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Public company info - Haitong UniTrust International Leasing Co. Ltd. - H Shares , 01905.HK

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Haitong UniTrust International Leasing Co. Ltd. - H Shares, 01905.HK - Company Profile
Chairman Ding Xueqing
Share Issued (share) 5,794,000,000
Par Currency Renminbi
Par Value 1.0
Industry Other Financials
Corporate Profile Business Summary: The group is a large and fast-growing financial leasing company in China. As the sole leasing platform and one of the key strategic segments of Haitong Securities, a leading securities firm in China, the group offer customer-oriented and innovative financial services to a diverse group of customers across various industries by leveraging the investment banking expertise of Haitong Securities and the group’s senior management. Performance for the year: The Group’s total revenue amounted to RMB7,144.9 million for the year ended December 31, 2019, representing an increase of 34.0% as compared with RMB5,332.3 million last year. The Group realized profit of RMB1,354.9 million for the year ended December 31, 2019, representing an increase of 3.3% as compared with RMB1,311.3 million last year. Business Review In 2019, the Group proactively coped with the challenges brought by the downturn of overall economy and intensive competition in the industry and strived to adapt to new economic environment. In pursuit of its aspirations as a financial leasing company and its operation philosophy of investment banking, the Group steadily promoted strategic transformation, enhanced the Company’s high-quality development and achieved balanced growth in terms of business scale and revenue. Serving the real economy by promoting localized business segments Adhering to its objective of serving the real economy and strictly implementing its strategies of “One Body, Two Wings” and “one big and one small”, the Group put efforts in developing localized segments and further optimized its assets and investment structure. In order to support high-quality MSEs and retail customers, the Group focused on the development of business related to transportation & logistics, advanced manufacturing, healthcare, infrastructure and other key sectors. The strategic target of the Company was mainly on “high-quality” development. The distribution of business among industries has become more reasonable, localized business segments have been further improved, the asset allocation has continuously been optimized and the overall business scale has achieved high-quality and stable growth. In 2019, the Group invested RMB57,786.4 million in its business, including investments in retail business and institutional business of RMB28,737.2 million and RMB29,049.2 million, respectively, achieving a balanced development between SMEs and LMEs. Development of innovative financing channels and tools, optimization of debt structure and liquidity risk management The Group continued to develop diversified and stable financing channels. As at December 31, 2019, the Group established credit relationships with 66 financial institutions and signed accumulative credit lines of approximately RMB93.1 billion, of which the unused credit balance was approximately RMB36.8 billion. The Group also continued to expand traditional financing channels and explore innovative financing methods to meet its development needs. For example, in 2019, the Group successfully issued the first ABS with credit protection contracts (“CDS”) and the first loan prime rate (“LPR”)-linked asset-backed notes in China. In addition, the Group continuously improved its liquidity risk management and debt structure management to achieve a balance between asset and liability duration. In 2019, the successful issuance of the H shares of the Group further consolidated the capital strength of the Company, and the annual financing scale was equivalent to RMB52,654.4 million. Indirect financing withdrawals of RMB28.288 billion were realized through channels such as syndicated loans and bank acceptance bills, accounting for 53.7% of the total financing amount; direct financing of RMB24.366 billion were realized through issuance of ABS of RMB11.216 billion, short-term financing bonds of RMB1 billion, ultra short-term financing bonds of RMB7.5 billion, asset-backed notes of RMB950 million, private debt financing instruments of RMB2.7 billion and private equity corporate bonds of RMB1 billion, accounting for 46.3% of the total financing amount, in order to ensure the capital resources of the Company. Improvement of comprehensive risk management system through proactive risk management The Group continued to improve its comprehensive risk management system, implemented proactive risk management, embedded various risk management into its business operations and promoted a deeper integration of big data and risk models with the approval system to further enhance its risk identification and quantitative management capabilities. In addition, the Group strengthened its risk prevention and handling capabilities through forward-looking asset allocation management, proactive response to risk events and increased efforts in asset disposals. Benefiting from the combined effect of comprehensive risk management, during the Reporting Period, the overall asset quality of the Group remained stable and the NPA ratio was maintained in a safe and controllable level with stronger risk resistibility. As at December 31, 2019, the NPA ratio and allowance coverage ratio for NPAs was 1.08% and 