between the Urban Areas and the County Areas. The Bank strives to expand into the international market and provides diversified services so as to become a first class modern commercial bank. Capitalizing on the comprehensive business portfolio, extensive distribution network and advanced IT platform, the Bank provides various corporate and retail banking products and services for a broad range of customers and carries out treasury operations for our own accounts or on behalf of customers. Our business scope includes, among others, investment banking, fund management, financial leasing and life insurance. At the end of 2012, the Bank had total assets of RMB13, 244,342 million, deposits of RMB10, 862,935 million and loans of RMB6, 433,399 million. Our capital adequacy ratio and non-performing loan ratio were 12.61% and 1.33%, respectively. The Bank achieved a net profit of RMB145, 131 million in 2012. The Bank had 23,472 domestic branch outlets, including the Head Office, the Business Department of the Head Office, three specialized institutions managed by the Head Office, 37 tier-1 branches (including branches directly managed by the Head Office), 348 tier-2 branches (including business departments of branches in provinces), 3,482 tier-1 sub-branches (including business departments in municipalities, business departments of branches directly managed by the Head Office and business departments of tier-2 branches), and 19,600 other establishments. Our overseas branch outlets consisted of four overseas branches and five overseas representative offices. Our major subsidiaries consisted of nine domestic subsidiaries and three overseas subsidiaries. In 2012, the Bank ranked No. 84 in Fortune’s Global 500 and ranked No. 5 in The Banker’s “Top 1000 World Banks” list in terms of profit before tax for the year of 2011. In 2012, the Bank’s issuer credit ratings were assigned A/A-1 by Standard & Poor’s; the bank deposits ratings were assigned A1/P-1 by Moody’s Investors Service; and the long-/short-term foreign-currency issuer default ratings were assigned A/F1 by Fitch Ratings. The Bank’s outlook ratings assigned by the above credit rating agencies were “stable”. (http://www.abchina.com/en/investor-relations/company-overview/) Bank of China Ltd (HKSE: 3988) Bank of China was formally established in February 1912 following the approval of Dr. Sun Yat-sen. From 1912 to 1949, the Bank served consecutively as the country's central bank, international exchange bank and specialised international trade bank. Fulfilling its commitment to serving the public and developing China's financial services


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sector, the Bank rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community, despite many hardships and setbacks. After the founding of PRC, with a long history as the state-designated specialised foreign exchange and trade bank, the Bank became responsible for managing China's foreign exchange operations and provided tremendous support to nation's foreign trade development and economic infrastructure through its offering of international trade settlement, overseas fund transfer and other non-trade foreign exchange services. During China's reform and opening up period, the Bank seized the historic opportunity presented by the government's strategy of capitalising on foreign funds, advanced knowledge and equipments to boost economic development, and accomplished as the country's key foreign financing channel by building up its competitive advantages in foreign exchange business. In 1994, the Bank transformed from a specialised foreign exchange bank into a state-owned commercial bank, and then incorporated as Bank of China Limited in August 2004. The Bank was listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange in June and July 2006 respectively, becoming the first Chinese commercial bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. In 2011 and 2012, the Bank was enrolled as a Global Systemically Important Financial Institution for two consecutive years, the only financial institution from China or any emerging economy to be recognised as such. As China's most international and diversified bank, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 36 overseas countries. The Bank's core business is commercial banking, including corporate banking, personal banking and financial markets services. BOC International Holdings Limited, a wholly owned subsidiary, is the Bank's investment banking arm. Bank of China Group Insurance Company Limited and Bank of China Insurance Company Limited, wholly owned subsidiaries, run the Bank's insurance business. Bank of China Group Investment Limited, a wholly owned subsidiary, undertakes the Bank's direct investment and investment management business. Bank of China Investment Management Co., Ltd., a controlled subsidiary, operates the Bank's fund management business. BOC Aviation Pte. Ltd., a wholly owned subsidiary, is in charge of the Bank's aircraft leasing business. Bank of China has upheld the spirit of "pursuing excellence" throughout its hundred-year history. With adoration of the nation in its soul, integrity as its backbone, reform and innovation as its path forward and people first as its guiding principle, the Bank has built up an excellent brand image that is widely recognised within the industry and by its customers. With historic opportunities now arising, the Bank will striding forward through transformation and growing stronger through reforms, and strive to become a premier multinational bank. (http://www.boc.cn/en/aboutboc/ab1/200809/t20080901_1601737.html) Bank of Communications (HKSE: 3328) Founded in 1908, Bank of Communications (BOCOM) is one of four oldest banks in China and one of the early note-issuing banks of China. In 1958, while the Hong Kong Branch continued to operate, the mainland business of BOCOM was merged with People’s Bank of China and the People’s Construction Bank of China on BOCOM’s foundation. To operate in line with economic reforms and development, BOCOM was restructured on July 24, 1986 with approval from the State Council and began operation anew on April 1, 1987, thus becoming China’s first state-owned shareholding commercial bank. Its head office was in Shanghai. As China’s first national shareholding commercial bank, BOCOM has been playing two roles as the successor to a century-old national banking brand and the pioneer of China’s banking reform since its re-establishment. BOCOM has achieved six “firsts” in China’s banking reform and development: the first to implement shareholding system for its capital and mode of ownership form; the first to command an organizational structure based on market rules and cost/return rules; the first to introduce competition into the banking industry in China; the first to introduce assets/liability ratio management and apply it for regulating business operations and risk; the first to build new bank/enterprise relationships based on two-way selection; and the first commercial bank to integrate banking, insurance and securities businesses. BOCOM’s experience in reform and development paves the way for the development of shareholding commercial banks in China and exemplifies the banking reform of China.


