Aluminum Corp. of China
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 2600)
OVERSEAS REGULATORY ANNOUNCEMENT
2008 FIRST QUARTERLY REPORT
1 IMPORTANT NOTICE
1.1 The Board of Directors (the “Board”), the supervisory committee, the directors, supervisors and senior management of Aluminum Corporation of China Limited (the “Company”) guarantee that this quarterly report contains no false representation, misleading information or material omission. All of them jointly and severally accepts full responsibility for the truthfulness, accuracy and completeness of the contents of this quarterly report.
1.2 All members of the Board attended the board meeting.
1.3 The financial report of the Company in this quarterly report has not been audited.
1.4 Mr. Xiao Yaqing, Chairman and Chief Executive Officer of the Company, Mr. Chen Jihua, Chief Financial Officer, and Ou Xiaowu, Head of the Accounting Department warrant the truthfulness and completeness of the financial statements in this quarterly report.
2 COMPANY PROFILE
2.1 Principal financial data and indicators
Currency: RMB
Change as of
As at As at 31 March 2008
31 March 31 December as compared with
2008 2007 31 December 2007
(%)
Total assets
(RMB) 104,275,988,837.13 94,338,362,250.29 10.534
Owner’s equity
(or Shareholders’ equity)
(RMB) 59,091,453,232.59 57,924,657,871.18 2.014
Net assets per share attributable to
shareholders of the Company
(RMB) 4.369 4.63 -5.637
Change as
compared
1 January 2008 to with the same
31 March 2008 period of 2007
(%)
Net cash flow from operating activities
(RMB) -699,414,016.91
Net cash flow from operating activities per share
(RMB) -0.052
— 3 —
Change in the
reporting period
as compared
1 January 2008 to with the same
The reporting period 31 March 2008 period of 2007
(%)
Net profit attributable to shareholders
of the Company
(RMB) 1,166,796,227.66 1,166,796,227.66
Basic earnings per share
(RMB) 0.0863 0.0863
Net profit per Share after deducting
extraordinaryitems
(RMB) 0.1010 0.1010
Diluted earnings per share
(RMB) 0.0863 0.0863
Return on net assets (fully diluted)
(%) 1.975 1.975
Return on net assets after deducting
extraordinary items (fully diluted)
(%) 2.313 2.313
Amount from
1 January 2008 to
Extraordinary items 31 March 2008
(RMB)
Profit and loss from disposal of
non-current assets 110,887.55
Net non-operating income/expenses
other than above items 249,547,312.56
Income tax impact -49,931,640.02
Total 199,726,560.09
— 4 —
2.2 Number of shareholders and the top ten shareholders not subject to trading
moratorium as at the end of the reporting period
Unit: Share
Total number of shareholders as at 31 March 2008 771,865
Particulars of the top ten shareholders of tradable shares not subject to trading
moratorium
Number of
tradable shares not
subject to trading
moratorium held as
Name of shareholders (in full): at 31 March 2008 Class of share
HKSCC Nominees Limited 3,939,866,240 Overseas listed
foreign share
Bank of China — Harvest Shanghai Shenzhen 12,226,920 RMB denominated
300 Index Securities Investment Fund ordinary shares
Industrial and Commercial Bank of China 12,162,439 RMB denominated
— Shanghai 50 ETF Securities Investment Fund ordinary shares
Shanxi Aluminum Plant 7,140,254 RMB denominated
ordinary shares
China Construction Bank — Bosera Yufu Securities 6,618,728 RMB denominated
Investment Fund ordinary shares
Inner Mongolia Power (Group) Co., Ltd. 4,943,487 RMB denominated
ordinary shares
Agricultural Bank of China — China Post Growth 4,014,010 RMB denominated
Equity Securities Investment Fund ordinary shares
Bank of China — Wanjia 180 Index 3,870,023 RMB denominated
Securities Investment Fund ordinary shares
Agricultural Bank of China — Dacheng Shanghai 3,560,529 RMB denominated
Shenzhen 300 Index Securities Investment Fund ordinary shares
Agricultural Bank of China — Civil Innovation 3,301,789 RMB denominated
Advance Hybrid Securities Investment Fund ordinary shares
— 5 —
3 SIGNIFICANT EVENTS
3.1 Material changes in major accounting items and financial indicators and the reasons
therefor
Applicable
✓ Not Applicable
3.2 Significant events and their effect and analysis on solutions
✓
Applicable Not Applicable
On 17 March 2008, the Board of the Company approved the bidding by the Company in an open tender process on the China Beijing Equity Exchange to acquire certain equity interests in five aluminum fabrication plants and one primary aluminum production plant.
