2 4 8 12 21 31 33 34 35 36 37 38 1-2014

- 2014 2

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 Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 112-114 1 3-2014

Incutech Investments Limited 3,700,000 6,700,000 0.004 0.093 3,000,000 710,000 370,000 180,000 2213 Good Quality Investment LimitedGood Quality 20% 2.5% 2.6% 3.5% 3.6% 1.2% 1.4% - 2014 4

6.8% 6.3% 149,780,000 178,230,000 28,450,000 0.1 Sharp Years Limited Hugo Lucky Limited 1,400,000,000 140,000,000 0.1 427,500,000 41,970,000 113,850,000 6,300 36,510,000 5,340,000 5-2014

1,920,000 33,920,000 39,900,000 33,920,000 1.28% 5,000,000 500,000,000 0.01 72,000,000 (a) 1,500,000,000 5,000,000 500,000,000 20,000,000 2,000,000,000 (b) 1,400,000,000 0.1 427,500,000 0.1 41,969,000-2014 6

7-2014

37 15 JK Capital Management Limited MYM Capital Limited Asian Asset Management Limited 905 768 8032 1076 4 6 9 44 15 MaunaKai Capital Partners (Hong Kong) Limited Symbior Energy (North Yard Economics) (Journal of Financial Economics) Fama-DFA Prize of the Best Papers 4 9-2014 8

39 17 905 666 8032 4 6 9 1 48 10 SINOVA 40 ANT SINOVA SINOVA SINOVA Delta-Think (HK) Ltd 9-2014

SINOVA Management Consultancy Limited 2006 China Economic Development Forum CEDF 2010 44 13 (i) (ii) (iii) 50 17 909 209 50 19 6-2014 10

1226 65 TMF Group BV TMF Group BV 85 130 (NFIA) NFIA Nyenrode University Enactus University of Utrecht European University AMCHAM 11-2014

17 18 33 27-2014 12

182,016 182,016 190,960 132,120 132,120 (3,742,514) (6,664,875) (3,927,748) (4,971,164) (4,323,809) (3,742,514) (6,664,875) (3,927,748) (4,971,164) (4,323,809) 151,696,530 5,463,926 5,642,808 6,530,401 7,949,233 (1,921,638) (33,916,009) (27,430,016) (24,389,861) (20,837,529) 149,774,892 (28,452,083) (21,787,208) (17,859,460) (12,888,296) 28 130,887,000 13-2014

88 3.13-2014 14

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 1. Hugo Lucky Limited 100% 960,500,000 50.56% 15-2014

2. Fame Image Limited 70% 30% Fame Image Limited 70% Fame Image Limited Sharp Years Limited 50% 254,500,000 13.40% 3. Long Surplus International Limited 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 352-2014 16

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 17-2014

a) 150,000 150,000 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 c) 14A.08 14A.33-2014 18

i) ii) iii) i) ii) iii) iv) 31 19-2014

25% - 2014 20

A.4.1 A.4.1 A.6.7 21-2014

8 11 A.2.1-2014 22

3.10(1) 3.10(2) 3.10A 3.13 23-2014

- 2014 24

16/19 1/1 1/1 1/1 15/19 1/1 6/19 1/1 3/19 1/1 3/19 0/1 16/19 1/1 16/19 1/1 6/19 1/1 2/2 1/1 1/1 1/1 8/19 1/1 1/2 1/1 0/1 2/19 1/1 1/2 1/1 0/1 3/19 1/2 1/1 2/19 1/2 1/1 25-2014

(i) (ii) (iii) - 2014 26

27-2014

i. ii. iii. iv. 31 32-2014 28

200,000 186,050 386,050 15 29-2014

22 21 14 21 (852) 27786178 112-114 1-2014 30

Incutech Investments Limited) 33 72 31-2014

- 2014 32

9 182,016 182,016 10 332,825 10 3,168,300 134,000 (7,051,304) (6,274,823) 11 (374,351) (706,068) 12 (3,742,514) (6,664,875) 14(a) 15 (3,742,514) (6,664,875) 16 (0.004) (0.093) 16 33-2014

17 376,741 1 20 28,000,000 28,376,741 1 22 958,664 119,435 23 8,506,508 5,338,208 24 113,854,617 6,282 123,319,789 5,463,925 25 9,380,184 21 400,000 9,316,392 26 1,521,638 15,219,433 1,921,638 33,916,009 121,398,151 (28,452,084) 149,774,892 (28,452,083) 27 18,995,000 720,000 28 130,779,892 (29,172,083) 149,774,892 (28,452,083) 29 0.08 (0.40) 33 72-2014 34

17 376,741 1 18 39 8 19 28,000,000 21 243,086 28,619,866 9 22 635,158 9,817 23 8,506,508 5,338,208 24 113,854,617 6,282 122,996,283 5,354,307 21 13,665,245 21 400,000 26 1,334,095 15,202,252 1,734,095 28,867,497 121,262,188 (23,513,190) 149,882,054 (23,513,181) 27 18,995,000 720,000 28 130,887,054 (24,233,181) 149,882,054 (23,513,181) 33 72 35-2014

