(Chi)_.indb

Transcription

1 根據開曼群島法例註冊成立之有限公司 股份代號 : 1197 獨家保薦人及獨家全球協調人 聯席賬簿管理人及聯席牽頭經辦人 Hengshi_cover_E15(17.33mm).indd 1 4/12/2015 下午7:34

2 CHINA HENGSHI FOUNDATION COMPANY LIMITED 250,000, ,000,000 25,000, % 0.005%0.0027% C

3 1 (2) (3) (4) (2) (5) (7) (8) (6) (9) (1) (2) (3) i

4 1 (4) (5) (6) (7) (8) (9) ii

5 i iii I II III IV V VI-1 iii

6 DNV GL 2014 DNV GL %DNV GL GB/T % ,50659, , ,

7 % % %74.4%83.1% 86.5% % % %20.8%28.1%30.1%16.2%19.3% 19.4%26.0% (i)(ii) (iii) %75.8%64.5%65.8%33.7%26.7%20.3% 17.8% %28.2%22.4%9.6% %13.4%15.1%7.2% 2

8 %64.9%81.0%77.7% DNV GL %29% % % % 0.77%30.0% 1.3%

9

10 , , , , , (335,986) (320,952) (487,941) (214,649) (349,507) ,977 84, ,659 78, , ,453 37,437 26,865 12,874 6, ,338 50,921 37,028 (1,296) 64, (27,288) (30,215) (43,974) (21,004) (30,885) (11,921) (10,978) (13,495) (6,891) (13,420) (15,284) (13,310) (21,004) (8,769) (15,574) (30,086) (34,174) (25,507) (13,406) (10,727) ,453 83, ,479 38, , ,612 78, ,734 35, , ,612 78, ,666 35, , % % % (i)(ii) % 5

11 %20.6%21.7%13.3%28.5% %3.1%13.7%4.6%14.9% %85.0%37.2%65.7%47.8% ,453 83, ,479 38, , ,410 23,272 16,553 9,811 2,901 (1) ,900 47,600 38,200 15,800 65, ,143 12,582 92,726 13,343 74, ,302 7,238 76,981 9,826 61,690 25,302 7,238 76,913 9,826 60,468 (1) 6

12 (b) %20.8%28.1%30.1%16.2%19.3%19.4%26.0% , % 296, % 488, % 216, % 366, % , % 61, % 132, % 42, % 102, % , % 19, % 20, % 9, % 10, % , % 8, % 8, % 4, % 1, % , % 18, % 28, % 20, % 18, % , % 405, % 678, % 292, % 500, % , % 301, % 563, % 237, % 432, % , % 103, % 114, % 55, % 67, % , % 405, % 678, % 292, % 500, % 1 7

13 , % 138, % 195, % 96, % 131, % , % 77, % 136, % 70, % 94, % (1) , % 59, % 74, % 37, % 8, % % 2, % 5, % 1, % 1, % % % % % % , % 278, % 412, % 207, % 236, % (2) , % 126, % 265, % 85, % 263, % , % 405, % 678, % 292, % 500, % (1) (2) , , , , , , , , , , , , ,899 10, ,010 64, ,155 46, , , , , ,147 (35,880) 1,625 12, , (110,064) (91,156) 110, ,088 (2,980) ,851 35,673 (83,402) (157,764) (95,482) ,934 (91,363) 28,378 29,916 7, , ,463 33,412 33,412 61, ,463 33,412 61,741 63,185 69,797

14 ,402 10, ,374 28,960 10, ,236 48,794 10, ,122 21,311 10, ,262 35,155 10, , ,558 9,860 64,663 6,810 9,090 61,908 13,250 9, ,478 4,468 9,436 42,161 9,920 10, , ,524 8,880 22,416 2,246 8,713 19,567 2,366 8,752 20,708 1,099 8,650 9,509 1,179 8,733 10, ,238 5,403 1,170 7,519 8,795 1,136 7,852 8, ,853 4, ,410 1, ,634 4, ,065 18,887 1,490 19,043 28,368 1,071 18,966 20, ,925 18, ,430 10, ,963 40,127 10, ,393 67,036 10, ,600 28,529 10, ,798 47,470 10, , (1) (1) (1) (1) 57,666 40, % 61,173 42, % 80,506 68, % 59,441 49, % (1) (i)(ii) (x)(y)(z) (1) (1) (1) (1) 41,068 30, % 42,938 30, % 59,134 56, % 47,565 45, % (1) 9

15 (1) 1.0x 1.1x 1.3x 1.1x (2) 0.9x 1.0x 1.2x 0.9x (3) 136.4% 152.1% 93.3% 98.2% (4) 167.1% 160.2% 104.6% 110.3% (5) 7.2% 7.2% 11.9% 22.2% (6) 19.1% 19.0% 27.3% 46.0% (1) (2) (3) 100% (4) 100% (5) 100% (6) 100% 43.95%32.96% 31.77% DNV GL GLISDNV GLGLIS GLIS 10

16 GLIS (i) (ii) (iii) (i)250,000,000 (ii)1,000,000,000(iii) (1) ,800 2,600 (2) (1) 1,000,000,000 (2) 1,000,000, %218 30%144 15%72 10%48 11

17 % ,558,553120,381, ,970,00074,990,

18 32L 15% DNV GL ,

19 (i)(ii)(iii) (iv) 14

20 %

21 DNV GL DNV GL Group AS DNV GL GLIS GLIS Germanischer Lloyd Industrial Services (Shanghai) Co. Ltd

22 25,000,

23 S 225,000,

24 ,500,000 15%

25 S S Morgan Stanley & Co. International plc 20

26 (1)70.28% (2)25.23% Zhenshi US Zhenshi (US) International Trading Limited Hengshi Fiberglass (USA) Inc (a) % 21

27 11,

28 23

29 24

30 %64.4%73.6%74.5% %64.9%81.0%77.7%

31 % (i) (ii)2014(iii)

32 % 75.8%64.5%65.8%33.7%26.7%20.3%17.8%

33 ,95339,60317,693 28

34 % % %68.8%60.8% %47.4%

35 ,

36 % % %

37 %20.6%21.7%13.3%28.5% %3.1%13.7%4.6%14.9% DNV GL

38 %160.2%104.6%110.3% (i) (ii) (iii)

39 ,

40 %68.8%60.8%47.4%

41 (i)(ii) % 36

42 15%25% % 6.4%10.7%9.0% %

43 %20.6% 21.7%13.3%28.5% %14.8%19.3%10.0%28.0%

44 % 32.96% 39

45 (SARS)H5N1H1N1H7N % 40

46 %

47 42

48 % 50% 10% 43

49 5% % 10% 5% 25% 25% 10% (i)(ii) (iii) (iv)

50 25% 25% 10% 10% 20% 20% 25% (i)12.5%(ii) 45

51 10%698 (2011)

52

53 %

54 49

55 50

56 225,000,00025,000,000 51

57 B(1) Intertrust Corporate Services (Cayman) Limited

58 ,000 (i) (ii)

59 14A (a) (b) (c) (d) (e) 54

60

61

62 Morgan Stanley & Co. International plc 25 Cabot Square Canary Wharf London E14 4QA United Kingdom Walkers Mena Associates Amereller Rechtsanwälte GIC Tower 21, Soliman Abaza Street Mohandiseen, Cairo Egypt 57

63 Germanischer Lloyd Industrial Services (Shanghai) Co. Ltd

64 190 Elgin Avenue George Town Grand Cayman KY Cayman Islands (ACIS; ACS)

65 Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue George Town Grand Cayman KY Cayman Islands

