(incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) (Stock Code 股份代號 : 993) INTERIM REPORT 中期報告 2018

2 3 8 10 11 12 14 15 17 76

Clarendon House 2 Church Street Hamilton HM 11 Bermuda 2 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

1,107,670,000 865,281,000 819,919,000 264,555,00030,129,000 32,822,000 257,622,0001,162,658,000 1,156,342,000584,149,000 (i)(ii)(iii) 32.2216.51 (GDP) 6.8% 3

56,798,000 1,023,239,000 205,681,000996,977,000 4

5,001,000 193,069,0001,274,000186,232,000 245,716,000 190,406,000 62,511,000 171,884,000 5

0.001 3,588,466,011 2,547,426,0004,062,822,000 37.3% 2,959,807,000 3,524,781,0001,174,494,000 848,591,000 1,228.9% 813.2% 2,379,680,00018,678,106,000 200,000,000 237,220,000 500,000,000 12,389,898,00013,835,491,000 1,392,346,000 1,963,232,000 12,389,898,000 13,835,491,000 9,836,000,000 3,000,000,000 6

1,941,778,000 1,898,063,000 154 169 7

10 75 3434 34 2410 8

2 34 9

5 88,277 276,918 5 841,685 539,221 5 177,708 49,142 1,107,670 865,281 (819,919) 264,555 (30,129) 32,822 6 (107,829) (45,823) (9,244) (4,779) (126,245) (119,789) 15 200,705 7 5,435 (332) 17 & 18 (161,753) 149 16 (135,404) 21,853 2,265 8 (843,444) (481,038) 8,373 7,086 9 (1,088,371) 718,837 10 (34,879) (118,784) (1,123,250) 600,053 (1,156,342) 584,149 33,092 15,904 (1,123,250) 600,053 11 (32.22) 16.51 10

(1,123,250) 600,053 7,111 (32,822) (321,962) 30,129 (1,321) 609 (64) (103) (293,218) (25,205) (1,416,468) 574,848 (1,449,560) 558,944 33,092 15,904 (1,416,468) 574,848 11

17,772 22,027 7,565 5,250 11,417 20,478 3,316 3,316 12 7,888,367 4,896,282 13 7,611,244 14 1,526,463 16 1,901,567 5,153,625 8,354 8,522 15 26,497 18,665 15 456,721 1,532,328 11,848,039 19,271,737 17 4,871,956 4,948,219 18 36,993 79,154 204,118 184,435 263,504 152,779 12 8,880,555 4,221,431 13 7,034,309 14 4,943,963 16 6,153,983 4,149,535 15 2,402 11,735 19 1,174,494 848,591 20 1,941,778 1,898,063 20 2,959,807 3,524,781 31,433,553 27,053,032 12

21 3,484,979 3,758,807 22 466,519 454,578 35,439 23 20,091,269 15,997,241 216,760 181,516 12 548,076 194,981 25 4,395,881 4,032,804 29,238,923 24,619,927 2,194,630 2,433,105 14,042,669 21,704,842 22 162,211 211,420 26,508 92,569 166,102 23 11,213,955 17,040,736 12 223,762 11,495,243 17,642,020 2,547,426 4,062,822 24 3,588 3,588 26 1,208,803 1,209,218 1,335,035 2,850,016 2,547,426 4,062,822 13

3,338 987,751 139,615 (25,347) (228) 181,812 1,286,941 1,286,941 24(a) 250 651,782 652,032 652,032 584,149 584,149 15,904 600,053 7,111 7,111 7,111 (32,822) (32,822) (32,822) 506 506 506 (25,711) 506 584,149 558,944 15,904 574,848 26 765,885 765,885 3,588 1,639,533 139,615 (51,058) 278 765,961 2,497,917 781,789 3,279,706 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 9 3 85,744 (39,145) (51,016) (4,417) (4,417) 3,588 1,639,533 139,615 1,433 10,707 (39,145) 1,093,456 2,849,187 1,209,218 4,058,405 (1,156,342) (1,156,342) 33,092 (1,123,250) (321,962) (321,962) (321,962) 30,129 30,129 30,129 (1,385) (1,385) (1,385) (1,385) (291,833) (1,156,342) (1,449,560) 33,092 (1,416,468) 26 (33,507) (33,507) (61,004) (61,004) (61,004) 3,588 1,639,533 139,615 1,433 9,322 (330,978) (123,890) 1,338,623 1,208,803 2,547,426 14

