[Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's significant events, business operations, future outlook, and financial performance for the period [Significant Events and Developments](index=4&type=section&id=Significant%20Events%20and%20Developments) The Group advanced global expansion in H1 2019, with Morpheus winning awards, Cyprus projects progressing, a strategic acquisition in Crown Resorts, and a significant investment commitment for Japan - Cyprus Operations: City of Dreams Mediterranean is expected to open in **2021** as Europe's largest integrated resort, with several satellite casinos already operational[4](index=4&type=chunk) - Australia and UK Market Expansion: In May 2019, the Group agreed to acquire a **19.99% equity interest** in Australian-listed Crown Resorts Limited to enter the Australian and UK markets[5](index=5&type=chunk) - Japan Market Strategy: Japan remains a key development focus, with design proposals for an Osaka integrated resort announced and a commitment to invest at least **US$10 billion** if selected[5](index=5&type=chunk) [Business Review](index=5&type=section&id=Business%20Review) The Group, primarily through Melco Resorts & Entertainment, operates gaming properties across Macau, the Philippines, and Cyprus, achieving stable H1 2019 results with **HK$22.4 billion** net revenue and **15.9%** adjusted EBITDA growth H1 2019 Key Financial Performance | Metric | Amount (HKD) | YoY Change | | :--- | :--- | :--- | | Net Revenue | 22.4 billion | N/A | | Profit for the Period | 1.0 billion | -4.2% | | Adjusted EBITDA | 6.4 billion | +15.9% | - The Group primarily operates its gaming business through its **54.05%** owned subsidiary, Melco Resorts & Entertainment, with operations spanning Macau, the Philippines, and Cyprus[6](index=6&type=chunk) [City of Dreams](index=6&type=section&id=City%20of%20Dreams) City of Dreams, Macau's flagship integrated resort, targets high-end and VIP clients, featuring the award-winning Morpheus and plans for Nüwa optimization and The Countdown rebranding - City of Dreams' flagship hotel, Morpheus, received multiple international design and architectural awards, including the Prix Versailles and National Geographic Traveler Hotel Awards[8](index=8&type=chunk) - Future plans include optimizing Nüwa hotel and rebranding The Countdown hotel as the trendy Libertine, offering diversified luxury accommodation experiences[9](index=9&type=chunk) [Studio City](index=8&type=section&id=Studio%20City) Studio City, Macau's diversified integrated entertainment resort, launched new attractions like "The Show House" club and "Legend Heroes Park" in H1 2019, with Phase 2 development in progress - In H1 2019, Studio City launched new facilities including "The Show House" club, "Flip Out" trampoline park, and the **65,000 sq. ft.** VR theme park "Legend Heroes Park"[10](index=10&type=chunk) [Altira Macau](index=8&type=section&id=Altira%20Macau) Altira Macau primarily serves Asian VIP customers via junket operators, with its hotel and Aurora Spa consistently earning Forbes Travel Guide Five-Star ratings for ten years - Altira Macau and Aurora Spa have consistently received the highest **Five-Star rating** from Forbes Travel Guide for ten consecutive years since 2010[11](index=11&type=chunk) [Mocha Clubs](index=9&type=section&id=Mocha%20Clubs) Mocha Clubs represent Macau's largest non-casino electronic gaming machine business, operating eight clubs with a total of 1,471 gaming machines in H1 2019 - In H1 2019, Mocha Clubs operated a total of **1,471 gaming machines** (including 170 located within Altira Macau)[14](index=14&type=chunk) [City of Dreams Manila](index=9&type=section&id=City%20of%20Dreams%20Manila) City of Dreams Manila, located in Entertainment City, offers comprehensive entertainment and hotel experiences for the Southeast Asian market, with an average of 304 gaming tables and 2,256 gaming machines in H1 2019 - In H1 2019, City of Dreams Manila operated an average of **304 gaming tables** and **2,256 gaming machines**[15](index=15&type=chunk) [City of Dreams Mediterranean and Cyprus Casinos](index=9&type=section&id=City%20of%20Dreams%20Mediterranean%20and%20Cyprus%20Casinos) The Group is developing City of Dreams Mediterranean in