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1
2
3 * 2006Business Superbrands High-Flyer *
4 GBS MBELLD DSSc DBA GBS CBE QPM CPM * KBE GBM CMG Hon. RICS CBE GBSLLD DH * GBM GBS LLD * GBS LLD * * * LLM FCCA CPA FCGA Canon s Court 22 Victoria Street Hamilton HM 12 Bermuda 191 Butterfield Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM 08 Bermuda 183 The Bank of New York Investor Services P.O. Box Church Street Station New York, NY USA HK 0173.HK 03
5 +1,639% HK$4, , % HK$2, , % HK % HK , % 15% 17% 2 HK$3.46 HK$ % 04
6 44 J SENSES Permira Funds ,500 15% ,700 25% ,500 15% ,000 35% 46, % 171, % 2,300,000 25,000, ,000 10,000,000 05
7 Permira
8
9 4,800,000,0002,451,000, ,000, ,000,000 1,374,000,000 4,595, ,620 4,799,504 (3,432,858) (189,868) (3,622,726) 1,163,026 13,752 1,176,778 43, , ,115 (133,005) (9,157) (6,249) (148,411) (137,563) (592) (138,155) 1,373,782 1,373, , ,871 1,287,336 4,054 1,514,590 2,805,980 2,000,000 (i) % 380,000 (ii) 68 A B100% 140,000 08
10 (iii) 99% 100,000 (iv) 100% 323,000 (v) 99.99% 1,147, ,000 (vi) 100% 46, ,500,000 40,000, , % 72, (i) 100% % 09
11 (ii) J Senses 3,400 90% (iii) 6 100% 12 (iv) % 69,700 (v) % 60,500 (vi) % 66,500 (vii) % 60,000 (i) 100% 24 3,900 (ii) 100% 261, % 12 5,800 10
12 2,712,077 1,869,707 14, ,620 4,799,504 (2,101,790) (1,326,642) (4,426) (189,868) (3,622,726) 610, ,065 9,674 13,752 1,176,778 45, ,101 1, ,115 (98,902) (37,742) (2,610) (9,157) (148,411) (69,504) (68,059) (592) (138,155) 1,373,782 1,373, ,237 42,176 51, ,871 2,119, ,541 59,717 4,134 2,805, Permira Funds 452,500, %4.1% ,000 (1) % (2) 4,545,000,0002,445,000,000 2,100,000,000 11
13 80% % 17% (3) (4) 3,164,000,000 3,230,000, ,000, ,000,000 (5) 6,045,000,000 4,557,000, ,000,000 1,009,000,000 3,232,000,000 2,030,000, ,000, ,000,000 40,000,000 40,000,000 (6) 451 4,655,000, ,000,000 12
14 , ,845 20,331,766 5,184,838 (1,271,667) (516,786) 19,652,442 4,913, , , , ,709 11,921,657 3,125,921 6,046,699 1,087,060 19,652,442 4,913,897 13
15 30,
16 15
17 381 16
18 17
19 380,
20 19
21 72, % 20
22 21
23 140,000 22
24 100,000 23
25 1,147,
26 323,000 25
27
28
29
30 (7)
31 DHL/
32 Permira Funds452,500,00038 Permira Funds HIGH FLYERS Hong Kong BusinessHigh Flyers 2006ARC Awards / 271,900 31
33 37 38 A
34 (4) (2) (1) (1) (2) 1 4/4 1/2 2 0/4 0/2 4/4 1/1 2/2 4/4 2/2 3 3/4 1/2 4/4 2/2 2/2 3/4 0/2 4/4 1/1 2/2 3/4 1/1 1/2 4/4 1/1 0/2 4/4 2/2 1/1 2/2 4/4 2/2 1/1 0/1 2/2 41/48 6/6 3/3 3/4 15/24 85% 100% 100% 75% 63%
35
36
37 33 8(b) 2.07C 13.39(3) (4) A
38 GBS MBELLD DSSc DBA DHL/ 2007 GBS CBE QPM CPM KBE GBM CMG Hon. RICS CBE 37
39 GBSLLD DH GBM GBS LLD GBS LLD Prime Investments Holdings Limited 38
