C O N T E N T S Corporate Information 3-7 Chairman s Statement 8-9 Five Years Financial Summary Biographical Details of Directors and Senior Man

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1 (Stock Code: 0532) A N N U A L REP O R T 2013

2 C O N T E N T S Corporate Information 3-7 Chairman s Statement 8-9 Five Years Financial Summary Biographical Details of Directors and Senior Management Report of the Directors Corporate Governance Report Independent Auditor s Report Consolidated Income Statement 49 Consolidated Balance Sheet Balance Sheet 52 Consolidated Statement of Comprehensive Income 53 Consolidated Statement of Changes in Equity 54 Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements

3 CORPORATE INFORMATION Executive Directors Senta Wong (Chairman and Chief Executive Officer) Edward Ying-Chun Tsui (Group President and Chief Operating Officer) Byron Shu-Chan Ho (Chief Financial Officer) Bengie Man-Hang Kwong Hamed Hassan El-Abd Hamed Hassan El-Abd Non-Executive Directors Leung Kam Fong Hsu Hung Chieh Independent Non-Executive Directors John Ho Philip Wan-Chung Tse Gene Howard Weiner Yip Wai Chun Gene Howard Weiner Company Secretary Cheng Ying Auditor PricewaterhouseCoopers 3 Solicitor Stephenson Harwood Bankers The Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank (Hong Kong) Limited Australia and New Zealand Banking Group Limited Bank of China (Hong Kong) Limited Hang Seng Bank Limited Share Registrars Principal Registrar MUFG Fund Services (Bermuda) Limited (Formerly known as Butterfield Fulcrum Group (Bermuda) Limited) Hong Kong Registrar Tricor Standard Limited MUFG Fund Services (Bermuda) Limited Butterfield Fulcrum Group (Bermuda) Limited Registered Office Clarendon House 2 Church Street Hamilton, HM11 Bermuda Clarendon House 2 Church Street Hamilton, HM11 Bermuda Principal Office 17/F, Octa Tower No.8 Lam Chak Street Kowloon Bay Hong Kong 8 17

4 Production Facilities of WKK Technology Park at Dongguan China SMC Production Floor 4 Product Assembly Floor Testing Station

5 These OEM products are manufactured by WKK Technology Limited Wireless headset was used and adopted in China Space Program 5 Astronauts communicated in space by using products manufactured by WKK Technology Limited WKK manufactured products were adopted and used in the ground center of China s space program

6 These products are distributed by WKK Distribution Limited Yamaha YS24 High speed modular SMT mounter Yamaha YS24 Mounting speed 72,000 CPH Accuracy 0.05mm Size of the machine 1254mm X 1687mm Super large pcb size L700mm X W460mm SS FEEDER 6 MS2 Molten Solder Surfactant MS2 Dross recycle rate upto 90% 90% No smoke, nor odour Easy to use Vi Technology 3D SPI 3 3D True colour, multi camera, projector 3D 160M pixel digital camera 160 M Resolution 15µm Inspection speed upto120 cm 2 /sec

7 These products are manufactured or distributed by the subsidiaries of WKK Distribution Limited NS Solder material NS Patented SN100C formula SN100 Ni and Ge added Ni Ge Better wetting and solderability Licensed Manufacturer in PRC 7 Yamaha Fine MR502 CCD FPC Panel Size and Thickness Max.510(W) 350(D)mm, µm Positioning Accuracy 5µm (by YAMAHA test film Test Speed 0.6sec/hole(by YAMAHA test film Multiline ATP series ATP Punch Position Accuracy : Punch Position Repeatability Image To Punch ( Hydraulic Power :12 Tons

8 CHAIRMAN S STATEMENT BUSINESS REVIEW The Group achieved a record turnover of HK$5.8 billion in the year 2013, representing an increase of approximately 10% compared to 2012, mainly due to the excellent performance of the Group s OEM Manufacturing Division. In 2013, the Group s profit attributable to shareholders was HK$45.4 million, reflecting an increase of approximately 7% compared to % 7% Trading and Distribution Division (WKK Distribution) The Trading and Distribution Division recorded sales of HK$1.6 billion in 2013, reflecting a decrease of approximately 3% compared to However, the division managed to maintain the similar level of operating profit in 2013 as compared to 2012, mainly because of the cost-saving measures taken by the division to offset the impact of the adverse market environment. 3% 8 In the second half of 2013, we saw an improvement in the sales of the division of approximately 13% over the first half of 2013, and an improvement of 6% over the same period in The improving performance of the division in the second half of 2013 was largely due to the moderate recovery of the economy in the United States and the easeing of the contraction in the economy in Europe since mid % 6% OEM Manufacturing Division (WKK Technology) The Group s OEM Manufacturing Division achieved a record turnover of HK$4.1 billion in 2013, representing an increase of approximately 16% compared to In 2013, the operating profit of the division increased by approximately 16% compared to last year. The good performance of the division was mainly due to an increase in the volume of orders from a major customer, as a result of the Group s continuous efforts in offering valued-added services, advanced technical support and a high degree of production flexibility to our customers. 16% 16% FINANCE As of 31 December 2013, the Group committed bank and other financing facilities totalling HK$3,580 million, of which HK$1,046 million was drawn down. As of 31 December 2013, the Group s consolidated net borrowings amounted to HK$246 million and its total equity amounted to HK$1,529 million, resulting in a net gearing ratio of 16%. 16% Most of the Group s sales were conducted in the same currencies as the corresponding purchase transactions. Foreign exchange contracts were used to hedge exposure where necessary.