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In June 2004, with the banking reform in China well under way, the Sate Council approved BOCOM’s general plan on deepening the reform of its shareholding structure in a bid to further develop BOCOM into a modern banking enterprise under a century old national brand with improved corporate governance, adequate capital, strict internal controls, safe operations, excellent services and return, and strong international competitiveness. Through the reform, BOCOM has completed financial reorganization, successfully introduced mainland and overseas strategic investors like HSBC, the national Social Security Fund and China SAFE Investment Ltd., and enhanced its organizational structure. On June 23, 2005, BOCOM was listed in Hong Kong, the first China based commercial bank of its kind to get listed outside of the Chinese mainland. On May 15, 2007, BOCOM was listed in Shanghai Stock Exchange. Now BOCOM has grown into a well-established modern commercial bank operating under a century old national brand with its “well-defined development strategy, perfected corporate governance, well developed banking network, advanced operation and management, quality banking service and sound financial status”. Well-defined development strategy: BOCOM began strategic transformation of its management and development in 2005 in light of its sizeable achievements in shareholding system reform, in order to accommodate the rather complicated external operational environment, the increasingly rigid capital restriction and the ongoing, gradual interest rate reorientation towards the market. Strategically, BOCOM aims at developing itself into a first-class public bank group focused on wealth management services by means of international expansion and universal banking platform build-up. This strategic target fully leverages the Bank's advantages in international business and universal financial services and consistently reflects its years of efforts to carry forward the strategic transformation and enhance wealth management services, and points out a clear path for the Bank's development in the future. Perfected corporate governance: BOCOM’s equity structure has become more diversified after the establishment of fundamental system and structure for corporate governance. BoCom’s corporate governance continues to be improved and well-standardized. In compliance with relevant requirements concerning public holding bank, domestic and international regulatory standards, BoCom established a highly professional and international Board of Directors, Board of Supervisors responsible to the Shareholders’ Meeting, strengthened the special functions under the Board of Directors and Board of Supervisors. The senior management performs the operations and management as authorized by the Board of Directors. The Board of Directors, the senior management, and the Board of Supervisors have been proven to adequately fulfill their duties of decision-making, operations and management, and supervision respectively. A basic system has been set up for the efficient operation and coordination of general meetings, board of directors, board of supervisors and the senior management. Well-positioned branch network: BOCOM has a nationwide and internationally oriented business network, with branches and outlets in developed regions, central cities and international financial centers. The Bank has 30 provincial branches all over China, altogether 2691 outlets in 207 cities and 151 counties nationwide. In addition, the Bank has set up 12 overseas institutions, comprising branches in Hong Kong, New York, Tokyo, Singapore, Seoul, Frankfurt, Macau, Ho Chi Minh City, Sydney, San Francisco, Taipei and Bank of Communications (UK) Co., Ltd. We have also established correspondent relations with over 1500 banks in 143 countries or regions. BOCOM has a staff about 97,092 employees. Advanced operation and management: BOCOM adheres to the business philosophy of “Development is the absolute principle, the bank’s priority business; quality is the absolute requirement, the bank’s priority obligation; and efficiency is the absolute task, the bank’s priority target”. BOCOM places equal emphasis on business development and risk control. We have implemented an incentive and requirement system centering on evaluation of capital performance, set up a comprehensive risk management system for furthering the rebuilding our organization structure and promoting the vertical reform of business management. BOCOM has completed China’s leading data concentration project. Based on the practices of advanced international banks, BoCom devoted great efforts in building a procedural bank to optimize the business process. Major progress has been made in back-office centralization and organizational restructuring. A vertical, independent and professional management framework has been set up for the credit management and auditing lines. At the same time, in accordance with the requirement of “mutual understanding, mutual benefits, extended cooperation and common development”, BOCOM has been closely working with HSBC through introducing advanced concepts, technologies and products, which brings a positive influence in the business operation and management of BOCOM.


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Quality banking services: Capitalizing on its advantages, BOCOM has kept exploring for new developments of banking products, banking tools and banking systems, and formed a business system featuring diversified products and advanced technical means. Combining the traditional “one-to-one” service network and all-directional modern electronic service channels, BOCOM now provides diversified and comprehensive professional services in such fields as corporate banking, personal banking, international banking and fee-based business. The Bank focuses on providing high-quality service to high and medium net-worth customers through its “Private Banking”, “OTO Fortune” and “BOCOM Fortune” brand. BOCOM has developed a range of branded products adn services well-represented by “FX Easy”, “Man Jin Bao”, "De Libao", “Win-To Fortune”, “Pacific Card”, “Nationwide Through”, “Zhan Ye Tong”, “Fund Supermarket” and "mobile banking", taking up a large market share in the industry. The dual-currency credit card developed jointly with HSBC, known as “the Global Card for the Chinese”, has over 28 million registered cards as of March 31, 2013. The Bank has achieved substantial progress in universal banking. BOCOM Shroders Fund Management Co., Ltd., a joint venture with Shroders, was established in August 2005 as one of the first batch of fund management subsidiaries of banks. In 2007, the Bank acquired Hubei International Trust and Investment Co., Ltd., established BOCOM Financial Leasing Company, and set up BOCOM International Holdings Limited in Hong Kong. In 2008, the bank invested in Shangshu Rural Commercial bank and founded Dayi BoCom Rural Bank. In 2009, the bank took a leading step in acquiring stakes in domestic insurance companies, and the subsidiary Bocommlife Insurance was set up in January 2010. At the same time, Anji Bocom Rural Bank in Zhejiang Province, Shihezi Bocom Rural Bank in Xinjiang Province and Qiangdao Laoshan Bocom Rural Bank were set up in April 2010, May 2011 and September 2012 respectively. Solid financial performance. As of June 30, 2013, the Group's total asset was RMB 5.72 trillion. The Group's CAR and Core CAR were 13.85% and 11.20% respectively. Its annualized ROAA and ROAE were 1.27% and 17.95% respectively, and impaired loan ratio was 0.99%. The Group made into the list of FORTUNE 500 for five consecutive years. In terms of operating income, the Group ranked No. 243, leaping forward by 83 positions from prior year. In addition, the Group ranked No. 23 among the global top 1000 banks in terms of Tier-1 Capital by The Banker magazine, moving 7 positions forward as compared with the prior year. Today, BOCOM is pushing forward the strategic transformation to build itself into a first-class modern financial corporate. “Communication and Credibility” is the common wish of both BOCOM and you. BOCOM will continue to commit itself in providing better services for customers, creating more value for shareholders and making greater contributions for the community. (http://www.bankcomm.com/BankCommSite/en/invest_relation/company_develop.jsp?type=ourvalue&categoryPath=ROOT%3E%D3%A2%CE%C4%CD%F8%D5%BE%3EInvestor+Relations%3EOur+Values) China CITIC Bank International (HKSE: 998) China CITIC Bank International Limited is a wholly-owned subsidiary of CITIC International Financial Holdings Limited ("CIFH"), which in turn is 70.32% owned by China CITIC Bank Corporation Limited and 29.68% owned by Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA") of Spain. By providing value-creating financial solutions to define and exceed both the wealth management and international business objectives of our Greater China and overseas customers, CNCBI aspires to be the "China Bank of Choice", with the best international standards and capabilities. CNCBI's footprint in Greater China includes 36 branches in Hong Kong, as well as branches and presence in Beijing, Shanghai, Shenzhen and Macau. CNCBI also has overseas branches in New York, Los Angeles and Singapore. (http://www.cncbinternational.com/private-banking/en/index.jsp)


