沈阳公用发展股份 2015年年报

沈阳公用发展股份 2015年年报

2015

A N N U A L R E P O R T Stock code 747

沈阳公用发展股份 2015年年报

Contents目錄

2Corporate Information

公司資料

4Chairman’s Statement

主席報告

7Management Discussion and Analysis

管理層討論與分析

18Profiles of Directors and Senior Management

董事及高級管理層介紹

23Report of the Supervisory Committee

監事會報告

25Report of the Directors

董事會報告

34Corporate Governance Report

企業管治報告

42Independent Auditor’s Report

獨立核數師報告

44Consolidated Statement of Profit or Loss

綜合損益表

45Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表

46Consolidated Statement of Financial Position

綜合財務狀況表

48Consolidated Statement of Changes in Equity

綜合權益變動表

50Consolidated Statement of Cash Flows

綜合現金流量表

52Notes to the Consolidated Financial Statements

綜合財務報表附註

159Financial Summary

財務摘要

161Glossary

專用詞彙

沈阳公用发展股份 2015年年报

Corporate Information 公司資料

As of the date of this report

截至本報告日期

DIRECTORS

Executive Directors

Mr. Zhang Jing Ming, Chairman

Mr. Deng Xiao Gang, Chief Executive Officer

Mr. Huang Zhen Kun

Non-Executive Directors

Ms. Li Yu Xiang

Mr. Yin Zong Chen

Independent Non-executive Directors

Mr. Chan Ming Sun Jonathan

Mr. He Qing Jia

Mr. Yu Guan Jian

AUDIT COMMITTEE

Mr. Chan Ming Sun Jonathan (Chairman)

Mr. Yu Guan Jian

Mr. Yin Zong Chen

REMUNERATION COMMITTEE

Mr. He Qing Jia (Chairman)

Mr. Chan Ming Sun Jonathan

Ms. Li Yu Xiang

NOMINATION COMMITTEE

Mr. Zhang Jing Ming (Chairman)

Mr. He Qing Jia

Mr. Yu Guan Jian

SUPERVISORS

Mr. Wang Xing Ye (Chairman)

Mr. He Song Xi

Mr. Zhang Yun Feng

Ms. Huang Yong Jing

Mr. Fang Wei Ran

REGISTERED OFFICE

No. 1–4, 20A, Central Street,

Shenyang Economic and Technological Development Zone, People’s Republic of China

張敬明先生，主席

鄧曉綱先生，行政總裁黃鎮坤先生

李玉香女士

尹宗臣先生

陳銘燊先生

何慶佳先生

余關健先生

陳銘燊先生（主席）

余關健先生

尹宗臣先生

何慶佳先生（主席）

陳銘燊先生

李玉香女士

張敬明先生（主席）

何慶佳先生

余關健先生

王興業先生（主席）

何松溪先生

張運峰先生

黃永菁女士

方偉然先生

中華人民共和國

瀋陽經濟技術開發區中央大街20甲1－4號

2Annual Report 2015Shenyang Public Utility Holdings Company Limited

沈阳公用发展股份 2015年年报

2015年報 瀋陽公用發展股份有限公司3

Corporate Information 公司資料

As of the date of this report 截至本報告日期

胡大祥先生錢芳芳女士

張敬明先生胡大祥先生

中磊（香港）會計師事務所有限公司

H

香港證券登記有限公司香港灣仔

皇后大道東183號合和中心

17樓1712–16室

民生銀行中信銀行工商銀行建設銀行

747

JOINT COMPANY SECRETARIES Mr. Wu Tai Cheung Ms. Qian Fang Fang

AUTHORISED REPRESENTATIVES Mr. Zhang Jing Ming Mr. Wu Tai Cheung

AUDITOR

ZHONGLEI (HK) CPA Company Limited

H SHARE REGISTRAR AND TRANSFER OFFICE Hong Kong Registrars Limited Rooms 1712–16, 17th Floor Hopewell Centre

183 Queen’s Road East Wanchai Hong Kong

PRINCIPAL BANKERS China Minsheng Bank CITIC Bank

Industrial and Commercial Bank of China China Construction Bank STOCK CODE 747

WEBSITE

沈阳公用发展股份 2015年年报

4Annual Report 2015 Shenyang Public Utility Holdings Company Limited Chairman’s Statement 主席報告

本人謹代表瀋陽公用發展股份有限公司董事會，欣然向各位報告本公司2015年度董事會工作報告。2015年度，中國宏觀經濟面臨下行壓力，整體經濟形勢處於關鍵的轉折期。鑒於不穩定及嚴峻的經濟形勢，集團採用審慎、靈活的管理方式並積極調整結構為股東創造利益。 基礎設施建設業務是本集團長期發展的主要業務。我們發揮傳統優勢，對行業相關的其他領域進行了有益嘗試。主要項目包括繼續推進潮州徑南工業園項目的驗收交付，收購廣州海粵房地產發展有限公司30%股份及於2016年收購石獅深國投商用置業有限公司30%股份以進行物業經營。於本報告日，潮州金山公司累積完成3,400畝建設用地的驗收交付工作，收入總數約7.15億元已於財務報表中確認，餘下建設用地的驗收交付工作仍在進行中。由於該項目為政府合作項目，獲得政府大力支持，故有理由深信項目為本集團帶來穩定收入。參與發展其他物業有助於集團佈局整體產業，形成協同發展、高效聯動的新格局，這也是集團長期發展戰略的重要一環。

Dear Shareholders,

On behalf of the board of directors of Shenyang Public Utility Holdings Company Limited, I am pleased to report the work of the Board for the Company for 2015.

In 2015, faced with the downward pressure of the China’s macroeconomy, the overall economic landscape was in a transitional crucial period. In view of the challenging and uncertain economic conditions, the Group adopted a prudent and flexible management model and actively adjusted its structure to create value for shareholders.

I. A D H E R I N G T O T R A D I T I O N A L A R E A S W I T H

COMPARATIVE STRENGTHS, EXPLORING EMERGING AREAS AND FOCUSING ON THE OVERALL LAYOUT OF THE INDUSTRY

The infrastructure construction business is the principal business of the Group in its long-term development. Leverage on its traditional strengths, the Group made constructive progress in entering other related areas in the industry. Our major projects included the progress in acceptance of completion and transfer of Zhongfang Chaozhou Jing Man Industrial Park Project, the acquisition of 30% equity interest in Guangzhou Hai Yue Real Estate Development Company Limited* and in 2016 the acquisition of 30% equity interest in Shishi Shen Guo Tou Commercial Property Company Limited*. Up to the date of this report, Chaozhou Jinshan has completed the acceptance of completion and transfer of 3,400-mu construction land in accumulated total and revenue of totalling RMB715 million recognised in the financial statements. The acceptance of completion and transfer of the remaining construction land is still in progress. As the project is a cooperation project with the government, the Group enjoys great government support. Accordingly, we strongly believe that the project will generate stable income to the Group and the participation in other properties development assists the Group to formulate overall planning in properties development, creating the synergy effect and an efficient and interactive new platform. This is also an important part of the Group’s long-term development strategy.

