CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION KGI Life Insurance Co., Ltd.
(Former Name: China Life Insurance Co., Ltd.)
Financial Statements for the
Years Ended December 31, 2023 and 2022 and Independent Auditors' Report
INDEPENDENT AUDITORS' REPORT
The Board of Directors
KGI Life Insurance Co., Ltd.
(Former Name: China Life Insurance Co., Ltd.)
Opinion
We have audited the accompanying balance sheets of KGI Life Insurance Co., Ltd. (Former Name: China Life Insurance Co., Ltd.) (the "Company") as of December 31, 2023 and 2022, and the related statements of comprehensive income, changes in equity and cash flows for the years ended December 31, 2023 and 2022, and notes to the financial statements, including the summary of significant accounting policies (together "the financial statements").In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, its financial performance and cash flows for the year ended December 31, 2023 and 2022, become effective by Financial Supervisory Commission.
Basis for Opinion
We conducted our audits in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountants and the Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the year ended December 31, 2023. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The key audit matters of the Company's financial statements for the year ended December 31, 2023 are as follows:
Fair Value Measurement of Investments with No Active Market Exists
Management uses valuation model to calculate the fair value of financial instruments with no quoted market prices in an active market. Parameters used in valuation model are unobservable inputs. For the fact that the inputs involve material managerial estimation and judgment, we identified the valuation as a key audit matter for the year ended December 31, 2023.
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Refer to Notes 4, 5 and 38 for the relevant accounting policies, critical accounting judgments, estimation uncertainty, and disclosures of fair value measurement of financial instruments with no quoted market prices in an active market.
We understood and assessed the Company's internal control related to the evaluation of financial assets with no quoted market prices in an active market and its operation effectiveness. We selected samples from the financial assets with no quoted market prices in an active market and we evaluated and re-performed the appropriateness of the parameters, such as the selection of comparable companies and reasonableness of the financial multipliers used in the valuation models.
Assessment of Insurance Liabilities and Liability Adequacy Reserve
As stated in Note 5, management uses actuarial models and several material assumptions when assessing the insurance liabilities and liability adequacy reserve. The assumptions were based on the principles embodied in the relevant laws and regulations, which cover the unique risk exposure, product characteristics and experiences from target markets of KGI Life Insurance Co., Ltd. (the "Company"). The assessment of liability adequacy reserve is in compliance with the relevant norms promulgated by The Actuarial Institute of the Republic of China. When the Company assesses the liability adequacy reserve, the estimated present value of future cash flows of insurance contracts is based on a reasonable estimate of future insurance payments, premium income and related expenses. Since any change in the actuarial model and material assumptions will have a significant influence on insurance liabilities and liability adequacy reserve, we consider them as key audit matters for the year ended December 31, 2023.
Refer to Notes 4, 5, 21 and 37 for the relevant accounting policy, critical accounting judgments, and estimation uncertainty, and disclosures of assessment of insurance liabilities and liability adequacy reserve.
We understood and assessed the Company's internal controls related to insurance liabilities and liability adequacy reserve. We requested and our internal actuarial specialists assisted us in performing our audit procedures regarding insurance liability including the evaluation of the rationale of relevant assumptions and actuarial models adopted by management. As for the liability adequacy reserve, we assessed the reasonableness of the underlying assumptions and outcomes.
Other Matter
The accompanying financial statements of KGI Life Insurance Co., Ltd. for the year ended December 31, 2022 was audited by other accountant, resulting in this unqualified auditors' audit report on February 23, 2022.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the requirements of the Regulations Governing the Preparation of Financial Reports by Insurance and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
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Those charged with governance, including the audit committee, are responsible for overseeing the Company's financial reporting process.
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
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From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements for the year ended December 31, 2023 and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
The engagement partners on the audits resulting in this independent auditors' audit report are Wang-Seng Lin and Yi-Chun Wu.
Deloitte & Touche
Taipei, Taiwan
Republic of China
February 27, 2024
Notice to Readers
The accompanying financial statements are intended only to present the financial position, financial performance and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such financial statements are those generally applied in the Republic of China.
For the convenience of readers, the independent auditors' report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language independent auditors' report and financial statements shall prevail.
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KGI LIFE INSURANCE CO., LTD.
(Former Name: China Life Insurance Co., Ltd.)
