( : 605) 2007

2 3 5 12 16 18 27 29 30 32 33 34 36 110

2 FCCA FCPA FCCA FCPA 28 26 18 1 29 A 18 56 5606 605 www.kpi.com.hk

3 775,000,000 431,000,000 79.8 173.3%6,330,000

ARC Capital Holdings Limited Keywise Greater China Opportunities Master Fund K.P.I. (BVI) Retail Management Company Limited 20% 4

A.2.1 A.4.2 B.1.1 2 5

6 16 A.2.1

7 14

19/22 10/22 21/22 1 1/22 6/22 5/22 2 8/22 3 1/22 4 0/22 1. 2. 20 3. 8 4. 10

9 657 B.1.1

10

1 1/2 1/2 1/2 2 1/2 (www.kpi.com.hk) 1. 1 2. 1 11 27 1,558,300 378,329 1,936,629

775,044,000 431,037,000 79.8% 6,330,0002,316,000 173.3%0.476 0.228 5.4% 15.5% 6.1% 19.2% 8,592,000 5,457,000 106,502,000 27,866,000 13,493,00055,664,000 252,288,000 68,774,000 186,448,00029,773,000 64,350,000 167,860,000 94,439,00063,830,000 1.86 ARC Capital Holdings Limited 290,625,000 16.5% 63,830,000 12

130,000,000Keywise Greater China Opportunities Master Fund 86,000,000 83,000,000 252,288,000 13 5,000 37,719,000

KPI (BVI) Retail Management Company Limited 20% 6B 16 B14119 14,280,000 20%OK OK 23% 170 18 14

15

49 49 46 51 25 American International Group, Inc 165,000,000 China Retail Fund, LDC ARC Capital Holdings Limited AIM ARC Capital Holdings Limited 55 57 16

38 35 40 43 46 K.P.A. Company Limited 17

17 18 19 4 29 32 35 36 6,330,000 2,316,000 79B 30 5% 37 12 14 18

19 105(A) 96

XV352 XV 1 460,044,240 618,898,240 20,000,000 40.03% 10,000,000 72,454,000 10,000,000 286,400,000 3 72,454,000 618,898,240 20,000,000 40.03% 10,000,000 546,444,240 10,000,000 4 10,000,000 10,000,000 1.25% 20 1. 2. 72,454,00010,000,000 3. Arbalice Holdings Limited60% 27.5% 12.5% Arbalice Holdings Limited86,400,000 4. 546,444,240 460,044,240Arbalice Holdings Limited86,400,000 10,000,000

K.P.I. Convenience Retail Company Limited 32% XV 352 18 XV 336 5% 21 460,044,240 618,898,240 20,000,000 40.03% 10,000,000 72,454,000 10,000,000 86,400,000 72,454,000 618,898,240 20,000,000 40.03% 10,000,000 546,444,240 10,000,000 Arbalice Holdings 86,400,000 5.41% Limited 1

ARC Capital 290,625,000 18.21% Holdings Limited 2 Keywise Capital 130,000,000 8.14% Management (HK) Limited Keywise Greater 130,000,000 8.14% China Opportunities Master Fund CITIC Capital 86,000,000 5.38% China Access Fund Limited CITIC Capital MB 86,000,000 5.38% Investment Limited 86,000,000 5.38% 86,000,000 5.38% 86,000,000 5.38% 22 86,000,000 5.38% Forever Glory 86,000,000 5.38% Holdings Limited Golden Gateway 86,000,000 5.38% Enterprise Inc. 1. Arbalice Holdings Limited 2. ARC Capital Holdings Limited

