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

5 Incutech Investments Limited 3,700,000 6,700, ,000, , , , Good Quality Investment LimitedGood Quality 20% 2.5% 2.6% 3.5% 3.6% 1.2% 1.4%

6 6.8% 6.3% 149,780, ,230,000 28,450, Sharp Years Limited Hugo Lucky Limited 1,400,000, ,000, ,500,000 41,970, ,850,000 6,300 36,510,000 5,340,

7 1,920,000 33,920,000 39,900,000 33,920, % 5,000, ,000, ,000,000 (a) 1,500,000,000 5,000, ,000,000 20,000,000 2,000,000,000 (b) 1,400,000, ,500, ,969,

8 7-2014

9 37 15 JK Capital Management Limited MYM Capital Limited Asian Asset Management Limited MaunaKai Capital Partners (Hong Kong) Limited Symbior Energy (North Yard Economics) (Journal of Financial Economics) Fama-DFA Prize of the Best Papers

10 SINOVA 40 ANT SINOVA SINOVA SINOVA Delta-Think (HK) Ltd

11 SINOVA Management Consultancy Limited 2006 China Economic Development Forum CEDF (i) (ii) (iii)

12 TMF Group BV TMF Group BV (NFIA) NFIA Nyenrode University Enactus University of Utrecht European University AMCHAM

13

14 182, , , , ,120 (3,742,514) (6,664,875) (3,927,748) (4,971,164) (4,323,809) (3,742,514) (6,664,875) (3,927,748) (4,971,164) (4,323,809) 151,696,530 5,463,926 5,642,808 6,530,401 7,949,233 (1,921,638) (33,916,009) (27,430,016) (24,389,861) (20,837,529) 149,774,892 (28,452,083) (21,787,208) (17,859,460) (12,888,296) ,887,

15

16 XV XV ,500, ,500, % 2 254,500, ,500, % ,500, ,500, % 3 1. Hugo Lucky Limited 100% 960,500, %

17 2. Fame Image Limited 70% 30% Fame Image Limited 70% Fame Image Limited Sharp Years Limited 50% 254,500, % 3. Long Surplus International Limited 66.67% 33.33% Long Surplus International Limited 66.67% 254,500,000 Long Surplus International Limited Sharp Years Limited 50% 254,500, % XV

18 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

19 a) 150, , % 15% 3,050,000 10,000,000 12,500,000 1,800,000 b) (a) 30, , , , ,000 c) 14A.08 14A

20 i) ii) iii) i) ii) iii) iv)

21 25%

22 A.4.1 A.4.1 A

23 8 11 A

24 3.10(1) 3.10(2) 3.10A

25

26 16/19 1/1 1/1 1/1 15/19 1/1 6/19 1/1 3/19 1/1 3/19 0/1 16/19 1/1 16/19 1/1 6/19 1/1 2/2 1/1 1/1 1/1 8/19 1/1 1/2 1/1 0/1 2/19 1/1 1/2 1/1 0/1 3/19 1/2 1/1 2/19 1/2 1/

27 (i) (ii) (iii)

28

29 i. ii. iii. iv

30 200, , ,

31 (852)

32 Incutech Investments Limited)

33

34 9 182, , , ,168, ,000 (7,051,304) (6,274,823) 11 (374,351) (706,068) 12 (3,742,514) (6,664,875) 14(a) 15 (3,742,514) (6,664,875) 16 (0.004) (0.093)

35 17 376, ,000,000 28,376, , , ,506,508 5,338, ,854,617 6, ,319,789 5,463, ,380, ,000 9,316, ,521,638 15,219,433 1,921,638 33,916, ,398,151 (28,452,084) 149,774,892 (28,452,083) 27 18,995, , ,779,892 (29,172,083) 149,774,892 (28,452,083) (0.40)

36 17 376, ,000, ,086 28,619, ,158 9, ,506,508 5,338, ,854,617 6, ,996,283 5,354, ,665, , ,334,095 15,202,252 1,734,095 28,867, ,262,188 (23,513,190) 149,882,054 (23,513,181) 27 18,995, , ,887,054 (24,233,181) 149,882,054 (23,513,181)

