The Dividend policy as set forth in the company's articles of association
According to Article 129 of the Company's Articles of Association, the main provisions of the dividend policy are as follows:
Except as otherwise provided by the Listing Cabinet Act, if the company makes a profit before tax in the year, the company should make a profit before tax: (1) up to 10% (10%), the lowest is One (1%) as an employee's remuneration (including employees of the company and/or related employees) (hereinafter referred to as "employee remuneration"); and (2) up to 10% (10%) as director's remuneration (hereinafter referred to as " Director's remuneration"). Regardless of the above, if the company still has accumulated losses in previous years, the company should reserve the amount of remuneration before the employee's remuneration and directors' remuneration. Employees' remuneration and director's remuneration are available in cash and/or in accordance with the provisions of the laws of the British Cayman Islands, the provisions of the Listing Rules and the resolutions of the board of directors, which are more than two-thirds of the directors' attendance and the majority of the directors' consents. Employee remuneration and Director remuneration can be paid in cash and/or stock. The above-mentioned resolutions on the issuance of employee remuneration and directors' remuneration shall be reported to the shareholders at the shareholders' meeting after the resolution of the board of directors is passed.
In addition, according to Article 130A of the company's articles of association, the company may handle surplus distribution or loss appropriation after the end of each half of the fiscal year.
Except as otherwise provided by the Company Law and the Listing Act, if the company's annual total final accounts have a surplus, the Board of Directors shall formulate the surplus distribution case and submit it to the shareholders' meeting in the following manner and order:
- The tax payable in accordance with the law;
- Make up for the accumulated losses of previous years (if any);
- 10% of the provisions of the Listing Rules Act is the statutory surplus reserve, except when the statutory surplus reserve reaches the paid-up capital of the company;
- To make a special surplus reserve in accordance with the requirements of the Listing Cabinet Act or the Administration; and
- According to the amount of the current year's surplus after deducting the above items (1) to (4), the accumulated undistributed surplus in the previous period is the available surplus, and the available surplus can be distributed by the Board of Directors. The shareholders' meeting will be distributed according to the resolution of the listing cabinet law. Dividend distribution can be issued in cash dividends and/or stock dividends. Under the laws of the British Cayman Islands, the minimum dividend amount should be at least 10% of the current year's surplus minus items (1) to (4) above, and the proportion of cash dividend distribution shall not be less than 50% of the total shareholder's dividend.
Stock Dividends
Year
|
Cash Dividends |
Stock Dividends
|
|
From Retained Earnings |
From Capital Reserve
|
||
2023 |
1.00
|
0
|
0
|
2022 |
2.50
|
0
|
0
|
2021
|
1.50
|
0
|
0
|
2020
|
1.00
|
0
|
0
|
2019
|
1.00
|
0
|
0
|
2018
|
2.40
|
0
|
0
|
2017
|
2.65
|
0
|
0
|
2016
|
2.15
|
0
|
0
|