China Merchants Group

Live  

China Merchants Group is a conglomerate company based in Hong Kong with extensive operations in China. It was founded in 1872 as the first commercial corporation in China and has since grown into one of the largest and most influential state-owned enterprises in the country.
The company's business covers a wide range of industries including transportation, real estate, energy, finance, and logistics. It is also involved in international trade, investment, and infrastructure development projects in over 20 countries.
China Merchants Group is owned and managed by the Chinese government and is considered one of China's "national champion" companies. Its mission is to promote China's economic growth and international trade through its diverse business portfolio.
The company's headquarters are located in Hong Kong, but it has a significant presence in major cities across China, such as Beijing, Shanghai, and Shenzhen. As of 2021, China Merchants Group has over 100 subsidiaries and employs more than 80,000 people globally.
China Merchants Group is known for its strategic partnerships and joint ventures with other major companies, both within and outside of China. It has also been actively participating in China's Belt and Road Initiative, an ambitious plan to boost trade and infrastructure across Asia, Africa, and Europe.
In recent years, the company has placed a strong emphasis on sustainability and corporate social responsibility, aiming to become a leader in environmental protection and community development.
Overall, China Merchants Group plays a vital role in China's economic development and international trade, and it continues to expand its global presence and influence.

Q2hpbmEgTW VyY2hhbnRz IEdyb3VwIG lzIGEgYmln IGNvbXBhbn kgYmFzZWQg aW4gQ2hpbm EgdGhhdCBk b2VzIGEgbG 90IG9mIGRp ZmZlcmVudC B0aGluZ3Mg dG8gaGVscC B0cmFkZSBh bmQgYnVzaW 5lc3MgZ3Jv dy4gVGhpbm sgb2YgaXQg bGlrZSBhIG dpYW50IHRv b2xib3ggd2 l0aCBtYW55 IGRpZmZlcm VudCB0b29s cyBpbnNpZG XigJRlYWNo IHRvb2wgaG VscHMgd2l0 aCBhIGRpZm ZlcmVudCBq b2IuIDxicj 5PbmUgb2Yg dGhlIG1haW 4gdGhpbmdz IENoaW5hIE 1lcmNoYW50 cyBHcm91cC Bkb2VzIGlz IHNoaXBwaW 5nLiBUaGV5 IG93biBiaW cgc2hpcHMg dGhhdCBjYX JyeSBnb29k cyBmcm9tIG 9uZSBwbGFj ZSB0byBhbm 90aGVyLCBs aWtlIHRveX MsIGVsZWN0 cm9uaWNzLC BhbmQgY2xv dGhlcywgaG VscGluZyBj b3VudHJpZX MgYnV5IGFu ZCBzZWxsIG l0ZW1zLiBU aGV5IGFsc2 8gaGF2ZSBw b3J0cywgd2 hpY2ggYXJl IHBsYWNlcy B3aGVyZSBz aGlwcyBjb2 1lIGFuZCBn bywgYW5kIH RoZXkgaGVs cCB3aXRoIG xvYWRpbmcg YW5kIHVubG 9hZGluZyBh bGwgdGhvc2 UgZ29vZHMu PGJyPkFub3 RoZXIgcGFy dCBvZiB0aG VpciBidXNp bmVzcyBpcy B3b3JraW5n IGluIGxvZ2 lzdGljcy4g VGhpcyBtZW FucyB0aGV5 IGhlbHAgbW 92ZSBwcm9k dWN0cyBhcm 91bmQsIG1h a2luZyBzdX JlIHRoZXkg Z2V0IHRvIH N0b3JlcyBh bmQgY3VzdG 9tZXJzIG9u IHRpbWUuIE l04oCZcyBh IGJpdCBsaW tlIGhvdyBh IGRlbGl2ZX J5IHRydWNr IGJyaW5ncy B5b3VyIHBh Y2thZ2VzIH RvIHlvdXIg aG91c2UuPG JyPkNoaW5h IE1lcmNoYW 50cyBHcm91 cCBhbHNvIG ludmVzdHMg aW4gZGlmZm VyZW50IGJ1 c2luZXNzZX MgYW5kIGJ1 aWxkcyB0aG luZ3MgbGlr ZSByb2Fkcy wgYnJpZGdl cywgYW5kIG V2ZW4gaG90 ZWxzLCB3aG ljaCBoZWxw cyB0aGUgZW Nvbm9teSBh bmQgbWFrZX MgaXQgZWFz aWVyIGZvci BwZW9wbGUg YW5kIGdvb2 RzIHRvIG1v dmUuPGJyPl RoZXkgbWFr ZSBtb25leS BieSBjaGFy Z2luZyBjb2 1wYW5pZXMg dG8gdXNlIH RoZWlyIHNo aXBwaW5nIH NlcnZpY2Vz LCByZW50aW 5nIG91dCBz