Currently, the Board has submitted relevant proposals to the extraordinary general meeting to be convened on 9 May 2008 for consideration and approval and the relevant announcemen of the general meeting and circular were disclosed on 25 March 2008. Upon approval in the general meeting, the Company will participate in bidding on the China Beijing Equity Exchange.
3.3 Implementation of undertakings by the Company, its shareholders and the actual
controller
✓
Applicable Not Applicable
The undertakings of Chinalco, the controlling shareholder of the Company as at the end of the reporting period mainly included: the undertaking for avoiding competition, i.e., “Following the listing of the Company’s A shares on the Shanghai Stock Exchange, Chinalco will inject quality aluminum assets (including but not limited to assets and equity interest of aluminum smelting and processing businesses) as and when appropriate into Chalco to facilitate the further improvement of its industry chains.”
As at the end of 2007, the Company completed the share exchange with a subsidiary of the Company’s controlling shareholder to acquire the equity interests of Baotou Aluminum Co., Ltd., a listed company engaged in primary aluminum business. As a result, Baotou Aluminum Co., Ltd. became a wholly-owned subsidiary of the Company. On March 17, the Board of the Company considered and approved the resolution in respect of the acquisition of Liancheng Aluminum and its relevant aluminum processing businesses. The Board has submitted the relevant proposals to the extraordinary general meeting to be convened on 9 May 2008 for consideration and approval and the relevant announcement of the general meeting and circular were disclosed on 25 March 2008. Upon approval in the general meeting, the Company will participate in bidding at the China Beijing Equiy Exchange.
In addition, in respect of a few competing assets which are not appropriate for immediate disposal by the controlling shareholder due to entitlement disputes, the Company has started discussions to seek a solution with the controlling shareholder regarding businesses related to horizontal competition.
3.4 Warning on any potential loss in accumulated net profit for the period from the beginning of the year to the end of next reporting period or any material change rom the corresponding period of last year and the reason thereof
Applicable
✓ Not Applicable
3.5 Securities Investment
✓
Applicable Not Applicable
Unit: RMB
Shares held as Initial Book value Book value
at 31 March investment as at 31 as at
No. Stock Code Stock name 2008 amount March 2008 1 January 2008 Ledger
(shares)
1 601601 China Pacific 300,000 348,000 22,612,597.02 348,000 Available for sale
Insurance financial assets
Total — 348,000 22,612,597.02 348,000 —
Note:
The above equity interest is held by Zunyi Aluminum Co., Ltd., a subsidiary of the Company.
Zunyi Aluminum Co., Ltd. acquired 300,000 shares in China Pacific Insurance (Group) Co.,
Ltd. (“China Pacific Insurance”) in 1995 as long-term equity investment. These shares are
subject to trading moratorium for one year commencing from China Pacific Insurance’s
listing on the Shanghai Stock Exchange on 25 December 2007. Save as disclosed herein,
there are no other security investments which fall within the disclosure requirements.