沈阳公用发展股份 2015年年报

Chairman’s Statement 主席報告

II. FOLLOWING GOVERNMENT CALL TO DEVELOP INTEGRATED FINANCE

The finance and credit business is an important business

segment of the Group. In 2015, the Group recorded rapid

growth in revenue from credit business in Hong Kong

and brought in capital from competitive investors for the

expansion of credit business as well as to strengthen its

capital base. In 2016, the Group intends to expand its

mainland credit business. At the same time, we actively

explored the finance business opportunities in China. In

2015, we subscribed 8.50 million shares in Chaozhou Rural

Credit Cooperative*. Backing by the PRC government’s

policy to encourage private capital investment in the

financial institutions, capitalising on the strong support

from government policies and management experience

of the financial industry in Hong Kong, the investment in

Chaozhou Rural Credit Cooperative* will certainly benefit

the Group.

III. FURTHER EXPANDING ITS SHARE CAPITAL AND STRENGTHENING INTEGRATED COMPETENCE

Issue of new shares is an important means to building

a sound financial structure of the Group. In 2015 and

February 2016, the Group completed the issue and

allotment of new H Shares and Domestic Shares. Up to

the date of this report, the issue of new shares has been

completed and the total issued share capital of the Group

increased to RMB1,469,376,000. The issue of new shares

has further strengthened the financial condition and

competitive advantage of the Group. 金融信貸業務是本集團的重要業務。

2015年度，本集團在香港地區的信

貸收入快速增長，並引入了優勢投資

者擬擴大信貸業務規模，增強資本實

力。2016年集團有意向拓展內地信貸

業務。同時我們積極開拓內地金融業

務商機，於2015年度我們認購潮州市

區農村信用合作聯社850萬股股份。在

目前國家政策鼓勵民間資本投資入股

金融機構的大背景下，依靠國家政策

的大力支持及香港先進的管理經驗，

投資潮州市區農村信用合作聯社必將

令集團受益。

股份增發是本集團建立良好財務基礎

的重要措施。本集團於2015年度及

2016年2月完成H股及內資股的增發工

作。於本報告日期增發股份已全部完

成，集團全部已發行股本達到人民幣

1,469,376,000元。增發股份進一步增

強本集團財務狀況和競爭優勢。

2015年報瀋陽公用發展股份有限公司5

沈阳公用发展股份 2015年年报

6Annual Report 2015 Shenyang Public Utility Holdings Company Limited Chairman’s Statement 主席報告

2016年，本集團將繼續堅持既有發展戰略，拓寬業務思維。在業務方面，本集團將繼續推進基礎設施建設業務，增加信貸業務發展力度，尋求更好的投資機會以創造更大價值。在公司治理方面，本集團已於2016年委任溥華風險顧問有限公司提供內部審計功能、審閱集團內控及風險管理系統，強化公司內部監控及風險管理。最後，我謹代表董事會及管理層，向全體股東、合作夥伴及全體員工的大力支持表示衷心的感謝！ 董事長2016年3月29日

In 2016, the Group will continue upholding the current development strategy and expand the business horizon. As for operations, the Group will endeavour to strengthen the development of construction of infrastructure business, increase the efforts in expanding its credit business and seek better investment opportunities to create greater value. As for corporate governance, the Group has engaged PRO-WIS Risk Advisory Services Limited to provide internal audit function to review internal control and risk management system in 2016 so as to strengthen the internal control and risk management of the Company.

Finally, on behalf of the Board and the management, I would like to extend heartfelt thanks to all the shareholders, business partners and employees for their strong support to the Group.Zhang Jing Ming

Chairman

29 March 2016

沈阳公用发展股份 2015年年报

Management Discussion and Analysis 管理層討論與分析

FINANCIAL REVIEW

The revenue of the Group for the 2015 Financial Year amounted to RMB311,400,000 (2014 Corresponding Period: RMB86,248,000), representing a very significant increase of approximately 261.1% as compared with the 2014 Corresponding Period. The substantial increase in revenue is primarily due to the increase in income generated from the construction of infrastructure and development of properties in the PRC and credit business in Hong Kong.

During the 2015 Financial Year, the Group has completed the acceptance and transfer of 1,400 mu (2014 Corresponding Period: 400 mu) construction land of the Zhongfang Chaozhou Jing Nan Industrial Park Project and recorded the revenue for 2015 Financial Year of RMB294,700,000 (2014 Corresponding Period: RMB84,200,000). The acceptance and transfer of the remaining construction land of the Zhongfang Chaozhou Jing Nan Industrial Park Project will be completed in the coming years.

Credit business and securities investments contributed the revenue for the 2015 Financial Year amounted to RMB16,026,000 (2014 Corresponding Period: RMB2,048,000) and RMB674,000 (2014 Corresponding Period: RMB nil) respectively. The turnover for credit business increased by 682.5% as compared with 2014 Corresponding Period and no turnover for securities investments was recorded in the 2014 corresponding Period.

Profit before tax for the 2015 Financial Year amounted to RMB3,724,000 (2014 Corresponding Period: RMB45,216,000) representing a decrease in profit before tax of approximately 91.8% over 2014 Corresponding Period. The decrease in profit before tax for the 2015 Financial Year is primarily attributable to the loss on disposal of held-for-trading investments amounted to RMB9,377,000 (2014 Corresponding Period: RMB561,000) and the loss arising from the change of fair value on held-for-trading investments amounted to RMB7,917,000 (2014 Corresponding Period: RMB nil), setting off against the gain arising from the fair value change on convertible instruments designated as financial assets at fair value through profit or loss of RMB1,084,000 (2014 Corresponding Period: RMB nil) and exchange gain as a result of the appreciation of Hong Kong Dollars against the reporting currency of RMB in the sum of RMB11,578,000 (2014 Corresponding Period: RMB nil). The decrease in the profit for the 2015 Financial Year is also attributable to the recognize of the gain from the disposal of Guangzhou Zhongzhan amounted to RMB45,677,000 in the 2014 Corresponding Period but no such gain was recorded in the 2015 Financial Year.

本集團於2015年財政年度的收入為人民幣311,400,000元（2014年同期：人民幣86,248,000元），較2014年同期大幅上升約261.1%。收益大幅上升的主要原因是中國基礎設施建設及物業發展及香港信貸業務的收入上升。

於2015年財政年度，本集團完成中房潮州徑南工業園項目1,400畝（2014年同期：400畝）建設用地的驗收交付手續，並於2015年財政年度錄得收入人民幣294,700,000元（2014年同期：人民幣84,200,000元）。中房潮州徑南工業園項目餘下建設用地的驗收交付手續將於未來數年完成。

於2015年財政年度，信貸業務及證券投資的收入分別為人民幣16,026,000元（2014年同期：人民幣2,048,000元）及人民幣674,000元（2014年同期：無）。信貸業務的營業額較2014年同期增加682.5%，2014年同期並無錄得證券投資收入。

本集團於2015年財政年度的除稅前溢利為人民幣3,724,000元（2014年同期：人民幣45,216,000元），較2014年同期除稅前溢利減少約91.8%。2015年財政年度錄得除稅前溢利減少主要是由於出售持作買賣投資的虧損人民幣9,377,000元（2014年同期：人民幣561,000元）及因持作買賣投資公允價值變動虧損人民幣7,917,000元（2014年同期：無），抵銷了因指定為按公允價值計入損益的財務資產的可換股工具的公允價值變動收益人民幣1,084,000元（2014年同期：無）及因港元兌人民幣（呈報貨幣）升值而錄得的匯兌收益人民幣11,578,000元（2014年同期：無）。2015年財政年度溢利減少亦是由於2014年同期錄得出售廣州中展收益人民幣45,677,000元，而2015年財政年度並無錄得該等收益。

