2 3 5 7 9 18 22 37 45 55 60 61 63 64 65 124 / 2016 2017
* 2
FCCA, FCPA SMP Partners (Cayman) Limited 3rd Floor, Royal Bank House 24 Shedden Road, PO Box 1586 Grand Cayman KY1-1110 Cayman Islands 183 17 1712-1716 Cricket Square, Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands 55 7 50 16 1601 3
www.youyuan.com.hk 2268 Conyers Dill & Pearman 4
6.9% 28.0% 2,638.8 1,799.5 46.6% 209.7% 962.0 310.6 0.799 0.262 5
10.2% 28.0% 6
BVI 41.0% OEM BVI Cathay Capital Holdings III. L.P.Cathay Fund 39.0% 20.0% BVI 290 39.0% Cathay Fund 20.0% 1,684.8 63.9% 217.4 8.2% 7
PVC 535.3 20.3% 201.3 7.6% 87.6% 37 418,000 225,000 52,000 35,000 106,000 14 27 3 176,000 8
2,638.8 1,799.5 46.6% 310.6 209.7% 962.0 0.262 205.0% 0.799 962.0 310.6 1,203,994,648 1,186,072,075 554.5 891.3 30.8% 33.8% 65.9 463.4 67.0 39.0% 10.6 503.8% 64.0 0.6% 2.4% 82.5 52.4% 125.7 4.6% 4.8% 9
72.0 31.7% 94.9 3.35% 5.46% 2.13% 8.00% 76.6 18.6% 90.8 19.8% 8.4% 310.6 962.0 17.3% 36.5% 18.9 27.9 * 158.9 * 145.3 120 180 48.9 * 53.1 30 120 * 1,449.9 660.1 1,681.1 519.6 10
1,252.9 1,570.2 34.3% 44.7% 1.15 3.5 56.11% 13.91% 13.18 13.21 (i) 30% 30% (ii) (iii) (iv) 200.0 167.0 4.5% 4.4625 4.4625 3.82 16.82% 44,817,927 11
20.0 130.4 4.5% 4.98 4.98 4.74 5.06% 31,325,301 22.0 143.4 4.5% 4.4625 4.4625 3.15 41.67% 38,453,781 13.18 13.21 30% 12
517.3 440.8 194.3 4.34 44,817,927 151.9 4.849 31,325,301 171.1 4.4495 38,453,781 117.0 54.1 13
1 2 2 3 2,3 4 % % % % Smart Port Holdings Limited 665,560,500 53.51 665,560,500 51.65 665,560,500 50.43 665,560,500 49.00 28,677,000 2.31 28,677,000 2.23 28,677,000 2.17 28,677,000 2.11 694,237,500 55.82 694,237,500 53.88 694,237,500 52.60 694,237,500 51.11 83,470,373 6.71 83,470,373 6.48 83,470,373 6.32 83,470,373 6.15 41,930,000 3.37 41,930,000 3.25 41,930,000 3.18 41,930,000 3.09 819,637,873 65.90 819,637,873 63.61 819,637,873 62.10 819,637,873 60.35 44,817,927 3.48 44,817,927 3.40 44,817,927 3.30 31,325,301 2.37 31,325,301 2.31 38,453,781 2.83 Cathay Special Paper Limited 100,147,500 8.05 100,147,500 7.77 100,147,500 7.59 100,147,500 7.37 323,940,339 26.05 323,940,339 25.14 323,940,339 24.54 323,940,339 23.84 1,243,725,712 100 1,288,543,639 100 1,319,868,940 100 1,358,322,721 100 1. 2. 4.4625 3. 4.98 4. 4.4625 961,981,000 1,243,725,712 1 2 3 1,358,322,721 14
0.77 0.71 1. 4.4625 2. 4.98 3. 4.4625 1,262,907,000 28 50.0 326 HIBOR 3.62% 49.4 25.0 163 6.5% 24.4 13.18 13.21 30% 15
3,792.2 2,721.4 1,262.9 500.7 846.3 465.2 1.86 1.64 460.1 237.9 1,900 1,500 81.2 68.5 16
183 17 1712-1716 17
61 15 34 53 54 18 27 18
81 40 48 51 20 171 111 2005 19
41 7 University of Hull 8421 53 43 54 53 20
56 35 21
22
* 1 * 2 3 4 * 5 6 7 8 * 9 * 10 11 * 12 13 * 14 15 16 * 17 18 19 20 21 * 22 * 23 * 24 * 25 * 26 * 27 * 28 29 30 31 32 * 23
