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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12 (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023.

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from                             to

Commission file number: 001-39147

OneConnect Financial Technology Co., Ltd.

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation)

21/24F, Ping An Finance Center, No. 5033 Yitian Road
Futian District
, Shenzhen, Guangdong, 518000, The People’s Republic of China

(Address of principal executive offices)

Mr. Yongtao Luo, Chief Financial Officer
Telephone: +86-21-2066-0625
Email: OCFT_IR@ocft.com
21/24F, Ping An Finance Center, No. 5033 Yitian Road
Futian District
. Shenzhen. Guangdong. The People’s Republic of China

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered, pursuant to Section 12(b) of the Act

Title of each class

    

Trading Symbol

    

Name of each exchange on which registered

American depositary shares, each ADS represents thirty ordinary shares, par value USS0.00001 per share

Ordinary shares, par value USS0.00001 per share

OCFT

6638

The New York Stock Exchange

The Stock Exchange of Hong Kong Limited

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of issued and outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report 1,169,980,653 Ordinary Shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes  No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232A05 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

   

Accelerated filer

   

Non-accelerated filer

   

Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act.

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(6)) by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP

   

International Financial Reporting Standards as issued
by the International Accounting Standards Board

   

Other

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No

TABLE OF CONTENTS

Page

PART I

1

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

1

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

1

ITEM 3. KEY INFORMATION

1

ITEM 4. INFORMATION ON THE COMPANY

72

ITEM 4A. UNRESOLVED STAFF COMMENTS

114

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

115

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

141

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

152

ITEM 8. FINANCIAL INFORMATION

154

ITEM 9. THE OFFER AND LISTING

155

ITEM 10. ADDITIONAL INFORMATION

155

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

170

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

171

PART II

174

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

174

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

174

ITEM 15. CONTROLS AND PROCEDURES

175

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

175

ITEM 16B. CODE OF ETHICS

175

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

176

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

176

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

176

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

176

ITEM 16G. CORPORATE GOVERNANCE

177

ITEM 16H. MINE SAFETY DISCLOSURE

177

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

177

ITEM 16J. INSIDER TRADING POLICIES

177

ITEM 16K. CYBERSECURITY

178

PART III

179

ITEM 17. FINANCIAL STATEMENTS

179

ITEM 18. FINANCIAL STATEMENTS

179

ITEM 19. EXHIBITS

179

i

CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F

Unless otherwise indicated or the context otherwise requires, and for purposes of this annual report on Form 20-F only:

“ADRs” refer to the American depositary receipts that evidence our ADSs;
“ADSs” refer to our American depositary shares, each of which represents thirty ordinary shares;
“AI” refers to artificial intelligence;
“basic customers” refer to our customers that contribute annual revenue of less than RMB100,000;
“China” or “the PRC” refers to the People’s Republic of China, excluding, for the purposes of this annual report only, Hong Kong, Macau and Taiwan;
Hong Kong or HK refers to the Hong Kong Special Administrative Region of the Peoples Republic of China;
“Hong Kong dollars” or “HK$” refers to the legal currency of Hong Kong;
Hong Kong Listing Rules refers to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time;
Hong Kong Stock Exchange refers to The Stock Exchange of Hong Kong Limited;
“IaaS” refers to infrastructure-as-a-service;
“IFRS” refers to International Financial Reporting Standards as issued by the International Accounting Standards Board;
“IT” refers to information technology;
“net expansion rate” is a numerical representation of the expansion of our customer relationships on a year-on-year basis, calculated as a fraction, the denominator of which is the revenue contribution from a particular group of customers in one year and the numerator of which is the contribution from the same group of customers in the following year, expressed as a percentage;
“OCR” refers to optical character recognition;
“OneConnect,” “we,” “us,” “our company” and “our” refer to OneConnect Financial Technology Co., Ltd., a Cayman Islands exempted company, and its subsidiaries and, in the context of describing our operations and consolidated financial information, also include the VIEs and their subsidiaries;
“PaaS” refers to platform-as-a-service;
“Ping An Group” refers to Ping An Insurance (Group) Company of China, Ltd. and, unless the context requires otherwise, its subsidiaries;
“Premium customers” refers to our customers that contribute annual revenue of at least RMB100,000, excluding Ping An Group and its subsidiaries, although this category includes certain customers that we have direct contracts with, and provide direct services to, where payments for these services have been made through contractual arrangements that we have with others, including Ping An Group;
“Premium plus customers” refers to premium plus customers that contribute annual revenue of at least RMB1,000,000;

ii

“RMB” or “Renminbi” refers to the legal currency of China;
“SaaS” refers to software-as-a-service;
“shares” or “ordinary shares” refer to our ordinary shares, par value US$0.00001 per share;
“SKU” refers to stock keeping unit;
“SLA” refers to service level availability;
“SME” refers to small and medium enterprises;
“Third-party customer” refers to each customer with revenue contribution of less than 5% of our total revenue in the relevant period; and
“US$,” “U.S. dollars,” “$,” and “dollars” refer to the legal currency of the United States.

All of our customer numbers in this annual report are exclusive of Ping An Group and its subsidiaries.

