Xiamen International Port : ISSUE OF MEDIUM-TERM NOTES AND SUPER SHORT-TERM NOTES IN THE PRC BY XIAMEN INTERNATIONAL PORT CO., LTD - UNAUDITED FIRST QUARTERLY FINANCIAL INFORMATION OF 2021

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.

廈 門 國 際 港 務 股 份 有 限 公 司

XIAMEN INTERNATIONAL PORT CO., LTD*

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock code: 3378)

ISSUE OF MEDIUM-TERM NOTES AND

SUPER SHORT-TERM NOTES IN THE PRC BY

XIAMEN INTERNATIONAL PORT CO., LTD

• UNAUDITED FIRST QUARTERLY FINANCIAL INFORMATION OF 2021

This announcement is made by Xiamen International Port Co., Ltd (the "Company") pursuant to Rules 13.09(2)(a) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the Company's announcements dated 27 March 2020, 5 August 2020, 12 March 2021, 24 March 2021, 6 April 2021 and 19 April 2021(the "Announcements") as well as the Company's circulars dated 24 April 2020 and 31 August 2020, in relation to the issue of the Medium-term Notes and the Super Short-term Notes in the PRC. Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as those defined in the Announcements.

On 12 March 2021, 24 March 2021, 6 April 2021 and 19 April 2021, the Company has completed the issue of the First Tranche Super Short-term Notes, the Second Tranche Super Short-term Notes, the Third Tranche Super Short-term Notes and the First Tranche Medium-term Notes in 2021 respectively in succession. In accordance with the relevant PRC laws and regulations, relevant information in relation to the Group and the above-mentionedMedium-term Notes and Super Short- term Notes has been published on the websites of Shanghai Clearing House (www.shclearing.com) and China Money (www.chinamoney.com.cn).

In this regard, pursuant to the relevant PRC laws and regulations, the Group's unaudited first quarterly financial information of 2021 for the three months ended 31 March 2021 has been published on the websites of Shanghai Clearing House (www.shclearing.com) and China Money (www.chinamoney.com.cn), which contains certain financial information of the Group which was not previously disclosed as summarised below:

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CONSOLIDATED BALANCE SHEET

Xiamen International Port Co., Ltd* (Consolidated)

					Unit: RMB Yuan
ASSETS	31-Dec 2020	31-Mar 2021
CURRENT ASSETS:
Cash and cash equivalents	1,005,155,088		1,821,164,758
	Notes receivable	91,677,026	100,433,885
	Accounts receivable	1,291,798,828		1,536,009,183
	Prepayments	657,503,511		515,879,250
	Other receivables	423,809,660		234,616,505
	Inventories	1,529,640,829		1,991,742,310
Financial assets held for trading	1,993,941,093		847,004,938
	Derivative financial assets	540,270		0
	Other current assets	249,330,881		228,237,865
		Total current assets	7,243,397,186		7,275,088,694
NON-CURRENT ASSETS:
Other investments in equity instruments	61,705,211		63,969,978
	Right-of-use assets	290,260,546		292,264,955
	Long-term equity investments	290,935,419		303,100,039
	Investment properties	226,053,804		238,701,960
	Fixed assets	10,733,077,298		10,677,900,639
	Construction in progress	963,224,562		958,034,389
	Intangible assets	3,722,983,781		3,707,070,761
	Goodwill	150,127,750		150,127,750
	Long-term prepaid expenses	51,769,085		53,884,696
	Deferred tax assets	257,861,727		258,962,599
	Other non-currents assets	1,570,758		196,737
		Total non-current assets	16,749,569,941		16,704,214,503
Total assets			23,979,303,197
23,992,967,127

