ABOUT SUNAC 融創中國控股有限公司 SUNAC China Holdings Limited (the Company or our Company and together with its subsidiaries, collectively referred to as the Gr

Transcription

1

2 ABOUT SUNAC 融創中國控股有限公司 SUNAC China Holdings Limited (the Company or our Company and together with its subsidiaries, collectively referred to as the Group ) is specialised in the integrated development of residential and commercial properties and is one of the leading real estate developers in the PRC. In line with its regional focus and high-end positioning strategy, the Company has developed or is developing many high-quality property projects ranging from high-rise residences, detached villas, retail properties and offices in tier 1 cities, surrounding cities of tier 1 cities and core cities in the PRC. The Company focuses on high-end property development and management business. Guided by its brand positioning of Passion for Perfection, the Company has long been providing high-end products to customers. With the aim of becoming the leader of the real estate industry in China, the Company s pursuit of high-quality products and services never ends. It is always committed to providing a desirable, elegant life experience to its customers through quality products and services. With its accurate judgment of market trends, keen in-sights into consumer demands and emphasis on high product quality, the Company is ready to adopt cutting-edge concepts at the right time to design and develop its projects, and has created an advanced quality control and supervisory system. 融創中國控股有限公司 本公司 連同其附屬公司統稱為 本集團 為中國的領先房地產發展商之一 專業從事住宅及商 業地產綜合開發 本公司堅持區域聚焦和高端精品發展戰略 在中國的一線 環一線及核心城市已發展或正發展眾多優質物業項 目 涵蓋高層住宅 聯排別墅 零售物業 寫字樓等多種物業類型 本公司專注於高端物業的開發和管理 以 至臻 致遠 為品牌方向 持之以恆的為客戶專注打造高端精品物業 立志成為對高 端品質不懈追求的中國房地產行業領跑者 本公司用心為客戶提供大氣舒放 貴氣質感 富有品質的高端生活體驗 不懈追求具 有恆久價值的優質產品和用心週到的服務 基於對市場發展的精準判斷 對消費者需求的敏銳洞悉 以及對高品質的不懈追求 公司採用先進的設計理念和嚴格的管理監控體系 致力於不斷提升定位 產品規劃設計 建設和服務能力 提升項目綜合品質 打造精品項目

3 目錄 2 公司資料 4 財務概要 5 主席報告 7 業務回顧與展望 41 管理層討論與分析 47 董事及高級管理層履歷 53 企業管治報告 66 投資者關係報告 67 董事會報告 93 獨立核數師報告 98 綜合資產負債表 100 綜合全面收益表 101 綜合權益變動表 102 綜合現金流量表 104 綜合財務報表附註

4

5 C Elgin Avenue George Town Grand Cayman KY Cayman Islands Conyers Dill & Pearman Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY Cayman Islands

6 財務概要 綜合業績 二零一六年 二零一五年 二零一四年 二零一三年 二零一二年 收入 人民幣百萬元 35, , , , ,842.6 毛利 人民幣百萬元 4, , , , , % 12.4% 17.3% 23.3% 25.8% 年內溢利 人民幣百萬元 2, , , , ,614.7 本公司擁有人應佔溢利 人民幣百萬元 2, , , , , , , , , ,262.7 每股股息 人民幣元 股息 人民幣百萬元 毛利率(%) 現金及現金等價物 包括受限制現金 人民幣百萬元 4 融創中國控股有限公司 2016年度報告

7 150, % 139.1% 103, , ABS 7.60%5.98% 5.78%

8 6 2016

9 業務回顧與展望 業務摘要 主要物業概覽 於二零一六年十二月三十一日 本集團正在進行合共239個物業發展項目 分佈於中國44個城市 融創中國控股有限公司 2016年度報告 7

10 (1) 190, , , % (2) 54, , , % (3) (4) 131, , , % 183, , , % (5) 25, ,843 73, % (6) (7) (8) 32, , , % 21, , , % 14, , , % (9) 596, , , % (10) 359, , , % (11) 132, , , %

11 (12) 121, , , % (13) 80, , , % (14) 98, , , % (15) (16) (17) (18) 35, , , % 281,815 1,523,727 1,516, % 611,553 1,814,428 1,814, % 106, , , % (19) 63, , , % (20) 17, , , % (21) 113,865 76,007 67, % (22) (23) 760,802 1,238,592 1,201, % 67, , , %

12 (24) (25) 190, , , % 848,570 1,968,050 1,816, % (26) 54, , , % (27) (28) (29) (30) (31) (32) (33) (34) (35) 393,473 1,299,539 1,185, % 279, , , % 121, , , % 268, , , % 70, , , % 111, , , % 120, , , % 17, , , % 15, , , %

13 (36) 59, , , % (37) (38) (39) 232, , , % 109, , , % 227, , , % (40) 60,088 97,634 95, % (41) (42) (43) (44) (45) (46) (47) 321, , , % 164, , , % 121, , , % 261, , , % 129, , , % 5,981 62,200 59, % 95, , , % (48) ,862 83,872 83, %

14 (49) 110, , , % (50) 11,521 79,093 79, % (51) 518, , , % (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) 265, , , % 15, , , % 99, , , % 29, , , % 33, ,335 82, % 143, , , % 53, , , % 38, , , % 62, , , % 91, , , %

15 (62) (63) (64) (65) (66) 34, , , % 263, , , % 142, , , % 117, , , % 60, , , % (67) 46, ,156 67, % (68) (69) (70) 43, , , % 59, , , % 140, , , % (71) 118, , , % (72) 58, , , % (73) (74) (75) 72, , , % 60, ,715 98, % 75, , , %

16 (76) (77) 188 (78) 99, , , % 10,239 57,866 50, % 211, , , % (79) 66, , , % (80) 45, ,100 81, % (81) 36, , , % (82) 649,838 1,574,413 1,398, % (83) 131, ,427 95, % (84) 43, , , % (85) 21,253 55,436 55, % (86) 727 8,600 25,961 25, % (87) 111, , , % (88) ,086 48,039 43, % (89) , , , % (90) 23,422 84,500 84, %

