00C Book.indb - PDF Free Download

VBG International Holdings Limited * 128,300,000 115,470,000 12,830,000 0.88 0.68 1%0.0027% 0.005% 0.01 8365 32 342C 0.88 0.68 www.hkexnews.hk www.vbg-group.com *

www.vbg-group.com www.hkexnews.hk (1) www.hkeipo.hk (4)....................................... (2)................... (3)................................................................. (2)......................... (5)................................................. www.vbg-group.com www.hkexnews.hk........................ 11..................... ii

(1) www.tricor.com.hk/ipo/result...................................... (6)............................. (6)........................................................... 1 2 10. 3 6. 4 www.hkeipo.hk 5 iii

6 1,000,000 183 22 1,000,000 14. 1,000,000 13. 14. (i) (ii) iv

...................................................................................................................................................................................................................... i ii v............................................................................ 1............................................................................ 15...................................................................... 24...................................................................... 25........................................................................ 27..................................................... 42........................................................ 47........................................................................ 51........................................................................ 53 v

........................................................................ 66............................................................ 84............................................................................ 92........................................................................ 144................................................................ 178............................................................................ 189........................................................................ 192.......................................................... 193.......................................................... 211............................................................................ 219............................................................ 229............................................................ 236........................................................... I-1........................................................................................................................................... II-1 III-1 IV-1......................................... V-1 vi

(i) (ii)(iii) 1 6 153459 26 13,400,00056,000,000 57,400,000 15,400,000 % % % % % 6,360 47.3 22,200 39.7 33,502 58.4 5,075 48.4 12,969 84.4 2,456 18.3 8,518 15.2 984 1.7 4,617 34.4 25,237 45.1 22,891 39.9 5,400 51.6 2,390 15.6 13,433 100% 55,955 100% 57,377 100% 10,475 100% 15,359 100% 1

91.1%51.2%40.7% 61.1% 10 1 22 1 42 1 23 3 2 2 3 2 1 10 14 1 3 15 4 34 1 59 2 26 3

6,360 22,200 33,502 12,969 10 22 42 23 100,000 3,500,000 1,500,000 7,800,000 60,000 450,000 12,000 50,000 2,456 8,518 984 3 2 3 171,622 657,500 406,760 57,207 328,750 135,587 0.5% 3.5% 4,617 21,520 22,790 2,390 3,717 101 2 10 14 3 3% 5% 10,000 6,000,000 4

13,433 55,955 57,377 10,475 15,359 45 10,738 153 83 (3) (3,760) (17,837) (28,276) (33,188) (10,168) (11,574) (4,359) 38,417 20,582 390 3,782 (4,359) 36,357 14,857 390 2,756 10,200,000 56,000,000 36,400,000 (i) (ii) (iii) (iv) 5

(0245.hk) (0127.hk)(0175.hk)(2600.hk) (3888.hk)(2689.hk) 10,000,000,000 26,400,000 34,700,000 (13,646) (18,005) 7,352 (2,211) 24,717 1,724 1,387 7,121 4,710 8,677 57,277 35,356 29,707 16,722 4,628 8,144 7,276 (8,045) 52,649 27,212 22,431 8,000,000 15,900,000 6

(4,197) 27,547 24,518 3,903 (2,733) (42,309) 10,414 10,510 (132) 23,608 (87) (49) 24,000 (13,326) (7,300) (2,865) 5,299 (2,999) 3,161 8,879 6,014 11,313 8,314 6,014 11,313 8,314 11,475 2,700,000 42,300,000 2,700,000(i)4,400,000 184,000 (ii)334,000 (iii)706,000 (iv)1,100,000 42,300,000 (i) 38,400,000 216,000 975,000 10,200,000 (ii)31,800,000 (iii) 252,000(iv)500,000 (v) 37,900,000 7

(32.4)% 65.0% 25.9% 17.9% 0.5 12.4 4.3 4.1 62.0% 35.0% 8.0% 67.3% 43.3% 10.2% 73,400,000 49,000,000 66.8% 6,900,0009.4% 15,100,00020.6% 2,400,000 3.2% 8

73,400,000 0.78 0.68 0.88 0.78 0.680.88 26,700,00011,000,000 15,700,000 8,100,000200,0007,400,000 9

Jayden Wealth 75%Jayden Wealth Jayden Wealth B 12 10

3,600,000 2,600,000 (i) (ii) (iii) (iv) (i) (ii) (ii) 11

(i) (ii) (iii) 10,000,000,000 (0245.hk) (0127.hk) (0175.hk)(2600.hk)(3888.hk) (2689.hk) (8191.hk) (6822.hk) (8290.hk)(1420.hk) (8360.hk) (0127.hk) (0231.hk) E (0185.hk) (0555. hk) (i) (a) 12

