DT capital AR16_j_final_op.pdf 1 11/4/2017 10:39:36

2 3 6 10 20 23 33 38 39 40 41 42 1-2016

Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 288 6 D Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road George Town Grand Cayman KY1-1110 Cayman Islands 183 22 356 http://www.dt-capitalhk.com - 2016 2

5,200,000 1,600,000 0.0027 0.0008 3,600,000 2,500,000 20,000,000 3.1% 3.4% 3.6% 6.7% 6.3% 11 12,490,000 10,000,000 3-2016

A 24,000 10,000 2016 166,370,000 151,360,000 13,160,000 69,290,000 150,150,000 76,240,000 3,630,000 1,210,000 2.18% 0.8% - 2016 4

20,000,000 2,000,000,000 0.01 40,000,000 4,000,000,000 0.01 10,000,000 4,200,000 5-2016

39 17 3 11 JK Capital Management Limited MYM Capital Limited 1380 1 4 6 9 41 19 1380 4 6 9 1 46 17 MaunaKai Capital Partners (Hong Kong) Limited Symbior Energy (North Yard Economics) (Journal of Financial Economics) Fama-DFA Prize of the Best Papers 4 9-2016 6

50 SINOVA 40 ANT SINOVA SINOVA Delta-Think (HK) Ltd SINOVA Management Consultancy Limited 2006 China Economic Development Forum CEDF 2010 6 9 46 15 (i) (ii) (iii) 4 6 9 7-2016

52 20 6 1226 67 Ind.-NL C.O.C) (CBI) (NFIA) 24 NFIA TMF Group BV TMF TMF TMF 85 (NCH) NCH (HFC) ENACTUS (EUCBA) (Nyenrode University) (Young Dragon Business Club - 2016 8

(ICC) (FCC) European University Haakma Consultancy 52 19 909 8245 209 9-2016

5 3 5 20 22 15 16 38 23 40,000,000 4,000,000,000 0.01-2016 10

61,934,594 41,095,485 182,016 182,016 190,960 5,207,002 1,582,664 (3,742,514) (6,664,875) (3,927,748) 5,207,002 1,582,664 (3,742,514) (6,664,875) (3,927,748) 170,001,003 152,569,248 151,696,530 5,463,926 5,642,808 (3,634,983) (1,211,692) (1,921,638) (33,916,009) (27,430,016) 166,366,020 151,357,556 149,774,892 (28,452,083) (21,787,208) 24 30 145,238,000 137,891,000 11-2016

88 3.13 9-2016 12

XV XV 7 8 352 1 960,500,000 960,500,000 50.56% 2 254,500,000 254,500,000 13.40% 2 3 254,500,000 254,500,000 13.40% 3 13-2016

1. Hugo Lucky Limited 100% 960,500,000 50.56% 2. Fame Image Limited 70% 30% Fame Image Limited 70% Fame Image Limited Sharp Years Limited 50% Sharp Years Limited 254,500,000 254,500,000 13.40% 3. Long Surplus International Limited Sharp Years Limited 50% 66.67% 33.33% Long Surplus International Limited 66.67% 254,500,000 Long Surplus International Limited Sharp Years Limited 50% 254,500,000 13.40% XV 352-2016 14

5% XV 336 Hugo Lucky Limited 1 960,500,000 50.56% Sharp Years Limited 2 254,500,000 13.40% Long Surplus International Limited 2 254,500,000 13.40% Fame Image Limited 2 254,500,000 13.40% 2 254,500,000 13.40% 2 254,500,000 13.40% 2 254,500,000 13.40% 1. Hugo Lucky Limited 2. Sharp Years Limited Long Surplus International Limited Fame Image Limited 50% Long Surplus International Limited 66.67% 33.33% Fame Image Limited 70% 30% XV XV 15-2016

a) 1.5% 15% 3,050,000 10,000,000 12,500,000 1,800,000 b) 30,000 210,000 360,000 360,000 150,000 c) 14A.08 14A.33-2016 16

i) ii) iii) i) ii) iii) iv) 29 17-2016

- 2016 18

25% 19-2016

18-2016 20

21-2016

- 2016 22

A.6.7 23-2016

6 9 A.2.1-2016 24

3.10(1) 3.10(2) 3.10A 3.13 9 9 A.4.3 25-2016

10/10 1/1 1/1 1/1 9/10 1/1 6/10 1/1 10/10 1/1 10/10 1/1 2/10 1/1 3/3 1/1 1/1 2/10 1/1 3/3 1/1 0/1 1/10 0/1 0/3 0/1 0/1-2016 26