17 (91) 140, , , % (92) 212, ,737 70, % (93) 62, , , % (94) 68, , , % (95) 113,169 71,918 59, % (96) 16,052 58,803 42, % (97) G53 45, , , % (98) 213, , , % (99) 155, , , % (100) 104, , , % (101) 74, ,111 80, % (102) 26,905 85,075 66, % (103) 71, , , % (104) 169, , , % (105) 100, , , %

18 (106) 76, , , % (107) 180, , , % (108) (109) (110) (111) 171, , , % 203, , , % 706,889 1,392,554 1,283, % 558,771 1,041, , % (112) 100, , , % (113) (114) (115) 150, , , % 95, , , % 122, , , % (116) 24,702 80,113 74, % (117) (118) 268, , , % 133, , , %

19 (119) 92, , , % (120) 37,248 87,196 61, % (121) (122) 159, , , % 135, , , % (123) , , , % (124) 416,042 1,126,588 1,020, % (125) 33,087 72,557 45, % (126) (127) (128) (129) (130) 83, ,217 99, % 1,713,641 2,576,975 2,074, % 179, , , % 159, , , % 397,844 1,370, , %

20 (131) (132) (133) 118, , , % 498,525 1,287, , % 147, , , % (134) 75, , , % (135) 834,509 2,052,758 1,477, % (136) 135, , , % (137) (138) (139) 618,622 1,554,415 1,047, % 138, , , % 95, , , % (140) 155, , , %

21 (141) (142) (143) (144) 207, , , % 634,625 1,163, , % 218,421 1,049, , % 112, , , % (145) 108, , , % (146) 29, , , % (147) (148) (149) Nano 76, , , % 205, , , % 16, , , % (150) 99, , , % (151) 99, , , %

22 (152) 11,851 87,032 79, % (153) 37, , , % (154) 56, , , % (155) 70, , , % (156) (157) (158) 56 (159) 143 (160) (161) (162) 179, , , % 68, , , % 37, , , % 95, , , % 31, , , % 79, , , % 97, , , % (163) 82, , , %

23 (164) 27, , , % (165) (166) 398,523 2,031,461 1,890, % 58, , , % (167) 20,480 89,184 65, % (168) (169) 10, , , % 98, , , % (170) 62, , , % (171) 80, , , % (172) 32, ,765 92, % (173) 61, , , % (174) 18,844 75,891 54, % (175) 53, , , % (176) 20,680 54,096 35, %

24 (177) 36, , , % (178) (179) (180) (181) 287, , , % 278, , , % 157, , , % 58,792 88,876 88, % (182) 70, , , % (183) 60, , , % (184) 107, , , % (185) 29,672 99,025 73, % (186) 132, , , % (187) 41 30,149 92,148 63, % (188) , , , %

25 (189) (190) 56, , , % 70, , , % (191) 36, ,496 91, % (192) 74, , , % (193) 69, , , % (194) (195) 401,595 1,897,830 1,548, % 104, , , % (196) 85, , , % (197) 23,768 67,951 53, % (198) 24,315 66,310 52, % (199) (200) (201) 32, , , % 199, , , % 17, ,075 63, % (202) 19, , , %

26 (203) 266, , , % (204) 27,043 68,281 68, % (205) 74, , , % (206) 62, , , % (207) 89, , , % (208) 13,109 54,554 53, % (209) 72, , , % (210) 64, , , % (211) 34,839 88,934 83, % (212) (213) (214) 31, , , % 32,571 92,536 88, % 14,619 57,292 57, %

27 (215) (216) 11,347 32,454 32, % 254, , , % (217) 73, , , % (218) (219) (220) (221) 74, , , % 18, ,610 91, % 770,418 2,044,169 2,044, % 251,344 1,329,791 1,312, % (222) 83, , , % (223) (224) (225) 202,536 1,471,184 1,453, % 86, , , % 89, , , % (226) 51, , , % (227) 112, , , %

28 (228) 47, , , % (229) 109, , , % (230) 187, , , % (231) (232) (233) 29, , , % 46, , , % 215, , , % (234) 16,615 73,274 72, % (235) 147, , , % (236) 587, , , % (237) (238) (239) 20,934 86,234 72, % 344, , , % 649, , , % 34,811,811 97,966,000 84,283,

29 448, ,892 2,656 1, , ,420 25,781 21, , ,989 35,732 30, , , ,803 94, ,843 73,824 79,559 58, , ,176 49,992 38,287 80,479 58,451 32,986 23,957 88,920 77,226 51,319 44, , ,928 58,095 52,235 17,013 10,170 17,013 10, , ,696 14,980 14, , ,719 29,549 23, , ,309 15,094 14, , ,347 89,875 87, , ,206 38,655 38, , ,510 58,317 58, , ,793 77,417 72, , ,986 32,617 30, , ,763 17,457 17, , ,111 43,338 39,021 20,354 20,354 8,850 8,850 94,364 94,364 5,982 5, , ,799 39,882 39, , ,166 15,424 13, , ,874 73,880 73,525 97,634 95,092 22,491 21,905 94,635 69,860 4,777 3, ,359 96,987 35,979 34, , ,076 81,070 76, , , ,760 99, , ,108 85,912 85, , ,738 5,289 4, , ,727 13,912 12, ,715 98,172 10,845 9, , ,539 21,879 19,

30 324, ,941 46,259 43, ,866 50,024 15,076 13, , ,377 18,497 16, , ,491 50,801 45, ,961 25,961 25,961 25,961 22,507 14,341 22,507 14, ,763 71,921 41,002 19, , ,097 7,598 4, , ,043 26,332 20, , ,538 65,816 63, , ,510 84,390 81, , ,201 56,820 48,465 1,392,554 1,283, , , , ,147 58,291 51, , ,506 17,484 16, , ,252 48,914 41, , ,559 36,674 21, , ,645 9,105 6, , , , ,742 72,557 45,499 69,574 43, ,217 99,536 45,551 31,008 2,576,975 2,074, , , , ,940 23,782 17, , ,715 63,805 43, , , , , , ,237 27,143 21, , ,503 64,292 48,037 88,438 68,211 88,438 68, , , ,920 87, , ,139 82,513 57,028 96,436 75,792 57,741 45,380 12,849 12, ,163, , ,556 97, , ,213 39,293 30, , ,003 44,167 39,