211,206 (1,719,347) 55,115 442,246 (2,315) (1,732) (6) (4,114) 1,983,530 7 703,300 1,130 (1,295,986) 1,154,875 (7,413,292) (17,062) 1,098,360 (1,561,221) 142,000 1,713,343 (6,428,515) 56,740 2,831,220 12,781,315 (4,629,362) (2,245,800) (839,889) (413,248) (43,715) (1,202,124) (267,782) 223,226 (33,507) (61,004) 652,032 765,885 (2,553,031) 10,127,018 15

(628,482) 1,979,156 3,524,781 956,675 2,896,299 2,935,831 63,508 30,977 2,959,807 2,966,808 16

1. Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda88 29 2. 3416 17

2. 23 9,836,000,000 3,000,000,000 3. 18

3. 9 15 22 2 28 3.1 9 99 9(1) (2)(3) 19

3. 3.1 9 99 39 3.1.1 9 15 15 9 39 20

3. 3.1 9 3.1.1 9 3 21

3. 3.1 9 3.1.1 9 9 3.1.2 22

3. 3.1 9 3.1.1 9 9 12 12 12 15 9 12 23

3. 3.1 9 3.1.1 9 30 24

3. 3.1 9 3.1.1 9 90 25

3. 3.1 9 3.1.1 9 9 3.1.2 26

3. 3.1 9 3.1.2 9 939 39 9 39 4,948,219 4,657,898 9,117,713 14,645,553 (85,744) 1,144,472 9 (a) 6,863,409 7,782,144 (14,645,553) 85,744 (65,005) (20,739) (b) (517) (3,900) 25,860 (30,277) 6,863,409 4,947,702 4,653,998 16,899,857 (39,145) 1,093,456 (a) 91,537,000,000 903,000,000 2,816,000,000 10,000,000 27

3. 3.1 9 3.1.2 9 (a) 39 214,000,000 9214,000,000 2,000,000 6,649,000,000 67,000,000 2,526,000,000 9 31,000,000 (b) 9123.1.1 30,277,000 9 28

3. 3.1 9 3.1.2 9 (b) 39 9 39 9 929 517 1,446 190,206 3,900 194,106 25,860 25,860 191,135 30,277 221,412 3.2 15 15 15 1811 9 9 29

3. 3.2 15 15 15 18 11 15 3.2.1 15 15 15 30

3. 3.2 15 3.2.1 15 (a) (b) 3.2.2 15 27,000,000 35,000,000 15 15 31

3. 3.2 15 3.2.2 15 15 15 162,211 26,508 188,719 26,508 (26,508) 4. 466,519 35,439 501,958 35,439 (35,439) (a) (b) (c) 32

4. 244,795 5,001 857,874 1,107,670 (819,919) (819,919) (30,129) (30,129) 8,373 8,373 5,435 5,435 921 (78,432) (77,511) 245,716 5,001 (56,798) 193,919 62,511 (1,274) (205,681) (144,444) (843,444) (30,318) (70,165) (1,088,371) (34,879) (1,123,250) 33

4. 188,278 192,865 484,138 865,281 264,555 264,555 32,822 32,822 7,086 7,086 200,705 200,705 2,128 204 33,933 36,265 190,406 193,069 1,023,239 1,406,714 171,884 186,232 996,977 1,355,093 (481,038) (82,088) (73,130) 718,837 (118,784) 600,053 34

4. 6,157,738 5,993,311 557,490 120,534 32,513,577 35,319,758 39,228,805 41,433,603 8,354 8,522 4,044,433 4,882,644 43,281,592 46,324,769 1,411,943 1,483,703 327,255 333,812 6,850,131 9,663,487 8,589,329 11,481,002 216,760 181,516 92,569 166,102 31,835,508 30,433,327 40,734,166 42,261,947 35

4. (i)(ii) 1,026,038 817,170 28,911 56,040 81,632 48,111 26,237 13,696 1,107,670 865,281 55,148 69,736 36

