Project One_C_IPO.indb - PDF Free Download

ST International Holdings Company Limited ST International Holdings Company Limited 智紡國際控股有限公司於開曼群島註冊成立的有限公司股份代號 8521 股份發售獨家保薦人聯席賬簿管理人聯席牽頭經辦人

ST International Holdings Company Limited GEM 120,000,000 12,000,000 108,000,000 0.60 0.501% 0.0027%0.005% 0.01 8521 32 342C 201857 2018514 0.60 0.50 www. hkexnews.hkwww.smart-team.cn S 2018430

GEM GEM GEMGEM GEM GEM GEM www.hkexnews.hk i

www.smart-team.cn www.hkexnews.hk 2018 1 www.hkeipo.hk 2............................... 54 3........................... 54 4.............. 54............................ 54 3........................... 54 5................................... 57 www.smart-team.cn www.hkexnews.hk............ 515 ii

www.smart-team.cn www.hkexnews.hk 11.............. 515 www.tricor.com.hk/ipo/result......... 515 78.................................. 515 78.............................. 515 GEM................................. 516 1. 2. www.hkeipo.hk iii

3. 2018548 10. 4. 6. 5. 2018572018514 6. 2018515(a) (b)2018516 7. 1,000,000 2018515 18322 1,000,000 14. iv

8. 2018515 2018515 9. v

GEM...................................................... i....................................................... ii............................................................. vi............................................................. 1............................................................. 15......................................................... 26....................................................... 29......................................................... 31 vi

................................... 52......................................... 56......................................................... 60......................................................... 63......................................................... 80.............................................. 94............................................................. 104............................................ 164............................................. 181......................................................... 192............................................................. 193......................................................... 196........................................... 247............................................................. 259............................................. 271............................................. 280............................................ I-1................................... II-1..................... III-1........................................ IV-1....................... V-1 vii

(i) (ii)(iii) 2015201620171231 97.4%0.2%87.3%3.0% 88.6%10.2% 201520162017123164.1 80.3125.32015201620171231 12.118.520.2 17 1

(i)(ii) 2015201620171231 91.0%93.7%91.5% 1231 2015 2016 2017 50,224 78.3 43,330 54.0 82,935 66.2 9,786 15.3 30,698 38.3 34,618 27.6 4,094 6.4 6,222 7.7 7,722 6.2 64,104 100.0 80,250 100.0 125,275 100.0 2015 20162017123189.2% 71.2%66.5% 2

402015201620171231 18.121.339.3 2015201620171231 61.2%66.8%67.1% (i) (ii) (iii)(iv) (v) (i) (ii)(a)(b) (iii)(iv) 3

(i) (ii)(iii) (iv) Cosmic Bliss75%Cosmic Bliss (i)(ii) OEM(iii)20161 (iv) 4

20039252016126 20163 20101020148 57 2015201620171231 1231 2015 2016 2017 64,104 80,250 125,275 23,170 35,216 44,896 12,120 18,544 20,175 12,051 18,895 20,252 69 (351) (77) 12,120 18,544 20,175 5

1231 2015 2016 2017 % % % 50,224 78.3 18,391 36.6 43,330 54.0 18,249 42.1 82,935 66.2 27,713 33.4 9,786 15.3 2,602 26.6 30,698 38.3 13,648 44.5 34,618 27.6 14.785 42.7 4,094 6.4 2,177 53.2 6,222 7.7 3,319 53.3 7,722 6.2 2,398 31.0 64,104 100.0 23,170 36.1 80,250 100.0 35,216 43.9 125,275 100.0 44,896 35.8 1231 2015 2016 2017 % % % 56,851 88.7 21,611 38.0 65,621 81.8 30,208 46.0 101,498 81.0 42,581 42.0 5,615 8.7 1,402 25.0 4,413 5.5 1,087 24.6 9,463 7.6 951 10.0 62,466 97.4 23,013 36.8 70,034 87.3 31,295 44.7 110,961 88.6 43,532 39.2 137 0.2 83 60.6 2,446 3.0 860 35.2 12,760 10.2 1,313 10.3 1,501 2.4 74 4.9 7,770 9.7 3,061 39.4 1,554 1.2 51 3.3 64,104 100.0 23,170 36.1 80,250 100.0 35,216 43.9 125,275 100.0 44,896 35.8 20152016123164.180.3 25.3% 201562.5201670.0 201550.2201643.3 20159.82016 30.7 2016 2016123180.3 20171231125.356.0% B 12.89.28.28.05.9 2017 1231 6

1231 2015 2016 2017 3,097 2,840 3,780 39,500 58,316 98,874 25,591 27,675 44,958 171 105 1,070 13,909 30,641 53,916 2015123139.52016123158.3 (i)7.3(ii) 4.7(iii)2.8 2016123158.32017123198.9(i) 33.5(ii)11.6 (iii)10.4(i)7.9 (ii)7.3 2015123113.916.7 120.1%2016123130.6(i) 7.3(ii)2.5(iii) 7.520161231 2016123130.623.3 76.1%2017123153.9(i)33.5 (ii)11.6(iii)10.4 (iv)6.6(i) 11.5(ii)7.9 7

1231 2015 2016 2017 14,574 23,636 25,489 12,945 8,501 (7,549) (1,779) (3,316) (1,013) (10,277) 572 (5,711) 889 5,757 (14,273) 11,500 11,984 16,657 (405) (1,084) 735 11,984 16,657 3,119 201712317.5 (i)25.8(ii)15.6 (iii)9.9(i)24.2 (ii)10.9 2017(i)2017 201620171231 (ii)2018 15.2 20171231 20171231 8

1231 2015 2016 2017 (%) 1 36.1% 43.9% 35.8% (%) 2 18.9% 23.1% 16.1% (%) 72.0% 55.6% 35.6% (%) 28.5% 30.3% 19.7% 1.5 2.1 2.2 3 239.5 120.9 (%) 4 9.0% 15.3% 1 100%201536.1%2016 43.9%201635.8% 2017 2 100%201518.9% 201623.1%2016201716.1% 2017(i)9.7(ii)5.4(iii) 1.8 3 20152016239.5201612313.0 2017120.95.6 4 100% 201512312016 12319.0%201612313.0 2017123115.3%5.6 9

2018228 4.3% 20182282017 52.8%5.8% 2018228 2017123120171231 0.55 29.4 8.0 11.120181231 10.3 10

20174GEM2015 20161231 2014201520161231 2014201520161231 8.05(1)20152016 201712318.05(1) GEM GEM 11

20201231 2018 630 2018 71 2018 1231 2019 11 2019 630 2019 71 2019 1231 2020 11 2020 630 2020 71 2020 1231 (a) (i) 2.0 1.4 1.4 4.8 (ii) 0.1 0.5 0.7 0.7 0.7 0.7 3.4 (b) (i) 9.9 1.0 1.0 1.0 1.0 13.9 (ii) 4.6 1.2 1.2 1.2 8.2 (c) 2.7 0.2 0.2 0.2 0.2 3.5 (d) 0.3 0.5 0.5 0.5 0.5 0.5 2.8 0.4 13.6 7.0 5.6 5.0 5.0 36.6 0.55 36.6 (a) 8.222.4% (i) 4.813.1% (ii) 3.49.3% 12

(b) 22.160.4% (i) 13.938.0% (ii) 8.222.4% (c) 3.59.6% (d) 2.87.6% 0.50 0.60 1 240.0 288.0 2 0.20 0.22 1. 480,000,000 2. 13

1.9 201586 20171231 14

19811013 2018423 2005317 2001821 5. 2018423 15

2219613 622 32 2017221 16

GEM Cosmic Bliss Cosmic Bliss Cosmic Bliss Investments Limited201611 24 2018 423 12. 2018 423 19871218 2006118 17

1231 GEM GEM GEM GEM GSI GSI CREOS CORPORATION19311031 2013529 www.hkeipo.hk www.hkeipo.hk 18

5. 2018423 19989 30 2018420 GEM 19

GEM 2018516 2015 716 GEM 2018423 30% 1% 0.0027%0.005% 0.60 0.50 20

18,000,000 15% 108,000,000 21

19 2018 57 12,000,000 2018427 1 22

S S 2018228 5. 2018423 571 0.01 2011104 23

20141016 6 1 1914626 201520162017 World Vantage World Vantage Investments Limited201611 28 24

20141023 60%40% 2017 612 2004116 2007118 60%40% % GEM * 25

85% EXLAN 26

ISO OEKO-Tex100 OEKO-Tex OEKO-Tex 27

(1)(2) (3)(4) 2015201620171231 18.121.339.3 44.1%47.4%48.8% 31

2015201620171231 61.2%25.5%22.9% 89.2%71.2%66.5% 32

(i)(ii)(iii) (iv)(v) 2015201620171231 14.315.98.7 34.8%35.3%26.3% 33

2015201620171231 19.218.333.0 46.8%40.7%41.1% 20171231 2017(i)2017 201620171231 (ii)2018 15.2 34

