2 3 6 10 19 22 31 35 36 37 38 39 1-2017
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 - 2017 2
8,000,000 5,200,000 0.0042 0.0027 1,400,000 2,000,000 3% 3.1% 3-2017
216,090,000 166,370,000 41,590,000 13,160,000 136,530,000 150,150,000 2,620,000 3,630,000 1.22% 2.18% 379,900,000 0.094 379,900,000 (i) 20% (ii) 379,900,000 16.67% 1,899,500,000 2,279,400,000 7,000,000 10,000,000-2017 4
5-2017
40 18 JK Capital Management Limited 1380) 1 4 6 9 42 20 4 6 9 1 1380 47 18 MaunaKai Capital Partners (Hong Kong) Limited Symbior Energy 13011536 (North Yard Economics) (Journal of Financial Economics) Fama-DFA Prize of the Best Papers 4 9-2017 6
51 SINOVA 40 ANT SINOVA SINOVA Delta-Think (HK) Ltd 6 9 37 7-2017
53 20 6 1226 68 Ind.-NL C.O.C (CBI) (NFIA) 24 NFIA TMF Group BV TMF TMF TMF 85-2017 8
(NCH) NCH (HFC) ENACTUS (EUCBA) (Nyenrode University) Dudox/Peute B.V. (Young Dragon Business Club (FCC) Haakma Consultancy European University (ICC) 53 20 909 8245 209 9-2017
5 3 5 19 21 15 16 35 23 40,000,000 4,000,000,000 0.01-2017 10
379,900,000 0.01 0.094 (i) 0.096 2.08% (ii) 0.0968 2.89% 379,900,000 Vibrant Noble Limited 20% 16.67% 379,900,000 3,799,000 35,710,000 35,070,000 7,722,012 6,413,008 1,890,461 3,350,316 316,016 8,035,081 5,207,002 1,582,664 (3,742,514) (6,664,875) 8,035,081 5,207,002 1,582,664 (3,742,514) (6,664,875) 218,715,914 170,001,003 152,569,248 151,696,530 5,463,926 (2,625,508) (3,634,983) (1,211,692) (1,921,638) (33,916,009) 216,090,406 166,366,020 151,357,556 149,774,892 (28,452,083) 11-2017
24 28(b) 182,430,000 145,238,000-2017 12
88 3.13 13-2017
XV XV 7 8 352 1 960,500,000 960,500,000 42.13% 2 254,500,000 254,500,000 11.16% (Note 2) 1. Hugo Lucky Limited 100% 960,500,000 42.13% 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 11.16% XV 352-2017 14
5% XV 336 Hugo Lucky Limited 1 960,500,000 42.13% Vibrant Noble Limited 2 379,900,000 16.67% Sharp Years Limited 3 254,500,000 11.16% Long Surplus International Limited 3 254,500,000 11.16% Fame Image Limited 3 254,500,000 11.16% 3 254,500,000 11.16% 3 254,500,000 11.16% 3 254,500,000 11.16% 1. Hugo Lucky Limited 2. Vibrant Noble Limited 3. 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 15-2017
27 14A 27 i) ii) iii) 27 i) ii) iii) iv) 27-2017 16
25% 17-2017
- 2017 18
18 19-2017
- 2017 20
21-2017
A.6.7-2017 22
: : : 6 9 A.2.1 23-2017
3.10(1) 3.10(2) 3.10A 3.13-2017 24
9/9 1/1 1/1 1/1 8/9 0/1 6/9 1/1 9/9 1/1 5/9 1/1 0/9 1/1 2/2 1/1 0/1 3/9 1/1 2/2 1/1 1/1 2/9 1/1 2/2 1/1 0/1 (i) (ii) (iii) 25-2017
1 2-2017 26
1 i. ii. iii. iv. 27-2017
31 34-2017 28
238,000 9,500 247,500 15 29-2017
22 21 14 21 (852)27786178 288 6 D - 2017 30
35 82 31-2017
17 10,448,102 912,240 9,535,862-2017 32
33-2017
- 2017 34
92,726,875 60,853,548 9 7,722,012 6,413,008 10 10,614,263 10,779,837 (963,249) 122,622 (2,000,000) (9,337,945) (10,108,465) 11 8,035,081 5,207,002 13(a) 8,035,081 5,207,002 6,808,305 9,801,462 (829,600) 5,978,705 9,801,462 14,013,786 15,008,464 14 0.0042 0.0027 35-2017
15 130,554 180,488 17 10,448,102 10,470,265 18 31,378,487 26,107,755 41,957,143 36,758,508 19 40,468,809 6,505,210 18 8,000,000 28,000,000 20 86,700,030 85,573,176 21 41,589,932 13,164,109 176,758,771 133,242,495 22 2,625,508 3,634,983 174,133,263 129,607,512 216,090,406 166,366,020 23 22,794,000 18,995,000 24 193,296,406 147,371,020 216,090,406 166,366,020 25 0.09 0.09 35 82-2017 36
