Equity Research

February 6, 2018

China Merchants Port Holdings

Attractive valuation and dividend creates bottom-fishing opportunity
Company Update Maintain BUY

What's new Ticker 00144.HK

China Merchants Port Holdings (CMPort) says it will sell its equity CICC investment rating BUY

interest in Shenzhen Chiwan (000022.SZ) to China Merchants Group Last close HK$19.20
CICC target HK$29.34
for Rmb25.47/Chiwan A-share and HK$13.35/Chiwan B-share.
52wk price range HK$25.81~18.60
Comments Market cap (bn) HK$63
Daily value (mn) HK$194.53
Unlocking shareholder value. The prices value Chiwan A-shares at
Shares outstanding (mn) 3,278
30.1x LTM P/E and Chiwan B-shares at 13.4x LTM P/B, both higher Free float (%) 100
than CMPort’s 10.8x 2018e P/E. We estimate net disposal gains at Daily volume (mn sh) 9.49
HK$3.88bn, of which CMPort says it will pay out 40–50% as a Business sector Ports
dividend. The company will receive cash consideration of HK$5.75bn
and plans to use this to invest overseas.
00144.HK HSCEI
140
Throughput to see mild organic growth, firm to keep growing
overseas. CMPort expects organic throughput growth this year in the
Relative Value (%)

130

low single digits domestically and high single digits overseas. It plans
120
to target gateway ports or transshipment hubs to ensure returns (it
expects investments in Sri Lanka’s Hambantota port and Brazil’s TCP 110
in 2017 to yield IRRs of 9% and 11%, respectively). In 2016, overseas
ports accounted for 20% of CMPort’s earnings and assets. 100
Feb-2017 May-2017 Aug-2017 Nov-2017 Feb-2018

Tariff cut priced in; correction overdone. CMPort’s actual ASPs are
lower than standard port fees, due to discounts for shipping firms. (HK$ mn) 2016A 2017E 2018E 2019E

West Shenzhen tariffs are to drop 33% from Rmn1,200/TEU in 2017 Revenue 7,976 8,860 9,309 9,746
to Rmnb800/TEU in 2018, but the company’s ASP in 2016 was around (+/-) -3.1% 11.1% 5.1% 4.7%
Rmb480, far below the standard fee—so the tariff cut should have Net profit 5,494 7,065 5,650 6,378
less effect than it would seem at first glance. We believe a correction (+/-) 14.3% 28.6% -20.0% 12.9%
triggered by worries about the tariff cut is overdone—the stock has EPS 1.73 2.23 1.78 2.01
fallen 29% since September—and see a bottom-fishing opportunity. BPS 20.78 22.36 23.51 24.80
DPS 0.73 2.12 0.75 0.84
Huge land value in Qianhai. We conservatively value CMPort’s
interest in Qianhai land at Rmb9.3bn, or about 18% of its market cap. CPS 1.75 1.65 2.18 2.00
P/E 11.1 8.6 10.8 9.5
P/B 0.9 0.9 0.8 0.8
Valuation and recommendation EV/EBITDA 8.6 7.5 8.3 7.6
CMPort trades at 10.8x 2018e P/E and 0.8x P/B and offers a 3.8% Dividend yield 3.6% 10.7% 3.8% 4.3%
dividend yield—or 6.7% if including expected disposal gains (45% ROAA 5.3% 6.7% 5.1% 5.6%
payout ratio assumed). We raise our 2017 and 2018 earnings ROAE 8.2% 10.3% 7.8% 8.3%
forecasts by 21% and 9% to HK$7,065mn and HK$5,650mn, and
maintain BUY for its attractive valuation with a HK$29.34 target.

Risks Source: Wind, Bloomberg, company data, CICC Research

Throughput growth disappoints, tariffs decrease more than expected

Xin YANG, CFA Gangxian LIU

Analyst Associate
xin.yang@cicc.com.cn gangxian.liu@cicc.com.cn
SAC Reg. No.: S0080511080003 SAC Reg. No.: S0080117080022
SFC CE Ref: APY553

Please read carefully the important disclosures at the end of this report
 CICC Research: February 6, 2018

