O H L
China Wood Optimization (Holding) Limited 250,000,000 1.0 0.8 1% 0.003% 0.005% 0.01 8099 342C www.chinawood.com.hk 1.0 0.8 www.chinawood.com.hk
www.hkgem.com i
i www.hkgem.com www.chinawood.com.hk i ii............................. www.hkgem.com www.chinawood.com.hk................................................ iii.......................... iv...................... (i) (ii) (iii) (iv) ii
www.chinawood.com.hk................................................................................................................................................................................................ i ii iii..................................................................... 1..................................................................... 11................................................................. 19................................................................. 20.............................................. 43.................................................... 47................................................................. 50 iii
................................................................. 52..................................................................... 73............................................................... 80..................................................................... 85..................................................................... 93................................................................. 93...................................................... 94...................................................... 96...................................................... 99........................................................... 100........................ 102........................................................... 107......................................................... 121............................................................. 121...................................................... 123................................................ 130................................................................. 141.................................................. 142............................................................. 143................................................................. 144................................................................. 145................................................................. 146............................................................. 147................................................................. 147............................................................. 148............................................................. 148............................................................. 149............................................................. 151.................................................. 151.................................................. 164........................................................ 172................................................................. 175................................................................. 176.............................................. 235..................................................................... 241 iv
..................................................................... 244........................................................ 252.................................................... I-1......................................................................................................................... II-1 III-1 IV-1................................................ V-1............................ VI-1 v
1
% % (%) (%) 32,507 121,651 75.9 35,469 157,437 58.2 17,679 79,033 63.6 43,415 154,484 77.9 9,273 38,675 24.1 27,435 113,084 41.8 10,795 45,136 36.4 11,106 43,752 22.1 160,326 100.0 270,521 100.0 124,169 100.0 198,236 100.0 E0 REACH 142 143 2
160.3 270.5 198.2 109 117 62.0% 77.8% 53.9% 21.3% 25.1% 15.0% 109 117 160.3 68.7% 270.5 124.2 59.6% 198.2 198 204 130 131 68.2% 55.5% 48.2% 25.1% 15.1% 18.1% 149 62,904 7,350 270.5 3
52 72 102 106 94 96 96 99 4
74.7 160.8 62.0% 77.8% 53.9% 20 42 71.3% Golden Cage Golden Cage Golden Cage 48.0 4,900 Golden Cage 3.7% Golden Cage 31% 87 92 Golden Cage 5
160,326 270,521 124,169 198,236 57,766 90,868 46,651 50,456 23,154 39,195 18,958 17,527 208,197 223,449 227,282 90,278 130,560 157,073 (164,953) (291,373) (118,719) (74,675) (160,813) 38,354 (100,000) (100,000) 33,522 62,636 165,636 (14,001) 48,056 21,492 (2,625) (95,789) (36,768) (23,586) (18,416) 110,636 (8,476) 1,523 27,887 846 2,812 (571) 6,846 896 1,742 1,742 4,554 1,742 4,554 1,171 11,400 6
% % (%) (%) 46,612 38.3 66,437 42.2 35,550 45.0 46,207 29.9 11,154 28.8 24,431 21.6 11,101 24.6 4,249 9.7 57,766 36.0 90,868 33.6 46,651 37.6 50,456 25.5 33.6% 25.5% 19.8% 3,742 4,439 4,470 3,558 2,308 2,566 2,460 2,494 4,171 4,122 4,181 3,939 2,968 3,231 3,153 3,557 3,837 4,301 4,361 3,636 2,455 2,856 2,722 2,711 (%) 36.0 33.6 25.5 (%) 14.4 14.5 8.8 (%) 7.8 11.1 (%) 69.1 62.6 0.55 0.45 1.32 7.48 4.34 1.28 0.20 0.21 0.63 225 229 7