20112012 2013 2015123164.12016123180.3 20171231125.3 20152016201712312.4 4.07.12015201620171231 3.7%5.0%5.7% 35

2015201620171231 495990 3090 37

25%2015201620171231 13.6%17.3%21.7%201611 20161120181231 15% 15% 38

1820 2015201620171231 247,000 (H1N1)H5N1 39

20142015 2015 17162000 2015201620171231 88.7%81.8%81.0% 40

201720,000 41

25% 45

25% 10% 10% 37201710172017121 77 46

377 77 47

Cosmic Bliss Cosmic Bliss75% 24 1.9 49

GEM 51

571VGEM 52

GEM 2018516 44B(1) GEM GEM11.23(7) 25%GEM 53

5,0008521 Conyers Trust Company (Cayman) Limited GEM 54

1.00 1.131.007.78 55

12 1 18A D 9810 233 13 11C 810E BBS 144 16A1 2133A 56

6 18 1 262620 16-18 11 122-124 12A 16-18 11 122-124 12A 100 7702-703 57

99 727208-10 3409-3412 Conyers Dill & Pearman Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 18 5 150 526 200021 58

33 43 399 10 91 59

Cricket Square, Hutchins Drive P.O. Box 2681, Grand Cayman, KY1-1111 Cayman Islands 181-185 1006 www.smart-team.cn HKICPA 233 13 11C GEM 12 1 18A 233 13 11C 233 13 11C HKICPA 60

BBS BBS Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 183 22 18 1 262620 61

1 91 H5A A1-001A1-003 62

(CIC) 450,000 (i) (ii) (iii) 63

201359.7201781.1 201758,00020132017 7.4% 2022 84,00020187.6% 65

20132022 100,000.0 80,000.0 60,000.0 40,000.0 201320177.4% 201820227.6 67,822.3 62,921.0 58,333.5 43,871.1 47,314.8 50,858.4 53,974.8 73,093.9 78,647.2 84,338.4 20,000.0 0.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 201327,0002017 36,0007.8%2017 13,0002013201710.9% 202250,0002018 20226.5%2022 22,0009.1% 60,000.0 50,000.0 40,000.0 30,000.0 20132022 201320177.8% 201820226.5% 44,106.7 41,327.8 38,712.7 36,396.2 33,616.0 31,195.0 26,955.0 28,844.0 46,940.8 49,885.1 20,000.0 10,000.0 0.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 66

7% 90% 20225,58520182022 10.9% 67

201727,635.2 30%2022 44,114.4201820229.7% 2017 34.4%32.7%20132017 14.6% 15.6% 20182022 13.7%2022 39.1%201329.7% 2018202211.1%4.9% 20132022 20132017 20182022 14.6% 9.3% 8.3% 4.9% 44,114.4 45,000 15.6% 13.7% 13.7% 11.1% 40,016.4 6,012.5 40,000 8.4% 4.4% 12.8% 9.7% 36,391.4 5,735.2 1,150.1 35,000 33,400.5 5,479.5 1,024.6 30,511.3 5,273.7 30,000 27,635.2 917.9 5,057.0 832.7 17,265.0 23,055.6 25,083.1 25,000 4,791.3 754.1 15,081.8 20,781.3 4,587.4 13,219.7 679.9 4,472.5 11,707.8 20,000 637.3 17,087.3 10,326.8 4,358.0 546.1 9,045.7 4,645.5 3,463.9 511.4 7,926.2 4,412.7 15,000 7,080.6 4,196.0 406.8 6,181.9 4,022.1 3,831.5 5,068.2 3,617.0 10,000 3,403.9 3,186.7 3,018.8 2,633.9 5,514.5 6,711.2 7,769.7 8,528.3 9,501.3 10,541.9 11,564.2 12,578.3 13,762.1 15,041.3 5,000 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20131,94420173,254 13.7% 68

69 2017938,600.02013612,500.0 11.3% 20132022 368.6 414.6 461.6 505.2 558.5 0.0 194.4 223.9 253.2 285.4 325.4 100.0 200.0 300.0 400.0 500.0 600.0 2013 201713.7% 2018 202210.9% 2019 2018 2017 2016 2015 2014 2013 2020 2021 2022 2022 1,325,200201820226.8% 3,00099% 100201710%

2017109,200201364,300 14.2%20179,501.3 20135,514.514.6% 180,000.0 120,000.0 60,000.0 20132022 I 2013201714.2% 201820229.1% 78,600.0 64,300.0 132,700.0 121,100.0 109,200.0 99,100.0 90,100.0 171,600.0 157,500.0 144,500.0 0.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 70

16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 20132022 2013201714.6% 15,041.3 201820229.3% 13,762.1 12,578.3 11,564.2 10,541.9 9,501.3 8,528.3 7,769.7 6,711.2 5,514.5 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 171,600201820229.1% 202215,041.320182022 9.3% 2017 45%35%28% 201710% 71

2015 1020% 20122022 25,000 20,000 15,000 10,000 5,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 72

201441.8% 2015 201520172016 2016 20182022 11.1% 20182022 1.7% 20122022 120.0 100.0 80.0 60.0 40.0 20.0 0.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 201346,00046,000 41,000201764,00068,00055,000 202294,000105,00078,000 73

20132022 120,000 100,000 80,000 60,000 40,000 20,000 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 46,431 51,369 55,324 59,470 64,019 68,956 74,363 80,214 86,660 93,715 45,829 52,308 57,419 62,383 67,836 73,887 80,547 87,878 95,957 105,011 41,202 45,519 48,519 51,769 55,325 59,210 63,431 67,980 72,993 78,473 2013 12.0201717.910.5% 20131,358.720172,272.7 13.7% 74

2017 20,000 201727,635.2 201714.3% 0.3% 2017 1 A 1,050.0 3.8% 2 B 850.0 3.1% 3 C 810.0 2.9% 4 D 650.0 2.4% 5 E 575.0 2.1% 3,935.0 14.3% 96.0 0.3% 23,604.2 85.4% 27,635.2 100.0% 77

2017 5.5%12.3% 1.0% 2017109,200 7.8%20178390.8% 2017 1 F 2,400 2.2% 2 G 1,900 1.7% 3 H 1,750 1.6% 4 I 1,300 1.2% 5 D 1,250 1.1% 8,600 7.8% 839 0.8% 99,761 91.4% 109,200 100.0% 78

(i) (ii) (iii) (iv) (v) 79

310 282 40 100,000 60857 34.5 80

485 1865 5% 30,000 20131228201431 201626 81

2017 198641220001031201693 1990121220014 122014219 2016108 82

200091 2006526 20151028 20176282017728 1987112009827 83

20091226201071 19939120002009 84

19931031 19941120092013 85

1994752009827 20076292008112012 1228 2008918 2010102820117119991 22 0.05% 200342720041120101220 19941214199511 86

1999122 2%1% 1999432002324 5% 10,00050,000 20073162008112017224 25% 2007126200811 87

25% 10 % 15%20% 20161292017619 15% (i) 300,000 10030(ii) 300,00080 10201767 2017112019123120% 88

2006128 25%5% 25%10% 2009220 (1) (2) (3) 12 201711192017 20091120111028 17% 20184 16%201851 89

199641200885 1996620199671 20121119201554 59 59 201561 13 13 90

2015330201561 19 201669 1619 1916 91

1916 19854120081227 1983312013830 201451 12 12 92

37 201474 37 37 37 37 200688 2009622 (i) (ii) 93

1999 2011 2011 2012 2013 2014 94

2015 20112015 2016 OEKO-Tex100OEKO-Tex100 95

100% Cosmic Bliss # 75% 25% 100% World Vantage # 100% ^ 100% + 30% 70% 100% + + * # ^ + 96

201110410,000 10,0001.006 4 201211274 20121127 2013529 10,000,000 10,000,000 97

20141016 1,000,000 60%40%201615 40%210,000 20151130 40% 1,000,000 2015201620171231 4.92.010.17.6%2.5% 8.1% 2015716500,000 70%30% 500,0002015 201620171231 0.12.412.80.2%3.0%10.2% 98

2017221 Cosmic Bliss Cosmic Bliss 2018228 100% 100% 30% 70% 100% 99

1 2017221 Cosmic Bliss 2 World Vantage 20161128World Vantage 50,0001.00201731World Vantage World Vantage World Vantage 100% 100% Cosmic Bliss 100% 100% 100% 30% 70% 100% World Vantage 100

3 2018228 World Vantage (i)cosmic Bliss (ii)cosmic Bliss9,999,999 2018228 World Vantage 100% Cosmic Bliss 100% 100% World Vantage 100% 100% 30% 70% 100% 101

