HUAXI HOLDINGS COMPANY LIMITED : 75,000,000 60,000,000 15,000,000 : 67,500,000 : 7,500,000 : %0.003% 0.005% : 0.01 : C

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1 HUAXI HOLDINGS COMPANY LIMITED 華禧控股有限公司 HUAXI HOLDINGS COMPANY LIMITED 華禧控股有限公司 於開曼群島註冊成立的有限公司 股份代號 1689 股份發售 HUAXI HOLDINGS COMPANY LIMITED 華禧控股有限公司 保薦人 獨家賬簿管理人及獨家牽頭經辦人 海通國際資本有限公司 海通國際證券有限公司

2 HUAXI HOLDINGS COMPANY LIMITED : 75,000,000 60,000,000 15,000,000 : 67,500,000 : 7,500,000 : %0.003% 0.005% : 0.01 : C %0.003% 0.005% ( (

3 1 eipo eipo i

4 ( ( ,000, ii

5 1,000,000 iii

6 iv

7 I II-1 III-1 IV V VI-1 v

8 % 5.3% 76.1% 85.3% 91.8% 92.4% 212,100, ,800, ,000,000 51,100, % 9,600,000 29,700,000 44,700,000 8,200, % 0.6% 7.4% 2.3% (i)100,400, ,000, ,100,000 30,600,000 1

9 47.3% 56.8% 57.0% 59.8% (ii) 48,300,000 52,300,000 59,400,000 8,500, % 19.7% 21.3% 16.5% 16 80% 20% 30%

10 4 17, % 38.5% 33.7% 37.9% 31.5% 32.4% 27.0% 24.9% 13.2% 16.1% 12.5% 11.8%50.5% 57.2% 50.2% 46.4% 3

11 212, , ,983 70,709 51,121 27,706 50,420 78,544 15,575 15,717 9,624 29,688 44,738 11,031 8,151 49,530 49,543 53,120 57, , , , , , , , ,564 22,002 55,058 99,032 77,078 2,328 1,341 71, , , ,771 4

12 (7,523) 59,315 38,587 8,154 5,280 (22,735) (7,442) (10,011) (9,422) 9,252 30,684 (38,266) (9,252) (5,537) (30,249) 22,400,000 30,700,000 5,900,000 36,600,000 7,600,000 27,700,000 % % % % % 142, % 174, % 162, % 47, % 27, % 41, % 35, % 26, % 6, % 7, % 26, % 69, % 9, % 11, % 12, % 17, % 4, % 3, % 26, % 15, % 3, % 2, % % 210, % 264, % 278, % 70, % 51, % % % % % % % 212, % 265, % 278, % 70, % 51, % 5

13 (i) (ii) (iii) (i) (ii) 52.3 % % % % % % 24, % 67.1% 25, % 65.6% 33, % 58.2% 8, % 67.8% 6, % 54.0% 7, % 19.8% 7, % 13.4% 6, % 9.4% 1, % 8.9% 1, % 14.3% 12, % 10.2% 32, % 24.7% 3, % 14.1% 6, % 23.4% 6, % 4.6% 7, % 6.2% 1, % 6.2% 1, % 7.2% (4,233) -15.9% 12.6% (1,399) -9.2% 5.8% % 1.3% (5) -0.2% 3.0% (20) -3.5% 1.1% 13.1% 19.0% 28.2% 22.0% 30.7% (i) (ii) 28.2% 30.7%3,100, % 15.9% 6

14 (i) (ii) (iii) (iv) 25.3% 5.0% (27.7%) 208.5% 50.7% (26.1%) 13.1% 19.0% 28.2% 22.0% 30.7% 4.5% 11.2% 16.0% 15.6% 15.9%

15 SXD Limited 225,000,000 75%SXD Limited (i) (ii) (iii) (iv) (v)(vi) 78,000, % 52.3% (i) (ii) (iii) 129,000, %(iv) 2.2% 26,400,000 4,700,000 8

16 5,800,000 3,100,000 2,700,000 5,800,000 10,100,000 35% 23,000,000 29,100,000 1,100,000 1,400,000 21,900,000 27,700,000(i) 19,000,000 24,000,000 (ii) 9,500,000 12,000,000SXD Limited 354,000, ,000,000 25% 3.6% ,000 90%52,500,000 15,000,000 10% 300,000,000 9

17 ,400,000 20,600,000 (38.5%) 20,600,000 (38.5%) 5,600,000 (10.6%) 2,000,000 (3.7%) 2,000,000 (3.7%) 2,600,000 (5.0%) ,000,000 10

18 ,999,999 11

19 32 SXD Limited 12

20 eipo Ipsos Hong Kong Limited 13

21 1% 0.003% 0.005% ,250,000 15% 14

22 67,500,000 52,500,000 15,000,000 15

23 7,500,000 15,000,000 SXD Limited 16

24 571 90% 10%

25 SXD Limited eipo eipo 18

26 % (i)(ii) (iii) (iv) 19

27 ph VOC 20

28 21

29 47.3% 56.8% 57.0% 59.8% 92.1% 91.9% 92.7% 93.6% 22

30 23

31 24

32 15% 15% 25% 13.1% 19.0% 28.2% 30.7% 4.5% 11.2% 16.0% 15.9% 25

33 99.5% 99.6% 99.8% 100.0% 13.1% 19.0% 28.2% 30.7% 26

34 97,600, ,500,000 97,800,000 14,600, % 57.2% 50.2% 46.4% 166,600, ,600, ,300,000 31,100, % 89.0% 89.0% 87.9% (i) 2.5% (ii) 2.0%(iii) 2.1% 27

35 (i) 12.3% (ii) 7.5%(iii) 7.7% 7,500,000 22,400,000 28

36 90 29

37 20,600, % ,300, %

38 31

39 32

40 100,000 33

41 (i) (ii) 34

42

43 ,

44 10% 10% 37

45 38

46 Ipsos Hong Kong Limited 21,900,000 27,700,000 (i) 19,000,000 24,000,000 (ii)9,500,000 12,000,000 SXD Limited 39

47 40

48 (a) 3.05 (b) (c) (d) (e) 3A

49 571V 42

50 43

51 2,000 (i)(ii) (iii) (iv) 44

52 B H 25 4 A 45

53 Pang & Co A

54

55 Clifton House P. O. Box Fort Street Grand Cayman KY Cayman Islands CPA B C 48

56 Appleby Trust (Cayman) Ltd. Clifton House P. O. Box Fort Street Grand Cayman KY Cayman Islands

57 Ipsos Hong Kong Limited Ipsos Hong Kong Limited Ipsos Hong Kong Limited Ipsos Hong Kong Limited Ipsos Hong Kong Limited Ipsos Hong Kong Limited Ipsos Hong Kong Limited 300,000 Ipsos SASynovate Ltd. 8516,000 50

58 51

59 8% 87% 50% 7.5% 7% 52

60 95,000 85,000 75,000 65,000 55,000 45,000 35,000 25,000 15,000 5, % 8.7% 10.3% 31,405 34,090 40, % 47, % 7.5% 51,932 57,125 62,838 69,122 75,688 83, % 7.2% 7.2%7.0% 10% 8% 6% 4% 2% 0% 11.0% 24,5657, % 7.0% 53

