( ) ( : 993)
2 3 6 14 19 31 46 65 70 71 72 74 75 77 180
Clarendon House 2 Church Street Hamilton HM 11 Bermuda 88 29 Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda 88 35 MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM08 Bermuda 183 22 993 www.hrif.com.hk 2
2017 28.3 102.2% 10.06 82.5%(ROE) 37.6%(ROA) 2.9% 6 3
463.2 107.9% 40.6 215.7% 2017 2017 2017 2018 4
20181 6 2 4 2018 5
55 36 6
41 2277 57 1199 3866 1728 I.T Limited 999 2196 600196 2208 002202 7
33 2686 8233 66 506 223 886 1918 474 726 1207 8
60 261 231 4121258 188 343UCAN.COM Group Limited 886 9
13.51B (i) Linewear Assets Limited (ii) 412 231 (iii) 261 (iv) 33 25 800 10
22 29(University of Leicester) (University of Wolverhampton) 600812 11
13
2,023,030,000 727,066,000 55,358,000 756,502,000674,963,000 1,402,029,000 2,834,890,000 102.2% 964,093,000 550,914,000 75.0% (i)(ii)(iii) 27.06 16.41 16.40 (GDP) 6.9% 14
1,307,439,000218,469,000 674,963,000 756,502,000 55,358,000 1,021,589,000572,241,00078.5% IPO 314,361,000219,412,000 43.3%298,604,000198,256,000 50.6% 15
401,230,000289,185,00038.8% 169,523,000144,685,00017.2% 4,948,219,000 4,236,463,000 16.8% 20 1.5 2.63 250,358,093 652,032,000 99,118,000 769,354,000 53,846,000 420,969,000 813.2% 1,340.7% 16
0.0013,588,466,011 3,338,107,918 4,062,822,000 1,286,941,000 216% 3,524,781,000 956,675,000 848,591,000 3,315,589,000 2,379,680,000 18,604,336,0001,500,000,000 11,634,000,000 500,000,000598,150,000 1,963,232,000 807,500,000 13,835,491,000 5,620,480,000 1,898,063,000 17
169137 18
1 1 2 4 6 9 70 179 3,588,466,011 1.70 6,100 6.3% 1.70 14 18 180 16 19
33 36 34 3774 119,946,000 2,580,000 9.2% 2.5% 5% 20
(i) (ii) (iii) 46 64 21
46 64 22
41 14A14A Huarong Finance 2017 Co., Ltd. 5,951,940 (1) (2) (3) (4) 3000 740 14A.56 41(b) 0.75% 15,000,000 23
13.21 13.21 700,000,000 1 50,000,000 2 100,000,000 3 50,000,000 4 700,000,000 4 1,050,000,000 5 40,000,000 6 40,000,000 7 775,000,000 8 2,720,000,000 9 24
100,000,000 10 1,100,000,000 11 650,000,000 7 300,000,000 4 1. 2. (i) (ii) 3. 51% 4. 5. (a)51% (b) (c) 500,000,000 6. 51% 7. 51% 8. 25
9. (i)(ii)1,000,000,000 10. 51% (5) (5) 11. (i) (ii) Moody s Investors Services Limited (S&P Global Ratings) Fitch Ratings Ltd.(iii)50,000,000 10 50,000,000 10 11 26
XV XV78 352 18 27
XV2 3 336 1 1,830,117,664 51% 1 1,830,117,664 51% Camellia Pacific Investment Holding LimitedCamellia 1,830,117,664 51% 2 129,000,000 3.59% 646,220,529 18.01% 2 129,000,000 3.59% 775,220,529 21.60% 2 28
1. 1,830,117,664 Camellia 11.90% 88.10% Camellia 2. (i)82%129,000,000(ii) 646,220,529 775,220,529 336 31 43 25% 47 3.21 29
183 22 183 22 30
2 31
D.3.1 9/(9) 6/(7) 10/(10) 10/(10) 5/(5) 1/(1) 0/(1) 3/(3) 3/(4) 4/(6) 9/(10) 1/(3) 32
3.13 33
A B A B A A B A A B A B A B A B 15 34
4/(4) 4/(4) 2/(2) 1/(2) 35
1/(1) 2/(2) 2/(2) 1/(1) 11 12 36
5/(5) 3/(3) 5/(5) 2/(2) 0/(1) 2/(2) 2/(2) 1/(3) 0/(1) 37
2/(2) 2/(2) 1/(1) 1/(2) 0/(1) 38
COSO (i)(ii) (iii) (iv) 39
40
65 69 2,725,000 480,000315,000 35,000280,000 41
20 1/(1) 1/(1) 1/(1) 1/(1) 0/(1) 0/(1) 1/(1) 42
58 2174(3) 88 29 comsec@hrif.com.hk 3 43
45
1 2 4 6 9 www.hrif.com.hk 46
