........................................................................... 2........................................................................... 3.................................................................... 6......................................................................... 10....................................................................... 19............................................................... 23...................................................................... 26................................................................. 28................................................................. 29.................................................................... 31................................................................. 33................................................................. 34.................................................................. 35.................................................................. 96 1
(FCCA, FCPA) XI 89 1 2904 2906 HSBC Bank Bermuda Limited Bank of Bermuda Building 6 Front Street Hamilton HM 11 Bermuda Clarendon House 2 Church Street Hamilton HM 11 Bermuda 28 26 www.jiwa.com.hk 2327 (FCCA, FCPA) +852 2810 8991 +852 2115 9832 kelvin-finc-hk@jiwa.com.hk 2
636,482,000 472,089,000 34.8% 280,409,000 208,204,000 34.7% 96,846,000 73,707,000 31.4% 64,582,000 51,522,000 25.3% 4.02 3.21 25.2% 1.3 1.0 30% 636,482,000 34.8%64,582,000 25.3% 1.3 2010 2010GMP 3
8 3 12 5 8 33 28 2 7 5 2 5 2 7 19 4
5
67.6% 28.6% 3.8% 5,428,000 396,281,000 20.7% 69,110,000 43.7% 9.9% 5 197,966,000 60.3% 1. 30% 2. 3. 80%1817 4. 80% 6
5. 80% 163,494,0003.3% 29,267,000 7.9% 122,358,000 17.9% 5,787,00015,028,000 183,882,000 102,131,000 3,897,000 1000 9,993,000 5,428,000 GMP FDA GMP 7
34,803,00042,420,000 1.5% 59.6% 5.4% 33.3% 0.2% 287,316,000224,439,000 153,806,000 175,692,000 83,813,000 47,086,000 22,907,000 287,316,000 51,724,000 153,807,000 21,005,000 18% 23%130,899,000 151,871,000 737,786,000651,503,000 8
4,732 2,972 2,648 7,192 7,380 10,164 100,316,000 146,028,000 128,838,000 147,295,000 9
19 28 95 31 64,582,000 51,522,000 32 16 1,064 10
87(1) 11
352 97,878,000 115,752,000 840,000,000 1,053,630,000 65.44% 1 2 4 552,000 1 105,000,000 5 105,552,000 6.56% 40,752,000 937,878,000 75,000,000 1,053,630,000 65.44% 1 3 6 1. 2. 75,000,000 MINGS Development Holdings Limited 40,752,000 3. 840,000,000 LAUs Holding Co. Ltd. 97,878,000 4. LAUs Holding Co. Ltd. 5. WHYS Holding Co. Ltd. 6. MINGS Development Holdings Limited 352 12
0.01 160,500,000 10% 10% 10% 15,000,000 15,000,000 0.18 5,000,000 5,000,000 0 0.30 20,000,000 5,000,000 15,000,000 1 1 13
XV336 LAUs Holdings Co. Ltd. 840,000,000 52.17 WHYS Holding Co. Ltd. 105,000,000 6.52 3514A 14A (1) (i) : : : 1 21 A1C 4 5 21 201 : : 1,176,00098,000 : 14
(ii) : : : : 9 22 A 4 7 215 : : 696,00058,000 : (iii) : : : : 89 1 29 4 150 : : 780,000 65,000 : (a) 2,534,000 (b) 2,652,000 (c) 1,105,000 15
(2) 70% 9,800,000 (a) (b) (c) 8,289,000 4,349,000 16 27 16
20% 45% 21% 45% 5% 96 2.21 25% 17
95 22 28 26 18
