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1

2

3 (ACCA, HKICPA) Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY Cayman Islands

4 26 33 Appleby Trust (Cayman) Ltd. Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY Cayman Islands

5 ,695, % 14,533, ,148, % 511,472, % ISO

6 TOP %

7 G 3G 4G ,000,

8 7 2014

9 2014 8

10 , , , ,734 51,547 (349,324) (230,004) (137,079) (86,692) (28,215) 162, , ,289 75,042 23,332 (5,282) (625) ,879 13,747 (10,411) (9,068) 74,695 85,234 65,708 55,381 (1,272) , , , ,734 51,547 89, ,773 75,133 61,029 3,119 (13,078) (12,490) (9,425) (4,191) (1,542) 76,113 89,283 65,708 56,838 1, ,019, , , , , , , , ,006 67, , , , ,169 35,

11 (1) (2) (1) (2) ,518, ,623, ,176 41, , ,548 41,731 46, ,628 81, , , , , , , , , , , ,

12 % 511, , , , EBITDA 104, ,004 (6.1) EBITDA (%) 20.4% 29.4% (9.0) 76,113 89,283 (14.8) 74,695 85,234 (12.4) 14.9% 23.6% (8.7) (0.70) % 22.7%

13 ,472, % % 311, , ,926 86,831 (24.1) 377, , ,884 6, (58.3) (30.9) 30,337 7, ,001 62, , , ,134, ,355, % 81.7%

14 % % 186, , , , , , , , , , , , , , , , , ,337, % ,001, % ,324, %

15 % % 91, , , , , , , , , , , , % % (7.5) (5.5) (18.9) (23.2) (14.3) (9.4) (7.4)

16 % % % % % 82.3% % % % % % % % % % %

17 49.7% ,034,000 39,924,000 19,110,

18 ,695, ,234, % 19,110,000 3,765,000 4,657,000 14,533, ,143, ,048, ,280,000 28,000,000 (a)

19 (b) ,127 4,164 (c) ,581 4,581 (d) 5,149, ,543, ,884, ,904, ,578, ,709, ,066, ,687, ,694, ,222,

20 % % ,500, ,120, , ,

21 ,568, ,240, ,000, ,000,000 5,400,

22 Partnerfield

23 Partnerfield Partnerfield

24 (certified senior enterprise risk manager)

25 (Hong Kong Institute of Certified Public Accountants) (Hong Kong Society of Accountants) Lawrence T. Lau and Company

26

27 A A

28 /5 5/5 5/5 5/5 5/5 5/

29 (i) (ii) (iii) (iv)

30 (1) (2) 3.10A A B A B A B A B A B A B A: B:

31 A A

32 (1) (2) (3) 50% (4) B

33 B ,000,000 1,000,001 2,000, ,000,001 3,000, C3.3 C

34 /3 3/3 3/ ,720, ,000 2,020,

35 (1) (2) Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY Cayman Islands (3) (4)

36 (1) (2) (

37 (i) (ii) (iii)

38 (iv) (v) (vi) 2. (i)

39 ,700,000 88,700, (i) (ii) (iii) (iv) (v) (vi) (i) ,100,000 8,400, ,400, ,700,

40 ,500,000 96,750,000 76,700, ,859, ,680,

41 73.19% 44.61% 23.15% 15.06% 5% ,000, ,000,000 5,400,

42

43 (a) (b) 30% % 10% 10%

44 (1) (2) (3) ,000,000 10% 1% 1%

45 ,720,000 6,720, ,400,000 8,400, ,120,000 15,120,

46 XV XV ,750, % 2 3 (L) 10,195, % (L) Bright Warm Limited 1 (L) 100% 3 926,750, % (L) 10,195, % (L) Bright Warm Limited 1 (L) 100% 4 156,885, % (L) 6,640,000 (L) 0.38% Ordillia Group Limited 1,000 (L) 100%

47 1. L ,750,000 Bright Warm Limited Bright Warm Limited ,750,000 1 Bright Warm Limited 10,195,000 10,195, ,885,000 Ordillia Group Limited Ordillia Group Limited XV XV

48 XV Bright Warm Limited 2 Ordillia Group Limited 3 926,750,000 (L) 156,885,000 (L) 52.73% 8.93% 4 163,525,000 (L) 9.30% Zheng Jinqiao 5 125,000,000 (L) 7.11% 1. L 2. Bright Warm Limited Bright Warm 926,750, Ordillia Group Limited Ordillia 156,885, ,525, ,000,000 Zheng Jinqiao Zheng Jinqiao 50,000,000 75,000,000 Beijing Richlink International Capital Co. Ltd 58% Zheng Jinqiao 51%Zheng Jinqiao 75,000, XV

49 62,500,

50

51

52

53 , ,619 (349,324) (230,004) 162, , ,606 3,024 8 (5,282) (625) (10,169) (7,695) (48,865) (32,229) (2,284) (2,200) 9 (9,882) (6,117) , , (13,078) (12,490) 76,113 89,283 74,695 85,234 1,418 4,049 76,113 89,