cGFjZSBhdC B0aGVpciBw b3J0cywgbW FuYWdpbmcg ZGVsaXZlcm llcywgYW5k IGVhcm5pbm cgZnJvbSB0 aGVpciBpbn Zlc3RtZW50 cy4gU2luY2 Ugc2hpcHBp bmcgYW5kIH RyYWRpbmcg YXJlIHJlYW xseSBpbXBv cnRhbnQgZm 9yIGNvdW50 cmllcyBhcm 91bmQgdGhl IHdvcmxkLC B0aGV5IGhh dmUgYSBsb3 Qgb2YgY3Vz dG9tZXJzLj xicj5UaGUg Y29tcGFueS BpcyBzdWNj ZXNzZnVsIG ZvciBhIGZl dyByZWFzb2 5zLiBGaXJz dCwgdGhleS BoYXZlIGEg bG90IG9mIG V4cGVyaWVu Y2XigJRiZW luZyBpbiBi dXNpbmVzcy Bmb3IgYSBs b25nIHRpbW UgbWVhbnMg dGhleSBrbm 93IHdoYXQg dGhleeKAmX JlIGRvaW5n LiBTZWNvbm QsIHRoZXkg YXJlIHZlcn kgYmlnIGFu ZCBjYW4gb2 ZmZXIgbWFu eSBkaWZmZX JlbnQgc2Vy dmljZXMsIG 1ha2luZyB0 aGVtIGEgb2 5lLXN0b3At c2hvcCBmb3 IgY29tcGFu aWVzIHRoYX QgbmVlZCBo ZWxwIHdpdG ggdHJhZGUu IExhc3RseS wgdGhlIHdv cmxkIG5lZW RzIGdvb2Rz IGFuZCBzZX J2aWNlcyBl dmVyeSBkYX ksIGFuZCB0 cmFkZSBpcy BrZXkgdG8g dGhhdC4gQX MgbG9uZyBh cyBwZW9wbG UgYW5kIGNv dW50cmllcy BrZWVwIGJ1 eWluZyBhbm Qgc2VsbGlu ZyB0aGluZ3 MsIENoaW5h IE1lcmNoYW 50cyBHcm91 cCB3aWxsIG hhdmUgd29y ayB0byBkby 48YnI+SW4g dGhlIGZ1dH VyZSwgdGhl eSB3aWxsIG xpa2VseSBz dGF5IHN1Y2 Nlc3NmdWwg YmVjYXVzZS B0aGV5IGtl ZXAgZXZvbH ZpbmcuIFRo ZXkgcGF5IG F0dGVudGlv biB0byBuZX cgdGVjaG5v bG9naWVzIH RoYXQgbWFr ZSBzaGlwcG luZyBhbmQg bG9naXN0aW NzIGJldHRl ciwgbGlrZS B1c2luZyBy b2JvdHMgb3 Igc21hcnQg c3lzdGVtcy 4gQWxzbywg YXMgbW9yZS Bjb3VudHJp ZXMgd2FudC B0byB0cmFk ZSB3aXRoIG VhY2ggb3Ro ZXIsIHRoZX JlIHdpbGwg YWx3YXlzIG JlIGEgbmVl ZCBmb3IgY2 9tcGFuaWVz IGxpa2UgQ2 hpbmEgTWVy Y2hhbnRzIE dyb3VwLjxi cj4=

Q2hpbmEgTW VyY2hhbnRz IEdyb3VwIG lzIGEgc3Rh dGUtb3duZW QgY29uZ2xv bWVyYXRlIH RoYXQgb3Bl cmF0ZXMgaW 4gbXVsdGlw bGUgaW5kdX N0cmllcywg aW5jbHVkaW 5nIHRyYW5z cG9ydGF0aW 9uLCByZWFs IGVzdGF0ZS wgZmluYW5j ZSwgYW5kIG VuZXJneS4g VGhlIGNvbX BhbnkgaGFz IGEgbG9uZy BhbmQgcHJl c3RpZ2lvdX MgaGlzdG9y eSwgZGF0aW 5nIGJhY2sg dG8gaXRzIG ZvdW5kaW5n IGluIDE4Nz IgYXMgdGhl IGZpcnN0IH NoaXBwaW5n IGNvbXBhbn kgaW4gQ2hp bmEuIDxicj 5PbmUgb2Yg dGhlIGtleS Bhc3BlY3Rz IHRoYXQgc2 V0cyBDaGlu YSBNZXJjaG FudHMgR3Jv dXAgYXBhcn QgaXMgaXRz IGV4dGVuc2 l2ZSBpbnRl cm5hdGlvbm FsIHByZXNl bmNlLiBUaG UgY29tcGFu eSBoYXMgb3 BlcmF0aW9u cyBpbiBvdm VyIDQwIGNv dW50cmllcy BhbmQgcmVn aW9ucywgd2 l0aCBhIHNp Z25pZmljYW 50IHByZXNl bmNlIGluIG RldmVsb3Bp bmcgY291bn RyaWVzIHN1 Y2ggYXMgQW ZyaWNhIGFu ZCBTb3V0aG Vhc3QgQXNp YS4gVGhpcy BnbG9iYWwg cmVhY2ggaG FzIGFsbG93 ZWQgdGhlIG NvbXBhbnkg dG8gcGxheS BhIGNydWNp YWwgcm9sZS BpbiBDaGlu YSdzIEJlbH QgYW5kIFJv YWQgSW5pdG lhdGl2ZSwg d2hpY2ggYW ltcyB0byBp bXByb3ZlIH RyYWRlIGFu ZCBlY29ub2 1pYyBjb29w ZXJhdGlvbi BiZXR3ZWVu IENoaW5hIG FuZCBvdGhl ciBjb3VudH JpZXMuPGJy PkFub3RoZX IgYXNwZWN0 IHRoYXQgbW FrZXMgQ2hp bmEgTWVyY2 hhbnRzIEdy b3VwIHN0YW 5kIG91dCBp cyBpdHMgZW 1waGFzaXMg b24gc3VzdG FpbmFibGUg ZGV2ZWxvcG 1lbnQgYW5k IGNvcnBvcm F0ZSBzb2Np YWwgcmVzcG 9uc2liaWxp dHkuIFRoZS Bjb21wYW55 IGhhcyBiZW VuIHJlY29n bml6ZWQgZm 9yIGl0cyBl ZmZvcnRzIG luIGVudmly b25tZW50YW wgcHJvdGVj dGlvbiwgY2 9tbXVuaXR5 IGRldmVsb3 BtZW50LCBh bmQgcG92ZX J0eSBhbGxl dmlhdGlvbi wgYW1vbmcg b3RoZXIgaW 5pdGlhdGl2 ZXMuIDxicj 5BZGRpdGlv bmFsbHksIE NoaW5hIE1l cmNoYW50cy BHcm91cCBp cyBrbm93bi Bmb3IgaXRz IGlubm92YX RpdmUgYXBw cm9hY2ggdG 8gYnVzaW5l c3MuIFRoZS Bjb21wYW55 IGhhcyBlc3 RhYmxpc2hl ZCB2YXJpb3 VzIHJlc2Vh cmNoIGluc3 RpdHV0ZXMg YW5kIGlubm 92YXRpb24g Y2VudGVycy B0byBlbmNv dXJhZ2UgdG hlIGRldmVs b3BtZW50IG 9mIG5ldyB0 ZWNobm9sb2 dpZXMgYW5k IGJ1c2luZX NzIG1vZGVs cy4gSXQgaG