ISO14064-1 47
(ir@hrif.com.hk) 48
1 1 49
50
51
59 59 60 52
60 142 (+16%) 1.2:1 0.6:1 0.7:1 53
61 Edward Altman Altman Z 1968 Z-Score 54
55
56
(info@hrif.com.hk) 57
5 2206 58
2 0.77 0.29 10.44 363 0.01 87 53 196 27 2 59
0.00013 3.8 432 0.01 261 171 60
142 3 7 4 1 46 3 35 50 30-50 30 20 23 2017 1.18:1 2016 1.18:1 58 19 2 13 11 9 1 3 50 30-50 30 2017 41% 2016 59% 38 2017 29% 1 3 3 2 9 50 30-50 30 12 4 4 2016 2% 61
A. A1 52 (a) (b) A1.1 59 A1.2 59 A1.3 A1.4 60 A1.5 52 A1.6 52 A2 53 A2.1 60 A2.2 A2.3 53 A2.4 A2.5 62
A3 52 53 A3.1 52 53 B. B1 53 54 (a) (b) B1.1 61 B1.2 61 B2 (a) (b) B2.3 54 55 54 55 B3 B4 (a) (b) 55 55 56 63
B5 57 B5.2 57 B6 56 (a) (b) B6.5 56 B7 57 (a) (b) B7.1 57 B7.2 57 B8 58 B8.2 58 64
70 179 65
4,023 224 129 136 159 19 20 43(i) (ii) (iii)(iv) (v) (vi)(vii) 66
20%9,303 190 4,35147% 13822 67
90 68
69
7 2,023,030 727,066 7 756,502 674,963 7 55,358 2,834,890 1,402,029 8 (144,210) (27,659) (10,375) (8,571) (288,907) (170,346) 21 200,705 31 (292) 22 (140,129) (50,077) 21 (30,916) 23, 24 374 625 10 (1,158,237) (449,148) 21 1,126 9 1,264,029 696,853 13 (258,386) (145,939) 1,005,643 550,914 964,093 550,914 41,550 1,005,643 550,914 15 27.06 16.41 16.40 70
1,005,643 550,914 20 (5,039) (25,347) 20 (55,358) 10,458 (228) 477 (49,462) (25,575) 956,181 525,339 914,631 525,339 41,550 956,181 525,339 71
16 22,027 18,512 17 5,250 4,525 25 20,478 18 3,316 4,778 20 7,611,244 19 4,896,282 1,078,852 22 5,153,625 2,217,463 32 8,522 300 21 18,665 190 21 1,532,328 19,271,737 3,324,620 23 4,948,219 4,236,463 24 79,154 684,577 25 184,435 34,400 25 152,779 61,537 20 7,034,309 4,339,012 19 4,221,431 1,935,158 22 4,149,535 2,736,696 21 660,000 21 11,735 26 848,591 3,315,589 27 1,898,063 27 3,524,781 956,675 27,053,032 18,960,107 28 3,758,807 2,942,458 29 454,578 200,702 21 190 30 15,997,241 5,620,480 181,516 76,747 19 194,981 256,734 35 4,032,804 24,619,927 9,097,311 2,433,105 9,862,796 21,704,842 13,187,416 72
29 211,420 481 32 166,102 99,251 30 17,040,736 11,634,000 19 223,762 166,743 17,642,020 11,900,475 4,062,822 1,286,941 33 3,588 3,338 36 1,209,218 2,850,016 1,283,603 4,062,822 1,286,941 70 179 73
ii i 3,278 924,584 139,615 36,780 (369,102) 735,155 735,155 550,914 550,914 550,914 (25,347) (25,347) (25,347) (228) (228) (228) (25,347) (228) 550,914 525,339 525,339 33 60 63,167 (36,780) 26,447 26,447 3,338 987,751 139,615 (25,347) (228) 181,812 1,286,941 1,286,941 33 250 651,782 652,032 652,032 964,093 964,093 41,550 1,005,643 (5,039) (5,039) (5,039) (55,358) (55,358) (55,358) 10,935 10,935 10,935 (60,397) 10,935 964,093 914,631 41,550 956,181 1,433 (1,433) 36 (19,186) (19,186) 36 1,186,854 1,186,854 3,588 1,639,533 139,615 (85,744) 1,433 10,707 1,144,472 2,853,604 1,209,218 4,062,822 (i) (ii) 10% 50% 74
1,264,029 696,853 1,158,237 449,148 (1,367,780) (395,796) (756,502) (674,963) (55,358) (209,397) (25,548) 168,462 47,436 7,543 3,101 126 (746) (45) 292 (200,705) (1,126) (374) (625) 30,916 140,129 50,077 2,281 402 180,728 149,339 (3,954,433) (4,909,604) 252,673 (4,008,383) (111,720) (45,617) (5,011,008) (1,587,283) 2,466,998 (2,692,348) 816,349 2,340,189 97,369 21,728 4,032,804 (1,230,240) (10,731,979) (94,988) 713,042 266,366 (612,186) (10,465,613) 75
