ZHONGSHENG GROUP HOLDINGS LIMITED 中升集團控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號: 881 中升集團 終生夥伴 二零零九年年報 ANNUAL REPORT 2009 二零零九年年報 Zhongsheng Group - Lifetime Partner Zhongsheng Group - Lifetime Partner 中升集團 終生夥伴 Annual Report 2009

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18 9 30 35 3504 12 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1 1111 Cayman Islands Butterfield Fulcrum Group (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 609 Grand Cayman KY1 1107 Cayman Island 16 18 25 183 17 1712 1716 881 02

8 11 8 18 03

15,000 12,000 9,000 6,000 28.5% 3,000 0 500 400 47.2% 300 200 100 0 04

05 0 1 2 3 4 5 6 7 8 9 397 6.1% 7.9% 7.4% 8.6% 721 777 1,179 0 300 600 900 1,200 1,500 % 20,876 31,977 41,349 61,463 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000

4S 13,722.2 10,548.630.1% 493.0234.4 110.3% 06

4S 450 880 4S 4S 47 4S 4S 07

08

09

4S 4S 11 20 15 4S 2009 12 31 4S 47 30 56.7% 96.95 28.6% 124.66 90.8% 8.5347.2% 12.569.2% 62.1% 47.2% 4S 4S 4S 4S 10

11

4S 4S 30 47 4S (1) (1) (16) (8) (1) (2) (3) (1) (3) (6) (5) 55 4S 13

4S 4S 4S 13,722.2 30.1% 69.5 % 30.5% 4.5% 6.5% 44.3% 90.8% 9.2% 470.9 115.3% 14

13,722,185 10,548,577 (12,542,762) (9,771,214) 1,179,423 777,363 69,203 33,412 (346,521) (274,317) (161,967) (118,861) 740,138 417,597 (80,688) (104,443) 7,254 4,520 666,704 317,674 (173,701) (83,265) 493,003 234,409 470,881 218,702 22,122 15,707 493,003 234,409 15

838,379 548,779 422,899 256,987 56,271 33,273 254,632 100,561 200,492 76,566 38,699 21,175 100 5,283 5,291 4,532 3,132 1,821,287 1,045,764 1,024,240 1,133,415 86,764 61,443 1,113,186 724,823 556 459 382,929 210,720 44,542 29,690 1,030,960 964,245 3,683,177 3,124,795 16

1,797,149 1,157,543 1,093,013 835,699 277,702 273,201 24,236 156,774 60,012 27,733 3,252,112 2,450,950 431,065 673,845 2,252,352 1,719,609 104,545 33,838 2,147,807 1,685,771 2,110,915 1,633,098 2,110,915 1,633,098 36,892 52,673 2,147,807 1,685,771 17

(i) (ii) (iii) 13,722.2 3,173.630.1% 2,770.928.6% 402.7 47.2% 18

90.8% 8,679.6 6,386.7 69.5%65.8 3,802.5 8.6% 7.4% 5.0%4.5% 44.3%40.3% 740.1 3,315.330.5% 34.2% 12,542.8 2,771.5 28.4% 11,843.4 2,581.9 27.9% 699.3 189.6 37.2% 322.577.2% 5.4%4.0% 493.0 258.6110.3% 3.6%2.2% 470.9 218.7 252.2 115.3% 1,179.4 402.1 51.7% 622.9 189.0 43.5% 556.5 213.1 62.1% 47.2% 4S4S 19

189.3 666.7 309.9 42.7 565.3 182.8 436.0 219.0 108.2 199.0 146.7 316.8 5,267.2 4,663.6 154.5 93.6 431.1 242.7 323.0 4S 4S 9.6 % 1,024.2 880.8190.8 17.8% 31.4 34.3 34.3 31.4 1,797.1 800 600 20

\\192.168.0.7\data\00. Annual Report\Annual Report Backup\Zhongsheng (AR09) Folder\Chi\06 (C) CG Report.indd 4th Proof 23 April 2010 11:03 24/04/2010 Staff no.: 017 MD&A: C->E; others: Elitesco

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25 1. 14 B1 (i) (ii) (iii) (iv) B. A.2.1 C.

