中国金融租赁年报2023

CONTENTS目錄 2Company Profile3Directors’ Statement5Management Discussion and Analysis22Corporate Governance Report41Environmental, Social and Governance Report54Biographical Details of Directors57Report of the Directors63Independent Auditor’s Report69Consolidated Statement of Profit or Loss and Other Comprehensive Income70Consolidated Statement of Financial Position72Consolidated Statement of Changes in Equity73Consolidated Statement of Cash Flows75Notes to the Consolidated Financial Statements154Five Year Financial Summary155Corporate Information COMPANY PROFILE公司簡介 231221 China Financial Leasing Group Limited (Stock Code: 2312,“CFLG” or the “Company”, with its subsidiaries, collectively the“Group”) is an investment company. Incorporated in the CaymanIslands,the Company’s shares were listed on The StockExchange of Hong Kong Limited (the “Stock Exchange”) inOctober 2002 under Chapter 21 of the Rules Governing theListing of Securities (the “Listing Rules”) on The Stock Exchange. 21 According to the Investor and Financial Education Council inHong Kong, definition of Chapter 21 companies is as follows: 21 “The primary business of Chapter 21 companies is to invest inlisted or unlisted securities, including warrants, money marketinstruments, commodities, options and futures contracts as wellas other collective investment schemes. As the investmentperformance is closely related to the company’s result and returntoshareholders,they need investment managers withexperience, expertise and integrity.” CFLG principally engages in the investment of listed and/orunlisted securities, predominantly focusing in the China andHong Kong market region. As we strive to create value for ourshareholders,we adopt prudent investment approach inselecting potential investment opportunities, and at the sametime leveraging on favorable market conditions to maximizereturn.Our investment team consist of well experiencedprofessionalwith in depth market knowledge,as well aspossessing extensive product knowledge in various investmentproducts such as stocks, derivatives products, bonds etc. DIRECTORS’ STATEMENT董事報告 Dear Shareholders, The board (the “Board”) of directors (the “Directors”) is pleasedto present you with the 2023 Annual Report of China FinancialLeasing Group Limited (the “Company”), with its subsidiaries(collectively the “Group”) for the year ended 31 December 2023. After enduring a difficult investment environment in 2022 thatweresignificantly hammered by COVID pandemic adverseimpact, the supposedly turnaround expectation in 2023 by manyinvestorsnever surface as the divergence theme in 2023became very painful for local investors, where mainland andHong Kong market suffered further sell off while some othermarkets enjoyed bull market run. Hong Kong IPO market alsoplummeted to low in recent years where only 68 successfullistingin the mainboard,raising roughly HKD46 billion,awhopping56%decline over 2022 aggregate proceeds.Weakness in the capital market, combined with the downturn inlocal property market, had triggered significantly weakness inrelated luxury spending and dining sectors. 6846056% PRC ECONOMY 5.2% China economy grew by 5.2% in 2023 and while the numbermeetthe government target,recovery growth after covidpandemic were not as strong as market expected. Positiveimpact from stimulative economic policy launched by CentralGovernment throughout the year were rather short lived andconsumers confidence remain weak. Debt crisis issue amongmainland property developers had spilled to those big namesdevelopers already and such also sparked a huge sell off in manyof the corporate bonds in the sector. Local government highgearing situation also constrained government spending that ledto the lackluster economy prospects ahead. On the other hand,weakness of Renminbi against US dollar remained in 2023 inwhich may also limit China Central Bank desire to cut interestrate further to stimulate growth. DIRECTORS’ STATEMENT董事報告 PROSPECT Sell off in Hong Kong and China stock market continue well intothe first month of 2024 with investors confidence level towardlocal market at all-time lowest probably since 2008 financialcrisis. Market outlook clearly remaining quite challenging in viewof the current investing environment. Nevertheless, there arepotential positive signs that could eventually come into play inthe year. For example, total deposits in Hong Kong continue togrow during first eleven months of 2023, meaning there aresome fresh and idle funds waiting to be deployed into the capitalmarket.The Group’s financial position remain sound andcontinue to hold liquid investments in the portfolio, and wellpositionedto capture any further sound investmentopportunities. On behalf of the Board, allow me to express oursincere appreciation to the shareholders for their continuoussupport. Lui Cheuk Hang HenriExecutive DirectorHong Kong, 23 February 2024 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 BUSINESS REVIEW AND OUTLOOK During