55,892 398 209,397 25,548 5,764,696 45 (15,893,017) (4,366,163) (725) 2,128 (11,058) (18,194) (660,000) (1,563,244) 142,000 (17,062) 1,149 (11,311,927) (5,016,283) 658,442 (6,410) 171,040 321,653 (344,236) (1,068,876) (336,718) (1,898,063) 10,353 17,941,159 15,729,010 (2,274,212) (2,326,050) 1,190,323 (3,469) (19,186) 14,346,512 13,398,248 2,422,399 (2,083,648) 956,675 3,040,911 145,707 (588) 3,524,781 956,675 76
1. Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda 88 29 Camellia Pacific Investment Holding LimitedCamellia 1,000 100% 100% 100% 100% 141,750,000 126,150,000 3,620,000,000 2,620,000,000 100% 100% 1 100% 100% Linewear Assets Limited 1 100% 100% 77
1. 1 100% 1 100% 100% 100 100% 100% 45,000,000 100% 100% 100 100% 100% 100 100% 100% Huarong International Asset Management Great China Investment Fund Limited 1 100% 100% Huarong International Asset 232,853,873 71% Management Great China Investment Fund L.P. GCI Fund a 100 100% 100% 78
1. 1 100% 100% 100 100% 100% Cottonfield Enterprises Limited 100 100% 100% Huarong International Asset 40,000,000 90% 90% Management Growth Fund L.P. Growth Fund b Beaverway Limited 100 100% 100% Champion Sense Global Limited 100 100% 100% Diamond Fox Limited 100 100% 100% Dragongate Ventures Limited 100 100% 100% Eternity Sky Investments Limited 100 100% 100% 79
1. 100 100% 100% 100 100% 100% Ever Ascend Investments Limited 100 100% 100% 100 100% 100% 100 100% 100% 100 100% 100% 100 100% 100% 100 100% 100% Concept Pioneer Limited 100 100% 100% Bridge Rock Industry Fund Limited 1 100% 100% 80
1. Bridge Rock Industry Fund L.P.BRI Fund c 268,000,000 50% Valley Stone Industry Fund Limited 1 100% 100% 30,000,000 100% 100% Huarong International South China Investment Fund Limited d 1 100% Huarong International South China Investment Fund Limited Partnership SCI Fund e 99,996,000 60% Vigorous Plan Investments Limited 1 100% 100% Paragon Resort Fund L.P. PRF Fund f 65% 100 100% 100% 100 100% 100% 100 100% 100% 81
1. 100% 13,762,800 (a) GCI Fund (b) Growth Fund Growth Fund (c) BRI FundBRI Fund (d) Huarong International South China Investment Fund Limited31 (e) SCI Fund SCI Fund SCI Fund Huarong International South China Investment Fund Limited (d) (f) PRF Fund PRF Fund 82
2. 622 2 17 36 4 83
3. 7 12 12 7 (i)(ii) (iii)(iv) (v) 46 46 84
3. 9 1 15 1 16 2 17 4 1 22 2 23 2 1 4 4 9 1 9 2 10 3 28 40 1 28 2 28 1 2 1 2 3 4 85
3. 9 9 9 9 9 9 39 9 39 86
3. 9 9 22 23 24 9 20 9 20 9 20 9 9 87
3. 9 20 9 9 20 9 9 20 9 19 39 9 88
3. 9 9 9 9 9 1% 15 15 15 18 11 15 15 15 15 89
3. 15 15 15 15 16 16 16 17 16 16 16 40 116,921,000 16 16 17 16 90
4. 91
4. 92
4. 39 36 36 93
4. 39 94
4. 95
4. 96
4. (i) (ii) 39 43 (a)(b) (c) 97
4. 98
4. 99
4. 39 100
4. 101
4. 102
4. 103
4. (a) (b) (c) (d) (e) 104
4. 105
4. 106
5. 4 268,034,000 179,877,000 116,835,000 50,077,000 107
5. 19 20 43 6. (a) (b) (c) 108