(b) (ii) (iii) 20 40 (iv) 20.6% (v) 10,000,000,000 13

0.88 0.68 128,300,000 128,300,000 1 451,616,000 348,976,000 2 0.24 0.19 1. 513,200,000 2. 513,200,000 14

A. 3. 384,899,220 15

22 3 32 622 VBG International Holdings Limited * Jayden Wealth * 16

15 1 2 E. 1. 571N 17

www.hkeipo.hk www.hkeipo.hk Jayden Wealth Jayden Wealth Limited 75% 100% 18

1.0% 0.0027% 0.005% 0.88 0.68 19

1 46 9 115,470,000 20

12,830,000 571 21

0.01 D. 6 22

Cosmopolitan Properties Limited Cosmopolitan Properties and Securities Limited 16 % 23

120(1)121(1) 126 24

13,400,000 56,000,000 57,400,00015,400,000 4,400,000 38,400,000 20,600,0003,800,000 27

18.3%15.2%1.7% 66.8% 1 6 28

6 29

91.1%51.2%40.7% 61.1% 30

2,700,000 42,300,000 8,000,00015,900,000 100 1 6 1,250 321 (i)(ii) (iii) 33

615 35

(a) (b) (c) (d) (e) (f) (g) (h) 0.680.88 0.19 0.24 38

75% 39

571V 42

10% 44B(1) 11.23(7) 25% 128,300,000 25% Vistra Cayman Trust Limited E. 1. E. 12. 44

5,000 8365 1.19 1.00 7.78 1.00 45

William Robert Majcher 12 21 599 1 25 D 1 3 38 B 5 3 D 2 11 G 67-71 1 3 A 47

6 18 1 27 2701 1 4 6 9 152-155 2 02 1 2 18 1 27 2701 1 4 6 9 152-155 2 02 1 2 18 1 27 2701 48

1 4 6 9 152-155 2 02 1 2 18 1 27 2701 128 27 13 A 28 10 10032 Conyers Dill & Pearman Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands 49

18 27 18 42 138 10 625 2 10 399 10 50

P.O. Box 31119 Grand Pavilion Hibiscus Way 802 West Bay Road Grand Cayman KY1-1205 Cayman Islands 39 18 http://www.vbg-group.com 599 1 25 D 3502 599 1 25 D 3502 William Robert Majcher William Robert Majcher 51

William Robert Majcher 6 18 1 27 2701 Vistra Cayman Trust Limited P.O. Box 31119 Grand Pavilion Hibiscus Way 802 West Bay Road Grand Cayman KY1-1205 Cayman Islands 183 22 20 52

614,500 53

(i) (ii) (iii) 17,901.1 13,267.5 15,185.8 16,990.3 25,836.0 16,280.0 63.0 33.5 78.8 165.5 254.7 116.4 54

16,280,000,000,000-1.9% 45 9 20% (6) 1 19,573.1 2 OMX 7,779.1 3 1 (1) 5,061.5 4 2 4,104.0 5 (2) 3,622.4 6 (3) 3,492.6 7 3 3,216.8 8 4 (4) 3,193.2 9 (5) 2,041.5 10 1,732.3 1. 2. 3. EuronextEuronextEuronextEuronext 4. 5. TSX Venture 6. 3,193,200,000,000 55

1,173 1,241 1,261 1,319 1,413 1,496 1,547 1,643 1,752 1,866 1,973 13,337.7 20,697.6 10,298.8 17,874.3 21,077.0 17,537.3 21,950.1 24,042.8 25,071.8 24,684.0 24,761.3 24,800,000,000,000 6.4% 99% 1,1731,973 5.3%87% 56

81 6 3.8% i. ii. iii. iv. v. 57

13 12 23 19 34 45 12 2 8 7 14 6 23 12 45 28.2% 17 9 7 49 58

126 4.5% H 18 6.7% 306 5,656 103 58 63 258 51 26 135 89 78 28 98 166 330 99 74 429 295 230 260 87 46 147 191 2,314 963 1,616 2,945 555 1,833 1,334 1,126 1,463 4,753 12,231 2,308 1,485 67 3,483 4,920 3,183 2,160 2,741 4,429 2,886 6,977 4,590 195,300,000,000 490,100,000,000195,300,000,000294,700,000,000 10 5,000,000,000 126 15 65% 59

94 92 57 32 45 17 67 35 71 39 30 25 246.7 13.1 8.4 81.6 151.5 17.5 24.1 208.3 32.1 231.0 16.4 179.0 1,000,000,000 1,000,000,000 92 10.0%30 25 91.6%7,200,000,000 200,000,000 16,400,000,0004.5% 8.4% 5.0% 100 288 34.4%3 195,300,000,000 68.7% 15 60

