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| Additional information |
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| China Merchants Finance Holding Co., Ltd |
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Overview:
CMFH is a first-tier subsidiary directly under the China Merchants Group. It is principally engaged in the financial service business and the related investment, and provides professional guidance and advice with regard to the financial service business of the Group in accordance with the authorisation given by it.
The financial assets of the China Merchants Group are categorised as Banking, Insurance, Securities, Fund Investment and Asset Management
The China Merchants Group commenced its financial service business in 1986 when it acquired a majority stake in a listed Hong Kong bank – The Union Bank of Hong Kong Limited in June 1986, being the first acquisition of a Hong Kong listed bank/company by a Chinese enterprise, and the first Chinese non-financial corporation owning a Hong Kong bank. In 1987, it promoted the formation of the first joint-stock commercial bank in China - China Merchants Bank. In 1988, it participated in the insurance business by setting up the first corporate-funded insurance company in China - Ping An Insurance Company of China, Limited. In September of the same year, it acquired two U.K. insurance companies–The Scottish Lion Insurance Company Limited and Houlder Insurance Brokers Group, and a Hong Kong insurance company – China Merchants Insurance Company Limited. In the second half of 1992, it started to be engaged in fund management and investment business by establishing China Merchants China Investment Management Limited and acquiring an interest in BOC China Fund Limited. In July 1993, it initiated the establishment of a Hong Kong listed fund - China Merchants China Direct Investments Limited. And later, through Shekou Industrial Zone, it acquired an interest in Shenzhen Commercial Bank Company Limited and established the Peninsula Investment Fund and Shenzhen Peninsula Investment Fund Management Company Limited. In August 1996, it became a shareholder of Hua Tai Insurance Company of China Limited. In 1997, the China Merchants Group directly invested in China Merchants Securities Company Limited and in May of the same year, established China Merchants Finance Investment Holdings Company Limited in Shenzhen. On 30 June 2000, on behalf of the China Merchants Group, CMFH disposed of its interest in The Union Bank of Hong Kong Limited to Industrial and Commercial Bank of China, but retaining the Bank's securities arm - UB Securities Limited (now renamed CM-CCS Securities Limited). In 2001, it took the lead to promote the setting-up of Houlder China Insurance Brokers Limited in Shenzhen. In April 2002, China Merchants Bank was successfully listed on the Shanghai Stock Exchange. It was the first bank in China publicly listed in compliance with international accounting standards. In August of the same year, China Merchants Bank opened its branch in Hong Kong. The financial service business is one of the core businesses of the China Merchants Group, and in the past decade, it was the pillar sector of the Group and also the main source of profit for the Group.
The formation of CMFH enables the Group's financial assets to be effectively and professionally managed. CMFH will seriously analyse and study the various new challenges and opportunities arising in consequence of China's entry into the WTO, and also the current status of the Group's financial assets. From the standpoint of a group's trategic development and with profit as the main objective, CMFH will continuously enhance the quality of its assets and make the most of them, carry out effective management and avoid financial risks in order to maintain the financial assets as the main profit contributor of the Group. |
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