9 CAPITAL STRUCTURE There have been no material changes in the capital structure of the Group since 31 December HUMAN RESOURCES As of 31 December 2013, the Group had a total of 6,174 employees, of whom 311 were based in Hong Kong, 5,541 in the PRC and 322 overseas. The remuneration packages of the Group s employees are mainly based on their performance and experience, taking into account current industry practices. Provident fund scheme, medical allowances, and in-house and external training programs are available to employees. Share options and discretionary bonuses are provided to employees according to the performance of the individual and the Group. The remuneration policy and packages of the Group s employees are regularly reviewed. 6, , PROSPECTS If the prevailing conditions of the global economy persist, we expect that the operating environment of the Group s Trading and Distribution Division will be tough in The demand for the industrial products distributed by the Group is expected to be maintained at the same level in 2014 as compared to With our continuous efforts to explore opportunities and our diversified customer base, it is expected that the Group s OEM Manufacturing Division will maintain a comparable level of sales in 2014 as compared to In addition, the Group will continue its factory automation process to offset the impact of the constant increases in labour costs and overheads in the PRC. On behalf of the Board, I wish to thank all employees for their loyalty, support and hard work throughout the year. By Order of the Board Senta Wong Chairman Hong Kong, 25 March 2014

10 FIVE YEARS FINANCIAL SUMMARY HK $ Million Turnover 5,192 5,238 5,249 5, , HK $ Million 250 Profit/(loss) attributable to shareholders HK $ Million Total assets 3,884 3,647 3,407 3, , ,164 1,304 1,356 1,392 1,433 Total assets Total shareholders funds attributable to the equity holders of the Company (Restated) (Restated)

11 FIVE YEARS FINANCIAL SUMMARY For the year ended 31 December RESULTS Turnover 3,095,362 5,192,120 5,237,518 5,249,294 5,765,755 Profit/(loss) attributable to shareholders (41,245) 135,102 75,456 42,301 45,375 At 31 December (Restated) (Restated) 11 ASSETS AND LIABILITIES Total assets 2,332,508 3,646,578 3,884,297 3,255,625 3,407,231 Total liabilities (1,100,012) (2,250,774) (2,452,003) (1,766,244) (1,877,894) Non-controlling interest (68,238) (91,946) (75,966) (97,801) (96,624) Total shareholders funds attributable to the equity holders of the Company 1,164,258 1,303,858 1,356,328 1,391,580 1,432,713

12 BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT EXECUTIVE DIRECTORS Wong, Senta, aged 71, began his career in the electronics industry in Mr. Wong is a founder of the Group in 1975 and it has been de-merged from Wong s International (Holdings) Limited (the WIH Group ) in Mr. Wong is responsible for the Group s overall management and formulation of its corporate strategies. He has been a director and chairman and chief executive officer of the Company since March Mr. Wong is the father of Mr. Wong, Vinci and the father-in-law of Mr. Chang Jui Shum, Victor Tsui Ying-Chun, Edward, aged 67, obtained a Bachelor of Arts degree from the University of Hong Kong and joined the WIH Group in 1982 as general manager in charge of corporate administration. In 1985, Mr. Tsui became the general manager and, in 1987, a director of Wong s Kong King Holdings Limited. Mr. Tsui had extensive experience in broadcasting, trading and manufacturing before joining the WIH Group. He has been a director of the Company since March Ho Shu-Chan, Byron, aged 69, graduated from the Chinese University of Hong Kong with a Bachelor of Commerce degree. Mr. Ho had more than 18 years of extensive working experience with the Inchcape group of companies as financial controller and general manager prior to joining the WIH Group in January He has been a director of the Company since March Kwong Man-Hang, Bengie, J.P. (Aust.), aged 66, is an Executive Program Graduate of the Graduate School of Business, Stanford University, also a graduate of the Senior Executive Program on Negotiation (PON) at Harvard Law School, Harvard University and an MBA holder. He was formerly the chief executive of Hong Kong Quality Assurance Agency (Hong Kong Government subvented organization) an independent third party ISO 9000/14000 Quality and Environmental Management System Certification Body. He has more than 30 years senior management experience and has an impressive track record in the field of computer and electronics industry with multi-national organizations. Mr. Kwong has fellowships in various professional institutions, and has been appointed as vice president of the Institution of British Engineers England, and fellow of the Institute of Directors (Royal Charter) U.K. He has been a director of the Company since February 1996, a director of WKK Japan Limited since February 1997 and a chief executive officer of WKK America (Holdings) Inc. since June J.P. (Aust.) 66 (PON) ISO 9000/14000 WKK Japan Limited WKK America (Holdings) Inc.