FzIGFsc28g aW1wbGVtZW 50ZWQgYSAi RGlnaXRhbC BDaGluYSBN ZXJjaGFudH MiIHN0cmF0 ZWd5IHRvIH RyYW5zZm9y bSBpdHMgb3 BlcmF0aW9u cyBhbmQgaW 1wcm92ZSBl ZmZpY2llbm N5IHRocm91 Z2ggdGhlIH VzZSBvZiB0 ZWNobm9sb2 d5Ljxicj5P dmVyYWxsLC B0aGUgY29t YmluYXRpb2 4gb2YgaXRz IGxvbmcgaG lzdG9yeSwg Z2xvYmFsIH ByZXNlbmNl LCBjb21taX RtZW50IHRv IHN1c3RhaW 5hYmlsaXR5 LCBhbmQgaW 5ub3ZhdGl2 ZSBtaW5kc2 V0IG1ha2Vz IENoaW5hIE 1lcmNoYW50 cyBHcm91cC BhIHVuaXF1 ZSBhbmQgaW 5mbHVlbnRp YWwgY29tcG FueSBpbiBD aGluYSBhbm QgdGhlIHdv cmxkLg==

VGhlIENoaW 5hIE1lcmNo YW50cyBHcm 91cCBpcyBh IHN0YXRlLW 93bmVkIGNv bmdsb21lcm F0ZSBoZWFk cXVhcnRlcm VkIGluIEhv bmcgS29uZy B0aGF0IG9w ZXJhdGVzIG luIGEgdmFy aWV0eSBvZi BpbmR1c3Ry aWVzIGluY2 x1ZGluZyB0 cmFuc3Bvcn RhdGlvbiwg aW5mcmFzdH J1Y3R1cmUs IHJlYWwgZX N0YXRlLCBl bmVyZ3ksIG FuZCBmaW5h bmNlLiBUaG UgY29tcGFu eSdzIGJ1c2 luZXNzIG1v ZGVsIGlzIG J1aWx0IGFy b3VuZCBpbn RlZ3JhdGlv biBhbmQgZG l2ZXJzaWZp Y2F0aW9uLC B3aXRoIGEg Zm9jdXMgb2 4gaW52ZXN0 aW5nIGluIG FuZCBtYW5h Z2luZyBhc3 NldHMgYWNy b3NzIG11bH RpcGxlIHNl Y3RvcnMuPG JyPlRoZSBj b21wYW55J3 MgbWFpbiBi dXNpbmVzcy BhY3Rpdml0 aWVzIGluY2 x1ZGU6PGJy PjEuIFBvcn QgYW5kIFRl cm1pbmFsIE 9wZXJhdGlv bnM6IENoaW 5hIE1lcmNo YW50cyBHcm 91cCBvcGVy YXRlcyBhbm QgbWFuYWdl cyBhIGdsb2 JhbCBuZXR3 b3JrIG9mIH BvcnRzIGFu ZCB0ZXJtaW 5hbHMsIGlu Y2x1ZGluZy Bjb250YWlu ZXIgdGVybW luYWxzLCBi dWxrIGNhcm dvIHRlcm1p bmFscywgYW 5kIGNydWlz ZSB0ZXJtaW 5hbHMuIFRo ZXkgYWxzby BpbnZlc3Qg aW4gYW5kIG RldmVsb3Ag cG9ydCBpbm ZyYXN0cnVj dHVyZSBhbm Qgc2Vydmlj ZXMuPGJyPj IuIEluZnJh c3RydWN0dX JlIGFuZCBU cmFuc3Bvcn RhdGlvbiBD b25zdHJ1Y3 Rpb246IFRo ZSBjb21wYW 55IGlzIGlu dm9sdmVkIG luIHRoZSBj b25zdHJ1Y3 Rpb24gYW5k IG9wZXJhdG lvbiBvZiBy b2FkcywgaG lnaHdheXMs IGJyaWRnZX MsIGFpcnBv cnRzLCBhbm Qgb3RoZXIg dHJhbnNwb3 J0YXRpb24g cHJvamVjdH MgaW4gQ2hp bmEgYW5kIG ludGVybmF0 aW9uYWxseS 48YnI+My4g UmVhbCBFc3 RhdGUgRGV2 ZWxvcG1lbn Q6IENoaW5h IE1lcmNoYW 50cyBHcm91 cCBvd25zIG FuZCBkZXZl bG9wcyBjb2 1tZXJjaWFs LCByZXNpZG VudGlhbCwg YW5kIGluZH VzdHJpYWwg cmVhbCBlc3 RhdGUgcHJv cGVydGllcy BpbiBDaGlu YSBhbmQgb3 ZlcnNlYXMs IGluY2x1ZG luZyBzaG9w cGluZyBtYW xscywgYnVz aW5lc3MgZG lzdHJpY3Rz LCBhbmQgaW 5kdXN0cmlh bCBwYXJrcy 48YnI+NC4g RW5lcmd5IG FuZCBOYXR1 cmFsIFJlc2 91cmNlczog VGhlIGNvbX BhbnkgaXMg ZW5nYWdlZC BpbiB0aGUg ZXhwbG9yYX Rpb24sIGRl dmVsb3BtZW 50LCBhbmQg cHJvZHVjdG lvbiBvZiBv aWwgYW5kIG dhcywgYXMg d2VsbCBhcy Bjb2FsIG1p bmluZywgcG 93ZXIgZ2Vu ZXJhdGlvbi wgYW5kIHJl bmV3YWJsZS BlbmVyZ3kg cHJvamVjdH MuPGJyPjUu IEZpbmFuY2 lhbCBTZXJ2 aWNlczogQ2 hpbmEgTWVy Y2hhbnRzIE dyb3VwIGhh cyBhIHJhbm dlIG9mIGZp bmFuY2lhbC BzZXJ2aWNl cyBzdWJzaW RpYXJpZXMs IGluY2x1ZG luZyBiYW5r aW5nLCBpbn N1cmFuY2Us IHNlY3VyaX RpZXMsIGFu ZCBhc3NldC BtYW5hZ2Vt ZW50LCBwcm 92aWRpbmcg ZmluYW5jaW 5nIGFuZCBp bnZlc3RtZW 50IHNlcnZp Y2VzIHRvIH N1cHBvcnQg aXRzIG90aG VyIGJ1c2lu ZXNzIGFjdG l2aXRpZXMu PGJyPlRoZS Bjb21wYW55 J3MgYnVzaW 5lc3MgbW9k ZWwgaXMgYm FzZWQgb24g dXRpbGl6aW 5nIGl0cyBl eHRlbnNpdm UgZXhwZXJp ZW5jZSwgcm Vzb3VyY2Vz LCBhbmQgZX hwZXJ0aXNl IGluIHZhcm lvdXMgaW5k dXN0cmllcy B0byBjcmVh dGUgc3luZX JnaWVzIGFu ZCBjYXB0dX JlIG9wcG9y dHVuaXRpZX MgZm9yIGdy b3d0aCBhbm QgcHJvZml0 YWJpbGl0eS 4gSXRzIGRp dmVyc2lmaW VkIHBvcnRm b2xpbyBhbG xvd3MgZm9y IGEgYmFsYW 5jZWQgYW5k IHJlc2lsaW VudCBidXNp bmVzcyBzdH JhdGVneSwg d2hpbGUgaX RzIGdsb2Jh bCBwcmVzZW 5jZSBhbmQg cGFydG5lcn NoaXBzIGVu YWJsZSBpdC B0byBleHBh bmQgYW5kIG V4cGxvcmUg bmV3IG1hcm tldHMgYW5k IG9wcG9ydH VuaXRpZXMu

