於百慕達註冊成立之有限公司 2017 年 報

2 3 4 9 11 23 28 33 35 37 38 40 118 1

184-198 The Wellington 22 Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM11 Bermuda 183 22 1225 www.lerado.com Clarendon House 2 Church Street Hamilton HM11 Bermuda 2

224,221 221,811 176,731 (611,959) (225,280) 364,470 (272.9%) (101.6%) 206.2% (560,273) (206,782) 370,458 (249.9%) (93.2%) 209.6% (534,962) (246,457) 586,815 (238.6%) (111.1%) 322% 2,292,224 2,496,189 2,418,080 * 2,134,142 2,237,061 1,786,170 1,296,838 1,824,799 1,774,721 (23.23) (21.04) 53.16 (34.3%) (13.7%) 48.7% 13.5 10.4 3.7 64.5 22.6 0.65 78 79 88 116 98 84 * 3

28.8% 34,600,000 52.0% 61.0% 10,200,000 15.4% 18.4% 10,000,000 15.0% 46,700,000 40.6%70.3% 22.7% 19,800,000 27,300,000 54.6% 12.2% 34,500,00017,500,000 22,300,000 150,000,000Black Marble Global Investment Fund SPC 4

101,700,00071,900,000 45.4%625,400,0001,241,600,000 28,200,000 700,000 12.6% 57.5% CEPA 5

224,200,000 221,800,000 1.1% 70,600,000 71,900,000 64.3%41.2% 23.1 57.5% 16.9 535,000,000 246,500,000 535,000,000 246,500,000 592,200,000 78,000,000 13,000,000 80% 61,020,000 1,479,225,000 0.016924,960,000 6

431,900,000 65,800,000366,000,000 4,300,000 5,500,000 5,100,000 5,000,000 827,700,000 361,800,000 40,000,000 1,957,800,000 2,009,800,000 13.510.4 11698 78 7964.5% 22.6%) 5% 26 0.20 1,535,482,758 1,547,952,006 307,100,000 309,600,000 1,535,482,758 301,000,000 (i) 150,000,000 (ii)80,000,000 19,800,000 (iii) 71,000,000 30,000,00041,000,000 9,400,000 10,500,000 26,500,000418,800,000 7

2702005 8

42 4820 46 Laura Ashley Holdings ALY 542 9

63 53 677 2308 519 GEM 8071 26 10

A.2.1 11

9 10 12

14 13

4 4/4 1/1 3/3 0/1 2/4 0/1 2/4 0/1 4/4 1/1 / / 4/4 1/1 4/4 0/1 4/4 0/1 4/4 0/1 / / / / 14

15

1/1 1/1 / 1/1 1/1 1/1 1/1 / / 16

1/1 1/1 / 1/1 1/1 1/1 1/1 / / 17

2/2 2/2 2/2 2/2 / / 18

RHT Corporate Advisory (HK) Limited 19

31 950,000 950,000 20 20

21 184-198 The Wellington 22 public@lerado.com.hk 21

www.lerado.com (852) 2868 9918 184-198 The Wellington 22 public@lerado.com.hk 22

40 102 108 3536 3,996,000 15 31 244,461 244,461 22,566 3,231 267,027 247,692 23

(a) (b) 86 87 24

XV 352 32 336 217,072,320 9.40% 1 180,000,000 7.82% (1) Opus Platinum Growth Fund 25

3.13 35 35 16.7% 4.8% 20.1% 8.0% 5% 32 26

27 27

33 117 28

4 18 1,600,000 29

4 24 1,225,364,000 53% 30

31

P05131 8 10 32

224,221 221,811 143,640 51,162 367,861 272,973 5 224,221 221,811 (79,970) (130,417) 144,251 91,394 6 12,856 22,737 7 (600,264) (187,804) (8,813) (4,721) (899) (1,026) (107,613) (124,130) (5,907) (9,632) 8 (45,570) (12,098) (611,959) (225,280) 9 76,959 (21,177) 10 (535,000) (246,457) 3,996 (2,256) 1,126 3,996 (1,130) 3,005 (3,236) 7,001 (4,366) (527,999) (250,823) 33

(534,962) (246,457) (38) (535,000) (246,457) (527,961) (250,823) (38) (527,999) (250,823) 14 (23.23) (21.04) (23.23) (21.04) 34

