Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Sino Great Wall Co., Ltd.
The Third Quarterly Report 2019
October 2019
1
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
1 Important Notice
The Board of Directors ,Supervisory Committee, all directors, supervisors and senior executives of the Company
hereby guarantees that there are no misstatement, misleading representation or important omissions in this report
and shall assume joint and several liability for the authenticity, accuracy and completeness of the contents hereof.
All the directors attended the board meeting for reviewing the Quarterly Report.
Mr.Chen Lue, Person in charge of the Company, Ms.Yang Chunling, Chief financial officer and the Ms. Yang
Chunling, the person in charge of the accounting department (the person in charge of the accounting )hereby
confirm the authenticity and completeness of the financial report enclosed in this Quarterly Report.
II. Basic information about the company
I.Main financial data and financial index
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□ Yes √ No
As at the end of the Changed （%）over end of
As at the end of last year
reporting period prev. year
Gross assets（Yuan） 7,970,364,354.91 9,603,455,934.89 -17.01%
Net assets attributable to the
shareholders of the listed -1,297,416,656.35 235,202,473.51 -651.62%
company（Yuan）
Between beginning
Increase/decrease
of the year to the Changed （%）over
Reporting period over the same period
end of the report end of prev. year
of last year（%）
period
Operating income（Yuan） 67,835,920.24 -89.91% 324,203,141.91 -85.65%
Net profit attributable to the
shareholders of the listed -111,806,387.89 -5.66% -1,528,580,779.39 -6,098.52%
company（Yuan）
Net profit after deducting of
non-recurring gain/loss
-108,615,433.73 -24.65% -1,060,332,034.83 493.22%
attributable to the shareholders
of listed company（Yuan）
Cash flow generated by business -- -- -452,372,127.89 -135.14%
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
operation, net（Yuan）
Basic earning per
-0.0658 -5.73% -0.9001 -6,100.67%
share(Yuan/Share)
Diluted gains per
-0.0658 -5.73% -0.9001 -6,100.67%
share(Yuan/Share)
Weighted average income/asset
-9.01% -3.49% -287.81% -289.01%
ratio（%）
Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RM B
Amount (Year-beginning to
Items the end of the report Notes
period.)
Non-current asset disposal gain/loss(including the write-off part
54,651.22
for which assets impairment provision is made)
Net amount of non-operating income and expense except the
-468,303,395.78
aforesaid items
Total -468,248,744.56 --
Explain the reasons if the Company classifies an item as an extraordinary gain/loss according to the definition in
the Explanatory Announcement No.1 on Information Disclosure for Companies Offering Their Securities to the
Public-Extraordinary Gains and Losses, or classifies any extraordinary gain/loss item mentioned in the said
explanatory announcement as a recurrent gain/loss item.
□ Applicable √Not applicable
None of Non-recurring gain /loss items recognized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
II.Total Shareholders and Shares Held by Top Ten Shareholders at the End of the Reporting Period
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered
and the Shares Held by Top Ten Common Shareholders
In shares
Total preference
shareholders with the voting
Total number of common
62,306 power recovered at the end 0
shareholders at the period-end
of the reporting period(if
any)
Shares held by the top 10 shareholders
Shareholder Properties of Share Quantity Amount of Pledging or freezing
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
name shareholder proportion % tradable shares
with Status of the
Quantity
Conditional shares
held
Domestic freeze 583,454,556
Chen Lue 34.36% 583,454,556 437,590,917
Natural person Pledge 583,454,462
STYLE-SUCC Foreign legal
5.47% 92,970,910 0
ESS LIM ITED person
Union Domestic Non-
Holdings Co., State-owned 5.18% 87,935,921 0
Ltd. legal person
Domestic
He Feiyan 3.23% 54,800,458 0 freeze 54,800,458
Natural person
Jiutai Fund－
Bank of
Communicatio
ns－Jiutai
Huitong No.2 Other 2.40% 40,696,772 0
specific
customer asset
management
plan
Rich Crown
Foreign legal
Investment Co., 1.37% 23,235,313 0
person
Ltd.
Qinghai Heyi
Domestic Non-
Industry
State-owned 0.79% 13,357,084 0 Pledge 13,357,084
Development
legal person
Co.,Ltd/
Domestic
Huang Huaian 0.74% 12,548,000 0
Natural person
Domestic
Liu Yong 0.59% 10,090,452 0
Natural person
Domestic
Xu Zhimin 0.48% 8,110,300 0
Natural person
Shares held by the Top 10 Shareholders of Non-restricted shares
Quantity of unrestricted shares held at the end of the Share type
Name of the shareholder
reporting period Share type Quantity
Chin Lue 145,863,639 RM B Common 145,863,639
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
shares
Foreign shares
placed in
STYLE-SUCCESS LIM ITED 92,970,910 92,970,910
domestic
exchange
RM B Common
Union Holdings Co., Ltd. 87,935,921 87,935,921
shares
RM B Common
He Feiyan 54,800,458 54,800,458
shares
Jiutai Fund－Bank of
Communications－Jiutai Huitong RM B Common
40,696,772 40,696,772
No.2 specific customer asset shares
management plan
Foreign shares
placed in
Rich Crown Investment Co., Ltd. 23,235,313 23,235,313
domestic
exchange
Qinghai Heyi Industry RM B Common
13,357,084 13,357,084
Development Co.,Ltd/ shares
RM B Common
Huang Huaian 12,548,000 12,548,000
shares
RM B Common
Liu Yong 10,090,452 10,090,452
shares
RM B Common
Xu Zhimin 8,110,300 8,110,300
shares
The largest shareholder of M r. Chen Lue and the Fourth largest shareholder of M s. He
Feiyan aforesaid are persons acting in concerted; The controlling shareholder of the
Explanation on associated above-mentioned third shareholder Shenzhen Union Holdings Co.,Ltd. And Sixth
relationship or concerted action of shareholder Rich Crown Investment Co., Ltd.. Is Union Development Group Ltd.; It is
the above shareholders unknown whether there is relationship between other shareholders and whether they are
persons taking concerted action specified in the Regulations on Disclosure of Informat ion
about Change in Shareholding of Shareholders of Listed Companies.