Cyprus, projected to open in 2021 as Europe's largest premium integrated resort, with a temporary casino in Limassol and several satellite casinos already operational - City of Dreams Mediterranean is expected to open in **2021**, featuring a **7,500 sq. meter** gaming area with over **100 gaming tables** and **1,000 slot machines**, alongside a **500-room** five-star hotel[17](index=17&type=chunk) [Outlook](index=10&type=section&id=Outlook) The Group maintains cautious optimism, focusing on Macau's high-end and mass-market segments with ongoing upgrades, while pursuing global expansion in the Philippines, Cyprus, Australia, the UK, and a long-term commitment to Japan - Macau Strategy: The high-end mass and mass-market segments remain the long-term strategic focus, with continued advancement of City of Dreams Phase 3 and Studio City Phase 2 developments[19](index=19&type=chunk)[20](index=20&type=chunk) - Global Expansion: The Philippines market shows steady growth; the Cyprus project receives strong support; the acquisition of a **19.99% interest** in Crown facilitates entry into the Australian and UK markets[20](index=20&type=chunk) - Japan Market Commitment: The Group is dedicated to becoming an international integrated resort operator in Japan, with offices established in Tokyo and Osaka, and a Yokohama office under preparation[21](index=21&type=chunk) - Sustainability: The Group launched a new sustainability strategy, "Above & Beyond," committing to achieve **carbon neutrality** and **zero waste** by **2030**[21](index=21&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) For H1 2019, the Group reported robust financial growth, with net revenue up **12.9%** to **HK$22.35 billion**, adjusted EBITDA up **15.9%** to **HK$6.40 billion**, and profit attributable to owners increasing **34.1%** to **HK$462 million** H1 2019 Financial Summary | Metric | H1 2019 (HKD Million) | H1 2018 (HKD Million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Revenue | 22,352.3 | 19,796.1 | +12.9% | | Adjusted EBITDA | 6,399.3 | 5,522.7 | +15.9% | | Profit Attributable to Company Owners | 462.1 | 344.6 | +34.1% | | Basic Earnings Per Share (HKD) | 0.31 | 0.23 | +35.3% | Financial Position Summary | Metric | As of June 30, 2019 (HKD Million) | As of December 31, 2018 (HKD Million) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 103,983.0 | 98,026.2 | +6.1% | | Total Liabilities | 62,649.6 | 57,323.2 | +9.3% | | Equity Attributable to Shareholders | 16,639.7 | 16,232.2 | +2.5% | | Capital Gearing Ratio | 42.4% | 39.6% | +2.8 p.p. | [Net Revenue](index=18&type=section&id=Net%20Revenue) The Group's H1 2019 net revenue increased by **12.9%** year-on-year to **HK$22.4 billion**, primarily driven by strong casino revenue, particularly from the mass-market table games segment, alongside significant growth in room and food and beverage services Revenue Breakdown (For the Six Months Ended June 30) | Revenue Category | 2019 (HKD Million) | 2018 (HKD Million) | YoY Change | | :--- | :--- | :--- | :--- | | Casino Revenue | 19,490.2 | 17,300.8 | +12.7% | | Rooms | 1,336.6 | 1,053.1 | +26.9% | | Food and Beverage Revenue | 926.0 | 777.0 | +19.2% | | Entertainment, Retail and Other | 596.4 | 658.8 | -9.5% | | **Total** | **22,350.0** | **19,793.9** | **+12.9%** | [Adjusted EBITDA](index=20&type=section&id=Adjusted%20EBITDA) For the six months ended June 30, 2019, adjusted EBITDA increased by **15.9%** year-on-year to **HK$6.4 billion**, primarily driven by improved performance in the mass-market table games segment and contributions from Cyprus casinos which progressively opened after June 2018 - H1 2019 adjusted EBITDA increased by **15.9%** to **HK$6.4 billion**, primarily driven by mass-market table games performance and newly opened casinos in Cyprus[39](index=39&type=chunk) [Profit Attributable to Company Owners](index=20&type=section&id=Profit%20Attributable%20to%20Company%20Owners) In H1 2019, profit attributable to company owners increased by **34.1%** year-on-year to **HK$462 million**, primarily due to improved mass-market table performance and lower pre-opening costs, partially offset by increased depreciation and amortization from Morpheus and higher finance costs - H1 2019 profit attributable to