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 3,799,000 31,911,600 35,710,600 8,035,081 8,035,081 5,978,705 5,978,705 5,978,705 8,035,081 14,013,786 22,794,000 262,926,160 15,780,167 (85,409,921) 216,090,406 37-2017
8,035,081 5,207,002 (7,578,080) (8,914,109) 49,934 61,726 (1,902,255) (3,500,943) (1,963,635) (1,406,497) 963,249 (122,622) (941,086) (39,212) 261,588 2,000,000 (3,336,792) (6,453,067) (33,963,599) 169,933 (1,009,475) 2,423,291 775,401 (52,736,705) (37,534,465) (56,596,548) 7,578,080 8,914,109 (29,956,385) (47,682,439) (145,670) (2,916,667) (40,969,244) 25,588,275 32,500,898 169,547 22,671,608 (8,444,469) 35,710,600 35,710,600 28,425,823 (56,126,908) 13,164,109 69,291,017 41,589,932 13,164,109 21 41,589,932 13,164,109-2017 38
1. Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 288 6 D 2. 3. 1 28 1 40 1 1 1 2 1 4 4 9 1 9 1 10 4 28 15 1 16 2 17 3 1 22 2 23 1 2 3 4 39-2017
3. 9 9 39 9 9 a) 9 9-2017 40
3. 9 b) c) 39 15 15 15 (i) (ii) (iii) (iv) (v) 15 16 16 16 41-2017
4. a) b) c) - 2017 42
4. c) d) 20% 20% 20% 20% e) 43-2017
4. f) g) - 2017 44
4. g) i) ii) iii) (a) (b) 45-2017
4. h) i) j) i) ii) - 2017 46
4. j) iii) a) b) c) k). 47-2017
4. l) m) i) ii) iii) iv) n) o) (a) i) ii) iii) - 2017 48
4. o) (b) i) ii) iii) iv) v) vi) (a) vii) (a)(i) viii) p) 49-2017
4. q) 5. - 2017 50
6. 7. 9,535,862 9,535,862 39,378,487 39,378,487 40,209,040 40,209,040 86,700,030 86,700,030 41,589,932 41,589,932 91,334,834 86,700,030 39,378,487 217,413,351 2,625,508 51-2017
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 8. a) - 2017 52
8. a) i) 5% % 5 4,073,000 3,401,000 (5) (4,073,000) (3,401,000) 5 1,125,000 (5) (1,125,000) 5 2,516,000 2,100,000 (5) (2,516,000) (2,100,000) 5 856,000 (5) (856,000) 5% 53-2017
8. a) i) 11.46% 16.19% 6.75% 8.60% 7.89% 5.50% 9.35% ii) 14.71% Higson Holdings Limited 17.65% 5% 19-2017 54
8. a) iii) 2,625,508 2,625,508 2,625,508 3,634,983 3,634,983 3,634,983 iv) 55-2017
8. a) v) 5%5% 471,000 423,000 b) i) 13-2017 56
8. b) i) 81,450,030 5,250,000 86,700,030 22,492,577 22,492,577 103,942,607 5,250,000 109,192,607 50,323,176 35,250,000 85,573,176 17,138,512 17,138,512 67,461,688 35,250,000 102,711,688 13 57-2017
8. b) i) - 2017 58
8. b) i) 5,250,000 30,000,000 35,250,000 (30,000,000) 5,250,000 ii) 9. 3,266,107 1,831,019 1,902,255 3,500,943 5,168,362 5,331,962 886,983 1,081,046 1,666,667 7,722,012 6,413,008 59-2017
9. 10. 1,963,635 1,406,497 7,578,080 8,914,109 300,000 128,610 120,701 943,938 38,530 10,614,263 10,779,837 11. 238,000 220,000 49,934 61,726 2,624,237 2,376,664 1,504,784 2,648,553 120,000 360,000 94,900 94,504 2,465,420 2,429,840 227,520 306,000 261,588-2017 60
12. a) 360,000 18,000 378,000 240,000 12,000 252,000 240,000 12,000 252,000 180,000 9,000 189,000 158,000 7,900 165,900 100,000 100,000 100,000 100,000 100,000 100,000 1,478,000 58,900 1,536,900 61-2017
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 1,559,000-2017 62
12. b) 840,000 840,000 875,520 835,336 78,000 76,504 1,793,520 1,751,840 12(a) 1,000,000 5 5 13. a) b) 8,035,081 5,207,002 16.5%16.5% 1,325,788 859,152 (903,622) (411,471) 283,320 340,950 (471,346) (697,606) 37,419 933,325 (271,559) (1,024,350) 1 63-2017