Note to the top 10 common
stockholders involved in margin
Not applicable
financing & securities lending (If
any)
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
2.Total number of preferred shareholders and shareholding of top 10 preferred sh areholders by the end of
the report period
□ Applicable √Not applicable
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
III. Significant Events
I. Major changes of main accounting statement items and financial indicators in the reporting period, as
well as reasons for the changes
√ Applicable □ Not applicable
Same period of the
This period/Year-end previous
Items Changes % Remarks on the change
balance year/Year-beginning
balance
M ainly due to the claim for the guarantees,
M onetary fund 163,041,406.04 658,714,886.48 -75.25% and the deducted deposit incurred by notes
maturity.
M ainly due to the company falls into a
debt crisis, suspension of some projects
Operating income 324,203,141.91 2,259,055,189.05 -85.65%
and frozen basic accounts leading to
undertaking new projects hardly.
Operating costs 270,230,683.50 1,970,673,537.82 -86.29% M ainly due to reduced operating income.
M ainly due to the shrinking of business
Administrative expenses 107,742,399.54 185,124,556.07 -41.80% volume, resulting in decrease of
management staff.
M ainly due to the claim for maturity of the
Non-operating expenses 468,320,367.78 841,479.08 55554.43%
guarantee.
M ainly due to the deduction incurred by
Net cash flow generated by
-452,372,127.89 1,287,313,317.95 -135.14% the maturity of the guarantees and the
operation activities
notes.
Net cash flow generated by M ainly due to the tightening of national
-351,491,732.24 -100.00%
investment activities credit and the shortage of funds
M ainly due to the bank loans to pay for the
Net cash flow generated by
388,122,001.30 -1,424,770,406.23 -127.24% claim of guarantees maturity and the due
financing activities
notes
II. The progress of significant events and influence, as well as the analysis and explanation on resolving
proposal.
√ Applicable □ Not applicable
1. On February 12, 2018, the Company convened the twenty -ninth meeting of the seventh Board of Directors, deliberating and
adopting a Proposal on Acquisition of Shares of UPL Laos Co., Ltd., according to which, UPL (M ALAYSIA) SDN. BHD.
(hereinafter referred to as UPL Malays ia) transfered 30% of shares of UPL Laos Co., Ltd. (hereinafter referred to
as UPL Laos) to the Company by signing an Agreement of Equity Cooperation on Laos Vientiane Dongphosy
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Special Economic Zone Project, UPL Laos entered into a franchise agreement for 50+40 years with Laos
Government by cash contribution of USD 10 million and advance payment of USD 20 million for project
construction put together as the consideration of acquisition and took full charge of matters of development of
Dongphosy as the franchisee to Dongphosy Special Economic Zone (refer to the Company's Announcement
2018-020 and 021). On June 12, 2018, the Company agreed with UPL Malays ia on transfer of 10% of shares,
hence the Company's shareholding ratio rose to 40%. Whereas the Company is experiencing a financial difficulty
at the moment and has failed to perform duties of advance payment and construction in the equity agreement and
duties in the loan agreement, the Malays ian shareholder UPL Malays ia sent a latter in request for a return of
equity and filed an arbitration to Hong Kong International Arbitration Centre on the dispute of equity in March
2019. At present, the arbitration has entered the stage of submitting evidence by both parties. The lawyers hired by
the Company have formally submitted a defense to the Arbitration Tribunal of the Hong Kong International
Arbitration Centre.
2. On February 23, 2018, the Company received the “Mekong River Villa Project Bid-Winning Notice” issued by
OXLEYEMERALD (CAMBODIA) CO., LTD, and Sino International won the bid for the “Mekong River Villa
Project” in Cambodia, with the bid amount of USD 46.5 million (equivalent to RMB 295 million) (See the
2018-035 announcement of the Company for details). As of the end of the reporting period, most of the on-site
piling construction work has been completed, and the relevant civil work has been in progress. As of the
disclosure date of this report, both parties have agreed to terminate the contract and the project is in the process of
settlement.