ISO14001 DB35/1310-2013 GB/T 31962-2015 GB13271-2014 1 232.96 140.58 139.84 1 24
2 3 272,697.86 4 192,925.46 465,623.32 5 1.76 2 3 4 5 25
1.36 6 0.4 0.300 20.2 7.204 2.598 1.417 0.495 0.002 7 2,601.35 16,682.12 741.01 20,024.48 ( 0.08 6 7 26
8 9 3,160,795 11.94 LED 26 8 9 27
, 10 : 781,587 205 458 289,200 20,262 1,091,712 4.12 11 14,760 4,003 3,243 1,951 1,720 10 11 28
(FSC) FSC 100% FSC MIX FSC 29
30
12 1,232 665 1,897 29 367 30-39 518 40-49 690 50 322 1,897 15 1 25 43 279 1,534 1,897 49% 37% 29 73% 30-39 40% 40-49 36% 50 36% 12 31
6S 2013 12 31 2012 54 32
13 74% 58% 20% 64% 121% 34% 74% 3.66 2.90 2.33 2.56 4.84 1.57 3.71 13 33
ISO9001 ISO14001 FSC 34
ISO 9001 35
36
A.6.7 A.6.7 (i) 37
(ii) (iii) (iv) 9/9 2/2 9/9 2/2 9/9 0/2 9/9 0/2 5/9 0/2 5/9 0/2 4/9 2/2 38
(v) 3.10(1) 20 3.13 (vi) (vii) (viii) 39
(ix) A.6.5 A.6.5 40
2/2 2/2 2/2 3.0 0.3 3.29 15 41
1/1 1/1 1/1 42
2/2 2/2 2/2 43
1. 2. 3. 4. 50 16 1601 55 7 (2) (21) 7 44
22 3 38 60 63 2,896.2 2,011.0 17 31 45
18 21 124 27 28 29 (1) (2) (a) (b) (c) (d) (e) (f) (g) (a) (f) 46
(3) 100,000,000 10% 8.04% (4) 12 1% 12 1% (5) 28 28 1.00 (6) (7) 1.00 47
(8) (a) (b) (c) (9) 2 3 XV 352 L 1 2 694,237,500 55.82% S 1 3 165,000,000 13.27% L 1 4 41,930,000 3.37% 48
1. LS 2. 694,237,500 (i) (ii) Smart Port Holdings LimitedSmart Port 665,560,500 28,677,000 28,677,000 3. 165,000,000 Smart Port 4. 41,930,000 XV 336 5% Smart Port L 1 2 665,560,500 53.51% S 1 2 165,000,000 13.27% L 1 3 694,237,500 55.82% Cathay Special Paper Limited S 1 3 165,000,000 13.27% L 1 4 100,147,500 8.05% L 1 5 83,470,373 6.71% L 1 5 83,470,373 6.71% 1. LS 2. Smart Port Smart Port 3. Smart Port Smart Port 4. Cathay Special Paper Limited Cathay Capital Holdings II, L.P. 5. XV 336 49
BVI Cathay Capital Holdings III. L.P.Cathay Fund Cathay Fund 39.0% 20.0% 151,437,000 76,060,000 128,721,450 76,793,373 Cathay Fund 39.0% Cathay Fund 20.0% Cathay Fund 20.0% 35 14A 35 50
4.1%5.6% 19.4% 25.0% 45.5%57.5% 70.1% 89.9% 5% Smart Port 15,633,000 0.10 42,933,000 3,800,000 1.99 1.85 6,633 2,654,000 3.65 3.54 8,170 9,179,000 3.60 3.54 28,130 15,633,000 42,933 51
3,800,000 11,833,000 (i) (ii) (i) 164 52
22.0 143.4 4.5% 4.4625 5% 53
54
60 123 55
1. 4 34(a) 39% 239,216,000 613,498,000 1,037,740,000 56
2. 4 5 19 20 613,498,000 239,216,000 57
58
59
7 2,638,825 1,799,488 (1,747,505) (1,244,966) 891,320 554,522 9 463,410 (65,919) 67,000 94,000 (64,023) (10,603) (125,693) (82,479) 10 (94,853) (72,032) (56,190) (30,241) 11 1,080,971 387,248 12 (90,848) (76,615) 990,123 310,633 961,981 310,633 28,142 990,123 310,633 16 0.799 0.262 0.775 0.262 60
