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1 DT capital AR16_j_final_op.pdf 1 11/4/ :39:36

2

3 Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY Cayman Islands D Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road George Town Grand Cayman KY Cayman Islands

4 5,200,000 1,600, ,600,000 2,500,000 20,000, % 3.4% 3.6% 6.7% 6.3% 11 12,490,000 10,000,

5 A 24,000 10, ,370, ,360,000 13,160,000 69,290, ,150,000 76,240,000 3,630,000 1,210, % 0.8%

6 20,000,000 2,000,000, ,000,000 4,000,000, ,000,000 4,200,

7 JK Capital Management Limited MYM Capital Limited MaunaKai Capital Partners (Hong Kong) Limited Symbior Energy (North Yard Economics) (Journal of Financial Economics) Fama-DFA Prize of the Best Papers

8 50 SINOVA 40 ANT SINOVA SINOVA Delta-Think (HK) Ltd SINOVA Management Consultancy Limited 2006 China Economic Development Forum CEDF (i) (ii) (iii)

9 Ind.-NL C.O.C) (CBI) (NFIA) 24 NFIA TMF Group BV TMF TMF TMF 85 (NCH) NCH (HFC) ENACTUS (EUCBA) (Nyenrode University) (Young Dragon Business Club

10 (ICC) (FCC) European University Haakma Consultancy

11 ,000,000 4,000,000,

12 61,934,594 41,095, , , ,960 5,207,002 1,582,664 (3,742,514) (6,664,875) (3,927,748) 5,207,002 1,582,664 (3,742,514) (6,664,875) (3,927,748) 170,001, ,569, ,696,530 5,463,926 5,642,808 (3,634,983) (1,211,692) (1,921,638) (33,916,009) (27,430,016) 166,366, ,357, ,774,892 (28,452,083) (21,787,208) ,238, ,891,

13

14 XV XV ,500, ,500, % 2 254,500, ,500, % ,500, ,500, %

15 1. Hugo Lucky Limited 100% 960,500, % 2. Fame Image Limited 70% 30% Fame Image Limited 70% Fame Image Limited Sharp Years Limited 50% Sharp Years Limited 254,500, ,500, % 3. Long Surplus International Limited Sharp Years Limited 50% 66.67% 33.33% Long Surplus International Limited 66.67% 254,500,000 Long Surplus International Limited Sharp Years Limited 50% 254,500, % XV

16 5% XV 336 Hugo Lucky Limited 1 960,500, % Sharp Years Limited 2 254,500, % Long Surplus International Limited 2 254,500, % Fame Image Limited 2 254,500, % 2 254,500, % 2 254,500, % 2 254,500, % 1. Hugo Lucky Limited 2. Sharp Years Limited Long Surplus International Limited Fame Image Limited 50% Long Surplus International Limited 66.67% 33.33% Fame Image Limited 70% 30% XV XV

17 a) 1.5% 15% 3,050,000 10,000,000 12,500,000 1,800,000 b) 30, , , , ,000 c) 14A.08 14A

18 i) ii) iii) i) ii) iii) iv)

19

20 25%

21

22

23

24 A

25 6 9 A

26 3.10(1) 3.10(2) 3.10A A

27 10/10 1/1 1/1 1/1 9/10 1/1 6/10 1/1 10/10 1/1 10/10 1/1 2/10 1/1 3/3 1/1 1/1 2/10 1/1 3/3 1/1 0/1 1/10 0/1 0/3 0/1 0/

28 (i) (ii) (iii)

29

30 1 i. ii. iii. iv

31 220,000 17, ,

32

33 (852) D

34

35 17 10,470,265 1,875,489 8,594, ,250,

36

37

38

39 9 61,934,594 41,095,485 (27,616,032) (10,852,555) (30,000,000) (30,000,000) 10 3,500,943 2,095, ,373,340 6,678, , , ,866 (2,000,000) (10,108,465) (9,235,289) 11 5,207,002 1,582,664 13(a) 5,207,002 1,582,664 9,801,462 15,008,464 1,582,

40 15 180, , ,470,265 10,477, ,107,755 36,431,450 36,758,508 47,267, ,505,210 6,675, ,000, ,573,176 29,335, ,164,109 69,291, ,242, ,301, ,634,983 1,211, ,607, ,089, ,366, ,357, ,995,000 18,995, ,371, ,362, ,366, ,357,

41 18,995, ,014,560 (100,234,668) 149,774,892 1,582,664 1,582,664 18,995, ,014,560 (98,652,004) 151,357,556 5,207,002 5,207,002 9,801,462 9,801,462 9,801,462 5,207,002 15,008,464 18,995, ,014,560 9,801,462 (93,445,002) 166,366,