3. The Company convened the 37th meeting of the seventh Board of Directors on September 2, 2018, planned to
invest and found "Yinglonghuanhu Development Co., Ltd." (hereinafter referred to as the Project Company,
whose final name is subject to the name approved in industrial and commercial registration) with Chongqing
Circum-Yinglonghuanlu Industrial Co., Ltd. (hereinafter referred to as Party A) and 7 village committees
concerned at the project location (hereinafter referred to as Party C). The registered capital of the Project
Company was RMB 125 million, wherein Party A subscribed capital by earlier input of physical assets worth
RMB 23.75 million (subject to the audited amount) in the Yinglong Project, accounting for 19% of the registered
capital; Sino Great Wall contributed RMB 100 million by currency, accounting for 80% of the registered capital;
Party C subscribed RMB 1.25 million by currency or contribution in kind, accounting for 1% of the registered
capital (refer to the Company's Announcement 2018-104 and 105). At the moment, the Project Company has been
registered and project planning and design are underway.
Inquiry index of the provisional reports
General on Significant Events Date of disclosure
disclosed in the website.
The company held the sixth meeting of
the eighth Board of Directors on April
12, 2019, deliberated and passed the
Proposal on Adjusting the Company's
Organizational Structure and agreed to Please refer to Cninfo.com for
adjust the operating organization and “Announcement of Resolutions of the
April 12,2019
business structure of the company's 6th M eeting of the Eighth Board of
headquarters. The company will Directors"(Announcement No.2019-028)
implement a division system by sections
and set up four operating organizations,
including the domestic traditional
construction business sector (division),
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
infrastructure business sector (division),
overseas business sector (division),
smart housing and medical care business
sector (division). After this adjustment,
the organizational structure of the
company's headquarters is as follows:
eight functional departments and offices,
including the comprehensive office, the
finance department and the human
resources department, as well as the
above-mentioned four operating
institutions .
In M ay 2019, M r. Chen Lue, the actual Please refer to Cninfo.com for
controller and controlling shareholder of "Announcement on the Change of Letter
the Company, introduced the of Intent for Cooperation by signed
reorganization investor Chongqing Control Rights between the actual
M ay 28,2019
Southern New City Industrial Investment controller of the Company and the
Group Co., Ltd (hereinafter referred to Chongqing Southern New City Industrial
as “Southern New City Group”), and Investment Group Co.,
after preliminary negotiation, Southern Ltd.(Announcement No.2019-064)
New City Group, which is the
reorganization party (or namely the
“reorganization investor”) , participated
in and promoted the Sino Great Wall’s
reorganization process with a
preliminary intention reached and the
“Letter of Intent for Cooperation”
signed. Yet Southern New City Group,
after prudent decision-making, plans to
Please refer to Cninfo.com for
not be a reorganization party (or namely
“Announcement on the termination of
the “reorganization investor”) to
cooperation between the controlling
participate in the reorganization process
September 21,2019 shareholder and actual controller and the
of the Sino Great Wall and stops
Chongqing Southern New City Industrial
fulfilling the relevant cooperation plan in
Investment Group Co., Ltd."
the signed Letter of Intent for
(Announcement No.2019-114)
Cooperation.
In September 2019, the company receive
d the reply letter from the controlling sha
reholder and actual controller M r. Chen
Lue, “Chongqing Southern New City Ind
ustrial Investment Group Co., Ltd. on th
e initial conclusion of Sino Great Wall C
o., Ltd.”,Yet Southern New City Group,
after prudent decision-making, plans to
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
not be a reorganization party (or namely
the “reorganization investor”) to
participate in the reorganization process
of the Sino Great Wall and stops
fulfilling the relevant cooperation plan in
the signed Letter of Intent for
Cooperation.
On July 24, 2019, the company received Please refer to Cninfo.com for
the application for reorganization "Reminder Announcement on the
submitted by the creditor Bihui Road July 25,2019 Creditor's Application for the Company
and Bridge served by the court. Bihui Reorganization"(Announcement
Road and Bridge applied to the court for No.2019-092)
reorganization of the company on the
grounds that the company was unable to
repay the debts due and obviously lacked
solvency. As of the disclosure date of
this report,
The court is reviewing the creditor’s app
lication for reorganization of the compan
Please refer to Cninfo.com for
y and has held a hearing. After the hearin
“Reminder Announcement on the
g, the court has written to the Shenzhen September 5,2019
Reorganization Progress and Risk”
M unicipal People’s Government. Accord
(Announcement No.2019-109)
ing to the requirements of Article 3 of th
e Supreme Court's M inutes on the
Trial of the Work of Bankruptcy and Re
organization of Listed Companies, listed
companies need to fill in the necessary d
ocuments for bankruptcy and reorganizat
ion.
