2025-04-29-港交所-华南城_2024年报_327页_14mb

China South City Holdings Limited 2024 Annual Report Summary

Core Content

China South City Holdings Limited (Stock Code: 1668) is a Hong Kong-listed company with a diversified business model focused on integrated logistics and trading platforms across multiple cities in China. The report highlights the company's strategic alignment with national policies such as the "Greater Bay Area", the "Belt and Road" initiative, and the "Yangtze River Economic Belt", emphasizing its role in promoting regional economic development and trade facilitation.

Key Projects Overview

The company has developed eight major projects, each strategically positioned to leverage regional advantages and support local economic growth.

1. Shenzhen

• Location: Longgang District, Shenzhen
• Features:
  • Located at the heart of the Greater Bay Area with a well-developed transportation network
  • Proximity to Pinghu Railway Station (2.6 km) and Metro Line 10 with a dedicated station ("Huanancheng Station")
  • Offers a wide range of industries including wholesale, logistics, e-commerce, and retail
  • Hosts major events like the China-ASEAN Expo and Folk Culture Trading Festival
• Land Area: ~1.02 million sq.m.
• GFA: ~2.71 million sq.m.

2. Nanning

• Location: Jiangnan District, Nanning
• Features:
  • Key project for the Guangxi Zhuang Autonomous Region and a major logistics infrastructure
  • Accessible via major highways and close to the China-ASEAN Free Trade Area
  • Hosts the China-ASEAN Expo and promotes e-commerce and entrepreneurship
  • Includes a 30,000 sq.m. influencer livestreaming base
• Land Area: ~1.83 million sq.m.
• GFA: ~4.88 million sq.m.

3. Nanchang

• Location: Honggutan New District, Nanchang
• Features:
  • Proximity to the Gan River and major transportation hubs
  • Has established a "National E-commerce Demonstration Base" and "National Entrepreneurship Incubation Demonstration Base"
  • Offers a wide range of industries including e-commerce, auto parts, and retail
  • Includes a 30,000 sq.m. influencer livestreaming base
• Land Area: ~2.61 million sq.m.
• GFA: ~6.87 million sq.m.

4. Xi'an

• Location: Xi'an International Trade and Logistics Park
• Features:
  • Positioned at the starting point of the Silk Road Economic Belt
  • Connected to multiple national highways and the Xi'an City Expressway
  • Hosts the 6th China-Russia Expo and promotes trade with Central Asia and ASEAN
  • Offers a wide range of industries including hardware, machinery, and e-commerce
• Land Area: ~10.00 million sq.m.
• GFA: ~17.50 million sq.m.

5. Harbin

• Location: Daowai District, Harbin
• Features:
  • A key cross-border trade hub in Northeast Asia
  • Proximity to the China-Russia border and the Harbin-Mudanjiang High Speed Rail
  • Hosts the China-Russia Expo and promotes agricultural and e-commerce development
  • Includes a seed market and an agricultural material industrial park
• Land Area: ~10.00 million sq.m.
• GFA: ~12.00 million sq.m.

6. Zhengzhou

• Location: Zhengzhou, Henan Province
• Features:
  • Located near the Zhengzhou Airport Economy Zone
  • A strategic location for the "Belt and Road" and "Yangtze River Economic Belt" initiatives
  • Hosts a variety of industries including auto parts, hardware, and e-commerce
  • Recognized as a "Provincial E-commerce Demonstration Base" and "Provincial Innovation Model Bases for Micro and Small Enterprises"
• Land Area: ~7.00 million sq.m.
• GFA: ~12.00 million sq.m.

7. Hefei

• Location: Feixi Economic Development Zone, Hefei
• Features:
  • A core area of the "1331 Project" and a key investment project in Anhui Province
  • Connected to a comprehensive transportation system, including the newly opened Metro Line 4
  • Offers a wide range of industries including auto parts, hardware, and e-commerce
  • Focuses on innovation and entrepreneurship, with a strong emphasis on e-commerce
• Land Area: ~10.00 million sq.m.
• GFA: ~12.00 million sq.m.

