Introduction

China Merchants Group (CMG) is a state-owned backbone enterprise headquartered in Hong Kong and is under the direct supervision of State-owned Assets Supervision and Administration Commission of the State Council (SASAC). In 2019, CMG's various economic indicators hit a record high again with a revenue of 717.7 billion yuan, a total profit of 162.5 billion yuan and a net profit of 126.2 billion yuan, reaching a year-on-year increase of 10.4%, 12.0% and 18.0% respectively. As of the end of 2019, the Group's total assets amounted to 9.3 trillion yuan, a year-on-year increase of 16.7%. The Group's total profit, net profit and total asset ranked No.1 among all central state-owned enterprises. CMG is also one of the eight central SOEs that have been awarded the Level-A performance evaluation by the SASAC for 16 consecutive years and the Excellent Performance Enterprise for five successive tenures. In the Fortune Global 500 list 2020, CMG and its subsidiary China Merchants Bank were both shortlisted again, making CMG an enterprise that owns two Fortune Global 500 companies.

As a pioneer in China's national industry and commerce, CMG was founded in the Self-strengthening Movement in the late Qing Dynasty in 1872. Within its 147 years of history, having initiated the national shipping industry and many other modern economic fields, such as establishing China's first modern merchant fleet, China's first Chinese bank, China's first insurance company, CMG has played a significant role in China's modern economic history and social development history. In 1978, CMG played its pioneering role in China's reform and opening-up by solely-investing and developing the first zone in China open to the outside, Shekou Industrial Zone, which had widespread influence at home and abroad. It also founded China Merchants Bank, the first joint-stock commercial bank that is wholly owned by an enterprise as the legal person in China, and Ping An Insurance Company, the first joint-stock insurance company in China. These have provided valuable experience for the exploration of China's reform and opening-up.

CMG is a large-scale conglomerate with diversified businesses. At present, the Group mainly focuses on three core industries: comprehensive transportation, featured finance, holistic development and operation of residential communities and industrial parks. It has also been engaging in the transformation from these three primary industries to the three platforms of industrial management, financial services, and investment and capital operation.

CMG is a crucial participant and promoter of the national initiative of the Belt and Road. The Group has accelerated the pace of international development with 68 ports in 27 countries and regions operated globally. It has initially formed a relatively complete network of overseas ports, logistics, finance and industrial parks, which majorly located in the significant areas along the Belt and Road countries and regions. The mature Shekou development model of "Port-Park-City" has gradually taken root overseas. In 2019, CMG's Belt and Road construction projects made gratifying progress: the acquisition of 10 terminal projects of CMA CGM in Asia, Europe, the Middle East and the Caribbean further expanded the Group's global port network; Djibouti's comprehensive development project progressed steadily with a total of 79 companies entering the industrial park, which was selected as the "Top 10 Free Trade Zones in the World 2019" by FDI Magazine; and the construction of the China-Belarus Industrial Park achieved significant progress with a total of 60 companies entering the industrial park and the foundation of the exhibition centre project laid. The annual revenue of China-Belarus Business and Logistics Park recorded a year-on-year increase of 17 times, gradually becoming an essential node of the China-Europe freight trains. The number and frequency of China-Europe logistics corridors have been increasing:in 2019, a total of 1,258 international freight trains and 129,000 TEUs of goods were shipped; overseas expressway investment achieved positive results with China Merchants Expressway successfully signing the equity acquisition projects of Istanbul's third bridge and Beihuan expressway; China Merchants Hoi Tung's food business successfully entered the North America market with the acquisition of Liqiao Company in Canada. Having set the cooperation benchmark for the Belt and Road, these achievements have been highly praised by national leaders on various occasions.

As a world-leading port investor, developer and operator, CMG has established a relatively complete port network along China's major hub ports, with investment or management rights of terminals distributed in Hong Kong, Taiwan, Shenzhen, Ningbo, Shanghai, Qingdao, Tianjin, Dalian, Yingkou, Zhangzhou, Zhanjiang, Shantou and other container hub ports, meanwhile has successfully deployed in Southeast Asia, Africa, Europe, the Middle East, North America, South America and Oceania. In 2019, the Group's port sector's equity throughput ranked first in the world with the collective container throughput reached 112.99 million TEUs, and the bulk cargo throughput reached 490 million tons.