On September 19, 2019, M r. Chen Lue, Please refer to Cninfo.com for
the controlling shareholder and actual "Announcement on the Signing of the
controller of the Company, signed an "Investment Cooperation Agreement"
September 21,2019
Investment Cooperation Agreement with between the actual controller of the
Henan Yufa Group Co., Ltd, and both Company and Yufa
parties agreed that Yufa Group shall be Group"(Announcement No.2019-116)
the reorganization party (or namely the
“reorganization investor”) to participate
in and promote the reorganization Please refer to Cninfo.com for
process of the Sino Great Wall. After the “Announcement on the Intent
reorganization completion, Yufa Group September 21,2019 Reorganization Investor’s Shareholding
will become the controlling shareholder Increase Plan”
of the listed company. On the same day, (Announcement No.2019-115)
the company received the notice from
Yufa Group, stating Yufa Group intends
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
to increase its shareholding in the
Company and describing it plans to use
its self-owned funds to increase its
shareholding by no less than 100 million
shares of the Company through the
Shenzhen Stock Exchange by means of
centralized bidding within six months
from the date of this announcement (i.e.
September 21, 2019), with the set price
ranges from 0.8 yuan - 1.2 yuan / share.
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding
□ Applicable √ Not applicable
III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer,
directors, supervisors, senior executives or other related parties in the reporting period and commitments
unfinished in implementation at the end of the reporting period
□ Applicable √Not applicable
No such cases in the reporting period.
IV. Investment in securities
□ Applicable √ Not applicable
No securities investment in period.
V. Entrusted Financial Management
□ Applicable √ Not applicable
No securities investment in period.
VI. Investment in derivatives
□ Applicable √Not applicable
There is no derivative investment during the report period.
VII. The registration form of acceptance of investigation, communication and interview in the report
period for future reference
□ Applicable √ Not applicable
The Period has no research, communication and written inquiry from the investors in the report period.
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
VIII. External guarantee get out of line
□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period
IX. Controlling shareholder and its related parties occupying non-business capital of the listed company
□ Applicable √Not applicable
There are no controlling shareholder and its related parties occupying non-business capital of the listed company
in Period
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by：Sino Great Wall Co., Ltd.
In RM B
Items September 30,2019 December 31,2018
Current asset：
M onetary fund 163,041,406.04 658,714,886.48
Settlement provision
Outgoing call loan
Transactional financial assets
Financial assets measured at fair
value with variations accounted into
current income account
Derivative financial assets
Notes receivable 32,675,879.70 1,518,790.00
Account receivable 3,220,336,673.55 4,202,594,258.24
Financing of receivables
Prepayments 405,001,356.83 220,261,619.13
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts
receivable
Other account receivable 1,563,100,659.37 2,186,223,361.40
Including：Interest receivable
Dividend receivable
Repurchasing of financial assets
Inventories 1,024,174,957.10 717,531,578.23
Contract assets
Assets held for sales 105,075,792.00 105,075,792.00
Non-current asset due within 1 year
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Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Other current asset 3,975,630.09 5,795,797.44
Total of current assets 6,517,382,354.68 8,097,716,082.92
Non-current assets：
Loans and payment on other’s behalf
disbursed
Debt investment
Available for sale of financial
10,338,500.00
assets
Other investment on bonds
Expired investment in possess
Long-term receivable 16,708,613.19 16,708,613.19
Long term share equity investment 106,837,810.83 106,837,810.83
Other equity instruments investment
Other non-current financial assets
Property investment
Fixed assets 136,058,418.88 158,746,947.91
Construction in progress 36,805,894.03 36,697,284.04
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 90,281,588.93 99,921,251.67
Development expenses
Goodwill 27,268,234.53 27,268,234.53
Long-germ expenses to be
1,972,106.61 6,727,688.90
amortized
Deferred income tax asset 117,317,681.38 117,983,727.91
Other non-current asset 919,731,651.85 924,509,792.99
Total of non-current assets 1,452,982,000.23 1,505,739,851.97
Total of assets 7,970,364,354.91 9,603,455,934.89
Current liabilities
Short-term loans 3,306,944,094.49 2,862,584,629.01
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Financial liabilities measured at fair
value with variations accounted into
14
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
current income account
Derivative financial liabilities
Notes payable 396,643,774.40 1,034,087,499.72
Account payable 795,538,450.44 892,155,630.43
Advance receipts 552,109,041.13 478,101,743.92
Contract Liabilities
Selling of repurchased financial
assets
Deposit taking and interbank
deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 71,791,324.92 86,414,858.86
Tax payable 376,111,541.28 393,957,887.52
Other account payable 2,343,796,096.90 2,212,412,970.43
Including：Interest payable 629,925,428.55
Dividend payable 8,392,335.45
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1
975,719,981.55 975,719,981.55
year
Other current liability
Total of current liability 8,818,654,305.11 8,935,435,201.44
Non-current liabilities：
Reserve fund for insurance
contracts
Long-term loan 120,000,000.00 120,000,000.00
Bond payable 272,468,101.18 254,801,342.47
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 270,267.55 322,990.35
Long-term remuneration payable to
staff
15
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Expected liabilities 2,958,723.15 2,958,723.15