15 36,242 97,122 16 14,408 13,439 17 71,676 88,491 18 35,315 31,600 19 5,907 20 1,000 28,990 20 5,977 21 10,028 230 243 25 9,315 178,214 271,769 22 19,022 13,296 23 378,058 437,768 25 6,881 24 1,225,364 625,440 16 420 392 33 10,249 26 68,604 679,594 27 39,374 36,060 27 366,038 431,870 2,114,010 2,224,420 28 130,200 142,555 16,578 21,543 29 9,384 50,501 156,162 214,599 1,957,848 2,009,821 2,136,062 2,281,590 35

31 690,968 690,968 606,070 1,133,831 1,297,038 1,824,799 29 827,720 361,761 30 11,304 95,030 839,024 456,791 2,136,062 2,281,590 33118 36

383,871 358,858 38,510 66,150 6,771 3,341 1,270 915,950 1,774,721 (91) 1,774,630 (246,457) (246,457) (246,457) (3,236) (3,236) (3,236) (2,256) (2,256) (2,256) 1,126 1,126 1,126 (1,130) (3,236) (246,457) (250,823) (250,823) 31 307,097 (6,105) 300,992 300,992 (91) (91) 91 690,968 352,753 38,510 65,020 3,535 3,341 1,270 669,402 1,824,799 * 1,824,799 (534,962) (534,962) (38) (535,000) 3,005 3,005 3,005 3,996 3,996 3,996 3,996 3,005 (534,962) (527,961) (38) (527,999) (45,131) 45,131 238 238 (3,341) 3,341 690,968 352,753 38,510 23,885 6,540 1,270 182,912 1,296,838 200 1,297,038 * 1,000 Lerado Group Limited 37

(611,959) (225,280) 404 410 5,712 5,990 45,570 12,098 4,733 9,685 5,977 (201) (970) (4,161) (4,873) 592,150 78,007 (3,516) 3,025 5,189 5,907 9,632 (2,677) 13,231 103,352 1,600 11,318 47,753 12,600 (1,928) 6,536 55,773 (286,854) (599,924) (625,440) (15,610) 18,840 (245,836) (3,314) 426,955 (285) (14,362) (379,349) (512,772) (1,091,673) (12,207) (10,842) (40,735) (1,062) (565,714) (1,103,577) 38

34 (38,673) 20 (1,000) (23,400) (8,000) (10,028) 20 (5,977) (1,574) (5,683) (3,379) 34,998 91 201 970 13 29 61,020 20 15,435 23,801 35 (11,727) 76,141 (49,004) 470,247 350,725 (9,123) 31 300,992 40,000 (40,000) (1,124) (1,068) 420,000 690,649 (69,573) (461,932) 426,875 889,968 3,733 (1,161) 366,038 431,870 (5,003) (4,995) 361,035 426,875 39

1. 40 2. 7 12 12 7 7 28 40

2. 9 1 15 1 16 2 17 4 1 22 2 23 2 2 4 94 2 9 2 10 3 28 40 1 28 1 1 2 3 4 41

2. 9 9 9 9 9 9 39 9 9 9 42

2. 15 15 151811 15 15 15 15 15 15 15 43

2. 16 16 1617 16 16 17 16 1617 16 44

3. 2 17 2 36 45

3. 46

3. (i) (ii) 39 12 19 2 5 47

3. 48

3. 49

3. 39 36 36 39 50

3. 51

3. 52

3. 53

3. 54

3. 55

3. 56

3. (i) (ii) (iii) 57

3. 58

3. 59

3. 60

3. 61

4. 3 35,315,000 12,918,000 31,600,000 11,318,00018 1,225,364,000 625,440,000 62

5. 8 8 46,738 78,701 19,792 25,608 28,193 27,518 27,760 60,106 101,738 29,878 224,221 221,811 63

5. 66,530 28,193 27,760 101,738 224,221 (8,500) 1,983 (50,082) 98,050 (1,670) 39,781 4,161 (592,150) 3,516 4,166 (5,977) (5,189) (3,025) (1,600) (5,907) 138 (49,873) (611,959) 64

5. 104,309 27,518 60,106 29,878 221,811 (29,756) (14,590) 14,008 28,905 (4,545) (5,978) 4,873 (70,434) 2,231 (103,352) (9,632) 154 (43,142) (225,280) 3 65

5. 90,628 50,801 406,181 1,337,460 67,101 1,952,171 71,676 1,000 10,028 68,604 10,249 178,496 2,292,224 (20,349) (16,341) (97,600) (4) (9,598) (143,892) (827,720) (23,574) (995,186) 66

5. 219,365 50,783 451,259 695,093 145,829 1,562,329 88,491 5,907 28,990 5,977 542,024 262,471 2,496,189 (56,757) (19,466) (70,719) (90,390) (8,025) (245,357) (361,761) (64,272) (671,390) 67

