Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. View details Research that delivers an independent perspective, consistent methodology and actionable insight Related Research View more All News South China Morning Post Star fund manager Qiu. China Hongqiao Group Co., Ltd. was founded in Cayman Islands and listed on the main board of Hong Kong Stock Exchange in 2011. To strengthen investors' confidence and maintain the stability of corporate bond prices, the board of directors of Weiqiao Aluminum & Power passed a resolution in relation to the repurchase of the bonds (at 50% of the remaining principal amount of the bonds, the repurchase price is the par value plus accrued interest) on 13 January 2021. On 23 December 2020, Shandong Hongqiao completed the repurchase. To strengthen investors' confidence and maintain the stability of corporate bond prices, the board of directors of Shandong Hongqiao passed a resolution in relation to the repurchase of the bonds (at 50% of the remaining principal amount of the bonds, the repurchase price is the par value plus accrued interest) on 16 November 2020. After the completionof the resold, the remaining amount of the bonds is RMB1,056,362,000 and the coupon rate is still 7.45%. As at 31 December 2020, the total liabilities of the Group amounted to approximately RMB104,729,330,000 (31 December 2019: approximately RMB113,588,469,000). , the registered capital of Weiqiao Haiyi was increased from RMB10,000,000 to RMB20,000,000 and the Group's equity interest in Weiqiao Haiyi was diluted from 60% to 30%. The company was founded in 1994 and is headquartered in Zouping . The Shandong, China-based group reported revenue of 114.5 billion yuan ($17.8. 2022 Interim Report. The Group's Environmental, Social and Governance Annual Report has been released on July 6. All values HKD Millions. (ii) On 14 January 2016, Shandong Hongqiao completed the issuance of 2016 domestic corporate bonds (first tranche) (type 2), with an offering size of RMB1,000,000,000, for a term of 5 years, carrying an interest of 4.88% per annum. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Further details are set out in the announcements of the Company dated 8 January 2021 and 27 January 2021. The net proceeds of the issue of the convertible bonds were approximately US$294,000,000, which were or will be used as follows: 50% were used for general corporate purposes. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Shandong Hongqiao has redeemed the bonds in full based on its remaining aggregate principal amount and the interest accrued to the maturity date. Among the smelters to launch new projects were China Hongqiao Group and Yunnan Aluminium, both in Wenshan in Southwest China's Yunnan province, said CRU analyst Wan Ling. One of the worlds leading aluminum manufacturers devoted to innovation and sustainable development. During the Year under Review, the Group's total output of aluminum alloy products and aluminum fabrication products were approximately 5.622 million tons and 0.622 million tons respectively, basically maintained at the similar level as last year. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. The share register of the Company will be closed from Friday, 30 April 2021 to Thursday, 6 May 2021 (both days inclusive), during which no transfer of shares will be effected. Shareholders of the Company whose names appear on the register of members of the Company on Friday, 11 June 2021 are entitled to the 2020 Final Dividend. Corporate Bonds to Eligible Investors by Shandong Hongqiao New Material Co., Ltd. (Zheng Jian Xu Ke [2015]) No. The Group will continue to take effective measures to ensure sufficient liquidity and financial resources, so as to satisfy the business needs and maintain a sound and steady financial position. The Group's cash and cash equivalents were mainly held in RMB and US Dollars, of which approximately 97.2% was held in RMB and approximately 2.3% was held in US Dollars. However, as the Pandemic is not yet completely over, there are uncertainties in the world economic development and there will still be certain challenges and opportunities ahead for the aluminum industry. Please refer to the announcement of the Company dated 2 December 2020 for details. (i) On 10 March 2016, Weiqiao Alumina & Power completed the issuance of 2016 domestic corporate bonds (first tranche) (type 1), with an offering size of RMB3,500,000,000, for a term of 3+2 years (5-year fixed rate bonds, with the issuer's option to adjust the coupon rate and the investors' entitlement to sell back at the end of the third year), carrying interest of 4.27% per annum. Please refer to the announcement of the Company dated 15 August 2017, the circular dated 2 November 2017, the poll results announcement dated 20 November 2017 and the announcement dated 28 November 2017, respectively, for details. The gross profit margin for aluminum fabrication products increased slightly compared with the same period of last year. Gain, Unrealized Gain/Loss Marketable Securities, Total Shareholders' Equity / Total Assets. (Source: Antaike), According to statistics from Antaike, the global production volume of primary aluminum in 2020 was approximately 65.32 million tons, representing a year-on-year increase of approximately 2.1%. Download PDF copies of reports from the newspaper markets data page. Discover our Free Content to Help You Better Understand the Stock Market. (3) Mr. Wen Xianjun was appointed as an independent non-executive Director on 5 March 2021. During the bond repurchase registration period from 8 December 2020 to 10 December 2020, the principal registered for repurchase by bond holders was RMB478,044,000. On 28 November 2017, the Company successfully issued the convertible