Financial summary
Financial statement (HKD mn) 2016A 2017E 2018E 2019E Financial ratios 2016A 2017E 2018E 2019E
Income statement Growth ability
Revenue 7,976 8,860 9,309 9,746 Revenue -3.1% 11.1% 5.1% 4.7%
COGS -4,621 -4,557 -4,813 -5,029 Operating profit 30.7% -10.9% 3.9% 4.6%
Selling expenses 0 0 0 0 EBITDA 8.6% 23.0% -12.3% 7.3%
Administrative expenses -1,019 -1,132 -1,189 -1,245 Net profit 14.3% 28.6% -20.0% 12.9%
Other ops income (expense) 1,561 300 300 300 Profitability
Operating profit 3,897 3,471 3,606 3,772 Gross margin 42.1% 48.6% 48.3% 48.4%
Finance costs -900 -1,037 -1,177 -982 Operating margin 48.9% 39.2% 38.7% 38.7%
Other income (expense) 3,686 6,027 4,641 5,080 EBITDA margin 102.8% 113.8% 95.0% 97.4%
Profit before income tax 6,683 8,461 7,069 7,869 Net margin 68.9% 79.7% 60.7% 65.4%
Income tax -477 -748 -737 -775 Liquidity
Minority interest -712 -648 -682 -715 Current ratio 0.66 0.14 0.51 0.79
Net profit 5,494 7,065 5,650 6,378 Quick ratio 0.65 0.13 0.50 0.78
EBITDA 8,203 10,087 8,846 9,491 Cash ratio 0.40 -0.11 0.19 0.43
Recurrent net income 4,267 6,082 5,650 6,378 Liabilities / assets 28.5% 26.4% 25.0% 23.3%
Balance sheet Net debt / equity 2.2% 7.9% 4.3% 1.4%
Cash and bank balances 3,637 -975 1,656 3,515 Return
Trade and bill receivables 2,296 2,551 2,680 2,805 RoA 5.3% 6.7% 5.1% 5.6%
Inventories 77 86 90 94 RoE 8.2% 10.3% 7.8% 8.3%
Other current assets 3 -415 3 3 Per-share data
Total current assets 6,013 1,246 4,429 6,418 EPS (HKD) 1.73 2.23 1.78 2.01
Fixed assets and CIP 18,459 17,688 16,897 16,087 BPS (HKD) 20.78 22.36 23.51 24.80
Intangible assets and others 78,641 88,949 90,269 92,901 DPS (HKD) 0.73 2.12 0.75 0.84
Total non-current assets 97,100 106,637 107,166 108,988 Cash flow per share (HKD) 1.75 1.65 2.18 2.00
Total assets 103,113 107,883 111,594 115,405 Valuation
Short-term borrowings 4,963 5,000 5,000 4,500 P/E 11.1 8.6 10.8 9.5
Trade and bill payables 3,896 3,432 3,282 3,275 P/B 0.9 0.9 0.8 0.8
Other current liabilities 285 317 333 348 EV/EBITDA 8.6 7.5 8.3 7.6
Total current liabilities 9,144 8,749 8,615 8,123 Dividend yield 3.6% 10.7% 3.8% 4.3%
Long-term borrowings 279 279 279 279
Total non-current liabilities 20,231 19,731 19,231 18,731
Total liabilities 29,375 28,480 27,846 26,854
Share capital 19,548 19,548 19,548 19,548
Retained profit 31,141 36,157 39,821 43,908
Equity 65,908 70,924 74,588 78,675
Total liabilities & equity 103,113 107,883 111,594 115,405
Cash flow statement
Pretax profit 6,683 8,461 7,069 7,869
Depreciation & amortization 560 579 598 618
Change in working capital 758 -345 -292 -146
Others -2,449 -3,456 -459 -2,005
Cash flow from operations 5,552 5,239 6,917 6,336
Capital expenditure 1,658 396 396 396
Others -12,514 -6,708 -599 -578
Cash flow from investing -10,856 -6,312 -203 -181
Equity financing 0 0 0 0
Bank borrowings 3,562 -862 -500 -1,000
Others -4,705 -3,095 -3,165 -3,296
Cash flow from financing -1,143 -3,957 -3,665 -4,296
Foreign exchange gain (loss) 0 0 0 0
Net changes in cash -6,447 -5,030 3,049 1,859

Source: Company data, CICC Research

Company description
China Merchants Port Holdings is one of the largest public port operators in China with investments in Mainland China, Hong Kong and
overseas. Its nationwide port network expands across the Bohai Economic Zone, the Yangtze River Delta, the Xiamen Bay Economic Zone, the
Pearl River Delta, and the Southwest region. After investing in overseas markets for recent years, CMPort is expanding its port network to
South Asia, Africa, Europe and North America. In addition to the container business, the company is developing value-added marine logistics
services to support the port industry.