31 123, ,879 13,731 13, , ,183 70,528 65, , ,162 52,776 52, , ,572 40,222 37, , , , ,205 87,032 79,763 16,501 15, , ,195 91,575 81,848 37,722 32,870 25,496 22, , ,450 37,211 36, ,156 88,506 89,184 65, , ,374 41,964 29, , ,449 7,662 5, , , , , , ,827 30,499 21, ,517 64,482 19,176 9, , ,564 80,900 55, , ,508 77,007 51, , ,885 48,177 42, , ,045 6,916 6, , ,207 20,375 19, , ,825 93,441 93, , ,662 34,576 28,265 69,669 67,131 19,313 18, , , , ,945 11,890 11, ,000 80,005 89,660 70,326 72,194 66, , ,813 73,967 59,055 53,090 42,571 8,719 6,991 86,234 72,028 22,375 18,689 22,000 21,091 22,000 21, , , , ,485 30,137,257 25,557,909 5,084,444 4,272,

32 12,900 9,800 9,800 44,890 5,035 5, , , ,419 71,336 71,336 63,181 28,734 23,295 23,295 66,983 58,242 58, ,322 32,861 32,861 69,385 45,027 24, , , , , , , , , , , , , , , , , ,740 22,310 76,007 67,130 67, , , ,017 6,353 6,263 6, , ,645 59,665 45,377 45,260 45, ,486 99,300 89,775 95,697 84,841 14, , ,470 89, , ,070 40, , , , , , , , , , , ,166 73, , ,001 29, , ,878 57, , ,865 79, , ,552 83,

33 193, , , , ,852 22, , , ,367 55,507 54,949 41, , , , , , ,176 84,239 76,641 49,456 55,436 55,436 38, , , ,556 11,980 7,564 6, , ,421 41, , , ,260 61,213 54,529 54,529 58,803 42,568 11, ,167 54,803 16, ,111 80,089 1, ,067 88,078 40, , , , , ,188 67, , , , , , ,963 80,113 74,983 74, , ,343 39, , , , , , ,378 24,314 20,803 13, , ,475 74, , , ,647 73,165 54,292 54, , , , , ,267 50, , ,141 24, , ,153 94,

34 356, , , , , ,784 50,638 49,910 46,209 Nano 36,186 34,937 21, , ,164 50, , , , , , , , , , ,149 92,345 44, , , , ,041 68,083 37,621 24,093 13,533 13, ,765 92,687 16, , , ,870 75,891 54,960 54, , , ,602 54,096 35,689 35, , , ,011 32, , ,252 35, , ,942 89, , , , , , , , ,171 13, , ,330 64, , , , , , ,498 66,310 52,589 47, ,075 63,188 63, , , , , , , , , , , , ,

35 88,934 83,750 83,750 92,536 88,700 88, , , , , ,934 63, , ,780 78, , ,000 28, ,614 78,445 68, , ,796 42, ,368 99,141 99,141 80,577 46,663 34,322 20,522,282 17,000,749 10,489,

36 69,948 44,607 40, ,136 74, , , , ,282 1,475,455 1,475, , , , , , ,017 1,238,592 1,201, , , , ,083 1,232,450 1,121, , ,440 1,299,539 1,185, , , , , , , , , , , , , , ,609 62,200 59, , , ,872 83, , ,100 79,093 79, , , , ,941 22,603 22, ,335 82, , , , , , , , , , , , ,

37 451, , , , , , ,156 67, , , , , ,100 81,980 81,291 75,628 1,574,413 1,398, ,427 95, , ,795 61,432 29, ,039 43, , ,397 84,500 84, , ,273 75,250 48,550 10,705 5,339 G53 114, ,222 85,075 66, , , , , , , , , , , , , , , , ,582 29,832 20,726 99,780 65,287 87,196 61, , , , , , , , , , ,041 47,266 37,

38 55,448 32,822 1,354, , , , ,400 74, , , , , , ,425 7,055 7,055 Nano 75,216 66, , , , , , , , , , , , , , , , , , ,723 1,637,503 1,520, , , , , , ,153 88,876 88,876 77,100 40,100 99,025 73,190 73,553 44, ,148 63, , , ,496 91,990 1,143, ,631 67,951 53, , , , , , , , ,779 68,281 68, , ,

39 236, ,786 54,554 53, , , , , , ,410 57,292 57,292 32,454 32, , , , , , , ,610 91,370 2,044,169 2,044, , , , ,747 1,471,184 1,453, , , , , , , , ,143 64,688 40, , ,302 3,298 3,160 73,274 72, ,196 99, , , , , , ,605 47,306,461 41,724,

40 35, % 4, % 150, % % 103, , ABS 7.60%5.98% 5.78% 71%

41 ,444, % 8,439, % 11,959, % 7,493, % 10,979, % 7,690, % 15,342, % 10,695, % 8,042, % 4,954, % 6,842, % 5,152, % 5,517, % 4,349, % 1,785, % 953, % 72,913, % 49,729, %

42 6.5% 821,800 4,

43 35, , % 76, , , , % % % 34,596, ,508, , , , , ,343, ,010, ,161,462 1,810,917 16,006 12,430 12, % 350, % 12,430 16,

44 30, , , % 4, ,857.31, % 12.4% % 19.0%4.4 12, , , , % % 1, , ,280.3 (i) 1, (ii)

45 , ,849.9 (i) 1,990.7 (ii) (iii) , , ,908.71, , % 5.98% 5.78% 1, , % (i) 1, ,154.2 (ii)

46 3, , ,938,359 3,608,403 2,478,353 3,297, , , ,575 2,938,359 3,608,403 27, % 69, , ,086.1 (i) 4,616.0 (ii) 34,478.9 (iii) 59, ,

47 4 1, , , , , , , , , % 75.9% 69, % 12.8% 54.9% 43.2%

48 12 12,954 5, ,076 12, ,049 17, ,690 8, ,113 15, ,992 85,795 23, ,844 41, , ,879.8 (i)(ii)

49

50

51 54 Morgan Stanley Asia Limited

52 (i) (ii) (iii) (iv) (v)(i) (ii)

53

54 (B)(1)