XV 336 (i) (ii) (iii) 1,087,7330.06% 23 1%

(a) (b) 0.1% 5,000,000 28 1.00 (i) (ii) (iii) 24

68,500,000 02.02.05 0.138 1,000,000 1,000,000 02.02.05 06.06.14 0.131 04.10.07 0.479 10,000,000 10,000,000 04.10.07 03.10.17 0.460 02.02.05 0.138 1,000,000 1,000,000 02.02.05 06.06.14 0.131 04.10.07 0.479 10,000,000 10,000,000 04.10.07 03.10.17 0.460 02.02.05 0.138 10,000,000 10,000,000 02.02.05 06.06.14 0.131 04.10.07 0.479 10,000,000 10,000,000 04.10.07 03.10.17 0.460 10.01.05 0.126 48,500,000 29,400,000 19,100,000 10.01.05 06.06.14 0.126 01.09.05 0.156 32,000,000 32,000,000 01.09.05 06.06-14 0.156 04.10.07 0.479 38,500,000 38,500,000 04.10.07 03.10.17 0.460 13.13 13.20 756,500,000 1,595,902,3368% 64,349,829.02 25 15%

83,699,231.83 26

27 29 109 141

P02412 28

3 775,044 431,037 (699,072) (388,730) 75,972 42,307 3 102,556 74,046 38(a) 10,121 (41,573) (26,253) (120,130) (82,802) (1,916) 700 (10,121) 5 16,825 6,082 6 (8,592) (5,457) 2,013 (2,714) 8,233 (76) 8(a) (1,916) 2,391 6,317 2,315 29 6,330 2,316 (13) (1) 6,317 2,315 10 11 0.476 0.228 0.473 0.223 36 109

12 27,866 38,314 13 905 2,027 14 13,200 15 55,664 58,016 18 2,112 2,112 20 13,493 13,493 21 2,928 2,928 22 3,534 3,534 106,502 133,624 13 23 44 23 29,773 13,907 24 68,774 57,992 25 186,448 122,525 26 64,350 61,659 8(b) 567 28 6,372 26,587 29 252,288 138,847 608,595 421,561 8(b) 1,236 85 30 167,860 142,136 31 94,439 55,061 32 63,830 76,000 327,365 273,282 281,230 148,279 30 387,732 281,903 33 (91,521) 387,732 190,382

35 159,590 101,588 37 218,432 79,071 378,022 180,659 9,710 9,723 387,732 190,382 36 109 31

12 1,233 122 17 13,838 13,799 15,071 13,921 25 1,097 1,061 27 288,049 188,536 28 23,400 29 37,752 15,403 326,898 228,400 31 94 209 1 27 13,992 4,193 14,086 4,403 312,812 223,997 327,883 237,918 33 (91,521) 327,883 146,397 35 159,590 101,588 37 168,293 44,809 32 327,883 146,397 36 109

101,588 106,879 4,459 173 2,688 205 (42,315) 173,677 173,677 691 691 691 9,724 9,724 3,975 3,975 3,975 2,316 2,316 (1) 2,315 101,588 106,879 4,459 173 3,379 3,975 205 (39,999) 180,659 9,723 190,382 13,000 36,400 49,400 49,400 8,600 26,230 34,830 34,830 7,340 6,326 (3,314) 10,352 10,352 (334) (334) (334) 29,062 69,505 (3,975) 94,592 94,592 (818) (818) (818) 1,669 1,669 1,669 1,342 1,342 1,342 6,330 6,330 (13) 6,317 (173) 1,188 (1,015) 159,590 244,522 2,153 5,048 1,393 (34,684) 378,022 9,710 387,732 36 109 33

8,233 (76) 15,542 10,541 502 1,674 (8,296) (10,502) 8,592 5,457 1,815 (334) 1,342 (206) (847) 3,175 93 (2,519) (3,493) (6,897) (7) (1,686) (476) 2,352 784 23 44 (700) (10,121) 10,121 25,746 (1,616) (10,782) (8,168) (55,956) (63,923) 987 769 25,724 (11,720) 39,378 15,201 34 16,143 (60,503) (989) (348) 14,806 (60,503)

20,215 11,313 (4,901) (4,875) 38 58,291 (11,724) 2,984 7 5,605 4,799 206 847 15,974 37 25,375 73,403 84,230 10,352 (818) (5,521) (2,961) 85,106 94,720 (102,128) (74,600) 71,221 17,159 111,402 30,059 2,039 (4,057) 35 138,847 112,845 29 252,288 138,847 36 109