Our reporting currency is the Renminbi. This annual report also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at a rate of RMB7.0999 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System on December 29, 2023. We make no representation that any Renminbi or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, or at all. On April 19, 2024, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board was RMB7.2403 to US$1.00.

In December 2022, we effected an ADS ratio change to adjust our ordinary share to ADS ratio from one (1) ADS representing three (3) ordinary shares to one (1) ADS representing thirty (30) ordinary shares, or the Ratio Change. Except otherwise stated, the Ratio Change has been retrospectively applied for all periods presented in this annual report.

iii

FORWARD-LOOKING STATEMENTS

This annual report on Form 20-F contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These forward-looking statements are made under the “safe harbor” provision under Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:

our vision and strategies;
our future business development, financial condition and results of operations;
expected changes in our revenues, costs or expenditures;
expected growth of technology spending in the financial services industry in China;
our expectations regarding demand for and market acceptance of our services;
competition in our industry
government policies and regulations relating to our industry;
health epidemics, pandemics and similar outbreaks;
the status of Sino-U.S relations and related regulatory and legislative developments; and
general economic, business and socio-political conditions globally, including recent Israel-Hamas war and Russia-Ukraine war.

We would like to caution you not to place undue reliance on these forward-looking statements and you should read these statements in conjunction with the risk factors disclosed in “Item 3. Key Information—3D. Risk Factors.” Other sections of this annual report include additional factors that could adversely affect our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

iv

PART I

ITEM 1.   IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2.   OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.   KEY INFORMATION

Implications of Being a Holding Company

Our investors hold securities of OneConnect Financial Technology Co., Ltd., which is not an operating company but a Cayman Islands holding company with operations primarily conducted by its subsidiaries and through contractual arrangements with its variable interest entities, or VIEs, and their respective subsidiaries based in China. As a holding company, we rely upon dividends paid to us by our subsidiaries in the PRC to pay dividends and to finance any debt we may incur. If our subsidiaries or any newly formed subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our subsidiaries are permitted to pay dividends to us only out of their accumulated profits, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC laws and regulations, each of our Chinese subsidiaries are required to set aside a portion of their net income each year to fund a statutory surplus reserve until such reserve reaches 50% of its registered capital. This reserve is not distributable as dividends. As a result, our Chinese subsidiaries are restricted in their ability to transfer a portion of its net assets to us in the form of dividends, loans or advances. As an offshore holding company, we will be permitted under PRC laws and regulations to provide funding from the proceeds of our offshore fund-raising activities to our subsidiaries in China only through loans or capital contributions, subject to the satisfaction of the applicable government registration and approval requirements. Before providing loans to our PRC subsidiaries, we will be required to make filings about details of the loans with the State Administration of Foreign Exchange of the PRC (the “SAFE”) in accordance with relevant PRC laws and regulations. Our PRC subsidiaries that receive the loans are only allowed to use the loans for the purposes set forth in these laws and regulations. Under regulations of the SAFE, Renminbi is not convertible into foreign currencies for capital account items, such as loans, repatriation of investments and investments outside of China, unless the prior approval of the SAFE is obtained and prior registration with the SAFE is made. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in the PRC” for more details.

Risks Associated with Operations in China

The majority of our operations are in China. We are exposed to legal and operational risks associated with our operations in China. Rules and regulations in China have been constantly evolving. The PRC legal system is partly influenced by government policies and internal rules, some of which may be issued without advance notice. Furthermore, the PRC regulatory authority have initiated a series of regulatory actions and released guidelines to regulate business operations in China, including those related to data security or anti-monopoly concerns, which may have an impact on our ability to conduct certain business in China, accept foreign investments, or list on a U.S. or other exchange. If we are unable to address any data security or information protection concerns, any compromise of security that results unauthorized disclosure or transfer of personal information, or to comply with the then applicable laws and regulations, we may incur additional costs and liability and result in regulatory enforcement actions, litigation, fines and penalties or adverse publicity and could cause our users and clients to lose trust in us, which could have a material adverse effect on our business, results of operations, financial condition and prospects. And if certain of our activities in mainland China were deemed by relevant regulators as violation of the laws and regulations on anti-monopoly other matters, it may result in regulatory investigations, fines and/or other sanctions against us.

1

The PRC regulatory authorities have significant oversight over our business and may influence our operations. The PRC regulatory authorities have published new regulations and guidance to exert more oversight and control over securities offerings and other capital markets activities that are conducted overseas and foreign investment in China-based companies like us. Any such actions by the PRC regulatory authority could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or in extreme cases, become worthless. While we do not believe that these regulatory changes would have any material impact on us, we cannot assure you that we will be able to comply with these new laws and regulations in all aspects, or the future regulatory changes will not restrict our business operations or access to capital.