17 2,807,588 2,296,248 18 529,603 325,504 19 613,498 20 230,292 206,604 110,143 49,966 39,855 33,150 24 106,439 21 627,000 7,969 4,577,140 3,406,719 22 117,274 74,662 23 1,754,689 740,072 18 12,865 8,229 25 846,343 465,179 2,731,171 1,288,142 26 465,525 248,629 63,285 19,231 27 660,140 519,631 28 262,127 28 12,880 4,307 1,468,264 787,491 1,262,907 500,651 5,840,047 3,907,370 61
27 789,790 1,161,467 29 433,580 375,907 30 67,597 24,500 1,666,874 1,185,967 4,173,173 2,721,403 31 108,397 102,501 32 3,683,795 2,618,902 3,792,192 2,721,403 380,981 4,173,173 2,721,403 60 123 62
102,501 44,016 534,475 1,736,120 2,417,112 2,417,112 310,633 310,633 310,633 31(a) (6,342) (6,342) (6,342) 35,742 (35,742) 102,501 44,016 563,875 2,011,011 2,721,403 2,721,403 961,981 961,981 28,142 990,123 31(a) (42,933) (42,933) (42,933) 31(a) (662) (12,313) 12,975 31(b) 6,558 145,183 151,741 151,741 34(a) 352,839 352,839 76,769 (76,769) 108,397 176,886 610,686 2,896,223 3,792,192 380,981 4,173,173 63
1,080,971 387,248 94,853 72,032 130,216 108,049 12,952 8,293 8,924 61 8 (1,761) (2,156) 12,276 (7,969) (25,811) (67,000) (94,000) (343,740) (100,070) 79,364 801,871 550,869 (282,146) (36,019) (16,666) 40,981 122,537 (474) 625,596 555,357 (95,203) (66,461) 530,393 488,896 (272,978) (283,301) (10,111) 34(a) (183,636) (533,000) 4 1,761 2,156 (464,960) (814,145) 166,851 1,499,465 (469,924) (1,363,647) 293,387 440,895 (68,993) (76,830) (42,933) (6,342) 319,283 52,646 384,716 (272,603) (3,552) 2,560 465,179 735,222 846,343 465,179 64
1. Smart Port Holdings Limited 38 21 2. 622 3 4 65
3. 7 34(b) 9 15 16 23 9 15 66
3. ( ) 9 9 39 9 9 9 (a) 9 12 39 15 15 15 18 11 15 67
3. ( ) 15 ( ) (a) 15 15 3 (a) (b) (c) 15 15 15 16 16 17 16 17 68
3. ( ) 16 ( ) 16 16 36 73,000 16 23 12 69
4. 5 (i) (ii) 70
4. ( ) 71
4. ( ) (i) (ii) 72
4. ( ) (i) (ii) (iii) 73
4. ( ) 30 3 20 3 10 5 8 74
4. ( ) 16 8 75
4. ( ) (i) (ii) 76
4. ( ) 12 77
4. ( ) 78
4. ( ) (i) (ii) (iii) 79
4. ( ) 80
4. ( ) 81
4. ( ) 5. 4 2,807,588,000 2,296,248,000 82
5. 613,498,000 1,620,046,000 730,241,000 6. 7,969 2,466,389 1,195,420 4,307 12,880 2,987,069 1,929,727 83
6. ( ) 76,746 30,716 151,204 90,361 60,477 16,883 2,128,220 1,249,177 10%10% 10% 10% 10%10% 10%10% 7,446 5,964 206,774 123,229 84
6. ( ) 14%26% 1,443,300,000 1,098,839,000 85
6. ( ) % 465,525 465,525 465,525 4.35 199,882 199,882 197,000 4.13 195,753 378,391 757,639 1,331,783 1,252,930 30.53 317,071 317,071 262,127 12.40 26,879 515,879 542,758 433,580 4.90 394,948 394,948 375,907 2,154 2,153 4,307 4,307 1,207,264 1,291,371 757,639 3,256,274 2,991,376 248,629 248,629 248,629 5.97 113,019 113,019 110,860 3.52 458,510 396,718 833,727 1,688,955 1,570,238 820,158 396,718 833,727 2,050,603 1,929,727 86
6. 27 25 27 20 20 1,300,000 676,000 75 75 9,314,000 11,435,000 87