5. (i) (ii) (iii) 17,548 13,335 (v) 4,002 24,672 (iv) 56,892 199,957 (vi) 8,975 38,102 (vi) 860 852 88,277 276,918 (vi) 299,941 209,602 (vi) 45,920 11,507 (vi) 100,389 37,799 (vi) 176,969 (iii) 218,466 174,943 (vi) 105,370 841,685 539,221 (vi) 177,708 49,142 1,107,670 865,281 (i) (ii) 15 9 (iii) 4 37

5. (iv) (v) (vi) 8,781,000999,00047,112,000 4 4 6. 30,291 8,766 (44,227) (32,433) (93,893) (22,156) (107,829) (45,823) 7. (a) Concept Pioneer LimitedConcept Pioneer Concept Pioneer703,300,000 Concept Pioneer 585,300,000 Concept Pioneer 118,000,000 38

7. (a) 507,934 214,397 (585,326) (24,466) 112,539 703,300 (585,326) 117,974 117,974 (112,539) 5,435 (b) 100% 1,000,000 1,130,000 39

7. (b) 1,462 1,462 1,130 1,130 1,130 (1,462) 8. (332) 23,881 26,333 446,326 364,316 299,091 90,389 74,146 843,444 481,038 40

9. 4,534 3,271 22,645 21,156 244 108 1,200 480 52,176 44,811 10. 103,201 91,891 5,043 5,107 108,244 96,998 (73,365) 21,786 34,879 118,784 16.5% 25% 41

11. (1,156,342) 584,149 3,588,466 3,537,788 42

12. (i) 814,991 2,136,536 (iii) 7,073,376 2,759,746 7,888,367 4,896,282 417,388 469,080 (iv) 495,000 (i) 1,213,638 79,394 (ii) 330,366 398,302 2,496,295 2,883,081 3,615,127 101,209 (iv) 312,741 272,852 (iv) 17,513 8,880,555 4,221,431 (v) 548,076 194,981 (v) 223,762 43

12. (i) Huarong International Asset Management Growth Fund LPGrowth Fund 30,000,000 233,625,000 40,000,000310,660,000 4.5 3.00 30,000,00010,000,000 487,275,000 557,775,000 500,000,0007 3.476 666,363,000 757,472,000 100,000,0005 0.67525,000,000 60,000,000 79,394,000 800,000,000 78 3.27814,991,000 821,289,000 44

12. (ii) 275,000,0004 0.77 30 220,000,000 315,032,000110,366,000 83,270,000 (iii) 7,073,376,000 2,760,000,000 (iv) 339,659,000 190,798,000 49,213,000 45

12. (iv) 900,000,000 900,000 17,513,000 133 9 54,000,000 1,085 976,500,000 7 495,000,000 181,073,000 95,171,000 84,461,000 46

12. (iv) 728,671,000 212,396,000 135,622,000 (v) PRF Fund Paragon Resort Fund L.P.PRF Fund65% PRF Fund PRF Fund 8% 60% 40% PRF Fund 31,057,000 51,121,000 VD Fund Visual Dome Fund L.P.VD Fund50% VD Fund VD Fund 10.5% 20% 80% VD Fund 211,587,000 143,860,000 47

12. (v) Growth Fund (i) Growth Fund 90% Growth Fund Growth Fund Growth Fund 12% Growth Fund (i) Growth Fund 12% 20% 80% Growth Fund 305,432,000 223,762,000 48

13. 3,891,956 2,815,649 903,639 7,611,244 1,537,308 5,282,534 214,467 7,034,309 14,645,553 97,782,000,000 6,863,000,000 3 29 49

14. 1,526,463 4,943,963 6,470,426 321,962,000 1,154,875,00030,129,000 25,860 25,860 25,860 25,860 (975) 975 (2,265) (2,265) 22,620 975 23,595 50

14. 3 51

15. 17,062 17,062 9,499 1,126 (64) 477 26,497 18,665 40% 40% 40% 40% 5,250,000 164,000 13,623,000 962,000 200,705,000Concept Pioneer 497,542,000 Concept Pioneer7 52

15. 456,721,000 1,532,328,0007 2,402,000 11,735,0009,323,000 30,916,000 16. 8,385,060 9,493,366 (329,510) (190,206) 8,055,550 9,303,160 7,772,853 8,463,519 282,697 839,641 8,055,550 9,303,160 6,153,983 4,149,535 1,901,567 5,153,625 8,055,550 9,303,160 53