13 Hamed Hassan El-Abd, aged 66, joined the Group in He is a director and the president of WKK Distribution Limited. Prior to joining the Group, he was president of Amistar AG, a manufacturer of automated robotics used in electronics assembly in particular the area of Surface Mount Technology. In 1988, he founded his own consulting company and worked with Japanese, U.S. and European companies in the electronics area. Mr. El-Abd holds a BA degree in Journalism and an MA in International Affairs. He has been a director of the Company since May NON-EXECUTIVE DIRECTORS Leung Kam Fong, aged 72, obtained a Bachelor of Science degree and a post-graduate Certificate in Education from the University of Hong Kong. Mr. Leung began his career in technical education and training in 1965 at the Hong Kong Technical College and Hong Kong Polytechnic. He joined the Vocational Training Council in 1982, founded the Chai Wan Technical Institute in 1985, upgraded it to Hong Kong Technical College (Chai Wan) in 1992 and subsequently became Deputy Executive Director in In 1995, he was appointed as the Chief Executive of Tung Wah Group of Hospitals until In these 11 years, Tung Wah experienced tremendous expansion, and he pioneered the development of a series of modern Chinese Medicine Specialist Clinics. He was awarded honorary doctorate degrees from Middlesex University, U. K. and Hunan University of Traditional Chinese Medicine, PRC and holds visiting professorship at Hunan and Chengdu University of Traditional Chinese Medicine, PRC. He had been appointed Vice-Secretary General of the World Federation of Chinese Medicine Societies, PRC from 2006 to He has been elected President of the International Hua-Xia Medicine Society since Mr. Leung joined the Group in 2007 as the executive director and the chief executive of 3 Kings Holding Limited ( 3 Kings Holding ), a subsidiary of the Company to conduct business in health care and Chinese medicine. Mr. Leung has also been appointed as the director of 3 Kings Advertising Company Limited ( 3 Kings Advertising ), a subsidiary of the Company since Mr. Leung resigned from all the positions of 3 Kings Holding and 3 Kings Advertising in January Mr. Leung was appointed as a director of the Modernized Chinese Medicine International Association in He has been an Non- Executive director of the Company since January Hamed Hassan El-Abd 66 AmistarAG El-Abd 72 Middlesex University 13 Hsu Hung Chieh, alias, Andrew Sheu, aged 67, joined the Group in 1981, is the Chairman of Taiwan Kong King Co., Limited ( TKK ), a company listed in Taiwan. He has over 32 years of experience in the high technology equipment trading and manufacturing industry and he served in TKK as management, specialized in operating and marketing, for over 25 years. Mr. Hsu holds a bachelor degree in Electrical Engineering from Tatung University in Taiwan. He has been a director of the Company since January

14 INDEPENDENT NON-EXECUTIVE DIRECTORS Ho, John, aged 68, is a practising solicitor in Hong Kong. He obtained a Bachelor of Laws degree from the University of London. In 1972, he qualified as a solicitor and joined a major firm of solicitors. Mr. Ho is a partner of John Ho & Tsui. Mr. Ho was appointed as an independent non-executive director of Wa Ha Realty Company Limited in 1994 and re-designated as a non-executive director in 2004; and also CEO and executive director of China Western Investments PLC, a previously London listed company. He has been a director of the Company since March China Western Investments PLC 14 Tse Wan-Chung, Philip, aged 69, retired from DDB Advertising Agency Operations in 1997 and remained a member of the Company s Worldwide Board until Mr. Tse had spent over 34 years in the advertising industry. Besides his involvement in advertising, Mr. Tse is one of the founders of the Hong Kong Artists Guild ( Guild ) in which he has been serving as the Chairman of the Executive Committee since Mr. Tse was appointed as the Chairman of Guild since He was also appointed by the Hong Kong Government as a council member of the Hong Kong Academy of Performing Arts in Mr. Tse has served as a member of the Young Presidents Organization since 1976 and is currently a member of the World Presidents Organization. In recent years, Mr. Tse focuses on marketing management and art and culture related business. He founded BaoQu Tang Gallery of Art ( BQT ) in BQT has become a well known brand in the art scene in Hong Kong and China. He has been a Director of the Company since March DDB Advertising Agency Operations Young Presidents Organization World Presidents Organization

15 Gene Howard Weiner, aged 77, is president of Weiner International Associates, a business and technical consultancy serving the specialty chemical and electronics industries. The clients of Weiner International Associates have included several Fortune 100 companies. He was a founding partner of Quantum Solar Group, Inc., a market research organization in the Photovoltaic solar industry as well as a founding member of the SMTA (Surface Mount Technology Association). His executive experience includes that of Director and President of New England Laminates Co. Inc. (subsidiary of Park Electrochemical), a leading supplier of copper clad laminates to the electronics industry; vice president of sales and marketing of Dynachem Corporation (now part of Dow Chemical), one of the world s leading suppliers of photopolymers specialty chemicals to the electronics industry; and vice president of marketing of Oxy Metal Finishing, a major specialty chemical firm. Mr. Weiner was formerly on the Board of Advisors of NCAB USA, Inc. (formerly known as P. D. Circuits, Inc.), a U.S. company providing CAM, design for manufacture, tests and other shared infrastructure services to the printed circuit assembly industry. He is a member of the Advisory Board of the MBA program of the Malcolm Baldridge School of Business at Post University, founded over 100 years ago as a business school. Post is ranked in the top 20 among online education providers according to the Online Education Data Base (OEDb), a U.S. national resource for online degree programs. Mr. Weiner has been inducted into the IPC Raymond Pritchard Hall of Fame, the IPC s and the industry s highest award and recognition. In January 2014, he was named a member of the IPC s Ambassadors Council. He has been a director of the Company since April Gene Howard Weiner 77 Weiner International Associates Weiner International Associates 100 Quantum Solar Group, Inc (SMTA) New England Laminates Co., Inc. Park Electrochemical Dynachem Corporation Dow Chemical Oxy Metal Finishing Weiner NCAB USA, Inc. P.D.Circuits, Inc. Post University MBA Post University 100 IPC Raymond Pritchard Hall of Fame Weiner IPC s IPC 15 Yip Wai Chun, aged 56, obtained the degrees of Bachelor of Medicine and Bachelor of Surgery from the University of Hong Kong in Dr. Yip began his career as a surgeon in Queen Mary Hospital. He was awarded the fellowships of the Royal Colleges of Surgeons of Edinburgh and Glasgow in 1986 and that of Australia in He took up the surgeon s appointment in Kwong Wah Hospital in 1986 and was promoted to the post of consultant surgeon in Dr. Yip was made Chief of Service of Department of Surgery of Kwong Wah Hospital with the Hospital Authority in Dr. Yip is a specialist in Urology and has been in private practice since Dr. Yip was awardee of Hong Kong Ten Outstanding Young Persons in In 2006, he received the Outstanding Staff Award of Hospital Authority. Dr. Yip was Vice-President of the College of Surgeons of Hong Kong from 2004 till Presently, he is honorary associate professor, Medicine, of University of Hong Kong and Chinese University of Hong Kong. Dr. Yip is also honorary consultant and executive director of medical service of Tung Wah Group of Hospitals.