6. (a) 401,230 314,361 1,307,439 2,023,030 756,502 756,502 55,358 55,358 6,085 357 (121,527) (115,085) (41,501) (16,114) (229,935) (287,550) 200,705 200,705 (292) (292) (196,291) (947,787) (1,144,078) 1,126 1,126 169,523 298,604 1,021,589 1,489,716 (29,125) (196,562) 1,264,029 (258,386) 1,005,643 109
6. (a) 289,185 219,412 218,469 727,066 674,963 674,963 2,340 (2) (44,918) (42,580) (35,730) (21,076) (76,984) (133,790) (111,110) (78) (199,289) (310,477) 144,685 198,256 572,241 915,182 14,921 (233,250) 696,853 (145,939) 550,914 110
6. (a) 5,993,311 120,534 35,319,758 41,433,603 8,522 i 4,882,644 46,324,769 1,483,703 333,812 9,663,487 11,481,002 181,516 166,102 ii 30,433,327 42,261,947 111
6. (a) 358,632 358,632 537,439 537,439 67,677 67,677 72,764 72,764 304,221 304,221 756,502 756,502 (168,462) (168,462) (663) (19) (826) (6,035) (7,543) 374 374 (140,129) (140,129) (30,916) (30,916) 3,452 7,606 11,058 18,665 18,665 112
6. (a) 7,463,761 89,897 14,555,346 22,109,004 300 i 175,423 22,284,727 2,957,135 110 424,830 3,382,075 76,747 99,251 ii 17,439,713 20,997,786 113
6. (a) 212,747 212,747 94,632 94,632 61,238 61,238 11,958 11,958 674,963 674,963 (47,436) (47,436) (330) (19) (19) (2,733) (3,101) 625 625 (50,077) (50,077) 18,194 18,194 190 190 114
6. (a) i 4,749,514,000 95,484,000 190,000116,572,000 60,033,000 1,462,00016,558,000 18,254,000 ii 290,539,000 185,233,000 30,142,788,000 17,254,480,000 (b) 1,860,163 727,066 56,040 28,005 162,867 13,696 2,023,030 727,066 69,736 28,005 (c) 10% 115
7. 23,228 22,959 358,632 212,747 19,370 53,479 401,230 289,185 279,083 166,076 33,678 52,536 1,600 800 314,361 219,412 209,397 25,548 537,439 94,632 67,677 72,764 61,238 304,221 11,958 54,495 24,177 59,724 1,722 916 1,307,439 218,469 2,023,030 727,066 756,502 674,963 20 55,358 2,834,890 1,402,029 116
8. 27,047 15,221 (45,851) 4,510 19 (168,462) (47,436) 43,056 46 (144,210) (27,659) 9. 7,543 3,101 (45) 42,803 33,321 216 350 43,019 33,671 2,281 402 3,205 2,380 10,169 10,255 11 8,743 7,477 11 * 117,249 71,634 2,469 1,887 126 (746) 1,096 878 * 114,000 77,000 117
10. 277,318 12,094 19,284 814,555 437,000 47,080 54 1,158,237 449,148 11. 894 705 2,330 3,975 59 51 5,460 2,746 7,849 6,772 8,743 7,477 118
11. (a) 327 217 576 704 506 2,330 813 310 663 2,283 1,391 5,460 8 6 17 15 13 59 1,148 533 1,256 3,002 1,910 7,849 (b) 119
11. (c) 306 108 298 182 894 306 108 298 182 894 120
11. (a) 737 1,057 44 641 739 757 3,975 1,940 584 222 2,746 18 7 11 6 9 51 2,695 1,648 44 874 745 766 6,772 (b) 121
11. (c) 250 250 92 113 705 250 250 92 113 705 122
12. 11 8,523 9,760 122 159 8,645 9,919 1,000,001 1,500,000 1 1,500,001 2,000,000 3 3 2,000,001 2,500,000 1 1 2,500,001 3,000,000 1 5 5 123
13. 16.5% 16.5% 25% 186,384 60,503 13,412 199,796 60,503 (39) 32 58,629 85,436 258,386 145,939 1,264,029 696,853 16.5% 208,565 114,981 (6,813) (3,312) 30,724 15,911 11,015 8,263 (39) (27,234) 41,780 10,096 1,102 (714) 258,386 145,939 124
14. 1.70 15. 964,093 550,914 54 964,093 550,968 3,563,335 3,358,156 990 3,563,335 3,359,146 20 1.5 2.63 250,358,093 652,032,000 125
16. 18,560 15,281 33,841 5,868 5,190 11,058 (360) (360) 24,428 20,111 44,539 (5,280) (10,049) (15,329) (5,010) (2,533) (7,543) 360 360 (10,290) (12,222) (22,512) 14,138 7,889 22,027 126
