85027.indb

Transcription

1

2 China ITS (Holdings) Co., Ltd. 236,840,000 23,684, ,156,000176,318,781 36,837, % 0.004%0.005% C (1)144A (2)S

3 (1) (2) (3) eipo (4) eipo (5) (6) (6)(7) (1) (2) (3) (4) i

4 (1) (5) % 0.004%0.005% (6) 1,000, ,000,000 1,000,000 (7) ii

5 i iii

6 I II III IV V VI VII-1 iv

7 37.2%61.5%1.3% 53.4%38.3%4.0%4.3% 3, %1, , , %EBITDA % %917.5 OC&C 70% 10%70% 60%OC&C 29 1

8 (i)(ii) (iii) 2

9 , , , % 49.6% 37.2% , , , % 49.3% 61.5% ,136 12,240 18, % 1.1% 1.3% ,400 1,153,318 1,435, (14,257) (26,388) (30,340) ,143 1,126,930 1,405, %61.5% % % % 50%75% 75%

10 , , , % 67.5% 53.4% , , , % 25.2% 38.3% ,666 21,824 56, % 1.9% 4.0% ,961 60,320 60, % 5.4% 4.3% ,143 1,126,930 1,405, % 38.3% % % 15%18% 40%45%25%30% 4

11 %4045% 60% 45.9% 61.5% 32.5%28.5%

12 , , , , , , ,136 12,240 18, ,400 1,153,318 1,435, (14,257) (26,388) (30,340) ,143 1,126,930 1,405, , , , , , , ,463 9,939 11, , , , % 17.6% 20.4% % 31.6% 31.8% % 81.2% 62.7% % 25.8% 28.5% ,913 71,396 84, ,946 85, , ,063 8,680 10, , , , ,497 11, (7,317) (72,740) (20,230) (1) ,102 92, , % 12.5% 15.8% % 15.1% 19.0% % 70.9% 58.5% % 8.3% 18.0% (1) 6

13

14 8

15 ,143 1,126,930 1,405, (468,431) (836,635) (1,004,386) , , , ,337 2,437 16, (97,463) (198,199) (163,761) (484) (1,557) (103) ,102 92, , (3,416) (6,370) (7,985) , ,991 87, , (19,219) 3,947 (32,060) ,772 91, , ,190 91, , , ,772 91, ,672 EBITDA (1) , , ,843 9

16 (1) EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA ,772 91, , ,219 (3,947) 32, (39) (3,314) (647) (291) ,416 6,370 7, (952) (659) (809) , ,328 5,213 7, ,791 9, ,989 21,090 2, (2,497) 662 (11,108) EBITDA , , ,843 10

17 ,094 47,739 26, ,665 32,003 80, ,695 9,442 8, , , , ,097 8,322 5, , , , , , , , , , , , , ,625 8,334 6, ,848 2,670 3, ,840 52, , , , , ,028 1,242,016 1,665, , , , , , , , , , , , , ,625 9,125 4, ,052 11,781 12, , ,492 1,042, , , , , , , ,360 11,783 21,788 18,360 11,783 21, , , , ,755 20,263 55, , , , , ,419 15,236 16, , , , , , , , , , ,159 11

18 % % , , , , , , ,553 2,149 1, , , ,486 12

19 , , , , ,843 1,137, ,936 12,146 17, ,066,457 1,227,704 1,686, ,550,296,334 13

20 (i) (ii) (iii) 2.5% 5.0% (2.4) (4.8) 1.0% 2.5% (2.5) (6.2) (i) (ii) 14

21 % % % (i)(ii) (iii) (i)(ii)aid(iii)onu AID (iv) ETC(v) %

22 ,501,000 (i) 56.2(ii) Conyers Dill & Pearman Conyers Dill & Pearman (i)(ii)(iii) (iv) 16

23 17

24 18

25 (1) (2) , ,046.2 (3) (4) (1) (2) 1,550,296,334 (3) (4) 1,550,296, ,837,21931,837,219 5,000, % 19

26 EBITDA Fairstar Success Holdings Limited 20%80% 90%10% Baring Private Equity Asia Group Investments Limited Baring Private Equity Asia Baytree Baytree Investments (Mauritius) Pte Ltd Temasek Holdings (Private) Limited 20

27 Baytree Baytree Baytree 11.0 Best Partners Best Partners Development Limited Tesco Investments Limited ( Carpathian Investments Limited) Fino Investments Limited ( Cunard Investments Limited) 17%83% Tesco Investment Limited Credit Suisse Trust Limited Tesco Trust Carpathian TrustFino Investment Limited Credit Suisse Trust Limited Fino Trust Cunard TrustBest Partners 21

28 Best PartnersJoy Bright 200,000,000 Well Score International Limited 51% 49% Best Partners Joy Bright % % CMTF Private Equity OneTop Paragon Holdings Limited) CMTF Private Equity Two Segregated Portfolio Top Result Holdings Limited) CMTF SPC CMTF Private Equity One CMTF SPC CMTF Private Equity Two Segregated Portfolio 22

29 China Merchants Securities Investment Management (HK) Co., Ltd. China Merchants Securities Investment Management (HK) Co., Ltd China Merchants Securities Investment Management (HK) Co., Limited China Merchants Securities Holdings (HK) Co. Limited 59,798, BaytreeGE CapitalIntel CapitalGreater ChinaFuture Choice Best PartnersJoy BrightHuaxin Investments BaytreeGE CapitalIntel CapitalGreater China Future Choice Baytree/GE Capital/Intel Capital/Greater China/Future Choice Best PartnersHuaxin InvestmentsGouver Investments Limited Joy Bright Jianguo LimitedRockyjing Investment Limited Joy Bright Jingyang LimitedJoy BrightTesco Investments LimitedFino Investments LimitedBinks Investments Limited 16 23

30 Future Choice Future Choice Limited Future Choice GE Capital GE Capital Equity Investments Ltd. GE Capital Greater China Greater China PE Fund L.P. Mizuho Securities Principal Investment Co., Ltd. eipo China Toprise Limited 15%85% 24

31 Huaxin Investments Huaxin Investments Limited Joy Bright Kulun Limited Binks Investments Limtied Sinatra Investments Limited)Huaxin Investments IGC Asia IGC AsiaInvestor Investments Asia Limited Investor Group Asia L.P. Investor AB Wallenberg Intel Capital Intel Capital Corporation Intel Capital 176,318,78136,837,219 25

32 Best PartnersJoy Bright Rockyjing Investment Limited Joy Bright Jingyang LimitedHuaxin InvestmentsGouver Investments Limited Joy Bright Jianguo Limited Joy Bright Joy Bright Success Limited Gouver Investments Limited Joy Bright Jianguo Limited Rockyjing Investment Limited Joy Bright Jingyang Limited60.396%39.604%Gouver Investments Limited Rockyjing Investment Limited Binks Investments Limtied Sinatra Investments Limited)Binks Investment Limited Credit Suisse Trust Limited Binks Trust Sinatra TrustJoy Bright 26

33 ML GCRE ML GCRE IBK LLC Bank of America Corporation OC&C OC&C Strategy Consultants ,526,00015% IGC AsiaBaytree GE CapitalIntel CapitalGreater ChinaFuture Choice 27

34 23,684,000 Huaxin Investments 144A Baytree/GE Capital/ Intel Capital/ Greater China/ Future Choice (i) (ii) (i) 38 25% (ii)baytreege CapitalIntel CapitalGreater China Future Choice S S Best PartnersJoy Bright 18% 200,000,000 28

35 China Toprise Limited 75%25% 144A 144A 36,837, Best PartnersJoy Bright 50% 35,526,000 29

36 2 10% eipo eipo eipo 51%49% 51%49% % 30

37 AID ETC ERP 31

38 GSM-R 20, ONU ONU 32

39 33

40 (i)(ii)(iii) (iv) ,126.91,

41 32.5%25.8% 28.5% 18.3%17.6%20.4% 46.7%31.6%31.8% 67.1%81.2%62.7% 45.9% 61.5% 46.7% 31.6%31.8%

42 12 245%

43 %38.5%36.7% %27.1%25.9% 37

44

45 1224 (i) (ii)(iii) 39

46 BaytreeGE CapitalIntel CapitalGreater China Future Choice BaytreeGE CapitalIntel CapitalGreater China Future Choice Baytree 11.5 Baytree 40

47 50%75%75% 4 41

48 42

49 25% (i)(ii) 14.3%(4.5)%13.0% 25% 25% 20% 10% 10% 10% 43

50 H5N1 H1N1A 44

51 H1N1 A H1N1 A % 45

52 10% 46

53 Baytree/GE Capital/Intel Capital/Greater China/Future Choice 3.19 Baytree/GE Capital/Intel Capital/Greater China/Future Choice 47

54 48

55 (i) 3.05 (ii) 3A.19 (iii) (a) (b)(c) (iv) (v) (i)1a27(ii) 342AI10(d) 49

56 1A27I10(d) 1A27 I10(d) (a) 2,000,000 I 10IA27 (b) (i) (ii) (iii) (iv) (c) (d) IA27I10 (a) 342A (a) 2,000,000 I10 50

57 (b) (i) (ii) (iii) (iv) (c) I10 (a) (d) (2) (1)(2) 10.03(1) (2)8.08(1) 5(2) Baytree Future Choice Baytree Future Choice Future Choice Future Choice 5 Baytree/GE Capital/Intel Capital/Greater China/ Future Choice Baytree Future Choice Baytree/GE Capital/Intel Capital/Greater China/Future Choice (a) Baytree Future Choice Baytree Future Choice 51

58 (b) Baytree Future Choice (c) Baytree Future Choice (d) (2) 2.85 Baytree Future Choice Baytree Future Choice Baytree % % % Future Choice % % % Baytree Baytree Future Choice BaytreeTemask Holdings (Private) Limited 52

59 53

60 Butterfield Fulcrum Group (Cayman) Limited 1,0001,

61

62

63 2 King Edward Street London EC1A 1HQ United Kingdom King Edward Street London EC1A 1HQ United Kingdom King Edward Street London EC1A 1HQ United Kingdom

64 Conyers Dill & Pearman

65

66 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY Cayman Islands (FCCA, HKICPA) (FCCA, HKICPA) 5 B1309 (FCCA, HKICPA)

67 6A 22 1 Butterfield Fulcrum Group (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 609 Grand Cayman KY Cayman Islands

68 OC&C 20OC&C OC&C OC&C OC&COC&C OC&C138, ,000300, % 8.7% , (BBC) 62

69 %8.0% 12,87025,110 =8.0% =10.7% 2,511 2,380 2,195 2,073 1,827 1,632 1,458 1,509 1,287 1, ,000 2,500 2,000 1,500 1, ,000 20,000 30,000 40,000 OC&C 18 46%60% 2, % %

70 13.320% 6 0.6% =9.3% CAGR =16.9% ,00020, ,000 85, ,000 16,000 60,000 72,000 40,000 20,000 6,8607,25010,720 14,

71 22% 6,00032% 4,290 15% =22% 1,483 1, % % 17% 37% OC&C 65, ,000 70% 24,00030, %

72 ,00085,000 72, ,000 87, =14.7% OC&C % OC&C 19% 26% 4,2906, % 26%19% 66

73 1,0091,989 =14.7% =47.8% OC&C OC&C 1, ,292 1,616 1,

74 9 40% ) 1) 40,000 20,00012,500 34,000120,000 20, ,80016,0004,000 27,000 34,00022,000 1,

75 3,3706,0007,000 OC&C7,500 8, , =2.6% =8.9% ) OC&C OC&C 75% 3,800 15,000 4,5007,500 27,000 15,457 11,649 7,407 11,603 6,747 6,292 3,854 1,559 2,295 3,476 3,271 5,357 8,050 8,859 3, OC&C OC&C 69

