(Stock Code: 682)
2018/2019
ANNUAL REPORT
- Corporate Information
- Chairman's Statement
- Management Discussion and Analysis
- Corporate Governance Report
21 Environmental, Social and Governance Report
42
46
Profiles of Directors and Senior Executives
Directors' Report
Contents | 60 | Independent Auditors' Report |
Chaoda Modern Agriculture | ||
(Holdings) Limited | 65 | Consolidated Statement of Profit or Loss and |
Annual Report 2018/2019 | ||
Other Comprehensive Income |
67 Consolidated Statement of Financial Position
69 Consolidated Statement of Cash Flows
71 Consolidated Statement of Changes in Equity
73 Notes to the Consolidated Financial Statements
130 Five Year Financial Summary
CHAODA MODERN AGRICULTURE (HOLDINGS) LIMITED 2018 / 2019 ANNUAL REPORT
Corporate Information
BOARD OF DIRECTORS
Executive Directors
Mr. Kwok Ho (Chairman)
Mr. Kuang Qiao
Mr. Yang Gang
Non-executive Director
Mr. Ip Chi Ming
Independent Non-executive Directors
Mr. Fung Chi Kin
Mr. Tam Ching Ho
Professor Lin Shun Quan
Mr. Chan Yik Pun
AUDIT COMMITTEE
Mr. Tam Ching Ho (Chairman)
Mr. Fung Chi Kin
Mr. Chan Yik Pun
REMUNERATION COMMITTEE
Mr. Fung Chi Kin (Chairman)
Mr. Tam Ching Ho
Mr. Chan Yik Pun
NOMINATION COMMITTEE
Mr. Fung Chi Kin (Chairman)
Mr. Kwok Ho
Mr. Kuang Qiao
Mr. Tam Ching Ho
Mr. Chan Yik Pun
AUTHORISED REPRESENTATIVES
Mr. Kwok Ho
Mr. Ip Chi Ming
COMPANY SECRETARY
Mr. Yeung Man Chit
2
CHAODA MODERN AGRICULTURE (HOLDINGS) LIMITED 2018 / 2019 ANNUAL REPORT
Corporate Information (continued)
STOCK CODE
The Stock Exchange of Hong Kong Limited: 682
AUDITORS
Elite Partners CPA Limited
Certified Public Accountants
PRINCIPAL BANKS
China Merchants Bank Co., Ltd.
China CITIC Bank Corporation Limited
Industrial Bank Co., Ltd.
Shanghai Pudong Development Bank Co., Ltd.
Ping An Bank Co., Ltd.
REGISTERED OFFICE
P.O. Box 309
Ugland House
Grand Cayman
KY1-1104
Cayman Islands
HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG
Room B, 21st Floor
Times Media Centre
133 Wan Chai Road
Wanchai, Hong Kong
SHARE REGISTRAR AND TRANSFER OFFICE
Tricor Abacus Limited
Level 54
Hopewell Centre
183 Queen's Road East
Hong Kong
COMPANY'S WEBSITE
http://www.chaoda.com.hk
http://www.irasia.com/listco/hk/chaoda
3
CHAODA MODERN AGRICULTURE (HOLDINGS) LIMITED 2018 / 2019 ANNUAL REPORT
Chairman's Statement
I hereby present the annual results of Chaoda Modern Agriculture (Holdings) Limited (the "Company") and its subsidiaries (collectively referred to as the "Group" or "Chaoda") for the financial year ended 30 June 2019 on behalf of the board of directors (the "Board") of the Company.
REVIEW
In reviewing the past financial year, it is an important year for the pilot reform of the Chaoda business. At the beginning of 2019, the State Council issued the "Several Opinions on Prioritizing the Development of Agriculture and Rural Areas to Address the Issues Relating to Agriculture, Rural Areas and Rural People" (堅持農業農村優先發展做好「三農」工作的若干意見), proposed concentrate on precise policy, decisive battle to overcome poverty and tackle difficulties, consolidate the agricultural foundation, and ensure the effective supply of important agricultural products. This is the 16th consecutive year of the PRC government released the "No. 1 document" (一號文件) to show its concerns over the problem of "Agriculture, Rural Areas and Rural People" in the PRC.
General Secretary Xi Jinping emphasized that the source of food safety is in agricultural products and the foundation is in agriculture. It is necessary to clear the root of the problems by producing high quality products. Taking the quality and safety of agricultural products as a key link in transforming agricultural development methods and accelerating modern agricultural construction. With the most stringent standards, the strictest supervision, the most severe punishments, and the most serious accountability, we can ensure the whole nation "Safety on the tip of the tongue". Following the issuance of the "Regulations on the Food Safety Responsibility System of Local Party and Government Leading Cadres" (地方黨政領導幹部食品安全責任 制規定) issued by the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council in February 2019, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on deepening reform and strengthening food safety task" (關於深化改革,加強食品安全工作的意見) in May 2019, food safety has become an important duty and key task of party committees and governments at all levels in China.
As for the above-mentioned central government's proposal to help the rural areas get rid of poverty, ensure the effective supply of important agricultural products, food safety, etc., being a national key leading enterprise that has been rooted in China for 30 years, Chaoda has taken an initiative role in structural reforms on the supply side of agriculture and tackle the problem of poverty alleviation. The Chaoda new business operation model was highly consistent with national guidelines and policies, which emphasize in protection of food safety, the realization of customized production of agricultural products by connecting the production and consumption, and the effective linkage mechanism between small farmers and modern agriculture. Once again it proves the forward-looking nature, correctness, great development prospects and potential of Chaoda new business operation model.
As the Group needs to adjust and integrate resources from the above-mentionedsupply-side structural reform in agricultural, and at the same time invest resources in technology research and development, enhance the company's capacity and strengthen technological capabilities, so to turn around the current operational difficulties as soon as possible, and lay a solid foundation for the business restructuring and transformation ahead. The financial year ended 30 June 2019 was a difficult and challenging year for the Group. However, despite the active development by joint efforts of management and employees, Chaoda's brand name and reputation are still recognized and affirmed by the society and the public. In June 2019, Chaoda was continuously recognised as "China's 500 Most Valuable Brands" by the World Brand Laboratory, ranking 83rd with a brand value of RMB56.285 billion.
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Chaoda Modern Agriculture (Holdings) Ltd. published this content on 24 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2019 09:49:14 UTC