55 E.1.2 E.1.2 E.1.2 D.3.1 (i) (ii) (iii) (iv) (v) D

56

57 (2)

58 4 4/4 4/4 4/4 4/4 0/0 4/4 0/0 4/4 4/4 4/4 4/4 4/4 4/

59 % 95% % 100% 70% 7 100% 50% % (1)(2)(3) (1) (2) (3) (4) 100% 17.34%34%

60 ( ( 2/2 0/0 2/2 2/2 2/2 D

61 ( (

62 0/0 2/2 2/2 2/2 2/2 2/2 (www. hkexnews.hk) (

63 2/2 2/2 2/2 2/2 0-1,000, ,000,001-2,000, ,000,001-3,000, ,000,

64

65

66 ( (

67 ( cn) C

68 A

69 % 35%17.5%(1) 17.5%9.4% 752,000,000(2) 17.5% 8.1% %

70 2. 95% 1,038,234,731 (i) 95%183,652,145(ii) 854,582,586 95% 5% % %1,324,925,000(i) 1,173,957,706(ii)150,967, % 76.9% % (i) 1,410,000,000724,459, ,540,581(ii) 80,000,000 28,308,318 51,691,682 1,490,000,

71 5. 70% 70%753,916, ,400,000 45,516, % 60%4,031,684,300 80%:20% 3,225,347,400806,336, % (i) 270(ii) 50% 40%40,000,00072,570,317 1,612,673,7005 6%3,337,917,

72 % (i) (ii) 4,394,070,000(i) 3,386,830,000(ii)1,007,240,000 (i)137,370,000 15% (ii)4,256,700,000 5,065,473,000 (i) (ii)(iii) (iv) (v) (vi) (vii)(viii) 1 (i) (ii) 21 (i)3,386,830,000 2,119,130,000(ii) 1,007,240,000 2,106,100,000 4,394,070,000 4,225,230,

73 8. 50% 50%(i)1,954,717,510(ii) 99,117,490 2,053,835, ,788,430, ,761,000, ,029, %4.41 3,999,999, ,862, % 1,723,421, ,236,891, % 5,723,421,

74 % 3,662,000,0002,347,153,200 1,850,000, % 34% (1)(2) (3) (1) 17.34%(i)356,610,000 (ii)74,639, ,481, ,731, (2) 17.34%(i)96,860,000 (ii)48,904, ,849, ,613,

75 (3) (i) 10% (a)61,530,000 (b) 13,629, ,522, (ii) 24%(a)147,660,000 (b) 32,711, ,252, ,306, (1) (2) (1) 1,352,584,598.19(2) 10%(i)150,287,177.58(ii) 7,079, ,366, ,509,951, ,600,000, %

76 15. (i) 8.61%6,041,466, (ii) 15%1,050,000,000 (iii) % 7,950,000, (i)686,812, (ii) 1,617,330, %

77 1,452,147, % 1.02% 4.44% 17.33% 5%

78 (3)

79 84(1)84(2) 22,186,000 1,200, (a)

80 18 Sunco Property Holdings Company Limited 5.26% 100% 5% (i) (ii)

81 (a) (b) (i) 30% (ii) (i) (ii) 14A

82 Sunac International Investment Holdings Ltd. 453,074, ,307,443.30(i)13.31% (ii)11.75% % ,

83 (a) 99,900, % (b) 1% (c) (d) 3,000,000, % 1% 1% (e) (i) (ii) (iii)

84 (f) (1) 30% 30%60% 40%100% (2) 30% 30%60% 40%100% (3) 30% 30%60% 40%100% 39,900, ,100, ,900,

85 * 2,600, ,000 2,300,000 1,300,000 1,600,000 5,200,000 5,200,000 2,600,000 1,200,000 1,300,000 4,650,000 4,650,000 2,600,000 1,200,000 1,300,000 4,900,000 4,900,000 1,200,000 1,300,000 2,500,000 2,500,000 2,300,000 1,200,000 1,300,000 3,650,000 3,650,000 2,100, , , , ,000 2,300,000 1,200,000 1,300,000 4,800,000 4,800,000 23,100,000 20,630,000 21,850,000 23,331,330 3,009, ,000 20,182,330 39,900,000 29,100,000 30,900,000 49,981,330 3,009, ,000 46,832,330 * 1. (i)30%(ii) 30% (iii) 40% (i)30%(ii) 30% (iii) 40% (i)30% (ii) 30% (iii) 40% ,832, % 1,949,

86 1,020, , (a) 166,374,246 5% (b) 1% (c) (d) (i) (ii) (iii) (e) 30% 30%60% 40%100%

87 33,267, ,267, ,920, * 1,300,000 1,300,000 1,300,000 1,200,000 1,300,000 2,500,000 2,000,000 4,500,000 1,100,000 1,200,000 2,300,000 2,000,000 4,300,000 1,100,000 1,200,000 2,300,000 2,000,000 4,300,000 1,100,000 1,200,000 2,300,000 1,800,000 4,100,000 1,100,000 1,200,000 2,300,000 1,500,000 3,800,000 1,100,000 1,100,000 2,200,000 1,800,000 4,000,000 1,100,000 1,100,000 2,200,000 1,000,000 3,200,000 24,167,000 24,967,000 43,488,650 27,820,000 2,206, ,880 # 444,120 67,886,350 33,267,000 33,267,000 60,888,650 39,920,000 2,206, , ,120 97,386,350 * # 771,88089, , ,

88 1. (i)30% (ii) 30% 60% (iii) 40% (i) 30% (ii) 30% 60% (iii) 40% 100% 3. (i) 30% (ii) 30% 60% (iii) 40% 100% 97,386, % 1,747, , %2.59% % 57,890,000 (a) (b)

89 571 XV 352 (I) (1) (4) (2) 2,076,715,884 (L) 53.83% 10,090,000 (L) 0.26% (3) 1 (L) 100% 3,300,000 (L) 0.09% 650,000 (L) 0.02% 2,602,000 (L) 0.07% (1) L (2) 2,076,715,8842,042,623,88434,092,000 (3) XV (4) 3,857,738,

