Investments Accounted for Using the Equity Method (Tables)

12 Months Ended

Dec. 31, 2020

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Summary of Investments Accounted for Using the Equity Method

The amounts recognized in the consolidated balance sheets are as follows:

	As of		As of
	December 31, 2020		December 31, 2019
	Million		Million
Associates		160,732		154,004
Joint ventures		1,079		1,224
		161,811		155,228

Details of Principal Associates

Details of principal associates, all of which are listed on exchanges, are as follows:

Name of associate	Place of incorporation/ establishment and operation		Proportion of ownership interest held by the Company or its subsidiary			Principal activity
Shanghai Pudong Development Bank Co., Ltd. (“SPD Bank”)		PRC		18	%	Provision of banking services
China Tower Corporation Limited (“China Tower”)		PRC		28	%	Provision of construction, maintenance and operation of telecommunications towers
IFLYTEK Co., Ltd. (“IFLYTEK”)		PRC		12	%	Provision of intelligent voice and artificial intelligence products and services
True Corporation Public Company Limited (“True Corporation”)		Thailand		18	%	Provision of telecommunications services

Summary Financial Information on Principal Associates

	SPD Bank
	As of December 31
	2020 Million		2019 Million
Total assets		7,950,218		7,005,929
Total liabilities		7,304,401		6,444,878
Total equity		645,817		561,051
Total equity attributable to ordinary equity shareholders		528,288		493,945
Percentage of ownership of the Group		18%		18%
Total equity attributable to the Group		96,018		89,774
The impact of fair value adjustments at the time of acquisition, goodwill and others		6,084		6,084
Interest in associates		102,102		95,858

	China Tower						IFLYTEK				True Corporation
	As of December 31						As of December 31				As of December 31
	2020 Million			2019 Million			2020 Million		2019 Million		2020 Million		2019 Million
Total current assets		43,204			40,995			14,978		11,430		22,748		31,298
Total non-current assets		294,176			297,072			9,858		8,671		111,806		90,680
Total current liabilities		106,635			128,364			10,392		6,866		38,301		35,186
Total non-current liabilities		44,499			27,142			1,472		1,500		77,598		57,457
Total equity		186,246			182,561			12,972		11,735		18,655		29,335
Total equity attributable to equity shareholders		186,245			182,559			12,668		11,418		18,540		29,184
Percentage of ownership of the Group		28%			28%			12%		13%		18%		18%
Total equity attributable to the Group		52,018			51,281			1,514		1,465		3,337		5,253
The impact of fair value adjustments at the time of acquisition, goodwill and others		—			—			776		810		1,855		1,834
Elimination of unrealized profits resulting from the transfer of Tower Assets		(2,228	)		(2,543	)		—		—		—		—
Interest in associates		49,790			48,738			2,290		2,275		5,192		7,087

	SPD Bank							China Tower
	2020 Million			2019 Million		2018 Million		2020 Million		2019 Million		2018 Million
Revenue		196,384			190,688		170,865		81,099		76,428		71,819
Profit before taxation		66,682			69,817		65,284		8,407		6,837		3,475
Profit attributable to ordinary equity shareholders		55,244			57,186		54,189		6,428		5,222		2,650
Other comprehensive (loss)/income attributable to ordinary equity shareholders		(3,291	)		2,608		6,979		—		—		—
Total comprehensive income attributable to ordinary equity shareholders		51,953			59,794		61,168		6,428		5,222		2,650
Dividends received from associates		3,201			1,867		533		715		111		—

	IFLYTEK						True Corporation
	2020 Million		2019 Million		2018 Million		2020 Million			2019 Million			2018 Million
Revenue		13,025		10,079		7,917		30,485			31,423			33,214
Profit before taxation		1,457		995		659		208			1,727			2,662
Profit attributable to ordinary equity shareholders		1,364		819		542		231			1,256			1,444
Other comprehensive income/(loss) attributable to ordinary equity shareholders		—		—		1		(9	)		(186	)		(46	)
Total comprehensive income attributable to ordinary equity shareholders		1,364		819		543		222			1,070			1,398
Dividends received from associates		27		27		18		114			117			39

Fair Value of Interests in Listed Associates

	As of December 31, 2020				As of December 31, 2019
	Carrying amount		Fair value		Carrying amount		Fair value
	Million		Million		Million		Million
SPD Bank		102,102		51,642		95,858		65,993
China Tower		49,790		47,159		48,738		75,729
IFLYTEK		2,290		10,543		2,275		9,268
True Corporation		5,192		4,502		7,087		6,432