研究报告全文：6Mar2023CMBInternationalGlobalMarketsEquityResearchInitiationShoucheng697HKBUYInitiationParkingInandC-REITsOutTargetPriceHK219UpDownside258CurrentPriceHK174ShouchengisChinasleadingcarparkmanagementfirmandrealestatefundoperatorunderSOE-parentcoShougangGroup2023EwillbeagoodfinancialyearforShouchengasrapidtrafficrecoveryandCSRCspushforC-REITswouldChinaPropertyServiceSectorgreatlyboostitsparkingbusinessandfundsizegrowthithasearlymoveadvantageinC-REITsInthemediumtermC-REITswouldalsohelptheJeffreyZengcompanytransitintoanasset-lightmodellistingitsmaturecarparksandjeffreyzengcmbicomhkindustrialparksintoC-REITsThereforeweexpectShouchengtodeliver4215revenueNPCAGRin2022-24EroughlyinlinewithitsincentiveplanrequirementJiShiBesideswethinkthesharepricehaslimiteddownsideduetoitshighdividendyieldat7andHKD300mnsharebuybackplanenoughfor23stakesInitiateshijicmbicomhkatBuywithTPofHK219using15x2023EPE10discounttotheaverageofitsglobalpeersCatalystanotherroundofspecialdividendaftersellingtheMiaoZhangremainingShougangresourcesforHK22bnzhangmiaocmbicomhkThekeyparkingspaceconsolidatoronarisingtrafficthecarparkBellaLishortage26gapmayboosttheconstructionofparkinglotat10CAGRbellalicmbicomhkto322mnunitsby2025Eor0851ThiswouldmakeparkingfeebusinessanRMB700bnmarketby2025Eassume30ofparkingusedforrentalWenjingDoupurposeand20utilizationrateWeexpectShouchengtobethekeydouwenjingcmbicomhkbeneficiarytoconsolidateandgrownumberofitsmanagedparkinglotsby44CAGRgivenitsSOEbackgroundsmartizationknow-howEVchargingandStockDatasystemstrongcashpositionTogetherwitharisingtrafficin2023EafterMktCapHKmn12874COVIDalreadybackto2019levelweexpectitsparkingrevenuetodeliverAvg3mthstoHKmn73052wHighLowHK19709066CAGRin2022-24ETotalIssuedSharesmn7529SourceBloombergFirst-moveadvantageintoC-REITstoboostitsfundAUMWithCSRCsgreenlightin2021theC-REITsmarkethasgrownrapidlyto23listingsShareholdingStructureRMB80bnsizeand25returnsWeexpectC-REITssizetofurthergrowatShougang2497ORIX143450CAGRin2023-24EtoRMB180bnasCSRCwouldpotentiallyallowmoreNWSHolding1147assetclasseslikegreenenergycommercialassetsandencourageprivateBOCOMC1000realestatefundtoinvestThiswouldhelpShouchengboostitsfundAUMHOPUInvestments693givenitsfirst-moveadvantagethroughdirectinvestmentsinnineREITsandOthers3226SourceHKExpre-REITspreparationofitsqualityindustrialandcarparksForexampleithasjustraisedaRMB45bnpre-REITsfundwithChinalifeandShougangSharePerformanceGroupGoingforwardweexpectfundsizetogrowat82022-24ECAGRatAbsoluteRelative1-mth-82-18RMB45bnperyear10ofC-REITsannualissuancesizetoreach3-mth12-80RMB64bnThiswoulddrivearevenuegrowthof12CAGRin2022-24Ewith6-mth265202highGPMat70SourceBloombergHighdividendyieldandsharebuybackasdownsidecushionDuetoits12-mthPricePerformancerichcashpositionShouchengislikelytokeepitshighdividendpayoutpolicyHK697HKHSIrebased20at80or7dividendyieldin2023EAlsoItplanstofurtherdisposethe18remaining17Shougangresources639HKworthofHKD22bnandmay1614payspecialdividendtheypaidHKD200mnspecialdividendinFeb22after1210disposing11ofShougangresourcesBesidesithasHKD300mnshare08buybackplanHKD20mnusedwithrepurchasepriceuptoHKD15share060402InitiateatBuyWeforecastrevenuetogrowat42CAGRin22-24Ewith00Mar-22Jun-22Sep-22Dec-22Mar-23parkingbusiness66CAGRThismixshiftputsNPMdownto34by2024ENetnetweexpectNPtogrow15in22-24ERiskMoreintensified-SourceBloombergthan-expectedcompetitionintoC-REITsafterCSRCstrialinrealestatefundAuditorPWCPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk6Mar2023EarningsSummaryYE31DecFY20AFY21AFY22EFY23EFY24ERevenueHKDmn7061195177427253577YoYgrowth782693485431CoreprofitHKDmn65911692010611222CoreEPSHKD010002012015018YoYgrowthNANANA1515ConsensusEPSHKDNANANANANAPEx17710213711696PBx1012121111Yield6957586781ROE56108999111NetgearingNetcashNetcashNetcashNetcashNetcashSourceCompanydataBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE26Mar2023One-pagesummaryFigure1OurkeyforecastandassumptionsHKDmn2019A2020A2021A2022E2023E2024E2022-24ECAGRRevenue396706119517742725357742yoy7869485431Parking1774816139111789250666yoy17228499640Fundmanagement181213558839913104712yoy1816350915Others3812232424252Grossprofit2021745478831197149530yoy-14214613625GPM512546504442Corenetprofit4436591169201061122215yoy49-826931515NPM1129310523934ManagedCarpark16250024287533766944yoy4939Fundsizeundermanagement6007765077700778yoy88SourceCompanydataCMBIGMestimatesHighNPMin2019and2020wasduetodividendincomefromitsinvestmentPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE36Mar2023ContentsInvestmentThesis5Thekeymarketconsolidatorwithstrongexpansionplanandsmartizationknow-how5FundmanagementitsearlymoveintoboomingC-REITswouldboostAUMgrowing6Aggressiveearningsguidancecomeswithincentiveplan11Highdividendyieldandsharebuybacktocushionthedownside13Financials14Stablegrowthwithhighdividendyield14TargetpriceandCatalysts15Risks16Intensifiedcompetitionforrealestatefundmanagement16Risingcostsofparkingspaceacquisition16CompanyOverview17FinancialAnalysis21Valuation23FinancialSummary24PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE46Mar2023InvestmentThesisThekeymarketconsolidatorwithstrongexpansionplanandsmartizationknow-howParkingindustrysuffersalong-termsupplyshortageThenationalautomobileownershipsinChinahasreached319millionbytheendof2022AccordingtonationalparkinglotanalysisreportjointlyreleasedbyAutoNaviandTsinghuaUniversityTransportationResearchInstitutetheshortfallofparkingspaceshasexceeded80millionbytheendof2021oralargegapof26IfweconsiderthepeakhourstheshortageissuewouldbeevenmoreprominentThereforeNDRChasissuedthedocumenttopushformoreurbancarparkingdevelopmenttomeetthecapespeciallyforbigcitiesFigure2NationalautomobileownershipSourcewwwgovcnParkingfeebusinesswouldreachRMB700bnannualmarketsizeTherewere220mncarparkingspacesasof2021Ifassumeonly30usedforrentalhourlyrateofRMB4hourandutilizationrateof20thenitwouldimplyanannualfeeofRMB460bnAsthegeneralautomobileownershipislikelytogrowat5CAGRthenumberofcarparkspaceswouldoutgrowthattoclosethegapsoweassume10CAGRThiswouldmeantheannualparkingfeeswouldreachRMB1tnby2025EShouchengsleadingpositioninparkingandsmartizationwouldhelpconsolidatethemarketAsoneofthelargestparkingplayersShouchenghas162kunitsofparkingspacewithtotal250kunitssignedinItisonlylessthan1ofmarketsharethatshowsalargeroomtoimproveamidsuchafragmentedmarketEspeciallythetrendofsmartizationtowardsunmannedmanagementandEVchargingwouldgiveShouchenggreatopportunitytoconsolidatethemarketForunmannedmanagementShouchenghasdevelopedaSaaSsystemtocoveritscarparksForEVchargingithasestablishedcorporationswithNEVmarkerslikeXiaopengTeslatoinstallchargingstationsThiswouldmakeShouchengmoreappealingtobidforcarparkspacesviaBOTlong-termrentalandacquisitionmodelsThereforeweexpectitsnumberofsignedparkinglotwouldgrowat402022-24ECAGRtoreach587kunitsoutpaceindustrys10Withimprovingutilizationratein2023-24Eweexpectparkingrevenuetoreach66CAGRin2022-24EPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE56Mar2023Figure3OurkeyassumptionsHKDmn2019A2020A2021A2022E2023E2024ENoofsignedparkinglot150000250000362500489375yoy674535Noofmanagedparkinglot97500162500242875337669yoy674939Dailyutilizationrate20162425Parkingrevenue1774816139111789250617228499640SourceCompanydataFigure4Trafficrecoverstopre-COVIDperiodSourceWindFundmanagementitsearlymoveintoboomingC-REITswouldboostAUMgrowingC-REITsthenewsexyindustrytoattractrealestatefundsBefore2021nopublicREITswereintroducedinChinaSoassetownerscanonlysellthepartialfullstakesofassettoPEfundsorcertaininvestorsThesearecalledPrivateREITsandthedifferencesvspublicREITsarenon-publictradedandnotaxexemptionPublicREITswereonlyofficiallyintroducedin2021followingthetrialpolicy公开募集基础设施证券投资基金指引试行inAug2020andnineREITswerelistedasthefirstbatchinMay2021Forthefirstbatchtheassetscopeonlycoversinfrastructureandregulatorsrequiredividendyieldmustbe4fornextthreeyearsbasedonlistingpriceTwotypesofunderlyingassets1property-backedREITsindustrialparksandlogistics4-5dividendyield2Franchise-backedREITshigh-waytollanti-pollutionprojects6dividendyieldPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE66Mar2023asthefranchiserightsaretime-decreasingsothereisahigherdividendrequestedbyinvestorsBelowchartlistedouttheninepublicREITslistedin2021andtheyachieved25performanceafterIPOpartlyduetothescarcityeffectFigure5Detailsof9publicREITsinthefirstbatchSourceYicaiWindInJuly2021CSRChasannouncedthattheassetscopecanbeextendedtocoversocialhousingandthenweseetwosocialhousingprojectslistedinAug2022InDec2022CSRCspeakeralsomentionedtofurtherextendtheassetscopetoserviceapartmentcommercialassetgreenenergyThiswouldfurtherhelpenlargethemarketsizeSofartherearetotal24C-REITslistedwithatotalmarketsizeofRMB80bnGoingforwardweexpectC-REITsmarkettoseeafastgrowthas1moreassetclassesinthegameItislikelytoseeserviceapartmentshoppingmallgreenenergytobeofficiallyapprovedthisyearbecauseCSRChasmentionedinDec20222CSRCalsorecentlyannouncedthenewpilotschemetoboostprivateinvestmentintorealestatespaceThismayalsoattractprivatemoneyintothisC-REITsspacetomakethecakebiggerWeexpectthemarketsizeofC-REITstogrowat50CAGRin2023-24EtoRMB180bnsizePLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE76Mar2023Figure6ListedC-REITssofarSourceCailianFigure7WeexpectC-REITsmarketsizetogrowat50CAGRin2023-24ESourceCailianShouchengsearlymoveadvantageinC-REITswouldhelpboostitsfundmanagementAUMShouchengmanagedaportfoliooffundswithAUMofRMB50bnasofJun2022AsthepioneerinC-REITsinvestmentithasinvestedinninepublicC-REITsincludingGLPREITsShekouIndustrialparkSuzhouIndustrialparkShanghai-HangzhouhighwaytolletcThishasnotjusthelpedShouchengachievegoodinvestmentreturnsof25butalsogaintheaccesstoparticipateinthefullchainofC-REITsissuanceThisismainlybecausethecompanyownsandoperatesupto700ksqmofindustrialparkswith10mnsqminthelandbankThereforeShouchengcouldleverageitsSOEstatusandownassetstoraisefundsforC-REITsPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE86Mar2023ForexampleShouchenghasraisedRMB45bnpre-REITsfundwithChinalifeandShougangAssetmanagementinordertoacquireESGprojectsforC-REITslistingAsweexpectC-REITsmarketsizetoincreaseRMB40bnandRMB60bnin2023Eand2024EShouchengsearlymoveandknow-howcouldhelpgrowitsAUMandachieveexcessivereturnFigure8FundmanagementfactsSourceCompanydataPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE96Mar2023Figure9ItsinvestmentinC-REITsSourceCompanydataIntermsoffinancialsweexpectfundsizetogrowatHK5bnmainlyforC-REITsfundswhichisalreadyataround10marketshareAlsogiventhestillpromisingreturnsonC-REITsweexpectbothfundfeescarryandfairvaluechangetogrowtogetherNetnetweexpectfundmanagementtogrowat122022-24ECAGRInthelongrunwethinkShouchengwillalsoputitsparkingassetandindustrialparksintoC-REITsIPOThatwouldcreatethesynergybetweentwomainbusinesslinesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE106Mar2023Figure10Fundmanagementbusinesstogrowat122022-24ECAGRHKDmn2019A2020A2021A2022E2023E2024EFundsizeHKDbn54596469yoy988Fundmanagementrevenue1812135588399131047yoy1816350915Fundfees186208174300358420yoy12-16721917InvestmentCarry247338423507yoy372520Fairvaluechange55137200132119SourceCompanydataAggressiveearningsguidancecomeswithincentiveplanIncentiveplanisoutUnderBeijingSASACsapprovalShouchenghasadoptedthemanagementincentiveplantoawardatotalequityoptionsof173mnshares23ofexistingsharebaseThequotahasbeenusedupintwobatches11385mnequityoptionsissuedon5Nov2021atstrikepriceofHK1624share2Theremaining262mnequityoptionsissuedon2Nov2022atstrikepriceofHK156shareBothbatchescomeupwithexerciseperiodof3yearsinaproportionof3333and34DetailsbelowHighearningsgrowthrequirementformanagementtoexercisetheplanTheincentiveplanhasrequiredmanagementtoachieveatotalrevenueCAGRof48andnumberofmanagedparkingspacesCAGRof45undertheexerciseperiods2022-25Wethinkthevisibilityishighfor2022-23EgivenitsrichcashofHK55bnThesecashcanbeusedtosecureparkingspacesviaBOTprojectordirectacquisitionPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE116Mar2023Figure11FirstbatchofincentiveplanatstrikepriceofHK1624shareSourceCompanydataFigure12SecondbatchofincentiveplanatstrikepriceofHK156shareSourceCompanydataPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE126Mar2023HighdividendyieldandsharebuybacktocushionthedownsideHighdividendyieldShouchengisrichincashwithHK55bninthebankaccountandliquidinvestmentSothemanagementhasbeenquitegenerousinthedividendpayoutHistoricallythedividendpayoutratiohasbeenquitehighandweexpecttheratiotobeat80goingforwardAlsoithasannouncedHK200mnspecialdividendinFeb2022afterHK14bnproceedsfromthestakedisposalofShougangResourcesFigure13Dividendyieldisexpectedtorangeat7-10during2023-25ESourceCompanydataNotespecialdividendisexcludedin2022EfigureSharebuybackplanInFeb2022thecompanyannouncedthesharebuybackplantouseuptoHK300mnforsharerepurchaseTheamountisusedtobuyupto24ofstakesunderShouchengscurrentmarketcapwhichisquitesignificantSofarithasspentHK20mnonthesharerepurchaseatasharepriceofHK118-HK157ThatmeanstherearestillHK280mnbulletandthecurrentsharepriceisonly9higherthanthelastsharebuybackpriceThiswouldbearelativelylimiteddownsidebackedbythesharebuybackFigure14Dividendyieldisexpectedtorangeat7-10during2023-25ESourcewebb-sitecomPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE136Mar2023FinancialsStablegrowthwithhighdividendyieldWeexpectShouchengtodeliver44revenuegrowthCAGRin2021-24Emainlydrivenbyparkingspacebusinessat59CAGRandfundmanagementat23Forthemarginwethinkitwillbeinadecliningtrendduetomixchangetowardslower-marginparkingbusinessNPMisforecastedtoslidefrom52in2022Eto34in2024ENetnetweforecastShouchengsnetprofittodeliversteady15CAGRin2022-24Ewhichtranslatesinto7-8dividendyieldFigure15Revenuetogrowat44CAGRin21-24EsSourceCompanydataCMBIGMestimatesFigure16Corenetprofitattributabletoshareholdersat152022-24ECAGRSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE146Mar2023TargetpriceandcatalystsWederiveourTPofHK219sharebyusing2023EEPSand15xPEThe15xmultipleisbasedon10discounttotheaverageofitsglobalpeersat17x2023EThecompanyiscurrentlytradingat12x2023EPEandthusweexpecta29upsidefromalong-termperspectiveForthemaincatalyststhekeysare1declarationofspecialdividendafterdisposalofremaining17stakesinShougangResourcesand2newsupportiveC-REITpolicyFigure17OurtargetpricederivationPriceTarget2023EEPSHKD015TargetPEmultiple15PriceTargetHKDshare219SourceCompanydataCMBIGMestimatesFigure18ValuationcompsSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE156Mar2023RisksIntensifiedcompetitionforrealestatefundmanagementOn20FebCSRCannouncedthenewpilotschemetoboostprivatemoneytosetuprealestatefundforrelevantinvestmentBelowarethedetails-Whocanparticipatedomesticinvestorsintheschemepredominantlyinstitutionalnon-developersshouldoffernolessthanRMB10mneachtoparticipateinthefundraisingForeigninvestorsthroughQualifiedForeignLimitedPartnershipQFLPcanalsoparticipate-Scopeoftherealestatetypesexistingresidentialprojectssocialhousingcommercialbuildingandinfrastructure-PurposewethinktheprogramitselfistoencourageandattractprivateinvestmenttohelplocalgovernmentonhomedeliverysocialhousingtargetandinfrastructureIfthereturnisattractivethismayacceleratetheprogressofnon-performingassetsinrealestateandalsoreducetheburdenforlocalgovernmentonsocialhousingandinfrastructure-Ourreadwethinkthisismildlypositiveforthepropertysectoras1ontheplussideitisofficiallyencouragingmoreprivatefundstohelppropertysectorsoitmayboosttheprogressespeciallywhensalesarerecoveringnow2Thechannelhasalsobeenopenedforforeigninvestors3ThescopeislimitedfornowbuttheremayleavesomespaceformoneyinflowintonewresidentialprojectsorMAdealsThismaygraduallycreatecompetitionswithShouchengandothersinapreviouslySOE-dominaterealestatefundmanagementbusinessInparticularShouchengmayseemorecompetitorsintheprojectsourcingstagethatcouldimpactitsfundsizegrowthinthelongrunRisingcostsofparkingspaceacquisitionAsEVchargingbusinessmakesparkingspacemoreattractivenowweexpecttheacquisitioncoststogoupamidasupplyshortageanddemandrecoveryForexampleLimeTreejustcompletedanacquisitionof6000parkingspaceatNanjingSouthstationinJanuary2023ThismayincreasethecostsforShouchengtobidforparkingspacesinordertocompleteits45growthCAGRPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE166Mar2023CompanyOverviewShouchengHoldingsknownasShougangConcordInternationalbefore2020isoneofthelistedcompaniesunderShougangGroupandhasbeenengagedincarparkingassetmanagementbusinessandinfrastructurerealestatefundmanagementbusinesssince2017ThecompanywaslistedonthemainboardoftheHKExin1991andwasacquiredbyShougangGroupandCKHutchison0001HKin1992ThemainbusinessesweresteelmanufacturingandmineralexplorationbackthenThecompanystartedbusinesstransformationbyacquiringparkingassetoperationShouzhongInvestmentrenamedtoE-ParkinglaterandprivateequitymanagementbusinessJingjiAssetafterdivestingoldbusinessandrelevantassetsduring2016-2017Tooptimizetheassetstructureandconcentrateonmainbusinessitfurtherdivestednon-corebusinessbysellingentireequityinterest357inShougangCentury103HKin2018anddivestingpartialequityinterest119outof276inShougangFushanResourcesin2021TheCompanyhasofficiallychangeditsnametoShouchengHoldingsLimitedin2020toreflectthestrategytofocusontheparkingbusinessandinfrastructureandrealestatefundmanagementbusinessFigure19BusinessStructureSourceCompanydataCMBIGMTobearthepolicybenefitthecompanymadeitsefforttobuildthesynergybetweeninfrastructurerealestatefundmanagementandparkingsectorThepublicly-offeredinfrastructureREITsprovidedevelopmentchannelsandexitpathsforparkingassetThebusinessmodelformsaclosed-loopfromassetacquisitiontoassetoperationandupgradetoassetsecuritizationThemulti-levellinkageandsynergyofcorebusinessisthecorecompetitivenessofthecompanyPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE176Mar2023Figure20SynergybetweencorebusinessSourceCompanydataCMBIGMDuringthetransformationprocessin2018-2019theCompanyhassuccessivelyintroducedCIMCGroupNWSHoldingsORIXGroupHOPUInvestmentsandMatrixPartnersChinaetctobethestrategicshareholdersAccordingtotheannouncementinNov2022BSCOMCcompletedthepurchaseof10oftotalshareofthecompanyfromShougangGroupandthemajorshareholdersbecameShougangGroupORIXCorporationNWSHoldingsBSCOMCandHOPUInvestmentswhoowe2497143311471000and696oftotalsharesrespectivelyFigure21ShareholdingstructureSourceCompanydataCMBIGMParkingAssetsManagementThesegmentrevenueaccountedfor51oftotalrevenuein2021andhasbeengrowingatCAGRof115fromHK62mnin2018toHK613mnin2021Theparkingbusinesshasbeenexpandingrapidlyinpastfiveyearswiththenumberofcontractedparkingspacesexceeded200kandaverageremainingcontacttermreached15yearsbytheendof2021Meanwhilemanagementefficiencyiscontinuouslyimprovingwiththenumberofparkingspacesmanagedpercapitaincreasedto72bytheendof2021from50inthepastTheCompanyismainlyoperatingitsparkingprojectsintransportationhubsairportsrailwaystationsmunicipalinfrastructurehospitalsroadsidecommercialpropertiesandindustryPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE186Mar2023parksthroughfourbusinessmodesincludingfranchisinglong-termleasingpropertyholdingandentrustedmanagementThebusinesslandscapespreadsin12citiesof4districtscoveringBohaiRimRegionChengdu-ChongqingEconomicZoneYangtzeReverDeltaRegionandtheGreaterBayAreaFigure22ParkingprojectstypeandoperatingmodesSourceCompanydataCMBIGMFigure23GeographicdistributionofparkingbusinessSourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE196Mar2023Figure24RevenueofparkingbusinessFigure25RevenueoffundmanagementbusinessSourceCompanydataCMBIGMSourceCompanydataCMBIGMInfrastructurerealestatefundmanagementRevenuefromfundsmanagementsegmentcontributedabout47oftotalrevenuein2021andhasbeengrowingatCAGRof75fromHK103mnin2018toHK558mnin2021TheCompanyhasestablished25fundswithtotalmanagementscalegrowingsteadilytoRMB50bnpaid-inamountRMB20bntheareaofinvestedprojectshasreached600ksqmandthereserveareaisabout10mnsqmThetypicalprojectsaremainlylocatedinBeijingShougangIndustrialParkTheCompanyhasgivenmucheffortsontheREITssectoranddeeplyinvolvedinREITsissuancebyhelpingShougangGreenEnergy180801SZsuccessfullylistasoneofthefirstbatchofC-REITsBycooperatingwithChinaLifetheCompanylaunchedaRMB10bnscaleofpre-REITsfundforgreenandenvironmentalprotectionwithaninitialphaseofRMB45bnTogetherwithanotherwell-knowninsuranceinstitutiontheCompanyinitiatedaREITsdevelopmentfundofRMB30bntoinvestinaffordablerentalhousingindustryparkparkinglotsandwarehousingetcTheCompanyisformingaclosed-loopmodelintheentireREITschainbasedonitsstrongfund-raisingabilityprecisionindustryinvestmentabilityleanoperationandmanagementabilityaswellasmatureandcomprehensiveexitcapabilityFigure26TypicalprojectsinBeijingShougangIndustrialParkSourceCompanydataCMBIGMPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE20