1st Quarterly Report 2010

RNS Number : 6839K

Air China Ld

23 April 2010

 



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.

AIR CHINA LIMITED

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

(Stock Code: 00753)

FIRST QUARTERLY REPORT 2010

This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.

The board of directors (the "Board") of Air China Limited (the "Company") hereby announces that a meeting of the Board was held on 22 April 2010 and the Board passed, inter alia, the resolution approving the quarterly report for the first quarter of 2010 prepared in accordance with the PRC Accounting Rules and Regulations.

§1      IMPORTANT NOTICE

1.1     The Board, the Supervisory Committee, as well as the directors, supervisors and senior management of the Company hereby warrant that there are no false representations, misleading statements or material omissions in this report, and jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the contents of this quarterly report.

1.2     Directors absent from the board meetings are required to be disclosed separately

Name of absent directors	Position of absent directors	Reason(s) for absence	Name of proxy
Wang Shixiang	Non-executive Director	business engagement	Kong Dong
Christopher Dale Pratt	Non-executive Director	business engagement	Chen Nan Lok, Philip
Hu Hung Lick, Henry	Independent Director	business engagement	Zhang Ke

1.3     This First Quarterly Financial Report of the Company is unaudited.

1.4		the Legal representative of the Company	Mr. Kong Dong, Chairman
		Person in charge of accounting function	Mr. Fan Cheng, Chief Financial Officer
		Person in charge of accounting department (accounting superintendent)	Mr. Xiao Feng, General Manager of the Finance Department

The Legal representative of the Company Mr. Kong Dong (Chairman), Person in charge of accounting function Mr. Fan Cheng (Chief Financial Officer), and Person in charge of accounting department Mr. Xiao Feng (accounting superintendent and the General Manager of the Finance Department) hereby jointly declare that the financial statements set out in this quarterly report is true and complete.

§2      BASIC INFORMATION OF THE COMPANY

2.1     Major accounting data and financial ratios

                                                                                                                                 (In RMB)

	At the end of the reporting period	At the end of pervious year	Increase/ decrease at the end of the reporting period as compared to the end of the pervious year
			(%)
Total assets (RMB'000)	109,290,876.00	106,163,207.00	2.95
Owner's equity (or shareholders' equity) (RMB'000)	26,080,634.00	23,922,872.00	9.02
Net asset per share attributable to shareholders of the listed company (RMB)	2.25	2.02	11.39

	From the beginning of the year to the end of the reporting period	Increase/ decrease over the corresponding period of previous year
		(%)
Net cash flows from operating activities (RMB'000)	2,519,971.00	225.75
Net cash flows from operating activities per share (RMB)	0.22	214.29

	Reporting period	From the beginning of the year to the end of the reporting period	Increase/ decrease of this reporting period as compared to the corresponding period of previous year
			(%)
Net profit attributable to shareholders of the listed company (RMB'000)	2,171,707.00	2,171,707.00	121.33
Basic earnings per share (RMB)	0.19	0.19	137.50
Basic earnings per share after deducting non-recurring profits and losses (RMB)	0.12	0.12	500
Diluted earnings per share (RMB)	N/A	N/A	N/A
Weighted average return on net assets (%)	8.69	8.69	Increased by 3.85 percentage points
Weighted average return on net assets after deducting non-recurring profits and losses (%)	5.67	5.67	Increased by 4.75 percentage points

After deducting non-recurring profits and losses:

                                                                                                                     (RMB'000)

Items	Amount
Gains/(losses) from disposal of non-current assets	-2,050
Government grants included in the profits and losses for the current period (except for those that are closely related to the Company's normal operating business and qualified under national policy to receive certain standard amount and quantities)	69,397
Gain/(loss) from changes in fair value of financial assets/liabilities held for trading and investment gains from disposal of financial assets/liabilities held for trading and available-for-sale financial assets (except for hedging activities related to the Company's normal operating business)	938,202
Other non-operating income and expenses not covered above	-231
Effect of income tax	-251,330
Effect on minority interest (after tax)	-43
Total	753,945

2.2     Total number of shareholders and shareholdings of top 10 holders of listed shares not subject to trading moratorium as at the end of the reporting period

                                                                                                           Unit: Share

Total number of shareholders at the end of the reporting period

293,466 (including 5,490 registered H Share holders)

Particulars of the top 10 holders of listed shares not subject to trading moratorium

Name of shareholder (full name)	Number of listed shares not subject to trading moratorium held as at period end	Class of Shares
China National Aviation Holding Company	4,949,066,567	RMB ordinary shares
Cathay Pacific Airways Limited	2,217,617,455	Overseas listed foreign shares
HKSCC NOMINEES LIMITED	2,156,864,563	Overseas listed foreign shares
China National Aviation Corporation (Group) Limited	1,447,334,920	RMB ordinary share 1,332,482,920
		Overseas listed foreign shares 66,852,000
Sinotrans Air Transportation Development Co., Ltd.	80,000,000	RMB ordinary shares
China Construction Bank - Yin Hua Core Value Equity Fund	34,000,000	RMB ordinary shares
Bank of Communications - Rongtong Industrial Prosperity Fund	33,600,000	RMB ordinary shares
China Construction Bank -China AMC Dividend Mixed Open-end Securities Investment Fund	28,009,898	RMB ordinary shares
The Industrial and Commercial Bank of China - Boshi Even Allocation Hybrid Securities Investment Fund	20,800,000	RMB ordinary shares
IFC-HSBC-TEMASEK FULLERTON ALPHA PTE LTD	19,199,641	RMB ordinary shares

§3      SIGNIFICANT EVENTS

3.1     Significant changes in the major items of the accounting statements and the key financial indicators of the Company and the underlying reasons

üApplicable □ Not applicable

1.      The Company's total profit for the three months ended 31 March 2010 increased by RMB1.669 billion or 177.63% as compared with the corresponding period of previous year, with operating revenues up by RMB3.453 billion or 30.71%, primarily due to the rapid expansion of air transport        demand. Operating costs increased by RMB2.176 billion or 23.16% as compared with the corresponding period of previous year, primarily due to the additional jet fuel cost of RMB1.468 billion as a result of the increasing oil price. Meanwhile, the Company generated gains of RMB938 million arising from fair value changes of jet fuel derivative contracts due to factors such as rising oil price. Thanks to the satisfactory performance of its investees, the Company's investment gains increased by approximately RMB415 million as compared with the corresponding period of previous year. The non-operating income decreased by RMB613 million as compared with the corresponding period of previous year due to the termination of the refund policy in relation to CAAC Infrastructure Development Fund on 30 June 2009.

2.      The Company's total assets as at the end of March 2010 increased by RMB3.128 billion or 2.95% over the end of 2009 due to the expansion of the Company's aircraft fleet and good operating results from January to March.

3.2     Analysis and explanation on the progress of significant events and their impact and resolutions

□ Applicable üNot applicable

3.3     Performance of undertakings given by the Company, the shareholders and actual controller

□ Applicable üNot applicable

3.4     Warning in respect of forecast of possible net loss from the beginning of the year to the end of the next Reporting Period or warning in respect of any significant changes in net profit as compared with that of the corresponding period of previous year and the underlying reasons

□ Applicable üNot applicable

Air China Limited

Legal representative: Kong Dong

22 April 2010

§4      APPENDIX

4.1     Consolidated Balance Sheet

31 March 2010

Prepared by Air China Limited

                                                                                            Unit: RMB'000 (Unaudited)

Items	Balance at the end of the period	Balance at the beginning of the year
CURRENT ASSETS:
Cash and bank balances	4,526,364	3,201,568
Provisions on payables
Contributions made
Held-for-trading financial assets
Bills receivable	2,770	2,489
Accounts receivable	2,513,390	2,201,172
Prepayments	456,744	350,257
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Interests receivable
Dividends receivable
Other receivables	571,363	492,007
Purchase of financial assets resold
Inventories	893,757	931,271
Non-current assets due within a year
Other current assets
Total current assets	8,964,388	7,178,764