76 26,000 55,000 70

77 1, OC&C3, , ,300 >26, ,796 55,000 5,235 3,369 2,800 1,047 1,547 1,480 1,470 1,250 1, OC&C OC&C 1) 1) OC&C 71

78 = 67% %60%OC&C % 24% 72

79 2,620 17% =16.9% CAGR =5.7% OC&C 40,00060,0001,800 73

80 39% 8502,05019% =39% =19% =30% =23% ,480 1,861 2, OC&C 1, OC&C 81 31,

81 7652,195 23% 3, ,012 1,480 1,861 2,195 75

82 A B C OC&C 76

83 77 OC&C 7%10%1% 1.5%90%

84 405 20% 1,020 78

85 =24% =20% % 24% OC&C % 18% 39% 21% 25% 16% 90% 10% 79

86 237121% % =21% =24% % 39.3% 14.8% 25.4% 41.9% 17.9% OC&C 45, ,500130,000 1%1.5% % 939.3% %

87 % % 26%19% 30% 21% % 21% 27% 30% % 2~3% 1-1.5% OC&C 1) 1%1.5% 7%10% 2%3%

88 5%10% 3672 (ERP) 10% 10%75%70% 82

89 GSM-R 83

90 40,000 20, %2%3%5%1% 11 1, =20% CAGR= 19.2% , OC&C 1) OC&C GSM-R OC&C 84

91 % OC&C 3, , OC&C 1) 12%18% 8,00010,000 85

92 % 70% GSM-R GSM-R GSM-R

93 ETC % 87

94 % =18% =25% OC&C

95 500, ,00060, ,4702,050 89

96 90 13% % =39% =16% 20% 15% 13% 52% OC&C OC&C 1, %

97 30% 91

98 92

99

100 29 (i)(ii) (i) (ii)(iii) (i) (ii)(iii)

101 17%3%14% 10% 95

102 100,000500,000 33% 30%3% (1) 24%(2)15%(3) 15%(4) 15% 5% 96

103 3% 15% 50%7.5% 25% (i)(ii) 17% 13% [2008] 55 15% 97

104 (1) (2) (3) (4) (5) 15% 25% 25% 10% 25% 5%Well Score International Limited 98

105

106 (i)(ii) (i)75 Best Partners Joy Bright (ii)75(iii) (iv)

107 (i) (ii) (iii) 101

108 60% 10%10%10%10%8 80%20% 31%20% 50% 35% 14% 5.0 1,750,00035% 700,00014% 250,000200,0005%4% 35% 26%16%9%14% % 2.0 8% 50% 30% 102

109 1,750,000 35% 250,000 5%450,000 9% 40% 39%12% 49.5%30.5%20% 49.5%30.5%20% 40%39%12%9% 2 10% % 37%55.5%5%2.5% 103

110 11,183,00020% 900,000 9% 20%68%12% 68% 12%42.5% 80% Fairstar Success Holdings Limited 80%Fairstar Success Holdings Limited 12% 80% Fairstar Success Holdings Limited Fairstar Success Holdings Limited % 75.5%17%5%2.5% 104

111 (1) (2) (3) (4) 17% 5% 2.5% 75.5% 100% (5) (1) 58.9%11.7%11.7%11.7%6.0% (2) (3) (4) 25.0%24.0%22.0%12.0%12.0% 5.0% (5) 20%80% 42.5%68.0%12.0% 80.0% 105

112 Best Partners Best Partners 1,000100, Best Partners %18.120%16.610%10.013%9.060%9.060%5.000%3.775%1.989% 1.989%1.989%2.500%1.020%Credit Suisse Trust Limited Tesco Trust Fino Trust Best Partners Best PartnersHuaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Joy Bright Joy Bright 50,000 50, Huaxin Investments Gouver Investments Limited Joy Bright Jianguo Limited Rockyjing Investment Limited Joy Bright Jingyang Limited Joy Bright 49.5%30.5%20%Credit Suisse Trust Limited Binks Trust Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Best PartnersHuaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited China Toprise Limited China Toprise Limited China Toprise Limited 1, , China Toprise Limited %18.120%16.610%10.013%9.060%9.060%5.000%3.775% 2.500%1.989%1.989%1.989% 1.020%Best Partners China Toprise Limited Best Partners China Toprise Limited China Toprise Limited 4,178,

113 5%0.85% 3.775%0.25%0.125%60%40% China Toprise Limited 72,865,570 95% 4,178,1005% 5% 4,178,100 5% 1 5% 5% 15% 107

114 2038 China Toprise Limited China Toprise Limited 75%25% China Toprise Limited 24 8 China Toprise Limited 75%25% Fairstar Success Holdings Limited Fairstar Success Holdings Limited 50,00050, Fairstar Success Holdings Limited 24,75015,25010,000 Fairstar Success Holdings Limited 36 80% Fairstar Success Holdings Limited Best Partners China Toprise Limited Best Partners China Toprise Limited China Toprise Limited Best Partners Joy Bright Fairstar Success Holdings Limited Joy Bright Fairstar Success Holdings Limited Fairstar Success Holdings Limited Joy Bright 50,00050, Best Partners 108

115 China Toprise Limited Fairstar Success Holdings Limited Best Partners Joy Bright China Toprise Limited Fairstar Success Holdings Limited Best Partners Joy Bright 28,74921, ,846, , , ML GCRE 105,417, ,281,17611,060, ,921,416 31,060, ,654,024 China Toprise

116 Best Partners (1) ML GCRE Joy Bright (2) % % % % % 100% 100% 100% China Toprise Limited Fairstar Success Holdings Limited 75% 80% 20% 25% 51% 51% 90% 15% 85% 100% 100% 100% 90% 10% 100% (1) Best Partners % % % %9.0600%9.0600%5.0000% %2.5000%1.9890%1.0200%1.9890%1.9890% (2) Joy Bright Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited 49.5%30.5%20%Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited 110

117 380,000 3,800, Best Partners Best Partners Best Partners (1) ML GCRE Joy Bright (2) % % % % % 100% 100% 100% China Toprise Limited Fairstar Success Holdings Limited 75% 80% 20% 25% 51% 51% 90% 15% 85% 100% 100% 100% 90% 10% 100% (1) Best Partners % % % %9.0600%9.0600%5.0000% %2.5000%1.9890%1.0200%1.9890%1.9890% (2) Joy Bright Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited 49.5%30.5%20%Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited China Toprise Limited Fairstar Success Holdings Limited China Toprise Limited 100 Fairstar Success Holdings Limited 1 China Toprise Limited Fairstar Success Holdings Limited ,0001,900,000, China Toprise Limited Fairstar Success Holdings Limited China Toprise Limited Fairstar Success Holdings Limited (1) 500(2) 1,166,530,

118 China Toprise Limited Fairstar SuccessHoldings Limited Best Partners (1) ML GCRE Joy Bright (2) % % % % % 100% 100% 100% China Toprise Limited Fairstar Success Holdings Limited 75% 80% 20% 25% 51% 51% 90% 15% 85% 100% 100% 100% 90% 10% 100% (1) Best Partners % % % %9.0600%9.0600%5.0000% %2.5000%1.9890%1.0200%1.9890%1.9890% (2) Joy Bright Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited 49.5%30.5%20%Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited ML GCRE ML GCRE 81,202,59263,674,43821,654,024 ML GCRE81,202,59263,674,43821,654,024 Best Partners Joy Bright ML GCRE ML GCRE Best Partners Joy Bright ML GCRE Best Partners Joy Bright 112

119 ML GCRE Best Partners (1) Joy Bright (2) % % ML GCRE % % % % 100% 100% China Toprise Limited Fairstar Success Holdings Limited 75% 80% 20% 25% 51% 51% 90% 15% 85% 100% 100% 100% 90% 10% 100% (1) Best Partners % % % %9.0600%9.0600%5.0000% %2.5000%1.9890%1.0200%1.9890%1.9890% (2) Joy Bright Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited 49.5%30.5%20%Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Best PartnersHuaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Best PartnersHuaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Best PartnersHuaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Credit Suisse Trust Limited Tesco Trust Best Partners Tesco Trust Carpathian Investments Limited Tesco Investments Limited) Tesco Trust Credit Suisse Trust Limited Tesco Trust Credit Suisse Trust Limited Fino Trust Best Partners Fino Trust Cunard Investments Limited Fino Investments Limited Fino Trust Credit Suisse Trust Limited Fino Trust 113

120 Credit Suisse Trust Limited Binks Trust Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Binks Trust Sinatra Investments LimitedBinks Investments Limited Binks Trust Credit Suisse Trust Limited Binks Trust Best PartnersHuaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Tesco Investments Limited (1) Fino Investments Limited (2) Binks Investments Limited (3) 17% 83% 100% Gouver Investments Limited Rockyjing Investment Limited Huaxin Investments 30.5% 20% 49.5% Best Partners 57.5% Joy Bright 42.5% ML GCRE % % % % 100% 100% China Toprise Limited 75% 25% 20% Fairstar Success Holdings Limited 80% 51% 51% 90% 15% 85% 100% 100% 100% 90% 10% 100% (4) (1) Credit Suisse Trust LimitedTesco Trust (2) Credit Suisse Trust Limited Fino Trust (3) Credit Suisse Trust LimitedBinks Trust (4) 10% 10% 200,000,000 ML GCRE 114

121 200,000,000 25,350, ,000, ,653, %8.35% 10.07(1)(a) 8.6% 7.52% ML GCRE 81,202,592 15,450,

122 Tesco Investments Limited (1) Fino Investments Limited (2) Binks Investments Limited (3) 17% 83% 100% Gouver Investments Limited Rockyjing Investment Limited Huaxin Investments 30.5% 20% 49.5% Best Partners 57.5% Joy Bright 42.5% (4) % % % 100% 100% China Toprise Limited 75% 25% 20% Fairstar Success Holdings Limited 80% 51% 51% 90% 15% 85% 100% 100% 100% 100% 10% 100% (1) Credit Suisse Trust Limited Tesco Trust (2) Credit Suisse Trust Limited Fino Trust (3) Credit Suisse Trust Limited Binks Trust (4) % CMTF Private Equity One CMTF SPC CMTF Private Equity Two Segregated Portfolio 59,798, IGC Asia Investor AB 31,837, IGC Asia 31,837,

123 Tesco Investments Limited (1) Fino Investments Limited (2) Binks Investments Limited (3) 17% 83% 100% Gouver Investments Limited Rockyjing Investment Limited Huaxin Investments 30.5% 20% 49.5% Best Partners 57.5% Joy Bright 42.5% (4) IGC Asia % % % % % 100% 100% 100% China Toprise Limited Fairstar Success Holdings Limited Winitop Investments Limited 75% 25% 20% 80% 100% Well Score International Limited 51% 51% 90% 15% 85% 100% 100% 100% 100% 51% 10% 100% 100% (1) Credit Suisse Trust LimitedTesco Trust (2) Credit Suisse Trust Limited Fino Trust (3) Credit Suisse Trust LimitedBinks Trust (4) % Joy Bright Joy Bright Huaxin Investments Joy Bright14,9489,802 Joy Bright Gouver Investments Limited Rockyjing Investment 117

124 Limited Joy Bright Huaxin Investments 245,408,971Huaxin Investments 178,705,28266,703,689Best PartnersJoy Bright Huaxin Investments 227,457,995 Huaxin Investments Huaxin Investments Huaxin Investments Huaxin Investments Huaxin Investments Tesco Investments Limited (1) Fino Investments Limited (2) Binks Investments Limited (3) 17% 83% 100% Gouver Investments Limited Rockyjing Investment Limited % % Best Partners % Joy Bright % (6) IGC Asia % % % % % Huaxin Investments % 100% 100% 100% China Toprise Limited 75% 25% 20% Fairstar Success Holdings Limited 80% Winitop Investments Limited 100% Well Score International Limited 51% 51% 90% 15% 85% 100% 100% 100% 100% (4) (5) 10% 51% 100% 100% (1) Credit Suisse Trust LimitedTesco Trust (2) Credit Suisse Trust Limited Fino Trust (3) Credit Suisse Trust LimitedBinks Trust (4) 49% 10% (5) 49% (10% ( (6) % 118