16 Over the years, Dr Yip has had substantial contributions to the development of medical services in Hong Kong. Dr. Yip coordinated the provision of liver transplant service in Hong Kong in He is a renowned leader in the field of Men Health and is also a pioneer for delivery of integrated Western and Chinese medicine service in Hong Kong. Dr. Yip was the member of the Election Committee of the Legislative Council of Hong Kong SAR, China in 2002, 2007 and He was also the member of the Election Committee for the 10th, 11th, 12th National Peoples Representative Committee, Hong Kong SAR, China. He has been an Independent Non-Executive Director, member of the Audit Committee and member of the Remuneration Committee of the Company since January SENIOR MANAGEMENT 16 WONG S KONG KING HOLDINGS LIMITED Chung Yiu Ming, Alvin, aged 66, joined the Group in Mr. Chung is the general manager of Human Resources & Administration Department of the Group. He has more than 30 years extensive HR&A experience in the industry. Prior to joining the Group, he brought with him well proven record in various regional multi-national organisations such as Ampex, Digital Equipment, Data General and National Semiconductor, etc. Mr. Chung holds a Graduate Diploma in Personnel Management from The Hong Kong Polytechnic University (formerly named as HK Technical College). He is the visiting lecturer of the Hong Kong Management Association, the Hong Kong Productivity Council and Shengchun University, etc. for over the past 10 years. Mr. Chung has been served as the Academic Chairman of the Hong Kong People Management Association (formerly named as Hong Kong Industrial Relations Association). 66 Ampex, Digital Equipment, Data General and National Semiconductor 10 Shengchun University Cheng Ying, aged 42, joined the Group in She is now the company secretary of the Group. She graduated from the Lingnan University with a Honours Diploma in Company Secretaryship and Administration. She is an associate member of both of the Hong Kong Institute of Company Secretaries and the Institute of Chartered Secretaries and Administrators. Prior to joining the Group, she has about 15 years of experience in company secretarial field. 42 WKK TECHNOLOGY LIMITED Wong Kwok-Wai, Jacky, aged 56, joined the Group in He is the executive director of WKK Technology Limited. Mr. Wong had been responsible for the Group s OEM production operation and the marketing of the Group s semiconductors products in the early years and is currently in charge of marketing the Group s OEM services. He holds a Higher Diploma in Industrial Engineering. He has been a director of WKK America (Holdings) Inc. since June WKK America (Holdings) Inc.

17 Wong Lup-Keung, Ben, aged 58, joined the Group in He is the Director and General Manager of Sales & Project Management Department of WKK Technology Limited. He has extensive industrial experience in various fields namely, R&D engineering, procurement, operations and sales & marketing areas etc. Mr. Wong holds a Bachelor degree in Science (Electronics Engineering) from the Chinese University of Hong Kong. 58 Tang Kang, aged 57, joined the Group in April He is the General Manager of Manufacturing Operations in PRC Plant of WKK Technology Limited. Mr. Tang has over 20 years manufacturing experience in both computer and consumer electronics industries. He holds a Bachelor degree in Radio and Telecom Technology from the South China University of Technology. 57 Wong Kong-Ting, David, aged 54, joined the Group in He is the General Manager of Material Management Department of WKK Technology Limited. He has over 30 years manufacturing experience in Planning and Material Control (PMC), Procurement Management, etc. He holds Bachelor of Science in Computer Information System and master in Business Administration DONGGUAN NISSIN PLASTIC PRODUCTS CO., LTD. Chan Wing Wah, Jonathan, aged 61, joined the Group in 2001 and was appointed as the assistant general manager of manufacturing (WKK Technology Ltd.). In 2005, Mr. Chan left the Group and furthered his study. He obtained a Master of Science degree in Strategic Human Resource Management from Hong Kong Baptist University. He also holds a Master degree in Engineering Management from University of Technology, Sydney, Australia. He rejoined the Group in 2008 and was promoted to managing director of Dongguan Nissin Plastic Products Co., Ltd since He has more than 20 years experience in electronics industries. Prior to joining the Group, he was the deputy managing director in a plastic fabrication shop, the China operations director of a trading company and the assistant general manager of an OEM company. 61 WKK DISTRIBUTION LIMITED Chang Jui Shum, Victor, aged 39, joined the Group in He is now the Director and general manager of WKK Distribution Limited. He is responsible for formulating the sales and marketing strategy, and overseeing the development of new business. Mr. Chang holds a Bachelor degree in Commerce (Accounting & Finance) from the Monash University of Melbourne, and MBA from City University of Hong Kong. Mr. Chang is the son-in-law of Mr. Wong, Senta and the brother-in-law of Mr. Wong, Vinci. 39 Monash

