Bonjour Holdings Limited 65,640,000 59,076,000 48,136,000 10,940,000 6,564,000 1.20 0.90 0.01 653 342C 1.20 0.90 1.20 1% 0.007%0.002% 0.005% 0.90 1.20 Typeset and Printed by Elegance Finance Printing Services Limited
(6)................. (1)........................................................ (1)............................... (2)................................................................ (3 5).................................... 1. 2. 3. 1,000,000 i
4. 1,000,000 5. 6. ii
............................................................. 1............................................................. 8......................................................... 15................................... 23........................... 26......................................................... 31......................................................... 32........................................................... 38..................................................... 41....................................................... 42................................................. 44......................................... 46............................................... 51....................................................... 52......................................................... 53........................................................... 56................................................. 57........................................................... 58..................................................... 59................................................. 60 iii
................................... 61............................. 64......................................................... 68............................................................. 69........................................................... 72................................... 73 19......................................... 74....................................................... 74........................................................... 78....................................................... 78........................................................... 79....................................................... 79................................................... 79............................................. 80..................................................... 81............................................... 82............................................. 82................................................... 82......................................................... 84................................................... 86................................. 86................................................... 86................................................. 86................................................... 87......................................................... 89................................................... 90..................................... 90 iv
............................................. 91................................................. 91....................................................... 92........................................................... 92....................................................... 93............................................... 93....................................................... 94....................................................... 94................................................... 95......................................... 96............................................. 104............................................ 137............................................ 166.............................. 173.......................................... 202................................ 233 v