Items	Balance at the end of the period	Balance at the beginning of the year
NON-CURRENT ASSETS:
Loans and advances
Available-for-sale financial assets
Held-to-maturity investment
Long-term receivables	241,342	254,306
Long-term equity investment	13,616,788	13,235,575
Investment property
Fixed assets	70,249,816	69,147,527
Construction in progress	12,069,209	11,731,131
Construction materials
Disposal of fixed assets
Biological assets for production
Oil and gas assets
Intangible assets	2,557,068	2,576,301
Development expenses
Goodwill	349,055	349,055
Long-term deferred expenses	123,578	138,105
Deferred income tax assets	1,119,632	1,552,443
Other non-current assets
Total non-current assets	100,326,488	98,984,443
Total assets	109,290,876	106,163,207
CURRENT LIABILITIES:
Short-term borrowings	10,022,909	8,870,400
Borrowings from central bank
Deposits from clients and placements from other banks
Contributions received
Held-for-trading financial liabilities	1,298,141	2,274,627
Bills payable	203,575	763,255
Accounts payable	9,919,766	9,547,384
Advances from customers	38,051	38,127
Sale of financial assets repurchased
Fees and commissions payable
Salaries and wages payable	417,662	348,492
Taxes payable	686,210	720,295
Interests payable	182,575	303,154
Dividend payable
Other payables	1,995,603	2,224,083
Amounts payable on reinsurance
Provisions on insurance contracts
Brokerage payable
Underwriting fees payable
Non-current liabilities due within a year	12,671,246	11,304,489
Other current liabilities
Total current liabilities	37,435,738	36,394,306

Items	Balance at the end of the period	Balance at the beginning of the year
NON-CURRENT LIABILITIES:
Long-term borrowings	18,955,331	18,321,078
Debentures payable	9,000,000	9,000,000
Long-term payables	16,294,914	16,865,604
Specific payables
Estimated liabilities	94,438	94,438
Deferred income tax liabilities	143,000	143,000
Other non-current liabilities	1,247,702	1,383,338
Total non-current liabilities	45,735,385	45,807,458
Total liabilities	83,171,123	82,201,764
OWNER'S EQUITY(or SHAREHOLDERS' EQUITY):
Equity	12,251,362	12,251,362
Capital surplus	10,823,906	10,823,906
Less: Treasury shares
Specific reserves
Surplus reserves	1,563,914	1,563,914
General risk provisions
Profit available for appropriation	3,093,555	921,848
Foreign exchange translation reserve	-1,652,103	-1,638,158
Total equities attributable to owners of the Parent Company	26,080,634	23,922,872
Minority interests	39,119	38,571
Total owner' equity	26,119,753	23,961,443
Total liabilities and owner' equity	109,290,876	106,163,207

Legal representative of the Company: Kong Dong

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

Balance Sheet of the Parent Company

31 March 2010

Prepared by Air China Limited

                                                                                          Unit: RMB'000 (Unaudited)

Items	Balance at the end of the period	Balance at the beginning of the year
CURRENT ASSETS:
Cash and bank balances	2,435,806	1,089,515
Held-for-trading financial assets
Bills receivable	2,286	2,268
Accounts receivable	2,338,767	1,771,682
Prepayments	291,522	260,044
Interests receivable
Dividend receivable
Other receivables	801,542	678,174
Inventories	812,577	850,518
Non-current liabilities due within a year
Other current assets
Total current assets	6,682,500	4,652,201
NON-CURRENT ASSETS:
Available-for-sale financial assets
Held-to-maturity investment
Long-term receivables	183,790	182,406
Long-term equity investment	19,245,649	19,198,728
Investment property
Fixed assets	66,350,905	65,186,091
Construction in progress	11,350,474	11,081,062
Construction materials
Disposal of fixed assets
Biological assets for production
Oil and gas assets
Intangible assets	2,177,929	2,195,810
Development expenses
Goodwill
Long-term deferred expenses	117,328	131,682
Deferred income tax assets	1,070,189	1,503,000
Other non-current assets
Total non-current assets	100,496,264	99,478,779
Total assets	107,178,764	104,130,980