26 3. 4. 2. 3.21 14C3 3.10(2) 3.21

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www.zs-group.com.cn I. J. 28

47 46 47 52 40 57 45 52 47 22 46 29

20 47 20 52 4S 40 General Atlantic LLC General Atlantic LLCGeneral Atlantic LLC 1886 30

57 31 45 1886 0631 3833 2868 0438 52 31

45 37 40 42 45 4S 8015 17 37 40 32

16 42 16 0558 0643 Deakin University West Coast Institute of Management & TechnologyEuropean University of Ireland 33

4S 4S 43 117 34

118 12 26 35

29 31 3.13 XV 23 XV 352 10 (a) (%) (1) 1,325,993,876 69.48 (2) 1,325,993,876 69.48 36

(1) Light Yield Ltd.Light Yield Light Yield Blue Natural Development Ltd. Blue Natural 62.3% Light YieldBlue Natural (2) Vest Sun Ltd.Vest Sun Vest SunBlue Natural 37.7%Vest SunBlue Natural XVXV 7 8 352 Blue Natural General Atlantic Partners (Dalian), L.P. GAP-W International, LP. 69.48% 10.78% 2.50% 17.24% 37

XV 336 (%) General Atlantic Partners 205,759,648 10.78 (Dalian), L.P. (1) GAP (Bermuda) Limited 253,403,419 13.28 Blue Natural 1,325,993,876 69.48 Light Yield (2) 1,325,993,876 69.48 Vest Sun (3) 1,325,993,876 69.48 (1) General Atlantic Partners (Dalian) L.P. General Atlantic Partners (Bermuda) L.P.GAP LP GapStar, LLCGapStar GAP Coinvestments III, LLCGAPCO III GAP Coinvestments IV, LLCGAPCO IV GAP Coinvestments CDA, L.P.GAPCO CDA GAPCO GmbH & Co. KGGAPCO KG General Atlantic Partners (Dalian,L. P. GAP (Bermuda) LimitedGAP Bermuda Limited GAP Bermuda Limited General Atlantic Genpar (Bermuda) L.P.GAP Bermuda GenParGAP Bermuda GenParGAP-W International, LP. 47,643,771General Atlantic LLCGA LLC GAPCO CDAGA LLC 25GA LLCGAP Bermuda Limited GAPCO III GAPCO IVGA LLCGapStar GA LLC GAPCO Management GmbHGmbH Management GAPCO KGGA LLC GAPCO KG GmbH Management (2) Light YieldLight YieldBlue Natural 62.3% Light YieldBlue Natural (3) Vest SunVest SunBlue Natural 37.7% Vest SunBlue Natural 336 38

14A.45 29 39

1.00 10% 12 1% (a) (b) (c) 30% 37% 88% 5% 42 40

14 21 28 10 41

43 117 2.12.4 2.12.4 2.1 2.4 8 18 42

5(a) 13,722,185 10,548,577 6(b) (12,542,762) (9,771,214) 1,179,423 777,363 5(b) 69,203 33,412 (346,521) (274,317) (161,967) (118,861) 740,138 417,597 7 (80,688) (104,443) 17 7,254 4,520 6 666,704 317,674 8(b) (173,701) (83,265) 493,003 234,409 470,881 218,702 22,122 15,707 493,003 234,409 11 43

493,003 234,409 (3,404) 3,727 (3,404) 3,727 489,599 238,136 467,477 222,429 22,122 15,707 489,599 238,136 44