125 BaytreeGE CapitalIntel CapitalGreater ChinaFuture Choice(a)(b)Baytree Baytree (c)baytree Future Choice Baytree Temasek Holdings (Private) Limited GE Capital Intel Capital Greater China Mizuho Securities Principal Investment Co., Ltd. Mizuho Securities Co., Ltd. Future Choice NWS Holdings Limited NWS Holdings Limited BaytreeGE CapitalIntel CapitalGreater ChinaFuture Choice 123,964, ,079,600 Greater China 6,661, Baytree Future Choice 10.0 BaytreeGE CapitalIntel CapitalGreater ChinaFuture Choice 119

126 Tesco Investments Limited (1) Fino Investments Limited (2) 17% 83% Binks Investments Limited (3) 100% Gouver Investments Limited % Rockyjing Investment Limited % Best Partners % Joy Bright % (10) (4) % % % % (5) IGC Asia (6) Baytree (7) GE Capital Intel Capital Greater (8) China Future (9) Choice Huaxin Investments % % % % % % % 100% 100% 100% China Toprise Limited Fairstar Success Holdings Limited Winitop Investments Limited 75% 80% 100% 25% 20% Well Score International Limited 100% 51% 51% 90% 15% 85% 100% 100% 100% 100% 51% 10% 100% 100% (1) Credit Suisse Trust LimitedTesco Trust (2) Credit Suisse Trust Limited Fino Trust (3) Credit Suisse Trust LimitedBinks Trust (4) (5) China Merchants Securities Investment Ltd. (6) Investor Investments Asia LimitedInvestor Group Asia L.P.Investor ABInvestor Growth Capital Asia (7) Temasek Holdings (Private) Limited (8) Mizuho Securities Principal Investment Co., Ltd.Mizuho Securities Co., Ltd. (9) NWS Holdings Limited (10) % (i) 2.85(ii)(x) Baytree (y) (z)baytreefuture Choice(x) Baytree 120

127 Baytree Baytree Baytree Tesco Investments Limited (1) Fino Investments Limited (2) 17% 83% Binks Investments Limited (3) 100% Gouver Investments Limited % Rockyjing Investment Limited % Best Partners % Joy Bright % (13) GE (6)(12) (12) (7)(12) IGC Asia(8)(12) Baytree (9)(12) Capital (12) Intel Capital (12) Greater China (10)(12) Future Choice (11)(12) Huaxin Investments (30) % % % % % % % % % % % % 100% China Toprise Limited (14) 100% Fairstar Success Holdings Limited (15) 100% Winitop Investments Limited (16) 75% 80% 20% (17) (18) 25% 100% Well Score International Limited (19) 100% 51% 51% 90% 15% 85% 100% 100% 100% 100% (29) (4) (5 ) (20) (21) (22) 10% 100% (23) 100% (24) (25) 51% (26) (27) (28) (1) Credit Suisse Trust Limited Tesco Trust (2) Credit Suisse Trust Limited Fino Trust (3) Credit Suisse Trust Limited Binks Trust (4) 49% 10% (5) 49% 10% ( (6) (7) China Merchants Securities Investment Ltd. 121

128 (8) Investor Investments Asia LimitedInvestor Group Asia L.P. Investor ABInvestor Growth Capital Asia (9) Temasek Holdings (Private) Limited (10) Mizuho Securities Principal Investment Co., Ltd. Mizuho Securities Co., Ltd. (11) NWS Holdings Limited (12) IGC AsiaBaytreeGE CapitalIntel CapitalGreater China Future Choice10% IGC AsiaBaytreeGE CapitalIntel CapitalGreater ChinaFuture Choice (13) (14) China Toprise Limited (15) Fairstar Success Holdings Limited (16) Winitop Investments Limited (17) (18) (19) Well Score International Limited (20) (21) (22) (23) (24) (25) (26) (27) (28) 49% (29) (30) Baytree Future Choice IGC AsiaGE CapitalIntel CapitalGreater ChinaFuture Choice 122

129 60%10% 10%10%10% 80%20% 20%80% 5%12% 12%22%24%25% 58.9%11.7% 11.7%11.7%6% 80% 20% 50% 50% 123

130 5%12% 12%22%24%25% 55.5% 58.9%11.7% 11.7%11.7%6% 37% 5% 2.5% 5%12% 12%22%24%25% 75.5% 58.9%11.7% 11.7%11.7%6% 17% 5% 2.5% 124

131 5%12% 12%22%24%25% 58.9%11.7% 11.7%11.7%6% % 16.15% 4.75% 2.375% 60%40% 5% China Toprise Limited 95% 60%40% 5% China Toprise Limited 75% 25% 31% 20% 35% 50% 14% 125

132 60%10% 10%10%10% 35% 26% 16% 9% 14% 40% 25% 16% 9% 10% 40% 49.5%30.5%20% 39% 49.5%30.5%20% 12% 9% 20% 49.5%30.5%20% 68% 49.5%30.5%20% 12% 126

133 20% 49.5%30.5%20% 80% (1) Fairstar Success Holdings 80% Limited 20% 51% 44%22%33%0.5% 0.5% 49% 51% 3% 45%15%20% 15%5% 46% (1) 127

134 51% 49% 51% 49% 90% 10% 90% 10% China Toprise Limited 85% 15% China Toprise Limited 85% 15% 128

135 51% 6.6% 6.6% 6.6% 6.6% 4.7% 4.7% 4.7% 2.5% 2% 2% 2% 80% (1) 49.5%30.5%20% 20% 80% (1) 49.5%30.5%20% 20% 100% 100% (1) 80.0% 129

136 100% 64% 8.6% 9% 10% 8.4% 51% 30.6% 10% 8.4% 51% 39% 10% 90% 10% 100% 100% Well Score International 51% Limited 49% 100% 130

137 ML GCREIGC Asia BaytreeGE CapitalIntel CapitalGreater China Future Choice Baytree Baytree (1) (2) 108,846, (3) 76.0% ML GCRE (4) ,921,416 11,060, % ,654,024 31,060, % (6) 226,440,000 Baytree ,388,600 (1) (2) 134,955,614 71,281,176 ML GCRE63,674,438 31,837,219 (3) ,674,438 63,674, % 63,674, % (4) ML GCRE 105,417,27771,281,176 (5) Baytree 57,076,886 Baytree 54,790,023 (6) 107,000,000 31,000,000 31,000,000 ML GCRE 150,968, ,828, ML GCRC 131

138 (1) ,798, ,392, % IGC Asia (3) ,837,219 74,402, % Baytree ,950, ,946, % GE Capital ,704,139 62,100, % Intel Capital ,323,676 38,813, % Greater China (4) ,661,838 19,406, % Greater China ,661,838 19,406, % Future Choice ,323,676 38,813, % (1) (2) CMTF Private Equity One Top Paragon Holdings Limited) CMTF SPC CMTF Private Equity Two Segregated Portfolio Top Result Holdings Limited) 136,392,07559,798,423 (3) IGC Asia Investor AB 74,402,880 31,837,219 (4) Greater China 19,406,5006,661, % 132

139 (1) (2) ,837, % % ,992, % % (3) ,798, % % IGC Asia ,837, % % Baytree ,950, % % GE Capital ,704, % % Intel Capital ,323, % % Greater China ,323, % % Future Choice ,323, % % ,090, % % (1) ML GCRE (2) (i)2.85(ii)(x)baytree (y) (z)baytree Future Choice (x) Baytree Baytree Baytree Baytree (3) Top Paragon Holdings Limited Top Result Holdings Limited ,846,

140 134,955, % % 105,417,277 ML GCRE 71,281,176 63,674, % 63,674,438 Best Partners Joy Bright 63,674,438 Best Partners Joy Bright 200,000, ,000,000 31,000,000 31,000, ,837,219 31,837, % 200,000,000 25,350, ,000,000(i) (ii) % 200,000,000 31,837,219 Baring Private Equity Asia 31,060,866 21,654, % % 134

141 21,654,024 Best Partners Joy Bright 21,654,024 Best Partners Joy Bright 2.56,661,838 Greater China 5,000,000 CMTF Private Equity One Top Paragon Holdings Limited CMTF Private Equity Two Segregated Portfolio Top Result Holdings Limited CMTF SPCCMTF Private Equity One CMTF Private Equity Two Segregated Portfolio CMTF SPC China Merchants Securities Investment Management (HK) Co., Ltd. China Merchants Securities Investment Management (HK) Co., Ltd China Merchants Securities Investment Management (HK) Co., Limited China Merchants Securities Holdings (HK) Co., Limited CMTF Private Equity One CMTF Private Equity Two Segregated Portfolio CMTF SPC CMTF Private Equity One CMTF Private Equity Two Segregated Portfolio CMTF SPC 120,201,000 59,798, % % 59,798,423 (a)(b) (b) 9%

142 1/16% LIBOLIBO ,295,633498,320 IGC ASIA IGC Asia Investor Investments Asia Limited Investor Group Asia L.P. Investor Growth Capital Asia Investor Growth Capital Asia Investor AB Investor AB Wallenberg 100 Investor AB Investor AB ABBAtlas Copco HusqvarnaSaabSEB 3 ScandinaviaBiovitrumCaridianBCTGambroGrand HôtelKunskapsskolan LindorffMölnlycke Health Care Novare GroupInvestor AB Investor Growth Capital EQT fundsinvestor AB IGC Asia IGC Asia ,837, IGC Asia %IGC Asia % BAYTREE Baytree Baytree Baytree 136

143 Baytree BaytreeGE CapitalIntel CapitalGreater China Future Choice GE CAPITAL GE Capital GEGE Capital GE CapitalGE Capital BaytreeGE CapitalIntel CapitalGreater China Future Choice INTEL CAPITAL Intel Capital INTC Intel Capital Intel Capital Intel Capital BaytreeGE CapitalIntel CapitalGreater China Future Choice GREATER CHINA Greater China Mizuho Securities Principal Investment Co., Ltd. Greater China Greater China Greater China Greater China Greater China BaytreeGE CapitalIntel CapitalGreater China Future Choice FUTURE CHOICE Future Choice Future Choice Future Choice BaytreeGE CapitalIntel CapitalGreater China Future Choice 137

144 BAYTREEGE CAPITALINTEL CAPITALGREATER CHINA FUTURE CHOICE (a)baytree GE CapitalIntel CapitalGreater ChinaFuture Choice (b) Baytree(c) BaytreeFuture Choice BaytreeGE CapitalIntel CapitalGreater China Future Choice ,079,600123,964, % Greater China 2.56,661, Greater China % BaytreeGE CapitalIntel CapitalGreater China Future Choice %1.6814%0.9867%0.9867%0.9867% Baytree 11.0 Baytree Baytree 11.5 BaytreeFuture Choice Baytree Future Choice Future Choice Baytree Future Choice (a)baytree Baytree (x) Baytree 11.5 (y) (b) Future Choice Future Choice Baytree Future Choice Baytree Future Choice 138

145 Baytree Future Choice 2.85 Baytree Future Choice Baytree Future Choice Baytree % % % Future Choice % % % Baytree Baytree Future Choice Huaxin Investments BaytreeGE CapitalIntel CapitalGreater China Future Choice Baytree Baytree (a)(b) Huaxin InvestmentsGE CapitalGE Transportation Systems (China) Co., Ltd. (c) Baytree/GE Capital/Intel Capital/Greater China/Future Choice GE Capital(i) GE Capital 30%GE Capital(ii) GE Capital Baytree(a) Baytree Baytree Baytree(b) Baytree (c) Baytree Baytree (d)baytreebaytree 139