66 GLISGLIS GLIS GLISGLIS(i)GLIS (ii) GLIS GLIS GLISDNV GL120,000 GLIS2009GLIS DNV GL GLIS GLIS (i) (ii) (iii) DNV GL 61

67 GLIS ,400 DNV GL DNV GL (i)812(ii) (iii) GLIS812 20% DNV GL %201319%DNV GL DNV GL 62

68 45-45 /0 / /0 /+45 /

69 % % DNV GL , DNV GL , ,4009.9% , % DNV GL % DNV GL (i) (ii)2014(iii)

70 DNV GL DNV GL DNV GL DNV GL DNV GL , %40.8%DNV GL %DNV GL %

71 DNV GL 20148%1%202014% 20145%1%201910% 20141%1%20185% DNV GL % %12%DNV GL % +6.2% DNV GL 66

72 DNV GL % % % % % DNV GL % % DNV GL %

73 GWEC (GWEC) GWEC GWEC 3.8%6.2%10% 68

74 GWEC 5.5%DNV GL GWEC % % % SAERTEX GmbH & Co. KG 18.8% 2 Owens Corning Corporation 15.7% % % % DNV GL % 69

75 (i) (ii) 2014Vestas Wind Systems A/SSiemens Wind Systems A/S 1 Vestas Wind Systems A/S 2 Siemens Wind Systems A/S 3 General Electric 4 5 Enercon GmbH DNV GL DNV GL 70

76 DNV GL DNV GL DNV GL ,000 13,000 9,000 12,000 10,000 13,000 12,000 15,000 DNV GL 71

77 201461%68% Owens Corning Corporation 21% 2 17% 3 9% 4 7% 5 PPG Industries, Inc. 7% DNV GL 72

78 % 2 16% 3 13% 4 6% 5 4% DNV GL ,200 8,000 6,000 7,500 6,200 8,200 6,500 10,000 DNV GL 73

79

80 %50%

81

82

83 % (i)(ii) 25% 25% 20% 78

84 % 10% 25%5% 10% (i)(ii) (iii)

85 [2007] %5%

86 ,000 50,

87 (i) (ii)

88 Industrial Development AuthorityEgyptian Chamber of Textile IndustriesMinistry of Trade and Industry Industrial Register 83

89 ,100, % 40% %16.05%30%10% 32.96%12.04%22.5% 7.5% ,100, % ,100, % 84

90 3,100, ,000 3,100, % ,000 3,100, % ,000 3,100, % , ,100, % , ,100, % % [2004]76 (1) ,860, % ,240, % ,100, % (1) % [2007] ,208, % ,472, % ,680, % %10,146,757 Top Way Alliance Limited 10% 85

91 ,146, % 7.5% 1 Top Way Alliance Limited 7.5%

92 100% 70.28% 2.03% 1.80% 0.66% 25.23% 100% Top Way Alliance Limited 100% 75% 25% 60% 40% , , % % %16.05%30%10%

93 %0.90% 0.37% ,504, ,669, %40% 100% 100% 95.95% 2.77% 0.37% 0.90% 100% Top Way Alliance Limited 100% 100% 43.95% 16.05% 30% 10% 100% 100% 100% (1) 88

94 100% 100% 95.95% 2.77% 0.37% 0.90% 100% Top Way Alliance Limited 100% 100% 32.96% 12.04% 22.5% 7.5% 25% 100% 100% 100%

95 11 90

96 DNV GL 2014 DNV GL %DNV GL GB/T % ,50659, ,355109,

97 % % %74.4%83.1%86.5% % % DNV GL % %DNV GL %35.1% %11.4%DNV GL %15.8% %5.4%201480% 1.5 DNV GL % %

98 DNV GL 2014 DNV GL % , % 2015LM Wind PowerACCIONA Blades S.A2013 DNV GL DNV GL 93

99 DNV 2014 DNV GL DNV GL 8.0 GB/T DNV GL 94

100 GBT /ISO ISO GB/T GB/T idt ISO

101 %18.9%52.6% DNV GL Tecsis GmbH 2014 Gamesa TPI Composites Inc LM Wind Power ACCIONA Blades S.A

102 1%5% % %

103 9,

104

105 % , ,002 2,2887,3512,61812,2702.4%5.7%11.0%9.24%26.03% 100

106 0/ ,43040,12767,03628,52947, % % % , % 296, % 488, % 216, % 366, % , % 61, % 132, % 42, % 102, % , % 19, % 20, % 9, % 10, % , % 8, % 8, % 4, % 1, % , % 18, % 28, % 20, % 18, % , % 405, % 678, % 292, % 500, % 101

107 % 73.2% E-BX DNV GL 102

108 %20.6% DNV GL 103

109 %2.1% 2012 ESM600/450 DNV GL % 0.4% 104

110 DNV GL %3.7%

111 106

112 (1) (2) 107

113

114 ,906 90, ,

115 , (1) (1) (1) (1) 57,666 40, % 61,173 42, % 80,506 68, % 59,441 49, % (1) (i)(ii) (x)(y)(z) % % (1) (1) (1) (1) 41,068 30, % 42,938 30, % 59,134 56, % 47,565 45, % (1) % %

116 % % % ,

117 , , , (i)industrial Development Authority)(ii) Eyptian Chamber of Textile Industries)(iii)(Ministry of Trade and Industry)(Industrial Register)

118 , ,

119 (1) (2) ,882 30, ,966 9, ,848 39, ,703 29, ,270 10, ,973 39, ,731 17,693 (1) (2) i , , , ,389ii , ,082180, , ,

120 LM Wind Power DNV GL % % DNV GL % %

121 DNV GL DNV GL 116

122 (Statement of Approval) DNV GL (Type Approval Certificate) DNV (1) (2) (Certificate of approval of a fiber reinforcement) (Lloyd s Register s survey) (1) DNVDNV GL (2) %64.4%73.6%74.5%4.0%3.8%4.6% 4.8% 117

123 % %64.9%81.0%77.7% %99.7%99.8%96.6% 87.9%94.2%98.6%56.5% % 118

124 % % 64.9%81.0%77.7% DNV GL %29% % 0.77%30% 1.3% %2% ,917 75,

125 , %

126 DNV GL %29% % 1,

127 (i) (ii) (iii) (i) 122

128 (ii) %29% ,140,00050%570,

129 DNV GL % DNV GL2014 Owens Corning Corporation1,260,0001,020, ,000420,000PPG Industries, Inc.420, ,

130 % %19.76% 0.002%

131 (i)(ii) (iii) % % % , % 138, % 195, % 96, % 131, % , % 77, % 136, % 70, % 94, % (1) , % 59, % 74, % 37, % 8, % % 2, % 5, % 1, % 1, % % % % % % , % 278, % 412, % 207, % 236, % (2) , % 126, % 265, % 85, % 263, % , % 405, % 678, % 292, % 500, % (1) (2) %75.8%64.5%65.8% 33.7%26.7%20.3%17.8% 126