Please read carefully the important disclosures at the end of this report
2
 CICC Research: February 6, 2018

Attractive valuation & dividend presents chance to bottom-fish

To realize gains on disposal of Chiwan Wharf

CMPort has announced it will sell its equity stake in Shenzhen Chiwan Wharf (000022.SZ) to
China Merchants Group (CMG). The firm will sell a 57.52% stake in Chiwan A-shares for
Rmb25.47/share (a 6% premium to the last closing price) and 8.58% stake in Chiwan B-shares at
HK$13.35/share (2%). The prices value Chiwan A-shares at 30.1x LTM P/E and Chiwan B-shares at
13.4x LTM P/B, both higher than CMPort’s 10.8x 2018e P/E. After the deal, both CMPort and
Chiwan will operate as container ports under CMG. Non-compete issues will not be completely
resolved, but we see the disposal as an important step and expect it to provide a platform for
CMG to further restructure.

Unlocking shareholder value: CMPort increased its stake in Chiwan from 29.3% to 45.7% over
2010–2016, but Chiwan’s container throughput grew more slowly than CMPort’s, so the
investment’s contribution to CMPort’s total container throughput decreased and its net profit
contribution stayed flat (5% in 2016). The disposal of equity should not have a material influence
on CMPort earnings, but it should unlock shareholder value as the company expects to use the
proceeds to invest in other high-quality overseas projects.

Cash inflows and disposal gains: CMPort will receive a total cash consideration of HK$5.75bn
from the deal and recognize disposal gains of HK$3.88bn (including HK$2.82bn recorded by
CMPort and HK$1.06bn shared from CND). CMPort does not plan to declare a special dividend
but will maintain a stable dividend payout of 40–50% of net profits attributable to shareholders.

Figure 1: Deal structure

Source: Company data, CICC Research

Container handling throughput to see mild organic growth; tariff cuts priced in

Modest growth expected for throughput

CMPort’s total container throughput rose 7.5% in 2017 to a record 102.9mn TEU on growth in
the global economy and international trade. CMPort expects organic throughput growth this
year in the low single digits domestically (limited by base effect and capacity constraints) and
high single digits overseas (mostly emerging markets).

Please read carefully the important disclosures at the end of this report
3
 CICC Research: February 6, 2018

Will continue to expand overseas

With China’s economy growing but gradually maturing, growth in the country’s international
trade (hence container throughput) should naturally slow. CMPort has invested in China’s five
key port areas, has started to diversify globally and will focus more on overseas in the future.
CMPort intends to target gateway ports or transshipment hubs to ensure returns (it expects
investments in Sri Lanka’s Hambantota port and Brazil’s TCP in 2017 to yield IRRs of 9% and 11%,
respectively). In 2016, overseas ports accounted for 20% of CMPort’s earnings and assets. Its
success with the port-park-city (PPC) model should ensure sustainable, long-term growth.

Tariff cuts priced in; correction overdone

On November 15, the National Development and Reform Commission released the results of an
1
investigation finding that some port firms may have broken antitrust laws . As punishment,
tariffs for international trade container handling (but not transshipment) at ports in Shanghai,
2
Ningbo, Qingdao and Tianjin will be lowered 11–21%. On February 1 , the NDRC said tariffs at
ports in Dalian, Guangzhou and Shenzhen (Yantian, Shekou and Chiwan) would be cut 21–33%.

Actual effects, however, are unlikely to be as large as the calculated numbers.

► Only some container operations will be affected. Tariffs will cut for non-transshipment
international trade containers but not for transshipment or domestic trade containers.

► The tariffs in the NDRC announcements are based on standard fees and vary markedly from
CMPort’s actual ASPs, because port operators normally offer discounts to shipping firms
based on volume and product mix. With the West Shenzhen port, for example, tariffs are to
drop 33% from Rmn1,200/TEU in 2017 to Rmnb800/TEU in 2018. However, we estimate
CMPort’s blended ASP at the port (based on its annual report) at a far lower HK$537/TEU
or Rmb480/TEU (based on volume of 10.97mn TEU and revenue of HK$5890mn in 2016). In
short, a 33% decline in standard tariff does not equate to the same for realized ASP.