61 37,000 34,454 32,200 32,000 30,093 28,124 26,285 27,000 24,565 23,741 21,810 22,031 19,109 18,972 20,444 22,000 15,781 17,175 17,606 16,338 15,161 17,000 13,471 12,265 11,243 11,313 7,917 8,503 9,132 9,808 10,534 12,000 6,977 5,919 4,761 5,153 7,000 8,892 3,661 3,993 4,382 5,221 5,705 6,235 6,813 7,446 8,137 2, % 3% 8.0% 1.3% 2.7% 54

62 , % 60% 55

63 56 2,712 2,977 3,236 3,564 3,891 4,320 4,809 5,369 6,016 6,766 2,000 3,000 4,000 5,000 6,000 7, % 28,640 (i) (ii) 6%(iii)

64 3,500 3,000 2,500 2,000 2,220 2,290 2,375 2,447 2,516 2,585 2,655 2,724 2,794 2,864 1,500 1, ,460 21,650 57

65 3,500 3,000 2,500 2,000 1,500 1, ,143 2,229 2,317 2,406 2,497 2,588 2,679 2,770 2,860 2, ,041 1,167 1,313 1,481 1,675 1,901 2,165 3,500 3,000 2,500 2,000 1,500 1, ,

66

67 Chunghwa Shanghai Tobacco Group Co., Ltd Double Happiness Shanghai Tobacco Group Co., Ltd Su Yan China Tobacco Jiangsu Industrial Co., Ltd Nanjing China Tobacco Jiangsu Industrial Co., Ltd Liqun China Tobacco Zhejiang Industrial Co., Ltd Huangshan China Tobacco Anhui Industrial Co., Ltd Septwolves China Tobacco Fujian Industrial Co., Ltd Dihao China Tobacco Henan Industrial Co., Ltd Huanghelou China Tobacco Hubei Industrial Co., Ltd Shuangxi China Tobacco Guangdong Industrial Co., Ltd Zhenlong China Tobacco Guangxi Industrial Co., Ltd Pride China Tobacco Chuanyu Industrial Co., Ltd Huangguoshu China Tobacco Guizhou Industrial Co., Ltd Furongwang China Tobacco Hunan Industrial Co., Ltd Baisha China Tobacco Hunan Industrial Co., Ltd Yuxi China Tobacco Yunnan Industrial Co., Ltd Hongtashan China Tobacco Yunnan Industrial Co., Ltd Hongmei China Tobacco Yunnan Industrial Co., Ltd Yunyan China Tobacco Yunnan Industrial Co., Ltd Honghe China Tobacco Yunnan Industrial Co., Ltd 10 Changbaishan Jinlin Tobacco Industry Co., Ltd Lanzhou Gansu Tobacco Industry Co., Ltd Golden Bridge China Tobacco Fujian Industrial Co., Ltd Jinshen China Tobacco Jiangxi Industrial Co., Ltd Taishan China Tobacco Shandong Industrial Co., Ltd Zhongnanhai Shanghai Tobacco Group Co., Ltd Diamond China Tobacco Hebei Industrial Co., Ltd Derby China Tobacco Anhui Industrial Co., Ltd Guiyan China Tobacco Guizhou Industrial Co., Ltd Haomao China Tobacco Shanxi Industrial Co., Ltd 60

68 ,000,0003,000,000 5,000,0002,000,000 3,000,000 50, , , (i) (ii) (iii) ,000 61

69 Shanghai Tobacco Group Co., Ltd 5.4% China Tobacco Hebei Industrial Co., Ltd 85.8% China Tobacco Jiangsu Industrial Co., Ltd China Tobacco Zhejiang Industrial Co., Ltd China Tobacco Anhui Industrial Co., Ltd China Tobacco Fujian Industrial Co., Ltd China Tobacco Jiangxi Industrial Co., Ltd China Tobacco Shandong Industrial Co., Ltd China Tobacco Henan Industrial Co., Ltd China Tobacco Hubei Industrial Co., Ltd China Tobacco Guangdong Industrial Co., Ltd China Tobacco Guangxi Industrial Co., Ltd China Tobacco Chuanyu Industrial Co., Ltd China Tobacco Guizhou Industrial Co., Ltd China Tobacco Shaanxi Industrial Co., Ltd China Tobacco Hunan Industrial Co., Ltd China Tobacco Yunnan Industrial Co., Ltd Heilongjiang Tobacco Industry Co., Ltd 8.8% Hongta Liaoning Tobacco Co., Ltd Jinlin Tobacco Industry Co., Ltd Gansu Tobacco Industry Co., Ltd Inner Mongolia Kunming Cigarette Co., Ltd Hainan Hongta Cigarette Co., Ltd Shenzhen Tobacco Industry Co., Ltd Shanxi Kunming Tobacco Co., Ltd 62

70 19% 51% 24,970 9% 7% 7% 7%

71 7.6% 2.0% 8.4% 1.2% 64.1% 16.8% 2.9% 2.7% 2.3% 64

72 % 60.1% 87.6% 1 A 7.9% 25.9% 0.6% 2 B 5.4% 4.8% 1.7% 3 C 4.3% 9.9% 0.0% 4 D 3.7% 2.6% 1.8% 5 E 3.2% 3.9% 2.3% (1)(2)(3)(4) (5) 65

73 1 A 25.9% 2 F 10.9% 3 C 9.9% 4 7.4% 5 G 6.0% (1)(2)(3)(4) (5) 1 H 46.5% 2 I 16.9% 3 J 11.1% 4 K 6.8% 5 L 6.3% (1)(2)(3)(4) (5) 66

74 % ISO

75 % 22,200 25,160 28, % -0.94% 10.0% 15.0% 68

76 50,000 40,000 34,432 35,040 35,311 36,080 36,645 37,542 38,437 39,274 40,106 40,932 30,000 20,000 10, ,060 1,1801, % % 69

77 2,500 2,000 1,808 1,832 1,853 1,902 1,939 1,989 2,040 2,089 2,137 2,187 1,500 1, ,230 1,3501, % % 3,000 2,500 2,000 2,154 2,197 2,221 2,255 2,274 2,323 2,374 2,422 2,470 2,519 1,500 1,

78 0.6% 7.4% 2.3% 15,357.8 (20.5%) 14,609.0 (4.9%) 15, % 16, % 15,506.5 (6.4%) 24,813.4 (10.8%) 24,290.6 (2.1%) 26, % 27, % 27,006.5 (2.9%) 4,400.5 (1.7%) 4,040.6 (8.2%) 5, % 5,158.5 (6.6%) 4,551.2 (11.8%) China Paper Newsletter 71

79 12.3% 7.5% 2.5% 2.0% 2.1% 72

80 SXD LimitedXinda Capital Limited (a) (b) 73

81 ISO9001: % 279,000,000 74

82 Xinda Capital Limited Xinda Capital Limited 150,000 Xinda Capital Limited 1 100,000 10,000,

83 5,000, ,000,000 35,000,000 SXD Limited Xinda Capital Limited Xinda Capital Limited Xinda Capital Limited 50, Xinda Capital Limited 35,000,000 76

84 1 100% 77

85 100% SXD Limited 100% 100% Xinda Capital Limited 100% 100% 78

86 100% SXD Limited 75% 25% 100% Xinda Capital Limited 100% 100% 79

87 % 5.3% 76.1% 85.3% 91.8% 92.4% 212,100, ,800, ,000,000 51,100, % 9,600,000 29,700,000 44,700,000 8,200, % 100,400, ,000, ,100,000 30,600, % 56.8% 57.0% 59.8% 48,300,000 52,300,000 59,400,000 8,500, % 19.7% 21.3% 16.5% 80% 80