Recent Regulatory Developments

Cyber Security Review and Data Privacy Regulations

The PRC regulatory authorities have promulgated, among others, the Personal Information Protection Law of the PRC and the Data Security Law of the PRC to ensure cybersecurity, data and personal information protection. These laws, as well as other proposed regulations, demonstrate that relevant laws and regulations governing these areas are developing along with the enforced and constantly tightening of relevant regulatory supervision. The State Council of the PRC promulgated the Regulations on the Protection of the Security of Critical Information Infrastructure on July 30, 2021, which took effect on September 1, 2021. This regulation requires, among other things, that certain competent authorities identify and protect critical information infrastructures. In addition, in November 2021, the Cyberspace Administration of China, or the CAC, promulgated the Regulations on Network Data Security (draft for public comments), which set forth different scenarios where data processors should apply for cybersecurity review. The CAC and a number of other departments under the State Council promulgated the Cybersecurity Review Measures on December 28, 2021, which became effective on February 15, 2022. According to this regulation, critical information infrastructure operators, or CIIO, purchasing network products and services and network platform operators carrying out data processing activities, which affect or may affect national security, are required to conduct cybersecurity review.

On September 1, 2021, the Data Security Law of the PRC became effective, which imposes data security and privacy obligations on entities and individuals conducting data-related activities, and introduces a data classification and hierarchical protection system. In addition, the Standing Committee of the National People’s Congress promulgated the Personal Information Protection Law of the PRC, or the PIPL, on August 20, 2021, and this law took effect on November 1, 2021. The PIPL further emphasizes processors’ obligations and responsibilities for personal information protection and sets out the basic rules for processing personal information and the rules for cross-border provision of personal information. On March 22, 2024, the CAC promulgated the Provisions on Promoting and Regulating Cross-border Data Flows, effective on March 22, 2024, which specify certain scenarios in which no data cross-border compliance declaration is required. Under the Regulations on Network Data Security (draft for public comments), critical data processors or foreign-listed data processors are required to carry out annual data security evaluations and submit evaluation reports to the municipal cyberspace administration authority. We have implemented comprehensive cybersecurity and data protection policies, procedures and measures to safeguard personal information and ensure secured storage and transmission of data and prevent unauthorized access or use of data. However, we cannot guarantee that we will be able to comply with these new laws and regulations in all aspects or future laws and regulations will not restrict our business operations.

There are uncertainties as to the interpretation and application of these cybersecurity and data privacy laws, regulations and standards, and they may be interpreted and applied in a manner that is inconsistent with our current policies and practices or require changes to the features of our data systems. If the Chinese Securities Regulatory Commission, or the CSRC, the CAC or other regulatory agencies later deem us to be a CIIO and require that we obtain their approvals for our future offshore offerings, we may be unable to obtain such approvals in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance could significantly limit or completely hinder our ability to continue to offer securities to investors and cause the value of our securities to significantly decline or be worthless. In addition, implementation of industry-wide regulations affecting our business operations could limit our ability to attract new customers and/or users and cause the value of our securities to significantly decline.

2

CSRC Approval on Overseas Listing

On July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and the supervision on overseas listings by China-based companies. These opinions proposed to take effective measures, such as promoting the construction of relevant regulatory systems, to deal with the risks and incidents facing China-based overseas-listed companies and the demand for cybersecurity and data privacy protection. These opinions and any related implementation rules to be enacted may subject us to additional compliance requirement. On February 17, 2023, the CSRC released a set of regulations consisting of six documents, including the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies and five supporting guidelines, collectively, the Overseas Listing Filing Rules, which came into effective on March 31, 2023. According to the Overseas Listing Filing Rules, companies that have already offered shares or been listed overseas prior to the implementation of such new regulations qualify as “Stock Enterprises”, and Stock Enterprises are not required to apply for the filing immediately until a subsequent re-financing event occurs. However, the Overseas Listing Filing Rules, among others, require the issuer or its main operational entity in the PRC to file with the CSRC for its follow-on securities offerings in the same offshore market within three business days after the completion of such offerings, and file with the CSRC for its offerings or listing in offshore stock market other than the stock market of its initial public offering or listing within three business days after the submission of offering application outside mainland China.

We have been listed on the New York Stock Exchange and the Hong Kong Stock Exchange prior to the implementation of the Overseas Listing Filing Rules. Therefore, we are qualified as “Stock Enterprises” and are not required to apply for the filing immediately until a subsequent re-financing event occurs according to the Overseas Listing Filing Rules. However, we are required to file with the CSRC for its follow-on securities offerings in the same offshore market within three business days after the completion of such offerings, and file with the CSRC for our offerings or listing in offshore stock market other than the stock market of our initial public offering or listing within three business days after the submission of offering application outside mainland China. Failure to comply with the filing requirements for any offering, listing or any other capital raising activities, may result in administrative penalties, such as order to rectify, warnings, fines and other penalties, on the companies, the controlling shareholders, the actual controllers, the person directly in charge and other directly liable persons. Given the uncertainties surrounding the CSRC filing requirements at this stage, we cannot assure you that we will be able to complete the filings and fully comply with the relevant new rules on a timely basis, or at all, if we conduct listing in other offshore stock markets or follow-on offerings, issuance of convertible corporate bonds, exchangeable bonds, and other equivalent offering activities in the future.

We have been closely monitoring regulatory developments in China regarding any necessary approvals from the CSRC, the CAC, or other PRC regulatory authorities required for overseas listings. As of the date of this annual report, we have not received any inquiry, notice, warning, sanctions or regulatory objection from the CSRC or the CAC. Because these regulatory actions are relatively new and evolving, it is uncertain how soon legislative or regulatory bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, or the potential impact such modified or new laws and regulations will have on our daily business operation, our ability to accept foreign investments and listing on a U.S. or other foreign exchanges.