18 Fullwood, Lionel, aged 73, joined the Group in He is a technical director and manages the Technical Services for the PCB arena company wide. Prior to joining the Group, he spent 34 years in the electronics industry, specializing in PCB manufacturing. He has designed, selected equipment, and been responsible for the design, building and management of seven PCB manufacturing facilities in Asia and US. At the present time, he is active in the Institute of Printed Circuits. He received the Institute s Distinguished Committee award in October of 2000, 2002 and 2007, as well as the IPC President s Award for At the 2005 IPC EXPO Conference, Mr. Fullwood was appointed General Chair of the IPC 110 set of committees. Mr. Fullwood holds a B.Sc in Chemistry and Maths., and an M.A. in Molecular Biology and Polymer Chemistry. He has authored or coauthored 41 technical papers and publications. Fullwood, Lionel 73 Institute s Distinguished Committee IPC FullwoodIPC 110 Fullwood In February of 2013, Mr. Fullwood was awarded the 2013 Raymond Pritchard award of the IPC, and inducted into the IPC Hall of Fame. This is the highest award the IPC presents, with only 33 recipients worldwide since Fullwood IPC IPC To Wan-Sang, Stephen, aged 58, joined the Group in He is currently the Head of South East Asia operation and general manager for New Product Development. He was the general manager for WKK Source Electronics (HK) Limited, a joint-venture with Source Electronics Asia Limited in U.S., mainly, a leader in Integrated Circuit Programming Service. Mr. To has assumed various positions along the growth of the group. He was the engineering manager of World Storage Technology, a former manufacturing unit of the group manufacturing floppy disk drives. He was also the service manager for China, sales manager for electronic equipment in Hong Kong, director and general manager for WKK (Thailand) Limited, director and general manager of WKK Electronics Pte Limited and largely being responsible for marketing of electronic equipment in various territories. Mr. To was also the general manager for Special Products Group. Mr. To holds an MBA degree from UK, and a Higher Diploma in Electronic Engineering. 58 Source Electronics Asia Limited World Storage Technology WKK (Thailand) LimitedWKK Electronics Pte Limited WKK ELECTRONIC EQUIPMENT LIMITED Lee Wai-Kong, Johnson, aged 55, joined the Group in He is the director and general manager of WKK Electronic Equipment Limited and is responsible for marketing the Group s electronic products in Hong Kong and the PRC. Mr. Lee holds a Bachelor degree in Science (Electronics Engineering) from the Chinese University of Hong Kong. 55

19 WKK PCB TRADING LIMITED Lui Kwok-Chak, Randy, aged 53, joined the Group in He is a director and the general manager of WKK PCB Trading Limited and is responsible for marketing the Group s PCB products in Hong Kong and the PRC. Mr. Lui holds a Bachelor of Science degree in Chemical Engineering from National Taiwan University. He worked in the field of PCB manufacturing before he joined the Group. 53 WKK ENGINEERING SERVICE LIMITED Wong Man-Sing, Joe, aged 63, joined the Group in He is a director and the general manager of WKK Engineering Service Limited. He holds electronic diploma and has more than 30 years of experience in the managing and servicing of equipment used in the electronics industry. 63 CHINA BUSINESS Yeung Chuen-Hau, aged 66, joined the Group in He is the director and general manager of WKK China Limited and is responsible for marketing the Group s products and services in the PRC. Ng Ka Kui, Jimmy, aged 51, joined the Group in He is the General Manager of WKK Beijing office. Mr. Ng had been responsible for the Group s electronics assembly, printed circuit board and semiconductors business for North China market. He holds a Certificate in Electrical Engineering Yu Chun Yip, Tony, aged 46, joined the Group in He is the General Manager of WKK Trading (Shanghai) Co., Ltd. and Suzhou Branch. Mr. Yu is responsible for the marketing, sales and service of the SMT product in East China. He holds a Diploma in Marketing. 46 SMT Lee Wai-Man, Raymond, aged 51, join the Group in He is the General Manager of WKK EMS Equipment (Shenzhen) Limited. Mr. Lee previously worked in the engineering department, sales & marketing for electronic assembly field, and is currently in charge of Group s distribution business in South China. 51

20 Lin Fu Chan, Frank, aged 59. Mr Lin graduated from the Jiangxi University of Science and Technology in Before joining the Group in 1991, he had been a civil servant of the Government of the PRC for 8 years with over 10 years mechanical product design and management experience. He was granted a National Technology Improvement Award by the Government of the PRC in He is now the General Manager of WKK EMS Equipment (Chengdu) Ltd, WKK EMS Equipment (Chongqing) Ltd., WKK Electronic Equipment (Xi an) Ltd. and the Special Assistant to the Group Chairman. He is also a Director and Vice Chairman of Hong Kong Jiangxi Clansmen Association Ltd WKK DISTRIBUTION (SINGAPORE) PTE LTD. Leung Man Hoy, aged 64, joined the Group in He is the Director and General Manager of WKK Distribution (Singapore) Pte Ltd. He is taking care of the operation management of South East Asia business. He holds electronic certificate and has over 30 years experience in electronics field. Prior to he transferred to Singapore, he was the regional manager of WKK Engineering Service Limited and Director and General Manager for WKK Thailand Limited. WKK DISTRIBUTION (SINGAPORE) PTE LTD. 64 WKK Distribution (Singapore) Pte Ltd. WKK Thailand Limited TAIWAN WKK DISTRIBUTION CO. LIMITED Liu Chien Wei, alias, Martin Leou, aged 50, joined Taiwan Kong King Co., Limited in He is now the general manager and Director of Taiwan WKK Distribution Co, Limited and is responsible for overseeing the day-to-day operations of Taiwan WKK Distribution business. He has over 27 years experience in service and customer management. Mr. Liu has also been appointed as the General Manager of PCB division of WKK China Shanghai office in October 2001 and is responsible for PCB, Optoelectronics and Semiconductor business in east China area. Mr. Liu holds a Bachelor degree in Electrical Engineering from the Chien Xin Technology College (Formerly known as Qing Yun University). Martin Leou 50 DONGGUAN WKK MACHINERY CO. LTD Fok Kam Chung, Johnson, aged 51, joined the Group in Mr. Fok is the Director and General Manager of Dongguan WKK Machinery Company Limited. He had been the Assistant General Manager of WKK Engineering Service Limited and the General Manager of WKK (Shanghai) Engineering Service Co., Ltd.. Mr. Fok Holds MEM (Master degree in Engineering Management) from University of Technology, Sydney. 51