200688 200698 20096 22(i)11 (ii)39 (iii) 40 (i) (ii) 102

37 3720147437 2015213 13 2015611337 3737 103

(i) (ii)(iii) 201512312016 123120171231 97.4%0.2%87.3%3.0%88.6%10.2% 1231 2015 2016 2017 50,224 78.3 43,330 54.0 82,935 66.2 9,786 15.3 30,698 38.3 34,618 27.6 4,094 6.4 6,222 7.7 7,722 6.2 64,104 100.0 80,250 100.0 125,275 100.0 (i)(ii) 2015201620171231 91.0%93.7%91.5% 104

17 201611 201520162017123164.1 80.3125.32015201620171231 12.118.520.2 105

20142015 20161231 25.5%16.8%10.5% 201720171231 7.4% 0.7 17 11 201410 106

20157 201512 20112015201611 20142015 201720152017 (i)(ii) 20171231 1,500 20152016 20171231488371452 107

(a) (b) (c) (d) 108

1820 202215,041.320182022 9.3% 109

1420182019 189 110

(i) 130.8 114.8 2019 400 4.8(i) 3.8(ii) 101.0 111

(ii) 3.4(i)2018 1.5(ii)2018 1.0 (iii)2018 0.9 17 (a) (b)(c) 112

(i) (a)(b) (c) 2,000 2018 10 20182022 13.7%4.9%11.1% 113

13.9(i)9.1 (ii)1.8 (iii)3.0 (ii) 2019 114

8.2(i)1.2 (ii)3.0 (iii)2.0(iv)2.0 2018 3.5 115

1 2 1 (1) (2) 116

(i)(ii) 1231 2015 2016 2017 62,466 97.4 70,034 87.3 110,961 88.6 137 0.2 2,446 3.0 12,760 10.2 1,501 2.4 7,770 9.7 1,554 1.2 64,104 100.0 80,250 100.0 125,275 100.0 20152016 201712310.7 7.320171 (i)(ii) (i) (ii) (iii) 117

1231 2015 2016 2017 56,851 91.0 396,266 65,621 93.7 461,838 101,498 91.5 706,818 5,615 9.0 40,799 4,413 6.3 38,224 9,463 8.5 132,637 62,466 100.0 437,065 70,034 100.0 500,062 110,961 100.0 839,455 118

119

22 120

(i)(ii) (iii) 121

(a) 45 60 (b) (c) 122

(d) (i)(ii)(iii) 1231 2015 2016 2017 50,224 78.3 43,330 54.0 82,935 66.2 9,786 15.3 30,698 38.3 34,618 27.6 4,094 6.4 6,222 7.7 7,722 6.2 64,104 100.0 80,250 100.0 125,275 100.0 2016 2016 123

2016 201612 (i) (ii) (iii) 124

3090 30% 20152016201712314547 802015 14.8%201615 93.1%201726 66.2% 1231 2015 2016 2017 11 1 4 45 47 2 42 32 54 (1) (30) (21) 45 47 80 1 2 125

2015201620171231131912 (i) (ii) (iii) 3030% 126

20151231 A 2015 60 39,231 61.2 2015 60 8,502 13.3 2014 30% 30 5,929 9.2 2014 90 1,986 3.1 2012 30 1,557 2.4 57,205 89.2 127

20161231 2015 60 20,477 25.5 2014 30% 30 13,451 16.8 2015 30% 30 8,454 10.5 2012 30 7,563 9.4 A 2015 6090 7,210 9.0 57,155 71.2 128

20171231 2015 60 28,684 22.9 2014 30% 30 26,254 21.0 B 2015 30 13,095 10.5 2017 60 9,218 7.4 2014 30 5,894 4.7 83,145 66.5 198115 MODELAB 129

A2007 A A(i)A(ii) AABC 2015201620171231 A14,0000.70.2 0.02%1.0%0.2%A6.5 5.01.910.2%6.2%1.5% B2.01.60.6 3.0%1.9%0.5%C12,000 0.01% 2001 OEMODM 1998 2014 201711 130

60% 40%201611 2017340% 201711 B1983 2015BB 20171231DE 20171231DE 6.17.04.9%5.6% 20152016 201712314.2 3.3%2015201620171231 5.1 4.0% 2005 2015201620171231 89.2%71.2%66.5% 61.2%25.5%22.9% 131

22 20171231 54 33.8% 0.7 2015201620171231 454780 14 20182019189 132

9.7%201830,511.32022 44,114.4 2022 15,041.320182022 9.3% 2015123183.7%21.9%20161231 61.8% 20171231 20161231 3,0001%30100 201711% 20152016201712 31 10.0% 133

B 50% (i) 20162017123180.3 56.0%125.3 (ii) (iii) 5% 134

22 135

10 40 201520162017123118.1 21.339.344.1%47.4%48.8% 3060 136

2015201620171231 3.42.520.5 60 60 ISO 30 (i)(ii) (iii)(iv) (v)(vi)(vii) 137

2015201620171231 191734 (i) (ii)(iii) (iv) 138

20161 EXLAN 500,000EXLAN 0 90 62 2015201620171231 14.315.98.7 34.8%35.3%10.8% 139

20151231 2011 90 11,415 29.8 2014 60 7,366 19.3 2015 30 1,693 4.4 GSI 2011 1,569 4.1 A 2014 1,372 3.6 23,415 61.2 20164 60% 40%2016112017 340%2017612 140

20161231 2011 90 14,133 33.6 2014 60 9,014 21.4 2015 30 2,812 6.7 2014 30 1,181 2.8 A 2014 972 2.3 28,112 66.8 141

20171231 2012 30 17,955 21.7 2017 60 16,735 20.3 2015 30 9,520 11.5 2011 90 7,551 9.1 2014 30 3,638 4.4 55,399 67.1 5% 142

2015201620171231 391,000663,000431,000EXLAN 11.414.17.6 59.6%77.2%22.9% 201520161231 20171231 20171231 20171231 201612315.4% 201730.3%20171231 A 20171231 20161 EXLAN 500,000EXLAN EXLAN2011 143

EXLAN 2011 12 201712 311,50038.6% 102015 201620171231 67.6%55.0%66.8% 144

20176 100 10 C2015201620171231 B20152016201712 31C0.52.1 0.10.7%2.6%0.1%20152016 20171231C0.1 0.80.0611.414.1 7.627.9%31.4%9.4% 201520161231 2015201620171231 1.67.6 2.4%9.4% 145

2015201620171231 0.23.020171 2015201620171231 1.634,000 2.6%0.04% C C C 60% 40%2017612 C2015201620171231 5% C 23 146

20165 OEKO-Tex100OEKO- Tex100 OEKO-Tex (1) (2) 147

148

2015201620171231 191734 149

8. 150

17(i) (ii)10 (iii) 11 201712311,500 2015201620171231 488371452 (i) (ii) ph 151

82,000273,000457,000 1420182019 189 152

201410 2014108 2014108 153

1.0 20157 201512 20112015 201611 2015201620171231 2.44.07.12015 2016201712313.7%5.0%5.7% 154

13.9 155

1. 181 185101006 2. 1A1 415/17 3. 1A1 419 4. 1 A1423 5. 48 57706 6. 915 1608 827.0 20181231 729.5 20201031 311.4 20201031 169.4 201934 130.8 2018615 114.8 2020425 96 260.02017131 156

1231 2015 2016 2017 % % % 881 93.1 952 92.3 1,111 81.8 65 6.9 79 7.7 248 18.2 946 100.0 1,031 100.0 1,359 100.0 1,00010,000 15% GEM8.01A 32L6(2) 342(1)(b) 34(2) 157

96 3 22 3 17 19 23 5 4 96 158

201612 2016 201611 20169 2017/2018 20165 OEKO-Tex100 TESTEX AG (Swiss Textile Testing Institute) 159

201512 20112015 20157 20151 2014 2017 4 171,377 160

(i) (ii) (iii) 161

201612 (i) (ii)(iii) (iv)(v) (vi) 201612 (i) GEM (ii) (iii) 162

(iv) 20173 163

42 2017221 2017 41 2011104 42 2017331 2017 41 2011104 37 2017331 2017 41 2014513 35 2018423 2018423 56 2018423 2018423 43 2018423 2018423 164

52 2015828 52 20155 27 2014414 422011102017221 201741 181999720043 2002120161 165

19995 201310 201648 2009911 () 2006630 2006113 2004730 2002719 Cosmic Bliss360,000,000 XVCosmic Bliss C. 166

20039252016126 2003925 2003925 15,999,99912015824 2,400,00011,199,999 15%15% 70%201737 15% 15%85% 53% 2007 20092010(i) (ii)(iii) (iv)22% 167

2010 (i)(ii)(iii) (iv) (v) 22% 2016320101020148 22% 53% 57 2016 128 (i) (ii) 168

2018328 169

GEM 5.015.02 (i) (ii) (iii) (iv) (v) (vi) 170

(vii) 20101020148 0.21.4 0.4% (viii) (ix) (x) 422011102017331 201741 2019974200711 20071201611 20151020176 201132016 11 171