AI does have the potential to pose a material threat to the China Merchants Group’s products, services, or competitive positioning in several ways, including substitution, disintermediation, and margin pressure.
1. Substitution: AI technologies can potentially substitute traditional products and services offered by China Merchants Group, especially in areas like logistics, supply chain management, and shipping. For instance, autonomous shipping vessels or AI-driven logistics platforms could reduce the need for certain traditional services, impacting demand for their offerings.
2. Disintermediation: AI could facilitate direct interactions between consumers and service providers, bypassing traditional intermediaries. For China Merchants Group, this might mean that customers can engage directly with shipping services or logistics solutions powered by AI, diminishing the role of established companies in their value chain.
3. Margin Pressure: As AI technologies become more prevalent, there may be increased competition from firms leveraging AI to optimize operations, reduce costs, and enhance service efficiency. This can pressure profit margins across various sectors of China Merchants Group’s operations, particularly in logistics and shipping, where efficiency gains are crucial for maintaining competitiveness.
Overall, while AI presents opportunities for innovation and efficiency, it also introduces risks that the China Merchants Group must strategically manage to safeguard its market position and product offerings.

The sensitivity of China Merchants Group’s earnings, cash flow, and valuation to changes in interest rates can be analyzed from several perspectives.
1. Earnings Sensitivity: Higher interest rates generally lead to increased borrowing costs for companies. For China Merchants Group, as a conglomerate with diverse operations, higher rates could impact net income through increased interest expenses on debt. Conversely, if the group has investments in sectors that benefit from rising rates, such as financial services, it might cushion earnings pressure.
2. Cash Flow Sensitivity: Cash flow from operations may also be influenced by interest rate changes. Increased rates could strain cash flows if the group faces higher costs to service its debt. Additionally, if higher rates slow economic growth, this could negatively affect revenue streams across various sectors, impacting cash flow.
3. Valuation Sensitivity: Valuation is sensitive to interest rates primarily because of the discount rate used in net present value calculations. As interest rates rise, the discount rate increases, leading to lower present values of future cash flows. This could result in a decreased valuation for China Merchants Group, particularly if the market perceives that higher rates will negatively impact growth prospects.
In summary, China Merchants Group’s earnings, cash flow, and valuation are interconnected and can be adversely affected by rising interest rates due to increased borrowing costs, potential impacts on revenue growth, and changes in discount rates used in valuation assessments. The overall sensitivity will depend on the company’s financial structure, sector exposures, and economic conditions.