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China Construction Bank (HKSE: 393) CCB Achieved Steady Growth in 1H 2013 China Construction Bank Corporation (Hong Kong stock code: 939, Shanghai stock code: 601939) announced its operating performance for the first half of 2013 on 25 August, 2013. For the six months ended June 2013, CCB’s annualized return on average assets and annualized return on average equity were maintained at 1.66% and 23.90% respectively, demonstrating a solid performance. The Bank’s non-performing loan ratio was 0.99%, unchanged from the end of last year (unless otherwise stated, the data herein are calculated in accordance with International Financial Reporting Standards on a consolidated basis in RMB). With the slowdown of domestic economic growth and the acceleration of structural adjustment in China, CCB actively responded to challenges and continued to step up its efforts in the implementation of the government’s macro-economic control measures, adhered to a prudent development strategy, and proactively pushed forward business transformation and innovation. As a result, the Bank realized steady development in all business units and achieved stable growth in operating results. Business performance remained steady As CCB’s 2013 Interim Report indicates, the Bank’s key financial indicators continued to grow steadily in the first half of 2013. As at the end of June 2013, CCB’s total assets were up 6.34% from the end of last year to 14.86 trillion, of which the Bank’s total loans and advances to customers were 8.10 trillion, up by 7.76% from the end of last year. Deposits grew by 7.11% from the end of last year to 12.15 trillion and the loan-to-deposit ratio remained at an appropriate level. The Bank’s total capital ratio and total equity tier 1 ratio were 13.34% and 10.66% respectively maintaining a leading position among peers. In the first half of 2013, CCB realized an operating income of 252,307 million, an increase of 10.75% from the same period of last year; it also posted a profit before tax of 155,189 million, up by 12.04% compared with the same period of 2012. The Bank’s net profit was also up by 12.65% from the same period of last year to 119,964 million. CCB continued to improve its cost management and achieved increased efficiency: the Bank’s cost-to-income ratio decreased to 24.63%, down by 0.65 percentage points from the same period of last year, maintained at a relatively low level. Asset quality remained stable CCB earnestly followed the government’s macroeconomic measures and regulatory requirements, enhanced risk monitoring and management for key regions and industries, and made timely and sufficient provisions for impaired assets. The Bank also stepped up efforts in credit structure adjustments, strengthened post-lending management, and enhanced risk prevention and mitigation. In addition, the Bank actively pushed forward the implementation of advanced measures for capital management, enhanced research, development and application of risk management tools, and continued to promote the development of the comprehensive risk management system. By the end of June 2013, CCB’s non-performing loan ratio was 0.99%; the ratio of allowances to non-performing loans was 265.20%; and the ratio of allowances to total loans stood at 2.63%. In the first half of 2013, CCB adjusted its credit structure and attached great importance to supporting the real economy. The Bank strictly controlled its loans to local government financing vehicles and loans to the “6+1” industries with excess capacity. Proportions of these two types of loans against the overall corporate loans decreased from the end of last year. The balance of regulator-identified vehicle loans was 377,361 million, a decrease of 34,108 million from the end of last year, and the loans fully covered by cash flows accounted for 95.10% of the overall balance. Loans to the “6+1” industries with excess capacity decreased by 7,552 million from the end of last year. Intensified control and clean-up of high-risk assets enabled CCB to ensure its asset quality. New progress made in serving the real economy