For more detailed information, see “Item 3. Key Information — Risk Factors — Risks Relating to Doing Business in the PRC.”

Our VIE Structure

PRC laws and regulations restrict and impose conditions on foreign investment in internet-based businesses, including online information, internet data center services and other value-added telecommunication services. Furthermore, our electronic certification service business is subject to foreign investment restrictions in practice under the regulatory requirements. Accordingly, we operate these businesses in China through OneConnect Smart Technology Co., Ltd., (Shenzhen), or Shenzhen OneConnect, and Shenzhen Digital Certificate Authority Center Co., Ltd., or Shenzhen CA, which we refer to as the VIEs in this annual report, and their subsidiaries, and rely on contractual arrangements among our PRC subsidiary, the VIEs and their respective nominee shareholders to control the business operations of the VIEs and their subsidiaries. We exert effective control over, and are the primary beneficiary of these VIEs for accounting purposes because of these contractual arrangements. Accordingly, under IFRS, the financial statements of the VIEs are consolidated as part of our financial statements. Any references to control or benefits that accrue to us because of the VIEs in this annual report are limited to, and subject to conditions for consolidation of, the VIEs under IFRS. Although these VIE agreements have been widely adopted by PRC companies seeking to list overseas, such agreements have not been tested in a court of law.

3

Our corporate structure is subject to risks associated with our contractual arrangements with the VIEs. The company that investors will own may never have a direct equity ownership interest in the businesses that are conducted by the VIEs. As a result, control thorough our contractual arrangements may be less effective than director ownership, and we could incur substantial costs in enforcing our contractual arrangements. If the PRC regulatory authority deems that our contractual arrangements with the VIEs do not comply with PRC laws, or if these laws or the interpretation of existing laws change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations or otherwise significantly change our corporate structure. The majority of our assets, including the necessary licenses to conduct business in China, are held by the VIEs and a significant part of our revenues are generated by the VIEs. If any event happens that would result in the deconsolidation of the VIEs, our operations could be materially affected and the value of the securities could be diminished substantially or even become worthless. We and our investors face uncertainty about potential future actions by the PRC regulatory authority that could affect the legality and enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect the financial performance of the VIEs and their subsidiaries and our company as a whole. If the PRC government deems that any of our business operations carried out through the VIEs do not comply with PRC regulatory restrictions, especially the restrictions on foreign investment in the relevant industries, or if the relevant regulations or their interpretation change in the future, the PRC regulatory authorities could disallow this structure, which could result in us being subject to penalties or being forced to relinquish its interests in the affected operations. If any of these happens, our ordinary shares or our ADSs may decline in value or become worthless, if we are unable to claim our contractual control rights over the assets of the VIEs that conduct some or all of our operations. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “Item 3.D. Key Information—Risk Factors—Risks Relating to Our Corporate Structure”.

Permissions Required from the PRC Authorities for Our Operations

We believe that our corporate structure and contractual arrangements with the VIEs are not in violation of the current applicable PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries and the VIEs have obtained all material licenses and approvals required for conducting our operations in China, except as disclosed under “Item 3. Key Information—3.D. Risk Factors—Risks Relating to Our Business and Our Industry—Failure to comply with existing or future laws and regulations related to data security, data protection, cyber security or personal information protection could lead to liabilities, administrative penalties and other regulatory actions, which could negatively affect our operating results and business.” As of the date of this annual report, we believe that our PRC subsidiaries and VIEs are not required to obtain permission or approval from the CSRC, or the CAC, on our contractual arrangements with the VIEs and their respective shareholders. However, PRC laws and regulations governing the conditions and the requirements of such approval are uncertain and evolving. There can be no assurance that the PRC regulatory authorities such as the CSRC, the CAC, the Ministry of Commerce, or MOFCOM, the Ministry of Industry and Information Technology, or the MIIT, or other authorities that regulate our business and other participants in the telecommunications industry, would agree that our corporate structure or any of the above contractual arrangements comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or policies that may be adopted in the future. It is also uncertain whether any new PRC laws, regulations or interpretations relating to contractual arrangements will be adopted, or if adopted, what they would provide. On February 17, 2023, the CSRC released the Overseas Listing Filing Rules, which came into effective on March 31, 2023. According to the Overseas Listing Filing Rules, PRC domestic companies that seek to offer and list securities in overseas markets, either in direct or indirect means, are required to fulfill the filing procedure with the CSRC and report relevant information. In addition, an overseas listed company should also submit the filing with respect to its follow-on offerings, issuance of convertible corporate bonds, exchangeable bonds, and other equivalent offering activities, within a specific time frame requested by the Overseas Listing Filing Rules. Therefore, we will be required to file with the CSRC for our future overseas offering of equity, ADS and equity linked securities within the timeframe as required by Overseas Listing Filing Rules. On the same day, at the press conference held for the Overseas Listing Filing Rules, the officials from the CSRC clarified that, if a company with a VIE structure is in compliance with applicable PRC laws, regulations and regulatory requirements, the CSRC may permit its filing application of the overseas listings of such companies after soliciting opinions from relevant regulatory authorities. However, given that there is no further explanation on such compliance requirements, there remains substantial uncertainties as to their interpretation, application, and enforcement and how they will affect our operations and our future financing and there can be no assurance that we will be able to satisfy compliance requirements. As of the date of this annual report, we have not received any inquiry, notice, warning, or sanctions regarding our corporate structure and contractual arrangements from the CSRC, CAC or any other PRC regulatory agency. If we, our subsidiaries or VIEs inadvertently conclude that approvals are not required, or if these regulations change or are interpreted differently and we are required to obtain approval in the future, our ADSs may significantly decline in value or become worthless if we are unable to assert our contractual control rights over the economic benefits and assets of the VIEs and their subsidiaries.