42 5,207,002 1,582,664 (8,914,109) (6,359,962) 61,726 92,975 (3,500,943) (1,647,531) 25 (985,562) 28 (447,602) (122,622) (815,866) (39,212) 823, ,588 2,000,000 (5,046,570) (7,757,434) 169,933 (5,826,097) (400,000) 2,423, ,272 (52,736,705) (19,181,489) (55,190,051) (32,917,748) 8,914,109 6,359,962 (46,275,942) (26,557,786) (145,670) (74,366) (39,874,843) (38,431,450) 30,000,000 30,000, (9,500,000) ,547 (9,850,966) (18,005,814) (56,126,908) (44,563,600) 69,291, ,854,617 13,164,109 69,291, ,164,109 69,291,

43 1. Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands D

44 4. a) b) c)

45 4. c) d) 20% 20% 20% 20% e)

46 4. e) f)

47 4. g) i) ii) iii) (a) (b)

48 4. h) i) j) i) ii)

49 4. j) iii) a) b) c) k)

50 4. l) m) i) ii) iii) iv) n) o) (a) i) ii) iii)

51 4. o) (b) i) ii) iii) iv) v) vi) (a) vii) (a)(i) viii) p)

52 4. q)

53 ,594,776 8,594,776 54,107,755 54,107,755 6,252,203 6,252,203 85,573,176 85,573,176 13,164,109 13,164,109 28,011,088 85,573,176 54,107, ,692,019 3,634,

54 7. 8,555,564 8,555,564 36,431,450 36,431,450 6,335,684 6,335,684 29,335,528 29,335,528 69,291,017 69,291,017 84,182,265 29,335,528 36,431, ,949,243 1,211, a)

55 8. a) i) 5% % 5 2,516,000 2,100,000 (5) (2,516,000) (2,100,000) 5 856,000 (5) (856,000) 5 1,204,000 1,006,000 (5) (1,204,000) (1,006,000) 5%

56 8. a) i) 16.19% 7.56% 8.60% 5.50% ii) 5% 14.71% 16.39% Higson Holdings Limited 17.65%

57 8. a) iii) 3,634,983 3,634,983 3,634,983 1,211,692 1,211,692 1,211,692 iv)

58 8. a) v) 5%5% 423, ,000 b) i)

59 8. b) i) 50,323,176 35,250,000 85,573,176 17,138,512 17,138,512 67,461,688 35,250, ,711,688 24,085,528 5,250,000 29,335,

60 8. b) i)

61 8. b) i) 5,000, ,000 5,250,000 30,000,000 35,250,000 ii) 9. 2,500,898 30,000,000 30,000,000 28,352,650 10,466,737 1,081, ,748 61,934,594 41,095,

62 10. 8,914,109 6,359, , , ,701 18,500 38,530 9,373,340 6,678,462 3,500,943 1,647, ,602 3,500,943 2,095, , ,000 61,726 92,975 2,376,664 2,269,722 2,648, , , ,000 94, ,483 2,429,840 2,271, , , , ,

63 12. a) 360,000 17, , ,000 12, , ,000 12, , ,000 9, , ,000 9, , , , , , , ,000 1,500,000 59,000 1,559,

64 12. a) 240,000 17, , ,000 17, , ,000 17, , ,000 13, , ,000 13, , , , , , , ,000 1,380,000 80,118 1,460,

65 12. b) 840, , , ,782 76,504 81,048 1,751,840 1,385,830 12(a) 1,000, a) b) 5,207,002 1,582, %16.5% 859, ,139 (411,471) (1,282,179) 340, ,307 (697,606) 379, , ,671 (1,024,350) (139,430)

66 13. c) : 12,348 5,160 (5,433,078) (5,522,981) 319,897 (370,522) (5,100,833) (5,888,343) 32,927,747 33,472, ,207,002 1,582,664 1,899,500,000 1,899,500,

67 ,000 69,913 33,450 54, ,439 (9,600) (3,907) (1,115) (54,076) (68,698) 278,400 66,006 32, , ,400 66,006 32, ,741 54,534 15,944 3,888 74,366 (68,507) (13,983) (9,879) (606) (92,975) 264,427 52,023 38,400 3, , ,534 69,913 49,394 57, ,805 (78,107) (17,890) (10,994) (54,682) (161,673) 264,427 52,023 38,400 3, , ,427 52,023 38,400 3, , ,890 19, ,670 (247,301) (14,287) (261,588) (36,009) (17,939) (7,000) (778) (61,726) 107,007 53,864 17,113 2, , ,890 89,693 30,200 57, ,747 (18,883) (35,829) (13,087) (55,460) (123,259) 107,007 53,864 17,113 2, ,

