You can find a more detailed account of our results and a comprehensive review of our business performance in the annual report. The Foundations of Our Growth The world is a very different place from what it was four decades ago. China today is the second largest economy in the world, global commerce is more interconnected, and digital technologies permeate nearly every aspect of our lives. CITIC too has grown in transformative ways. But how did our story begin?
What were the foundations for our evolution? We had very entrepreneurial and modest beginnings, not all that different from any other startup. But save for the determination to succeed and insights into China and its opportunities, the fact is that CITIC had neither meaningful experience running a market-driven enterprise nor substantial cash to bankroll its ambitions.
CITIC has achieved many firsts over the decades. Despite its modest start, CITIC became a key force in the modern investment and venture ecosystem connecting China and the world. It also became a partner of choice for both domestic and foreign companies. There are many other such examples. This is not just history—it is the story of our lives. I see this most clearly when I reflect on my own journey. Every few years since, as the vignettes I just shared show, we have stepped out a little further onto the world stage.
Today, CITIC Limited has businesses ranging from financial services to manufacturing, resources and energy, and consumer goods and services with over , employees worldwide. I have been honoured to lead this now much larger and more global business. It was no small task to integrate a large portfolio of previously non-listed assets. But through hard work and determination, we have matured into a 21st century conglomerate built upon four pillars: building and operating businesses, value generation, good governance, and a culture that cultivates both entrepreneurialism and continuity.
These are the basics that, despite our scale, have enabled us to remain a dynamic platform for innovation. To that end, I want to speak frankly about how we grew into each and what challenges we overcame. We have proven our capacity to build and operate businesses at home and abroad—and have the battle scars to prove it. Through both trial and error and effective management, we have created a portfolio of remarkable businesses.
Some, like CITIC Dicastal, our aluminium wheel business, were built from scratch and have since grown into world leaders. Today, Dicastal is the largest supplier of its type, with manufacturing facilities in the US and Europe supplying top automakers around the globe.
We are now the largest dedicated special steel manufacturer in China with over 13 million tonnes of annual capacity and high quality products prized by users, both at home and abroad. A uniquely representative case is our Sino Iron mine in Australia. I have often been asked whether, after inheriting Sino Iron in , I considered exiting the business, particularly given the uncertainty caused by the global financial crisis around that time.
Although we faced many challenges, I believe that it was the right decision to press forward. Today, there is growing demand from steel mills in China and beyond for our high-grade magnetite concentrate product, which is low in impurities and is a premium feedstock ideal for low-emission steel making. In , we achieved record production, shipping more than 19 million tonnes of concentrate, cementing our position as the single largest seaborne supplier of magnetite concentrate to China.
Moreover, we are creating a new downstream processing industry with major economic benefits for Australia. While we celebrate our achievements, the reality is that we still have real hurdles to overcome to put Sino Iron on a long-term sustainable footing. Beyond building and operating businesses, it is equally important that we generate value by identifying and making shrewd investments, by bringing in partners to further our existing businesses and by knowing when and how best to divest.
We work hard to optimise our exposure to secular trends, developing positions within the industries we expect to grow alongside the economy over a long horizon. Sometimes, that means we also need to incubate ventures in promising sectors, as we are doing today through our CITIC Agriculture platform.
Other times, we opt for partnerships. Dividend warrants will be dispatched to shareholder on or about Wednesday, 8 October Substantial market level correction was seen. The expense to income ratio was The other invested projects are performing satisfactorily and are diligently preparing for their listings on the relevant stock exchanges.
The investment team will continue to leverage on its expertise in high-end industrial manufacturing to source good investments opportunities for China Special Opportunities Fund, L. A marked reduction in clients and IPO margin financing interest income was seen.
Within this period, the Group set up a branch at Hunghom for securities agency and wealth management, extending more convenient services to clients. However some IPO projects were deferred as the stock market experienced correction and poor market responses to IPO issues.