Items	Balance at the end of the period	Balance at the beginning of the year
CURRENT LIABILITIES:
Short-term borrowings	9,966,398	8,565,294
Held-for-trading financial liabilities	1,298,141	2,274,627
Bills payable		160,000
Accounts payable	8,701,255	8,471,873
Receipts in advance	33,848	34,300
Salaries and wages payable	346,530	284,397
Taxes payable	633,206	644,591
Interests payable	177,183	301,950
Dividend payable
Other payables	1,791,192	1,978,628
Non-current liabilities due within a year	12,379,730	11,002,982
Other current liabilities
Total current liabilities	35,327,483	33,718,642
NON-CURRENT LIABILITIES:
Long-term borrowings	17,554,309	17,125,849
Debentures payable	9,000,000	9,000,000
Long-term payables	16,009,376	16,440,104
Specific payables
Estimated liabilities	94,438	94,438
Deferred income tax liabilities	143,000	143,000
Other non-current liabilities	1,237,991	1,377,482
Total non-current liabilities	44,039,114	44,180,873
Total liabilities	79,366,597	77,899,515
OWNER'S EQUITY (or SHAREHOLDER'S EQUITY):
Equity	12,251,362	12,251,362
Capital surplus	14,332,112	14,332,112
Less: Treasury shares
Specific reserves
Surplus reserves	1,554,324	1,554,324
General risk provisions
Profit available for appropriation	-325,631	-1,906,333
Total shareholders' equity	27,812,167	26,231,465
Total liabilities and shareholders' equity	107,178,764	104,130,980

Legal representative of the Company: Kong Dong

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

4.2     Consolidated Income Statement

January to March 2010

Prepared by Air China Limited

                                                                                            Unit: RMB'000 (Unaudited)

Items		Amounts for the period	Amounts for the corresponding period of previous year
I.	Revenue from operations	14,696,368	11,243,520
	Including:     Operating income	14,696,368	11,243,520
	Interest income
	Premium earned
	Fees and commission income
II.	Total operating cost	13,500,379	11,023,484
	Including: Operating costs	11,569,857	9,394,323
	Interest expenses
	Fees and commission expenses
	Returned premium
	Net reimbursement paid
	Net amounts of provisions on   insurance contracts drawn
	Bonus paid on insurance policy
	Reinsurance premium
	Business taxes and other levies	345,707	271,961
	Selling expenses	963,789	812,696
	Administrative expenses	389,968	285,477
	Finance expenses	231,058	259,027
	Impairment loss of assets
	Add:  Gains from changes in fair value (loss is represented by "-" sign)	938,202	44,444
	Investment income (loss is represented           by "-" sign)	406,295	-8,950
	Including: Gains arising from investments           in associated companies and joint ventures	406,295	-8,950
	Exchange gains (loss is represented           by "-" sign)
III.	Profit from operations (loss is represented by "-" sign)	2,540,486	255,530
	Add: Non-operating income	72,464	685,704
	Less: Non-operating expenses	5,349	1,999
	Including: Net loss arising from disposal of   non-current assets	2,085

Items		Amounts for the period	Amounts for the corresponding period of previous year
IV.	Total profit (loss is represented by "-" sign)	2,607,601	939,235
	Less: Income tax expenses	435,346	58,992
V.	Net profit (loss is represented by "-" sign)	2,172,255	880,243
	Net profits attributable to owners of the Parent Company	2,171,707	981,214
	Gains or losses attributable to minority interests	548	-100,971
VI.	Earnings per share:
	(I)      Basic	0.19	0.08
	(II)     Diluted	N/A	N/A
VII.	Other consolidated gains	-13,945	-1,725
VIII.	Total consolidated gains	2,158,310	878,518
	Total consolidated gains attributable to owners of the Parent Company	2,157,762	979,489
	Total consolidated gains attributable to minority interests	548	-100,971

Legal representative of the Company: Kong Dong

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

Income Statement of the Parent Company

January to March 2010

Prepared by Air China Limited

                                                                                           Unit: RMB'000 (Unaudited)