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Against the backdrop of China's economic transformation and accelerated urbanization, CCB adhered to a stable credit strategy and further optimized its credit structure. The Bank made new progress in serving the real economy by supporting a large number of key construction projects in the country. As at the end of June 2013, the Bank’s domestic corporate loans and advances reached 5,129,986 million, an increase of 166,936 million, or up by 3.36%. The loans were mainly granted to sectors including infrastructure, small and micro businesses, and agriculture-related sectors. Total personal loans and advances of the bank were 2,234,622 million, increased by 216,796 million, or 10.74%. As at the end of the reporting period, CCB’s loans to infrastructure sectors amounted to 2,174,419 million, an increase of 3.73% from the last corresponding period. Agriculture-related loans were 1,374,153 million, up by 7.79%; the number of pilot branches for new countryside construction loans increased to 26 and the new countryside construction loan balance reached 107,966 million, an increase of 45.48%. According to the SME standards jointly issued by four ministries and commissions including the Ministry of Industry and Information Technology in 2011, as at the end of June 2013, the Bank’s loans to small and micro businesses reached 750,258 million with a total of 77,074 clients from small and micro business sector. Residential mortgages increased by 171,171 million, or up by 11.20%, ranking first in the market in terms of loan balance. The Bank provided 77,344 million in development loans to indemnificatory housing projects, an increase of 30.91%. Fee and commission income continues to grow Since the beginning of this year, CCB continued to adhere to the principle of enhancing compliance in business operations and accelerating business development. On one hand, CCB’s fee and commission income grew steadily and healthily as the Bank closely followed regulatory requirements, adhering to compliance management, and applying strict fee standards. On the other hand, CCB enriched its products and services ranges and accelerated its pace of development by innovation and responding to market demands. In the first half of 2013, CCB’s net fee and commission income increased by 6,281 million, or12.76% over the same period last year to 55,524 million. The ratio of net fee and commission income to operating income was up by 0.39 percentage point to 22.01%. As a strategic business of CCB, the credit card business grew steadily. The cumulative number of credit cards issued reached 47.44 million, while credit card spending reached 567,203 million and loan balance reached 218,431 million. In the first half of 2013, the income from bank card fees was 11,947 million, an increase of 30.83%. Driven by the credit card installment business, the Bank’s credit card business income was up by more than 50%. Fees collected from bank cards operating on ATM maintained a double-digit increase. CCB’s investment banking business maintained a good growth momentum. In the first half of 2013, the Bank’s financial advisory services posted an income of 6,327 million, with income from new types of financial advisory services such as ‘Rongzhi’ amounting to 4,642 million, an increase of 30.61%, compared to the same period of last year. Underwriting of debt securities continued to lead the industry, with an underwriting volume of 167,300 million, an increase of 20.61%, compared to the same period of last year, ranking first in the market. CCB achieved solid growth in its wealth management business. In the first half of 2013, the Bank issued 3,953 tranches of in-house developed wealth management products amounting to 3,199,200 million. The balance of wealth management products was 1,016,100 million. Given the concern over the use of raised funds from wealth management products, CCB disclosed that its wealth management funds were invested in sectors including manufacturing, transportation, warehousing, postal services, electricity, heat, gas and water production and supply. The Bank did not invest in sectors that are restricted by government policies, such as commercial real estate and industries with high pollution, high energy consumption or excessive capacities. Innovation drives business transformation CCB reinforced its fundamental product management and innovation, accelerated the building of its customer rights protection system, and promoted the continuous improvement of innovative product capability and enhancement of market competiveness. The Bank has achieved nearly 300 innovations in various business segments in the first half of 2013.


