Declared Dividend • Jun 05
Dividend of CN¥0.099 announced Shareholders will receive a dividend of CN¥0.099. Ex-date: 6th July 2026 Payment date: 7th August 2026 Dividend yield will be 6.4%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 6.7% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 03
China Development Bank Financial Leasing Co., Ltd., Annual General Meeting, Jun 30, 2026 China Development Bank Financial Leasing Co., Ltd., Annual General Meeting, Jun 30, 2026, at 10:00 China Standard Time. Location: conference room, cdb financial center, no. 2003 fuzhong third road, futian district, shenzhen, guangdong province., China Announcement • Apr 02
China Development Bank Financial Leasing Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2025 China Development Bank Financial Leasing Co., Ltd. proposed final dividend of RMB 0.9947 per 10 Shares (inclusive of tax)
for the year ended 31 December 2025 at the annual general meeting. Reported Earnings • Apr 02
Full year 2025 earnings released: EPS: CN¥0.40 (vs CN¥0.36 in FY 2024) Full year 2025 results: EPS: CN¥0.40 (up from CN¥0.36 in FY 2024). Revenue: CN¥17.1b (up 4.0% from FY 2024). Net income: CN¥5.03b (up 12% from FY 2024). Profit margin: 29% (up from 27% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Mar 19
China Development Bank Financial Leasing Co., Ltd. to Report Fiscal Year 2025 Results on Mar 31, 2026 China Development Bank Financial Leasing Co., Ltd. announced that they will report fiscal year 2025 results on Mar 31, 2026 Reported Earnings • Sep 03
First half 2025 earnings released: EPS: CN¥0.19 (vs CN¥0.15 in 1H 2024) First half 2025 results: EPS: CN¥0.19 (up from CN¥0.15 in 1H 2024). Revenue: CN¥7.83b (down 3.3% from 1H 2024). Net income: CN¥2.40b (up 28% from 1H 2024). Profit margin: 31% (up from 23% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Diversified Financial industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 19
China Development Bank Financial Leasing Co., Ltd. to Report First Half, 2025 Results on Aug 29, 2025 China Development Bank Financial Leasing Co., Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Announcement • Jul 03
China Development Bank Financial Leasing Co., Ltd. Declares Final Ordinary Cash Dividend for the Year Ended 31 December 2024, Payable on 08 August 2025 China Development Bank Financial Leasing Co., Ltd. declared a final ordinary cash dividend of RMB 0.8905 per 10 Shares (inclusive of tax) for the year ended 31 December 2024. Ex-dividend date 03 July 2025, Record date 10 July 2025, Payment date 08 August 2025. Date of shareholders' approval is 30 June 2025. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.74, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Diversified Financial industry in Hong Kong. Total returns to shareholders of 97% over the past three years. Upcoming Dividend • Jun 26
Upcoming dividend of CN¥0.089 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 6.1%. Lower than top quartile of Hong Kong dividend payers (7.4%). In line with average of industry peers (6.6%). Announcement • May 30
China Development Bank Financial Leasing Co., Ltd., Annual General Meeting, Jun 30, 2025 China Development Bank Financial Leasing Co., Ltd., Annual General Meeting, Jun 30, 2025, at 10:00 China Standard Time. Location: conference room, cdb financial center, no. 2003 fuzhong third road, futian district, shenzhen, guangdong province, China Reported Earnings • Mar 30
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥0.36 (up from CN¥0.33 in FY 2023). Revenue: CN¥16.9b (up 8.8% from FY 2023). Net income: CN¥4.50b (up 8.5% from FY 2023). Profit margin: 27% (in line with FY 2023). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 9.1%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Diversified Financial industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Announcement • Mar 18
China Development Bank Financial Leasing Co., Ltd. to Report Fiscal Year 2024 Results on Mar 28, 2025 China Development Bank Financial Leasing Co., Ltd. announced that they will report fiscal year 2024 results on Mar 28, 2025 Announcement • Jan 23
China Development Bank Financial Leasing Co., Ltd. Announces Resignation of Li Haijian as Independent Non-Executive Director The board of directors of China Development Bank Financial Leasing Co., Ltd. announced that Mr. LI Haijian resigned as an independent non-executive director of the Company, a member and the chairman of the Remuneration Committee, a member and the chairman of the Nomination Committee, a member of the Audit Committee, a member of the Strategic Decision Committee, a member of the Related Party Transaction Control Committee and a member of the Social Responsibility and Consumer Rights Protection Committee of the Board due to change of work arrangements. Mr. LI will continue to perform his duties before the appointment of a newly elected independent non-executive director of the Company. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$1.40, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Diversified Financial industry in Hong Kong. Total returns to shareholders of 62% over the past three years. Announcement • Dec 30