372017331201741 20174320145 20048200610 2006102014 5 20049 2007112011 1 352018423 2005 2008120103 20109 20131 2005520078 20125 20171 172

2017210 Absolute Recruitment Specialist Limited 20131213 2013111 BBS562018423 2008102 513 201154 3778 20161125 25 201721 761 173

19855University of Wisconsin-La Crosse Supreme Bright Development Company Limited 20161125 CMA Marketing Solutions Limited 2016715 Capital Hall (Hong Kong) Limited 2010212 Berco Group Company Limited 2007413 Flamingo Property Agency Limited 200534 Sun Fortune Properties Limited 2003620 Yan Tung Investment Limited 2003620 Grandrays Precision Products Limited 20021011 Best Liaison International Limited 200296 King Mate (H.K.) Limited 200296 Realgood International Investment Limited 200296 Glory Hall Properties Limited 2001921 Jack King Limited 200129 174

199447 2004511228A(1) 2007 83 432018423 1997820007 IBMITITIBM2000 820048()Wunderman PNM Solutions 20048201111() 201112 19976 175

2002719 (i) (ii)(iii) (iv) XV GEM17.50(2)(h)(v) 52 3019871994 19944 20151 19877 176

5220155 20041120107 2010720122 19887 2720144 2009320145 20126 201743 177

GEM5.28GEM GEM5.34GEM GEM 178

2015201620171231 0.40.62.5 2015201620171231 2.02.33.0 20181231( )3.2 179

GEM6A.19 GEM6A.23 (a) (b) (c) (d) GEM18.03 180

30% Cosmic Bliss 1 360,000,000 75.00% 2 360,000,000 75.00% 3 360,000,000 75.00% 1. Cosmic Bliss 2. Cosmic BlissXV Cosmic Bliss 3. XV 181

HKMCHKMC HKMC HKMC 20171231 9.4 182

1. 201520161231 2.04.3 3.1%5.4% 2. 15% 85% 201520161231 0.40.61.1% 1.4% 3. 25%75% 201520161231 289,00032,0000.8%0.1% 4. 15%85% 201520161231240,000 201737 15% 5. 201520161231 260,000240,000 183

201711 BBS 184

(i) (ii)12 (i)(ii)(iii)(iv) Cosmic Bliss 185

186 OEM 2016 1 25%75% 2011

187 35%65% 85%15% 0.01% 24.5%75.5% 85%15% 0.01% 55%29.75% 15.25% 85%15% 85%15% 85%15%

1. 2. 3. 4. 188

(i) (ii) (i) (ii) (iii) (iv) GEM 189

(a) (b) GEM Cosmic Bliss (1) (2) 190

(3) GEM6A.19 (4) GEM (5) (6) 191

XV23 10% Cosmic Bliss 360,000,000 75.00% 360,000,000 1 360,000,000 2 75.00% 75.00% 1. Cosmic Bliss XVCosmic Bliss 2. Cosmic Bliss XV 192

10,000,000,000 100,000,000 10,000,000 100,000 120,000,000 1,200,000 350,000,000 3,500,000 480,000,000 4,800,000 10,000,000,000 100,000,000 10,000,000 100,000 138,000,000 1,380,000 350,000,000 3,500,000 498,000,000 4,980,000 193

20% 194

5.2018 423 10% GEM GEM6. 5.2018 423 195

(i) (ii)(iii) (i)(ii) 20152016123164.180.3 25.3%2016123180.3 20171231125.356.0% 2015 20162017123112.118.5 20.22015201652.9%20162017 9.2% 196

2017221 2018228 20152016 20171231 197

198

2015 20162017123127.9%31.4% 9.4%201512313.8 26.3%201612312.817.9% 201712312.3 201412201612 20.2%201712017121.7% 201441.8%2015 20172016 2016 199

2015201620171231 15%30% +/-15% +/-30% 20151231 -/+ 2,873 -/+ 5,746 20161231 -/+ 2,746 -/+ 5,492 20171231 -/+ 4,955 -/+ 9,910 20152016201712315% 10% +/-5% +/-10% 20151231 -/+ 903 -/+ 1,806 20161231 -/+ 1,066 -/+ 2,132 20171231 -/+ 1,963 -/+ 3,926 200

20152016 20171231 5%10% +/-5% +/-10% 20151231 +/- 153 +/- 306 20161231 +/- 144 +/- 288 20171231 +/- 156 +/- 312 25% 20161292017619 15% 201

2016201611 15% 201520162017123113.6%17.3% 21.7% 202

203

204

205

2015201620171231 2015201620171231 206

1231 2015 2016 2017 64,104 80,250 125,275 (40,934) (45,034) (80,379) 23,170 35,216 44,896 1,846 502 1,734 (2,502) (3,380) (2,931) (8,482) (9,828) (17,714) (94) (215) 14,032 22,416 25,770 (1,912) (3,872) (5,595) 12,120 18,544 20,175 12,051 18,895 20,252 69 (351) (77) 12,120 18,544 20,175 207

(i)(ii)(iii) 1231 2015 2016 2017 62,466 97.4 70,034 87.3 110,961 88.6 137 0.2 2,446 3.0 12,760 10.2 1,501 2.4 7,770 9.7 1,554 1.2 64,104 100.0 80,250 100.0 125,275 100.0 20152016 201712310.7 7.320171 2015123162.520161231 70.020171231111.0 2017123158.4% (i)20161231422017 123170(ii) 27.9A 9.7 208

20157201512310.1 201612312.420161231 2.42017123112.8 B7.02.8 201512311.52016 12317.8 7.32016 2016 20161231 7.8201712311.62017 120171231 1231 2015 2016 2017 50,224 78.3 43,330 54.0 82,935 66.2 9,786 15.3 30,698 38.3 34,618 27.6 4,094 6.4 6,222 7.7 7,722 6.2 64,104 100.0 80,250 100.0 125,275 100.0 209

20151231 78.3%2016123154.0%201550.2 201643.3201520161231 20151231 39.22016123120.52016 2016 20159.82016123130.7 2017 1231 2016 123154.0%2017123166.2%2016 123143.3201782.9 B 9.28.28.05.9 2016123130.7 12.7%2017123134.620171 201612317.5 2017 1231201612.8 210

1231 2015 2016 2017 56,851 91.0 396,266 143.5 65,621 93.7 461,838 142.1 101,498 91.5 706,818 143.6 5,615 9.0 40,799 137.6 4,413 6.3 38,224 115.5 9,463 8.5 132,637 71.3 62,466 100.0 437,065 70,034 100.0 500,062 110,961 100.0 839,455 211

2015201612312015 437,0652016500,0622016 201516.5%20166.3% 20152016 201620171231 500,062839,4552017 201653.0%247.0% 27.9 20151231 143.520161231142.1 20151231137.6 20161231115.52015 1231 201620171231 142.1143.6 20161231115.52017 123171.32017 2017 212

1231 2015 2016 2017 11,415 27.9 14,133 31.4 7,551 9.4 1,568 3.8 802 1.8 1,271 3.1 944 2.1 1,145 1.4 4,902 12.0 2,426 5.4 24,336 30.3 19,156 46.8 18,305 40.7 33,032 41.1 18,062 44.1 21,328 47.4 39,253 48.8 2,549 6.2 3,097 6.9 5,479 6.8 1,167 2.9 2,304 5.0 2,615 3.3 40,934 100.0 45,034 100.0 80,379 100.0 (i) (ii)(iii)(iv) 2015201612312015 123140.92016123145.0 10.0%2015201625.3% 2015201620161231 45.0201780.478.7% (i)56.0%(ii)(iii) (vi)2017 213

2015201620171231 27.9%31.4%9.4% (i) (ii)20171231 (iii) 20153.820162.8201712 312.3201412201712 12.6% 20151231 18.12016123121.3 2017123139.3 214

201520162017123123.2 35.244.9 1231 2015 2016 2017 % % % 21,611 38.0 30,208 46.0 42,581 42.0 1,402 25.0 1,087 24.6 951 10.0 23,013 36.8 31,295 44.7 43,532 39.2 83 60.6 860 35.2 1,313 10.3 74 4.9 3,061 39.4 51 3.3 23,170 36.1 35,216 43.9 44,896 35.8 2015123123.220161231 35.22017123144.9 20152016 2017123199.3%88.9% 97.0% 201538.0%201646.0% 2015 201626.3% 201612 3146.0%2017123142.0%4.0% (i)(ii)(iii) 215

2016123124.6%201512 3125.0%2016 2016123124.6% 2017123110.0%2017 2017 201560.6%201635.2%2017 10.3%20157 2016 35.2%201710.3% 2016 123120161231 7.3 2017120171231 3.3% 1231 2015 2016 2017 % % % 18,391 36.6 18,249 42.1 27,713 33.4 2,602 26.6 13,648 44.5 14.785 42.7 2,177 53.2 3,319 53.3 2,398 31.0 23,170 36.1 35,216 43.9 44,896 35.8 216