bonds of the Company with an initial principal amount of US$320,000,000 to CNCB (Hong Kong) Investment Limited under the convertible bonds specific mandate with an initial conversion price (subject to adjustment) of HK$8.16. Fitch Ratings upgraded China Hongqiao Group Limited's Long-Term Issuer Default Rating to 'BB' from 'BB-' in May 2021, reflecting the company's strong financial. Additionally, the Group further extended its international cooperation and improved the development of a circular economy by joining hands with Germany's Scholz China GmbH to build the Sino-German Hongqiao Scholz Circular Economy Science & Technology Project, which focuses on secondary aluminum, scrapped vehicle and research and development of recycling technology, and practically contributes to the circular economy. Thus, CITIC Corporation Limited directly and indirectly held 100% interest in CITIC Trust Co., Ltd.. CITIC Trust Co., Ltd. held 100% interest in CTI Capital Management Limited, and thus CITIC Group Corporation and CITIC Limited are deemed to be interested in the shares of the Company held by CTI Capital Management Limited under the SFO. 2022 Annual Report. It is a large-scale enterprise integrating thermoelectricity The Audit Committee considered that the financial results of the Group for the year ended 31 December 2020 were in compliance with the relevant accounting standards, rules and regulations and appropriate disclosures have been duly made. The trend of tight supply will be maintained in the short term, and the market expects that the increase in demand for aluminum products will drive a further rise in aluminum prices. As one of the largest aluminum producers in the world, China Hongqiao holds its core value of from society and for society and keeps committed to social welfare and environmental protection. China Hongqiao Group Limited (1378.HK) is the global industry leader of aluminum products. . The share register of the Company will be closed from Monday, 7 June 2021 to Friday, 11 June 2021 (both days inclusive), during which no transfer of shares will be effected. from the National Development and Reform Commission of the PRC, approving Shandong Hongqiao to issue the corporate bonds of not more than RMB2,300,000,000 in the PRC. ') from the China Securities Regulatory Commission, approving Weiqiao Alumina & Power to issue corporate bonds of no more than RMB5,300,000,000 in the PRC. On 20 January 2021, Shandong Hongqiao completed the repurchase. The Audit Committee meeting was held on 5 March 2021 to review the annual results and the consolidated financial statements of the Group for the year ended 31 December 2020. Save as disclosed above, subsequent to 31 December 2020, as of the date of this announcement, no any other important event affecting the Group has occurred. The Group used certain of its restricted bank deposits, inventories, trade receivables, equipment and right-of-use assets as collateral for bank borrowings to provide part of the funding for its daily business operation. 2022 2021 2020 2019 2018 5-year trend; Net Income before Extraordinaries----- The amendments should be applied prospectively. Pursuant to the terms and conditions of the convertible bonds, as a result of the completion of the placing and the subscription of the Company on 27 November 2020 and 2 December 2020 respectively, the conversion price per share was adjusted from HK$6.31 to HK$6.29 effective from 2 December 2020. The Group will continue to diversify its financing channels and optimize its debt structure. Copyright 2023 Surperformance. Each of the Directors has entered into a service contract with the Company for a term of three years with effect from their respective dates of appointment, unless terminated by not less than one month's notice in writing served by either the Directors or the Company. See below for an overview of the China Hongqiao Group Ltd financial reports. During the Year, the Group's sales volume of aluminium alloy products was approximately 5.060 million tons, maintained at similar level as the same period last year. Announcements and circulars . China Hongqiao Group Ltd - Strategy, SWOT and Corporate Finance Report report is published on August 10, 2022 and has 41 pages in it. It is a large-scale enterprise integrating thermoelectricity, All Rights Rerved () China Hongqiao Group Limited, 019 Environmental, Social and Governance Report. This market research report provides information about Company Reports (Industry & Manufacturing), Industry & Manufacturing industry. Data may be intentionally delayed pursuant to supplier requirements. 11 major production bases around the world. We use cookies and browser capability checks to help us deliver our online services, including to learn if you enabled Flash for video or ad blocking. In order to raise further capital and broaden the Company's shareholder and capital base, on 25 November 2020, the Company, China Hongqiao Holdings Limited ("Hongqiao Holdings"), the controlling shareholder of the Company, and the placing agents entered into the placing and subscription agreement. China Hongqiao Group Co Ltd, one of the world's largest aluminum producers, will expand its business in Indonesia. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. 