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3 28 26 Clarendon House 2 Church House Hamilton HM11 Bermuda Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM 08 Bermuda 2

4 10SS SO GFPFGF SSSO DermagramLaVie Seawise Group Limited 60% 80% 9,

5 90% Nubrands Group Holdings LimitedAsia Coal Limited 4

6 Saikhan Ovoo LaVie Dermagram 16,400, % Lumene 6,600, % 29.4%40.5%LaVieDermagram 28,500,000 35,000,000 5,400,000 5

7 Giant Field Group LimitedGFPower Field Holdings LimitedPFGF SMI LLCSMISaikhan Ovoo 190,000,000PF Sinotum Mongolia LLCSinotum Erdenetsogt900,000,000 GF Saikhan Ovoo 363,292,000329,705,093218,222,000 Saikhan Ovoo Saikhan Ovoo760,000,000 PFPF SMI750,000 Saikhan Ovoo 9,800,0004,700, % Lumene 36.1%43.9%LaVie Dermagram 13,400,00014,700,000 35,000,000 10,500,000 6

8 103,756,000 20,977,000120,505,000 3,397, % ,000,000110,800, ,705, ,222,000 1,717,000147,000 12,300,000 6,000,000 PFGF GF PFGF PF SMI Sinotum GFPF760,000,0003,600,000,000 7

9 Seawise Group LimitedSeawise Seawise 60% 80%98,570,000 6,161,000 1,524,525,000 90% 452,700,

10 9

11 /11 3/11 1/11 10/11 11/11 2/2 1/1 9/11 8/11 2/2 1/1 8/11 2/2 1/1 2/11 10

12 10 A

13 A (1) (2) 12

14 (3) (4) (5) (6) 10 13

15 (i)(ii) (iii) , ,626 14

16 46 35 Billion Pacific Ventures Limited 66 15

17 43 CEC Management Limited CEC Resources LimitedCEC Resources LimitedCEC Management LimitedCEC Management Limited Pacific Alliance Group LimitedInBevInterbrew SA InBev McKinsey & Company, Inc. 36Brown University Northeastern University She.Com International Holdings Limited She.Communications Limited Tom

18 60 Institute of Canadian Bankers 38University of St. Andrews Greater China, Lasalle Investment Management

19

20 249,005,000 64,829,000 11% 43% 55% 76% 5%

21 XV ,942, ,533, ,476, ,000,000 10,000, ,692,660 3,692, Billion Pacific Ventures Limited 2. 10,000,000 10,000, ,692,6603,192,660 1,775, % XV

22 (I) (II) 0.10 (III) 90,323, % 21

23 (IV) 12 1% % 5,000,000 (V) (VI) (VII) (VIII) (i) (ii) (iii) (IX) 22

24 01/09/ /09/ ,000,000 10,000,000 31/08/ /08/ /08/ ,272,000 (1,272,000) (1,000,000) 21/08/ /11/ /11/ ,230,000 (4,950,000) 20,280,000 21/11/ /11/ /11/ ,850,000 (1,800,000) 1,050,000 21/11/ /03/ /03/ ,000,000 2,000,000 02/03/ /08/ /08/ ,442,320 5,442,320 21/08/ /11/ /11/ ,060,000 18,060,000 21/11/ ,854,320 12,000,000 (1,272,000) (7,750,000) 56,832,

25 336 China Enterprise Capital Limited 14,975,402, CEC Resources And Minerals 14,975,402, Holdings Limited1 Sino Minerals Capital Limited 14,975,402, Sino Mining Investment Limited 14,975,402, CEC Resources Limited 14,975,402, Billion Pacific Ventures Limited 401,533, CEC Resources LimitedCECChina Enterprise Capital Limited CEC Resources And Minerals Holdings Limited CECSino Minerals Capital Limited Sino Mining Investment LimitedCEC China Enterprise Capital Limited CEC Resources And Minerals Holdings Limited Sino Minerals Capital Limited Sino Mining Investment LimitedCEC CEC CEC (i) 26 (ii) 25% 24