54 ,603 21, ,423 34, , , ,729 13,928 91,742 70, ,820 3, , , ,734 17,731 33(c) 4, , , ,000 30, , , , , , ,913 33(b) 4, ,280 83, ,370 17, , , , , , , , ,273 7, ,793 6,454 45,066 13, , ,

55 , , , , , ,685 12,753 11, , ,

56 (a) 30 (b) ,982 28,142 1,394 26, , , ,249 85,234 85,234 4,049 89,283 1,202 1,202 1, ,286 7,286 9,981 (9,981) ,982 28,142 2,596 36, , ,685 11, ,020 (29a) 1,199 10,324 (2,596) 8,927 8,927 (29b) 4,958 74,373 79,331 79,331 74,695 74,695 1,418 76,113 (2,518) (2,518) (2,518) 16,640 (16,640) , ,321 53, , ,120 12, ,873 (a) (b) 10% 50%

57 , , ,683 3, (92) (275) (2,580) (919) 1,202 (2,381) (2,495) 9,882 6,117 2,562 2,732 1,776 (53) (195) , ,752 (1,443) (249) 15,310 (40,208) (24,788) (6,819) (248,758) (88,991) 92,437 58,749 (61,447) 32,234 (6,095) (4,977) (67,542) 27,

58 (10,271) (11,253) (54) (19) (3,436) (8,072) (46,040) (638) 44,040 3,649 (4,581) (54,000) (30,020) 30,020 20,545 (43,203) (24,930) (6,247) (4,586) 79,331 (2,439) 8,927 (2,562) 41,971 7,953 (5,758) (795) 64,280 67,444 62,200 58,001 (119,000) (100,329) (4,164) (1,900) 4, ,539 29,952 5,794 32, (870) 161, , , ,

59 Bright Warm Limited Bright Warm Limited

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77 ,603, ,870, ,423, ,080,

78 ,690, ,958, ,386, ,240, , ,

79 ,514, ,466, ,168 5, , ,338 29,884 6, , ,

80 , ,355 21,780 4,244 82,221 57,983 29,884 6, , ,619 10% A 228, ,395 B 52,025 72,

81 ,418 1, ,606 3, (2,732) (1,776) (355) (1,482) ,580 (2,562) 53 (5,282) (625)

82 ,090 3,546 3,861 2,199 1, ,882 6, ,683 3,008 (a) ,822 2,093 50,444 27,803 2,284 2, ,149 1,543 46,419 29,697 (b) 51,568 31,

83 (a) (b) 1,901, ,232, ,202, ,940 10, ,138 2,236 13,078 12,

84 % (a) % % (b) 8% (c) 7% (d) % (b) (c)

85 , ,773 25% 22,298 25,443 8,409 4,176 (294) (1,415) (963) (18,916) (18,597) ,569 2,341 13,078 12,

86 , , , , , , , , , , ,

87 ,130 2,450 1, ,154 3, ,000,000 1,000,001 2,000, ,000,001 3,000, ,757,620,

88 ,695 85, ,709,537 1,680,000 1,506 1,901 1,711,043 1,681,

89 ,141 6,846 2,507 16,194 2, ,577 1, , (212) (103) (315) , ,726 8,837 3,520 28, ,414 4,969 1,240 10, (428) (19) (447) , ,773 13,806 4,889 38, , ,702 4, , ,008 (188) (97) (285) ,440 1,914 2,120 6, ,227 1, ,683 (368) (15) (383) ,299 3,416 2,821 11, , ,474 10,390 2,068 27, , ,286 6,923 1,400 21, % 33.33% 19.40% 9.70% 31.70% 19.40%

90 ,080 30, ,343 3,981 36,423 34, ,099 30, ,654 3, ,343 36,423 34, % % 20% 22% % 25%5 0% 3% %

91 , , (1,608) (1,608) ,300 3, (200) (200) , , , , (1,608) (1,608) (200) (200) , ,

92 , , ,000,000 51% % 12,487,500 51% 51%

93 ,954 13,643 14,311 7,299 6,108 13,407 4,903 1,802 1,802 6,108, ,024 3,843 1,353 4,820 3,

94 , ,270 (4,690) (1,958) 142, , , ,601 10,729 13, , , % 6,692,000 1,418, ,647, ,199 2, ,426 10, ,303 2,954 13,928 16,883 (3,199) (2,955) 10,729 13,

95 , , ,960 6, ,221 17, ,052 19, ,610 1, , ,646 13,928 16, , , ,757, ,824, , , ,799 6, ,829 17, ,378 19, , , ,

96 ,900, ,488, , ,732 1,776 4,690 1, , ,653 4,490 5,921 2,643 9,984 7,391 1, ,321 1,932 44,734 17,