Items		Amounts for the period	Amounts for the corresponding period of previous year
I.	Revenue from operations	13,131,647	10,798,510
	Less: Operating cost	10,409,710	8,534,423
	Business taxes and other levies	323,486	268,097
	Selling expenses	912,596	786,212
	Administrative expenses	298,825	234,348
	Finance expenses	221,334	256,248
	Impairment loss of assets
	Add: Gains from changes in fair value (loss is   represented by "-"sign)	938,202	44,444
	Investment income (loss is represented   by "-" sign)	46,921	63,229
	Including: Gains arising from investments   in associated companies and joint ventures	46,921	63,229
II.	Profit from operations (loss is represented by "-" sign)	1,950,819	826,855
	Add: Non-operating income	67,658	663,175
	Less: Non-operating expenses	4,964	1,994
	Including: Net loss arising from disposal of   non-current assets	2,073
III.	Total profit (loss is represented by "-" sign)	2,013,513	1,488,036
	Less: Income tax expenses	432,811	56,000
IV.	Net profit (loss is represented by "-" sign)	1,580,702	1,432,036
VI.	Earnings per share:
	(I)      Basic
	(II)     Diluted
VII.	Other consolidated gains	-	-2,362
VIII.	Total consolidated gains	1,580,702	1,429,674

Legal representative of the Company: Kong Dong

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

4.3     Consolidated Cash Flow Statement

January to March 2010

Prepared by Air China Limited

                                                                                        Unit: RMB'000 (Unaudited)

Items		Amounts for the period	Amounts for the corresponding period of previous year
I.	Cash flows from operating activities:
	Cash received from sales of goods and provision of services	14,191,308	10,443,252
	Net increase in deposits from clients and placements from other banks
	Net increase in borrowings from central bank
	Net increase in contributions made to other financial institutions
	Cash received from premiums of original insurance contracts
	Net cash receipt from reinsurance operations
	Net increase in reserve of the insured and investment
	Net increase in held-for-trading financial assets
	Cash received from interests, fees and commission
	Net increase in contributions received
	Net increase in cash from repurchase operations
	Refund of tax and levy		2,716
	Other cash received relating to operating activities	331,846	243,158
	Subtotal of cash inflows of operating activities	14,523,154	10,689,126
	Cash paid for goods purchased and services received	8,590,271	5,666,463
	Net increase in loans and advances to clients
	Net increase in deposits to central bank and to other banks
	Cash payment in respect of claims under original insurance contracts
	Cash payment for interests, fees and commission
	Cash payment of bonus paid to insurance policy
	Cash paid to or on behalf of employees	1,365,218	1,098,670
	Tax and levies paid	620,548	673,320
	Other cash paid in relation to operating activities	1,427,146	2,477,075
	Subtotal of cash outflows from operating activities	12,003,183	9,915,528
	Net cash flows from operating activities	2,519,971	773,598

Items		Amounts for the period	Amounts for the corresponding period of previous year
II.	Cash flows from investing activities:
	Cash received from withdrawal of investments
	Cash received from investment income	4,202
	Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets	43,944	61,758
	Net cash proceeds from disposal of subsidiaries and other business units
	Other cash received from investing activities	360,647	6,297
	Subtotal of cash inflows from investment activities	408,793	68,055
	Cash paid for purchase of fixed assets, intangible assets and other long-term assets	3,338,555	1,311,745
	Cash paid for investments	38,284	265,200
	Net increase in secured loans		1,371
	Net cash payments for acquisition of subsidiaries and other business units
	Cash payments relating to other investments
	Subtotal of cash outflows from investment activities	3,376,839	1,578,316
	Net cash flows from investing activities	-2,968,046	-1,510,261
III.	Cash flows from financing activities:
	Cash received from capital injection
	Including: Cash received from capital injection of minority shareholders in subsidiaries
	Cash received from borrowings	7,623,790	10,093,162
	Cash received from issue of debentures
	Other cash relating to financing activities
	Subtotal of cash inflows from financing activities	7,623,790	10,093,162
	Cash paid for repayment of borrowings	4,472,474	7,892,173
	Cash payments for distribution of dividends, profits or interest expenses	362,586	411,374
	Including:     Dividends and profit paid to minority                    shareholders by subsidiaries
	Other cash payments relating                    to financing activities	652,353	1,084,310
	Subtotal of cash outflows from                    financing activities	5,487,413	9,387,857
	Net cash flows from financing activities	2,136,377	705,305