QSByZWFsaX N0aWMgc2Nl bmFyaW8gdG hhdCBjb3Vs ZCBwZXJtYW 5lbnRseSBp bXBhaXIgdG hlIENoaW5h IE1lcmNoYW 50cyBHcm91 cOKAmXMgZW Nvbm9taWNz IG92ZXIgdG hlIG5leHQg M+KAkzUgeW VhcnMgbWln aHQgaW52b2 x2ZSBhIGNv bWJpbmF0aW 9uIG9mIGdl b3BvbGl0aW NhbCB0ZW5z aW9ucywgcm VndWxhdG9y eSBjaGFuZ2 VzLCBhbmQg c2lnbmlmaW NhbnQgZGlz cnVwdGlvbn MgaW4gZ2xv YmFsIHRyYW RlIHBhdHRl cm5zLiBGb3 IgaW5zdGFu Y2UsIGhlaW dodGVuZWQg dGVuc2lvbn MgYmV0d2Vl biBDaGluYS BhbmQgbWFq b3IgZWNvbm 9taWVzIOKA kyBzdWNoIG FzIHRoZSBV bml0ZWQgU3 RhdGVzIG9y IHRoZSBFdX JvcGVhbiBV bmlvbiDigJ MgY291bGQg bGVhZCB0by BpbmNyZWFz ZWQgdGFyaW ZmcywgdHJh ZGUgYmFycm llcnMsIG9y IG91dHJpZ2 h0IHNhbmN0 aW9ucyB0YX JnZXRpbmcg Q2hpbmVzZS Bjb21wYW5p ZXMuIFRoaX Mgc2NlbmFy aW8gY291bG QgZnVydGhl ciBiZSBpbn RlbnNpZmll ZCBieSBhIG dsb2JhbCBl Y29ub21pYy Bkb3dudHVy biwgd2hpY2 ggd291bGQg aW1wYWN0IG RlbWFuZCBm b3IgdHJhZG UgYW5kIGxv Z2lzdGljcy BzZXJ2aWNl cyB3aGVyZS BDaGluYSBN ZXJjaGFudH MgR3JvdXAg b3BlcmF0ZX MuPGJyPklu IHRoaXMgc2 NlbmFyaW8s IHZhcmlvdX MgZWNvbm9t aWMgbWV0cm ljcyB3b3Vs ZCBiZSBhZH ZlcnNlbHkg YWZmZWN0ZW QuIEZpcnN0 bHksIG1hcm dpbnMgY291 bGQgc2lnbm lmaWNhbnRs eSBzaHJpbm sgYXMgdGhl IGNvbXBhbn kgZmFjZXMg aGlnaGVyIG 9wZXJhdGlv bmFsIGNvc3 RzIGR1ZSB0 byB0YXJpZm ZzIGFuZCBz dXBwbHkgY2 hhaW4gZGlz cnVwdGlvbn MsIGNvdXBs ZWQgd2l0aC BpbmNyZWFz ZWQgY29tcG V0aXRpb24g YXMgb3RoZX IgbmF0aW9u cyBzZWVrIH RvIGZpbGwg dGhlIGdhcH MgbGVmdCBi eSBhIGRpbW luaXNoZWQg Q2hpbmVzZS BzdXBwbHkg Y2hhaW4uIF Byb2ZpdCBt YXJnaW5zIG NvdWxkIGRl Y3JlYXNlIG Zyb20gYSBo ZWFsdGh5IH JhbmdlIHRv IHBvdGVudG lhbGx5IGJl bG93IGJyZW FrZXZlbiBp biBjZXJ0YW luIGJ1c2lu ZXNzIHNlZ2 1lbnRzLjxi cj5DYXNoIG Zsb3cgd291 bGQgYWxzby BiZSBuZWdh dGl2ZWx5IG ltcGFjdGVk LCBhcyBkZW NyZWFzZWQg ZGVtYW5kIH dvdWxkIGxl YWQgdG8gbG 93ZXIgcmV2 ZW51ZS4gVG hlIGNvbXBh bnkgbWlnaH QgZmFjZSBs aXF1aWRpdH kgaXNzdWVz IGR1ZSB0by ByZWR1Y2Vk IGNhc2ggaW 5mbG93cywg Zm9yY2luZy BpdCB0byBy ZWx5IG9uIG NyZWRpdCBm YWNpbGl0aW VzIG9yIG90 aGVyIGZpbm FuY2luZyBt ZXRob2RzLi BUaGlzIGNv dWxkIGluY3 JlYXNlIGlu dGVyZXN0IG V4cGVuc2Vz IGFuZCBzdH JhaW4gZmlu YW5jaWFsIH Jlc291cmNl cyBmdXJ0aG VyLiBPcGVy YXRpb25hbC BjYXNoIGZs b3cgbWlnaH QgZGVjbGlu ZSBzaGFycG x5LCByZXN1 bHRpbmcgaW 4gY2hhbGxl bmdlcyB0by BmdW5kIHJl Z3VsYXIgb3 BlcmF0aW9u cywgcGF5IG 9mZiBleGlz dGluZyBkZW J0cywgb3Ig aW52ZXN0IG luIGdyb3d0 aCBvcHBvcn R1bml0aWVz Ljxicj5Pbi B0aGUgYmFs YW5jZSBzaG VldCwgdGhl IGltcGFjdC B3b3VsZCBs aWtlbHkgbG VhZCB0byBy aXNpbmcgZG VidCBsZXZl bHMgYXMgdG hlIGNvbXBh bnkgYXR0ZW 1wdHMgdG8g c3RhYmlsaX plIGl0cyBv cGVyYXRpb2 5zIGFtaWQg ZmluYW5jaW FsIHN0cmVz cy4gVGhpcy Bjb3VsZCBm dXJ0aGVyIG RldGVyaW9y YXRlIGZpbm FuY2lhbCBy YXRpb3MsIH N1Y2ggYXMg dGhlIGRlYn QtdG8tZXF1 aXR5IHJhdG lvLCBhcyBs aWFiaWxpdG llcyBzd2Vs bCByZWxhdG l2ZSB0byBh c3NldHMuIE xvbmctdGVy bSBzb2x2ZW 5jeSBjb3Vs ZCBiZSBjYW xsZWQgaW50 byBxdWVzdG lvbiwgbWFr aW5nIGl0IG hhcmRlciB0 byBzZWN1cm UgZmF2b3Jh YmxlIGZpbm FuY2luZyB0 ZXJtcy4gQW RkaXRpb25h bGx5LCBhc3 NldCB2YWx1 ZXMgbWlnaH QgZGVjbGlu ZSBkdWUgdG 8gcmVkdWNl ZCBkZW1hbm QgZm9yIGxv Z2lzdGljcy BhbmQgc2hp cHBpbmcgc2 VydmljZXMs