16. 512 211 7,612,853,000 8,267,232,000 160,000,000 196,287,000 5 282,697,000 334,013,000 8.5% 505,628,000 43%47% 54

16. 9,303,160 190,206 9,493,366 (743,079) 311,640 431,439 (1,546,626) 428,691 9,629 (1,108,306) 7,013,455 740,331 631,274 8,385,060 39 190,206 190,206 9 3,900 190,206 (190,206) 3,900 6,160 (6,160) 7,464 127,940 135,404 3,900 13,624 311,986 329,510 55

16. 50,077 140,129 190,206 5 17. 5,034,194 4,949,148 (162,238) (929) 4,871,956 4,948,219 56

17. 4,948,219 929 4,949,148 (201,159) 201,159 77,732 7,314 85,046 4,824,792 209,402 5,034,194 14 39 929 929 9 517 929 (929) 517 (32) 32 762 160,030 160,792 1,247 160,991 162,238 57

17. 1,323 (394) 929 18. 8,702 7,653 8,375 7,845 12,890 56,368 8,230 7,531 38,197 79,397 (1,204) (243) 36,993 79,154 58

18. 15,360 75,199 3,124 1,734 9,605 2,158 8,904 63 36,993 79,154 243 223 961 20 1,204 243 59

19. 20. 21. 3,484,979 3,758,807 2,732,122,000 2,950,110,0002.8 3.52.12.8 738,070,000 686,662,000 60

22. 2,815 4,437 (i) 246,519 242,964 (ii) 33,999 54,444 107,717 88,402 (iii) 75,469 64,331 466,519 454,578 1,416 1,322 (iii) 160,795 210,098 162,211 211,420 (i) (ii) (iii) 2,379,680,000 2,379,680,000 3.85 6.02 3.85 6.02 200,000,000 500,000,000 6.15.7 6.1246,519,000 242,964,000 43,486,000 38,242,000 12,653,000 30,140,000 29 61

23. 12,389,898 13,835,491 12,389,898 13,835,491 237,220 598,150 18,678,106 18,604,336 31,305,224 33,037,977 1,933,078 1,997,039 29,372,146 31,040,938 31,305,224 33,037,977 * 18,468,191 14,360,202 3,273,591 5,871,071 6,440,785 10,011,216 3,122,657 2,795,488 31,305,224 33,037,977 10,766,820 12,198,452 1,030,028 593,050 1,637,039 12,389,898 13,835,491 7,701,371 2,161,750 20,091,269 15,997,241 11,213,955 17,040,736 31,305,224 33,037,977 * 62

23. 2,379,680,00018,678,106,000 2,379,680,000 18,604,336,000200,000,000 237,220,000 500,000,000 598,150,000 3.856.13.85 6.1 1,368,417,000 1,623,078,0001,368,417,000 1,637,039,000 1,941,778,000 1,898,063,000 310,000,000 360,000,000 610,000,000 660,000,000 40,000,000313,960,000 40,000,000 312,720,000 1,392,346,000 1,963,232,00012,389,898,000 13,835,491,000 9,836,000,000 3,000,000,000 63

24. 0.001 1,000,000,000,000 1,000,000 3,338,107,918 3,338 (a) 250,358,093 250 3,588,466,011 3,588 3,588,466,011 3,588 (a) 201.5 2.63250,358,093 652,032,000 25. 3,218,741 3,209,716 1,177,140 823,088 4,395,881 4,032,804 4,395,881 4,032,804 64

25. 3,657,303,000 2,799,399,000 6,366,176,000 26. 1,186,854 1,186,854 41,550 41,550 (19,186) (19,186) 1,186,854 22,364 1,209,218 33,092 33,092 (33,507) (33,507) 1,186,854 21,949 1,208,803 152,964,000 1,190,323,000 3,469,000 65

27. 46,327 50,849 45,284 66,072 91,611 116,921 28. (a) 4,701 3,711 66

28. (b) (i) 446,326 364,316 (ii) 23,881 19,660 (iii) 4,002 5,952 (iv) 7,786 (v) 45,920 11,507 (vi) 17,517 (i) (ii) (iii) (iv) (v) (vi) 2,378,680,000 2,379,680,000 18,678,106,000 18,604,336,000 3.85 6.02 3.856.02 199,326,000 201,741,000 200,000,000500,000,000 237,220,000 598,150,0006.1 5.76.1 Huarong Finance 2017 Co. Ltd 4,002,000 5,952,000 58,800,000 196,000,000 466,044,000 1,563,244,000 79,323,000 30,916,000 500,000,000 7 67

