Morning Express 28 March 2018

Transcription

1 BOCOM Int l Research 28 March 2018 Focus of the Day Industrial & Commercial Bank of China 1398 HK FY17 beat slightly; positive NIM and asset quality Rating: Buy trends Jaclyn Wang jaclyn.wang@bocomgroup.com Industrial & Commercial Bank of China's (ICBC) FY17 net profit increased by 2.8% YoY, and came in 1%/ 2% higher than our/ consensus estimates. Increases in net interest income, decreases in operating expenses and declines in income tax offset the higher loan impairment loss and lower non-interest income. NIM expanded YoY in 2017 due to lower deposit cost and higher interbank asset yield. Asset quality further improved with lower NPL ratio and NPL formation rate. NPL coverage ratio increased to 154% at end The bank also maintained stable dividend payout ratio of 30% in Maintain Buy with TP of HK$8.60. ICBC s strong customer deposit base bodes well for its NIM amidst tightening liquidity, in our view. We expect its trend of asset quality improvement to continue. As one of the most profitable Chinese banks with a strong capital base, we expect ICBC to be a major beneficiary of sector rerating. China Construction Bank 939 HK FY17 in line; another good quarter in 4Q17 Rating: Buy Jaclyn Wang jaclyn.wang@bocomgroup.com China Construction Bank's (CCB) net profit was up 4.7% YoY, in line with our and consensus estimates. Increase in loan impairment loss and decline in non-interest income were offset by increase in net interest income and decreases in operating expenses and income tax. NIM expanded slightly YoY in 2017 due to lower funding cost. NPL ratio declined QoQ in 4Q17 and overdue loan balance was down HoH in 2H17. NPL coverage ratio increased further QoQ to 171%. CET1 ratio also improved to 13.09% at end Maintain Buy with TP of HK$ We expect the bank's NIM expansion to outperform peers and asset quality to continue to improve. A valuation premium for high-quality banks like CCB is justified, in our view. Global Stock Indices Close 1D % YTD % HSI 30, H shares 12, SH A 3, SH B SZ A 1, SZ B 1, DJIA 23, S&P 500 2, Nasdaq 7, FTSE 7, CAC 5, DAX 11, Key Commodity/Forex Indicators Close 3M % YTD % Brent Gold 1, Silver Copper 6, JPY GBP EUR bps change 3M 6M HIBOR US 10yr yield HSI Technical HSI 30,791 50D MA 31, D MA 28,825 14D RSI 47 Short sell (HK$ m) 18,023 Hao Hong, CFA Head of Research hao.hong@bocomgroup.com Analyst certifications, disclosures and disclaimer at the back forms part of this report and must be read. Download our reports from Bloomberg: BOCM or

2 China Cinda 1359 HK Significant advantages in the distressed asset Rating: Buy management business CP: HK$ 2.93 TP: HK$ 3.56 Upside: +21.5% Li Wan, CFA China Cinda s earnings grew by 16.8% YoY in 2017, which beat our/market consensus by 4.3%/2.0%, mainly due to higher-than-expected investment income following the company s increase of the disposal amount of DES companies. Cinda had significant advantages in the distressed asset management business. The amount of traditional distressed asset disposal decreased substantially, while the disposal income increased to a historical record high. The IRR from completed projects was maintained at a high level, which showed Cinda s leading edge in the distressed asset business. For acquisition and restructuring business, the amount of acquisition decreased substantially, while the annualized return on monthly average gross amount of distressed debt assets remained stable HoH. Asset quality improved HoH, and the company increased impairment charges. We believe that given tighter regulations, Cinda have taken measures to adjust in advance, while Huarong needs to make more adjustments in client portfolio in 2018E. Maintain Buy rating and TP of HK$3.56. We will revisit our earnings forecast and rating after analyst briefing. AAC Technologies 2018 HK Solid 4Q17 results; optics outlook on track Rating: Buy CP: HK$ TP: HK$ Upside: +34% Chris Yim christopher.yim@bocomgroup.com 4Q17 revenue grew 25% YoY driven by growth from speaker box and RF/haptics. While revenue was slightly higher than our estimate, EPS was largely in line as OPEX and finance cost were slightly higher than expected. We believe the optics business remains on track. Margin outlook remains healthy, underpinned by product mix upgrade in acoustics, bigger scale in optics and increasing insourcing of MEMS dies, in our view. Our unchanged TP of HK$ is based on 26x average 2018/19E EPS. Maintain Buy. Download our reports from Bloomberg: BOCM or 2