40 3,076, , , ,956 4,799, , , ,249 1,008,763 2,850,701 (45,831) 1,461 (142,869) (307,019) (220,621) 137, , , ,744 2,630,080 29,757 3,553,418 (17,009) (21,157) (159,750) (472,041) (178,938) 120, ,214 3,644, ,703 2,451, ,136,196 1,090,200 2,140,863 3,491,746 3,799, , , , , , , ,947 2,698,833 4,486,676 1,198,107 2,884,322 4,389,180 2,033,802 2,206,072 7,685,719 5,006,873 6,428,716 7,450,759 10,759,996 13,383, , , , , ,869 2,333,890 2,471,190 5,078,878 7,221,368 8,256,702 2,531,687 2,672,754 5,316,670 7,464,363 8,502,571 1,083, , , ,817 1,056,774 1,302,184 2,773,224 1,567,857 1,914,731 3,297,252 89, , , , ,379 5,006,873 6,428,716 7,450,759 10,759,996 13,383,
41
42 % 32(c) ,713,0004,442,
43 109(A) 120, , ,000 80,000 50,000 40,000 XV XV ( ) 7,613,534 7,256,345 (1) 1,326,706,115 (2) 1,341,575, ,878,035 5,878, , , ,678,046 2,678, ,280,371 9,280, , , , , ,101,226 1,101, ,050,000 1,050, ,436,563 1,436, ,107,239 1,107, ,000,000 1,000,
44 (1) 7,256,345 (2) 1,326,706,115(i) Best Chance Investments Ltd.35,696,109(ii)3,095,377 (iii) Favor Right Investments Limited8,286,000(iv) Super Focus Company Limited1,086,035,985(v) Premium Capital Profits Limited135,435,613(vi)58,157,031 ( ) XV 336 Super Focus Company Limited 1,086,035,985 (1) Penta Investment Advisers Limited 387,574,033 (2) John Zwaanstra 387,574,033 (3) Star II Limited 193,592,644 (1) 7.87 Penta Asia Fund, Ltd. 163,668,672 (4) 6.66 Todd Zwaanstra 163,668,672 (5) 6.66 Mercurius GP LLC 163,668,672 (6) 6.66 (1) Super Focus Company Limited Star II Limited1,086,035,985193,592,644 (2) John Zwaanstra 100% Penta Investment Advisers Limited 387,574,033 (3) (2) 387,574,033John Zwaanstra Penta Investment Advisers Limited 100% John Zwaanstra Penta Asia Fund, Ltd. Mercurius GP LLCPenta Asia Fund, Ltd. Mercurius GP LLC (4) 163,668,672 Penta Asia Fund, Ltd. Penta Master Fund, Ltd. Penta Investment Advisers Limited (5) Todd Zwaanstra Mercurius Partners TrustPenta Asia Fund, Ltd. Penta Master Fund, Ltd.163,668,672 (6) Mercurius GP LLC Mercurius Partners Trust Todd Zwaanstra Mercurius Partners Trust163,668,672 43
45 John Zwaanstra Penta Investment Advisers Limited387,574,033387,574, ,668,672(a) Todd ZwaanstraPenta Master Fund, Ltd.Penta Asia Fund, Ltd. Todd Zwaanstra Mercurius Partners TrustPenta Asia Fund, Ltd. (b) Mercurius Partners TrustMercurius GP LLC XV23 (1) (2) (i) (ii) (iii) (iv) (v) (vi) (vii) (a)(b)(c)(d) (e) (f) (g) (h) (3) 10%187,563,607 30% 44
46 128,634, % (4) 1% (5) (6) (7) 1 (8) (i) (ii) (iii) (9) (a) 1,350,000 1,350, ,055,000 1,055, ,340,000 1,340, , ,
47 (a) 580, ,000 (b) , , , ,000 (c) , , , , , , , , , , , ,000 (d) , , , , , , , , , , , , , , , , , ,000 (b) , , ,000 33, , , , ,000 (e) 49, # 10,839,000 8,719,000 (f) 2,120, ,034,000 20,000 9,014, # 530,000 (a) (b) (c) (d) (e) (f)
48 15,635, , (1) Permira452,500,000 (2) (i) 39.6% (ii) 330,000,000 (iii) GE/96/10) 47
49 39 40 (1) (2) 5% 48
50
51 7 4,799, ,956 (3,622,726) (159,761) 1,176, , , ,721 (148,411) (126,605) 8(a) (138,155) (10,890) 1,373, , ,958 8(b) 2,805,980 1,071, (110,751) (71,891) 155,478 9,275 (6) 2,850,701 1,008, (220,621) (307,019) 2,630, ,744 : 2,451, , , ,041 2,630, ,744 61,368 24, ,673 73,771 60, ,812 85,