company owners increased by **34.1%** to **HK$462 million**[40](index=40&type=chunk) [Financial and Operating Performance](index=20&type=section&id=Financial%20and%20Operating%20Performance) Melco Resorts & Entertainment, the Group's primary subsidiary, reported **US$2.8 billion** in total operating revenues for H1 2019 (under US GAAP), driven by mass-market table games and non-gaming revenues from Morpheus, with operating income up **16%** to **US$393 million** and adjusted property EBITDA up **12%** to **US$849 million** Melco Resorts & Entertainment Financial Performance (For the Six Months Ended June 30) | Metric (USD Million) | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenues | 2,800 | 2,500 | +12.0% | | Operating Income | 393.3 | 339.2 | +16.0% | | Adjusted Property EBITDA | 849.0 | 757.3 | +12.1% | | Net Income Attributable | 217.7 | 213.9 | +1.8% | [Gaming Operations Performance](index=22&type=section&id=Gaming%20Operations%20Performance) Gaming operations performance varied, with City of Dreams showing strong growth, while Studio City's revenue declined due to VIP rolling chip volume, and Altira Macau and City of Dreams Manila experienced overall declines [City of Dreams Gaming Operations Performance](index=22&type=section&id=City%20of%20Dreams%20Gaming%20Operations%20Performance) In H1 2019, City of Dreams reported **US$1.50 billion** in total operating revenues and a **26%** increase in adjusted property EBITDA to **US$479 million**, driven by **16.3%** growth in VIP rolling chip volume, **13.8%** growth in mass-market table drop, and significant non-gaming revenue growth City of Dreams Gaming Operations Data (For the Six Months Ended June 30) | Metric | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | VIP Rolling Chip Volume (USD Million) | 25,145.7 | 21,622.5 | +16.3% | | Mass Market Table Drop (USD Million) | 2,690.0 | 2,364.6 | +13.8% | | Gaming Machine Handle (USD Million) | 2,018.3 | 2,117.6 | -4.7% | [Altira Macau Gaming Operations Performance](index=22&type=section&id=Altira%20Macau%20Gaming%20Operations%20Performance) In H1 2019, Altira Macau's total operating revenues were **US$237 million** and adjusted property EBITDA was **US$23.8 million**, both declining year-on-year, with VIP rolling chip volume down **10.1%** but mass-market table drop up **6.6%** Altira Macau Gaming Operations Data (For the Six Months Ended June 30) | Metric | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | VIP Rolling Chip Volume (USD Million) | 9,318.7 | 10,366.7 | -10.1% | | Mass Market Table Drop (USD Million) | 289.2 | 271.2 | +6.6% | | Gaming Machine Handle (USD Million) | 144.2 | 56.0 | +157.5% | [Mocha Clubs Gaming Operations Performance](index=24&type=section&id=Mocha%20Clubs%20Gaming%20Operations%20Performance) In H1 2019, Mocha Clubs reported **US$60 million** in total operating revenues and **US$11.3 million** in adjusted property EBITDA, with gaming machine handle remaining largely flat year-on-year Mocha Clubs Gaming Operations Data (For the Six Months Ended June 30) | Metric | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | Gaming Machine Handle (USD Million) | 1,273.7 | 1,273.0 | +0.1% | [Studio City Gaming Operations Performance](index=24&type=section&id=Studio%20City%20Gaming%20Operations%20Performance) In H1 2019, Studio City's total operating revenues were **US$659 million**, a year-on-year decrease primarily due to a **54.6%** drop in VIP rolling chip volume, though adjusted property EBITDA increased to **US$191 million** driven by **5.4%** growth in mass-market business and improved win rate Studio City Gaming Operations Data (For the Six Months Ended June 30) | Metric | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | VIP Rolling Chip Volume (USD Million) | 5,758.8 | 12,682.8 | -54.6% | | Mass Market Table Drop (USD Million) | 1,728.4 | 1,639.5 | +5.4% | | Gaming Machine Handle (USD Million) | 1,191.6 | 1,196.6 | -0.4% | [City of Dreams Manila Gaming Operations Performance](index=25&type=section&id=City%20of%20Dreams%20Manila%20Gaming%20Operations%20Performance) In H1 2019, City of Dreams Manila's total operating revenues were **US$319 million**, flat year-on-year, with adjusted property EBITDA slightly decreasing to **US$143 million**, as