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Investments in Associates and Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2022
Text block [abstract]  
Movement of Investments in Associates and Joint Ventures
    
2022
      2021  
    
RMB million
      RMB million  
As at 1 January
      257,953        239,584  
Change of the cost
      12,877        11,400  
Share of profit or loss
      3,628        10,328  
Dividends declared
      (5,373 )       (4,480 ) 
Other equity movements
      (4,756 )       1,121  
Impairment
      (3,150 )       —    
    
 
 
     
 
 
  
As at 31 December
   
 
261,179
 
   
 
257,953
 
    
 
 
     
 
 
  
Detailed Information about Movement of Investments in Associates and Joint Ventures
 
Movement  
    Accounting
method		   Cost    
As at
31 December
2021
    
Change of
the cost
    
Share of
profit or loss
    
Declared
dividends
    
Other equity
movements
    
Provision
of
impairment
    
As at 31
December
2022
    
Percentage
of equity
interest
    
Accumulated
amount of
impairment
  
   
RMB Million
           RMB Million  
Associates
                                                                                    
China Guangfa Bank Co., Ltd. (“CGB”) (i)
   Equity Method     53,201       86,179       8,025       5,857       (774 )      (1,202 )      —         98,085       43.686 %      —    
Sino-Ocean Group Holding Limited (“Sino-Ocean”) (ii)
   Equity Method     11,245       11,899       —         (4,831 )      (61 )      (2,168 )      (2,645 )      2,194       29.59 %      (5,862 ) 
China Life Property & Casualty Insurance Company Limited (“CLP&C”)
   Equity Method     9,600       10,151       3,600       282       (75 )      (457 )      —         13,501       40.00 %      —    
COFCO Futures Company Limited (“COFCO Futures”)
   Equity Method     1,339       1,692       —         76       (33 )      2       —         1,737       35.00 %      —    
China Pipe Group Sichuan to East China Gas Pipeline Co., Ltd. (“Pipeline Company”)
   Equity Method     20,000       21,438       —         1,364       (1,279 )      46       —         21,569       43.86 %      —    
China United Network Communications Limited (“China Unicom”) (iii)
   Equity Method     21,801       22,644       —         706       (337 )      (411 )      —         22,602       10.03 %      —    
Others (iv)
   Equity Method     48,735       49,015       734       (161 )      (1,736 )      (184 )      (505 )      47,163               (505 ) 
       
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
            
 
 
  
Subtotal
         165,921       203,018       12,359       3,293       (4,295 )      (4,374 )      (3,150 )      206,851               (6,367 ) 
       
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
            
 
 
  
Joint ventures
                                                                                    
Joy City Commercial Property Fund L.P. (“Joy City”)
   Equity Method     6,281       5,546       —         (131 )      (138 )      6       —         5,283       66.67 %      —    
Mapleleaf Century Limited (“MCL”)
   Equity Method     7,656       4,237       —         54       —         (738 )      —         3,553       75.00 %      —    
Others (iv)
   Equity Method     49,094       45,152       518       412       (940 )      350       —         45,492               —    
       
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
            
 
 
  
Subtotal
         63,031       54,935       518       335       (1,078 )      (382 )      —         54,328               —    
       
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
            
 
 
  
Total
      
 
228,952
 
  
 
257,953
 
  
 
12,877
 
  
 
3,628
 
  
 
(5,373
) 
  
 
(4,756
) 
  
 
(3,150
) 
  
 
261,179
 
          
 
(6,367
) 
       
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
            
 
 
  
 
  (i)
The 2021 final dividend of RMB0.0813 in cash per ordinary share was approved and declared in the Annual General Meeting of CGB on 24 June 2022. The Company’s cash dividend receivable is RMB774 million.
 
  (ii)
The 2021 final dividend of HKD 0.032 in cash per ordinary share was approved and declared in the Annual General Meeting of Sino-Ocean on 20 May 2022. The Company received a cash dividend equivalent to RMB61 million.
On 31 December 2021, the cumulative impairment loss of RMB3,217
 million for the investment in Sino-Ocean had been recognised by the Group. On 31 December 2022, the Hong Kong stock price of Sino-Ocean was HKD
1.09
 
per share. The Group performed an impairment test for the investment and recognised an impairment provision of RMB
2,645
 million based on the share price of Sino-Ocean H shares. If the share price of Sino-Ocean decreases by 
10
% as of 31 December 2022, it will increase the Group’s provision for impairment by RMB
219
 million. If the Group’s share of the book value of Sino-Ocean’s net assets attributable to shareholders of the parent company as at 31 December 2022 is lower than the book value of long-term equity investment in Sino-Ocean held by the Group, a RMB1,000 million decrease in the net assets attributable to shareholders of the parent company would result in a decrease of RMB
296
 
million in the book value of the Group’s long-term equity investment in Sino-Ocean. 
 
  (iii)
The 2021 final dividend of RMB0.0391 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 10 May 2022. The Company received a cash dividend of RMB125 million. The 2022 interim dividend of RMB0.0663 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 13 October 2022. The Company received a cash dividend equivalent to RMB212 million.
On 31 December 2022, the stock price of China Unicom was RMB4.48 per share.
 
  (iv)
The Group invested in real estate, industrial logistics assets and other industries through these enterprises.
 