6. 4,307,000 7,969,000 7. 1,684,849 1,347,405 217,371 166,085 535,290 131,652 201,315 154,346 2,638,825 1,799,488 88
8. (a) 8 (b) 1,684,849 1,347,405 549,221 444,140 217,371 166,085 63,878 52,979 535,290 131,652 250,752 35,376 201,315 154,346 27,469 22,027 2,638,825 1,799,488 891,320 554,522 463,410 (65,919) 67,000 94,000 (64,023) (10,603) (125,693) (82,479) (94,853) (72,032) (56,190) (30,241) 1,080,971 387,248 89
8. (c) 729,019 804,060 115,451 139,890 2,969,716 826,751 255,446 112,426 4,069,632 1,883,127 1,012,406 1,053,862 325,439 333,733 33,150 183,594 110,143 49,966 39,855 7,969 83,138 60,921 1,025,705 740,072 525,281 465,179 7,308,311 4,694,861 (d) 90
8. (e) 24,274 24,395 53,892 4,874 60,208 167,643 473,978 473,978 221,687 221,687 239,216 239,216 613,498 613,498 47,632 7,389 32,777 10,652 53,642 152,092 61 61 81,141 26,663 25,214 3,521 128,855 265,394 36,022 5,336 10,135 5,821 59,028 116,342 8 8 (f) (g) 10% 91
9. 1,761 2,156 (61) (8) 91,458 (69,511) 343,740 205 1,295 25,811 496 149 463,410 (65,919) 10. 66,468 77,429 12,952 11,032 1,354 5,440 (2,393) (5,397) 94,853 72,032 5.3%6.2% 92
11. 75,229 65,279 5,924 3,240 81,153 68,519 130,216 108,049 12,952 8,293 8,924 152,092 116,342 3,324 2,998 56,190 30,241 1,747,505 1,244,966 12. 86,036 69,615 30 4,812 7,000 90,848 76,615 93
12. 25% 15% 15% 1,080,971 387,248 25% 270,243 96,812 (98,260) (37,540) 7,000 7,000 (85,935) 14,108 32,728 (16,750) (23,500) (971) 1,413 1,115 90,848 76,615 94
13. (a) 7 8 121 156 277 1,321 1,028 169 170 2,688 11 17 11 16 55 1,332 1,045 180 186 121 156 3,020 1,332 1,045 180 186 121 156 3,020 95
13. (a) 120 120 155 395 1,414 1,145 167 167 2,893 16 16 12 16 60 1,430 1,161 179 183 120 120 155 3,348 1,430 1,161 179 183 120 120 155 3,348 (b) 35 96
14. 13 1,459 1,245 31 24 1,490 1,269 1,000,000 895,000 1 1 1,000,001 1,500,000 895,001 1,342,500 1 1 15. 16. 961,981 310,633 12,952 (25,811) (5,521) 943,601 310,633 1,203,994,648 1,186,072,075 13,168,899 1,217,163,547 1,186,072,075 97
17. 1,110,734 1,256,700 13,719 7,976 195,918 2,585,047 51 98 142 265,103 265,394 54,631 237,399 86 (292,116) (82) (82) 1,165,365 1,494,150 13,821 8,118 168,905 2,850,359 604 53,433 53 1,762 111,791 167,643 34(a) 266,901 205,336 840 573 328 473,978 90,008 157,505 53 (247,566) (332) (505) (170) (1,007) 1,522,878 1,910,092 14,209 10,336 33,458 3,490,973 (148,044) (283,184) (10,339) (4,569) (446,136) (33,940) (72,073) (1,275) (761) (108,049) 74 74 (181,984) (355,257) (11,540) (5,330) (554,111) (40,187) (88,279) (1,113) (637) (130,216) 299 490 153 942 (222,171) (443,237) (12,163) (5,814) (683,385) 1,300,707 1,466,855 2,046 4,522 33,458 2,807,588 983,381 1,138,893 2,281 2,788 168,905 2,296,248 346,358,000 181,103,000 98