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CCB vigorously promoted the development of an integrated network, integrated teller system and integrated marketing teams, and has made great progress in these aspects. In the first half of 2013, a total of 966 single-functional personal banking outlets were transformed into integrated outlets; 5,527 single-functional corporate banking counters were newly transformed into integrated counters; and the Bank built 3,139 integrated sales teams. By adopting policies such as segregating frontline and back office, the Bank gradually formed comprehensive and multi-functional front line offices, and centralized back offices. The Bank also strengthened the on-the-job training to improve employees’ comprehensive service abilities, and optimized the mechanisms of its marketing service system to promote the collaboration of its personal and corporate banking businesses. CCB accelerated the development of its electronic banking business. It has fully enhanced five key capabilities, including channel transaction, platform sales, system service, business innovation and risk control. The number of electronic banking customers and electronic channel applications increased rapidly, with a growth of 13.08% in personal online banking customers and an increase of 18.78% in corporate online banking customers. The number of account transactions through electronic banking accounted for 44.07% of the total number of transactions. E.ccb.com, the e-commerce financial services platform, has over 1.5 million registered members, with a transaction volume of nearly RMB10 billion and a financing volume of several billions RMB. Integrated and multi-functional operation moves forward CCB’s 2013 interim report indicates that a total of 1,040 branch renovation projects were initiated and 196 new branches were opened. Meanwhile, 11 new private banking centers and wealth management centers were opened, adding up to a total number of 322. At the end of June 2013, CCB has newly established 42 small business operating centers in the form of “Credit Factory”, reaching a total number of 286 and covering over 236 cities at the prefecture level. In the first half of 2013, the Bank further accelerated its internationalization, with the opening of its subsidiary banks in Russia and Dubai, and the Taipei branch successively. The integration of the Bank’s Hong Kong institutions progressed smoothly. At the end of June 2013,the Bank had ten tier-one overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo, Seoul, New York, Ho Chi Minh City, Sydney and Taipei; and five wholly-owned operating subsidiaries including CCB Asia, CCB London, CCB Russia, CCB Dubai and CCB International. Its overseas entities covered 14 countries and regions worldwide. The total assets of the Bank’s overseas entities reached RMB636, 310 million, up by 22.70%from the end of 2012, with a net profit of RMB1, 004 million, up by 49.45%as compared to the same period last year. In the first half of 2013, CCB achieved excellent results in all business segments, which were widely recognized in markets and communities. The Bank received nearly 30 accolades abroad and achieved an outstanding performance in a number of influential international rankings, including 5th place in the “Top 1000 World Banks” of The Banker, advancing by one place from the previous year; and 50th place in “Fortune Global 500”, climbing by 27 places from the previous year; and 2nd place in “Forbes Global 2000”, progressing 11 by places from the previous year. In the second half of 2013, CCB will take proactive measures in response to challenges arising from a changing operating environment, and will further promote “integrated, multi-functional and intensive” development strategies. The Bank will also strengthen its foundation for development, deepen its operational transformation, enhance risk control and prevention and improve the utilization of the resources of remaining credit balance to strongly support the real economy and ensure a sustainable business growth. (http://www.ccb.com/en/newccbtoday/whatsnew/20130825_1377433238.html) China Merchants Bank Co. Ltd. (HKSE: 3968) Management discussion and analysis Analysis of operating status of the Group


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As at the end of September 2013, total assets of the Group amounted to RMB3,885.372 billion, representing an increase of 14.00% as compared with the beginning of the year; and its total liabilities amounted to RMB3,628.098 billion, representing an increase of 13.11% as compared with the beginning of the year. Total deposits from customers amounted to RMB2,804.691 billion, representing an increase of 10.75% as compared with the beginning of the year. Total loans and advances amounted to RMB2,173.206 billion, representing an increase of RMB268.743 billion or 14.11% as compared with the beginning of the year. For the period from January to September 2013, the Group realized a net profit attributable to shareholders of the Bank of RMB39.498 billion, representing an increase of 13.55% as compared with the corresponding period of the previous year, and an operating income of RMB97.531 billion, among which, net interest income increased by 10.31% to RMB72.572 billion from that of the corresponding period of the previous year, accounting for 74.41% of the operating income. For the period from January to September 2013, net interest spread and net interest margin were 2.66% and 2.83% respectively, representing a decrease of 0.23 percentage point and 0.21 percentage point respectively as compared with the corresponding period of the previous year. For the third quarter of 2013, the net interest spread and net interest margin were 2.55% and 2.73% respectively, representing a decrease of 0.13 percentage point and 0.12 percentage point respectively as compared with the second quarter of 2013. Net fee and commission income of the Group increased by 48.14% to RMB21.706 billion from that of the corresponding period of the previous year, and accounted for 22.26% of the operating income. Other net income amounted to RMB3.253 billion, representing a decrease of 31.36% as compared with the corresponding period of the previous year. The cost-to income ratio (excluding business tax and surcharges) of the Group decreased by 1.64 percentage points to 31.38% from that of the corresponding period of the previous year. As at the end of September 2013, the balance of non-performing loans of theGroup amounted to RMB17.100 billion, representing an increase of RMB5.406 billion as compared with the beginning of the year; the non-performing loan ratio was 0.79%, representing an increase of 0.18 percentage point as compared with the beginning of the year; and the allowance coverage ratio of our non-performing loans was 280.99%, representing a decrease of 70.80 percentage points as compared with the beginning of the year; the allowance-to-loan ratio was 2.21%, representing an increase of 0.05 percentage point as compared with that at the beginning of the year.