4

Implications of the Holding Foreign Companies Accountable Act, or the HFCA Act

Our financial statements contained in this annual report have been audited by PricewaterhouseCoopers Zhong Tian LLP, an independent registered public accounting firm that is headquartered in Shanghai, China with offices in other cities in China. It is a firm registered with the U.S. Public Company Accounting Oversight Board, or PCAOB, and is required by the laws of the U.S. to undergo regular inspections by the PCAOB to assess its compliance with the laws of the U.S. and professional standards. According to Article 177 of the PRC Securities Law, which became effective in March 2020, the securities regulatory authority of the State Council may establish a regulatory cooperation mechanism with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, or the Regulatory Cooperation Mechanism; no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. Accordingly, without a Regulatory Cooperation Mechanism or the consent of the competent PRC securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to securities business activities to overseas parties.

The United States adopted the Holding Foreign Companies Accountable Act on December 18, 2020 and it was amended by the Consolidated Appropriations Act, 2023 on December 17, 2022, the amended act, or the HFCA Act. The HFCA Act states if the SEC determines that a company has filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for two consecutive years, the SEC shall prohibit such securities from being traded on a national securities exchange or in the over the counter trading market in the U.S. The SEC has adopted rules to implement the HFCA Act and, pursuant to the HFCA Act, the PCAOB issued a report notifying the SEC of its determination that it is unable to inspect or investigation completely accounting firms headquartered in mainland China or Hong Kong. Our auditor PricewaterhouseCoopers Zhong Tian LLP was subject to the determinations announced by the PCAOB on December 16, 2021. We were also conclusively identified as a “Commission-Identified Issuer” under the HFCA Act on May 4, 2022 in respect of our Annual Report for 2021 on Form 20-F filed on March 31, 2022. Pursuant to amendment made to the HFCA Act in 2022, the PCAOB may determine that it is unable to inspect or investigate completely registered public accounting firms in any foreign jurisdictions because of positions taken by any foreign authority, rather than an authority in the location in which the firms are headquartered or in which they have a branch or office, as was the case under the original version of the Act.

On December 15, 2022, the PCAOB announced its determination that it has been able to inspect and investigate audit firms in mainland China and Hong Kong completely for purposes of the HFCA Act, and the PCAOB vacated its December 16, 2021 determinations. As a result, the SEC will not provisionally or conclusively identify an issuer as a Commission-Identified Issuer if it files an annual report with an audit report issued by a registered public accounting firm headquartered in mainland China or Hong Kong on or after December 15, 2022, until such time as the PCAOB issues a new determination. However, the PCAOB stated that should PRC authorities obstruct the PCAOB’s ability to inspect or investigate completely in any way and at any point in the future, the PCAOB Board will act immediately to consider the need to issue new determinations consistent with the HFCA Act. While we currently do not expect the HFCA Act to prevent us from maintaining the trading of our ADSs in the U.S., uncertainties exist with respect to future determinations of the PCAOB in this respect and any further legislative or regulatory actions to be taken by the U.S. or Chinese regulators that could affect our listing status in the U.S.

The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in the PRC—If the PCAOB is unable to inspect our auditors as required under the HFCA Act, the SEC will prohibit the trading of our ADSs, which may materially and adversely affect the value of your investment.”

5

Cash Flows through Our Organization

Cash Transfer between our Company, Subsidiaries and VIEs

The following table presents the cash flows among the Company, its subsidiaries, its VIEs and the VIEs’ subsidiaries for the periods indicated:

    

For the Year Ended December 31,

2021

    

2022

    

2023

Cash flows through intercompany transfer

 

(RMB in thousands)

Cash paid by VIE to subsidiaries for technical service fee

 

(26,649)

 

(214,400)

 

(136,849)

Cash paid by subsidiaries to the VIE for technical service fee

 

1,562

 

49,693

 

652

Advances from subsidiaries to the VIE

 

6,830,573

 

3,310,207

 

2,019,045

Repayment of advances to Group companies by the VIE

 

(4,864,186)

 

(2,611,918)

 

(2,273,761)

During 2021, 2022 and 2023, the VIEs earned inter-company revenues in the amounts of RMB697 thousand, RMB3,084 thousand and RMB11,685 thousand by providing application and platform implementation to Hong Kong subsidiaries.

