DISCLOSEABLE TRANSACTION

RNS Number : 1653J

Air China Ld

28 March 2018

 

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or       in reliance upon the whole or any part of the contents of this announcement.

中國國際航空股份有限公司

Air China Limited 

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 00753)

DISCLOSEABLE TRANSACTION AND CONTINUING CONNECTED TRANSACTION:

2018-2019 AIRCRAFT FINANCE LEASE SERVICE FRAMEWORK AGREEMENT

2018-2019 AIRCRAFT FINANCE LEASE SERVICE FRAMEWORK AGREEMENT

On 27 March 2018 (after trading hours), the Company and CNACG entered into the 2018-2019 Aircraft Finance Lease Service Framework Agreement in relation to the Aircraft Finance Lease Transactions.

HONG KONG LISTING RULES IMPLICATIONS

CNACG is a substantial shareholder of the Company and is therefore a connected person of the Company as defined under the Hong Kong Listing Rules. According to Rule  14.22  and  Rule  14A.81 of the Hong Kong Listing Rules, the Aircraft Finance Lease Transactions  shall  be  aggregated  with  the  Previous Transaction.

As the highest of the applicable Percentage Ratios is higher than 5.0% but less than 25%, the   Aircraft Finance Lease Transactions constitute continuing connected transaction and discloseable transaction of the Company under the Hong Kong Listing Rules. Therefore, the Aircraft Finance Lease Transactions and the proposed Maximum Transaction Amounts are subject to: (i) the disclosure, annual review and Independent Shareholders'  approval  requirements  under  Chapter  14A of the Hong Kong Listing Rules; and (ii) the requirements applicable to discloseable transactions under Chapter 14 of the Hong Kong Listing Rules.

I.                2018-2019  AIRCRAFT  FINANCE  LEASE  SERVICE  FRAMEWORK AGREEMENT

As the Group and the CNACG Group intend to carry out aircraft finance lease business in the  years of 2018 and 2019, the Company and CNACG entered into the 2018-2019 Aircraft Finance Lease Service Framework Agreement on 27 March 2018 in  relation  to  the  Aircraft  Finance  Lease  Transactions.

1.               2018-2019  Aircraft  Finance  Lease  Service  Framework Agreement

Date

27  March 2018

Parties

The  Company  and CNACG

Description  of  the  Aircraft  Finance  Lease Transactions

Pursuant to the 2018-2019 Aircraft  Finance  Lease  Service  Framework  Agreement, CNACG Group agreed to provide finance lease services to the Group in relation to Leased Aircraft. The Lessor(s) will be the subsidiary(ies) of CNACG which is/are qualified for providing aircraft finance lease services, and the Lessee(s) will be the Company or its subsidiaries.

The Leased Aircraft comprises part  of  the aircraft to be  introduced by  the Company in  2018 and 2019, subject to adjustment from time to time. The Company has signed aircraft purchase agreements with Airbus S.A.S. and Boeing Company in relation to the Leased Aircraft, which agreements have been negotiated and agreed independently and separately  and has fulfilled the approval procedures of the  Board  and  the  Company's  general  meetings and announcement obligations in accordance with relevant laws and regulations (including  the  Hong  Kong  Listing Rules).

Rental Fee

The rental fee is the repayment of the principal amount for the Leased Aircraft and the interest under the Aircraft Finance Lease Transactions.  The  aggregate  principal  amount shall be not more than 100% of the consideration for the purchase of the Leased Aircraft.    The applicable interest rate will be further determined and  agreed  by  the  Lessor  and  Lessee through requests for proposals issued by the Group or other procurement processes     of the Group and shall satisfy the pricing policy as disclosed below.

The rental fee of which the principal portion is measured according to the equal-principal (equal instalment principal and corresponding interests  incurred  by  the  remaining  principal)  or  average-principal-plus-interests  (average  instalment  for  all  the  principal  and interests) standard, is payable monthly, quarterly or semi-annually in arrears, commencing on the Delivery Date of the Leased Aircraft and concluding on the date of the last payment for such Leased Aircraft. The frequency of rental fee payment and the calculation method of principal portion will be determined on a case-by-case basis taking into account the proposals submitted by CNACG Group and independent third parties and the cash position of the Lessee. The Lessor will provide the Lessee with full value added tax invoices in respect of the principal amount for the Leased Aircraft and the interest thereunder.