1. 17 1856 5606 2. a) b) 36

2. b) 71 732 44 1 44(b) 71 37

2. b) 1 23 27 2 3 8 2 11 12 13 19 14 c) 38

2. d) 2(p) 39 2(k)

2. e) 2(g) (k) 2(k) f) 40

2. g) 2(k) h) 2(k) 25 41

2. i) 50 5 5 8 5 42

2. j) k) i) 2(k)(ii) 43

2. k) i) 44

2. k) ii) 45

2. k) ii) iii) 34 2(k) l) 46

2. m) i) ii) 2(n)2(n) 47

2. m) iii) 12 iv) n) 12 (i) 48

2. n) (ii) (iii) (iv) (v) (vi) 49

2. o) 2(k) p) q) 50

2. q) i) ii) iii) r) 51

2. s) t) u) 52

2. u) 53

2. u) v) 54

2. w) (a) (b) 55

2. w) 16 5 x) 56

2. y) i) ii) 57

2. z) : (i) (ii) (iii) (iv) (v) (vi) (i) aa) 58

2. aa) ab) ac) 59

3. 666,288 392,413 108,724 38,448 32 176 775,044 431,037 5,605 4,237 2,691 6,265 8,296 10,502 7 1,686 476 206 847 2,519 3,493 6,897 999 334 24 985 37 16,589 11,393 65,396 39,949 4,548 1,419 60 102,556 74,046

4. a) 108,756 38,624 666,288 392,413 775,044 431,037 13,524 20,997 89,032 53,042 102,556 74,039 122,280 59,621 755,320 445,455 877,600 505,076 1,676 4,333 15,149 341 16,825 4,674 (10,121) 7 700 10,121 16,825 5,381 (8,592) (5,457) 8,233 (76) (1,916) 2,391 6,317 2,315 61

4. a) 354,647 262,458 358,338 290,615 712,985 553,073 2,112 2,112 2,112 2,112 356,759 264,570 358,338 290,615 715,097 555,185 (3,337) (98,698) (324,028) (266,105) (327,365) (364,803) 539 435 15,003 10,106 15,542 10,541 23 44 23 44 2,352 784 2,352 784 1,815 1,815 4 18,900 18,904 1,524 9 3,377 4,866 4,901 4,875 700 700 62

4. b) 108,756 38,624 666,288 392,413 775,044 431,037 259,148 234,110 455,949 321,075 715,097 555,185 4 18,900 18,904 1,524 3,377 4,875 4,901 4,875 63

5. 15,542 10,541 23 44 2,352 784 24(b) 600,799 353,743 98,273 34,987 33,666 21,894 1,216 918 1,815 (24) 7 35,370 25,909 1,007 666 1,739 1,342 37,719 28,314 (700) 3,000 1,000 (13) (22) 3,175 93 502 1,674 6. 64 5,521 2,961 5,521 2,961 3,071 2,496 8,592 5,457

7. i) 2,980 196 12 3,188 807 196 12 1,015 291 196 12 499 1 10 10 2 9 9 40 40 40 40 3 48 48 4 30 30 167 4,088 588 36 4,879 65

7. i) 2,980 12 2,992 807 12 819 291 12 303 1 120 6 126 42 42 42 42 4 42 42 5 24 24 150 4,198 42 4,390 1. 2. 3. 66 4. 5. 36

7. ii) 7(i) 980 898 24 24 157 1,000,000 1,161 922 8. a) 67 421 1,495 (2,391) 1,916 (2,391)

8. a) 8,233 (76) 2,930 (424) (874) (1,016) 1,470 1,555 (2,636) (1,817) 1,105 1,650 (2,391) (79) 52 1,916 (2,391) 17.5% 17.5% 63 33%25% 68

8. b) (85) (2,369) (421) (1,495) 2,391 1,337 (5) (107) (669) (85) 567 (1,236) (85) 9. (669) (85) 7,878,000 6,236,000 69 10. 11. i) 6,330,0002,316,000 1,329,614,9391,015,877,336