13. c) 2 5,568,304 5,433,078 (6,093) (12,348) (997,387) (319,897) 4,564,824 5,100,833 33,747,000 32,928,000 1 30,120,295 1,280,000 2 24,356,169 14. 8,035,081 5,207,002 1,903,663,288 1,899,500,000-2017 64
15. 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 2,504 180,488 107,007 53,864 17,113 2,504 180,488 (25,178) (17,938) (6,040) (778) (49,934) 81,829 35,926 11,073 1,726 130,554 125,890 89,693 30,200 57,964 303,747 (44,061) (53,767) (19,127) (56,238) (173,193) 81,829 35,926 11,073 1,726 130,554 65-2017
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 Royal Money International Limited 1 100 Rich Way Asia Corporation 1 100-2017 66
17. 5 5 912,235 1,875,484 912,240 1,875,489 9,535,862 8,594,776 10,448,102 10,470,265 a) 39,211,926 39,211,926 b) % Purple Link Investment LimitedPurple Link 5 25 67-2017
17. c) 10,029 83,896 41,811,184 41,811,184 (38,172,254) (34,393,104) 3,648,959 7,501,976 15 679,645 (3,853,017) 491,125 (3,853,017) 491,125 169,547 3,648,959 7,501,976 25% 25% 912,240 1,875,489 912,240 1,875,489-2017 68
18. 4,219,243 4,219,243 6,666,667 6,750,000 8,000,000 28,000,000 18,885,910 38,969,243 (2,000,000) (2,000,000) 16,885,910 36,969,243 22,492,577 17,138,512 39,378,487 54,107,755 12 (31,378,487) (26,107,755) 8,000,000 28,000,000 22,492,577 17,138,512 a) 3,280,960 3,905,600 14,317,652 9,046,162 11,036,692 5,140,562 6.55% 5.32% 2,967,557 1,427,132 3,431,450 3,431,450 8,174,925 8,092,350 4,743,475 4,660,900 3.74% 4.76% 2,087,941 595,710 6,712,410 7,337,050 22,492,577 17,138,512 15,780,167 9,801,462 69-2017
18. b) Good Quality Investment Limited 20%* 3 3,000,000 3,000,000 1.76% * 1 *1 5,000,000 25,000,000 5,000,000 25,000,000 2.29% 14.71% 7.69% 7.69% 2,000,000 2,000,000 (2,000,000) Star League Investments Limited * 2 * 2 3,000,000 3,000,000 3,000,000 3,000,000 1.37% 1.76% Star League * 4 1.60% 1.60% 4,219,243 4,219,243 4,219,243 4,219,243 1.93% 2.48% Diamond Motto Limited Diamond Motto* 5 16.67% 16.67% 4,666,667 1,750,000 4,666,667 1,750,000 2.13% 1.03% 18,885,910 38,969,243 (2,000,000) 16,885,910 36,969,243 * 1 7 * 2 Star League 6.5 * 3 28 * 4 20% * 5 Diamond Motto Diamond Motto Diamond Motto Diamond Motto - 2017 70
19. 37,200,000 2,943,275 6,186,438 65,765 65,765 259,769 253,007 40,468,809 6,505,210 37,200,000 20. 8(b) 5,250,000 35,250,000 8(a) 81,450,030 50,323,176 86,700,030 85,573,176 81,450,030 50,323,176 5,250,000 35,250,000 71-2017
20. a) 500,640 700,896 (200,256) (171,052) 0.23% 0.41% 683,665 607,799 25,061,760 27,520,560 (2,198,529) 4,569,028 11.46% 16.19% 19,360,371 18,052,033 1,376,000 (7,542) 0.81% 7,506,250 2,557,500 7,545 1.50% 13,874,988 144,000 2,985,000 7,128 103,832 0.07% 1.76% 177,593 3,644,574 1,188,750 1,233,000 13,112 (2,278) 0.54% 0.73% 866,112 797,256 4,124,600 3,397,500 (456,434) (693,187) 1.89% 2.00% 2,050,791 1,478,954 2,922,400 298,000 932,223 8,341 1.34% 0.18% 605,713 47,013 1 6,587,460 6,520,920 66,540 22,488 3.01% 3.84% 1,682,490 480,031 1 1,020,000 2,760,000 (1,740,000) (149,022) 0.47% 1.62% 1,854,778 1,730,776 726,400 667,800 54,088 (156,838) 0.33% 0.39% 413,304 227,059 242,400 306,000 3,741 (30,373) 0.11% 0.18% 310,643 422,221 2,119,320 9,002 0.97% 3,178,257 7,577,200 1,438,929 3.46% 2,458,821 2,262,000 17,796 1.03% 8,967,362 83,350 561 0.04% 16,702 409,500 (1,935) 0.19% 936,242 162,700 1,407 0.07% 152,475 989,250 (94,367) 0.45% 671,755 83,200 19,203 0.04% 15,617 27,700 287 0.01% 60,672 4,772,400 3,345,917 2.18% 271,401 20,445,000 683,842 9.35% 4,536,054 81,450,030 50,323,176 1,902,255 3,500,942 1-2017 72