Aluminum Corporation of China Limited
Legal representative:
Xiao Yaqing
22 April 2008
4 APPENDIX
4.1 Consolidated Balance Sheet
As at 31 March 2008
Prepared by: Aluminium Corporation of China Limited
Unit: RMB, Unaudited
Items Closing balance
Opening balance
Current assets:
Bank balance and cash
11,966,178,757.99 7,802,906,916.17
Clearing provision
Interbank lending
Trading financial assets
8,551,661.67 8,102,600.00
Notes receivable
987,830,293.86 2,403,876,077.77
Accounts receivable
1,817,482,414.00 571,792,227.04
Prepayments
2,015,712,415.25 1,373,705,260.90
Premiums receivable
Reinsurance accounts receivable
Reinsurance contracts
provision receivable
Interest receivable
Dividend receivable
Other receivables
303,555,701.93 355,718,786.59
— 8 —
Purchases of resold financial assets
Inventory
16,034,279,719.75 13,474,140,327.04
Non-current assets due within one year
51,284,625.54 66,646,759.83
Other current assets
259,485,962.15 153,755,446.64
Total current assets
33,444,361,552.14 26,210,644,401.98
Non-current assets:
Loans and advances
Financial assets available for sale
40,112,597.02 40,112,597.02
Held-to-maturity investment
Long-term receivables
Long-term investment in equity
1,345,554,365.20 1,190,215,941.51
Investment properties
108,766,336.34 109,201,173.18
Fixed assets
50,522,365,419.89 50,582,865,555.77
Construction in progress
13,898,860,286.62 11,405,647,128.93
Construction materials
385,495,108.65 278,875,583.22
Disposals of fixed assets
Biological assets for production
Fuel assets
Intangible assets
1,485,411,779.66 1,469,767,186.43
Development expenditure
Goodwill
2,330,945,875.24 2,330,945,875.24
Long-term deferred expenses
86,602,775.68 87,434,032.14
Deferred income tax assets
395,512,740.69 400,652,774.87
Other non-current assets
232,000,000.00 232,000,000.00
Total non-current assets
70,831,627,284.99 68,127,717,848.31
Total assets
104,275,988,837.13 94,338,362,250.29
— 9 —
Current liabilities:
Short-term borrowings
7,752,199,058.89 3,114,640,135.68
Borrowing from PBOC
Customer and interbank deposits
Interbank borrowing
Trading of financial liabilities
Notes payable
101,020,000.00 96,510,000.00
Account payables
3,368,785,353.16 3,514,914,815.18
Payments received in advance
1,964,974,231.31 1,052,922,025.54
Sales of repurchased financial assets
Fees and commissions payable
Staff remuneration payables
348,551,525.36 425,014,053.61
Taxes payable
604,950,301.03 729,216,974.16
Interest payable
Dividend payable
2,315,912.53 21,627,309.09
Other payables
3,533,783,057.04 4,497,557,559.16
Reinsurance accounts payable
Insurance contract reserve
Payment for agent of trading securities
Payment for agent of underwriting securities
Non-current liabilities due within one year
2,603,420,107.99 2,194,022,069.06
Other current liabilities
5,419,317,643.63 3,205,457,067.81
Total current liabilities
25,699,317,190.94 18,851,882,009.29
Non-current liabilities:
Long-term borrowing
13,375,884,744.31 12,139,260,042.98
Bonds payable
2,052,220,000.01 2,029,182,500.00
Long-term payables
Special payables
88,100,000.00 88,000,000.00
Accrued Liabilities
Deferred income tax liabilities
173,404,289.49 172,460,344.63
Other non-current liabilities
67,297,358.00 60,297,358.00
Total non-current liabilities
15,756,906,391.81 14,489,200,245.61
Total liabilities
41,456,223,582.75 33,341,082,254.90
— 10 —
Owner’s equity (or shareholders’ equity):
Paid-up capital (or share capital)
13,524,487,892.00 13,524,487,892.00
Capital reserve
15,047,141,293.12 15,047,141,293.12
Less: Treasury stock
Surplus reserve
5,719,085,176.13 5,719,085,176.13
Preparations for general risks
Undistributed profit
24,810,785,572.93 23,623,896,808.34
Difference from translation of
foreign currency statement
-10,046,701.59 10,046,701.59
Total equity attributable to the
equity holders of the Company
59,091,453,232.59 57,924,657,871.18
Minority interests
3,728,312,021.79 3,072,622,124.21
Total owner’s equity
62,819,765,254.38 60,997,279,995.39
Total liabilities and owner’s equity
104,275,988,837.13 94,338,362,250.29
Company Legal Person-in-charge Head of Accounting
Representative: of accounting: Department:
Xiao Yaqing Chen Jihua Ou Xiaowu
Balance Sheet of the Company
As at 31 March 2008
Prepared by: Aluminium Corporation of China Limited
Unit: RMB, Unaudited
Items Closing balance
Opening balance
Current assets:
Bank balance and cash
7,724,048,210.50 5,121,705,299.56
Trading financial assets
Notes receivable
486,080,700.30 1,539,934,767.09
Accounts receivable
2,592,695,392.55 1,121,608,536.67
Prepayments
390,402,200.78 370,447,718.05
Interest receivable
Dividend receivable