88 20 (i) (ii) (iii)

89 4 17,

90

91 148,600, ,200, ,500,000 39,000, % 76.5% 78.3% 76.3% (i) (ii) (iii) 84

92 (i) (ii) (iii) 85

93 (i) (ii)(iii) (iv)(v) (vi) 86

94 (a) (b) (a) 11.3 (b) % -9.2% 9.2% -0.3% (i) (ii) (iii) 87

95 64.1% 20% 30%

96 89

97 2,300, , , ,000 1,500,000 90

98 20 I. II. III. IV. 91

99 V , % 174, % 162, % 47, % 27, % 41, % 35, % 26, % 6, % 7, % 26, % 69, % 9, % 11, % 12, % 17, % 4, % 3, % 26, % 15, % 3, % 2, % % 210, % 264, % 278, % 70, % 51, % % % % % % % 212, % 265, % 278, % 70, % 51, % 92

100 (a) 99.5% 99.6% 99.8% 100.0% (b) (c) 0.5% 0.4% 0.2% 90% 93

101 102, % 156, % 169, % 40, % 32, % 49, % 52, % 59, % 15, % 8, % 22, % 12, % 10, % 12, % 12, % 2, % 2, % 8, % 17, % 21, % 5, % 3, % 13, % 9, % 3, % 9, % 4, % 4, % 3, % 6, % 2, % 4, % 212, % 265, % 278, % 70, % 51, % 71.5% 78.4% 82.2% 79.8% 417,667 7,900,000 5,900,000 2,000,000 94

102

103

104 ,112 1, (40.7%) (96.9%) (88.8%) 6,180 3,950 6,180 5,383 7,057 5,385 1, (63.9%) (87.1%) (76.3%) (68.2%) 3,434 2,242 3,434 1,767 3,434 1, (65.3%) (51.5%) (37.5%) (62.0%) (58.9%) (43.2%) (39.1%) (75.8%) (18.3%) (24.7%) (25.0%) (i) (ii)

105 98

106 (a) 4.9 (b) 5.4 (c) 3.5 (d) 14.2 (e)

107 (a) 5.8 (b) 3.5 (c)

108 101

109 (a) (b) (c) (d)

110 (a) 3.6 (b) 3.1 (c) 2.8 (d) 3.8 (e) 3.5 (f) 4.4 (g)

111 (a) 1.0 (b) 8.2 (c)

112 100,000 (a) 6 (b) 30 (c)

113 106

114 10,000 (a) 2.4 (b) 2.4 (c) 2.4 (d) (i) (ii) (iii)

115 108

116 VOC ISO9001: % 38.5% 33.7% 37.9% 31.5% 32.4% 27.0% 24.9% 109

117 90 (i) (ii) (iii) 110

118 24 111

119 90 27, , , , , , , (i) (ii) 112

120 2. (i) (ii) (iii) 193,200, ,400, ,700,000 31,500,000 25,400,000 31,200,000 24,400,000 3,700, % 16.1% 12.5% 11.8% 97,600, ,500,000 97,800,000 14,600, % 57.2% 50.2% 46.4% 2.5% 12.3% 113

121 114 A B 60 C 90 D 180 E 90 F 30

122 G 90 H I 180 5% ISO

123 (i)(ii) (iii)(iv) (i) (ii) (iii)(iv) (v) (i) (ii)(iii) (iv) (i) (ii) (iii) (iv) 10% 300,

124 (i)3(ii) (iii) (iv) % (i) (ii) 212,100, ,800, ,000,000 51,100, ,400, ,000, ,100,000 30,600, % 56.8% 57.0% 59.8% 48,300,000 52,300,000 59,400,000 8,500, % 19.7% 21.3% 16.5% 195,300, ,200, ,700,000 47,900, % 91.9% 92.7% 93.6% 117

125 % 95.12% 100% A B

126 C 90 D E F % 13,200,000 9,500, % 3.6% 119

127 % 56.8% 57.0% 59.8% (a) (b) 120

128 (c) (i) (ii) 20% 30% (d) (e)

129 (f) 47.3% 56% 60% (g) (a) (b) (c) 122

130 (i)(ii) (iii) (iv) 123

131 90 A 124

132 3,813,264 99,000, ,000,000 60,400,000 74,500, %10% B 125

133 1,520,000 20,000,000 25,000,000 14,800,000 18,200, %10% 126

134 62,375 62,299 63, ,983 25,881 25,971 25,016 16,352 16,648 16,408 15,849 38,120 38,120 38, , ,792 47, ,

135 1 +0.1% +2.7% -0.4% +0.4% -3.7% +1.8% -1.4% -3.4% 1 0.0% 0.0% -2.9% -2.3% %

136 (i) (ii)(iii) (i) (ii) (iii) 129

137 (i) (ii) (iii) (iv) 130

138 33,500,000 34,700,000 25,300, ,000 1,000, , ,000 24,559 20,374 14,608 13,305 7,052 3,627 19,614 22,

139 AA A AA 132

140 A 15% 133

141 11,000 6,000 9,000 10,

142 69 ph VOC 6,800,000 6,700,000 8,700, ,

143

144 (i) (ii) 1% 5% (i) (ii) (iii) 137

145 0.6% 7.4% 2.3% 37,000,000 (i)(ii) (iii) 4 17,667 6,

146 % 32L 6(2) 26, , , , ,

147 B (a) A B Xinda Capital Limited

148 (b) ZL

149 (i) (ii) (iii) 142

150 (a) (b) (i) (ii) (i) 10,000 50,000 (ii) 143

151 (i) (ii) 2,300,000 2,700,000 3,100,000 (i) (ii) (iii) 2,300,000 2,700,000 3,100,000 25%

152 90 2,197, ,

153 (i) (ii) (iii) 2,197, ,360, ,820 2,000,

154 (i) (ii) (iii) 3A.15(5) 147

155

156 (i) (ii) (iii) (iv) (v)

157

158 SXD Limited 30% SXD Limited (a) (b) SXD Limited SXD Limited SXD Limited ) 151

159 (c) (a) (b) (i) 5% 152

160 (ii) 5% (a) (b) 30% (c) (a) (i) (ii) (b) (i) (ii) (a) (b) 153

161 (a) (b) (c) (d) (a) (b) 154

162 675, ,000 (a) (b) 155

163 (c) (i)(ii) (d) (e) 156

164 B 1 14A.14 14A.33(3) 14A 157

165 * 53 * * (i) (ii)(iii) (iv) 158

166

167 (i) (ii) (iii) (iv) (v) (2) 13.51(2)(h) 13.51(2)(v) 13.51(2) * 49 * 160

168 , , ,000 56,

169 500, , , , , ,000 A

170

171 3A

172 XV2 3 10% 1 SXD Limited 225,000,000 (L) ,000,000 (L) L ,000,000 11,250, ,000,000 XV2 3 10% 165

173 2,000,000,000 20,000, ,999,999 2,399, ,000, , ,000,000 3,000, % 1. 20%

174 10% 167

175 76.1% 85.3% 91.8% 92.4% 100,400, ,000, ,100,000 30,600, % 56.8% 57.0% 59.8% 48,300,

176 52,300,000 59,400,000 8,500, % 19.7% 21.3% 16.5% 16 80% 212,100, ,800, ,000,000 51,100, % 19,600, % (i) (ii) 169