3 Luye Pharma 2186 HK FY17 results first-take: beat on strong sales and Rating: Buy lower tax Lilian Wan Luye Pharma s 2017 profit attributable to shareholders beat our and consensus estimates of by 5% and 6%, respectively. Excluding the one-off expenses associated with business acquisition and share award scheme expense, adjusted net profit grew 19% YoY. Earnings upside was mainly driven by strong product sales and lower-than-expected income tax. Total sales grew 31% YoY to RMB3.82bn, RMB59m above our estimate of RMB3.76bn (+29% YoY). Among major therapeutic segments, oncology drugs reported sales of RMB1.87bn (+19% YoY), higher than our estimate of RMB1.74bn (+11% YoY), probably due to stronger sales growth of flagship product Lipusu. Alimentary tract and metabolism medicines grew 35% YoY to RMB749m in 2017, 4% higher than our estimate. Lower-than-expected gross margin was more than offset by lower selling expenses ratio, leading to slightly higher operating margin. Furthermore, lower tax rate resulted in better net margin in FY17. We maintain Buy rating for the moment. Our 12-month target price of HK$8.50 and forecasts are under review. Air China 753 HK A disappointing 2H17 Rating: Neutral Geoffrey Cheng, CFA geoffrey.cheng@bocomgroup.com Air China (AC) reported FY17 net profit of RMB7,244m, lower than our forecast of RMB9.3bn and Bloomberg consensus forecast of RMB8.0bn. For the first time since 2008, operating margin in 2H (9.1%) tumbled below that in 1H (9.9%). Three expense items, namely jet fuel, aircraft & related equipment operating lease and repair & maintenance, went up much faster than revenue growth (7.7% YoY) to depress operating margin during the year. AC will embark on a capex plan of RMB 97.97bn for new aircraft in the next three years, up from RMB18.5bn spent in Short-term pressure on share price could mount as a result of the lackluster FY17 performance. We maintain our Neutral call and target price of HK$9.62 for now. Kerry Logistics Network 636 HK Upgrade to Buy on margin recovery in FY18 Rating: Buy CP: HK$ TP: HK$ Upside: +15.4% Fay Zhou fay.zhou@bocomgroup.com Kerry Logistics Network (KLN) reported core net profit of HK$1,183m, which was largely in line with Bloomberg consensus of HK$1,173m and our forecast of HK$1,169m. Thanks to robust freight volume contribution from APEX and Download our reports from Bloomberg: BOCM or 3

4 continuous expansion in Southeast Asian markets, revenue from International Freight Forwarding (IFF) and Integrated Logistics (IL) businesses jumped by 35.5% YoY and 19.9% YoY, respectively, in FY17. Core operating margin of KLN fell from 7.8% in FY16 to 6.9% in FY17. Supported by rising freight volume in the beginning of 2018, management of KLN expects overall margin recovery in FY18. The Asia region still delivered the fastest profit growth of 56.0% YoY in IL segment. We expect improved profit growth with reduced retrenchment costs and adjustment of key customers in mainland China in FY18. We upgrade KLN to Buy but maintain TP of HK$ HNA Infrastructure 357 HK FY17 revenue beat on exceptionally strong int l Rating: Buy traffic CP: HK$ 8.37 TP: HK$ Upside: +43.2% Luya You luya.you@bocomgroup.com FY17 revenue beat due to exceptionally strong international traffic throughout FY17. Total revenue of HNA Infrastructure reached RMB1.5bn, rising by 21.6% YoY and beating our estimate by 5.3%. However, costs rose rapidly in FY17 as HNA Infrastructure completed construction of facilities in 2H17. Operating expenses jumped 37.8% YoY but operating margin remained stable at 44.1% due to rapid revenue growth. Both aeronautical and non-aeronautical businesses recorded substantial growth. Aeronautical and non-aeronautical revenue surged 21.5% and 21.7% YoY, respectively. While domestic traffic rose in line with our forecast, international & regional aircraft movements and passenger throughput surged 42.1% and 30.0% YoY, respectively. We expect completion and operation commencement of several new facilities in FY18 and FY19. HNA Infrastructure also plans to issue 200m new H shares by 2H18 to fund the expansion projects. With robust short- and long-term catalysts, we maintain our Buy recommendation and target price of HK$ Dongfeng Motor Group 489 HK First take: FY17 results in line; JVs show strength Rating: Buy Angus Chan angus.chan@bocomgroup.com Dongfeng reported 2017 net profit attributable to shareholders of RMB13.5bn, up 5.3% YoY and in line with market expectations of mid-single-digit growth. Shares of profits of JVs and associates rose 16.4% YoY and 16.3% YoY thanks to the strong performances of Dongfeng Honda and PSA. Download our reports from Bloomberg: BOCM or 4