28. (b) 29. 68

29. () () +/- 1) 2,496,295 2,883,081 (a) 2) 312,741 290,365 (j) 25.84% 10% 19,311,453 42.58% 23.25% 46.84% 27.46% 53% 24.71% 58.30% (19,093,387) 23,989,211 (24,327,158) 3) 3,615,127 101,209 (b) 4) 417,388 469,080 (b) 5) 2,028,629 2,215,930 (c) 21.88% 10% 597,000 68.22% 19.69% 75.04% 21.05% 56.77% 18.95% 62.44% (668,000) 19,009,000 (19,191,000) 7.44% 10% 12,854,332 34.58% 6.70% 51.32% 16.45% 27.88% 14.81% 30.67% (11,301,332) 27,695,000 (27,218,000) 69

29. () () +/- 6) 330,366 398,302 (c) 62.06% 25.5% 10% 4,230,000 55.85% 68.26% 1,350,000 5,010,000 22.95% 28.05% 1,530,000 47.59% 20.64% 10% 19,980,000 42.83% 52.35% (19,980,000) 5,817,000 18.58% 22.70% 5,637,000 7) 3,938,574 2,759,746 (k) 8) 794,802 (g) 9) 2,340,000 (i) 10) 495,000 (d) 49.31% 10% 44.38% 54.24% 36,011,000 (62,987,000) 11) 10,711,798 (b) 70

29. () () +/- 12) 903,639 (d) % 10% 12.5 11.25% 13.75% (151,744,000) 199,071,000 13) 214,467 (h) 10% (43,260,000) 52,874,000 14) 475,865 (g) 15) 2,339,784 (i) 16) 6,470,426 (b) 1) 242,644 194,981 (e) 2) 305,432 223,762 (f) 49.16% 31.23% 10% 560,000 44.24% 54.07% (394,000) 206,000 28.11% 34.35% (111,000) 16.42% 16.45% 10% 192,000 14.78% 18.07% (191,000) 505,000 14.81% 18.10% (501,000) 71

29. (a) (b) (c) (d) (e) (i) (ii) (f) (i)(ii) (g) (h) (i) (j) (k) 72

29. 2,904,597 1,808,593 9 903,639 (66,726) (10,375) (574,774) (2,478) 3,166,736 1,795,740 1,118,106 9 (214,467) 9 (903,639) 3,927,831 824 3,928,655 73

29. 223,762 81,860 81,670 65,259 305,432 147,119 9 214,467 (70) (214,397) 30. 31. 1.70 61,000,000 74

32. 12(iv) 75

XV XV78 352 1% (a) (b) (c) (d) 76

(e) (f) (g) (h) 0.1%5,000,000 211 (i) (ii) 327,810,7919.14% 77

XV23 336 1 1,830,117,664 51.00% 1 1,830,117,664 51.00% Camellia Pacific Investment Holding Limited Camellia 1,830,117,664 51.00% 2 129,000,000 3.59% 2 646,220,529 18.01% 129,000,000 3.59% 2 775,220,529 21.60% 2 775,220,529 21.60% 2 775,220,529 21.60% 78

1. 1,830,117,664 Camellia Camellia 11.90%88.10% 63.36%4.39% Camellia 2. (i) 82% 129,000,000(ii)646,220,529 775,220,529 336 2 79

13.51(B) (i) 2799 (ii) 231 1822 (iii) 846 80

13.21 13.21 700,000,000 1 100,000,000 2 50,000,000 3 700,000,000 3 40,000,000 4 40,000,000 5 81

13.21 775,000,000 6 2,720,000,000 7 100,000,000 8 1,100,000,000 9 300,000,000 3 200,000,000 10 60,000,000 11 1. 2. 51% 3 82

13.21 4. 51% 5. 51% 6. 7. (i) (ii)1,000,000,000 8. 51%(5) (5) 9. (i) (ii)moody s Investors Services LimitedS&P Global RatingsFitch Ratings Ltd. (iii) 50,000,000 10 50,000,000 10 10. 51 % 11. 51 % 83

2410 84