132 Zhenshi US Zhenshi US60%30% 10% %22.4%18.9%7.0%Zhenshi US 5% % 94.2%98.6%37.0%4.3%12.6%12.0%1.3% %8.0% 11.4%1.0%

133 30 ISO9001ISO

134 0.5% 15%

135 ,219 61,062 84,580 32,

136

137 業 務 以 下 地 圖 列 示 我 們 產 品 於 2014 年 及 截 至 2015 年 6 月 30 日 止 六 個 月 運 送 至 的 海 外 市 場 包 括 香 港 澳 門 及 台 灣 的 地 點 北美 加拿大 美國 歐洲 丹麥 西班牙 波蘭 法國 英國 意大利 烏克蘭 斯洛伐克 亞洲 日本 南韓 台灣 印度 香港 新加坡 阿拉伯聯合酋長國及 沙特阿拉伯 中美 墨西哥 澳洲 銷售網絡所覆蓋地區 貿易公司客戶 於 往 績 記 錄 期 間 我 們 向 若 干 貿 易 公 司 銷 售 部 分 產 品 彼 等 其 後 將 我 們 的 產 品 轉 售 予 終端客戶 大部分該等貿易公司為獨立第三方 及餘下分銷商為我們的關聯方 於 2012 年 2013 年 及 2014 年 以 及 截 至 2014 年 6 月 30 日 及 2015 年 6 月 30 日 止 六 個 月 向 貿 易 公 司 銷 售 產 生 的 收 益 分 別 為 人 民 幣 73.8 百 萬 元 人 民 幣 百 萬 元 人 民 幣 百 萬 元 人 民 幣 73.7 百 萬 元 及 人 民 幣 47.8 百 萬 元 分 別 佔 我 們 同 期 總 收 益 的 16.8% 28.2% 22.4% 25.2%及 9.6% 於 該 等 銷 量 中 向 貿 易 公 司 其 亦 為 我 們 的 關 聯 方 銷 售 產 生 的 收 益 分 別 為 人 民 幣 19.9 百 萬 元 人 民 幣 54.1 百 萬 元 人 民 幣 百 萬 元 人 民 幣 40.0 百 萬 元 及 人 民 幣 36.0 百 萬 元 分 別 佔 同 期 總 收 益 的 4.5% 13.4% 15.1% 13.6%及 7.2% 我 們 的 董 事 確 認 於 往 績 記 錄 期 間 向 所 有 關 聯 方 的 銷 售 屬 公 平 合 理 且 與 提 供 予 其 他 貿 易 公 司 客 戶 屬 獨 立 第 三 方 的 條 款 一 致 下表列示於所示日期的貿易公司客戶數目 截 至6月30日 止六個月 截 至12月31日 止 年 度 2012年 期初的貿易公司客戶 新增貿易公司客戶 終止現有貿易公司客戶 期末的貿易公司客戶 (50) 73(1) 年 (30) 64(2) 2014年 (27) 62(3) 2015年 (4)

138 (1) Jushi International Group (Canada) Co., Ltd. Zhenshi Spain S.A.Temax Italia S.R.L. (2) Jushi International Group (Canada) Co., Ltd.Zhenshi Spain S.A. (3) Zhenshi Spain S.A.Temax Italia S.R.L. Jushi International Group (Canada) Co., Ltd. Zhenshi US (4) Zhenshi USJushi Italia S.R.L.Jushi International Group (Canada) Co., Ltd (i) (ii) 2014 Zhenshi USZhenshi Spain S.A. 30% 133

139 20151 (i) (ii) (iii)

140 , %2013 3, % (i)20 (ii)(iii)

141 CNAS-AL

142 %3.3%3.1%3.0%3.1% 2012 GB/T %

143 138

144 GB/T / ISO GB/T /ISO ISO ISO GB/T GB/T GB/T idt ISO GB/T idt ISO B

145 DNV GL

146 89.5% 14% SAERTEX GmbH & Co. KGOwens Corning Corporation (i) (Industrial Development Authority)(ii)(Egyptian Chamber of Textile Industries)(iii)(Ministry of Trade and Industry) (Industrial Register) 141

147 ISO

148 143

149 1 (i)128,567(ii)127,692 3, ,

150 L 15% 6(2) 342(1)(b)34(2) 1. 3, , , , , % 145

151 ,

152 (i)(ii) %

153 (i)(ii) 148

154 (1) (2) (3) (1) (2) (3) (14.0) 19.5 (3.4) 14.9 (4.3)

155 % 2.5% 3.0% %0.9%1.6% (i) (ii) (iii)

156 (i) 3 (ii) 4 (iii) 112 (iv) (i)

157 (ii) (1) (2)

158 (3) (4) (5)

159 (1) (2) %20.6%21.7%13.3%28.5% %14.8% 19.3%10.0%28.0%

160 % (1) (2)(a) (b) 155

161 (c)

162 43.95% 95.95% 95.95% 32.96% % % %SMC SMC SMC (i) 157

163 5% (ii)zhenshi US 900Zhenshi US

164 159

165 (a) (b) (c) (d) (e) 19.76% (1) % (2) 160

166 10 (a) (b) 70.28% (c) (3) (4) 24 (5) (a) (b) 161

167 (c) (d) (e) (f) (A) (i) (ii) (iii) (B) (i) (ii) (iii) 162

168 % (a) (b) (c) (d) (e) 2. 70% 163

169 A.35 14A.36 14A.46 13,381 17,759 28,843 23,342 45,808 54,407 72,225 14A.35 14A.76(2) 2,375 6,404 8,697 5,494 13,810 15,854 20,297 14A.76(1) A.76(1) A.76(1) 14A.97 14A.97 14A

170 (1)(2) (3) (a) (b) (c) (d) (e)

171 ,381,00017,759,000 28,843,00023,342, ,808,00054,407,000 72,225,000(i)(ii) (iii)(iv) 14A 166

172 (a) (b) (c) (d) (e)

173 ,375,000 6,404,0008,697,0005,494, ,810,00015,854,000 20,297,000(i)(ii) (iii)(iv) 70% 0.1%5% 14A.76(2) 14A 168

174 (i) 14A.10514A (ii) 14A.10514A (i) 5%(ii)3 (iii)14a.76(1) 14A ,000 1,

175 , , ,000147, % 14A (a) (b) (c) (i)(ii) (iii) 14A.9714A

176 75.9 3, % 15% % 14A

177

178

179 MBA United Suntech Craft Inc Gibson Enterprises Inc Saint-Gobain China

180

181 TMF Hong Kong LimitedKCS Hong Kong Limited 14 3A.19 3A.23 (a) (b) (c) 176

182 (d) (i) (ii)

183 ,000 IAIB

184 XV23 10% (2) (1) (3) ,602, % 329,602, % (4) ,397, % 120,397, % (5) ,000, % 225,000, % (6) 75,000, % 75,000, % (7) ,602, % 329,602, % (8) ,397, % 120,397, % (9) ,000, % 225,000, % (10) ,000, % 225,000, % Top Way Alliance Limited (11)... 75,000, % 75,000, % (12) ,000, % 75,000, % (1) (2) 1,000,000,000 (3) 95.95% 329,602, %32.96% (4) 120,397, %12.04% (5) 225,000,000 30% 22.50% (6) Top Way Alliance Limited 179

185 75,000,000 10%7.50% (7) 329,602, %32.96% (8) 120,397, %12.04% (9) 225,000,00030% 22.50% (10) 225,000,000 30%22.50% (11) Top Way Alliance Limited 75,000,00010% 7.50% (12) 75,000,000 10%7.50% XV23 10% 180

186 2,000,000, ,000, % 2,000,000, ,000, % 750,000, ,000 75% 250,000, ,000 25% 1,000,000,000 1,000, % (a) (b) (c) (i) 20% (ii) 181

187 (1) (2) (3) A % A. 6. (i) (ii) (iii) A (i) (ii)(iii)(iv) (v) 182

188 183

189 China Building Material Holdings Co., LimitedCBMH , ,054,000 (i)4.15%(ii) 4.31% ,226,000 (i)3.40%(ii) 3.52%2.6 29,806,000(i) 2.87%(ii) 2.98% (i)(ii) (iii)(iv) 2, ,054, % 17.22% 4.31% 4.15% ,226, % 14.09% 3.52% 3.40% ,806, % 11.92% 2.98% 2.87%

190 CBMH CBMH %0.0027%0.005% 2, ,054, % ,226, % ,806, % CBMH (1) (2) 185

191 186

192 DNV GL2014 DNV GL %DNV GL %74.4%83.1%81.2%86.5% % % % %

193 188

194

195 (i)2012 (ii)

