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1 ( : 605) 2007

2

3 2 FCCA FCPA FCCA FCPA A

4 3 775,000, ,000, %6,330,000

5 ARC Capital Holdings Limited Keywise Greater China Opportunities Master Fund K.P.I. (BVI) Retail Management Company Limited 20% 4

6 A.2.1 A.4.2 B

7 6 16 A.2.1

8 7 14

9 19/22 10/22 21/22 1 1/22 6/22 5/22 2 8/22 3 1/22 4 0/

10 9 657 B.1.1

11 10

12 1 1/2 1/2 1/2 2 1/2 ( ,558, ,329 1,936,629

13 775,044, ,037, % 6,330,0002,316, % % 15.5% 6.1% 19.2% 8,592,000 5,457, ,502,000 27,866,000 13,493,00055,664, ,288,000 68,774, ,448,00029,773,000 64,350, ,860,000 94,439,00063,830, ARC Capital Holdings Limited 290,625, % 63,830,000 12

14 130,000,000Keywise Greater China Opportunities Master Fund 86,000,000 83,000, ,288, ,000 37,719,000

15 KPI (BVI) Retail Management Company Limited 20% 6B 16 B ,280,000 20%OK OK 23%

16 15

17 American International Group, Inc 165,000,000 China Retail Fund, LDC ARC Capital Holdings Limited AIM ARC Capital Holdings Limited

18 K.P.A. Company Limited 17

19 ,330,000 2,316,000 79B 30 5%

20 19 105(A) 96

21 XV352 XV 1 460,044, ,898,240 20,000, % 10,000,000 72,454,000 10,000, ,400, ,454, ,898,240 20,000, % 10,000, ,444,240 10,000, ,000,000 10,000, % ,454,00010,000, Arbalice Holdings Limited60% 27.5% 12.5% Arbalice Holdings Limited86,400, ,444, ,044,240Arbalice Holdings Limited86,400,000 10,000,000

22 K.P.I. Convenience Retail Company Limited 32% XV XV 336 5% ,044, ,898,240 20,000, % 10,000,000 72,454,000 10,000,000 86,400,000 72,454, ,898,240 20,000, % 10,000, ,444,240 10,000,000 Arbalice Holdings 86,400, % Limited 1

23 ARC Capital 290,625, % Holdings Limited 2 Keywise Capital 130,000, % Management (HK) Limited Keywise Greater 130,000, % China Opportunities Master Fund CITIC Capital 86,000, % China Access Fund Limited CITIC Capital MB 86,000, % Investment Limited 86,000, % 86,000, % 86,000, % 22 86,000, % Forever Glory 86,000, % Holdings Limited Golden Gateway 86,000, % Enterprise Inc. 1. Arbalice Holdings Limited 2. ARC Capital Holdings Limited

24 XV 336 (i) (ii) (iii) 1,087, % 23 1%

25 (a) (b) 0.1% 5,000, (i) (ii) (iii) 24

26 68,500, ,000,000 1,000, ,000,000 10,000, ,000,000 1,000, ,000,000 10,000, ,000,000 10,000, ,000,000 10,000, ,500,000 29,400,000 19,100, ,000,000 32,000, ,500,000 38,500, ,500,000 1,595,902,3368% 64,349, %

27 83,699,

28

29 P

30 3 775, ,037 (699,072) (388,730) 75,972 42, ,556 74,046 38(a) 10,121 (41,573) (26,253) (120,130) (82,802) (1,916) 700 (10,121) 5 16,825 6,082 6 (8,592) (5,457) 2,013 (2,714) 8,233 (76) 8(a) (1,916) 2,391 6,317 2, ,330 2,316 (13) (1) 6,317 2,

31 12 27,866 38, , , ,664 58, ,112 2, ,493 13, ,928 2, ,534 3, , , ,773 13, ,774 57, , , ,350 61,659 8(b) ,372 26, , , , ,561 8(b) 1, , , ,439 55, ,830 76, , , , , , , (91,521) 387, ,382

32 35 159, , ,432 79, , ,659 9,710 9, , ,

33 12 1, ,838 13,799 15,071 13, ,097 1, , , , ,752 15, , , ,992 4,193 14,086 4, , , , , (91,521) 327, , , , ,293 44, , ,

34 101, ,879 4, , (42,315) 173, , ,724 9,724 3,975 3,975 3,975 2,316 2,316 (1) 2, , ,879 4, ,379 3, (39,999) 180,659 9, ,382 13,000 36,400 49,400 49,400 8,600 26,230 34,830 34,830 7,340 6,326 (3,314) 10,352 10,352 (334) (334) (334) 29,062 69,505 (3,975) 94,592 94,592 (818) (818) (818) 1,669 1,669 1,669 1,342 1,342 1,342 6,330 6,330 (13) 6,317 (173) 1,188 (1,015) 159, ,522 2,153 5,048 1,393 (34,684) 378,022 9, ,