16. 3,894 11,753 15,647 14,666 3,528 18,194 18,560 15,281 33,841 (3,264) (8,964) (12,228) (2,016) (1,085) (3,101) (5,280) (10,049) (15,329) 13,280 5,232 18,512 25% 25% 33% 127
17. 293 293 250 250 250 250 1,044 561 1,874 1,662 1,539 1,509 5,250 4,525 18. 20,171 2,428 22,599 31 (1,462) (1,462) 20,171 966 21,137 17,821 17,821 2,350 2,428 4,778 2,350 966 3,316 128
18. 19. (i) (iii) 2,136,536 1,078,852 (iii) 2,759,746 4,896,282 1,078,852 (iii) 2,177,419 659,712 705,662 545,705 (iii) 469,080 101,209 3,453,370 1,205,417 (i) (iii) 79,394 294,615 (ii) (iii) 398,302 385,783 (iv) 272,852 49,343 (iv) 17,513 768,061 729,741 4,221,431 1,935,158 129
19. (v) 194,981 256,734 (vi) 223,762 166,743 (i) Growth Fund 30,000,000 233,625,00040,000,000 310,660,0004.5 3.00 30,000,000 557,775,000 404,941,000 20,000,000 155,250,0006 0.86 165,490,000 130
19. (i) 500,000,000 7 3.476 757,472,000 673,911,000 100,000,000 5 0.675 25,000,000 79,394,000 129,125,000 800,000,000 7 8 3.27 821,289,000 131
19. (ii) 275,000,000 4 0.77 30 315,032,000 273,705,000 83,270,000 112,078,000 (iii) 2,760,000,000 132
19. (iv) 339,659,000 190,798,000 49,213,000 49,343,000 900,000,000 900,000 17,513,000 181,073,000 84,461,000 728,671,000 135,622,000 133
19. (v) GCI Fund GCI Fund71%GCI Fund GCI Fund8% 60% 40% GCI Fund 80,105,000 GCI Fund GCI Fund PRF Fund PRF Fund65%PRF Fund PRF Fund8% 60% 40% PRF Fund 51,121,000 VD Fund Visual Dome Fund L.P.VD Fund50% VD FundVD Fund 10.5% 20% 80%VD Fund 143,860,000 134
19. (v) SCI Fund SCI Fund60%SCI Fund SCI Fund SCI Fund 9% 30% 70%SCI Fund 43,326,000 SCI Fund BRI Fund BRI Fund BRI Fund 50% BRI Fund BRI Fund BRI Fund BRI Fund 100% BRI Fund 10% 12%30% 70% BRI Fund 133,303,000 BRI Fund (vi) Growth Fund Growth Fund90% Growth Fund Growth Fund Growth Fund 12% Growth Fund Growth Fund 12% 20% 80% Growth Fund 223,762,000 166,743,000 135
20. 3,891,956 2,815,649 903,639 7,611,244 1,537,308 1,044,239 5,282,534 3,294,773 214,467 7,034,309 4,339,012 14,645,553 4,339,012 5,039,000 25,347,000 5,764,696,000 55,358,000 136
21. 17,062 190 1,126 477 18,665 190 40% 40% 40% 164,000962,000 137
21. 33 16.5% 33 660,000,000 200,705,000 497,542,000 1,532,328,000 7 11,735,000 30,916,000 China Huarong Tianxing Oversea Acquisition Fund 1 Limited 49% 190,000 22. 9,493,366 5,004,236 (190,206) (50,077) 9,303,160 4,954,159 8,463,519 2,236,814 839,641 2,717,345 9,303,160 4,954,159 4,149,535 2,736,696 5,153,625 2,217,463 9,303,160 4,954,159 138
22. 2% 11%5% 9% 8,267,232,000 2,236,814,000 505,628,000 2,184,565,000 190,206,000 50,077,000 334,013,000 334,780,000 8.5% 196,287,000 198,000,000 5 47% 63% 139
22. 50,077 140,129 50,077 190,206 50,077 190,206,000 50,077,000 5,896,571 3,655,758 1,220,999 1,298,401 2,185,590 9,303,160 4,954,159 23. 4,949,148 4,237,786 (929) (1,323) 4,948,219 4,236,463 140
23. 1,323 1,951 (394) (628) 929 1,323 2.5 7.25 115 54% 57% 2,683,022,000 2,394,288,000 12,991,033,000 12,855,095,000 141
24. 7,653 8,902 7,845 629,685 56,368 45,104 7,531 1,109 79,397 684,800 (243) (223) 79,154 684,577 75,199 682,633 1,734 1,779 2,158 102 63 63 79,154 684,577 223 220 20 3 243 223 142