2015年報瀋陽公用發展股份有限公司7

沈阳公用发展股份 2015年年报

8Annual Report 2015 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

本集團於2015年財政年度的所得稅開支為人民幣6,497,000元，較2014年同期人民幣1,155,000元大幅上升約462.5%。所得稅開支上升主要是由於不可抵扣開支及未確認稅務虧損共計人民幣8,159,000元（2014年同期：人民幣690,000元）的綜合稅務影響所致。

於2015年財政年度，本集團作出捐款共人民幣2,000,000元以宣揚中國傳統文化。

每股虧損約為人民幣0.24分，而2014年同期為每股盈利人民幣4.32分。

潮州徑南工業園項目一期4,500畝建設用地的基礎設施建設項目基本上已完成，正等待根據合作協議的驗收交付手續進行建設用地的驗收交付。

於2015年財政年度，潮州市金山投資開發有限公司確認完成1,400畝（2014年同期：400畝）建設用地的驗收交付手續。

繼2014年收購中華信貸後，本集團於2015年財政年度大大擴充香港的信貸業務。香港持牌放債人中華信貸於2015年財政年度錄得收入人民幣16,026,000元（2014年同期：人民幣2,048,000元），增長6.8倍。2015年財政年度是信貸業務營運的完整年度。

Income Tax Expenses

Income tax expenses of the Group for the 2015 Financial Year amounted to RMB6,497,000, representing a significant increase of approximately 462.5% as compared with RMB1,155,000 for the 2014 Corresponding Period. The increase in income tax expenses was mainly attributable to the combined tax effect of expenses not deductible for tax purpose and of tax losses not recognized totalling RMB8,159,000 (2014 Corresponding Period: RMB690,000).Donations

For the 2015 Financial Year, the Group has made donations totaling RMB2 million for promoting the Chinese traditional culture.

Loss/earnings per share

Loss per share was approximately RMB0.24 cents comparing with the earnings per share for the 2014 Corresponding Period of RMB4.32 cents.BUSINESS REVIEW

Infrastructure Construction and Property Development Business

The infrastructure construction project in relation to the phase I of the Chaozhou Jing Nan Industrial Park Project for 4,500-mu construction land has been basically completed, subject to the acceptance of completion and transfer of the construction land in accordance with the procedures for acceptance of completion and transfer of the cooperation agreement

During the 2015 Financial Year, Chaozhou Jinshan Investment and Development Company Limited* confirmed the acceptance of completion and transfer of the 1,400-mu (2014 Corresponding Period: 400-mu) construction land.Credit Business

Following the acquisition of Chung Hwa Finance in 2014, the Group expanded credit business in Hong Kong during the 2015 Financial Year. Chung Hwa Finance, a licensed money lender in Hong Kong, has recorded revenue of RMB16,026,000 (2014 Corresponding Period: RMB2,048,000) for the 2015 Financial Year, an increase of 6.8 times. The operation of credit business is in full year during the 2015 Financial Year.

沈阳公用发展股份 2015年年报

2015年報 瀋陽公用發展股份有限公司9Management Discussion and Analysis 管理層討論與分析

於2015年財政年度，本集團主要投資於亞洲資源股份及亞洲資源可換股債券分別75,148,000港元（不包括交易成本）及56,160,000港元。鑒於股市動盪及亞洲資源股價表現欠佳，本集團已於2015年財政年度出售大部分亞洲資源股份，並於其後2016年1月出售餘下全部的亞洲資源股份及亞洲資源可換股債券。因此，2015年財政年度錄得出售持作買賣投資的虧損人民幣9,377,000元（2014年同期：人民幣561,000）及持作買賣投資公允價值變動虧損人民幣7,917,000元（2014年同期：無）。於2015年財政年度，指定為按公允價值計入損益的財務資產的可換股工具錄得公允價值變動收益人民幣1,084,000元（2014年同期：無）。 本集團將繼續注重中國的既有基礎設施基礎建設業務以及香港的信貸業務。本集團亦將不時物色具有投資潛力的項目。因此，本集團已作出若干重大投資，有關詳情載於「重大收購及出售附屬及聯營公司」及「報告期後事件」等段。 本集團採納審慎的財務管理政策以管理營運資金。截至2015年12月31日，本集團的資產總值為人民幣923,346,000元（2014年：人民幣769,482,000元），增加20.0%。於2015年12月31日，非流動資產及流動資產分別為人民幣333,643,000元（2014年：人民幣127,209,000元）及人民幣589,703,000元（2014年：人民幣642,273,000元）。非流動資產增加人民幣206,434,000元，增幅162.3%，是由於就收購海粵房地產30%權益及投資亞洲資源股份及亞洲資源可換股債券的已付訂金所致。資產以流動負債人民幣134,624,000元（2014年：人民幣181,551,000元）及股東資金人民幣788,722,000元（2014年：人民幣587,931,000元）撥付。Securities Investments Business

The Group mainly invested in the ARHL Shares and ARHL Convertible Bonds in the 2015 Financial Year in the sum of HK$75,148,000 (excluding transaction cost) and HK$56,160,000 respectively. In view of the uncertain stock market conditions and poor performance of ARHL share price, the Group has disposed most of the ARHL Shares during the 2015 Financial Year. All the remaining ARHL Shares and ARHL Convertible Bonds were subsequently disposed in January 2016. Accordingly, loss on disposal of held-for-trading investments of RMB9,377,000 (2014 Corresponding Period: RMB561,000) and loss arising from fair value change on held-for-trading investments of RMB7,917,000 (2014 Corresponding Period: RMB nil) were recorded in the 2015 Financial Year.

The convertible instrument designated as financial assets at fair value through profit or loss recorded a gain from the fair value change of RMB1,084,000 for the 2015 Financial Year (2014 Corresponding Period: RMB nil).

BUSINESS PROSPECTS

The Group will continue to focus on the existing infrastructure construction business in the PRC and to expand the credit business in Hong Kong. The Group will also identify projects with investment potential from time to time.

Accordingly, the Group has made certain significant investments, details of which are set out in the paragraphs headed “Major Acquisition and Disposal of Subsidiaries and Associate Companies” and “Events after the Reporting Period”.

LIQUIDITY AND FINANCIAL RESOURCES

The Group adopts a prudent financial management policy to manage the working capital. As of 31 December 2015, the Group’s total assets amounted to RMB923,346,000 (2014: RMB769,482,000), representing an increase of 20.0%. Non-current assets and currents assets as at 31 December 2015 were RMB333,643,000 (2014: RMB127,209,000) and RMB589,703,000 (2014: RMB642,273,000) respectively. The increase in non-current assets by RMB206,434,000, being 162.3%, is attributable to the deposit paid for the acquisition of 30% in Hai Yue Real Estate and investment in ARHL Shares and ARHL Convertible Bonds. The assets were financed by current liabilities of RMB134,624,000 (2014: RMB181,551,000) and shareholders’ equity of RMB788,722,000 (2014: RMB587,931,000).