12 838,379 548,779 13 422,899 256,987 14 56,271 33,273 15 254,632 100,561 16 200,492 76,566 17 38,699 21,175 18 100 19 5,283 5,291 30(b) 4,532 3,132 1,821,287 1,045,764 20 1,024,240 1,133,415 21 86,764 61,443 22 1,113,186 724,823 39(b)(i) 556 459 23 382,929 210,720 24 44,542 29,690 25 1,030,960 964,245 3,683,177 3,124,795 26 1,797,149 1,157,543 27 1,093,013 835,699 28 277,702 273,201 39(b)(ii) 24,236 156,774 30(a) 60,012 27,733 3,252,112 2,450,950 431,065 673,845 2,252,352 1,719,609 30(b) 104,545 33,838 2,147,807 1,685,771 45

31 32 2,110,915 1,633,098 2,110,915 1,633,098 36,892 52,673 2,147,807 1,685,771 46

* * * * * 7,195 60,717 77,275 9,582 602,720 757,489 49,162 806,651 746,745 746,745 746,745 1,697 1,697 1,697 (31,459) (31,459) (3,137) (34,596) (63,803) (63,803) (9,059) (72,862) 4,239 35,567 (39,806) 3,727 218,702 222,429 15,707 238,136 11,434 96,284 794,258 13,309 717,813 1,633,098 52,673 1,685,771 11,434 96,284 794,258 13,309 717,813 1,633,098 52,673 1,685,771 41,675 41,675 41,675 (31,335) (31,335) (37,904) (69,239) 1 1 7,278 38,920 (46,198) (3,404) 470,881 467,477 22,122 489,599 18,712 135,204 804,598 9,905 1,142,496 2,110,915 36,892 2,147,807 * 2,110,915,000 20081,633,098,000 47

666,704 317,674 (7,254) (4,520) 12 67,765 50,854 13 7,036 4,094 15 13,352 5,914 6(c) 7 4,267 5(b) (10,100) (8,795) 5(b) (3,933) (625) 7 80,688 104,443 5(b) 1,557 5(b) (103) 814,265 474,760 (182,792) 40,636 (14,852) (87) 6,323 (6,430) (565,291) 181,650 309,909 (407,690) (42,740) 178,759 (37,770) (37,997) (97) (449) 21,981 (92) 308,936 423,060 (119,619) (95,175) 189,317 327,885 48

(218,993) (137,001) 27,088 7,688 (108,241) (75,670) (4,645) (7,496) 10,583 9,081 (100) (10,270) (159,742) 146,735 (53,346) (10,700) (49,239) (199,008) (121,473) 13,369 (59,170) 10,100 8,795 (435,967) (545,688) 5,267,187 4,493,293 (4,663,576) (4,383,880) 41,675 746,745 (93,576) 93,576 254 458 (2,473) (154,519) (10,297) (80,688) (104,443) 316,757 832,979 70,107 615,176 964,245 344,997 (3,392) 4,072 1,030,960 964,245 49

8,719 4,142 16 16 8,735 4,158 39 8,859 4,242 8,859 4,242 (124) (84) 31 (124) (84) (124) (84) 50

1. Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands41 30 35 3504 12 Blue Natural Development Ltd. 2.1 5 51

2.1 2.2 52

2.3 1 1 1 1 5 3 1 9 6 24 5 27 1 32 32 3 1 17 4 19 5 4 5 1 2 2 38 9 16 5 8 1 7 17 36 39 1 2 3 4 5 6 1 1 3 27 53

2.4 (a) (b) (c) 20% (d) 39 20% 54

2.4 55

2.4 (a) (i)(ii) (iii) (b) (c) (d) (e) (a) (d) (f) (d) (e) 56

2.4 10 20 5 5 10 5 5 57

2.4 20 3 5 15 35 50 58

2.4 39 39 59

2.4 (a) (b) 60

2.4 (a)(b) 61

2.4 62

2.4 39 39 63

2.4 (i)(ii) 64

2.4 65

2.4 (a) (b) (c) (d) (e) 66

2.4 67

3. 4,208,000 3,084,00030 200,492,00076,566,000 16 68

4. 90% 90% 8 10% 8 5. (a) 12,466,358 9,695,464 1,255,827 853,113 13,722,185 10,548,577 (b) 46,535 18,012 3,120 2,409 2,682 1,441 141 2,136 10,100 8,795 3,933 625 103 (1,557) 2,692 1,448 69,203 33,412 69

