Introduction

China Merchants Group (CMG) is a state-owned backbone enterprise headquartered in Hong Kong. It is under the direct supervision of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). Its overall characteristics can be summarised as: a century-old central enterprise, an integrated central enterprise and a central enterprise based in Hong Kong.

In 2021, China Merchants Group achieved record-high economic indicators: revenue of RMB 936.2 billion with YoY growth of 15.1, total profit of RMB 212.1 billion with YoY growth of 21.1%, net profits of RMB 169.2 billion with YoY growth of 23.4%, and total assets of RMB 11.68 trillion by the end of 2021, with total assets and net profit ranking first among central SOEs. China Merchants Group awarded A grade by the SASAC for 17 consecutive years and the Excellent Performance Enterprise for five consecutive terms. In the Fortune 500 list released in 2021, China Merchants Group and its subsidiary China Merchants Bank were again included in the list, making China Merchants Group the enterprise with two Fortune 500 companies.

During the "13th Five-Year Plan" period, the Group's economic indicators all grew at a compound annual growth rate of over 10%, including 33.9% in operating earnings, 17.3% in total profit, 14.5% in net profit and 10.6% in total assets.

As a pioneer in China's national industry and commerce, CMG was founded in the Self-strengthening Movement in the late Qing Dynasty in 1872. As the first joint-stock company in modern China, it established the first merchant fleet, the first bank and the first insurance company in China, pioneering China's modern national shipping industry and driving the development of many other modern industries, and occupying an important position in the history of China's modern economic and social development. In 1978, CMG played an active part in China's reform and opening-up. It developed the Shekou Industrial Zone, the first industrial zone in China to be opened to the outside world, which had a wide impact at home and abroad. It also established China Merchants Bank, the first joint-stock commercial bank that was wholly owned by a corporate entity in China, and Ping An Insurance Company, the first joint-stock insurance company in China, which provided useful experience for the exploration of China's reform and opening up.

China Merchants Group is an integrated enterprise with diversified businesses. At present, the Group's business is not only focused on three core industries, namely integrated transportation, specialty finance, and integrated urban and industrial park development and operation, but also on some new industries such as cruise ship, healthcare and testing technology.

China Merchants Group is a world-leading port investor, developer and operator, and has established a relatively comprehensive port network in China's major coastal hub ports, with investments or investment and management rights of terminals in Hong Kong, Taiwan, Shenzhen, Ningbo, Shanghai, Qingdao, Tianjin, Dalian, Yingkou, Zhangzhou, Zhanjiang, Shantou and other container hub ports, and successfully laid out in Southeast Asia, Africa, Europe, the Middle East, North America, South America and Oceania. By 2021, China Merchants Group's port segment has achieved a total container throughput of 134 million TEUs and bulk cargo throughput of 880 million tons, making it the world's largest in terms of total cargo throughput and equity throughput.

Shipping is the traditional and principal business of China Merchants Group. By the end of 2021, China Merchants Group's shipping fleet has a total capacity (including orders) of 394 vessels with a total of 47.67 million DWT, ranking second in the world; among them, 54 VLCCs (very large crude carrier) and 34 VLOCs (very large ore carrier), ranking first in the world in terms of the scale of the fleet; the scale of the product oil tanker ranked first in the Far East; and the scale of the ro-ro fleet ranked first in China. After asset restructuring and capital operation, China Merchants Group’s shipping segment has formed a full range business pattern of "Oil, Bulk, Gas and Special" with transportation routes spreading worldwide. The Group is now actively forging digital shipping business, building intelligent shipping, creating the benchmark vessel "New Vision" and making every effort to become a world-class shipping enterprise.

Sinotrans Limited (Sinotrans) is a second-tier subsidiary of China Merchants Group and the unified operating platform and brand for China Merchants Group's logistics business. Sinotrans has a vision of building a world-class intelligent logistics platform with a nationwide service network that spans the major economic zones of the world. Its global third party logistics and freight forwarding services rank 7th and 3rd respectively in the world. By the end of 2021, Sinotrans owns over 1,000 domestic enterprises in the country, with a national network spreading across 31 provinces, autonomous regions and municipality directly under the central government as well as Hong Kong; 65 overseas agencies are located in 40 countries and regions.