China Development Bank Financial Leasing Co., Ltd. Appoints Zhang Chuanhong as A Non-Executive Director China Development Bank Financial Leasing Co., Ltd. at EGM held on December 30, 2024 approved appointment Of Mr. ZHANG Chuanhong as a non-executive Director. The term of Mr. ZHANG will take effect from the date of the approval from the Shenzhen Office of the National Financial Regulatory Administration until the date of expiry of the term of the third session of the Board. The Company will publish a separate announcement in accordance with the requirements of the Listing Rules after the relevant appointment becomes effective. Prior to the approval of Director's qualification of Mr. ZHANG, the original non-executive Director shall continue performing his duties prudently in accordance with the requirements of the laws, administrative regulations, normative documents and the Articles of Association. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$1.28, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Diversified Financial industry in Hong Kong. Total returns to shareholders of 48% over the past three years. Reported Earnings • Sep 03
First half 2024 earnings released: EPS: CN¥0.15 (vs CN¥0.15 in 1H 2023) First half 2024 results: EPS: CN¥0.15 (down from CN¥0.15 in 1H 2023). Revenue: CN¥8.14b (up 25% from 1H 2023). Net income: CN¥1.88b (down 4.0% from 1H 2023). Profit margin: 23% (down from 30% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Diversified Financial industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Announcement • Aug 20
China Development Bank Financial Leasing Co., Ltd. to Report First Half, 2024 Results on Aug 30, 2024 China Development Bank Financial Leasing Co., Ltd. announced that they will report first half, 2024 results on Aug 30, 2024 Upcoming Dividend • Jul 15
Upcoming dividend of HK$0.11 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 28 August 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 7.3%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (8.5%). Announcement • Jul 08
China Development Bank Financial Leasing Co., Ltd. Announces Resignation of Ma Yongyi as Supervisor The board of directors of China Development Bank Financial Leasing Co., Ltd. announced that Mr. MA Yongyi (Mr. Ma) has tendered to the board of supervisors of the Company (the Board of Supervisors) his resignation as an external supervisor of the Company due to having served as an external supervisor for six consecutive years, reaching the end of his term. According to the requirements of the Company Law of the People's Republic of China (the Company Law) and the articles of association of China Development Bank Financial Leasing Co., Ltd. (the Articles of Association), Mr. Ma's resignation will take effect from the date on which the new external supervisor is appointed. In order to ensure the normal operation of the Board of Supervisors, Mr. Ma will continue to perform his duties as an external supervisor in accordance with the requirements of the Company Law and other relevant laws and regulations, as well as the Articles of Association. The Company will, in accordance with the relevant provisions of the Company Law and the Articles of Association, elect an external supervisor as soon as possible in accordance with the statutory procedures. Mr. Ma has confirmed that he has no disagreement with the Board and the Board of Supervisors and there are no other matters relating to his resignation that need to be brought to the attention of the shareholders of the Company (the Shareholders). During the period when Mr. Ma acts as an external supervisor, Mr. Ma performs his job with diligence and dedication. He wholeheartedly safeguards the interests of the Company and its Shareholders. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 38% After last week's 38% share price decline to HK$1.34, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Diversified Financial industry in Hong Kong. Total returns to shareholders of 42% over the past three years. Announcement • May 31
China Development Bank Financial Leasing Co., Ltd., Annual General Meeting, Jun 28, 2024 China Development Bank Financial Leasing Co., Ltd., Annual General Meeting, Jun 28, 2024, at 10:00 China Standard Time. Location: conference room, cdb financial center, no. 2003 fuzhong third road, futian district, shenzhen, guangdong province, China Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$2.45, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 8x in the Diversified Financial industry in Hong Kong. Total returns to shareholders of 177% over the past three years. Announcement • Apr 11