Arrangement Fee

The respective arrangement fee for the Leased Aircraft will be  further  determined  and  agreed by the Lessee(s)  and Lessor(s) in line with the pricing policy  as disclosed below.  The arrangement fee shall be paid by the Lessee to the Lessor in one lump sum prior to        the  commencement  of  the  respective  Delivery Date.

Pricing policy

The actual determination of the interest rate and the arrangement fee will be considered as      a whole and governed by the pricing policy as disclosed below.

The comprehensive costs (including the relevant rental fee plus arrangement fee) provided   by CNACG Group to the Group in its finance lease proposal(s) shall be not higher than     those provided by at least three independent third parties who have received the Group's request for proposals or are shortlisted in the same procurement processes of the Group.

Other terms

Buy-back

Upon the payment of the last instalment of rental fee by the Lessee(s) to the Lessor(s) for   the relevant Leased Aircraft, the Lessee(s) is entitled to purchase the  relevant  Leased  Aircraft back from the Lessor(s) at a nominal purchase price.

Implementation  Agreements

To implement the Aircraft Finance Lease Transactions, separate Finance Lease Agreement(s) will be entered into between the Lessee(s) and the Lessor(s) in respect of        the Leased Aircraft, the terms of which will in all material respects be consistent with the binding principles, guidelines, terms and conditions contained in the 2018-2019 Aircraft Finance  Lease  Service  Framework Agreement.

Term of the 2018-2019 Aircraft Finance Lease Service Framework Agreement

The 2018-2019 Aircraft Finance Lease Service Framework Agreement is effective upon approval of the 2018-2019 Aircraft Finance Lease Service Framework Agreement and the transactions and the Maximum Transaction Amounts contemplated thereunder by the Independent Shareholders at the AGM. The term of the 2018-2019 Aircraft Finance Lease Service Framework Agreement shall commence from the date of approval by the  Independent Shareholders at the AGM to 31 December 2019.

The lease period of the Leased Aircraft under the  2018-2019  Aircraft  Finance  Lease  Service Framework Agreement will be agreed upon entering into the individual Finance  Lease Agreements. Based on previous similar transactions, the lease period of the Leased Aircraft under the individual Finance Lease Agreement(s) would be 10 to 12 years.

2.               Proposed Maximum Transaction Amounts of the Aircraft Finance Lease Transactions

As at the date of this announcement, CNACG Group has not  carried  out  any  aircraft  finance  lease  transaction  with  the Group.

The total fee payable under the Aircraft Finance Lease Transaction(s) is the sum of the   rental fee, the arrangement fee and the buy-back fee, and the total rental fee payable under   the Aircraft Finance Lease Transactions equals to the sum of the principal and the interest payable under each Finance Lease Agreement for the entire lease period for each of the Leased Aircraft. The buy-back fee payable will be at a nominal level which is negligible   when calculating the Maximum Transaction Amounts (normally ranges  from  nil  to  RMB10).

In arriving the proposed Maximum Transaction Amounts, considering the lease period for each of the Leased Aircraft would be 10 to 12 years, the Company adopted the prevailing benchmark interest rate i.e. 4.9%, for RMB loan for over  5  years  promulgated  by  the  PBOC (the "PBOC Benchmark Rate") for the calculation of estimated interest of the Aircraft Finance Lease Transactions. When entering into the separate Finance Lease Agreement for each of the Leased Aircraft, the actual interest rate will  be  determined  through requests for proposals or other procurement processes with reference to the PBOC Benchmark Rate. During the term of the Aircraft Finance Lease Transactions, if the PBOC Benchmark Rate is adjusted by the PBOC, the interest rate for the Aircraft Finance Lease Transactions shall be adjusted accordingly in the same direction. However, based on the previous proposals received by the Group from independent third parties, the interest rate     for each of the Leased Aircraft usually would not  be  higher than  the PBOC Benchmark  Rate.

The Company adopted 1% of the principal amount of the Leased Aircraft to calculate the estimated  arrangement  fee  with  reference  to  prevailing  market conditions.