196 % DNV GL % DNV GL % % LM Wind Power ACCIONA Blades S.A

197 , , , , , , % 192

198 %

199 %64.4%73.6%73.7% 74.5% %68.8%60.8%70.8%47.4%

200 25% 15% % , % 296, % 488, % 216, % 366, % , % 61, % 132, % 42, % 102, % , % 19, % 20, % 9, % 10, % , % 8, % 8, % 4, % 1, % , % 18, % 28, % 20, % 18, % , % 405, % 678, % 292, % 500, % 195

201 ,402 10,967 (1) 344,374 28,960 10,229 (1) 296,236 48,794 10,004 (1) 488,122 21,311 10, ,262 35,155 10, , ,558 9,860 64,663 6,810 9,090 61,908 13,250 9, ,478 4,468 9,436 42,161 9,920 10, , ,524 8,880 22,416 2,246 8,713 19,567 2,366 8,752 20,708 1,099 8,650 9,509 1,179 8,733 10, ,238 5,403 1,170 7,519 8,795 1,136 7,852 8, ,853 4, ,410 1, ,634 4, ,065 18,887 1,490 19,042 28,368 1,071 18,966 20, ,925 18, ,430 10, ,963 40,127 10, ,393 67,036 10, ,600 28,529 10, ,798 47,470 10, ,178 (1) % % (1) , % 301, % 563, % 237, % 432, % , % 103, % 114, % 55, % 67, % , % 405, % 678, % 292, % 500, % %84.5%88.2%86.5%97.9% 196

202 , % 138, % 195, % 96, % 131, % , % 77, % 136, % 70, % 94, % (1) , % 59, % 74, % 37, % 8, % % 2, % 5, % 1, % 1, % % % % % % , % 278, % 412, % 207, % 236, % (2) , % 126, % 265, % 85, % 263, % , % 405, % 678, % 292, % 500, % (1) (2) (i) (ii)(iii) (iv)(v)(vi) , % 206, % 359, % 158, % 260, % , % 36, % 38, % 18, % 20, % , % 19, % 32, % 13, % 29, % , % 12, % 22, % 9, % 16, % , % 33, % 4, % 4, % % , % 11, % 31, % 11, % 21, % , % 320, % 487, % 214, % 349, % 197

203 +20% +15% +10% +5% -5% -10% -15% -20% (12.1) (24.1) (36.2) (48.3) (48.3) (36.2) (24.1) (12.1) (9.7%) (7.2%) (4.8%) (2.4%) 2.4% 4.8% 7.2% 9.7% (16) (32) (48) (63) (63) (48) (32) (16) (9.3%) (7.0%) (4.7%) (2.3%) 2.3% 4.7% 7.0% 9.3% (10.0) (19.9) (29.9) (39.9) (39.9) (29.9) (19.9) (10.0) (9.8%) (7.4%) (4.9%) (2.5%) 2.5% 4.9% 7.4% 9.8% (10.5) (21.0) (31.5) (42.0) (42.0) (31.5) (21.0) (10.5) (9.5%) (7.1%) (4.8%) (2.4%) 2.4% 4.8% 7.1% 9.5% %20.8%28.1% 26.7%30.1% 198

204 +20% +15% +10% +5% -5% -10% -15% -20% (31.3) (62.6) (93.9) (125.3) (18.2) (36.4) (54.6) (72.9) % 1.9% 1.3% 0.7% (0.8%) (1.7%) (2.7%) (3.9%) (40.7) (81.5) (122.2) (163.0) (24.3) (48.6) (73.1) (97.4) % 1.9% 1.3% 0.7% (0.8%) (1.7%) (2.7%) (3.8%) (30.9) (61.8) (92.7) (123.6) (20.0) (40.0) (60.0) (80.2) % 2.8% 2.0% 1.1% (1.2%) (2.6%) (4.2%) (6.3%) (30.7) (61.4) (92.1) (122.8) (18.7) (37.4) (56.1) (74.7) % 2.6% 1.9% 1.0% (1.1%) (2.5%) (4.0%) (5.9%) (i) (ii)(iii) (iv) (v)(vi) (vii) %9.2%4.0%4.4%1.3% (i) (ii)(iii) (iv) (i)(ii)(iii) 199

205 ,800 (17,200) (17,900) 7, (2,500) (508) (448) (8,139) , ,900 47,600 38,200 15,800 65, , , (62) (4,256) (578) 1, ,338 50,921 37,028 (1,296) 64,940 (i)(ii) (iii)(iv) %7.5%6.5%7.2%6.2% (i)(ii) (iii) (iv) %2.7%2.0%2.4%2.7% (i)(ii) (iii)(iv) % 3.3%3.1%3.0%3.1%

206 %0.2%0.5%0.2%1.7% %8.4%3.8%4.6%2.1% % % % 201

207 , , , , , (335,986) (320,952) (487,941) (214,649) (349,507) ,977 84, ,659 78, , ,453 37,437 26,865 12,874 6, ,338 50,921 37,028 (1,296) 64, (27,288) (30,215) (43,974) (21,004) (30,885) (11,921) (10,978) (13,495) (6,891) (13,420) (15,284) (13,310) (21,004) (8,769) (15,574) (736) (668) (3,093) (703) (8,726) (30,086) (34,174) (25,507) (13,406) (10,727) ,453 83, ,479 38, , (5,841) (5,344) (15,745) (3,517) (12,906) ,612 78, ,734 35, , ,612 78, ,789 35, , (55) (269) % , , , , % % , , , ,

208 (i) (ii) (iii) % , , , ,382 i)2014 (ii) % , , , , % , , % , , ,

209 % % (i) (ii) % % % % % % %

210 % (i) (ii) % % % (i) (ii) % % % %(i)2014 (ii) (iii) % (i) 2014(ii)

211 (i) (ii) % % % (i) (ii) ,142.9% % (i) (ii)(iii) %

212 % % % % , , , , % , , , , % , % ,900 (i)(ii) (iii) % , , , , % , % , %

213 2, , , , % % , , , % % (i)(ii) % % % (i) %51.7(ii) % % % (i) 208

214 (ii) % (i)2014(ii) % % (i) (ii) % % % % % (i) (ii)

215 (iii) % (i) (ii) % (i) (ii) % %

216 % (i)2014 (ii) % % % % % % % % , , , , % , , ,

217 201310, % % , , , , % % , , , ,713 (i)2013 (ii) % , , , % , ,065 (i)(ii) % %

218 % (i)2013 (ii) % % % % % % % % % %

219 % % % % % , , % (i)2013 (ii) % (i) (ii) %

220 % % (i)2012 (ii) % % % % % %

221 ,147 (35,880) 1,625 12, ,436 (110,064) (91,156) 110, ,088 (2,980) 44,851 35,673 (83,402) (157,764) (95,482) ,934 (91,363) 28,378 29,916 7, , ,463 33,412 33,412 61, ,463 33,412 61,741 63,185 69, (i) (ii) 20.3(a) (b)zhenshi US20154 (iii) (iv)15.8 (v) (vi)

222 (vii) 36.2 (viii) (i)62.8 (ii)41.7 (iii) (iv) (v) (i) (ii) (iii) (iv)21.1 (v) (i) (ii) (iii)21.7 (iv)

223 (i)94.9(ii)170.7(iii) 162.3(i)370.7(ii) (i) 1,086.1(ii)360.3(iii) 189.4(i)1,107.2(ii) 221.6(iii)123.3(iv) (i) 1,289.2(ii)449.0(iii) 82.0(iv) 20.9(v)11.4 (i)1,110.2(ii)354.6 (iii)189.6(iv) (i) 1,146.7(ii)771.2(iii) (i)1,089.5(ii)771.2(iii)

224 (i)515.4(ii)100.2(iii) 607.1(i)607.1(ii) , ,220 13,449 3, ,817 12, ,561 67, ,699 13, ,617 71,