11. ii) 6,330,000 6,330 2,316 1,329,614,939 1,015,877,336 8,171,750 22,228,296 1,337,786,689 1,038,105,632 70

12. 2,217 776 2,484 456 5,933 31 27,888 1,146 34,966 64,000 2,217 28,664 3,630 35,422 69,933 8,416 303 10,185 18,904 1,413 167 3,295 4,875 41 41 (717) (547) (3,054) (4,318) 1,117 46 1,400 2,563 2,217 38,934 3,599 47,248 91,998 2,217 38,934 3,599 47,248 91,998 1,359 1,225 2,317 4,901 (1,390) (2,363) (1,023) (3,441) (8,217) 3,698 140 4,572 8,410 827 41,628 3,941 50,696 97,092 71 1,176 625 1,846 333 3,980 31 18,080 770 21,313 40,163 1,176 18,705 2,616 21,646 44,143 38 3,251 446 6,806 10,541 (174) (460) (1,973) (2,607) 723 31 853 1,607 1,214 22,505 2,633 27,332 53,684 1,214 22,505 2,633 27,332 53,684 9 5,270 551 9,712 15,542 (721) (2,026) (900) (2,414) (6,061) 2,655 103 3,303 6,061 502 28,404 2,387 37,933 69,226 325 13,224 1,554 12,763 27,866 1,003 16,429 966 19,916 38,314

12. 325 334 669 325 1,003 378 768 164 1,310 1,224 300 1,524 378 1,992 464 2,834 227 615 84 926 76 153 33 262 303 768 117 1,188 75 245 93 413 72 378 1,013 210 1,601 979 254 1,233 75 47 122

13. 2,688 2,688 (1,390) 1,298 2,688 617 573 23 44 (270) 370 617 928 2,071 10 50 928 951 1,120 928 2,071 73 23 44 905 2,027 928 2,071

14. 13,200 12,500 700 (13,200) 13,200 6B 16 B14119 A.G. Wilkinson Associates 14,280,000 41 15. 58,800 58,800 58,800 58,800 784 2,352 784 74 3,136 784 55,664 58,016

16. 41 (41) 17. 33,088 33,049 (19,250) (19,250) 13,838 13,799 K.P.B. Group 12 100% Holdings Limited 75 2 100% 2 100% K.P.A. Company 2 100% Limited 2

17. K.P.B. Asset 6 100% Holdings Limited K.P.B. Marketing Limited 2 100% KPB Marketing K.P.B. T.C. 1 100% Holdings Limited K.P.B. Trading 4 100% Limited 2 100% 10,000 2 100% 2 2 100% 2 K.P.I. (BVI) Retail 18,087,700 100% Management Company Limited KPIRM 76 K.P.I. Convenience 50,000 68% Retail Company LimitedKPICR 51%

17. 100% 1 9,418,854 5,400,000 100% # 2 2,000,000 200,000 100% # 3 Wainwright 2 100% International Limited # 1) 20 2) 10 3) 14 77

18. 2,112 2,112 30% 30% # 1 49% 49% # 2 1) 30 2) 25 # 100% 100% 4,310 2,112 4,310 2,112 78 4,310 2,112 4,310 2,112

19. 40% 40% 80,000,000 (Hualian GMS Shopping Center Company Limited*) 20 100% 100% 895,845 358,338 726,538 290,615 (856,365) (342,546) (708,782) (283,513) 39,480 15,792 17,756 7,102 1,665,720 666,288 1,456,980 392,413 20,591 8,237 1,720 463 79 *

20. 15,339 1,846 13,493 15,339 15,339 1,846 1,846 13,493 13,493 1,846 1,846 (1,846) (1,846) 13,493 13,493 30% 9.6% 80

21. 22. 2,761 2,761 773 773 3,534 3,534 23. 29,164 5,307 609 8,600 29,773 13,907 81 29,773 13,907

24. a) 68,774 57,992 b) 600,799 353,743 25. 83,699 46,515 (26,110) (26,110) 57,589 20,405 8,767 3,916 12,274 8,365 14,123 18,841 334 179 723 730 722 722 4,228 5,037 43,310 34,318 5,636 39,798 30,913 41 160 82 186,448 122,525 1,097 1,061