68.7% 59.7% 69.3% 7.5% 36.0% 33.6% 25.5% 153.2% 175.7 3,558 3,939 4,004 4,228 2,494 3,557 2,548 3,631 29.9% 9.7% 36.4% 14.1% 8
175.7 69.4 153.2% 31.5 14.3 17.2 6.5 4.4 6.3 0.8 1.0 1 800 1,000 2 0.39 0.44 (1) 1,000,000,000 (2) 9
0.9 210.1 (%) 84.4 (40.2%) 126 130 23.0 (11.0%) 20.8 (9.9%) 62.5 (29.7%) 11.0 51.5 10% 19.4 (9.2%) 1.0 0.8 32.6 235 240 10
71.3% 11
32 12
http://www.hkgem.com Golden Cage Golden Cage Limited 3.7% 6 1 4 13
Golden Cage Golden Cage 14
37,500,000 15% 37,500,000 15% 1.0 0.8 15
250,000,000 571 16
0.01 37,500,000 Golden Cage 17
% * 18
REACH 1907/2006 19
20
36.0% 33.6% 25.5% 160.3 270.5 68.7% 124.2 198.2 59.7% 23.2 39.2 69.0% 7.5% 93.5% 21
68 53 77.9% 81 57 70.4% 62.0% 77.8% 53.9% 22
51.1% 68.3% 57.2% 785 845 1,001 7.6% 18.5% 1,243 1,439 1,657 15.8% 15.1% 23
24
88.4% 87.6% 92.1% 68.2% 55.5% 48.2% 25.1% 15.1% 18.1% 100% 84.8% 83.6% 25
18.5% 15.1% 95.1 40.5 11.9 26
428 5.7% 6.0% 2.8% 27
80.0 100.0 28
100 0.2 103.4 2.6 4.5 5.25% 9.2% 8.5% 9.7 5.8 0.1 74.7 160.8 103.4 85.4 145.0 29
5 10% 9.8 200,000 500,000 30
(i) (ii) (iii) (iv) 1,000 10,000 188,000 31
60,000 30 0.05% 4.1 1.9 1.6 4.1 32
33
34
35
785 7.6% 845 18.5% 1,001 1,243 15.8% 1,439 15.1% 1,657 2,308 2,566 11.2% 10.5 16.1 9.4 6.5% 6.0% 4.7% 860 1,040 36
37
15% 50% 10.0% 25% 25% 10.0% 38
17.29 39
40
41
42
571 V 181 27 99 105 18 2 12 23 43
www.chinawood.com.hk 10% 11.23(7) 25.0% 286,750,000 28.7% 44
45
1.25 1.00 7.8 1.00 4,000 46
11 7 C 218 1 1 103 2489 222 174 11 8 2 1402 2 D 20 A 47
181 27 181 27 10 8 10 12 12 6 100022 Appleby 1 2206 19 48
1 40 1010 1202 1204 200031 151 8 807 49
Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands 9 26 41 09 10 http://www.chinawood.com.hk 181 27 ACIS ACS (PE) 11 7 C 26 2609 50
33 18 Appleby Trust (Cayman) Ltd. Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands 49 340 39 056000 51
304,512 19 52
30,000 53
109,660 519,320 15.2% 7.8% 14.2% 60,000 50,000 47,156 51,932 40,000 30,000 20,000 10,000 10,966 12,033 13,582 15,988 18,494 21,631 26,581 31,405 34,090 40,120 0 37,210 374,680 23.4% 12.0% 30.0% 40,000 37,468 35,000 30,000 27,812 31,149 25,000 22,460 20,000 17,283 15,000 10,000 5,000 3,721 4,350 5,557 7,048 8,877 11,000 13,732 0 54
6,860 24,565 12.3% 2,366 7,019 10.4% 30,000 25,000 21,810 24,565 20,000 15,000 10,000 6,860 7,703 8,472 9,422 10,493 11,759 13,786 15,781 17,175 19,109 5,000 0 8,000 7,000 6,000 5,000 4,000 3,000 2,366 2,476 2,622 2,936 3,255 3,587 4,140 4,761 5,153 5,919 6,977 7,019 2,000 1,000 0 55
37.7% 52.6% 60% 50% 40% 37.66% 39.09% 40.53% 41.76% 42.99% 43.90% 44.94% 45.68% 46.59% 49.68% 51.27% 52.60% 30% 20% 10% 0% 4,168 4,033 5,000 4,000 4,168 4,085 4,033 3,000 2,000 1,000 0 56
144.2 191.3 5.8% 250 200 175.3 176.8 195.4 191.3 150 144.2 145.6 100 50 0 (i) (ii) (iii) 1. 57
2. 3. 38 63 2.5% 117 3.2% 122 195 12.7% 20.36% 31% 58
250 25% 200 150 12.70% 12.98% 12.00% 13.92% 16.55% 159 18.21% 175 20.36% 195 20% 15% 100 122 115 125 134 10% 50 5% 0 0 638 757 3.5% 800 700 638 667 699 748 757 600 564 500 400 300 200 100 0 59
(i) (ii) (iii) (iv) 1. 2. 109,660 519,320 15.2% 37,210 374,680 23.4% 3. 38% 53% 6,860 24,565 12.3% 4. 21.7% 60
100 70% 10.1 549 783 632 783 536 536 632 4.2% 900 800 700 600 500 400 300 200 100 0 783 628 632 595 567 536 61
115 149 5.3% 160 154 149 135 120 115 120 112 80 40 0 62
629 604 57% 61% 19% 21% 10% 8% 16% 21% 7% 19% 57% 61% 63
248 239 60% 25% 50% 30% 15% 20% 20% 15% 25% 30% 60% 50% 64
880 1000 40% 50% 30% 30% 20% 30% 40% 50% 30% 30% 149 62,904 7,350 270.5 65
103 124 3.8% 140 120 100 103 104 97 118 132 124 80 60 40 20 0 66
90 223 20.0% 300 250 200 154 209 223 150 100 90 119 138 50 0 1. 7 10 10.1 549 2. 785 845 1,001 67
3,742 4,439 3,558 4,171 4,122 3,939 4,500 5,460 5,460 5,560 5,500 6,930 6,930 7,140 4,300 4,500 4,600 4,500 4,700 5,000 2,056 1,336 1,699 1,505 1,067 1,103 3. 4. 68
1 3,742 4,171 4,500 5,460 5,500 6,930 4,300 4,500 2,056 1,699 1,067 4,439 4,122 5,460 6,930 4,500 4,700 1,336 1,505 1,103 3,558 3,939 5,560 7,140 4,600 5,000 1. 2. 69
7,350 % 1. 12,467 1.7 2. 12,219 1.7 3. 10,309 1.4 4. 8,472 1.2 5. 6,969 0.9 6. 6,646 0.9 7. 5,412 0.7 8. 4,957 0.7 9. 3,798 0.5 10. 3,634 0.5 70
1. 343 604 11.95% 175 239 6.47% 400 1,000 20.11% 2. 70 81 3.0% 71
638 757 3.5% 144 191 5.8% 72
73
33% 50% 25% 25% 25% 74
10% 10% 17% 75
10% 50% 76
77
(i) (ii) (iii) 78
(iv) (v) 79
15% ISO9001: 2008 ISO14001:2004 80
1 95% 81
82
10,000 10,000 1.00 50,000 1.00 10,000,000 30% 40% 30% 3,000,000 4,000,000 3,000,000 30% 40% 30% 10,030,000 100% 10,000,000 100% 83
10,000,000 14,000,000 85,000,000 163,460,000 75,000,000 300 300 2007 84
100% 100% 10,000 10,000 1.00 380,000 38,000,000 0.01 0.01 50,000 1.00 85
1.00 10,000,000 10,000,000 85,000,000 14,000,000 163,460,000 75,000,000 47,000,000 (i) 10,000,000 (ii) 37,000,000 47,000,000 95,099 86
100% 100% 100% 100% 100% GOLDEN CAGE Golden Cage Golden Cage 48,000,000 38,000,000 4,900 4.9% Golden Cage 95.1% 4.9% Golden Cage 87