Toll road projects such as expressways, bridges and tunnels invested and operated by CMG mainly distributed along the national trunkline highways with a total mileage of 9,820 km, covering 21 provinces, such as Beijing, Tianjin, Guangdong and Zhejiang, autonomous regions and municipalities, among which the distance of management projects reaches 1,824 km. Twenty national, provincial and ministerial levels research and development platforms have been established, constructing a comprehensive expressway business industrial chain from survey, design, featured construction to investment, operation, maintenance and service. China Merchants Expressway Network & Technology Holdings Co., Ltd.(CMET) has gradually grown into a toll road enterprise that has the most substantial investment scale, the most extensive coverage area and the most extended investment and operation mileage in China with a complete industrial chain.

Shipping is the traditional and principal business of CMG. By the end of 2019, the Group's fleet of 366 vessels has a total shipping capacity (including vessels on order) of 45.02 million DWT, ranking second in the world, among which, the scales of VLCC fleet (very large crude carrier) and VLOC (very large ore carrier) fleet both rank first in the world, the scale of refined oil products fleet ranks first in the Far East region, and the scale of ro-ro fleet ranks first in China. After asset reorganization and capital operation, CMG's shipping sector has formed a full-service business model with globally distributed routes and is moving towards a world-class shipping enterprise. On August 28, 2019, the world's second intelligent VLCC "New Vision" ordered by China Merchants Energy Shipping was successfully delivered, to commemorate the 70th anniversary of the "Hai Liao" ship uprising.

Sinotrans Limited (Sinotrans) is a secondary subsidiary of CMG that serves as a unified operating platform and brand of the Group's logistics business. Sinotrans With a vision of creating a world-class smart logistics platform, Sinotrans has a widespread nationwide and worldwide service network that covers the dominant global economic belts, with 1,100 domestic enterprises distributed in 32 provinces, autonomous regions, municipalities and Hong Kong and 73 overseas institutions distributed in 38 countries and territories, as of the end of 2019. Its third-party logistics services and freight forwarding services rank eighth and fourth in the world, respectively.

CMG's financial sector has realized the business landscape of "4 + N", covering banking, securities, insurance, direct investment, multiple financial services (commercial leasing, non-performing asset management) and other fields, creating a comprehensive financial service platform that is fully licensed and provides a full-lifecycle services. Service Platform. The business sector dedicates to providing clients with a high-quality financial service through fintech empowerment, innovation-driven strengthening and featured-services building. China Merchants Bank, with CMG as the initiator and largest shareholder, is China's leading joint-stock commercial bank, whose retail business has long established a leading position in the industry. It ranks among the top domestic listed banks in terms of indications such as capital return, asset quality and capital market valuation. In 2019, in the global bank rankings published by "The Banker" magazine, China Merchants Bank ranked 19th by tier 1 capital and 9th by brand value. China Merchants Securities is one of China's leading listed securities companies. China Merchants Securities is one of China's leading listed securities companies. By the end of 2019, China Merchants Securities has 258 securities sales offices and 12 branches in 112 cities in China and has set up subsidiaries in Hong Kong, the United Kingdom, Singapore and South Korea through China Merchants Securities International Co., Ltd., which has established the domestic and international integration of comprehensive securities service platform. It has maintained Class A AA classification for 12 consecutive years and has set a model for compliance operation. Bosera Funds is currently one of the largest fund management companies in China. As of the end of 2019, its total scale of the combined management assets has exceeded 1.2 trillion yuan, among which, the size of its public asset management after excluding currency funds and short-term bond funds has surpassed 327 billion yuan, ranking second in the industry. In 2019, China Merchants Life Insurance, which was established after the successful resumption of the brand "Renhe Insurance", has surpassed 10 billion yuan in premiums, achieving a full coverage of institutions in the Pearl River Delta region, and for the first time stepped out of Guangdong to deploy its business in Jiangsu. With the four strategies of "value-guided, innovation-driven, technology empowerment, and risk control guarantee", and the goal of becoming a first-class comprehensive insurance service provider with innovative characteristics, China Merchants Life Insurance gives full play to the advantages of its shareholders and its being a second-mover. China Merchants Capital is CMG's core platform for equity investment and asset management. It manages a diversified type of funds and carries out specialized and market-oriented investment. By the end of 2019, it has actively managed 43 RMB funds and USD funds, with total assets under management equivalent to more than 280 billion yuan. China Merchants Venture is a significant platform for CMG to promote the integration of industry, innovation and technology. It focuses on the discovery, cultivation and integration of industrial technology innovation projects in CMG's industry value chain. By the end of 2019, China Merchants Venture has deployed 25 sub-funds and more than 70 innovative projects. China Merchants Commerce Leasing Co., Ltd. gives full play to the synergistic effect between the Group's industrial sectors, adheres to market-oriented, professional and international operations. It strives to become a first-class domestic financial leasing company with comprehensive, quality and efficient commercial leasing solutions provided to clients. Shenzhen China Merchants Ping An Asset Management Co., Ltd. is based on non-performing asset management, targets large-scale asset management, and is guided by the resolution of substantial risks. It uses investment banking concepts and funded operations to invest in alternative assets and is committed to building the most domestic Featured leading local asset management company. China Merchants Pingan AMC is based on non-performing asset management, aims at large-scale asset management and is oriented towards significant risk resolution. It is committed to forging a leading local asset management company in China that is most distinctive by applying investment banking concept and funded operation to invest in alternative assets. Upholding the innovation and pioneering spirit of CMG, China Merchants Finance Holdings initiated the establishment of China Merchants Fintech in 2017, making use of technology to build a robust financial service platform. Meanwhile, China Merchants Fintech also serves as the constructor of CMG's digitalization, which is committed to the realization of (financial + industrial) × technology and CMG's digital transformation and innovation.