35 8,233 (76) 15,542 10, ,674 (8,296) (10,502) 8,592 5,457 1,815 (334) 1,342 (206) (847) 3, (2,519) (3,493) (6,897) (7) (1,686) (476) 2, (700) (10,121) 10,121 25,746 (1,616) (10,782) (8,168) (55,956) (63,923) ,724 (11,720) 39,378 15, ,143 (60,503) (989) (348) 14,806 (60,503)

36 20,215 11,313 (4,901) (4,875) 38 58,291 (11,724) 2, ,605 4, , ,375 73,403 84,230 10,352 (818) (5,521) (2,961) 85,106 94,720 (102,128) (74,600) 71,221 17, ,402 30,059 2,039 (4,057) , , , ,

37 a) b) 36

38 2. b) (b) 71 37

39 2. b) c) 38

40 2. d) 2(p) 39 2(k)

41 2. e) 2(g) (k) 2(k) f) 40

42 2. g) 2(k) h) 2(k) 25 41

43 2. i)

44 2. j) k) i) 2(k)(ii) 43

45 2. k) i) 44

46 2. k) ii) 45

47 2. k) ii) iii) 34 2(k) l) 46

48 2. m) i) ii) 2(n)2(n) 47

49 2. m) iii) 12 iv) n) 12 (i) 48

50 2. n) (ii) (iii) (iv) (v) (vi) 49

51 2. o) 2(k) p) q) 50

52 2. q) i) ii) iii) r) 51

53 2. s) t) u) 52

54 2. u) 53

55 2. u) v) 54

56 2. w) (a) (b) 55

57 2. w) 16 5 x) 56

58 2. y) i) ii) 57

59 2. z) : (i) (ii) (iii) (iv) (v) (vi) (i) aa) 58

60 2. aa) ab) ac) 59

61 3. 666, , ,724 38, , ,037 5,605 4,237 2,691 6,265 8,296 10, , ,519 3,493 6, ,589 11,393 65,396 39,949 4,548 1, ,556 74,046

62 4. a) 108,756 38, , , , ,037 13,524 20,997 89,032 53, ,556 74, ,280 59, , , , ,076 1,676 4,333 15, ,825 4,674 (10,121) ,121 16,825 5,381 (8,592) (5,457) 8,233 (76) (1,916) 2,391 6,317 2,315 61

63 4. a) 354, , , , , ,073 2,112 2,112 2,112 2, , , , , , ,185 (3,337) (98,698) (324,028) (266,105) (327,365) (364,803) ,003 10,106 15,542 10, , , ,815 1, ,900 18,904 1, ,377 4,866 4,901 4,

64 4. b) 108,756 38, , , , , , , , , , , ,900 18,904 1,524 3,377 4,875 4,901 4,875 63

65 5. 15,542 10, , (b) 600, ,743 98,273 34,987 33,666 21,894 1, ,815 (24) 7 35,370 25,909 1, ,739 1,342 37,719 28,314 (700) 3,000 1,000 (13) (22) 3, , ,521 2,961 5,521 2,961 3,071 2,496 8,592 5,457

66 7. i) 2, , , , ,879 65

67 7. i) 2, , , ,

68 7. ii) 7(i) ,000,000 1, a) ,495 (2,391) 1,916 (2,391)

69 8. a) 8,233 (76) 2,930 (424) (874) (1,016) 1,470 1,555 (2,636) (1,817) 1,105 1,650 (2,391) (79) 52 1,916 (2,391) 17.5% 17.5% 63 33%25% 68

70 8. b) (85) (2,369) (421) (1,495) 2,391 1,337 (5) (107) (669) (85) 567 (1,236) (85) 9. (669) (85) 7,878,000 6,236, i) 6,330,0002,316,000 1,329,614,9391,015,877,336

71 11. ii) 6,330,000 6,330 2,316 1,329,614,939 1,015,877,336 8,171,750 22,228,296 1,337,786,689 1,038,105,632 70

72 12. 2, , , ,888 1,146 34,966 64,000 2,217 28,664 3,630 35,422 69,933 8, ,185 18,904 1, ,295 4, (717) (547) (3,054) (4,318) 1, ,400 2,563 2,217 38,934 3,599 47,248 91,998 2,217 38,934 3,599 47,248 91,998 1,359 1,225 2,317 4,901 (1,390) (2,363) (1,023) (3,441) (8,217) 3, ,572 8, ,628 3,941 50,696 97, , , , , ,313 40,163 1,176 18,705 2,616 21,646 44, , ,806 10,541 (174) (460) (1,973) (2,607) ,607 1,214 22,505 2,633 27,332 53,684 1,214 22,505 2,633 27,332 53, , ,712 15,542 (721) (2,026) (900) (2,414) (6,061) 2, ,303 6, ,404 2,387 37,933 69, ,224 1,554 12,763 27,866 1,003 16, ,916 38,314