177 78,000, % 52.3% 129,000, % 9,600,000 29,700,000 44,700,000 8,200, % 28.2% 30.7%3,100,000 6% 16.0% 15.9% 11, % 21, % 12.4% 170

178 (i) (ii)

179 193,200, ,400, ,700,000 31,500, % 38.5% 33.7% 37.9% 31.5% 32.4% 27.0% 24.9% (i) 2.5% (ii) 2.0%(iii) 2.1% (i) 12.3% (ii) 7.5%(iii) 7.7% 172

180 173

181

182

183 (a) (b) 176

184 (c) (a) (b) 177

185 178

186 212, , ,983 70,709 51,121 (184,437) (215,401) (200,439) (55,134) (35,404) 27,706 50,420 78,544 15,575 15,717 (2,508) (3,340) (3,722) (803) (599) (13,021) (13,623) (20,760) (1,608) (5,224) (95) (65) (80) 3 (93) 12,082 33,392 53,982 13,167 9, ,696 2, (449) (83) 375 1,613 2, ,457 35,005 56,262 13,646 10,514 (2,833) (5,317) (11,524) (2,615) (2,363) 9,624 29,688 44,738 11,031 8,151 2,802 3, (623) 2,451 2,802 3, (623) 2,451 12,426 33,069 45,223 10,408 10,602 27,655 35,

187 % % % % % 142, % 174, % 162, % 47, % 27, % 41, % 35, % 26, % 6, % 7, % 26, % 69, % 9, % 11, % 12, % 17, % 4, % 3, % 26, % 15, % 3, % 2, % % 210, % 264, % 278, % 70, % 51, % % % % % % % 212, % 265, % 278, % 70, % 51, % 67.1% 65.6% 58.2% 54.0% 10.2% 24.7% 23.4% 180

188 212,100, %265,800, %279,000,000 70,700,000 51,100,000 (i) (ii) (iii) 181

189 (i) (ii) 129,000, % (i) (ii) (iii) 0.5% 0.4% 0.2% 90% 182

190 % % % % % 102, % 156, % 169, % 40, % 32, % 49, % 52, % 59, % 15, % 8, % 22, % 12, % 10, % 12, % 12, % 2, % 2, % 8, % 17, % 21, % 5, % 3, % 13, % 9, % 3, % 9, % 4, % 4, % 3, % 6, % 2, % 4, % 212, % 265, % 278, % 70, % 51, % 183

191 71.5% 78.4% 82.2% 79.8% % % % % % 166, % 191, % 178, % 48, % 31, % 4, % 7, % 8, % 2, % 1, % 12, % 16, % 13, % 4, % 2, % 184, % 215, % 200, % 55, % 35, % 90% 43.9% 38.5% 33.7% 37.9% 31.5% 32.4% 27.0% 24.9% 184

192 184,400, % 215,400, % 12.3% (i) (ii) 2.0% 7.5% 55,100, % 35,400,000 (i)27.7% 2.1% 7.7% (ii) 10% 5.0% 6.9%200,400,000 (i) (ii) 46.8% 20.5% 9.2% 2.1% 7.7% 185

193 % % % % % 24, % 67.1% 25, % 65.6% 33, % 58.2% 8, % 67.8% 6, % 54.0% 7, % 19.8% 7, % 13.4% 6, % 9.4% 1, % 8.9% 1, % 14.3% 12, % 10.2% 32, % 24.7% 3, % 14.1% 6, % 23.4% 6, % 4.6% 7, % 6.2% 1, % 6.2% 1, % 7.2% (4,233) -15.9% 12.6% (1,399) -9.2% 5.8% % 1.3% (5) -0.2% 3.0% (20) -3.5% 1.1% 13.1% 19.0% 28.2% 22.0% 30.7% 186

194 (i) (ii) (i) (ii) (i) (ii) (iii) 187

195 62,375 62,299 63, ,983 25,881 25,971 25,016 16,352 16,648 16,408 15,849 38,120 38,120 38, , ,792 47,212 49, % +2.7% -0.4% +0.4% -3.7% +1.8% -1.4% -3.4% 1 0.0% 0.0% -2.9% -2.3% %

196 27,700, % 50,400, % 78,500, % 15,600, % 15,700, % 13.1% 19.0% (i)(a) (b) (ii) 2.5% 12.3% 28.2% (i)(a) (b)(ii) 2.0% 7.5% (i) (ii)2.1% 7.7%(iii) 189

197 (i) (ii) (iii) (i) (ii) (iii) (i) 2.5% 0.7% (ii) 2.0% 0.5%(iii) 2.1% 0.4% (i) 12.3% 2.9%(ii) 7.5% 1.3%(iii) 7.7% 1.1% 190

198 17.1% 14.7% (i) (ii) 12.3% 20.5% (i)(ii) 7.5% 17.6% 21.8% 23.4% 45.0% 46.8% 54.9%41.4% 33.7% (i) (ii) 100,

199 300, , , ,000 (i) (ii) (iii) % % % % % 2, % 2, % 3, % % % % % % % % % % % % % % % % % % 2, % 3, % 3, % % % 2,500,000 3,300,000 3,700, , % 1.3% 1.3% 1.2% 192

200 (i) (ii)(iii) (iv) (v)(vi)(vii) % % % % % 6, % 6, % 8, % % 4, % 3, % 1, % 2, % 3, % % % 1, % 1, % 1, % % % % % % % % % % % % % % % % % % % % % % % 13, % 13, % 20, % 1, % 5, % 13,000,000 13,600,000 20,800,000 5,200, % 5.1% 7.4% 10.2% 193

201 % % % % % 5, % 6, % 7, % % % % % % % % % 6, % 6, % 8, % 100.0% % 26,400,000 4,700,000 5,800,000 3,100,000 2,700,0005,800,000 10,100,

202 (i) (ii) (15) (3) 93 (i)(ii) (iii) 824 1,477 1, ,696 2, (449) (83) 375 1,613 2,

203 9,600,000 29,700,000 44,700,000 8,200, % 11.2% 16.0% 15.9% (i) (ii) 1.2% 1.3% 1.3% 1.2% 6.1% 5.1% 7.4% 10.2% 212,100, % 265,800,000 (i)142,300, % 174,400,000 (ii) 39,100,000 (iii) 26,600, % 15,300,

204 (i)53,800,000 (ii)8,300,000 (iii) 10,400,000 3,800, ,400, % 215,400, % 12.3% 27,700, % 50,400, % (i) 45.0% 54.9% (ii) -15.9% -9.2% (iii) 197

205 2,500, , % 3,300, ,000 13,000, ,0004.6% 13,600, ,000 95,000 30, % 65, ,000 1,200, % 1,600,000 9,600,000 20,100, % 29,700,

206 265,800,0005.0% 279,000,000 (i) 47,200,000 (ii)12,000, % 9,500, % (iii) 15,300, % 3,500,000 (i) (ii) (i) 14,100,000 (ii) 7,200,000(iii) 4,600,000 (iv)6,000,000 (v) (vi) 3,400,

207 215,400, % 200,400, % 7.5% (i) (ii) 46.8% 20.5% 9.2% 50,400, % 78,500, % 2.0% 7.5% 3,300, , % 3,700, ,

208 13,600,000 7,100, % 20,800,000 (i)2,000,000 (ii)4,700,000 (iii)500,000 65,000 15, % 80,000 (i) 25,000 (ii) 10,000 1,600, , % 2,300,000 (i) 300,000 (ii) 300,000 29,700,000 15,100, % 44,700,000 70,700, % 51,100,000 (i) 20,300,000 (ii)1,600,000 (iii) 3,000,