Based on (i) the above-mentioned calculation basis of  the  interest payable and arrangement fee payable under the Aircraft Finance Lease Transactions; (ii) the aircraft scheduled to be introduced by the Company for the period from 1 June  2018  to  31  December 2018 and for the year 2019 according to confirmed orders; and (iii)  the assumption that the maximum aggregate principal amount of the Aircraft Finance Lease Transaction(s) between the Company and CNACG Group for the period from 1 June 2018    to 31 December 2018 and for the financial year ending  31  December  2019  shall  not  exceed half of the aggregate consideration amount of the  aircraft  scheduled  to  be  introduced during such period/financial year according to confirmed orders, it is estimated that, for the Aircraft Finance Lease Transactions to be entered into during the period from      1 June 2018 to 31 December 2018, the rental fee payable for the entire lease period will        be approximately US$1,038.34 million and the arrangement fee payable will be approximately US$8.25 million; for  the  Aircraft  Finance  Lease  Transactions  to  be  entered into during the financial year ending 31 December 2019, the rental fee payable for   the entire lease period will be approximately US$1,480.28 million and the arrangement fee payable will be approximately US$11.75 million. As such, the proposed Maximum Transaction  Amounts  under  the  Aircraft Finance  Lease  Transactions are  set  out below:

Units:  US$  in millions

For the period from 1  June  2018 to

31  December 2018

 

For  the financial

year ending 31  December 2019

Proposed  Maximum

Transaction Amount                                                           1,046.59                             1,492.03

3.               Reasons for and Benefits of the Aircraft Finance Lease Transactions

Entering into the 2018-2019 Aircraft Finance Lease Service Framework Agreement will broaden the aircraft financing channels to satisfy the business development need  of  the Group. The aircraft finance lease would provide more flexibility for the financing channels   in respect of the aircraft to be introduced by the  Group and have  less impact on the  cash  flow of the Group.  The Company is  of the  view that it is beneficial for the Company to  enter into the 2018-2019 Aircraft Finance Lease Service Framework Agreement with  CNACG  after  considering  other  financing options.

Firstly, compared with traditional bank loans, finance lease transaction(s)' application  process is generally more relaxed and offers a  higher  loan-to-value  ratio.  Also,  finance lease transaction is able to avoid the potential dilution effect from equity financing. In addition, by utilizing the finance lease structure to introduce the Leased Aircraft, the  Lessor(s) can provide value added tax invoices for the principal amount and  interest  payments under the Finance Lease Agreements to the Lessee(s),  and  therefore,  the  Lessee(s) can use it to deduct value added tax. The respective arrangement fee for each of   the Leased Aircraft would also be lower than the deductible value added tax in respect of     the interest payments, which can help to reduce the financing costs of the Lessee(s).

Calculated based on the proposed Maximum Transaction Amounts of the Aircraft Finance Lease Transactions for the period from 1 June 2018 to 31 December 2018 and for the financial year ending 31 December 2019 respectively, through adopting the finance lease arrangement provided by CNACG Group under the 2018-2019 Aircraft Finance Lease  Service Framework Agreement, the estimated total savable financing costs for the Group       as compared to adopting secured  loans  arrangements  with  equivalent  interest  rates provided by the market over the same period will be approximately US$22.96 million in  2018,  and  US$32.75  million  in 2019.

Secondly, based on the fact that (i) CNACG Group has an management team with wealthy experiences and is in stable operation; (ii) CNACG Group possesses a  fairly  strong  financing ability with comparatively favorable credit policies provided by  numerous  domestic and foreign banks; and (iii) the relevant subsidiaries of CNACG Group providing aircraft finance lease service were registered in Beijing Tianzhu Free Trade  Zone  and  Tianjin Dongjiang Free Trade Port Zone, and can therefore enjoy preferential financial policies supported by local governmental agencies, CNACG Group  possesses  a  fairly  strong capital advantage, and can guarantee adequate funding sources, and has the qualification and ability to engage in large-scale aircraft finance lease transaction(s).

Thirdly, the relevant business team of CNACG Group possess extensive knowledge and experience in aviation finance industries and has  well  comprehension  on  the  business  needs of the Group, therefore the business communication  between  the  Group  and CNACG Group would be more smoothly, and it is  easier  to  achieve  a  mutual  understanding with the principle of maximizing both parties' benefits in the agreement negotiation stage.