265.19%, respectively. Strengthened compliance management of all employees and continuous improvement of the compliance system and culture cultivation The Group continued to adhere to its compliance concept of “compliance in operation and of all employees and the management, as compliance is vital for creation of value and fundamental for existence”. The compliance management was strengthened in various aspects such as improvement of systems and regulations and supervision of implementation of systems. In 2019, the Group continued to attach high importance to regulatory policies and improved the system management mechanism to strengthen the integration of business and policies in accordance with its business development. The Group also organized trainings of basic compliance knowledge to further cultivate a compliance culture, and compliance awareness among all employees was improved. Through continuous measures such as compliance inspections, the implementation of various systems was supervised and the principal of managing employees and events in accordance with the systems was established. Prospects: In 2020, the global economic conditions are expected to be versatile and complex while regional development opportunities will arise despite global economic downturn. China will continue to promote high quality and stable economic development through supply-side structural reform and open-up polices. The economic growth of China will be further driven up by innovation, along with continuous improvement of innovation and development ability. Attributable to the huge market potential of China and regions involved in the Belt and Road Initiatives, the upgrade of industry, consumption and open-up will remain favorable in a long run. In addition, China has implemented proactive fiscal policies and prudent monetary policies to strengthen the countercyclical regulation. The policies to effectively stabilize employment rate, financial system, foreign trade, foreign investment, investment market and growth expectation gradually plays a role. Regional cooperation will also promote economic growth. A series of measures including tax and surcharge reduction, finance cost reduction and the improvement of business condition will further stimulate the economic vitality of the micro main body of the market. In general, the economic development of China still shows great potential and resilience. The economy will remain stable and favorable in a long run. The outbreak of the COVID-19 epidemic in January 2020 will have a short-term impact on the overall economy. The capital chain and supply chain of SMEs and related industries have faced challenges. The asset quality, profit and overall development of the leasing industry have also been affected, and the competitive landscape of the industry is facing adjustment. The Company has taken active measures to ensure its smooth operation under the premise of effective prevention and control of the epidemic, striving to mitigate its impact on the business operation of the Company. In 2020, the Group will pay close attention to the domestic and international economic conditions and continue to adhere to the principle of serving real economy with financial services, and proactively embrace challenges. While tamping the foundation of superior business, the Group will grasp new opportunities and identify demands of its customers for further development and adequately allocate resources. The Group will further consolidate its leading position and competitiveness and improve its high quality sustainable development through the implementation of the following strategies: • Implementation of the “one big and one small” customer development strategy to consolidate and optimize the diversified customer base The Group will continue to implement “one big and one small” customer development strategy. The Group will develop LME customers to expand the Group’s business scale and continue to promote the Group’s development of MSE & retail business, which will enable us to have rapid growth in both scale and profitability and achieve credit risk diversification. In respect of large-sized enterprise customers and large projects, the Group will further tap into the financing needs of enterprises in the infrastructure and healthcare industries, with a focus on developing high-end and inclusive healthcare service projects. Meanwhile, the Group will strengthen and expand business cooperation with leading companies in the industrials sector by leveraging the Group’s industry expertise. The Group intends to improve the Group’s ability of large project contracting, and continue to build supporting systems to promote the development and execution of large customers and large projects. In respect of the MSE & retail business,the Group will recognize and satisfy retail customer needs of financial services, in particular the Group’s financial leasing services, based on the Group’s knowledge of certain business scenarios. The Group will actively develop high-quality MSEs which have strong competitiveness. In addition, the Group plans to further tap into the inclusive finance with Internet-based approaches and pay attention to SME finance such as Internet finance, consumption finance and supply chain finance as well as their business models. While optimizing the Group’s existing online products for retail customers, the Group will continue to develop new Internet-based products as new growth momentum. the Group will promote the launch of electronic deals to improve business procedures and reduce the cost of time. • Continue