Financial Performance - Operating revenue for 2021 was RMB 367,825,000, an increase of 41.6% compared to RMB 259,806,000 in 2020[11] - Profit attributable to equity holders was RMB 87,169,000, a significant increase from RMB 2,216,000 in 2020, representing a growth of 3,833.6%[11] - Total assets reached RMB 2,836,195,000, up from RMB 2,532,555,000 in 2020, indicating a growth of 12.0%[11] - The company reported a continuous improvement in asset quality and profitability, establishing itself as a comprehensive financial service provider[21] - The company’s future outlook is optimistic, aiming for a fruitful year ahead with a focus on value creation and innovation[21] - The company’s capital debt ratio stood at 26.18% as of December 31, 2021, indicating a policy to maintain a low capital debt ratio[111] - The company reported a net foreign exchange loss of RMB 3.30 million for the year ended December 31, 2021, a decrease from a net foreign exchange gain of RMB 18.01 million in the previous year[108] Loan and Mortgage Activities - The company granted loans to customers amounting to RMB 1,815,077,000, slightly up from RMB 1,814,211,000 in 2020[11] - In 2021, the company issued a total of 782 new real estate mortgage loans, an increase from 527 in 2020, while new consumer goods mortgage loans decreased to 693 from 856[25] - The total amount of new real estate mortgage loans issued reached RMB 619 million, up from RMB 405 million in 2020, while new consumer goods mortgage loans amounted to RMB 36 million, compared to RMB 26 million in the previous year[25] - As of December 31, 2021, the outstanding balance of real estate mortgage loans was RMB 744 million, remaining stable compared to 2020, with interest income from real estate mortgage loans increasing to RMB 65,035 thousand from RMB 60,393 thousand[28] - As of December 31, 2021, the company's collateralized loan balance for consumer goods was RMB 39 million, with interest income of RMB 4,384 thousand, a decrease compared to 2020[33] - The non-collateralized loan balance as of December 31, 2021, was RMB 386 million, with interest income of RMB 37,335 thousand, also showing a decline compared to 2020[34] - The total number of new small loans issued as of December 31, 2021, was 158, with a total amount of RMB 333 million, a decrease from 2020[36] - The small loan business had an ending balance of RMB 339 million as of December 31, 2021, with interest income of RMB 36,962 thousand, which increased compared to 2020[40] - The collateralized loans for agriculture had an ending balance of RMB 116 million as of December 31, 2021, with an annual interest rate of 9%-18%[37] - Total number of new loans granted in 2021 was 388, an increase from 370 in 2020[42] - Total amount of new loans granted in 2021 was RMB 2,252 million, a decrease from RMB 2,328 million in 2020[42] Business Expansion and Strategy - The registered capital for commercial factoring increased to RMB 170 million, reflecting strategic investment from state-owned enterprises[17] - The registered capital for Huifang Supply Chain was raised to RMB 400 million, indicating ongoing business expansion[17] - The company established a new pawn shop in Changsha, becoming the only approved pawn company in Hunan province in the past year[17] - The company aims to expand its pawn business by establishing 1-2 new pawn companies in provincial capital cities each year, targeting a network covering 10-12 cities by 2025[29] - The company’s strategy focuses on enhancing management efficiency through restructuring its business units into two main divisions: Inclusive Finance and Ecological Finance[21] - The company emphasizes a dual-driven strategy of inclusive finance and ecological finance to provide comprehensive financial services to SMEs and individuals[21] - The company aims to enhance its digital infrastructure and diversify its product offerings in the commercial factoring business to drive future growth[63] - The supply chain management business plans to develop a proprietary supply chain SaaS platform and expand into more product categories[68] - The company aims to enhance its brand position in the industry through a national strategy for its pawn business and to develop its art investment and luxury goods sales[134] Investment and Asset Management - The company established partnerships with state-owned asset management companies, enhancing its special asset investment business capabilities[72] - The equity investment business made two new investments totaling RMB 15 million in 2021, with the total investment amount at year-end also being RMB 15 million[69] - The company has established partnerships with two seasoned equity investment institutions, with an intended subscription of RMB 20 million and actual investment of RMB 15 million in 2021[69] - In 2021, the total number of new investments in special asset investment business was 9, with a total investment amount of RMB 16 million[71] - The company invested approximately RMB 155 million in the Zhonghui Financial Building project, which has a