沈阳公用发展股份 2015年年报

10Annual Report 2015 Shenyang Public Utility Holdings Company Limited Management Discussion and Analysis 管理層討論與分析

截至2015年12月31日，本集團並無銀行貸款。本集團的流動比率（流動資產╱流動負債）及資產負債比率（總負債╱總資產）分別為4.38（2014年：3.54）及0.15（2014年：0.24）。於2015年財政年度，本公司完成發行120,000,000股每股人民幣1元的內資股及按每股人民幣1元配售84,080,000股H 股，令股本由人民幣1,020,400,000元增至於2015年12月31日的人民幣1,224,480,000元。本集團積極擴大本公司的資本基礎。有關計劃擴大股本的詳情載於「擴大股本」一段內。 4.96% 於2015年7月23日，中房潮州（本公司全資附屬公司）以總代價人民幣12,750,000元完成向獨立第三方收購潮州市區農村信用合作聯社8,500,000股股份，佔潮州市區農村信用合作聯社全部已發行股本4.96%。此交易並不構成本公司根據上市規則第14章之任何須予公佈交易。 30% 於2015年7月27日，深圳城合（本公司全資附屬公司）與獨立第三方訂立有條件收購協議（「海粵收購協議」），按代價人民幣195,000,000元收購海粵房地產30%股本權益。收購海粵房地產預計於2016年6月完成。有關詳情，請參閱本公司日期為2015年7月27日之公告。 於2015年7月31日，深圳城合（本公司全資附屬公司）與獨立第三方訂立有條件股份認購協議，以按代價人民幣50,000,000元認購武漢翼達發行之11,250,000股股份。有關詳情，請參閱本公司日期為2015年7月31日之公告。於2016年3月，深圳城合全部股權及本公司向深圳城合的貸款已出售予獨立第三方。請參閱「報告期後事件」一段。

As of 31 December 2015, the Group has no bank borrowings. The Group’s current ratio (current assets/current liabilities) was 4.38 (2014: 3.54) and gearing ratio (total liabilities/total assets) was 0.15 (2014: 0.24).

During the 2015 Financial Year, the Company have completed the issuance of 120,000,000 Domestic Shares of RMB1 each and the placing of 84,080,000 H-Shares at RMB1 each and accordingly increased the share capital from RMB1,020,400,000 to RMB1,224,480,000 as at 31 December 2015. The Group is actively pursuing to expand the capital base of the Company. Details of the enlarging of the share capital are set out in the paragraph headed ‘Enlarging Share Capital’.

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATE COMPANIES

Acquisition of 4.96% in Chaozhou Rural Credit Cooperative On 23 July 2015, Zhongfang Chaozhou, a wholly owned subsidiary of the Company, completed the acquisition of 8,500,000 shares of Chaozhou Rural Credit Cooperative* 潮州市區農村信用合作聯社 from the Independent Third Party at a total consideration of RMB12,750,000, representing 4.96% of the total issued share of Chaozhou Rural Credit Cooperative. This transaction does not constitute any notifiable transaction of the Company under Chapter 14 of the Listing Rules.

Acquisition of 30% in Hai Yue Real Estate

On 27 July 2015, Shenzhen Cheng He, a wholly-owned subsidiary of the Company, entered into a conditional acquisition agreement (the “Hai Yue Acquisition Agreement”) with the Independent Third Party to acquire 30% equity interest of Hai Yue Real Estate 海粵房地產 for a consideration of RMB195,000,000. It is anticipated the acquisition of Hai Yue Real Estate will be completed in June 2016. For the details, please refer to the announcements of the Company dated 27 July 2015.Subscription of share in Wuhan Yi Da

On 31 July 2015, Shenzhen Cheng He, a wholly-owned subsidiary of the Company, entered into a conditional share subscription agreement with the Independent Third Party to subscribe 11,250,000 shares issued by Wuhan Yi Da at a consideration of RMB50,000,000. For the details, please refer to the announcement of the Company dated 31 July 2015. In March 2016, all the equity interest in and loan to Shenzhen Cheng He were disposed to the Independent Third Party. Please refer to paragraph headed “Events after the Reporting Period”.

沈阳公用发展股份 2015年年报

2015年報 瀋陽公用發展股份有限公司11Management Discussion and Analysis 管理層討論與分析

70% 於2015年8月3日，深圳沈和（本公司全資附屬公司）訂立終止協議（「終止協議」），以終止收購深圳眾德已發行股本70%。根據終止協議，已付代價為數人民幣100,000,000元連同違約金人民幣2,000,000元將退還予本集團。於本報告日期，本集團已收取為數人民幣102,000,000元之已付代價及違約金。有關詳情，請參閱本公司日期為2015年8月3日之公告。 於2015年3月16日，深圳沈商（本公司全資附屬公司）與獨立第三方訂立買賣協議，內容關於收購位於廣州番禺的番禺萬達廣場（「番禺物業」）總佔地面積約2,262.66平方米合共40個商用物業，代價約為人民幣43,217,000元。於2015年8月3日，深圳沈商訂立終止協議（「番禺終止協議」）以終止收購番禺物業。根據番禺終止協議，已付訂金為數人民幣22,000,000元將自番禺終止協議日期起計30日內退還予深圳沈商。截至2015年12月31日止年度，本集團已收取已付訂金人民幣22,000,000元。此交易並不構成本公司根據上市規則第14章之任何須予公佈交易。Termination of the acquisition of 70% interest in Shenzhen Zhong De

On 3 August 2015, Shenzhen Shen He, a wholly-owned subsidiary of the Company, entered into a termination agreement (the “Termination Agreement”) to terminate the acquisition agreement to acquire 70% of the issued share capital of Shenzhen Zhong De. Pursuant to the Termination Agreement, the consideration paid in the sum of RMB100,000,000 together with the liquidated compensation of RMB2,000,000 shall be refunded to the Group. At as the date of this report, the consideration paid and the compensation in the sum of RMB102,000,000 has been received by the Group. For the details, please refer to the announcement of the Company dated 3 August 2015.

Termination of the acquisition of Panyu Property

On 16 March 2015, Shenzhen Shen Shang, a wholly-owned subsidiary of the Company, entered into a sale and purchase agreement with the Independent Third Party in relation to the acquisition of a total of 40 commercial properties units of Panyu Wanda Plaza in Panyu, Guangzhou with a total area of approximately 2,262.66 square meters (“Panyu Property”), at a consideration of approximately RMB43,217,000.

On 3 August 2015, Shenzhen Shen Shang, entered into a termination agreement (the “Panyu Termination Agreement”) to terminate the acquisition of the Panyu Property. Pursuant to the Panyu Termination Agreement, the deposit paid in the sum of RMB22,000,000 shall be refunded to Shenzhen Shen Shang within 30 days from the date of the Panyu Termination Agreement. The deposit paid of RMB22,000,000 has been received by the Group during the year ended 31 December 2015. This transaction does not constitute any notifiable transaction of the Company under Chapter 14 of the Listing Rules.