a **27.0%** decline in VIP rolling chip volume was partially offset by a **10.5%** increase in gaming machine handle City of Dreams Manila Gaming Operations Data (For the Six Months Ended June 30) | Metric | 2019 | 2018 | YoY Change | | :--- | :--- | :--- | :--- | | VIP Rolling Chip Volume (USD Million) | 4,188.5 | 5,738.0 | -27.0% | | Mass Market Table Drop (USD Million) | 377.0 | 385.1 | -2.1% | | Gaming Machine Handle (USD Million) | 1,852.6 | 1,676.8 | +10.5% | [Liquidity, Financial Resources and Capital Structure](index=27&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2019, the Group held **HK$12.79 billion** in cash, engaged in debt refinancing, and drew **HK$3.93 billion** for the Crown acquisition, increasing the capital gearing ratio to **42.4%** - As of June 30, 2019, the Group held **HK$12.79 billion** in bank balances and cash[55](index=55&type=chunk) - During the period, the Group issued **US$600 million** in 2024 senior notes and **US$500 million** in 2026 senior notes, and subsequently issued **US$600 million** in 2027 senior notes for debt refinancing and revolving credit repayment[55](index=55&type=chunk)[56](index=56&type=chunk) - To fund the acquisition of approximately **9.99%** equity interest in Crown, the Group drew **HK$3.93 billion** from its revolving credit facility[56](index=56&type=chunk) - As of June 30, 2019, the capital gearing ratio (total interest-bearing borrowings/total assets) was **42.4%**, up from **39.6%** at the end of 2018[57](index=57&type=chunk) [Human Resources](index=30&type=section&id=Human%20Resources) As of June 30, 2019, the Group's total number of employees increased to **22,836**, with related employee costs, including directors' emoluments, rising to **HK$3.78 billion** for H1 2019 Human Resources Data | Metric | As of June 30, 2019 | As of December 31, 2018 | | :--- | :--- | :--- | | Total Employees | 22,836 people | 22,228 people | | **Metric** | **For the Six Months Ended June 30, 2019** | **For the Six Months Ended June 30, 2018** | | Employee Costs | HKD 3.78 billion | HKD 3.16 billion | [Interim Financial Information Review Report](index=31&type=section&id=Interim%20Financial%20Information%20Review%20Report) This section presents the auditor's conclusion on the review of the Group's interim financial information, confirming its preparation in accordance with relevant accounting standards [Review Report Conclusion](index=31&type=section&id=Review%20Report%20Conclusion) Ernst & Young, the auditor, reviewed the Group's interim financial information under HKAS 34, finding no material misstatements - Auditor Ernst & Young issued an unmodified review conclusion on the interim financial information[68](index=68&type=chunk) - The scope of the review is significantly narrower than an audit, thus the auditor did not express an audit opinion[67](index=67&type=chunk) [Condensed Consolidated Financial Statements](index=33&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section provides a summary of the Group's financial position, performance, and cash flows through condensed consolidated statements for the interim period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2019, the Group reported net revenue of **HK$22.35 billion**, a **12.9%** increase, with profit before tax of **HK$1.06 billion**, profit for the period of **HK$1.02 billion**, and profit attributable to company owners growing **34.1%** to **HK$462 million** Condensed Consolidated Statement of Profit or Loss Summary (For the Six Months Ended June 30) | Metric (HKD Thousand) | 2019 (Unaudited) | 2018 (Unaudited) | | :--- | :--- | :--- | | Net Revenue | 22,352,325 | 19,796,067 | | Profit Before Tax | 1,061,412 | 1,062,568 | | Profit for the Period | 1,023,269 | 1,068,325 | | Profit Attributable to Company Owners | 462,087 | 344,584 | | Basic Earnings Per Share (HKD) | 0.31 | 0.23 | [Condensed Consolidated Statement of Financial Position](index=36&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2019, total assets reached **HK$103.98 billion** (up **6.1%**), total liabilities were **HK$62.65 billion** (up **9.3%**), and net assets were **HK$41.33 billion**, with net current liabilities expanding significantly to **HK$7.82 billion** due to a substantial increase in