total construction area of 17,894.27 square meters, aimed at attracting financial enterprises[121] Operational Efficiency and Management - The company restructured its business divisions, merging three divisions into two, enhancing operational efficiency[17] - The company has implemented comprehensive internal control measures for loan management, including pre-loan separation and tiered approval processes[40] - The company aims to ensure asset quality stability through strict management of overdue loans and real-time monitoring of business processes and risks[40] - The company plans to continue promoting refined management to achieve revenue growth and cost reduction in the future[90] - The management team is focused on expanding the company's operations and enhancing its market presence through strategic decision-making[167] Corporate Governance and Management Team - The company has established an audit committee to assist the board in reviewing financial information and internal controls[169] - The remuneration committee is responsible for reviewing the remuneration policies and structures for directors and senior management[172] - The nomination committee evaluates the composition of the board and provides recommendations for director appointments[173] - The management team is led by Chairman Wu Min, who joined the group in January 2011 and oversees operations and decision-making on important matters[167] - The company has a diverse board with independent non-executive directors serving in various capacities across multiple listed companies[156][157] - The company has a structured approach to governance with independent directors ensuring compliance with listing rules[157] Future Outlook and Development - The company plans to propose a dividend of HKD 0.04 per share at the annual general meeting, totaling HKD 43.6 million (approximately RMB 38 million)[133] - The company will continue to seek new business development opportunities and focus on value creation, innovation, brand enhancement, and team building[134] - The future direction of the insurance agency business includes expanding market cooperation with foreign enterprises and large corporate groups[76] - The overseas financial business aims to explore opportunities in pawn and digital asset sectors once travel restrictions are lifted[82] - Future development directions include strengthening cooperation with experienced equity investment institutions and exploring dual GP cooperation models[69]

CHINA HUIRONG FINANCIAL HOLDINGS LIMITED 中 國 匯 融 金 融 控 股 有 限 公 司 (於開曼群島註冊成立的有限公司) - 2021 中期報告 我們立志成為中國領先的綜合性 金融服務供應商。 我們正努力為我們的客戶提供典當、小貸、轉貸基金、商業保理、保險代理及投資等 多種金融服務。 我們的業務目前主要覆蓋蘇州、香港、成都、武漢及合肥，並不斷朝着中國領先的普 惠金融和科技金融服務供應商的地位邁進。 目錄 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------|--------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 公司資料 | | | | 2 | | | | | 財務摘要 | | | | 4 | | | | | | 管理層討論及分析 | | | 5 | | | | | 其他資料 | | | | ...

Financial Performance - Operating revenue for 2020 was RMB 259.8 million, a decrease of 24.6% from RMB 344.1 million in 2019[8] - Profit attributable to equity holders was RMB 2.2 million, down 95.6% from RMB 50.4 million in 2019[8] - Total assets decreased to RMB 2.53 billion from RMB 3.00 billion in 2019, a decline of 15.6%[8] - Cash and cash equivalents dropped to RMB 434.1 million from RMB 1.05 billion in 2019, a decrease of 58.6%[8] - Total liabilities decreased to RMB 590.7 million from RMB 1.05 billion in 2019, a decline of 43.8%[8] - The company reported a pre-tax loss of RMB 45,458,000 for 2020, compared to a loss of RMB 8,083,000 in 2019[50] - The company’s total assets as of December 31, 2020, were RMB 1,941,898 thousand, slightly down from RMB 1,948,444 thousand in 2019[45] - The net asset value remained relatively stable, with a slight decrease from RMB 1,948,444 thousand in 2019 to RMB 1,941,898 thousand in 2020[45] - Operating costs increased significantly to RMB 21,504,000 in 2020 from RMB 7,253,000 in 2019, indicating a rise of approximately 196.5%[50] - The total impairment provision for loans as of December 31, 2020, was RMB 603,670,000, which accounted for about 24.97% of the total loans granted[56] Loan Activity - Loans granted to customers increased to RMB 1.81 billion from RMB 1.70 billion in 2019, an increase of 6.4%[8] - In 2020, the total amount of new real estate mortgage loans granted was RMB 405 million, an increase from RMB 329 million in 2019, with the number of loans rising from 386 to 527[25] - The total amount of new non-mortgage loans granted was RMB 784 million in 2020, down from RMB 922 million in 2019, with the number of loans increasing from 47 to 65[25] - The total amount of new loans granted by the Huifang Rongtong fund was RMB 2,328 million in 2020, a slight decrease from RMB 2,620 million in 2019, while the number of loans increased from 253 to 370[30] - The total amount of new loans granted by Dongshan Microfinance was RMB 341 million in 2020, significantly down from RMB 941 million in 2019, with the number of loans decreasing from 623 to 159[34] - New