146 BaytreeBaytreeBaytree 25%(e)BaytreeBaytree 9%Baytree(f)Baytree BaytreeBaytree(i) Baytree(ii)Baytree BaytreeGE CapitalIntel CapitalGreater China (i)9% (ii) Future Choice Future Choice 14% BaytreeGE CapitalIntel CapitalGreater China Future Choice Baytree/GE Capital/Intel Capital/Greater China Future Choice Baytree/GE Capital/Intel Capital/Greater China Future Choice (i) BaytreeGE CapitalIntel CapitalGreater China Future Choice Baytree/GE Capital/Intel Capital/Greater China Future Choice (ii) Baytree Baytree (iii) BaytreeGE CapitalIntel Capital Greater China Future Choice (iv) Temasek Holdings (Private) Limited (v) Huaxin Investments Baytree GE CapitalIntel Capital Huaxin Investments BaytreeGE CapitalIntel Capital BaytreeGE CapitalIntel CapitalGreater China Huaxin Investments Baytree/GE Capital/Intel Capital/Greater China Future Choice BaytreeGE CapitalIntel CapitalGreater China 140

147 200,000, ,000,00031,000,00031,000,000 31,000, ,959, % 8.8% (i) (x) 85%(y) 85% 60 60(i) (ii) 141

148 (iii) (iv) (iv) ,000, %) 8.8% 15.5%) 18% 142

149 (60) (1) (2) Baytree Baytree Baytree Baytree Baytree Baytree 11.0Baytree Baytree Baytree Baytree/GE Capital/Intel Capital/Greater China/Future Choice 143

150 Baytree Baytree 14% Baytree Baytree/GE Capital/Intel Capital/ Greater China/Future Choice Baytree/GE Capital/Intel Capital/Greater China/Future Choice Baytree (i)(ii) Baytree/GE Capital/Intel Capital/Greater China/Future Choice Baytree/GE Capital/Intel Capital/Greater China/Future Choice Baytree/GE Capital/Intel Capital/Greater China/Future Choice Baytree Baytree 48.0 Baytree/GE Capital/Intel Capital/Greater China/Future Choice 74% Baytree Baytree Baytree Baytree Baytree (i) (ii) Baytree/GE Capital/Intel Capital/Greater China/Future Choice 144

151 Baytree/GE Capital/Intel Capital/Greater China/Future Choice Baytree Baytree Baytree 7.70% Baytree Baytree Baytree Baytree 25% Baytree/GE Capital/Intel Capital/Greater China/ Future Choice (a) (b)(c) Baytree Baytree/GE Capital/Intel Capital/Greater China/Future Choice Baytree 145

152 100, , ,000300, Baytree 1,000,000 3,000,000 (i) (ii) Baytree Baytree Baytree % 5.0% 146

153 Baytree % Huaxin Investments Baytree (i)(ii) Baytree (iii) Baytree Baytree 15 Baytree 14% IGC ASIABAYTREEGE CAPITAL INTEL CAPITALGREATER CHINA FUTURE CHOICE IGC Asia BaytreeGE CapitalIntel CapitalGreater China Future Choice (i) (ii)(iii)(iv) (v)(vi) (vii) (a) (b)a1 (c) (d) Best PartnersJoy BrightRockyjing Investment Limited Huaxin InvestmentsGouver Investments Limited 147

154 (i)(ii) Baytree Future Choice Huaxin Investments (i) (ii) Baytree (iii) Baytree Baytree Huaxin Investments 148

155 4.9% (7) BaytreeGE CaptitalIntel Capital Future Choice 4.9% (i) Baytree TemasekTemasek Holdings GEGeneral ElectricIntelNew WorldNWS (ii) Baytree Baytree (iii) 149

156 (iv) (i) (ii)(iii)(iv) Baytree (a) (i) Baytree/GE Capital/Intel Capital/Greater China/Future Choice (ii) BaytreeGE CapitalIntel CapitalGreater China Future Choice (b) Baytree GE CapitalIntel CapitalGreater China Future Choice Huaxin Investments 50% (i) Baytree/GE Capital/Intel Capital/Greater China/Future Choice (ii) Baytree Baytree 150

157 (iii) (iv) Temasek Holdings (Private) Limited (v) (iii)(iv)(v) Baytree/GE Capital/Intel Capital/Greater China/Future Choice Baytree Baytree Baytree Baytree Baytree Baytree Baytree/GE Capital/Intel Capital/Greater China/Future Choice Baytree/GE Capital/Intel Capital/Greater China/Future Choice

158 Baytree Future Choice Baytree Future Choice Baytree Future Choice ,941, %19.0% Baytree Baytree 31,322,772(i) 2.0%(ii)13.2% Future Choice Future Choice 13,618,596(i) 0.9%(ii)5.8% Baytree Future Choice 152

159 OC&C 70% 10%70% 60%OC&C 29 3, %1, , , %EBITDA % %

160 (i)(ii) (iii) , , , % 49.6% 37.2% , , , % 49.3% 61.5% ,136 12,240 18, % 1.1% 1.3% ,400 1,153,318 1,435, (14,257) (26,388) (30,340) ,143 1,126,930 1,405, %61.5% % % % 154

161 50%75% 75% , , , % 67.5% 53.4% , , , % 25.2% 38.3% ,666 21,824 56, % 1.9% 4.0% ,961 60,320 60, % 5.4% 4.3% ,143 1,126,930 1,405, % 38.3% % % 155

162 , , , , , , ,136 12,240 18, ,400 1,153,318 1,435, (14,257) (26,388) (30,340) ,143 1,126,930 1,405, , , , , , , ,463 9,939 11, , , , % 17.6% 20.4% % 31.6% 31.8% % 81.2% 62.7% % 25.8% 28.5% ,913 71,396 84, ,946 85, , ,063 8,680 10, , , , ,497 11, (7,317) (72,740) (20,230) (1) ,102 92, , % 12.5% 15.8% % 15.1% 19.0% % 70.9% 58.5% % 8.3% 18.0% (1) 156

163

164 OC&C 70%70%80% 10% 70%60% 3, % 1, , % 158

165 OC&C OC&C 22% OC&C 83026% OC&C 159

166 160 81% 61% 70%

167 (FCCA)(HKICPA) % 161

168 (i) (ii)(iii) AID ONU AIDONU (i) (ii) ERP 162

169 ERP 61% 53.4% 163

170 OC&C 60%70% 38.3% 4.0% 4.3% 164

171 37.2%61.5% 1.3%27.2%69.9%2.9% ,

172 23 OC&C 61% OC&C 81% 166

173

174

175 7.9 GIS 16.0 GIS

176 311,4001,

177 (IC) 171

178 IC IC AID 180 ONU ONU AID 172

179 AID AID ,853ONU ONU

180 ,397 GSM-R GSM-R OC&C 174

181 GSM-R 175

182 GSM-R GSM-R 176

183 GSM-R ,397 GSM-R GSM-R 177

184 AID

185

186

187 21 181

188

189 PMIPMI PMI 183

190 PMI PMI

191 185

192 186

193 %30% 65%85%95% 5% 187

194 10%15% 70% 15%95% 12245% 188

195 %30% 50%65% 95% % 189

196 GB/T %3% % 10%100% 1%10% (i) (ii) (iii) 10% 10% 80% 10%100%1%10% 190

197 0.5%3% 1%10% 10% 1%10% 70% 15% (1) % (1) %

198 500, ,000 30% 5% 2%4.3 98% 75 13% (i) (ii) 192

199 34.3%38.5%36.7% 23.4%27.1%25.9% 5% 35.3%34.9%40.3% 11.0%11.9%13.4% 5% 193

200 50%75%75% (i)(ii) (iii) 194

201 OC&C ABB OC&C OC&C 195

202 (i) (ii) (iii) OC&C 196

203 34% (1) (2) # 95% 5.5% 7.4% 6.7% 36.7% 50% 52% (3) 8.2% 7.3% 7.5% 4.8% 5.3% 4.2% 3.2% (1) 300 (2) (3) OC&C OC&C70%25% 5% OC&C AIDONU70%80%AID ONU OC&C 197

204 10% 7918 OC&C 61% (1) (2) % % 53 8% 24 4% (3) % % (1) (2) (3) 4% OC&C 198

205 199 12% 15% OC&C ABB OC&C

206 70% 60% IT ABB 80% ABB 70% 30%40%20%25% 200

207 7% 15% OC&C 20%55% 201

208 50% 54 (1) (1) OC&C 55% 10% 15%34% 202

209 * OEM* ONU AID OEM*

210 OEM ONUAID ONU AID ONU AID ETC (i) (ii) (iii)(iv) 300, , ,000 UFIDA 204

211 ONUAID Committee of Sponsoring Organizations of the Treadway Commission 205

212 ISO9001:2000ISO14001:2004 GB/T ISO9001:2000ISO14001:2004 GB/ T ISO9001:2000 ISO GB/T ISO9001:2000 (1) GB/T ISO14001:2004 (2) GB/T (3) GB/T ISO9001:2000 GB/T ISO9001:2000 (1) GB/T ISO9001:2000 (2) GB/T ISO14001:2004 (3) GB/T ISO9001:

213 ISO14001:2004 GB/T

214 % % % % % % % % 2% 4, , , ,

215 16 209

216 210

217 60.4%Best PartnersJoy BrightHuaxin Investments Best PartnersHuaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Joy Bright Best Partners Best Partners Joy Bright Joy Bright Best Partners Joy BrightBest PartnersJoy Bright Best Partners Best Partners Joy Bright Best Partners Joy Bright Best Partners % %16.610%10.013%9.060%9.060%5.000%3.775%1.989%1.989%1.989% 2.500%1.020% Best Partners Best Partners Best Partners Best Partners Best Partners Best Partners Best Partners Best Partners Joy BrightHuaxin Investments Huaxin InvestmentsHuaxin Investments Best Partners Huaxin Investments Huaxin Investments Best Partners Best Partners Joy Bright Joy Bright Best Partners 13 Best Partners Best Partners 211

218 Best Partners Best Partners Joy Bright Best Partners Huaxin Investments Best PartnersHuaxin InvestmentsGouver Investments LimitedRockyjing Investment Limited (1)(2) Best Partners Best Partners Joy Bright Best Partners 13Joy Bright Huaxin Investments % 16 (a)(b) % Huaxin Investments (1) % % % % IGC Asia % Baytree % GE Capital % Intel Capital % Greater China % Future Choice % 212

219 Best Partners (2) % Joy Bright (3) % (1) Huaxin InvestmentsBinks Trust Best PartnersHuaxin InvestmentsGouver Investments LimitedRockyjing Investment Limited (2) Tesco Trust Fino TrustTesco TrustCredit Suisse Trust Limited Fino TrustCredit Suisse Trust Limited Best Partners Huaxin InvestmentsGouver Investments LimitedRockyjing Investment Limited (3) Binks TrustCredit Suisse Trust Limited Best PartnersHuaxin InvestmentsGouver Investments LimitedRockyjing Investment Limited BEST PARTNERSHUAXIN INVESTMENTSGOUVER INVESTMENTS LIMITEDROCKYJING INVESTMENT LIMITED JOY BRIGHT Best Partners Joy Bright Best Partners Best Partners %18.120% %10.013%9.060%9.060%5.000%3.775%1.989%1.989%1.989%2.500% 1.020% Joy Bright Joy Bright Huaxin InvestmentsGouver Investments LimitedJoy Bright Jianguo LimitedRockyjing Investment LimitedJoy Bright Jingyang Limited49.5% 30.5%20% Huaxin InvestmentsGouver Investments LimitedRockyjing Investment Limited Binks Investments LimitedBinks Investments LimitedBinks TrustBinks Trust Huaxin InvestmentsJoy BrightJoy Bright 213

220 (1) (2) (3) (4) (5) (1) 25%24%22%12%12%5% (2) 70% %7.4615%3.0769%1.5385% (3) 60%14.5%8.4%7.2%3.9%6% (4) 58.9%11.7%11.7%11.7%6.0% (5) 49.5%30.5%20% Best Partners Joy BrightHuaxin InvestmentsGouver Investments LimitedRockyjing Investment Limited