1 A 62,931.35 32.2% 2 B 24,148.27 12.4% 3 C 18,789.90 9.6% 4 D 17,264.65 8.8% 5 E 11,040.38 5.7% 48 4,736,000,000 2.4% 42 1 W 13.0% 2 X 10.6% 3 9.0% 4 Z 7.4% 5 7.0% UBS Securities Hong Kong Limited 61

50 55 331.7 326.3 29 30 30 40 173.5 4,110 162.8 3,548 190.7 2,980 214.5 3,358 4,371 4,627 55 50 326,300,000,00013.5% 4,627 206 191 200 272 382 923 42.5 55.4 48.1 52.7 63.9 220.9 142%246% 202 161 62

300265 2025 2025 4.0 100 2025 250,000,000,0008,158 126,000,000,0004,000,000,000,000 63

85 92.6 100.6 108.9 115.3 127.3 8.4% 2% 3.6 4.2 4.4 4.5 4 5.2 64

1,379 2,352 5,200,000,000 30,000 1% 4,000 60% 65

10 2012 66

1 5 10 1 2 3 4 5 6 7 8 9 10 11 67

12 7 9 1. 116 117 3 2. 126 3. 120(1) 120(1)120(2) 121 116 117 68

4. 119 2(1) 155 2(1) (a) (b) 69

129(1) V V V V 155 20 71C 129(2) 129(2)(a) 70

116 117 119 116117 1 6 6 71

1 113(1) 6 72

6 17 17 17 17 6 6 6 73

145 1 6 1 500,000 10,000,000 3,000,000 5,000,000 3,000,000 6 6 100,000 10,000,000 3,000,000 5,000,000 3,000,000 1 74

1 6 10,000,000 3,000,000 11,000,000 3,000,000 138(2) 1 6 4,740 1,790 4,740 75

135571S 132 116 156(1) 156(2) 156(2) 4 5 6 9 56 76

399 7 571I 571I 571O (a) (b) 77

198 10,000,000 3 615 405 455 575 (1) 79

(2) REITIX REIT 80

1. 2. 3. 4. 5. (i) (ii) 82

(1) (2) Jayden Wealth 83

(i) (ii) (iii) 6 1 (i) (ii) 4,631,155 Baron Group Limited Baron Group LimitedBaron Group Limited 6,192,453 84

0231.hk 4 6 9 (i)(ii) 1 (iii) 4 9 1 4 9 8 19 6 9 13,400,00056,000,00057,400,000 15,400,000 85

(i)1 (ii) 6 (1431.hk) (8191.hk) (6822.hk) 19 6 9 15 34 13,400,000 56,000,000 (8290.hk) (1420.hk) 86

50,000 50,000 1.001 1 NovaSage Incorporations (Cayman) Limited 1 Jayden WealthJayden Wealth Baron Group Limited 1 150,000 VBG Capital Holdings Limited VBG Capital Holdings Limited 10,850,000 11,000,000 11,000,000 4 9 6 1 4 9 Capital Builder Investments Limited998 1 360,000Wan s Family Company Limited1 1 Capital Builder Investments Limited Wan s Family Company Limited Wan s Family Company Limited Capital Builder Investments Limited 999 Wan s Group Limited 410,550 Wan s Family Company Limited 1 1 Wan s Group Limited 87

(i) (ii) Wan s Group Limited 1 1,000 VBG Consulting Holdings Limited 200,000 Baron China Limited 200,000 700,000 280,000 1,000,000 Baron China Limited Baron China Limited Baron Asia Limited Baron China Limited 1 Baron Asia Limited 700,000 1,300,000 1,000,000 1,800,000 Baron Asia Limited Baron Asia Limited 88

100% 100% Diamond Wishes Jayden Wealth (PTC) Limited 100% Wan s Family Company Limited 100% Baron Group Limited 100% VBG Capital Holdings Limited 100% 1 6 100% VBG Consulting Holdings Limited 100% Wan s Group VBG Company Limited 100% 100% 100% 100% VBG Properties Limited Baron Group International Limited 100% Baron Asia Limited 100% (a) (b) (c) (d) 50,0001 50,0001 Jayden Wealth 1 Wan s Group Limited1 VBG Company Limited VBG Company Limited 1 Baron Group Limited 1 VBG Capital Holdings Limited Baron Asia Limited 1,300,000 Baron Asia Limited 1,300,000 89

(e) Gather Shine Investments Limited 50,000 1 Gather Shine Investments Limited1 Gather Shine Investments Limited 2.18% Gather Shine Investments Limited Jayden WealthGather Shine Investments Limited Jayden Wealth 100% VBG Capital Holdings Limited 100% 1 6 100% Jayden Wealth 100% 100% VBG Company Limited 100% VBG Consulting Holdings Limited 100% 100% 100% VBG Properties Limited 90