5. 844 730 1,574 (3,025) (3,025) 1,371 1,519 272 3,162 1,600 1,600 (2,677) (2,677) (8) (2,019) (2,027) 6,760 6,760 1,757 3,926 5,683 4,754 1,148 88 5,990 11,318 11,318 13,231 13,231 592 5,000 4,093 9,685 68

5. 150,896 109,109 * 34,586 48,596 10,246 26,269 14,921 18,422 1,712 2,772 455 601 * 11,405 16,042 224,221 221,811 * 10% 24,051,000 10% 69

6. 201 970 4,162 2,231 3,709 11,993 4,784 7,543 12,856 22,737 7. (1,600) (11,318) (103,352) (3,025) (5,189) (5,977) 4,161 4,873 (592,150) (78,007) 3,516 (600,264) (187,804) 8. 869 1,062 44,701 11,036 45,570 12,098 70

9. 8,089 6,018 548 718 123 8,637 6,859 (1,400) (631) (1,400) (631) (84,196) 14,949 (76,959) 21,177 16.5% 25% 17% 71

9. (611,959) (225,280) 16.5% (100,973) (37,171) 974 1,589 19,981 27,690 (1,300) (1,160) 5,546 30,823 (1,400) (631) 213 37 (76,959) 21,177 30 10. 47,350 44,255 2,146 1,409 49,496 45,664 404 410 950 1,800 74,845 110,204 5,712 5,990 4,733 9,685 (2,677) 13,231 (201) (970) (4,163) (2,231) 72

11. 1 2 3 120 180 120 180 600 5,855 120 1,278 120 642 17 8,032 39 36 75 5,855 120 1,317 120 678 17 120 180 120 180 8,707 1 4 120 120 120 90 450 4,500 1,682 1,379 1,104 660 9,325 39 36 75 4,500 1,682 1,418 1,104 696 120 120 120 90 9,850 1. 2. 3. 4. 73

11. 12. 11 4,209 2,600 108 72 4,317 2,672 1,000,001 1 1,000,0011,500,000 1 2 2,000,0012,500,000 1 13. 74

14. (534,962) (246,457) 2,303,224,137 1,171,276,841 75

15. 104,586 858 23,051 4,091 1,324 133,910 (2,116) (1,487) (123) (62) (3,788) 3,984 52 955 692 5,683 (1,094) (218) (1,312) (9,733) (9,733) (4,300) (4,300) 88,437 4,842 20,522 4,705 1,954 120,460 3,696 76 1,280 131 92 5,275 112 439 1,023 1,574 (61,020) (616) (107) (1,673) (63,416) (1,923) (1,923) 29,190 4,302 21,807 3,602 3,069 61,970 767 20,073 2,218 842 23,900 (1,799) (1,298) (70) (49) (3,216) 3,843 754 589 581 223 5,990 (1,079) (213) (1,292) (2,044) (2,044) 1,521 18,285 2,516 1,016 23,338 3,193 191 1,009 415 97 4,905 2,726 1,148 598 768 472 5,712 (616) (64) (1,628) (2,308) (5,919) (5,919) 2,244 19,828 2,071 1,585 25,728 29,190 2,058 1,979 1,531 1,484 36,242 88,437 3,321 2,237 2,189 938 97,122 76

15. 40 9,733,000 2% 10-20% 10-20% 20-33 1 / 3 % 20-50% 3,996,000 2,256,000 60,600,000 29,190,000 27,837,000 77

15. 104,586 (9,733) (317) (3,843) (2,256) 88,437 (61,020) 503 (2,726) 3,996 29,190 29,190 27,837 60,600 78

15. 4,923,000 14,057,000 16. 420 392 14,408 13,439 14,828 13,831 17. 32,542 4,873 3,379 34 38,800 9,733 (836) 88,491 4,161 (18,372) (2,604) 71,676 79

17. 7,410 6,490 2.9% 45,500 42,000 18,766 40,001 80

18. 42,918 33 5,315 48,233 11,318 11,318 1,600 12,918 35,315 31,600 30,000 30,000 1,600 5,315 35,315 31,600 1,600,000 81

18. 11% 12.6% 5 3% 4% 19. 16,000 16,000 (16,000) (10,093) 5,907 Fullsino Management Limited* Fullsino 40,000,000 40,000,000 40% 40% 82

19. Fullsino 9,070 25,211 (27,483) (10,444) (18,413) 14,767 (7,365) 5,907 41,455 7,972 (33,180) (24,080) (13,272) (9,632) 7,365 7,365 20. 1,000,000 5% 83