6. (a) 9 142,415 102,062 24,816 16,629 13,027 8,348 180,258 127,039 (b) 11,843,413 9,261,487 699,349 509,727 12,542,762 9,771,214 (c) 67,765 50,854 7,036 4,094 13,352 5,914 4,000 20,184 9,568 37,202 24,617 30,822 24,136 9,664 13,187 26,723 20,229 7 4,267 (3,933) (625) 70

7. 76,877 91,275 3,811 13,168 80,688 104,443 8. (a) 151,898 72,501 30(b) 21,803 10,764 173,701 83,265 6 16.5%16.5% 25% 25% 71

8. (a) 10% 5%(2008)1 (b) 666,704 317,674 (25%) 166,676 79,418 2,634 2,455 (1,814) (1,130) (17,521) (9,135) 5% 23,726 11,657 173,701 83,265 72

9. 161 2,530 48 2,578 2,289 11 2,300 120 46 166 326 35 361 5,265 140 5,405 2,202 30 2,232 1,955 11 1,966 60 12 72 287 24 311 4,504 77 4,581 73

10. 9 1,412 700 81 72 1,493 772 1,000,000 3 3 11. 2.1 74

12. 477,393 10,193 56,084 46,185 95,436 24,606 709,897 (1) (3) (4) 18,170 2,080 16,155 17,118 41,356 124,114 218,993 33 124,070 5,574 20,768 11,542 23,557 14,759 200,270 46,977 280 (47,257) (1,325) (1,033) (2,605) (1,265) (32,212) (38,440) 665,285 16,813 90,402 73,860 128,134 116,222 1,090,716 77,385 3,876 23,176 19,248 37,433 161,118 (1) (1) 29,145 4,177 6,048 11,481 16,914 67,765 33 15,046 1,063 8,597 5,446 8,588 38,740 (27) (970) (2,318) (306) (11,664) (15,285) 121,549 8,146 35,503 35,869 51,270 252,337 543,736 8,667 54,899 37,991 76,864 116,222 838,379 407,565 4,547 46,984 35,625 79,962 4,335 579,018 (12) (8) (20) 23,774 5,658 4,665 8,678 29,061 63,732 135,568 13,694 1,615 747 721 16,777 36,207 3,756 3,498 (43,461) (936) (1,465) (10,299) (12,700) (3,847) (890) (4,009) (8,746) 477,393 10,193 56,084 46,185 95,436 24,606 709,897 55,458 2,103 18,536 14,052 28,407 118,556 (8) (6) (14) 21,927 1,781 4,903 6,617 15,626 50,854 350 365 262 118 1,095 (628) (1,188) (3,822) (5,638) (350) (489) (2,896) (3,735) 77,385 3,876 23,176 19,248 37,433 161,118 400,008 6,317 32,908 26,937 58,003 24,606 548,779 231,844,000 79,610,000 78,978,000 26(a) 75

13. 272,634 203,263 104,007 69,371 33 70,938 447,579 272,634 15,647 11,553 7,036 4,094 33 1,997 24,680 15,647 422,899 256,987 41,655,000 38,529,000 26(a) 219,748,000 14. 2,952 1,601 13,119 13,972 40,200 17,700 56,271 33,273 76

15. 9,756 80,323 19,282 109,361 (1) (1) 4,645 4,645 33 535 136,272 27,899 164,706 14,935 216,595 47,181 278,711 1,550 5,475 1,775 8,800 2,217 8,718 2,417 13,352 33 294 1,633 1,927 4,061 15,826 4,192 24,079 10,874 200,769 42,989 254,632 2,250 69,753 18,542 90,545 (27) (27) 7,496 7,496 81 10,570 740 11,391 (3) (3) (41) (41) 9,756 80,323 19,282 109,361 779 1,630 519 2,928 (16) (16) 813 3,845 1,256 5,914 14 14 (1) (1) (39) (39) 1,550 5,475 1,775 8,800 8,206 74,848 17,507 100,561 77