26 2. Billion Pacific Ventures Limited ,192,66050,000,000 3,192,66050,000,000 25

27

28

29 28

30 7 9,819 14,485 6,592 36,274 16,411 50,759 (5,508) (9,256) (4,253) (26,556) (9,761) (35,812) 4,311 5,229 2,339 9,718 6,650 14, ,319 1,634 4, (5,400) (2,600) (5,400) (2,600) (10,662) (10,473) (1,101) (5,259) (11,763) (15,732) (25,146) (20,991) (1,405) (5,808) (26,551) (26,799) 10 (3,300) (3,300) 11 (10,560) (117) (15) (10,575) (117) (46,766) (31,948) 761 2,970 (46,005) (28,978) (25) ,539 10, (46,376) (31,493) 11,300 2,945 (35,076) (28,548) (35,076) (28,540) (8) (35,076) (28,548) 15 (2.43) (3.17) (3.22) (3.50)

31 17 2, , , , , , ,541 20,440 1,806 5, ,642 10, ,717 1, ,039 19, ,204 37, ,382 20, , ,589 10,667 23, ,537 13, ,078 34, , , ,518 33,577 30

32 31 165,254 91, ,264 (58,260) 364,518 33,

33 84,891 51,002 2,751 4 (98,514) 40, ,142 (158) (158) (158) (28,540) (28,540) (8) (28,548) (158) (28,540) (28,698) (8) (28,706) 84,891 51,002 2,751 (154) (127,054) 11,436 11,436 3,819 3,819 3,819 (347) 347 3,908 6,751 (2,451) 8,208 8,208 3,038 7,139 10,177 10,177 (63) (63) (63) 91,837 64,829 3,772 (154) (126,707) 33,577 33,577 (1,110) (1,110) (1,110) (35,076) (35,076) (35,076) (1,110) (35,076) (36,186) (36,186) 91,837 64,829 3,772 (1,264) (161,783) (2,609) (2,609) 108, , ,238 1,377 1,377 1,377 (603) (81) ,000 72, , ,000 33, , , ,475 (1,230) (1,230) (1,230) 165, ,005 4, ,238 (1,264) (161,180) 364, ,518 32

34 (46,005) (28,978) 10, (741) (624) 1,377 3, , ,400 2, ,017 1,285 (26,950) (17,896) (738) 2,982 (100) 364 4,524 (1,221) 200 (23,064) (15,771) (11) (22,334) (15,144) 34 17, (12,222) (5,576) 33 (1,811) (422) (1,120) (28) 963 (3,300) (2,675) (3,451) 33

35 112,267 18,385 (1,808) 1,600 (1,589) (611) (1,230) (63) (87) (94) (54) (117) 107,499 19,100 82, ,288 18, ,039 19,288 34

36

37

38 3. 37

39 3. 38

40

41 3. 40

42 3. 41

43 3. 42

44 3. 43

45 3. 44

46

47 4. 370,704,000 5,400,000 2,600, ,000 6,200, ,642,000 10,855,000 78, ,000 46

48 a. (i) 3 (ii) 105,862 28, ,119 8, ,259 8,558 47

49 6. 6a. (iii) ,548 9, , , % 5% 5% 5%12,000 56,0005% (iv) 28 48

50 6. 6a. (iv) ,000 88, ,000 88,000 (v) 99%30% 49

51 6. 6a. (vi) % 2,269 2,145 4,414 4, , , ,505 2,469 2, , , ,259 2, ,438 4,975 4,975 1,808 1,808 1, ,589 1,589 1,589 6, , ,576 8,558 6b. 50

52 7. 9,819 14,485 6,592 36,274 16,411 50, (a) 34 9,819 14,485 9,819 14,485 6,592 36,274 16,411 50,759 (14,712) (13,435) (3,326) (18,038) (13,435) 602 2,210 (17,436) (11,225) (18,827) (15,329) (18,827) (15,329) (3,300) (3,300) (10,560) (117) (15) (10,575) (117) (46,766) (31,948) 761 2,970 (46,005) (28,978) (25) ,539 10,539 (46,376) (31,493) 11,300 2,945 (35,076) (28,548) 51