5 Dongfeng has a market share of around 11.4% in terms of total sales volume of commercial and passenger vehicles in China. We believe its slow growth in revenue and net profit was reasonable given its size. Dividend payout ratio increased to about 15% for the first time since its listing. We expect this trend to continue. Maintain Buy and TP of HK$ Shimao Property 813 HK Results in line; faster growth with margin uptrend Rating: Buy ahead CP: HK$ TP: HK$ Upside: +32.1% Philip Tse, CFA philip.tse@bocomgroup.com FY17 results came in line. Revenue increased 18.8% YoY to RMB70.4bn with GPM expanding 2.8ppts to 30.4%, in line with expectations. Core profit increased 10.9% to RMB6.9bn, slightly lower than consensus of RMB7.1bn, mainly due to increase in LAT. Key surprise mainly comes from the lift of dividend payout ratio to 39% as Shimao proposed a final DPS of HK$0.6, bringing full-year DPS to HK$1.0 (consensus: HK$0.92). Sales target for 2018 at RMB140bn, up 40% YoY, is backed by RMB234bn saleable resources. Contracted sales target of RMB450bn by 2020 represents ~65% 3-year CAGR. GFA of 10.6m sqm was newly acquired with total land bank reaching 47.9m sqm by end-2017, and total saleable resources reached RMB800bn. We estimated GPM for the RMB70bn unrecognized sales at 32-34%, and recognized GPM to improve to ~32%/33% for FY18/19, respectively. Maintain Buy and TP of HK$27.80, based on a 30% discount to NAV. Management guided more positively on future profitability, especially on margins and sales growth. We believe these will act as near-term catalysts for share price with potential earnings upgrade. The counter is currently trading at 6.4/5.3x FY18/19E P/E and 0.84x FY18E P/B, which look undemanding to us. Kangda Environmental 6136 HK FY17 results missed on slower PPP progress Rating: Buy Wallace Cheng wallace.cheng@bocomgroup.com Kangda s FY17 net profit was up by 23.9% YoY to RMB414m, which was 10% below our forecast. We believe the >50% revenue miss in each of water environment remediation and rural water improvement segments was the major reason. Total water processing volume rose 24% YoY to 878.6mt in FY17 with tariff lifted slightly to RMB1.33/ton. Overall operational revenue from water projects in FY17 recorded 30% YoY growth to RMB695m. Download our reports from Bloomberg: BOCM or 5

6 Operating cashflow reached RMB401m in FY17, before RMB-1.2bn of BOT/TOT/PPP receivables adjustment. Net gearing ratio edged up to 141%. We believe with ongoing progress in PPP projects and BOT projects construction, it will be challenging for Kangda to tame the relatively high net gearing ratio. We maintain Buy rating and TP of HK$2.35 for the time being. Tian Lun Gas 1600 HK Robust growth ahead led by C&I users Rating: Buy CP: HK$ 5.56 TP: HK$ 8.20 Upside: +47% Wallace Cheng We expect Tian Lun Gas (TLG) to maintain robust growth in gas sales volume in Led by gas sales to C&I users, we estimate a 30.1% YoY growth in retail gas sales volume in 2018 to 846mcm. Regarding new connections in 2018, management expects around 0.3m new residential users, including 0.1m from rural area coal-to-gas conversion. In FY17, overall dollar margin of retail gas sales was RMB0.60/m3, which was largely stable compared to RMB0.61/m3 in FY16. With increasing C&I users in sales volume mix, we forecast retail gas sales GPM to stay above 18% in E. We lift 2018/19E EPS by 1.8%/2.7% after fine-tuning our forecasts in gas sales mix and GPM. We nudge up our DCF-based TP to HK$8.20 (from HK$8.00) to factor in changes in forecast. We see TLG is attractively priced at current valuation of 9.2x/7.7x 2018/19E P/E, compared to its historical average of 16x forward P/E. Maintain Buy. Datang Renewable 1798 HK In-line results, with investment growth expected to Rating: Buy accelerate Louis Sun louis.sun@bocomgroup.com In 2017, the company's operating revenue was 0.6% higher than our expectation, mainly due to the fact that the ASP was slightly higher than our expectation, while core operating expenses came in slightly below our expectation by 2%. The rapid increase in other operating expenses offset the increase in the gross profit of the company. The net profit attributable to owners of the parent company was basically in line with our expectations. We believe that the company's main business was solid in 2017, especially gross profit margin which was slightly better than our expectation. While the company sees a relatively optimistic outlook, we believe that its financial pressure will increase. The company will host a results briefing in the afternoon of 28 Mar. We maintain TP of HK$1.19 and Buy rating for now. Download our reports from Bloomberg: BOCM or 6