20152016123136.6% 42.1%(i) 201626.3% 20141220161214.5% 20152016 (ii)20161231201512 3136.5%2016123141.1% 2015123139.261.2% 2016123120.525.5% 20152016 123126.6%44.5%(i) (ii)201520161231 6.012.5%39.5% 2016 20167.3 41.2% 2016 20162017123142.1% 33.4%20171231B 11.2 201644.5%201742.7 217

20152016201712311.8 0.51.7 1231 2015 2016 2017 % % % 86 4.7 39 7.8 88 5.1 1,690 91.5 214 42.6 219 12.6 29 1.6 23 1.2 202 40.2 1,180 68.1 247 14.2 18 1.0 47 9.4 1,846 100.0 502 100.0 1,734 100.0 72.2%201512311.8 201612310.5 201612310.520171231 1.71.0 218

20152016201712312.5 3.42.93.9%4.2%2.3% 1231 2015 2016 2017 % % % 385 15.3 337 9.9 153 5.2 145 5.8 148 4.4 158 5.4 207 8.3 231 6.8 239 8.2 24 1.0 173 5.1 115 3.9 1,223 48.9 1,903 56.3 1,825 62.3 324 12.9 361 10.7 253 8.6 194 7.8 227 6.8 188 6.4 2,502 100.0 3,380 100.0 2,931 100.0 201512312.536.0% 201612313.4 2016 201612313.4201712 312.90.2 0.1 219

20152016201712318.5 9.817.713.2%12.2%14.1% 1231 2015 2016 2017 % % % 640 7.5 541 5.5 581 3.3 312 3.7 315 3.2 512 2.9 303 3.6 357 3.6 843 4.8 1,303 13.3 6,701 37.8 410 4.8 478 4.9 358 2.0 620 7.3 695 7.1 727 4.1 3,704 43.7 3,927 40.0 6,367 35.9 604 7.1 366 3.7 726 4.1 725 7.4 1,889 22.3 1,121 11.3 899 5.1 8,482 100.0 9,828 100.0 17,714 100.0 201512318.515.3% 201612319.8(i) 20161.3 2015(ii)2016 0.72015 201612319.82017 123117.7(i)20171231 5.4(ii)20171231 2.4 220

16.5% 25% 20162016 112018123115% 201512311.9105.3%2016 12313.9201514.0 201622.42015123113.6% 2016123117.3%(i)2015 (ii)(iii) 201615% 201612313.943.6%2017 12315.6(i)3.4(ii) 5.4(iii)20171231 2016123117.3% 2017123121.7% 2015123112.152.9%2016 123118.5 221

2016123118.59.2%201712 3120.220171231(i)9.7 (ii)5.4(iii) 1.8 1231 2015 2016 2017 12,945 8,501 (7,549) (1,779) (3,316) (1,013) (10,277) 572 (5,711) 889 5,757 (14,273) 11,500 11,984 16,657 (405) (1,084) 735 11,984 16,657 3,119 222

2015123112.9 14.0(i)2015 4.5(ii) 0.7(iii) 6.0 201612318.5 22.4 (i)4.7(ii) 7.3(iii)0.9(iv)3.9 201712317.5 (i)25.8(ii)15.6 (i)24.2(ii)9.9 (iii)10.9 201512311.8 2.1 201612313.3 (i)0.5(ii)2.8 201712311.0 1.0 2015123110.3 (i)3.3(ii)11.9(iii) 1.9 223

201612310.6 (i)3.0(ii)7.0 (iii)9.5 201712315.7 1.26.7 20152016201712312018228 1231 2018 2015 2016 2017 228 2,107 2,193 12,579 11,517 11,775 14,273 47,781 42,403 10,649 12,146 23,715 35,950 7,257 2,985 5,790 6,043 6,047 11,984 16,657 8,756 5,985 39,500 58,316 98,874 101,902 3,121 4,781 9,868 9,319 3,283 2,760 14,257 15,440 9,487 6 8,571 16,000 9,411 10,255 3,000 3,000 3,000 1,129 1,128 2,785 2,926 5,637 5,303 25,591 27,675 44,958 46,243 13,909 30,641 53,916 55,659 224

201612 3120151231 20161231 20171231 2015123113.916.7 120.1%2016123130.6(i) 7.3(ii)2.5(iii) 7.520161231 2016123130.623.3 76.1%2017123153.9(i)33.5 (ii)11.6(iii)10.4 (iv)6.6(i) 11.5(ii)7.9 2017123153.91.8 3.3%201822855.7 12.2(i)5.4(ii) 2.8 225

(i)(ii)(iii) 20152016201712313.12.8 3.3 2015201620171231 5.3%3.8%12.7% 2015201620171231 1231 2015 2016 2017 2,107 1,965 8,384 228 4,195 2,107 2,193 12,579 201520161231 201612312.22017123112.6 (i)2018(ii)2018 226

201612310.72015 20171231 12.12017123196.0% 1231 2015 2016 2017 19 17 34 20152016123119 17201520161231 2016 20161231172017 3420186.4 20184.0 227

30902015201620171231 1231 2015 2016 2017 11,775 10,863 45,474 3,410 2,307 11,775 14,273 47,781 1231 2015 2016 2017 30 8,068 10,910 18,697 3160 2,390 3,063 16,546 6190 749 11,066 91180 568 1,052 180 300 420 11,775 14,273 47,781 2015123111.820161231 14.3201520161231 228

2016123114.320171231 47.82017 201712312017123190 46.320171231 96.9% 1231 2015 2016 2017 49 59 90 2015123149 2016123159 3090 201620161231 2016123159 2017123190 2017201620171231 201719.22016 6.2201725.42016 312.5% 229

1231 2015 2016 2017 30 1,212 2,960 13,605 3160 2 11,671 6190 7 300 420 1,221 3,260 25,696 2015201612312017 12311.23.325.7 2015201620171231 38.820171231 85.4% 230

2015201620171231 1231 2015 2016 2017 47 144 146 873 2,435 418 433 15,601 1,371 4,215 8,505 7,611 3,753 806 152 10,649 12,146 23,715 2015123110.72016123112.1 20161.42015 2017123123.7(i) 2.8(ii)15.2(iii) 3.9 231

201712312016123115.2 2018 201712 312015201620171231 8.57.63.8 20171231 2015201620171231 7.3 30 2015201620171231 1231 2015 2016 2017 3,121 4,781 9,868 1231 2015 2016 2017 30 1,729 3,950 3,926 3160 1,175 500 4,262 6190 4 11 776 91180 115 94 459 180 98 226 445 3,121 4,781 9,868 232

2016 201720151231 3.1201612314.820171231 9.920172017 1231 2015 2016 2017 19 32 33 2015123119 2016123132 30603090 20161231 201620171231 3233 2017123168.0% 233

2015201620171231 1231 2015 2016 2017 554 598 7,023 580 770 977 266 429 71 213 269 2,044 913 5,326 34 233 3,283 2,760 14,257 201512313.320161231 2.8 201612312.820171231 14.32018 6.44.4 6.998.2% 2018 5 201512312.0201612310.9 20161231 201712315.32017 20171231 234

2017620152016201712 319.56,000 20152016201712318.6 16.09.4 1231 2015 2016 2017 1 1.5 2.1 2.2 2 1.5 2.0 1.9 3 9.0% 15.3% 4 5 239.5 120.9 6 28.5% 30.3% 19.7% 7 72.0% 55.6% 35.6% 8 36.1% 43.9% 35.8% 9 18.9% 23.1% 16.1% 235

1. 2. 3. 100% 4. 100% 5. 6. 100% 7. 100% 8. 100% 9. 100% 201512311.5201612312.1 (i)21.2%(ii)39.0% 20161231 2016201712312.12.2 201512311.5201612312.02017 12311.9 236

20151231201612319.0% 201612313.020151231 201612319.0%2017123115.3% 5.6 2015201620171231 20151231201620171231 2015123120161231 239.5201612313.0201512 31 20161231239.520171231 120.65.6 2015123128.5%201612 3130.3% 2016123130.3%201712 3119.7%(i)33.5(ii) 11.6(iii)10.4 6.71.6 237

2015123172.0%20161231 55.6%2016123120161231 (i)2016123118.9 (ii)1.6 2016123155.6%20171231 35.6%2017 20.3 2015201620171231 20152016201712312018228 1231 2018 2015 2016 2017 228 5,637 5,303 3,000 3,000 3,000 3,000 8,637 8,303 238

20152016201712312018228 1231 2018 2015 2016 2017 228 10,000 21,000 21,000 21,000 5,637 5,303 3,000 3,000 3,000 201712313.50%5.75% 2015201620171231 2.2% 1231 2015 2016 2017 3.36% 3.58% 3.50% 5.75% 3.11% 3.64% 2018228 6.7201822812.7 2015201620171231 HKMC HKMC 239