IHBvdGVudG lhbGx5IGlt cGFpcmluZy BjZXJ0YWlu IHNlZ21lbn RzIG9mIHRo ZSBidXNpbm VzcyBhbmQg bGVhZGluZy B0byBhc3Nl dCB3cml0ZS 1kb3ducy48 YnI+T3Zlcm FsbCwgaW4g dGhpcyBhZH ZlcnNlIHNj ZW5hcmlvLC B0aGUgQ2hp bmEgTWVyY2 hhbnRzIEdy b3VwIHdvdW xkIGZhY2Ug YSBjaGFsbG VuZ2luZyBl Y29ub21pYy BsYW5kc2Nh cGUgY2hhcm FjdGVyaXpl ZCBieSByZW R1Y2VkIG1h cmdpbnMsIH N0cmFpbmVk IGNhc2ggZm xvd3MsIGFu ZCBhIHdlYW tlbmVkIGJh bGFuY2Ugc2 hlZXQsIHdo aWNoIGNvdW xkIHNpZ25p ZmljYW50bH kgaW1wYWly IGl0cyBvcG VyYXRpb25h bCBjYXBhYm lsaXRpZXMg YW5kIGxvbm ctdGVybSB2 aWFiaWxpdH kuPGJyPg==

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MvdV Q3WHlTU1py OWhSekRnRX cxZzkud2Vi cCIgYWx0PS JDaGluYSBN ZXJjaGFudH MgR3JvdXAi IHRpdGxlPS JDaGluYSBN ZXJjaGFudH MgR3JvdXAi ICBjbGFzcz 0iaW1nLWZs dWlkIiBoZW lnaHQ9NTAg d2lkdGg9NT AgbG9hZGlu Zz0nbGF6eS cgc3R5bGU9 J2JvcmRlci 1yYWRpdXM6 IDZweDsnPg oKICAgICAg ICAgICAgIC AgICAgICA8 ZGl2IHN0eW xlPSdmbGV4 OiAxOyB0ZX h0LWFsaWdu OiBjZW50ZX I7IG1hcmdp bi1sZWZ0Oi A1cHg7Jz4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgPHAgc3R5 bGU9J2Zvbn Qtc2l6ZTog MjZweDsgY2 9sb3I6ICMz MzM7IG1hcm dpbi1ib3R0 b206IDE1cH g7Jz4KICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIPCfk4gg V2FudCB0by ByZWFkIG1v cmUgYWJvdX QgQ2hpbmEg TWVyY2hhbn RzIEdyb3Vw PwogICAgIC AgICAgICAg ICAgICAgIC AgICA8L3A+ CgogICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdpbm RleC5waHA/ cGFnZT1zaW dudXAnIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGJhY2 tncm91bmQt Y29sb3I6IC MwMDdCRkY7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBj b2xvcjogI2 ZmZjsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH ggMjBweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIGJv cmRlci1yYW RpdXM6IDVw eDsKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IHRleHQtZG Vjb3JhdGlv bjogbm9uZT sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG ZvbnQtd2Vp Z2h0OiBib2 xkOwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgbWFyZ2lu LXJpZ2h0Oi AxMHB4Owog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgdHJh bnNpdGlvbj ogYmFja2dy b3VuZC1jb2 xvciAwLjNz IGVhc2U7Jw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgb2 5tb3VzZW92 ZXI9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA1Nm IzIicKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIG9ubW91 c2VvdXQ9J3 RoaXMuc3R5 bGUuYmFja2 dyb3VuZENv bG9yPSIjMD A3QkZGIic+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBT aWduIHVwIG ZvciBmcmVl CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDwvYT4K CiAgICAgIC AgICAgICAg ICAgICAgIC AgIDxzcGFu IHN0eWxlPS dtYXJnaW46 IDAgOHB4Oy Bjb2xvcjog IzU1NTsnPm 9yPC9zcGFu PgoKICAgIC AgICAgICAg ICAgICAgIC AgICAgPGEg aHJlZj0naW 5kZXgucGhw P3BhZ2U9bG 9naW4nIHN0 eWxlPScKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGNvbG 9yOiAjMDA3 QkZGOwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgdGV4dC 1kZWNvcmF0 aW9uOiB1bm RlcmxpbmU7 CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBm b250LXdlaW dodDogNTAw Oyc+CiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICBsb2cgaW 