8. Chongqing

• Location: Banan District, Chongqing
• Features:
  • Strategically located at the intersection of the "Belt and Road" and the "Yangtze River Economic Belt"
  • Connected to the Chongqing Highway Logistics Base and a well-developed highway network
  • A new development hotspot in Western Chongqing
  • Offers a wide range of industries including logistics, trade, and commercial facilities
• Land Area: ~10.00 million sq.m.
• GFA: ~12.00 million sq.m.

Key Personnel Changes (FY2024)

• Mr. Li Wenxiong (Non-Executive Director) and Mr. Cheng Chung Hing (Executive Director) remain in their positions.
• Mr. Wan Hongtao has been promoted to Chief Operating Officer and remains as an Executive Director, but no longer serves as Group's Vice President.
• Ms. Fang Ling has been appointed as Group's Financial Controller and Executive Director.
• Ms. Xu Hongxia has been appointed as Executive Director and Chairman of Harbin China South City Company Limited.
• Mr. Liu Heng has been appointed as Executive Director and Group's Vice President.
• Ms. Geng Mei resigned as Executive Director and Chief Operating Officer.
• Mr. Qin Wenzhong resigned as Executive Director and Group's Financial Controller.
• Ms. Cheng Ka Man Carman resigned as Executive Director.

Corporate Governance and Advisors

• Company Secretary: Mr. Chan Hing Chau (CPA)
• Auditor: Ernst & Young
• Legal Advisors:
  • Hong Kong Law: Linklaters, Reed Smith Richards Butler
  • China Law: Commerce & Finance Law Offices
• Board Members:
  • Co-Chairmen: Mr. Li Wenxiong (Non-Executive Director), Mr. Cheng Chung Hing (Executive Director)
  • Executive Directors: Mr. Wan Hongtao, Ms. Fang Ling, Ms. Xu Hongxia, Mr. Liu Heng
  • Non-Executive Directors: Mr. Fung Sing Hong Stephen, Ms. Shen Lifeng, Ms. Li Aihua, Ms. Deng Jin
  • Independent Non-Executive Directors: Mr. Leung Kwan Yuen Andrew GBM, GBS, JP, Mr. Li Wai Keung, Mr. Hui Chiu Chung, Ms. Zee Helen, Dr. Li Xu

Financial Highlights and Listing Information

• The company's shares are listed on the Hong Kong Stock Exchange with the stock code 1668.
• The company has issued senior notes with varying maturities and interest rates:
  • 9% Senior Notes due in April 2024 (ISIN: XS2085883119)
  • 9% Senior Notes due in June 2024 (ISIN: XS2120092882)
  • 9% Senior Notes due in October 2024 (ISIN: XS2238030162)
  • 9% Senior Notes due in December 2024 (ISIN: XS2227909640)
  • 4.5% Senior Notes due in August 2027 (ISIN: XS1720216388)
• The company's senior notes are also listed on the Singapore Exchange Securities Trading Limited.

Investor Relations

• Phone: (852) 3188-3111
• Fax: (852) 3188-1323
• Email: ir@chinasouthcity.com
• Website: www.chinasouthcity.com

Summary of Key Strategies

• National Strategy Alignment: The company's projects are aligned with key national strategies such as the "Greater Bay Area", the "Belt and Road" initiative, and the "Yangtze River Economic Belt".
• Cross-Border Trade: Projects like CSC Nanning and CSC Harbin are positioned as key cross-border trade hubs, benefiting from tariff waivers and proximity to international borders.
• E-commerce Development: Multiple projects have established e-commerce bases and incubators, supporting the growth of the digital economy.
• Infrastructure and Transportation: All projects benefit from well-developed transportation networks, including highways, railways, and metro lines, enhancing accessibility and commercial viability.
• Community and Urban Development: Projects focus on creating integrated urban and commercial environments, including residential ancillary facilities, commercial complexes, and cultural tourism centers.