10,627,624.52 4,656,000.37
Other receivables
1,462,339,939.96 1,432,617,086.71
Inventory
9,737,574,824.93 9,654,909,046.85
Non-current assets due within one year
51,284,625.54 48,646,759.83
Other current assets
115,829,664.17 47,450,838.84
Total current assets
22,570,883,183.25 19,341,976,053.97
— 11 —
Non-current assets:
Financial assets available for sale
7,000,000.00 7,000,000.00
Held-to-maturity investment
Long-term receivables
Long-term equity investment
9,577,897,720.11 8,289,413,828.46
Investment properties
Fixed assets
37,725,384,599.95 38,161,236,861.35
Construction-in-progress
10,896,053,400.59 7,354,009,579.55
Construction materials
175,058,467.49 155,135,869.36
Disposal of fixed asset
Biological assets for production
Fuel assets
Intangible assets
571,938,241.38 596,147,137.68
Development expenditure
Goodwill
2,330,945,875.24 2,330,945,875.24
Long-term deferred expenses
46,572,980.90 85,657,942.95
Deferred income tax assets
244,832,700.81 273,870,089.94
Other non-current assets
232,000,000.00
Total non-current assets
61,807,683,986.47 57,253,417,184.53
Total assets
84,378,567,169.72 76,595,393,238.50
Current liabilities:
Short-term borrowings
3,100,000,000.00
Trading of financial liabilities
Notes payable
101,010,000.00 36,500,000.00
Account Payables
2,136,042,532.91 2,792,863,649.04
Payments received in advance
384,467,098.38 549,703,650.42
Staff remuneration payables
133,674,175.41 213,800,288.37
Taxes payable
636,325,916.90 504,634,856.84
Interest payable
Dividend payable 19,414,500.00
Other payables
2,921,737,257.34 3,818,730,264.24
Non-current liabilities due within one year
1,613,098,400.00 1,549,938,400.00
Other current liabilities
5,253,603,606.56 3,143,393,462.41
Total current liabilities
16,279,958,987.50 12,628,979,071.32
— 12 —
Non-current liabilities:
Long-term borrowing
8,617,194,000.00 5,294,354,000.00
Bonds payable
2,052,220,000.01 2,029,182,500.00
Long-term payables
Special payables
88,000,000.00 88,000,000.00
Provisions for payables
Deferred income tax liabilities
147,143,985.11 147,143,985.11
Other non-current liabilities
61,257,358.00 60,297,358.00
Total non-current liabilities
10,965,815,343.12 7,618,977,843.11
Total liabilities
27,245,774,330.62 20,247,956,914.43
Owner’s equity(or shareholders’ equity):
Paid-up capital (or share capital)
13,524,487,892.00 13,524,487,892.00
Capital reserve
15,427,188,592.18 15,524,246,116.50
Less: Treasury stock
Surplus Reserve
5,719,085,176.13 5,719,085,176.13
Undistributed profit
22,462,031,178.79 21,579,617,139.44
Total owner’s(or shareholders’) equity
57,132,792,839.10 56,347,436,324.07
Total liabilities and Owner’s equity
(or shareholders’ equity)
84,378,567,169.72 76,595,393,238.50
Company Legal Person-in-charge Head of Accounting
Representative: of accounting: Department:
Xiao Yaqing Chen Jihua Ou Xiaowu
— 13 —
4.2 Consolidated income statement
January-March 2008
Unit: RMB Unaudited
Amount for Amount for the
Items the period previous period
I. Total revenue from operations 15,227,471,443.03
Including: revenue from operations
15,227,471,443.03
Interest income
Premiums earned
Income from fee and commission
II. Total cost of operations 13,387,687,822.33
Including: cost of operations
12,340,825,807.41
Interest payments
Fee and commission expenses
Surrender value
Net expenditure for compensation payments
Net drawing on provision for
insurance contracts
Expenditures for insurance policy dividend
Reinsurance costs
Business tax and surcharge
83,773,446.86
Selling expenses
256,342,436.86
Administrative expenses
469,959,004.24
Finance expenses
238,331,719.09
Impairment loss
-1,544,592.13
Add: Gain from change in fair value
(loss is represented by “-”)
376,250.02
Gain from investment
(loss is represented by “-”)
66,262,152.45
Including: Gains from investment in
associates and joint venture
61,456,148.72
Gains from foreign currencies
exchange (loss is
represented by “-”)
— 14 —
III. Operating profit (loss is represented by “-”) 1,906,422,023.17
Add: Non-operating income
74,426,452.22
Less: Non-operating expenses
324,084,652.33
Including: Net loss from disposal of
non-current assets
655,594.55
IV. Total profit (loss is represented by “-”) 1,656,763,823.06
Less: Income tax
343,286,248.10
V. Net profit (loss is represented by “-”) 1,313,477,574.96
Net profit attributable to the Company
1,166,796,227.66
Minority interests
146,681,347.30
VI. Earnings per share (RMB):
i) Basic earnings per share
0.0863
ii) Diluted earnings per share
0.0863
The net profit of the acquiree before the acquisition date is RMB: Nil under the business
combination under common control during the period.