During the period, the Investment Banking Division participated in 11 underwriting and placing deals, and was appointed as financial advisor in 8 other projects. During the period, the Group conducted in-depth discussions with several overseas investors and has also identified a number of potential investment projects in Mainland China.
Fund raising activities are expected to start in the second half of the year. It continued to adopt a prudent investment strategy, producing stable return to the Group. During the period, it reduced its investment portfolio size in view of market downturn and the industrial outlook of its investee enterprises. For the period, the market share of its brokerage business was 3.
This provided a solid foundation for Everbright Securities to strive for launching various innovative securities businesses and to push forward for a comprehensive and wholesome development model. Everbright Securities would seize this favourable opportunity and complete the listing process as soon as possible. The listing date and particulars still depend on the factual circumstances.
As at 30 June , Everbright Securities had a network of 76 operation units and 18 securities services offices across the whole country. Everbright Bank During the first half of the year, all businesses of Everbright Bank, held as to 6. The board of directors and shareholders of Everbright Bank approved the relevant resolutions for initial listing of its shares.
The formal application for IPO to regulatory authorities of Mainland China was lodged in early June, the relevant approval from regulatory authorities is now being awaited. Apart from trade liabilities and fair value liabilities from equity and equity linked products in ordinary course of business, the Group does not have other significant financial liabilities. As at 30 June , the Group had no material exposure to foreign exchange other than assets denominated in Renminbi and United State Dollar.
As at 30 June , the Group had not pledged any of its securities 31 December nil. Except for those disclosed in the notes to financial statements, the Group did not have any material contingent liabilities as at 30 June As at 30 June , the Company had also provided guarantees to financial institutions against the due performance of obligations by its subsidiaries which are engaged in the businesses of leveraged forex trading and derivatives trading.
Such guaranteed liabilities will vary according to the value of transactions. Prospects Having experienced considerable fluctuation in the global financial markets in the first half of the year, a lot of unclear factors are still prevailing in the second half of the year. The sub- prime credit crisis triggered by the fallen real estate market in the United States is unlikely to round off within a short period of time, Mainland China is facing the dual threats of price inflation and slowing down of economic growth, the Group adopts a prudent approach in view of the conditions of the second half of the year.
After a few years of integration, the Group has confirmed its focus on the development of direct investment, asset management, asset investment businesses and a parallel development of fee-based businesses such as investment banking corporate finance and brokerage wealth management. In the second half of the year, the Group will focus on the enhancement of the operational capabilities of the Hong Kong businesses, maintaining good liquidity, building up the sustainability of the investment business, endeavouring to expand the assets under management, strengthening the stability of sources of income, and grasping the opportunity to integrate an operation platform in Mainland China.
It continues to adopt prudent risk management, lay a strong foundation for developing innovative businesses, and is set to commence actual business cooperation with the Group at the right time. Following the continuous development of the economy of China, the opening up of the financial industry of Mainland China is an inevitable trend. This will certainly provide more opportunities for the Group. The Group will put more resources to set up a robust information technology system, allowing clients to enjoy more convenient and efficient services.
We will also carry out market promotional activities at the right moment to enhance the reputation of the Group. The Group will continue to uncover hidden opportunities when the markets are correcting. Discretionary year end bonus may also be paid to employees based on individual performance.
Other benefits to employees include medical insurance, retirement scheme and training programmes. Directors of the Company and full time employees of the Group may be granted share options to subscribe for shares in the Company in accordance with the terms and conditions of the share option scheme approved by the Company at an extraordinary general meeting held on 24 May Having made specific enquiry of all Directors, the Directors confirmed that they have complied with the required standard set out in both the said Code and the Model Code for the six months ended 30 June The Committee is chaired by Mr.
Ng Ming Wah, Charles. The other committee members are Mr. Seto Gin Chung, John and Dr. Lin Zhijun. The Audit and Risk Management Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed internal control and financial reporting matters including the review of the unaudited interim financial report for the six months ended 30 June of the Company.
It is chaired by Mr.
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