Golden Cage 100% 100% 95.1% 4.9% 100% 100% 100% Golden Cage Golden Cage 88
100% 100% 71.3% 3.7% 25.0% 100% 100% 100% Golden Cage Golden Cage Golden Cage Golden Cage 48,000,000 4,900 4.9% 89
Golden Cage Golden Cage Golden Cage 40 Golden Cage Golden Cage Golden Cage Golden Cage Golden Cage Golden Cage (a) (b) 90
Golden Cage 4,900 Golden Cage 4.9% 48,000,000 48,000,000 Golden Cage 1.31 1.0 31% Golden Cage Golden Cage 91
Golden Cage 48,000,000 Golden Cage4,900 Golden Cage Golden Cage 48,000,000 38,000,000 Golden Cage Golden Cage 92
7 10 100 132,000 62,000 121.7 157.4 93
154.5 38.7 113.1 43.8 E0 GB/T18102 2007 LYT 1700 2007 REACH 15% 2010 2011 2010 2011 2011 94
95
ISO 9001 2008 ISO14001 2004 (1) (2) (3) 30.0 96
7.7 (1) (2) (3) 97
115 149 5.3% ISO 9001 2008 98
99
% % % % 121,651 75.9 157,437 58.2 79,033 63.6 154,484 77.9 38,675 24.1 113,084 41.8 45,136 36.4 43,752 22.1 160,326 100.0 270,521 100.0 124,169 100.0 198,236 100.0 100
101
2.44 1.22 3,600 4,400 102
E0 REACH 103
(i) (ii) (iii) * 2.44 1.22 104
* 1 1 2 0.473 0.350 0.603 0.509 0.431 ( ) ( ) 75.99 59.23 53.45 116.2 105.94 78.40 30.44 53.41 48.80 31.10 105
* E0 REACH E0 REACH 5 * 1. 2. GB/T 1933 2009 3. GB/T 1936.1 2009 4. GB/T 1935 2009 5. 106
160.3 270.5 198.2 31.4% 46.4% 3.1% A % % % 50,325 31.4 125,593 46.4 6,066 3.1 27,166 16.9 39,408 14.6 67,067 33.8 5,474 3.4 32,737 12.1 42,100 21.2 27,020 16.9 31,821 11.8 16,963 8.6 5,010 3.1 22,242 8.2 16,680 8.4 7,468 4.7 10,056 3.7 12,239 6.2 6,586 4.1 3,038 1.1 7,362 3.7 2,786 1.7 2,119 0.8 946 0.5 6,498 4.1 1,096 0.4 8,485 4.3 2,901 1.8 391 0.1 19,699 9.9 17,902 11.2 103 0.0 1,190 0.7 1,917 0.8 629 0.3 160,326 100.0 270,521 100.0 198,236 100.0 107
108
% % % 81,900 51.1 184,864 68.3 113,440 57.2 10,307 6.4 67,902 25.1 5,809 2.9 27,145 16.9 11,692 4.4 54,722 27.6 29,128 18.2 6,063 2.2 11,275 5.7 11,846 7.4 12,990 6.6 160,326 100.0 270,521 100.0 198,236 100.0 51.1% 68.3% 57.2% 6.4% 25.1% 2.9% A A 18.2% 2.2% 5.7% F F F F F F F 109
7.4% 2 2 2 2 2 2 1 9 1 9 6 6 9 5 5 9 1 11 1 11 8 8 11 5 5 11 1 1 1 1 2 50 50 54 39 65 29 49 45 4 2 1 5 4 5 4 3 1 1 1 1 1 1 3 3 7 64 3 68 66 53 81 38 57 62 110
51.1% 68.3% 614 26.5% 777 879 10 812 1,000 31,976 58,406 47,344 76.5% 92.8% 86.8% 1,000 1,000 49.4% 69.6% 59.7% 17 11 4.5 2.1 23 0.9 2.0 68 81 62 111
68.3% 57.2% 20.8 11 11 11 81.9 184.9 113.4 51.1% 68.3% 57.2% 112
(1) (2) (3) 14.6 5.5 45.0 56.0 3.4% 16.6% 28.3% D H D H 113
(%) (%) 208 416 3,655 36.9 451 901 4,383 32.3 2,637 15,821 4,236 45.5 387 2,707 4,268 30.5 814 16,270 3,264 29.3 135 5,665 4,091 27.4 1,161 32,507 3,742 38.3 182 9,273 4,171 28.8 (%) (%) 4,992 9,984 4,459 42.5 126 126 4,103 21.2 3,811 22,869 4,480 42.7 1,290 9,029 4,140 21.9 154 2,616 4,001 35.9 315 18,280 4,113 21.4 1,419 35,469 4,439 42.2 416 27,435 4,122 21.6 114 (%) (%) 6,554 13,108 3,755 33.6 1,674 1,674 4,065 12.5 1,637 9,820 3,639 31.5 1,400 5,600 3,872 8.1 931 20,487 3,394 26.5 110 3,832 3,983 10.7 1,447 43,415 3,558 29.9 278 11,106 3,939 9.7
814 154 931 2,030 4,1072,866 3,655 4,236 416 160.3 270.5 124.2 198.2 (i) (ii) 115
(%) A 6.4 B 30 17.4 C 30 21.3 F 30 9.5 G 30 7.4 (%) A 30 25.1 B 30 21.2 C 30 11.7 D 30 11.5 E 8.3 116
(%) H 30 15.0 D 30 13.3 I 9.0 C 30 8.3 J 30 8.3 62.0% 77.8% 53.9% 21.3% 25.1% 15.0% 5% 117
30 118
E0 30 % % % 7,600 18.2 12,221 19.4 18,135 33.3 8,694 20.8 16,241 25.8 36,386 66.7 10,890 26.1 10,879 17.3 14,596 34.9 23,563 37.5 41,780 100.0 62,904 100.0 54,521 100.0 119
3,742 4,439 4,470 3,558 4,171 4,122 4,181 3,939 3,837 4,301 4,361 3,636 4,000 4,400 4,171 3,558 120
8 18 121
(1) (2) (3) 2 5 1 100 15 10 5 122
132,000 38 62,000 95.1 40.5 11.9 123
(a) (b) (c) 346 24 1 47,981 42,072 87.7% 2 90,770 64,731 71.3% 62,189 58,144 93.5% 1. 346 173 20 2. 110,208 124
14,553 1 1 2 9.5% 120 88 25,006 9.5% 120 97 687 9.5% 120 97 624 9.5% 120 97 2,107 9.5% 120 99 3,179 9.5% 120 106 3,392 9.5% 120 106 271 9.5% 120 106 748 9.5% 120 108 3,378 9.5% 120 108 4,628 9.5% 120 112 137 9.5% 120 113 4,033 9.5% 120 115 14,553 62,743 3 1. 10 5 2. 120 3. 102.5 125
87.7% 71.3% 42,072 53.7% 64,731 71.3% 93.5% 59.7% 58,144 129,700 134,000 96.8% (1) (2) (3) (4) 126
1 16,899 36,400 103,600 (21,124) (45,500) (129,500) 2 90,770 133,970 146,765 146,765 3 33,000 68,000 3 90,770 133,970 179,765 214,765 4 110,208 133,970 194,765 234,765 1. 84.4 67.5 235 240 2. 124 90% 70% 84% 127
3. 4. 30.0 37.5 25.0 31.3 20,000 28,000 40,000 10.0 12.5 6.0 7.5 100.0 125.0 36.5 45.6 88,000 235,000 128
4,500 1 90% (A) 30,000 10,000 100,000 (B) 20 28 40 (%) (C) 25.5 (%) (C) 8.8 8.8 2 (D) 4.2 0.3 7.0 1. 3,558 3,939 4,004 4,228 2. D = A B 4,500 90% C 100% (C) 129
% % % 89,671 65.8 23,983 15.3 26,184 18.1 30,728 22.6 112,898 72.3 107,251 74.0 15,784 11.6 19,310 12.4 11,467 7.9 136,183 100.0 156,191 100.0 144,902 100.0 89.7 24.0 26.2 65.8% 15.3% 18.1% 130
30.7 112.9 107.3 22.6% 72.3% 74.0% 15.8 19.3 11.5 11.6% 12.4% 7.9% 72,850 133,438 117,557 (%) 54.6 50.7 40.7 131
2,308 2,566 2,460 2,494 2,968 3,231 3,153 3,557 2,455 2,856 2,722 2,711 132