BALANCE SHEETS DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars)
2023 | 2022 | ||||||||||||
ASSETS | Amount | % | Amount | % | |||||||||
CASH AND CASH EQUIVALENTS (Notes 6 and 42) | $ | 49,203,474 | 2 | $ | 91,256,425 | 4 | |||||||
RECEIVABLES (Notes 7 and 42) | 22,786,016 | 1 | 18,163,747 | 1 | |||||||||
CURRENT TAX ASSETS (Note 42) | 2,690,111 | - | 2,102,475 | - | |||||||||
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Notes 8 and 42) | 403,552,413 | 17 | 338,245,272 | 14 | |||||||||
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Notes 9 | |||||||||||||
and 42) | 71,658,283 | 3 | 31,093,336 | 1 | |||||||||
FINANCIAL ASSETS AT AMORTIZED COST (Note 10) | 1,594,184,323 | 66 | 1,612,801,967 | 69 | |||||||||
INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD (Notes 12 and 42) | 2,118,503 | - | 1,981,685 | - | |||||||||
INVESTMENT PROPERTY (Note 13) | 69,752,774 | 3 | 68,602,687 | 3 | |||||||||
LOANS (Note 11) | 33,964,918 | 1 | 33,263,106 | 1 | |||||||||
REINSURANCE ASSETS (Note 14) | 1,011,096 | - | 1,016,200 | - | |||||||||
PROPERTY AND EQUIPMENT (Notes 15 and 42) | 10,606,865 | 1 | 10,897,560 | 1 | |||||||||
RIGHT-OF-USE ASSETS (Note 16) | 4,899,638 | - | 5,004,930 | - | |||||||||
INTANGIBLE ASSETS | 461,140 | - | 444,677 | - | |||||||||
DEFERRED TAX ASSETS (Note 34) | 17,773,544 | 1 | 16,725,649 | 1 | |||||||||
OTHER ASSETS (Note 17) | 7,886,366 | - | 11,649,619 | 1 | |||||||||
SEPARATE ACCOUNT PRODUCT ASSETS (Note 36) | 115,525,739 | 5 | 103,835,515 | 4 | |||||||||
TOTAL | $ | 2,408,075,203 | 100 | $ | 2,347,084,850 | 100 | |||||||
LIABILITIES AND EQUITY | |||||||||||||
PAYABLES (Notes 18 and 42) | $ | 14,306,200 | 1 | $ | 12,152,682 | 1 | |||||||
CURRENT TAX LIABILITIES (Note 42) | 6,895 | - | - | - | |||||||||
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (Notes 20 and 42) | 5,612,137 | - | 7,876,147 | - | |||||||||
BONDS PAYABLE (Notes 19 and 42) | 20,000,000 | 1 | 10,000,000 | - | |||||||||
LEASE LIABILITIES (Note 16) | 1,959,693 | - | 1,982,475 | - | |||||||||
INSURANCE LIABILITIES (Note 21) | 2,071,434,364 | 86 | 2,082,571,357 | 89 | |||||||||
FOREIGN EXCHANGE VALUATION RESERVE (Note 22) | 9,768,788 | - | 10,886,927 | 1 | |||||||||
PROVISIONS (Note 23) | 146,416 | - | 163,334 | - | |||||||||
DEFERRED TAX LIABILITIES (Note 34) | 11,980,157 | 1 | 8,918,167 | - | |||||||||
OTHER LIABILITIES (Note 42) | 8,997,759 | - | 2,038,304 | - | |||||||||
SEPARATE ACCOUNT PRODUCT LIABILITIES (Note 36) | 115,525,739 | 5 | 103,835,515 | 4 | |||||||||
Total liabilities | 2,259,738,148 | 94 | 2,240,424,908 | 95 | |||||||||
EQUITY | |||||||||||||
Common stock (Note 25) | 49,206,531 | 2 | 49,206,531 | 2 | |||||||||
Capital surplus (Note 26) | 7,414,749 | - | 7,336,659 | - | |||||||||
Retained earnings (Note 27) | |||||||||||||
Legal capital reserve | 28,254,445 | 1 | 24,841,402 | 1 | |||||||||
Special capital reserve | 79,155,498 | 3 | 63,444,149 | 3 | |||||||||
Unappropriated retained earnings | 11,219,583 | 1 | 19,270,321 | 1 | |||||||||
118,629,526 | 5 | 107,555,872 | 5 | ||||||||||
Other equity | (26,913,751) | (1) | (57,439,120) | (2) | |||||||||
Total equity | 148,337,055 | 6 | 106,659,942 | 5 | |||||||||
TOTAL | $ | 2,408,075,203 | 100 | $ | 2,347,084,850 | 100 | |||||||
The accompanying notes are an integral part of the financial statements.