18. 542,468 333,733 12,865 8,229 529,603 325,504 542,468 333,733 33 46 34 45 113,790,000 56,838,000 19. 34(a)) 613,498 613,498 613,498 99
19. 613,498 3% 14% 20. 34(a)) 50,234 188,982 239,216 50,234 188,982 239,216 (1,048) (7,876) (8,924) (1,048) (7,876) (8,924) 49,186 181,106 230,292 100
21. 533,000 94,000 627,000 50,000 1 41% BVI 533,000,000 41.0% BVI 39.0% 34(a) 101
21. 923,483 980,516 (15,851) (385,708) 1,502,440 631,082 800,346 163,427 250,495 742 163,427 251,237 1,502,440 41.0% 616,000 11,000 627,000 102
22. 95,643 60,878 14,235 90 7,396 13,694 117,274 74,662 23. 1,620,046 730,241 24 112,952 9,059 993 12,632 8,838 1,754,689 740,072 120 180 0 60 771,624 388,308 61 120 662,872 341,933 121 180 185,550 1,620,046 730,241 103
24. 219,391 106,439 23 112,952 219,391 1 3 25. 0.01% 1.95%0.01% 1.95% 104
26. 309,911 175,641 11,616 22,883 51,126 28,896 11,828 7,436 7,448 5,761 73,596 8,012 465,525 248,629 30 175,935 80,140 31 90 133,976 95,501 309,911 175,641 30 180 105
27. 660,140 519,631 789,790 362,270 799,197 1,449,930 1,681,098 (660,140) (519,631) 789,790 1,161,467 197,000 110,860 1,252,930 1,570,238 1,449,930 1,681,098 4.35% 5.96% 1.30% 2.6% 2.0% 2.75% 1.75% 2.75% 115% 110% 145% 120% 106
27. ( ) 197,000 110,860 79,621 453,140 121,450 10,000 207,700 660,140 519,631 10,740 741,790 1,127,727 48,000 23,000 789,790 1,161,467 1,449,930 1,681,098 173,000 102,760 1,276,930 1,578,338 1,449,930 1,681,098 346,358 181,103 113,790 56,838 460,148 237,941 107
28. 200.0 20.0 4.5% 4.4625 4.5% 44,817,927 200.0 4.98 4.5% 31,325,301 20.0 108
28. ( ) 170,000 132,600 302,600 (4,932) (4,281) (9,213) (29,085) (10,290) (39,375) 135,983 118,029 254,012 9,584 3,368 12,952 (2,764) (2,073) (4,837) 142,803 119,324 262,127 29,085 10,290 39,375 (20,171) (5,640) (25,811) (513) (171) (684) 8,401 4,479 12,880 37.4% 21.6% 142,803,000 119,324,000 109
28. ( ) 3.38 4.40 3.38 3.93 4.4625 4.4625 4.98 4.98 44% 40% 44% 40% 0.80 1 0.87 1 1.04% 0.72% 1.68% 1.54% 0% 0% 0% 0% 40% 44% 5% 3,475,000 2,719,000 29. 433,580 50.0 3.62% 25.0 6.5% 110
30. 17,500 17,500 12 7,000 7,000 24,500 24,500 34(a) 38,285 38,285 12 7,000 (2,188) 4,812 31,500 36,097 67,597 315,000,000 245,000,000 1,536 3,944 3,744 976 10,200 2,325,356,000 1,984,665,000 111
31. 0.10 10,000,000,000 1,000,000,000 1,186,236,339 118,623,634 a (7,471,000) (747,100) b 76,793,373 7,679,337 1,255,558,712 125,555,871 108,397 102,501 (a) 0.10 3,800,000 1.99 1.85 6,633 2,654,000 3.65 3.54 8,170 9,179,000 3.60 3.54 28,130 15,633,000 42,933 0.10 352,000 1.83 1.78 563 3,319,000 2.01 1.90 5,779 3,671,000 6,342 7,471,000 11,833,000 112
31. (b) 76,793,373 0.01 39.0% 34(a) 151,741,000 6,558,000 145,183,000 2,145,637 1,681,098 (846,343) (465,179) 1,299,294 1,215,919 3,792,192 2,721,403 34% 45% (i) 25% (ii) 25% 113
