1 Annual Report 08 2 Financial Summary Sincere Watch (Hong Kong) Limited (incorporated in the Cayman Islands with limited liability) S

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1 1 Annual Report Sincere Watch (Hong Kong) Limited (incorporated in the Cayman Islands with limited liability) Stock Code : 00444

2 1 Annual Report 08 2 Financial Summary Sincere Watch (Hong Kong) Limited (incorporated in the Cayman Islands with limited liability) Stock Code : Sincere Watch (Hong Kong) Limited Annual Report 08 61

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9 ACIS HKICPA Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY Cayman Islands Bank of Bermuda (Cayman) Limited P.O. Box 513 GT Strathvale House North Church Street George Town Grand Cayman Cayman Islands British West Indies Malayan Banking Berhad 6 Sincere Watch (Hong Kong) Limited

10 470,833,000 56% 733,211, ,891,000237,442, % 71,006,000 72% 122,356,000 27,773,00013,188,00052,743,000 4,520,000 34,389,000 43,615, ,400,000 60, ,000 50,000 52,151 49,920 43, , , , ,936 40,000 30,000 36,937 34, , , ,000 20,000 76,774 10,000 50, Sincere Watch (Hong Kong) Limited 7

11 8 Sincere Watch (Hong Kong) Limited

12 396,100, ,600,000 78% 44% 470,800,000 56% 733,200,000 56% 237,400,000 71,000,000 72% 122,400,000 34,400, % 214,200, ,600, Franck Muller CVSTOS de Grisogono European Company Watch Pierre Kunz Sincere Watch (Hong Kong) Limited 9

13 1881 Heritage Building 10 Sincere Watch (Hong Kong) Limited

14 49Singapore Corporate Awards ,000,000 Best CEO of the year Sincere Brand Management Limited SBML Sincere Watch Limited Lakehead University 26 Lifestyle and Retail Entrepreneur of the Year 2004 Ernst and Young Entrepreneur of the Year Singapore 2004 Tourism Entrepreneur of the Year 2005 SBML 48 SBML Wesleyan University SBML Sincere Watch (Hong Kong) Limited 11

15 44 SBML National University of Singapore Export Insurance Corporation of Singapore SBML 54 Committee of the International Federation of Accountants (IFAC) Retail Industry Skills Training Council (RISTC) of the Singapore Workforce Development Agency (WDA) (PAIB) Sincere Watch Limited (University of Singapore) Institute of Certified Public Accountants of Singapore, ICPAS ICPAS Advanced Holdings Ltd Craft Print International Limited UMS Holdings Limited Singapore Corporate Awards ,000,000 (Best CFO of the Year) SBML 50 Stamford Law Corporation SembCorp Industries Ltd Macquarie International Intrastructure Fund Ltd Richina Pacific Limited Orangestar Investment Holdings Pte Ltd Inter-Pacific Bar Association (Nanyang Technological University, NTU) Singapore National Heritage Board (The Singapore Management University, SMU) Gray s Inn 12 Sincere Watch (Hong Kong) Limited

16 67 Arrow Electronics Corporation TNT EMBA Bell Telephone Laboratories Pacific Coffee Limited (University of Michigan) Advanced Management Program (University of British Columbia) Sincere Watch (Hong Kong) Limited 13

17 41 18 (Royal Melbourne Institute of Technology University) 38 Singapore Polytechnic CHEW Joo Yee41 10ChewNgee Ann Polytechnic 14 Sincere Watch (Hong Kong) Limited

18 46 21 Phillipe Chariol S.T. Dupont Alfred DunhillChopard Bvlgari Hermes Rado University of Wisconsin Sincere Watch (Hong Kong) Limited 15

19 470,833,000 56% 733,211, ,891,000 56% 237,442, % 42,683,000 96,506,000 68,079,000 83,206, ,076,000 Plaza 66 Franck Muller 72% 122,356,000 52,743,000 4,520,000 41,840,000 53,298,000 27,773,000 13,188, ,122, ,626, Sincere Watch (Hong Kong) Limited

20 34,389, Sincere Watch (Hong Kong) Limited 17

21 Franck Muller de Grisogono European Company Watch Pierre Kunz Cvstos Franck Muller de Grisogono Franck Muller de Grisogono 18 Sincere Watch (Hong Kong) Limited

22 Mercedes-Benz Cvstos de Grisogono Pierre Kunz Sincere Watch (Hong Kong) Limited 19

23 78% 568,626, ,122,000 44% 96,506,00013% 42,683,000 9%126% Franck Muller Franck Muller Franck Muller Plaza 66 9% 32,028,000 7% Franck Muller 1881 Heritage 20 Sincere Watch (Hong Kong) Limited

24 /5 4/5 5/5 3/5 4/5 5/5 5/5 Sincere Watch (Hong Kong) Limited 21

25 /2 2/2 2/2 22 Sincere Watch (Hong Kong) Limited

26 1/1 1/1 1/1 660,000 46, ,000 30,000 16,500 4/4 3/4 4/4 Sincere Watch (Hong Kong) Limited 23