16. 76,566 65,501 33 123,926 11,065 200,492 76,566 17% 4S 17. 38,699 21,175 78

17. (a) 6,000,000 50% 50% 50% 10,270,000 50% 50% 50% (b) 2,880 1,827 63,730 40,168 (27,911) (20,820) 38,699 21,175 221,594 204,744 (212,372) (199,578) (1,968) (646) 7,254 4,520 79

18. Dalian Mingshi Cheyuan Exhibiting Co., Ltd. 510,000 19. 5,283 5,291 6,000,000 5%5.75% 20. 880,753 1,071,533 128,294 60,014 15,193 1,868 1,024,240 1,133,415 76,735,000 30,265,000 26(a) 221,427,000 231,669,000 80

21. 87,054 61,933 (290) (490) 86,764 61,443 76,885 54,112 9,692 6,692 187 639 86,764 61,443 86,577 60,804 187 639 86,764 61,443 81

21. 490 2,567 37 95 138 (1,800) (338) (345) (37) (27) 290 490 22. 907,339 325,998 51,580 41,245 215,335 73,266 45,475 17,972 45,702 (i) 14,817 28,186 8,719 4,247 39,493 18,635 1,113,186 724,823 82

22. (i) 17% 1,113,657 724,974 (471) (151) 1,113,186 724,823 151 16 7 4,215 313 (4,064) (16) 471 151 23. 10,583 382,929 200,137 382,929 210,720 83

23. 12,327 10,583 24. 44,542 29,690 25. 828,980 661,063 201,980 303,182 1,030,960 964,245 56,287,000 22,481,000 84

26. (%) (%) 4 7 1,597,699 5 9 954,750 5 7 199,450 6 7 202,793 1,797,149 1,157,543 (a) (a) 117,076 52,000 30,000 20,000 (b) (b) 448,500 403,000 1,201,573 682,543 1,797,149 1,157,543 (a) (i) 41,655,000 38,529,000 (ii) 79,610,000 78,978,000 (iii) 76,735,000 30,265,000 (b) 382,500,000 343,000,000 66,000,000 60,000,000 85

27. 111,976 58,112 981,037 777,587 1,093,013 835,699 1,080,587 834,226 11,383 265 648 29 395 1,179 1,093,013 835,699 28. 27,088 33,189 14,032 13,028 1,000 1,254 93,576 148,134 94,899 35,283 19,282 13,853 32,883 23,402 277,702 273,201 86

29. 10% 22%10% 22% 7% 10% 7% 10% 30. (a) 27,733 50,407 151,898 72,501 (119,619) (95,175) 60,012 27,733 87

30. (b) 3,084 48 3,132 33) 2,432 2,432 8(a)) (1,308) 276 (1,032) 4,208 324 4,532 3,379 137 3,516 8(a) (295) (89) (384) 3,084 48 3,132 88

30. (b) 22,181 11,657 33,838 33 49,936 49,936 8(a) (2,955) 23,726 20,771 69,162 35,383 104,545 20,507 20,507 2,951 2,951 8(a) (1,277) 11,657 10,380 22,181 11,657 33,838 31. 1,000,000,000 100,000,000 100,000,000 0.10 100 0.10 10 10 89

32. (i) 25% (ii) 41 10% 50% (iii) (iv) 2.4 33. (a) 125,000,000 85,794,600 39,205,400 90

33. (a) 12 26,532 29,685 13 9,035 15,466 15 2,697 71,282 68,497 68,497 4,541 4,541 139,413 139,413 44,430 44,430 (60,243) (60,243) (189,532) (189,532) 30(b) (19,543) (206) (206) (1,000) (1,000) (22) (22) 44,142 102,768 16 22,232 125,000 (39,205) 44,430 5,225 725,532,000 18,598,000 91