Deferred income
Deferred income tax liability 23,079,827.03 24,369,456.18
Other non-current liabilities
Total non-current liabilities 418,776,918.91 402,452,512.15
Total of liability 9,237,431,224.02 9,337,887,713.59
Owners’ equity
Share capital 1,698,245,011.00 1,698,245,011.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves -1,298,846,540.07 -1,298,846,540.07
Less：Shares in stock
Other comprehensive income -56,089.18 -50,380.95
Special reserve 16,993,440.19 21,026,082.43
Surplus reserves 84,394,441.23 84,394,441.23
Common risk provision
Retained profit -1,798,146,919.52 -269,566,140.13
Total of owner’s equity belong to the
-1,297,416,656.35 235,202,473.51
parent company
M inority shareholders’ equity 30,349,787.24 30,365,747.79
Total of owners’ equity -1,267,066,869.11 265,568,221.30
Total of liabilities and owners’ equity 7,970,364,354.91 9,603,455,934.89
Legal Representative: Chen Lue Person in charge of accounting：Yang Chunling Accounting Dept Leader:Yang Chunling
2.Parent Company Balance Sheet
In RM B
Items September 30,2019 December 31,2018
Current asset：
M onetary fund 46,771,666.61 46,778,625.47
Transactional financial assets
Financial assets measured at fair
value with variations accounted into
current income account
16
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Derivative financial assets
Notes receivable
Account receivable
Financing of receivables
Prepayments
Other account receivable 2,819,879,744.91 2,986,852,664.14
Including：Interest receivable
Dividend receivable
Inventories
Contract assets
Assets held for sales
Non-current asset due within 1 year
Other current asset 2,604,075.38
Total of current assets 2,866,651,411.52 3,036,235,364.99
Non-current assets：
Debt investment
Available for sale of financial assets
Other investment on bonds
Expired investment in possess
Long-term receivable
Long term share equity investment 3,323,211,536.66 3,323,211,536.66
Other equity instruments investment
Other non-current financial assets
Property investment
Fixed assets 25,500.78 36,371.12
Construction in progress
Production physical assets
Oil & gas assets
Use right assets
Intangible assets
Development expenses
Goodwill
Long-germ expenses to be amortized 1,074,666.67
Deferred income tax asset
17
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Other non-current asset 728,328,020.00 728,328,020.00
Total of non-current assets 4,051,565,057.44 4,052,650,594.45
Total of assets 6,918,216,468.96 7,088,885,959.44
Current liabilities
Short-term loans 2,192,097,807.25 2,189,866,602.21
Transactional financial liabilities
Financial liabilities measured at fair
value with variations accounted into
current income account
Derivative financial liabilities
Notes payable 28,900,000.00 29,000,000.00
Account payable 66,000,000.00 66,000,000.00
Advance receipts
Contract Liabilities
Employees’ wage payable 22,073,918.80 15,016,143.39
Tax payable 94,931,620.72 97,149,029.10
Other account payable 1,598,861,751.05 1,347,473,661.05
Including：Interest payable 520,831,917.97
Dividend payable 8,392,335.45
Liabilities held for sales
Non-current liability due within 1
866,250,000.00 866,250,000.00
year
Other current liability
Total of current liability 4,869,115,097.82 4,610,755,435.75
Non-current liabilities：
Long-term loan
Bond payable
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable
Long-term remuneration payable to
staff
Expected liabilities
Deferred income
18
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Deferred income tax liability
Other non-current liabilities
Total non-current liabilities
Total of liability 4,869,115,097.82 4,610,755,435.75
Owners’ equity
Share capital 1,698,245,011.00 1,698,245,011.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 1,237,956,472.37 1,237,956,472.37
Less：Shares in stock
Other comprehensive income
Special reserve
Surplus reserves 26,309,287.00 26,309,287.00
Retained profit -913,409,399.23 -484,380,246.68
Total of owners’ equity 2,049,101,371.14 2,478,130,523.69
Total of liabilities and owners’ equity 6,918,216,468.96 7,088,885,959.44
3.Consolidated Income statement of the Report period
In RM B
Items Amount in this period Amount in last period
I.Turnover 67,835,920.24 672,083,613.81
Incl：Operating income 67,835,920.24 672,083,613.81
Interest income
Eamed insurance premium
Fee and commission received
II. Total Operating costs 232,413,362.88 940,383,423.60
Incl：Operating costs 42,584,647.26 658,461,435.36
Interest payment
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Appropriation of deposit for duty,net
Insurance policy dividend paid
19
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Reinsurance expenses
Business tax and surcharge 174,711.44 745,870.79
Sales expense 2,282,607.80 1,941,491.70
Administrative expense 20,578,733.98 57,216,694.51
R & D expense
Financial expenses 166,792,662.40 222,017,931.24
Including：Interest expense 166,603,633.82 215,522,929.15
Interest income 93,916.44 3,343,599.29
Add：Other income
Investment gain（“-”for loss）
Including: investment gains from
affiliates
Financial assets measured at
amortized cost cease to be recognized
as income
Gains from currency exchange 73,554,770.66 113,926,608.10
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets -18,094,077.27 -2,054,715.86
Assets disposal income
III. Operating profit（“-”for loss） -109,116,749.25 -156,427,917.55
Add ：Non-operating income 25,845,524.88
Less: Non-operating expense 3,190,954.16 205,178.47
IV Total profit(“-”for loss) -112,307,703.41 -130,787,571.14
Less：Income tax expenses -501,315.52 -11,090,989.76
V Net profit -111,806,387.89 -119,696,581.38
(I) Classification by business
continuity
1.Net continuing operating profit -111,806,387.89 -119,696,581.38
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners
-111,806,387.89 -118,516,821.76
of parent company
2.M inority shareholders’ equity -1,179,759.62
20
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
VI. Net after-tax of other
comprehensive income
Net of profit of other comprehensive in
come attributable to owners of the pare
nt company.