720,000 67,320,071 (89,827,279) (21,787,208) (6,664,875) (6,664,875) 720,000 67,320,071 (96,492,154) (28,452,083) (3,742,514) (3,742,514) 18,275,000 164,475,000 182,750,000 (780,511) (780,511) 18,995,000 231,014,560 (100,234,668) 149,774,892-2014 36

(3,742,514) (6,664,875) (332,825) 374,351 706,068 14,623 72,584 (3,168,300) (134,000) (6,854,665) (6,020,223) (839,229) (3,375) (8,916,392) 1,864,541 (13,697,795) 3,915,384 (30,308,081) (243,673) 332,825 (374,351) (30,349,607) (243,673) (391,363) (28,000,000) (28,391,363) 181,969,489 (9,380,184) 172,589,305 113,848,335 (243,673) 6,282 249,955 113,854,617 6,282 113,854,617 6,282 37-2014

1. a) Incutech Investments Limited Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 112-114 1 b) i) Sharp Years Limited Hugo Lucky Limited Biggish Management Limited 15,000,000 1,500,000 0.1 (ii) 7,500,000 ii) 0.1 Sharp Years Limited Hugo Lucky Limited 1,400,000,000 420,000,000 980,000,000 iii) (ii) 1,500,000,000 5,000,000 500,000,000 20,000,000 2,000,000,000 iv) 0.1 427,500,000 41,969,000 v) - 2014 38

2. 10 12 27 32 36 39 21 a) 10 12 27 12 10 b) 32 32 c) 36 13 d) 39 (i) (ii) (iii) 39-2014

2. e) 21 37 21 3. 1 2 9 4 10 2 28 10 2 12 28 11 2 14 5 15 3 16 2 38 19 1 27 2 1 1 2 1 2 3 4 5 622-2014 40

4. (a) (b) (c) 20% 20% 20% 50% 41-2014

4. (d) (e) (i) - 2014 42

4. (e) (ii) (iii) (a) (b) (f) 43-2014

4. (g) (h) (i) (ii) (iii) (a) (b) (c) - 2014 44

4. (i) (j) 45-2014

4. (k) (i) (ii) (iii) (l) (m) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) - 2014 46

4. (n) (o) 5. 47-2014

6. 7. 28,000,000 28,000,000 609,470 609,470 8,506,508 8,506,508 113,854,617 113,854,617 114,464,087 8,506,508 28,000,000 150,970,595 400,000 1,521,638 1,921,638-2014 48

7. 119,037 119,037 5,338,208 5,338,208 6,282 6,282 125,319 5,338,208 5,463,527 9,380,184 9,316,392 15,219,433 33,916,009 49-2014

7. 28,000,000 28,000,000 243,086 243,086 286,362 286,362 8,506,508 8,506,508 113,854,617 113,854,617 142,384,065 8,506,508 150,890,573 400,000 1,334,095 1,734,095-2014 50

7. 9,817 9,817 5,338,208 5,338,208 6,282 6,282 16,099 5,338,208 5,354,307 13,665,245 15,202,252 28,867,497 51-2014

8. (a) (i) 5% % 5 425,325 355,147 (5) (425,325) (355,147) 5 266,910 222,870 (5) (266,910) (222,870) - 2014 52

8. (a) (i) 5% 5.03% 89.76% (ii) (iii) 53-2014

8. (a) (iii) 400,000 400,000 400,000 1,521,638 1,521,638 1,521,638 1,921,638 1,921,638 1,921,638 9,380,184 9,380,184 9,380,184 9,316,392 9,316,392 9,316,392 15,219,433 15,219,433 15,219,433 33,916,009 33,916,009 33,916,009 400,000 400,000 400,000 1,334,095 1,334,095 1,334,095 1,734,095 1,734,095 1,734,095 13,665,245 13,665,245 13,665,245 15,202,252 15,202,252 15,202,252 28,867,497 28,867,497 28,867,497-2014 54

8. (a) (iv) 50 50 459,358 38,401 (v) (b) (i) 13 55-2014

8. (b) (i) 8,506,508 8,506,508 5,338,208 5,338,208 (ii) - 2014 56

9. 182,016 182,016 10. 332,825 3,168,300 134,000 11. 374,251 706,068 100 374,351 706,068 57-2014

12. 200,000 140,000 14,623 72,584 1,013,248 600,000 i) 212,903 ii) 50,000 29,605 23,400 2,634,047 2,197,400 504,599 412,437 13. (a) (1) 345,161 1,500 346,661 (1) 345,161 147,945 1,500 494,606 (2) 116,125 116,125 (2) 116,125 116,125 (2) 116,125 116,125 (2) 87,000 87,000 (2) 87,000 87,000 73,932 73,932 (1) 28,763 28,763 (1) 28,763 28,763 (2) 48,125 48,125 (2) 48,125 48,125 1,440,405 147,945 3,000 1,591,350-2014 58