(i)(ii) (iii) (iv) 17 4 1
% % % 1 288,860 98.49 391,134 91.87 528,401 91.23 4,421 1.51 29,472 6.92 30,294 5.23 5,120 1.21 20,499 3.54 293,281 100.00 425,726 100.00 579,194 100.00 (184,587) (272,054 ) (365,257 ) 108,694 153,672 213,937 417 511 1,156 (11,741) (15,240 ) (15,471 ) (76,645) (110,753 ) (158,269 ) (503) (115 ) (613 ) 20,222 28,075 40,740 (1,235) (1,675 ) (1,657 ) 18,987 26,400 39,083 (3,642) (4,920 ) (7,271 ) 15,345 21,480 31,812 (218 ) 15,345 21,262 31,812 2 5,100 43,636 3 9.35 12.96 19.39 2
1. 2. 3. 164,100,000 164,100 163,935,900 1.85 33,130,000 1,970,000 6,450,000 3
0.900.90 1.20 38,000,000 1,700 1,500 500 100 1.20 54,000,000 4
120 1. 2. 3. 4. 5. 6. 7. 8. 3 1 1 1115 5
0.90 1.20 (1) 196,920,000 262,560,000 31,810,000 31,810,000 (2) 14.54 14.54 (3) 6 8 (4) 31.91 39.23 1. 218,800,000 2. 218,800,000 3. 1218,800,000 4. 1218,800,000 6
7
Bonjour Bonjour 8
32 528 Deco City Deco City Limited Limited 9
1 4 6 7 9 266 10
59,076,000 48,136,000 11
Promised Return Promised Return Limited Deco City LimitedDeco City Limited Promised Return Limited 6,564,000 10,940,000 571 0.01 12
4 6 559 13
% 0.94 = 1.00 0.97 = 1.007.80 = 1.00 14
98.49% 91.87% 91.23% 1,970,000 6,450,000 15
114,310,000 19,110,000 22,730,000 15,350,000 21,260,000 31,810,000 5,100,000 43,640,000 0%24% 137% 16
15,350,000 21,260,000 31,810,0005.23% 4.99% 5.49% 9 13 17 21 29,890,000 45,630,000 62,670,000 10.19% 10.72% 10.82% 10.93% 11.46% 11.61% (i)(ii)(iii) 41.48% 31.85% 17
30.40% 57.71% 67.08% 68.07%0.81% 1.07% 1.53% Vasculight Intense Pulsed Light & Laser System MultiLight Intense Pulsed Light System 18
68,000,000 49.90% 220,000 391,000 19
1. 456 2. 20
(i) (ii) (i)(ii) (iii) Bonjour 21
8.5% 23% 20% 22
23
24
4,000 25
4699 8 4699 8 8 10 3 B B 2907 9 8 13G 8 25 E 26
21 21 21 21 1 28 1 28 1 28 13-14 22 27
89 1 2302 21-23 23 1 43 1 28 88 1 12 1 28 121 201-202 89 1 2302 28
1 28 10 1910-1913 Appleby Spurling & Kempe 99 5511 Paulino Comandante-Advogado Rua Dr. Pedro Jose Lobo N o s. 1-3 Edif. Luso Internacional 20 o andar Sala 2007 Macau 15 20 2002-09 22 29
59-65 15 6-8 2407 83 20 Bank of Butterfield International (Cayman) Ltd. Butterfield House 68 Fort Street P.O. Box 705 GT George Town Grand Cayman Cayman Islands 183 17 1712-1716 30
4th Floor, West Wind Building 70 Harbour Drive P.O. Box 2075 GT George Town Grand Cayman Cayman Islands British West Indies 21 www.bonjourhk.com FCCA AHKSA 1 83 DBS 139 20 108 31
Euromonitor Plc. 1,931.9 207,194 190,188 187,282 8.21% 9.61% 652 682 735910 23.80% 12.36 12.76 32
(1) (2) 6.52 6.58 6.64 6.71 6.76 6.82 207,194 189,443 185,724 190,045 190,188 187,282 (%) 11.87 (8.57) (1.96) 2.33 0.08 1.53 (2) 1,236.30 1,247.60 1,257.90 1,267.40 1,276.30 (3) 735 775 804 856 910 (3) (%) 9.0 5.4 3.7 6.5 6.3 (3) 2003 1. 2. 3. 2003 16.89% 14.01% 14.98% 1,344.55 1,279.85 1,246.13 1,288.34 1,278.99 1,265.92 227.03 185.91 176.54 180.48 191.61 193.19 (%) 16.89 14.53 14.17 14.01 14.98 15.26 Euromonitor 33