(i) (ii) (iii) 1 27-2016

3-2016 28

1 i. ii. iii. iv. 33 37 29-2016

220,000 17,580 237,580-2016 30

15 31-2016

22 21 14 21 (852) 27786178 288 6 D - 2016 32

38 88 33-2016

17 10,470,265 1,875,489 8,594,776 8 20 35,250,000-2016 34

35-2016

- 2016 36

37-2016

9 61,934,594 41,095,485 (27,616,032) (10,852,555) (30,000,000) (30,000,000) 10 3,500,943 2,095,133 10 9,373,340 6,678,462 25 985,562 122,622 815,866 (2,000,000) (10,108,465) (9,235,289) 11 5,207,002 1,582,664 13(a) 5,207,002 1,582,664 9,801,462 15,008,464 1,582,664 14 0.0027 0.0008-2016 38

15 180,488 358,132 17 10,470,265 10,477,978 18 26,107,755 36,431,450 36,758,508 47,267,560 19 6,505,210 6,675,143 18 28,000,000 20 85,573,176 29,335,528 21 13,164,109 69,291,017 133,242,495 105,301,688 22 3,634,983 1,211,692 129,607,512 104,089,996 166,366,020 151,357,556 23 18,995,000 18,995,000 24 147,371,020 132,362,556 166,366,020 151,357,556 26 0.09 0.08 38 88 39-2016

18,995,000 231,014,560 (100,234,668) 149,774,892 1,582,664 1,582,664 18,995,000 231,014,560 (98,652,004) 151,357,556 5,207,002 5,207,002 9,801,462 9,801,462 9,801,462 5,207,002 15,008,464 18,995,000 231,014,560 9,801,462 (93,445,002) 166,366,020-2016 40

5,207,002 1,582,664 (8,914,109) (6,359,962) 61,726 92,975 (3,500,943) (1,647,531) 25 (985,562) 28 (447,602) (122,622) (815,866) (39,212) 823,450 261,588 2,000,000 (5,046,570) (7,757,434) 169,933 (5,826,097) (400,000) 2,423,291 247,272 (52,736,705) (19,181,489) (55,190,051) (32,917,748) 8,914,109 6,359,962 (46,275,942) (26,557,786) (145,670) (74,366) (39,874,843) (38,431,450) 30,000,000 30,000,000 25 (9,500,000) 28 2 169,547 (9,850,966) (18,005,814) (56,126,908) (44,563,600) 69,291,017 113,854,617 13,164,109 69,291,017 21 13,164,109 69,291,017 41-2016

1. Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 288 6 D 2. 3. 9 2 15 2 16 3 7 1 12 1 2 2 10 4 28 1 2 3 4-2016 42

4. a) b) c) 43-2016

4. c) d) 20% 20% 20% 20% e) - 2016 44

4. e) f) 45-2016

4. g) i) ii) iii) (a) (b) - 2016 46

4. h) i) j) i) ii) 47-2016

4. j) iii) a) b) c) k) - 2016 48

4. l) m) i) ii) iii) iv) n) o) (a) i) ii) iii) 49-2016

4. o) (b) i) ii) iii) iv) v) vi) (a) vii) (a)(i) viii) p) - 2016 50

4. q) 5. 8 51-2016

6. 7. 8,594,776 8,594,776 54,107,755 54,107,755 6,252,203 6,252,203 85,573,176 85,573,176 13,164,109 13,164,109 28,011,088 85,573,176 54,107,755 167,692,019 3,634,983-2016 52

7. 8,555,564 8,555,564 36,431,450 36,431,450 6,335,684 6,335,684 29,335,528 29,335,528 69,291,017 69,291,017 84,182,265 29,335,528 36,431,450 149,949,243 1,211,692 8. a) 53-2016

8. a) i) 5% % 5 2,516,000 2,100,000 (5) (2,516,000) (2,100,000) 5 856,000 (5) (856,000) 5 1,204,000 1,006,000 (5) (1,204,000) (1,006,000) 5% - 2016 54

8. a) i) 16.19% 7.56% 8.60% 5.50% ii) 5% 14.71% 16.39% Higson Holdings Limited 17.65% 55-2016

8. a) iii) 3,634,983 3,634,983 3,634,983 1,211,692 1,211,692 1,211,692 iv) - 2016 56