100% Jayden Wealth 75% 25% 100% 100% VBG Company Limited 100% VBG Capital Holdings Limited 100% 1 6 100% VBG Consulting Holdings Limited 100% 100% 100% VBG Properties Limited (i) 39,000,000 0.01 390,000 (ii) Jayden Wealth 780 0.01 (iii) 1.00 7.80 Jayden Wealth 1.00 (iv)1.00 390,000 20,000,000 3,848,992.2 384,899,220 Jayden Wealth 91

(i) (ii)(iii) 1 6 (i) (ii) (iii) (iv) (i) (ii) 92

% % % % % 6,360 47.3 22,200 39.7 33,502 58.4 5,075 48.4 12,969 84.4 2,456 18.3 8,518 15.2 984 1.7 4,617 34.4 25,237 45.1 22,891 39.9 5,400 51.6 2,390 15.6 13,433 100% 55,955 100% 57,377 100% 10,475 100% 15,359 100% (i) (ii)(iii) (i) (ii) (iii) (i)(ii) 93

18 2016 1,115,600,000,000 490,100,000,000 56.1% 50,000,000 (i)(ii)(iii) 94

47.3%39.7%58.4% 84.4% 34.4%45.1%39.9% 15.6% 6,900,000 AF U 95

3 1,800 1,800 10,910 2,456 6,599 19,965 (6,360) (2,456) (4,617) (13,433) 2 6,350 1,982 8,332 (%) 1 50.0% 100.0% 70.0% 61.7% 37,700 8,518 47,438 93,656 (22,200) (8,518) (25,237) (55,955) 2 (2,300) (2,300) 19,550 24,183 43,733 (%) 1 53.2% 100.0% 51.1% 56.1% 65,469 984 30,816 97,269 (33,502) (984) (22,891) (57,377) 2 (16,704) (599) (17,303) 34,813 31,509 66,322 (%) 1 49.0% 100.0% 42.1% 46.4% 96

3 12,665 3,540 16,205 (12,969) (2,390) (15,359) 2 (9,500) (9,500) 25,008 32,658 57,666 (%) 1 34.1% 0.0% 6.8% 21.0% (1) (2) (3) 21 28,599 20,663 9 32,658 23,650 30 61,257 44,313 97

(i) (ii) (iii) (i) 6 (i) (ii) (iii)(iv) (v) 47.3%39.7%58.4% 84.4%50.0% 53.2%49.0% 34.1% (i) (ii) (iii) 98

19 19 6 5 740,600,000 A 1 250 (0674.hk) Longisland Tourism Investment & Development Limited 100 B 2 200 C 3 1,200 C 3 300 99

0231.hk 94.86% 535,000,000 200 B 2 4 1,500 (8191.hk) 5 1,700 1. A 1 4 9 2. B 3. C 4. B 5. 100

C 1 0231.hk 0231.hk 94.86% 535,000,000 Grand Ahead Finance Limited 1,200,000,000 1,000 1,200 0231.hk 433,000,000 (0472.hk) 555,100,000 600 1,000 D 2 200 (3608.hk) 30,700,000 15,000,000 150 101

E 3 3,000 F 4 500 B 5 6 (8290.hk) 7 (1420.hk) 8 (6822.hk) 9 4,650 1,500 1,500 G 10 11 150 H 12 13 1,000 I 14 15 2,800 J 16 17 1,000 1. C 2. D 3. E 4. F 5. B 102

6. B 7. 8. 9. 10. G 11. 12. H 13. 14. I 15. 16. J 17. 103

D 1 F 2 F K 3 (0127.hk) (2379.hk) (0907.hk) Keep Speed Company Limited 10,000,000 12,000,000,000 Golden Century Trade Limited 155,000,000 500 450 600 200 (0231.hk) 800 L 4 600 (1488.hk) 800 104

(1201.hk) 700 (8021.hk) Favourite Number Limited (8195.hk) Favourite Number Limited 1,700 Favourite Number Limited Favourite Number Limited (8195.hk) Favourite Number Limited 750 M 5 3,500 E 6 3,000 (8290.hk) 7 (1420.hk) 8 2,400 G 9 10 H 11 12 105

I 13 14 J 15 16 (8360.hk) 17 4,000 N 18 1,000 O 19 1,000 P 20 500 Q 21 1,000 L 22 2,200 R 23 1,200 S 24 1,250 T 25 750 1. D 2. F 3. K 4. L 5. M Y 6. E 7. 8. 9. G 10. 106

11. H 12. 13. I 14. 15. J 16. 17. 18. N 19. O 20. P 21. Q 22. L 23. R 24. S 25. T 107

(8021.hk) Favourite Number Limited E 1 (0907.hk) Favourite Number Limited (8195.hk)Favourite Number Limited Favourite Number Limited (8195.hk)Favourite Number Limited 2,500 550 2,285 1,100 (0127.hk) 450 O 2 300 P 3 2,000 AO 4 800 1. E 2. O 3. P 4. AO 108