33. (b) 88,971,000 8,000,000 80,971,000 12 55,724 60,338 13 10,846 36,644 15 142 14,742 30(b) 2,432 2,432 46,086 46,086 7,224 7,224 44,324 44,324 59,209 59,209 (99,307) (99,307) (71,531) (71,531) 30(b) (11,253) (46) (46) (14,634) (14,634) 1,171 1,171 41,640 75,399 16 13,572 88,971 92

33. (b) (80,971) 59,209 (21,762) 752,844,000 17,394,000 (c) 40,172,000 2,000,000 34,172,000 93

33. (c) 12 18,438 23,217 15 2 10,142 31,980 31,980 10,616 10,616 40,248 40,248 19,989 19,989 (9,835) (9,835) 30(b) (3,730) (94,920) (94,920) 2 2 2,315 2,315 18,835 30,024 16 10,148 40,172 (34,172) 19,989 (14,183) 392,494,000 9,457,000 94

33. (d) 10,000,000 5,000,000 12 268 252 15 3,700 3,840 1,033 1,033 5,001 5,001 (340) (340) 30(b) (31) 9,662 9,755 16 245 10,000 (5,000) 5,001 1 3,197,000 95

33. (e) 115,376,000 12 22,307 23,216 13 14,011 14,263 15 64 17,474 41,797 41,797 7,640 7,640 99,581 99,581 48,927 48,927 (80,392) (80,392) (67,515) (67,515) (860) (860) (18,995) (18,995) 30(b) (4,643) 66,565 80,493 16 34,883 115,376 (115,376) 48,927 (66,449) 96

33. (e) (f) 95,676,000 1,317,000 80% 72,360,000 12 19,508 15,806 13 1,238 2,568 15 9 21,359 7,315 7,315 333 333 49,930 49,930 19,947 19,947 (26,805) (26,805) (19,776) (19,776) (19,000) (19,000) (1,200) (1,200) (384) (384) 30(b) (4,744) 31,115 45,349 (2,750) 16 29,761 72,360 97

33. (f) (72,360) 19,947 (52,413) 37,560,000 2,209,000 (g) 34,871,000 98

33. (g) 12 8,989 9,016 15 23,940 5,032 5,032 8,514 8,514 6,540 6,540 17,994 17,994 (23,474) (23,474) (19,643) (19,643) (141) (141) 30(b) (5,992) 3,811 21,786 16 13,085 34,871 (34,871) 17,994 (16,877) 37,033,000 908,000 99

34. 2,218 2,218 2,218 2,218 (2,218) 100

35. 5,283 5,283 100 100 86,764 86,764 127,576 127,576 556 556 382,929 382,929 44,542 44,542 1,030,960 1,030,960 100 5,283 1,673,327 1,678,710 1,093,013 115,536 24,236 1,797,149 3,029,934 101

35. 5,291 5,291 61,443 61,443 137,998 137,998 459 459 210,720 210,720 29,690 29,690 964,245 964,245 5,291 1,404,555 1,409,846 835,699 71,698 156,774 1,157,543 2,221,714 36. 102

37. (a) 97,866 37,071 6,755 18,159 104,621 55,230 (b) 4,713 5,794 3,729 5,802 17,833 28,708 14,646 24,238 13,878 82,674 16,480 90,751 36,424 117,176 34,855 120,791 38. 12 13 20 103

39. (a) (i) 12,530 54,321 956 13,486 54,321 (ii) 13,378 40,663 38,318 51,696 40,663 (iii) 332,500,000 343,000,000 104

39. (b) (i) 459 556 556 459 459 556 556 459 105

39. (b) (ii) 1,308 155,827 947 22,928 24,236 156,774 (iii) 6,936 5,204 255 149 7,191 5,353 9 14A 106