China Merchants Expressway Network & Technology Holdings Co., Ltd. (CMET) has focused on expressway investment and expressway operation in the past years. Its business scope includes investment and operation, transportation technology, smart transportation and ecological, environmental protection, covering the crucial parts of the entire toll road industry. It has gradually grown into a total expressway investment and operation service provider with the largest investment scale, the widest coverage and the most extended investment and operation mileage in China. By the end of 2021, toll road projects such as expressways, bridges, tunnels mainly distribute along the national trunkline, covering 22provinces, autonomous regions and municipalities including Beijing, Tianjin, Guangdong, Zhejiang and Guangxi, with a total mileage of 12,711 kilometres, among which the distance of management projects reaches 1,799 kilometres; 21 national, provincial and ministerial research and development platforms have been built, forming a business pattern that covers the entire industry chain from survey, design, characteristic construction to investment, operation, maintenance and service.

China Yangtze Shipping Group Co., Ltd., a subsidiary of China Merchants Group, is China's largest inland river shipping enterprise, which takes deep root in the Yangtze River economic zone and has always taken the lead as a SOE in Yangtze River’s bulk cargo transportation, rescue and disaster relief as well as the national level reception tasks of the Three Gorges. China Yangtze Shipping Group is known as the "Yangtze River National Team" and is mainly engaged in Yangtze River shipping, river cruise tourism and port and shipping services. Currently, China Yangtze Shipping Group is building itself into a regional company with a vision of "river and sea access, land and water connectivity, environmentally friendly, innovation-oriented, quality and efficiency first", and is steadily moving towards the strategic goal of "becoming China's leading integrated service provider of river shipping and cruise tourism".

CMG's financial sector has realised the business landscape of "4 + N", covering banking, securities, insurance, direct investment, multiple financial services (commercial leasing, non-performing asset management) and other fields, creating a comprehensive financial service platform that is fully licensed and provides a full-lifecycle service. Service Platform. The business sector dedicates to providing clients with a high-quality financial service through fintech empowerment, innovation-driven strengthening and featured-services building. The financial sector has put into practice the concept of "strengthening the country through industries, serving the country through finance, combining industry and finance". It continues to strengthen the "three capabilities" of wealth management, financial technology and risk management, and to build a trillion-level pension platform and a trillion-level private equity platform.

With CMG as the initiator and largest shareholder, China Merchants Bank is China's leading joint-stock commercial bank, whose retail business has long established a leading position in the industry. It ranks among the top domestic listed banks in terms of indications such as capital return, asset quality and capital market valuation. In 2021, in the global bank rankings published by the British magazine "The Banker", China Merchants Bank ranked 14th by tier 1 capital and 10th by brand value.

China Merchants Securities is one of China's leading listed securities companies. China Merchants Securities is one of China's leading listed securities companies. By the end of 2021, China Merchants Securities has 259 securities sales offices and 12 branches in in cities of Beijing, Shanghai, Guangzhou and Shenzhen. It has also set up subsidiaries in Hong Kong, the United Kingdom, Singapore and South Korea through China Merchants Securities International Co., Ltd., which has established the domestic and international integration of comprehensive securities service platform. It has maintained an A Class AA regulatory rating for 14 consecutive years, setting an example of compliant operation.

Bosera Funds is currently one of the largest fund houses in China in terms of asset management scale. By the end of 2021, the total assets under management of Bosera Fund exceeded RMB 1.67 trillion, of which, after excluding currency funds and short-term wealth management bond funds, the total public assets under management of Bosera Fund exceeded RMB 535.6 billion.

China Merchants Life Insurance, which was established after the successful relaunch of the brand "Renhe Insurance", with a premium scale of over RMB 10 billion in 2021, has already established its presence in Guangdong Province, Jiangsu Province and Henan Province. China Merchants Life Insurance continues to promote the implementation of the four strategies of "value-guided, innovation-driven, technology-empowered and risk-controlled" and aims to become a first-class insurance service provider with innovative features, giving full play to its shareholder advantages and latecomer advantages.

China Merchants Venture is a corporate venture capital platform of China Merchants Group for promoting the integration of industry and innovation technology through investment, focusing on the discovery, cultivation and integration of industrial technology and innovation projects in the industrial value chain of China Merchants Group. By the end of 2021, China Merchants Venture has deployed 28 sub-funds and over 100 innovative projects, with assets under management of RMB 14 billion.

China Merchants Commerce Leasing adheres to the original intention of combining industry and finance, actively expanding intra-group industrial and financial cooperation, insists on market-oriented and professional operation, strives to become a distinctive domestic first-class financial leasing company, and provides comprehensive, high-quality and efficient financial leasing solutions for clients.