8. a) v) 5%5% 423,000 422,000 b) i) 13 57-2016

8. b) i) 50,323,176 35,250,000 85,573,176 17,138,512 17,138,512 67,461,688 35,250,000 102,711,688 24,085,528 5,250,000 29,335,528 13-2016 58

8. b) i) 9 59-2016

8. b) i) 5,000,000 250,000 5,250,000 30,000,000 35,250,000 ii) 9. 2,500,898 30,000,000 30,000,000 28,352,650 10,466,737 1,081,046 628,748 61,934,594 41,095,485-2016 60

10. 8,914,109 6,359,962 300,000 300,000 120,701 18,500 38,530 9,373,340 6,678,462 3,500,943 1,647,531 447,602 3,500,943 2,095,133 11. 220,000 220,000 61,726 92,975 2,376,664 2,269,722 2,648,553 279,294 360,000 360,000 94,504 114,483 2,429,840 2,271,442 306,000 930,725 823,522 261,588 61-2016

12. a) 360,000 17,000 377,000 240,000 12,000 252,000 240,000 12,000 252,000 180,000 9,000 189,000 180,000 9,000 189,000 100,000 100,000 100,000 100,000 100,000 100,000 1,500,000 59,000 1,559,000-2016 62

12. a) 240,000 17,806 257,806 240,000 17,806 257,806 240,000 17,806 257,806 180,000 13,350 193,350 180,000 13,350 193,350 100,000 100,000 100,000 100,000 100,000 100,000 1,380,000 80,118 1,460,118 63-2016

12. b) 840,000 720,000 835,336 584,782 76,504 81,048 1,751,840 1,385,830 12(a) 1,000,000 5 5 13. a) b) 5,207,002 1,582,664 16.5%16.5% 859,152 261,139 (411,471) (1,282,179) 340,950 203,307 (697,606) 379,492 933,325 577,671 (1,024,350) (139,430) - 2016 64

13. c) : 12,348 5,160 (5,433,078) (5,522,981) 319,897 (370,522) (5,100,833) (5,888,343) 32,927,747 33,472,611 14. 5,207,002 1,582,664 1,899,500,000 1,899,500,000 65-2016

15. 288,000 69,913 33,450 54,076 445,439 (9,600) (3,907) (1,115) (54,076) (68,698) 278,400 66,006 32,335 376,741 278,400 66,006 32,335 376,741 54,534 15,944 3,888 74,366 (68,507) (13,983) (9,879) (606) (92,975) 264,427 52,023 38,400 3,282 358,132 342,534 69,913 49,394 57,964 519,805 (78,107) (17,890) (10,994) (54,682) (161,673) 264,427 52,023 38,400 3,282 358,132 264,427 52,023 38,400 3,282 358,132 125,890 19,780 145,670 (247,301) (14,287) (261,588) (36,009) (17,939) (7,000) (778) (61,726) 107,007 53,864 17,113 2,504 180,488 125,890 89,693 30,200 57,964 303,747 (18,883) (35,829) (13,087) (55,460) (123,259) 107,007 53,864 17,113 2,504 180,488-2016 66

16. % % Ace Perfection Group Limited 1 100 Power Bright International Limited 1 100 Equity Merit International Limited 1 100 New Fantasy International Limited 1 100 Rainbow Ocean Investments Limited 2 100 Peak Star Group Limited 1 100 Genius Pro Asia Limited 1 100 United Solutions International Limited 1 100 Nova System International Limited 1 100 Super Bloom Investments Limited 1 100 Venture Glory Enterprises Limited 1 100 Key Summit Enterprises Limited 1 100 Wealth Champion Group Limited 1 100 67-2016

17. 5 5 1,875,484 1,922,409 1,875,489 1,922,414 8,594,776 8,555,564 10,470,265 10,477,978 a) 39,211,926 39,211,926 b) % Purple Link Investment LimitedPurple Link 5 25-2016 68

17. c) 83,896 114,728 41,811,184 41,811,184 (34,393,104) (34,236,256) 7,501,976 7,689,656 679,645 15 491,125 3,263,466 491,125 3,263,466 169,547 7,501,976 7,689,656 25% 25% 1,875,489 1,922,414 1,875,489 1,922,414 69-2016