209 8,300,000 (i)(ii) 6,600,000 (iii) 4,700,000 (i) (ii) 55,100, % 35,400,000 (i) 27.7% (ii) 202

210 15,600, %15,700, % (i) (ii)2.1% 7.7%(iii) 800, , % 600, ,000 1,600,000 3,600, % 5,200,000 3,100,000 (i) 47,000 (ii) 46, , , % 700,

211 11,000,000 2,900, % 8,200,000 3,100,000 41,700,000 41,200,000 45,500,000 49,400, ,000 4,400,000 (i) 9,100,000 (ii) 4,900,000 3,900,000 (i) 4,600,000 (ii) 1,400,000 16,800,000 5,900,000 7,000,000 7,100,000 7,000,000 7,000, ,100,000 5,900,

212 % % % % % 24, % 20, % 14, % 13, % 13, % 7, % 3, % 19, % 22, % 11, % 31, % 24, % 34, % 35, % 25, % (295) (956) (758) (905) (462) 31,316 23,045 33,464 34,644 25, % 13.9% 15.9% 19.5% (198) ,000 1,000, , ,

213 31,300, % 23,000, % 33,500,000 (i) 5,600,000(ii) 16,000,000 2,500,

214 ,276 11,555 3,406 6,671 2,644 7,040 1,704 5, ,316 13,259 8,489 6,924 2, ,141 11,297 3,695 4, ,904 2, ,045 13,921 3,860 4, ,563 11, , ,901 12,324 4,691 1,886 33,464 23,339 4,858 4, ,271 7,096 3,586 2, ,373 7,739 4,702 8, ,644 14,835 8,288 11,

215 (i)(ii) (i) (ii) 92%

216 (i) (ii) (i)(ii)

217 57,900,000 55,500,000 65,500,000 54,000,000 57,900,0002,400,0004.1% 55,500,000 10,000, % 65,500,000 11,500, %54,000,000 % % % % 52, % 51, % 65, % 53, % 5, % 4, % 57, % 55, % 65, % 53, % % 92.7% 100.0% 100.0% 5,300,000 4,100,

218 % % % % 30 41, % 43, % 40, % 36, % , % 7, % 20, % 12, % , % 2, % 2, % % 1, % 2, % % 52, % 51, % 65, % 53, %

219 (i) (ii) % 212

220 % % % % 1, % % % % 2, % 6, % 2, % % % % 4, % 6, % % 3, % 1,900, ,509 13,195 5,638 32, ,725 11,144 1,892 43,638 11,391 2,

221 23,000,000 29,100,000 1,100,000 1,400,000 21,900,000 27,700,000(i) 19,000,000 24,000,000 (ii) 9,500,000 12,000,000 SXD Limited 78,100,000 83,000,000 91,100,000 79,300,000 4,800, % 8,200, % 91,100,000 79,300, % % % % % 18, % 25, % 40, % 33, % 59, % 57, % 50, % 45, % 78, % 82, % 91, % 79, % 214

222 23.4% 31.2% 44.7% 42.1% 180 % % % % 90 16, % 23, % 34, % 24, % , % 2, % 4, % 8, % % % 1, % % 18, % 25, % 40, % 33, % % 91.0% 84.4% 74.1% 90 53,900,000 52,300,000 49,800,000 46,300,0005,300,000 4,100,

223 180 (i) (ii) (i)(ii) 52.1% 80.2%

224 % % % % 3, % 3, % 4, % 4, % % 3, % 3, % 3, % % 4, % % 2, % % % 1, % 1, % 3, % 8, % 10, % 15, % (i) (ii) 2,300,000 2,700,000 3,100,

225 3,100,000 4,000,000 4,700,000 1,000,000 2,500,000 31,316 23,045 33,464 34,644 25,294 57,874 55,489 65,488 53,950 71,797 4,755 6, ,877 5,014 1,509 13,195 5,638 1, ,857 52,267 49,810 46,326 47,747 11,697 27,001 46,596 32,611 54, , , , , ,

226 78,136 82,972 91,133 79,340 82,436 3,645 8,947 10,214 15,547 20,033 43,638 11,391 2,139 5,936 6,142 7,881 7,545 5,677 7, , , , , ,263 22,002 55,058 99,032 77,078 96,237 22,000,000 33,100, % 55,100,000 (i) 32,200,000 (ii) 15,300,000(iii)8,300,000 44,000, %99,000,000(i) 19,600,000 (ii) 11,700,000 (iii)10,000,000 (iv)10,400,000 (v)9,300,000 (vi)8,200,

227 22,000, % 77,100,000(i)27,700,000 (ii) 11,500,000 (iii) 7,600,000 (iv) 11,800,000 (v)2,100,000 (vi)5,300,000 3,900,000 1,500,000 19,200, % 96,200,000 (i) 22,000,000 (ii) 17,800,000 (iii) 9,400,000 25% 15% 25% 22% 15% 220

228 10% 5% 3,033 5,600 8,965 2,148 1,856 (200) (283) 231 (51) 54 2, ,833 5,317 11,524 2,615 2, % 15.2% 20.5% 19.2% 22.5% 22.7% 15.2% 16.3% 15.4% 18.2% 22.7% 15.2% 16.3% 15% 22% 18.2% 221

229 5% 11,700,000 27,000,000 46,600,000 32,600,0006.3% 12.5% 23.2% 92.1% ,900,000 52,300,000 49,800,000 46,300,

230 (7,523) 59,315 38,587 8,154 5,280 (22,735) (7,442) (10,011) (9,422) 9,252 30,684 (38,266) (9,252) (5,537) (30,249) ,607 19,324 (6,805) (15,717) 10,394 11,697 27,001 27,001 46, , (379) 1,732 11,697 27,001 46,596 19,817 32,611 7,500,00012,500,000 22,400,000 59,300,000 35,000,000 (i)7,600,000 (ii)5,300,000 (iii)4,100,000 (iv) 4,800,000 38,600,000 56,300,000 (i) 10,000,000 (ii)10,200,000 (iii)8,200,

231 5,300,000 10,500,000 (i) 11,800,000 (ii)1,300,000 (iii)11,500,000 22,700,000 (i) 18,800,000 (ii) 4,800,000 7,400,0006,300,000 10,000,000(i)6,300,000 (ii)2,500,000 (iii) 8,700,000 (iv)11,700,000 9,300,000(i) 7,600,000 (ii)3,500,000(iii) 2,500,000 30,700,000 (i) 5,900,000 (ii)11,400,000 (iii) 36,600,000 38,300,000 (i)5,900,000 (ii) 32,200,000 9,300,

232 30,200,000 (i)27,700,000(ii) 2,100, % 23,000,000 29,100,000 1,100,000 1,400,000 21,900,000 27,700,000(i) 19,000,000 24,000,000 (ii) 9,500,000 12,000,000SXD Limited 225

233 5,900,000 16,800,000 5,100,000 5,936 5,936 32, ,725 11,144 1,892 43,638 11,391 2,139 49,574 11,391 2,

234 , ,

235 8,544 17,334 23,682 18,666 56,962 55,168 66,375 57,611 6,279 6,304 2,626 65,506 78,781 96,361 78,

236 78.7% 79.5% 90.9% 87.8% 33.2% 33.2% 67.4% 66.8% 229

237 6,019 78,136 3,645 43, ,438 82,972 8,947 11, ,310 91,133 10,214 2, ,486 79,340 15,547 94,