52 17 52,732 54, ,679,112 3,367, ,390 69, , , (4) 23 1,191,008 4,477, ,099 9,592 5,698,257 8,553, ,800,680 5,309, ,454, , , ,504 2,762 46, ,444, ,060 10,683,893 6,381,094 16,382,150 14,935, , , ,256,702 7,221,368 8,502,571 7,464,363 1,056, ,817 9,559,345 8,321, ,297,252 1,914, , ,085 3,824,631 2,438, ,286 76, ,928 2,890, ,282,246 1,196, ,041 11, ,673 2,998,174 4,175,022 6,822,805 6,613,838 16,382,150 14,935,018 51
53 20 259, , , , , , ,937,448 2,721, ,435 1, , ,072,877 2,723,938 4,771,006 3,422, , , ,282,139 2,908,430 3,528,008 3,151, , , ,885 1, , , ,440 2, , , ,673 1,054, ,757 1,242, ,642 4,771,006 3,422,067 52
54 () 34 (a) (3,160,319) 1,237,616 (61,607) (47,230) (230,566) (181,844) () (3,452,492) 1,008,542 (4,526) (4,336) (296,852) (5) (2) (9,483) 1, ,713,207 (836) 44,841 46,099 14,713 67,073 30, () 3,814,316 (211,530) 34 (b) 20,877 6, ,496,094 1,117,382 (764,592) (693,858) () 639,438 (654,351) (73,440) (16,830) () 1,318,377 (240,038) 1,680, , , ,206 23,481 (71,120) 2,444, ,060 53
55 242,995 7,221,368 7,464, ,817 8,321, , ,173 71, ,883 1,109 19,768 20,877 20,877 1,765 (1,765) 48,796 48,796 48,796 11,780 11,780 11,780 (1,072,982) (1,072,982) (1,072,982) 126, , ,331 (50,691) (50,691) 2,451,142 2,451, ,938 2,630,080 (60,868) (60,868) (60,868) (61,368) (61,368) (61,368) (614,673) (614,673) (614,673) 245,869 8,256,702 8,502,571 1,056,774 9,559, ,792 5,078,878 5,316, ,968 5,672,638 85,306 85,306 27, ,145 3,404 50,548 53,952 53, ,194 6,650 6,650 1,343 (1,343) 31,387 31,387 31,387 2,384 2,384 2,384 1,786,528 1,786,528 1,786, , , , ,744 (24,030) (24,030) (24,030) (24,187) (24,187) (24,187) 242,995 7,221,368 7,464, ,817 8,321,180 54
56 1. Canon s Court, 22 Victoria Street, Hamilton HM 12, Bermuda
57
58 % 50% 57
59 % 10 25%
60 (a) 12 (b) 12 59
61 (c)
62 (a) 61
63 (a) (b) (a)
64 (a) (b) 63
65 (a) (b) (c) (d) (e) 3.24 (a) (b) 64
66 (b) (c) (i) (ii) (iii)
67 (i) 1% 1% 6,000,0003,000,000 (ii) 1% 1% 21,000,00023,000,000 (iii)
68 ,490,427 1,653,722 1,949,000 5,093, ,641 36, , , , ,508 56,286 56,286 83,988 83,988 2,430,841 1,690,363 1,949,000 6,070,204 1,344, ,555 1,409,352 3,400, ,641 37, , , , ,773 76,507 76, , ,026 1,790, ,755 1,445,993 3,882, , , ,833 2,440 2, , , , , , ,129 2,757 2, , , ,886 67
69 ,579,498 3,110,987 2,444, ,060 2,134,756 2,369,927 13,937,408 14,193,958 15% 17%
70 5 (a) (b) (c) (d) (e) 69
71 5 (f) 6 4,595, ,620 4,799,504 1,287,336 4,054 1,514,590 2,805,980 (110,751) 155, ,478 (6) (6) 2,850,701 (220,621) 2,630,080 (3,956) (570) (4,526) (3,169) (233) (3,402) (9,989) (9,989) 1,373,782 1,373, , ,871 12,029,614 12,282 3,639,338 15,681, , ,920 (4) (4) 16,382, ,939 10,926 5,887,940 6,822,805 70
72 6 203,075 72, , , ,505 1,071,379 (71,891) 9,275 9,275 1,008,763 (307,019) 701,744 (4,269) (67) (4,336) (3,061) (104) (3,165) (5,877) (5,877) 957, ,958 4,879 4,879 9,077,991 15,838 5,265,687 14,359, , ,502 14,935,018 2,953,352 11,377 3,649,109 6,613,838 2,712,077 2,119,588 1,102 8,039,272 1,869, ,541 2,835 8,069,370 14,100 59, , ,620 4, ,595 4,799,504 2,805,980 4,526 16,382,150 10,780 (34,097) 1,049 7,798, ,785 1,091,324 3,192 6,933,816 14,510 13, ,831 72, , ,956 1,071,379 4,336 14,935,018 71