18. 4,219,243 6,750,000 8,431,450 28,000,000 28,000,000 38,969,243 36,431,450 (2,000,000) 36,969,243 36,431,450 17,138,512 54,107,755 36,431,450 12 (26,107,755) (36,431,450) 28,000,000 17,138,512 a) 3,905,600 9,046,162 5,140,562 5.32% 1,427,132 3,431,450 8,092,350 4,660,900 4.76% 595,710 7,337,050 17,138,512 9,801,462-2016 70

18. b) Good Quality Investment Limited 20%* 3 20%* 3 3,000,000 3,000,000 3,000,000 3,000,000 1.76% 1.97% * 1 * 1 25,000,000 25,000,000 25,000,000 25,000,000 14.71% 16.39% Victor Ease Limited 3.67% 3,431,450 3,431,450 2.25% 7.69% 10% 2,000,000 2,000,000 (2,000,000) 2,000,000 1.31% Star League Investments Limited * 2 * 2 3,000,000 3,000,000 3,000,000 3,000,000 1.76% 1.97% Star League * 4 1.60% 4,219,243 4,219,243 2.48% Diamond Motto Limited* 5 Diamond Motto 16.67% 1,750,000 1,750,000 1.03% 38,969,243 36,431,450 (2,000,000) 36,969,243 36,431,450 * 1 7 * 2 Star League 6.5 * 3 28 * 4 20% * 5 Diamond Motto Diamond Motto Diamond Motto Diamond Motto 71-2016

18. c) i) Good Quality Investment LimitedGood Quality Good Quality 3,000,000 3,000,000 Good Quality Good Quality 20%20% Good Quality 20,953,000 26,372,000 5,953,000 Good Quality 4,191,000 5,274,400 Victor Ease LimitedVictor Ease Victor Ease 367 Victor Ease Victor Ease 3.67%Victor Eases 16,515,000 18(c)(iii) 2,000,000 2,000,000 7.69% 10% 11,389,000 1,138,900 2,000,000-2016 72

18. c) i) 1.6% 182,160,000 16,685,000 2,915,000 ii) 25,000,000 1,779,167 1,744,306 330,591,000 283,043,000 81,352,000 22,624,000 Star League Investments LimitedStar League Star League Star League Star League 3,000,000 6.5 195,534 105,781 73-2016

18. c) iii) 6,071,250 2.43% 58,766,000 16,381,000 16,515,000 2.75% 21,643,000 1,184,000 19. 65,765 186,860 253,007 339,459 6,186,438 6,148,824 6,505,210 6,675,143-2016 74

20. 8(b) 35,250,000 5,250,000 8(b) 50,323,176 24,085,528 85,573,176 29,335,528 50,323,176 24,085,528 35,250,000 5,250,000 a) 700,896 871,948 (171,052) 0.41% 0.57% 607,799 718,593 27,520,560 11,527,680 4,569,028 3,893,120 16.19% 7.56% 18,052,033 8,168,076 1,376,000 1,384,000 (7,542) (433,873) 0.81% 0.91% 7,506,250 7,365,675 2,557,500 2,574,000 7,545 (855,153) 1.50% 1.69% 13,874,988 13,380,741 2,985,000 3,451,500 103,832 (568,560) 1.76% 2.26% 3,644,574 4,574,934 1,233,000 1,925,000 (2,278) (34,403) 0.73% 1.26% 797,256 1,163,052 1,020,000 (297,680) 0.67% 2,341,709 1,331,400 (305,920) 0.87% 19,741,420 3,397,500 (693,187) 2.00% 1,478,954 298,000 8,341 0.18% 47,013 6,520,920 22,488 3.84% 480,031 2,760,000 (149,022) 1.62% 1,730,776 667,800 (156,838) 0.39% 227,059 306,000 (30,373) 0.18% 422,221 50,323,176 24,085,528 3,500,942 1,397,531 75-2016

20. b) Toyoplas Investments Limited ( Toyoplas ) * 1 *3 5,000,000 5,000,000 5,250,000 5,250,000 250,000 3.09% 3.44% Higson Holdings Limited ( Higson ) * 2 *3 30,000,000 30,000,000 17.65% 35,000,000 5,000,000 35,250,000 5,250,000 250,000 * 1 Toyoplas Toyoplas * 2 Higson Higson * 3 Toyoplas Higson c) i) 22,194,000 5,056,000 11,423,852 0.83%0.38% 325,440 202,240 2,181,728,000 2,166,670,000 34,539,000 494,968,000-2016 76

