TIDMAIRC
RNS Number : 4860S
Air China Ld
09 July 2020
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.
AIR CHINA LIMITED
(a joint stock limited company incorporated in the People's
Republic of China with limited liability)
(Stock Code: 00753)
PAYMENT OF THE FINAL DIVIDENDS
Reference is made to the announcement of Air China Limited (the
"Company") dated 26 May 2020 in relation to the poll results of the
2019 annual general meeting of the Company (the "AGM"). The
Company's shareholders approved the profit distribution proposal
for the year of 2019 at the AGM.
The Company will pay a final dividend of RMB0.4442 per ten
shares (tax inclusive) (equivalent to HK$0.4854 per ten shares) for
the year ended 31 December 2019 (the "2019 Final Dividends"). For H
shares, as set out in the notice of the Company dated 9 April 2020,
the 2019 Final Dividends will be paid to holders of H shares of the
Company whose names appear on the register of members of the
Company on Saturday, 6 June 2020. Dividends payable to the
Company's shareholders shall be denominated and declared in
Renminbi.
PAYMENT OF THE FINAL DIVIDENDS
The board of directors of the Company (the "Board") wishes to
inform the shareholders of the Company that details of the payment
of the 2019 Final Dividends are as follows:
1. Holders of H shares of the Company (excluding mainland
investors who invest in the H shares of the
Company via the Shanghai-Hong Kong Stock Connect or
Shenzhen-Hong Kong Stock Connect)
Dividends payable to the holders of H shares of the Company
(excluding mainland investors who invest in the H shares of the
Company via the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong
Kong Stock Connect) shall be paid in Hong Kong dollars. The amount
of Hong Kong dollars payable shall be calculated on the basis of
the average of the middle rate of Renminbi to Hong Kong dollars as
announced by the People's Bank of China for the calendar week prior
to the declaration of the 2019 Final Dividends at the AGM
(RMB0.9152 equivalent to HK$1.00).
The Company has appointed Bank of China (Hong Kong) Trustees
Limited as the receiving agent in Hong Kong (the "Receiving Agent")
and will pay to such Receiving Agent the 2019 Final Dividends
declared for payment to holders of H shares of the Company
(excluding mainland investors who invest in the H shares of the
Company via the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong
Kong Stock Connect). The Receiving Agent will pay the 2019 Final
Dividends on 16 July 2020. Relevant cheques will be dispatched to
holders of H shares of the Company (excluding mainland investors
who invest in the H shares of the Company via the Shanghai-Hong
Kong Stock Connect or Shenzhen-Hong Kong Stock Connect) entitled to
receive such dividends by ordinary post at their own risk of postal
errors on or around 16 July 2020.
2. Mainland investors investing in the H shares of the Company
via the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong
Stock Connect
Dividends payable to mainland investors who invest in the H
shares of the Company via the Shanghai-Hong Kong Stock Connect or
Shenzhen-Hong Kong Stock Connect will be paid in Renminbi by China
Securities Depository and Clearing Corporation Limited (the "CSDC")
as entrusted by the Company. The Company will pay the 2019 Final
Dividends to CSDC on 16 July 2020 for distribution thereafter.
3. Holders of A shares of the Company
Dividends payable to the holders of A shares of the Company
shall be paid in Renminbi. The 2019 Final Dividends will be paid on
16 July 2020 to holders of A shares of the Company registered with
the Shanghai Branch of CSDC after the close of trading hours of the
Shanghai Stock Exchange in the afternoon on 15 July 2020.