12 10 4 65.3 1.9 790 827 777 846 1,001 133
(i) (ii) (iii) (iv) 134
GB/T144 2003 135
GB/T144-2003 GB4814 GB449 GB4822 (%) 7 F G 25.1 15.4 10.8 136
(%) H I 10.5 6.4 (%) A 7 C 30 E 15.1 14.4 12.6 8.4 5.0 137
(%) 7 18.1 A 8.8 30 7.9 C 6.9 J 6.5 138
68.2% 55.5% 48.2% 25.1% 15.1% 18.1% 95% 34.1 22.5 26.2 25.1% 14.4% 18.1% 40% 4.03 5% 13.2 11.5 139
204 198 140
REACH 15% 141
50% 30% 10% 200 4% 197 74 23 37% 12% 12.0 7.5% E0 GB/T18102 2007 LYT1700 2007 REACH ISO 9001 2008 ISO14001 2004 20 142
30 57.2 68.2 82.2 118 127 92 143
59 21 59 18 100,000 150,000 144
11.6 9.5 8.0 149 62,904 7,350 270.5 (i) (ii) (i) (ii) (iii) (iv) 145
E0 132,000 8,538 1 2 1. 80,000 2. 52,000 146
103,000 313,000 137,000 428 23 201 12 30 20 59 66 17 428 10.5 16.1 9.4 6.5% 6.0% 4.7% 147
649,000 1,789,000 1,420,000 22 5 7 16 5,000 24,000 80,500 148
http://www.chinawood.com.hk <=0.5 E0 GB/T18102 2007 LYT1700 2007 REACH CARB 149
0.6 4.1 1.1 150
151
(1) 1,395,000 1,553,000 500,000 1,000 5,000 5,000 10,000 0.05% 0.2% 0.05% 152
(2) 154,000 239,000 230,000 93 10,000 50,000 153
(3) 4 8,538 8,191.66 1,000 10,000 50,000 154
188,000 60,000 155
(4) 3,960,000 (5) 5% 10% 980 200,000 500,000 156
(6) 188,000 188,000 157
1. (1) (2) (3) 6A.19 (4) (5) (6) 158
(7) (8) (i) (ii) (iii) (9) 6 2 9 9 159
8 160
(1) (2) (3) 161
(4) 162
(5) 6A.15(5) 5.01 5.02 11.07 11.06 (3) (4) (5) (6) 163
42 34 54 49 39 164
42 34 54 University of Alberta University of Wisconsin-Madison RISI, Inc. Norske Skog (Hebei) Paper Co. Ltd. Pöyry Management Consulting Pöyry 165
49 39 03683 8076 3300 1182 528 3663 Adex Mining Inc. TSXV ADE (i) (ii) (iii) (iv) XV (v) 17.50(2) (vi) 166
39 11 35 42 35 167
42 1026 8169 China Wolfberry Holding Co. Ltd 1959 32 1378 1087 1007 8205 8020 6830 168
6A.19 6A.23 17.11 18.03 169
149,000 283,000 146,000 147,000 170
649,000 1,789,000 1,420,000 171
71.3% 1. 2. 3. 11.0 172
(i) (ii) 10% (i) 5% (ii) 10% (iii) 173
(1) (2) (3) (4) 174
(i) (ii) XV 2 3 336 713,250,000 71.3% 713,250,000 71.3% XV 2 3 336 175
(1) (2) (3) (4) (5) 176
75.9% 24.1% 58.2% 41.8% 177
77.9% 22.1% 38.3% 28.8% 42.2% 21.6% 29.9% 9.7% 62.0% 77.8% 53.9% 21.3% 25.1% 15.0% 77.5 137.8 125.7 75.6% 76.7% 85.0% 785 845 1,001 7.6% 1,243 1,439 15.8% 1,657 178
10% 20% 30% 10% 20% 30% 10% (6,902) (12,540) (11,508) (848) (1,240) (1,057) (7,750) (13,780) (12,565) 20% (13,803) (25,080) (23,017) (1,696) (2,481) (2,115) (15,499) (27,561) (25,132) 179
30% (20,705) (37,620) (34,525) (2,545) (3,721) (3,172) (23,250) (41,341) (37,697) 20.0 45.0 80.0 100.0 100.0 100.0 100% 180
B 181
(i) (ii) (iii) (iv) 182
20 10 5 10 (ii) 5 183
(i) (ii) 184
185
186
(%) (%) (%) (%) 160,326 100.0 270,521 100.0 124,169 100.0 198,236 100.0 (102,560) (64.0) (179,653) (66.4) (77,518) (62.4) (147,780) (74.5) 57,766 36.0 90,868 33.6 46,651 37.6 50,456 25.5 430 0.3 810 0.3 352 0.3 498 0.2 246 0.1 (204) (0.1) 47 0.0 166 0.1 (4,496) (2.8) (2,055) (0.8) (898) (0.7) (1,952) (1.0) (18,957) (11.8) (27,451) (10.1) (14,606) (11.8) (19,947) (10.1) (3,449) (2.2) (15,935) (5.9) (6,124) (4.9) (8,742) (4.4) 31,540 19.6 46,033 17.0 25,422 20.5 20,479 10.3 (8,386) (5.2) (6,838) (2.5) (6,464) (5.2) (2,952) (1.5) 23,154 14.4 39,195 14.5 18,958 15.3 17,527 8.8 0.031 0.052 0.025 0.023 187
(%) (%) (%) (%) 32,507 121,651 75.9 35,469 157,437 58.2 17,679 79,033 63.6 43,415 154,484 77.9 9,273 38,675 24.1 27,435 113,084 41.8 10,795 45,136 36.4 11,106 43,752 22.1 160,326 100.0 270,521 100.0 124,169 100.0 198,236 100.0 62.0% 77.8% 53.9% 77.8% 53.9% 75.9% 58.2% 77.9% 24.1% 41.8% 22.1% 77.9% 17,679 43,415 188
3,742 4,439 4,470 3,558 4,171 4,122 4,181 3,939 3,837 4,301 4,361 3,636 3,742 4,439 18.6% 3,558 4,000 4,400 3,558 189
4,171 4,122 3,939 102.6 179.7 147.8 75.1% 90.6% 2,308 2,566 2,460 2,494 2,968 3,231 3,153 3,557 2,455 2,856 2,722 2,711 190
2,308 2,566 11.2% 2.8% 2,494 2,968 3,231 8.9% 10.1% 3,557 % % % % 77,498 75.6 137,804 76.7 57,135 73.7 125,657 85.0 5,844 5.7 10,682 6.0 4,742 6.1 4,131 2.8 8,330 8.1 13,232 7.4 5,375 7.0 7,079 4.8 4,878 4.8 6,496 3.6 4,966 6.4 2,581 1.8 5,913 5.7 11,173 6.2 5,187 6.7 7,729 5.2 97 0.1 266 0.1 113 0.1 603 0.4 102,560 100.0 179,653 100.0 77,518 100.0 147,780 100.0 75.6% 76.7% 85.0% 191
(%) (%) (%) (%) 114,212 89,671 65.8 28,389 23,983 15.3 24,730 20,439 38.5 26,153 26,184 18.1 24,711 30,728 22.6 78,470 112,898 72.3 17,205 21,479 40.5 64,715 107,251 74.0 11,574 8.5 15,303 9.8 9,359 17.6 11,467 7.9 3,398 4,210 3.1 2,856 4,007 2.6 1,104 1,758 3.4 136,183 100.0 156,191 100.0 53,035 100.0 144,902 100.0 88.4% 87.6% 92.1% 785 845 7.6% 1,243 1,439 15.8% 826 1,001 21.2% 1,248 1,657 32.8% 845 1,001 18.5% 1,439 1,657 15.1% 65.8% 15.3% 18.1% 22.6% 72.3% 74.0% 192
(%) (%) (%) (%) 38.3 42.2 45.0 29.9 28.8 21.6 24.6 9.7 36.0 33.6 37.6 25.5 36.0% 33.6% A A A 25.5% 19.8% 193
38.3% 42.2% 3,742 4,439 18.6% 4,000 4,400 2,308 11.2% 2,566 29.9% 28.8% 21.6% 9.7% 194
755 324 431 400 27 9 50 30 28 19 17 430 810 352 498 10 (324) 246 120 47 166 246 (204) 47 166 195