27 Sincere Watch (Hong Kong) Limited

28 ,400,000 13,989, ,787, %14.3% 87.6%52.6% Chrono Star International Participations Groupe Franck Muller S.A. 5%Chrono Star International Participations Groupe Franck Muller S.A. Franck Muller GeneveGroup Franck Muller 5% 14,082, Sincere Watch (Hong Kong) Limited 25

29 ,876, % 1,903, % 951, % TBJ Holdings Pte.( TBJ ) 26 Sincere Watch (Hong Kong) Limited

30 Franck Muller Pte Ltd. Avante Marketing Pte Ltd. 6,661,000 14A.38 (i) (ii) (iii) 43,000,000 (iv) 11,000, Sincere Watch (Hong Kong) Limited 27

31 336 1 Sincere Watch Limited 2 306,000,000 (L) 75% A-A United Limited 3 306,000,000 (L) 75% 4 306,000,000 (L) 75% 306,000,000 (L) 75% 5 306,000,000 (L) 75% 6 Chartered Asset Management 28,641,000 (L) 7.02% Pte Ltd. CAM-GTF Limited 24,637,000 (L) 6.04% (1) L (2) 306,000,000 (3) (2)A-A United Limited306,000,000 (4) (3)A-A United Limited306,000,000 (5) (4)(i)7.85%(ii)A-One Investments Limited27.81%50.45%(iii) (6) % 306,000,000 (6) (4) (i)1.82%(ii)a-one Investments Limited 27.81% 49.55%(iii)United Success Enterprises Limited 2.61%(iv) (5) % 306,000,000 (7) (2) (6)306,000, Sincere Watch (Hong Kong) Limited

32 14 10 Sincere Watch (Hong Kong) Limited 29

33 SINCERE WATCH (HONG KONG) LIMITED Sincere Watch (Hong Kong) Limited 30 Sincere Watch (Hong Kong) Limited

34 733, ,833 (495,769) (318,942) 237, ,891 1,990 2,321 (37,276) (29,131) (79,800) (54,075) 122,356 71,006 (27,773) (13,188) (52,743) (4,520) 8 41,840 53, (7,451) (9,683) 34,389 43, Sincere Watch (Hong Kong) Limited 31

35 13 16,430 8, ,865 13, ,436 11,411 41,731 32, , , ,000 88,082 1,187 2, , , , , , , ,566 8,798 4,692 1, , , , , , , ,700 3, , , ,800 40, , , , , Sincere Watch (Hong Kong) Limited

36 40,800 59, , , ,615 43, ,615 43,656 (28,560) (28,560) 40,800 59, , ,936 2,307 2,307 34,389 34,389 2,307 34,389 36,696 (24,480) (24,480) 40,800 59, , , ,152 Sincere Watch (Hong Kong) Limited 33

37 41,840 53,298 (1,990) (2,321) 1,309 1,126 5,879 1, ,298 (11,946) 1,606 52,743 4, ,685 46,239 (10,900) 95,607 (32,524) 11,506 3,671 56,508 (77,405) (260) (7,232) 8, ,277 88,416 (3,004) (10,804) (2,398) (1,142) 112,875 76,470 (14,082) (7,552) 1,990 2, (19,066) 70 (12,092 ) (24,227 ) (24,480 ) (28,560 ) (32,410 ) (24,480 ) (60,970 ) 76,303 (8,727) 135, ,350 2, , , Sincere Watch (Hong Kong) Limited

38 Peace Mark (Holdings) Limited Sincere Watch Limited Sincere Watch (Hong Kong) Limited 35

39 Sincere Watch (Hong Kong) Limited

40 3. 3 Sincere Watch (Hong Kong) Limited 37

41 3. 38 Sincere Watch (Hong Kong) Limited

42 3. Sincere Watch (Hong Kong) Limited 39

43 3. 40 Sincere Watch (Hong Kong) Limited

44 3. Sincere Watch (Hong Kong) Limited 41

45 ,092,000 8,092,000 13,436,000 11,411, Sincere Watch (Hong Kong) Limited

46 6. 6a. 320, , , ,111 6b. 2% ,074 6, ,921 8, , , Sincere Watch (Hong Kong) Limited 43

47 6. 6b. 5%5% 5%5% 5% 19,405 13,337 67%68% 78%84% 44 Sincere Watch (Hong Kong) Limited

48 6. 6c ,626 96,506 68, , ,665 39,993 17, ,329 (188,479) 1,990 41,840 (7,451) 34,389 Sincere Watch (Hong Kong) Limited 45

49 7. 396,122 42,683 32, , ,745 9,972 9, ,422 (91,445) 2,321 53,298 (9,683) 43,615 85,800 64,545 17,280 3,804 27,785 25, ,865 93, , , , , , ,923 65,520 14,405 62,790 57, , ,752 14,623 14, , , Sincere Watch (Hong Kong) Limited

50 7. 7,146 7,552 5,625 1,311 15,609 14,082 23,161 4,009 1,309 1,072 2,107 1,362 7,188 2,671 1,945 (339 ) 7,070 (11,946 ) 4, Sincere Watch (Hong Kong) Limited 47