14 10 23 25 : 4/4 4/4 4/4 4/4 4/4 4/4 19
20
1/1 1/1 1/1 15 1/1 1/1 1/1 700 21
2/2 2/2 2/2 26 27 22
72 40 69 63 40 62 53 23
47 37 37 57 GMP 38 48 41 41 24
35 42 49 44 25
Grant Thornton International Ltd 28 95 90 26
41 6 27
5 636,482 472,089 (356,073) (263,885) 280,409 208,204 7 11,380 7,854 (128,443) (78,079) (65,329) (59,720) (1,171) (4,552) 96,846 73,707 8 (3,811) (4,545) 20 (101) (143) 9 92,934 69,019 10 (11,348) (5,682) 81,586 63,337 6 7,614 6 7,614 81,592 70,951 11 64,582 51,522 17,004 11,815 81,586 63,337 64,588 57,622 17,004 13,329 81,592 70,951 13 4.02 3.21 13 4.00 28
16 237,747 241,629 17 33,618 29,059 18 25,149 9,950 20 19,738 19,839 21 9,066 9,066 22 5,720 5,231 25 7,955 15,291 30 3,737 3,930 342,730 333,995 23 107,871 71,662 24 157,359 135,766 17 1,057 935 25 76,765 46,781 35 16,983 13,544 218 26 6,400 26 34,803 42,420 395,056 317,508 27 47,086 36,343 28 119,344 76,379 29 13,744 17,610 5,277 3,764 185,451 134,096 209,605 183,412 552,335 517,407 27 83,813 115,528 30 6,022 6,421 89,835 121,949 462,500 395,458 29
31 16,100 16,050 32 370,419 320,431 386,519 336,481 75,981 58,977 462,500 395,458 30
19 82,380 82,380 19 97,540 86,650 6,400 166 70 97,706 93,120 19 2,077 3 3 3 2,080 97,703 91,040 180,083 173,420 31 16,100 16,050 32 163,983 157,370 180,083 173,420 31
92,934 69,019 (289) (259) 4,618 5,722 14,559 13,010 1,285 969 760 598 1,199 (2,293) 233 54 38(a) (5,650) (2,641) 1,877 705 (705) 101 143 106,952 88,997 (37,381) 4,527 (21,593) (635) (22,648) (13,891) (3,439) 6,107 42,965 (31,153) (3,866) (18,237) 60,990 35,715 (3,278) (4,765) (8,965) (4,396) 1,984 3,448 50,731 30,002 (12,638) (4,872) 9,091 38(b) 6,194 (20,269) (11,526) (1,087) (5,817) (7,000) 37 (7,349) 6,400 (6,400) 289 259 (18,214) (36,511) 32
36,622 109,854 (57,440) (61,464) 31 1,500 (4,618) (5,722) (16,050) (16,050) (39,986) 26,618 (7,469) 20,109 (148) 1,537 42,420 20,774 34,803 42,420 33
32(v) 32(i)) 32(ii) 32(ii)) 32(iii)) 32(iv)) 16,050 54,132 2,000 4,782 57 20,772 (320) 2,830 515 16,050 178,073 294,941 45,648 340,589 12 (16,050) (16,050) (16,050) 14 33 1,285 1,285 1,285 1,285 (16,050) (14,765) (14,765) 51,522 51,522 11,815 63,337 6,100 6,100 1,514 7,614 6,100 51,522 57,622 13,329 70,951 (1,317) (1,317) (1,317) 12 16,050 (16,050) 3,103 (3,103) 16,050 54,132 2,000 7,885 57 26,872 (320) 2,830 1,800 16,050 209,125 336,481 58,977 395,458 16,050 54,132 2,000 7,885 57 26,872 (320) 2,830 1,800 16,050 209,125 336,481 58,977 395,458 12 (16,050) (16,050) (16,050) 33 50 1,965 (515) 1,500 1,500 50 1,965 (515) (16,050) (14,550) (14,550) 64,582 64,582 17,004 81,586 6 6 6 6 64,582 64,588 17,004 81,592 12 20,930 (20,930) 4,837 (4,837) 16,100 56,097 2,000 12,722 57 26,878 (320) 2,830 1,285 20,930 247,940 386,519 75,981 462,500 34
1. Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda89 1 2904 2906 2. 2.1 28 95 3 4 35
2. 2.2 2.3) 2.3 36
2. 2.4 20% 50% 37
2. 2.5 2.6 38
2. 2.6 20-50 3 5-15 5 2.7 2.15 2.8 2.4 2.20 39
2. 2.9 1-5 2.20 (i) (ii) (iii) (iv) (v) (vi) 2.10 40
2. 2.10 (i) 41
2. 2.10 (i) 2.11 2.12 42
2. 2.13 2.22 12 2.14 43
2. 2.15 (i) (ii) 2.16 44