  (v)
There is no significant restriction for the Group to dispose of its associates and joint ventures.
Major Associates and Joint Venture
As at 31 December 2022, the major associates and joint ventures of the Group are as follows:
 
Name
   
Place of incorporation
   
Percentage of equity interest held
  
Associates
              
CGB
   
PRC
   
 
43.686
% 
Sino-Ocean
   
Hong Kong, PRC
   
 
29.59
% 
CLP&C
   
PRC
   
 
40.00
% 
COFCO Futures
   
PRC
   
 
35.00
% 
Pipeline Company
   
PRC
   
 
43.86
% 
China Unicom
   
PRC
   
 
10.03
% 
Joint ventures
              
Joy City
   
The British Cayman Islands
   
 
66.67
% 
MCL
   
The British Virgin Islands
   
 
75.00
% 
As at 31 December 2021, the major associates and joint ventures of the Group are as follows:
 
Name
   
Place of incorporation
    Percentage of equity interest held  
Associates
              
CGB
    PRC      43.686 % 
Sino-Ocean
    Hong Kong, PRC      29.59 % 
CLP&C
    PRC      40.00 % 
COFCO Futures
    PRC      35.00 % 
Pipeline Company
    PRC      43.86 % 
China Unicom
    PRC      10.29 % 
Joint ventures
              
Joy City
    The British Cayman Islands      66.67 % 
MCL
    The British Virgin Islands      75.00 % 
Financial Information of Major Associates and Joint Venture
The following table illustrates the financial information of the Group’s major associates and joint ventures as at 31 December 2022 and for the year ended 31 December 2022:
 
 
  
CGB
 
 
Sino-Ocean
 
 
CLP&C
 
 
COFCO Futures
 
 
Pipeline Company
 
 
China Unicom
 
 
Joy City
 
 
MCL
 
 
  
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
 
RMB million
 
Total assets
      3,417,906       246,072       135,690       29,306       37,315       644,687       9,710       23,957  
Total liabilities
      3,156,057       198,186       101,933       25,889       1,369       297,413       22       12,773  
Total equity
      261,849       47,886       33,757       3,417       35,946       347,274       9,688       11,184  
Total equity attributable to equity holders of the associates and joint ventures
      216,858       31,747       33,757       3,407       35,946       154,370       9,688       11,184  
Total adjustments (i)
      369       (7,790 )      —         —         384       16,038       (1,764 )      (6,447 ) 
Total equity attributable to equity holders of the associates and joint ventures after adjustments
      217,227       23,957       33,757       3,407       36,330       170,408       7,924       4,737  
Proportion of the Group’s ownership
      43.686 %      29.59 %      40.00 %      35.00 %      43.86 %      10.03 %      66.67 %      75.00 % 
Gross carrying value of the investments
      98,085       8,056       13,501       1,737       21,569       22,602       5,283       3,553  
Impairment
      —         (5,862 )      —         —         —         —         —         —    
Net carrying value of the investments
      98,085       2,194       13,501       1,737       21,569       22,602       5,283       3,553  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
      75,154       42,447       87,461       3,222       6,097       361,123       (145 )      883  
Net profit/(loss)
      15,528       (15,650 )      717       219       3,128       16,651       (164 )      774  
Other comprehensive income
      (2,765 )      (6,186 )      (1,197 )      6       —         190       10       (1,750 ) 
Total comprehensive income
      12,763       (21,836 )      (480 )      225       3,128       16,841       (154 )      (976 ) 

The following table illustrates the financial information of the Group’s major associates and joint ventures as at 31 December 2021 and for the year ended 31 December 2021:
 
     CGB    
Sino-Ocean
     CLP&C     COFCO Futures     Pipeline Company     China Unicom     Joy City     MCL  
     RMB million     RMB million     RMB million     RMB million     RMB million     RMB million     RMB million     RMB million  
Total assets
      3,359,985       281,252       120,178       25,153       37,099       593,284       10,258       24,195  
Total liabilities
      3,125,484       204,805       94,756       21,868       1,476       257,074       232       13,035  
Total equity
      234,501       76,447       25,422       3,285       35,623       336,210       10,026       11,160  
Total equity attributable to equity holders of the associates and joint ventures
      189,510       55,074       25,422       3,277       35,623       149,217       10,026       11,160  
Total adjustments (i)
      464       (7,257 )      —         —         405       16,509       (1,707 )      (5,511 ) 
Total equity attributable to equity holders of the associates and joint ventures after adjustments
      189,974       47,817       25,422       3,277       36,028       165,726       8,319       5,649  
Proportion of the Group’s ownership
      43.686 %      29.59 %      40.00 %      35.00 %      43.86 %      10.29 %      66.67 %      75.00 % 
Gross carrying value of the investments
      86,179       15,116       10,151       1,692       21,438       22,644       5,546       4,237  
Impairment
      —         (3,217 )      —         —         —         —         —         —    
Net carrying value of the investments
      86,179       11,899       10,151       1,692       21,438       22,644       5,546       4,237  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
      74,905       68,645       82,549       6,846       5,583       331,665       352       897  
Net profit/(loss)
      17,476       5,091       621       281       3,081       14,416       333       28  
Other comprehensive income
      2,416       (35 )      (766 )      (8 )      —         (27 )      15       447  
Total comprehensive income
      19,892       5,056       (145 )      273       3,081       14,389       348       475  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(i)
Including adjustments for the difference of accounting policies, fair value and others.