► CMPort owns approximately 25% of Shanghai International Port Group (SIPG). We estimate
that even if SIPG’s international trade container handling revenue is cut by 20% in 2018,
CMPort’s profit will decline only around Rmb250mn.

► On the other hand, the NDRC has its own estimate of how much logistics cost will be
reduced at all the ports involved: Rmb4.45 (Rmb3.5bn for the first set of ports plus
Rmb960mn for the second). On average, we estimate the impact on revenue at each port
at around 600mn.

1
http://www.ndrc.gov.cn/xwzx/xwfb/201711/t20171115_867070.html
2
http://www.ndrc.gov.cn/gzdt/201802/t20180201_876457.html

Please read carefully the important disclosures at the end of this report
4
 CICC Research: February 6, 2018

Figure 2: Tariff standard cuts effective in 2018 Figure 3: Realized ASP far below fee standard

0% ASP New standard Old standard

-5% (Rmb/TEU)
-10% 1,400
-15% -11%
-20% 1,200
-17%
-25% -19% -21% -21%
1,000
-30% -27%
-35%
Dalian
-30% -33% 800

Yantian

West Shenzhen
Qingdao

Guangzhou
Tianjin

Shanghai

Ningbo-Zhoushan
600
400
200
-
2013 2014 2015 2016

Source: NDRC, CICC Research Source: NDRC, Company data, CICC Research

Hurt by the news, CMPort shares fell 7.25% and 5.2% on the days of the NDRC announcements
and have dropped 16% since November 15 and 29% from their September high. We think the
correction has priced in the potential negative effects of tariff cuts and the market has
overreacted, providing an opportunity for bottom-fishing.

Huge land value in Qianhai

We conservatively value CMPort’s interest in Qianhai land at Rmb9.3bn, or about 18% of its
market cap (at HK$3.45/share). This includes: 1) Rmb7.1bn or HK$2.62/share for a 7% stake in a
JV with China Merchant Shekou to develop around 2.9sqkm of land; and 2) Rmb 2.2bn or
HK$0.83/share in the Qianhaiwan Garden. CMPort also owns a 60% equity interest in Shantou
Port Group (SPG), which has around 1mn sqm of land in the Zhuchi Port Area, which is located in
the city center and has high potential for appreciation.

Attractive valuation and dividend creates bottom-fishing opportunity

SIPG’s 2017 preannounce results beat our expectations; CMPort’s share of SIPG’s profits should
also. Given this, we raise our 2017 earnings forecast by 21% to HK$7,065mn. Because the
Chiwan disposal is not yet complete, we do not include it in our forecasts, but we raise our 2018
earnings forecast for CMPort by 9% to reflect upward revisions to our SIPG earnings forecasts.

CMPort trades at 10.8x 2018e P/E and 0.8x P/B and offers a 3.8% dividend yield—or 6.7% if
including the expected Chiwan disposal gain and assuming a 45% payout ratio. We maintain BUY
on the stock for its attractive valuation with a target of HK$29.34. We see potential catalysts in
further consolidation of West Shenzhen of if land is developed in Qianhai faster than expected.

Please read carefully the important disclosures at the end of this report
5
 CICC Research: February 6, 2018

Figure 4: earnings forecast revisions

HK$ mn 2017E 2018E
Revenue Before Revision 8,830 9,340
After Revision 8,860 9,309
(+/-%) 0% 0%
Net Profit Before Revision 5,816 5,164
After Revision 7,065 5,650
(+/-%) 21% 9%
EPS Before Revision 1.83 1.63
After Revision 2.23 1.78
(+/-%) 21% 9%
Source: Company data, CICC research

Figure 5: Historical forward P/E Figure 6: Historical forward P/B

144 HK Equity Average
144 HK Equity Average Average+1xSTDEV Average-1xSTDEV
5.0
30 Average+1xSTDEV Average-1xSTDEV
4.5
4.0
25 3.5
3.0
20 2.5
2.0
15 1.5
1.0
10 0.5
0.0

13/May

14/Apr
08/Oct

09/Sep

11/Jul
06/Dec

07/Nov

10/Aug

17/Dec
06/Jan

12/Jun

17/Jan
15/Mar

16/Feb
5
11/Sep

13/May

16/Sep
12/Jul

17/Jul
10/Nov
10/Jan

15/Jan

15/Nov
14/Mar

Source: Company data, Wind Info, CICC research Source: Company data, Wind Info, CICC research