4.               Internal  Control Measures

The Company adopted the following measures to ensure that the Aircraft Finance Lease Transactions with the CNACG Group will be conducted on normal commercial terms and    in accordance with the terms of the 2018-2019 Aircraft Finance Lease Service Framework Agreement and the pricing  policy of the     Company:

•                 The Company's finance department will request for proposals from potential service providers in relation to aircraft finance lease. If any member of the CNACG Group     has been selected as the service provider, the Company's finance department, legal department, asset management department (under which there is a  division responsible for the management  of  connected  transactions)  and  certain  other  relevant departments (if applicable) will review the proposed terms of the Aircraft Finance Lease Transaction(s) to ensure that the Aircraft Finance Lease Transaction(s) will be conducted  (i)  in  ordinary  and  usual  course  of  business  of  the Group; (ii) on normal commercial terms or better; and (iii) according to the 2018-2019 Aircraft Finance Lease Service Framework Agreement on terms that are  fair and reasonable and in the interests of the Company and the Shareholders as a  whole. The reviewed final financing plan will be reported to the management of the Company  for approval.

•                 The asset management department of the Company is responsible for overseeing the connected transactions of the Company. The asset  management  department  will monitor and collect detailed information on the Aircraft Finance Lease Transactions   on a regular basis, including but not limited  to  the  implementation  of  pricing  policies, payment arrangements and actual transaction amount under each Aircraft Finance Lease Transaction to ensure that the transactions  are  conducted  in accordance with the 2018-2019 Aircraft Finance Lease Service Framework Agreement. In addition, the asset management department will be responsible for inspection and assessment of the balance of the  Maximum Transaction Amounts  for the Aircraft Finance Lease Transactions on a monthly basis. If it is expected that the relevant Maximum Transaction Amount would be exceeded, the asset management department will report to the management of the Company and take appropriate measures in accordance with the relevant requirements of the Hong  Kong  Listing Rules.

•                 The Company's internal audit department is responsible for performing the annual evaluation procedure on the internal control procedures of the Group, including but   not limited to the relevant information on the management  of  the  continuing  connected transactions. In addition, the internal audit department is responsible for compiling the annual internal control evaluation report and submitting the report to     the  Board  for  examination  and approval.

•                 The Company's independent auditor and independent non-executive Directors will conduct  annual  review  of  the  Aircraft  Finance  Lease Transactions.

Based on the above, the Directors (including the independent non-executive Directors) are    of the view that the Company has implemented effective internal control and risk  management measures, and such methods and procedures can ensure that the transactions contemplated under the 2018-2019 Aircraft Finance Lease Service Framework Agreement will be conducted on normal commercial terms and are in the interests of the Company       and  the  Shareholders  as  a whole.

5.               Parties  and  Connected  Relationship  of  the Parties

The Company

The Company's principal business activity is air passenger, air cargo and airline-related services.

CNACG

CNACG is an investment holding company whose principal businesses include  airport  ground support services, airline catering services, aircraft maintenance and repair services, aircraft related materials lease services, property investment, ticket and tourism services, logistics and finance lease and operating lease services conducted through its subsidiaries.

II.              HONG  KONG  LISTING  RULES IMPLICATIONS

CNACG is a substantial shareholder of the Company and is therefore a connected person of the Company as defined under the Hong Kong Listing Rules. According to Rule 14.22 and Rule  14A.81 of the Hong Kong Listing Rules, the Aircraft Finance Lease Transactions shall be aggregated with the Previous Transaction. As the highest of the applicable Percentage Ratios is higher than 5.0% but less than 25%, the Aircraft Finance  Lease  Transactions  constitute  continuing connected transaction and discloseable transaction of the Company under the Hong Kong Listing Rules. Therefore, the Aircraft Finance Lease Transactions and the proposed Maximum Transaction Amounts are subject to: (i) the  disclosure,  annual  review  and Independent Shareholders' approval requirements  under  Chapter  14A  of  the  Hong  Kong  Listing Rules; and (ii) the  requirements applicable to discloseable  transactions under Chapter 14  of  the  Hong  Kong  Listing Rules.