(1253.hk) 40,000,000 120 (0245.hk) 100% 30,000,000 150 (0175.hk) 100 0185.hk Joy Town Inc. 1,332,400,000 300 109

(0128.hk) 60 (3683.hk) Top Build Group Ltd. 54,000,000 250 (0555.hk) 2,150,000,000 260 0185.hk 405,000,000 180 0185.hk 180 (0245.hk) 100% 30,000,000 150 (0175.hk) 180 110

(3663.hk) 50% 330 (0380.hk) 100 (8247.hk) 70 (8277.hk) 270 (0525.hk) 218 (2600.hk) 60% 230 (0555.hk) Multi Glory Limited 220 111

(0525.hk) 229 (3888.hk) 130 (0112.hk) 50% 290 (0680.hk) 10% 250 1466.hk 280 112

(1432.hk) 150 (0176.hk) 250 (0718.hk) 200 0185.hk 90 (i) (ii) (i) (ii) (iii) (iv) (v) 113

(1431.hk) 550 (8191.hk) 360 (6822.hk) 450 (1431.hk) 350 (8191.hk) 480 114

(8290.hk) 540 (3600.hk) 180 (6822.hk) 520 (8191.hk) 344 (1420.hk) 200 (8360.hk) 120 115

(8191.hk) 60 (6822.hk) 200 (3600.hk) 180 (8290.hk) 225 (1420.hk) 250 (8360.hk) 200 (i)(ii) (iii) (iv) 116

(i)100,000 3,500,000(ii) 1,500,000 7,800,000 (iii) 60,000450,000 (iv) 12,00050,000 117

118

(ii) 119

100.0% a) b) c) 120

d) e) 92,000,000 0.36 713 C 30,000,000 1,050 (8191.hk) 177,780,000 0.39 693 121

0472.hk 600,000,000 0.66 1,980 0231.hk 433,000,000 6,538 (8290.hk) 500,000,000 0.20 (1420.hk) 0.88 250,000,000 37,500,000 600 (8360.hk) 0.64 120,000,000 384 4,650,000 122

0.5% 3.5% (iii) (i)(ii) (iii)(iv) (v) 70.0%51.1%42.1% 6.8% 123

U 4,527 V 90 W 6,000 X 3,500 Y 3,500 Z 1,000 AA 5,000 124

AB 2,400 AC 3,640 AD 77 V 120 AE 3D 3,000 AF 2,170 125

AG 1 200 AG 2,000 V 30 AH 3,000 AI 3,236 AJ 800 AK 2,000 AL 1,500 AM 1,200 126

AN 2,000 U 1,653 AD 102 2 1. 2. AG 800 AP 90 AQ 1,500 127

3% 5% 500,000 6,000,000 10,000 6,000,000 91.1%51.2%40.7% 61.1% 33.7%16.7%7.8% 16.3% 128

% 1 U 4,527 33.7 2 (8191.hk) 2,753 20.5 3 C 2,550 19.0 4 B 1,700 12.7 5 713 5.3 12,243 91.1 % 1 0231.hk 9,338 16.7 2 W 6,000 10.7 3 AA 5,000 8.9 129

% 4 (8290.hk) 4,650 8.3 5 AC 3,640 6.5 28,628 51.2 % 1 (8360.hk) 1 4,504 7.8 2 M 3,500 6.1 3 AI 3,236 5.6 4 (1420.hk) 2 3,200 5.6 5 AE 3,000 5.2 5 E 3,000 5.2 5 AH 3,000 5.2 23,440 40.7 1. 2. 130

% 1 (8021.hk) 2,500 16.3 2 E 2,285 14.9 3 P 2,000 13.0 4 AQ 1,500 9.8 5 (0907.hk) 1,100 7.2 9,385 61.1 5% 131

132

1,900,0001,500,000 1. 1,900,000 4,500,000 2. 1,400,000 3,200,000 3. 100,000 (iii) 133

1 4 5 6 6 12 1 6 145 134

288 6 1266 2,009 68.7% (i) (ii) 135

(i) 136

(ii) 12.2 137

(i) (ii)(iii) (iv) 138

a) b) c) d) e) 139

(iii) (iv) 140

(i)282 87,000120,000 103,000 39,000 141

www.vbg-group.com VBGB. 2. B. 2. 39 18 359,172 15 14 902 1107 32,933 32L 6 142

4 4 4 4 4 10 19 20 21 20 3 3 2 2 2 5 4 4 4 4 22 30 30 31 30 143

(i) (ii)(iii) 47.3%39.7%58.4% 84.4% 13,400,000 3.3 57,400,000 (4,400,000)36,400,00014,900,000 2,800,000 10,400,00058,700,00042,500,000 34,400,000 144