53 8. (a) 5,754 12, , ,351 12,473 13, ,351 25, ,394 31, ,745 57,619 4,896 2,734 3,667 8,563 2,734 15,875 8,563 18, ,664 5, ,227 24, , , ,546 1, ,549 1, ,400 2,600 5,400 2,600 5,400 2, ,285 1,285 1,285 1,377 3,819 1,377 3,819 1,377 3,819 52

54 8. (b) 95% 5,754 19, ,154 6, , , ,351 25, ,549 1, ,394 31, ,745 57, , , ,319 1,634 4,623 53

55 10. 51% 15,310,000 3,300, ,521 10,521 10, , (368) (455) (368) (455) (22) (22) (390) (455) (390) (455) (390) (455) 25 (390) (430) 54

56 12. 1% 16.5% (46,766) (31,948) 761 2,970 (46,005) (28,978) 16.5%17.5% (7,591) (5,071) 3,567 1,832 (113) (704) 3,944 4,034 (125) (189) (50) (332) (22) (390) (430) 29 55

57 13. 15,281 11,883 1,308 5,419 16,589 17, ,377 2,462 1,377 2,462 16,926 14,645 1,347 5,597 18,273 20,242 1, ,242 1, ,014 7,923 4,253 26,556 8,267 34,479 1,285 1, ,017 1,357 1, ,233 (100) ,238 (89) 2,453 2,808 2,453 2,

58 14. (a) ,434 1, , ,446 2, , ,040 1, , ,292 57

59 14. (b) (a) 2,629 2, ,186 2,695 4,948 1,000, ,000,0001,500, ,500,0002,000,

60 14. (c) 10,017 4, ,312 1,280 11,407 5, (35,076) (28,540) 1,440,796, ,493,846 59

61 15. (35,076) (28,540) 11,300 2,945 (46,376) (31,485) 11,300,000 2,945, , ,539 11,300 2,945 60

62 16. (538) 2,201 17,374 (135) (15) 16,821 2, ,811 (2,811) (202) 2,628 61

63 17. 2% 829 1,799 2,628 5,130,000 62

64 18. 2,954 2,217 2,507 1,133 8, ,400 (246) (374) (34) (654) 2,954 2,503 2,635 1,504 9, (267) (95) (66) (428) (2,954) (1,634) (2,019) (927) (7,534) ,109 1,009 1,661 2, , (140) (301) (29) (470) 1,068 1,835 2, , (2) (81) (57) (10) (148) (1,083) (1,534) (1,999) (796) (5,412) , , ,476 63

65 % 20% 33.3% 25% 33.3% 147, , ,019 2,336 8,355 8, ,355 5,542 2,813 8,

66 20. 8,800 2,600 2,600 5,400 8, , LaVie 5,400,000 2,600, % 18.7% 1%5% 65

67 ,292 3, ,510 5,576 (1,382) 370,704 CEC Resources LimitedChina Enterprise Capital LimitedGiant Field Group LimitedGFPower Field Holdings LimitedPF CEC Resources Limited China Enterprise Capital Limited SMI LLCSMISinotum Mongolia LLCSinotum GF PFSMI SinotumSaikhan Ovoo 30Erdenetsogt 3 GFGF 363,292,000 CEC Resources(1)329,705,093GF 19.99%(2)218,221,675 GF GFGFGF24 SMI CEC Resources 4.00 SMI 69,600, ,000,000 CEC Resources 760,000,000 GFCEC Resources 66

68 21. GF Saikhan Ovoo 3 4,834,000 Saikhan Ovoo 742,000 PFPF SinotumSinotum SinotumSinotum50,000,000 Sinotum 50,000,00050,000,0002 CEC ResourcesPF PF Sinotum 22. Sinotum PF9,785,000 Saikhan OvooPF PFSinotum SinotumCEC Resources Sinotum50,000,000 Sinotum CEC Resources 23. 1,715 7,039 3,927 3,816 5,642 10, , , %6.75%8.86% 67

69 ,701 6, ,715 7,039 22,000 54, % 2.74% 1.2% 4.0% 0.001% 3.1%0.01% 2.88% ,136 9,153 68

70 ,914 3, ,334 4, ,448 5,911 13, ,382 20, ,016 2, , Billion Pacific Ventures LimitedBillion Pacific 69