73 7 4,383,262 6, , , ,620 72,881 4,799, ,956 8 (a) 113,713,0004,442,000 (b) 24,913 13, ,166 20,323 41,208 94,552 56, , ,869 64,345 2,104,0001,410,000 3,402 3,165 34,818,000 29,440,000 9,989 5,877 (c) 114,516 99, ,713 4,442 1,324 1, ,392 5,648 3,746 2, (c) 11,780,0002,384,000 72
74 9 (a) 100 4, ,433 5, , ,318 1, , ,398 2, , ,304 2, , ,075 1, (b) ,984 (c) 2 1,450 13, ,777 21,147 17,909 (a) (b) (c) ,495 1, ,722 2, % 10% 73
75 11 20% 22% 4,696,000 4,825,000626,000317,000 1, , , ,485 1,863 2,414 (121,477) (112,008) 110,751 71,891 5% 6% 4% 5% 13 53,034 2, ,407 1, (29,820) 302, , , % 17.5% 30% 60% 25% 33% 74
76 13 2,850,701 1,008,763 (155,478) (9,275) 6 2,695, , , ,301 (246,015) (7,315) 17,222 2,215 (8,091) (33,173) 13,590 8,956 (139,960) 5, , , ,032,039,00057,157, ,368 24,187 25(a) 614, (b) 73,771 60, ,812 85,055 61,368 8,074 12,072 61,368 20,146 (a) 25 : (b)
77 16 : 2,451, ,703 1,536 1,992 2,452, ,695 2,444,603,000 2,407,931,000 21,277,000 30,629,000 8,628,000 7,613,000 2,474,508,000 2,446,173, ,124 2,500 24,491 82, ,125 4,336 4,336 (3,539) (3,539) 55,795 2,600 25,642 84,037 1, ,973 4,526 4,526 (2,489) (1,826) (4,315) 54,353 2,778 29,090 86,221 10,446 17,695 28, , ,183 4,575 (3,267) (3,267) 11, ,831 29, , ,107 5,506 (775) (1,634) (2,409) 12, ,831 33,489 42,195 2,278 8,259 52,732 44,120 2,366 7,811 54,297 76
78 17 42,195,00042,278, ,367,669 2,016, ,809 96, ,852 65,763 (310,000) 351, ,958 3,679,112 3,367,669 (a) Savills Valuation and Professional Services Limited 3,059,964,000 2,822,590, ,000,000 CB Richard Ellis Limited 150,000, ,000,000 Chesterton International Property Consultants Pte Ltd. 157,148,000 97,079,000 (b) 3,163,693,0003,229,669,000 (c) 19 69,780 70, (1,714) (736) (756) 67,390 69,780 66,461 67, ,637 67,390 69,780 67,390,00068,035,000 77
79 20 259, ,561 38(a) , , ,478 9,275 37,008 19,007 (67,073) (30,041) 700, , , ,966 3,891,153 1,256,942 (466,615) (2,969,463) (919,406) 700, , ,707 18, ,478 9, , ,568 38(b) 78
80 22 2 (6) (4) 1,293,686 (641,550) (652,140) (4) (6) 38(c) 23 1,191,008 4,477, % 18.7% 79
81 24 7,099 9, ,000615, ,716 1,444,634 1,971,350 1,860, ,401 2,202,929 2,829,330 3,448,943 1,153,117 3,647,563 4,800,680 5,309, ,920 1,087,794 38,085 1,476,799 1,018, , , , ,471 1,087,794 38,085 1,971,350 1,860, ,175 12,713 31,291 70, , , , ,
82 26 : 126, , ,318 89,196 11,651 15, , , ,689 5,923 1,179 2, , ,175 12, ,000615,000 2,094,000 3,654,000 3,654 4, (1,922) (1,160) 2,094 3,654 81
83 27 1,376, ,419 1, ,068, , ,000 2,444, , , % 3% ,079,000534,995,000 1,631, , , , , ,434 3,757 15,900 4,299 2,444, , , , ,331 38,670 18,993 1,738 1,507 83, ,026 63,718 17, ,250 66,988 2,521,869 71,132 65, ,928 2,890,998 2,440 2,757 82