Company Legal Person-in-charge Head of Accounting
Representative: of accounting: Department:
Xiao Yaqing Chen Jihua Ou Xiaowu
— 15 —
Income statement of the Company
January-March 2008
Unit: RMB Unaudited
Amount
Amount for the
for the period
previous period
(January-
(January-
Items March 2008)
March 2007)
1. Turnover 10,316,290,145.28
Less: Cost of goods sold
8,384,854,913.62
Business tax and surcharge
62,816,086.32
Selling expenses
170,355,604.51
Administrative expenses
344,943,756.44
Finance expenses
107,475,886.30
Impairment loss
-1,500,842.44
Add: Gain from change in fair value
(loss is represented by “-”)
Gain from investment
(loss is represented by “-”)
122,169,418.68
Including: Gains from investment in
associates and joint ventures
118,210,638.86
II. Operating profit(loss is represented by “-”) 1,369,514,159.21
Add: Non-operating income
60,482,003.14
Less: Non-operating expenses
283,758,641.22
Including: Net loss from disposal of
non-current assets
III. Total profit (loss is represented by “-”) 1,146,237,521.13
Less: Income tax
263,823,481.78
IV. Net profit(loss is represented by “-”) 882,414,039.35
Company Legal Person-in-charge Head of Accounting
Representative: of accounting: Department:
Xiao Yaqing Chen Jihua Ou Xiaowu
— 16 —
4.3 Consolidated Cash Flow Statement
January-March 2008
Unit: RMB Unaudited
Amount
Amount for the
for the period
previous period
(January-
(January-
Items March 2008)
March 2007)
1. Cash flow from operating activities:
Cash received from sale of goods
and provision of services
25,109,908,514.82
Net increase in customer and
interbank deposits
Net increase in borrowings from PBOC
Net increase in borrowings from
other financial institutions
Cash received from premiums under
original insurance contract
Net cash received from reinsurance business
Net increase in deposits of policy holders
and investment
Net increase in disposal of trading
financial assets
Cash received from interest,
fees and commissions
Net increase in borrowings
Net increase in income from
repurchase business
Tax rebates
Other cash received from activities
related to operation
217,590,417.09
Sub-total of cash inflow from
operating activities
25,327,498,931.91
Cash paid for goods purchased
and service rendered
23,363,045,041.11
Net increase in customer loans and advances
— 17 —
Net increase in deposit in PBOC
and interbank deposits
Cash paid for compensation payments
under original insurance contract
Cash paid for interest, fee and commission
Cash paid for insurance policy dividend
Cash paid to and on behalf of employee
444,101,559.12
Taxes payments
1,454,871,556.62
Other cash paid for activities
related to operation
764,894,791.97
Sub-total of Cash outflow from
operating activities
26,026,912,948.82
Net cash flow from operating activities
-699,414,016.91
2. Cash flow from investment activities:
Cash received from investment
Cash received from gains in investment
4,733,192.09
Net cash received from disposal of
fixed assets, intangible assets and
other long term assets
2,474,648.36
Net cash received from disposal of
subsidiaries and other operating entities
Other cash received from activities
related to investment
44,057,748.26
Sub-total of cash inflow from
investment activities
51,265,588.71
Cash paid for purchase of fixed assets,
intangible assets and other long term assets
4,226,751,134.27
Cash paid for investment
353,883,140.25
Net increase in pledged loans
Net cash paid for acquiring subsidiaries
and other operating entities
Other cash paid for activities
related to investment
Sub-total of cash outflow from
investment activities
4,580,634,274.52
Net cash flow from investment activities
-4,529,368,685.81
— 18 —
3. Cash flow from financing activities:
Proceeds received from investments
555,444,042.21
Including: Proceeds received by
subsidiaries from minority
shareholders’ investment
555,444,042.21
Cash received from borrowings
7,210,359,058.89
Cash received from issuing bonds
3,011,037,500.01
Other cash received from
financing-related activities