24. 243,000 223,000 246,000 226,000 34,137 23,630 1,734 1,779 2,158 102 63 63 38,092 25,574 42,168 15,677 35,789 668,900 1,197 79,154 684,577 143
25. 11,417 (a) 9,061 20,478 46,551 32,787 48,389 18,117 57,839 10,633 152,779 61,537 173,257 61,537 (b) 184,435 34,400 (a) 7 7 9,061,000 15 14 (b) 26. 144
27. 3,524,781 956,675 1,898,063 5,422,844 956,675 30 1,898,063 3,524,781 956,675 77,440,000 12,670,000 28. 3,758,807 2,942,458 2,950,110,000 2.12.8 686,662,000 2,931,001,000 145
29. 4,437 1,135 (i) 242,964 152,333 (ii) 54,444 47,234 88,402 (iii) 64,331 454,578 200,702 1,322 481 (iii) 210,098 211,420 481 (i) 2,379,680,000 1,500,000,000 3.85 6.023.856.02 500,000,000 5.76.138,242,000 9,516,000 (ii) 30,140,000 19,526,000 (iii) 19(iv) 146
30. 13,835,491 5,620,480 13,835,491 5,620,480 598,150 18,604,336 11,634,000 33,037,977 17,254,480 1,997,039 550,000 31,040,938 16,704,480 33,037,977 17,254,480 * 14,360,202 5,620,480 5,871,071 10,011,216 9,960,032 2,795,488 1,673,968 33,037,977 17,254,480 12,198,452 5,620,480 1,637,039 13,835,491 5,620,480 2,161,750 17,040,736 11,634,000 * 147
30. 2,379,680,000 18,604,336,000 1,500,000,000 11,634,000,000500,000,000 598,150,000 3.856.13.856.02 1,368,417,000 1,637,039,000 1,898,063,000 360,000,000 550,000,000 660,000,000 850,000,000 40,000,000 312,720,00030,000,000 232,680,000 1,963,232,000 807,500,00013,835,491,000 5,620,480,000 31. 1,000,0001,130,000100% Huarong International South China Investment Fund Limited19,000 Huarong International South China Investment Fund Limited 100% 1,462 1,462 148
31. 1,130 1,130 1,130 (1,462) (332) Huarong International South China Investment Fund Limited (21) (21) 19 19 19 21 40 149
32. (13,515) (13,515) 300 (85,736) (85,436) 300 (99,251) (98,951) 300 (99,251) (98,951) 8,222 (66,851) (58,629) 8,522 (166,102) (157,580) 268,034,000 179,877,000 116,835,000 50,077,000 150
33. 0.001 1,000,000,000 1,000,000 3,278,108 3,278 (a) 60,000 60 3,338,108 3,338 (b) 250,358 250 3,588,466 3,588 (a) 30,000,00060,000,000 (b) 20 1.5 2.63 250,358,093 652,032,000 75% 25% 34 151
34. 1% (a) (b) (c) (d) (e) (f) (g) (h) 0.1% 5,000,000 152
34. 211 (i) (ii) 327,810,791 9.14% 35. 3,209,716 823,088 4,032,804 4,032,804 4,828,868,000 1,537,308,000 153
36. 1,186,854 1,186,854 41,550 41,550 (19,186) (19,186) 1,186,854 22,364 1,209,218 152,964,000 1,190,323,000 3,469,000 1,186,854,000 37. 74 38. 30 39. 38 154
40. 50,849 43,841 66,072 99,741 116,921 143,582 41. (a) 11 (b) (i) 814,555 437,000 (ii) 47,080 11,197 (iii) 5,952 14,651 5,952 861,635 25,848 437,000 155
41. (b) (i) 2,379,680,00018,604,336,0001,500,000,000 11,634,000,0003.856.02 3.856.02 201,741,000 142,817,000 (ii) 500,000,000 598,150,000 5.76.1 2,981,000 11,197,000 (iii) Huarong Finance 2017 Co., Ltd.764,000 5,952,00014,651,000 156
42. 5,250 5,250 4,948,219 4,948,219 79,154 79,154 184,435 184,435 126,706 126,706 9,303,160 9,303,160 1,544,063 1,544,063 8,020,477 1,097,236 9,117,713 14,645,553 14,645,553 848,591 848,591 1,898,063 1,898,063 3,524,781 3,524,781 8,020,477 1,097,236 22,462,422 14,645,553 46,225,688 157