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KGI LIFE INSURANCE CO., LTD.
(Former Name: China Life Insurance Co., Ltd.)
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
2023 | 2022 | ||||||||||
Amount | % | Amount | % | ||||||||
OPERATING REVENUE | |||||||||||
Direct premium income | $ 148,256,561 | 64 | $ 157,885,879 | 66 | |||||||
Deduct: Reinsurance expenses | (1,817,989) | (1) | (1,666,631) | (1) | |||||||
Net changes in unearned premium reserve | (655,142) | - | (400,353) | - | |||||||
Retained earned premium (Notes 31 and 42) | 145,783,430 | 63 | 155,818,895 | 65 | |||||||
Reinsurance commission received | 354,723 | - | 334,373 | - | |||||||
Fee income (Note 42) | 1,438,971 | 1 | 1,446,637 | 1 | |||||||
Net investment incomes (losses) (Notes 8, 29, 30 | |||||||||||
and 42) | |||||||||||
Interest income | 63,820,763 | 27 | 59,299,266 | 25 | |||||||
Gains (losses) on financial assets and liabilities at | |||||||||||
fair value through profit or loss | 32,999,590 | 14 | (132,428,785) | (55) | |||||||
Net gains from derecognition of financial assets at | |||||||||||
amortized cost | 2,454,590 | 1 | 1,497,751 | 1 | |||||||
Realized gains on financial assets at fair value | |||||||||||
through other comprehensive income | 1,024,019 | - | 4,715,293 | 2 | |||||||
Share of profit of associates and joint ventures | |||||||||||
accounted for using equity method | 203,003 | - | 121,585 | - | |||||||
Gains on foreign exchange | 825,698 | - | 89,037,908 | 37 | |||||||
Net changes in foreign exchange valuation reserve | 1,118,139 | 1 | (7,535,803) | (3) | |||||||
Gains on investment property | 2,320,930 | 1 | 1,018,812 | - | |||||||
Expected credit impairment losses on investments | (738,241) | - | (1,777,370) | (1) | |||||||
Other net investment incomes (losses) | (27,359) | - | (41,113) | - | |||||||
Other impairment loss and reversal on investments | (1,666) | - | (33,682) | - | |||||||
Gains (losses) on reclassification using overlay | |||||||||||
approach | (33,510,260) | (14) | 65,166,204 | 27 | |||||||
Separate account product revenue (Note 36) | 14,656,735 | 6 | 3,125,528 | 1 | |||||||
Total operating revenue | 232,723,065 | 100 | 239,765,499 | 100 | |||||||
OPERATING COSTS | |||||||||||
Insurance claim payments (Note 42) | (200,784,053) | (86) | (155,095,841) | (65) | |||||||
Deduct: Claims recovered from reinsures | 1,034,351 | - | 824,004 | 1 | |||||||
Retained claim payments (Note 32) | (199,749,702) | (86) | (154,271,837) | (64) | |||||||
Net changes in insurance liabilities (Note 21) | 12,962,007 | 5 | (44,989,888) | (19) | |||||||
Underwriting expenses | (8,711) | - | (4,463) | - | |||||||
Commission expenses (Note 42) | (13,278,804) | (6) | (13,791,853) | (6) | |||||||
Finance costs (Note 42) | (497,879) | - | (301,380) | - | |||||||
Other operating costs | (148,257) | - | (234,773) | - | |||||||
Separate account product expenses (Note 36) | (14,656,735) | (6) | (3,125,528) | (1) | |||||||
Total operating costs | (215,378,081) | (93) | (216,719,722) | (90) | |||||||
(Continued) |
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KGI LIFE INSURANCE CO., LTD.
(Former Name: China Life Insurance Co., Ltd.)