90 (II) (1) (2) 1,300, % 9,700, % 8,950, % 9,200, % 6,600, % 7,450, % 4,950, % 8,000, % (1) (2) 3,857,738, % (1) (3) 2,042,623,884 (L) 52.95% (2) 1,589,549,451 (L) 41.20% (2) 1,589,549,451 (L) 41.20% (2) 1,589,549,451 (L) 41.20%

91 (1) L (2) 49.56% 1,589,549,451 (3) 3,857,738,

92 GRI G4 ( (

93 13,294 1,

94 %

95

96 10, ,

97

98

99

100 7 546,526 68, , , , ,552,860 15,260, ,657,285 4,722, ,385,982 1,502, ,000 25(a) 105,359 40,485,411 21,784, ,962,516 34,142, ,658,662 15,727, ,416, ,481 40(d) 37,919,092 11,660, ,928,319 4,166, ,726,623 4,371, ,086,050 22,687, ,697,687 93,724, ,183, ,508, , , ,737,203 4,104,442 16,200,861 14,609,618 23,269,472 19,005, ,957,036 2,184, ,781 35,411,153 19,420,

101 24 80,199,682 27,214,240 25(b) 187, ,790,371 4,379,412 89,177,829 31,593, ,413,335 10,943,950 34,376,367 13,420,386 40(d) 51,671,111 18,212,922 8,488,966 7,333, ,644,337 14,584, ,594,116 64,495, ,771,945 96,088, ,183, ,508,

102 6 35,343,492 23,010, (30,495,461) (20,153,678) 4,848,031 2,857, (916,229) (661,054) 26 (1,339,442) (775,015) 29 3,280,274 4,111, (22,690) (265,628) 5,849,944 5,267, , , (3,190,588) (2,520,575) 31 (2,798,356) (2,397,054) 10 1,357,209 1,693,207 4,408,797 4,563, (1,470,438) (955,308) 2,938,359 3,608,403 2,938,359 3,608,403 2,478,353 3,297, , , ,575 2,938,359 3,608,

103 289,963 3,203,001 12,859,974 16,352,938 4,629,695 20,982,633 3,297,828 3,297, ,575 3,608,403 (93,853) (93,853) (2,556,016) (2,649,869) (1,699,837) (1,699,837) (30,040) (30,040) (239,596) (239,596) 21,28 47,395 47,395 47,395 21,19 1,366 44,129 45,495 45,495 1,548,184 (1,548,184) 42 (644,414) (644,414) (644,414) 1, ,441 (1,548,184) (645,377) (4,525,489) (5,170,866) 291,329 4,104,442 14,609,618 19,005, ,781 19,420,170 2,478,353 2,478, , ,248 2,938, (b) 1,466,480 1,466, , , (74,492) (74,492) (1,764) (76,256) 22 9,827,900 9,827, (173,622) (173,622) 21,28 57,890 57,890 57,890 21, ,289 12,738 12,738 21,19 39,630 2,409,530 2,449,160 2,449, ,110 (887,110) 42 (659,566) (659,566) (659,566) 40,079 2,632,761 (887,110) 1,785,730 9,654,278 1,612,616 13,052, ,408 6,737,203 16,200,861 23,269,472 9,957,036 2,184,645 35,411,

104 34 8,030,635 17,670,853 (3,414,605) (1,728,822) 4,616,030 15,942, (9,092,613) (6,491,835) ,761 1,372,011 (436,753) (2,198,587) (4,079,258) (1,806,178) 2,856,238 88, ,640 60, ,373 (15,087,121) (2,558,789) 49, ,970 (10,047,720) (6,448,164) 3,472,515 2,028, ,666 65, (160,000) 7 (35,938) (16,133) 13,143 2, ,000 (34,478,916) (12,531,885)

105 2,461,898 45, ,935,300 5,964, ,281,292 28,628, ,887,900 (50,271) (173,622) 24 (51,043,865) (26,247,463) 42 (659,566) (646,367) (1,713,829) (271,976) 631,456 (170,277) (2,380,263) (111,619) (2,824,927) (3,698,520) (2,741,312) (9,236,282) (337,898) 79,900 59,230,292 (1,622,955) 29,367,406 1,787,191 22,687,280 20,657,285 31, , ,086,050 22,687,

106 1 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands (a) (b)

107 (a) (b)

108 (b)

109 (b)

110 (a)

111 (a) (b) (c)

112 % 50%

113 (a)

114 2 2.6 (b) (c) (i) (ii) (iii)

115

116

117 (a) 12 (b) (c)

118

119 (a) (b)

120

121

122 (a)

123 (b) (c)

124 (a) (b) (c) (a) (b)

125 (a) (b)

126 (a) (b) (c)

127 (d) (e)

128 3 3.1 (a) (i) 421, ,113 93,148 1,896, ,084 2,158, ,436 4,579,276 18,872, ,984 5,422,260 19,048,

129 3 3.1 (a) (i) 5% 214 5% % 42 (ii) (iii)

130 3 3.1 (a) (iii) ,147 11,147 11,147 12,954 14, ,049 19,690 53,113 12,992 85, ,844 4,572 4,572 4,572 5,751 12,182 17,933 8,833 15,033 23,866 41,

131 3 3.1 (b) 36(a) (c)

132 3 3.1 (c) ,678 31,380 44,786 13, , ,611 39,611 40(d) 51,671 51, , , ,776 16,840 10,701 21,155 48, ,272 10,272 40(d) 18,213 18,

133 ,844,019 41,798, (17,726,623) (4,371,010) 18 (52,086,050) (22,687,280) 43,031,346 14,740,343 35,411,153 19,420, % 75.90%

134 , , , , , ,

135 5 (a) (b) (c) 5%

136 5 (d) 8 (e)

137 6 34,610, ,504 35,420,437 (76,945) (76,945) 34,610, ,559 35,343,492 4,688, ,515 4,848,031 (866,403) (49,826) (916,229) (1,234,144) (105,298) (1,339,442) 3,275,216 5,058 3,280,274 (20,002) (2,688) (22,690) 392, ,232 (3,185,864) (4,724) (3,190,588) 1,357,209 1,357,209 4,406,759 2,038 4,408,797 32,268 2,537 34, , ,