China Development Bank Financial Leasing Co., Ltd. Announces Management Changes China Development Bank Financial Leasing Co., Ltd. announced at the 2023 second extraordinary general meeting of the Company held on 20 December 2023, Mr. ZHANG Kesheng ("Mr. ZHANG") and Mr. LIU Xipu ("Mr. LIU") were elected as non-executive Directors of the third session of the Board. Upon consideration and approval by the Board, Mr. ZHANG has served as a member of the Strategic Decision Committee, a member of the Risk Management and Internal Control Committee, a member of the Audit Committee and a member of the Remuneration Committee of the third session of the Board and Mr. LIU has served as a member of the Related Party Transaction Control Committee and a member of the Risk Management and Internal Control Committee of the third session of the Board from 10 April 2024 until the expiry of the term of the third session of the Board. With effect from 10 April 2024, Mr. YANG Guifang ("Mr. YANG") ceased to serve as a non- executive Director, a member of the Related Party Transaction Control Committee and a member of the Risk Management and Internal Control Committee of the Board. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.33 (vs CN¥0.27 in FY 2022) Full year 2023 results: EPS: CN¥0.33 (up from CN¥0.27 in FY 2022). Revenue: CN¥15.5b (up 2.7% from FY 2022). Net income: CN¥4.15b (up 24% from FY 2022). Profit margin: 27% (up from 22% in FY 2022). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 29
China Development Bank Financial Leasing Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023 China Development Bank Financial Leasing Co., Ltd. proposed final dividend for the year ended 31 December 2023 of RMB 0.9848 per 10 share. Announcement • Mar 19
China Development Bank Financial Leasing Co., Ltd. to Report Fiscal Year 2023 Results on Mar 28, 2024 China Development Bank Financial Leasing Co., Ltd. announced that they will report fiscal year 2023 results on Mar 28, 2024 Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to HK$1.77, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 5x in the Diversified Financial industry in Hong Kong. Total returns to shareholders of 113% over the past three years. Announcement • Jan 05
China Development Bank Financial Leasing Co., Ltd. Announces Board Changes Reference is made to the announcement dated 31 October 2023 of China Development Bank Financial Leasing Co., Ltd. in relation to, among others, the resignation of Mr. LI Yingbao, a non-executive director of the Company. Mr. LI ceased to serve as a non-executive director of the Company from 1 January 2024 as he has reached the retirement age. Following the retirement as a non-executive director of the Company, Mr. LI also ceased to serve as a member of the Strategic Decision Committee, a member of the Risk Management and Internal Control Committee, a member of the Audit Committee and a member of the Remuneration Committee of the board of directors of the Company with effect from the same date. Announcement • Dec 24
China Development Bank Financial Leasing Co., Ltd. Announces Board Changes China Development Bank Financial Leasing Co., Ltd. At the 2023 first extraordinary general meeting of the Company held on 25 September 2023, Mr. WANG Guiguo was elected as an independent non-executive Director of the third session of the Board. The Company has been informed that the NAFR Shenzhen Office has approved the qualification of Mr. WANG Guiguo as an independent non- executive Director of the Company. Accordingly, the appointment of Mr. WANG Guiguo as an independent non-executive Director of the third session of the Board took effect from 20 December 2023 until the expiry of the term of the third session of the Board. Upon consideration and approval by the Board, Mr. WANG Guiguo has served as the chairman of the Related Party Transaction Control Committee and a member of the Risk Management and Internal Control Committee, Audit Committee, Remuneration Committee and Nomination Committee of the third session of the Board from 20 December 2023 until the expiry of the term of the third session of the Board. With effect from 20 December 2023, Mr. XU Jin ceased to serve as an independent non-executive Director, as well as the chairman of the Related Party Transaction Control Committee and a member of the Risk Management and Internal Control Committee, Audit Committee, Remuneration Committee and Nomination Committee. Announcement • Dec 21
China Development Bank Financial Leasing Co., Ltd. Announces Directorate Appointments China Development Bank Financial Leasing Co., Ltd. announced that at the EGM held on 20 December 2023 approved the appointments of Mr. ZHANG Kesheng and Mr. LIU Xipu as non-executive directors of the Company. Announcement • Nov 25