25. 26,110 26,110 26. 61,659 55,956 2,691 5,703 64,350 61,659 83 KPB Marketing55,956,000 15% Time Galaxy LimitedTime Galaxy KPB Marketing Time GalaxyTime Galaxy Time Region Holdings LimitedTime Region() 20%KPIRM Time Galaxy Time Region100%Time Galaxy 45(ii)

27. 28. (i) 23,400 23,400 (ii 6,372 3,187 6,372 26,587 23,400 (i) (ii) 84

29. 247,864 128,327 26,956 1,696 10,796 37,107 10,796 37,107 258,660 165,434 37,752 38,803 (23,400) (23,400) (6,372) (3,187) 252,288 138,847 37,752 15,403 85 6,421 570 1,398 554 145,810 118,669

30. 1 80,062 62,138 13 87,798 79,998 167,860 142,136 90 31. 6,447 6,219 3,456 4,191 94 209 13,173 15,930 60,322 16,525 691 496 10,350 11,700 94,439 55,061 94 209 32. 86 63,830 76,000 5.95357.024.4256.138

33. 93,000,000 113% 0.32 20 0.36 4,000,0000.34 35(c) 93,000 (3,975) 3,975 6 2,496 87 91,521 3,975 6 3,071 (94,592) (3,975)

34. 14,337,00014,159,000 35. 0.10 2,000,000,000 200,000 2,000,000,000 200,000 1,015,877,336 101,588 1,015,877,336 101,588 a 130,000,000 13,000 b 86,000,000 8,600 c 290,625,000 29,062 36 73,400,000 7,340 1,595,902,336 159,590 1,015,877,336 101,588 (a) 0.38130,000,000 0.38 130,000,000 49,400,000 88

35. (b) (c) 0.405 86,000,000Best State Investments Limited Best StateBest State 0.40586,000,000 34,830,000 93,000,000 0.32 290,625,000 33 36. 89

36. 10% 67,725,155 101,587,733 10% 30% 1% (i) (ii)(iii) 38,000,0001,000,000 99,500,00021 1 68,500,000 211 90

36. 0.138 19,000,000 (12,000,000) (7,000,000) 0.479 9,000,000 9,000,000 9,000,000 9,000,000 12,000,000 12,000,000 0.126 48,500,000 (29,400,000) 19,100,000 91 0.156 32,000,000 (32,000,000) 0.479 11,550,000 11,550,000 11,550,000 11,550,000 15,400,000 15,400,000 99,500,000 68,500,000 (73,400,000) (7,000,000) 87,600,000

36. a) 0.138 99,500 0.138 99,500 0.479 68,500 0.141 (73,400) 0.138 (7,000) 0.402 87,600 0.138 99,500 0.126 19,100 0.138 99,500 0.537 0.402 0.1389.037.43 b) 92 0.04247 0.04768 0.04666 0.235 0.131 0.147 0.144 0.470 0.126 0.138 0.156 0.479 107% 107% 107% 68.6% 10 10 10 10 3.62% 3.85% 4.10% 4.3%

36. b) 37. i ii iii iv v vi 106,879 4,459 173 2,688 205 (42,315) 72,089 72,089 691 691 691 9,724 9,724 3,975 3,975 3,975 2,316 2,316 (1) 2,315 106,879 4,459 173 3,379 3,975 205 (39,999) 79,071 9,723 88,794 93 106,879 4,459 173 3,379 3,975 205 (39,999) 79,071 9,723 88,794 36,400 36,400 36,400 26,230 26,230 26,230 6,326 (3,314) 3,012 3,012 (334) (334) (334) 69,505 (3,975) 65,530 65,530 (818) (818) (818) 1,669 1,669 1,669 1,342 1,342 1,342 6,330 6,330 (13) 6,317 (173) 1,188 (1,015) 244,522 2,153 5,048 1,393 (34,684) 218,432 9,710 228,142