138 6 289,000,762 1,796, ,797, ,480,358 2,012, ,492,608 22,511, ,416 23,072,559 (61,616) (61,616) 22,511, ,800 23,010,943 2,810,857 46,408 2,857,265 (633,674) (27,380) (661,054) (715,095) (59,920) (775,015) 4,109,545 2,445 4,111,990 (258,404) (7,224) (265,628) 123, ,521 (2,514,592) (5,983) (2,520,575) 1,693,207 1,693,207 4,615,365 (51,654) 4,563,711 23,081 4,631 27,

139 6 113,644, , ,006,533 83,840, ,623 84,375, ,797, ,006,533 2,385,982 1,502, ,183, ,508, ,492,608 84,375,891 8,790,371 4,379,412 8,488,966 7,333, ,771,945 96,088,

140 7 72,762 31,387 25, ,189 (32,204) (23,242) (11,928) (67,374) 40,558 8,145 13,112 61,815 40,558 8,145 13,112 61,815 5,320 4,920 5,378 15,618 6,462 5,130 12,470 24,062 (2,254) (724) (2,978) (365) (580) (901) (1,846) (11,188) (8,934) (7,590) (27,712) 38,533 7,957 22,469 68,959 74,295 44,666 38, ,795 (35,762) (36,709) (16,365) (88,836) 38,533 7,957 22,469 68,959 38,533 7,957 22,469 68,959 9,630 18,449 7,859 35, ,742 8,854 63,889 53, , (279) (7) (286) (1,615) (11,452) (76) (13,143) (17,419) (9,112) (8,274) (34,805) 363,742 37,704 69,724 75, , ,742 85, ,245 99, ,397 (47,727) (40,521) (24,623) (112,871) 363,742 37,704 69,724 75, ,

141 8 239, ,046 (239,000) 656,

142 8 (a) 656,046 5%-10% % 5%

143 8 (b) 1 39, , ,072 9 (a) 411, ,699 10,205 1, , ,269 (a) 228, ,985 38(a) 182,449 80, , ,699 15% 14%

144 10 24,679,369 10,691,975 9,873,491 4,568,606 34,552,860 15,260, ,450 1,501, , , (a)(b) 521,115 1,357,209 1,693, ,691,975 7,927,863 5,634, ,923 (a) 6,401,571 1,471,200 (b) 589, , ,551 1,231, ,261,740 67,840 (49,869) (49,995) 38 (28,417) (1,153,375) 588,450 1,501,411 (447,680) (1,294,351) 24,679,369 10,691,

145 (a) (b) (c) (a) * 10,001 40% 2,500 63% 51% 50 80% 80% 2,000 49% 49% 2, % 39.2% * 5 50% * % % 47% * 55 50% * 60 50% *

146 (b) A 15,305,324 21,894, , ,559,793 15,358,594 28,627 5,037,782 2,008,992 1,498,720 23,268 32,957 4,363,667 1,000,000 4,798,717 2,471,210 2,782, , , , , ,123 2, ,836 5, , ,

147 (c) A 2,008,992 1,498,720 80% 80% 1,607,194 1,198,976 23,072,175 9,492, , , , ,

148 ,568,606 4,120, (a)) 5,641,999 1,593, ,500 (86,975) (18,406) 247, ,796 (591,755) (1,231,810) 9,873,491 4,568,606 (a) 4,000907,029, % 220,000, % 5,140 * 21.08% 1,320 47% 47% 2,000 49% 49% 2, % 49.5% *

149 (b) A 3,639,316 6,026,574 61,745 36,307 1,092,991 2,004,240 1,080,000 2,608,070 2,978, , , ,588 1,080,000 A 2,326,326 2,697, , , , , ,507 6,495 28, , , ,

150 (c) A 2,608,070 2,978, % 49.5% 1,290,995 1,474,427 8,582,496 3,094,179 (4,060) (30,624) (4,060) (30,624)

151 ,034, , ,351, ,117 2,385,982 1,502, ,432 1,327, ,007,939 3,051,828 8,790,371 4,379,412 6,404,389 2,876,983 (A) 991, , ,716 52,498 1,451,953 46,703 75,449 28,108 (36,644) 113,616 77,887 79,327 4, ,065 (41,327) (149,922) (33,022) (934) (225,205) 1,075, , ,802 19,771 1,502,429 81, ,465 46,308 50, , , ,388 18,902 72, , (21,834) (9,323) (31,157) 1,305, , , ,325 2,385,

152 11 (a) 1, (b) 3,556,577 1,873,635 3, , ,532 5,886,751 (247,385) (3,433) (89,342) 94,957 (245,203) (548,959) (548,959) 900, , ,491 1,912,061 (2,173,341) (434,163) (17,734) (2,625,238) 1,734,978 2,075, , ,489 4,379,412 (722,675) 25, , ,743 (455,599) (553,101) (553,101) 38 2,985,862 2,559,414 3,894 5,549, (61,024) (64,593) (3,894) (129,511) 4,106,715 3,848,102 25, , ,232 8,790,

153 12 160,000 2% ,300,406 23,865,555 13,649,383 5,936,959 9,111,121 4,390, ,060,910 34,192,734 (98,394) (50,075) 106,962,516 34,142, ,246,932 10,910, ,715,584 23,232, ,962,516 34,142,659 79,52917,

154 14 24,640,067 16,413,728 (981,405) (686,599) 23,658,662 15,727,129 2,6516, (a) 819,863 92,011 (c) 2,304, ,024 (b) 678, ,575, , , , ,494 22,810 1,806, , , ,474 8,498, ,159 (81,874) (27,678) 8,416, ,

155 15 (a) ,554 55, , ,658 34, ,445 2, ,863 92, ,001 79, ,862 12, ,863 92,

156 15 (b) (c) 16 1,657,285 4,722,036 1,710,963 1,214, , ,978 1,116, , ,313 2,106,690 1,465, ,532 61,897 5,928,319 4,166,

157 17 12,455,175 3,070,505 (a) 5,075,336 1,287, ,112 12,771 17,726,623 4,371,010 (a) 18 51,570,966 20,528,663 93,148 1,896, , ,113 52,086,050 22,687,