238 30 78,000, % 52.3% (i) (ii) (iii) 129,000, %(iv) 2.2% 231

239 26,400,000 4,700,000 5,800,000 3,100,000 2,700,0005,800,000 10,100, % 12.3% 232

240 +/-2.5% +/-2.5% +/-2.5% +/-2.5% -/+1.8 -/+1.8 -/+1.6 -/+0.2 +/-12.3% +/-12.3% +/-12.3% +/-12.3% -/+9.4 -/+8.5 -/+5.6 -/ % 5.0% (27.7%) % 50.7% (26.1%) % 19.0% 28.2% 22.0% 30.7% 4 4.5% 11.2% 16.0% 15.6% 15.9% % 28.4% 29.9% 6.1% 6 4.6% 13.8% 17.0% 3.5% 233

241 % % % %

242 (i) (ii) (iii) (iv) (i) (ii)(iii) 27,700,

243 5,900,000 (i) (ii) 27,700, ,771 52, , ,771 69, ,

244 (1) 132,771,000 (2) (3) 300,000,000 (4) 35,975,

245 ,400,000 20,600, % (a) (b) 20,600, % (i)(ii) (iii) (iv) (v)(vi) 5,600, % (i) (ii) (iii) (iv) (v) 238

246 2,000,0003.7% 2,000,0003.7% 2,600,0005.0% ,100,000 78,300, ,700,000 45,100, ,000,

247 20,000, ,512,000 15,036,00016,948,0002, % 5.0% 5.6%

248 241

249 (a) (i) (ii) 242

250 (iii) (iv) (b) (i) (ii) (iii) (iv) (v) 243

251 (vi) (vii) (viii) (ix) (x) (xi) (1) (2) (3)

252 10.07(1) SXD Limited (i) (ii) (i) (i) (2) (i) 155 (ii) 245

253 (i) (ii) (i) 30% (i) (iii) (i)(ii) 246

254 (iv) (a) 13.25(2) (b) (a) SXD Limited 30% SXD Limited 247

255 30 11,250,000 15% 3% 27,400,

256 (i) (ii) (iii)

257 %0.003% 0.005% 2,000 2,

258 ,500,000 7,500,000 25% 251

259 67,500,000 90% 7,500,000 10% (2) 3,750,0005,000,000 3,750,000 5,000,

260 100% (i) 112,500, ,000, ,500,00075,000,000 30% (ii) 375,000, ,000, ,000,000 75,000,000 40% (iii) 750,000, ,500,000 75,000,000 50% 253

261 30 15% 3.6% 254

262 11,250,000 15% (i) (ii) (i) (A) (1) (2) (B) (ii)(a) (C) (i) (D) (ii)(a)(2) (ii)(b) (ii)(c)

263 11,250,000 SXD Limited 11,250,000 SXD Limited 11,250,000 (i) (ii) SXD Limited SXD Limited 256

264 1. eipowww.eipo.com.hk eipo S eipo (i) (ii) eipo 257

265 3. (i)

266 (ii) 4-4A 38-40A G 31 A 414 8A-10 G C G047-G &

267 4. eipo (i) (ii) (iii) (iv) (v) 260

268 (vi) (vii) (viii) (ix) (x) (xi) (xii) (i) (ii) SS 902 (h)(3) (xiii) (xiv) (xv) 261

269 (xvi) (xvii) (xviii) eipo (xix) (i) (ii) 5. eipo eipo eipo eipo eipo 262

270 eipo 24 eipo eipo eipo eipo eipo E eipo eipo eipo 263

271 (i) 264

272 (ii) 265

273 40 266

274 2,000 2,000 (1) (1) (1) (1) (1) 267

275 E 7. eipo eipo eipo 268

276 (i) (ii) 8. eipo

277 eipo 2,000 2,

278 (852) (i) eipo E 271

279 (ii) eipo (iii) (iv) eipo 50% 272

280 (i) (ii) 273

281 (i) 1,000, ,000,000 (ii) 1,000,000 1,000,

282 (iii) eipo 1,000, ,000,

283 (iv) 276

284

285 3.340 IIV II 1.2 II 1.2 I-1

286 II 1.2 II 1.3 II II 1.3 II IV I-2

287 II 1.3 II II 1.3 II 2 I-3

288 I. 1.3 (a) 6 212, , ,983 70,709 51,121 7 (184,437) (215,401) (200,439) (55,134) (35,404) 27,706 50,420 78,544 15,575 15,717 7 (2,508) (3,340) (3,722) (803) (599) 7 (13,021) (13,623) (20,760) (1,608) (5,224) 9 (95) (65) (80) 3 (93) 12,082 33,392 53,982 13,167 9, ,696 2, (449) (83) ,613 2, ,457 35,005 56,262 13,646 10, (2,833) (5,317) (11,524) (2,615) (2,363) 9,624 29,688 44,738 11,031 8,151 2,802 3, (623) 2,451 2,802 3, (623) 2,451 12,426 33,069 45,223 10,408 10, ,655 35,975 I-4

289 (b) 14 41,715 41,182 45,536 49, ,017 7,125 6,983 7, ,530 49,543 53,120 57, ,316 23,045 33,464 34, ,874 55,489 65,488 53, ,755 6, ,877 30(d) 1,509 13,195 5, ,857 52,267 49,810 46, ,697 27,001 46,596 32, , , , , , , , , ,000 35,000 35,000 35, ,532 69, ,824 97,771 71, , , ,771 I-5

290 23 2,328 1, ,136 82,972 91,133 79, ,645 8,947 10,214 15,547 30(d) 43,638 11,391 2, ,936 6,142 7,881 7,545 5, , , , , , , , , , , , ,676 22,002 55,058 99,032 77,078 71, , , ,112 I-6

291 (c) , , ,920 24,106 59,106 9,624 9,624 9,624 2,802 2,802 2,802 2,802 9,624 12,426 12, (664) 35, , ,880 36,532 71,532 35, , ,880 36,532 71,532 29,688 29,688 29,688 3,381 3,381 3,381 3,381 29,688 33,069 33,069 2,050 (2,050) 35,000 3,045 10, ,518 69, ,601 35,000 3,045 10, ,518 69, ,601 44,738 44,738 44, ,738 45,223 45,223 5,262 (5,262) 35,000 8,307 11, , , ,824 I-7

292 ,000 8,307 11, , , ,824 8,151 8,151 8,151 2,451 2,451 2,451 2,451 8,151 10,602 10,602 (27,655) (27,655) (27,655) 35,000 8,307 13, ,490 97, ,771 35,000 3,045 10, ,518 69, ,601 11,031 11,031 11,031 (623) (623) (623) (623) 11,031 10,408 10,408 35,000 3,045 10, ,549 80, ,009 I-8

293 (d) 27 (5,828) 63,444 47,920 9,999 10,535 (1,695) (4,129) (9,333) (1,845) (5,255) (7,523) 59,315 38,587 8,154 5,280 (4,788) (2,927) (8,694) (1,583) (2,502) (6,292) 6, (949) (319) 289 (1,509) (11,686) (9,677) 7,557 (18,771) 1,590 2,457 1,519 3, ,696 2, (22,735) (7,442) (10,011) (9,422) 9,252 5,936 (11,374) (5,936) (449) (83) (455) 36,571 (32,247) (9,252) (5,537) (2,139) 13 (27,655) 30,684 (38,266) (9,252) (5,537) (30,249) ,607 19,324 (6,805) (15,717) 10,394 11,697 27,001 27,001 46, , (379) 1, ,697 27,001 46,596 19,817 32,611 I-9