Restrictions on Cash Transfers to Us

OneConnect Financial Technology Co., Ltd. is a holding company with no material operations of its own. We conduct our operations primarily through our subsidiaries and the VIEs in China. We face various restrictions and limitations on foreign exchange; our ability to transfer cash between entities, across borders and to our investors; and our ability to distribute earnings from our subsidiaries and/or the VIEs, to us and holders of our securities as well as the ability to settle amounts owed under the contractual arrangements with the VIEs. If our subsidiaries or any newly formed subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us. In addition, our subsidiaries are permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Pursuant to laws applicable to entities incorporated in the PRC, our subsidiaries in the PRC must make appropriations from after-tax profit to non-distributable reserve funds. In particular, subject to certain cumulative limits, the statutory reserve fund requires an annual appropriation of 10% of after-tax profit (as determined under accounting principles generally accepted in the PRC at each year-end) until the accumulative amount of such reserve fund reaches 50% of a PRC subsidiary’s registered capital. These reserve funds can only be used for such specific purposes as provided in PRC laws, and are not distributable as cash dividends. In addition, due to restrictions on the distribution of share capital from our PRC subsidiaries, the share capital of our PRC subsidiaries is considered restricted.

Due to various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies, we and the VIEs may not be able to obtain the necessary government approvals or complete the necessary government registrations or other procedures on a timely basis, or at all, with respect to future loans by us to our PRC subsidiaries or the VIEs or with respect to future capital contributions by us to our PRC subsidiaries. This may delay or prevent us from using our offshore funds to make loans or capital contribution to our PRC subsidiaries and the VIEs, and thus may restrict our ability to execute our business strategy, and materially and adversely affect our liquidity and our ability to fund and expand our business.

In addition, uncertainties regarding the interpretation and implementation of the contractual arrangements with the VIEs could limit our ability to enforce such agreements. If the PRC authorities determine that the contractual arrangements constituting part of the VIE structure do not comply with PRC regulations, or if current regulations change or are interpreted differently in the future, our ability to settle amount owed by the VIEs under the VIE agreements may be seriously hindered.

Furthermore, due to restrictions on foreign exchange placed on our PRC subsidiaries and the VIEs by the PRC regulatory authority under PRC laws and regulations, to the extent cash is located in the PRC or within a PRC-domiciled entity and may need to be used to fund our operations outside of the PRC, the funds may not be available due to such limitations unless and until related approvals and registrations are obtained. Under regulations of the SAFE, the Renminbi is not convertible into foreign currencies for capital account items, such as loans, repatriation of investments and investments outside of China, unless the prior approvals and registrations of the SAFE and other competent PRC authorities are obtained.

6

Taxation on Dividends or Distributions

The PRC Enterprise Income Tax Law and its implementing regulations provide that enterprises established outside of China whose “de facto management bodies” are located in China are considered resident enterprises. Currently, it is still unclear whether the PRC tax authorities would determine that we should be classified as a PRC resident enterprise. See “Item 10. Additional Information — E. Taxation — PRC Taxation.”

The EIT Law imposes a withholding tax of 10% on dividends distributed by a foreign-invested enterprise to its immediate holding company outside of China, if such immediate holding company is considered a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a preferential withholding tax rate. A holding company which is a tax resident in Hong Kong, for example, would be subject to a 5% withholding tax on dividends under the Tax Arrangement between China and the Hong Kong Special Administrative Region if the holding company is the beneficial owner of the dividends, holds more than 25% of the share capital of the PRC company and has commercial substance.

The EIT Law provides that PRC resident enterprises are generally subject to a uniform 25%  enterprise income tax rate on their worldwide income. Therefore, if we are treated as a PRC resident enterprise, we will be subject to PRC income tax on our worldwide income at the 25% uniform tax rate, which could have an impact on our effective tax rate and an adverse effect on our net income and results of operations, although we may be exempted from enterprise income tax on dividends distributed from our directly or indirectly controlled non-PRC subsidiaries sourced from outside China, since such income received by PRC resident enterprise may be tax exempted subject to certain requirements and limitations under the EIT Law.

For purposes of illustration, the following discussion reflects the hypothetical taxes that might be required to be paid within China, assuming that: (i) we have taxable earnings, and (ii) we determine to pay a dividend in the future:

    

Taxation Scenario(1)

 

Statutory Tax and Standard Rates

 

Hypothetical pre-tax earnings(2)

 

100.0

%

Tax on earnings at statutory rate of 25 %(3)  

(25.0)

%

Net earnings available for distribution

 

75.0

%

Withholding tax at standard rate of 10 %(4)  

(7.5)

%

Net distribution to OneConnect Financial Technology Co., Ltd /shareholders

 

67.5

%

Notes:

(1)For purposes of this example, the tax calculation has been simplified. The hypothetical book pre-tax earnings amount, not considering timing differences, is assumed to equal taxable income in China.
(2)Under the terms of VIE agreements, our PRC subsidiaries may charge the VIEs for services provided to VIEs. These fees shall be recognized as expenses of the VIEs, with a corresponding amount as service income by our PRC subsidiaries and eliminate in consolidation. For income tax purposes, our PRC subsidiaries and the VIEs file income tax returns on a separate company basis. The fees paid are recognized as a tax deduction by the VIEs and as income by our PRC subsidiaries and are tax neutral.
(3)Certain of our subsidiaries and the VIEs qualifies for a 15% preferential income tax rate in China. However, such rate is subject to qualification, is temporary in nature, and may not be available in a future period when distributions are paid. For purposes of this hypothetical example, the table above reflects a maximum tax scenario under which the full statutory rate would be effective.
(4)The EIT Law imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise, or FIE, to its immediate holding company outside of China. A lower withholding income tax rate of 5% is applied if the FIE’s immediate holding company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement with China, subject to a qualification review at the time of the distribution. For purposes of this hypothetical example, the table above assumes a maximum tax scenario under which the full withholding tax would be applied.