158 ,000,000 1,000,000 3,382, , ,963 17,253 1,725 1,366 3,399, , ,329 (a)20 5, (b) 453,074 45,307 39,630 3,857, , ,408 (a) 20(i)) 20(ii))39,920,000 (b) ,000,000 2,

159 20 (i) (ii) 166,374,246 5% 30% 30%40% (1) (2)(3) % 44.91%2.6% 2.1% 0.827% 1.129%

160 20 (II) , , , , (5,215) 3.34 (17,253) 7.04 (584) 5.94 (772) 5.11 (4,578) , ,870 94,267,000 11,517,00052,640,000 26,214, ,108 13, ,591 12, ,133 24, ,205 28, ,001 32, , , ,

161 21 2,555, ,742 3,203,001 (93,853) (93,853) 28 47,395 47,395 44,129 44,129 1,548,184 1,548, (644,414) (644,414) 1,954,974 2,149,468 4,104,442 1,954,974 2,149,468 4,104, (74,492) (74,492) 28 57,890 57,890 12,289 12,289 2,409,530 2,409, , , (659,566) (659,566) 3,717,227 3,019,976 6,737,

162 21 (A) 10%50% 25% 10% 50% ,

163 23 (a) 12,590,923 7,303,339 21,050,567 1,031,517 (b) 1,078, , , , ,495 1,115, , , ,707 1,213, , , ,160 2,255, , , ,038 41,413,335 10,943,950 (a) 90 6,294,239 4,628, , , ,668, , ,807,911 1,739,431 12,590,923 7,303,339 (b)

164 24 31,178,520 23,094,089 35,732,344 1,520,000 (a) 2,758,441 8,389,829 (d) 3,171,847 72,841,152 33,003,918 76,000 3,611,230 (b) 9,921,436 5,967,000 (c) 14,816, ,266,696 38,970,918 (e)(i) (21,067,014) (11,756,678) 80,199,682 27,214,240 6,679,423 1,481,715 4,741,200 1,300,000 (d) 110,700 11,531,323 2,781,715 46,000 46,000 11,577,323 2,827,715 (e)(i) 21,067,014 11,756,678 32,644,337 14,584, ,844,019 41,798,

165 24 (a) % 400,000,000 35% % (i) 100% % 102.2% (i) (1)1% (2)104.4%

166 24 (b) 2,500, % 5 2,500, % 5 1,000, % 5 1,200, % 5 2,800, % 7 10,000, % 0.3% 0.6% 3,988 25(b)) (c) 1,500, % 4 5,000, % 7 3,500, % 5 2,700, % 6 2,300, % 6 15,000,

167 24 (c) 14,947 25(b) (d) 1,158 2, % 5.7% (e) (i) 35,608 2,766 20% 80% 10, (ii) ,565,333 8,514, ,623,359 18,699, ,010,990 80,199,682 27,214, % 7.6%

168 24 (e) (iii) 2,997 25, (iv) 6 7,873,868 12,201, ,175,866 5,731,950 27,049,734 17,933,378 (v) 84,37235,786 82,18023,

169 24 (f) 41,798, ,216, (3,329,000) 38 12,506,366 (51,043,865) (233,384) 178, , ,844,019 34,383,795 34,592,153 (7,495,095) 5,420,790 (26,247,463) 136,753 1,007,700 41,798,633 (g) 107,421,759 22,749, ,436 4,579,276 18,872, , ,844,019 41,798,

170 25 (a) (b) ,237,771 18,384, ,289,025 1,266, ,046, , ,448 45, ,902 26, , , , ,516 35,107 27,938 16,000 8,764 10,676 14,

171 27 5% a) 5% 5% 5% b) 5%/11% 5% 6% c) 7% d) 3% e) 0%-2% f) 0%-2% , ,109 95,217 67,392 53,105 43, ,890 47,395 1,046, ,

172 ,693, , ,880 1,857,061 22, , , ,696 (a) 873,696 1,000, , ,443 3,280,274 4,111,990 (a) , ,089 94, , ,696 1,000,

173 ,791 81,284 22,690 36,553 22, , ,161,660 2,908, ,408 39,763 (2,007,466) (1,227,932) 2,471,602 1,720, , ,088 3,190,588 2,520,575 (392,232) (123,521) 2,798,356 2,397, % 7.6% 32 1,612,025 1,667,990 (845,481) (358,819) 766,544 1,309, ,894 (353,863) 1,470, ,

174 32 (a) 4,408,797 4,563,711 1,293,925 1,586,767 (175,973) 88,466 (347,816) (415,435) (378,718) (158,270) 141,657 94,541 68,194 7,452 (45,087) (36,106) (18,388) 101,717 14,008 29, ,743 94, ,544 1,309, % 16.5% 25% 10%

175 32 (b) 30% 60% 33 (a) 2,478,353 3,297,828 3,467,309 3,394,387 (b) 2,478,353 3,297,828 3,467,309 3,394,387 25,102 34,558 3,492,411 3,428,

176 34 4,408,797 4,563, ,190,588 2,520, (271,880) (1,857,061) 29 (22,705) (172,967) 29 (1,693,354) (702,875) 10 (521,115) (126,622) , (100,696) ,805 27, (836,094) (1,693,207) 29 (873,696) (1,000,644) 28 57,890 47,395 (349) 30 81,284 (2,420,832) 45,164 (20,960,584) 10,939,546 3,458,153 1,303,393 10,062,517 (3,801,252) (1,718,115) (2,697,565) 16,236,654 10,046,598 8,030,635 17,670,

177 35 (a) 15,388,260 4,643,498 (b) 1,230, ,228 16,618,312 4,890,726 (c) 1 21,128 6, ,174 19, ,642 62,944 26,

178 36 (a) 11,379,423 4,879,760 (i) (ii) (a) 85%15% (b) % 1, % (c) 95%5%

179 38 (a) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) 432,375 1,771,577 37,889 4,521,956 3,623,930 16,502, , ,544 6,694,894 34,413, , ,459 17,375 2,119,130 3,662,000 3,757, , ,043 5,383,794 16,854, ,541 2,106,100 12,003,571 1,224,942 16,020,154 28,417 28, ,573 1,410,000 45,792 4,225,230 3,662,000 15,761, , ,043 6,608,736 32,902, , , , ,240 95,009 1,693,354 7,903 38,070 50,126 77,499 8, ,449 (i) % (ii) 1,410 (iii) % 25%