20. c) i) 550,000 550,000 3,250,108 3,429,153 0.00063%0.00063% 136,198 145,819 2,189,575,210,000 2,111,579,320,000 309,301,590,000 327,070,000,000 500,000 650,000 2,881,168 4,020,060 0.000208%0.00027% 203,564 137,347 1,752,437,400,000 1,692,143,600,000 257,290,940,000 269,256,730,000 15,000 22,000 1,235,278 1,959,403 0.000073% 0.00011% 10,764 1,088,279,740,000 1,082,456,480,000 120,876,500,000 128,097,730,000 77-2016

20. c) i) 7,550,000 4,090,687 1.00667% 146,916,000 1,988,000 13,308,000 6,498,432 2.218% 21,643,000 1,184,000 200,000 289,659 0.08% 58,766,000 16,381,000 ii) Toyoplas Investments LimitedToyoplas Toyoplas - 2016 78

20. c) ii) Toyoplas Toyoplas 5,000,000 Toyoplas Toyoplas 216,272,000 202,082,000 46,663,000 18,642,000 Higson Holdings LimitedHigson Higson Higson Higson 30,000,000 1.35% 1,653,101 Higson 21. 67,533,079 13,164,109 1,757,938 13,164,109 69,291,017 79-2016

22. 636,425 2,648,553 90,000 558,895 279,294 90,000 23. 0.01 4,000,000,000 2,000,000,000 40,000,000 20,000,000 2,000,000,000 20,000,000 4,000,000,000 4,000,000,000 40,000,000 40,000,000 1,899,500,000 1,899,500,000 18,995,000 18,995,000 2,000,000,000 0.01 20,000,000 2,000,000,000 0.01 40,000,000 4,000,000,000 0.01-2016 80

24. 231,014,560 (100,234,668) 130,779,892 1,582,664 1,582,664 231,014,560 (98,652,004) 132,362,556 5,207,002 5,207,002 9,801,462 9,801,462 9,801,462 5,207,002 15,008,464 231,014,560 9,801,462 (93,445,002) 147,371,020 25. Rainbow Ocean Investments LimitedRainbow Ocean100% 10,498,854 9,500,000 Rainbow Ocean 12,498 81-2016

25. Rainbow Ocean 10,485,562 10,485,562 (985,562) 9,500,000 9,379,014 39,211,926 125,000 26. 166,366,020 151,357,556 1,899,500,000 1,899,500,000-2016 82

27. a) 9,917,000 4,196,000 i) Super Bloom Investments LimitedSuper Bloom 3,555,556 4,196,000 ii) Diamond Motto LimitedDiamond Motto Diamond Motto 16.67% 11,666,667 1,750,000 9,917,000 b) 208,560 222,000 50,153 258,713 222,000 83-2016

28. Perfect Partner Holdings LimitedPerfect Partner Sparkling Achievement LimitedSparkling 1 i) Perfect Partner 109,618 (557,218) (447,600) 10 447,601 1 1 ii) Sparkling 10 1 1 1-2016 84

29. (a) 2,648,553 279,294 (a) 2,376,664 2,269,722 (b) 360,000 360,000 (c) 35,200 35,200 (d) 9,500,000 a) 1.5% 15% 3,050,000 10,000,000 12,500,000 1,800,000 b) (a) 30,000 210,000 360,000 360,000 150,000 85-2016

29. c) 14A.08 14A.33 d) 25 Rainbow Ocean 2 15.60 1 10,498,854 9,500,000 Rainbow Ocean 50% Sharp Years Limited 254,500,000 13.40% 14A.33 16 Rainbow Ocean Rainbow Ocean Purple Link 25% Purple Link 25% Nong Prue 69 68 109 121 351 87 3,983 e) 12 f) 17 22 (a) (d) 14A 14A - 2016 86

30. a) 73,482 358,132 121,065 121,048 31,750,000 66,930,304 10,812,106 3,464,531 42,756,653 70,874,015 87,802,648 5,000,000 769,524 533,269 23,441,696 12,399,628 13,091,304 69,291,017 125,105,172 87,223,914 3,629,323 1,211,692 3,629,323 1,211,692 121,475,849 86,012,222 164,232,502 156,886,237 18,995,000 18,995,000 (b) 145,237,502 137,891,237 164,232,502 156,886,237 87-2016

30. (b) 231,014,560 (100,127,506) 130,887,054 7,004,183 7,004,183 231,014,560 (93,123,323) 137,891,237 7,346,265 7,346,265 231,014,560 (85,777,058) 145,237,502-2016 88