CMG attaches great importance to innovation-driven development. Adhering to the strategic principle of "leading by technology and embracing change", it takes "industry + technology" and "industry + internet" as the grasp, and continuously promotes the overall innovation, transformation and upgrading of its industrial sectors. In 2019, the Group further introduced six measures to encourage further innovation, including the "three-phase" innovation support mechanism, to release the Group's innovation vitality and motivation to a greater extent and depth. The Group's R&D investment continued to maintain a dynamic and high-speed growth, with an annual investment reaching 3.28 billion yuan (excluding China Merchants Bank), a substantial year-on-year increase of 42.5%.

The Group's various business sectors have been strengthening the in-depth integration of cutting-edge technology and industrial scenarios, and several hard-core technology and industrial equipment have emerged. The three science and technology innovation projects in which China Merchants Industry and China Merchants Chongqing Communications Technology participated have won the 2019 State Science and Technology Progress Award's Special Award, First Class Award and Second Class Award respectively. China Merchants Industry successfully delivered the first polar cruise ship built in China, which created a precedent for "cruise made in China"; China Merchants Bank accomplished the "comprehensive card-free transformation" of branches across the country, took the lead in entering the era of "card-free", and so on. To firmly seize the significant development opportunities in the "digital economy" era, the Group has established a leadership group for digitalization, appointed the Group's Chief Digital Officer, set up a digital centre, and created several digital platforms, "Y2T" for example, to comprehensively facilitate the digital transformation of CMG. Besides, CMG, as one of the first batch of seven innovation and entrepreneurship demo centres in the country, has continued to promote the concept of "the capital chain guiding entrepreneurship innovation chain, the entrepreneurship innovation chain supporting the industrial chain, and the industrial chain driving the employment chain". Central leaders have recognized the results of the work on various occasions. In 2019, the first "China Merchants Cup" creation, innovation and entrepreneurship competition was successfully held, and the "industry + capital" innovation and entrepreneurship incubation model was selected as one of the "top 100 cases of innovation and entrepreneurship demo bases". The Group ranked among the top in the evaluation of innovation and entrepreneurship demo bases by the National Development and Reform Commission and the Ministry of Finance.

CMG provides integrated development and operation services for cities and industrial parks through entities such as China Merchants Shekou and Zhangzhou Development Zone. The subsidiary China Merchants Shekou was born in response to the reform and opening-up, which applies "port-park-city" development model as a spatial form. Through the "investment-financing-construction-management-exit" full-service chain, it creates a regional development and operation ecosystem. China Merchants Shekou provides government clients with overall solutions for urban planning, construction and operation, other clients for industrial incubation, growth and facilitation, and individual clients for housing, shopping, living services, medical services, education, leisure and entertainment. In 2019, the company's contracted sales stood at 220 billion yuan, continuing to expand steadily and further consolidating its industry position with deployment in more than 65 cities and regions around the world and more than 450 quality projects developed. Besides, it also strives to conduct refined operation of existing industrial parks, improve the industry concentration, and build a high-end cruise fleet with innovated duty-free businesses.