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				Unit: RMB Yuan
LIABILITIES AND OWNER'S EQUITY	31-Dec 2020	31-Mar 2021
CURRENT LIABILITIES:
	Short-term borrowings	1,926,056,415		2,034,960,600
	Notes payable	601,010,625		643,481,097
	Accounts payable	1,331,085,866		1,433,877,064
	Contract liabilities	589,094,713		482,968,866
	Employee benefits payable	282,149,410		164,623,493
	Taxes payable	106,565,849		21,316,775
	Other payables	381,980,243		364,310,658
Non-current liabilities due within one year	2,465,599,442		2,486,493,964
	Derivative financial liabilities	0		270,160
	Other current liabilities	2,259,021,472		2,106,043,952
	Total current liabilities	9,942,564,035		9,738,346,629
NON-CURRENT LIABILITIES:
	Long-term borrowings	878,528,861		903,547,860
	Lease liabilities	51,115,886		53,763,367
	Debentures payable	0		0
	Long-term payable	2,071,947		1,729,741
	Deferred income	61,529,065		61,526,732
	Deferred tax liabilities	398,698,118		397,511,046
	Total non-current liabilities	1,391,943,877		1,418,078,746
Total liabilities			11,156,425,375
11,334,507,912
OWNERS' EQUITY:
	Paid-in capital	2,726,200,000		2,726,200,000
	Capital reserve	132,000,239		132,000,239
	Other comprehensive income	19,050,250		20,627,662
	Surplus reserve	391,200,651		391,200,651
	Special reserves	10,596,343		11,676,197
	Undistributed profits	2,640,899,125		2,719,101,776
Total equity attributable to owners of the Company			6,000,806,525
5,919,946,608
	Minority interest			6,822,071,297
6,738,512,607
	Total owners' equity			12,822,877,822
12,658,459,215
Total liabilities and owner's equity			23,979,303,197
23,992,967,127

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BALANCE SHEET

Xiamen International Port Co., Ltd*

					Unit: RMB Yuan
ASSETS	31-Dec 2020	31-Mar 2021
CURRENT ASSETS:
Cash and cash equivalents	468,574,729		949,321,497
	Accounts receivable	0		0
	Prepayments	36,316,534	36,316,534
	Other receivables	2,146,390,663		2,864,082,231
Financial assets held for trading	1,993,941,093		847,004,938
	Other current assets	173,919		251,114
		Total current assets	4,645,396,938		4,696,976,314
NON-CURRENT ASSETS:
Other investments in equity instruments	56,034,305		58,212,153
	Right-of-use assets	276,276		253,253
	Long-term receivables	447,000,000		447,000,000
	Long-term equity investments	5,482,899,509		5,482,966,715
	Investment properties	68,379,473		67,799,580
	Fixed assets	69,073,126		68,023,922
	Construction in progress	9,475,543		9,785,716
	Intangible assets	1,115,284		1,023,917
	Long-term prepaid expenses	1,211,593		1,120,724
	Deferred tax assets	625,000		625,000
	Other non-currents assets	55,731,370		55,731,370
		Total non-current assets	6,191,821,479		6,192,542,350
Total assets			10,889,518,664
10,837,218,417

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				Unit: RMB Yuan
LIABILITIES AND OWNER'S EQUITY	31-Dec 2020	31-Mar 2021
CURRENT LIABILITIES:
	Short-term borrowings	750,000,000		850,000,000
	Accounts payable	1,528,000		2,824,000
	Employee benefits payable	9,945,024		7,031,969
	Taxes payable	112,838		49,275
	Other payables	708,220,204		859,970,406
Non-current liabilities due within one year	2,153,893,275		2,177,365,080
	Other current liabilities	2,250,000,000		2,050,000,000
	Total current liabilities			5,947,240,730
5,873,699,341
NON-CURRENT LIABILITIES:
	Long-term borrowings	0		0
	Lease liabilities	69,233		69,233
	Debentures payable	0		0
	Deferred tax liabilities	99,945		625,749
	Other non-current liabilities	394,865		393,865
	Total non-current liabilities	564,043		1,088,847
Total liabilities	5,874,263,384		5,948,329,577
OWNERS' EQUITY:
	Paid-in capital	2,726,200,000		2,726,200,000
	Capital reserve	211,017,655		211,017,655
	Other comprehensive income	19,050,250		20,627,662
	Surplus reserve	391,200,651		391,200,651
	Undistributed profits	1,615,486,477		1,592,143,119
	Total owners' equity			4,941,189,087
4,962,955,033
Total liabilities and owners' equity			10,889,518,664
10,837,218,417

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CONSOLIDATED INCOME STATEMENT

Xiamen International Port Co., Ltd* (Consolidated)