2. 2.17 2.18 2.19 2.20 45
2. 2.20 46
2. 2.21 47
2. 2.22 2.23 48
2. 2.23 (a) (b) (a) (b) (i) (ii) 2.24 (i) (ii) (iii) (iv) 49
2. 2.24 8 2.25 (i) (ii) (iii) (iv) (v) (i) (vi) 50
3. 1 23 27 2 7 8 1 1 1 23 23 27 27 51
3. 2 2 8 8 3 27 52
3. 9 17 17 17 4. (i) 2.20 21 53
4. (ii) (iii) (iv) (v) 54
4. (i) (ii) 3,737,000 3,930,000 5. 1 6. 2.24 55
6. 328,112 285,705 121,956 82,288 183,882 102,131 2,532 1,965 636,482 472,089 68,169 42,727 41,538 75,971 75 109,782 118,698 396,281 328,432 163,494 158,259 183,882 102,131 2,607 1,965 746,264 590,787 69,110 48,093 29,267 31,786 3,897 5,178 (5,428) (9,993) 96,846 75,064 163 168 5 70 102 19 21 289 259 9,693 9,675 243 495 2,017 995 2,606 1,845 14,559 13,010 598 1,199 598 1,199 354 354 35 35 284 108 296 263 969 760 233 10 (7,943) 44 (7,710) 54 (126) (579) (705) 126 1,877 579 1,877 705 330,728 292,167 107,205 91,129 133,123 111,863 118,768 108,088 689,824 603,247 9,583 11,886 275 38 19,465 36,446 16,001 10,218 45,324 58,588 142,933 109,770 61,462 56,590 46,860 45,456 18,009 37,808 269,264 249,624 56
6. 746,264 590,787 (109,782) (118,698) 636,482 472,089 96,846 75,064 (72) (1,285) (101) (143) (3,811) (4,545) 92,934 69,019 689,824 603,247 3,737 3,930 24,487 24,487 19,738 19,839 737,786 651,503 269,264 249,624 6,022 6,421 275,286 256,045 57
6. 26,810 26,913 5 5 304,223 287,856 331,038 314,774 10% 31%34% 54%45% 7. 120 49 3,659 2,293 5,650 2,641 (i) 1,550 547 289 259 97 242 1,452 386 11,380 7,854 (i) 58
8. 4,618 5,722 18 (807) (1,177) 3,811 4,545 3.25%4.75% 9. (i) 350,024 263,476 23 (705) 1,877 705 700 650 14,559 13,010 233 54 598 1,199 969 760 3,662 3,007 (ii) 3,397 2,478 (i) 13,494,000 10,413,000 (ii) 10. 16.5%16.5% 33% 25% 25%25% 59
10. 15%15% 3,178 2,667 (694) 2,484 2,667 11,054 7,028 (1,984) (3,448) 9,070 3,580 30 (206) (565) 11,348 5,682 92,934 69,019 12,145 7,790 1,892 770 (989) (390) 996 2,644 (627) (765) (35) (128) (1,984) (3,448) 644 (791) (694) 11,348 5,682 60
11. 64,582,000 51,522,00021,213,000 17,593,000 12. (a) 0.013 0.01 20,930 16,050 (b) 0.01 0.01 16,050 16,050 13. (a) 64,582,000 51,522,000 1,606,954,0001,605,000,000 (b) 64,582,000 1,612,551,000 1,606,954,000 5,597,000 61
14. 41,942 28,837 630 840 1,872 1,804 33 1,285 4,426 3,477 48,870 36,243 15. (a) (iii) 2,428 2,428 1,718 12 1,730 428 428 80 80 100 100 100 100 280 4,574 12 4,866 2,143 2,143 1,412 1,285 12 2,709 331 331 80 80 100 100 42 42 58 58 280 3,886 1,285 12 5,463 62
15. (a) (i) (ii) (iii) 15,000,000 1,285,000 33 (b) 1,601 1,140 840 103 178 36 24 1,740 2,182 1,000,000 3 3 63
16. 116,273 3,372 79,553 12,895 212,093 (15,122) (2,470) (18,576) (7,050) (43,218) 101,151 902 60,977 5,845 168,875 101,151 902 60,977 5,845 168,875 267 1 3,139 1,465 4,872 28,793 947 29,740 (54) (54) (6,677) (318) (4,165) (1,850) (13,010) 19,062 23,076 3,391 45,529 3,596 32 1,844 205 5,677 146,192 617 84,817 10,003 241,629 170,339 3,469 108,077 19,786 301,671 (24,147) (2,852) (23,260) (9,783) (60,042) 146,192 617 84,817 10,003 241,629 146,192 617 84,817 10,003 241,629 8,289 1,474 2,003 872 12,638 (6,681) (154) (164) (32) (7,031) (8,028) (193) (4,555) (1,783) (14,559) 4,849 221 5,070 139,772 1,744 86,950 9,281 237,747 171,376 4,194 114,019 20,561 310,150 (31,604) (2,450) (27,069) (11,280) (72,403) 139,772 1,744 86,950 9,281 237,747 99,932,000 110,901,000 27 64