HKMC 12 2015201620171231 2.10.51.0 1231 2015 2016 2017 373 12 696 149 537 348 1,613 2,135 549 1,044 2015201620171231 240

1231 2015 2016 2017 532 853 1,142 147 321 1,261 679 1,174 2,403 31 241

20152016 2017123160.5%45.4%44.0% 242

0.55 29.48.0 11.120181231 10.3 243

201722120171231 2015861.9 244

GEM 7.31 20171231 20171231 20171231 20171231 1 2 3 0.50 56,941 39,163 96,104 0.20 0.60 56,941 50,143 107,804 0.22 (1) 20171231 (2) 120,000,0000.50 0.60 8,004,00020171231 (3) 480,000,000 (4) 20171231 245

GEM GEM17.1517.21 31. 2018228 20181231 11.10.552018 1231 20171231 20171231 20171231 246

0.55 36.6 (a) 8.222.4% (i) (ii) 4.813.1% 3.49.3% (b) 22.160.4% (i) (ii) 13.938.0% 8.222.4% 247

20181231 (a)(ii) 0.5 (b)(i) 9.9 (c) 2.7 249

2019630 (a)(ii) 0.7 (b)(i) 1.0 (b)(ii) 4.6 (c) 0.2 250

20191231 (a)(i) 2.0 (a)(ii) 0.7 (b)(i) 1.0 251

(b)(ii) 1.2 (c) 0.2 2020630 (a)(i) 1.4 252

(a)(ii) 0.7 (b)(i) 1.0 (b)(ii) 1.2 (c) 0.2 253

20201231 (a)(i) (a)(ii) 1.4 0.7 (b)(i) (b)(ii) 1.0 1.2 254

(c) 0.2 20201231 2018 630 2018 71 2018 1231 2019 11 2019 630 2019 71 2019 1231 2020 11 2020 630 2020 71 2020 1231 (a) (i) 2.0 1.4 1.4 4.8 (ii) 0.1 0.5 0.7 0.7 0.7 0.7 3.4 (b) (i) 9.9 1.0 1.0 1.0 1.0 13.9 (ii) 4.6 1.2 1.2 1.2 8.2 (c) 2.7 0.2 0.2 0.2 0.2 3.5 (d) 0.3 0.5 0.5 0.5 0.5 0.5 2.8 0.4 13.6 7.0 5.6 5.0 5.0 36.6 255

36.6 0.55 202012310.55 0.55 42.131.1 256

(i) 202215,041.3 201820229.3% (ii) 201720,000 (i)35% (ii)20% 257

(iii) 4990 1933 (iv) 2017123145.0 8.812.4 (v) (i) (ii) (iii) (iv) 258

2018516 (A) (i) 259

(ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) 260

(xi) (xii) (xiii) (B) (i) (H5N1) (H1N1) (ii) 261

(iii) (iv) (v) (vi) (vii) (viii) (ix) 262

(x) (xi) (xii) (xiii) GEM (xiv) (xv) GEM (xvi) GEM (xvii) (a) 263

(b) (c) (d) Cosmic Bliss GEM (a) 12 12 264

GEM 155 (b) 121212 (a) GEMGEM 155 (c) (ii) Cosmic Bliss 24 (a) (b) 265

GEM (1) 12 GEM (a) (b) (c) (d) (a)(b) (a)(b)(c) 266

(a)(b)(c) 12 (2) (a)(b) (c) 12GEM (3) 12(a)(b)(c) GEM GEM13.16A(1) GEM13.18 (a) 12 (b) 12(a) GEM 267

(a) GEM13.18(1)GEM13.18(4) 24 GEM17.43(1)(4) (b) (a) GEM17.43 GEM17.29(1)(5) 268

(i)(ii)cosmic Bliss 18,000,000 15% 571W 3.61% 0.55 9.9 269

7.0% 0.5529.4 GEM6A.19 GEM18.03 GEM6A.07 270

12,000,000 108,000,000 0.60 0.50 271

0.60 1%0.0027%0.005%5,000 3,030.23 0.60 201854 201857 272

2018 515 11. 273

30 2018515 (i) (ii) 2018516 12,000,000 120,000,00010% 274

(i) (ii) 155024,000,000 36,000,000 30% (iii) 5010036,000,000 48,000,000 40% (iv) 10048,000,000 60,000,000 50% 275

(v) (vi) HKEX-GL91-18 12,000,000 24,000,00020% HKEX-GL91-18(vi) 0.50 HKEX- GL91-18GEM6 (ii)(iii)(iv) 24,000,000 20185 15 276

100% 108,000,000 90% 277

(i) (ii)30 18,000,000 15% GEM 571W www.hkexnews.hk www.smart-team.cn 18,000,000 498,000,000 3.61% 278

2018516 2018516 5,000 279

1. (a) (b) www.hkeipo.hk (c) 2. 18 S (i) (ii) 280

GEM GEM GEM 3. 2018430201854 (i) 16-18 11 122-124 12A 281

100 7702-703 (ii) 91 95 11013-1014 3537 1-2 721-725 423-427 2018430201854 81 282

2018430 201852 201853 201854 201854 10. 4. (i) (ii) (iii) (iv) 283

(v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (i) (ii) SS902 (h)(3) (xiii) (xiv) 284

(xv) (xvi) (xvii) (xviii) (xix) (i) (ii) 285

5. 2. www.hkeipo.hk 2018430201854 24www.hkeipo.hk 20185410. 286

40 40342E 6. (852) 2979 7888 https://ip.ccass.com 8 1 287

(i) (ii) 288

40 289

(a) (b) 290

40 40342E 7. 292

(i)(ii)201854 8. 293

9. 5,000 5,000 10. 201854 201854 294

11. 2018515www.smart-team.cn www.hkexnews.hk 2018515 www.smart-team.cnwww.hkexnews.hk 20185152018521 24 www.tricor.com.hk/ipo/result 20185152018518 (852) 3691 8488 20185152018517 295

12. (i) 40 342E (ii) 296

(iii) (iv) 100% 297

13. 0.60 2018515 14. (i) (ii) 298

2018 515 2018516 (i) 1,000,000 2018515 18322 1,000,000 2018515 299

(ii) 1,000,000 1,000,0002018 515 2018515 11. 2018515 (iii) 1,000,000 2018515 18322 300

1,000,000 2018515 (iv) 2018515 201851511. 2018515 301

2018515 2018515 15. GEM 302

I-4I-6220171231 2015201620171231 I-4I-62 GEM2018430 2 I 1

200 2 2 20171231 2015201620171231 I 2

GEM I-4 16 P05044 2018430 I 3

A. (i) (ii) World Vantage Investments LimitedWorld Vantage 20171231 I 4

A. 1231 2015 2016 2017 8 64,104 80,250 125,275 (40,934) (45,034) (80,379) 23,170 35,216 44,896 10 1,846 502 1,734 (2,502) (3,380) (2,931) (8,482) (9,828) (17,714) 11 (94) (215) 14,032 22,416 25,770 12 (1,912) (3,872) (5,595) 13 12,120 18,544 20,175 12,051 18,895 20,252 69 (351) (77) 12,120 18,544 20,175 (584) (1,768) 3,075 11,536 16,776 23,250 11,495 17,122 23,345 41 (346) (95) 11,536 16,776 23,250 17 I 5

1231 2015 2016 2017 2017 18 3,097 2,840 3,272 26 508 3,097 2,840 3,780 19 2,107 2,193 12,579 20 11,775 14,273 47,781 20 10,649 12,146 23,715 23 7,257 21 2,985 5,790 6,043 21 11,984 16,657 8,756 39,500 58,316 98,874 22 3,121 4,781 9,868 22 3,283 2,760 14,257 23 9,487 6 24 8,571 16,000 9,411 25 3,000 3,000 1,129 1,128 2,785 25 5,637 25,591 27,675 44,958 13,909 30,641 53,916 17,006 33,481 57,696 26 171 105 1,070 16,835 33,376 56,626 27 16,139 33,596 56,941 16,139 33,596 56,941 696 (220) (315) 16,835 33,376 56,626 I 6

ii i 201511 6,776 (225) 6,551 468 7,019 12,051 12,051 69 12,120 (556) (556) (28) (584) 12,051 (556) 11,495 41 11,536 187 187 16 (1,907) (1,907) (1,907) 256 (256) 20151231 201611 256 16,664 (781) 16,139 696 16,835 18,895 18,895 (351) 18,544 (1,773) (1,773) 5 (1,768) 18,895 (1,773) 17,122 (346) 16,776 29 335 335 (570) (235) 1,551 (1,551) 20161231201711 335 1,807 34,008 (2,554) 33,596 (220) 33,376 20,252 20,252 (77) 20,175 3,093 3,093 (18) 3,075 20,252 3,093 23,345 (95) 23,250 3,134 (3,134) 20171231 335 4,941 51,126 539 56,941 (315) 56,626 I 7

i 10% 50% 25% ii I 8

1231 2015 2016 2017 14,032 22,416 25,770 680 642 749 (29) 23 (86) (39) (88) 94 215 (23) (202) (1,180) 725 14,574 23,636 25,489 120 (897) (9,888) (6,172) (3,101) (24,203) 125 (1,552) (10,909) (7,257) 2,245 1,994 4,644 2,297 (451) 10,955 13,189 12,372 (3,912) (1,391) (1,677) (244) (2,480) (1,960) 12,945 8,501 (7,549) I 9