			Unit: RMB Yuan
		Jan-Mar	Jan-Mar
		2020	2021
Items	Amount	Amount
1)	REVENUE	3,393,348,361	5,808,371,663
	Less: Cost of sales	(3,150,112,479)	(5,431,165,961)
	Taxes and surcharges	(9,466,698)	(9,305,471)
	Selling and distribution expenses	(6,070,014)	(8,527,623)
	General and administrative expenses	(95,760,365)	(115,639,831)
	Financial expenses - net	(53,635,497)	(60,488,984)
	Provision of asset impairment losses	(11,696,343)	(15,775,800)
	Credit impairment loss	(6,235,217)	(1,132,447)
	Add: Investment income/(loss)	3,287,459	5,988,069
	Including: share of profit of associates and
	joint ventures	2,415,916	8,674,302
	Gains arising from changes in fair value	670,725	1,219,691
	Gains/(losses) on disposal of assets	204,605	(60,946)
	Other incomes	60,697,047	38,235,880
2)	OPERATING PROFIT	125,231,584	211,718,240
	Non-operating income	1,856,593	4,228,560
	Non-operating expenses	(1,510,890)	(1,145,083)
3)	TOTAL PROFIT	125,577,287	214,801,717
	Less: Income tax expenses	(38,460,171)	(53,388,205)
4)	NET PROFIT	87,117,116	161,413,512
	Net profit attributable to owners of the Company	34,624,082	78,202,652
	Minority interest	52,493,034	83,210,860

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INCOME STATEMENT

Xiamen International Port Co., Ltd*

			Unit: RMB Yuan
		Jan-Mar	Jan-Mar
		2020	2021
Items	Amount	Amount
1)	REVENUE	2,180,327	0
	Less: Cost of sales	(579,893)	(579,893)
	Taxes and surcharges	(579,323)	(552,587)
	General and administrative expenses	(8,792,444)	(11,382,986)
	Financial expenses - net	(21,137,413)	(38,259,884)
	Provision of asset impairment losses	0	0
	Add: Investment income/(loss)	10,495,884	27,212,158
	Including: share of profit of associates and
	joint ventures	120,574	67,206
	Gains/(losses) arising from changes in fair value	0	0
	Gains/(losses) on disposal of assets	0	0
	Other incomes	0	0
2)	OPERATING PROFIT	(18,412,862)	(23,563,192)
	Non-operating income	58,667	19,835
	Non-operating expenses	0	0
3)	TOTAL PROFIT	(18,354,195)	(23,543,357)
	Less: Income tax expenses	0	0
4)	NET PROFIT	(18,354,195)	(23,543,357)
	Net loss attributable to owners of the Company	(18,354,195)	(23,543,357)
	Minority interest	0	0

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CONSOLIDATED STATEMENT OF CASH FLOWS

Xiamen International Port Co., Ltd* (Consolidated)

		Unit: RMB Yuan
	Jan-Mar	Jan-Mar
	2020	2021
Items	Amount	Amount

1. Cash flows from operating activities Cash received from sales of goods or

	rendering of services	3,965,124,514	6,336,999,829
Cash received from tax refunds	0	0
Cash received relating to other operating activities	99,731,535	160,331,335
Sub-total of cash inflows	4,064,856,049	6,497,331,164
Cash paid for goods and services	(3,534,538,306)	(5,855,273,268)
Cash paid to and on behalf of employees	(393,027,765)	(438,780,323)
Payments of taxes and surcharges	(87,297,502)	(82,119,745)
Cash paid relating to other operating activities	(120,642,864)	(91,401,482)
Sub-total of cash outflows	(4,135,506,437)	(6,467,574,818)
Net cash flows from operating activities	(70,650,388)	29,756,346
2) Cash flows from investing activities
Cash received from disposal of investments	499,516	689,765
Cash received from disposal financial assets at fair value
through profit or loss	192,194,298	1,147,136,155
Net cash received from disposal of fixed assets,
intangible assets and other long-term assets	61,610	219,671
Cash received relating to other investing activities	14,764,563	0
Sub-total of cash inflows	207,519,987	1,148,045,591
Cash paid to acquire fixed assets, intangible assets and
	other long-term assets	(115,134,419)	(126,414,559)
Net increase in restricted cash and term deposits with
initial term over three months	0	(244,404,162)
Cash paid for investments	0	(3,060,000)
Cash paid relating to other investing activities	0	0
Sub-total of cash outflows	(115,134,419)	(373,878,721)
Net cash flows from investing activities	92,385,568	774,166,870
3) Cash flows from financing activities
Cash received from capital contributions	39,450,000	0
Cash received from borrowings	1,796,615,125	2,298,854,498
Sub-total of cash inflows	1,836,065,125	2,298,854,498
Cash repayments of borrowings	(2,047,156,619)	(2,423,066,655)
Repayments of lease liabilities	(16,570,777)	(42,239,832)
Cash payments for interest expenses and distribution
of dividends or profits	(48,748,869)	(61,718,243)
Cash paid relating to other financing activities	(1,616,492)	(1,615,491)
Subtotal of cash outflows	(2,114,092,757)	(2,528,640,221)
Net cash flows from financing activities	(278,027,632)	(229,785,723)
4) Effect of foreign exchange rate changes on cash	(505,007)	(2,533,010)
5) Net (decrease)/increase in cash and cash equivalents	(256,797,459)	571,604,483

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STATEMENT OF CASH FLOWS

Xiamen International Port Co., Ltd*

		Unit: RMB Yuan
	Jan-Mar	Jan-Mar
	2020	2021
Items	Amount	Amount

1. Cash flows from operating activities Cash received from sales of goods or

	rendering of services	230,505	0
Cash received relating to other operating activities	358,667	4,710,049
Sub-total of cash inflows	589,172	4,710,049
Cash paid for goods and services	(1,077,851)	(1,247,427)
Cash paid to and on behalf of employees	(6,510,458)	(8,627,689)
Payments of taxes and surcharges	(94,693)	(693,345)
Cash paid relating to other operating activities	(2,641,305)	(1,615,002)
Sub-total of cash outflows	(10,324,307)	(12,183,463)
Net cash flows from operating activities	(9,735,135)	(7,473,414)
2) Cash flows from investing activities
Cash received from disposal of investments	169,355	29,950
Repayment of loans from related parties	100,000,000	256,274,438
Cash received from disposal financial assets at fair value
through profit or loss	192,194,298	1,147,136,155
Cash received relating to other investing activities	14,764,563	9,163,436
Sub-total of cash inflows	307,128,216	1,412,603,979
Cash paid to acquire fixed assets, intangible assets and
	other long-term assets	(283,490)	(586,449)
Net increase in restricted cash and term deposits with
initial term over three months	0	(150,000,000)
Loans to related parties	(645,000,000)	(975,000,000)
Sub-total of cash outflows	(645,283,490)	(1,125,586,449)
Net cash flows from investing activities	(338,155,274)	287,017,530
3) Cash flows from financing activities
Cash received from borrowings	1,450,000,000	1,900,000,000
Cash received from borrowings with related parties	71,905,381	162,379,331
Sub-total of cash inflows	1,521,905,381	2,062,379,331
Cash repayments of borrowings	(900,000,000)	(2,000,000,000)
Cash payments for interest expenses and distribution
of dividends or profits	(8,102,003)	(11,174,772)
Sub-total of cash outflows	(908,102,003)	(2,011,174,772)
Net cash flows from financing activities	613,803,378	51,204,559
4) Effect of foreign exchange rate changes on cash	0	0
5) Net increase in cash and cash equivalents	265,912,969	330,748,675

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Shareholders and potential investors are reminded that the above financial information is prepared in accordance with the generally accepted accounting principles of the PRC, of which, the financial information of the Group and the Company for the three months ended 31 March 2021 has not been reviewed or audited by the Company's independent auditors and may require adjustment during the course of auditing. Accordingly, differences may arise between such financial information of the Group and the Company for the three months ended 31 March 2021 and the data disclosed in audited reports due to review and auditing adjustment. Shareholders and potential investors should exercise caution when dealing in the shares of the Company.

By order of the Board

Xiamen International Port Co., Ltd

Cai Changzhen

Company Secretary

Xiamen, PRC, 23 April 2021

As at the date of this announcement, the executive directors of the Company are Mr. Cai Liqun, Mr. Chen Zhaohui, Mr. Lin Fuguang and Mr. Chen Zhen; the non-executive directors of the Company are Mr. Chen Zhiping, Mr. Fu Chengjing, Mr. Huang Zirong and Ms. Bai Xueqing; and the independent non-executive directors of the Company are Mr. Liu Feng, Mr. Lin Pengjiu, Mr. Jin Tao and Mr. Ji Wenyuan.

*  For identification purpose only

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