(a joint stock limited company incorporated in the People's Republic of China)
Stock Code: 01988
2021
ANNUAL REPORT
IMPORTANT NOTICE
The Board of Directors, the Board of Supervisors, and the Directors, Supervisors and Senior Management of the Bank warrant the truthfulness, accuracy and completeness of the contents of this Annual Report and there are no misstatements, misleading representations or material omissions in this Annual Report, and shall assume several and joint liability.
This Annual Report was considered and approved on 29 March 2022 at the 19th meeting of the eighth session of the Board of Directors of the Bank. Of the 18 Directors who were entitled to attend the meeting, 6 Directors attended the meeting in person. 12 Directors, being the Vice Chairmen ZHANG Hongwei, LU Zhiqiang and LIU Yonghao, and Directors SHI Yuzhu, WU Di, SONG Chunfeng, WENG Zhenjie, YANG Xiaoling, ZHAO Peng, XIE Zhichun, PENG Xuefeng, and QU Xinjiu, participated in the meeting by teleconference or video conference. Of the 9 Supervisors who were entitled to attend the meeting as non-voting delegates, 9 Supervisors attended the meeting as non-voting delegates.
PricewaterhouseCoopers Zhong Tian LLP and PricewaterhouseCoopers, auditors of the Bank, have audited the financial reports of 2021 prepared in accordance with the Chinese Accounting Standards ("CAS") and the International Financial Reporting Standards ("IFRSs"), respectively, and issued standard and unqualified auditors' reports, respectively.
GAO Yingxin (Chairman), ZHENG Wanchun (President), LI Bin (person in charge of finance and accounting), and YIN Xuwen (person in charge of the accounting department) warrant the truthfulness, accuracy and completeness of the financial reports included in this Annual Report.
The profit distribution plan for 2021 was approved by the Board of Directors, pursuant to which, a cash dividend of RMB2.13 (tax inclusive) will be distributed to all shareholders of the Bank for every 10 shares held on the record dates. The above profit distribution plan is subject to approval by the Shareholders' General Meeting of the Bank.
The financial data and indicators contained in this Annual Report are prepared according to the rules of the IFRS. Unless otherwise specified, all amounts are the consolidated data of the Group and denominated in RMB.
The forward-looking statements about matters such as future plans in this Annual Report do not constitute substantive commitments of the Bank to the investors, and the investors and related persons shall maintain sufficient risk awareness in this regard, and shall understand the difference among plans, forecasts and commitments.
Material Risk Warning: the Bank has no foreseeable material risks. For potential risks, please refer to the section headed "XIII. Prospects - (II) Potential risks" under "Chapter 3 Management Discussion and Analysis" of this Report.
CONTENTS
Important Notice
Contents 1
Definitions 2
Message from Chairman 4
Message from President 9
Development Strategies and Core Competitiveness of
the Bank 14
Annual Awards 23
Chapter 1 Bank Profile 24
Chapter 2 Summary of Accounting Data and Financial
Indicators 28
Chapter 3 Management Discussion and Analysis 33
I. Overview of Operations 33
II. Conditions of the Industry 35
III. Analysis of Major Items of Statement of Profit
or Loss 36
IV. Analysis of Major Items of Statement of
Financial Position 46
V. Qualitative Analysis of Loans 51
VI. Analysis of Capital Adequacy Ratio 57
VII. Liquidity Indicators 61
VIII. Segment Report 62
IX. Other Financial Information 64
X. Operational Concerns 66
XI. Review of Main Businesses 71
XII. Risk Management 106
XIII. Prospects 116
Chapter 4 Changes in Share Capital and Information
on Shareholders 118
Chapter 5 Information on Preference Shares 132
Chapter 6 Issuance of Bonds 136
Chapter 7 Corporate Governance 144
Chapter 8 Report of the Board of Directors 224
Chapter 9 Report of the Board of Supervisors 234
Chapter 10 ESG Governance, Environmental and
Social Responsibilities 237
Chapter 11 Major Events 242
Chapter 12 Financial Reports 252
Organisation Structure 467
List of Entities 468
Statistics of Correspondent Banks 472
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China Minsheng Banking Corp., Ltd.
DEFINITIONS
In this report, unless the context otherwise requires, the following terms shall have the meanings set out below.
Bank, Company, China Minsheng
Bank, Minsheng Bank | China Minsheng Banking Corp., Ltd. |
Group | the Company and its subsidiaries |
Minsheng Financial Leasing | Minsheng Financial Leasing Co., Ltd. |
Minsheng Royal Fund | Minsheng Royal Fund Management Co., Ltd. |
Minsheng Royal Asset | |
Management | Minsheng Royal Asset Management Co., Ltd. |
CMBC International | CMBC International Holdings Limited |
The National Committee of the Chinese People' s Political Consultative | |
CPPCC National Committee | Conference |
ACFIC | All-China Federation of Industry and Commerce |
CBIRC | China Banking and Insurance Regulatory Commission |
CSRC | China Securities Regulatory Commission |
former CBRC | former China Banking Regulatory Commission |
former CIRC | former China Insurance Regulatory Commission |
SSE | Shanghai Stock Exchange |
SZSE | Shenzhen Stock Exchange |
SEHK | The Stock Exchange of Hong Kong Limited |
Hong Kong Listing Rules | The Rules Governing the Listing of Securities on SEHK |
Annual Report 2021 | |
DEFINITIONS | |
SFO | Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) |
Model Code for Securities Transactions by Directors of Listed Issuers as set | |
Model Code | out in Appendix 10 to the Hong Kong Listing Rules |
Articles of Association | the Articles of Association of China Minsheng Banking Corp., Ltd. |
Reporting Period | the period from 1 January 2021 to 31 December 2021 |
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CMBC - China Minsheng Banking Corporation Ltd. published this content on 22 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2022 01:58:00 UTC.