37 720,000 67,320,071 (89,827,279) (21,787,208) (6,664,875) (6,664,875) 720,000 67,320,071 (96,492,154) (28,452,083) (3,742,514) (3,742,514) 18,275, ,475, ,750,000 (780,511) (780,511) 18,995, ,014,560 (100,234,668) 149,774,

38 (3,742,514) (6,664,875) (332,825) 374, ,068 14,623 72,584 (3,168,300) (134,000) (6,854,665) (6,020,223) (839,229) (3,375) (8,916,392) 1,864,541 (13,697,795) 3,915,384 (30,308,081) (243,673) 332,825 (374,351) (30,349,607) (243,673) (391,363) (28,000,000) (28,391,363) 181,969,489 (9,380,184) 172,589, ,848,335 (243,673) 6, , ,854,617 6, ,854,617 6,

39 1. a) Incutech Investments Limited Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands b) i) Sharp Years Limited Hugo Lucky Limited Biggish Management Limited 15,000,000 1,500, (ii) 7,500,000 ii) 0.1 Sharp Years Limited Hugo Lucky Limited 1,400,000, ,000, ,000,000 iii) (ii) 1,500,000,000 5,000, ,000,000 20,000,000 2,000,000,000 iv) ,500,000 41,969,000 v)

40 a) b) c) d) 39 (i) (ii) (iii)

41 2. e)

42 4. (a) (b) (c) 20% 20% 20% 50%

43 4. (d) (e) (i)

44 4. (e) (ii) (iii) (a) (b) (f)

45 4. (g) (h) (i) (ii) (iii) (a) (b) (c)

46 4. (i) (j)

47 4. (k) (i) (ii) (iii) (l) (m) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i)

48 4. (n) (o)

49 ,000,000 28,000, , ,470 8,506,508 8,506, ,854, ,854, ,464,087 8,506,508 28,000, ,970, ,000 1,521,638 1,921,

50 7. 119, ,037 5,338,208 5,338,208 6,282 6, ,319 5,338,208 5,463,527 9,380,184 9,316,392 15,219,433 33,916,

51 7. 28,000,000 28,000, , , , ,362 8,506,508 8,506, ,854, ,854, ,384,065 8,506, ,890, ,000 1,334,095 1,734,

52 7. 9,817 9,817 5,338,208 5,338,208 6,282 6,282 16,099 5,338,208 5,354,307 13,665,245 15,202,252 28,867,

53 8. (a) (i) 5% % 5 425, ,147 (5) (425,325) (355,147) 5 266, ,870 (5) (266,910) (222,870)

54 8. (a) (i) 5% 5.03% 89.76% (ii) (iii)

55 8. (a) (iii) 400, , ,000 1,521,638 1,521,638 1,521,638 1,921,638 1,921,638 1,921,638 9,380,184 9,380,184 9,380,184 9,316,392 9,316,392 9,316,392 15,219,433 15,219,433 15,219,433 33,916,009 33,916,009 33,916, , , ,000 1,334,095 1,334,095 1,334,095 1,734,095 1,734,095 1,734,095 13,665,245 13,665,245 13,665,245 15,202,252 15,202,252 15,202,252 28,867,497 28,867,497 28,867,

56 8. (a) (iv) ,358 38,401 (v) (b) (i)

57 8. (b) (i) 8,506,508 8,506,508 5,338,208 5,338,208 (ii)

58 9. 182, , ,825 3,168, , , , , ,

59 , ,000 14,623 72,584 1,013, ,000 i) 212,903 ii) 50,000 29,605 23,400 2,634,047 2,197, , , (a) (1) 345,161 1, ,661 (1) 345, ,945 1, ,606 (2) 116, ,125 (2) 116, ,125 (2) 116, ,125 (2) 87,000 87,000 (2) 87,000 87,000 73,932 73,932 (1) 28,763 28,763 (1) 28,763 28,763 (2) 48,125 48,125 (2) 48,125 48,125 1,440, ,945 3,000 1,591,