42. 3,758,807 3,758,807 247,401 247,401 33,037,977 33,037,977 4,032,804 4,032,804 418,743 418,743 418,743 41,076,989 41,495,732 4,525 4,525 4,236,463 4,236,463 684,577 684,577 34,400 34,400 28,750 28,750 4,954,159 4,954,159 660,000 660,000 2,418,962 595,048 3,014,010 4,339,012 4,339,012 3,315,589 3,315,589 956,675 956,675 2,418,962 595,048 14,875,138 4,339,012 22,228,160 158
42. 2,942,458 2,942,458 153,468 153,468 17,254,480 17,254,480 190 190 423,477 423,477 423,477 20,350,596 20,774,073 43. 159
43. + 1 (a) 705,662 545,705 2 (b) 469,080 3 (b) 101,209 4 (j) 27.46% 53% 10% 24.71% 58.3% 290,365 49,343 40.19% 39.31% 23,989,211 50.56% (24,327,158) 535,000 18,728,000 5 2,215,930 1,373,467 (c) 21.05% 56.77% 39.31% 50.56% 16.45% 27.88% 10% 18.95% 62.44% 35.55% 55.62%) 19,009,000 (19,191,000) 17.62% 28.70% 10%14.81% 30.67% 15.86% (10,669,000) 9,027,000 31.57%) 27,695,000 (27,218,000) 160
43. + 6 (c) 25.5% 10% 22.95% 28.05% 30.37% 27.33% 5,010,000 1,530,000 385,783 33.41%) (45,000) 398,302 20.64% (13,000) 23.29% 10%18.58% 22.70% 20.96% 25.62%) 5,817,000 (5,637,000) 6,648,000 (6,409,000) 7 (b) 2,759,746 8 (a) 2,177,419 659,712 9 (a) 4,322,147 10 10,711,798 16,865 (b) 11 (d) 12.5% 10% 903,639 11.25% 13.75%) (151,744,000) 199,071,000 161
43. + 12 (h) 10% 214,467 (21,447,000) 21,447,000 13 (g) 10% 475,865 (43,260,000) 52,874,000 14) (i) 10% 2,339,784 (212,708,000) 259,976,000 1 (e) 194,981 256,734 2 (f) 31.23% 10% 28.11% 34.35% 39.31% 35.38% 43.24% 206,000 (111,000) 1,669,000 223,762 166,743 16.45% 17.62% 10%14.81% 18.10% 15.86% 19.38%) (1,790,000) 505,000 (501,000) (4,000,000) 4,107,000 162
43. (a) (b) (c) (d) (e) (i) (ii) (f) (i)(ii) (g) (h) (i) (j) 19 20 163
43. 2,883,081 3,330,035 2,904,597 9,117,713 13,527,447 1,118,106 14,645,553 2,883,081 16,857,482 4,022,703 23,763,266 194,981 223,762 418,743 1,205,417 1,808,593 3,014,010 4,322,147 16,865 4,339,012 5,527,564 16,865 1,808,593 7,353,022 256,734 166,743 423,477 164
43. 1,808,593 315,806 800,000 1,299,535 (180,200) (236,372) 476,204 429,624 2,904,597 1,808,593 1,112,041 6,065 1,118,106 166,743 57,019 135,582 54,429 (23,268) 223,762 166,743 165
43. 476,204,000 6,065,000 44. 4,715,521 570,431 41,057 668,900 1,197 2 1,220,999 1,298,401 2,185,590 11,187,663 4,339,012 166
44. 104,072 13,255 261 403 1,898,063 2,030,432 317,235 89,464 12,670 6,214 59 8 68,961 332 4,264 1,619 (3,054,177) (3,618) (289) (403) (21,059,188) (12,254,480) (1,637,039) (244,225) (144,513) (23,120) (156) (223,762) (166,743) (4,032,804) 167
44. 5% 25,899 5% 590 1920 5% 5%10% 10% 168
44. 5% 705,662 29,461/ (29,461) 5% 469,080 19,584/ (19,584) 5% 101,209 4,225/ (4,225) 10% 2,215,930 191,429/ (183,561) 10% 290,365 (63,093)/ 93,263 5% 2,177,419 90,907/ (90,907) 10% 398,302 3,086/ (2,117) 10% 2,759,746 230,438/ (230,438) 10% 14,645,553 1,222,903/ (1,222,903) 5% 10% 418,743 69,761/ (70,071) 169
44. 5% 545,705 22,783/ (22,783) 10% 1,373,467 80,215/ (67,218) 10% 49,343 (5,301)/ 16,284 5% 659,712 16,810/ (16,810) 10% 385,783 (38,413)/ (16,810) 10% 4,339,012 362,308/ (362,308) 5% 10% 423,477 (30,437)/ 30,073 170