294 II Appleby Trust (Cayman) Ltd. Clifton House, P.O. Box 1350, 75 Fort Street, Grand Cayman, KY1-1108, Cayman Islands 1.2 (a) SXD Limited (b) 38,000, SXD Limited (c) Xinda Capital Limited (d) Xinda Capital Limited (e) 35,000,000 (f) 1 I-10

295 Xinda Capital Limited 50, % (a) 1 100% (a) 35,000, % (b) (a) (b) I-11

296 % 50% (a) I-12

297 (b) (c) I-13

298 (a) (b) I-14

299 I-15

300 (a) (b) I-16

301 (c) 2.17 (a) (b) (c) 2.18 I-17

302 (a) (b) (c) 2.21 I-18

303 (a) (b) 0.4% 2.8% 0.5% 3.3% 0.35% 2.8% 0.35% 2. 8% 3.79% 3.28% 1% 50,000 I-19

304 (c) (i) 8,544 17,334 23,682 18,666 56,962 55,168 66,375 57,611 6,279 6,304 2,626 65,506 78,781 96,361 78,903 (i) 78.7% 79.5% 90.9% 87.8% 33.2% 33.2% 67.4% 66.8% I-20

305 (d) ,019 78,136 3,645 43, ,438 82,972 8,947 11, ,310 91,133 10,214 2, ,486 79,340 15,547 94, I-21

306 I-22

307 4. (a) (b) (c) (d) 5. I-23

308 6. 211, , ,728 70,709 51, , , ,983 70,709 51, % 99.8% 99.9% 100.0% 100.0% 80.8% 81.4% 78.3% 75.0% 76.3% 47.3% 56.8% 57.0% 53.8% 59.8% 22.8% 19.7% 21.3% 21.2% 16.5% 10.7% 4.9% 80.8% 81.4% 78.3% 75.0% 76.3% 10% I-24

309 7. 179, , ,690 50,580 31, (198) ,320 4,920 4,910 1,058 1, ,331 10,535 11,943 3,002 2,719 3,175 3,941 4,171 1, ,078 2,877 3, ,653 3,145 1, ,146 1,869 2, , , ,921 57,545 41,227 6,768 6,731 8, ,482 9,414 10,665 2,664 2,454 (c) 849 1,121 1, ,331 10,535 11,943 3,002 2,719 I-25

310 (a) (i) * * * (ii) * * * (iii) * * * I-26

311 (iv) * * * (v) * * * * (b) I-27

312 1,000, (c) 15% 9. (95) (65) (55) 15 (46) (25) (12) (47) (95) (65) (80) 3 (93) I-28

313 ,477 1, ,696 2, (449) (83) 375 1,613 2, % 15% 25% 22% 15% I-29

314 10% 5% 3,033 5,600 8,965 2,148 1,856 (200) (283) 231 (51) 54 2, ,833 5,317 11,524 2,615 2,363 12,457 35,005 56,262 13,646 10,514 2,523 5,250 8,371 2,047 1, (222) 2,833 5,317 9,196 2,097 1,910 2, ,833 5,317 11,524 2,615 2, I-30

315 13. 23,017,00029,095,000 1,145,000 1,440,000 21,872,000 27,655,000 19,000,000 23,975,0009,500,000 12,000, ,301 25,268 1,392 51,961 (5,215) (6,754) (340) (12,309) 20,086 18,514 1,052 39,652 20,086 18,514 1,052 39, ,745 1,391 3, ,638 (2,134) (2,073) (113) (4,320) 20,208 20, ,715 27,831 29,688 1,458 58,977 (7,623) (9,168) (471) (17,262) 20,208 20, ,715 20,208 20, , ,590 2, ,797 (2,342) (2,463) (115) (4,920) 18,611 21,526 1,045 41,182 28,920 33,564 1,652 64,136 (10,309) (12,038) (607) (22,954) 18,611 21,526 1,045 41,182 I-31

316 18,611 21,526 1,045 41, ,522 5,581 9,103 (2,022) (2,803) (85) (4,910) 20,182 24, ,536 32,555 39,281 1,658 73,494 (12,373) (14,891) (694) (27,958) 20,182 24, ,536 20,182 24, , , ,667 (596) (795) (22) (1,413) 24,517 23, ,441 37,662 39,823 1,724 79,209 (13,145) (15,897) (726) (29,768) 24,517 23, ,441 18,611 21,526 1,045 41,182 (105) (120) (5) (230) (378) (659) (21) (1,058) 18,128 21,200 1,019 40,347 28,755 33,827 1,643 64,225 (10,627) (12,627) (624) (23,878) 18,128 21,200 1,019 40,347 16,799, I-32

317 2,215 2,920 3, ,000 2,105 2,000 1, ,320 4,920 4,910 1,058 1, ,705 8,042 8,357 8,357 8,387 (828) (1,025) (1,232) (1,232) (1,404) 6,877 7,017 7,125 7,125 6,983 / 6,877 7,017 7,125 7,125 6, (40) 96 (157) (164) (167) (42) (42) / 7,017 7,125 6,983 7,043 7,037 8,042 8,357 8,387 8,310 8,504 (1,025) (1,232) (1,404) (1,267) (1,467) 7,017 7,125 6,983 7,043 7, ,017 7,125 6,983 7,043 7,037 I-33

318 ,141, ,559 20,374 14,608 13,305 7,052 3,627 19,614 22,244 31,611 24,001 34,222 35,549 (295) (956) (758) (905) 31,316 23,045 33,464 34, (198) ,531 51,418 65,488 53,950 5,343 4,071 57,874 55,489 65,488 53,950 I-34

319 (a) 30 41,866 43,346 40,971 36, ,475 7,521 20,470 12, ,190 2,298 2, ,749 2, ,531 51,418 65,488 53, (b) 57,808 55,077 64,241 53, , ,874 55,489 65,488 53,950 (c) (d) 5,343,000 4,071, , ,710 6,292 2, ,755 6, ,877 (a) I-35

320 (b) ,857 52,267 49,810 46,326 53,857,000 52,267,000 49,810,000 46,326, ,365 26,568 46,102 24, ,781 11,697 27,001 46,596 32, % 50% I-36

321 (2,328) (1,341) (1,727) (785) (1,727) (5) (2,559) (467) (507) 1, (1,727) 355 (785) I-37

322 (236) 36 (31) (231) (113) 20 (54) (3) (2) (5) I-38

323 2,328 2, (1,440) 1, ,451,000 2,918,000 2,918,000 2,918,000 29,016,000 58,351,000 58,351,000 58,351, (a) 18,304 25,928 40,761 33,402 59,832 57,044 50,372 45,938 78,136 82,972 91,133 79,340 (a) 90 16,821 23,594 34,393 24, ,327 2,168 4,465 8, , ,304 25,928 40,761 33,402 I-39

324 ,118 3,996 4,733 4, ,958 3,008 3, ,473 7,789 3,645 8,947 10,214 15,547 3,645 8,947 9,624 11, ,448 3,645 8,947 10,214 15, (a) 5,936 (a) 6.06% I-40