20. b) Toyoplas Investments Limited Toyoplas* 1 * 3 5,000,000 5,000,000 5,250,000 5,250,000 2.40% 3.09% Higson Holdings Limited Higson* 2 * 3 30,000,000 30,000,000 17.65% 5,000,000 35,000,000 5,250,000 35,250,000 * 1 Toyoplas Toyoplas * 2 Higson Higson * 3 Toyoplas Higson 21. 41,589,932 13,164,109 22. 669,997 1,504,784 636,425 2,648,553 90,000 73-2017
23. 0.01 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 18,995,000 379,900,000 3,799,000 2,279,400,000 1,899,500,000 22,794,000 18,995,000 379,900,000 0.094 24. 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 31,911,600 31,911,600 8,035,081 8,035,081 5,978,705 5,978,705 5,978,705 8,035,081 14,013,786 262,926,160 15,780,167 (85,409,921) 193,296,406-2017 74
25. 216,090,406 166,366,020 2,279,400,000 1,899,500,000 26. a) 7,000,000 9,917,000 Diamond Motto LimitedDiamond Motto Diamond Motto 16.67% 11,666,667 4,666,667 1,750,000 7,000,000 9,917,000 b) 50,153 208,560 50,153 50,153 258,713 75-2017
27. (a) 1,504,784 2,648,553 (a) 2,624,237 2,376,664 (b) 120,000 360,000 (c) 35,200 35,200 a) 1.5% 15% 3,050,000 10,000,000 12,500,000 1,800,000 8,000,000 8,000,000 8,000,000 14A.33 14A.76-2017 76
27. b) (a) 30,000 210,000 360,000 360,000 150,000 c) 14A.08 14A.33 d) 12 e) 17 22 (a) (c) 14A 14A 77-2017
28. a) 48,725 73,482 121,073 121,065 45,000,000 31,750,000 6,790,484 10,812,106 51,960,282 42,756,653 42,816,214 87,802,648 40,169,282 769,524 32,367,990 23,441,696 41,508,335 13,091,304 156,861,821 125,105,172 2,623,068 3,629,323 154,238,753 121,475,849 206,199,035 164,232,502 975,241 205,223,794 164,232,502 22,794,000 18,995,000 (b) 182,429,794 145,237,502 205,223,794 164,232,502-2017 78
28. b) 231,014,560 (93,123,323) 137,891,237 7,346,265 7,346,265 231,014,560 (85,777,058) 145,237,502 31,911,600 31,911,600 5,280,692 5,280,692 262,926,160 (80,496,366) 182,429,794 29. i) 21,984,000 22,194,000 11,227,381 11,423,852 0.82%0.83% 395,712 325,440 2,362,202,000 2,181,728,000 19,940,000 6,138,271 1.99% 210,900 123,311,000 79-2017
29. i) 10,060,000 7,550,000 5,110,630 4,090,687 1.34%1.01% 152,892,000 146,916,000 29,823,000 29,823,000 9,929,882 9,929,882 4.97%4.97% 75,856,000 21,643,000 6,135,250 6,271,250 5,271,137 4,195,259 2.45%2.51% 145,872,000 58,766,000 2,910,000 1,426,483 0.36% 74,612,000-2017 80
29. i) 14,500,000 19,761,158 1.45% 313,819,000 ii) 1.6%1.6% 226,507,000 182,160,000 3,624,000 2,915,000 Diamond Motto LimitedDiamond Motto Diamond Motto 50 Diamond Motto Diamond Motto 16.67% 16.67% 1,666,667 LMP International LimitedLMP Diamond Motto LMP 29,096,000 LMP 4,850,225 81-2017
29. iii) 25,000,000 20,000,000 5,000,000 1,526,389 1,779,167 313,819,000 330,591,000 Toyoplas Investments LimitedToyoplas Toyoplas Toyoplas Toyoplas 5,000,000 Toyoplas 5 Toyoplas 291,667 283,297,000 216,272,000-2017 82