沈阳公用发展股份 2015年年报

12Annual Report 2015 Shenyang Public Utility Holdings Company Limited Management Discussion and Analysis 管理層討論與分析

於2015年12月23日，金馬海外（本公司全資附屬公司）與中華信貸集團有限公司（獨立第三方）訂立注資協議，據此，金馬海外及中華信貸集團有限公司各自同意向中華信貸分別注資109,990,000港元及90,000,000港元（「注資」）。於完成注資後，中華信貸已發行股本將增至200,000,000港元，而中華信貸將分別由金馬海外及中華信貸集團有限公司擁有55%及45%。注資已於報告期後完成。中華信貸繼續為本公司附屬公司，並以附屬公司計入本集團的綜合財務報表。有關注資的詳情，請參閱本公司日期為2015年12月23日的公告。除上文所披露者外，於2015年財政年度，本公司沒有重大收購或出售附屬及聯營公司。 於2015年12月31日，本集團共聘用47名僱員（包括本公司董事在內）（2014年：41名）。本集團與全體僱員均已簽署聘用合同，根據僱員所在不同崗位、資歷、經驗及能力提供不同之薪酬待遇。於2015年財政年度，薪金及酬金總額為人民幣3,672,000元（2014年：人民幣2,955,000元）。同時，根據中國有關法律規定，本集團為僱員提供福利如交納養老保險金、基本醫療報銷金和住房公積金。本集團尚無制定任何高級管理人員或職工認股權計劃。 於2015年12月31日，根據孖展證券賬戶，本集團質押香港上市股本證券及由該上市公司發行的可換股債券，公允價值分別約為人民幣14,637,000元（2014年：無）及人民幣48,883,000元（2014年：無）。

Capital Contribution to Chung Hwa Finance

On 23 December 2015, Kingma Overseas, a wholly-owned subsidiary of the Company, entered into the capital contribution agreement with Chung Hwa Finance Holdings Limited, an Independent Third Party, pursuant to which each of Kingma Overseas and Chung Hwa Finance Holdings Limited agreed to make capital contribution (the “Capital Contribution”) of HK$109,990,000 and HK$90,000,000 respectively to Chung Hwa Finance. Upon completion of the Capital Contribution, the share capital of Chung Hwa Finance will be increased to HK$200,000,000 and Chung Hwa Finance will be owned as to 55% and 45% by Kingma Overseas and Chung Hwa Finance Holdings Limited respectively. The Capital Contribution has been completed after the reporting period. Chung Hwa Finance continue to be a subsidiary of the Company and included as a subsidiary in the Group’s consolidated financial statements. Please refer to the announcement of the Company dated 23 December 2015 for the details of the Capital Contribution.

During the 2015 Financial Year, save as disclosed above, there was no material acquisition or disposal of subsidiaries and associate companies of the Company.

NUMBER OF EMPLOYEES, EMOLUMENTS, TRAINING SCHEMES AND SHARE OPTION SCHEMES

As at 31 December 2015, the Group employed a total of 47 (2014: 41) employees (including Directors of the Company). The Group has entered into employment contracts with all employees, and offered employment package according with their positions, qualifications, experience and ability. During the 2015 Financial Year, the aggregate salaries and emoluments amounted to RMB3,672,000 (2014: RMB2,955,000). The Group also provide benefits to employees, such as contributions to endowment insurance, basic medical insurance and housing reserve in accordance with the relevant laws of the PRC.

The Group has not adopted any share option scheme for any of its senior management or employees.

ASSETS SECURED/PLEDGED

As at 31 December 2015, pursuant to the margin securities accounts, the Group had pledged the equity listed securities in Hong Kong and convertible bonds issued by the listed company with the fair value of approximately RMB14,637,000 (2014: RMB nil) and RMB48,883,000 (2014: RMB nil) respectively.

沈阳公用发展股份 2015年年报

Management Discussion and Analysis 管理層討論與分析

CURRENCY RISKS

Other than those subsidiaries established in Hong Kong, the revenue and expenses of the Group are mainly denominated in Renminbi. The Group is exposed to foreign currency risk on transactions denominated in currencies other than the functional and reporting currency of the Group which is Renminbi. The change in the exchange rate of Hong Kong Dollar against Renminbi will affect the result of the Group. The Group currently does not have hedging policy against foreign exchange risk. The management will consider hedging significant currency exposure in future should the need arise.

CONTINGENT LIABILITIES

As at 31 December 2015, the Group had no significant contingent liabilities (2014: Nil).

CAPITAL COMMITMENTS

As of 31 December 2015, the total capital commitments of the Group amounted to RMB391,283,000 (2014: RMB294,214,000), details of which were set out in note 40 to the consolidated financial statements.

EVENTS AFTER THE REPORTING PERIOD

Memorandum of Understanding in relation to possible joint venture arrangements

On 6 January 2016, a subsidiary of the Company (the “Joint Venture Party”) and Hong Kong Multi-Ideas Chip Investment H o l d i n g s L i m i t e d 香港多思集成電路投資有限公司(t h e “Joint Venture Partner”) entered into the Memorandum of Understanding (“MOU”), pursuant to which the Joint Venture Party and the Joint Venture Partner intend to establish a domestic company (“Joint Venture Company”) in the PRC to market the reconfigurable security processor. Pursuant to the MOU, should the Joint Venture Party and the Joint Venture Partner fail to execute a formal agreement within 60 days from the date of the MOU, the MOU shall lapse. Since no formal agreement has been entered into between the Joint Venture Party and the Joint Venture Partner in respect of the Joint Venture Company on or before 5 March 2016, the MOU has lapsed and ceased to take effect. Please refer to announcement of the Company dated 7 January 2016 for further details.

除於香港成立的該等附屬公司外，本集團之收益及開支主要以人民幣計值。本集團承受以本集團功能及申報貨幣（人民幣）以外計值的交易的外匯風險。港元兌人民幣的匯率變動將影響本集團的業績。本集團目前並無外匯風險的對沖政策。管理層將考慮日後於有需要時對沖重大貨幣風險。

於2015年12月31日，本集團並無重大或然負債（2014年：無）。

於2015年12月31日，本集團的總資本承擔為人民幣391,283,000元（2014年：人民幣294,214,000元），有關詳情載於綜合財務報表附註40。

於2016年1月6日，本公司的附屬公司（「合資方」）與香港多思集成電路投資有限公司（「合資夥伴」）訂立一份諒解備忘錄（「諒解備忘錄」），據此，合資方與合資夥伴擬在中國設立一家內地公司（「合資公司」），以銷售可重組安全設計路由器。根據諒解備忘錄，倘合資方及合資夥伴未能於諒解備忘錄日期起計60日內簽立正式協議，諒解備忘錄應告失效。由於合資方與合資夥伴於2016年3月5日或之前並無就合資公司訂立正式協議，諒解備忘錄已告失效及不再生效。有關其他詳情，請參閱本公司日期為2016年1月7日的公告。

2015年報瀋陽公用發展股份有限公司13

沈阳公用发展股份 2015年年报

Management Discussion and Analysis 管理層討論與分析

Acquisition of 30% equity interest of Shishi Shen Guo Tou

On 11 January 2016, after trading hours, Shenzhen Zhonghe, a wholly-owned subsidiary of the Company, entered into the acquisition agreement (the “Lion City Acquisition Agreement”) to acquire 30% equity interest of Shishi Shen Guo Tou 石獅深國投for a total consideration of RMB150,000,000. The Lion City Acquisition shall be completed upon the fulfillment of the conditions precedent within six months from the date of the Lion City Acquisition Agreement. As at the date of this report, the acquisition has not yet completed. Please refer to announcement of the Company dated 12 January 2016 for further details.

Completion of the placing of H-Shares and the issuance of Domestic Shares under the general mandate

On 11 February 2016, the Company completed the placing of 100,896,000 new H-Shares at the placing price of RMB1 per H-Share.

On 23 February 2016, the Company completed the issuance of 144,000,000 Domestic Shares at RMB1 per Domestic Share.