to expand sales and service network by “One Body, Two Wings” business development model and strengthen the collaboration between the Group’s business headquarters and the Group’s local teams The Group intends to further expand the Group’s sales and service network by “One Body, Two Wings” business development model and strengthen the collaboration among the Group’s business headquarter, branches and subsidiaries, deepen the construction of localized marketing network and strengthen business development and customer resources management to support the long-term growth of the Group’s business. The Group’s business headquarters will continue to deepen research in their target industries and customer market and continue to lead the Group’s key projects in strategic emerging industries such as smart city, IDC and environmental protection. The Group will conduct research on the trend and logic of industry-related finance to enhance the financing service for different industries. The Group will establish professional units, adjust product structure based on the market and industry trend and explore suitable leasing opportunities with stable growth potential. The Group will further enhance the sales capabilities of the Group’s branches by expanding the branch network to cover the four major municipalities, provincial capitals and other cities in economically-developed regions. The Group will improve the management structure of the Group’s local operations across the country and enhance the Group’s operational positioning in regional markets to maintain the Group’s network advantage among the Group’s peers. In addition, the Group’s branches will fully utilize their local presence to develop the local markets based on the features of regional economies and realize steady growth. Furthermore, the Group will further optimize the Group’s operation management system, enhance the coordination and collaboration among the Group’s specialized business departments at the Group’s headquarters and the Group’s local teams and focus on serving quality customers such as leading companies in the industrials sector and industrial group to improve the efficiency of the Group’s sales and marketing. The Group’s MSE Business Department will leverage on favorable national policies to MSE and the trend of transformation and upgrade of the manufacturing industry to keep abreast of policies and opportunities in the market and extend the use of operating resources. It will strengthen the concept of “finance empowered by technology” by enhancing the coordination between financial technology and MSE business operation and explore possibilities of the application of financial technology in analyzing operation of customers and assets monitoring and alert, so as to establish a data base for SME customers of Haitong UniTrust. The Group’s MSE Business Department will enhance innovation in new business model, improve and replicate corporation model with leading companies such as Huawei by the use of supply chain finance, so as to facilitate the expansion of business scale and headquarter-branch connection, providing dynamic drive for the development of SME enterprises. The Group will upgrade and optimize existing products based on the nature of retail finance and enhance the application of big data in customer acquisition, risk identification and post-lease management by the using of data accumulation and external technology resources. In addition to maintaining a stable and healthy development, the matching of assets and return was also optimized. In active response to the new situation of a shrinking market of passenger vehicles and a changing customer base, risk management of products towards specific risks was strengthened. They also offered choice of commercial vehicle types and brands according to the characteristics of regional policies and economies, and their province-based customer acquisition and credit review capabilities were improved. A hierarchical and classified management system of providers and dealers was launched and improved, and the integrated management of asset selection and maintenance before and after lease was strengthened to achieve stable growth and improved return through refined management. Shanghai Dingjie Construction Development Co., Ltd., the Group’s subsidiary, will further enhance the entire life cycle management of existing projects, strictly implement the project management standards during each of the stages of investment, financing, construction and operation, and strictly control the project quality and progress. It will draw up funds budget, set reasonable terms for repayment and strictly control withdrawal of funds to ensure project safety and reduce risk of revenue loss. It will strengthen the integration of PPP resources, promote collaboration between various business units within the Group and further enrich channels for business expansion. • Deepening the operating concept of investment banks and improving specialized services and product innovation The Group’s operation is customer-oriented. While developing the Group’s existing major industry businesses, the Group will continue to provide innovative products and services based on customer needs by implementing the operating concept of investment banks and strengthening the collaboration with financial institutions and industry alliance partners in order to expand the sources of revenue and enhance the specialized business development and level of differentiation. To capture the opportunities in the big data sector, the Group is actively providing