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中远海发:H股通函2020-02-18  

						                               H




        COSCO SHIPPING Development Co., Ltd.*
                                           02866




                   (1)
                               (2)

                             (3) H




                         7   20


     1171
EGM-1 EGM-4


    1171                             H             H
    HCM-1     HCM-4

*                           622
    COSCO SHIPPING Development Co., Ltd.
    ..........................................................       1


         .....................................................       7


                                             .................      I-1


                   ...........................................     II-1


                   ...........................................    III-1


               ...............................................   EGM-1


H                 ............................................   HCM-1




                                 –i–
A                                1.00



A
                                  1171
                     A




         [     126       ]




    A                        H



                 H           A
        2866                             601866




         –1–
              1171




EOE


EVA




      –2–
H     H




                H




H                       1.00



H
                         1171
            H
                    H




    –3–
                    EGM-1   EGM-4


H                                   H
                       HCM-1   HCM-4




                      19




                                        8,847,445


                       12



    79,627,003


                       A




            –4–
            A




                    A


A   H




                A               H




A



                    [2006]175




        –5–
    %

*                                 622
        COSCO SHIPPING Development Co., Ltd.




                                               –6–
         COSCO SHIPPING Development Co., Ltd.*
                                            02866




                                                    A-538




                                                              5299


Graeme Jack


                                                                   183
                                                              50




                    (1)
                            (2)

                          (3) H

I.

              (i)
                                                            (ii)


                                  (iii)                      (iv) H


                                    –7–
      (i)                                                    H



      (ii)



      (iii)


                  H


      (i)


      (ii)


      (iii)


      (iv)


II.

1.




2.


      (1)


                                          (i)
                                          A                               H
                                                79,627,003       A       (ii)
              8,847,445   A
                 A                    A                              A



                              –8–
     (2)


                                                    88,474,448
                          A        88,474,448   A
                0.7622%                    A           1.1154%



                A



3.


     (1)



           10


     (2)




     (3)




                                                                 3




                           24                                    1/3
                              36




                          –9–
             36               1/3
                  48



             48               1/3
                84




     (i)               (ii)


6.




           – 10 –
4.


                                                                 A
2.52                                                                  A
     2.52          A




        (i)                                                A
               A          2.52


        (ii)                                      20   A                  A
                       2.50


        (iii) A               A        1.00



                                                               2.52
                                  7.



                                              A




                                       – 11 –
III.




IV.


                                            127           9
                           118



                                                      A
79,627,003   A                              0.6860%
       A         1.0039%



       11.


V.




VI.




                                 – 12 –
VII.




       (i)


       (ii)



       (iii)



       (iv)




       (v)



       (vi)




       (vii)




               – 13 –
(viii)




(ix)



(x)




         8,847,445         A


(xi)




(xii)




                – 14 –
VIII.                                                         17.03(9)         1
        17.03(13)


                                                     17
                      14A.92(3)(a)




                    17.03(9)         1


                               17.03(9)    1                                   (i)
                                                                 (ii)




                                                                17.03(9)           1


        (i)



        (ii)
                                                                           A




        (iii)                                             A
                17.03(9)       1                                                       H




                                          – 15 –
(iv)
                              17.03(9)            1
                                         A
                                           17.03(9)   1


(v)
                                                      H



(vi)



         17.03(13)


                     17.03(13)




       17.03(13)


(i)



(ii)


                                 (i)
                       (ii)




                                       – 16 –
(iii)                                                                  88,474,448        A           (i)
                                  79,627,003        A              (ii)                      8,847,445     A
                             88,474,448
                                                                                                     A
          8,847,445           A
        0.0762%                          A              0.1115%


                                                                           A
              A               1


(iv)                                A               H                                A       H
                                                    A         H
                  A       H


        (a)                                                                                      A
                      A                 2.21


        (b)                                    52                                        A
                                          A                 3.78                 A           1.97


        (c)                                    52                                        A
                  A                       2.72


        (d)                                                                              H
              H       0.87


        (e)                                    52                                    H
                                    H     1.20                     H      0.80




                                                 – 17 –
               (f)                                52                                 H          H
                                   0.95


      (v)                A          H
                                                                           H
                             (i)                                   A             (ii)
                     H                            iii
                         A                                             A         1



      (vi)




IX.



                                                                           (i)
             (ii)                               (iii)                                    (iv)


                                                                           (i)
             (ii)                               (iii)                                    (iv)




                                     17.04(1)




                                                        – 18 –
X.



           1171



                        H                                      EGM-1      EGM-4
     HCM-1   HCM-4




                                                                          H


                                                                      H


                                                                              H


                                 H


             (www.hkexnews.hk)              http://development.coscoshipping.com


       H                                            H
                                                        H
                  24                            H




                                 – 19 –
                                                         H
                                                             H



XI.

                                        (i)                      (ii)
                   (iii)                             (iv)




XII.



                                                                   183
         50

        (i)

        (ii)

        (iii)

XIII.




*                                622
         COSCO SHIPPING Development Co., Ltd.
                                              – 20 –
1.




2.