221 Best PartnersJoy BrightTesco Investments LimitedFino Investments Limited Huaxin InvestmentsGouver Investments LimitedJoy Bright Jianguo LimitedRockyjing Investment LimitedJoy Bright Jingyang LimitedBinks Investments Limited (a) (12)(b) (30%(12) (c) 215

222 (i) (ii)(iii) A 4,00012,000 12, %14A.33(3) ,000 49% 14A 36, %14A.33(3) 216

223 Best Partners XV 13.51(2)

224 Best Partners XV 13.51(2) 38 Joy Bright XV 13.51(2)

225 XV 13.51(2) ) ) 8178) CHIO)China INSOnine Corp. 219

226 XV 13.51(2) 39 NetEase.com, Inc. NTES) NetEase.com, Inc. XV 13.51(2)

227 XV 13.51(2) ) CDC Corporation CHINA

228 FCCAHKICPA XV Project Management Institute 1 Best Partners XV 38 1 Project Management Institute George Institute of Technology Newtown Square ,

229 Joy Bright XV 35 XV 51 Best Partners 223

230 XV ) 0992) XV 8.17 (FCCA)(HKICPA)

231

232 A

233 1,900,000, , ,350,293, , ,002, , ,526, , ,550,296, , ,585,822, , ,059,266 20% 227

234 10% 228

235 2.85 XV23 (1) ,753, % Joy Bright (2) ,753, % Gouver Investments Limited (2)(4) ,753, % Rockyjing Investment Limited (2)(4) ,753, % Best Partners (3) ,753, % Fino Investments Limited (5) ,753, % Tesco Investments Limited (6) ,753, % Binks Investments Limited (4) ,211, % Credit Suisse Trust Limited (4)(5)(6) ,211, % Huaxin Investments (4) ,457, % Baytree (7) ,673, % (1) % % Joy Bright Best Partners (2) Joy Bright % % Gouver Investments LimitedRockyjing Investment Limited (3) Best Partners Development Limited 83%17% Fino Investments Limited Tesco Investments Limited (4) Huaxin InvestmentsGouver Investments LimitedRockyjing Investment LimitedBinks Investments Limited Binks Investments LimitedSerangoon Limited Seletar Limited Credit Suisse Trust Limited Credit Suisse Trust Limited Binks Trust Binks Trust (5) Fino Investments LimitedSerangoon Limited Seletar LimtiedCredit Suisse Trust Limited Credit Suisse Trust Limited Fino Trust Fino Trust (6) Tesco Investments LimitedSerangoon Limited Seletar LimtiedCredit Suisse Trust Limited Credit Suisse Trust Limited Tesco Trust Tesco Trust (7) (x)baytree (y) (z) BaytreeFuture Choice(x) Baytree Baytree Baytree Baytree 229

236 XV23 10% 36,837,219 31,837,2195,000, % 230

237 OC&C 70% 10%70% 60%OC&C ,126.91,405.4EBITDA %61.5%1.3% %69.9%2.9% 231

238 7,246 14, % , %62.3%24.7% %18% 232

239 40%45%25%30% %40%45% 60% 45.9% 61.5% 233

240 ,385 4,855 22, ,834 (8,802) 9, ,219 (3,947) 32,060 China Toprise LimitedFairstar Success Holdings Limited 33% 15% 25% [1988]74[1988]49 15% (i) 15% 15% (ii) 7.5% 234

241 (iii) 7.5% 7.5% (iv) 25% (v) 15% (vi) 15%3% 18% [2008]55 10% 11% 15% 10% 6,958,000 67%70% 235

242 ONUAID 236

243

244 ,143 1,126,930 1,405, (468,431) (836,635) (1,004,386) , , , ,337 2,437 16, (97,463) (198,199) (163,761) (484) (1,557) (103) ,102 92, , (3,416) (6,370) (7,985) , ,991 87, , (19,219) 3,947 (32,060) ,772 91, , ,190 91, , , ,772 91, ,672 EBITDA (1) , , ,

245 (1) EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA EBITDA ,772 91, , ,219 (3,947) 32, (39) (3,314) (647) (291) ,416 6,370 7, (952) (659) (809) , ,328 5,213 7, ,791 9, ,989 21,090 2, (2,497) 662 (11,108) EBITDA , , ,

246 (1) , , , , % 20.4% 71,396 84, % 15.8% % 37.2% 34.7% 27.2% 43.1% 32.1% , , , , % 31.8% 85, , % 19.0% % 61.5% 61.9% 69.9% 51.7% 63.8% ,240 18,328 9,939 11, % 62.7% 8,680 10, % 58.5% % 1.3% 3.4% 2.9% 5.2% 4.1% ,153,318 1,435, , , , , (26,388) (30,340) , (72,740) (20,230) ,126,930 1,405, , , % 28.5% 92, , % 18.0% (1) 1, , % % 60% %

247 6.7% OC&C , % , % 425, % , % 602, % , % 6, % (26,388) (3.2)% (30,340) (3.0)% , % 1,004, % % % % % 24.7%20.1%25.8%28.5% 49.3%61.5% 31.6% 31.8% 241

248 17.6% 20.4% 81.2% 62.7% %38.2% % %18.1%

249 ,740 42, ,149 45, ,126 24, ,129 6, ,213 7, ,151 11, ,999 7, ,809 2, ,484 2, ,325 1, ,791 9, ,090 2, , , % % % %19.0%31.6%31.8% 16.5%12.8% %15.8% 243

250 17.6%20.4% % % % % % 4.5% 10% %15.3% 8.2%7.1% 244

251 (1) , ,592 68, , % 17.6% 43,913 71, % 12.5% % 49.6% 30.4% 34.7% 31.8% 43.1% , , , , % 31.6% 89,946 85, % 15.1% % 49.3% 67.2% 61.9% 65.2% 51.7% ,136 12,240 5,463 9, % 81.2% 4,063 8, % 70.9% % 1.1% 2.4% 3.4% 3.0% 5.2% ,400 1,153, , , , , (14,257) (26,388) , (7,317) (72,740) ,143 1,126, , , % 25.8% 133,102 92, % 8.3% (1) , % % 50%15% %

252 50.4% % , % 471, % , % 388, % , % 2, % (14,257) (3.0)% (26,388) (3.2)% , % 836, % % % % % 62.3%78.6%32.5% 25.8% %18.3%17.6% 246

253 %46.7%31.6% %67.1% 81.2% %28.6% % %14.2% 670,

254 ,422 32, ,335 39, ,224 22, ,878 8, ,328 5, ,868 4, ,969 10, ,797 5, , (36) (2) , , ,989 21, , , , % % % % % %15.1%

255 11.7%12.5% %49.9% % % % %14.3% %8.2% 16.5%8.3% 249

256 , , , , , , ,553 2,149 1, , , , , , , , ,843 1,137, ,936 12,146 17, ,066,457 1,227,704 1,686,

257 , , , ,447 68,930 (51,034) (4,143) (11,119) (13,694) (16,690) 2,249 70, (13,386) 60,060 6, (i) 49.6(ii) 53.0(iii)

258

259 , ,309 1,123 1, , , ,353 2,256 2, , ,797 8,057 13,

260 387, , , , , , , ,654 87, , , ,409 4,625 8,334 6,432 8,691 1,848 2,670 3,900 4,989 43,840 52, , , , , , , ,028 1,242,016 1,665,398 1,944,988 56, , , , , , , , , , , ,460 65, , , , ,625 9,125 4,567 4,542 11,052 11,781 12,792 2, , ,492 1,042,468 1,051,066 98, , , , BaytreeGE CapitalIntel CapitalGreater ChinaFuture Choice123,964, ,079, , , , (56,406) (103,904) (138,956) 331, , , ,132,773 1,562,499 2,492, (801,575) (1,069,984) (1,952,250) 331, , ,

261 % % , , , , (1,833) (3,316) (3,316) , , ,394 (1) (1) %15% 255

262 70% 15% 95% 12245% 10 30% 50-65% 95% 12245% % % , , , ,963 14,817 97, ,346 15,645 32, , , ,

263 , , , , , , ,835 14,109 95, ,301 15,645 32, , , ,394 87% 45% , , , ,467 61, , , , ,590 (1) (1)

264 , , , ,762 12,578 11, ,585 2,693 7, , , , , ,000 30%

265 , , , ,975 22,133 27, ,995 2,439 6, ,758 14,481 31, ,401 2, ,029 4,553 11,214 87, , ,313 10%30% % % (i)(ii) (iii) 259

266 (i)(ii) (iii) 20,000 20,000100, , , , , ,889 2,420 4, ,950 20,506 17, ,500 14,832 8, ,373 66,498 70, , , ,586 9,324 2, , , ,

267 (i) (ii) (iii) ONU % 261

268 20% , 1.6, % ,000 55,000 95,150 96, ,000 45,000 75, , , , , ,

269

270 (7.9%)(17.6)%(18.5)% ,625 9,125 4, (135,896) (6,148) 37,729 2,977 4, , , , , , , (101,596) (169,473) (177,173) (43,840) (52,497) (173,607) (42,506) (118,993) (176,063) , , , ,896 6, , , , (7.9)% (17.6)% (18.5)% (7.9)% (17.6)% (18.5)% (17.6)% , ,396 35,399 74, ,444 17,098 48, ,840 52, ,

271 ,655 3,235 13, ,890 3,258 21, ,545 6,493 34, ,413 2,104 4, ,104 2, ,413 4,208 6,

272 (1) 326 (1) 22%5% 916 1,459 (1) 58.9% , (2) , ,848 2,670 3,900 (1) (2) 266

273 * (1) 95% 880 1, , (3) 2, , ,434 2,052 3,060 (4) 135,896 6,148 (4) (4) 22%5% %30.5% 20% 20,241 1,820 3, , % 330 (5) 1,133 (3) 5, ,220 6, , ,191 7,073 1, ,625 9,125 4,567 (6) ,000 (1) (2) (3) (4) (5) 267

274 (6) *

275 (0.7)%5.9%4.8% 2 269

276 (a) 3 (b) (c) (d) (e) (f) 270

277 II1(d) 271

278 (1) (a) (b) (c) (2) (3) (4) (5) (1)(4) (6) (4)(5) (7) 272

279 5% 3633(c) 12.1% 11.6%Euromonitor 11.7%5% II10 (i)(ii) (iii) (iv) 273

280 II12 274

281 ,550,296,334 (i) (ii) (iii) 275

282 2.5% 5.0% (2.4) (4.8) 1.0% 2.5% (2.5) (6.2) (i) (ii) 71,501,000 (i) 56.2(ii)

283 50.0 Conyers Dill & Pearman (1) ,899 (1) , , (45) , ,600 (1) 277

284 , ,850 1,160, , ,480 1,339, (1) , , , ,495 (2) (3) 1,550,296,334 (4) (5) , ,195.8 BaytreeGE CapitalIntel CapitalGreater ChinaFuture Choice(a)(b)Baytree (c) 278

285 BaytreeFuture Choice

286 % % % (i)(ii)(iii) (i) (ii)aid(iii)onu AID (iv) ETC(v) %

287

288 Mizuho Securities Asia Limited Mizuho Securities Asia Limited 23,684,000 (a) (i) (ii) 282

289 (b) (c) (d) OC&C (e) (f) (g) (h) (i) (ii) (iii) (A) 283

290 (B) (iv) (A) (B) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) 284

291 (xiv) (i)(xiv) (i) (ii) (iii) (iv) (a) (b) 285

292 10.07(1) (i) (ii) (i) (i) 10.07(2) (3) (i) (ii) (A)(B)(C) (i) 286

293 (ii) (iii) (i)(ii) (iv) (i)(ii)(iii)(i)(ii)(iii) (i)(ii)(iii)

294 35,526,000 15% 2.5% 2.5% 1.5% % 3A

295 a. 23,684,000 b. 144AS 213,156,00036,837, A S

296 (a) (b) Baytree GE Capital Intel Capital Greater China Future Choice 3.20 (c)