2.3 Amendments to IAS 1 and IAS 8,Definition of Material. - sale of aluminum products (10.9%): aluminum bus bars, rolled products, aluminum profiles, extrusion products, aluminum plates and sheets, etc. The amendments to IAS 1 affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. After the completion of the resold, the remaining amount of the bonds is RMB1,056,362,000 and the coupon rate is still 7.45%. The amendments update IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework. The Group's sales volume of alumina products was approximately 6.734 million tons, representing a year-on-year increase of approximately 27.6%. The 2020 Final Dividend, subject to the approval of the shareholders at the annual general meeting of the Company (the "2020 Annual General Meeting") which will be held on 6 May 2021, will be paid on or before 25 June 2021 to the shareholders whose names appear on the register of members of the Company on 11 June 2021. The Group's proportion of revenue by product category for the year ended 31 December 2020 has no significant change as compared with the same period last year. Save as disclosed above, as at 31 December 2020, so far as it is known to the Directors and the chief executive of the Company, there was no any other person (other than the Directors or the chief executive of the Company) who had any interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company and the Stock Exchange pursuant to Divisions 2 and 3 of Part XV of the SFO, or recorded in the register required to be kept by the Company under section 336 of the SFO. Effect of dilutive potential ordinary shares: Interest expense on liability component of convertible bonds, Changes in fair values of derivatives component of convertible bonds, Exchange loss on translation of convertible bonds, Earnings for the purpose of diluted earnings per share, Weighted average number of ordinary shares for the purposes. Fundamental company data and analyst estimates provided by FactSet. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. For the domestic market, the production volume of primary aluminum in China during 2020 was approximately 37.30 million tons, representing a year-on-year increase of approximately 3.8% and accounting for approximately 57.1% of global production volume. China Hongqiao employs more than 43,000 workers in its 11 production bases in China and overseas. During the Year under Review, overseas demand for primary aluminum was adversely affected by the Pandemic, and despite the fact that the supply remained stable, demand decreased sharply. However, due to emerging trade frictions, resource and environmental policies, adjustments to industrial structure and other factors, the Group's business and operations will still face some uncertainties. We use cookies and browser capability checks to help us deliver our online services, including to learn if you enabled Flash for video or ad blocking. During the bond repurchase registration period from 6 January 2021 to 8 January 2021, the principal registered for repurchase by bond holders was RMB1,031,557,000. In 2019, Hongqiaos alumina production capacity reached 15 million tons. For the year ended 31 December 2020, the Group's revenue derived from aluminum alloy products was approximately RMB63,257,199,000, accounting for approximately 73.4% of the revenue of the Group; the revenue of alumina products was approximately RMB13,486,945,000, accounting for approximately 15.7% of the revenue of the Group. The 2026 CBs are listed on Singapore Exchange Securities Trading Limited. By the end of 2018, it has a total assets of 176.7 billion yuan and more than 40000 employees. To strengthen investors' confidence and maintain the stability of corporate bond prices, the board of directors of Shandong Hongqiao passed a resolution in relation to the repurchase of the bonds (at 50% of the remaining principal amount of the bonds, the repurchase price is the par value plus accrued interest) on 16 November 2020. All rights reserved. China Hongqiao Group Limited is a company founded in 1994 that specializes in the production of aluminium. The address of Computershare Hong Kong Investor Services Limited is Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong. 1 Effective for annual periods beginning on or after 1 January 2021. The amendments are effective for annual periods beginning on or after 1 January 2022, with early application permitted. 102)" (. ) Users can select to view data from four periods of either annual or quarterly . However, as the Pandemic is not yet completely over, there are uncertainties in the world economic development and there will still be certain challenges and opportunities ahead for the aluminum industry. from the National Development and Reform Commission of the PRC approving Weiqiao Alumina & Power to issue the corporate bonds of no more than RMB1,000,000,000 in the PRC. (2) On 14 January 2016, Weiqiao Alumina & Power received the "Approval for the Public Issuance of. Subsequent to the end of the reporting period, a final dividend of HK50 cents per share in respect of the year ended 31 December 2020 has been proposed by the directors of the Company and is subject to approval by the shareholders in the forthcoming general meeting. The net proceeds from the notes issue, after deducting the underwriting discounts and commission and other expenses payable in connection with this offering, were approximately US$296,000,000. After the completion of the repurchase, the remaining amount of the bonds is RMB521,956,000, and the coupon rate is still 4.88%. (Data source: Beijing Antaike Information Co., Ltd. ("Antaike")). All shares issued rank pari passu in all respects with all shares then in issue. As at 31 December 2020, approximately 12.7% of the Group's bank borrowings were subject to fixed interest rates while the remaining approximately 87.3% were subject to floating interest rates. As for the industry, the uniqueness of the aluminum industry has spared aluminum production from being significantly impacted by the Pandemic. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of "settlement" to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.
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