7 Healthcare Sector Weekly As of 27 Mar 2018 Rating: Outperform Lilian Wan Company news: Luye Pharma (2186 HK) to co-develop an anti-cancer and antibody-drug with Excel Biopharm. Fosun Pharma (2196 HK) to construct a production base for API at the cost of RMB1bn. Shanghai Pharm (2607 HK) proposes to acquire 100% equity interest in associated companies. Hengrui s ( CH) IND application on Class 1 innovative drug Remazolyl Toluenesulfonathas been accepted by CFDA; Class 1.1 innovative drug SHR6390 tablet obtained CFDA approval for clinical trials. Industry update: CFDA published 2017 China Drug Review Annual Report, by which the backlog of pending approvals had been largely cleared. The number of innovative drug applications received and reviewed by CDE increased. CDE's review time was significantly shortened. 12 healthcare companies were selected into the list of '2017 Unicorn Company' released by the Ministry of Science and Technology (MOST), such as Pingan Doctor, United Imaging, Henlius. Download our reports from Bloomberg: BOCM or 7

8 Economic data releases for this week US Date Event Survey Prior 28-Mar MBA mortgage applications (%) Mar Initial jobless claims (k) Economic data releases for this week China Date Event Survey Prior 31-Mar Manufacturing PMI BOCOM Research latest reports Data Report Analyst 27 Mar Luye Pharma (2186 HK) - FY17 results first-take: beat on strong sales and lower tax Lilian Wan, Kent Lin 27 Mar Transportation & Infrastructure Sector Weekly - As of 23 Mar 2018 Geoffrey Cheng, CFA, Fay Zhou, Luya You, Maggie Wang 27 Mar China Huarong Asset Management (2799 HK) - More focus on growth quality in 2018E Li Wan, CFA, FRM 27 Mar Huaneng Renewable (958 HK) - Industry landscape still improving; lift TP Louis Sun 27 Mar Livzon Pharma (1513 HK) - FY17 in line; lift TP to HK$80.00 Lilian Wan, Kent Lin 27 Mar Agricultural Bank of China (1288 HK) - Strong FY17 results; funding the key strength Jaclyn Wang, Hannah Han 27 Mar TravelSky Technology (696 HK) - FY17 review - modest growth, few surprises Luya You, Fay Zhou, Maggie Wang, Geoffrey Cheng, CFA 27 Mar China Southern Airlines (1055 HK) - FY17 earnings lower than our forecast Geoffrey Cheng, CFA 27 Mar Sinotrans Limited (598 HK) - FY17 results beat, maintain Buy Fay Zhou, Geoffrey Cheng, CFA 27 Mar KWG Property (1813 HK) - Results slightly missed; ambitious growth target stays Philip Tse, CFA, FRM 27 Mar Tian Lun Gas (1600 HK) - FY17 net profit slightly beat with stable dollar margin Wallace Cheng, Spencer Luo 27 Mar Yunnan Water (6839 HK) - FY17 results in line; net gearing still a concern Wallace Cheng, Spencer Luo 27 Mar HEC Pharm (1558 HK) - FY17 missed; downgrade to Neutral on concentrated risk Lilian Wan, Kent Lin 27 Mar China CITIC Bank (998 HK) - FY17 beat on tax & non-interest income; dividend payout raised Jaclyn Wang, Hannah Han 26 Mar Internet Sector Weekly - As of 23 Mar 2018 Gu Xinyu (Connie), CPA, Sun Mengqi (Brandy), Zhou Zhe (Gigi) 26 Mar Cement Sector Weekly - As of 23 Mar 2018 Angus Chan, Steve Liu 26 Mar ENN Energy (2688 HK) - Steady gas sales growth & integrated energy speed-up in 2018 Wallace Cheng, Spencer Luo 26 Mar HN Renewables (958 HK) - Major business well on track, results missed due to non-recurring factors Louis Sun 26 Mar Great Wall Motor (2333 HK) - First-take: 2017 results in line; strong margin rebound in 4Q Angus Chan 26 Mar Geely (175 HK) - NDR takeaways: sustainable growth outlook Angus Chan, Steve Liu Source: BOCOM Int l Download our reports from Bloomberg: BOCM or 8