CMG also shows strong strengths in the sectors of industry and trade. In the field of marine equipment manufacturing, China Merchants Industry Holdings Co., Ltd. (CMI) has seven shipbuilding and repairing bases in the country currently. It also created an offshore and cruise manufacturing cluster in Haimen, delivered the first polar expedition cruise ship made in China, and built the dredger "Ten Jing Hao" which has won the State Science and Technology Progress Award's Special Award. Its comprehensive capabilities of offshore equipment manufacturing and R&D design rank second in China. China International Marine Containers (Group), with CMG as its founder and largest shareholder, is the world's largest manufacturer of containers and airport equipment. Merchants Hoi Tung Trading Company Limited has a mature market network and rich experience in the field of China's transportation and maritime trade. Based on this, it actively transformed and upgraded and has gradually grown into a large trading company that integrates transportation, food and bulk trade with branches in 8 Chinese cities and six overseas countries, as well as exploring new businesses sector, healthcare for example.

With its long history and strong strength, CMG has an extensive influence on the industrial and commercial circles at home and abroad. In the new era, with Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the spirit of the 19th CPC National Congress as the guidelines, CMG has proposed the strategic principle of “based on long-term, seizing the present, science and technology-led, embracing transformation and clarified the strategic blueprint of “based in Hong Kong, deep-rooted in the Bay Area, One Belt One Road. Following the work requirements of “quality first, benefit prioritized, moderate scale”, CMG will further enhance capabilities, improve quality and efficiency, continue to deepen reforms, innovate and transform, and steadily promote the construction of a world-class enterprise with global competitiveness.

CMG Networks

Subordinate Companies
  • CMPORT
  • SINOTRANS & CSC
  • China Merchants Shekou Holdings
  • China Merchants Logistics Group Ltd.
  • CMES
  • China Merchants Hua Jian Highway Investment Co., Ltd
  • China Merchants Finance Holdings Co., Ltd.
  • Zhangzhou China Merchants Economic and Technological Development Zone
  • China Merchants Industry Holdings Co., Ltd
  • China Merchants Hoi Tung Trading Company Limited
  • CMCT
  • CMG and China-Belarus Industrial Park
  • CIMC
  • China Merchants Bank
  • China Merchants Securities Co., Ltd
  • China Merchants Capital
  • Huabei Expressway Co., Ltd
  • China Merchants Holdings (PACIFIC) Limited
  • LOSCAM
  • Nanshan Group
  • Hong Kong Ming Wah Shipping Co., Ltd
  • China Communications Import & Export Corporation
  • China Merchants Technology Holdings Co., Ltd
  • China Merchants New Energy Group
  • Modern Terminals Limited
  • Shekou Container Terminals Ltd.
  • China Merchants China Direct Investments Limited
  • China Merchants Port Service (SHENZHEN) Co., Ltd
  • Sichuan Expressway Company Limited
  • Jiangsu Expressway Company Limited
  • Shenzhen Expressway Company Limited
  • YAHGEE
  • China Merchants Container Services LTD.
  • Shenzhen Shekou Telecom Co., Ltd
  • Zhanjiang Port (Group) Co., Ltd
  • Shanghai International Port (Group) Co., Ltd
  • Cigna & CMB Global Health Options
  • China Merchants Shekou Ferry Terminal Services Co., Ltd
  • Tianjin Five Continents International Container Terminal
  • China Merchants Fund
  • China Merchants Godown, Wharf & Transportation Co., Ltd
  • Asia Airfreight Terminal
  • China Merchants Securities (HK) Co., Limited
  • Yiu Lian Dockyards Limited
  • Shenzhen Haixing Harbor Development Co., Ltd
  • Fujian Provincial Expressway Co., Ltd
  • Xunlong Shipping
  • Shenzhen Nanyou (HOLDINGS) Ltd
  • BOSERA FUNDS
  • Hai Luen Trading Co. (HK) Ltd.

About CMG>

CMG, founded in the Westernization Movement in 1872, is a pioneer in China's national industry and commerce. During past 140 years, CMG made a lot of firsts and acted as a leader in different business fields, like setting up the first commercial fleet, bank, insurance company in modern China. CMG plays an important role in economic history and social development history of modern China...

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