Revolving the resolution of major risks, China Merchants Pingan AMC continues to focus on the main business of non-performing assets, serves market demands, innovates profit models, invests and manages alternative assets with the concept of investment banking and fund operation, and is committed to building the most distinctive and leading local asset management company in China.

In line with the innovative and pioneering spirit of China Merchants Group, China Merchants Finance Holdings launched the sole proprietorship of China Merchants Fintech in 2017, to build a robust financial service platform using technology to support the building of risk control capabilities and wealth management capabilities. At the same time, China Merchants Fintech also serves as the constructor of China Merchants Group's digitalization, helping to realize the Group's digital transformation and innovation.

China Merchants Group provides integrated urban and park development and operation services through China Merchants Shekou and Zhangzhou Development Zone. China Merchants Shekou was born in response to the reform and opening up, applying "port-park-city" development model as the spatial form and building a district development and operation ecosystem through the whole business chain of "investment - financing - construction - management - retreat", providing government clients with total solutions for urban planning, development and operation of district development; providing other clients with total solutions for industrial incubation, growth, strengthening and expansion of operation services; providing individual clients with total solutions for a better life such as living, shopping, living services, medical care, education, leisure and entertainment. In 2021, China Merchants Shekou 's contracted sales reached nearly RMB 326.8 billion, ranking 7th in the industry. Its business distributed in more than 111 cities and regions around the world, with more than 500 boutique projects developed. Its refined operation of the stock industrial parks has increased the degree of industrial agglomeration. China Merchants Shekou is also building a high-end fleet of ships, innovating duty-free business and creating a new landscape in the cruise industry.

Taipingwan Development and Investment Co., Ltd. is jointly developed and constructed by government of Liaoning Province, government of Dalian Municipality and China Merchants Group. The first batch of 34 enterprises has "settled down" in Taiping Bay, which promoting the formation of industrial agglomeration effect. In addition, Taipingwan Bay was awarded as a special demonstration zone for the comprehensive reform of state-owned enterprises, and was designated as a zone that demonstrated best practices on green, low-carbon and high-quality development by the state.

China Merchants Group also has a strong presence in the industrial and trading sectors. In the field of marine equipment manufacturing, China Merchants Industry Holdings Co., Ltd. (CMIH) currently has seven equipment repair bases in China and has built an offshore and cruise ship manufacturing industrial cluster in Haimen, delivered China's first polar expedition cruise ship, and built a dredger that won the State Scientific Progress Grand Award. Its comprehensive design capability (overall scale and production capacity) ranks among the top three in China. Established in Hong Kong in 1972, China Merchants Hoi Tung Trading Company Limited (Ching Merchants Hoi Tung), the only comprehensive trading platform under China Merchants Group, has developed into a complete trading company integrating food, transportation and bulk trading. With an extensive business network, China Merchants Hoi Tung has branches in 10 cities in China and 7 countries overseas.

China Merchants Testing Technology Holdings Company Limited (referred as CMTT) was founded in 2020 to serve the testing, inspection and certification development of the country, which is considered as one of the strategic emerging industry during the 14th Five-Year Plan period. CMTT has 2 national high-tech enterprises that operate a network of 4 National Quality and Inspection Centers in the industry of passenger bus, motorcycles, intelligent connected vehicles and fire controls across China. It has also owned 11 provincial Science and Technology Platforms, including a closed site testing center for autonomous driving, which is under the Ministry of Transport, auto-driving technology R&D centers, automotive active safety testing, EV safety evaluation and etc. CMTT held leading TIC market share in the field of vehicle, auto-driving, fire safety, construction engineering testing and certification, Metrology, jewelry identification, cyber security testing and etc., so as to help clients to meet the most rigorous and recognized industrial standards in China

China Merchants Health Care Holdings Company Limited (China Merchants Health) is a direct investment platform of healthcare industry. Focusing on Hard & Core Technology and emerging value chain, China Merchants Health is committed to driving the transformation of healthcare sector and  to reinventing health care ecosystem through the unique dual-core model of “Investment plus Operation”.

With its long history and strong strength, CMG has an extensive influence on the industrial and commercial circles at home and abroad. In the future, CMG will further enhance capabilities, improve quality and efficiency, continue to deepen reforms, innovate and transform, and steadily promote the construction of a world-class enterprise with global competitiveness.

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About CMG>

CMG, founded in the Westernization Movement in 1872, is a pioneer in China's national industry and commerce. During past 140 years, CMG made a lot of firsts and acted as a leader in different business fields, like setting up the first commercial fleet, bank, insurance company in modern China. CMG plays an important role in economic history and social development history of modern China...

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