32. a b c 44,016 257,299 67,866 209,310 1,736,120 2,314,611 310,633 310,633 31(a) (6,342) (6,342) 35,742 (35,742) 44,016 257,299 67,866 (6,342) 245,052 2,011,011 2,618,902 961,981 961,981 31(a) (42,933) (42,933) 31(a) (12,313) 12,975 662 31(b) 145,183 145,183 76,769 (76,769) 176,886 257,299 67,866 (36,300) 321,821 2,896,223 3,683,795 44,016 5,690 (112,635) (62,929) (122,161) (122,161) 31(a) (6,342) (6,342) 44,016 5,690 (6,342) (234,796) (191,432) 17,519 17,519 31(a) (42,933) (42,933) 31(a) (12,313) 12,975 662 31(b) 145,183 145,183 176,886 5,690 (36,300) (217,277) (71,001) a b c 10% 50% 114
33. (a) 1,500 1,253 1,500 1,340 (b) 5,924,000 3,240,000 115
34. (a) 39.0% 151,437,000 1) 22,715,550 76,793,373 2) 68,146,650 3) 60,574,800 24 (i) 17 473,978 221,687 20 239,216 25,946 872,060 271,584 (95,765) (53,221) (153,000) (38,285) 1,764,200 (352,839) 19 613,498 2,024,859 455,220 (ii) 151,740 (iii) 380,159 (iv) 1,037,740 2,024,859 455,220 (271,584) 183,636 116
34. (a) (i) 872,060,000 (ii) (iii) 4.9% 24 (iv) 41.0% 1,037,740,000 694,000,000 343,740,000 5.2 140,703,000 374,639,000 3,269,907,000 1,298,742,000 117
34. (b) 27 1,681,098 (365,313) (81,095) 66,468 (4,228) 153,000 1,449,930 28 254,012 (4,837) 12,952 262,127 29 440,895 (7,315) 11,032 (11,032) 433,580 35. (a) 34(a) 21 987,119 533,000 (b) 4,647 4,871 106 144 4,753 5,015 118
36. 361,000 351,000 73 309 77 73 386 37. 267,513 241,409 20.0% 471,128 119
38. BVI 1 1 100% 100% 50,000 80% 1 10,000,000 100% 100% 10,000 80% * 542,334,612 100% 100% * 583,128,401 80% * 10,000,000 80% * 300,000,000 100% 100% * 128,880,000 100% 100% * 120
38. 20%/20% 1,092,882 1,072,007 (51,097) (208,889) 1,904,903 380,981 374,639 140,703 28,142 128,995 (48,547) (32,097) 48,351 524,986,000 410,242,000 121
39. 215,916 215,916 7,969 215,916 223,885 6,508 43 1,626,045 955,645 134,692 50,997 1,767,245 1,006,685 37,941 6,812 453,140 184,961 262,127 12,880 4,307 770,395 191,773 996,850 814,912 1,212,766 1,038,797 741,790 1,127,728 433,580 1,175,370 1,127,728 37,396 (88,931) 31 108,397 102,501 32 (71,001) (191,432) 37,396 (88,931) 122
40. 22.0 143.4 4.5% 4.4625 5% 41. 123
1,531,102 1,543,920 1,702,664 1,799,488 2,638,825 367,288 322,330 285,840 387,248 1,080,971 (76,822) (49,360) (61,959) (76,615) (90,848) 290,466 272,970 223,881 310,633 990,123 290,466 272,970 223,881 310,633 961,981 28,142 290,466 272,970 223,881 310,633 990,123 3,474,572 3,940,664 4,149,802 4,694,861 7,308,311 (1,326,329) (1,638,716) (1,732,690) (1,973,458) (3,135,138) 2,148,243 2,301,948 2,417,112 2,721,403 4,173,173 2,148,243 2,301,948 2,417,112 2,721,403 3,792,192 380,981 2,148,243 2,301,948 2,417,112 2,721,403 4,173,173 124