China Development Bank Financial Leasing Co., Ltd. Announces Change of Members of the Board Committees China Development Bank Financial Leasing Co., Ltd. announced that upon consideration and approval by the Board, Mr. JIN Tao has served as a member of the Strategic Decision Committee, a member of the Risk Management and Internal Control Committee and a member of the Remuneration Committee of the third session of the Board from 21 November 2023 until the expiry of the term of the third session of the Board. With effect from 21 November 2023, Mr. HUANG Min ceased to serve as an executive Director, a member of the Risk Management and Internal Control Committee and a member of the Related Party Transaction Control Committee. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to HK$1.54, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 4x in the Diversified Financial industry in Hong Kong. Total returns to shareholders of 73% over the past three years. Announcement • Nov 01
China Development Bank Financial Leasing Co., Ltd. Announces Executive Changes China Development Bank Financial Leasing Co., Ltd. announced that Mr. LI Yingbao resigned as a non-executive director of the Company, a member of the Strategic Decision Committee, a member of the Risk Management and Internal Control Committee, a member of the Audit Committee and a member of the Remuneration Committee of the Board as he has reached the retirement age; Mr. YANG Guifang resigned as a non-executive director of the Company, a member of the Related Party Transaction Control Committee and a member of the Risk Management and Internal Control Committee of the Board due to change of work arrangements. Pursuant to the requirements of the articles of association of China Development Bank Financial Leasing Co., Ltd., the resignations of Mr. LI and Mr. YANG have become effective on 31 October 2023. During the period when Mr. LI and Mr. YANG acted as non-executive directors of the Company, Mr. LI and Mr. YANG performed their jobs with diligence and dedication. They wholeheartedly safeguarded the interests of the Company and its Shareholders. The Board would like to take this opportunity to express its sincere gratitude to Mr. LI and Mr. YANG for their valuable contributions to the development of the Company during their terms of office. Announcement • Oct 11
China Development Bank Financial Leasing Co., Ltd. Announces Board Changes China Development Bank Financial Leasing Co., Ltd. announced appointments of members for the third session of the board (the board) of directors (the directors) of the company. Mr. JIN Tao was elected as the vice chairman of the third session of the Board, and his term of office will take effect from the date of the approval from the Shenzhen Office of the National Administration of Financial Regulation until the date of expiry of the term of the third session of the Board. The board announced that the resolution on the election of members of special committees under the third session of the Board was considered and approved at the meeting held on 10 October 2023. Currently, there are six special committees under the Board, namely the Strategic Decision Committee, the Risk Management and Internal Control Committee, the Related Party Transaction Control Committee, the Audit Committee, the Remuneration Committee and the Nomination Committee (collectively the Special Committees). The board has resolved that the composition of each of the special committees is as follows: The members of the Strategic Decision Committee are Ms. MA Hong, Mr. JIN Tao, Mr. LI Yingbao, Mr. LI Haijian and Mr. LIU Ming, and the chairman is Ms. MA Hong. The members of the Risk Management and Internal Control Committee are Ms. MA Hong, Mr. JIN Tao, Mr. LI Yingbao, Mr. YANG Guifang, Mr. WANG Guiguo and Mr. LIU Ming, and the chairman is Ms. MA Hong. The members of the Related Party Transaction Control Committee are Mr. WANG Guiguo, Mr. ZHANG Xu, Mr. YANG Guifang, Mr. LI Haijian and Mr. LIU Ming, and the chairman is Mr. WANG Guiguo. The members of the Audit Committee are Mr. LIU Ming, Mr. LI Yingbao, Mr. WANG Guiguo and Mr. LI Haijian, and the chairman is Mr. LIU Ming. The members of the Remuneration Committee are Mr. LI Haijian, Mr. JIN Tao, Mr. LI Yingbao, Mr. WANG Guiguo and Mr. LIU Ming, and the chairman is Mr. LI Haijian. The members of the Nomination Committee are Mr. LI Haijian, Ms. MA Hong, Mr. WANG Guiguo and Mr. LIU Ming, and the chairman is Mr. LI Haijian. Reported Earnings • Sep 02
First half 2023 earnings released: EPS: CN¥0.15 (vs CN¥0.15 in 1H 2022) First half 2023 results: EPS: CN¥0.15 (up from CN¥0.15 in 1H 2022). Revenue: CN¥6.51b (down 5.7% from 1H 2022). Net income: CN¥1.96b (flat on 1H 2022). Profit margin: 30% (up from 28% in 1H 2022). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Diversified Financial industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Announcement • Sep 01