73 , ,310 1, , , , , , , ,

74 13. 2,688 2,688 (1,390) 1,298 2, (270) , , , , ,071

75 14. 13,200 12, (13,200) 13,200 6B 16 B14119 A.G. Wilkinson Associates 14,280, ,800 58,800 58,800 58, , , ,664 58,016

76 (41) ,088 33,049 (19,250) (19,250) 13,838 13,799 K.P.B. Group % Holdings Limited % 2 100% K.P.A. Company 2 100% Limited 2

77 17. K.P.B. Asset 6 100% Holdings Limited K.P.B. Marketing Limited 2 100% KPB Marketing K.P.B. T.C % Holdings Limited K.P.B. Trading 4 100% Limited 2 100% 10, % % 2 K.P.I. (BVI) Retail 18,087, % Management Company Limited KPIRM 76 K.P.I. Convenience 50,000 68% Retail Company LimitedKPICR 51%

78 % 1 9,418,854 5,400, % # 2 2,000, , % # 3 Wainwright 2 100% International Limited # 1) 20 2) 10 3) 14 77

79 18. 2,112 2,112 30% 30% # 1 49% 49% # 2 1) 30 2) 25 # 100% 100% 4,310 2,112 4,310 2, ,310 2,112 4,310 2,112

80 19. 40% 40% 80,000,000 (Hualian GMS Shopping Center Company Limited*) % 100% 895, , , ,615 (856,365) (342,546) (708,782) (283,513) 39,480 15,792 17,756 7,102 1,665, ,288 1,456, ,413 20,591 8,237 1, *

81 20. 15,339 1,846 13,493 15,339 15,339 1,846 1,846 13,493 13,493 1,846 1,846 (1,846) (1,846) 13,493 13,493 30% 9.6% 80

82 ,761 2, ,534 3, ,164 5, ,600 29,773 13, ,773 13,907

83 24. a) 68,774 57,992 b) 600, , ,699 46,515 (26,110) (26,110) 57,589 20,405 8,767 3,916 12,274 8,365 14,123 18, ,228 5,037 43,310 34,318 5,636 39,798 30, , ,525 1,097 1,061

84 25. 26,110 26, ,659 55,956 2,691 5,703 64,350 61, KPB Marketing55,956,000 15% Time Galaxy LimitedTime Galaxy KPB Marketing Time GalaxyTime Galaxy Time Region Holdings LimitedTime Region() 20%KPIRM Time Galaxy Time Region100%Time Galaxy 45(ii)

85 (i) 23,400 23,400 (ii 6,372 3,187 6,372 26,587 23,400 (i) (ii) 84

86 , ,327 26,956 1,696 10,796 37,107 10,796 37, , ,434 37,752 38,803 (23,400) (23,400) (6,372) (3,187) 252, ,847 37,752 15, , , , ,669

87 ,062 62, ,798 79, , , ,447 6,219 3,456 4, ,173 15,930 60,322 16, ,350 11,700 94,439 55, ,830 76,

88 33. 93,000, % ,000, (c) 93,000 (3,975) 3, , ,521 3, ,071 (94,592) (3,975)

89 34. 14,337,00014,159, ,000,000, ,000 2,000,000, ,000 1,015,877, ,588 1,015,877, ,588 a 130,000,000 13,000 b 86,000,000 8,600 c 290,625,000 29, ,400,000 7,340 1,595,902, ,590 1,015,877, ,588 (a) ,000, ,000,000 49,400,000 88

90 35. (b) (c) ,000,000Best State Investments Limited Best StateBest State ,000,000 34,830,000 93,000, ,625,

91 36. 10% 67,725, ,587,733 10% 30% 1% (i) (ii)(iii) 38,000,0001,000,000 99,500, ,500,

92 ,000,000 (12,000,000) (7,000,000) ,000,000 9,000,000 9,000,000 9,000,000 12,000,000 12,000, ,500,000 (29,400,000) 19,100, ,000,000 (32,000,000) ,550,000 11,550,000 11,550,000 11,550,000 15,400,000 15,400,000 99,500,000 68,500,000 (73,400,000) (7,000,000) 87,600,000