18%32.4% 26 45 % % % % % 2,364-1.1 2,672 +13.0 3,206 +20.0 3,786 +18.1 4,449 +17.5 1,920-5.1 1,886-1.8 2,063 9.4 2,386 +15.7 2,419 +1.4 ( ) 1,459-11.1 1,106-24.2 1,339 +21.1 1,539 +14.9 1,493-3.0 1,624-41.1 1,101-32.2 1,174 +6.6 1,382 +17.7 1,337-3.3 1,170-13.4 1,013-13.4 1,021 +0.8 1,069 +4.7 1,020-4.6 861 3.4 829-3.7 859 +3.6 966 +12.5 936-3.1 374-9.0 352-5.9 356 +1.1 411 +15.4 382-7.1 192 +3.5 208 +8.3 226 +8.7 253 +11.9 250-1.2 1,309-24.0 994-24.1 1,084 +9.1 1,267 +16.9 1,439 +13.6 11,273-13.1 10,161-9.9 11,328 +11.5 13,059 +15.3 13,725 +5.1 34
(1) (2) 627.14 655.83 669.67 693.40 710.04 707.72 3,610.72 3,936.97 4,279.29 4,637.74 5,036.36 5,454.54 1. 2. Euromonitor 345393Euromonitor 6.271 7.077 6,4608,410 30.1% 26 45 50% 32% 69.5% 35
Euromonitor 4 2.25% 6.84% 12,980.21 13,631.10 14,247.42 14,820.52 15,381.99 15,958.63 8,253.47 8,512.45 8,774.51 9,040.68 9,311.74 9,583.63 4,471.82 4,536.47 4,611.75 4,684.37 4,769.84 4,864.85 5,459.58 5,621.94 5,789.43 5,961.29 6,131.51 6,306.57 4,815.37 4,927.97 5,050.50 5,172.26 5,288.73 5,396.78 1,319.17 1,376.83 1,441.31 1,513.22 1,593.19 1,683.23 689.56 709.68 732.83 756.91 782.97 809.49 413.89 426.96 441.54 455.31 469.53 483.76 310.98 326.86 342.20 355.78 368.81 380.88 38,714.05 40,070.26 41,431.49 42,760.34 44,098.31 45,467.82 1. 2. Euromonitor 707.72 718.92 733.45 750.21 769.24 790.99 5,454.54 5,871.20 6,293.71 6,719.96 7,152.36 7,593.44 Euromonitor 36
174 37
(i)(ii) (iii) (iv) 17 4 Bonjour Cosmetic & Beauty Centre % % % 288,860 98.49 391,134 91.87 528,401 91.23 4,421 1.51 29,472 6.92 30,294 5.23 5,120 1.21 20,499 3.54 293,281 100.00 425,726 100.00 579,194 100.00 38
21 24 160-162 24-26 1 280 6 56 69-71 13-19 160-162 30A2 53 35-38 1. 2. 56 531-533 112 28 22 159 7-11 1 1118 1128 10-20 2 3A 2 1 1072-1074 39
17 4 2 3 4 5 5 5 7 7 1 2 2 5 8 10 13 17 1 2 2 1 2 2 2 1 3 4 4 29,890,000 45,630,000 62,670,000 10.19% 10.72% 10.82% 10.93% 11.46% 11.61% 40
13 24 22 23 36 Bonjour Cosmetic & Beauty Centre 980 4422,947 3,0295.72.79% 17 4 41
Promised Return 66.67% 3.33% 30% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Bonjour 1. Promised ReturnDeco City Limited Deco City Limited Promised Return Promised Return 51% 49% Promised Return Deco City Limited 42
2. 17 98.49% 91.87% 91.23% 3. 4. 5. 4 6. 7. 8. 9. 10. 11. Bonjour Bonjour Bonjour Paulino Comandante-Advogado a. b. c. Bonjour 43
90% (1) 288,860 391,134 528,401 (1) 4,421 29,472 30,294 293,281 420,606 558,695 (184,587) (271,432) (363,606) 108,694 149,174 195,089 (2) (93,349) (125,946) (156,649) 15,345 23,228 38,440 1. 2. 1. 2. 3. 44
4. YUMÉI SWISS PLUS (isf) I-COLOR A+Fit SCS Swiss Concept Sense (isf) Marna Marie Claire 45
Vassassi Mary Cohr. 24 56 160 162 1,1384,259 12,770 46
(1) (2) 11,606 33,127 (3) (5,120) (20,499) (4) 6,486 12,628 6,486 6,486 19,114 (3) 5,120 20,499 (622) (1,651) 4,498 18,848 (5) (6,464) (25,298) (1,966) (6,450) (6) 11,606 33,127 (7) (6,320) (24,298) 5,286 8,829 1. 2. 3. 4 4. 47
5. 6. 7. 197645 1,1613,313 1.85 529883 6 9 6491,263 512 2,050 3 48
23,510 Vasculight Intense Pulsed Light & Laser System MultiLight Intense Pulsed Light System 49
(A) (B) 50
(A) (B) (C) 303 51
810 1,05091069.18% 69.18% 58.67% (i) 52
(ii) (iii) (iv) 30 A 213 17 69.60% 30.40% 10% (1) (2) (3) 53
20(1) 20(2) (1) (2) (1) (2) 54
(1) (2) 35(3) 35(8) (A) (I) (II) (B) 35(8) 8(A) 55
347 6 2% 15 50 56
3060500,000 1.51% 6.92% 5.23% 4,000 7 7776 68 57
220,000 391,000 58
17 4 59
15 bonjourhk.com bonjourbeauty.com bonjourspa.com bonjoursalon.com bonjourtech.com bonjoursh.com 60
2,270 1,930 1.85 3,313 197645 61
0.900.90 1.20 3,800 1,700 1,500 500 100 1.20 5,400 62
120 1. 2. 3. 4. 5. 6. 7. 8. 3 1 1 1115 63