7

The table above has been prepared under the assumption that all profits of the VIEs will be distributed as fees to our PRC subsidiaries under tax neutral contractual arrangements. If, in the future, the accumulated earnings of the VIEs exceed the fees paid to our PRC subsidiaries (or if the current and contemplated fee structure between the intercompany entities is determined to be non-substantive and disallowed by Chinese tax authorities), the VIEs could, as a matter of last resort, make a nondeductible transfer to our PRC subsidiaries for the amounts of the stranded cash in the VIEs. This would result in such transfer being nondeductible expenses for the VIEs but still taxable income for the PRC subsidiaries. Such a transfer and the related tax burdens would reduce our after-tax income to approximately 50.6% of the pre-tax income. Our management believes that there is only a remote possibility that this scenario would happen.

Currently, it is still unclear whether the PRC tax authorities would determine that OneConnect Financial Technology Co., Ltd should be classified as a PRC resident enterprise. If OneConnect Financial Technology Co., Ltd is deemed to be a PRC resident enterprise by the PRC tax authorities, dividends paid to our non-PRC individual shareholders, including our ADS holders, and any gain realized on the transfer of ADSs or ordinary shares by such holders may be subject to PRC individual income tax at a rate of 20% which in the case of dividends may be withheld at source. Any such tax may reduce the returns on your investment in the ADSs or ordinary shares. See “Item 3. Key Information—3D. Risk Factors—Risks Relating to Doing Business in the PRC—You may be subject to PRC income tax on dividends from us or on any gain realized on the transfer of our ordinary shares and ADSs.”

Dividends or distributions to investors

We have not previously declared or paid any cash dividend, dividend in kind or distributions, and have no plan to declare or pay any dividends or distributions in the near future on our ordinary shares or the ADSs representing our ordinary shares. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business. For more information, see “Item 8. Financial Information—8.A. Consolidated Statements and Other Financial Information—Dividend Policy.”

Financial Information Related to the VIEs

The following tables present the condensed consolidating schedules depicting the financial position, cash flows and results of operations for the Company, the consolidated VIEs, our consolidated subsidiaries and any eliminating adjustments as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023. This table follows the line item disclosures with respect to the variable interest entity in Note 1.2 to the consolidated financial statements included elsewhere in this annual report.

8

(i)Selected Condensed Consolidated Statements of Operations Data

    

For the year ended December 31, 2023

    

    

    

VIE and

    

    

Other

VIE’s

Eliminating

Consolidated

Parent

Subsidiaries

WFOE

subsidiaries

Adjustments

Totals

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

Condensed Consolidating Schedule of Results of Operations

 

  

 

  

 

  

 

  

 

  

 

  

Third- party revenues

 

 

249,583

 

168,325

 

3,249,600

 

 

3,667,508

Inter- company revenues(3)

 

 

 

151,463

 

11,685

 

(163,148)

 

Third- party cost

(396,844)

(142,151)

(1,779,108)

(2,318,103)

Inter- company cost for technology service(3)

(151,463)

(11,685)

163,148

Total expenses

 

(33,055)

 

(71,751)

 

(105,950)

 

(1,524,766)

 

 

(1,735,522)

Third- party net finance cost

196

16,912

(3,739)

(4,321)

9,048

Inter- company net finance income/(cost)(4)

33,839

(7,054)

(26,785)

Share of loss of subsidiaries and VIEs(1)

 

(48,111)

 

(152,292)

 

(68,079)

 

 

268,482

 

Net impairment losses on amount due from subsidiaries

(281,288)

281,288

Others, net

 

(457)

 

(6,684)

 

(2,590)

 

25,086

 

 

15,355

Loss before income tax

 

(362,715)

 

(327,237)

 

(161,238)

 

(60,294)

 

549,770

 

(361,714)

Income tax (expense)/benefit

 

 

(2,097)

 

120

 

(7,785)

 

 

(9,762)

Loss for the year

 

(362,715)

 

(329,334)

 

(161,118)

 

(68,079)

 

549,770

 

(371,476)

    

For the year ended December 31, 2022

 

    

VIE and

 

Other

VIE’s

Eliminating

Consolidated

 

Parent

Subsidiaries

WFOE

subsidiaries

Adjustments

Totals

 

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

  

Condensed Consolidating Schedule of Results of Operations

  

 

  

 

  

 

  

 

  

 

  

Third- party revenues

 

192,372

 

206,923

 

4,064,707

 

 

4,464,002

Inter- company revenues(3)

 

 

212,507

 

3,084

 