financing services to companies engaged in IDC services. The Group intends to provide services to financial institutions and government departments in respect of the investment, establishment and maintenance of data centres with high quality. Meanwhile, the Group will increase the Group’s investments in IT, advanced equipment and electronics. • Continuously improve the comprehensive risk management system and maximize the effectiveness of risk management and control The Group emphasizes risk management in the Group’s daily operations and have continued to strengthen the Group’s risk management capabilities for all staff in all aspects and procedures, improve the Group’s risk management system and enhance the Group’s risk control and risk elimination. The allocation and management of assets have also been improved. The Group plans to refine and delineate the functions and responsibilities of Risk Management Committee of the Board, risk management department, credit assessment department, internal control departments and other relevant departments to implement centralized management of key processes in the Group’s risk management practices. The Group also plans to implement differentiated risk management measures according to the characteristics of different businesses, types of customers and risks. The Group will increase the initiative awareness for the Group’s risk management, improve risk management approaches and methods and strengthen internal control. The Group will continue to improve the Group’s credit risk management methods and tools, stress testing and risk reporting system. • Expand financing sources, control financing costs and strengthen liquidity management capabilities The Group will continue to make efforts to reduce the Group’s financing costs and expand the Group’s funding sources, and expand and maintain stable financing channels to support a sustainable growth in the Group’s business. The Group will continue to enhance the Group’s net capital, to optimize financing structures and to increase the proportion of direct financing in the Group’s total indebtedness. On one hand, the Group intends to issue various debt instruments, including ABS, corporate bonds, short-term commercial papers, ultra-short-term commercial papers, medium-term notes and private placement of bonds. On the other hand, the Group will maintain flexibility in selecting various new domestic and overseas financing products. With respect to liquidity management, the Group will further enhance the development of assets and liabilities management system, continually refine the internal systems and processes related to assets and liabilities management to ensure that the Group’s funds can meet the safety, liquidity and profitability requirements, promote dynamic capital management efficiency and make reasonable use of funds. In the meantime,the Group will actively select the investment channels for the Group’s idle funds and increase returns on idle funds within the Group’s risk tolerance. • Optimize performance-based incentive mechanism and proactively develop the Group’s high-quality professional team The Group’s experienced and visionary management team and advanced talent management system are important competitive advantages which can ensure the Group’s continual growth and essential competitiveness as a leader in the PRC financial leasing industry. the Group will further strengthen the Group’s professional teams by recruiting professional talents with international experience, cross-disciplinary knowledge and strong education credentials. the Group will also strive to strengthen the echelon construction of youth management team and refine management training system to build up a talent pool for the Group’s long-term growth. the Group will also enhance the competitiveness of the Group’s remuneration and employee incentive system to attract top quality talents in the industry to join the Company. the Group will continue to implement the position system and promotion mechanism comparable to the managing director hierarchy widely adopted by the investment banking industry, which enables the Group’s employees to achieve their career development and benefit from the rapid development of the Group’s Company and have a sense of accomplishment. • Strengthen internal supporting systems such as IT systems and enhance the application of fintech In 2019, the Company invested RMB31.2 million in IT. In the future, the Group will continually increase the Group’s investments in IT systems, promote the application of IT and fintech and improve the Group’s information systems’ scalability, responsiveness and reliability by expanding, improving and upgrading the IT infrastructure, so as to provide efficient and professional services to the Group’s customers. In the meantime, along with process of new business layout, the Group will optimize existing systems and develop new systems in a timely manner to meet the demands arising from business system updates, changes in business processes and development of innovative business, which enables us to systematically manage each business process with IT and improve the Group’s operations and internal control. In addition, the Group will strengthen the development of management systems and optimize the internal office procedures to improve the efficiency of the Group’s risk management, human resources management, capital management and business management, and further improve the Group’s effectiveness and quality of operating management.

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