20. 32,800,000 38,376,00020,500,000 10%5,000,0005,977,000 20,500,0005,977,000 21. 19% 8,740,000 10,028,000 84

22. 11,557 7,644 2,158 1,665 5,307 3,987 19,022 13,296 2,677,000 13,231,000 23. a 38,707 40,297 (6,594) (8,555) 32,113 31,742 b 188,067 346,493 (10,853) (4,093) 177,214 342,400 98,106 29,832 307,433 403,974 43,621 30,886 27,004 2,908 378,058 437,768 85

23. (a) 60 30 6,484 11,998 3190 6,674 8,408 90 18,955 11,336 32,113 31,742 4,587,000 15,272,000 30 599 9,182 3190 1,153 3,936 90 2,835 2,154 4,587 15,272 8,555 3,185 (2,027) 5,592 (222) 66 6,594 8,555 6,594,000 8,555,000 86

23. (b) 183,974,000 342,400,000 210,247,000 1,210,000,000 8% 15% 3% 8% 4,093 6,760 4,093 10,853 4,093 55%45% 64,794,000 416,803,000 87

24. 1,225,364 625,440 1,225,364 625,440 427,919 328,100 797,445 297,340 1,225,364 625,440 5% 19% 35,000,000 84,100,000 180 25. 9,315 6,881 16,196 88

25. 7% 7,842 6,881 9,803 9,315 17,645 16,196 (1,449) 16,196 16,196 26. 62,604 672,294 6,000 7,300 68,604 679,594 592,200,000 78,000,000254,600,000 74,800,000 POE 89

27. 28 0.01% 3%0.01% 3% 28. 23,448 24,750 15,167 23,953 24,129 10,670 69 2,223 62,813 61,596 854 1,414 66,533 79,545 130,200 142,555 95,000 26,515,000 418,785,000 90

28. 30 9,960 19,045 3190 3,241 3,479 90 10,247 2,226 23,448 24,750 60 39,374,000 36,060,000 91

29. 5,003 4,996 4,381 5,505 40,000 9,384 50,501 827,720 361,761 837,104 412,262 9,003 9,585 828,101 402,677 837,104 412,262 * 5,985 45,925 191 2,807 573 151 2,635 1,618 9,384 50,501 9,384 (50,501) * 45,505 (41,124) 4,381 92

29. 181,456 51,428 646,264 310,333 827,720 361,761 827,720 361,761 361,761 536,616 44,701 (39,866) (9,123) (66,369) 827,720 (1) 2,180,000 2,718,0001,995,000 2,005,000 (ii) 1,821,000 1,871,0003,008,000 2,991,000(iii) 381,000 916,000 2.20% 4.50% 2.20% 4.50% 854,493,000 327,000,000 52,000,000 52,000,000 66,369,000 26,908,000 1,560,000 1,560,000 6% 4% 52,000,000 0.5% 93

30. (4,185) 19,253 66,139 81,207 (105) 15,054 14,949 (1,126) (1,126) (4,290) 18,127 81,193 95,030 4,376 (7,379) (81,193) (84,196) 470 470 86 11,218 11,304 7,053,000 5,024,000 228,014,000 210,115,000215,766,000 182,340,00012,248,000 27,775,000 16,654 439 439 1,338 1,338 6,397 6,397 2,947 2,947 1,127 12,248 27,775 94

31. 0.1 10,000,000,000 1,000,000 (i) (8,000,000,000) 0.5 8,000,000,000 4,000,000 0.5 10,000,000,000 5,000,000 3,838,706,896 383,871 (i) (3,070,965,517) 767,741,379 383,871 : (ii) 1,535,482,758 307,097 2,303,224,137 690,968 (i) 0.1 0.5 8,000,000,0000.5 (ii) 0.20 1,535,482,758 6,105,000 95

32. 1 30 10% 1% 0.1% 5,000,000 (i) (ii) (iii) 0.77 15,000,000I II I II 96

32. 1.00 10% 1% 0.1%5,000,000 (i) (ii) (iii) 97

32. I 34,560 (25,625) 9,295 (9,295) I 34,560 (25,625) 9,295 (9,295) * 31,104,000 (22,738,206) 8,365,794 (8,365,794) 31,173,210 (22,738,206) 8,384,384 31,173,210 8,384,384 0.514 1,912 * I 12 II 24 0.77 2.484 0.77 2.484 0.592 1.911 98

32. 0.7700.668 0.5920.514 0.7702.484 0.5921.911 33. 13,000,000 80% 2,000,000 6.5 6,733,000 16.0% 10,249,000 99