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Our capital adequacy ratios as at the end of the reporting period The Group continued to enhance capital management and optimize its business structure, and satisfied the minimum capital requirements, the reserve capital requirements and the counter-cyclical capital requirements under the transition arrangements of China Banking Regulatory Commission (“CBRC”) during the reporting period. The capital adequacy ratio remained stable. The Company completed the rights issue of A shares and H shares and received the proceeds therefrom in September 2013, raising the capital adequacy ratio of the Group by 1.28 percentage points. As at the end of September 2013, the capital adequacy ratio of the Group was 11.32%, representing a decrease of 0.09 percentage point as compared with the beginning of the year, and its tier 1 capital adequacy ratio was 9.38%, representing an increase of 1.04 percentage points as compared with the beginning of the year.


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As at the end of September 2013, the capital adequacy ratio of the Company was 11.05%, which is the same as that at the beginning of the year; and its tier 1 capital adequacy ratio was 9.18%, representing an increase of 1.18 percentage points as compared with the beginning of the year.

Total number of shareholders, the top ten shareholders and the top ten shareholders whose shares are not subject to trading moratorium as at the end of the reporting period (http://file.cmbchina.com/cmbir/006852cf-347f-4e6b-ab93-1c7827b42238.pdf) Industrial and Commercial Bank of China (HKSE: 1398) BRIEF ANALYSIS ON OVERALL OPERATING ACTIVITIES IN THE THIRD QUARTER (The fi nancial data herein are presented in RMB unless otherwise indicated.) Set out below are the highlights of the operating results of the Group for the reporting period: Net profi t amounted to RMB205,771 million, representing an increase of 10.80% over the same period of last year. Annualised return on average total assets was 1.51%, keeping the same on a year-on-year basis. Annualised return on weighted average equity was 23.00%, representing a decrease of 1.24 percentage points compared to the previous year.


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Operating income amounted to RMB432,474 million, representing a year-on-year increase of 9.84%. Net interest income was RMB327,636 million, representing a year-on-year increase of 5.22%. Net fee and commission income was RMB95,503 million, representing a year-on-year increase of 19.85%. Cost-to-income ratio was 26.08%. As at the end of the reporting period, total assets amounted to RMB18,742,548 million, representing an increase of RMB1,200,331 million or 6.84% over the end of the previous year. Total loans and advances to customers amounted to RMB9,644,520 million, representing an increase of RMB840,828 million or 9.55% over the end of last year, of which RMB loans of domestic branches grew by RMB722,475 million or 9.16%. In terms of the structure of loans and advances to customers, corporate loans were RMB6,845,973 million, personal loans were RMB2,650,775 million and discounted bills were RMB147,772 million. Loan-to-deposit ratio was 65.2%. Total liabilities amounted to RMB17,507,159 million, representing an increase of RMB1,093,401 million or 6.66% over the end of the previous year. Due to customers amounted to RMB14,692,718 million, representing an increase of RMB1,049,808 million or 7.69% over the end of the previous year. In terms of the structure of deposits, time deposits were RMB7,589,592 million, demand deposits were RMB6,841,616 million and others were RMB261,510 million. Shareholders’ equity amounted to RMB1,235,389 million, representing an increase of RMB106,930 million or 9.48% over the end of last year. According to the fi ve-tier classifi cation of loans, the balance of non-performing loans (“NPLs”) amounted to RMB87,361 million, representing an increase of RMB12,786 million over the end of last year. The NPL ratio was 0.91%, representing an increase of 0.06 percentage points compared to the end of last year. The ratio of allowance to NPL stood at 268.87%, representing a decrease of 26.68 percentage points over the end of last year. The allowance to total loans ratio was 2.44%, and the allowance to total loans ratio for domestic institutions was 2.56%. The core tier-one capital adequacy ratio was 10.59%, the tier-one capital adequacy ratio was 10.59% and the capital adequacy ratio was 13.17%1, all meeting regulatory requirements.