21 WKK TRAVEL LIMITED Ho Yim Wai Hing, Helen, aged 55, joined the Group in She is the general manager of WKK Travel Limited. Mrs. Ho has over 18 years experience in administration. She holds a Diploma in Business Management. 55 TAIWAN KONG KING CO., LIMITED Liao Hung-Ying, Smale, aged 50, joined the Group in He is the director and president of Taiwan Kong King Co., Limited. Mr. Liao holds a Bachelor of Electronic degree in Electronic Engineering of St. John s & St. Mary s Institute of Technology. He was a supervisor for Taiwan Printed Circuit Association from 2002 to 2009 and has become the Executive Supervisor since St. John s & St. Mary s Institute of Technology WKK AMERICA (HOLDINGS) INC. Bacon Bruce, aged 55, joined the WIH Group in 1986 and transferred to the WKK Group in He is the President of WKK America (Holdings) Inc. Mr. Bacon is responsible for the Sales and Marketing activities of WKK Technology Limited in North America. He has over 30 years experience in the electronics and computer industry. Prior to joining the Group in 1986, Mr. Bacon managed several Customer Service and Quality Assurance operations for U.S. based companies involved in the computer industry. WKK AMERICA (HOLDINGS) INC. Bacon Bruce 55 WKK America (Holdings) Inc. Bacon Bacon 21 WKK JAPAN LIMITED Masato Watanabe, age 67, joined the Group in He is appointed as Representative Director and the President of WKK Japan Limited on 1 April Prior to taking this position, he was a Director/Vice President of Kysho America Corporation in charge of trading, sales and corporate administration. He is a Bachelor of Arts degree holder from Waseda University, Tokyo, Japan. WKK JAPAN LIMITED Masato Watanabe 67 WKK Japan Limited Kysho America Corporation Waseda University 3 KINGS HOLDING LIMITED Wong Vinci, aged 43, is the director and general manager of 3 Kings Holding Limited ( 3 Kings ). He has been appointed as a director of 3 Kings on 1 December He graduated from the University of British Columbia with a Bachelor Commerce (marketing major) degree. He is a media personality well-known to Hong Kong and mainland China TV viewers as a quality presenter with accuracy. He has extensive net-working experience with the local media and therefore enhances the advertising and sales promotion of company s product. Mr. Wong is the son of Mr. Wong, Senta and the brother-in-law of Mr. Chang Jui Shum, Victor. 43

22 REPORT OF THE DIRECTORS The Directors present their annual report and the audited consolidated financial statements of the Company for the year ended 31 December PRINCIPAL ACTIVITIES AND SEGMENTAL INFORMATION The Company acts as an investment holding company. The principal activities of its principal subsidiaries are trading and distribution of chemicals, materials and equipment used in the manufacture of printed circuit boards and electronic products and the manufacture of electrical and electronic products for OEM customers. 22 An analysis of the Group s performance for the year by operating segments is set out in Note 6 to the financial statements. RESULTS The results of the Group for the year ended 31 December 2013 are set out in the consolidated income statement on page 49. DIVIDENDS The Board of Directors do not recommend the payment of an interim divided for the six months ended 30 June The Board of Directors recommends a final dividend of HK$0.02 per share (2012: HK$0.015 per share) be paid in respect of the year ended 31 December The proposed final dividend will be payable on or about Thursday, 31 July 2014, subject to approval at the Annual General Meeting, to shareholders whose names appear on the Register of Members of the Company on Wednesday, 25 June RESERVES Details of the movements in reserves of the Group and the Company during the year are set out in Note 31 to the financial statements. PROPERTY, PLANT AND EQUIPMENT Details of movements in property, plant and equipment of the Group are set out in Note 17 to the financial statements. SHARE CAPITAL Details of the Company s share capital are set out in Note 29 to the financial statements. DISTRIBUTABLE RESERVES The Company s reserves available for distribution to the shareholders, as calculated under the Companies Act 1981 of Bermuda and the Bye-laws of the Company, as at the balance sheet date, amounted to HK$247,877,000 (2012: HK$249,572,000). In addition, the Company s capital redemption reserve and share premium may be distributed in the form of fully-paid bonus shares. PRE-EMPTIVE RIGHTS There are no provisions for pre-emptive rights under the Company s Bye-laws, or the laws of Bermuda, which would oblige the Company to offer new shares on a pro-rata basis to existing shareholders ,877, ,572,000

23 RETIREMENT BENEFITS SCHEMES Details of the Group s retirement benefits schemes are set out in Note 34 to the financial statements. FIVE YEARS FINANCIAL SUMMARY A summary of the results and the assets and liabilities of the Group for the last five financial years is set out on pages 10 to 11. PURCHASE, SALE OR REDEMPTION OF THE COMPANY S LISTED SECURITIES Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company s securities during the year. CHARITABLE DONATIONS During the year, the Group made charitable donations amounting to approximately HK$4,683,000. MAJOR CUSTOMERS AND SUPPLIERS 49% of turnover and 25% of purchases during the year were attributable to the Group s five largest customers and suppliers respectively. 23% of turnover and 6% of purchases during the year were attributable to the Group s largest customer and supplier respectively. None of the Directors, their associates or any shareholder (which to the knowledge of the Directors owns more than 5% of the Company s issued share capital) has any interest in the Group s five largest customers or five largest suppliers. DIRECTORS The Directors of the Company during the year and up to the date of this report are: Executive Directors Senta Wong (Chairman and Chief Executive Officer) Edward Ying-Chun Tsui (Group President and Chief Operating Officer) Byron Shu-Chan Ho (Chief Financial Officer) Bengie Man-Hang Kwong Hamed Hassan El-Abd Non-Executive Directors Leung Kam Fong Hsu Hung-Chieh Independent Non-Executive Directors Peter Chung-Yin Lee (passed away on 20 December 2013) John Ho Philip Wan-Chung Tse Gene Howard Weiner Yip Wai Chun (appointed on 23 January 2014) In accordance with Bye-laws 103 to 105 and 109 of the Company s Bye-laws, Mr. Byron Shu-Chan Ho, Mr. Bengie Man-Hang Kwong, Mr. Philip Wan-Chung Tse and Dr. Yip Wai Chun shall retire by rotation and, being eligible, offer themselves for election ,683,000 49% 25% 23% 6% 5% Hamed Hassan El-Abd Gene Howard Weiner