700 482 250 481 1,908 96 319 152 157 97 80 769 397 257 317 744 705 213 680 223 218 81 75 4,496 2,055 898 1,952 2,492 3,370 1,726 2,774 337 616 225 488 205 266 88 143 103 5,281 2,765 3,805 755 1,590 484 850 172 334 159 152 11,980 9,931 6,068 8,262 1,889 2,520 1,383 775 627 1,998 686 1,768 126 1,034 844 489 271 511 178 441 18,957 27,451 14,606 19,947 196
5 10 8.6 175,000 7.1 241,000 15% 25% 50% 3.3 309,000 6.7 227,000 25% 197
15% 50% 10% 26.6% 14.9% 14.4% 15% 25% 50% 14.4% 124.2 74.0 59.6% 198.2 17,679 43,415 198
77.5 70.3 90.7% 147.8 21.2% 32.8% 18.5% 15.1% 46.7 3.8 8.1% 50.5 37.6% 25.5% 33.6% 25.5% 9,000 50,000 41,000 19,000 17,000 47,000 166,000 253.2% 119,000 199
0.9 2.0 122.2% 1.1 0.2 0.3 0.5 12 23 0.3 0.5 0.2 0.7 14.6 19.9 36.3% 5.3 1.1 1.7 2.8 65 83 1.0 2.8 3.8 2.2 6.1 8.3 1.1 0.7 1.8 0.6 0.4 200
6.1 8.7 2.4 6.5 3.0 15% 25% 50% 25.4 20.5 19.0 17.5 15.3% 8.8% 160.3 110.2 68.7% 270.5 201
102.6 77.1 75.1% 179.7 57.8 57.3% 33.1 90.9 36.0% 33.6% 400,000 27,000 373,000 30,000 28,000 246,000 204,000 246,000 120,000 51.2%126,000 4.5 2.1 53.3% 2.4 1.9 1.8 0.1 202
218,000 17 11 372,000 19.0 27.5 44.7% 8.5 2.5 3.4 0.7 0.1 5.2 5.3 0.6 1.4 2.0 0.1 1.0 12.0 9.9 3.4 15.9 100.0 8.4 6.8 15% 25% 50% 31.5 46.0 203
23.2 39.2 14.4% 14.5% 95.1 40.5 11.9 3.2 6.4 95,094 40,503 11,899 3,175 6,397 98,269 46,900 11,899 5,000 41,800 204
0.8 80.5 513 628 338 184 144 132 697 772 470 20,852 284 20.9 0.3 205
57,170 68,154 82,190 84,513 2,774 15,145 20,345 28,592 57,580 48,338 34,854 272 1,742 4,554 11,400 67,354 90,278 130,560 157,073 207,066 3,638 8,313 596 5,278 10,715 11,157 5,963 494 21,508 38,867 26,457 12,882 103,357 2,603 4,511 4,631 85,433 20,000 145,000 80,000 82,000 5,735 1,192 4,919 164,953 291,373 118,719 110,204 (74,675) (160,813) 38,354 96,862 14.1 48.1 2.6 85.4 20.0 145.0 80.0 74.7 206
160.8 38.4 100.0 96.9 47,465 34,011 43,035 6,608 25,169 20,732 3,097 8,974 18,423 57,170 68,154 82,190 57.2 19.2% 11.0 68.2 18.6 82.2 207
9.0 18.4 118 127 92 118 127 15 5 92 57,170 66,458 80,583 1,696 1,607 57,170 68,154 82,190 1.7 208
82.2 2,774 15,145 30 2.8 15.1 30 209
10 2 7 10 2 7 30 30 2,774 15,145 15.1 210
17,526 36,959 33,984 3,831 5,220 9,049 5,710 2,378 1,922 3,145 10,052 1,525 1,049 2,160 28,592 57,580 48,338 28.6 101.4% 29.0 57.6 48.3 (i) 17.5 37.0 (ii) 1.9 (iii) 10.1 57.6 48.3 16.1% (i) 10.1 (ii) 2.4 (iii) 3.0 3.8 17.5 111.4% 19.5 37.0 211
34.0 33.4 15 20 10.1 5.2 9.0 3.8 45.0 80.0 5.7 2.4 212
3,638 8,313 596 3.6 130.6% 4.7 8.3 8.3 92.8% 7.7 0.6 15 12 5 15 12 5 1 3,638 8,313 596 213
0.6 10,715 11,157 5,963 11.2 6.0 6.0 3,352 16,272 3,186 15,042 13,068 9,568 2,562 4,364 5,038 350 397 446 2,358 5,501 166 552 937 36 1,856 1,781 21,508 38,867 26,457 214
21.5 80.9% 17.4 38.9 38.9 31.9% 12.4 26.5 (i) 3.4 16.3 (ii) 2.6 4.4 (iii) 2.4 2.0 (i) 13.1 (ii) 3.5 (iii) 3.1 3.2 1.1 9.6 215
71,207 1,576 2,520 28,054 2,603 4,511 103,357 2,603 4,511 5.25% 9.2% 8.5% 9.7 5.8 0.1 11.0 38.4 36.1 216
96.9 0.9 210.1 62.5 19.4 12 12 217
44,139 77,320 37,588 37,579 (55,307) (16,178) (4,590) (38,407) (11,168) 61,142 32,998 (828) (2,833) (13,086) (11,506) (1,797) (14,001) 48,056 21,492 (2,625) (95,789) (36,768) (23,586) (18,416) 110,636 (8,476) 1,523 27,887 846 2,812 (571) 6,846 896 1,742 1,742 4,554 1,742 4,554 1,171 11,400 2.6 37.6 38.4 1.8 218
14.0 15.1 0.4 7.7 5.2 4.1 14.0 15.1 30 7.7 5.2 48.1 77.3 16.2 13.1 19.5 11.0 6.4 4.7 2.8 0.4 14.0 44.1 55.3 2.8 47.8 22.8 1.3 10.7 2.2 3.6 219
18.4 25.0 3.5 10.1 36.8 21.2 6.4 10.0 2.0 2.8 95.8 91.8 3.2 0.7 0.2 27.9 50.0 1.9 15.0 9.0 8.5 105.0 85.4 80.0 100.8 18.2 110.6 140.0 20.0 2.8 6.5 220
110.0 100.0 20,000 45,000 80,000 80,000 2,000 20,000 45,000 80,000 82,000 28,000 20,000 45,000 80,000 110,000 20.0 45.0 80.0 110.0 3.0 10.0 4.5 8.0 81.7 96.5 115.2 110.0 221
60.0 50.0 1.0 20.0 1.0 2.0 26.0 80.0 60.0 100,000 100,000 100,000 100,000 1 100,000 1 2 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100.0 (i) 50.0 (ii) 50.0 222
2010 2011 2010 2011 2011 10.0% 7.2% 9.2% 10.0% 26 30 62.5 11.0 51.5 50.0 60.0 30.0 80.0 30.0 223
(i) 30.0 0.77% (ii) 50.0 6.3% 100.0 108.8 60.0 224
31.5 14.3 17.2 6.5 4.4 6.3 (%) 1 68.7 59.7 (%) 2 69.3 (7.5) (%) 3 36.0 33.6 25.5 (%) 4 14.4 14.5 8.8 (%) 5 21.8 22.9 14.7 (%) 6 7.8 11.1 (%) 7 69.1 62.6 8 0.55 0.45 1.32 9 7.48 4.34 1.28 10 0.20 0.21 0.63 11 118 127 92 12 10 2 7 13 15 12 5 14 6.61 3.65 1.05 15 6.21 3.84 3.73 1. 100% 2. 100% 225
3. 100% 4. 100% 5. 100% 6. 100% 7. 100% 8. 9. 10. 11. 365 181 12. 365 181 13. 365 181 14. 100% 15. 226
14.4% 14.5% 8.8% 33.6% 25.5% 21.8% 22.9% 14.7% 7.8% 11.1% 69.3% 18.6% 69.1% 62.6% 86.9% 69.3% 0.55 0.45 1.32 1.32 85.4 100.0 227
7.48 4.34 1.28 85.4 0.20 0.21 0.63 85.4 100.0 6.61 3.65 1.05 85.4 6.21 3.84 3.73 228
100.0 10% 30 54.6% 39.6% 100.0% 99.8% 229
38.4 100.0 100 0.2 24 230
85.3 231
96,202 9,004 15,595 120,801 2,314 149 118,338 342 118,680 17 17.15 17.21 153.2% 175.7 232
3,558 3,939 4,004 4,228 2,494 3,557 2,548 3,631 29.9% 9.7% 36.4% 14.1% 175.7 69.4 153.2% 31.5 14.3 17.2 6.5 4.4 6.3 233
234
a. b. c. 235
8.1 5.4 2.5 33.8 5.6 4.4 236
5.4 5.2 40,000 19.7 3.9 5.8 28.4 19.4 62.5 237