225 ,497 72,066 82,711 98,315 94, , , , , , ,300 12,020 2,335 4,650 23, , ,640 70,128 50,357 19, , , ,400 2, ,670 32, , , ,463 33,412 61,741 69, , , , , , , ,181 6,130 40,919 42,203 84, ,902 10, , , , ,261 8,753 6,914 43,169 55, ,453 4, , ,200 5, ,800 38,300 65, ,043 2,054 8,290 2, , , , , , , , , , , ,010 64, ,155 46,549 68,

226 ,139 31,625 23,221 20, ,863 5,334 7,536 9, ,495 35,107 51,954 67, ,497 72,066 82,711 98, % (1) (1)

227 (i) (ii)(iii) (iv) (v) , , , , (12,500) (10,800) (10,100) (17,500) 127, , , , , ,951 2,253 3, , , , ,120 10, , , , , (i)(ii) (i)2014 (ii)

228 ,725 82, , , ,938 19,070 33,747 91, ,275 17,913 2,864 9, ,768 9,297 5,992 1, ,484 10,750 6, , , , , % ,000 12,500 10,800 10, , , (1,700) (1,208) (739) ,500 10,800 10,100 17, ,335 10,579 17,812 8, ,938 19,070 33,747 91, ,275 17,913 2,864 9, ,768 9,297 5,992 1, ,484 10,750 6, ,316 65,343 71, ,827

229 (1) (2) (1) (1)

230 ,750 3, ,000 6,270 2,335 1, ,300 12,020 2,335 4,650 (i) (ii) (iii)(iv)(v) (vi)(vii) 225

231 , , ,909 2,673 4, ,521 1, , , ,712 12, , , , ,549 3, ,181 6,130 40,919 42, , , , , ,

232 (1) (1) (i) (ii) ,000 47, ,700 4,445 35, ,500 4,800 18, ,702 1,220 1, ,902 10, ,

233 (i) (ii) (i) (ii) ,321 28,436 70,128 49, , , , ,640 70,128 50,357 Zhenshi Spain S.A.Zhenshi US %8.02%6.36%7.37% 25(A)

234 (i) (ii)zhenshi US , , , , , , (B) ,241 8,733 6,338 42, ,261 8,753 6,914 43,169 (i) (ii)(iii) 25(C)

235 , ,435 4, ,453 4, (D) , , , , , , , , , , ,

236 %7.54%5.60%6.95% 6.00%6.60%5.88%6.60%3.13%6.72% 5.04%6.78% % 5.35%5.35%5.36% (i) (ii) 0.6(iii)

237 (i)(ii) ,819 22, ,262 27,029 47,758 70,

238 ,397 1, ,217 2, ,000 22,000 22, , ,057, ,242 1,118, ,133, ,242 1,140, ,800 47,600 65, ,081, ,642 1,074, (i) (ii) Hengshi USA Company Limited 233

239 ,558,553120,381, ,970,00074,990, ,949 88, , ,999 3,077 4,535 30,352 17, ,992 14, ,009 88, , ,994 3,077 4,535 45,246 17,622 5% 5% 5% ,077 3,584 4,257 5,930 5, (604) 3 3, ,080 3,587 3,653 5,933 8,

240 (i) (ii) % 20% 20% 22% % 75% 68% 61% , ,

241 %

242 (1) 1.0x 1.1x 1.3x 1.1x (2) 0.9x 1.0x 1.2x 0.9x (3) 136.4% 152.1% 93.3% 98.2% (4) 167.1% 160.2% 104.6% 110.3% (5) 7.2% 7.2% 11.9% 22.2% (6) 19.1% 19.0% 27.3% 46.0% (1) (2) (3) (4) (5) (6) (i)2014(ii) (iii) (i)2014(ii) (iii)

243 %152.1%93.3%98.2% (i) (ii) %160.2%104.6%110.3% %7.2%11.9%22.2% %19.0%27.3%46.0%

244 (2.0)

245 %

246 30% % % (i) % 6.72% 112 (ii) % 6.78% %72 10%48 241

247 25,000,000 (a) (i) (ii) (iii) (iv) 242

248 (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) H5N1 (xiv) (1) (2) 243

249 (3) (4) (b) (i) (www. hkexnews.hk) (ii) (i)(ii) (iii) (iv) (v) (vi) (vii) (viii) 244

250 (A) (B) 10.07(1) (a) (b) 10.07(2)3 (a) 155 (b) 245

251 (A) (a) (b) (c) (a)(b) (d) (a)(b)(c) (a)(b)(c) (a)(b)(c) (B) 32.96% 31.77% 30% 246

252 22.50% 21.69% (a) (i) (ii) (iii)(i)(ii) (iv)(i)(ii) (iii)(i)(ii)(iii) (b) (a)(i)(ii)(iii) (c) (b) (a)(i)(ii)(iii) (C) 247

253 (a) (b) (c) (a)(b) (d) (a)(b)(c) (a)(b)(c) (A) (B) (C) 248

254 30 37,500,000 15% 3% 1%

255 (a) (b) 3A

256 (i) 25,000,000 (ii) S225,000,000 S

257 ,000, ,000,00010% 2.5% 2.601%0.0027%0.005% 25,000,000 12,500,00012,500,

258 5 5 25,000,000 50%12,500,000 (i)1550(ii)50 100(iii)100 75,000,000100,000,000125,000,000 30%(i)40%(ii) 50%(iii)

259 (i) (ii) ,000,000 90% S 30 37,500,000 15% 254

260 30 37,500,00015% 15% Morgan Stanley & Co. International plc 30 37,500,000 15% (i)(ii) (iii) (i)(ii)(iv) (v) (vi)(ii)(iii)(iv)(v) 255

261 ,500, (3) 10.07(1)(a) (i)(ii)

262 ,

263 S (i) (ii) 258

264 (a) (b) U N B

265 (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) 260

266 (ix) (x) (xi) (xii) (i) (ii) S S902(h)(3) (xiii) (xiv) (xv) (xvi) (xvii) (xviii) (xix) (i) (ii)

267 E (

268 (a) (b) 263

269

270 2,0002, (1) (1) (1) (1) (1) E 265

271 7. (i)(ii)

272 2,000 2, www.chinahengshi.com.cn www.tricor.com.hk/ipo/result

273 12. (i) E (ii) (iii) (iv) 268

274 50% (i) (ii)

275 (i) 1,000, ,000, (ii) 1,000,000 1,000,

276 (iii) 1,000, ,000, (iv)

277

278 Hengshi Holdings % 100% % 100% a Hengshi Egypt Fiberglass Fabrios S.A.E. Hengshi Egypt ,680,000 3,500, % 100% 100% 100% 100% 90% 90% 90% Hengshi USA Company Limited Hengshi USA , % I-1

279 (a) Hengshi Egypt Mohammed Magdy Elsayed Shaban Certified Accountant and Tax Expert Joint Stock Company Hengshi USA I-2

280 I-3

281 A , , , , , (335,986) (320,952) (487,941) (214,649) (349,507) ,977 84, ,659 78, , ,453 37,437 26,865 12,874 6, ,338 50,921 37,028 (1,296) 64, (27,288) (30,215) (43,974) (21,004) (30,885) (11,921) (10,978) (13,495) (6,891) (13,420) (15,284) (13,310) (21,004) (8,769) (15,574) (736) (668) (3,093) (703) (8,726) (30,086) (34,174) (25,507) (13,406) (10,727) ,453 83, ,479 38, , (5,841) (5,344) (15,745) (3,517) (12,906) ,612 78, ,734 35, , (68) (1,222).. 71,612 78, ,666 35, , ,612 78, ,789 35, , (55) (269) 71,612 78, ,734 35, , ,612 78, ,728 35, , (62) (391) 71,612 78, ,666 35, , I-4