At the fifth meeting of the fifth session of the Board held on  27  March  2018,  the  Board  approved the 2018-2019 Aircraft Finance Lease Service Framework Agreement, the Aircraft Finance Lease Transactions and the proposed Maximum Transaction  Amounts thereunder.  Mr.  Cai Jianjiang and Mr. Song Zhiyong are considered to have a material interest in the 2018-2019 Aircraft Finance Lease Service Framework Agreement and therefore have abstained from voting   in the relevant board resolution in respect of the 2018-2019 Aircraft Finance Lease Service Framework Agreement, the Aircraft Finance Lease Transactions and the proposed Maximum Transaction Amounts thereunder. Save as disclosed above, none of the Directors has a material interest in the 2018-2019 Aircraft Finance Lease Service Framework Agreement and hence no   other Director is required to abstain from voting on the relevant board resolution.

III.            SHANGHAI  LISTING  RULES IMPLICATIONS

Pursuant to the Shanghai Listing Rules, CNACG is a related party of the Company as it  is controlled by the controlling shareholder of the Company. Therefore, the 2018-2019 Aircraft Finance Lease Service Framework Agreement shall be approved or ratified by Independent Shareholders  at  the AGM.

IV.            GENERAL

The Company will seek Independent Shareholders' approval for the 2018-2019 Aircraft Finance Lease Service Framework Agreement, the Aircraft Finance Lease Transactions and the proposed Maximum  Transaction  Amounts thereunder.

The Independent Board Committee comprising  all  independent  non-executive  Directors  has  been set up to advise the Independent Shareholders in respect of the Aircraft Finance Lease Transactions and the proposed Maximum Transaction Amounts thereunder. Challenge Capital Management Limited has been appointed as the independent financial advisor to advise the Independent  Board  Committee and  the  Independent  Shareholders  in  this  regard.

V.              SHAREHOLDERS'  CIRCULAR

A circular containing, among other things, (i) details of the 2018-2019 Aircraft Finance Lease Service  Framework  Agreement  and  the  proposed  Maximum  Transaction  Amounts  thereunder;

(ii) a letter from an independent financial adviser to the Independent Board Committee and the Independent Shareholders containing its advice on the Aircraft Finance Lease Transactions contemplated thereunder and the proposed Maximum Transaction Amounts; and (iii) the recommendation of the Independent Board Committee in respect of such transactions and the proposed Maximum Transaction Amounts, will be despatched to  Shareholders  on  or  about  4 April 2018 in accordance with the Hong Kong Listing Rules.

DEFINITIONS

In this announcement, unless the context otherwise requires, the following terms shall  have  the  following  meanings:

"2018-2019 Aircraft Finance Lease Service Framework  Agreement"

 

the 2018-2019 aircraft finance lease service framework agreement entered into between the Company and CNACG on 27 March 2018, pursuant to which CNACG Group agreed to provide finance lease service to the Group in relation to the  Leased Aircraft in accordance with its terms and conditions and the relevant implementation  agreements  contemplated  thereunder

"AGM"                                             the  2017  annual  general  meeting  of  the  Company  to  be   held  on Friday,  25  May 2018

"Airbus S.A.S."                                Airbus S.A.S., a company incorporated under the laws of France

"Aircraft  Finance Lease  Transactions"

 

the finance lease of the Leased Aircraft pursuant to the 2018-2019 Aircraft  Finance  Lease  Service  Framework Agreement

"Board"                                            the  board  of Directors

"Boeing Company"                           Boeing  Company, a  company  incorporated in  the State of Delaware of  the  United  States  of America

"Company"                                       Air  China Limited,  a company  incorporated in  the  PRC,   whose H Shares are listed on the Stock Exchange as its primary listing venue and on the Official List of the UK  Listing  Authority  as  its secondary listing venue, and whose A Shares are listed on the Shanghai  Stock Exchange

"CNAC"                                           China National Aviation Holding Corporation   Limited (中國航空集 團有限公司), a state-owned enterprise incorporated under the laws

of the PRC and the controlling Shareholder of the Company

"CNACG"                                        China  National  Aviation  Corporation  (Group)  Limited   (中國航空

（集團）有限公司), a company incorporated under the laws of Hong

Kong and a wholly-owned subsidiary of CNAC as at the date of      this announcement