Figure 7: Valuations of comparable companies

Company name TP Price Currency PE PB ROE Dividend yield
2016A 2017E 2018E 2019E 2016A 2017E 2018E 2019E 2016A 2017E 2018E 2016A 2017E 2018E 2019E
International listed company
Stobart Group LTD. n.a n.a 2.37 GBP 29.4 43.0 11.5 56.3 1.8 n.a n.a n.a 6% n.a n.a n.a 3% 3% 4% 7%
Port of TAURANGA n.a n.a 5.10 NZD 41.1 43.6 39.8 37.2 3.7 4.0 3.8 3.9 9% 9% 10% 10% 2% 2% 3% 3%
ICT SI n.a n.a 109.50 USD 37.7 32.4 25.9 21.5 3.0 4.9 4.6 3.9 8% 15% 18% 18% 0% 0% 0% n.a
Average 36.1 39.6 25.8 38.3 2.8 4.5 4.2 3.9 8% 12% 14% 14% 2% 2% 2% 5%
Median 37.7 43.0 25.9 37.2 3.0 4.5 4.2 3.9 8% 12% 14% 14% 2% 2% 3% 5%
H listed companies
Qingdao Port* BUY 7.04 5.62 CNY 13.9 10.1 8.0 7.2 2.1 1.3 1.1 1.0 16% 15% 14% 14% 3% 3% 4% 5%
CM Port* BUY 29.34 19.20 HKD 11.1 8.6 10.8 9.5 0.9 0.9 0.8 0.8 8% 10% 7% 8% 4% 13% 4% 4%
Xiamen International Port n.a n.a 1.53 CNY 11.7 9.4 7.1 6.4 0.7 0.7 0.6 0.6 6% 7% 9% 9% 5% 7% n.a n.a
Dalian Port n.a n.a 1.43 CNY 30.4 n.a n.a n.a 0.9 n.a n.a n.a 3% n.a n.a n.a 1% 1% n.a n.a
Tianjin Port Dev n.a n.a 5.62 HKD 65.3 n.a n.a n.a 2.9 n.a n.a n.a 4% n.a n.a n.a 1% 1% n.a n.a
Average 25.2 9.8 8.8 8.1 1.3 0.9 0.8 0.7 7% 9% 9% 9% 3% 5% 5% 28%
Median 13.9 10.1 8.6 8.3 0.9 0.9 0.8 0.7 6% 8% 8% 9% 3% 4% 4% 5%
Domestic container port companies
SIPG* BUY 7.05 7.61 CNY 25.4 15.5 18.7 16.9 2.9 2.6 2.4 2.2 12% 18% 13% 14% 2% 2% 3% 3%
Shenzhen Chiwan Wharf A n.a n.a 24.14 CNY 29.2 27.4 25.7 n.a 3.2 n.a n.a n.a 11% n.a n.a n.a 2% 2% n.a n.a
Yantian Port n.a n.a 7.74 CNY 43.0 n.a n.a n.a 2.4 n.a n.a n.a 6% n.a n.a n.a 0% 0% n.a n.a
Shenzhen Chiwan Wharf B n.a n.a 13.06 CNY 15.8 14.8 13.9 n.a 1.7 n.a n.a n.a 11% n.a n.a n.a 4% 4% n.a n.a
Average 28.4 19.3 19.4 16.9 2.6 2.6 2.4 2.2 10% 18% 13% 14% 2% 2% 3% 3%
Median 27.3 15.5 18.7 16.9 2.7 2.6 2.4 2.2 11% 18% 13% 14% 2% 2% 3% 3%
Domestic Integrated port companies
Tianjin Port* HOLD 11.05 10.53 CNY 14.0 16.5 13.8 13.4 1.1 1.1 1.0 1.0 8% 7% 8% 8% 2% 2% 2% 2%
Ningbo Port* HOLD 5.47 5.27 CNY 30.2 25.1 25.7 23.3 2.0 1.9 1.8 1.7 7% 8% 7% 7% 1% 2% 2% 2%
Dalian Port n.a n.a 2.62 CNY 62.4 n.a n.a n.a 1.9 n.a n.a n.a 3% n.a n.a n.a 1% 1% n.a n.a
Lianyun Port n.a n.a 4.38 CNY 438.0 109.5 87.6 n.a 1.4 n.a n.a n.a 0% n.a n.a n.a 0% 0% n.a n.a
Average 136.1 50.4 42.4 18.4 1.6 1.5 1.4 1.4 5% 7% 7% 8% 1% 1% 2% 2%
Median 46.3 25.1 25.7 18.4 1.6 1.5 1.4 1.4 5% 7% 7% 8% 1% 1% 2% 2%
Domestic bulk port companies
Tangshan Port* HOLD 5.07 4.88 CNY 16.8 14.5 13.3 12.4 1.6 1.5 1.4 1.3 11% 11% 11% 11% 2% 2% 3% 3%
Yingkou Port n.a n.a 3.06 CNY 40.3 34.0 30.6 30.6 1.9 1.8 1.7 1.7 5% 5% 6% 5% 1% 1% 1% 1%
Jinzhou Port n.a n.a 3.96 CNY 141.4 n.a n.a n.a 1.3 n.a n.a n.a 1% n.a n.a n.a 0% 0% n.a n.a
Rizhao Port n.a n.a 3.89 CNY 64.8 41.8 37.8 35.4 1.1 1.1 1.1 1.1 2% 3% 3% 3% 0% 0% n.a n.a
Xiamen Port n.a n.a 10.07 CNY 25.8 n.a n.a n.a 2.0 n.a n.a n.a 8% n.a n.a n.a 1% 1% n.a n.a
Average 57.8 30.1 27.2 26.1 1.6 1.5 1.4 1.3 5% 6% 6% 6% 1% 1% 2% 2%
Median 40.3 34.0 30.6 30.6 1.6 1.5 1.4 1.3 5% 5% 6% 5% 1% 1% 2% 2%
*Figures are CICC estimates; others are market consensus from Bloomberg.