68 16. % % Ace Perfection Group Limited Power Bright International Limited Equity Merit International Limited New Fantasy International Limited Rainbow Ocean Investments Limited Peak Star Group Limited Genius Pro Asia Limited United Solutions International Limited Nova System International Limited Super Bloom Investments Limited Venture Glory Enterprises Limited Key Summit Enterprises Limited Wealth Champion Group Limited

69 ,875,484 1,922,409 1,875,489 1,922,414 8,594,776 8,555,564 10,470,265 10,477,978 a) 39,211,926 39,211,926 b) % Purple Link Investment LimitedPurple Link

70 17. c) 83, ,728 41,811,184 41,811,184 (34,393,104) (34,236,256) 7,501,976 7,689, , ,125 3,263, ,125 3,263, ,547 7,501,976 7,689,656 25% 25% 1,875,489 1,922,414 1,875,489 1,922,

71 18. 4,219,243 6,750,000 8,431,450 28,000,000 28,000,000 38,969,243 36,431,450 (2,000,000) 36,969,243 36,431,450 17,138,512 54,107,755 36,431, (26,107,755) (36,431,450) 28,000,000 17,138,512 a) 3,905,600 9,046,162 5,140, % 1,427,132 3,431,450 8,092,350 4,660, % 595,710 7,337,050 17,138,512 9,801,

72 18. b) Good Quality Investment Limited 20%* 3 20%* 3 3,000,000 3,000,000 3,000,000 3,000, % 1.97% * 1 * 1 25,000,000 25,000,000 25,000,000 25,000, % 16.39% Victor Ease Limited 3.67% 3,431,450 3,431, % 7.69% 10% 2,000,000 2,000,000 (2,000,000) 2,000, % Star League Investments Limited * 2 * 2 3,000,000 3,000,000 3,000,000 3,000, % 1.97% Star League * % 4,219,243 4,219, % Diamond Motto Limited* 5 Diamond Motto 16.67% 1,750,000 1,750, % 38,969,243 36,431,450 (2,000,000) 36,969,243 36,431,450 * 1 7 * 2 Star League 6.5 * 3 28 * 4 20% * 5 Diamond Motto Diamond Motto Diamond Motto Diamond Motto

73 18. c) i) Good Quality Investment LimitedGood Quality Good Quality 3,000,000 3,000,000 Good Quality Good Quality 20%20% Good Quality 20,953,000 26,372,000 5,953,000 Good Quality 4,191,000 5,274,400 Victor Ease LimitedVictor Ease Victor Ease 367 Victor Ease Victor Ease 3.67%Victor Eases 16,515,000 18(c)(iii) 2,000,000 2,000, % 10% 11,389,000 1,138,900 2,000,

74 18. c) i) 1.6% 182,160,000 16,685,000 2,915,000 ii) 25,000,000 1,779,167 1,744, ,591, ,043,000 81,352,000 22,624,000 Star League Investments LimitedStar League Star League Star League Star League 3,000, , ,

75 18. c) iii) 6,071, % 58,766,000 16,381,000 16,515, % 21,643,000 1,184, , , , ,459 6,186,438 6,148,824 6,505,210 6,675,

76 20. 8(b) 35,250,000 5,250,000 8(b) 50,323,176 24,085,528 85,573,176 29,335,528 50,323,176 24,085,528 35,250,000 5,250,000 a) 700, ,948 (171,052) 0.41% 0.57% 607, ,593 27,520,560 11,527,680 4,569,028 3,893, % 7.56% 18,052,033 8,168,076 1,376,000 1,384,000 (7,542) (433,873) 0.81% 0.91% 7,506,250 7,365,675 2,557,500 2,574,000 7,545 (855,153) 1.50% 1.69% 13,874,988 13,380,741 2,985,000 3,451, ,832 (568,560) 1.76% 2.26% 3,644,574 4,574,934 1,233,000 1,925,000 (2,278) (34,403) 0.73% 1.26% 797,256 1,163,052 1,020,000 (297,680) 0.67% 2,341,709 1,331,400 (305,920) 0.87% 19,741,420 3,397,500 (693,187) 2.00% 1,478, ,000 8, % 47,013 6,520,920 22, % 480,031 2,760,000 (149,022) 1.62% 1,730, ,800 (156,838) 0.39% 227, ,000 (30,373) 0.18% 422,221 50,323,176 24,085,528 3,500,942 1,397,