(1)




(2)




      (i)



      (ii)




      (iii)



      (iv)


      (v)




              – I-1 –
(vi)


(vii)                           5%



(viii)



(ix)



         (a)   12


         (b)   12


         (c)   12



         (d)


         (e)


         (f)




                    – I-2 –
3.


(1)


                                                     (i)


79,627,003       A    (ii)                   8,847,445         A
                                         A                                   A
      A


(2)


                                                                           88,474,448
                                   A         88,474,448            A
          0.7622%                                    A                 1.1154%


                                               127                          79,627,003
                                         79,627,003        A
                     0.6860%                  A                1.0039%



                             8,847,445
                                              10%
                              12                                                 12




             A




                                         – I-3 –
12              A                   A     1%



                                         A
                                A       10%



4.


(1)



      10


(2)



           60
           17.05



(3)




                    – I-4 –
(4)




                                  3




            24                        1/3
            36


            36                        1/3
            48


            48                        1/3
            84




      (i)   30
                             30




                 – I-5 –
      (ii)                          10


      (iii)



      (iv)


(5)


                                             A




      (i)
                                25%      6



      (ii)
              20%




      (iii)                                      6
                    6




                        – I-6 –
5.


                                                                A
2.52                                                                 A
     2.52            A




        (i)                                               A
               A            2.52


        (ii)                                    20   A                   A
                         2.50


        (iii) A                 A   1.00



                                                              2.52
                                                     7.



6.


(1)




        (i)


               (a)



               (b)




                                    – I-7 –
        (c)          36



        (d)


        (e)


(ii)


        (a)



        (b)                                          2.




(iii)



        (a)                                               EOE   (i)45%
              (ii)        EOE        (iii)
                      EOE       50


        (b)


                          (i) 2%            (ii)
                                      50


        (c)                                    EVA




                                – I-8 –
(2)




      (i)


              (a)



              (b)



              (c)   36



              (d)


              (e)


      (ii)


              (a)                                2.




      (iii)




                         (a)
                                           EOE         (i) 46.5%   (ii)
                                                 EOE   75




                               – I-9 –
(b)



                                                       (i)
      6.5%      (ii)                                   75



(c)
               EVA
       EVA                           0


(a)
               EOE               (i) 47%     (ii)
                EOE         75


(b)



                                                       (i)
       7%      (ii)                                    75



(c)
               EVA
       EVA                           0


(a)
               EOE               (i) 47.5%      (ii)
                      EOE     75




  – I-10 –
       (b)



                                  (i)
             7.5%      (ii)       75



       (c)
                      EVA
              EVA             0


(iv)




                                  100%


                                  100%


                                   60%


                                    0%




         – I-11 –
7.

(1)




      (i)

              Q = Q0 × (1+N)




              (a)   Q0


              (b)   N



              (c)   Q


      (ii)

              Q = Q0 × N




              (a)   Q0


              (b)   N


              (c)   Q


      (iii)

              Q = Q0 × P1 × (1+N)/(P1+P2×N)




              (a)   Q0

                                           – I-12 –
             (b)   P1

             (c)   P2

             (d)   N



             (e)   Q




(2)




      (i)

             P = P0 ÷ (1+N)




             (a)   P0

             (b)   N



             (c)   P

      (ii)

             P = P0 ÷ N




             (a)   P0

             (b)   N

             (c)   P




                               – I-13 –
      (iii)


              P = P0     V




              (a)   P0


              (b)   V


              (c)   P


      (iv)


              P=P0 × (P1+P2×N)/(P1 × (1+N))




              (a)   P0


              (b)   P1


              (c)   P2


              (d)   N



              (e)   P




(3)




                                            – I-14 –
8.


(1)


      (i)




             (a)



             (b)


             (c)




      (ii)




             (a)   12




                        – I-15 –
        (b)   12


        (c)   12



        (d)


        (e)




        (f)


        (g)



        (h)



        (i)


(iii)
                                6



        (a)


        (b)


        (c)




                   – I-16 –
       (d)
                                6



       (e)
                                    3



       (f)


(iv)



       (a)


       (b)


(v)




       (a)



       (b)


       (c)



             (c)




                   – I-17 –
      (vi)


(2)


      (i)




             (a)                40(1)



             (b)


             (c)


      (ii)




             (a)



             (b)



             (c)



             (d)




                   – I-18 –
9.


(1)




             17.03




      (i)


      (ii)




                     – I-19 –
(2)



      10




10.

(1)


           11                22




                – I-20 –
                                          Black-Scholes


                  79,627,003


                                                                                  1.02
79,627,003                                              81,219,500



   A                                                      2.52
                                                                 A


                                                          2.52



                                                                              1
                                                                                         (i)
                                                                             (ii)



                                              2.99%


                                              41.36%                 A


                                              0.00%         2




   1.


                       = 0.5 x                                   +




             ∑                                                          x


                                                                                               0.5 x
        {[(1/3) x 2 + (1/3) x 3 + (1/3) x 4] + 7} = 5




                                             – I-21 –
      2.




(2)




11.