China Development Bank Financial Leasing Co., Ltd. Announces Executive Changes The Board of Directors of China Development Bank Financial Leasing Co., Ltd. has considered and approved at its meeting held on 31 August 2023 that Mr. JIN Tao has been nominated as an executive Director candidate of the third session of the Board of Directors; and Mr. WANG Guiguo has been nominated as an independent non-executive Director candidate of the third session of the Board of Directors. The abovementioned Director candidates have respectively confirmed that they have no disagreement in respect of the nomination. Mr. JIN Tao, aged 56, joined the Company in July 2023 and is currently the deputy secretary of the Party Committee of the Company. Mr. JIN Tao joined China Development Bank ("CDB") in May 1997 and successively held various positions including the officer, the deputy director and the director; from July 2006 to October 2010, he was the vice president of the Ningxia Branch of CDB; from October 2010 to April 2015, he was the deputy director of the International Cooperation Business Bureau of CDB; from April 2015 to April 2017, he was the chief representative of the Cairo Representative Office of CDB; from April 2017 to August 2019, he was the director of the U.S.-Africa Business Department of the International Cooperation Business Bureau of CDB; from August 2019 to March 2021, he successively served as the director and the general manager of the Third Bureau for International Cooperation of the International Finance Department of CDB; from March 2021 to July 2023, he successively served as the deputy secretary of the Party Committee and the chairman of the board of supervisors of China-Africa Development Fund Co., Ltd.; and since July 2023, he has been the deputy secretary of the Party Committee of the Company. Mr. JIN Tao graduated from Chengdu University of Science and Technology in July 1967 and obtained a bachelor ' s degree in engineering, majoring in water conservancy and hydropower engineering construction. Mr. WANG Guiguo Mr. WANG Guiguo, aged 71. Mr. WANG Guiguo was a consultant in the Los Angeles office of Paul, Hastings, Janofsky & Walker in the United States from May 1984 to March 1986, a consultant in the Hong Kong office of Mayer Brown from March 1986 to August 1987, a consultant in the Vancouver office of Blake, Cassels & Graydon and Stikeman Elliott in Canada from December 1989 to August 1990, and concurrently served as a consultant of Beijing No. 7 Law Firm from August 1987 to December 1990. From August 1987 to January 1991, he was an associate professor at the Department of Law, Peking University; from January 1991 to July 2013, he successively served as the principal lecturer at the Department of Law, the professor and the dean of the Faculty of Law of the City University of Hong Kong (formerly known as City Polytechnic); from August 2013 to August 2015, he was the director of the Centre for Judicial Education and Research of the City University of Hong Kong; from August 2015 to December 2020, he was the chair professor of Eason-Weinmann on International and Comparative Law at the Tulane University Law School in the United States; since September 2015, he has been the professor, the doctoral supervisor and the senior professor of Liberal Arts at the Zhejiang University Guanghua Law School; since May 2016, he has been the director of the International Academy of the Belt and Road (Hong Kong); and since October 2017, he has been the president of Zhejiang University Academy of International Strategy and Law. Mr. WANG Guiguo graduated from Beijing Foreign Language Institute (currently known as Beijing Foreign Studies University) majoring in English in July 1979, and obtained a bachelor's degree in literature; graduated from Columbia University in the United States majoring in law in August 1982, and obtained a master's degree in law; and graduated from Yale University in the United States majoring in law in June 1984, and obtained a PhD degree in law. Board Change • Sep 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-executive Director Ming Liu was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 22
China Development Bank Financial Leasing Co., Ltd. to Report First Half, 2023 Results on Aug 31, 2023 China Development Bank Financial Leasing Co., Ltd. announced that they will report first half, 2023 results on Aug 31, 2023 Announcement • Aug 11