"CNACG Group"                            CNACG  and  its subsidiaries

"Delivery Date"                                the date on which the Lessor(s) delivers the Leased Aircraft to the

Group  pursuant  to  the  respective  Finance  Lease Agreement

"Directors"                                        directors  of  the Company

"Finance Lease Agreement(s)"         the individual finance lease agreement(s) in relation to the Leased

Aircraft to be entered into by the Group pursuant to the 2018-2019 Aircraft Finance Lease Service Framework Agreement from time to time

"Group"                                            the  Company  and  its subsidiaries

"Hong Kong"                                   Hong Kong  Special Administrative Region of the     PRC

"Hong  Kong Listing Rules"              the   Rules   Governing   the   Listing   of   Securities   on   the   Stock

Exchange

"H Share(s)"                                     the  overseas  listed  foreign  share(s)  in  the  share  capital       of  the Company with a nominal value of RMB1.00 each, which are listed   on the Stock Exchange (as primary listing venue) and has been admitted into the Official List of the UK Listing Authority (as secondary  listing venue)

"Independent Board Committee"

 

a board committee comprising Mr.  Wang  Xiaokang,  Mr.  Liu Deheng, Mr. Stanley Hui Hon-chung  and  Mr.  Li  Dajin,  all  being the  independent  non-executive Directors

"Independent Financial Adviser" or "Challenge Capital"

 

Challenge Capital Management Limited, a corporation licensed to carry out Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management)  regulated activities under the  SFO  and  is  the  independent  financial  adviser to the Independent Board Committee and the Independent Shareholders in respect of the Aircraft Finance Lease Transactions under the 2018-2019 Aircraft Finance Lease Service Framework Agreement and the proposed Maximum Transaction Amounts  thereunder

"Independent Shareholders"             The  Shareholders  other  than  CNAC and CNACG "Lessee(s)"                                       the  Company  or  its subsidiaries

"Lessor(s)"                                        subsidiary(ies)   of   CNACG   which   is/are   qualified for  providing aircraft  finance  lease services

"Leased Aircraft"                              part of the aircraft scheduled to be introduced by the Company in

2018 and 2019, and to be entered into the finance lease agreement(s) in respect of the Aircraft Finance Lease Transactions  (subject  to  adjustment  from  time  to time)

"Maximum Transaction Amount"

 

the maximum aggregate amount payable under the Aircraft Finance Lease Transactions, which includes the rental fee payable and the arrangement  fee  payable  throughout  the  entire  lease period

"PBOC"                                           the  People's  Bank  of China

"Percentage Ratio"                           has the meaning ascribed to it by the Hong Kong Listing Rules "PRC" or "China"                                             the People's Republic of China (other than, for the purpose of this

announcement  only,  Hong  Kong,  Macau  and Taiwan)

"Previous Transaction"                     the transactions contemplated under the framework agreement    dated

30 August 2016 entered into between  the  Company  and  CNACG (i.e. the ground support services, aircraft repair and maintenance services, administrative management services and finance lease and operating lease services provided by CNACG Group to the Group),  the details of which are set out in  the  announcement  of  the Company  dated  30  August 2016

"RMB"                                             Renminbi,  the  lawful  currency  of  the PRC

"SFO"                                              the  Securities  and  Futures  Ordinance  (Chapter  571  of  the laws of Hong Kong)

"Shanghai Listing Rules"                   the  Rules  Governing  the  Listing  of  Stocks  on  the  Shanghai Stock

Exchange

"Shareholder(s)"                                holder(s)  of  the  shares  of the Company "Stock Exchange"      The  Stock  Exchange  of  Hong  Kong Limited

"US$"                                               United  States  dollars,  the  lawful  currency  of  the  United States of America

By  Order  of  the Board

                 Air  China  Limited

        Zhou Feng      Tam  Shuit Mui

              Joint  Company Secretaries

Beijing, the PRC

27  March 2018

As at the date of this announcement, the directors of the Company are Mr. Cai Jianjiang, Mr. Song Zhiyong, Mr. John Robert Slosar, Mr. Wang Xiaokang*, Mr. Liu  Deheng*,  Mr.  Stanley  Hui Honchung*  and  Mr.  Li Dajin*.

*    Independent  non-executive  director  of  the Company

 

END

 

 

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