17. 4,287 4,322 30,388 25,672 34,675 29,994 (1,057) (935) 33,618 29,059 5,680,000 4,942,000 11,330,000 9,857,000 28,906,000 29,994,000 27 29,994 23,461 6,633 11,330 (5,680) (969) (760) 660 34,675 29,994 65
18. 9,950 42,810 20,269 11,526 (5,070) (45,529) 1,143 25,149 9,950 GMP 807,000 1,177,000 19. (a) 82,380 82,380 Jiwa Development Co. Ltd. JDL 100,000 0.5 100%* 1,000 1,000 100% 1,000 1,000 100% 200 1,000 100% 132,334,000 70% 66
19. (a) Jiwa Rintech Holdings Limited 10 1 100% 58,000,000 100% 100,000 100% 1,000 1,000 100% 2,100,000 100% 530,000 300,000 60% Rise Hill Development Limited Rise Hill 1,000 1 60% Base Affirm International Limited Base Affirm 1,000 1 60% * (b) 67
20. 19,839 12,982 7,000 (101) (143) 19,738 19,839 Leader Forever Limited 1,000 40% 1 Vital Element Investments Limited 1,000 25% 1 71,318 66,001 7,061 1,482 263 410 68
21. 9,066 978 9,066 978 9,066 978 37 8,054 34 9,066 9,066 9,066 9,066 9,066 9,066 (i)(ii) 15% 13% 69
22. 593 5,817 20 (1,199) 5,231 9,783 (4,552) 5,231 5,231 1,087 (598) 5,720 10,870 (5,150) 5,720 23. 40,268 29,140 6,148 8,825 61,455 33,697 107,871 71,662 705,000 70
24. 151,188 129,037 6,171 6,729 157,359 135,766 30 180 113,704 84,715 31,421 47,051 12,234 4,000 157,359 135,766 71
24. 138,270 114,795 16,867 10,126 2,222 10,845 19,089 20,971 157,359 135,766 138,270,000 114,795,000 25. 556 2,591 70,082 54,239 14,082 5,242 84,720 62,072 (7,955) (15,291) 76,765 46,781 Jiwa Development LimitedJDL JDL 70%27,000,000 24,487,000 7,955,000 72
25. 24,487,000 26. 34,803 48,820 (6,400) 34,803 42,420 27 20,735,000 32,657,000 27. 100,316 146,028 30,583 5,843 130,899 151,871 100,316,000 146,028,000 99,932,000 110,901,000 28,906,000 29,994,000 6,400,000 73
27. 130,899,000 138,078,000 47,086 36,343 37,372 32,224 46,441 83,304 130,899 151,871 (47,086) (36,343) 83,813 115,528 5 2 5 2 0.13 1.75 0.22 2 0.13 1.75 0.32 1.75 5.103 4.425 3.25 0.75 3.25 5 0.75 5 74
27. 28. 91,912 62,048 3,212 1,076 1,313 1,893 96,437 65,017 22,907 11,362 119,344 76,379 29. 11,843 13,971 1,901 3,639 13,744 17,610 75
30. 3,469 3,469 (6,620) (6,620) 199 (109) 475 565 95 95 (6,421) 3,455 475 (2,491) 399 (109) (84) 206 (6,022) 3,346 391 (2,285) 3,737 3,930 (6,022) (6,421) (2,285) (2,491) 20,692,000 16,785,000 417,000 468,000 20,275,000 16,317,000 76
31. 0.01 10,000,000,000 100,000 10,000,000,000 100,000 0.01 1,605,000,000 16,050 1,605,000,000 16,050 5,000,000 50 1,610,000,000 16,100 1,605,000,000 16,050 0.3 5,000,000 50,000 1,500,000 33 32. 34 (i) 54 (ii) 77
32. (iii) 5% (iv) 3,000,000 (v) 54,132 82,180 515 17,715 154,542 12(b) (16,050) (16,050) 33 1,285 1,285 17,593 17,593 54,132 82,180 1,800 19,258 157,370 12(b) (16,050) (16,050) 33 1,965 (515) 1,450 21,213 21,213 56,097 82,180 1,285 24,421 163,983 78
32. 12(a) 20,930 16,050 3,491 3,208 24,421 19,258 33. 10% 1 160,500,000 10% 10% 10% 0.180 0.210 3.04 4.18 1,285,000 14 15,000,00020,000,000 0.93%1.25% 79