Source: Company data, Bloomberg, CICC research

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6
 CICC Research

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“SELL” -10% and below. Asterisk denotes coverage initiation or resumption.

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“EQUAL-WEIGHT” to end up between 10% below and 10% above the market, and “UNDERWEIGHT” to fall behind the market by 10% or more, over the next
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V160908
Editing: Stephen FOSTER
Beijing Shanghai
China International Capital China International Capital
Corporation Limited Corporation Limited – Shanghai Branch
28th Floor, China World Office 2 32nd Floor Azia Center
1 Jianguomenwai Avenue 1233 Lujiazui Ring Road
Beijing 100004, P.R. China Shanghai 200120, P.R. China
Tel: (86-10) 6505-1166 Tel: (86-21) 5879-6226
Fax: (86-10) 6505-1156 Fax: (86-21) 5888-8976
Shenzhen Singapore
China International Capital China International Capital
Corporation Limited – Shenzhen Branch Corporation (Singapore) Pte. Limited
#2503, 25th Floor, China Merchants Bank Tower #39-04, 6 Battery Road
7088 Shennan Boulevard, Futian District Singapore 049909
Shenzhen 518040, P.R. China Tel: (65) 6572-1999
Tel: (86-755) 8319-5000 Fax: (65) 6327-1278
Fax: (86-755) 8319-9229
Beijing Jianguomenwai Avenue Branch Beijing Kexueyuan South Road Branch
1st Floor, Capital Tower Room 1311, Block B, Raycom Infotech Park
6A Jianguomenwai Avenue 2 Kexueyuan South Road, Haidian District
Beijing 100022, P.R. China Beijing 100022, P.R. China
Tel: (86-10) 8567-9238 Tel: (86-10) 8286-1086
Fax: (86-10) 8567-9235 Fax: (86-10) 8286 1106
Shanghai Huangpu District Hubin Road Branch Shenzhen Fuhuayilu Branch
18th Floor, 3 Corporate Avenue,No.168 Room 201, Annex Building
Hubin Road, Huangpu District, Shenzhen Duty Free Commercial Tower
Shanghai 200021, P.R. China 6 Fuhua 1st Road, Futian District
Tel: (86-21) 6386-1195 Shenzhen 518048, P.R. China
Fax: (86-21) 6386-1180 Tel: (86-755) 8832-2388
Fax: (86-755) 8254-8243
Nanjing Hanzhong Road Branch Guangzhou Tianhe Road Branch
Section C, 30th Floor, Asia Pacific Tower 40th Floor, Teemtower
2 Hanzhong Road, Gulou District 208 Tianhe Road
Nanjing 210005, P.R. China Guangzhou 510620, P.R. China
Tel: (86-25) 8316-8988 Tel: (86-20) 8396-3968
Fax: (86-25) 8316-8397 Fax: (86-20) 8516-8198
Xiamen Lianyue Road Branch Wuhan Zhongnan Road Branch
4th Floor, Office Building, Paragon Center 4301-B, Poly Plaza
1 Lianyue Road, Siming District 99 Zhongnan Road, Wuchang District
Xiamen 361012, P.R. China Wuhan 430070, P.R. China
Tel: (86-592) 515-7000 Tel: (86-27) 8334-3099
Fax: (86-592) 511-5527 Fax: (86-27) 8359-0535
Chongqing Honghu Road (West) Branch Tianjin Nanjing Road Branch