297 (i) (ii) 23,684, ,840,00010% 1.5% %0.004%0.005% 3.90 AB 5 A5B B 291

298 AB AB 23,684,00050%11,842,000 (i)1550 (ii)50100(iii)100 71,052,00094,736,000118,420,000 30%(i)40%(ii)50%(iii) AB AB 213,156,00090% 176,318,78136,837, % 144A S 292

299 30 35,526,000 15% 30 35,526,000 15% (i) (ii) (iii) (i)(ii)(iv) (v) 293

300 (vi)(ii)(iii)(iv) (v) 30 35,526, (1)(a) 10.07(3) (i) (ii) (iii) (a)(b) (iv) (v) 294

301 295

302 I. (i)(ii) eipo ( eipo(iii) eipo 18 S eipo ( eipo eipo eipo 1. (a) 296

303 (b) eipo eipo eipo (c) (d) 2. (a) A B G

304 A3 282 L15 (b) (i) 1992 (ii) 3. (a) (i) (ii) (iii) 298

305 S902(h)(3) S (iv) 299

306 (v) (iii) (i) (ii) (iii) (b) eipo (i) eipo eipo (ii) eipo eipo (iii) eipo eipo 300

307 (iv) eipo ( eipo eipo (v) eipo 1,000 1,000 (vi) 5. (b) eipo eipo (vii) eipo eipo (viii) eipo ( eipo eipo eipo ( eipo ( eipo ( eipo eipo eipo eipo eipo eipo VI. 301

308 eipo eipo eipo eipo eipo eipo (c) (i) ( (ii) 1,0001,000 eipo 302

309 (iii) 4. (iv) (v) (vi) 5. (e) (i) (ii) (vii) 303

310 (a)

311 (i) (ii) 4. (a) (i) (ii) eipo eipo eipo eipo eipo 305

312 (b) eipo eipo eipo ( eipo (c) eipo eipo eipo ( eipo eipo ( eipo eipo ( eipo 11,842,000 50% (d) eipo ( eipo 306

313 5. (a) (e) I. 2. (b) eipo 24 eipo eipo 307

314 (c) (1) (1) (1) (1) (1) (1) (1) (1) 24 (e) (d) (e) (e) II. eipo eipo 308

315 eipo eipo eipo 1. (a) (b) (c) (d) E E 2. (a) V. (b) (c) 309

316 (d) III % 0.004%0.005%1,000 3, ,842,000 IV. (a) eipo (b) eipo eipo (40 eipo ( 310

317 eipo (c) (d) eipo eipo (e) (f) (g) 311

318 eipo (h) (i) V. eipo eipo ( VI. 312

319 (a) (i)(ii) (b) eipo (i) (ii) (iii) 1%0.004%0.005% eipo eipo 313

320 (a) 1,000, (i)1,000,000(ii)1,000,000 (i)(ii) (iii) (b) eipo eipo eipo 1,000, eipo 1,000,

321 eipo eipo VII. eipo (c) (i)(ii) (iii) (i) (ii) 315

322 V. VII. eipo eipo eipo eipo eipo eipo (b) eipo VIII. 1, IX. 316

323 317

324 IIII1(d) II1(c) II1(c) China Toprise LimitedFairstar Success Holdings Limited Winitop Investments Limited II1(d) I-1

325 3.340 II1(d) I-2

326 I. II1(d) ,143 1,126,930 1,405, (468,431) (836,635) (1,004,386) , , , ,337 2,437 16, (97,463) (198,199) (163,761) (484) (1,557) (103) ,102 92, , (3,416) (6,370) (7,985) , (a) ,991 87, , (19,219) 3,947 (32,060) ,772 91, , ,190 91, , , ,772 91, , II29 I-3

327 II1(d) ,772 91, , (a) 1, , (2,594) 1,164 7, (b) 7,419 7,817 1, ,583 7,817 9, ,355 99, , ,773 99, , , ,355 99, ,107 I-4

328 II1(d) ,094 47,739 26, ,665 32,003 80, ,695 9,442 8, , , , ,097 8,322 5, , , , , , , , , , , , , ,625 8,334 6, ,848 2,670 3, ,840 52, , , , , ,028 1,242,016 1,665, , , , , , , , , , , , , ,625 9,125 4, ,052 11,781 12, , ,492 1,042, , , , , , , ,360 11,783 21,788 18,360 11,783 21, , , , (a) 12,755 20,263 55, (b) 221, , , , (a) 7,419 15,236 16, (b) 159, , , , , , , , , ,159 I-5

329 II1(d) 20 21(a) 21(b) 27(a) 27(b).. 20(a) 205 3, ,346 64, ,741 6, , ,164 7, , ,773 1, , (b) (a) (1,904) (1,904) (d), 21(b)(i) 4,178 4,178 (4,178) (a) (1,164) 1, ,373 10,500 (19,873).. 20(a) , ,024 7, , ,692 2, , ,817 91,286 99, , (b) (ii) 125, , , (b) (2,754) (2,754) (b) (iii) 44,791 44,791 44, ,508 (7,508) , ,695 15, , , , ,782 1, , , , (c) (v) , , , (b) (iii) 9,886 9,886 9, , ,000 (186,806) (71,501) (71,501) (71,501) , ,771 7,782 16, , , ,159 I-6

330 II1(d) ,772 91, , ,328 5,213 7, ,791 9, ,989 13,219 2, , (36) (902) , ,834 (8,802) 9, (3,314) (647) (291) (2,497) 662 (11,108) (a) (39) (952) (659) (809) ,416 6,370 7, , , , (18,134) (8,657) (70,882) (59,442) (139,291) (163,967).... (15,470) (70,992) (47,794) (171,113) (208,815) (83,160) (4,625) (3,709) 1, (3,891) (10,160) (351) , ,906 77, ,037 47,498 35, ,281 81,394 (32,587) , , ,911 74,641 (43,858) (3,416) (6,370) (7,985) ,447 68,930 (51,034) (7,797) (8,057) (13,365) (b) (971) (a) 3, (1,100) (b) (1,500) (1,200) (31,266) (2,867) ,243 2, (4,143) (11,119) (13,694) I-7

331 , , , (45,029) (65,000) (100,000) (50,228) (56,204) (c) 120, ,818 7, (101,955) (36,005) (4,248) (1,897) (201) (3,777) (8,896).... (16,690) 2,249 70, (13,386) 60,060 6, (4) 7,817 1, , , , , , ,173 I-8

332 , , , , ,281 71, , , , ,902 24, , ,260 5,041 28,310 29, (25,029) 92, , , , , ,127 4, (25,057) (27,080) , ,315 I-9

333 II. 1. (a) 19A (b) (c) Winitop Investments Limited (6) 100 Well Score International Limited (4) Well Score China Toprise Limited China Toprise (6) Fairstar Success Holdings Limited Fairstar , , (1) 150 I

334 (2) (2) (2) (3) (3) (3) (3) (5) (1) I-11

335 (2) (3) (4) Well Score (5) (6) (d) 55.5% 37%5%2.5% 4.2 5%5% 4.2 5% 5% 5% I-12

336 5% 5%4.2 5% 27 95% Best Partners Development LimitedBest Partners Best Partners China Toprise 20% 75.5%17%5%2.5% 95%73 China Toprise95%China Toprise China Toprise Best PartnersBest Partners Best Partners China Toprise a) Best PartnersChina Toprise 50%b)5% China Toprise % 4.25% I-13

337 380,0003,800, Best Partners Best Partners Best Partners China Toprise 1 Fairstar China Toprise Fairstar 1,166,530, China Toprise % 100% 100% Fairstar % 100% 100% % 100% 100% % 100% 100% % 100% 100% % 100% 100% % 100% 100% % 100% 100% % 100% 100% (a) 90% 100% 100% Winitop Investments Limited % Well Score % (a) 51% 39% 10% II22(b) 2.1 I-14

338 * ** * ** 5 I-15

339 * * I-16

340 II1(d) I-17

341 I-18

342 (a) (b) (c) 20% (d) 20% 39 (1) (a) (b) (c) I-19

343 (2) (3) (4) (5) (1)(4) (6) (4)(5) (7) I-20

344 39 I-21

345 (a) (b) I-22

346 I-23

347 I-24

348 39 I-25

349 Hull-White II24 I-26

350 II6 20% I-27

351 (a) (b) (c) (d) (e) (f) I-28

352 2.2 I-29

353 230.7II10 (i)(ii) (iii) (iv) I-30

354 II (1) (2) ,046 1,099,713 1,386, ,097 27,217 19, ,143 1,126,930 1,405,447 I-31

355 , , , ,136 17,714 11, , ,635 1,004,386 (h) (a) 33,422 77,531 52, ,868 4,151 11, ,989 13,219 2, (b) 4,328 5,213 7, , (36) (902) (2) (a) (39) (c) (5,337) (2,437) (16,420) (d) (952) (659) (809) (e) 3,416 6,370 7, (f) 2, (g) 484 1, (a) (h) ,513 27,533 31, ,285 3,803 7, ,624 1,404 3, ,791 9,886 (b) 33,422 77,531 52, ,328 5,213 7,370 I-32

356 (c) ,497 11, (i) 3, (ii) 2,413 2,437 2, (i) (ii) (d) 5,337 2,437 16,420 2,413,0002,437,000813, (e) ,416 6,370 7,985 (f) 22(b) , (2,283) I-33

357 (g) , (h) (A) ,507 2,474 1, ,850 2, ,373 8,459 3, , ,373 I-34

358 ,709 2, ,228 3,052 2,474 5, , ,328 1, ,387 2, , I-35

359 (B) ,378 1, ,834 2,459 1,000, ,000,0011,500, ,500,0012,000, ,000,0012,500, I-36

360 5. (a) China Toprise Fairstar (b) 33% 15% 25% [1988] 74[1988] 49 15% (i) 15% 15% (ii) 7.5% (iii) 7.5% 7.5% (iv) 25% (v) 15% (vi) 15% 3%18% [2008]55 I-37

361 10%15% (c) 10% 6,958, ,385 4,855 22, ,834 (8,802) 9, ,219 (3,947) 32,060 I ,991 87, ,732 25% 33% ,217 21,978 61, (29,023) (22,325) (34,230) i (6,977) ,884 6,362 3, (75) ii ,745 (9,868) 1,405 10% , (604) (100) ,219 (3,947) 32, % (4.5)% 13.0%

362 (i) 18% 6,977,000 (ii) ,369 4, , ,698 22(b) (a) (511) (2,248) (2,759) , , ,896 (106) 2, ,119 7,203 8, (2,376) (2,376) ,119 4,827 5,946 I-39

363 * ,635 11,091 22(a).... (3,263) (3,263) (129) 10,037 10, ,409 18, (165) 468 (13,838) 6,958 (6,577) ,571 6,958 11, ,594 2, , ,098 (6,958) 7,411 6, ,669 21,788 * ,190 91, , ,166,531,054 1,166,531,054 1,207,816,541 I-40

364 24 II1(d) I-41

365 ,443 2,419 1,239 7,337 1,698 42, ,309 1,205 3, ,797 22(b) (a) (96) (122) (218) (239) (9) (574) (822) (1,251) (938) (458) (1,127) (554) (4,328) ,192 3,767 1,881 9,180 2,074 45, ,076 1, , , (11) (8) (180) (199) (1,423) (1,088) (534) (1,600) (568) (5,213) ,845 3,791 1,812 9,656 1,635 47, ,963 2,711 2,647 6,044 13, (858) (37) (3) (898) ,376 10, (36,989) (36,989) (475) (2,170) (1,039) (2,481) (1,205) (7,370) ,899 3,547 3,481 9,822 6,474 26, ,607 2,910 1,601 8,592 1,880 45, (1,164) (491) (362) (1,255) (182) (3,454) ,443 2,419 1,239 7,337 1,698 42, ,607 3,950 2,456 10,922 2,810 50, (2,415) (183) (575) (1,742) (736) (5,651) ,192 3,767 1,881 9,180 2,074 45, ,683 5,144 2,764 12,883 2,939 58, (3,838) (1,353) (952) (3,227) (1,304) (10,674) ,845 3,791 1,812 9,656 1,635 47, ,059 6,783 5,461 15,530 8,983 39, (160) (3,236) (1,980) (5,708) (2,509) (13,593) ,899 3,547 3,481 9,822 6,474 26,223 I-42

