High Court
29-485: Asia Satellite Telecommunications Company Limited (AsiaSat) is a Hong Kong–based commercial operator of communications satellites founded in 1988. It is a wholly-owned subsidiary of Asia Satellite Telecommunications Holdings Limited (AsiaSat Holdings), which is incorporated in Bermuda. AsiaSat Holdings is jointly owned by Chinese state-owned CITIC Limited and private equity fund The Carlyle Group L.P. indirectly. It had
58-561: A Japanese general trading company. The transaction is also the largest acquisition in China by a Japanese company, and the largest investment by foreigners in a Chinese state-owned enterprise. The deal saw Chia Tai Bright Investment, a 50–50 joint venture of Itochu and Charoen Pokphand, acquire a 10% stake of CITIC Limited from CITIC Group for HK$ 34.4 billion (US$ 4.54 billion), as well as subscribing new convertible preferred shares for HK$ 45.9 billion (US$ 5.9 billion). Before
87-488: A market capitalisation of HK$ 2 billion on 30 November 2018. It was a red chip company of the stock exchange. On 23 August 2019, the take private proposal scheme was approved by AsiaSat Holdings' public shareholders, followed by the approval of the Bermuda Court on 3 September 2019, whereupon The company became a private wholly owned subsidiary of Bowenvale Limited, a joint venture of CITIC and Carlyle. The listing of
116-727: Is a conglomerate headquartered in Hong Kong. Its shares are listed on the Main Board of the Hong Kong Stock Exchange , and it is a constituent of the Hang Seng Index . 58% of its issued shares are owned by the Chinese state-owned CITIC Group . It is principally engaged in financial services, resources and energy, manufacturing, engineering contracting, real estate and other businesses. In October 2008,
145-869: Is the cabinet of the Government of Hong Kong , acting as a formal body of advisers to the Chief Executive of Hong Kong that serves as a core policy-making organ assisting the chief executive. It is analogous to other Executive Councils in the Commonwealth such as the Federal Executive Council of Australia , the Executive Council of New Zealand , and the Privy Council of the United Kingdom . Under
174-584: The Basic Law , the chief executive must consult the executive council before making important policy decisions, introducing bills to the Legislative Council , making delegated legislation , regulating certain public institutions, or dissolving LegCo. The chief executive in council also hears appeals and objections under certain Ordinances . A Chief Executive rejecting a majority opinion of
203-852: The Convenor of the Non-official Members. The Council normally meets once a week. The executive council was set up by the British Hong Kong Government . The first ex officio members were the Colonial Secretary and the Colonial Treasurer in the 1840s. The Attorney General was added in the 1850s. In 1949, the Executive Council had five ex officio members: the senior military officer ( Commander of British Forces Overseas ),
232-513: The Council when the agenda was related to their portfolio, and the position of convenor was restored. It was presented as a move to re-strengthen the role of the council as a link with the community. The executive council is to advise the chief executive in policy-making and the administration of the government. The chief executive acting after consultation with the executive council is known as Chief Executive in Council . Under Article 54 of
261-467: The Executive Council is required to put the specific reasons for the rejection on record. The members of Executive Council are appointed by the Chief Executive from among principal officials (heads of department, informally called "ministers"), members of Legislative Council, and public figures. Their appointment and removal is decided by the chief executive. There is no fixed term of office, but
290-570: The Oaths and Declarations Ordinance, the members of the Executive Council should take the Oath of Fidelity after his/her appointment and promise not to reveal any matters being discussed in the council. The aim of this principle was to ensure that the members could speak freely without any fears and pressure, so as to facilitate the chief executive to receive prompt and objective advices in the policy making process. The following list includes all members of
319-546: The US dollar to less than 70%. Its parent company , CITIC Group pledged its support to this subsidiary. The board became aware of this on 7 September 2008, and disclosure was made to the financial markets after trading in its shares was suspended on 20 October. The company and the Hong Kong Securities and Futures Commission faced questions by legislators about the severe delays in their disclosure, considering
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#1732783638107348-577: The aforementioned Fast Food Holdings. Executive Council of Hong Kong District Court Magistrates' Court Special courts and tribunals: Chief Executive Elections Legislative elections District council elections Consular missions in Hong Kong Hong Kong–China relations Hong Kong–Taiwan relations 22°16′53″N 114°09′54″E / 22.281487°N 114.165089°E / 22.281487; 114.165089 The Executive Council of Hong Kong ( ExCo )
377-399: The approval of the privatisation plan by public shareholders, Asia Satellite Telecommunications Holdings Limited became a privately wholly owned subsidiary of Bowenvale Limited, which is now jointly owned by CITIC Group Corporation and Carlyle Asia Partners IV, L.P. This is a list of satellites owned and operated by AsiaSat. CITIC Limited CITIC Limited (Chinese: 中國中信股份有限公司 )
406-477: The chairman Larry Yung disclosed that the firm lost HK$ 15 billion (US$ 2 billion) due to "unauthorized trades". The unauthorised trades were hedges with a contract value of A$ 9 billion against the Australian dollar, taken out to cover against a A$ 1.6 billion prospective acquisition and capital expenditure. Losses were incurred on the contracts when the currency declined from 98.5% against
435-488: The civil service. All secretaries are appointed to the council, transforming the council effectively into a cabinet. Non-official members are minorities in the council, and are like ministers-without-portfolio . The position of convenor was abolished. In fulfilling his election platform, Chief Executive Sir Donald Tsang appointed eight new non-official members the day after delivering his first policy address on 12 October 2005. Secretaries of bureaux would sit in meetings of