(215,591)

 

Third- party cost

(609,822)

(161,719)

(2,057,445)

(2,828,986)

Inter- company cost for technology service(3)

(212,507)

(3,084)

215,591

Total expenses

(105,040)

 

(88,176)

 

(141,642)

 

(2,318,900)

 

 

(2,653,758)

Third- party net finance cost

(573)

4,535

(11,678)

(14,748)

(22,464)

Inter- company net finance income/(cost)(4)

16,860

(11,152)

(5,708)

Share of loss of subsidiaries and VIEs(1)

(303,759)

 

(228,878)

 

(195,819)

 

 

728,456

 

Net impairment losses on amount due from subsidiaries

(465,457)

465,457

Others, net

2,555

 

(52,617)

 

32,987

 

68,108

 

 

51,033

Loss before income tax

(872,274)

 

(765,726)

 

(282,100)

 

(263,986)

 

1,193,913

 

(990,173)

Income tax (expense)/benefit

 

(1,941)

 

(4,079)

 

68,167

 

 

62,147

Loss for the year

(872,274)

 

(767,667)

 

(286,179)

 

(195,819)

 

1,193,913

 

(928,026)

9

    

For the year ended December 31, 2021

 

VIE and

 

Other

VIE’s

Eliminating

Consolidated

 

Parent

Subsidiaries

WFOE

subsidiaries

Adjustments

Totals

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

  

Condensed Consolidating Schedule of Results of Operations

 

  

 

  

 

  

 

  

 

  

 

  

Third- party revenues

 

 

134,064

 

275,684

 

3,722,609

 

 

4,132,357

Inter- company revenues(3)

 

 

 

134,072

 

697

 

(134,769)

 

Third- party cost

(333,873)

(214,633)

(2,147,200)

(2,695,706)

Inter- company cost for technology service(3)

(134,072)

(697)

134,769

Total expenses

 

(54,060)

 

(158,802)

 

(156,852)

 

(2,413,369)

 

 

(2,783,083)

Third- party net finance cost

(32)

14,250

(36,036)

(25,996)

(47,814)

Inter- company net finance income/(cost)(4)

22,502

4,636

(27,138)

Share of loss of subsidiaries and VIEs(1)

 

(1,225,545)

 

(808,093)

 

(708,699)

 

 

2,742,337

 

Others, net

 

(2,062)

 

(93,141)

 

(31,945)

 

78,786

 

 

(48,362)

Loss before income tax

 

(1,281,699)

 

(1,223,093)

 

(867,845)

 

(812,308)

 

2,742,337

 

(1,442,608)

Income tax (expense)/benefit

 

 

(1,731)

 

10,217

 

103,609

 

 

112,095

Loss for the year

 

(1,281,699)

 

(1,224,824)

 

(857,628)

 

(708,699)

 

2,742,337

 

(1,330,513)

10

(ii)Selected Condensed Consolidated Balance Sheets Data

    

As of December 31, 2023

Other

VIE and

Eliminating

Consolidated

Parent

Subsidiaries

WFOE

VIE’s subsidiaries

Adjustments

Totals

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

    

RMB’000

Condensed Consolidating Schedule of Financial Position

 

  

 

  

 

  

 

  

 

  

 

  

Assets

 

  

 

  

 

  

 

  

 

  

 

  

Non-current assets

 

  

 

  

 

  

 

  

 

  

 

  

Investment in subsidiaries(1,2)

2,181,554

358,617

(2,540,171)

Intangible assets

 

 

265,646

 

162,733

42,992

471,371

Deferred tax assets

 

 

 

266,832

501,444

768,276

Other non-current assets

 

 

1,409,195

 

1,070

 

59,478

1,469,743

Total non-current assets

 

2,181,554

 

2,033,458

 

430,635

 

603,914

(2,540,171)

2,709,390

Current assets

 

  

 

  

 

  

 

  

 

  

 

  

Trade receivables(3)

 

 

66,819

 

138,918

716,910

(211,978)

710,669

Prepayments and other receivables(3)

 

435

 

225,779

 

12,712

894,340

(227,575)

905,691

Amount due from Group companies(2)

 

803,173

 

1,202,712

 

3,473,173

324,194

(5,803,252)

Financial assets at fair value through profit or loss

 

 

 

144,747

780,457

925,204

Restricted cash and time deposits over three months

 

 

423,991

 

4,896

18,677

447,564

Cash and cash equivalents

 

3,267

 

998,795

 

53,460

323,951

1,379,473

Other current assets

911,955

78,412

990,367

Total current assets

 

806,875

 

3,830,051

 

3,906,318

3,058,529

(6,242,805)

5,358,968

Total assets

 

2,988,429

 

5,863,509

 

4,336,953

3,662,443

(8,782,976)

8,068,358

Liabilities

 

  

 

  

 

  

 

  

 

  

 

  

Non-current liabilities

 

  

 

  

 

  

 

  

 

  

 

  

Amount due to Group companies(2)

 

 

 

 

 

 

Trade and other payables-Non Current

18,856

2,262

7,165

28,283

Other non-current liabilities

2,079

17,126

19,205

Total non-current liabilities

 

 

20,935

 

2,262

24,291</