mortgage loans added in 2020 amounted to RMB 19,384,000, a significant decrease from RMB 132,385,000 in 2019[58] - Dongshan Small Loan issued new loans totaling RMB 341 million in 2020, a decrease from RMB 941 million in 2019, attributed to tightened regulatory policies[35] - The number of new loans issued by Dongshan Small Loan fell to 159 in 2020 from 623 in 2019, reflecting a significant decline in lending activity[35] Strategic Initiatives - The company plans to enhance its market competitiveness and expand its national strategy in 2021[17] - The registered capital for commercial factoring increased to RMB 100 million following the introduction of state-owned strategic investment[16] - The company aims to optimize human resources and reduce administrative and interest expenses significantly compared to 2019[16] - The company is focusing on expanding into art pawn, special asset management, and equity investment sectors[17] - The company aims to enhance its position as a leading provider of inclusive financial services in China, focusing on small and medium-sized enterprises and individuals[24] - The company has established strategic partnerships with over 30 banks to enhance its lending capabilities and service offerings[30] - The company is actively seeking alternative products to replace the halted lending business due to regulatory changes[35] - The company plans to continue promoting refined management to achieve revenue growth and cost reduction in the future[50] Human Resources and Management - The workforce decreased to 140 full-time employees, down from 161 in the previous year, with employee compensation and benefits expenses amounting to approximately RMB 28,416 thousand[78] - The management team emphasized the importance of risk management, with a new framework being introduced to mitigate potential financial risks[87] - The company has established an Audit Committee to assist the Board in reviewing financial reporting, risk management, and internal controls[104] - The Compensation Committee is responsible for reviewing the remuneration policies for directors and senior management, ensuring transparency in the compensation process[105] - The Nomination Committee evaluates the composition of the Board and provides recommendations for the appointment of directors[106] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[86] - New product launches are expected to contribute an additional $50 million in revenue over the next year[86] - The company is investing in technology development, with a budget allocation of $10 million for R&D in the upcoming year[86] - Market expansion plans include entering two new regions, aiming for a 5% market share within the first year[86] - The company is considering strategic acquisitions to enhance its service offerings, with a target of identifying at least three potential candidates by Q3[86] - A new marketing strategy is being implemented, focusing on digital channels, which is expected to increase customer engagement by 30%[86] - The company aims to reduce operational costs by 8% through efficiency improvements in the supply chain[86] Shareholder Information - Major shareholders include 膀来投资有限公司 with 260,000,000 shares (23.90%) and 喜来投资有限公司 with 65,000,000 shares (5.98%)[159] - The company reported a total of 1,087,769,000 shares issued as of December 31, 2020[156] - The company’s major shareholders are primarily controlled by朱天晓, who has a beneficial interest in 325,000,000 shares (29.88%)[159] - The company has a stock option plan with various directors holding options totaling 6,000,000 shares[150] - The share option plan allows for the issuance of options to any employee or director of the group, regardless of their employment status[166] - The largest customer accounted for 11.2% of the total interest income from customer loans for the year ended December 31, 2020, while the top five customers collectively represented 27.0% of the total interest income from customer loans[185] Compliance and Governance - The company has disclosed no interests held by directors in the company's shares as defined under the Securities and Futures Ordinance[98] - The company has maintained compliance with the listing rules regarding the disclosure of directors' interests[98] - The company confirmed compliance with the disclosure requirements under Chapter 14A of the Listing Rules regarding related party transactions[199] - The company did not enter into any arrangements allowing directors to acquire securities of the company for the year ended December 31, 2020[193] - There were no significant contracts entered into between the company and its controlling shareholders for the year ended December 31, 2020[194] - The company has established a compensation committee to review its compensation policies based on overall performance and market comparisons[187]