366 II ,033 13,544 2, ,159 17,301 28,192 30,845 2, ,168 32,665 32, , ,497 (662) 11, ,665 32,003 80, II19 II ,695 9,442 8,544 I-43

367 ) % (1) 51% (1) 51% (1) 51% (2) 51% (2) 51% (2) 51% (3) (1) 40%51%51% (2) (3) , (72) , I-44

368 ,887 25,678 24, ,731 1, (8,638) (7,797) (9,021) ,244 19,612 17, ,901 21,636 20, (19,644) (20,367) (19,899) (126) ,257 1, % 20% I-45

369 , , , (56,406) (103,904) (138,956) 331, , , ,132,773 1,562,499 2,492, (801,575) (1,069,984) (1,952,250) 331, , , , , , (1,833) (3,316) (3,316) 109, , , , , , , ,833 3, , , (221) ,833 3,316 3,316 I-46

370 , , , ,963 14,817 97, ,346 15,645 32, , , , , , , , , , ,835 14,109 95, ,301 15,645 32, , , , , , , ,975 22,133 27, (a) 5,995 2,439 6, ,758 14,481 31, ,401 2, ,029 4,553 11,214 87, , ,313 (a) I-47

371 ,401 2, , ,526 3,281 71, ,265 2, , ,136 4,832 3,410 4,625 8,334 6, , , , (50,228) (34,396) (35,399) (74,660) (9,444) (17,098) (48,719) (43,840) (52,497) (173,607) , , , I-48

372 , (50,228) , , , ,467 61, , , , , , , , ,762 12,578 11, ,585 2,693 7, , , , , , , ,889 2,420 4, ,950 20,506 17, ,500 14,832 8, ,373 66,498 70, , , ,586 9,324 2, , , ,413 I-49

373 , ,832 8, ,902 24, % ,000 55,000 95, ,000 45,000 75, , , , II II I-50

374 19. (a) (b) 2,235 1, (b) 2,435 4, (b) 1,119 3, ,789 5,159 4,800 (c) , , , , , , , ,266 2,867 (c) ,237 4, , , , ,009 2, ,818 7, (d) 654 1, (e) (d) 654 1, (e) ,413 2, , (f) 10,000 I-51

375 (a) (b) (c) (d) (e) (f) (g) 14A 14A 50 Baring Private Equity Asia Group Investment Limited , , , ,848 2,670 3,900 I-52

376 , , , , ,434 2,052 3, ,896 6, , , , , ,191 7,073 1, ,625 9,125 4, ,559 2,474 2, ,850 2, ,701 8,459 5, II4(h) (a) I-53

377 (b) II1(d) (c) (i) 3,800, (iii) 1,896,200, ,900,000, (ii) 1... (iii) (iv) 1,166,530, ,166,531, (v) 59,798, ,226,329, (i) (ii) (iii) (iv) (v) 380,000 3,800, Best Partners Best Partners ,000 1,900,000, II1(d) 1,166,530, ,202,59263,674,438 21,654,024 59,798, ,201, (a) 10% 50% 25% I-54

378 (b) 206Fairstar (i) 5% 4.21(d) (ii) 100 China Toprise 1 Fairstar China Toprise Fairstar (iii) (iv) 20(v) 59,798, (v) II1(d) 22. (a) 75% 5,750,000 I-55

379 , , , ,770 31, , , , , ,263 23, , (1,904) , , , (1,770) ,980 (b) 51% 39% 39%2.3 I-56

380 , ,141 10, ,551 7, ,369 1,369 22,871 20, ,000 2, ,055 4, ,813 10,813 16,868 16, ,003 3, (3,063) (600) , (2,340) , (971) (f) % 2.7 (c) 10,000 I-57

381 23. (a) (b) (c) I-58

382 , ,953 8, , ,257 14, , ,210 8, , (14,257) , ,913 89,946 4, , , , (7,317) (3,416) , , ,919 6, , , ,059, , , , , , , , , ,797 I-59

383 , ,178 12,160 1,126, , , , ,486 12,240 1,153, (26,388) ,126, ,396 85,640 8, , (72,740) (6,370) , , ,827 5,582 1,244, , ,570, , ,900 1, , , , ,482 1, , , , ,057 I-60

384 , ,657 18,328 1,405, ,340 30, , ,997 18,328 1,435, (30,340) ,405, , ,675 10, , , (20,230) (7,985) , ,466 1,036,582 12,854 1,537, , ,017, , , , , ,064, , , , , ,653,105 58,170,393 58,482, I-61

385 ,791 9, , , , , , , Marsh (Beijing) Risk Consulting Co., Ltd. Hull-White HW HW % % % % I-62

386 , ,330 II1(c) (a) II22(b) (b) 28. (a) (i) 100 China Toprise 1 Fairstar China Toprise Fairstar 21(b) (ii) I-63

387 (b) (6,889) (4,124) (21,262) ,501, ,655 3,235 13, ,890 3,258 21,046 7,545 6,493 34, ,413 2,104 4, ,104 2,805 2,413 4,208 6,902 I-64

388 , , , ,848 2,670 3, ,840 52, , ,733 36,614 58, , , , , , , , , , ,625 9,125 4, , , , , , , , , , ,855 I-65

389 , ,260 5, ,297 13,408 20, (i) (ii) I-66

390 5% * % % 2, (5)% (2,958) * (iii) (iv) I-67

391 , , , , , ,201 65, , ,016 65, , , , , ,125 9, , ,000 34, , , , , , , ,567 4, , , ,297 15,297 69, , , ,604 (v) I-68

392 33. Baytree Investments (Mauritius) Pte LtdBaytreeGE Capital Equity Investments Ltd.Intel Capital CorporationGreater China PE Fund L.P. Future Choice LimitedFuture Choice (a)(b) Baytree (c) BaytreeFuture Choice 123,964, ,350,293, I-69

393 4.29 A , ,850 1,160, , ,480 1,339, (1) , , , ,495 (2) (3) 1,550,296,334 (4) II-1

394 (5) , ,195.8 II-2

395 B. (1) (23) (1) (2) (3) 1,550,296,334 II-3

396 C AB 236,840, (7) 300 II-4

397 4.29(1) Public Company Accounting Oversight Board (United States) A (a) (b) (c) 4.29(1) II-5

398 (A) III-1

399 ,550,296,334 (i) (ii) (iii) 2.5% 5.0% (2.4) (4.8) III-2

400 1.0% 2.5% (2.5) (6.2) (i) (ii) III-3

401 (B) A III-4

402 (C) David Roberts III-5

403 23 (852) (852) C savills.com IV-1

404 A MSc FRICS FHKIS MCIArb RPS(GP) MSc, FRICS, FHKIS, MCIArb, RPS(GP)25 20 IV-2

405 1. 8 A C2201C2202C2203C ,600,000 28,500, A B B ,500,000 83,600,000 IV-3

406 7. 12 A A A203 IV-4

407 D ,600,000 IV-5

408 1. 8 A , , , , , ,600,000 (1) 14(2006) , (2) 8X (3) , (4) , (5) , (6) (7) IV-6

409 (8) (i) (ii) (iii) (iv) (v) (vi) IV-7

410 C2201 C2202 C2203 C , , , ,500,000 (1) 4(2006) , (2) 215, (3) (i) (ii) (iii) (iv) (v) IV-8

411 (3,466 3,500,000 (1) (2010) (2) (3) (i) (ii) (iii) IV-9

412 4. 12 A , ,000 (1) (2) (i) (ii) (iii) (iv) (v) (vi) IV-10

413 5. 48 B ,400 (1) (2) (i) (ii) (iii) (iv) (v) (vi) IV-11

414 B , , ,300 (1) 51% (2) (i) (ii) (iii) (iv) (v) (vi) IV-12

415 7. 12A , ,000 (1) (2) (i) (ii) (iii) (iv) (v) (vi) IV-13

416 (1) (2) (i) (ii) (iii) (iv) (v) (vi) IV-14

417 ,000 (1) 51% (2) (i) (ii) (iii) (iv) (v) (vi) IV-15

418 , , (1) 51% (2) (i) (ii) (iii) (iv) (v) (vi) IV-16

419 11. 12A , ,000 (1) (2) (i) (ii) (iii) (iv) (v) (vi) IV-17

420 , ,470 15,250,734 (1) 1, , (2) , Well Score International Limited 51%49% 22,100 (3) , (4) 53, , , (5) , (6) 1, , IV-18

421 (7) , (8) , (9) (i) (ii) (iii) (iv) (4) (v) (vi) IV-19

422 13. 12A , ,000 (1) (2) (i) (ii) (iii) (iv) (v) (vi) IV-20

423 ,200 (1) (2) (i) (ii) (iii) (iv) (v) (vi) IV-21

424 , ,000 (1) (2) (i) (ii) (iii) (iv) (v) (vi) IV-22

425 16. 4D , ,000 (1) 51% (2) (i) (ii) (iii) (iv) (v) (vi) IV-23

426 , ,000 (1) (2) (i) (ii) (iii) (iv) (v) (vi) IV-24

427 ,016 (1) ,448 (2) ,560 (3) ,448 (4) ,560 (5) (i) (ii) (iii) (iv) IV-25

428 (1) 301 (2) (i) (ii) (iii) (iv) IV-26

429 22 1. (a) 27(2) (b) 2. (a) (i) V-1

430 (ii) (iii) (iv) (v) V-2

431 (vi) (aa) (bb) (cc) (dd) (ee) 5% (ff) V-3

432 (vii) (aa) (bb) (cc) (6) V-4

433 (dd) (ee) (ff) (viii) (ix) (x) (30) (b) (c) (i) V-5

434 (ii) (iii) (iv) (v) (d) (e) (21)(10) (95%) (21)(10) (15) V-6

435 (f) (g) (15) (18) (h) V-7

436 (21) (i) (21)(20) (e) (21)(10) (14)(10) (i) (ii) (95%) (aa) (bb) (cc) V-8

437 (dd) (ee) (ff) (20%) (gg) (j) (30) V-9

438 (k) (l) (m) (i) (ii) (a) (b) V-10

439 (n) (o) (20) (14) V-11

440 (20) (p) (2) (q) (r) 3(f) (s) (i) (ii) V-12

441 (t) (i) 12(ii)12 (iii) (3) (u) 3. (a) V-13

442 (b) (a)(b) (c)37(d)(e) (f) (c) (d) V-14

443 (e) (m) (f) (a)(b) (c) (a)(b) (c) (d) V-15

444 (g) (h) (i)(ii) (iii) (i) (j) 6 (1) (2) (k) (l) V-16

445 (m) (n) (28) V-17

446 (21) (o) (75%) (p) (4) (90%)(4)(2) (1) (q) 4. Conyers Dill & Pearman V-18

447 A XI ,0003,800, ,0001,900,000, , ,550,296,334349,703, (a) (b) (i) (ii) (iii) (i) VI-1

448 (ii) (iii) 1. (c) 20% (d) 10% (e) (c) (d) 4. VI-2

449 5. (a)2,000,000 8,000,000 (b) 70,000, ,000,000 (c) 500,000 2,000,000 (d) 10,000,000 28,000,000 28,000,00030,000,000 30,000,00050,000,000 (e) 26,000,000 80,000,000 (f) 5,000, ,000,000 (g) 150,000, ,000,000 (h) 80,000, ,000, (a) 300,000,000 China Toprise Limited 75% 25% (b) 180,000,000 Fairstar Success Holdings Limited 80% 20% VI-3