45 25 42 20 5 4310 5 40 Rice University 10 37 14 64
100,000 41 Royal College of Surgeon 12 100,000 36 University of New Brunswick 12 45 International Cosmetology Association20 27 37 Essex University 14 65
14 51010 12 358 113 6 11 13 3 4 520 200337 458 66
10% 10% (i) (ii) (iii) 5% 5,000 20,000 5,000 5,000 5% 6560 64 67
XV2 3 10% Promised Return 145,872,000 (1) 66.67% 7,288,000 (3) 145,872,000 (2) 70% 7,288,000 (3) 145,872,000 (2) 70% 1. Promised Return Deco City Limited Deco City Limited Promised Return 51% 49% Promised Return Deco City Limited 2. Promised Return 3. XV2 3 10% 68
2,000,000,000 20,000,000 164,100 1,641 163,935,900 1,639,359 54,700,000 547,000 218,800,000 2,188,000 10% 10% 69
(i) (ii) (iii) 20% 70
10% 71
43,770,000 13,050,00025,470,000 740,0004,510,000 68,837,000 (a) 6,598,000 (b) (c) 72
6,840,000 9,450,00098,580,000 3,840,0005,780,000 23,650,000 63,910,000 24,250,000 13,050,000 25,470,000 3,780,000 4,000,000 73
19 19 % % % 1 288,860 98.49 391,134 91.87 528,401 91.23 4,421 1.51 29,472 6.92 30,294 5.23 5,120 1.21 20,499 3.54 293,281 100.00 425,726 100.00 579,194 100.00 (184,587) (272,054 ) (365,257 ) 108,694 153,672 213,937 417 511 1,156 (11,741) (15,240 ) (15,471 ) (76,645) (110,753 ) (158,269 ) (503) (115 ) (613 ) 20,222 28,075 40,740 (1,235) (1,675 ) (1,657 ) 18,987 26,400 39,083 (3,642) (4,920 ) (7,271 ) 15,345 21,480 31,812 (218 ) 15,345 21,262 31,812 2 5,100 43,636 3 9.35 12.96 19.39 74
1. 2. 3. 164,100,000 164,100 163,935,900 91% 16% Bonjour 19.18% 18.64%18.60% 18.7% 17.34% 16.11%20% 4% 75
293,280,000 15,350,000 5.23% 37.06% 11,740,000 76,650,000 425,730,00021,260,00036.10% 5.23% 4.99% 44.5% 200 337 35,410,00051,100,000 5153 15,240,000 29.8% 76
579,190,000 31,810,00036% 60,000,000 36.10% 36.94%4.99% 5.49% 42.9% 337 458 51,100,000 76,080,000 53 45 3060 77
98 9 C 662 27 48,701 21 12,2333 6 14,502 600 13 1306- C277 78
5,100,000 43,600,000 14.26% 192% 79
0.90 1.20 22,727 22,727 8,363 8,363 (1) 1,210 1,210 (2) (470) (470) 38,000 54,000 69,830 85,830 (3) 31.91 39.23 1. 2. 470,000 3. 218,800,000 4. 200,000,000 80
5. 1.23 0.901.31 1.20 218,800,000 81
I. (A) 82
(B) (C) (D) (E) (F) 2. 3. 4. (a) 83
(b) (c) (d) (i) B(ii) (iii) (e) Promised Return (a) (b) (c) (i) 84
(ii) (d) 12 (i) (ii) (i) (ii) (i) (ii) 85
2.5% 11,000,000 83%17% 86
I. (A) (B) (C) (D) (E) 87
(F) 2. 3. 4. (a) (b) (c) (d) (i) B(ii) (iii) (e) 88
Promised Return (a) (b) (c) (i) (ii) (d) 12 (i) (ii) 89
(i) (ii) (i) (ii) 2.5% 11,000,000 83%17% 90
1% 0.007%0.002% 0.005% 4,000 4,848.58 1. 2. 155 91
48,136,000 90% 1% 0.007% 0.002% 0.005% 92
6,564,000 10% 1% 0.007%0.002% 0.005% 100% 100% 656,000 9.99% 20 93
15 50 19,692,000 30% 50 100 26,256,00040% 100 32,820,000 50% 18 94
95
656,000 9.99% 1 28 83 28 200 618 18 70 677 38 18 20 32-34 563 833G04 4 3038A 96
(i) 199 2 (ii) 128-140 21 1. 2. 97
100% 100% 98
1.20 1% 0.007%0.002% 0.005% 4,000 4,848.58 21 96 99
40 342E 100
1,000,000 183 17 1712-1716 1,000,000 101
1,000,000 102
4,000 103
22 59-65 15 1,000 100% 1 104
2 100% 1 1,000 100% 1 1,000 100% 1 300,000 100% 1 Bonjour 100% 500,000 100 100% 1 1,000 100% 1 100,000 100% 1 100,000 100% 1 105
100 100% 1 75% 25% Bonjour 106
IIV II 1 II 1 107
I. (a) II 1 II 3 293,281 425,726 579,194 (184,587) (272,054) (365,257) 108,694 153,672 213,937 3 417 511 1,156 (11,741) (15,240) (15,471) (76,645) (110,753) (158,269) (503) (115) (613) 5 20,222 28,075 40,740 6 (1,235) (1,675) (1,657) 18,987 26,400 39,083 7 (3,642) (4,920) (7,271) 15,345 21,480 31,812 - (218) - 21 15,345 21,262 31,812 8-5,100 43,636 108