Financial Performance - Operating revenue for the six months ended June 30, 2020, was RMB 138,174,000, a decrease of 23% compared to RMB 178,659,000 in 2019[10]. - Profit attributable to owners of the company for the same period was RMB 893,000, down 97% from RMB 31,141,000 in 2019[10]. - Total operating revenue for the first half of 2020 was RMB 138,174 thousand, a decrease of 22.7% compared to RMB 178,659 thousand in 2019[35]. - The net profit for the six months ended June 30, 2020, was RMB 4,782,000, a significant decline of 87.8% compared to RMB 39,208,000 in the previous year[154]. - The total comprehensive income for the period was RMB 4,782,000, down from RMB 39,208,000 in the prior year[154]. - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2020[145]. Assets and Liabilities - Total assets as of June 30, 2020, were RMB 2,525,818,000, a decrease of 16% from RMB 3,001,631,000 at the end of 2019[10]. - Total liabilities were RMB 588,910 thousand, down from RMB 1,053,187 thousand, showing a reduction of approximately 44%[158]. - The total equity as of June 30, 2020, was RMB 1,936,908 thousand, compared to RMB 1,948,444 thousand as of December 31, 2019, a decrease of approximately 1%[158]. - The equity attributable to owners of the company was RMB 1,779,248 thousand, slightly down from RMB 1,793,103 thousand, a decrease of about 1%[161]. Loans and Credit Management - Loans granted to customers increased by 6% to RMB 1,803,589,000 from RMB 1,703,704,000 in 2019[10]. - The total amount of new loans issued by Huifang Rongtong was RMB 1,243 million, a decrease from RMB 1,339 million in the previous year, while the number of new loans increased to 182 from 106[19]. - The total amount of new loans issued by Dongshan Microfinance was RMB 126 million, a significant decrease from RMB 451 million in the previous year, attributed to tightened regulatory policies[23]. - The impairment provision for loans as of June 30, 2020, was RMB 564,338 thousand, accounting for about 23.83% of the total loans granted before provisions, which is an increase of RMB 98,294 thousand compared to the end of the previous year[56]. - The expected credit loss for the period was RMB 79,097,000, an increase of 26.3% from RMB 62,639,000 in the previous year[154]. Operational Efficiency - The company reported a significant reduction in operating expenses, which were RMB 22,832,000, down 46% from RMB 41,968,000 in 2019[10]. - The management is confident that adhering to its existing development strategy will create sustainable value for shareholders[12]. - The company has focused on cost control and budget management in response to the challenges posed by the COVID-19 pandemic[12]. - Administrative expenses decreased to RMB 28,776 thousand from RMB 36,563 thousand in 2019, reflecting cost control measures[35]. Business Development and Strategy - The company aims to enhance its position as a leading provider of inclusive financial services in China, with operations covering Suzhou, Hong Kong, Chengdu, Wuxi, and Hefei[13]. - The company plans to continue exploring new business development opportunities and will focus on expanding its influence and recognition in the microfinance sector[86]. - The company aims to enhance its financing capabilities and service depth in commercial factoring while establishing a supply chain data platform in the fast-moving consumer goods sector[86]. - The company is actively seeking alternative products to replace the discontinued small loan business due to regulatory changes[24]. Shareholder Information - Major shareholder 膀　陈投資有限公司 holds 260,000,000 shares, accounting for 23.90% of the total shares[105]. - Major shareholder 朱天曉 has a beneficial interest in 325,000,000 shares, representing 29.88% of the total shares[105]. - Major shareholder 喜來投資有限公司 owns 65,000,000 shares, which is 5.98% of the total shares[105]. - Major shareholder 奇蹟資本有限公司 holds 71,500,000 shares, accounting for 6.57% of the total shares[105]. - The company has a significant ownership structure with multiple shareholders holding over 5% of the shares, indicating a concentrated ownership[105]. Cash Flow and Financing - Net cash inflow from operating activities for the six months ended June 30, 2020, was RMB 425,679 thousand, primarily due to the lifting of restrictions on domestic equity investments[79]. - Net cash outflow from financing activities was RMB 523,010 thousand, mainly due to the repayment of bank loans to reduce financial costs[80]. - The company received RMB 851,554 thousand from borrowings, a decrease from RMB 1,251,343 thousand in the previous year[171]. - The company repaid borrowings amounting to RMB 1,357,267 thousand, compared to RMB 1,041,540 thousand in the same period of 2019[171]. Compliance and Governance - The company has complied with the corporate governance code principles and rules, except for the separation of the roles of chairman and CEO[137]. - All directors confirmed compliance with the standard code of conduct for securities trading during the six-month period ending June 30, 2020[138]. - The company’s independent auditor did not find any issues that would lead them to believe the interim financial information was not prepared in accordance with the relevant accounting standards[151].