0.9 210.1 40.2% 84.4 126 130 238
31.3 53.1 40,000 7.5 45.6 11.0% 23.0 4.5 18.5 9.9% 20.8 7.4 3.0 1.5 8.9 239
29.7% 62.5 11.0 51.5 10% 9.2% 19.4 1.0 0.8 32.6 240
10,000,000,000 0.01 100,000,000 (a) 100,000 1,000 749,900,000 7,499,000 250,000,000 2,500,000 1,000,000,000 10,000,000 (b) 100,000 1,000 749,900,000 7,499,000 250,000,000 2,500,000 37,500,000 375,000 1,037,500,000 10,375,000 11.23(7) 25% 241
7,499,000 749,900,000 (i) 20% (ii) 242
10% (i) (ii) (iii) 243
(i) (ii) (a) i. ii. 244
iii. iv. v. vi. (b) i. ii. iii. 245
iv. v. vi. vii. viii. ix. (a) (b) i. (b)(iv) ii. iii. i. 246
ii. 13.16A (a) (b) (a) 13.19 (a) 155 13.18(4) (b) (a) 247
(i) (ii) (a) 11.23(7) (b) 248
(c) (a) (b) i 13.18(1) (ii) (i) (i) Golden Cage (a) (b) (c) (a) (b) 249
(d) (a) (b) (c) (a) (b) (c) Golden Cage 17.29 (a) (i) (ii) (b) 3.5% 3.5% 250
31.5 0.9 0.8 1.0 6A.19 18.03 251
1.0 1% 0.005% 0.003% 4,000 4,040.32 1. 10% 2. 30 250,000,000 25.0% 30 37,500,000 15.0% 1% 0.005% 0.003% 252
11.23(8) 50% www.chinawood.com.hk 1.0 0.8 www.hkgem.com www.chinawood.com.hk 253
30 37,500,000 15% 3.8% 3.6% (www.chinawood.com.hk) (www.hkgem.com) 254
37,500,000 15% 30 37,500,000 13.16A 13.16A 255
(i) (ii) 4,000 8099 256
10 8 B 1(b) I-1
B 29 B 3.340 B 1(b) I-2
2410 I-3
A. 1 B 3 160,326 270,521 124,169 198,236 (102,560) (179,653) (77,518) (147,780) 3 57,766 90,868 46,651 50,456 4 430 810 352 498 4 246 (204) 47 166 (4,496) (2,055) (898) (1,952) (18,957) (27,451) (14,606) (19,947) 34,989 61,968 31,546 29,221 5(a) (3,449) (15,935) (6,124) (8,742) 5 31,540 46,033 25,422 20,479 6 (8,386) (6,838) (6,464) (2,952) 23,154 39,195 18,958 17,527 9 0.031 0.052 0.025 0.023 I-4
2 23,154 39,195 18,958 17,527 (81) 184 23,154 39,114 18,958 17,711 I-5
3 B 10 188,726 198,036 201,964 11 3,175 9,231 9,004 12 16,082 15,757 15,595 138 108 93 21(b) 76 317 626 208,197 223,449 227,282 13 57,170 68,154 82,190 14 2,774 15,145 15 28,592 57,580 48,338 21(a) 272 16 1,742 4,554 11,400 90,278 130,560 157,073 17 3,638 8,313 596 18 10,715 11,157 5,963 19 21,508 38,867 26,457 23(c) 103,357 2,603 4,511 23(c) 85,433 20(a) 20,000 145,000 80,000 21(a) 5,735 1,192 164,953 291,373 118,719 (74,675) (160,813) 38,354 133,522 62,636 265,636 20(b) 100,000 100,000 33,522 62,636 165,636 22 1 33,522 62,636 165,635 33,522 62,636 165,636 I-6
4 B B B B 22(b) 22(d)(ii) 22(d)(iii) 22(d)(iv) 10,030 338 10,368 23,154 23,154 2,301 (2,301) 2,301 20,853 23,154 10,030 2,301 21,191 33,522 10,030 2,301 21,191 33,522 39,195 39,195 (81) (81) (81) 39,195 39,114 B 22(b) B 22(d)(ii) (10,000) (10,000) 4,269 (4,269) (10,000) 4,269 (4,269) (10,000) 30 6,570 (81) 56,117 62,636 I-7
B B B B B 22(b) 22(d)(i) 22(d)(ii) 22(d)(iii) 22(d)(iv) 30 6,570 (81) 56,117 62,636 17,527 17,527 184 184 184 17,527 17,711 B 22(b) 1 85,288 85,289 1 85,288 30 6,570 103 73,644 165,636 10,030 2,301 21,191 33,522 18,958 18,958 B 22(b) 18,958 18,958 10,030 2,301 40,149 52,480 I-8
5 B 31,540 46,033 25,422 20,479 5(c) 9,180 15,056 6,061 8,375 4 324 4 (30) (28) (19) (17) 5(a) 3,449 15,935 6,124 8,742 (47,754) (10,984) 10,883 (14,036) 3,616 2,774 (11,571) (15,145) (22,798) (19,451) 2,501 (442) (1,268) 4,675 (2,944) (7,717) 10,710 442 (7,178) (5,194) 2,187 6,366 3,719 4,127 (11,168) 61,142 32,998 (828) 21(a) (2,833) (13,086) (11,506) (1,797) (14,001) 48,056 21,492 (2,625) I-9
B (91,827) (21,244) (15,621) (24,985) 2,819 10,052 (3,175) (6,397) (6,397) (667) (1,974) (1,587) (3,500) (150) 22(d)(ii) (10,000) 30 28 19 17 (95,789) (36,768) (23,586) (18,416) 140,000 105,000 45,000 50,000 (20,000) (80,000) (15,000) 23(b) (2,842) (100,754) (35,248) 1,908 23(b) 85,433 (6,522) (18,155) (8,229) (9,021) 110,636 (8,476) 1,523 27,887 846 2,812 (571) 6,846 16 896 1,742 1,742 4,554 16 1,742 4,554 1,171 11,400 I-10
B 1 (a) B B 28 (b) 100% A I-11
A * 85,000,000 100% ** 1 100% ** 1 100% * ** (c) (d) B 2 I-12
(e) C B 1(j)(ii) (f) B 1(j)(ii) B 1(u) 20 10 5 10 (g) B 1(i) B 1(j)(ii) B 1(f) B 1(s)(ii) (h) I-13
B 1(j)(ii) 5 (i) (i) (ii) B 1(j)(ii) (j) (i) I-14
(ii) I-15
(k) (l) B 1(j)(i) B 1(j)(i) (m) (n) (o) (p) (i) I-16
(ii) (q) I-17
(r) (s) (i) (ii) (iii) (iv) (t) I-18
(u) (v) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) I-19
(w) 2 24 (a) (b) B 1(j)(ii) (c) 3 (a) I-20
10% 62,088,000 188,082,000 113,136,000 56,024,000 B 24(a) (b) (i) 121,651 38,675 160,326 46,612 11,154 57,766 I-21
157,437 113,084 270,521 66,437 24,431 90,868 79,033 45,136 124,169 35,550 11,101 46,651 154,484 43,752 198,236 46,207 4,249 50,456 (ii) 4 30 28 19 17 400 27 9 50 755 324 431 430 810 352 498 246 120 47 166 (324) 246 (204) 47 166 I-22
5 (a) 5,632 16,132 7,859 7,836 409 1,321 642 906 6,041 17,453 8,501 8,742 * (2,592) (2,377) (2,377) 3,449 15,076 6,124 8,742 859 3,449 15,935 6,124 8,742 * 10.0% 10.0% 10.0% 0% (b) # 9,920 14,612 6,726 8,391 564 1,504 503 980 10,484 16,116 7,229 9,371 20% 5% 25,000 I-23