1231 2015 2016 2017 (2,806) (57) 270 86 39 88 (2,135) (549) (1,044) (1,779) (3,316) (1,013) 23 202 1,180 187 (11,929) (9,528) (6) 3,349 6,992 (6,670) 3,000 16 (1,907) (94) (215) (10,277) 572 (5,711) 889 5,757 (14,273) 11,500 11,984 16,657 (405) (1,084) 735 11,984 16,657 3,119 11,984 16,657 8,756 (5,637) 11,984 16,657 3,119 I 10

1. 2017221221961 3 33 2. 4 2018228 20171231 I 11

2015201620171231 20171231 2015201620171231 3. 201711 92014 1 15 1 16 2 17 3 1 22 2 23 20142016 1 20152017 2 2 4 9 4 1 9 2 10 28 1 4 28 40 2 1 201811 2 201911 3 202111 4 I 12

92014 20099 92010 20139 20149 9 9 92014 92014 92014 I 13

92014 39 39 92014 92014 92014 39 39 39 I 14

92014201811 201712 31 92014 (a) 92014 (b) 92014 92014 15 15 15 i) ii) I 15

iii) iv) v) 15 15 18 11 15201811 15 18 15 15 20171231 16 16 12 I 16

16 16 17 16 17 16201911 16 15 20171231 30 2,403,000 1616 16 16 I 17

4. GEM (i) (ii)(iii) (i)(ii)(iii) (iv) I 18

(i) (ii) (iii) 39 I 19

5 I 20

I 21

I 22

I 23

I 24

I 25

I 26

I 27

I 28

I 29

5. 4 I 30

20152016 2017123111,775,000 14,273,00047,781,000 8,505,0007,611,0003,753,000 2015201620171231 2,107,0002,193,00012,579,000 20161231725,000 2015201620171231 196,0003,220,0006,790,0002015201612 31 201712313,074,000 3,716,000 I 31

6. 7. a) 1231 2015 2016 2017 35,296 51,732 66,499 21,864 25,036 29,824 b) I 32

(i) 1231 1231 2015 2016 2017 2015 2016 2017 3,067 2,884 3,129 8,121 2,890 2,235 1,525 5% 5% 5% I 33

1231 2015 2016 2017 153 144 156 (ii) 25 21 25 I 34

50 50 2015201620171231 60,000 68,00029,000 I 35

2015201620171231100%95% 98% 2015201620171231 51%10%9% 87%60%49% I 36

20151231 3,121 3,121 3,121 685 685 685 9,487 9,487 9,487 8,571 8,571 8,571 21,864 21,864 21,864 20161231 4,781 4,781 4,781 1,249 1,249 1,249 6 6 6 16,000 16,000 16,000 3,033 3,033 3,000 25,069 25,069 25,036 20171231 9,868 9,868 9,868 1,908 1,908 1,908 9,411 9,411 9,411 3,006 3,006 3,000 5,907 5,907 5,637 30,100 30,100 29,824 I 37

2015201620171231 3,000,0003,000,000 3,006,000 20151231 20161231 3,033 3,033 3,000 20171231 3,006 3,006 3,000 8. 1231 2015 2016 2017 62,466 70,034 110,961 137 2,446 12,760 1,501 7,770 1,554 64,104 80,250 125,275 9. I 38

10% 1231 2015 2016 2017 A 1 39,231 20,477 28,684 B 1 8,502 2 2 C 1 2 13,451 26,254 D 1 2 8,454 2 E 1 2 2 13,095 1 2 10% 10. 1231 2015 2016 2017 86 39 88 29 32 23 202 1,180 1,690 214 219 247 18 47 1,846 502 1,734 20152016201712311,690,000 214,000219,000 I 39

11. 1231 2015 2016 2017 94 215 12. 1231 2015 2016 2017 831 1,443 35 910 2,495 5,103 1,741 3,938 5,138 26 171 (66) 457 1,912 3,872 5,595 (i) (ii) 16.5% 25% (iii) (iv) 201611 2018123115% I 40

2015201620171231 1231 2015 2016 2017 14,032 22,416 25,770 25% 3,508 5,604 6,443 (1,800) (3,552) a (299) (469) (5) (16) 63 326 1,752 49 756 124 (1,037) (85) 26 1,000 b (20) (561) (715) 313 1,912 3,872 5,595 a 25% 201611201611 15% 2008 150% b 2015/201675% 20,000 26 I 41

13. 1231 2015 2016 2017 14 439 570 2,544 6,614 7,820 7,586 329 557 573 7,382 8,947 10,703 42 251 102 680 642 749 1,303 6,701 854 2,046 4,581 14,531 16,061 30,839 946 1,031 1,110 166 199 725 23 2015201620171231 1,545,0001,870,0002,379,000 36,00076,000132,000 I 42

14. 20151231 426 13 439 426 13 439 20161231 25 25 522 23 545 547 23 570 20171231 750 17 767 783 29 812 201741 951 14 965 2,484 60 2,544 I 43

15. 14 1231 2015 2016 2017 1,506 1,724 449 37 51 22 1,543 1,775 471 1231 2015 2016 2017 500,000 3 3 2 500,001 1,000,000 1 1 16. 20151231 2015 861,907,000 I 44

17. 18. 201511 979 1,403 2,382 373 149 1,613 2,135 (603) (603) (11) (47) (44) (102) 20151231 362 1,081 2,369 3,812 12 537 549 (29) (104) (81) (214) 20161231 345 1,514 2,288 4,147 696 348 1,044 (2) (23) (25) 48 115 68 231 20171231 1,087 1,954 2,356 5,397 I 45

201511 110 304 414 15 203 462 680 (362) (362) (1) (11) (5) (17) 20151231 14 302 399 715 34 248 360 642 (3) (33) (14) (50) 20161231 45 517 745 1,307 57 333 359 749 (2) (2) 5 47 19 71 20171231 107 895 1,123 2,125 20151231 348 779 1,970 3,097 20161231 300 997 1,543 2,840 20171231 980 1,059 1,233 3,272 10% 20%50% 33% I 46

19. 2015 2016 2017 1231 1231 1231 2,107 1,965 8,384 228 4,195 2,107 2,193 12,579 20. 2015 2016 2017 1231 1231 1231 11,775 10,863 45,474 3,410 2,307 11,775 14,273 47,781 8,505 7,611 3,753 2,097 4,391 19,796 47 144 166 10,649 12,146 23,715 22,424 26,419 71,496 3090 I 47

2015 2016 2017 1231 1231 1231 30 8,068 10,910 18,697 3160 2,390 3,063 16,546 6190 749 11,066 91180 568 1,052 180 300 420 11,775 14,273 47,781 2015 2016 2017 1231 1231 1231 30 1,212 2,960 13,605 3160 2 11,671 6190 7 300 420 1,221 3,260 25,696 2015201620171231 1,221,0003,260,00025,696,000 I 48

2015 2016 2017 1231 1231 1231 8,029 1,473 2,112 21. 20152016 201712310.01%0.35% 20152016201712310.6% 2.3% 2015 2016 2017 1231 1231 1231 3,067 2,884 3,129 92 1,417 123 I 49

22. 2015 2016 2017 1231 1231 1231 3,121 4,781 9,868 651 1,249 1,675 34 233 2,044 913 5,326 554 598 7,023 3,283 2,760 14,257 6,404 7,541 24,125 2015 2016 2017 1231 1231 1231 30 1,729 3,950 3,926 3160 1,175 500 4,262 6190 4 11 776 91180 115 94 459 180 98 226 445 3,121 4,781 9,868 3090 I 50

2015201620171231 2015 2016 2017 1231 1231 1231 1,525 23. 302015201620171231 2015 2016 2017 1231 1231 1231 090 5,133 181365 2,124 7,257 201520161231 2017320173 7,257,000 2017 I 51

24. 25. 2015 2016 2017 1231 1231 1231 5,637 3,000 3,000 3,000 8,637 2015 2016 2017 1231 1231 1231 3,000 8,637 7(b) (a) 2015201620171231 2015 2016 2017 1231 1231 1231 10,000 21,000 21,000 5,637 3,000 3,000 I 52

2015201620171231 (b) 201712313.50%5.75% 2015201620171231 2.2% 2015 1231 2016 1231 2017 1231 3.50%5.75% 3.36%3.58% 3.11%3.64% 26. 2015 2016 2017 (508) 171 105 1,070 171 105 562 I 53