（I）Other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under t
he equity method investee can not be re
classified into profit or loss.
3. Changes in the fair value of
investments in other equity instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
（II）
Other comprehensive income that will
be reclassified into profit or loss.
1.Other comprehensive income under t
he equity method investee can be reclas
sified into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3.Gains and losses from changes in fair
value available for sale financial assets
4. Other comprehensive income arising
from the reclassification of financial
assets
5.Held-to-maturity investments reclassi
fied to gains and losses of available for
sale financial assets
6. Allowance for credit impairments in
21
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
investments in other debt obligations
7. Reserve for cash flow hedges
8.
Translation differences in currency fina
ncial statements
9.Other
Net of profit of other comprehensive in
come attributable to M inority
shareholders’ equity
VII. Total comprehensive income -111,806,387.89 -119,696,581.38
Total comprehensive income
attributable to the owner of the parent -111,806,387.89 -118,516,821.76
company
Total comprehensive income
-1,179,759.62
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share -0.0658 -0.0698
(II)Diluted earnings per share -0.0658 -0.0698
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Chen Lue Person in charge of accounting ：Yang Chunling Accounting Dept
Leader:Yang Chunling
4.Income statement of the Parent Company of the Report period
In RM B
Items Amount in this period Amount in last period
I. Revenue 0.00 54,418.18
Less:Operating costs 0.00 0.00
Business tax and surcharge
Sales expense
Administrative expense 5,053,118.51 2,387,007.15
R & D expense
Financial expenses 134,843,482.60 117,586,989.99
Including：Interest expenses 134,935,793.31 121,102,703.51
Interest income 92,311.71 3,518,795.43
Add：Other income
22
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Investment gain（“-”for loss）
Including: investment gains from
affiliates
Financial assets measured at
amortized cost cease to be recognized
as income
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets 692,237.82 1,355,806.96
Assets disposal income
II. Operating profit（“-”for loss） -139,204,363.29 -118,563,772.00
Add ：Non-operating income
Less：Non -operating expenses
III. Total profit(“-”for loss) -139,204,363.29 -118,563,772.00
Less：Income tax expenses
IV Net profit -139,204,363.29 -118,563,772.00
1.Net continuing operating profit -139,204,363.29 -118,563,772.00
2.Termination of operating net profit
V. Net after-tax of other
comprehensive income
（I）Other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit
plans of changes in net debt or net ass
ets
2.Other comprehensive income under
the equity method investee can not b
e reclassified into profit or loss.
3. Changes in the fair value of
investments in other equity
instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
23
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
（II）
Other comprehensive income that wil
l be reclassified into profit or loss.
1.Other comprehensive income under
the equity method investee can be re
classified into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3.
Gains and losses from changes in fair
value available for sale financial asset
s
4. Other comprehensive income
arising from the reclassification of
financial assets
5.Held-to-maturity investments reclas
sified to gains and losses of available
for sale financial assets
6. Allowance for credit
impairments in investments in other
debt obligations
7. Reserve for cash flow hedges
8.
Translation differences in currency fi
nancial statements
9.Other
VI. Total comprehensive income -139,204,363.29 -118,563,772.00
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
5. Consolidated Income statement between the beginning of the year and end of the report period
In RM B
Items Amount in this period Amount in last period
I. Turnover 324,203,141.91 2,259,055,189.05
Including：Operating income 324,203,141.91 2,259,055,189.05
24
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Interest income
Insurance fee earned
Commission charge and commission
income
II. Total operating costs 888,449,280.45 2,577,519,225.65
Incl：Operating costs 270,230,683.50 1,970,673,537.82
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Insurance policy dividend paid
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 1,869,602.31 2,852,388.84
Sales expense 16,759,750.56 18,463,113.78
Administrative expense 107,742,399.54 185,124,556.07
R & D expense
Financial expenses 491,846,844.54 400,405,629.14
Including：Interest expense 493,188,561.08 390,129,337.03
Interest income 2,912,915.60 9,833,816.40
Add：Other income
Investment gain（“-”for loss） 6,596,880.93 5,171,892.51
Including: investment gains from
affiliates
Financial assets measured at
amortized cost cease to be recognized
as income
Gains from currency exchange 79,248,852.53 146,374,380.81
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets -581,498,544.92 -6,238,590.52
Assets disposal income
III. Operating profit（“-”for loss） -1,059,898,950.00 -173,156,353.80
Add ：Non-operating income 71,623.22 205,066,020.08
25
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Less: Non-operating expenses 468,320,367.78 841,479.08
IV Total profit(“-”for loss) -1,528,147,694.56 31,068,187.20
Less：Income tax expenses 449,045.38 7,699,247.03
V Net profit -1,528,596,739.94 23,368,940.17
(I) Classification by business
continuity
1.Net continuing operating profit -1,528,596,739.94 23,368,940.17
2.Termination of operating net profit
(II) Classification by ownership
1.Net profit attributable to the owners
-1,528,580,779.39 25,482,633.97
of parent company
2.M inority shareholders’ equity -15,960.55 -2,113,693.80
VI. Net after-tax of other
-5,708.23 -263,008.36
comprehensive income
Net of profit of other comprehensive in
-5,708.23 -263,008.36
come attributable to owners of the pare
nt company.