84 28 : 437,139 1,417,409 2,440 2, ,717 1,459,103 10,926 11,377 5,146 3, ,928 2,890,998 2,440 2, , ,736 2,474 2, , , , ,000,000, ,000 5,000,000, ,000 2,429,947, ,995 2,377,921, ,792 (a) 11,092,000 1,109 4,553, (b) 34,042,547 3,404 17,651,006 1,765 13,430,906 1,343 2,458,690, ,869 2,429,947, ,995 (a) 11,092,0004,553,000 1,109, ,000 22,268,0006,819,000 2,500,000625,000 (b) 64,000,000 34,042,547 3,404,000 83
85 ,614, ,477, ,635, (11,092,000) (4,553,000) (466,000) (310,000) ,691, ,614, ,339, ,614, , , ,020,000 7,700, ,338, , , , , ,120,000 10,309, ,014,000 22,691,000 18,614,000 Black-Scholes 23,600, % 5.5 3% 2.87%5.5 84
86 31 (a) 1,638,237 4,142 99, ,888 1,298, ,674 4,046,470 7,221, , ,173 22,268 (2,500) 19,768 (1,765) (1,765) 48,796 48,796 11,780 11,780 (1,072,982) (1,072,982) 126, ,331 2,451,142 2,451,142 (60,868) (60,868) (61,368) (61,368) (614,673) (614,673) 1,658,740 13,422 99, , , ,847 5,809,499 8,256,702 1,658,740 13,422 99, , , ,321 5,556,878 7,938,555 65, , ,153 (6) (6) 1,658,740 13,422 99, , , ,847 5,809,499 8,256,702 1,567,992 2,383 99, ,109 (488,155) 40,368 3,833,597 5,078,878 85,306 85,306 64,769 (14,221) 50,548 6,819 (625) 6,194 (1,343) (1,343) 31,387 31,387 2,384 2,384 1,786,528 1,786, , ,703 (24,030) (24,030) (24,187) (24,187) 1,638,237 4,142 99, ,888 1,298, ,674 4,046,470 7,221,368 1,638,237 4,142 99, ,888 1,298,373 97,156 3,950,913 7,097,293 28,518 95, ,075 1,638,237 4,142 99, ,888 1,298, ,674 4,046,470 7,221,368 85
87 31 (b) 1,638,237 4, , ,888 1,043,590 2,908,430 22,268 (2,500) 19,768 (1,765) (1,765) 48,796 48,796 11,780 11,780 1,032,039 1,032,039 (60,868) (60,868) (61,368) (61,368) (614,673) (614,673) 1,658,740 13, , ,888 1,387,516 3,282,139 1,567,992 2, , ,109 1,003,263 2,810,320 64,769 (14,221) 50,548 6,819 (625) 6,194 (1,343) (1,343) 31,387 31,387 2,384 2,384 57,157 57,157 (24,030) (24,030) (24,187) (24,187) 1,638,237 4, , ,888 1,043,590 2,908,430 1,601,076,0001,257,150,000 86
88 32 (a) 1,885,244 2,185,046 1,969, , , ,000 3,855,194 3,028, , ,000 (c) 34,435 32,773 3,889,629 3,060, , ,000 (a) 689,869 50, ,000 16,000 4,579,498 3,110, , ,000 (1,282,246) (1,196,256) (437,000) (116,000) 3,297,252 1,914, , , ,377 1,146, , ,000 1,506, , , ,000 1,756,040 1,323,114 3,855,194 3,028, , ,000 (a) 5.2% 4.6% (b) : 3,712,387 2,643, , , , , , ,055 4,579,498 3,110, , ,000 87
89 32 (c) 864,260, % % 64,000,000 34,042,547 40,000,000 40,000, % 6.5% 34,000,00032,000, % 33 (1,112) (1,112) ,341 4,901 80, , ,264 (44) (44) ,122 2,590 14,268 14,224 (3,016) (3,016) (3,016) (20,977) (923) (21,900) 27, ,424 (8,765) 324, ,613 (20,977) (2,079) (23,056) 29, ,887 1,885 74, , ,085 (46) (46) 2,214 26,989 3,957 33,160 33,114 20,977 1,597 22,574 7,900 (39,862) (20,432) (52,394) (29,820) (528) (528) 39, ,014 1,885 57, , , ,785,000302,785,000 64,037,000 57,260, ,487, ,218,000 88