9 HSI constituents Company Stock Current Mkt 5D YTD 52-week P/E Yield P/B name code price cap chg chg High Low E 2018E 2017E 2017E (HK$) (HK$ m) (%) (%) (HK$) (HK$) (x) (x) (x) (%) (x) CKH HOLDINGS 1 HK , HANG LUNG PPT 101 HK , CKI HOLDINGS 1038 HK , HENGAN INTL 1044 HK , CHINA SHENHUA-H 1088 HK , HANG SENG BANK 11 HK , CHINA RES LAND 1109 HK , CK ASSET HOLDING 1113 HK , HENDERSON LAND D 12 HK , AIA 1299 HK , ICBC-H 1398 HK ,605, CHINA MERCHANTS 144 HK , WANT WANT CHINA 151 HK , N/A SHK PPT 16 HK , NEW WORLD DEV 17 HK , GEELY AUTOMOBILE 175 HK , SWIRE PACIFIC-A 19 HK , SANDS CHINA LTD 1928 HK , WHARF REAL ESTAT 1997 HK , N/A CLP HOLDINGS 2 HK , COUNTRY GARDEN 2007 HK , AAC TECHNOLOGIES 2018 HK , BANK EAST ASIA 23 HK , PING AN 2318 HK ,544, MENGNIU DAIRY 2319 HK , N/A SUNNY OPTICAL 2382 HK , BOC HONG KONG HO 2388 HK , CHINA LIFE-H 2628 HK , CITIC 267 HK , GALAXY ENTERTAIN 27 HK , WH GROUP LTD 288 HK , HONG KG CHINA GS 3 HK , BANKCOMM-H 3328 HK , SINOPEC CORP-H 386 HK , HKEX 388 HK , BANK OF CHINA-H 3988 HK ,404, HSBC HOLDINGS PL 5 HK ,505, POWER ASSETS 6 HK , MTR CORP 66 HK , CHINA OVERSEAS 688 HK , TENCENT 700 HK ,105, CHINA UNICOM 762 HK , LINK REIT 823 HK , SINO LAND 83 HK , CHINA RES POWER 836 HK , PETROCHINA-H 857 HK ,691, CNOOC 883 HK , CCB-H 939 HK ,075, CHINA MOBILE 941 HK ,489, LENOVO GROUP 992 HK , N/A HSI Index 30, ,081, , , Download our reports from Bloomberg: BOCM or 9

10 HSCEI constituents Company Stock Closing Mkt 5D YTD 52-week P/E Yield P/B name code price cap chg chg High Low E 2018E 2017E 2017E (HK$) (HK$ m) (%) (%) (HK$) (HK$) (x) (x) (x) (%) (x) HENGAN INTL 1044 HK , CHINA SHENHUA-H 1088 HK , CSPC PHARMACEUTI 1093 HK , SINOPHARM-H 1099 HK , CHINA RES LAND 1109 HK , BYD CO LTD-H 1211 HK , ABC-H 1288 HK ,549, NEW CHINA LIFE-H 1336 HK , PICC GROUP-H 1339 HK , CHINA CINDA-H 1359 HK , ICBC-H 1398 HK ,605, POSTAL SAVINGS-H 1658 HK , CRRC CORP LTD -H 1766 HK , GF SECURITIES-H 1776 HK , CHINA COM CONS-H 1800 HK , CGN POWER-H 1816 HK , MINSHENG BANK-H 1988 HK , CHINA VANKE-H 2202 HK , GUANGZHOU AUTO-H 2238 HK , SHENZHOU INTL GP 2313 HK , PING AN 2318 HK ,544, PICC P&C-H 2328 HK , GREAT WALL MOT-H 2333 HK , CHINA PACIFIC-H 2601 HK , CHINA LIFE-H 2628 HK , CITIC 267 HK , GUANGDONG INVEST 270 HK , BANKCOMM-H 3328 HK , CHINA GAS HOLDIN 384 HK , SINOPEC CORP-H 386 HK , ZHUZHOU CRRC T-H 3898 HK , CHINA RAIL GR-H 390 HK , CM BANK-H 3968 HK , BANK OF CHINA-H 3988 HK ,404, DONGFENG MOTOR-H 489 HK , CITIC SEC-H 6030 HK , ZHONGAN ONLINE-H 6060 HK , N/A N/A HAITONG SECURI-H 6837 HK , CGS-H 6881 HK , HUATAI SECURIT-H 6886 HK , TENCENT 700 HK ,105, CHINA TELECOM-H 728 HK , AIR CHINA LTD-H 753 HK , PETROCHINA-H 857 HK ,691, CNOOC 883 HK , HUANENG POWER-H 902 HK , CONCH CEMENT-H 914 HK , CCB-H 939 HK ,075, CHINA MOBILE 941 HK ,489, CITIC BANK-H 998 HK , HSCEI Index 12, ,060, , , Download our reports from Bloomberg: BOCM or 10