current portion of interest-bearing borrowings Condensed Consolidated Statement of Financial Position Summary | Metric (HKD Thousand) | As of June 30, 2019 (Unaudited) | As of December 31, 2018 (Audited) | | :--- | :--- | :--- | | Total Non-current Assets | 86,877,097 | 81,820,261 | | Total Current Assets | 17,105,928 | 16,205,980 | | **Total Assets** | **103,983,025** | **98,026,241** | | Total Current Liabilities | 24,924,255 | 17,418,090 | | Total Non-current Liabilities | 37,725,360 | 39,905,125 | | **Total Liabilities** | **62,649,615** | **57,323,215** | | **Net Assets** | **41,333,410** | **40,703,026** | | Equity Attributable to Owners of the Company | 16,639,662 | 16,232,230 | [Condensed Consolidated Statement of Cash Flows](index=40&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2019, net cash from operating activities significantly increased to **HK$4.00 billion**, while net cash used in investing activities was **HK$7.00 billion** (primarily for Crown shares and PPE), and net cash from financing activities was **HK$3.35 billion** (mainly from new borrowings), with cash and cash equivalents at period-end totaling **HK$12.26 billion** Condensed Consolidated Statement of Cash Flows Summary (For the Six Months Ended June 30) | Metric (HKD Thousand) | 2019 (Unaudited) | 2018 (Unaudited) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 3,995,484 | 2,921,515 | | Net Cash Used in Investing Activities | (6,998,725) | (1,238,203) | | Net Cash From/(Used in) Financing Activities | 3,349,909 | (1,792,702) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 346,668 | (109,390) | | Cash and Cash Equivalents at Beginning of Period | 11,892,778 | 11,768,251 | | **Cash and Cash Equivalents at End of Period** | **12,257,779** | **11,586,064** | [Notes to the Condensed Consolidated Interim Financial Information](index=42&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section details significant accounting policy changes, segment information, and specific financial asset and borrowing details, along with post-reporting period events [Changes in Accounting Policies and Disclosures](index=44&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) Effective January 1, 2019, the Group adopted HKFRS 16 'Leases,' significantly impacting financial statements by recognizing **HK$8.29 billion** in right-of-use assets and corresponding lease liabilities, reclassifying operating lease expenses to depreciation of right-of-use assets and interest on lease liabilities - The Group adopted HKFRS 16 'Leases' effective January 1, 2019, using the modified retrospective approach without restating comparative information[83](index=83&type=chunk) Impact of Adopting HKFRS 16 (As of January 1, 2019) | Item | Impact of Change (Increase/Decrease) (HKD Thousand) | | :--- | :--- | | **Assets** | | | Right-of-use assets | +8,293,673 | | Land use rights | (5,553,924) | | Property, plant and equipment | (1,529,568) | | **Liabilities** | | | Lease liabilities | +1,338,948 | [Segment Information](index=51&type=section&id=Segment%20Information) The Group's operations are divided into 'Casino and Hotel' and 'Others' segments, with 'Casino and Hotel' contributing the vast majority of H1 2019 net revenue (**HK$22.31 billion**) and adjusted EBITDA (**HK$6.41 billion**), while the 'Others' segment accounts for a smaller portion of revenue and EBITDA Segment Results (For the Six Months Ended June 30, 2019) | Segment (HKD Thousand) | Net Revenue (External Customers) | Adjusted EBITDA | | :--- | :--- | :--- | | Casino and Hotel | 22,314,504 | 6,411,858 | | Others | 37,821 | (12,597) | | **Total** | **22,352,325** | **6,399,261** | [Other Financial Assets](index=63&type=section&id=Other%20Financial%20Assets) In May 2019, the Group agreed to acquire approximately **19.99%** of Crown Resorts Limited's equity, with the first tranche of approximately **9.99%** completed in June for **AUD 880 million**, recognized as a financial asset at fair value through profit or loss, which recorded a fair value decrease of **HK$209 million** by June 30 - The Group agreed to acquire approximately **19.99%** equity interest in Crown Resorts Limited, with the first tranche of approximately **9.99%** completed in June 2019, recognized as a