282 , , , , ,686 18,250 31,585 31, ,483 5,125 8,722 9, ,003 1,620 7,447 10, , , , , ,497 72,066 82,711 98, , , , , ,300 12,020 2,335 4, , ,640 70,128 50, , , , ,670 32, , ,463 33,412 61,741 69, , , , , ,181 6,130 40,919 42, ,902 10, , , ,261 8,753 6,914 43, ,453 4, ,200 5, ,800 38,300 65, ,043 2,054 8,290 2, , , , , , , , , ,010 64, ,155 46, , , , , ,899 6, ,000 3, ,899 10, , , , , , , , ,676 55,707 92, , , , , , ,085 1, , , , ,341 I-5

283 a d ,161 11,270 28, , , ,612 71,612 71, ,292 (8,292) b.. (51,800) (51,800) (51,800) (14,792) (14,792) (14,792) ,853 55,853 55, ,014 19,562 25, , , ,110 78,110 78, ,790 (3,790) b.. (34,100) (34,100) (34,100) (32,979) (32,979) (32,979) ,014 23,352 32, , , , ,789 (55) 131, (61) (61) (7) (68) ,789 (61) 131,728 (62) 131, ,176 (3,176) b.. (65,200) (65,200) (65,200) (29,845) (29,845) (29,845) ,420 94,420 94,420 c ,147 2, ,434 26,528 65,923 (61) 547,824 2, , , ,160 (269) 129, (1,100) (1,100) (122) (1,222) ,160 (1,100) 129,060 (391) 128, ,376 (16,376) (147,381) (147,381) (147,381) ,144 47,144 47, , , ,109 d (502,577) (104,532) (607,109) (607,109) , ,577 32,326 (1,161) 576,647 1, , ,014 23,352 32, , , ,437 35,437 35, ,176 (3,176) (64,294) (64,294) (64,294) (29,845) (29,845) (29,845) ,681 29,681 29, ,695 26,528 (29,523) 387, ,700 I-6

284 (a) 50% 25% (b) ,133,428,000867,242,0001,140,000, (c) Hengshi Egypt Hengshi Egypt3,500,000 Hengshi EgyptHengshi Egypt 10% (d) (i) ,109,000 2 (ii) 502,577, ,109,000 I-7

285 ,453 83, ,479 38, , , , (1,700)... (34,900) (47,600) (38,200) (15,800) (65,300) ,104 1, (317) (5,800) 17,200 17,900 (7,520)... 41,871 42,318 43,837 21,588 24, (77) (5,843) (47) (11,271) ,086 34,174 25,507 13,406 10, (4,418) (3,044) (1,732) (235) (635) (5,663) (9,464) (3,285) (1,514) (2,901) (5,747) (13,808) (13,268) (8,297) ,722 80, ,203 66, , (37,248) 23,185 (11,272) 5,931 (15,818) (20,477) (2,771) (44,612) (25,538) (144,098) ,679 (10,720) 9,685 (557) (2,315) (2,201) (21,115) (41,692) (6,715) 20, (408) (1,522) (13,959) 1, ,400 1, (4,456) (4,636) 3,242 11,639 22, ,226 (167,902) , , ,101 6,492 (2,395) 16,663 36,236 67,435 (62,771) (67,435) (4,664)... (2,220) ,346 (29,905) 14,731 18, , (10,199) (5,975) (13,106) (5,464) (18,699) 124,147 (35,880) 1,625 12, ,436 I-8

286 1231 I (3,843) (11,371) (123,262) (41,970) (94,851) (2,003) (1,620) (7,447) (5,281) (10,201) , (15,613) , ,418 3,044 1, ,747 13,808 13,268 8, ,663 9,464 3,285 1,514 2, , (82,000) 82, (1,146,744) (448,990) (97,579) (85,449) (509) ,089, , , , (771,234) (1,289,156) (1,107,184) (379,303) (170,700) ,234 1,110,206 1,086, , , (269,503) (20,928) (221,589) (15,632) (162,278) , , , , (110,064) (91,156) 110, ,088 (2,980) , , , , , (598,208) (602,346) (921,834) (475,580) (515,370) (28,710) (34,577) (25,694) (14,231) (11,533) (1,480) (4,492) (3,298) (100,238) ,541 36, (607,109) , , ,851 35,673 (83,402) (157,764) (95,482) ,934 (91,363) 28,378 29,916 7, , ,463 33,412 33,412 61, (49) (143) ,463 33,412 61,741 63,185 69, ,000,000

287 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands Hengshi Holdings 2. 50,000 50, %5.421% %10.632% %16.053% % 95.95% ,173,000607,109, ,173, ,109, % 16.03%58.22%41.78% I-10

288 I-11

289 a)b) I-12

290 a) b) I-13

291 I-14

292 I-15

293 I-16

294 I-17

295 I-18

296 I-19

297 6 I-20

298 6 I-21

299 I-22

300 ,638, ,508,000327,411,000442,899,000490,580, ,706,00012,500,000137,593,000 10,800,000178,367,00010,100, ,674,00017,500, ,107,000290,640,000 70,128,00049,786, ,358,000201,930,0001,000 I-23

301 ,497,0009,104,00072,066,000 10,150,00082,711,0008,889,00098,315,000 8,889, ,800,00038,300,00065,300, ,400, ,200, ,460, I-24

302 , , , , , , , , , ,200 5, ,800 38,300 65, , , , , , , , , I-25

303 ,949 88, , ,999 3,077 4,535 30,352 17, ,992 14, ,009 88, , ,994 3,077 4,535 45,246 17,622 5% 5% 5% 5% 5% ,077 3,584 4,257 5, (604) 3, ,080 3,587 3,653 8, I-26

304 , % 20% 20% 22% % 75% 68% 61% I-27

305 ,133,428,000867,242,0001,140,000, I-28

306 % ,996 8,678 8, ,902 44, , , , ,261 2,261 2, * ,238 20,199 40,590 40,000 * , , , , ,133,428 1,133,428 51,800 1,160, , ,084 1,764, , ,390 3,396 3, ,979 32,979 32, ,753 8,753 8, ,453 67,453 67,453 * , , , ,000 * , , , , , , ,242 38,300 1,127, , ,088 1,501, , ,039 38,052 38, ,220 9,245 10,465 10, ,914 6,914 6, ,683 4,683 4,683 * , ,271 30, , ,209 * , ,160 89,927 91, , , ,140,000 1,140,000 65,300 1,172, , , ,022 1,656, , ,292 34,685 35,977 35, ,933 54,054 1, , , ,169 43,169 43, * % 1,128 2, ,955 6, , ,114 * % 803 1, , , ,000 94,834 92, ,082 6, , ,714 * I-29

307 27,500,00027,750, ,201,000227,454, ,100 38, , , , (18,700) (37,400) (219,600) (275,700) (269,500) ,600 5,700 5, ,200 47, , , , (30,100) (49,200) (306,700) (386,000) (379,100) (900) (1,700) (12,900) (15,500) (15,200) ,400 66,000 97, , , ,200 (67,700) (100,900) (202,800) (201,760) (800) (1,700) (3,000) (5,500) (5,460) I-30

308 , , , I-31

309 , , , , , ,918 29, , , , , , , , , , , ,663 61, ,478 42, , ,416 19,567 20,708 9,509 10, ,403 8,795 8,924 4,558 1, ,107 18,887 28,368 20,308 18, , , , , , , , , , , , , ,660 55,036 67, , , , , ,178 I-32

310 , , ,962 96, , ,978 77, ,468 70,862 94,372 a ,974 59,283 74,006 37,517 8, ,857 5,853 1,835 1, , , , , ,970 b , , ,977 85, , , , , , ,178 (a) (b) 10% A , , ,393 57,523 89,129 B ,749 83, ,520 78,501 56,285 C ,960 81,117 40,820 D ,074 E , , , , , ,761 10% I-33