4KICAgICAg ICAgICAgIC AgICAgICAg ICAgPC9hPg oKCiAgICAg ICAgICAgIC AgICAgICAg ICAgIDxwIH N0eWxlPSdt YXJnaW4tdG 9wOiAxNXB4 OyBmb250LX NpemU6IDEz cHg7IGZvbn Qtd2VpZ2h0 OiBib2xkOy Bjb2xvcjog I2QzMmYyZj snPgogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Ag8J+ZjCBK b2luIG5vdy B0byBnZXQg PGk+IlRoZS BDaGVja2xp c3QgVmFsdW UgSW52ZXN0 b3Ig4oCUIE EgU21hcnRl ciBXYXkgdG 8gUGljayBT dG9ja3MiPC 9pPiBhdCBu byBjb3N0Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvcD4KCi AgICAgICAg ICAgICAgIC AgICAgICAg IDwhLS0KIC AgICAgICAg ICAgICAgIC AgICAgICAg PGRpdiBzdH lsZT0nbWFy Z2luLXRvcD ogMTJweDsg Zm9udC1zaX plOiAxM3B4 OyBjb2xvcj ogIzQ0NDsn PgogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg U2lnbiB1cC Bub3cgYW5k IGdldCBvdX IgZnJlZSBl Qm9vayAKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIDxiPl RoZSBDaGVj a2xpc3QgVm FsdWUgSW52 ZXN0b3Ig4o CUIEEgU21h cnRlciBXYX kgdG8gUGlj ayBTdG9ja3 M8L2I+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvZGl2Pgog ICAgICAgIC AgICAgICAg ICAgICAgIC AtLT4KICAg ICAgICAgIC AgICAgICAg ICAgICAgPC EtLQogICAg ICAgICAgIC AgICAgICAg ICAgICA8ZG l2IHN0eWxl PSdtYXJnaW 4tdG9wOiAx NnB4OyBmb2 50LXNpemU6 IDE0cHg7IG NvbG9yOiAj NDQ0OyBmb2 50LWZhbWls eTogLWFwcG xlLXN5c3Rl bSwgQmxpbm tNYWNTeXN0 ZW1Gb250LC BTZWdvZSBV SSwgUm9ib3 RvLCBIZWx2 ZXRpY2EgTm V1ZSwgc2Fu cy1zZXJpZj sgbGluZS1o ZWlnaHQ6ID EuNjsnPgog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgSGF2 ZSB5b3UgaG VhcmQgYWJv dXQgb3VyIH Nob3J0IDxz dHJvbmcgc3 R5bGU9J2Zv bnQtd2VpZ2 h0OiA2MDA7 Jz5EYWlseS BWaWRlbyBO ZXdzbGV0dG VyPC9zdHJv bmc+PwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgPGEgaH JlZj0naHR0 cHM6Ly93d3 cuaW5zaWdo dGZ1bHZhbH VlLmNvbS9u ZXdzbGV0dG VyLnBocCcg dGFyZ2V0PS dfYmxhbmsn IHN0eWxlPS djb2xvcjog IzAwN0JGRj sgdGV4dC1k ZWNvcmF0aW 9uOiBub25l OyBmb250LX dlaWdodDog NTAwOyBtYX JnaW4tbGVm dDogNnB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgRmlu ZCBvdXQgbW 9yZQogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9hPgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgICAg ICAgICAgIC AgLS0+CiAg ICAgICAgIC AgICAgICAg ICAgPC9kaX Y+CiAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgIAogIC AgICAgIAog ICAgICAgID xzcGFuIGNs YXNzPSdibH VycmVkLXRl eHQnPgogIC AgICAgICAg ICBNUzRnUT JocGJtIEVn VFdWeVkyaG ggYm5SeklF ZHliMyBWd0 lHbHpJRzl1 IFpTQnZaaU IwYUcgVWdi R0Z5WjJWei BkQ0J6ZEdG MFpTIDF2ZD I1bFpDQmwg Ym5SbGNuQn lhWCBObGN5 QnBiaUJEIG FHbHVZU3dn ZDIgbDBhQ0 JoSUdocCBj M1J2Y25rZ1 pHIEYwYVc1 bklHSmggWT JzZ2JXOXla UyBCMGFHRn VJREUxIE1D QjVaV0Z5Y3 kgNDhZbkkr TWk0ZyBWR2 hsSUdOdmJY IEJoYm5rZ2 QyRnogSUda cGNuTjBJRy BWemRHRmli R2x6IGFHVm tJR2x1SUQg RTROeklnWV hNZyBkR2hs SUVodmJtIG NnUzI5dVp5 QmggYm1RZ1 YyaGhiWCBC dllTQkViMk 5yIElFTnZi WEJoYm4ga3 NJR1p2WTNW eiBaV1FnYj I0Z2MyIGhw Y0hCcGJtY2 cgWVc1a0lI UnlZVyBScG JtY2dhVzRn IFNHOXVaeU JMYjIgNW5J R0Z1WkNCei BiM1YwYUdW eWJpIEJEYU dsdVlTNDgg WW5JK015NG dTVyA0Z2RH aGxJREU1IE 5UQnpMQ0Iw YUcgVWdZMj l0Y0dGdSBl U0IzWVhNZ2 NtIFZ1WVcx bFpDQkQgYU dsdVlTQk5a WCBKamFHRn VkSE1nIFUz