TAXATION ON THE FINAL DIVIDENDS
In accordance with the "Enterprise Income Tax Law of the People'
s Republic of China" ( ) and the "Rules for the Implementation of
the Enterprise Income Tax Law of the People's Republic of China" (
), both implemented on 1 January 2008 and the "Notice of the State
Administration of Taxation on Issues Relevant to the Withholding of
Enterprise Income Tax on Dividends Paid by PRC Enterprises to
Offshore Non-resident Enterprise Holders of H Shares" (Guo Shui Han
[2008] No. 897) ( H ( [2008]897 )) promulgated on 6 November 2008,
the Company is obliged to withhold and pay PRC enterprise income
tax on behalf of non-resident enterprise shareholders at a tax rate
of 10% from 2008 onwards when the Company distributes any dividends
to non-resident enterprise shareholders whose names appear on the
register of members of H shares of the Company. As such, any H
shares of the Company which are not registered in the name(s) of
individual shareholder(s) (which, for this purpose, includes shares
registered in the name of HKSCC Nominees Limited, other nominees,
trustees, or other organisations or groups) shall be deemed to be H
shares held by non-resident enterprise shareholder(s), and the PRC
enterprise income tax shall be withheld from any dividends payable
thereon. Non-resident enterprise shareholders may wish to apply for
a tax refund (if any) in accordance with the relevant requirements,
such as tax agreements (arrangements), upon receipt of any
dividends.
In accordance with the "Circular on Certain Issues Concerning
the Policies of Individual Income Tax" (Cai Shui Zi [1994] No. 020)
( ( [1994]020 )) promulgated by the Ministry of Finance and the
State Administration of Taxation on 13 May 1994, overseas
individuals are, as an interim measure, exempted from the PRC
individual income tax for dividends or bonuses received from
foreign-invested enterprises. As the Company is a foreign invested
enterprise, the Company will not withhold and pay the individual
income tax on behalf of individual shareholders when the Company
distributes the 2019 Final Dividends to individual shareholders
whose names appear on the register of members of H shares of the
Company.
Pursuant to the "Circular on Tax Policies Concerning the Pilot
Programme of the Shanghai and Hong Kong Stock Market Trading
Interconnection Mechanism" (Cai Shui [2014] No. 81) ( ( [2014]81 ))
promulgated on 31 October 2014 and the "Circular on Tax Policies
Concerning the Pilot Programme of the Shenzhen and Hong Kong Stock
Market Trading Interconnection Mechanism" (Cai Shui [2016] No. 127)
( ( [2016]127 )) promulgated on 5 November 2016:
-- For mainland individual investors who invest in the H shares
of the Company via the Shanghai- Hong Kong Stock Connect or
Shenzhen-Hong Kong Stock Connect, the Company will withhold
individual income tax at the rate of 20% in the distribution of the
2019 Final Dividends. Where individual investors have already paid
foreign withholding taxes for such income, investors may apply to
the competent tax authorities of CSDC for tax credit with valid tax
withholding certificates. For mainland securities investment funds
that invest in the H shares of the Company via the Shanghai-Hong
Kong Stock Connect or Shenzhen-Hong Kong Stock Connect, the Company
will withhold individual income tax in the distribution of the 2019
Final Dividends pursuant to the foregoing provisions; and
-- For mainland corporate investors that invest in the H shares
of the Company via the Shanghai- Hong Kong Stock Connect or
Shenzhen-Hong Kong Stock Connect, the Company will not withhold the
income tax in the distribution of the 2019 Final Dividends and the
mainland corporate investors shall file the tax returns on their
own.
Shareholders are recommended to consult their tax advisors for
the tax effects in Mainland China, Hong Kong and other countries
(regions) regarding the ownership and disposal of H shares of the
Company.
By Order Of The Board
Air China Limited
Zhou Feng Huen Ho Yin
Joint Company Secretaries
Beijing, the PRC, 8 July 2020
As at the date of this announcement, the directors of the
Company are Mr. Cai Jianjiang, Mr. Song Zhiyong, Mr. Feng Gang, Mr.
Patrick Healy, Mr. Xue Yasong, Mr. Wang Xiaokang*, Mr. Duan
Hongyi*, Mr. Stanley Hui Hon-chung* and Mr. Li Dajin*
* Independent non-executive director of the Company
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END
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