90 33 1,885 4,901 (3,016) 1,885 1, (a) 2,805,980 1,071,379 3,402 3,165 9,989 5,877 (1,373,782) (4,879) (351,871) (957,958) (46,099) (14,713) (716) , ,780 2,384 (41,208) 1,021, ,243 1,078,937 (970,483) (2,454,691) (652,790) (45,098) (148,946) 781 (1,943) (2,109,402) 2,253,745 (3,160,319) 1,237,616 89
91 34 (b) 1,805, ,968 3,375,737 5,537,489 27,839 14,426 42, ,173 (48,349) 19, , ,041 6, (230,827) (223,208) 1,881, ,817 3,110,987 5,849,036 71,710 95, ,619 2,500 2,500 (50,691) (50,691) 178, ,938 1,662 1,662 20,877 1,370,940 1,391,817 1,904,609 1,056,774 4,579,498 7,540, (a) 1,308, ,543 (b) 1,147 1,317 1,468 2,615 1,317 90
92 35 (c) 194, , , , , , ,044,917,000 4,556,608, ,000,000 1,008,750,000 3,231,891,0002,030,336, ,750, ,550,000 40,000,00040,000, (a) ,060 13, , ,528 16,486 (b) 2,015,020 2,015,020 91
93 38 (a) Sutimar Enterprises Limited , , ,000, , ,463, ,901, Asahi Kohatsu Corporation , All Smart Profits Limited Amazing Enterprises Limited Bestfull Profits Limited Cyber Point Assets Limited Greatest Smart Limited Grow Ever Limited K. Wah International Finance Limited League Trend Limited Leharne Properties Limited Ontrack Developments Limited Proper Land Limited Ragon Properties Limited Repton Developments Limited Select Vantage Profits Limited Top Ridge Management Limited
94 38 (a) 93,600, ,000, ,000, ,880, ,980, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000,
95 38 (b) ,674, , Homeast Limited 1, (c) , Nimble Limited
96 , , , , , , , , , C 69, , B 66, ,
97 1,147, , , A B 140, , ,
98 Financial Calendar DATES EVENTS 4 July 2008 Payment of 2007 final cash dividend 27 May annual general meeting 21 May 2008 to 27 May 2008 (both days inclusive) Closure of registers of members 2 April 2008 Announcement of results for the year ended 31 December January 2008 Payment of 2007 special interim cash dividend 9 November 2007 Payment of 2007 interim cash dividend 13 September 2007 Announcement of results for the six months ended 30 June 2007 Unless otherwise stated, in this annual report: (i) the Company means K. Wah International Holdings Limited and the Group includes the Company and its subsidiaries, (ii) the Board means the board of directors and Directors are the directors of the Company, (iii) Share and Shareholder refer to, respectively, ordinary share of the Company and holder of the Share, (iv) Listing Rules refers to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, Stock Exchange is The Stock Exchange of Hong Kong Limited, (v) SFO is the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong, (vi) Bye-laws refers to the Bye-laws of the Company, (vii) GEG is Galaxy Entertainment Group Limited (Hong Kong listed stock code 0027), (viii) 2007 Financial Statements refers to the audited consolidated financial statements of the Company for the year ended 31 December 2007, and (ix) PwC is PricewaterhouseCoopers, auditors of the Company. (i) K. Wah International Holdings Limited (ii) (iii) (iv) (v) 571 (vi) (vii) 0027(viii) (ix)
99
2010
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