UmxZVzBnVG 0gRjJhV2Ro ZEdsdiBiaU JEYjIxd1lX IDU1SUdGdV pDQjMgWVhN Z1pYWmxibi BSMVlXeHNl U0J5IFpYTj BjblZqZEgg VnlaV1FnYV c1MCBieUIw YUdVZ1EyIG hwYm1FZ1RX VnkgWTJoaG JuUnpJRSBk eWIzVndJR2 x1IElESXdN REl1UEcgSn lQalF1SUZS diBaR0Y1TE NCRGFHIGx1 WVNCTlpYSm ogYUdGdWRI TWdSMyBKdm RYQWdiM0Js IGNtRjBaWE 1nYVcgNGdi WFZzZEdsdy BiR1VnYVc1 a2RYIE4wY2 1sbGN5QnAg Ym1Oc2RXUn BibSBjZ2RI Smhibk53IG IzSjBZWFJw YjIgNHNJR1 pwYm1GdSBZ MlVzSUhKbF lXIHdnWlhO MFlYUmwgTE NCaGJtUWda VyA1bGNtZD VMQ0IzIGFY Um9JR0VnY0 ggSmxjMlZ1 WTJVZyBhVz RnYjNabGNp IEF4TURBZ1 kyOTEgYm5S eWFXVnpJRy BGdVpDQnla V2RwIGIyNX pJSGR2Y20g eGtkMmxrWl M0OCBZbkkr TlM0Z1ZHIG hsSUdOdmJY QmggYm5rZ2 FYTWdkRyBo bElHeGhjbW RsIGMzUWdj Rzl5ZEMgQn ZjR1Z5WVhS diBjaUJwYm lCRGFHIGx1 WVN3Z2QybD AgYUNCcGJu WmxjMyBSdF pXNTBjeUJw IGJpQTBOU0 J3YjMgSjBj eUJoYm1RZy BkR1Z5Ylds dVlXIHh6SU dsdUlERXgg SUdOdmRXNT BjbSBsbGN5 NDhZbkkrIE 5pNGdRMmhw Ym0gRWdUV1 Z5WTJoaCBi blJ6SUVkeW IzIFZ3SUds eklHRnMgYz I4Z1lTQnRZ VyBwdmNpQn diR0Y1IFpY SWdhVzRnZE cgaGxJR0po Ym10cCBibW NnYzJWamRH IDl5TENCdm QyNXAgYm1j Z2IzSWdhRy BGMmFXNW5J SE5wIFoyNX BabWxqWVcg NTBJSE4wWV d0bCBjeUJw YmlCelpYIF psY21Gc0lH SmggYm10ek lHbHVJRSBO b2FXNWhMQ0 JwIGJtTnNk V1JwYm0gY2 dRMmhwYm1F ZyBUV1Z5WT JoaGJuIFJ6 SUVKaGJtc3 MgSUc5dVpT QnZaaSBCMG FHVWdiR0Z5 IFoyVnpkQ0 JqYjIgMXRa WEpqYVdGcy BJR0poYm10 eklHIGx1SU hSb1pTQmog YjNWdWRISj VMaiB4aWNq NDNMaUJVIG FHVWdZMjl0 Y0cgRnVlU0 JvWVhNZyBZ bVZsYmlCcG JuIFp2Ykha bFpDQnAgYm lCdFlXNTVJ RyB4aGJtUn RZWEpyIElI QnliMnBsWT MgUnpMQ0J6 ZFdObyBJR0 Z6SUhSb1pT IEJqYjI1em RISjEgWTNS cGIyNGdiMi BZZ2RHaGxJ Rk5vIFpXNT ZhR1Z1SUYg TndaV05wWV d3ZyBSV052 Ym05dGFXIE 1nV205dVpT QmggYm1RZ2 RHaGxJRyBS bGRtVnNiM0 J0IFpXNTBJ RzltSUggUm 9aU0JEYUds dSBZU0JYYj NKc1pDIEJV Y21Ga1pTQk QgWlc1MFpY SWdhVyA0Z1 FtVnBhbWx1 IFp5NDhZbk krT0MgNGdT VzRnY21Wai BaVzUwSUhs bFlYIEp6TE NCRGFHbHUg WVNCTlpYSm phRyBGdWRI TWdSM0p2IG RYQWdhR0Z6 SUcgSmxaVz RnWVdOMCBh WFpsYkhrZ1 pYIGh3WVc1 a2FXNW4gSU dsMGN5Qm5i RyA5aVlXd2 djbVZoIFky Z2dkR2h5Yj MgVm5hQ0J3 WVhKMCBibV Z5YzJocGNI IE1nWVc1a0 lHbHUgZG1W emRHMWxibi BSeklHbHVJ R052IGRXNT BjbWxsY3kg QnpkV05vSU dGeiBJRk55 YVNCTVlXID VyWVN3Z1JH cHAgWW05MW RHa3NJRyBG dVpDQkhjbV ZsIFkyVXVQ R0p5UGoga3 VJRWx1SURJ dyBNVGdzSU VOb2FXIDVo SUUxbGNtTm 8gWVc1MGN5 QkhjbSA5MW NDQjNZWE1n IGNtRnVhMl ZrSUQgRTVk R2dnYjI0Zy BkR2hsSUVa dmNuIFIxYm 1VZ1IyeHYg WW1Gc0lEVX dNQyBCc2FY TjBJRzltIE lIUm9aU0Iz YjMgSnNaT0 tBbVhNZyBi R0Z5WjJWem RDIEJqYjIx d1lXNXAgWl hNdVBHSnlQ aiBFd0xpQl VhR1VnIFky OXRjR0Z1ZV MgQm9ZWE1n WVNCeiBkSE p2Ym1jZ1ky IDl0YldsMG JXVnUgZENC MGJ5QnpiMi BOcFlXd2dj bVZ6IGNHOX VjMmxpYVcg eHBkSGtnWV c1ayBJR2ho Y3lCcGJYIE JzWlcxbGJu UmwgWkNCMl lYSnBiMyBW eklHbHVhWF JwIFlYUnBk bVZ6SUggUn ZJSEJ5YjIx diBkR1VnYz NWemRHIEZw Ym1GaWJHVW cgWkdWMlpX eHZjRyAxbG JuUWdZVzVr IElHTnZiVz ExYm0gbDBl U0JpZFdscy BaR2x1Wnl3 Z2FXIDVqYk hWa2FXNW4g SUhCdmRtVn lkSCBrZ1lX eHNaWFpwIF lYUnBiMjRn Y0ggSnZaM0 poYlhNZyBZ VzVrSUdWdW RtIGx5YjI1 dFpXNTAgWV d3Z1kyOXVj MiBWeWRtRj BhVzl1IElH Vm1abTl5ZE ggTXUKICAg ICAgICA8L3 NwYW4+CiAg ICAgICAgCi AgICAgICAg