DESCRIPTION OF THE ISSUER. 70 DESCRIPTION OF THE GROUP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 PRC LAWS AND REGULATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . 93 EXCHANGE RATE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 SUMMARY OF PROVISIONS RELATING TO THE BONDS IN GLOBAL FORM . . . . . . . . . 100 PLACEMENT AND SALE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 INDEX TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-1 APPENDIX A — FORM OF IRREVOCABLE STANDBY LETTER OF CREDIT . . . . . . . . . . . A-1 APPENDIX A-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5 SUMMARY OVERVIEW We are the primary entity for infrastructure construction in the Hongqiao Industrial Park, Taixing City, Jiangsu Province and are wholly owned by the Taixing SASAC. Since our inception in 2003, we have been primarily engaged in trading, infrastructure construction and construction of compensatory housing for resettled households. For the years ended 31 December 2018, 2019 and 2020, our total revenue amounted to approximately RMB1,458.39 million, RMB1,272.79 million and RMB1,702.09 million, respectively, and our net profit amounted to approximately RMB216.41 million, RMB151.23 million and RMB210.41 million, respectively. Set forth below is a summary of our business operations: • Trading: We generally most of our revenue from our trading business segment. For the years ended 31 December 2018, 2019 and 2020, our revenue generated from our trading business segment was approximately RMB993.75 million, RMB796.63 million and RMB1,213.74 million, respectively, representing approximately 68.14 per cent., 62.59 per cent. and 71.31 per cent. of our total revenue, respectively. • Infrastructure Construction: Our infrastructure construction business mainly includes bridge, facilities and road constructions and sewage treatment. For the year...
DESCRIPTION OF THE ISSUER. OVERVIEW The Issuer is a limited liability company incorporated under the BVI Business Companies Act, 2004 of the British Virgin Islands (BVI Company Number: 2050795). It was incorporated in the British Virgin Islands on 23 December 2020. The Issuer is a wholly-owned subsidiary of the Guarantor. The registered office of the Issuer is at Xxxxxx House, Wickhams Cay II, PO Xxx 0000, Xxxx Xxxx, Xxxxxxx XX0000, Xxxxxxx Xxxxxx Islands. BUSINESS ACTIVITY The Issuer was established with full capacity to carry on or undertake any business or activity, do any act or enter into any transaction and has full rights, powers and privileges for the above purposes pursuant to the objects and powers set out in its memorandum of association. As at the date of this Information Memorandum, the Issuer does not carry on and has not carried on any business other than entering into arrangements for the issue of the Bonds and the Issuer has no outstanding debt and no contingent liabilities. As at the date of this Information Memorandum, the Issuer has no subsidiaries and no material assets or liabilities. SOLE DIRECTOR The sole director of the Issuer is Xx Xxx Xx. The sole director of the Issuer does not hold any shares or options to acquire shares of the Issuer.
DESCRIPTION OF THE ISSUER. OVERVIEW The Issuer is an integrated financial institution that offers a wide range of financial products and services in Hong Kong. The Issuer has developed a robust business model with diversified sources of income and strives to achieve international standards in its product and service offerings. The Issuer received the ISO 9001 (Quality Management System) and ISO 10002 (Complaints Management System & Customer Satisfaction) accreditations in 2008. The Issuer’s principal business lines currently include:
DESCRIPTION OF THE ISSUER. Description of the Issuer Sirrah Funding III Limited (the "Issuer") is a special purpose vehicle established for the purpose of issuing asset backed securities and was incorporated in Ireland as a private limited company on 7 November 2008, with registered number 464095, under the Companies Acts 1963 to 2006 of Ireland (the "Companies Acts"). The registered office of the Issuer is at 0 Xxxxxxxx Xxxxx, Xxxxxxxx Xxxx, Xxxxxx 0, Xxxxxxx, with phone number +000 0 000 0000 and facsimile number +000 0 000 0000. The authorised share capital of the Issuer is €1000 divided into 1000 ordinary shares of par value €1 each (the "Shares" and each a "Share"). The Issuer has issued one Share which is fully paid and held by Capita Trust Nominees No. 1 Limited (the "Share Trustee"). Under the terms of a declaration of trust (the "Declaration of Trust") dated 11 November 2008, the Share Trustee holds the Share on trust for a specified charity named therein. The Share Trustee has no beneficial interest in and derives no benefit (other than any fees for acting as Share Trustee) from its holding of the Shares. The Share Trustee will apply any income derived from the Shares solely for the above purposes. None of the Custodian, the Trustee or any company affiliated with any of them directly or indirectly, owns any of the share capital of the Issuer. Capita Trust Company (Ireland) Limited (the "Corporate Services Provider"), an Irish company, acts as the corporate services provider for the Issuer. The principal office of the Corporate Services Provider serves as the general business office of the Issuer. Through the office and pursuant to the terms of a corporate services agreement made on 14 November 2008, as amended and restated on the Refinancing Closing Date between the Issuer and the Corporate Services Provider (the "Corporate Services Agreement"), the Corporate Services Provider performs various management functions on behalf of the Issuer, including the provision of certain clerical, reporting, accounting, administrative and other services until termination of the Corporate Services Agreement. In consideration of the foregoing, the Corporate Services Provider receives various fees and other charges payable by the Issuer at rates agreed upon from time to time plus expenses. The terms of the Corporate Services Agreement provide that either party may terminate the Corporate Services Agreement upon the occurrence of certain stated events, including any material breach by the ot...
DESCRIPTION OF THE ISSUER. OVERVIEW Founded in August 2004, the Issuer is the first licensed AFC in China and has an operating history of over 17 years. The Issuer has achieved sustained profitability since the first full financial year following its establishment and has strived for balanced development in terms of scale and quality through business innovation and optimisation of the resources available to it. The Issuer believes it enjoys a market-leading position in terms of its scale of assets and net profit. As at 30 September 2021, it had total assets of approximately RMB116 billion. As a Sino-foreign joint venture backed by SAIC-GM, the Issuer has historically focused on providing auto finance products and services for SAIC-GM brand vehicles. In recent years, benefiting from its strong risk management capability as well as effective business development effort, the Issuer has continued to expand its business to cover auto brands other than those owned by SAIC-GM with its retail finance business now covering most automobile brands in the domestic market in China. The Issuer has formed strategic partnerships with a number of automobile manufacturers to cooperate in launching multi-channel marketing activities and offering auto financing solutions for their key vehicle models. Leveraging SAIC-GM’s extensive dealer network, which covers all provinces, municipalities and autonomous regions in the PRC, the Issuer is able to provide auto loans and related services to retail customers and auto dealers across the country. As at 30 September 2021, the Issuer’s retail finance business and wholesale loan business covered, respectively, 322 and 293 cities nationwide, including Beijing, Shanghai, Guangzhou and Shenzhen, as well as other lower-tier cities. As at the same date, the Issuer had enabled over 8.2 million customers in China to purchase their own cars with its financing solutions. The Issuer’s strong credit profile has allowed it to access diversified sources of funding to support its operation and growth. In recent years, the Issuer has expanded its cooperation with banks and successfully tapped into the domestic capital market with bond issuances and asset securitisation. In addition, as a member of the National Association of Financial Market Institutional Investors, the Issuer is authorised to access the national interbank lending market to satisfy its funding needs, which is only accessible to selected financial institutions. The Issuer attaches great importance to the manage...
DESCRIPTION OF THE ISSUER