24 The term of office for each Independent Non-Executive Director is the period up to his retirement by rotation in accordance with the Company s Bye-laws. The Company has received, from each of the Independent Non- Executive Directors, an annual confirmation of his independence pursuant to Rules 3.13 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Listing Rules ). The Company considers all of the Independent Non-executive Directors to be independent CONTINUING CONNECTED AND RELATED PARTY TRANSACTIONS Details of the material related party transactions undertaken by the Group in its normal course of business are set out in Note 41 to the consolidated financial statements. Some of the related party transactions as set out in Note 41(a) to the consolidated financial statements also constitute continuing connected transactions under Chapter 14A of the Listing Rules. These continuing connected transactions are exempted from the reporting, annual review, announcement and independent shareholders approval requirements under Chapter 14A.33 of the Listing Rules. Save as disclosed, there is no other related party transaction which constitutes a connected/continuing connected transaction and is subject to the disclosure requirements under the Listing Rules (a) 14A 14A.33

25 INTERESTS OF DIRECTORS At 31 December 2013, the interests or short positions of the Directors of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance ( SFO ) as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (the Stock Exchange ) pursuant to the Model Code for Securities Transactions by Directors of Listed Companies, were as follows: 352 XV (I) The Company (I) Total Interests (including Total underlying Interests shares) as % of as % the issued of the issued Underlying share capital share capital Shares (share Personal Family Corporate Other Total options) Name Interests Interests Interests Interests Interests % % 25 Senta Wong 4,000,000 1,572, ,012, ,800, ,384, (Note 1) (Note 2) 1 2 Edward Ying-Chun Tsui 4,577,920 4,577, ,000, Byron Shu-Chan Ho 2,470, ,000 2,830, ,000, Bengie Man-Hang Kwong 3,150,000 3,150, ,250, Hamed Hassan El-Abd 750, , ,250, Leung Kam Fong 180, , (Note 3) 3 Hsu Hung-Chieh 2,564,000 2,564, , Gene Howard Weiner 330, , ,

26 (II) The Company s associated corporation Taiwan Kong King Co., Ltd. (II) Total Interests (including Total underlying Interests shares) as % of as % the issued of the issued Underlying share capital share capital Shares (share Personal Family Corporate Other Total options) Name Interests Interests Interests Interests Interests % % Hsu Hung-Chieh 178,615 4, , Notes: ,012,723 shares were registered in the name of Wonder Luck International Limited, which was wholly owned by Senta Wong (BVI) Limited. The entire issued share capital of which was 50.25% owned by Mr. Senta Wong and 49.75% owned by his wife, Ms. Wong Wu Lai Ming. The references to 122,012,723 shares deemed to be interested by Mr. Senta Wong (as disclosed herein) and Senta Wong (BVI) Limited (as disclosed in the section headed Interests of substantial shareholders ) relate to the same block of shares ,800,000 shares were registered in the name of Rewarding Limited, which was wholly owned by Greatfamily Inc. (which was in turn wholly owned by Greatguy Inc.) for a discretionary trust, of which Mr. Senta Wong was regarded as the founders (by virtue of the SFO). The references to 207,800,000 shares deemed to be interested by Mr. Senta Wong (as disclosed herein), Greatfamily Inc. and Greatguy Inc. (as disclosed in the section headed Interests of substantial shareholders ) relate to the same block of shares. 3. These 180,000 shares were jointly held by Mr. Leung Kam Fong and his spouse , 0 1 2, W o n d e r L u c k International Limited Senta Wong (BVI) Limited 50.25% 49.75% Senta Wong (BVI) Limited 122,012, ,800,000 Rewarding Limited Greatfamily Inc. Greatguy Inc. Greatfamily Inc. Greatguy Inc. 207,800, ,000 Certain Directors held qualifying shares in certain subsidiaries of the Group on trust for the Company or other subsidiaries of the Group. Save as disclosed herein, as at 31 December 2013, none of the Directors of the Company or his associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies. 352 XV

27 SHARE OPTION SCHEME A summary of the Share Option Scheme (the Scheme ) which came into effect from 30 May 2005, disclosed in accordance with the Listing Rules is as follows: (1) Purpose of the Scheme The purpose of the Scheme is to provide the Eligible Participants with an opportunity to have a personal stake in the Company with a view to motivating the Eligible Participants to utilize their performance and efficiency for the benefit of the Group and attracting and retaining or otherwise maintaining an ongoing relationship with the Eligible Participants whose contributions are or will be beneficial to the long term growth of the Group. (1) (2) Participants of the Scheme The Board may at its discretion grant options to any director (whether executive, non-executive or independent non-executive) or full-time employee of any member of the Group. (3) Total number of shares available for issue under the Scheme and % of issued share capital at 31 December 2013 The number of share issuable under the share options granted under the scheme was 16,444,000 shares representing 2.22% of the issued share capital at 31 December (2) (3) 16,444, % 27 (4) Maximum entitlement of each participant under the Scheme The maximum number of shares issuable under the options to each participant in any 12-month period up to the date of grant must not exceed 1% of the shares in issue unless it is approved by shareholders in a general meeting of the Company. Any share options granted to a substantial shareholder or an independent non-executive director of the Company or to any of their associates, in excess of 0.1% of the shares in issue and with an aggregate value (based on the closing price of the shares at the date of the grant) in excess of HK$5 million, in any 12-month period, are subject to shareholders approval in general meeting of the Company. (4) 1% 0.1% 5,000,000

28 (5) The period within which the shares must be taken up under an option An Option may be exercised as specified by the Board in relation to such option in its terms of grant which shall not be earlier than 1 year after its date of grant, nor be more than 10 years from its date of grant. (5) (6) The minimum period for which an option must be held before it can be exercised According to the share option scheme of the Company, no option can be exercised within 1 year after its date of grant unless otherwise determined by the board of directors of the Company. In addition, options will vest as to 25% on the first anniversary of its date of grant and as to the remainder on the second anniversary of its date of grant. (6) 25% 28 (7) The amount payable upon acceptance of option HK$10.00 is payable by each Eligible Participant to the Company on acceptance of options within 21 days from the Offer Date. (7) (8) The Basis of determining the exercise price The exercise price must be at least the higher of: (8) (i) the closing price of a share as stated in the daily quotations sheet of the Stock Exchange on the Date of Grant which must be a business day; (i) (ii) the average of the closing prices of the Shares as stated in the daily quotations sheets of the Stock Exchange for the five business days immediately preceding the Date of Grant; and (ii) (iii) the nominal value of a Share. (iii) (9) The remaining life of the scheme The Scheme will expire at the close of business on 29 May (9)

29 SHARE OPTIONS Particulars of the Company s share option scheme are set out in Note 30 to the consolidated financial statements. Movements in the Company s share options during the year are as follows: 30 Outstanding Outstanding at 31 at 1 December January Cancelled/ Granted Exercised lapsed during Date of Exercise Exercisable Vesting during during the year Grant Price Period Period the year the year Category 1: Directors Edward Ying-Chun Tsui HK$ ,000,000 3,000, Byron Shu-Chan Ho HK$ ,000,000 3,000, Bengie Man-Hang Kwong HK$ ,250,000 2,250, Hamed Hassan El-Abd HK$ ,250,000 2,250, Hsu Hung-Chieh HK$ , , Gene Howard Weiner HK$ , , Total for directors 11,700,000 11,700,000 Category 2: Employees HK$ ,016,000 4,016, HK$ ,000 50, , , Total for employees 4,744,000 4,744,000 Total for all categories 16,444,000 16,444,000

30 INTERESTS OF SUBSTANTIAL SHAREHOLDERS The Company has been notified that, as at 31 December 2013, the following persons (other than Directors of the Company) had interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept under Section 336 of the SFO: 336 Long positions in shares of the Company Percentage of Name of substantial Number of total issued shares shareholders Capacity shares held % Greatfamily Inc. Interest of controlled corporation (Note 1) 207,800, % 1 Greatguy Inc. Trustee (Note 1) 207,800, % 1 30 Senta Wong (BVI) Limited Interest of controlled corporation (Note 2) 122,012, % 2 Wong Chung Yin Beneficial owner, interest of child or spouse and interest of controlled corporations (Note 3) 3 58,457, % HSBC International Trustee Limited Interest of controlled corporations 47,066, %

31 Notes: 1. Please see Note 2 under the section headed Interests of Directors Please see Note 1 under the section headed Interests of Directors Mr. Wong Chung Yin was deemed (by virtue of the SFO) to be interested in 58,457,701 shares in the Company. These shares were held in the following capacity: 3. 58,457,701 (a) 2,700,000 shares were held by Mr. Wong Chung Yin personally. (a) 2,700,000 (b) 450 shares were held under the name of Ms. Woo Sin Ming, the wife of Mr. Wong Chung Yin. (b) 450 (c) 30,613,332 shares were held by Levy Investment Limited. The entire issued share capital of which was 100% owned by Mr. Wong Chung Yin. (c) 30,613,332 Levy Investment Limited (d) 25,143,919 shares were held by Pacific Way Limited. The entire issued share capital of which was 50% owned by Mr. Wong Chung Yin and 50% owned by his wife, Ms. Woo Sin Ming. (d) 2 5, 1 4 3, P a c i f i c Wa y Limited 50% 50% 31 Save as disclosed, the Directors are not aware of any other persons who, as at 31 December 2013, had interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept under Section 336 of the SFO. 336 CORPORATE GOVERNANCE The Company is committed to maintaining a high standard of corporate governance practices. Information on the corporate governance practices of the Company is set out in the Corporate Governance Report on pages 33 to DIRECTORS INTERESTS IN CONTRACTS No contract of significance to which the Company or any of its subsidiaries was a party and in which a Director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.

601988 2010 040 113001 2010 8 26 2010 8 12 2010 8 26 15 15 2010 15 0 0 15 0 0 6035 20022007 20012002 19992001 200720081974 1999 2010 20082008 2000 197

601988 2010 040 113001 2010 8 26 2010 8 12 2010 8 26 15 15 2010 15 0 0 15 0 0 6035 20022007 20012002 19992001 200720081974 1999 2010 20082008 2000 197 BANK OF CHINA LIMITED 3988 2010 8 26 ** ** *** # Alberto TOGNI # # # * # 1 601988 2010 040 113001 2010 8 26 2010 8 12 2010 8 26 15 15 2010 15 0 0 15 0 0 6035 20022007 20012002 19992001 200720081974 1999

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