33. 102 1,273 1,375 185 185 1,190 13,000 (6,733) 6,267 20% 238 (1,190) 5,313 13,000 (1,273) 11,727 191,000 459,000 100

33. 225,809,000 534,672,000 34. (a) 68,604 679,594 1,984,610 1,524,821 1,000 28,990 965,456 551,939 (b) 101

34. (b) 23 102

34. (b) (i) 559 1,659 10,138 48,122 2,811 3,818 967 319 290 103

34. (b) (i) 5%5% 5%5% 5% 5% 5% 5% 5% 5% (28) (83) 14 (48) (ii) 2328 26 104

34. (b) (ii) 1010 446,000 638,000 28 (iii) 20% 20%20%11,457,000 113,492,000 105

34. (b) 1 31 90 91 365 2 5 5 116,712 3,241 10,247 130,200 130,200 2.90% 106 319 671 2,340 1,301 4,737 4,381 5.34% 103,372 200,064 938,177 1,241,613 827,720 116,818 3,560 114,290 202,404 939,478 1,376,550 962,301 1 31 90 91 365 2 5 5 133,972 3,479 2,226 139,677 139,677 4.04% 10,501 10,501 10,501 8.5% 283 40,707 40,990 40,000 5.45% 1,625 7,634 133,916 396,946 540,121 361,761 146,381 44,186 9,860 133,916 396,946 731,289 551,939 106

34. (b) 1 9,384,00050,501,000 1 31 90 91 365 2 5 5 2.90% 107 319 671 2,340 1,301 4,738 4,381 4.04% 5,350 160 718 4,692 10,920 10,501 (c) 107

34. (c) 10,249,000 68,604,000 679,594,000 108

34. (c) 109

34. (c) 178,098 (884) 177,214 (154,327) 22,887 230 230 (230) 37,279 (884) 36,395 (39,379) (2,984) 110

34. (c) 352,482 (10,082) 342,400 (342,327) 73 243 243 (243) 46,928 (10,082) 36,846 (37,119) (273) 111

35. (a) 8 i ii (b) 8,707 9,850 i. ii. 112

36. 4,686 3,950 4,735 4,664 1,050 5,119 5,785 9,783 4,162,000 2,231,000 2,956 3,797 6,494 7,106 9,450 10,903 113

37. 31,079 414,790 424,818 414,790 455,897 38. 1,899,000 1,388,000 114

39. 304,971 353,556 1,690 1,133 (a) 2,281,418 1,619,477 63,495 167,120 2,346,603 1,787,730 30,604 86,428 404 3,323 (a) 532,829 448,501 563,837 538,252 1,782,766 1,249,478 2,087,737 1,603,034 690,968 690,968 (b) 621,050 601,733 1,312,018 1,292,701 775,719 310,333 2,087,737 1,603,034 115

39. (a) (b) 358,858 244,461 3,341 1,270 (15,210) 592,728 18,441 18,441 (6,105) (6,105) 352,753 244,461 3,341 1,270 3,231 605,056 15,994 15,994 (3,341) 3,341 352,753 244,461 1,270 22,566 621,050 40. % % % % i 6,240,000 100 100 5,000 100 100 BlackMarble Capital Limited 1 100 100 Oriental Strategic Limited 50,000 100 100 10,000 100 100 Lerado Group Limited 10,702 100 100 Wonder Time Holdings Limited 1 100 100 6,260,000 100 100 116

40. % % % % i 5,000,000 1,000,000 330,000,000 100 100 100 100 100 100 Black Marble Global Investment Fund SPC ii 100 100 1 100 100 1 100 100 First plattorm Internatioal Limited 1 100 1 80% (i) (ii) 117

147,576 154,676 176,731 221,811 224,221 (25,606) (17,307) 364,170 (225,280) (61,959) (593) (373) (68,970) (21,177) 76,959 (26,199) (17,680) 295,200 (246,457) (535,000) 6,370 (128,316) 291,524 (19,829) (145,996) 586,724 (246,457) (535,000) (19,829) (145,996) 586,815 (246,457) (534,962) (91) (38) (19,829) (145,996) 586,724 (246,457) (535,000) 1,739,949 1,071,816 2,418,080 2,496,189 2,292,224 (601,090) (438,950) (643,450) (671,390) (995,186) 1,138,859 632,866 1,774,630 1,824,799 1,297,038 1,138,859 632,866 1,774,721 1,824,799 1,296,838 (91) 200 1,138,859 632,866 1,774,630 1,824,799 1,297,038 118