311 ,418 3,044 1, a ,747 13,808 13,268 8,297 a ,663 9,464 3,285 1,514 2,901 b ,238 4,747 3, ,633 3,554 2,597 1,385 2,656 c ,736 2,711 1,385 1, ,453 37,437 26,865 12,874 6,518 (a) 41 (b) ,238,0004,747,000 3,994,000256,000174,000 (c) ,800 (17,200) (17,900) 7, (2,500) (508) (448) (8,139) , ,900 47,600 38,200 15,800 65, , , (62) (4,256) (578) 1, ,338 50,921 37,028 (1,296) 64,940 I-34

312 ,199 8, , , ,086 34,174 26,041 13,406 12, ,438 30,086 34,174 25,507 13,406 10, %6.78% I-35

313 ,944 29,811 44,388 16,550 37, ,681 1,824 1,946 1,054 1, ,625 31,635 46,334 17,604 40, ,871 42,318 43,837 21,588 24, ,307 42,754 44,481 21,837 24, , , (1,700)... 9,104 1, (317)... (34,900) (47,600) (38,200) (15,800) (65,300) , , , , , , , I-36

314 d c c c c a c c a c c a b b a c c a c (a) I-37

315 (b) (c) (d) , ,216 1,114 1, ,000, I-38

316 ,841 4,813 19,311 6,358 12, ,928 4,986 19,342 6,389 12, (2,087) 358 (3,597) (2,872) 65 5,841 5,344 15,745 3,517 12, ,453 83, ,479 38, ,797 25% ,363 20,864 36,870 9,739 35, (1,155) (455) (1,475) (8,725) (11,900) (9,550) (3,950) (16,325) (3,836) (3,449) (10,597) (2,322) (8,082) ,841 5,344 15,745 3,517 12,906 25% % 15% Hengshi Egypt25%Hengshi Egypt I-39

317 ,792,000 32,979,000 29,845,000 52,381,000 95,000,00013,312,00029,681,00028,651,000 47,143, ,612 78, ,789 35, , ,506, ,744, ,471, ,919, ,127, ,900,000 I-40

318 , , ,304 51, , ,817 2, ,249 (52,249) , , ,343 1, , ,220 12,141 13, , (13,368) (347) (8) (355) , , , , ,206 13, , , ,608 (27,608) (12,218) (4,330) (96) (977) (17,621) , , , , , , ,095 71, , (88,598) (2) (64) (66) , , , , , , , , , ,242 36, , , , , , ,206 36, , (208) (7) (215) , , , , ,762 37, , (5,677) (3,783) (41) (828) (10,329) , , , , ,950 21, , , , , , , , , , , , , , , , , , , , , I-41

319 % % % % ,565,00011,963,000110,000 50% 30% ,638,000 5,499,00011,271, ,146,000 5,618, ,00017,289,000 3,909,00010,693, ,686 18,250 31,585 31, ,122 18,686 32,361 31,979 I-42

320 ,565,000 30%50% ,483 5,125 8,722 9, (900) 5,483 5,125 8,722 8, ,500 1, , , , ,875 1,366 1, , (810) (255) (358) (810) 1,620 1,523 1,772 1,020 5, ,090 (105) (190) (15) 3, ,280 1,515 1,333 1, ,005 8, (1,461) 1, (900) 656 (65) (27) (27) ,625 1,333 1, (900) 1,661 8, , I-43

321 10% ,932, ,003 1,620 7,447 10, ,139 31,625 23,221 20, ,863 5,334 7,536 9, ,495 35,107 51,954 67,484 96,497 72,066 82,711 98, ,104,0001,246, ,00075,000214, , , , , , (12,500) (10,800) (10,100) (17,500) 127, , , , ,412. 4,951 2,253 3, , , , ,120 10, , , , ,171 I-44

322 ,725 82, , , ,938 19,070 33,747 91, ,275 17,913 2,864 9, ,768 9,297 5,992 1, ,484 10,750 6, , , , , ,390,00072,250,000107,202, ,847, ,335 10,579 17,812 8, ,938 19,070 33,747 91, ,275 17,913 2,864 9, ,768 9,297 5,992 1, ,484 10,750 6,490 86,316 65,343 71, , ,000 12,500 10,800 10, , , (1,700) (1,208) (739) ,500 10,800 10,100 17, ,708,0008,911,0007,769,00014,165,000 I-45

323 ,643 46,567 49,870 79, ,643 46,567 50,517 80, ,750 3, ,000 6,270 2,335 1,100 1,300 12,020 2,335 4, , , ,277,00051,854, ,828,000166,392, (A) ,321 28,436 70,128 49, , , , ,640 70,128 50,357 I-46

324 (i) 2,947 25,603 29,580 26,047 Zhenshi Spain S.A (i) 1,997 1,593 7,393 4, (i) (i) (i) 13, (i) (ii) 1, (iii) (iii) Temax Italia S.R.L. Temax Italia (iii) (iii) (iii) (iii) (iii) (iii) Zhenshi (US) International Trading Limited Zhenshi USHengshi Fiberglass (USA). INC (v) 18,061 14, (viii) 1,953 7,321 28,436 70,128 49,848 I-47

325 ,792 17,960 44,871 18, ,549 9,905 24,672 2, , , ,321 28,436 70,128 49, ,914,00022,780,000 41,160,00013,649, ,028 5, ,983 4,761 17,355 2, , , ,407 5,656 28,968 35,950 I-48

326 (viii) (vii) (i) 108, , , , , (i) 1, (i) 32,150 70,904 32, ,482 70, (i) 4,200 5,610 13,280 5,741 6, (i) 101, (i) 23,020 38,750 23,073 39,200 51, (i) 3, (i) 1, (i) , , % 8.02% 6.36% 7.37% I-49

327 (B) , , , , , (viii) 408 1, , , (viii) 178, , , , , , (ix) , ,000 1 I-50

328 % 7.57% 6.67% 7.12% 6.40% 7.28% 5.57% 6.52% (C) ,241 8,733 6,338 42, ,261 8,753 6,914 43,169 I-51

329 (i) 1,609 5,572 6,088 9, (i) (i) (i) (i) (i) (iii) , (iii) (iii) (iii) 3, (iii) 2, (iii) 1, (iii) 511 Jushi Japan (iii) (viii) 3, (iv) 562 2, ,230 2,241 8,733 6,338 42,573 I-52

330 ,238 8,730 6,186 39, , ,241 8,733 6,338 42, PT. FAJAR BHAKTI LINTAS NUSANTARAPT FAJAR.. (i) (vi) (vii) PT FAJAR 557,000 (D) ,435 4, ,453 4, (viii) 67,435 4,664 I-53

331 ,435 4, (vii) (ix) (ix) (ix) (ix) (i) (ii) (iii) (iv) (v) Zhenshi Group (HK) Heshi Composite Materials Trading LimitedHeshi Composite 30% (vi) (vii) (viii) (ix) I-54

332 ,748 28,427 56,314 47,550 1,619 4,380 2,019 3, ,748 28,427 56,314 47,550 1,619 4,380 2,061 4, , ,200 5,460 5,400 15,200 5,460 I-55

333 ,500, ,500, ,500, ,000, ,000, ,000, ,000, ,000, ,350, ,000, ,000, ,000, ,586, ,573, ,573, ,156, ,156, ,156, ,156, ,156, ,386, ,156, ,156, ,156, ,818, ,273, ,559, ,238, ,238, ,436, ,504, ,436, ,436, ,436, ,436, ,245, ,504, ,436, ,436, ,436, ,436, ,245, I-56

334 ,558 13,853 24,325 14, , ,618 13,914 24,383 85, , , ,909 2,673 4, ,521 1, , , ,712 12, , , , ,549 3, ,181 6,130 40,919 42,203 I-57