CHINA HUIRONG FINANCIAL HOLDINGS LIMITED 中 國 匯 融 金 融 控 股 有 限 公 司 (於閱曼群島註冊成立的有限公司) 2019 年報 我們立志成為中國領先的綜合性 金融服務供應商。 我們正努力為我們的客戶提供抵押貸款、信用貸款、網絡借貸 中介等多種金融服務,以及開展投資業務。 我 們主要 於 蘇 州 市 及 蘇 州 市 政 府 管 轄 的 四 個 縣 級 市 ( 或 蘇 州 大 市)經營,蘇州大市為江蘇省經濟最發建的地區,江蘇省亦為 中國經濟發展最蓬勃的省份之一,業務正穩健地向全國發展。 公司資料 2 財 務 摘 要 3 主席致辭 4 管理層討論與分析 6 董事及高级管理層 21 董事會報告 28 企業管治報告 48 風險管理與內部監控報告 60 環境、社會及管治報告 65 合併財務報表及獨立核數師報告 70 合併綜合收益表 75 76 合併財務狀況表 合併股東權益變動表 78 合併現金流量表 80 合併財務報表附註 81 釋 義 164 詞彙 168 目 錄 公司資料 | --- | --- | |-------------------------------- ...

Financial Performance - Interest income for the six months ended June 30, 2019, was RMB 153,083,000, representing a 20% increase from RMB 127,947,000 in the same period of 2018[11]. - Net interest income rose to RMB 127,146,000, a 28% increase compared to RMB 99,163,000 in the previous year[11]. - Profit attributable to owners of the company reached RMB 31,141,000, marking a 23% increase from RMB 25,339,000 in 2018[11]. - Total assets as of June 30, 2019, amounted to RMB 3,132,212,000, a 12% increase from RMB 2,800,226,000 at the end of 2018[11]. - Cash and bank deposits increased by 26% to RMB 1,001,846,000 from RMB 797,964,000 in 2018[11]. - The net profit attributable to equity holders for the same period was RMB 31,141 thousand, up from RMB 25,339 thousand in 2018, reflecting a year-on-year increase of about 22.1%[35]. - The total equity attributable to equity holders of the company was RMB 1,773,812 thousand as of June 30, 2019, compared to RMB 1,709,938 thousand at the end of 2018, an increase of 3.7%[149]. - The total comprehensive income for the period was RMB 39,208 thousand, compared to RMB 31,690 thousand for the same period in 2018, indicating an increase of 23.5%[149]. Loan and Business Operations - Loans granted to customers totaled RMB 1,815,020,000, reflecting a 4% increase from RMB 1,738,283,000 in the previous year[11]. - New mortgage loans granted in the first half of 2019 totaled RMB 192 million for real estate and RMB 23 million for consumer goods, with a total of 190 and 1,530 loans granted respectively[17]. - The company issued new loans totaling RMB 1,339 million in the first half of 2019, compared to RMB 751 million in the same period of 2018, representing an increase of 78.2%[22]. - The total amount of new loans issued by Dongshan Microfinance reached RMB 451 million in the first half of 2019, up from RMB 434 million in the same period of 2018[25]. - The company established four major business divisions: Inclusive Finance, Technology Finance, Online Lending Intermediary, and Insurance Agency[15]. - The Inclusive Finance division focuses on small and micro-enterprises, with operations expanding to over ten cities including Suzhou, Nanjing, and Hong Kong[16]. - The company aims to enhance its position as a leading provider of inclusive financial services in China[16]. Segment Performance - The inclusive revenue from the Inclusive Finance Division reached RMB 128,567 thousand, with a pre-tax profit of RMB 29,834 thousand, indicating a strong performance in this core business segment[39]. - The Technology Finance Division generated revenue of RMB 1,266 thousand, with a pre-tax profit of RMB 1,625 thousand, despite being newly established and incurring significant R&D expenses[40]. - The Online Lending Intermediary Division reported revenue of RMB 7,077 thousand and a pre-tax profit of RMB 2,161 thousand, although it faced regulatory challenges leading to a reduction in business scale[43]. - The Insurance Agency Division achieved