464-570: The colonial secretary, the attorney general, the secretary for Chinese affairs and the financial secretary; the Commissioner of Labour , while an 'official' was not an ex officio member. In addition, there were six 'unofficial members': the chief manager of the Hongkong and Shanghai Banking Corporation , the Tai-Pan of Jardine's , a solicitor, two barristers , and a physician. In 1994
493-540: The company made a pursuant to a proposed acquisition , that as at 9 September 2008, "the Directors are not aware of any material adverse change in the financial or trading position of the Group since 31 December 2007". When the shares resumed trading, the share price had fallen by some 75% since the previous close. As a result of the revelations, two officers were forced to resign in disgrace. Due to her involvement in
522-601: The company on public opinion; managing director Henry Fan resigned at the same time. They were replaced by Chang Zhenming , the Chairman of the CITIC Group. CITIC Pacific bought most of the assets from the parent company and issued new shares to the parent, making most of the assets of CITIC Group were listed in a stock exchange. However, CITIC Group still retained the stake in CITIC Guoan Group . In 2014
551-492: The company's shares was withdrawn from the Stock Exchange of Hong Kong on 5 September 2019. In September 2017, AsiaSat 9, AsiaSat's latest satellite built by Space Systems/Loral was successfully launched and replaced AsiaSat 4 at 122° East. AsiaSat owns and operates seven satellites, including AsiaSat 3S, AsiaSat 4, AsiaSat 5, AsiaSat 6, AsiaSat 7, AsiaSat 8 and the new AsiaSat 9. As of 31 December 2017,
580-410: The deal, CITIC Group owned 77.90% stake, with National Social Security Fund owned an additional 5.00%, making only 17.1% shares of CITIC Limited were free float at 31 December 2014. The company also had HK$ 13.834 billion perpetual capital securities at 31 December 2014. On 9 January 2017 the consortium of CITIC Limited, private equity funds of CITIC Capital and Carlyle , bought 80% stake of
609-451: The direct parent company, Bowenvale Limited, owned 74.43% shares; Bowenvale was jointly owned by CITIC Limited and The Carlyle Group LP in a 50–50 ratio. Standard Life Aberdeen plc was the second largest shareholder for 5.36%. In May 2018, the ratio owned by Standard Life Aberdeen had decreased to 4.99%. In November 2018, another private equity firm International Value Advisers owned 6.12% shares of AsiaSat. On 3 September 2019, following
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#1732783638107638-1086: The executive council in the order of precedence : Source The executive council meets in the Lower Block of the Central Government Complex, Tamar . Until 2012, ExCo met in the Main Wing of the Central Government Offices on Government Hill , in Central and below Government House (former residence of the British Governor of Hong Kong ). Prior to the Handover , the Provisional Executive Council of Hong Kong , headed by Tung Chee Hwa , met in Shenzhen or Tung's office on
667-558: The franchise rights of McDonald's in Hong Kong and mainland China, for a total consideration of up to US$ 2.08 billion. CITIC Limited and CITIC Capital would own 52% stake collectively (via an intermediate holding, Fast Food Holdings in a 61.54–38.46 ratio, indirectly owned 32% and 20% stake respectively), while Carlyle would own 28% separately. 20% stake would be retained by McDonald's via Golden Arches Investments Limited (the trading name of McDonald's Hong Kong). In January 2020, CITIC invited other investors to buy most of their stake in
696-606: The loss, the chairman's daughter was demoted. The chairman claimed his daughter Frances Yung had not informed him about the situation before its discovery. Managing director Henry Fan temporarily stepped down from the Executive Council and the chairmanship of the Mandatory Provident Fund Schemes Authority , and all other major public positions he held with effect 24 October 2008. On 3 April 2009, trading in CITIC Pacific shares
725-534: The name of the company was also changed from CITIC Pacific Limited (Chinese: 中信泰富有限公司 ) to just CITIC Limited (Chinese: 中國中信股份有限公司 ). On 20 January 2015, the Japanese general trading company Itochu and its Thai cross-shareholding affiliate Charoen Pokphand announced an investment of approx. HK$ 80 billion (US$ 10.4 billion) in CITIC Limited, the largest investment ever made by
754-604: The presidency of the chief executive, the executive council consists of 21 Official Members (the most senior of these being the Chief Secretary of Hong Kong , head of the Government Secretariat and chair of the Policy Committee), and 16 Non-official Members (also known as ministers without portfolio who are normally leading legislators from pro-establishment political parties ) headed by
783-513: The term of office of members cannot extend beyond the expiry of that of the chief executive who appoints them (Article 55 of the Basic Law ). The council is presided over by the Chief Executive. In addition to the 21 principal officials there are 16 Non-official members. Other than the Chief Secretary, Financial Secretary and Secretary for Justice, official members only sit in meetings that are related to their portfolio. In accordance with
812-467: The title ' Senior Member ' or 'Senior Unofficial Member' was changed to 'Convenor', when Lydia Dunn was succeeded in the post by Rosanna Wong . The format of the executive council was retained after the transfer of sovereignty in 1997 until a ministerial system (named Principal Officials Accountability System or POAS) was introduced in 2002, Tung Chee Hwa 's second term of office. Since then all secretaries are political appointees and have to leave
841-560: Was once again suspended, and the Hong Kong Police searched the company's office as part of an investigation into whether the company directors had made false statements about the foreign-exchange contracts, as well as company announcements made between July 2007 and March 2009, or had conspired to defraud. On 8 April, chairman Larry Yung resigned, citing the effect of the Commercial Crimes Bureau's visit to
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