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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Hong Kong Exchanges and Clearing Limited    0388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

(0388)
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Hong Kong Exchanges and Clearing : CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND COMPOSITION OF BOARD COMMITTEES

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08/23/2019 | 11:13am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

XIAOMI CORPORATION

小米集團

(A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)

(Stock Code: 1810)

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR

AND COMPOSITION OF BOARD COMMITTEES

Resignation of Independent Non-Executive Director

The board ("Board") of directors ("Directors") of Xiaomi Corporation 小米集 (the "Company", and together with its subsidiaries, the "Group") announces that Dr. Lee Ka Kit ("Dr. Lee") has resigned as an independent non-executive Director, the chairman of the nomination committee and a member of the corporate governance committee of the Board with effect from August 23, 2019 to focus on and devote more time to his new roles as the chairman and managing director of Henderson Land Development Company Limited (Stock Code: 12) and the chairman of The Hong Kong and China Gas Company Limited (Stock Code: 3).

Dr. Lee has confirmed that he has no disagreement with the Board and there is no matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

The Board would like to take this opportunity to express its gratitude to Dr. Lee for his invaluable contribution to the Company during his tenure of office.

Appointment of Independent Non-executive Director

The Board is pleased to announce that Prof. Tong Wai Cheung Timothy ("Prof. Tong") has been appointed as an independent non-executive Director, the chairman of the nomination committee and a member of the corporate governance committee of the Board with effect from August 23, 2019.

Prof. Tong, aged 66, received a bachelor's degree in mechanical engineering from Oregon State University, and a master of science and PhD degrees in the same discipline from the University of California at Berkeley. Prof. Tong serves as the chairman of the Council, Hong Kong Laureate Forum, the chairman of the Citizens Advisory Committee on Community Relations of the Independent Commission Against Corruption (ICAC). He also serves as a member of the Steering Committee on the Promotion of Electric Vehicles, the Advisory Committee on Corruption of the ICAC, the Public Service Commission, and the InnoHK Steering Committee. Additionally, he has been appointed a Non-official Justice of the Peace and a member of the Chinese People's

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Political Consultative Conference since 2010 and 2013 respectively. Prof. Tong has over 30 years of teaching, research and administrative experience in universities in the United States and Hong Kong. Prior to taking the office as president of The Hong Kong Polytechnic University from 2009 to 2018, he was a professor and dean of the School of Engineering and Applied Science at The George Washington University. Since July 2019, Prof. Tong has become CEO of AMTD Foundation. He is a fellow of the American Society of Mechanical Engineers, the Hong Kong Academy of Engineering Sciences ("HKAES") and the International Thermal Conductivity Conference. He served as the president of HKAES in 2018.

Prof. Tong is currently an independent non-executive director of a subsidiary of the Company. He is also an independent non-executive director of Gold Peak Industries (Holdings) Limited (Stock code: 40) and a non-executive director of Freetech Road Recycling Technology (Holdings) Limited (Stock code: 6888).

Pursuant to the letter of appointment issued by the Company to Prof. Tong, his initial term of office is three years commencing from August 23, 2019 or until the third annual general meeting of the Company since the date of his appointment, whichever is sooner, and he will be subject to retirement by rotation and re-election at least once every three years in accordance with the amended and restated memorandum and articles of association of the Company. According to the terms of Prof. Tong's appointment letter, Prof. Tong is entitled to receive an annual director's fee of HK$500,000, which has been recommended by the remuneration committee and approved by the Board with reference to his qualifications, experience and responsibilities with the Company.

Save as disclosed above, Prof. Tong has confirmed that he does not hold (i) any other position with the Company or other members of the Group; (ii) any directorship in any other public companies with securities of which are listed on any securities market in Hong Kong or overseas in the last three years; and (iii) any other major appointments and professional qualifications.

As far as the Directors are aware, as at the date of this announcement, Prof. Tong has confirmed that he did not have any other relationship with any Director, senior management or substantial shareholder or controlling shareholders of the Company, or any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Save as disclosed above, there is no other information that is required to be disclosed pursuant to any of the requirements under paragraphs (h) to (v) of Rule 13.51(2) of the Rules Governing the Listing of Securities on the Stock Exchange nor are there any other matters that need to be brought to the attention of the shareholders of the Company relating to Prof. Tong's appointment.

The Board would like to express its warmest welcome to Prof. Tong on his appointment.

By order of the Board

Xiaomi Corporation

Lei Jun

Chairman

Hong Kong, August 23, 2019

As at the date of this announcement, the Board comprises Mr. Lei Jun as Chairman and Executive Director and Mr. Lin Bin as Executive Director, Mr. Koh Tuck Lye and Mr. Liu Qin as Non-executive Directors, and Dr. Chen Dongsheng, Prof. Tong Wai Cheung Timothy and Mr. Wong Shun Tak as Independent Non-executive Directors.

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Disclaimer

HKEx - Hong Kong Exchanges and Clearing Ltd. published this content on 23 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2019 15:12:02 UTC

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Financials (HKD)
Sales 2019 16 340 M
EBIT 2019 11 538 M
Net income 2019 9 535 M
Finance 2019 51 058 M
Yield 2019 2,96%
P/E ratio 2019 30,4x
P/E ratio 2020 26,9x
EV / Sales2019 14,6x
EV / Sales2020 9,55x
Capitalization 289 B
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 267,16  HKD
Last Close Price 230,20  HKD
Spread / Highest target 37,3%
Spread / Average Target 16,1%
Spread / Lowest Target -8,77%
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NameTitle
Charles Xiaojia Li CEO & Ex-Officio Executive Director
May Lung Cha Chairman
Chi Kin Tai Joint Chief Operating Officer & Head-Clearing
Kwok Keung Lee Joint Chief Operating Officer
John F. Killian Chief Financial Officer
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