China Development Bank Financial Leasing Co., Ltd. Appoints Liu Ming as the Independent Non-Executive Director China Development Bank Financial Leasing Co., Ltd. announced the appointment of Mr. LIU Ming as the independent non-executive Director. Mr. LIU Ming aged 53. Mr. LIU Ming served as an assistant professor at the Department of Systems Engineering and Engineering Management of the Chinese University of Hong Kong from August 1996 to August 1999, and a tenured professor at the Department of Finance of the Chinese University of Hong Kong since August 1999 till now. He served as an associate professor at the University of Missouri Columbia from August 2001 to August 2003, and served as an associate director of Shenzhen Finance Institute, CUHK(SZ) from January 2017 to June 2020. He served as an independent director of Sichuan Jinding (Group) Co., Ltd. a company listed on the Shanghai Stock Exchange (stock code: 600678) since June 2017 till now, an independent director of Shenzhen Ecobeauty Co., Ltd. a company listed on the Shenzhen Stock Exchange (stock code: 000010) from January 2019 to December 2021, and concurrently served as an independent director of CR Yuanta Fund Management Co., Ltd. since March 2019. Mr. LIU Ming obtained a bachelor's degree in engineering management from the University of Science and Technology of China in July 1989, a master's degree in statistics fromDuke University, the U.S., in June 1995 and a doctoral degree in economics from Duke University, the U.S., in June 1996. Mr. LIU Ming obtained the qualification certificate as independent director from the Shanghai Stock Exchange in April 2017. Upcoming Dividend • Jun 23
Upcoming dividend of CN¥0.08 per share at 8.0% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 8.0%. Within top quartile of Hong Kong dividend payers (7.8%). In line with average of industry peers (7.5%). Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: CN¥0.27 (vs CN¥0.31 in FY 2021) Full year 2022 results: EPS: CN¥0.27 (down from CN¥0.31 in FY 2021). Revenue: CN¥15.1b (up 24% from FY 2021). Net income: CN¥3.35b (down 15% from FY 2021). Profit margin: 22% (down from 32% in FY 2021). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Jan 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Min Liu was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Xueding Zheng was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 01
First half 2022 earnings released: EPS: CN¥0 (vs CN¥0.14 in 1H 2021) First half 2022 results: EPS: CN¥0. Revenue: CN¥8.48b (up 54% from 1H 2021). Net income: CN¥1.95b (up 7.6% from 1H 2021). Profit margin: 23% (down from 33% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 93%, compared to a 51% growth forecast for the Diversified Financial industry in Hong Kong. Upcoming Dividend • Jun 23
Upcoming dividend of CN¥0.093 per share Eligible shareholders must have bought the stock before 30 June 2022. Payment date: 10 August 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 10.0%. Within top quartile of Hong Kong dividend payers (7.9%). Higher than average of industry peers (6.9%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Xueding Zheng was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 01
First half 2021 earnings released: EPS CN¥0.14 (vs CN¥0.098 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: CN¥6.22b (up 8.8% from 1H 2020). Net income: CN¥1.81b (up 46% from 1H 2020). Profit margin: 29% (up from 22% in 1H 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Executive Departure • Aug 31
Joint Company Secretary Yuk Ling Lam has left the company On the 24th of August, Yuk Ling Lam's tenure as Joint Company Secretary ended after less than a year in the role. We don't have any record of a personal shareholding under Yuk Ling's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.42 years. Executive Departure • Jul 20
Chairman Xuedong Wang has left the company On the 15th of July, Xuedong Wang's tenure as Chairman ended. We don't have any record of a personal shareholding under Xuedong's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.17 years. Upcoming Dividend • Jun 25
Upcoming dividend of CN¥0.078 per share Eligible shareholders must have bought the stock before 02 July 2021. Payment date: 11 August 2021. Trailing yield: 8.0%. Within top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (4.9%). Executive Departure • Apr 27
Chairman of the Board of Supervisors Xiaosong Zhang has left the company On the 22nd of April, Xiaosong Zhang's tenure as Chairman of the Board of Supervisors ended after 1.1 years in the role. We don't have any record of a personal shareholding under Xiaosong's name. A total of 3 executives have left over the last 12 months. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS CN¥0.26 (vs CN¥0.23 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥11.4b (up 11% from FY 2019). Net income: CN¥3.27b (up 11% from FY 2019). Profit margin: 29% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 06
New 90-day low: HK$1.08 The company is down 7.0% from its price of HK$1.16 on 08 October 2020. The Hong Kong market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 13% over the same period. 