44. 5050 36,050,829 23,287,000 5050 100100 368,313,000 307,692,000 146,634,000 141,538,000 171
44. 22 23 24 2,221,412,000287,950,000 1,544,063,000 660,000,000 22 172
44. 3,639,813 118,994 3,758,807 3,758,807 239,176 8,225 247,401 247,401 4.25% 13,835,491 2,910,674 16,221,645 3,421,620 36,389,430 33,037,977 705,460 3,327,344 4,032,804 4,032,804 194,981 223,762 418,743 418,743 17,475,304 1,063,630 6,441,224 16,445,407 3,421,620 44,847,185 41,495,732 2,932,765 9,693 2,942,458 2,942,458 113,668 39,800 153,468 153,468 4.56% 5,798,324 10,469,229 1,772,820 18,040,373 17,254,480 190 190 190 256,734 166,743 423,477 423,477 8,731,279 123,361 296,534 10,635,972 1,772,820 21,559,966 20,774,073 504,140 504,140 173
44. 45. 174
45. 5,022,257 (58,707) 4,963,550 (4,953,820) 9,730 3,815,499 (58,707) 3,756,792 (1,043) 3,755,749 175
45. 4,914,191 (39,364) 4,874,827 (4,245,112) 629,715 2,980,185 (39,364) 2,940,821 (561) 2,940,260 4,963,550 4,874,827 63,823 46,213 23 24 5,027,373 4,921,040 (3,756,792) (2,940,821) (2,015) (1,637) 28 (3,758,807) (2,942,458) 176
46. 19 30 29 423,477 17,254,480 152,333 17,830,290 168,462 168,462 17,941,159 17,941,159 (2,274,212) (2,274,212) 116,550 1,270 117,820 1,158,237 1,158,237 (1,068,876) (1,068,876) 171,040 171,040 (344,236) (344,236) 418,743 33,037,977 242,964 33,699,684 47. 48. 177
49. 13,838 16,275 133,756 16,516 8,164 3,891,957 1,563,600 20,478 5,631,793 32,791 22,715,268 15,975,088 101,209 11,735 6,819,842 994,676 132,696 11,841 93,083 55,820 1,898,063 2,805,411 79,041 34,577,307 17,116,466 57,376 125,533 2,950,110 277,064 184,635 59,357 9,061 3,723,488 13,102,052 4,770,480 20,169,447 5,089,709 14,407,860 12,026,757 20,039,653 12,059,548 553 12 17,040,736 11,634,000 17,041,289 11,634,012 2,998,364 425,536 33 3,588 3,338 1,209,218 1,785,558 422,198 2,998,364 425,536 178
49. 917,431 139,615 36,780 (598,524) 495,302 495,302 (89,194) (89,194) (89,194) (10,297) (10,297) (10,297) (10,297) (89,194) (99,491) (99,491) 33 63,167 (36,780) 26,387 26,387 980,598 139,615 (10,297) (687,718) 422,198 422,198 651,782 651,782 651,782 807,664 807,664 41,550 849,214 (81,530) (81,530) (81,530) (14,556) (14,556) (14,556) (96,086) 807,664 711,578 41,550 753,128 (19,186) (19,186) 1,186,854 1,186,854 1,632,380 139,615 (106,383) 119,946 1,785,558 1,209,218 2,994,776 (i) 179
2,834,890 1,402,029 168,003 46,368 39,356 30,945 198,893 126,936 2,834,890 1,402,029 198,948 245,261 166,292 1,264,029 696,853 175,905 (70,542) (579,087) (4,409) 20,195 (17,613) 1,264,029 696,853 171,496 (50,347) (596,700) (258,386) (145,939) (32,099) (16,281) (10) 1,005,643 550,914 139,397 (66,628) (596,710) (41,550) 964,093 550,914 139,397 (66,628) (596,710) 19,271,737 3,324,620 328,458 105,695 204,079 27,053,032 18,960,107 5,040,813 1,666,348 1,544,774 46,324,769 22,284,727 5,369,271 1,772,043 1,748,853 (24,619,927) (9,097,311) (711,041) (489,494) (192,141) (17,642,020) (11,900,475) (3,923,075) (26,378) (266,992) (42,261,947) (20,997,786) (4,634,116) (515,872) (459,133) 4,062,822 1,286,941 735,155 1,256,171 1,289,720 180