1st & 10th Floors, Ourui Lanjue Center 10th Floor, Tianjin Global Trading Center
Block 9, Honghu Road (W), New North District 219 Nanjing Road, Heping District
Chongqing 401120, P.R. China Tianjin 300051, P.R. China
Tel: (86-23) 6307-7088 Tel: (86-22) 2317-6188
Fax: (86-23) 6739-6636 Fax: (86-22) 2321-5079
Foshan Jihua 5th Road Branch Yunfu Xinxing Dongdi North Road Branch
12th Floor, Trend International Business Building 2nd Floor, Service Building C1, Wens Science &
2 Jihua 5th Road, Chancheng District Technology Garden, Dongdi North Road
Foshan 528000, P.R. China Xincheng Town, Xinxing County
Tel: (86-757) 8290-3588 Yunfu 527499, P.R. China
Fax: (86-757) 8303-6299 Tel: (86-766) 2985-088
Fax: (86-766) 2985-018
Ningbo Yangfan Road Branch Fuzhou Wusi Road Branch
11th Floor, Building Five, 999 Yangfan Road 38th Floor, Henglicheng Office Building
Hi-tech Industrial Development Zone No.128 Wusi Road, Gulou District
Ningbo 315103, P.R. China Fuzhou 350001, P.R. China
Tel: (86-574) 8907-7288 Tel: (86-591) 8625 3088
Fax: (86-574) 8907-7328 Fax: (86-591) 8625 3050
Hong Kong
China International Capital
Corporation (Hong Kong) Limited
29th Floor, One International Finance Centre
1 Harbour View Street
Central, Hong Kong
Tel: (852) 2872-2000
Fax: (852) 2872-2100
United Kingdom
China International Capital
Corporation (UK) Limited
Level 25, 125 Old Broad Street
London EC2N 1AR, United Kingdom
Tel: (44-20) 7367-5718
Fax: (44-20) 7367-5719
Shanghai Pudong New District Century Avenue
Branch
Unit 4609-14, 46th Floor, Phase II Shanghai IFC, No.8
Century Avenue, China (Shanghai) Pilot Free Trade
Zone, Shanghai, 200120, P.R. China
Tel: (86-21) 5359-9800
Fax: (86-21) 2057-9488
Hangzhou Jiaogong Road Branch
1st Floor, Euro American Center
18 Jiaogong Road
Hangzhou 310012, P.R. China
Tel: (86-571) 8849-8000
Fax: (86-571) 8735-7743
Chengdu Binjiang Road (East) Branch
1st & 16th Floors, Shangri-La Center
Block 9B, Binjiang Road (East)
Chengdu 610021, P.R. China
Tel: (86-28) 8612-8188
Fax: (86-28) 8444-7010
Qingdao Middle Hongkong Road Branch
11th Floor, Shangri-La Center
Block 9, Hongkong Road (M), South District
Qingdao 266071, P.R. China
Tel: (86-532) 6670-6789
Fax: (86-532) 6887-7018
Dalian Gangxing Road Branch
16th Floor, Wanda Center
6 Gangxing Road, Zhongshan District
Dalian 116001, P.R. China
Tel: (86-411) 8237-2388
Fax: (86-411) 8814-2933
Changsha Chezhan Road (North) Branch
3rd Floor, Annex Building, Securities Tower
459 Chezhan Road (North), Furong District
Changsha 410001, P.R. China
Tel: (86-731) 8878-7088
Fax: (86-731) 8446-2455
Xi’an Yanta Branch
21th Floor, Capitaland West Tower,
No.64 Second Ring South Road West Section,
Yanta District, Xi'an 710065, P.R. China
Tel: (+86-29) 8648-6888
Fax: (+86-29) 8648-6868