(c) # 9,180 15,056 6,061 8,375 126 1,034 844 501 10 12 6 8 11,591 9,454 5,841 7,978 # B 13(b) 102,560 179,653 77,518 147,780 6 # 14,174,000 23,914,000 10,117,000 11,210,000 B 5(b) (a) B 21(a) 8,561 7,079 6,691 3,261 B 21(b) (175) (271) (227) (309) B 6(b)(iv) 30 (175) (241) (227) (309) 8,386 6,838 6,464 2,952 (b) 31,540 46,033 25,422 20,479 (i) (ii) (iii) 7,885 12,160 6,356 5,697 501 242 108 201 (iv) (5,594) (2,946) (iv) 30 8,386 6,838 6,464 2,952 I-24
(i) (ii) (iii) 25% (iv) 15% 15% 50% 7 29 115 5 149 29 115 5 149 64 200 19 283 64 200 19 283 I-25
32 100 9 141 32 100 9 141 35 100 11 146 35 100 11 146 8 B 7 166 344 134 429 60 120 60 20 21 44 17 45 247 508 211 494 1,000,000 4 4 4 4 I-26
9 23,154,000 39,195,000 18,958,000 17,527,000 750,000,000 100,000 749,900,000 10 29,811 66,990 2,304 6,031 105,136 2,544 12,861 1,363 78,326 95,094 6,783 (6,783) 32,355 86,634 3,667 77,574 200,230 (558) (1,970) (51) (2,579) (1,670) (6,866) (389) (8,925) (2,228) (8,836) (440) (11,504) 30,127 77,798 3,227 77,574 188,726 32,355 86,634 3,667 77,574 200,230 151 6,693 720 32,939 40,503 63,582 29,203 (92,785) (21,000) (21,000) 96,088 101,530 4,387 17,728 219,733 (2,228) (8,836) (440) (11,504) (3,791) (9,979) (590) (14,360) 4,167 4,167 (6,019) (14,648) (1,030) (21,697) 90,069 86,882 3,357 17,728 198,036 I-27
96,088 101,530 4,387 17,728 219,733 1,181 3,499 292 6,927 11,899 7,381 17,274 (24,655) 104,650 122,303 4,679 231,632 (6,019) (14,648) (1,030) (21,697) (2,429) (5,178) (364) (7,971) (8,448) (19,826) (1,394) (29,668) 96,202 102,477 3,285 201,964 11 3,175 9,572 3,175 6,397 3,175 9,572 9,572 (341) (341) (227) (341) (568) 3,175 9,231 9,004 (i) (ii) 3,175,000 9,327,000 9,375,000 I-28
755 863 863 3,560 2,697 2,266 4,315 3,560 3,129 12 4,095 16,364 16,364 12,269 16,364 16,364 16,364 (39) (282) (607) (243) (325) (162) (282) (607) (769) 16,082 15,757 15,595 50 13 (a) 47,465 34,011 43,035 6,608 25,169 20,732 3,097 8,974 18,423 57,170 68,154 82,190 I-29
(b) 102,560 179,653 77,518 147,780 14 2,774 15,145 2,774 15,145 B 24(a) 15 (i) 17,526 36,959 33,984 B 20(a)(i) 3,831 5,220 9,049 5,710 2,378 (ii) 1,922 3,145 10,052 1,525 1,049 2,160 28,592 57,580 48,338 (i) 16,080,000 10,070,000 I-30
(ii) 16 1,742 4,554 11,400 17 3,638 8,313 596 3,638 8,313 596 18 10,715 11,157 5,963 I-31
19 3,352 16,272 3,186 15,042 13,068 9,568 2,562 4,364 5,038 166 552 937 350 397 446 2,358 5,501 36 1,856 1,781 21,508 38,867 26,457 20 (a) (i) 20,000 45,000 80,000 B 20(b) 100,000 20,000 145,000 80,000 (i) 3,000,000 4,500,000 10,000,000 10,000,000 8,000,000 81,704,000 96,497,000 115,154,000 30,000,000 30,000,000 I-32
(b) 100,000 100,000 100,000 B 20(a) (100,000) 100,000 100,000 100,000 (i) 100,000 100,000 100,000 100,000 100,000 (i) 100,000,000 (c) B 24(b) 21 (a) 7 5,735 (272) B 6(a) 8,561 7,079 3,261 (2,833) (13,086) (1,797) 5,735 (272) 1,192 I-33
(b) 92 (191) (99) B 6(a) 156 19 175 248 (172) 76 B 6(a) 160 81 241 408 (91) 317 B 6(a) 303 6 309 711 (85) 626 (c) 21,191,000 58,725,000 78,564,000 10% 22 (a) (b) 10,000,000 380,000 38,000,000 0.01 0.01 95,099 0.01 46,512,000 B 23(c) I-34
Golden Cage Limited Golden Cage 4,900 0.01 Golden Cage 38,921,000 B 23(c) (c) (d) (i) 22 34 (ii) 10,000,000 30,000 100% 10,000,000 (iii) (iv) B 1(t) (e) 85,288,000 (f) I-35
88.8% 82.3% 56.9% 23 (a) Golden Cage (b) (i) 34,116 9,413 9,413 7 (71,207) (5,200) (2,849) (1,576) (1,576) (2,520) (2,520) (28,054) (28,054) 2,603 2,102 1,908 (2,842) (100,754) (35,248) 1,908 46,512 Golden Cage 38,921 85,433 I-36
(i) 13,135,000 9,592,000 26,184,000 B 20(a)(i) (c) (i) 71,207 1,576 2,520 28,054 2,603 4,511 103,357 2,603 4,511 46,512 Golden Cage 38,921 85,433 (i) (d) B 7 B 8 416 716 358 571 25 63 31 57 441 779 389 628 B 5(b) (e) I-37
24 (a) 30 54.6% 39.6% 100.0% 99.8% B 14 15 (b) 3,638 3,638 3,638 21,508 21,508 21,508 103,357 103,357 103,357 31,696 110,000 141,696 120,000 160,199 110,000 270,199 248,503 I-38
8,313 8,313 38,867 38,867 2,603 2,603 157,097 145,000 206,880 194,783 596 596 596 26,457 26,457 26,457 4,511 4,511 4,511 93,271 105,000 198,271 180,000 124,835 105,000 229,835 211,564 (c) (i) 10.00% 100,000 9.27% 145,000 8.92% 180,000 9.18% 20,000 120,000 145,000 180,000 83.3% 100.0% 100.0% I-39
(ii) 100 150,000 (d) 25 (a) 20,852 284 (b) 513 628 338 184 144 132 697 772 470 26 7,499,000 749,900,000 I-40
27 28 10 12 27 32 36 9 29 (i) (i) I-41
C C (a) 85,425 84,198 1,982 6 1,120 85,431 87,300 3,493 B 23 (c) 2,603 4,511 B 23 (c) 85,433 88,036 8,004 (2,605) 79,296 B 22(b) C (b) 1 C (b) (2,605) 79,295 (2,605) 79,296 (a) I-42
(b) B 22(b) B 22(d)(i) B 22(d)(iv) (2,605) (2,605) B 22(b) (2,605) (2,605) (2,605) (2,605) (2,605) (2,605) (2,069) (2,069) (1,319) (1,319) (1,319) (2,069) (3,388) B 22(b) 1 85,288 85,289 1 85,288 (1,319) (4,674) 79,296 B 22(b) D I-43
7.31 (A) 7.31 1 5 2 5 3 0.8 206,929 180,235 387,164 0.39 1.0 206,929 228,485 435,414 0.44 II-1
1. 165,636,000 93,000 2. 250,000,000 0.8 1.0 3. 1,000,000,000 4. 5. 1.00 1.25 6. II-2
B. (A) (A) 7.31 7 7 7.31(7) 3420 7.31 7 II-3
II-4
(a) (b) (c) 7.31(1) 10 8 II-5
: (852) 3907 0680 : (852) 3914 6388 info@avaval.com www.avaval.com III-1
8 2012 III-2
III-3
III-4
III-5
26 41 09 10 MRICS MHKIS MHKIS AAPI MSc(RE) III-6