                                              127           9
                           118



                                                        A
79,627,003   A                                0.6860%
      A          1.0039%




                                 – I-22 –
                                               A            A




                                                      A

                                      (%)      (%)          (%)

1                       1,500,000     1.70   0.0129       0.0189

2                       1,490,100     1.68   0.0128       0.0188



3                       1,490,100     1.68   0.0128       0.0188



4                       1,264,300     1.43   0.0109       0.0159

5                       1,264,300     1.43   0.0109       0.0159

6                       1,264,300     1.43   0.0109       0.0159

7                       1,264,300     1.43   0.0109       0.0159

8                         975,700     1.10   0.0084       0.0123

9                         629,400     0.71   0.0054       0.0079

               33     19,003,201     21.48   0.1637       0.2396

                      49,481,302     55.93   0.4263       0.6238
          85

    127               79,627,003     90.00   0.6860       1.0039

                        8,847,445    10.00   0.0762       0.1115

                      88,474,448    100.00   0.7622       1.1154




                    – I-23 –
      [2006]175
                 [2008]171
                             [2019]102
                        <
>




    – II-1 –
1



2




    – II-2 –
3


4




1


2


3




    – II-3 –
1


2



3



4



5



6


7



8




1




    – II-4 –
2


3



4


5


6



7



8


9



10




1



2



3
                  40%




     – II-5 –
4


5




    – II-6 –
                            6




             2




                 10



5




                      2/3




    – II-7 –
– II-8 –
– II-9 –
– II-10 –
– II-11 –
1


2




    – II-12 –
– II-13 –
                              [2006]175
                                     [2008]171


[2019]102                                  <
            >




                – III-1 –
– III-2 –
1


    (1)   2018
          (EOE)    45%
                  2018                 50




                         – III-3 –
    (2)   2016                   2018                                 2%
                          2018                50


    (3)                                     (EVA)



2




                 2020
                  (EOE)               46.5%        2018               2020
                                                        6.5%
                                            75            2020
                                      (EVA)                     EVA    0
                 EVA=             EVA            EVA


                 2021
                   (EOE)              47%        2018                 2021
                                                          7%
                                            75            2021
                                      (EVA)                     EVA    0
                 EVA=             EVA            EVA


                 2022
                  (EOE)               47.5%        2018               2022
                                                        7.5%
                                            75            2022
                                      (EVA)                     EVA    0
                 EVA=             EVA            EVA




                        – III-4 –
    EOE=EBITDA                                    (EBITDA)




            EBITDA




3877.HK                               603937.SH
SFL.N        Ship Finance             002701.SZ
                 International
DAC.N        Danaos                   603028.SH




                             – III-5 –
CMRE.N      Costamare             002487.SZ
GSL.N       Global Ship Lease     601028.SH
000415.SZ                         000778.SZ
TGH.N       Textainer             600390.SH
1563.HK                           000617.SZ
1496.HK                           0165.HK
000039.SZ                         /           /




1




2




                         – III-6 –
    (1)




    (2)




3




4




          4




              – III-7 –
                                      A              B         C
    D


1       A                                                20%
        A         A                       30%              A
            30%


2       B                            70


3       C                            60         70


4       D                       60


5                     C                   C     D
             10%




                      – III-8 –
              100%
              100%
              60%
               0%




– III-9 –
1



2                        15




3


    (1)



    (2)




          – III-10 –
1



2



3




    – III-11 –
     COSCO SHIPPING Development Co., Ltd.*
                            02866




                                    1171




1.



     (a)


     (b)


     (c)


     (d)


     (e)


     (f)


                    – EGM-1 –
     (g)


     (h)


     (i)


     (j)



     (k)


     (l)


     (m)


     (n)


2.


3.


4.


           8,847,445   A




                           – EGM-2 –
1.                        H
                                                           H
                                                       H        H



2.                                       H
                                             H




                   183


     17       1712-1716


3.                                   H



4.




                                                                         (i)
                          (ii)                     (iii)             (iv)




5.




6.        H



     24                                          183           17M




                                 – EGM-3 –
7.




8.



      www.hkexnews.hk


9.



10.




                  Graeme Jack

*                               622
      COSCO SHIPPING Development Co., Ltd.




                                       – EGM-4 –
               H




     COSCO SHIPPING Development Co., Ltd.*
                               02866


                   H



                                       1171
           H




1.



     (a)


     (b)


     (c)


     (d)


     (e)


     (f)



                       – HCM-1 –
                   H

     (g)


     (h)


     (i)


     (j)



     (k)


     (l)


     (m)


     (n)


2.


3.


4.


           8,847,445   A




                           – HCM-2 –
                          H




1.                                   H
                                                                            H
                                                                      H             H



2.                                                    H
                                                          H




                   183


     17       1712-1716


3.                                                H



4.




                                                                                                  (i)
                              (ii)                            (iii)                           (iv)
                                              H




                                                                      H
                                          H
                                                      H                                   H
                                          H                                     H
                                                                                H
                                                               H



5.




6.        H



                    24                                                183               17M




                                         – HCM-3 –
                            H

7.
               H



                        H
                                                     H       H
                                                         H




8.



      www.hkexnews.hk


9.



10.




                   Graeme Jack

*                                622
      COSCO SHIPPING Development Co., Ltd.




                                       – HCM-4 –