For the details of the placing of H-Shares and the issuance of Domestic Shares, please refer to the paragraph headed “Enlarging Share Capital”.

Disposal of ARHL Shares and transfer of ARHL Convertible Bonds

All the ARHL Shares and ARHL Convertible Bonds held by the Group as at 31 December 2015 have been subsequently disposed after the reporting date. For the details, please refer to the paragraph headed “Business Review – Securities Investments Business”.

30%

於2016年1月11日（交易時段後），深圳眾合（本公司全資附屬公司）訂立收購協議（「獅城收購協議」），按總代價人民幣150,000,000元收購石獅深國投30%股權。獅城收購事項須待先決條件於獅城收購協議日期起計六個月內達成後，方告完成。於本報告日期，收購事項尚未完成。有關其他詳情，請參閱本公司日期為2016年1月12日的公告。

H

於2016年2月11日，本公司完成按配售價每股H股人民幣1元配售100,896,000股新H股。於2016年2月23日，本公司完成按每股內資股人民幣1元發行144,000,000股內資股。

有關配售H股及發行內資股的詳情，請參閱「擴大股本」一段。

本集團於2015年12月31日持有的所有亞洲資源股份及亞洲資源可換股債券其後已於報告日期後出售。有關詳情，請參閱「業務回顧－證券投資業務」一段。

14Annual Report 2015Shenyang Public Utility Holdings Company Limited

沈阳公用发展股份 2015年年报

2015年報 瀋陽公用發展股份有限公司15Management Discussion and Analysis 管理層討論與分析

於2016年2月4日，深圳同合（本公司全資附屬公司）與深圳市星河房地產開發有限公司（「深圳星河房地產」）於中國共同成立合營企業－深圳市星馬鴻運房地產開發有限公司（「中國合營企業」），註冊資本為人民幣10,000,000元。中國合營企業將在合法取得使用權的土地上從事房地產開發經營。有關其他詳情，請參閱本公司日期為2016年2月18日的公告。於本報告日期，中國合營企業尚未作出任何投資。 30% 於2016年3月3日，深圳城合（本公司全資附屬公司）向深圳泰合創建投資發展有限責任公司（本公司全資附屬公司）轉讓海粵收購協議。於本集團內轉讓海粵收購協議並不構成上市規則第14章的交易。 28% 於2016年3月10日，本公司與獨立第三方訂立收購協議，按代價人民幣42,000,000元收購深圳市匯業小額貸款有限公司28%權益。由於收購事項的適用百分比率低於5%，收購事項並不構成上市規則第14章的須予披露交易。 於2016年3月15日，深圳沈和（本公司全資附屬公司）訂立出售協議，按代價人民幣44,000,000元向獨立第三方出售深圳城合全部股權及公司向深圳城合之貸款。由於收購事項的適用百分比率低於5%，出售事項並不構成上市規則第14章的須予披露交易。Formation of Joint Venture in the PRC

On 4 February 2016, Shenzhen Tonghe, a wholly-owned subsidiary of the Company, and Shenzhen Galaxy Real Estate Development Company Limited* (“Shenzhen Galaxy Real Estate”) 深圳市星河房地產開發有限公司 has jointly established a joint venture namely Shenzhen Xingma Hongyun Real Estate Development Co., Ltd* 深圳市星馬鴻運房地產開發有限公司 in the PRC (the “PRC Joint Venture”) with the registered capital of RMB10,000,000. The PRC Joint Venture will engage in real estate development and operation in the area with legally land use rights. Please refer to the announcement of the Company dated 18 February 2016 for further details. As at the date of this report, the PRC Joint Venture has not made any investments.

Transfer 30% interest in Hai Yue Real Estate

On 3 March 2016, Shenzhen Cheng He, a wholly-owned subsidiary of the Company, assigned the Hai Yue Acquisition Agreement to Shenzhen Tai He Chuang Jian Investment Development Company Limited* 深圳泰合創建投資發展有限責任公司, a wholly-owned subsidiary of the Company. The transfer of the Hai Yue Acquisition Agreement within the Group did not constitute a transaction under Chapter 14 of the Listing Rules.Acquisition of 28% equity interest in Shenzhen Hui Ye Micro Lending Company Limited

On 10 March 2016, the Company entered into the acquisition agreement with the Independent Third Party to acquire 28% equity interest in Shenzhen Hui Ye Micro Lending Company Limited* 深圳市匯業小額貸款有限公司 for a consideration of RMB42,000,000. Since the applicable percentage ratios of the acquisition is less than 5%, the acquisition did not constitute a disclosable transaction under Chapter 14 of the Listing Rules.Disposal of the entire equity interest in Shenzhen Cheng He On 15 March 2016, Shenzhen Shen He, a wholly-owned subsidiary of the Company, entered into a disposal agreement to dispose all the equity interest in and loan to Shenzhen Cheng He to the Independent Third Party for a consideration of RMB44,000,000. Since the applicable percentage ratios of the disposal is less than 5%, the disposal did not constitute a disclosable transaction under Chapter 14 of the Listing Rules.

沈阳公用发展股份 2015年年报

16Annual Report 2015 Shenyang Public Utility Holdings Company Limited Management Discussion and Analysis 管理層討論與分析

除本節所披露者外，本集團於2015年財政年度並無持有任何重大投資。 本公司積極擴大其股本以擴大本集團的財務基礎及資本基礎。本公司已透過發行內資股及H 股擴大股本如下：於2015年5月5日，本公司完成根據2014一般授權按每股1.25港元（約人民幣1.00元）的價格配售84,080,000股H 股，集資所得款項淨額約103,600,000港元。所得款項淨額用作發展香港的信貸業務。有關配售H 股的詳情，請參閱本公司日期分別為2015年4月22日及2015年5月5日的公告。於2015年6月9日，本公司完成根據2014一般授權按每股人民幣1.00元（約1.25港元）的價格發行120,000,000股內資股，集資所得款項淨額約人民幣119,500,000元。所得款項淨額當中約人民幣12,000,000元用作中房潮州基礎設施建設的營運資金；約人民幣50,000,000元用作投資於武漢翼達4.35%股權；及約人民幣57,500,000元用作支付收購海粵房地產30%股權的代價。有關發行120,000,000股內資股的詳情，請參閱本公司日期分別為2015年5月22日及6月9日的公告。於2016年2月11日，本公司完成根據2015一般授權按每股1.19港元（約人民幣1.00元）的價格配售100,896,000股H 股，集資所得款項淨額約117,640,000港元。所得款項淨額用作香港信貸業務及補充流動資金。有關配售100,896,000股H 股的詳情，請參閱本公司日期分別為2016年1月19日及2016年2月11日的公告。

SIGNIFICANT INVESTMENT HELD

Saved as disclosed herein this section, the Group had no significant investment held for the 2015 Financial Year.ENLARGING SHARE CAPITAL

The Company is active pursing to enlarge its share capital so as to enhance the financial foundation and capital base of the Group. The Company has raised the share capital through the issue of Domestic Shares and H-Shares as follow:

On 5 May 2015, the Company completed the placing of 84,080,000 H-Shares at the price of HK$1.25 (approximately RMB1.00) per share under the General Mandate 2014 and raised net proceeds of approximately HK$103.6 million. The net proceeds were used for the development of credit business in Hong Kong. Details of the placing of H-Shares are set out in the announcements of the Company dated 22 April and 5 May 2015.On 9 June 2015, the Company completed the issuance of 120,000,000 Domestic Shares at the price of RMB1.00 (approximately HK$1.25) per share under the General Mandate 2014 and raised net proceeds of approximately RMB119.5 million. The net proceeds were used as to approximately RMB12,000,000 as the working capital for construction and infrastructure business of Zhongfang Chaozhou; as to approximately RMB50,000,000 as the investment in 4.35% equity interests of Wuhan Yi Da and as to approximately RMB57,500,000 as the payment of consideration for the acquisition of 30% equity interest of Hai Yue Real Estate. Details of the issuance of 120,000,000 Domestic Shares are set out in the announcements of the Company dated 22 May and 9 June 2015.