37. (5,553) (3,646) (29,131) (36,353) (34,684) (39,999) i ii v 106,879 4,459 (64,268) 47,070 3,975 3,975 (6,236) (6,236) 106,879 4,459 3,975 (70,504) 44,809 36,400 36,400 26,230 26,230 6,326 (3,314) 3,012 (334) (334) 69,505 (3,975) 65,530 (818) (818) 1,342 1,342 (7,878) (7,878) 94 244,522 2,153 (78,382) 168,293 79B

37. (i) 48B (ii) 2(y)(ii) (iii) 5% 10% (iv) 2(q) (v) 2(x) 95 (vi) 10%50% 25%

38. a) KPIRMKPICR KPB Marketing KPIRM KPIRM 1KPIRMKPICR 51% 49%KPICR KPICR 3 19,842 19,845 (9,724) 10,121 (10,121) 3 b) KPB MarketingKPIRM 49% KPIRM51%KPB Marketing KPIRMKPICR 40%KPIRM KPICRKPB Marketing 38(a) 96 KPIRM 40% 93,000,00033 KPIRM49%

38. b) 18,904 1,035 22,319 32,633 189 2,622 147 59,788 (70,300) (10,804) (2,296) (1,650) (30,380) 22,207 * 58,800 20 13,493 97 94,500 1,500 93,000 94,500 (1,500) 59,788 58,288 * 147,000,000

39. a) 14 7,691 8,659 16,861 18,397 7,026 9,721 31,578 36,777 b) 35,244 31,845 2,257 2,507 132,784 129,528 722 2,979 206,575 222,018 98 374,603 383,391 2,979 5,486

40. a) 1 996 996 2 (7) 1) 83,000 2) 7,400 b) 2,980 2,980 12 12 196 3,188 2,992 7 99 41. 78,000,000 1428 63,830,000 76,000,000

42. 93,000,000 0.3235(c)290,625,000 43. a) 2 (i) (ii) 100

43. a) (iii) (iv) (v) (vi) 101 b)

44. a) (i) 25 (ii) 102

44. a) (ii) 65,720 65,720 63,830 77,637 77,637 76,000 262,299 262,299 262,299 197,197 197,197 197,197 93,000 93,000 91,521 328,019 328,019 326,129 274,834 93,000 367,834 364,718 (iii) 103

44. a) (iv) i) 24,477 36,805 64,647 57,992 135,375 79,248 145,810 118,666 (157,788) (142,136) (85,685) (47,973) (1,162) (85) (60,000) (76,000) 65,674 26,517 104

44. a) (iv) ii) 5% 406 5% 2 (5)% (406) (5)% (2) 105

44. a) (v) b) 63,830 76,000 91,521 91,521 (252,288) (138,847) (37,752) (15,403) (188,458) 28,674 (37,752) 76,118 387,732 190,382 327,883 146,397 (49%) 15% (12%) 52% 106

44. c) i) ii) 45. i) 2,000,000,000 0.10 200,000,000400,000,000 ii) KPIRM Time Galaxy Time Region Time Region20%Time Galaxy80% 20% 40% 138,500,000 (i)64,349,82926(ii)15,650,171(iii) 0.4568,444,44461,555,556 30,800,00027,700,000 107 60%

45. ii) 58,502 201,682 233,246 275,590 (232,958) (285,069) (2,864) (159,574) (46,298) 42,257 20% 8,451 32,778 97,271 1,000 139,500 25 5,636 11,014 26 64,350 58,500 139,500 108 (11,014) 386,148 375,134

45. iii) KPICR KPICR 46. 47. 7 1 2(b) 109

775,044 431,037 403,815 140,953 296,151 6,317 2,315 (23,251) 11,822 10,337 6,330 2,316 (23,251) 11,822 10,337 (13) (1) 6,317 2,315 (23,251) 11,822 10,337 715,097 555,185 313,177 362,120 219,552 (327,365) (364,803) (139,500) (169,726) (70,818) (9,710) (9,723) 110 378,022 180,659 173,677 192,394 148,734