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Interests and short positions held by substantial shareholders and other persons Substantial Shareholders and Persons Having Notify able Interests or Short Positions Pursuant to Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance of Hong Kong As at 30 September 2013, the Bank had received notices from the following persons stating that they had interests or short positions in the shares or underlying shares of the Bank as recorded in the register required to be kept pursuant to Section 336 of the Securities and Futures Ordinance of Hong Kong:


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HOLDERS OF SHARES


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(http://www.icbcltd.com/SiteCollectionDocuments/ICBC/Resources/ICBCLTD/download/2013/sjbHgyw.pdf) Wing Hang Bank (HKSE: 302) Wing Hang Bank ("WHB") was founded in Guangzhou as a money changing business in 1937 by the late Mr. Y. K. Fung and has been operating in Hong Kong for over 75 years. WHB Group has 74 service points throughout Hong Kong, Macau and Mainland China. The principal retail banking activities of the Group in Hong Kong and Macau are retail banking, corporate banking, hire purchase and foreign exchange and treasury services. In addition, through its


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subsidiaries, the Bank provides nominee, offshore banking, consumer financing, share brokerage services, insurance agency and insurance broking. WHB's Milestones in China 1937 Set up as a money changer in Guangzhou and developed business in Hong Kong 1991 Wing Hang Bank re-established its foothold in China market with the opening of Shenzhen Representative

Office. 1993 Shenzhen Representative Office was upgraded to Shenzhen Branch. 1997 Guangzhou Representative Office was set up. 2000 Shanghai Representative Office was set up. 2002 Wing Hang Bank Shenzhen Branch received the approval from the People's Bank of China to operate RMB

business in China. 2005 Wing Hang Bank Shanghai Representative Office was upgraded to Shanghai Branch, representing one of

the first few local Chinese Banks in Hong Kong to operate branches in Shanghai after CEPA. Same year, Beijing Representative Office was set up.

2006 The first Sub-branch was set up in Shenzhen - Fumin Sub-branch. Meanwhile, Guangzhou Representative Office was upgraded to Guangzhou Branch. 2007 Wing Hang Bank (China) Limited was officially incorporated in Shenzhen in June as a wholly-owned

subsidiary of Wing Hang Bank, Limited. Wing Hang Bank (China) Limited Shenzhen Longgang Sub-branch was set up. 2008 Wing Hang Bank (China) Limited has got approval from CBRC to offer RMB products and services to all

local residents in China since May 2008. The first Sub-branch was set up in Guangzhou - Talent Center Sub-branch. The first Sub-branch was set up in Shanghai - Hongqiao Sub-branch. 2009 Wing Hang Bank (China) Limited Zhuhai Branch was set up.

Wing Hang Bank (China) Limited Shenzhen Chegongmiao Sub-branch was set up. 2010 The first cross-location Sub-branch was set up in Foshan - Foshan Sub-branch. 2011 Wing Hang Bank (China) Limited Shenzhen Nanshan Sub-branch was set up.

Wing Hang Bank (China) Limited opened its first branch in Beijing - Beijing Branch. 2012 Wing Hang Bank (China) Limited Shenzhen Huaqiang Sub-branch was set up.

The second cross-location Sub-branch was set up in Huizhou - Huizhou Sub-branch. 2013 Wing Hang Bank (China) Limited Shenzhen Nanshan Sub-branch is renamed to Shenzhen Qianhai Sub-

branch Wing Hang Bank (China) Ltd. Wing Hang Bank (China) Limited ["Wing Hang Bank (China)"], a wholly-owned subsidiary of Wing Hang Bank, was officially incorporated in Shenzhen on 1 June 2007. It is the first foreign bank that set up its headquarters in Shenzhen. Based in Shenzhen, Wing Hang Bank (China) focuses its businesses on Pearl River Delta region while expanding its network across the nation. Nowadays, Wing Hang Bank (China) has 5 branches including Shenzhen Branch, Guangzhou Branch, Zhuhai Branch, Shanghai Branch and Beijing Branch, together with several sub-branches namely Shenzhen Fumin Sub-branch, Shenzhen Chegongmiao Sub-branch, Shenzhen Huaqiang Sub-branch, Shenzhen Nanshan Sub-branch, Shenzhen Longgang Sub-branch, Huizhou Sub-branch, Guangzhou Talent Center Sub-branch, Foshan Sub-branch and Shanghai Hongqiao Sub-branch. Wing Hang Bank (China) is committed to providing comprehensive and quality banking services to local and foreign customers in Mainland China. (http://www.whbhk.com/webpages/enus/html/china_bus/china_bus/china_bus.html?id=china_bus)

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