11 BOCOM International 10/F, Man Yee Building, 68 Des Voeux Road Central, Central, Hong Kong Main: (852) Fax: (852) Rating System Analyst Stock Ratings: Buy: The stock's total return is expected to exceed that of the corresponding industry over the next 12 months. Neutral: The stock's total return is expected to be in line with that of the corresponding industry over the next 12 months. Sell: The stock's total return is expected to be below that of the corresponding industry over the next 12 months. Not-Rated: The analyst does not have conviction regarding the outlook of the stock's total return relative to that of the corresponding industry over the next 12 months. Analyst Industry Views: Outperform: The analyst expects the industry coverage universe to be attractive relative to the relevant broad market benchmark over the next 12 months. Market perform: The analyst expects the industry coverage universe to be in line with the relevant broad market benchmark over the next 12 months. Underperform: The analyst expects the industry coverage universe to be unattractive relative to the relevant broad market benchmark over the next 12 months. Broad market benchmark for Hong Kong is the Hang Seng Composite Index, for China A-shares is the MSCI China A Index, for US-listed Chinese companies is S&P US Listed China 50 (USD) Index. Download our reports from Bloomberg: BOCM or 11

12 Analyst certification The authors of this report, hereby declare that: (i) all of the views expressed in this report accurately reflect their personal views about any and all of the subject securities or issuers; and (ii) no part of any of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report; (iii) no insider information/ non-public price-sensitive information in relation to the subject securities or issuers which may influence the recommendations were being received by the authors. The authors of this report further confirm that (i) neither they nor their respective associates (as defined in the Code of Conduct issued by the Hong Kong Securities and Futures Commission) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of the report; (ii)) neither they nor their respective associates serve as an officer of any of the Hong Kong listed companies covered in this report; and (iii) neither they nor their respective associates have any financial interests in the stock(s) covered in this report except for one coverage analyst who is holding shares of Shimao Property Holdings Limited. Disclosure of relevant business relationships BOCOM International Securities Limited, and/or its associated companies, has investment banking relationship with Bank of Communications, Guolian Securities Co. Ltd.,,Bank of Zhengzhou Co. Ltd., Human Health Holdings Limited, COFCO Meat Holdings Limited, Hebei Yichen Industrial Group Corporation Limited, China Aircraft Leasing Group Holdings Limited, Orient Securities Company Limited, Wuxi Construction and Development Investment Co.China Development Bank Financial Leasing Co., Ltd, Phoenix Healthcare Group,Co. Ltd, Everbright Securities Company Limited, China First Capital Group Limited, Jiayuan International Group Limited, Luzhou Xinglu Water (Group) Co., Ltd., Postal Savings Bank of China Co., Ltd., China Merchants Securities Co., Limited, Shandong International Trust Co., Ltd, Guangdong Kanghua Healthcare Co., Ltd CSC Financial Co., Ltd, BOCOM International Holdings Company Limited, HPC Holdings Limited, Guotai Junan Securities Co., Ltd, Zhongyuan Bank Co., Ltd, Sichuan Energy Investment Development Co., Ltd and Light Year Holdings Limited within the preceding 12 months. 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