13. (a) 600,000 600,000 600,000 600,000 50,000 50,000 50,000 50,000 50,000 50,000 1,350,000 1,350,000 (1) (2) 59-2014

13. (b) 1,770,709 824,000 26,805 23,400 1,797,514 847,400 13(a) 1,000,000 5 4 14. (a) (b) (3,742,514) (6,664,875) 16.5%16.5% (617,514) (1,099,704) (572,427) (52,143) 138,532 5,156 (35,516) 1,086,925 1,135,852 10,839-2014 60

14. (c) 30,816,612 24,229,186 15. 8,574,254 5,510,092 16. 3,742,514 6,664,875 927,993,151 72,000,000 61-2014

17. 145,169 54,076 199,245 (72,585) (54,075) (126,660) 72,584 1 72,585 72,584 1 72,585 (72,584) (72,584) 1 1 145,169 54,076 199,245 (145,169) (54,075) (199,244) 1 1 1 1 288,000 69,913 33,450 391,363 (9,600) (3,907) (1,115) (1) (14,623) 278,400 66,006 32,335 376,741 288,000 69,913 33,450 54,076 445,439 (9,600) (3,907) (1,115) (54,076) (68,698) 278,400 66,006 32,335 376,741-2014 62

18. 40 9 (1) (1) 39 8 % % 1 100 Sparkling Achievement Limited 1 100 Ace Perfection Group Limited 1 100 Power Bright International Limited 1 100 Equity Merit International Limited 1 100 New Fantasy International Limited 1 100 Ace Perfection Group Limited Power Bright International Limited Equity Merit International Limited New Fantasy International Limited. 63-2014

19. 25,000,000 3,000,000 28,000,000 20. 3,000,000 25,000,000 28,000,000-2014 64

20. (a) Good Quality Investment Limited 20% 3,000,000 3,000,000 1.98% *1 25,000,000 25,000,000 16.48% 28,000,000 28,000,000 *1 7 (b) (i) Good Quality Investment LimitedGood Quality Good Quality 3,000,000 Good Quality Good Quality 20% Good Quality (ii) 25,000,000 213,889 198,799,000 65-2014

21. (a) 5,914,416 (5,671,330) 243,086 (b) 22. 339,950 109,220 230,730 349,194 398 348,796 269,520 9,817 55,632 9,817 958,664 119,435 635,158 9,817 23. 8,506,508 5,338,208 8,506,508 5,338,208-2014 66

23. (a) 871,948 438,060 0.57% 555,341 7,634,560 2,730,240 5.03% 5,431,229 8,506,508 3,168,300 (b) 4,172,000 0.39% 141,069,000 5,056,000 0.38% 182,016 1,441,000,000 24. 110,025,952 3,828,665 6,282 113,854,617 6,282 67-2014

25. 2% 9.25% 26. 8,038,575 763,248 2,800,000 212,903 27. 0.01 (a) 2,000,000,000 500,000,000 20,000,000 5,000,000 72,000,000 72,000,000 720,000 720,000 (b) 1,827,500,000 18,275,000 1,899,500,000 72,000,000 18,995,000 720,000 (a) (b) 1,500,000,000 5,000,000 500,000,000 20,000,000 2,000,000,000 1(b) Sharp Years Limited Hugo Luck Limited 1,400,000,000 0.1 427,500,000 0.1 41,969,000-2014 68

28. 67,320,071 (89,827,279) (22,507,208) (6,664,875) (6,664,875) 67,320,071 (96,492,154) (29,172,083) (3,742,514) (3,742,514) 164,475,000 164,475,000 (780,511) (780,511) 231,014,560 (100,234,668) 130,779,892 67,320,071 (86,043,160) (18,723,089) (5,510,092) (5,510,092) 67,320,071 (91,553,252) (24,233,181) (8,574,254) (8,574,254) 164,475,000 164,475,000 (780,511) (780,511) 231,014,560 (100,127,506) 130,887,054 29. 149,774,892 28,452,083 1,899,500,000 72,000,000 69-2014

30. 17 1,047,888 357,696 720,000 222,000 327,888 222,000 1,269,888 685,584 942,000 31. (a) 1,013,248 600,000 (b) i) 210,000 ii) 2,903 (c) 35,500 35,200 (a) 150,000 150,000 1.5% - 2014 70

31. (a) 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 (c) 14A.08 14A.33 (d) 13 (e) 21 71-2014

32. Rainbow Ocean Investments LimitedRainbow Ocean 2 15.60 2 1 10,498,854 9,500,000 Rainbow Ocean 50% Sharp Years Limited 254,500,000 13.40% - 2014 72