180 38 (a) (iv) 4,225 (v) 3,662 (vi) 35 15, (vii) 700 (viii) 80%

181 38 (b) (1) 19, ,532 3,547 13, , , , , , ,046 37, , ,000 1,261,740 6,500 6, , ,009 32, ,828 1,451,000 2,909,000 6,212,000 7,706,000 19,039,099 1,314, ,000 9,710,528 48,992,627 2,602,000 7,203,636 1,272,589 11,078,225 25, ,799 1,090,718 6,489,891 7, ,316 8,667,788 1,564,087 1,564, , , ,334 1,212, ,770 1,106,302 23,427 1,698, ,523 2,055 6,820, , ,107 8,021,

182 38 (b) (448,800) (1,714,310) (1,250,000) (6,671,500) (1,166,256) (11,250,866) (113,183) (1,137,158) (381,849) (2,053,288) (883,741) (580,694) (355,727) (43,530) (5,549,170) (433,648) (507) (95,420) (3,383,685) (8,175,119) (90,632) (16,771) (4,284,234) (16,480,016) (557,416) (1,278,278) (8,962,429) (461,736) (11,259,859) (206,600) (253,540) (62,913) (854,866) (1,377,919) (507,000) (748,500) (1,255,500) (6) (46,305) (1,082,772) 74 (92) (1,129,101) 480,417 1,771,577 37,889 4,521,956 3,623,930 17,757, , ,180 6,814,187 35,880,193 (48,042) (1,254,509) (44,636) (119,293) (1,466,480) * 432,375 1,771,577 37,889 4,521,956 3,623,930 16,502, , ,544 6,694,894 34,413,713 (2) (202,360) (1,410,000) (9,500) (4,096,517) (1,831,000) (2,960,000) (700,000) (256,043) (5,648,436) (17,113,856) ,523 2,055 6,820, , ,107 8,021,243 (202,360) (1,409,986) (8,569) (3,605,994) (1,828,945) 3,860,437 (699,898) (252,969) (4,944,329) (9,092,613) *

183 39 (a) (b) (c) 45, ,583 4, , ,901 (2,350) 38,551 (74,365) (393,806) 3,917 (464,254) 29 11, ,777 5, ,880 11, ,777 5, ,880 (a) 45 45% 55% (b) % (c) 440% 60%

184 39 (d) ,050 30,107 31,157 5,457,151 5,457,151 14,454 14, , ,944 1,495,084 3, , ,430 6, ,617 31, ,309 2,062,241 99, ,639 2,466, , , ,822 (1,988,000) (435,000) (906,000) (3,329,000) (121,475) (8,036) (129,511) (1,281,470) (632) (169,962) (1,452,064) (366,396) (366,396) (4,510,613) (701,037) (5,211,650) 2,288 (21,715) (30,032) (49,459) 74, ,806 (3,917) 464,254 74, ,806 (3,917) 464,254 (e) 45, ,583 4, ,583 (309,891) (216) (42,715) (352,822) (264,891) 648,367 (38,715) 344,

185 40 (A) (B) (1) (50,141,620) (16,704,027) 59,803,069 22,231,186 9,661,449 5,527,159 (2) 778, ,520 11, , ,

186 40 (c) 36,906 24,177 16,630 19,142 53,536 43,319 (d) 24,083,350 5,763,589 10,772,795 4,536,783 1,324, ,818 36,180,351 11,279,190 1,205, , ,958 34, ,437 85,790 1,738, ,859 37,919,092 11,660,049 48,084,803 13,513,680 3,586,308 4,699,242 51,671,111 18,212, % 11%

187 41 8,416, ,481 17,726,623 4,371,010 52,086,050 22,687,280 37,919,092 11,660, ,148,190 39,688, , , ,844,019 41,798,633 51,671,111 18,212,922 39,611,282 10,271, ,126,412 70,283, ,

188 , , (1) 1, (2) 2, % 6.25%

189 43 (3) 8.61% 15% %15,041 (4) , %

190 44 13,450,458 12,930,894 8,593,535 8,096, ,081 3,245,867 9,122,637 11,342,213 22,573,095 24,273, , ,329 (a) 5,393,140 3,572,997 (a) (3,940,993) (2,451,763) 1,783,555 1,412,563 4,758,441 8,778,815 3,979,278 5,726, , ,303 11,912,301 8,162,898 16,031,099 14,081,729 20,789,540 22,860,544 22,573,095 24,273,

191 44 (a) 2,555,259 1,570,628 (1,309,349) 2,816,538 (1,142,414) (1,142,414) 47,395 47,395 44,129 44,129 (644,414) (644,414) 1,954,974 1,618,023 (2,451,763) 1,121,234 1,954,974 1,618,023 (2,451,763) 1,121,234 (1,489,230) (1,489,230) 57,890 57,890 12,289 12,289 2,409,530 2,409,530 (659,566) (659,566) 3,717,227 1,675,913 (3,940,993) 1,452,

192 45 (A) 1,200 2, , ,385 2, , , , ,371 2, , ,416 2, , ,188 2, , ,888 2, , ,288 2, , ,200 1, , , , , , ,095 1, , , , ,429 1, , (B)

193 46 3, % 100% 50, % 100% Lead Sunny Investments Limited 50, % 100% 50, % 1 100% 100% 10, % 100% % 100% 1, % 100% 1, % 100% % 100% % 100% % 100%

194 % 5 100% % 54% % 100% % 100% % 100% % 100% 1, % 100% 8 100% 100% % 97% % % % % % 100% 1, % 100% 1, % 100%

195 46 2, % 100% % 75% % 1, % 100% % 100% % % 100% % % % 100% 2, % 100% % 100%

196 46 2, % 100% 2, % 100% % 100% % 100% % 51% 1, % 100% % 51% % 3, % 5 99% %

197 % 100% % 60% % 100% % 100% 1, % % 14, % % 100% % 100% % % % 30 70% %

198 % 100% % 1, % % % % % % % 100% % 100% 1 80% % 100%

199