40. 19 23 25 26 107

40. 807,506 1,016,238 1,823,744 1,077,073 15,545 395 1,093,013 73,416 28,088 14,032 115,536 24,236 24,236 24,236 1,957,995 1,059,871 14,427 3,056,529 578,793 617,450 1,196,243 834,351 294 1,179 835,824 38,364 28,161 5,173 71,698 156,774 156,774 156,774 1,451,508 645,905 6,352 2,260,539 108

40. 1,797,149 1,157,543 1,093,013 835,699 277,702 273,201 24,236 156,774 (1,030,960) (964,245) 2,161,140 1,458,972 2,110,915 1,633,098 50.6% 47.2% 109

41. 400,000,000 % % 100% 100% 2,405,000 100% 20,000,000 100% 3,000,000 100% 3,350,000 100% 30,000,000 100% 2,230,000 100% 16,550,000 100% 12,000,000 100% 5,000,000 100% 1,260,000 110

41. 20,000,000 10,000,000 % % 100% 100% 100% 15,000,000 100% 12,000,000 60% 13,860,000 100% 1,200,000 100% 40,000,000 100% 1,800,000 60% 2,250,000 100% 4,000,000 100% 11,000,000 111

41. 12,000,000 10,000,000 % % 100% 90% 100% 40,000,000 70% 10,000,000 100% 25,000,000 100% 10,000,000 100% 20,000,000 100% 25,000,000 100% 12,000,000 100% 10,000,000 100% 32,000,000 112

41. 10,000 2,000,000 % % 100% 100% 1 100% 2 100% 200,000,000 100% 20,000,000 100% 30,000,000 100% 11,000,000 100% 10,000,000 100% 5,000,000 100% 10,000,000 100% 5,000,000 100% 10,000,000 100% 113

41. BRIGHT FRIENDS International Limited 1 SUPER CHARM Limited 1 % % 100% 100% WELL SNAPE Holdings Limited 100% 1 BILLION GREAT Corporation 100% Limited 1 100% 30,000,000 100% 20,000,000 100% 10,000,000 100% 15,000,000 100% 15,000,000 100% 15,000,000 100% 3,000,000 100% 11,000,000 100% 10,000,000 114

41. 11,000,000 4,000,000 % % 100% 100% 100% 5,000,000 100% 12,000,000 100% 60,000,000 OLYMPIA WELL Limited 100% 1 CHARMING ELEMENTS 100% Holdings Limited 100 NOBLE VILLA Investments 100% Limited 1 100% 6,500,000 100% 25,000,000 100% 40,000,000 100% 40,000,000 100% 25,000,000 115

41. 15,000,000 10,000,000 % % 100% 100% 100% 6,000,000 1,800,000 100% 4,000,000 1,200,000 100% 5,000,000 100% 12,000,000 100% 10,000,000 100% 12,000,000 100% 12,000,000 100% 16,400,000 100% 10,000,000 100% 40,000,000 116

41. % % 10,000,000 100% 42. 100,000,000 1,000,000,000,0000.0001 100,000 1,559,892,795 305,564,500 0.0001 ( 19,404,500 ) 42,924,000 0.0001 43. 117

13,722,185 10,548,577 9,103,134 6,472,043 (12,542,762) (9,771,214) (8,382,066) (6,074,757) 1,179,423 777,363 721,068 397,286 69,203 33,412 27,361 24,162 (346,521) (274,317) (215,054) (154,187) (161,967) (118,861) (87,115) (64,705) 740,138 417,597 446,260 202,556 (80,688) (104,443) (50,744) (31,065) 7,254 4,520 6,873 5,860 666,704 317,674 402,389 177,351 (173,701) (83,265) (98,933) (27,035) 493,003 234,409 303,456 150,316 470,881 218,702 284,325 147,643 22,122 15,707 19,131 2,673 493,003 234,409 303,456 150,316 5,504,464 4,170,559 2,949,136 2,180,108 (3,356,657) (2,484,788) (2,142,485) (1,636,912) (36,892) (52,673) (49,162) (44,709) 2,110,915 1,633,098 757,489 498,487 118