CWT INT'L年报2024

CONTENTS Definitions2Corporate Information6Directors’ and Chief Executive Officer’s Biographies8Financial Highlights13Chairman’s Statement15Management Discussion and Analysis19Corporate Governance Report28Report of the Directors59Independent Auditor’s Report72Consolidated Statement of Profit or Loss and Other Comprehensive Income81Consolidated Statement of Financial Position84Consolidated Statement of Changes in Equity87Consolidated Statement of Cash Flows91Notes to the Consolidated Financial Statements93Five-year Financial Summary228 DEFINITIONS DEFINITIONS the Model Code for Securities Transactions by Directors of Listed Issuers asset out in Appendix C3 of the Listing RulesC3 the People’s Republic of China, which for the purposes of this annualreport (unless otherwise stated), excludes Hong Kong, the Macao SpecialAdministrative Region of the PRC and Taiwan 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. On 18 July 2024, the Group repaid principal amount and accruedinterest of HK$65,016,000 in relation to the Promissory Note and renewedthe Promissory Note with principal amount of HK$666,000,000 for a 4-yearperiod. the remuneration committee of the Board CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Wang Kan(Chairman)Zhao QuanWang QiHuang Fenglin Independent Non-executive Directors Liem Chi Kit, KevinLam Kin Fung, JeffreyLiu Yifei AUDIT COMMITTEE Liem Chi Kit, Kevin(Chairman)Lam Kin Fung, JeffreyLiu Yifei EXECUTIVE COMMITTEE Wang Kan(Chairman)Wang QiHuang Fenglin INDEPENDENT INVESTIGATION COMMITTEE Liem Chi Kit, Kevin(Chairman)Lam Kin Fung, JeffreyLiu Yifei NOMINATION COMMITTEE Wang Kan(Chairman)Liem Chi Kit, KevinLam Kin Fung, Jeffrey REMUNERATION COMMITTEE Liem Chi Kit, Kevin(Chairman)Wang KanLam Kin Fung, Jeffrey CHIEF EXECUTIVE OFFICER Shang Duoxu CHIEF FINANCIAL OFFICERYan Shen COMPANY SECRETARYLau 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 LAWK&L Gates SHARE REGISTRAR AND TRANSFER OFFICE MUFG Corporate Markets Pty Limited 28161601 REGISTERED OFFICE Suite 4705, 47th FloorCentral Plaza, No.18 Harbour RoadWanchai, Hong Kong 18474705 STOCK CODE 521 WEBSITE www.cwtinternational.com DIRECTORS’ AND CHIEF EXECUTIVE OFFICER’S BIOGRAPHIES Mr. Wang Kan, aged 40, holds a bachelor’s degree in Germanfrom Shanghai International Studies University and a master’sdegree in interpreting and translating from the University of Bathin United Kingdom (“UK”). He is also a certified public accountantof Hong Kong Institute of Certified Public Accountants and anassociate of the Institute of Chartered Accountants in England andWales. Mr. Wang Kan was appointed as an Executive Director,the Chairman and the Chief Executive Officer in February 2022,and also the chairman of each of the Executive Committee andthe Nomination Committee, and a member of the RemunerationCommittee. Mr. Wang Kan resigned as the Chief Executive Officerin June 2024 but retains other relevant positions on the Board ofDirectors and the Board Committees and also acts as directors ofa number of subsidiaries of the Company. Mr. Wang Kan 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 Kan is currently a director of HY Energy Group Co.,Ltd. (an A-Share listed company on the Shanghai Stock Exchange,Stock Code: 600387) and Tuniu Corporation (a listed company onthe NASDAQ, Stock Code: TOUR).XVA600387TOUR Before joining HNA Group, Mr. Wang Kan served as the deputymanager of the banking and capital markets department ofDeloitte LLP UK, the chief investment officer of Hung To CapitalLimited and director of overseas investment and operations ofQingdao Haier Co., Ltd. Mr. Wang Kan has extensive managementknowledge and working experience in the fields of investment andfinancing, financial markets, financial accounting and compliance. Hung ToCapital Limited A service agreement was entered into between Mr. Wang Kan andthe Company for a term of three years commencing on 1 January2023. Mr. Zhao Quan (“Mr. Zhao”), aged 54, holds a bachelor’sdegree of science in computer science software managementfrom Lanzhou University. Mr. Zhao was appointed as anExecutive Director and the Chairma