（I）Other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
1.Re-measurement of defined benefit pl
ans of changes in net debt or net assets
2.Other comprehensive income under t
he equity method investee can not be re
classified into profit or loss.
3. Changes in the fair value of
investments in other equity instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
（II）
Other comprehensive income that will -5,708.23 -263,008.36
be reclassified into profit or loss.
1.Other comprehensive income under t
he equity method investee can be reclas
26
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
sified into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3.Gains and losses from changes in fair
value available for sale financial assets
4. Other comprehensive income arising
from the reclassification of financial
assets
5.Held-to-maturity investments reclassi
fied to gains and losses of available for
sale financial assets
6. Allowance for credit impairments in
investments in other debt obligations
7. Reserve for cash flow hedges
8.
Translation differences in currency fina -5,708.23 -263,008.36
ncial statements
9.Other
Net of profit of other comprehensive in
come attributable to M inority
shareholders’ equity
VII. Total comprehensive income -1,528,602,448.17 23,105,931.81
Total comprehensive income
attributable to the owner of the parent -1,528,586,487.62 25,219,625.61
company
Total comprehensive income
-15,960.55 -2,113,693.80
attributable minority shareholders
VIII. Earnings per share
（I）Basic earnings per share -0.9001 0.0150
(II)Diluted earnings per share -0.9001 0.0150
The current business combination under common control, the net profits of the combined party before achieved ne
t profit of RMB 0.00, last period the combined party realized RMB0.00.
Legal Representative: Chen Lue Person in charge of accounting：Yang Chunling Accounting Dept Leader:Yang Chunling
6.Income Statement of the Parent Between the Beginning of the Year and End of the Report Period
In RM B
27
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Items Amount in this period Amount in last period
I .Revenue 0.00 171,780.25
Less：Operating costs 0.00 0.00
Business tax and surcharge
Sales expense 49,276.69 994,445.50
Administrative expense 24,139,989.17 20,291,125.45
R & D expense
Financial expenses 390,589,593.60 198,992,446.79
Including：Interest expenses 390,779,924.04 200,617,859.56
Interest income 117,288.92 3,944,055.45
Add：Other income
Investment gain（“-”for loss）
Including: investment gains from
affiliates
Financial assets measured at
amortized cost cease to be recognized
as income
Net exposure hedging income
Changing income of fair value
Credit impairment loss
Impairment loss of assets -14,250,293.09 -7,082,692.91
Assets disposal income
II. Operating profit（“-”for loss） -429,029,152.55 -227,188,930.40
Add ：Non-operating income 100,000,000.00
Less：Non -operating expenses
III. Total profit(“-”for loss) -429,029,152.55 -127,188,930.40
Less：Income tax expenses
IV Net profit -429,029,152.55 -127,188,930.40
1.Net continuing operating profit -429,029,152.55 -127,188,930.40
2.Termination of operating net profit
V. Net after-tax of other
comprehensive income
（I）Other comprehensive income
items that will not be reclassified into
gains/losses in the subsequent
accounting period
28
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
1.Re-measurement of defined benefit
plans of changes in net debt or net ass
ets
2.Other comprehensive income under
the equity method investee can not b
e reclassified into profit or loss.
3. Changes in the fair value of
investments in other equity
instruments
4. Changes in the fair value of the
company’s credit risks
5.Other
（II）
Other comprehensive income that wil
l be reclassified into profit or loss.
1.Other comprehensive income under
the equity method investee can be re
classified into profit or loss.
2. Changes in the fair value of
investments in other debt obligations
3.
Gains and losses from changes in fair
value available for sale financial asset
s
4. Other comprehensive income
arising from the reclassification of
financial assets
5.Held-to-maturity investments reclas
sified to gains and losses of available
for sale financial assets
6. Allowance for credit
impairments in investments in other
debt obligations
7. Reserve for cash flow hedges
8.