(b) II 1 II 12 11,395 ------------ 15,624 ------------ 23,270 ------------ 13 39,142 56,770 68,375 14 8,756 19,078-15 2,123 2,971 4,824 16 12,515 19,507 21,964 23-4,506 8,610 814 7,461 9,990 63,350 110,293 113,763 ------------ ------------ ------------ 14 - - 4,000 17 25,930 39,593 45,014 9,089 8,372 11,472-6,486 19,114 5,285 2,223 3,813 18 2,739 7,928 6,953 23 2,035 12,752 21,330 23 5,045 8,797 765 50,123 ------------ 86,151 ------------ 112,461 ------------ 13,227 ------------ 24,142 ------------ 1,302 ------------ 24,622 ------------ 39,766 ------------ 24,572 ------------ 18 4,687 3,577 1,602 19 353 429 243 5,040 ------------ 4,006 ------------ 1,845 ------------ 19,582 35,760 22,727 20 400 416 417 21 19,182 35,344 22,310 19,582 35,760 22,727 109
(c) II 1 II 3,947 19,582 35,760 20 290 16 1 21 15,345 21,262 31,812 21 - - (1,210) 21 - (5,100) (43,636) 19,582 35,760 22,727 110
(d) II 1 II 24(a) 2,015 26,956 52,463 (1,235) (1,675) (1,657) (88) (7,906) (5,867) 692 17,375 44,939 ------------ ------------ ------------ (6,355) (9,216) (13,772) 24(d) - 25-20 288-17 67 110 24(e)(i) (7,183) (13,622) (20,558) (13,501) ------------ (22,458) ------------ (34,220) ------------ (12,809) (5,083) 10,719 ------------ ------------ ------------ 111
II 24(b) - - (1,210) 290 16 1 - (4,506) (4,104) 2,035 10,717 8,578 (332) (396) (720) 5,000 3,242-1,608 3,775 5,770 (2,014) (2,567) (3,810) (28) (503) (4,663) - (1,800) - 6,559 ------------ 7,978 ------------ (158) ------------ (6,250) 2,895 10,561 2,019 (4,231) (1,336) 24(c) (4,231) (1,336) 9,225 112
II. 1. 2. (a) (b) (i) 113
2% 2% 20%-33% 20% 30% (ii) (c) 114
(d) (i) (ii) (e) (f) (g) 115
(h) (i) 16% (j) (i) (ii) (k) (l) (m) 116
(n) (o) (p) (q) 117
3. 293,281 420,606 558,695-5,120 20,499 293,281 425,726 579,194 ----------- ----------- ----------- 17 31 110-36 - 400 444 1,046 417 511 1,156 ----------- ----------- ----------- 293,698 426,237 580,350 118
4. (ii) (iii) 288,860-4,421-293,281 986-16,095 (17,081) - 289,846-20,516 (17,081) 293,281 18,458-1,347 19,805 417 20,222 (1,235) 18,987 (3,642) 15,345 65,415-4,734 (358) 69,791 4,954 74,745 45,186-3,117 (358) 47,945 7,218 55,163 7,463-67 - 7,530 2,945-56 - 3,001 119
391,134 5,120 29,472-425,726 2,926-40,179 (43,105) - 394,060 5,120 69,651 (43,105) 425,726 24,362 (1,966) 5,168 27,564 511 28,075 (1,675) 26,400 (4,920) 21,480 (218) 21,262 110,504 8,501 9,879 (7,599) 121,285 4,632 125,917 78,101 10,467 5,084 (7,599) 86,053 4,104 90,157 7,257 2,231 256-9,744 3,362 1,051 113-4,526 120
528,401 20,499 30,294 579,194 4,321 44,744 (49,065) 532,722 20,499 75,038 (49,065) 579,194 42,865 (6,450) 3,169 39,584 1,156 40,740 (1,657) 39,083 (7,271) 31,812 111,900 17,039 11,148 (7,580) 132,507 4,526 137,033 83,731 25,452 7,344 (7,580) 108,947 5,359 114,306 5,622 8,460 163 14,245 4,089 1,894 136 6,119 (b) 121
5. 30 331-170 240 431 184,587 272,054 365,257 2,459 3,852 5,380 542 674 739 28,875 44,119 60,466 536 701 480-220 391 35,256 48,660 72,529 155 2,440 3,546 - - 142 6. 986 1,175 769 147 103 142 102 397 746 1,235 1,675 1,657 7. 3,289 4,844 7,549 - - (92) 3,289 4,844 7,457 19 353 76 (186) 3,642 4,920 7,271 16% 122
8. - 5,100 43,636 9. 1 10. (a) 360 - - 1,991 2,900 3,985 31 372 379 2,382 3,272 4,364 123
1,000,000 2 1 2 1,000,001 1,500,000 1 2 2 3 3 4 (b) 10(a) 965 999 452 2 24 12 967 1,023 464 1,000,000 2 2 1 (c) 11. 5%1,000 155,000 2,440,000 3,546,000 124