Items		Amounts for the period	Amounts for the corresponding period of previous year
IV.	Effect of exchange rate changes on cash and cash equivalents	-7,645	-32,984
V.	Net increase in cash and cash equivalents	1,680,657	-64,342
	Add:  Balance of cash and cash equivalents           at the beginning of the period	2,636,821	2,913,332
VI.	Balance of cash and cash equivalents at the end of the period	4,317,478	2,848,990

Legal representative of the Company: Kong Dong

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

Cash Flow Statement of the Parent Company

January to March 2010

Prepared by Air China Limited

                                                                                         Unit: RMB'000 (Unaudited)

Items		Amounts for the period	Amounts for the corresponding period of previous year
I.	Cash flows from operating activities:
	Cash received from sales of goods and provision of services	12,444,911	9,463,493
	Refund of tax and levy		2,716
	Other cash received relating to operating activities	243,184	206,361
	Subtotal of cash inflows from operating activities	12,688,095	9,672,570
	Cash paid for goods purchased and services received	7,457,642	4,579,891
	Cash paid to and on behalf of employees	1,196,816	1,022,800
	Taxes and levies paid	571,999	656,763
	Other cash paid in relation to operating activities	1,177,837	2,348,767
	Subtotal of cash outflows from operating activities	10,404,294	8,608,221
	Net cash flows from operating activities	2,283,801	1,064,349
II.	Cash flows from investing activities:
	Cash received from withdrawal of investments
	Cash received from investment income
	Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets	42,342	61,756
	Net cash proceeds from disposal of subsidiaries and other business units
	Other cash received from investing activities	2,880	3,951
	Subtotal of cash inflows from investment activities	45,222	65,707
	Cash paid for purchase of fixed assets, intangible assets and other long-term assets	3,131,740	1,151,910
	Cash paid for investments	38,284	265,200
	Net cash payments for acquisition of subsidiaries and other business units
	Cash payments relating to other investments
	Subtotal of cash outflows from investment activities	3,170,024	1,417,110
	Net cash flows from investing activities	-3,124,802	-1,351,403

Items		Amounts for the period	Amounts for the corresponding period of previous year
III.	Cash flows from financing activities:
	Cash received from capital injection
	Cash received from borrowings	7,605,357	9,977,721
	Other cash relating to financing activities
	Subtotal of cash inflows from financing activities	7,605,357	9,977,721
	Cash paid for repayment of borrowings	4,411,252	7,778,113
	Cash payments for distribution of dividends, profits or interest expenses	349,062	410,249
	Other cash payments relating to financing activities	652,353	1,084,310
	Subtotal of cash outflows from financing activities	5,412,667	9,272,672
	Net cash flows from financing activities	2,192,690	705,049
V.	Net increase in cash and cash equivalents	-5,399	-15,432
IV.	Effect of exchange rate changes on cash and cash equivalents	1,346,290	402,563
	Add:  Balance of cash and cash equivalents           at the beginning of the period	1,089,515	1,508,947
VI.	Balance of cash and cash equivalents at the end of the period	2,435,805	1,911,510

Legal representative of the Company: Kong Dong

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

	By order of the Board
	Air China Limited
	Huang Bin	Tam Shuit Mui
	Joint Company Secretaries

Beijing, PRC, 22 April 2010

As at the date of this announcement, the Directors of the Company are Mr. Kong Dong, Ms. Wang
Yinxiang, Mr. Wang Shixiang, Mr. Cao Jianxiong, Mr. Christopher Dale Pratt, Mr. Chen Nan Lok,
Philip, Mr. Cai Jianjiang, Mr. Fan Cheng, Mr. Hu Hung Lick, Henry*, Mr. Zhang Ke*, Mr. Jia Kang*
and Mr. Fu Yang*.

* Independent non-executive Director of the Company

 

END

 

 

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