revenue of RMB 684 thousand and a pre-tax profit of RMB 97 thousand, with ongoing expansion of strategic partnerships with insurance companies[44]. Financial Position and Liabilities - The total liabilities increased to RMB 1,220,459 thousand as of June 30, 2019, compared to RMB 903,198 thousand as of December 31, 2018, representing a growth of 35.2%[146]. - Current liabilities totaled RMB 1,214,271 thousand, up from RMB 903,198 thousand, indicating a significant increase of 34.4%[146]. - As of June 30, 2019, the company had a total impairment provision of RMB 394,915 thousand, accounting for approximately 18% of the outstanding loans granted to customers[47]. - The company reported new litigation loans totaling RMB 30,434 thousand for mortgage loans and RMB 9,849 thousand for non-mortgage loans, with litigation loans accounting for 25.6% of the total loans granted[51]. Cash Flow and Financing Activities - The net cash outflow from operating activities was RMB 132,527 thousand for the six months ended June 30, 2019, primarily due to an increase in loan issuance[70]. - The net cash inflow from financing activities was RMB 182,349 thousand during the same period, mainly driven by increased credit financing to support business development[71]. - Bank borrowings amounted to RMB 987,615 thousand as of June 30, 2019, up from RMB 766,286 thousand on December 31, 2018, representing a growth of 29.0%[56]. Employee and Administrative Expenses - The company had 182 full-time employees, an increase of 14 from 168 as of December 31, 2018[76]. - Employee compensation and benefits for the six months ended June 30, 2019, amounted to RMB 20,874,000, an increase of RMB 2,079,000 compared to the same period last year[76]. - The company’s administrative expenses for the first half of 2019 were RMB 36,563 thousand, slightly up from RMB 35,693 thousand in the previous year[35]. Corporate Governance and Shareholder Information - The company has complied with the corporate governance code principles and provisions, except for the separation of the roles of chairman and CEO[125]. - Major shareholder Xiaolai Investment Limited holds 260,000,000 shares, representing 23.92% of the total issued shares[98]. - Major shareholder Zhu Tianxiao has control over 325,000,000 shares through related entities, accounting for 29.90% of the total issued shares[98]. - The company has granted a total of 50,000,000 stock options under its stock option plan, with 11,550,000 options exercised as of June 30, 2019[105]. New Business Developments - The company acquired Sichuan Aomeishu Technology Co., Ltd. on March 8, 2019, to expand its lending business capabilities[62]. - The company established Lianqietong (Shanghai) Technology Co., Ltd. with an investment of RMB 24,955 thousand to develop supply chain financial technology services[63]. - The company aims to expand its lending business and enhance cooperation with banks and local governments to meet customer demand[84].

CHINA HUIRONG FINANCIAL HOLDINGS LIMITED 中國匯融金融控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號：1290 匯 融 finner 我 們 立 志 成 為 中 國 領 先 的 綜 合 性 金融服務供應商。 | --- | --- | |--------------------------------------------------------------------------------------|-------| | | | | 我們正努力為我們的客戶提供抵押貸款、信用貸 款、網絡借貸中介等多種金融服務,以及開展投 | | I 75 合併財務報表及獨立核數師報告 I I D 目 錄 公司資料 02 財務摘要 03 80 合併綜合收益表 主席致辭 04 81 合併財務狀況表 管理層討論與分析 06 83 合併股東權益變動表 董事及高級管理層 26 85 合併現金流量表 董事會報告 33 86 合併財務報表附註 企業管治報告 53 172 釋義 風險管理與內部監控報告 65 176 詞彙 環境、社會及管治報告 70 環境・社會及管治報告 70 中國匯融 ...