financial asset of **HK$4.83 billion**[121](index=121&type=chunk) [Interest-Bearing Borrowings](index=66&type=section&id=Interest-Bearing%20Borrowings) As of June 30, 2019, the Group's total interest-bearing borrowings increased to **HK$44.11 billion** from **HK$38.80 billion** at year-end 2018, primarily comprising secured bank loans (**HK$18.35 billion**) and unsecured notes (**HK$16.37 billion**), with various debt issuance and refinancing activities undertaken to optimize capital structure and support expansion Composition of Interest-Bearing Borrowings | Borrowing Type (HKD Thousand) | As of June 30, 2019 | As of December 31, 2018 | | :--- | :--- | :--- | | Secured notes | 9,376,172 | 12,699,324 | | Secured bank loans | 18,354,309 | 18,253,982 | | Unsecured notes | 16,374,692 | 7,848,614 | | **Total** | **44,105,173** | **38,801,920** | [Events After Reporting Period](index=73&type=section&id=Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Group completed the sale of ICR Cyprus Holdings Limited to its subsidiary Melco Resorts & Entertainment for **US$375 million** via new share issuance, and issued **US$600 million** in 2027 senior notes to repay revolving credit facility - On July 31, 2019, the sale of ICR Cyprus equity to Melco Resorts & Entertainment was completed, with consideration paid through the issuance of new Melco Resorts & Entertainment shares[142](index=142&type=chunk) - In July 2019, **US$600 million** of **5.625%** senior notes due 2027 were issued to repay **HK$4.638 billion** of revolving credit facilities[142](index=142&type=chunk) [Other Information](index=74&type=section&id=Other%20Information) This section covers the interim dividend declaration, major shareholder interests, and details of the company's listed securities transactions [Interim Dividend](index=74&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of **HK$0.0611** per share for the six months ended June 30, 2019, consistent with the company's policy of distributing approximately **20%** of annual consolidated net income attributable to shareholders - The Board declared an interim dividend of **HK$0.0611** per share for 2019, totaling approximately **HK$92.5 million**[115](index=115&type=chunk)[145](index=145&type=chunk) [Major Shareholders' Interests](index=98&type=section&id=Major%20Shareholders%27%20Interests) As of June 30, 2019, Chairman and CEO Mr. Lawrence Ho was deemed to hold approximately **55.55%** of the company's shares, with other major shareholders including Southeastern Asset Management, Inc. (**10.99%**) and The Capital Group Companies, Inc. (**6.09%**) Major Shareholder Holdings (As of June 30, 2019) | Shareholder Name | Capacity | Percentage of Holding | | :--- | :--- | :--- | | Mr. Lawrence Ho | Beneficial Owner/Interest in Controlled Corporation, etc. | 55.55% | | Ms. Sharen Lo (Spouse of Mr. Lawrence Ho) | Spouse's Interest | 55.89% | | Southeastern Asset Management, Inc. | Investment Manager | 10.99% | | The Capital Group Companies, Inc. | Interest in Controlled Corporation | 6.09% | [Purchase, Sale or Redemption of the Company's Listed Securities](index=102&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2019, the company repurchased **6 million** of its own shares on the Hong Kong Stock Exchange for a total consideration of approximately **HK$95.56 million**, with all repurchased shares subsequently cancelled to enhance earnings per share - In May 2019, the company repurchased **6 million** shares for a total consideration of approximately **HK$95.56 million**, with the highest price paid at **HK$16.00** per share and the lowest at **HK$15.62** per share[197](index=197&type=chunk)[198](index=198&type=chunk) [Company Information](index=103&type=section&id=Company%20Information) This section outlines the composition of the Board of Directors and its various committees, including key leadership roles [Board of Directors and Committees](index=103&type=section&id=Board%20of%20Directors%20and%20Committees) The Board of Directors, chaired by Mr. Lawrence Ho, comprises executive, non-executive, and independent non-executive directors, supported by various committees - Mr. Lawrence Ho serves as the Chairman and Chief Executive Officer of the Board[202](index=202&type=chunk)