71 (21) (18) (85) (87) % 13.9%8.5% 9.5% %0.5% 1% 5.75% 6%5.75% 8.75% 70

72 (605) 845 (455) 53 (53) (455) (658) 390 (22) (38) 38 (22) (368) (59) 59 (368) (552) (9) 53,000, ,000, ,000, ,000,0009, ,000 55,000 3,760,000 6,253,000 5,504, GF 218,221, % 71

73 % % 13.78% 109,984 10, , % 3.3% 72

74 ,000,000, , ,909,767 84,891 (i) 39,083,280 3,908 (ii) 30,380,000 3,038 2,000,000, , ,373,047 91,837 (iii) 28,000,000,000 2,800,000 (iv) 1,272, (v) 400,000,000 40,000 (vi) 332,897,753 33,290 30,000,000,000 3,000,000 1,652,542, ,254 (i) (ii) (iii) (iv) (v) ,083, ,083,280 Galaxy China Opportunities Fund ,380, % 200,000,000 2,000,000, ,000,000,00030,000,000, ,000,000, ,272, ,000, %110,800,0001,230,000 GF PF 73

75 31. (vi) 0.44 GF 329,705,093 CEC Resources 21 (i)gf(ii)gfcec Resources (iii)pf GF 3,192, (i) (a) (b)

76 32. (i) ,000,000 10,000, ,272,000 (1,272,000) (1,000,000) ,230,000 (4,950,000) 20,280, ,850,000 (1,800,000) 1,050, ,000,000 2,000, ,442,320 5,442, ,060,000 18,060,000 53,854,320 12,000,000 (1,272,000) (7,750,000) 56,832,320 56,832, ,516,320 (12,516,320) ,954,320 (10,240,000) (5,442,320) 2,272, ,230,000 25,230, ,850,000 2,850, ,769,280 (16,326,960) 5,442, ,060,000 18,060,000 52,239,920 46,140,000 (39,083,280) (5,442,320) 53,854,320 51,004,

77 32. (i) ,000, ,000, , ,00046,140, ,517,000Black-Scholes 10,000,000 2,000, % % 1.640% 0.566% 46,140, % 1.75% 1.978% Black-Scholes 1,377,000 3,819,000 1,377,000 2,462,000 76

78 32. (ii) (vi)3,192,660 1,405,000 21GFSMI 363,292,000 3,218, ,510 2 (2) 366, , , ,292 1,405 1,813 3, ,510 1,813 (2) 1,811 GFGF GF 21 77

79 ,609 2,122 8,300 2,775 5,235 17,622 (14,180) (22) 24,461 10,539 35,000 35,000 (17,622) 17,378 78

80 35. 3,248 3, ,692 3,609 5,000 91, , , ,

81 ,717 1,689 2,813 1,886 1,864 6, , , (i) 31(vi) 50,000,000 GF3,192,660 (ii) 26 (iii)

82 40. (i) 12,367,0006,013,000 (ii) 21GF PFGF PF GFPF SMI Sinotum GFPF760,000,000 3,600,000, (i) Wonder Champion Investment Limited Seawise Group LimitedSeawise 5% Seawise Seawise 60%80% Seawise (i) (ii) 81

83 41. (i) 1,524,525,000(i)707,890, (ii)1,037,210,250 (iii) 345,736,750 (i)(ii) (ii) Nubrands Group Holdings LimitedAsia Coal Limited (iii) Wonder Champion Investment Limited 90%452,700, , % 100% % 100 SMI LLC 10,0001, % 82

84 ,510 15,532 63,693 3,075 1,139 99, ,598 65,100 1,808 1, , ,914 2, ,684 62, ,254 91, ,430 (29,544) 362,684 62,293 66,736,000 6,454,000 83

85 16,411 50,759 41,819 19,420 17,228 (35,466) (28,978) (12,160) (6,701) (6,957) (28) (35,076) (28,548) (12,153) (6,729) (6,957) (35,076) (28,540) (12,161) (6,729) (6,957) (8) 8 (35,076) (28,548) (12,153) (6,729) (6,957) 495,745 57,619 64,450 51,798 29,457 (131,227) (24,042) (24,308) (30,249) (22,859) 364,518 33,577 40,142 21,549 6,598 84

1 目錄

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