12. - 34 8,826 398 9,258 2,301 2,657 1,149 1,423 7,530 - (602) - (15) (617) - 4,285 (4,285) - - 2,301 ------------- 6,374 ------------- 5,690 ------------- 1,806 ------------- 16,171 ------------- - 8 1,773 119 1,900 40 1,275 1,144 542 3,001 - (120) - (5) (125) - 857 (857) - - 40 ------------- 2,020 ------------- 2,060 ------------- 656 ------------- 4,776 ------------- 2,261 4,354 3,630 1,150 11,395 2,301 6,374 5,690 1,806 16,171-6,382 3,362-9,744 - (1,106) (263) - (1,369) 2,301 ------------- 11,650 ------------- 8,789 ------------- 1,806 ------------- 24,546 ------------- 40 2,020 2,060 656 4,776 40 2,220 1,724 542 4,526 - (275) (105) - (380) 80 ------------- 3,965 ------------- 3,679 ------------- 1,198 ------------- 8,922 ------------- 2,221 7,685 5,110 608 15,624 125
2,301 11,650 8,789 1,806 24,546-8,612 5,160 473 14,245 - (587) (647) - (1,234) 2,301 ----------- 19,675 ----------- 13,302 ----------- 2,279 ----------- 37,557 ----------- 80 3,965 3,679 1,198 8,922 40 3,388 2,084 607 6,119 - (324) (430) - (754) 120 -------------- 7,029 -------------- 5,333 -------------- 1,805 14,287 -------------- -------------- 2,181 12,646 7,969 474 23,270 - - - 1,149 1,149 - - 528 608 1,136 - - 396 473 869 50 23 13. 39,142 56,990 68,986 - (220) (611) 39,142 56,770 68,375 126
14. 901 3,650 9,929-4,231 9,929 20,962 672 5,106 9,149-5,665 10,431 19,748 1,600,0003 15. 60 90 0-30 1,035 1,346 3,371 31-60 633 495 683 61-90 192 518 319 91-120 263 612 451 2,123 2,971 4,824 16. 10,815 15,502 17,449 639 2,476 808 984 706 1,036-713 1,992 77 110 679 12,515 19,507 21,964 127
17. 0-30 11,103 16,133 20,381 31-60 7,318 13,838 14,615 61-90 4,392 7,341 8,202 91-120 3,117 2,281 1,816 25,930 39,593 45,014 18. (a) 1,581 4,853 5,961 (a) 4,606 5,281 1,470 (b) 1,239 1,371 1,124 7,426 11,505 8,555 ------------- ------------- ------------- 115 3,549 4,809 2,299 3,810 1,470 325 569 674 2,739 7,928 6,953 ------------- ------------- ------------- 4,687 3,577 1,602 5,845 10,053 7,250 1,581 1,452 1,305 7,426 11,505 8,555 128
(a) 2,414 7,359 6,279 1,789 1,622 157 1,075 484 499 909 669 496 6,187 10,134 7,431 23 (b) 464 688 771 408 636 401 678 287 124 1,550 1,611 1,296 (311) (240) (172) 1,239 1,371 1,124 325 569 674 310 560 358 604 242 92 1,239 1,371 1,124 129
19. - 353 429 7 353 76 (186) 353 429 243-422 1,671 (13) (218) (584) (13) 204 1,087 20. 110 400 416 290 16 1 400 416 417 1 130
21. - 3,837 3,837-15,345 15,345-19,182 19,182-19,182 19,182-21,262 21,262 8 - (5,100) (5,100) - 35,344 35,344-35,344 35,344-31,812 31,812 (1,210) - (1,210) 8 - (43,636) (43,636) (1,210) 23,520 22,310 22. (a) - 1,899 178 (b) 38,595 47,564 59,417 35,584 67,822 72,634 74,179 115,386 132,051 131
(c) 25,755,000 56,711,000 1,649,000 3,582,000 23. 70,670,000 (a) (b) (c) 8,610,000 12 (b)(c) 24. (a) 18,987 26,400 39,083 1,235 1,675 1,657 (17) (67) (110) 3,001 4,526 6,119 536 701 480 23,742 33,235 47,229 (10,827) (17,628) (11,605) (1,672) (848) (1,853) (5,518) (6,992) (2,457) (4,749) 13,663 5,421 1,039 (960) 3,100-6,486 12,628 2,015 26,956 52,463 132
(b) 110 1,951 - - - 1,241 - - 290 4,234 2,035-400 7,426 2,035-400 7,426 2,035 - - - - 5,100-528 - - - - - (3,300) 16 3,551 10,717 (1,800) 416 11,505 12,752-416 11,505 12,752 - - - 43,636-473 - - - - - (43,636) 1 (3,423) 8,578-417 8,555 21,330 - (c) 814 7,461 9,990 (5,045) (8,797) (765) (4,231) (1,336) 9,225 133
(d) - 140 - - 50 - - 190 - - (50) - - 140 - - 140-140,00075% 190,000 25% 25,000 - (25) - - 50 - - 25 - (e) (i) 3,300,000 39,636,000 (ii) 1,241,000 528,000 473,000 134