97 , ,255 (126,271) (15,789) 509, , % 2.99% % 3.1% ,172 27, ,227 28,

98 , ,363 1,620 2,220 2,584 4,841 2, ,888 13,681 7,403 26,289 13,702 14,847 10, , , , , ,273 3, ,277 7, , , ,

99 ,280 24,300 41,098 28,000 18,000 92,280 83, ,280, ,300,000 54,000, ,000, ,000,000 2,000,000 5,400, % 7.8% % 7.8% 13,000, ,000, % % 275, ,580, ,000, ,000,000 10% 15% % 9.6%

100 ,000,000 41,970,000 A ,000,000 7% 7 B ,000,000 7% 2 C ,000,000 7% 7 D ,000,000 7% 7 E ,000,000 7% 7.5 F ,000,000 7% 7.5 G ,000,000 7% 4 H ,000,000 7% 7.5 I ,000,000 7% 7.5 J ,000,000 7% 7.5 K ,000,000 7% 2 L ,000,000 7% 7.5 M ,000,000 7% 2 N ,000,000 7% ,000,

101 ,400,000 35,170, % 11.72% ,000,000 7,950, % 11.91% 9,000,000 7,160, ,240 35,168 7,158 1, (1,292) (208) (120) (82) ,927 7,240 (7,654) 35,273 7, (9,793) (6,454) (9,399) (6,386)

102 (4,113) 51 (4,007) (143) (143) 143 (46) (2,341) 8 (2,236) (6,454) 59 (6,386) 36 (875) (875) (2,569) (17) (2,138) (770) 352 (9,023) 42 (9,399) % ,709, ,640,

103 ,000,000, , ,000,000, , ,680,000, ,982 (a) 15,120,000 1,199 (b) 62,500,000 4, ,757,620, ,139 (a) , , (b) ,500, ,120, %

104 ,720 6, ,400 8, ,720 6, ,400 8,400 15, ,202,

105 % 38% 1.51% % 1,

106 ,551 1, , ,054 2,

107 (a) (b) ,127 4,164 (c) ,581 4,581 (d)

108 (a) , , , ,013 (b)

109 (b) ,636 28, ,201 10,

110 (b) 5% 5% 5% 5% 5% (3) (4) (1,172) (665) (6) % %

111 (b) % 261, , , ,272 68,272 64, ,550 31,550 28, ,286 19,623 37,471 68,380 42, ,607 19,623 37, , , , , ,211 4,164 4,164 4, ,871 25,871 24, ,584 19,584 18,000 43,000 43,000 41, ,334 8,806 7, ,302 8, , ,

112 (c) 10% , (a) % 8,500,000 5,100 3,400 8,

113 (a) , , ,300 (5,178) (149) (875) 6,

114 (a) ,500 (6,157) 2,343 8,500 (1,664) 6,836 (3,400) 3,436 9,786, , ,649, ,937,

115 (b) % 2,510, % 9,000,000 (1) ,000,000 (2) % (1) (2) 3,250,000 51% 2,510 9,000 11, ,510 9,053 11,

116 (b) ,188 3,438 4,493 19,546 24,039 2,222 23,508 25, (2,725) (33,771) (36,496) (2,244) (2,244) (123) (20) (143) 4,281 10,587 14,868 24,039,000 24,503, ,000 (49%) 2,098,000 5,188,

117 (b) ,510 9,053 11,563 2,098 5,188 7,286 (4,281) (10,587) (14,868) 327 3,654 3,981 2,510 9,000 11,510 (250) (3,188) (3,438) 2,260 5,812 8,

118 (b) ,460,000 1,895, ,081,000 6,332, ,064, ,913,

119 ,004 47,004 (a) 150,000 50, ,004 97,004 2, ,467 29,504 38,028 24,110 55, ,997 53,740 4,918 3, ,654 12,730 3, ,267 50, , ,442 35,273 7, , , , ,982 (b) 100,179 18, ,596 (b) 24,680 (17,376) 267, ,

120 (a) 8% 3 (b) ,000 (5,489) (11,887) ,000 (17,376) 29(a) 10,324 29(b) 74,373 (2,518) 42, ,179 24,

121 Partnerfield Investments Ltd 35, % 100% ( Partnerfield ) China U-Ton International Ltd % 100% China U-Ton International Holdings Ltd % Stigma Investment Limited % % 100% % % 100% 100% ,231, % 100% ,000, % 100% ,000, % 100% ,180, ,000,000 51% 51% ,000,000 51% 51% ,600, %

122 ,597, % 100% 100% ,000, % 100% % Partnerfield % % ,707 3,179 10,074 8,

123 ,058 61, (51,536) (44,700) 24,685 17,013 14,611 8,646 10,074 8,367 69,016 43,081 7,827 6,332 6,120 3,153 1,707 3,179 5,552 (4,310) (654) (64) 3,200 5,095 8, (b) 12,000,000 51%

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