COSCO SHIPPING Holdings Co., Ltd.*
1919
5 14
183
47 1171 4
A H
H
H
24 H
183 17M
H
*
......................................................................................................................... 1
.............................................................................................................. 5
..................................................... I-1
........................................................ II-1
................................................................ III-1
–i–
A A
A 1.00
A H
H
1919 A
601919
–1–
(EOE)
(EVA)
H H
H 1.00
–2–
316
14
218,236,900
A
21,823,700
12
571
–3–
A
A
A H
A
%
*
–4–
COSCO SHIPPING Holdings Co., Ltd.*
1919
1
1
1
1
12
2
2
2
3
3
183
3
3
49
1
2
3
*
I.
H
–5–
II.
1.
2.
(1)
A
A
A
(2)
A
218,236,900 A A 2.25%
1.78%
21,823,700
10% 12
12
–6–
A
3.
(1)
10
7
2
(2)
60
(i) (a)
60 (b)
30
(c) 10
–7–
(ii)
(a)
(b)
(3)
24
(4)
24
(i)
(ii)
(iii)
(iv)
–8–
24 33%
36
36 33%
48
48 34%
84
III.
–9–
IV.
475
13
453
12
12
A
V.
VI.
VII.
11 1
– 10 –
17.04(1)
VI
17.04(1)
VIII.
14A.92(3)(a)
– 11 –
17.03(9) 1 (i)
(ii)
17.03(9) 1
(i)
A (ii)
(iii) A H
H
V.
IX.
183
47 1171 4
A H
A
H
H
183 17 1712 1716
– 12 –
H
H
H
H
H
(www.hkexnews.hk)
(www.chinacosco.com)
H
H
H 24 H
183 17M
H
13.39(4)
H 13.39(5)
– 13 –
X.
XI.
183 49
XII.
– 14 –
I.
II.
(1)
(2)
(i)
(ii)
(iii)
(iv) 5%
(v)
(vi)
(a) 12
– I-1 –
(b) 12
(c) 12
(d)
(e)
(f)
III.
(1)
A
A
A
(2)
A
218,236,900 A A 2.25%
1.78%
21,823,700
10% 12
12
– I-2 –
A
IV.
(1)
10
7
2
(2)
60
(i) (a)
60 (b)
30
(c) 10
(ii)
(a)
(b)
– I-3 –
(3)
24
(4)
24
(i) 30
30
(ii) 10
(iii)
(iv)
– I-4 –
24 33%
36
36 33%
48
48 34%
84
(5)
A
(i)
25%
– I-5 –
(ii) 6
6
(iii)
V.
A 4.10
(i) 1
A 4.05
(ii) 20 A
4.02
(iii) 1 A
4.10
(iv) 30 A
3.92
(v) A 1.00
VIII.
– I-6 –
VI.
(i) A
(ii)
(i)
40% (ii)
(ii)
40%
(ii)
(iii)
– I-7 –
VII.
(1)
(i)
(a) (EOE)
50
(b)
50
(c) (EVA)
(ii)
(a)
(b)
(c) 36
(d)
(e)
(iii)
– I-8 –
(2)
(i)
(a) (EOE)
12.15% 75
(b)
8%
(c) (EVA)
EVA 0
(a) (EOE)
13% 75
(b)
18%
(c) (EVA)
EVA 0
– I-9 –
(a) (EOE)
14% 75
(b)
30%
(c) (EVA)
EVA 0
(ii)
II. (2)
VIII.
(1)
(i)
Q Q0 (1+n)
(a) Q 0
– I-10 –
(b) n
(c) Q
(ii)
Q Q0 n
(a) Q 0
(b) n 1
(c) Q
(iii)
Q Q0 P1 (1+n)/(P 1+P 2 n)
(a) Q 0
(b) P 1
(c) P 2
(d) n
(e) Q
(iv)
– I-11 –
(2)
(i)
P P0 (1+n)
(a) P 0
(b) n
(c) P
(ii)
P P0 n
(a) P 0
(b) n
(c) P
(iii)
P P 0 –V
(a) P 0
(b) V
(c) P
– I-12 –
(iv)
P P0 (P 1+P 2 n)/(P 1 (1+n))
(a) P 0
(b) P 1
(c) P 2
(d) n
(e) P
(v)
(3)
A
A
– I-13 –
IX.