325 27. 12,457 35,005 56,262 13,646 10,514 4,320 4,920 4,910 1,058 1, (198) (375) (1,613) (2,280) (479) (713) (3) 93 (22,418) 7,610 (10,221) (551) (1,327) 5,316 2,385 (9,999) (1,702) 11,538 (3,707) 4,109 (229) 411 (292) 1,479 4,836 8,161 (1,144) (11,793) (3,447) 5,302 1,267 (1,388) 913 (5,828) 63,444 47,920 9,999 10, , ,222 I-41

326 30. (a) (b) (c) I-42

327 (d) (i) 1,509 13,195 5,638 (i) 32, ,725 11,144 1,892 43,638 11,391 2,139 (i) 161B 1,509 13,195 13,195 I-43

328 31. (i) (ii) (iii) 239,999,999 19,000,000 23,975,0009,500,000 12,000,000 III. 38,000, IV. I-44

329 A ,771 52, , ,771 69, , (1) 132,771,000 II-1

330 (2) (3) 300,000,000 (4) 35,975, II-2

331 B. II-1 II-2 II-1 II , II-3

332 4.29(7) II-4

333 (a) (b) (c) 4.29(1) II-5

334 1. (a) (b) 2. (a) (i) (ii) III-1

335 4 (b) (i) III-2

336 (ii) (iii) (iv) III-3

337 (v) (aa) III-4

338 (bb) (cc) (dd) (ee) (vi) III-5

339 (vii) III-6

340 7 7 (aa) (bb) (cc) (6) (dd) (ee) III-7

341 (ff) (gg) (hh) (viii) (ix) 30 III-8

342 (x) (c) (d) (e) (a) (b) (c) (d) (e) (f)(g) III-9

343 (h) (f) 21 95% (g) III-10

344 (i) (ii) (iii) (iv) III-11

345 (h) 15 (i) III-12

346 (j) (i) (ii) 95% III-13

347 (aa) (bb) (cc) (dd) (ee) (ff) 20% (gg) (k) III-14

348 30 (l) (m) III-15

349 (n) (i) (ii) (aa) (bb) III-16

350 20% (o) III-17

351 (p) 20% 20% III-18

352 20% (q) (r) (s) 3(f) III-19

353 (t) (i) (ii) (u) III-20

354 (i) 12 (ii) 12 (iii) (iii) (v) 3. (a) III-21

355 (b) (i) (ii) (iii) 37 (iv) (v) III-22

356 (c) (d) 37A(1) (a) (b) (c) 37A(1) III-23

357 (e) 34 37A(7) 34 2(n) 37A(7)(c) (f) Foss v. Harbottle (i) (ii) (iii) III-24

358 (g) (h) 59 (i) (ii)(iii) 59 III-25

359 (i) (j) 6 (i) (ii) (aa) (bb) 6(3) (k) (l) III-26

360 (m) (n) (o) (i) (ii)(iii) III-27

361 (i)(ii) (p) 75% III-28

362 (q) 90% (r) 4. III-29

363 IV-1

364 (i) (ii)(iii) (iv) (v) IV-2

365 IV-3

366 IV-4

367 5% IV-5

368 IV-6

369 33% 25% (1) 5(2) 25% 10% 25% 5% IV-7

370 15% 17% 13% ; 10, ,000 IV-8

371 10, , % 1% 5%10% ; IV-9

372 A. 1. (a) XI C (b) ,000 38,000, (a) SXD Limited (b) 1,962,000, ,000 38,000,00020,000,0002,000,000,000 20,000,000 2,000,000,000 3,112, ,250,000 1,688,750,000 V-1

373 3. (a) Xinda Capital Limited Xinda Capital Limited 50,000 1 (b) 100,000 10,000, (c) 35,000, (a) 1,962,000, ,000 38,000,000 20,000,000 2,000,000,000 V-2

374 (b) (i) (ii) (iii) 2,399, ,999,999 (iv) 20% V-3

375 (i)(ii) (iii) (iv) (v) 10% (vi) 4(b)(iv) 4(b)(v) (c) 4(b)(iv) 4(b)(iv)4(b)(v) (i)(ii) (iii) V-4

376 5. 6. (a) (b) 10% (i)(ii) (iii) (c) V-5

377 (d) (e) (f) 300,000,000 30,000,000 (g) V-6

378 26 B. 1. (a) 35,000,000 (b) 1 (c) (d) V-7

379 (e) 20,000,000 (f) 2. (a) A B Xinda Capital Limited (b) ZL V-8

380 ZL X (c) huaxihds.com.hk C. 1. XV XV ,000,000 (L) 2 75 V-9

381 1. L ,000,000SXD Limited SXD Limited SXD Limited 225,000, ,000,00011,250, XV2 3 10% 1 SXD Limited 225,000,000 (L) 2 225,000,000 (L) L ,000,000 11,250, ,000, (a) V-10

382 120,000 (b) 300,000 (c) (i) 196,000 (ii) 196, D. 1. (a) (i) V-11

383 7(b) (ii) (b) 1(a) (c) 1(a)(i) 2. (a) 3(a) (b) 3(b) (c) 113 (d) 5(d)(i) V-12

384 3. (a) 3(b) 4 4 (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) V-13

385 (b) 7(d) (c) (d) (i) 6 (ii) (e) 3(d) (i) (ii) (iii) (iv) V-14

386 (v) (vi) (vii) (viii) 2(d)5(a) (f) 1 (g) 1 (h) 3(f)3(g) 3(f) 3(g) (i) (j) V-15

387 (k) (i) (aa) (bb) (ii) 4. 8 (a) (b) (c) 4(b) V-16

388 5. (a) (b) (c) 2(d) 5(d)5(e) 5(d)(iii) 8 5(d)(i) (d) (i) 5(c) V-17

389 5(d)(iii)5(d)(iv) 5(d)(iii)5(d)(iv) (ii) 6(a)(iv) 5(c) 5(d)(iii) 5(d)(iv) 5(d)(iii)5(d)(iv) (iii) 5(c) V-18

390 (iv) 5(c) (v) (aa) 5(d)(i)5(d)(ii)6(a)(iv)6(a)(v) 5(d)(i)5(d)(ii)6(a)(iv)6(a)(v) (bb) (e) V-19

391 6. (a) (i) (ii) 5(d) (iii) (iv) (v) (aa)(1) (2) (3) (bb) (1)(2)(3) (vi) 5(a) (b) 6(a)(iv) 6(a)(v)(aa) V-20

392 (c) 7. (a) 30% 7(a) (b) 10% 30,000,000 (i) 7(a)7(b)(ii) 10% (ii) 7(a)7(b)(i) 7(b)(i) V-21

393 (c) 7(d)12 1% 12 1% (d) 3(b) 12 (i) 0.1% (ii) 5,000,000 (e) 7(b)7(c)7(d) 8. (a) V-22

394 (i) (ii) (iii) (i) (ii) (iii) (iv) 8(a) (b) 8(a) 5(c) 8(a) (c) 8 8(a) V-23

395 9. (a) 5(a)17 (b) 7(b)(i)7(b)(ii) (a) 12. (a) 12(b)12(d) (i) (ii) V-24

396 (b) (c) (d) ,000,000 E. 1. (a) (b)(i) (ii) V-25

397 (iii) (c) (a) (b) (c) (d) V-26

398 4. 38, Appleby Trust (Cayman) Ltd. V-27

399 9. (a) (b) (c) (i) (ii) (d) (e) (f) (g) (h) V-28

400 (i) (j) (k) (l) A 44B L SXD Limited P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, BVI 15,000,000 V-29

401 Pang & Co (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) VI-1

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