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
2023 | 2022 | ||||||||||
Amount | % | Amount | % | ||||||||
OPERATING EXPENSES (Notes 30, 33 and 42) | |||||||||||
General expenses | $ (3,279,051) | (1) | $ (3,625,650) | (2) | |||||||
Administrative expenses | (3,335,741) | (2) | (2,850,875) | (1) | |||||||
Employee training expenses | (35,304) | - | (42,593) | - | |||||||
Non-investments expected credit impairment losses | |||||||||||
and reversal | (1,283) | - | (433) | - | |||||||
Total operating expenses | (6,651,379) | (3) | (6,519,551) | (3) | |||||||
OPERATING INCOME | 10,693,605 | 4 | 16,526,226 | 7 | |||||||
NON-OPERATING INCOME AND EXPENSES | |||||||||||
(Note 42) | 5,826 | - | (10,552) | - | |||||||
INCOME FROM CONTINUING OPERATIONS | |||||||||||
BEFORE INCOME TAX | 10,699,431 | 4 | 16,515,674 | 7 | |||||||
INCOME TAX (EXPENSES) BENEFIT (Note 34) | (521,879) | - | (3,356,655) | (1) | |||||||
NET INCOME | 10,177,552 | 4 | 13,159,019 | 6 | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
OF TAX (Note 28) | |||||||||||
Items that will not be reclassified subsequently to | |||||||||||
profit or loss | |||||||||||
Remeasurement of defined benefit plans | 15,857 | - | 35,725 | - | |||||||
Gain on property revaluation | 393,723 | - | 732,223 | - | |||||||
Valuation gains (losses) on equity instruments at | |||||||||||
fair value through other comprehensive income | (1,709,179) | - | (8,514,766) | (3) | |||||||
Income taxes relating to items that are not be | |||||||||||
reclassified | 608,488 | - | 336,150 | - | |||||||
Items that are or may be reclassified subsequently to | |||||||||||
profit or loss | |||||||||||
Gains (losses) on debt instruments at fair value | |||||||||||
through other comprehensive income | (138,363) | - | (9,798,204) | (4) | |||||||
(Continued) |
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KGI LIFE INSURANCE CO., LTD.
(Former Name: China Life Insurance Co., Ltd.)
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(In Thousands of New Taiwan Dollars, Except Earnings Per Share)
2023 | 2022 | ||||||||||||||||
Amount | % | Amount | % | ||||||||||||||
Share of other comprehensive income of | |||||||||||||||||
associates and joint ventures accounted for | |||||||||||||||||
using equity method, components of other | |||||||||||||||||
comprehensive income that will be reclassified | |||||||||||||||||
to profit or loss | $ | (1,234) | - | $ | 3,301 | - | |||||||||||
Other comprehensive profits (losses) reclassified | |||||||||||||||||
using overlay approach | 33,510,260 | 14 | (65,166,204) | (27) | |||||||||||||
Income taxes relating to items that are or may be | |||||||||||||||||
reclassified subsequently to profit or loss | (1,216,000) | - | 3,301,617 | 1 | |||||||||||||
Other comprehensive income (loss), net of tax | 31,463,552 | 14 | (79,070,158) | (33) | |||||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ | 41,641,104 | 18 | $ | (65,911,139) | (27) | |||||||||||
EARNINGS PER SHARE (Note 35) | |||||||||||||||||
Basic earnings per share | $ | 2.07 | $ | 2.67 | |||||||||||||
The accompanying notes are an integral part of the financial statements. | (Concluded) |
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KGI LIFE INSURANCE CO., LTD.
(Former Name: China Life Insurance Co., Ltd.)