(1)
(i)
(a)
(b)
(c)
(ii)
(a) 12
(b) 12
(c) 12
(d)
– I-14 –
(e)
(f)
(g)
(h)
(i)
(iii)
6
(a)
(b)
(c)
(d)
6
(e)
3
(f)
– I-15 –
(iv)
(a)
(b)
(v)
(a)
(b)
(c)
(c)
(vi)
(2)
(i)
(a)
– I-16 –
(b)
(c)
(ii)
(a)
(b)
(c)
(d)
X.
(1)
– I-17 –
(i)
(ii)
(2)
10
XI.
(1)
11
22
– I-18 –
Black-Scholes
2.38 218,236,900 519,403,822
A 5.10 A
4.10
3.83
2.93% 3.83
46.67%
0% (1)
1.
2.
(2)
519,403,822
– I-19 –
186,785,789 187,297,530 101,201,397 44,119,106
0.21% 0.21% 0.11% 0.05%
19.66% 19.71% 10.65% 4.64%
XII.
475
13
453
– I-20 –
(1)
A A
A
1 936,000 0.43% 0.010% 0.008%
2 754,000 0.35% 0.008% 0.006%
3 754,000 0.35% 0.008% 0.006%
4 754,000 0.35% 0.008% 0.006%
5 754,000 0.35% 0.008% 0.006%
6 754,000 0.35% 0.008% 0.006%
7 754,000 0.35% 0.008% 0.006%
8 573,000 0.26% 0.006% 0.005%
9 573,000 0.26% 0.006% 0.005%
– I-21 –
(2)
A A
A
(1)
9 734,000 6,606,000 3.03% 0.07% 0.05%
13 782,000 10,166,000 4.66% 0.11% 0.08%
453 396,559 179,641,200 82.31% 1.86% 1.47%
475 413,501 196,413,200 90.00% 2.03% 1.60%
(2)
21,823,700 10.00% 0.23% 0.18%
218,236,900 100.00% 2.25% 1.78%
(1)
(2) 12
– I-22 –
[2006]175
[2008]171
– II-1 –
1.
(1)
(EOE)
50
50
(EVA)
– II-2 –
(2)
(EOE)
75
(EOE) 12.15% (EOE) (EOE)
13% 14%
75
8% 18% 30%
(EVA)
(EVA) (EVA) (EVA)
EVA 0 EVA 0 EVA 0
– II-3 –
( EVA)
(EOE) (EVA)
(EOE)
(EVA)
(EOE) (EVA)
2.
1 MAERSK-A/B.CO
2 HLAG.DE
3 9104.TO
4 9107.TO
5 2603.TW
6 011200.KS
7 2609.TW
8 0368.HK
9 2343.HK
10 1145.HK
11 0137.HK
12 0560.HK
13 0598.HK
14 SB.N SAFEBULKERS
– II-4 –
3.
(1)
(2)
(3)
4
– II-5 –
1.
2.
3.
1.
100%
0%
2.
1.
– II-6 –
2. 15
3.
(1)
(2)
1.
2.
3.
– II-7 –
– III-1 –
(1)
(2)
(3)
(4)
– III-2 –
1.
2.
3.
4.
1.
2.
3.
4.
5.
6.
– III-3 –
7.
8.
9.
10.
1.
2.
3.
4.
5.
1.
– III-4 –
2.
6
– III-5 –
2
10
5
2/3
– III-6 –
3
– III-7 –
– III-8 –
1.
2.
– III-9 –
– III-10 –