25. 14 23 24(d) - 36-48 - - 26. 27. III. 135
IV. P02343 136
6-8 2407 (i) (ii) (iii) (iv) (v) 137
138
21 139
1. 1,700,000 98 9 C 1,700,000 2. 21 3. 538 1 4. 610 21 27 1 5. 833 1 5 511 6. 160-162 3 A B C 4 B C 140
7. 280 6 8. 112 2 3 9. 531 10. 533 11. 537 1 12. 54 56 56 13. 59-61 6 F 14. 28 47-48 15. 69 141
16. 71 17. 53 18. 30A 19. 35 36 37 A B 20. 35 36 37 C 21. 24 22. 580A-580F 2 23. 580A-580F 3 142
24. 580A-580F 10 6 25. 160 162 12 26. 40G-40H 7 13-19 612-618 17 27. 159 28. 7-11 23 29. 1 1 1 1118 1128 143
30. 1 S5 31. 10-20 2 3A 32. 27 2 1 1072-1074 33. 22 34. 22 35. 24-26 12 36. 600 13 1306-C 1,700,000 144
1. 98 9 C 1470 B 662/109,850 B C D E F 15 662 61.50 6 1,700,000 (i) 8217730 (ii) 8217731 (iii) 2,298,000 145
2. 21 5,405 502.14 60,000 66,000 72,000 146
3. 538 1 32 5,991 556.58 59,910 4. 610 21 27 1 12 10,473 972.97 40,000 147
5. 833 1 5 511 12 1,500 139.35 17,700 6. 160-162 3 A B C 4 B C 5 1,743 161.93 20,000 22,000 148
7. 280 6 38 12,770 1,186.36 229,860 (i) (ii) (iii) 25% 149
8. 112 2 3 29 1,104 102.56 360,000 9. 531 5 843 78.32 215,000 150
10. 533 5 843 78.32 215,000 11. 537 1 5 350 35.52 23,000 151
12. 54 56 56 6 1,947 180.88 450,000 483,000 13. 59-61 6 F 13 527 49 10,000 152
14. 28 47-48 3 987 91.72 62,000 3% 153
15. 69 6 1,233 114.56 383,000 16. 71 9 1,149 106.72 180,000 154
17. 53 4 957 88.90 256,000 18. 30A 6 1,436 133.44 190,000 155
19. 35 36 37 A B 14 1,191 110.65 280,000 20. 35 36 37 C 14 849 78.84 115,000 156
21. 24 3 2,188 203.27 200,000 22. 580A-580F 2 23 524 48.70 250,000 157
23. 580A-580F 3 23 479 44.47 210,000 24. 580A-580F 10 6 23 350 32.52 10,693 158
25. 160 162 12 5 5,874 545.70 (i) 540,000 (ii) 550,000 (iii) 560,000(iv) 615,250 159
26. 40G-40H 7 13-19 612-618 17 21 2,196 204.05 595,000 27. 159 2 791 73.49 163,000 160
28. 7-11 23 3 3 26 27 1,000 92.90 166,000 190,900 29. 1 1 1 1118 1128 5 1,786 165.92 196,460 3% 161
30. 1 S5 5 396 36.79 3,000 3,000 31. 10-20 2 3A 23 1,130.22105 238,000 250,000 261,800 162
32. 27 2 1 1072-1074 4 1,951 181.25 113,000 5% 30 33. 22 13 1,399.86130.05 290,000 21 335,000 163
34. 22 13 917.9785.28 13,500 21 1 155,250 35. 24-26 12 9 3,154.63 293.07 215,000 164
36. 600 13 1306-C 25 276.5325.69 7,300 Bonjour 165
BONJOUR 6-8 2407 BONJOUR 166
12,770 174 167
3 2000B10583 3 N/004523 42 N/008455 3 1410267 35 3038740 42 3038741 168
35 200301069 3 200301070 35 200301071 42 200301072 42 200301073 16 300028935 3 42 300028926 35 3038738 35 3038739 169
170
171
200,000,000 21 FCCA, FHKSA, CPA ACCA, AHKSA 172
1. (a) 27(2) (b) 2. (a) (i) 173
(ii) 174
(iii) (iv) (v) 175
(aa) (bb) (cc) (dd) 5% 176
(ee) (ff) (vi) 177
(vii) 178
(aa) (bb) (cc) (6) (dd) (ee) (ff) 179
(gg) (hh) (viii) (ix) 30 180
(x) (b) (c) (d) (a) (b) (c) (d) 181
(e) (e) 21 95% 21 182
15 (f) (aa) (bb) (cc) 183
(dd) (g) 15 (h) 184
21 (i) (e)21 14 (aa) 185
(bb) 95% (i) (ii) (iii) (iv) (v) (vi) 20% (vii) (j) 186
187
30 (k) (l) (m) (aa) (bb) 188
(i) (ii) 189
(n) (o) 20 20 14 190
20 (p) 32 191
(q) (c) (r) 3(f) (s) (aa) 192
(bb) (t) (i) 123(iii) 3 (ii) 12 (iii) 193
(u) 3. (a) (b) (i) 194
(ii) (iii) 37 (iv) (v) (vi) (c) 195
(d) (e) 34 34 2(m) (f) Foss v. Harbottle 196
(i) (ii) (iii) (g) (h) 59(i) (ii) (iii) 197
59 (i) (j) 6 (1) (2) (i) (ii) 6(3) 198
(k) (l) (m) (n) (o) (i) (ii) 199
(p) 75% 200
(q) 90% (r) 4. Spurling & Kempe 201
1. 21 XI 21 2. (A) 390,000 39,000,000 (B) Promised Return100,000 (C) 1,961,000,000390,000 39,000,000 20,000,0002,000,000,000 (D) (i) Promised Return 45,872 (ii)18,228 (iii)1,000 Promised Return100,000 202