60 13. (a) 600, , , ,000 50,000 50,000 50,000 50,000 50,000 50,000 1,350,000 1,350,000 (1) (2)

61 13. (b) 1,770, ,000 26,805 23,400 1,797, ,400 13(a) 1,000, (a) (b) (3,742,514) (6,664,875) 16.5%16.5% (617,514) (1,099,704) (572,427) (52,143) 138,532 5,156 (35,516) 1,086,925 1,135,852 10,

62 14. (c) 30,816,612 24,229, ,574,254 5,510, ,742,514 6,664, ,993,151 72,000,

63 ,169 54, ,245 (72,585) (54,075) (126,660) 72, ,585 72, ,585 (72,584) (72,584) ,169 54, ,245 (145,169) (54,075) (199,244) ,000 69,913 33, ,363 (9,600) (3,907) (1,115) (1) (14,623) 278,400 66,006 32, , ,000 69,913 33,450 54, ,439 (9,600) (3,907) (1,115) (54,076) (68,698) 278,400 66,006 32, ,

64 (1) (1) 39 8 % % Sparkling Achievement Limited Ace Perfection Group Limited Power Bright International Limited Equity Merit International Limited New Fantasy International Limited Ace Perfection Group Limited Power Bright International Limited Equity Merit International Limited New Fantasy International Limited

65 19. 25,000,000 3,000,000 28,000, ,000,000 25,000,000 28,000,

66 20. (a) Good Quality Investment Limited 20% 3,000,000 3,000, % *1 25,000,000 25,000, % 28,000,000 28,000,000 *1 7 (b) (i) Good Quality Investment LimitedGood Quality Good Quality 3,000,000 Good Quality Good Quality 20% Good Quality (ii) 25,000, , ,799,

67 21. (a) 5,914,416 (5,671,330) 243,086 (b) , , , , , ,520 9,817 55,632 9, , , ,158 9, ,506,508 5,338,208 8,506,508 5,338,

68 23. (a) 871, , % 555,341 7,634,560 2,730, % 5,431,229 8,506,508 3,168,300 (b) 4,172, % 141,069,000 5,056, % 182,016 1,441,000, ,025,952 3,828,665 6, ,854,617 6,

69 25. 2% 9.25% 26. 8,038, ,248 2,800, , (a) 2,000,000, ,000,000 20,000,000 5,000,000 72,000,000 72,000, , ,000 (b) 1,827,500,000 18,275,000 1,899,500,000 72,000,000 18,995, ,000 (a) (b) 1,500,000,000 5,000, ,000,000 20,000,000 2,000,000,000 1(b) Sharp Years Limited Hugo Luck Limited 1,400,000, ,500, ,969,

70 28. 67,320,071 (89,827,279) (22,507,208) (6,664,875) (6,664,875) 67,320,071 (96,492,154) (29,172,083) (3,742,514) (3,742,514) 164,475, ,475,000 (780,511) (780,511) 231,014,560 (100,234,668) 130,779,892 67,320,071 (86,043,160) (18,723,089) (5,510,092) (5,510,092) 67,320,071 (91,553,252) (24,233,181) (8,574,254) (8,574,254) 164,475, ,475,000 (780,511) (780,511) 231,014,560 (100,127,506) 130,887, ,774,892 28,452,083 1,899,500,000 72,000,

71 ,047, , , , , ,000 1,269, , , (a) 1,013, ,000 (b) i) 210,000 ii) 2,903 (c) 35,500 35,200 (a) 150, , %

72 31. (a) 15% 3,050,000 10,000,000 12,500,000 1,800,000 (b) (a) 30, , , , ,000 (c) 14A.08 14A.33 (d) 13 (e)

73 32. Rainbow Ocean Investments LimitedRainbow Ocean ,498,854 9,500,000 Rainbow Ocean 50% Sharp Years Limited 254,500, %

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