A. 4. 5 2 B 3 145

B 3 13,301,000,000,000 449,000,000,000 90,000,000,000 146

6 288 33 13 2 147

13,433 55,955 57,377 10,475 15,359 45 10,738 153 83 (3) (3,760) (17,837) (28,276) (33,188) (10,168) (11,574) (4,359) 38,417 20,582 390 3,782 (2,060) (5,725) (1,026) (4,359) 36,357 14,857 390 2,756 10,242 (3,760) (280) 880 3,760 (10,242) (280) 880 (4,359) 36,357 14,857 110 3,636 148

13,400,00056,000,000 57,400,000 15,400,000 6,360 22,200 33,502 5,075 12,969 2,456 8,518 984 4,617 25,237 22,891 5,400 2,390 13,433 55,955 57,377 10,475 15,359 (i) (ii) (iii)(iv) (v) 47.3%39.7%58.4% 84.4% 149

3,200 12,600 15,300 2,000 3,100 2,250 7,650 13,600 1,300 6,885 670 2,698 1,110 1,869 910 1,280 1,904 665 1,115 6,360 22,200 33,502 5,075 12,969 18.3%15.2%1.7% (i) (ii) 34.4%45.1%39.9% 15.6% 150

7 4 (366) 89 89 (150) 45 (14) (19) 41 13 8 1 2 10,242 975 4 17 7 7 14 45 10,738 153 83 (3) 151

9,668 18,514 16,754 6,777 8,313 4,226 4,265 4,586 1,963 1,934 2,065 1,887 155 78 39 9 1,400 1,238 358 8 1,869 2,210 2,363 992 1,083 17,837 28,276 25,096 10,168 11,377 8,092 197 17,837 28,276 33,188 10,168 11,574 54.2%65.5%50.5% 71.8% 23.7% 15.1%13.8% 16.7% 11.6%6.7%0.5% 0.3% 0.1%5.0%3.7% 0.1% 24.4% 1.7% 152

523 523 539 220 227 172 183 198 78 87 254 212 516 219 160 184 216 233 97 104 131 145 (19) 90 605 931 896 378 415 1,869 2,210 2,363 992 1,083 16.5% 25% 5.4%27.8% 27.1% 153

13,400,00042,500,000 3.2 56,000,000 15,800,0006,100,00020,600,000 15 34 10 22 3 2 2 10 15 34 56,000,000 36,400,000 (i) (ii) (iii) (iv) 154

0245.hk 0127.hk0175.hk2600.hk 3888.hk(2689.hk) 10,000,000,000 26,400,000 34,700,000 8,500,000 1,000,000 5 14 3,000,001 1 7 1,000,001 3,000,000 4 7 1,000,000 10 20 15 34 155

45,00010,700,000 237.6 10,700,000 10,200,0001,000,000 15 10% 17,800,000 10,400,000 58.5% 28,300,000 (i) 8,800,000 91.5% 90% (ii) 1,400,000 2,100,000 5.4% 156

4,400,000 40,700,000 56,000,0001,400,0002.5% 57,400,000 34 59 22 42 2 3 10 14 34 59 1,000,000 14 18 3,000,001 7 3 1,000,001 3,000,000 7 15 1,000,000 20 41 34 59 157

(i) (ii) (iii) 10,000,000,000 0245.hk 0127.hk0175.hk 2600.hk3888.hk (2689.hk) 0127.hk 0231.hk E 0185.hk 0555.hk (i) (ii) 10,700,000 10,500,000 98.1% 200,000 10,200,000 1,000,000 28,300,000 4,900,000 17.3% 33,200,000 8,100,000 24.4%. 158

28,300,000 3,200,000 11.3% 25,100,000 (i) (ii) 2,100,0003,700,000 177.9%5,700,000 5.4% 27.8% 36,400,00021,500,00014,900,000 10,500,000 4,900,000 46.6% 15,400,000 15 23 1 4 3 20 26 159

1,000,000 3,000,001 1,000,000 3,000,000 2 5 1,000,000 18 21 20 26 83,000 3,000 10,200,000 1,400,000 13.8% 11,600,000 1,500,00022.7% 14.8% 160

1,000,000 1,000,000 27.1% 400,0002,400,000 2,800,000 4,400,000 38,400,000 20,600,000 3,800,000 13,433 55,955 57,377 15,359 (4,359) 38,417 20,582 3,782 (10,242) (975) 3,760 8,092 197 (4,359) 27,200 32,434 3,979 48.6% 56.5% 25.9% 68.7% 35.9% 24.6% 161