On 11 February 2016, the Company completed the placing of 100,896,000 H-Shares at the price of HK$1.19 (approximately RMB1.00) per share under the General Mandate 2015 and raised net proceeds of approximately HK$117.64 million. The net proceeds were used for credit business in Hong Kong and working capital of the Group. Details of the placing of 100,896,000 H-Shares are set out in the announcements of the Company dated 19 January and 11 February 2016.

沈阳公用发展股份 2015年年报

2015年報 瀋陽公用發展股份有限公司17Management Discussion and Analysis 管理層討論與分析

於2016年2月23日，本公司完成根據2015一般授權按每股人民幣1.00元（約1.196港元）的價格發行144,000,000股內資股，集資所得款項淨額約人民幣143,200,000元。所得款項淨額約人民幣130,000,000元支付收購石獅深國30%股權的代價；約人民幣13,000,000元用作中房潮州基礎設施建設的運營資金；約人民幣200,000元用作本集團日常營運資金。有關發行144,000,000股內資股的詳情，請參閱本公司日期分別為2015年12月18日及2016年2月25日的公告。於完成上文所載配售H 股及發行內資股後，本公司於本報告日期的股本增至人民幣1,469,376,000元，包括864,000,000股每股人民幣1元的內資股及605,376,000股每股人民幣1元的H 股。 於2013年5月，董事會建議將(i)本公司名稱由「瀋陽公用發展股份有限公司Shenyang Public Utility H oldings Company Limited 」更改為「深圳市金馬控股發展股份有限公司Shenzhen Jinma Development Holdings Company Limited 」；及(ii)本公司現有註冊地址改為深圳市羅湖區延芳路安業馨園AB 棟2樓211（「建議更改」）。有關決議案已於2013年6月21日獲股東批准。建議更改公司名稱須待取得相關政府機構一切相關之批准、授權、許可及同意，並已於中國完成一切備案及註冊手續，方可作實。建議更改本公司之註冊地址須待完成瀋陽市工商行政管理局相關變更登記註冊手續，以及完成深圳市市場監督管理局相關變更登記註冊手續後，方可作實。有關詳情載於本公司日期為2013年5月28日的通函內。於處理建議更改時遇到意料之外繁複冗長的手續。鑒於完成建議更改存在不確定性，董事會議決於應屆股東大會上尋求股東批准，取消建議更改。On 23 February 2016, the Company completed the issuance of 144,000,000 Domestic Shares at the price of RMB1.00 (approximately HK$1.196) per share under the General Mandate 2015 and raised the net proceed of approximately RMB143.2 million. The net proceeds were used for as to approximately RMB130,000,000 for the acquisition of 30% equity interest of Shishi Shen Guo Ton; as to approximately RMB13,000,000 for the working capital for construction and infrastructure business of Zhongfang Chaozhou and approximately RMB200,000 for the working capital of the Group. Details of the issuance of 144,000,000 Domestic Shares are set out in the announcements of the Company dated 18 December 2015 and 25 February 2016.Following the completion of the placing of H-Shares and issuance of Domestic Shares as set out in above, the share capital of the Company increased to RMB1,469,376,000 at the date of this report comprising of 864,000,000 Domestic Shares of RMB1 each and 605,376,000 H-Shares of RMB1 each.

PROPOSED CHANGES OF THE COMPANY NAME AND REGISTERED ADDRESS

In May 2013, the Board proposed to change (i) the name of the Company from “瀋陽公用發展股份有限公司 Shenyang Public Utility Holdings Company Limited” to “深圳市金馬控股發展股份有限公司 Shenzhen Jinma Development Holdings Company Limited” and (ii) the existing registered address of the Company to 深圳市羅湖區延芳路安業馨園AB 棟2樓211 (211, 2nd Floor, Block A and B, An Ye Xin Yuan, Yanfang Road, Luohu, Shenzhen, the PRC) (the “Proposed Changes”). The relevant resolutions have been approved by the Shareholders on 21 June 2013. The proposed change of company name will take effect after all relevant approval, authorities, licenses and consents have been obtained from the relevant governmental authorities, and all filings and registration procedures in the PRC have been completed. The proposed change of the registered address of the Company is subject to the completion of the registration procedures with Shenyang Administration for Industry and Commerce (瀋陽市工商行政管理局) and the completion of the relevant procedures for the change of registration with Market Supervision Administration of Shenzhen Municipality (深圳市市場監督管理局). Details of which is set out in the circular of the Company dated 28 May 2013.

It has encountered unexpected undue prolonged procedures with the relevant government departments to complete the Proposed Changes. In view of the uncertainty to complete the Proposed Changes, the Board resolved to seek the approval from the Shareholders at the coming general meeting of Shareholders to cancel the Proposed Changes.

沈阳公用发展股份 2015年年报

18Annual Report 2015 Shenyang Public Utility Holdings Company Limited Profiles of Directors and Senior Management 董事及高級管理層介紹

，59歲，畢業於汕頭商業學校。自1986年，張先生先後擔任廣東海寧紙品包裝有限公司副總經理、香港海源實業集團有限公司副總裁以及北京中金創展房地產開發有限公司董事長。張先生在業務管理、企業文化及項目及營運規劃方面擁有豐富經驗。 ，57歲，本公司執行董事。黃先生由本公司非執行董事調任為執行董事，自2014年3月3日起生效。彼自2013年6月加入本集團。黃先生畢業於深圳大學會計學專業。彼現任本公司全資附屬公司中房潮州投資開發有限公司總經理。黃先生於公司管治及地產專案開發方面擁有豐富經驗。 ，56歲，本公司執行董事，自2013年6月加入本集團。鄧先生於1983年畢業於重慶建築工程學院城市建設工程系給排水專業，獲頒工程學士學位。鄧先生於公司管治和地產項目開發方面擁有豐富經驗。

EXECUTIVE DIRECTORS:

Mr. Zhang Jing Ming , aged 59, graduated from Shantou Business School. Since 1986, Mr. Zhang has successively worked as the deputy manager of Guangdong Haining Paper Packing Company Limited* (廣東海寧紙品包裝有限公司), the vice president of Hong Kong Hai Yuan Industry Group Limited and chairman of Beijing Zhongjin Chuangzhan Real Estate Development Company Limited* (北京中金創展房地產開發有限公司). Mr. Zhang has extensive experience in business management, corporate culture and project and operational planning.

Mr. Huang Zhen Kun , aged 57, is an executive director of the Company. Mr. Huang was re-designated from non-executive director to executive director of the Company with effect from 3 March 2014. He joined the Group since June 2013. Mr. Huang graduated from Shenzhen University (深圳大學) majoring in accounting. He is currently the general manager of Zhongfang Chaozhou Investment Development Company Limited (中房潮州投資開發有限公司), a wholly-owned subsidiary of the Company. Mr. Huang has extensive experience in corporate governance and management of real estate projects.