(E) 20,000,000 2,000,000,000218,800,000 1,781,200,000 (F) 23 3. (A) (B) 1,961,000,000 390,00020,000,000 (C) 30 203
(D) 1,639,359 163,935,900 Promised Return145,726,128 18,209,772 (E) (i) (ii) 30 (F) (i) 20%(ii) 3(G) 204
(i) (ii) (ii) (G) 10% (i) (ii) (iii) (H) 3(F) 3(G) 10% 205
4. (A) Promised Return 50,000 50,000 1.00 1,000 1,000 1.00510490 (B) Promised Return 100,000 (C) 3,000 1.00 (i) Promised Return 45,872 (ii) 18,228 (iii) Promised Return 100,000 5. (A) 25,000 1.00 75,000 1.00 206
207 (B) 510 1.00 490 1.00 (C) 510 1.00 490 1.00 (D) 510 1.00 490 1.00 Chan Chi Kan490 (E) 99 1.00 1 1.00 1 (F) Bonjour 1 499,000.00 1 1,000.00 1 (G) 51 1.00 49 1.00 (H) 1,000 1.00 (I) 510 490 (i) 100 1.00 (ii) 1,000 1.00 (iii) 100,000 1.00 (iv) 1,000 1.00
(v) 2 1.00 2 (J) 10,000 1.00300,000 310,000 1,000 1.001,000 300,000 (I) 100,000,000,000,000 100,000,000,000,000 (II) 100,000,000,000,000 100,000,000,000,000 (III) (IV) (K) 1,000 510490 4 208
6. (A) 10% 218,800,000 21,880,000 (B) (C) (D) (I) 209
(II) (III) (IV) 26 (V) (VI) 7. XI XI 21 XI XI 210
8. (A) (i)(ii) (a) Promised Return 45,872 18,228 (b) Promised Return 100,000 (B) Promised Return 15 (C) (D) Promised Return Promised Return (E) 211
9. (A) 3 2000B10583 3 2001B06688 3 2003B02908 3 N/004523 42 N/008455 3 480885 3 4400769 212
3 1410267 35 3038740 42 3038741 35 3038738 35 3038739 35 200301069 3 200301070 35 200301071 42 200301072 42 200301073 3 300037124 3 5 300017621 3 5 300017630 16 300028935 3 42 300028926 3 5 213
16 35 42 (B) bonjourhk.com bonjourbeauty.com bonjourspa.com bonjoursalon.com bonjourtech.com bonjoursh.com bonjourhk.com 10. 4 4 5 214
XV XV 7 8 352 7,288,000 145,872,000 3 1 2 7,288,000 145,872,000 3 1 2 1. Promised ReturnDeco City LimitedDeco City Limited Promised Return Promised Return 51% 49% Promised Return Deco City Limited 2. Promised Return 3. 215
15% 1,300,000 1,300,000 416,000 650,000 (A) (I) (II) (III) 216
(B) 4,364,000 10 (C) 5,057,000 (D) (i) (ii) (E) (F) 11. XV 217
XV2 3 10% Promised 145,872,000 66.67% Return 1 7,288,000 145,872,000 70% 3 2 7,288,000 145,872,000 70% 3 2 1. Promised ReturnDeco City LimitedDeco City Limited Promised Return Promised Return 51% 49% Promised Return Deco City Limited 2. Promised Return 3. 12. (a) 25 (b) 45 218
13. (A) XV2 3 10% (B) XV7 8 XV 352 (C) 20 (D) 20 (E) 20 219
14. 14.1 (A) 14.1(B) (B) (I) (II) (C) 28 1.00 (D) 220
(I) (II) (E) (I) (II) (III) (F) (I) 10% 14.1(F)(I)10% (II) 10% 221
10% (III) 14.1(F)(IV) 14.1(G) 14.1(W) 10% (IV) 30% (G) 14.1(F) 14.1(W) 12 1% 12 1% 222
(H) 14.1(J) (O) 10 14.1(D) (I) (J) 14.1(J) 1 1 (K) 14.1(J) 12 223
12 (L) 50% 14 6 (I) (II) 6 (M) 3 3 2 2 224
(N) (I) (a) (b) (II) (a) (b) (c) 17.03(13) (O) (I) (II) 14.1(J) (K) (L) (M) 225
(III) 3 (P) (Q) 14.1(R) (I) (II) 14.1(F) (G) (W) (III) (R) (I) 14.1(R) 226
17.03 (II) 17 (III) (S) (T) 10 10 10 (U) 227
(V) (I) (II) (W) 12 (I) 0.1% (II) 5,000,000 17.04 228
(X) 14.2 (A) (B) (C) (D) 15. Promised Return 8(A) i 111 229
35ii 43 16. 17. 18. (A) (B) (A) 19. 5,00039,000 230
20. Appleby Spurling & Kempe Paulino Comandante-Advogado 21. Appleby Spurling & Kempe Paulino Comandante-Advogado 22. 10,940,000 4699 8 23. 44A 44B 231
24. (A) (I) (II) (III) (IV) (V) (B) (C) Bank of Butterfield International (Cayman) Limited (D) Appleby Spurling & Kempe Paulino Comandante-Advogado 232
14 10 1910-1913 (A) (B) (C) (D) (E) BONJOUR BONJOUR (F) Appleby Spurling & Kempe (G) (H) 233
(I) (J) (K) (L) 28 234