201511 12 171 171 20151231201611 171 171 12 (66) (66) 20161231 105 105 12 (35) (508) 1,000 457 20171231 70 (508) 1,000 562 2015201620171231 196,0003,220,0006,790,000201520161231 20171231 3,074,000508,000 3,716,000 2015201620171231 196,0003,220,0003,716,0002020 20212022 200811 10% 10% I 54

2015201620171231 2,027,00012,955,000 39,719,000 27. 20151231 20161231World Vantage 20171231 World Vantage 2017221100,000 100,00020171231 28. 5% 30,000 5%1,500 I 55

342,000580,000633,000 29. 20161231 201615 40% 100%235,000 570,000 2016 570 (235) 335 I 56

30. 2015 2016 2017 1231 1231 1231 532 853 1,142 147 321 1,261 679 1,174 2,403 31. 1 40% 2 I 57

15% 85% 3 25% 75% 15% 85% 51% 1 20161 2 20173 3 2017612 I 58

(a) 1231 2015 2016 2017 235 744 7,311 813 252 1,986 4,300 414 597 1,693 34 289 32 240 240 260 240 888 (b) 2015201620171231 10,000,00024,000,00024,000,000 25 (c) 14 I 59

32. 2015201620171231 23,000202,0001,180,000 33. 1231 2015 2016 2017 World Vantage 1 100% 100% 100% (i) 20161128 2011104 10 100% 100% 100% 100% (ii) 100% 100% 100% 100% (iii) 2013529 10,000,000 60% 100% 100% 100% (iv) 20141016 1,000,000 70% 70% 70% 70% (v) 2015716 500,000 1231 I 60

(i) World Vantage (ii) 20151231 (Tommy W. K. Wong & Co.)20161231 20171231 (iii) 201520161231 20161231 20151231 20171231 (iv) 201520161231 20171231 (v) 201520161231 20171231 34. 20161231 235,000 I 61

35. 201511 5,207 21,520 26,727 3,349 (11,929) (8,580) 15 (104) (89) 20151231 8,571 9,487 18,058 6,992 (9,528) 3,000 464 437 47 484 20161231 16,000 6 3,000 19,006 (6,670) (6) (6,676) 81 81 20171231 9,411 3,000 12,411 36. 20171231 B. GEM 2018228 I 62

2015201620171231 A. GEM7.31 20171231 20171231 20171231 II 1

2017 1231 2017 1231 1 2 3 0.50 56,941 39,163 96,104 0.20 0.60 56,941 50,143 107,084 0.22 (1) 20171231 (2) 120,000,0000.50 0.60 8,004,00020171231 (3) 480,000,000 (4) 20171231 II 2

B. 20171231 2018430II-1 II-2 2017123120171231 20171231 II 3

GEMGEM 31 77 1 GEM31(7) 3420 GEM 317 II 4

20171231 II 5

(a) (b) (c) GEM31(1) P05044 2018430 II 6

2017221221961 3 1. (a) 27(2) (b) 2. 2018423 (a) (i) III 1

(ii) (iii) (i) (ii) (iii) (iv) (v) III 2

(iv) (30) III 3

(v) (vi) (vii) 20 (14) III 4

20 (b) (i) III 5

(aa) (bb) (cc) (6) (dd) (ee) (ff) III 6

(ii) (a) (b) (iii) III 7

(iv) (v) III 8

(vi) (vii) 622 (viii) III 9

(aa) (bb) (cc) (dd) III 10

(ee) (c) (d) (e) (i) (15) III 11

(ii) III 12

(iii) (15) (18) (iv) (21) (14) (aa) (bb) (cc) III 13

(dd) (ee) (ff) (20%) (gg) (v) (vi) III 14

(f) (21) III 15

(g) (i) (ii) (a) (b) III 16

III 17

(h) (2) 2.50 1.00 (i) 3(f) (j) (i) (ii) III 18

(k) 3. (a) III 19

(b) (a)(b) (c)37(d) (e) (c) III 20

(d) III 21

(e) (f) (a)(b) (c) (a)(b) (c) (d) III 22

(g) (h) (i) (ii)(iii) (i) III 23

(j) 20116 (1) (2) 201731420 2010 (k) (l) (m) III 24

(n) (o) (60) (p) 25% III 25

(q) (a)(b) (c) 21 III 26

(r) (75%) (s) (4) (90%) (4)(2) (1) (t) 4. Conyers Dill & Pearman III 27

A. 1. 2017221 181185 1006201733116 2. (a) 2017221100,000 10,000,000 2017221 Cosmic Bliss 2018228Cosmic Bliss Cosmic Bliss9,999,999 10,000,000 5.2018423 2018423 100,00010,000,000 0.01100,000,00010,000,000,000 0.01 IV 1

100,000,00010,000,000,000 480,000,000 9,520,000,000 (b) 3. GEM 4. (a) 201615210,000 40%2016114 (b) 201731World Vantage IV 2

(iii) (aa) 20%(bb)(iv) (iv) 10% (v) (iv) (iv) IV 4

6. (a) GEM 2018423 GEM 10% (b) GEM IV 5

GEM B. 7. : (a) 2018228 (i)cosmic Bliss (ii)cosmic Bliss9,999,999 (b) 2018423 2,000,000 (c) Cosmic Bliss 2018423 12. (d) Cosmic Bliss 2018423 (e) IV 7

附錄四 8. 法定及一般資料知識產權 (a) 商標於最後可行日期我們已註冊下列商標註冊擁有人申請人註冊地點註冊編號類別有效期年月日 1. 廣東兆天紡織中國 16886237 22 2016年7月7日至 2026年7月6日 2. 廣東兆天紡織中國 16886339 23 2016年7月7日至 2026年7月6日 3. 廣東兆天紡織中國 16886646 24 2016年7月14日至 2026年7月13日 4. 廣東兆天紡織中國 16886791 25 2016年7月7日至 2026年7月6日 5. 廣東兆天紡織中國 16886714 35 2016年7月7日至 2026年7月6日 6. 廣東兆天紡織中國 11549330 22 2016年2月6日*至 2024年3月6日 7. 廣東兆天紡織中國 11549309 23 2016年2月6日*至 2024年3月6日 8. 廣東兆天紡織中國 7738693 24 2016年2月6日*至 2020年12月6日編號 * 標誌日期指本集團收購各商標的日期 IV 8

(b) 1. 2. 3. ZL 2014 1 0295936.1 2014627 2034626 ZL 2014 1 0327030.3 2014710 203479 ZL 2014 1 0726100.2 2014124 2034123 4. ZL 2014 1 0716715.7 2014122 2034121 5. ZL 2015 2 1101959.0 20151228 20251227 6. 7. 8. ZL 2017 2 0262627.3 2017317 2027316 ZL 2015 1 0827627.9 20151125 20351124 201510994740.6 20151228 20351227 IV 9

1. 2017825 CN201710744996.0 2. CVC 3. 20171031 CN201711043131.8 20171031 CN201711047761.2 4. 20171031 CN201711047763.1 5. 20171031 CN201711047764.6 6. 20171031 CN201721430191.0 7. 20171031 CN201721440686.1 8. 20171031 CN201721440674.9 (c) www.smart-team.cn magicteamdesign.cn IV 10

C. 9. (a) (i) Cosmic Bliss (ii) (iii) (b) (i) 201741 900,000 864,000 1,236,000 IV 11

(ii) 2018 423 120,000 (c) (i) 20171231 2.5 (ii) 20181231 3.2 (iii) 2015201620171231 (i)(ii) (iv) 2015201620171231 IV 12

(d) XV XV78 352 GEM5.465.67 360,000,000 1 75.00% Cosmic Bliss 2 11.00 100.00% 1. Cosmic Bliss XVCosmic Bliss Cosmic Bliss 2. Cosmic BlissCosmic Bliss IV 13

10. (d) XV23 10% Cosmic Bliss 1 360,000,000 75.00% 2 360,000,000 75.00% 150,000 30.00% 1. Cosmic Bliss 2. Cosmic Bliss XV IV 14

11. (a) XV23 10% (b) XV XV 78 352 GEM5.46 5.67 (c) 18. (d) 18. IV 15

(e) 18. (i) (ii) D. 12. Cosmic Bliss 7(c) 11135 (a) 20171231 IV 16

(b) 201811 (i) 20171231 (ii) 20171231 (c) (d) 20171231 (a) IV 17

(b) 201712 31 13. 14. 12,10094,380 15. (a) GEM (b) 16. 29.4 0.55 IV 18

17. GEM6A.07 4.6 18. Conyers Dill & Pearman 6 19. 18. IV 19

18. 20. 44A44B 21. 0.2% 22. 20171231 IV 20

23. (a) (i) (ii) (iii) (b) (c) (d) (e) 24 25. 32L 4 IV 21

1. (a) (b) 19. (c) 7. 2. 14 99727208-10 (a) (b) (c) (d) 2015201620171231 (e) Conyers Dill & Pearman (f) V 1

(g) (h) 7. (i) 19. (j) 9(b) (k) (l) V 2