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Introduction to the Group |
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 To
achieve the Group's management objective of “Business
in Diversification and Management in Professionalization”,
the China Merchants Group restructured its financial service
business and set up China Merchants Finance Holdings Company
Limited (“CMFH”) on 18 June 1999.
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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Copyright ©2006 China
Merchants Finance Holdings Co.,Ltd.
Address:27/F,China Merchants Tower,Shun Tak Centre,168-200 Connaught Road Central,Hong Kong
Tel: (852) 25428161 Fax: (852)28517552 Email: cmfh@cmhk.com
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Chairman's Statement