51 8. 15,735 16,290 17,877 13, ,016 29,958 1,945 11, ,309 1,126 5,879 1, ,382 11, , , , ,003 2,324 4,327 4,950 2, ,286 2,130 1, , ,083 6, , Sincere Watch (Hong Kong) Limited

52 9. 1,884 2,961 4,845 4,950 2, ,923 2, , ,964 6, ,290 1,750 2,266 1, ,950 2,458 1,000,0011,500, ,500,0012,000,000 1 Sincere Watch (Hong Kong) Limited 49

53 10. 4,740 6,031 5, ,264 6, (2,813) 2,784 7,451 9, %17.5% 41,840 53, %17.5% 7,322 9,327 (345) (388) ,451 9, ,480,000 28,560, ,400, ,389,000 43,615, ,000, ,000, Sincere Watch (Hong Kong) Limited

54 13. 7, , , , ,309 6, ,552 (3,396) (27) (204) (3,627) 12, , , ,740 1,572 1, ,082 (2,024) (2,024) 21,227 2,231 3, ,227 7, , , , ,545 (3,333) (27) (180) (3,540) 5, , , , ,879 (2,024) (2,024) 8, , ,797 13,041 1,479 1, ,430 7, , / 3 % 50% 33 1 / 3 % 33 1 / 3 % 20% Sincere Watch (Hong Kong) Limited 51

55 14. a 14,300 14,300 b (8,092) 8,092 6,208 8,092 14,300 1,126 1,126 1,126 1,126 1,309 1,309 2,435 2,435 3,773 8,092 11,865 5,082 8,092 13,174 (a) 22 (b) 6,208,0008,092,000 (c) 12.8% 16% 52 Sincere Watch (Hong Kong) Limited

56 ,704 80,629 19,296 7, ,000 88,082 6,705, , ,280 43, ,545 36, , ,690 1, ,383 81,775 (2,679) (1,146) 99,704 80,629 6,879,000 7, , , Sincere Watch (Hong Kong) Limited 53

57 16. 1,146 1, ,945 (75) (339) 2,679 1, ,741 8,798 (175) 1,566 8, , , ,566 9, Sincere Watch (Hong Kong) Limited

58 , ,111 32,932 37, , , ,239 47, , , ,050 15, , , ,024, ,686, ,000 1,239, ,000,000, , ,000, ,800 Sincere Watch (Hong Kong) Limited 55

59 ,067 13, (3,600) 412 (2,458) 10 (359) (2,090) (335) (2,784) ,688 (3,600) 78 7, , (478) 2, ,080 (2,700 ) (390 ) 10,736 4,200,000 3,100,000 13,436 11,411 (2,700) (3,600) 10,736 7, Sincere Watch (Hong Kong) Limited

60 22. 27,535,000 1,309 1,309 6,208 6,208 1,142 1,142 33,506 33,506 7,700 7,700 8,469 8,469 (843) (843) (32,715) (32,715) (1,733) (1,733) (3,600) (3,600) 16,835 2,608 19,443 8,092 27,535 (27,535) 8,469 (19,066 ) 31,856,0003,640, ,150,000 47,254,000 Sincere Watch (Hong Kong) Limited 57

61 23. 38,783 17,438 65,839 26, ,622 43, Sincere Watch (Hong Kong) Limited

62 26. (a) 172 6,661 3,885 (b) Sincere Brand % Holdings Limited Sincere Brand 1,000, % Management Limited 1,000, % Pendulum (Macau) Limited 25, % Pendulum Limited 2 100% Sincere Watch (Hong Kong) Limited 59

63 733, , , , ,337 41,840 53,298 61,700 63,268 43,926 (7,451) (9,683) (11,780) (11,117) (6,989) 34,389 43,615 49,920 52,151 36, , , , , ,862 (433,244) (329,151) (388,880) (359,210) (228,240) 224, , ,840 76, , Sincere Watch (Hong Kong) Limited

64 Concept, design and printing: ione Financial Press Limited Account Servicing Centre:

4 37,919 40,859 6 (1,752) (10,323) 36,167 30,536 35,919 30, (430) 36,167 30,

4 37,919 40,859 6 (1,752) (10,323) 36,167 30,536 35,919 30, (430) 36,167 30, RIVERINE CHINA HOLDINGS LIMITED 1417 2017 12 31 2017 12 31 2016 12 31 2017 12 31 3(a) 363,303 309,268 4(a) (296,434) (248,625) 66,869 60,643 3(b) 7,611 10,283 (4,682) (4,188) (42,690) (31,267) 5 (1,496)

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85,426,000 39,437,000 45,989, % 30,643,000 (79,340,000 ) 48,697, % 8,794,000 6,086,000 2,708, % 7,171,000 25,573,000 18,402,000 7 CEFC Hong Kong Financial Investment Company Limited 1520 39,437,000 85,426,000 53.8% 7,171,000 25,573,000 18,402,000 72.0% 18.2% 29.9% 44,808,000 10,502,000 34,306,000 326.7% 2.65 0.94 1 85,426,000 39,437,000

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