CWT INT'L年报2023

Definitions2Corporate Information6Directors’ Biographies8Financial Highlights13Chairman’s Statement15Management Discussion and Analysis17Corporate Governance Report25Report of the Directors55Independent Auditor’s Report69Consolidated Statement of Profit or Loss and Other Comprehensive Income79Consolidated Statement of Financial Position82Consolidated Statement of Changes in Equity85Consolidated Statement of Cash Flows89Notes to the Consolidated Financial Statements91Five-year Financial Summary232 DEFINITIONS the promissory note dated 18 February 2022 entered into between theCompany and an affiliate of the HNA Group Bankruptcy ReorganisationSpecialised Service Trust. On and with effect from 18 February 2022, theoriginal affiliate assigned to another affiliate of the HNA Group BankruptcyReorganisation Specialised Service Trust all of its rights and obligations inthe Promissory Note and its right to collect and be paid all principal, interestand other sums due under or in respect of the Promissory Note pursuant toa deed of assignment dated 18 February 2022 entered into between theseaffiliates Reorganisation Plan of the Substantive Merger and Reorganisation for 321Companies of HNA Group CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Wang Kan(Chairman and Chief Executive Officer)Zhao QuanPeng BiaoXu Xu Independent Non-executive Directors Leung Shun Sang, TonyLiem Chi Kit, KevinLam Kin Fung, JeffreyLiu Yifei AUDIT COMMITTEE Liem Chi Kit, Kevin(Chairman)Leung Shun Sang, TonyLam Kin Fung, Jeffrey EXECUTIVE COMMITTEE Wang Kan(Chairman)Peng BiaoXu Xu INDEPENDENT INVESTIGATION COMMITTEE Liem Chi Kit, Kevin(Chairman)Leung Shun Sang, TonyLam Kin Fung, Jeffrey NOMINATION COMMITTEE Wang Kan(Chairman)Leung Shun Sang, TonyLiem Chi Kit, KevinLam Kin Fung, Jeffrey REMUNERATION COMMITTEE Liem Chi Kit, Kevin(Chairman)Wang KanLeung Shun Sang, TonyLam Kin Fung, Jeffrey COMPANY SECRETARY Lau Lap Ngai AUDITOR Baker Tilly Hong Kong LimitedPublic Interest Entity Auditor registered in accordance with theFinancial Reporting Council Ordinance LEGAL ADVISERS AS TO HONG KONG LAW Jingtian & Gongcheng LLPK&L Gates SHARE REGISTRAR AND TRANSFER OFFICE Link Market Services (Hong Kong) Pty LimitedSuite 1601, 16/F., Central Tower28 Queen’s Road CentralHong Kong Link Market Services (Hong Kong) Pty Limited28161601 REGISTERED OFFICE 111101–3 & 12 Suites 1101–3 & 12, 11th Floor, Tower 2The Gateway, Harbour CityKowloonHong Kong 521 STOCK CODE521 www.cwtinternational.com WEBSITEwww.cwtinternational.com DIRECTORS’ BIOGRAPHIES Mr. Wang Kan(“Mr. Wang”), aged 39, holds a bachelor’s degreein German from Shanghai International Studies University and amaster’s degree in interpreting and translating from the Universityof Bath in United Kingdom (“UK”). He is also a certified publicaccountant of Hong Kong Institute of Certified Public Accountantsand an associate of the Institute of Chartered Accountants inEngland and Wales. Mr. Wang was appointed as an ExecutiveDirector, Chairman and the Chief Executive Officer in February2022. He is the chairman of each of the Executive Committee andthe Nomination Committee, and a member of the RemunerationCommittee, and also acts as directors of a number of subsidiariesof the Company. XVA600387NASDAQTOUR Mr. Wang joined Yangtze River Air Cargo Holdings Limited* (), a company under HNA Group, asubstantial Shareholder pursuant to Part XV of the SFO, in 2017and has served several senior positions for its certain companies.Mr. Wang is currently a director of HY Energy Group Co., Ltd. (anA-Share listed company on the Shanghai Stock Exchange, StockCode: 600387) and Tuniu Corporation (a listed company on theNASDAQ, Stock Code: TOUR). Hung ToCapital Limited Before joining HNA Group, Mr. Wang served as the deputymanager of the banking and capital markets department of DeloitteLLP UK, the chief investment officer of Hung To Capital Limitedand director of overseas investment and operations of QingdaoHaier Co., Ltd. Mr. Wang has extensive management knowledgeand working experience in the fields of investment and financing,financial markets, financial accounting and compliance. A service agreement was entered into between Mr. Wang andthe Company for a term of three years commencing on 1 January2023. DIRECTORS’ BIOGRAPHIES Mr. Zhao Quan(“Mr. Zhao”), aged 53, holds a bachelor’sdegree of science in computer science software managementfrom Lanzhou University. Mr. Zhao was appointed as anExecutive Director and the Chairman of the Board in July 2015,was re-designated as the Co-Chairman in November 2016, andsubsequently stepped down as the Co-Chairman in December2017 but remains as an Executive Director. He once acted asdirectors of a number of subsidiaries of the Company. Mr. Zhaojoined HNA Group, a substantial Shareholder pursuant to Part XVof the SFO, in 2009, and was engaged with senior managementpositions. He is now a director and chairman of the board ofHNA Trust Management, a subs