450 (c) 8,000,000 51% 49% (d) 5,000,000 51% 49% (e) 5,500,000 90% 10% (f) 100,000,000 China Toprise Limited 85% 15% (g) 2,000, % (h) 50,000, % (i) 5,000, % (j) 10,000, % (k) 2,000, % VI-4

451 (l) 10,000, % (m) 15,000,000 Well Score International Limited 51% 49% (n) 10,000, % 7. (a) (i) (ii) 10% (b) VI-5

452 (c) (d) 1,550,296, ,029,633 (i) (ii) (iii) (e) 26 VI-6

453 155,029,633 10% B. 1. (a) 13, ) (b) Best PartnersJoy Bright 200,000,000 (c) 3,500,00010% (d) ML GCRE Best PartnersJoy BrightJoy Bright Jingyang LimitedJoy Bright Kulun LimitedJoy Bright Jianguo Limited (e) Best Partners Joy BrightJoy Bright Jingyang LimitedJoy Bright Kulun LimitedJoy Bright Jianguo Limited (f) CMTF Private Equity OneCMTF SPCCMTF Private Equity Two Segregated Portfolio ,000,001.04CMTF Private Equity OneCMTF SPC43,187,75016,610,673 (g) CMTF Private Equity OneCMTF SPC CMTF Private Equity Two Segregated PortfolioBest PartnersJoy BrightJoy Bright Jingyang LimitedJoy Bright Kulun LimitedJoy Bright Jianguo Limited (h) CMTF Private Equity OneCMTF SPC CMTF Private Equity Two Segregated PortfolioInvestor Investments Asia Limited Investor Group Asia L.P.Best PartnersJoy Bright Joy Bright Jingyang LimitedJoy Bright Kulun LimitedJoy Bright Jianguo Limited VI-7

454 (i) (j) BaytreeGE CapitalIntel Capital Greater ChinaFuture Choice Best PartnersJoy BrightJoy Bright Kulun Limited BaytreeGE CapitalIntel CapitalGreater ChinaFuture Choice46,000,000123,964,076 Greater China2,500,0006,661,838Baytree 11,000,000 Baytree 11,500,000 CMTF Private Equity OneCMTF SPC CMTF Private Equity Two Segregated PortfolioInvestor Investments Asia Limited Investor Group Asia L.P.BaytreeGE CapitalIntel CapitalGreater ChinaFuture ChoiceJoy Bright Kulun LimitedBest PartnersJoy BrightJoy Bright Jingyang LimitedJoy Bright Jianguo Limited (k) Joy Bright Kulun LimitedGE CapitalGE Transportation Systems (China) Co., Ltd. (l) Joy Bright Kulun LimitedBaytree Joy Bright Kulun Limited Baytree Baytree 11,500,000 (m) Joy Bright Kulun LimitedBaytree Baytree Baytree Joy Bright Kulun Limited (n) Joy Bright Kulun LimitedGE Capital GE Capital GE Capital Joy Bright Kulun Limited (o) Joy Bright Kulun LimitedIntel Capital Intel Capital Intel Capital Joy Bright Kulun Limited (p) Joy Bright Kulun LimitedGreater China Greater China Greater China Joy Bright Kulun Limited (q) Joy Bright Kulun LimitedFuture Choice Future Choice VI-8

455 Future Choice Joy Bright Kulun Limited (r) (s) (t) Baytree Baytree 11.5 (u) Future Choice Future Choice5 (v) 2. (a) VI-9

456 (b) (c) V1.0 V SR SR11460 V SR11461 V SR V1.0 SR V2.0 SR SR12197 V2.0 V2.0 V1.0 V1.0 V1.0 ITMS GIS V1.0 V1.0 V2.1.0 V1.1.0 V SR SR SR SR SR SR SR SR SR09932 DGY DGY DGY DGY DGY DGY DGY DGY DGY DGY DGY DGY DGY VI-10

457 ZDS DM V1.8 ZDS IM V1.8 ZDS OP V1.8 ZDS SP V1.8 ZDS VR V1.8 V2.3 V1.0 V2.0 V1.0 V2.0 V2.0 V SR SR SR SR SR SR SRBJ SR SR SR SR SR27152 V SR V2.1 SR26708 V1.2 V2.0 V3.2 V1.1 V SR SR SR SR SR27161 DGY DGY VI-11

458 V1.6 MPEG 2 V1.0 V1.0 H.264 V SR SR SR SR27232 V SR27231 MPEG V1.0 SR V SRBJ V3.0 SRBJ1715 WindowsV1.0 H.264 V1.0 ONU V1.0 ONU V1.0 ONU V1.0 ONU V1.0 AID V1.0 V1.0 AID V1.0 AID V1.0 V1.0 V SR SR SRBJ SRBJ SRBJ SRBJ SR SR SR SR SR SR27167 DGY DGY DGY DGY DGY DGY VI-12

459 V2.0 V1.0 V2.1 V1.0 web V2.0 V1.0 Vroad V1.0 Vroad V SR SR SR SR SR SR SR SR VI-13

460 C. 1. (a) Baytree XV XV (i) (1) Fino Trust 708,753, % (2) Tesco Trust 708,753, % (3) Binks Trust 708,753, % (1) Best PartnersBest Partners83%Fino Investments LimitedCredit Suisse Trust LimitedCredit Suisse Trust LimitedFino Trust Fino Trust Fino Trust 708,753,383 (2) Best PartnersBest Partners17%Tesco Investments LimitedCredit Suisse Trust LimitedCredit Suisse Trust LimitedTesco TrustTesco Trust Tesco Trust 708,753,383 (3) Joy Bright Joy Bright % % Gouver Investments Limited Rockyjing Investment Limited Gouver Investments Limited Rockyjing Investment Limited Binks Investments LimitedSinatra Investments Limited)Binks Investments Limited Binks TrustBinks Trust Binks Trust 708,753,383 VI-14

461 (ii) 11,350, % 4,662, % (b) (c) VI-15

462 2. (a) 2.85 XV23 (1) (1) ,753, % Joy Bright (2) ,753, % Gouver Investments Limited (2)(4) ,753, % Rockyjing Investment Limited (2)(4) ,753, % Best Partners (3) ,753, % Fino Investments Limited (5) ,753, % Tesco Investments Limited (6) ,753, % Binks Investments Limited (4) ,211, % Credit Suisse Trust Limited (4)(5)(6) ,211, % Huaxin Investments (4) ,457, % Baytree (7) ,673, % (1) % %Joy Bright Best Partners (2) Joy Bright % % Gouver Investments Limited Rockyjing Investment Limited (3) Best Partners Development Limited 83%17% Fino Investments Limited Tesco Investments Limited (4) Huaxin InvestmentsGouver Investments Limited Rockyjing Investment Limited Binks Investments Limited Binks Investments Limited Serangoon Limited Seletar Limited Credit Suisse Trust Limited Credit Suisse Trust Limited Binks Trust Binks Trust (5) Fino Investments Limited Serangoon Limited Seletar Limtied Credit Suisse Trust Limited Credit Suisse Trust Limited Fino Trust Fino Trust (6) Tesco Investments Limited Serangoon Limited Seletar Limtied Credit Suisse Trust Limited Credit Suisse Trust Limited Tesco Trust Tesco Trust (7) (x)baytree (y) (z) BaytreeFuture Choice(x) Baytree Baytree Baytree VI-16

463 Baytree (b) 10% 49% 49% 49% (a) XV (b) (c) (d) (e) XV23 10% VI-17

464 (f) (g) 5% (h) D. 1. (a) 17 (b) (i) (ii) (b) (f) (i) (ii) (iii) 1.00 VI-18

465 (c) 1.00 (l)(m)(n)(o)(p) 21(r) (d) 10%155,029,633 (i) 10% (ii) 10% 17.02(2)(d)17.02(4) (r) 30% 30% VI-19

466 (r) (e) 1% 1% (i) 17.02(2)(d)17.02(4) (ii) (aa) (bb) (cc) (dd) (c) (ee) (ff) (gg) (hh) (c) (f) (r) (i) (ii) (iii) VI-20

467 (g) (i) 0.1% (ii) 5 (i) (ii) (iii) 17.02(2)(c)(d)17.02(4) (iv) 2.17 (h) (i) (ii) (iii) 60 VI-21

468 (iv) 30 (i) (j) (k) (l) (i) (m) (ii) 12 (m) (n) 14 VI-22

469 (o) (p) (q) (r) 17.03(13) VI-23

470 (s) (i) (ii) (l)(m)(n)(o)(p) (iii) (p) (iv) (o) (v) (vi) (i)(u) (t) (i) (ii) 17 (u) (i) (m) VI-24

471 (v) (w) (x) (i) (ii) (iii) (x) (i) (ii) (iii) (y) (z) 155,029,633 VI-25

472 2. (a) (i) (ii) (ii) (iv) (1) (2) 1.00 (iii) 10%116,653,105 (iv) (xiii) A B A B A B 4.00 VI-26

473 (v) 49.87%8.35% 10.07(1)(a) (vi) (viii)(ix)(x)(xi) (viii) (vii) (viii) (xiv(3) 12 (x)(xi) (x)(xi) (ix) (A) (xiv(3) VI-27

474 (B) (xiv(3) (x)(xi) (x)(xi) (x) (xi) VI-28

475 (xii) (xiii) (xiv) (1) (2) (3) (4) (i)(aa) (bb) (cc) VI-29

476 (ii)(i)(aa)(cc) (5) (vii) (xv) (xvi) (xvii) (xviii) (xix) VI-30

477 (b) 116,653, % ,817, % 2 IA27I10 VI-31

478 ,350, % 3,518,500 1,305,250 1,305,250 1,305,250 1,305,250 1,305,250 1,305, ,662, % 1,445, , , , , , ,142 5B ,332, % 2,892,920 1,073,180 1,073,180 1,073,180 1,073,180 1,073,180 1,073, ,773, % 549, , , , , , , ,400, % 1,984, , , , , , , ,300, % 637, , , , , , ,500 34,817,105 11,027,303 3,964,967 3,964,967 3,964,967 3,964,967 3,964,967 3,964,967 3,978, % 1,949, , , , , , ,130 VI-32

479 ,410, % 1,670, , , , , , , ,000, % 3,000, ,842, % 1,392, , , , , , , ,270, % 1,112, , , , , , ,950 ) 25 2,100, % 2,100, ,080, % 1,019, , , , , , ,800 1,000,001 2,000, ,374, % 19,642,410 2,621,932 2,621,932 2,621,932 2,621,932 2,621,932 2,621, ,001 1,000, ,516, % 7,291,840 1,137,360 1,137,360 1,137,360 1,137,360 1,137,360 1,137, , ,666, % 7,964, , , , , , , ,653,105 58,170,393 9,747,119 9,747,119 9,747,119 9,747,119 9,747,119 9,747,117 VI-33

480 (i)1a27(ii) 342A I10(d) 20 (a) 2,000,000 I10(d)1A27 (b) (i) (ii) (iii) (iv) (c) (d) (a) 1A27 I10 342A (a) VI-34

481 2,000,000 I10 (b) (a) (i) (ii) (iii) (iv) (c) (a) I10 (d) (c) Hull-White % % % % (2)(i) (ii) VI-35

482 (iii) (iv) , (a) 0.1% (b) (c) VI-36

483 9. OC&C Strategy Consultants Conyers Dill & Pearman OC&C Strategy Consultants Conyers Dill & Pearman 11. (a) (i) (ii) (iii) (iv) (v) VI-37

484 (b) (c) (d) 12 (e) Butterfield Fulcrum Group (Cayman) Limited (f) (g) ,837,219 Baring Private Equity Asia Group Investments Limited P.O. Box 957 Offshore Incorporations Centre Road Town, Tortola British Virgin Islands 5,000,000 36,837, A44B L 4 VI-38

485 (a) (b) (c) (d) (a) (b) (c) (d) (e) (f) (g) Conyers Dill & Pearman (h) (i) (j) (k) (l) OC&C Strategy Consultants (m) (n) (o) 10 A27 (p) VII-1

486