93 36. a) , , , (73,400) (7,000) , , , , b) % 107% 107% 68.6% % 3.85% 4.10% 4.3%

94 36. b) 37. i ii iii iv v vi 106,879 4, , (42,315) 72,089 72, ,724 9,724 3,975 3,975 3,975 2,316 2,316 (1) 2, ,879 4, ,379 3, (39,999) 79,071 9,723 88, ,879 4, ,379 3, (39,999) 79,071 9,723 88,794 36,400 36,400 36,400 26,230 26,230 26,230 6,326 (3,314) 3,012 3,012 (334) (334) (334) 69,505 (3,975) 65,530 65,530 (818) (818) (818) 1,669 1,669 1,669 1,342 1,342 1,342 6,330 6,330 (13) 6,317 (173) 1,188 (1,015) 244,522 2,153 5,048 1,393 (34,684) 218,432 9, ,142

95 37. (5,553) (3,646) (29,131) (36,353) (34,684) (39,999) i ii v 106,879 4,459 (64,268) 47,070 3,975 3,975 (6,236) (6,236) 106,879 4,459 3,975 (70,504) 44,809 36,400 36,400 26,230 26,230 6,326 (3,314) 3,012 (334) (334) 69,505 (3,975) 65,530 (818) (818) 1,342 1,342 (7,878) (7,878) ,522 2,153 (78,382) 168,293 79B

96 37. (i) 48B (ii) 2(y)(ii) (iii) 5% 10% (iv) 2(q) (v) 2(x) 95 (vi) 10%50% 25%

97 38. a) KPIRMKPICR KPB Marketing KPIRM KPIRM 1KPIRMKPICR 51% 49%KPICR KPICR 3 19,842 19,845 (9,724) 10,121 (10,121) 3 b) KPB MarketingKPIRM 49% KPIRM51%KPB Marketing KPIRMKPICR 40%KPIRM KPICRKPB Marketing 38(a) 96 KPIRM 40% 93,000,00033 KPIRM49%

98 38. b) 18,904 1,035 22,319 32, , ,788 (70,300) (10,804) (2,296) (1,650) (30,380) 22,207 * 58, , ,500 1,500 93,000 94,500 (1,500) 59,788 58,288 * 147,000,000

99 39. a) 14 7,691 8,659 16,861 18,397 7,026 9,721 31,578 36,777 b) 35,244 31,845 2,257 2, , , , , , , ,391 2,979 5,486

100 40. a) (7) 1) 83,000 2) 7,400 b) 2,980 2, ,188 2, ,000, ,830,000 76,000,000

101 42. 93,000, (c)290,625, a) 2 (i) (ii) 100

102 43. a) (iii) (iv) (v) (vi) 101 b)

103 44. a) (i) 25 (ii) 102

104 44. a) (ii) 65,720 65,720 63,830 77,637 77,637 76, , , , , , ,197 93,000 93,000 91, , , , ,834 93, , ,718 (iii) 103

105 44. a) (iv) i) 24,477 36,805 64,647 57, ,375 79, , ,666 (157,788) (142,136) (85,685) (47,973) (1,162) (85) (60,000) (76,000) 65,674 26,

106 44. a) (iv) ii) 5% 406 5% 2 (5)% (406) (5)% (2) 105

107 44. a) (v) b) 63,830 76,000 91,521 91,521 (252,288) (138,847) (37,752) (15,403) (188,458) 28,674 (37,752) 76, , , , ,397 (49%) 15% (12%) 52% 106

108 44. c) i) ii) 45. i) 2,000,000, ,000,000400,000,000 ii) KPIRM Time Galaxy Time Region Time Region20%Time Galaxy80% 20% 40% 138,500,000 (i)64,349,82926(ii)15,650,171(iii) ,444,44461,555,556 30,800,00027,700, %

109 45. ii) 58, , , ,590 (232,958) (285,069) (2,864) (159,574) (46,298) 42,257 20% 8,451 32,778 97,271 1, , ,636 11, ,350 58, , (11,014) 386, ,134

110 45. iii) KPICR KPICR (b) 109

111 775, , , , ,151 6,317 2,315 (23,251) 11,822 10,337 6,330 2,316 (23,251) 11,822 10,337 (13) (1) 6,317 2,315 (23,251) 11,822 10, , , , , ,552 (327,365) (364,803) (139,500) (169,726) (70,818) (9,710) (9,723) , , , , ,734

2 3 4 9 19 25 30 42 44 45 46 48 49 51 152 1

2 3 4 9 19 25 30 42 44 45 46 48 49 51 152 1 : 605 2O15 2 3 4 9 19 25 30 42 44 45 46 48 49 51 152 1 FCCA, FCPA, ACA, CTA 183 22 18 56 5606 605 www.cfsh.com.hk 0605ir@cfsh.com.hk 2 % 725,490 560,496 29.4 359,964 313,842 14.7 15.4% 16.6% (7.0) 345,815

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