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 (In Thousands of New Taiwan Dollars)
Other Equity | ||||||||||
Unrealized Valuation | ||||||||||
Gains (Losses) on | ||||||||||
Financial Assets at | ||||||||||
Fair Value | Other Comprehensive | |||||||||
Retained Earnings | Through Other | Income | ||||||||
Special Capital | Unappropriated | Comprehensive | Property Revaluation | Reclassified Using | ||||||
Common Stock | Capital Surplus | Legal Capital Reserve | Reserve | Retained Earnings | Income | Income for Hedging | Surplus | Overlay Approach | Total |
BALANCE ON JANUARY 1, 2022 | $ | 49,206,531 | $ | 7,224,556 | $ | 19,283,918 | $ | 46,701,195 | ||||
Appropriation of 2021 earnings | ||||||||||||
Legal reserve | - | - | 5,557,484 | - | ||||||||
Special reserve | - | - | - | 16,801,452 | ||||||||
Cash dividends distributed by the Company | - | - | - | - | ||||||||
Net income for the year ended December 31, 2022 | - | - | - | - | ||||||||
Other comprehensive income (loss) for the year ended December 31, 2022 | - | - | - | - | ||||||||
Total comprehensive income (loss) for the year ended December 31, 2022 | - | - | - | - | ||||||||
Changes in investments in associates and joint ventures accounted for | ||||||||||||
using equity method | - | 1 | - | - | ||||||||
Share-based payment transaction | - | 112,102 | - | - | ||||||||
Disposal of equity instruments at fair value through other comprehensive | ||||||||||||
income | - | - | - | - | ||||||||
Net changes in special reserve | - | - | - | (58,498) | ||||||||
BALANCE ON DECEMBER 31, 2022 | 49,206,531 | 7,336,659 | 24,841,402 | 63,444,149 | ||||||||
Appropriation of 2022 earnings | ||||||||||||
Legal reserve | - | - | 3,413,043 | - | ||||||||
Special reserve | - | - | - | 15,857,278 | ||||||||
Net income for the year ended December 31, 2023 | - | - | - | - | ||||||||
Other comprehensive income (loss) for the year ended December 31, 2023 | - | - | - | - | ||||||||
Total comprehensive income (loss) for the year ended December 31, 2023 | - | - | - | - | ||||||||
Changes in investments in associates and joint ventures accounted for | ||||||||||||
using equity method | - | - | - | - | ||||||||
Share-based payment transaction | - | 78,090 | - | - | ||||||||
Disposal of equity instruments at fair value through other comprehensive | ||||||||||||
income | - | - | - | - | ||||||||
Net changes in special reserve | - | - | - | (145,929) | ||||||||
BALANCE ON DECEMBER 31, 2023 | $ | 49,206,531 | $ | 7,414,749 | $ | 28,254,445 | $ | 79,155,498 | ||||
$ | 29,005,543 | $ | 19,808,017 | $ | - | $ | 1,256,467 | $ | 4,523,485 | $ | 177,009,712 | |||||||
(5,557,484) | - | - | - | - | - | |||||||||||||
(16,801,452) | - | - | - | - | - | |||||||||||||
(4,500,000) | - | - | - | - | (4,500,000) | |||||||||||||
13,159,019 | - | - | - | - | 13,159,019 | |||||||||||||
28,580 | (16,416,883) | 3,301 | 683,870 | (63,369,026) | (79,070,158) | |||||||||||||
13,187,599 | (16,416,883) | 3,301 | 683,870 | (63,369,026) | (65,911,139) | |||||||||||||
- | - | - | - | - | 1 | |||||||||||||
- | - | - | - | - | 112,102 | |||||||||||||
3,928,351 | (3,928,351) | - | - | - | - | |||||||||||||
7,764 | - | - | - | - | (50,734) | |||||||||||||
19,270,321 | (537,217) | 3,301 | 1,940,337 | (58,845,541) | 106,659,942 | |||||||||||||
(3,413,043) | - | - | - | - | - | |||||||||||||
(15,857,278) | - | - | - | - | - | |||||||||||||
10,177,552 | - | - | - | - | 10,177,552 | |||||||||||||
12,685 | (1,163,827) | (1,234) | 349,936 | 32,265,992 | 31,463,552 | |||||||||||||
10,190,237 | (1,163,827) | (1,234) | 349,936 | 32,265,992 | 41,641,104 | |||||||||||||
(14) | - | - | - | - | (14) | |||||||||||||
- | - | - | - | - | 78,090 | |||||||||||||
925,498 | (925,498) | - | - | - | - | |||||||||||||
103,862 | - | - | - | - | (42,067) | |||||||||||||
$ | 11,219,583 | $ | (2,626,542) | $ | 2,067 | $ | 2,290,273 | $ | (26,579,549) | $ | 148,337,055 | |||||||
The accompanying notes are an integral part of the financial statements.
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CDFH – China Development Financial Holding Corp. published this content on 22 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2024 02:25:02 UTC.