77 20. b) Toyoplas Investments Limited ( Toyoplas ) * 1 *3 5,000,000 5,000,000 5,250,000 5,250, , % 3.44% Higson Holdings Limited ( Higson ) * 2 *3 30,000,000 30,000, % 35,000,000 5,000,000 35,250,000 5,250, ,000 * 1 Toyoplas Toyoplas * 2 Higson Higson * 3 Toyoplas Higson c) i) 22,194,000 5,056,000 11,423, %0.38% 325, ,240 2,181,728,000 2,166,670,000 34,539, ,968,

78 20. c) i) 550, ,000 3,250,108 3,429, % % 136, ,819 2,189,575,210,000 2,111,579,320, ,301,590, ,070,000, , ,000 2,881,168 4,020, % % 203, ,347 1,752,437,400,000 1,692,143,600, ,290,940, ,256,730,000 15,000 22,000 1,235,278 1,959, % % 10,764 1,088,279,740,000 1,082,456,480, ,876,500, ,097,730,

79 20. c) i) 7,550,000 4,090, % 146,916,000 1,988,000 13,308,000 6,498, % 21,643,000 1,184, , , % 58,766,000 16,381,000 ii) Toyoplas Investments LimitedToyoplas Toyoplas

80 20. c) ii) Toyoplas Toyoplas 5,000,000 Toyoplas Toyoplas 216,272, ,082,000 46,663,000 18,642,000 Higson Holdings LimitedHigson Higson Higson Higson 30,000, % 1,653,101 Higson ,533,079 13,164,109 1,757,938 13,164,109 69,291,

81 ,425 2,648,553 90, , ,294 90, ,000,000,000 2,000,000,000 40,000,000 20,000,000 2,000,000,000 20,000,000 4,000,000,000 4,000,000,000 40,000,000 40,000,000 1,899,500,000 1,899,500,000 18,995,000 18,995,000 2,000,000, ,000,000 2,000,000, ,000,000 4,000,000,

82 ,014,560 (100,234,668) 130,779,892 1,582,664 1,582, ,014,560 (98,652,004) 132,362,556 5,207,002 5,207,002 9,801,462 9,801,462 9,801,462 5,207,002 15,008, ,014,560 9,801,462 (93,445,002) 147,371, Rainbow Ocean Investments LimitedRainbow Ocean100% 10,498,854 9,500,000 Rainbow Ocean 12,

83 25. Rainbow Ocean 10,485,562 10,485,562 (985,562) 9,500,000 9,379,014 39,211, , ,366, ,357,556 1,899,500,000 1,899,500,

84 27. a) 9,917,000 4,196,000 i) Super Bloom Investments LimitedSuper Bloom 3,555,556 4,196,000 ii) Diamond Motto LimitedDiamond Motto Diamond Motto 16.67% 11,666,667 1,750,000 9,917,000 b) 208, ,000 50, , ,

85 28. Perfect Partner Holdings LimitedPerfect Partner Sparkling Achievement LimitedSparkling 1 i) Perfect Partner 109,618 (557,218) (447,600) , ii) Sparkling

86 29. (a) 2,648, ,294 (a) 2,376,664 2,269,722 (b) 360, ,000 (c) 35,200 35,200 (d) 9,500,000 a) 1.5% 15% 3,050,000 10,000,000 12,500,000 1,800,000 b) (a) 30, , , , ,

87 29. c) 14A.08 14A.33 d) 25 Rainbow Ocean ,498,854 9,500,000 Rainbow Ocean 50% Sharp Years Limited 254,500, % 14A Rainbow Ocean Rainbow Ocean Purple Link 25% Purple Link 25% Nong Prue ,983 e) 12 f) (a) (d) 14A 14A

88 30. a) 73, , , ,048 31,750,000 66,930,304 10,812,106 3,464,531 42,756,653 70,874,015 87,802,648 5,000, , ,269 23,441,696 12,399,628 13,091,304 69,291, ,105,172 87,223,914 3,629,323 1,211,692 3,629,323 1,211, ,475,849 86,012, ,232, ,886,237 18,995,000 18,995,000 (b) 145,237, ,891, ,232, ,886,

89 30. (b) 231,014,560 (100,127,506) 130,887,054 7,004,183 7,004, ,014,560 (93,123,323) 137,891,237 7,346,265 7,346, ,014,560 (85,777,058) 145,237,

2 4 8 12 21 31 33 34 35 36 37 38 1-2014 - 2014 2 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road George Town Grand Cayman KY1-1110 Cayman Islands 183 22

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