Translation differences in currency fi
nancial statements
9.Other
VI. Total comprehensive income -429,029,152.55 -127,188,930.40
29
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
7. Consolidated Cash Flow Statement Between the Beginning of the Year and End of the Report Period
In RM B
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or
724,692,153.00 2,813,614,672.80
rending of services
Net increase of customer deposits and
capital kept for brother company
Net increase of loans from central
bank
Net increase of inter-bank loans from
other financial bodies
Cash received against original
insurance contract
Net cash received from reinsurance
business
Net increase of client deposit and
investment
Cash received from interest,
commission charge and commission
Net increase of inter-bank fund
received
Net increase of repurchasing business
Net cash received by agent in
securities trading
Tax returned 968,575.59 3,488,505.37
Other cash received from business
290,537,320.27 3,926,123,995.63
operation
Sub-total of cash inflow 1,016,198,048.86 6,743,227,173.80
Cash paid for purchasing of
565,136,375.16 2,518,844,052.72
merchandise and services
Net increase of client trade and
advance
30
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
Net increase of savings in central
bank and brother company
Cash paid for original contract
claim
Net increase for Outgoing call loan
Cash paid for interest, processing
fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 122,235,393.26 179,518,278.57
Taxes paid 25,104,962.97 77,150,857.45
Other cash paid for business activities 756,093,445.36 2,680,400,667.11
Sub-total of cash outflow from
1,468,570,176.75 5,455,913,855.85
business activities
Net cash generated from /used in
-452,372,127.89 1,287,313,317.95
operating activities
II. Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains
Net cash retrieved from disposal of
fixed assets, intangible assets, and 432,865.55
other long-term assets
Net cash received from disposal of
1,062,398.45
subsidiaries or other operational units
Other investment-related cash
received
Sub-total of cash inflow due to
1,495,264.00
investment activities
Cash paid for construction of fixed
assets, intangible assets and 12,179,377.50
other long-term assets
Cash paid as investment 376,429,730.78
Net increase of loan against pledge
Net cash received from subsidiaries
-35,622,112.04
and other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to 352,986,996.24
31
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
investment activities
Net cash flow generated by
-351,491,732.24
investment
III.Cash flow generated by financing
Cash received as investment 490,000.00
Including: Cash received as
investment from minor shareholders
Cash received as loans 379,941,841.39 1,255,509,245.00
Other financing –related cash
38,180,159.91
received
Sub-total of cash inflow from
418,122,001.30 1,255,999,245.00
financing activities
Cash to repay debts 30,000,000.00 2,425,799,391.05
Cash paid as dividend, profit, or
254,970,260.18
interests
Including: Dividend and profit paid
by subsidiaries to minor shareholders
Other cash paid for financing
activities
Sub-total of cash outflow due to
30,000,000.00 2,680,769,651.23
financing activities
Net cash flow generated by financing 388,122,001.30 -1,424,770,406.23
IV Influence of exchange rate
alternation on cash and cash -360,853.92 -4,433,209.17
equivalents
V.Net increase of cash and cash
-64,610,980.51 -493,382,029.69
equivalents
Add: balance of cash and cash
125,767,796.88 647,222,590.49
equivalents at the beginning of term
VI ..Balance of cash and cash
61,156,816.37 153,840,560.80
equivalents at the end of term
8. Cash Flow Statement of the Parent Between the Beginning of the Year and End of the Report Period
In RM B
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or 54,418.18
32
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
rending of services
Tax returned
Other cash received from business
8,121,681.33 3,768,971,880.81
operation
Sub-total of cash inflow 8,121,681.33 3,769,026,298.99
Cash paid for purchasing of
merchandise and services
Cash paid to staffs or paid for staffs 1,087,705.66
Taxes paid 1,012,663.31
Other cash paid for business activities 31,803,494.76 2,421,993,707.71
Sub-total of cash outflow from
31,803,494.76 2,424,094,076.68
business activities
Net cash generated from /used in
-23,681,813.43 1,344,932,222.31
operating activities
II.Cash flow generated by investing
Cash received from investment
retrieving
Cash received as investment gains
Net cash retrieved from disposal of
fixed assets, intangible assets, and
other long-term assets
Net cash received from disposal of
subsidiaries or other operational units
Other investment-related cash
received
Sub-total of cash inflow due to
investment activities
Cash paid for construction of fixed
assets, intangible assets
and other long-term assets
Cash paid as investment 163,000,000.00
Net cash received from subsidiaries
and other operational units
Other cash paid for investment
activities
Sub-total of cash outflow due to
163,000,000.00
investment activities
Net cash flow generated by -163,000,000.00
33
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
investment
III. Cash flow generated by financing
Cash received as investment
Cash received as loans 840,650,000.00
Other financing –related ash received
Sub-total of cash inflow from
840,650,000.00
financing activities
Cash to repay debts 1,909,087,876.07
Cash paid as dividend, profit, or
170,194,670.62
interests
Other cash paid for financing
activities
Sub-total of cash outflow due to
2,079,282,546.69
financing activities
Net cash flow generated by financing -1,238,632,546.69
IV Influence of exchange rate
alternation on cash and cash
equivalents
V.Net increase of cash and cash
-23,681,813.43 -56,700,324.38
equivalents
Add: balance of cash and cash
23,708,889.90 99,547,899.86
equivalents at the beginning of term
VI ..Balance of cash and cash
27,076.47 42,847,575.48
equivalents at the end of term
II Adjustments to the Financial Statements
1. Adjustment of the relevant items of the financial statements at the current year beginning according to
the new standards for financial instruments, the new standards for revenues and the new standards for
lease implemented commencing from year 2019
√ Applicable □ Not applicable
2. Note to the retroactive adjustment of the previous comparative data according to the new standards for
financial instruments and the new standards for lease implemented commencing from year 2019
□ Applicable √ Not applicable
34
Sino Great Wall Co., Ltd. The Third Quarterly Report 2019
III. Auditor’ report
Is the Third Quarterly Report be audited?
□ Yes √No
The Third Quarterly report is not audited.
35