335 , , , , , , ,124 7, ,852 1, ,976 7, ,000 47, ,700 4,445 35, ,500 4,800 18, ,702 1,220 1, ,902 10, , ,852, ,337,000 56,682,000 12,903,000 I-58

336 , , (34,900) , , (47,600) , , (38,200) , (65,300) I-59

337 , , , , b , , , , , ,000 25, ,000 c ,000 Zhou Jingqid , , , ,000 ab ,000 b.. 99,899 a ,500 56,750 46, , , , , , , , , , , , , , , , , , , * , , , , ,899 6, , , , ,114 * I-60

338 % 7.54% 6.00% 6.60% 3.13% 6.72% 2.59% 5.35% % 6.95% 5.88% 6.60% 5.04% 6.78% 5.35% 5.36% ,209 6,114 (a) 37 (b) 2015 (c) (d) Zhou Jingqi ,000 3, ,000 3,000 3,000 3, ,000, ,853, ,014, ,420, ,434, ,144, ,577,000 I-61

339 ,000 50, ,950, ,950,000,000 1,950, ,000,000,000 2,000, , , , ,000,000 50,000, ,000,000, ,900,000750,000,000 I-62

340 ,000 22,000 22, , ,057, ,242 1,118, ,133, ,242 1,140, ,800 38,300 65,300 1,081, ,942 1,074, (i) (ii) ,397 1,936 3,217 2, ,819 22, ,262 27,029 47,758 70,087 I-63

341 ,138 98,191 86,481 83, ,122 18,686 16,958 16, ,664 25, , , , , ,811,0001,362,000 1,362,0001,327,00020,000, Hengshi EgyptHengshi Egypt Hengshi Egypt ,681,000 1,824,0001,946,0001,054,0001,949, ,00014,212,0008,082,000 I-64

342 ,792,00013,312, ,979,00029,681, ,845,00028,651, ,381,00047,143, (i) 5,446 46,291 64,323 32,993 3,007 Zhenshi Spain S.A (i) 11,911 2,078 11,311 4, (i) ,467 8,300 7,202 5,084 3, , , (i) 13,381 17,759 28,843 11,540 24,342 5, ,220 I-65

343 , ,618 5,618 15,146 15,146 13,815 2, (i) (i) (i) (i) 1 2, (i) , (i) , (i) , ,251 2,874 1, (i) (i) I-66

344 (i) 1, (i) 93 1,843 2,806 1, (i) 59 2, ,344 2, (i) (i) (i) 25(i) 7,002 7, PT. FAJAR (i) (ii) 1,562 1, (iii) 254,591 11,138 4,987 1,512 52,175 2, (iii) 1, (iii) , (iii) 460 2, (iii) 666 2,932 2, ,322 Temax Italia (iii) (iii) (iii) 1,072 1,744 1, (iii) (iii) I-67

345 (iii) (iii) 2, , (iii) 433 Jushi Egypt for Fiberglass industry S.A.E (iii) (iv) 2,375 6,404 8,697 3,747 5,494 Zhenshi US (v) 21,108 29, (viii) 1,256 5,483 3,267 3, , , ,167 91, ,289 3,909 10,693 5,663 9,464 3,285 1,514 2,901 15,440 10,339 7,970 6, , ,216 I-68

346 B , ,800 2, ,621 14, , , , , (11,623) (11,623) , , ,109 (11,623) 595,487 C. (i) ,559,000120,381, ,970,00074,990,00043,584,00015,920,000 29,752,0009,917,000 (ii) Hengshi USA Company Limited D I-69

347 E ,200, I-70

348 A , , , , ,511 1,046, (1) ,647, (2) 250,000, ,079, (3) 1,000,000, (4) (5) II-1

349 B II-1 II (7) II-2

350 (a) (b) (c) 4.29(1) II-3

351 I. II. III-1

352 III. IV. V. III-2

353 VI. VII FHKIoD, FRICS, MHKIS, MCIREA 27 III-3

354 , , , , , , , , ,000, (i) (ii) (iii) (iv) (v) (vi) (2014) , , , ,764, , (i)(iv) (i) 2. (iv) III-4

355 (a) 27(2) (b) 2. (a) (i) (ii) IV-1

356 (iii) (iv) (v) (vi) (aa) IV-2

357 (bb) (cc) (dd) % (ee) (1) (2) (ff) (vii) IV-3

358 (viii) (aa) (bb) (cc) 12 (dd) (ee) IV-4

359 (ff) (gg) (hh) (ix) (x) (xi) (b) IV-5

360 (c) (i) (ii) (iii) (iv) (v) (d) (e) IV-6

361 14 30 (f) (g) (h) 15 (i) (i) IV-7

362 (ii) 95% (a)(b) (c) (d)(e) (f) (g) (j) (k) 15 (l) IV-8

363 (m) (n) 21 IV-9

364 (o) (i) (ii) (a) (b) IV-10

365 (p) 0.25 (q) (r) 3(f) (s) (i) (ii) IV-11

366 (t) (i) (ii) (iii) (iii) (u) 3. (a) IV-12

367 (b) (a)(b) (c)37(d)(e) (c) (d) IV-13

368 (e) (f) (a)(b) (c) (a)(b) (c) (d) (g) (h) (i)(ii) IV-14

369 (iii) (i) (j) (i) (ii) (k) (l) (m) (n) IV-15

370 (a) (b) (c)(d) (o) (p) IV-16

371 (q) (r) 4. Walkers IV-17

372 A Intertrust Corporate Services (Cayman) Limited190 Elgin Avenue, George Town, Grand Cayman KYI-9005, Cayman Islands ,00050, Walkers Nominees Limited , , , ,900, ,00050,000, ,000,0002,000,000, ,000 43,94716,05310,00030, ,558,553120,381,44774,990,000224,970,000 43,583,82215,920,2779,917,35029,752,050 V-1

373 I (a) , , ,900, (b) 50,00050,000, ,000,0002,000,000, (c) Hengshi Holdings II (a) (i) (ii)(iii) (i) (ii) (iii) (iv) (b) (i)(ii) (iii) (iv) (x) 20%(y) (c) (c) V-2

374 10% (d) (b) (c) 10% (a) (i) % V-3

375 (ii) (iii) 10%30 5% (iv) (v) (a) (b) (vi) 30 V-4

376 (vii) (b) (c) (d) 1,000,000, ,000,000 (i) (ii) (iii) V-5

377 26 25% 8.08 B. 1. (a) 59,504, % (b) 39,669, % (c) (d) China Building Material Holdings Co., LimitedCBMH CBMH 10,000,000 (e) (f) (a) V-6

378 (b) 1 ZL ZL ZL ZL ZL ZL ZL ZL ZL ZL ZL V-7

379 12 ZL ZL ZL ZL ZL ZL X ZL ZL ZL ZL ZL V-8

380 (c) 1 chinahengshi.com.cn C. 1. (a) XV XV78 V-9

381 352 (1) (2) 329,602, (3) 120,397, (4) 225,000, (1) 1,000,000,000 (2) 95.95%329,602, % (3) 120,397, % (4) 225,000, % XV23 10% (b) 2. V-10

382 D A.07 1,000, Walkers Global Mena Associates Amereller Rechtsanwälte Germanischer Lloyd Industrial Services (Shanghai) Co. Ltd A44B V-11

383 6. 32L , (a) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) D. 4. (b) 12 (c) V-12

384 D. B (a) (b) (c) (d) (e) (f) Walkers Global (g) B. (h) D. (i) (j) DNV GL VI-1

385 根據開曼群島法例註冊成立之有限公司 股份代號 : 1197 獨家保薦人及獨家全球協調人 聯席賬簿管理人及聯席牽頭經辦人 Hengshi_cover_E15(17.33mm).indd 1 4/12/2015 下午7:34