Mr. Deng Xiao Gang , aged 56, is an executive director of the Company. He joined the Group since June 2013. Mr. Deng graduated from the Urban Construction and Engineering Department of Chongqing Institute of Architectural and Engineering (重慶建築工程學院) in 1983 with a bachelor degree in engineering, majoring in water supply and drainage. Mr. Deng has extensive experience in corporate governance and management of real estate projects.

沈阳公用发展股份 2015年年报

2015年報 瀋陽公用發展股份有限公司19Profiles of Directors and Senior Management 董事及高級管理層介紹

，52歲，本公司非執行董事，自2014年3月起加入本集團。尹先生畢業於哈爾濱工業大學，獲頒授建築與土木工程專業碩士學位。尹先生亦獲取國家註冊一級建造師及註冊監理工程師的資格。於2009年至2011年，尹先生先後擔任深圳市建設（集團）有限公司承包部門之副總經理及負責人員。尹先生目前擔任深圳市中大建設集團有限公司副總裁。尹先生於建築、土木工程及基建建造方面擁有逾二十年經驗。 ，57歲，於1988年畢業於河南廣播電視大學法律專業。自1981年起，李女士先後擔任河南省開封市司法局科員及河南潤合律師事務所之主任律師。李女士現任廣東深樺律師事務所合夥人。李女士在金融及資本市場、債權及債務、知識產權方面擁有豐富經驗。NON-EXECUTIVE DIRECTORS:

Mr. Yin Zong Chen , aged 52, is a non-executive director of the Company. Mr. Yin joined the Group since March 2014. Mr. Yin graduated from Harbin Institute of Technology (哈爾濱工業大學) with a master degree in Architecture and Civil Engineering Professional. Mr. Yin has also achieved the qualification as a national registered constructor and registered supervision engineer. From 2009 to 2011, Mr. Yin has successively held positions as the deputy general manager and responsible officer of the contracting division in Shenzhen Construction (Group) Company Limited (深圳市建設（集團）有限公司). Mr. Yin is currently served as the deputy president of Shenzhen City Construction Group Co., Ltd. Mr. Yin has over 20 years’ experience in architecture, civil engineering and infrastructure construction.

Ms. Li Yu Xiang , aged 57, graduated from Henan Radio & Television University* (河南廣播電視大學法律專業) with a bachelor’s degree in laws in 1988. Since 1981, Ms. Li has served as the section officer of Bureau of Justice in Kaifeng City, Henan Province, and the chief lawyer of Henan Rnn He law firm* (河南潤合律師事務所). Ms. Li is currently the partner of Guangdong Shen Hua law firm* (廣東深樺律師事務所). Ms. Li has extensive experience in finance and capital markets, debts and liabilities, intellectual property rights.

沈阳公用发展股份 2015年年报

20Annual Report 2015 Shenyang Public Utility Holdings Company Limited Profiles of Directors and Senior Management 董事及高級管理層介紹

，44歲。陳先生畢業於澳洲新南威爾斯大學，持有會計及電腦資訊系統學系商學士學位。陳先生為香港會計師公會之資深會員及澳洲會計師公會之會員及香港董事學會之資深會員。陳先生於審計、會計、投資及財務管理方面擁有逾15年經驗。於2001年9月至2015年12月期間，陳先生為啟程東方投資管理有限公司的聯席董事。於2000年7月至2001年8月期間曾任軟庫中華基金管理有限公司的投資經理。於1995年4月至2000年6月期間，彼曾任職於香港安永會計師事務所，其最後任職於審核及企業融資部高級顧問。陳先生現時為(i)新銳資產管理有限公司之投資經理；(ii)中國疏浚環保控股有限公司（前稱翔宇疏浚控股有限公司）（股份代號：871）；遠東控股國際有限公司（股份代號：36）；及昊天發展集團有限公司（股份代號：474）之獨立非執行董事，該等公司各自之證券於聯交所主板上市，及(iii)長虹佳華控股有限公司（股份代號：8016）及樂亞國際控股有限公司（股份代號：8195）之獨立非執行董事，該等公司各自之證券於聯交所創業板上市。陳先生自2009年2月12日起擔任本公司之獨立非執行董事，並於2013年6月21日辭任。陳先生於2013年3月至2014年2月期間及於2015年4月至11月期間分別擔任美麗中國控股有限公司（股份代號：706）及Focus Media Network Limited （股份代號：8112）之獨立非執行董事。 ，61歲，自2013年6月起出任本公司獨立非執行董事。余先生於1988年畢業於西南財經大學經濟學專業，獲頒經濟學碩士學位。余先生於企業風險管理和資產管理方面擁有豐富經驗。自2012年8月至2015年11月，余先生為於上海證券交易所上市的四川天一科技股份有限公司（代碼：600378）的獨立董事。余先生現任中國東方資產管理公司督導員。

INDEPENDENT NON-EXECUTIVE DIRECTORS:

Mr. Chan Ming Sun Jonathan , aged 44. Mr. Chan graduated from the University of New South Wales, Australia with a Bachelor of Commerce degree in Accounting and Computer Information Systems. He is a fellow of the Hong Kong Institute of Certified Public Accountants and a member of Certified Public Accountants, Australia and a fellow of the Hong Kong Institute of Directors. Mr. Chan has over 15 years of experience in auditing, accounting, investment and financial management. Between September 2001 and December 2015, Mr Chan was an associate director of Go-To-Asia Investment Limited. Between July 2000 and August 2001, Mr. Chan was an investment manager with Softbank China Venture Investments Limited. Between April 1995 and June 2000, he worked at Ernst & Young in Hong Kong and his last position was a senior associate with the audit and corporate finance department.

Mr. Chan is currently (i) an investment manager of Sprint Asset Management Limited; (ii) an independent non-executive director of China Dredging Environment Protection Holdings Limited (formerly known as Xiangyu Dredging Holdings Limited) (Stock code: 871); Far East Holdings International Limited (Stock code:

36) and Hao Tian Development Group Limited (Stock code: 474), whose respective securities are listed on the main board of the Stock Exchange, and (iii) an independent non-executive director of Changhong Jiahua Holdings Limited (Stock code: 8016) and L&A International Holdings Limited (Stock code: 8195), whose respective securities are listed on the growth enterprise market of the Stock Exchange.

Mr. Chan was the independent non-executive director of the Company since 12 February 2009 and has resigned on 21 June 2013. Furthermore, Mr. Chan was an independent non-executive director of Beautiful China Holdings Company Limited (stock code: 706) between March 2013 and February 2014 and Focus Media Network Limited (stock: 8112) between April to November 2015 respectively.

Mr. Yu Guan Jian , aged 61, is an independent non-executive director of the Company since June 2013. Mr. Yu graduated from Southwestern University of Finance and Economics (西南財經大學) with a master degree in economics in 1988. Mr. Yu has extensive experience in corporate risk management and asset management. From August 2012 to November 2015, Mr. Yu has been the independent director of Sichuan Tianyi Science & Technology Co., Ltd. (四川天一科技股份有限公司), a company listed on the Shanghai Stock Exchange (Stock code: 600378). Mr. Yu is currently the supervisor of China Orient Asset Management Corporation.

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