33. 15,000,000 15,000,000 0.180 5,000,000 (5,000,000) 0.300 20,000,000 (5,000,000) 15,000,000 15,000,000 15,000,000 0.180 5,000,000 5,000,000 0.300 5,000,000 15,000,000 20,000,000 80
33. 20,000,000 0.210 5,000,000 0.300 15,000,000 0.180 (5,000,000) 0.300 15,000,000 0.180 20,000,000 0.210 0.4075 1,285,000 0.179 0.180 57% 5 1.989% 4.36% 3.2 81
34. (a) 1,421 2,867 81 1,118 1,502 3,985 (b) 4,732 2,972 2,648 7,192 7,380 10,164 82
35. (a) (i) 9,412 9,320 (ii) 696 646 (iii) 1,956 1,888 (iv) 9,659 (i) (ii) (iii) (iv) JDL 100% 9,659,000 37 (b) 16,983 13,544 4,945,000 1,310,000 30 180 83
35. (b) 4,945 1,310 (c) 3,875 2,891 840 103 178 1,872 1,804 1,285 48 36 5,898 7,034 36. 153,804 149,352 84
37. 93%9,659,000 102,131,000 3,728,000 564,968,00064,897,000 9,659 (1,605) 21 8,054 85
37. 8,316 29,740 1,576 6,633 18,932 18,932 33,658 33,658 306 306 2,310 2,310 (10,345) (10,345) (52,527) (52,527) (20,400) (20,400) (6,620) (82) 1,605 9,659 (2,310) 7,349 86
38. (a) 5,680,000 4,942,000 11,330,000 9,857,000 17 (b) 27,000,000 30,681,000 2,641,000 6,194,000 2,884,000365,000 24,487,000 39. 87
39. (a) 157,359 135,766 70,638 56,830 16,983 13,544 97,540 86,650 6,400 6,400 34,803 42,420 166 70 279,783 254,960 97,706 93,120 130,899 151,871 119,344 76,379 2,077 13,744 17,610 3 3 263,987 245,860 3 2,080 88
39. (b) (i) (ii) 5,501 9,866 58,517 461 51,587 24,487 5,727 24,487 3,297 1,840 1,863 11,588 2,555 4,528 (81,994) (110,137) (3,082) (25,111) (5,758) (16,547) (318) 31,828 (73,665) 50,721 24,487 (112,879) 42,865 (iii) 3% 2% 3% 2% 89
39. (b) (iii) (797) (858) (613) (703) 3% 2% (c) (i) 27 26 90
39. (c) (ii) +/-1%+/-1% +1% (236) (236) +1% (233) (233) -1% 236 236-1% 233 233 +1% (680) (680) +1% (905) (905) -1% 680 680-1% 905 905 (d) (i) 91
39. (d) (i) 157,359 135,766 70,638 56,830 16,983 13,544 97,540 86,650 6,400 6,400 34,803 42,420 166 70 279,783 254,960 97,706 93,120 (ii) 6 25 24,487,000 (e) 92
39. (e) 50,328 40,251 48,896 139,475 119,344 119,344 13,744 13,744 13,744 169,672 40,251 48,896 272,563 97,540 97,540 3 3 97,543 97,543 153,804 153,804 93
39. (e) 43,173 97,177 33,426 173,776 76,379 76,379 17,610 17,610 17,610 119,552 97,177 33,426 267,765 2,077 2,077 3 3 2,080 2,080 149,352 149,352 (f) 94
40. 47,086 36,343 83,813 115,528 130,899 151,871 (34,803) (42,420) 96,096 109,451 462,500 395,458 21% 28% 41. JDL Base Affirm JDL 400 Base Affirm1 95
170,285 206,572 317,429 472,089 636,482 28,362 35,158 74,200 73,707 96,846 (3,757) (2,317) (4,605) (4,545) (3,811) (18) (143) (101) 24,605 32,841 69,577 69,019 92,934 (1,594) (5,786) (11,472) (5,682) (11,348) 23,011 27,055 58,105 63,337 81,586 19,459 21,060 48,255 51,522 64,582 3,552 5,995 9,850 11,815 17,004 23,011 27,055 58,105 63,337 81,586 1.30 1.40 3.07 3.21 4.02 1.40 4.00 339,174 366,733 506,222 651,503 737,786 (98,510) (98,795) (165,633) (256,045) (275,286) 240,664 267,938 340,589 395,458 462,500 5,000 5,000 16,050 16,050 16,100 200,735 223,105 278,891 320,431 370,419 34,929 39,833 45,648 58,977 75,981 240,664 267,938 340,589 395,458 462,500 96