27,200,0005,200,00019.1% 32,400,000(i)1,400,000 (ii)3,200,000 56.5% 25.9% (13,646) (18,005) 7,352 (2,211) 24,717 8,600,000 5,000,000 13,600,000 4,400,000 VBG Capital Holdings Limited VBG Capital Holdings Limited (i) (ii) VBG Capital Holdings Limited 162

VBG Capital Holdings Limited VBG Capital Holdings Limited VBG Capital Holdings Limited 10,100,000 6,000,000 2,400,000 (i) (ii) (a) (b) (c) 163

164

8,879 6,014 11,313 8,314 (2,733) (42,309) 10,414 10,510 (132) 23,608 (87) (49) 24,000 (13,326) (7,300) (2,865) 5,299 (2,999) 3,161 6,014 11,313 8,314 11,475 165

2,700,000 (i)4,400,000184,000 (ii) 334,000 (iii)706,000 (iv) 1,100,000 42,300,000 (i)38,400,000216,000 975,000 10,200,000(ii) 31,800,000(iii)252,000 (iv) 500,000 (v) 37,900,000 10,400,000 (i)20,600,000 233,000(ii) 3,800,000(iii)4,300,000(iv) 617,000 (v) 219,000 (vi) 17,900,000 10,500,000 (i)3,800,000104,000(ii) 8,800,000 (iii) 555,000 (i) (ii) 22,500,000 (iii) 1,300,000 (i)11,000,000 (ii) 35,000,000 13,300,000 7,300,000 166

350 176 157 151 2,663 34,431 26,866 18,075 13,913 11,183 6,014 11,313 8,314 11,475 13,734 8,677 57,277 35,356 29,707 27,798 821 1,073 456 1,303 3,231 15,901 1,495 2,060 7,688 5,973 5,630 16,722 4,628 8,144 7,276 8,861 (8,045) 52,649 27,212 22,431 18,937 8,000,000 52,600,00027,200,000 22,400,000 8,000,000 15,900,000 36,400,00035,000,000 11,000,000 8,000,000 52,600,000 52,600,000 25,400,000 27,200,000(i) 11,200,000(ii)13,300,000(iii) 6,400,000 167

27,200,0004,800,000 22,400,000 (i) 8,800,000 (ii) 7,300,000 (iii) 2,700,000 18,900,000 350,000176,000 157,000 80 31,420 25,659 13,744 501 646 2,261 2,351 2,082 2,365 2,182 1,980 2,663 34,431 30,102 18,075 (3,236) # 2,633 34,431 26,866 18,075 # 168

30 40 28,400 24,449 2,642 31 60 40 140 380 4,887 61 90 1,040 400 65 90 1,840 430 6,150 80 31,420 25,659 13,744 74.4% Baron Group Limited 11,183 6,000,00011,300,000 8,300,000 11,500,000 169

Baron Group Limited 13,305 Wan s Group Limited 2,596 1,495 15,901 1,495 15,900,000 1,500,000Baron Group Limited 12 170

2,625 4,624 4,804 4,598 11 6,824 2,514 718 2,636 11,448 7,318 5,316 171

132,000240,00091,00049,000 (1) (32.4)% 65.0% 25.9% 17.9% (2) 0.5 12.4 4.3 4.1 (3) (4) (5) 62.0% 35.0% 8.0% (6) 67.3% 43.3% 10.2% (1) 100% (2) (3) (4) (5) 100% (6) 100% 172

(32.4)% 65.0% 3.2 58.5% 0.5 12.4 4.3 4.1 62.0%35.0% 8.0% 67.3%43.3% 10.2% 173

24 10% 35,00018,00016,000 10% 264,000 352,000 174

7.31 1 2 3 0.68 27,141 69,731 96,872 0.19 0.88 27,141 93,595 120,736 0.24 175

1. 27,141,000 2. 8,289,000 128,300,000 0.68 0.88 3. 513,200,000 4. 0.780.68 0.88 26,700,00011,000,000 15,700,000 8,100,000 200,0007,400,000 11,000,000 24,400,000 10,800,000 7,300,0003,500,000 Gather Shine B 12 176

455,000 17.15 17.21 17.15 17.21 177

Jayden Wealth 75%Jayden Wealth Jayden Wealth 178

179

1. 18 1 1 2 2 25 16 23 7 4 3 3 1 4 1. D 2. A C 3. B D A 4. A 180

A (8191.hk) 1,700,000 693,342 B 712,620 C (6822.hk) 1,500,000 D (8290.hk) 4,650,000 60 A (472.hk) 1,980,000 181

2. (100%) (63.1%) (36.9%) (60%) (40%) 0231.hk(100%) 7.88% 2.61% 3. 182

4. Wan Chuen Hing Wan Chuen Hing 5. Mega Expo Holdings Limited1360.hk 7,300,000 12,264,000 22,506,000 Wan s Family Company Limited 0231.hk 40,000,000 6,400,000 3,760,000 15 6. 183