Sub-total of cash inflow from
financing activities
10,776,840,601.11
Cash paid for repayment
931,300,136.00
Cash paid for dividend and profit distribution
or interest repayment
453,485,920.57
Including: Dividend and profit paid by
subsidiaries to minority
shareholders
46,435,491.93
Other cash paid forfinancing-related activities
Sub-total of cash outflow from
financing activities
1,384,786,056.57
Net cash flow from financing activities
9,392,054,544.54
4. Impast of fluctuations in exchange rates
on cash and cash equivalents
5. Net increase in cash and cash equivalents 4,163,271,841.82
Add: Balance of cash and cash equivalents
at the beginning of the period
7,802,906,916.17
6. Balance of cash and cash equivalents
at the end of the period 11,966,178,757.99
Company Legal Person-in-charge Head of Accounting
Representative: of accounting: Department:
Xiao Yaqing Chen Jihua Ou Xiaowu
— 19 —
Cash Flow Statement of the Company
January-March 2008
Unit: RMB Unaudited
Amount
Amount for the
for the period
previous period
(January-
(January-
Items March 2008)
March 2007)
1. Cash flow from operating activities:
Cash received from sale of goods
and provision of services
11,808,075,494.62
Tax rebates
Other cash received from activities
related to operation
61,081,672.82
Sub-total of cash inflow from
operating activities
11,869,157,167.44
Cash paid for goods purchased and
service rendered
9,796,006,187.70
Cash paid to or paid for employee
445,800,288.37
Taxes paid
874,524,010.76
Other cash paid for activities
related to operation
594,649,778.75
Cash outflow from operating activities
11,710,980,265.58
Net cash flow from operating activities
158,176,901.86
2. Cash flow from investment activities:
Cash received from investment
90,000,000.00
Cash received from return on investment
54,741,646.23
Net cash received from disposal
of fixed assets, intangible assets and
other long term assets
44,884,256.06
Net cash received from disposal of
subsidiaries and other operating entities
Other cash received from activities
related to investment
2,922,453,244.09
Sub-total of cash inflow from
investment activities
3,112,079,146.38
— 20 —
Cash paid for purchase of fixed assets,
intangible assets and other long term assets
4,580,901,065.36
Cash paid for investment
1,110,061,065.11
Net cash paid for acquiring subsidiaries
and other operating entities
50,782,865.99
Other cash paid for activities
related to investment
Sub-total of cash outflow from
investment activities
5,741,744,996.46
Net cash flow from investment activities
-2,629,665,850.08
3. Cash flow from financing activities:
Proceeds received from financing activities
Cash received from borrowings
3,451,000,000.00
Other cash received from
financing-related activities
2,015,037,500.01
Sub-total of cash inflow from
financing activities
5,466,037,500.01
Cash paid for repayment
65,000,000.00
Cash paid for dividend and profit
distribution or interest repayment
327,205,640.85
Other cash paid for financing-related activities
Sub-total of cash outflow from
financing activities
392,205,640.85
Net cash flow from financing activities
5,073,831,859.16
— 21 —
4. Impact of fluctuations in exchange rates
on cash and cash equivalents
5. Net increase in cash and cash equivalents 2,602,342,910.94
Add: Balance of cash and cash equivalents
at the beginning of the period
5,121,705,299.56
6. Balance of cash and cash equivalents
at the end of the period 7,724,048,210.50
Company Legal Person-in-charge Head of Accounting
Representative: of accounting: Department:
Xiao Yaqing Chen Jihua Ou Xiaowu
By order of the Board of
Aluminum Corporation of China Limited
Xiao Yaqing
Chairman
Beijing, PRC
22 April 2008
As at the date of this announcement, the members of the Board comprise Mr. Xiao Yaqing, Mr.
Luo Jianchuan., Mr. Chen Jihua and Mr. Liu Xiangmin (Executive Directors); Mr. Shi Chungui
(Non-executive Director); Mr. Poon Yiu Kin, Samuel, Mr. Kang Yi and Mr. Zhang Zhuoyuan
(Independent Non-executive Directors).
* For identification purpose only.