1. 9 108,310,000 108,310,000 2. 9 10,370,000 10,370,000 III-7
3. 9 C2 10 1002 4. 9 C2 8 802 5. 9 C2 20 2001 6. 118,680,000 III-8
1. 9 123,916.75 1,333,839.90 108,310,000 12 13 6 17 3 2 2 2 2 2 2 2 53,821.00 579,329.24 III-9
1. 37 3 2. (2012) 005 80,000.00 (a) (b) 80,000.00 (c) (2012) 006 43,904.10 (a) (b) 52,000.00 (c) 3. III-10
0009711 24 1 1 413.50 2 1 1,736.80 3 1 39.06 4 2 635.44 5 1 251.92 6 1 12.90 7 1 646.56 8 1 1,251.25 9 1 1,038.76 10 1 8,318.10 11 1 7,741.48 12 1 48.72 13 1 235.00 14 1 1,226.70 15 1 1,907.20 16 1 1,641.19 17 1 578.76 18 1 21.00 19 1 157.25 20 1 1,856.40 21 1 4,212.00 22 1 553.00 23 1 51.00 24 1 2,064.13 36,638.12 36,638.12 0010884 13 1 1 2,002.00 2 1 1,683.00 3 1 418.20 4 1 3,418.72 5 1 56.16 7 1 78.30 8 1 79.25 9 1 165.83 10 1 521.53 11 1 135.85 12 1 7,430.40 13 1 505.68 14 1 879.48 17,374.40 III-11
17,374.40 17,182.88 4. 5. (i) (ii) (2012) 005 24 0009711 201301 50 (2012) 006 13 0010884 (2013) 103 1902013DY07001 30 6. (i) (ii) 37 3 7. III-12
8. 9. MRICS MHKIS RPS(GP) 10. 11. (2012) 005 006 12,267,758 12. 18.00 73,000 13. 7,899.32 III-13
: 2. 9 8,083.25 87,008.10 8,179.01 88,038.86 71,923.68 10,370,000 13 1. 3 2. (2012)006 8,083.25 (a) (b) 52,000.00 (c) III-14
3. 0010884 6 1 7,987.49 14 1 879.48 8,866.97 8,866.97 8,179.01 4. 71,923.68 5. 6. (i) (2013) 103 1902013DY07001 30 7. (i) (ii) 3 III-15
(iii) 8. 9. 10. MRICS MHKIS RPS(GP) 11. 12. (2012) 006 800,242 13. III-16
3. 9 C2 10 1002 28 10 2 231.61 2,493.05 12,000 1. 2. 12,000 3. 4. 5. 6. (i) (ii) III-17
(iii) 1,000 10,000 7. MRICS MHKIS RPS(GP) 8. III-18
4. 9 C2 8 802 28 8 2 231.61 2,493.05 2 12,000 1. 2. 12,000 3. 4. 5. 6. (i) (ii) (iii) 1,000 10,000 III-19
7. MRICS MHKIS RPS(GP) 8. III-20
5. 9 C2 20 2001 28 20 2 224.71 2,418.78 12,000 1. 2. 12,000 3. 4. 5. 6. (i) (ii) (iii) 1,000 10,000 III-21
7. MRICS MHKIS RPS(GP) 8. III-22
6. 7,850.00 84,497.40 50,000 1. 2. 50,000 3. 4. 5. 6. (i) (ii) III-23
7. MRICS MHKIS RPS(GP) 8. III-24
1. (a) (b) 2. (a) (i) (ii) IV-1
(b) (i) IV-2
(ii) (iii) (iv) (v) IV-3
(aa) (bb) (cc) (dd) (ee) IV-4
(vi) IV-5
(vii) (aa) IV-6
(bb) (cc) (6) (dd) (ee) (ff) (gg) (hh) (viii) IV-7
(ix) 30 (x) (c) (d) (e) (a) (b) (c) IV-8
(d) (e) (f) (g) (h) (f) 21 95% 21 15 14 (g) IV-9
(i) (ii) (iii) (iv) IV-10
(h) 15 (i) 21 21 21 IV-11
(j) 21 14 (i) (ii) 95% (aa) (bb) (cc) (dd) IV-12
(ee) (ff) 20% (gg) (k) IV-13
30 (l) (m) (n) (i) (ii) IV-14
(aa) (bb) 20 IV-15
(o) (p) 20 20 IV-16
14 14 20 (q) (r) IV-17
(s) 3(f) (t) (i) (ii) (u) IV-18
(i) 12 (ii) 12 3 (iii) 3 (iii) (v) 3. (a) IV-19
(b) (i) (ii) (iii) 37 (iv) (v) (c) IV-20
(d) 37A(1) (a) (b) (c) 37A(1) IV-21
(e) 34 37A(7) 34 2(n) 37A(7)(c) (f) Foss v. Harbottle (i) (ii) (iii) IV-22
(g) (h) 59 (i) (ii) (iii) 59 (i) (j) 6 (i) (ii) (aa) (bb) 6(3) IV-23
20 (k) (l) (m) (n) (o) (i) (ii) (iii) IV-24
(i) (ii) (p) 75% IV-25
(q) 90% (r) 4. Appleby IV-26
A. 1. XI 26 41 09 10 XI 11 7 C 2. 380,000 38,000,000 0.01 95,099 Golden Cage Golden Cage 48,000,000 4,900 4.9% 9,962,000,000 380,000 100,000,000 10,000,000 1,000,000,000 9,000,000,000 V-1
3. B (a) 1.00 (b) 1.00 (c) 100% 10,000,000 85,000,000 75,000,000 V-2
4. (a) 9,962,000,000 380,000 100,000,000 0.01 0.01 (b) 7,499,000 749,900,000 (c) (i) (ii) (i) (ii) (iii) (d) (i) (ii) (iii) V-3
(iv) (v) (vi) 20% (i) (ii) (iii) (e) 10% (i) (ii) (iii) (f) (e) (d) V-4
10% (g) 5. (a) 10,000 10,000 1.00 (b) 380,000 38,000,000 0.01 0.01 (c) 50,000 1.00 (d) (e) 10,000,000 75,000,000 10,000,000 85,000,000 (f) 75,000,000 10,000,000 85,000,000 (g) V-5
(h) 10,000,000 37,000,000 (i) 47,000,000 95,099 (j) Golden Cage Golden Cage 4,900 4.9% 48,000,000 6. (a) (b) 10% V-6
(i) (ii) (iii) (c) (d) 10% 30 (e) (f) (i) (ii) V-7
(g) 30 (h) (i) (j) 26 V-8
B. 1. (a) 1.00 (b) 10,000,000 (c) 10,000,000 (d) 37,000,000 (e) 47,000,000 95,099 (f) Golden Cage Golden Cage 4,900 48,000,000 (g) Golden Cage (h) V-9
(i) (j) 2. (a) 19 1 301823959 19 2570710 1 19 2 8514037 19 3 11120185 19 3 11120167 19 3 11120140 1. 19 2. 19 V-10
3. 19 (b) 1. 201210140159.4 201210140165.X 201210140042.6 201210140153.7 (c) chinawood.com.hk V-11
C. 1. (a) XV XV 7 8 352 5.46 5.67 (i) 713,250,000 71.3% (ii) 100 100% 713,250,000 V-12
(b) 840,000 840,000 150,000 (c) 149,000 283,000 146,000 147,000 V-13
2. (a) XV 2 3 713,250,000 71.3% 713,250,000 (b) 10% 3. 4. V-14
D. (a) (d) (b) (a) (b) (c) (c) (10) (d) (e) V-15
(e) (q) (i) (ii) (5) (iii) (f) 30% 30% (f) 100,000,000 10% 10% V-16
(g) 12 1% 1% (h) 12 (i) 0.1% (ii) 5,000,000.00 (i) (28) V-17
1.00 (j) (k) (l) (10) (m) (1) (m) V-18
(n) (12) (o) (14) (p) (5) (q) (i) (ii) V-19
(iii) (r) (s) (f) 10% (g) 1% V-20
(t) (i) (ii) (m) (n) (o) (iii) (p) (p) (iv) (o) (v) (vi) (j) (u) 23 V-21
23 (v) E. 1. B. 1. (i) (a) (b) (i) (ii) (iii) (c) V-22
(a) (b) (c) (d) (e) 2. V-23
3. 4. 5,300 41,300 5. 6 Appleby 6. Appleby E. 5. 7. 44A 44B V-24
8. (a) (b) 9. (a) E. 6. (b) E. 6. 10. (a) (b) (c) (d) (e) V-25
(f) 24 (g) (h) 11. 32L 4 V-26
E. 6. B. 1. 10 12 (1) (2) (3) (4) (5) (6) Appleby (7) (8) B. 1. (9) C. 1. (b) (10) E. 6. (11) (12) VI-1