1. a. b. c. d. e. 1 184

2. 60% 7.88% 5% 3. 4. Wan Chuen Hing Wan Chuen Hing Wan Chuen Hing 185

5. (i) (ii) 6. 1 11.04 1 4 6 9 (i)(ii) (iii)(iv) 11.04 186

Jayden Wealth Jayden Wealth Limited Jayden Wealth Jayden Wealth 5% Jayden Wealth Jayden Wealth 30% Jayden Wealth 187

(a) (b) (c) (d) (e) (f) (g) 20 188

2,000,000,000 20,000,000 780 7.8 384,899,220 3,848,992.2 128,300,000 1,283,000 513,200,000 5,132,000 11.23(7) 25%128,300,000 25% 189

D. (a) (b) 20% (a) (b) (c) A. 3. 190

10% A. 6. (a) (b) (c) A. 6. 191

XV 2 3 10% (%) (%) Jayden Wealth 780 100% 780 100% 384,900,000 75% Jayden Wealth Jayden Wealth XV 2 3 10% 192

35 36 67 62 193

55 William Robert Majcher 54 35 Jayden Resources Inc. Jayden Resources Inc. Jayden Resources Inc. 0612.hk 194

Jayden Resources Inc. Jayden Resources Inc.Jayden Resources Inc. Jayden Resources Inc. Jayden Resources Inc. 100% Wan s Family Company Limited Skysail Worldwide Group Limited Gather Gains Global Holdings Limited International Gold Profit Limited Band One International Limited Best Faith Holdings Limited Baron Asset Management (GP) Limited Capital Builder Investments Limited 195

Jayden Resources Inc. JDN XV C. 1. 1 6 118,000,000 116,820,000 Baron Group LimitedBaron Group Baron GroupBaron Group 6,192,453 196

Wan's Family Company LimitedWFCL (i) (ii) (iii) WFCL 5.01 5.02 197

(iv) (v) (vi) (a) Jayden Resources Inc. (b) (vii) 5.01 5.02 36 6 1 1 6 Bright Music Limited Bates Hong Kong Limited Jayden Resources Inc. United Silver Corp.United Silver Corp. 198

United Silver Corp. 6,300,000 United Silver Corp. United Silver Corp. United Silver Corp. United Silver Corp. United Silver Corp.HUSC, LLCHUSC 6,300,000HUSC United Silver Corp. HUSC United Silver Corp. Hale Capital PartnersHUSC United Silver Corp. 2,000,000 United Silver Corp. United Silver Corp. United Silver Corp. United Silver Corp. United Silver Corp. United Silver Corp.United Silver Corp. United Silver Corp. United Silver Corp. HUSC United Silver Corp. HUSC United Silver Corp. 199

United Silver Corp. United Silver Corp. HUSC United Silver Corp. (i) (ii) United Silver Corp. United Silver Corp. United Silver Corp. United Silver Corp. (iii) United Silver Corp. 5.01 5.02 (iv) (v) United Silver Corp. 5.01 5.02 200

67 12 Absolute Investment Management (HK) Limited Baron Asset Management Limited 1 4 6 9 9 1 4 4 9 6 1 4 6 9 Wan s Family Company Limited 62 30 Bank of America Merrill Lynch 201

55 29 0475.hk 0860.hk 0273.hk 0129.hk 202

Mega Expo Holdings Limited (1360.hk) 0139.hk 0913.hk 1 2 0475.hk 1. 2. William Robert Majcher54 Majcher Royal Canadian Mounted Police (RCMP) Majcher 203

Majcher 8020.hk 1048.hk MR8 Evolving Gold Corporation EVG EV7 Pan American Goldfields Ltd. MXOM 1 0261.hk 2 204

1. Majcher Pan American Goldfields Ltd. 2. Majcher 17.50(2) (i) (ii)c. 1. XV(iii) 17.50(2)(iv) 5.28 5.29 C.3.3 (i) (ii)(iii) (iv) (v) William Robert Majcher 205

5.34 B1.2 (i) (ii) (iii) William Robert Majcher A.5.1. A.5.2. (i)(ii) (iii)(iv) (v) William Robert Majcher William Robert Majcher Bank of America Merrill Lynch 206

William Robert Majcher 35 35 Jayden Resources Inc. JDN 207

5.19 1,100,0003,400,0001,400,000 400,000 D. 208

D. 1,500,0002,800,0001,900,000800,000 2,600,000 6,800,00012,400,000 8,900,0004,400,000 900,0002,800,0001,200,000200,000 86,00067,000 73,000 30,000 9,700,000 18,500,00016,800,000 8,300,000 485 209

2. 6A.19 6A.23 (i) (ii) (iii) (iv) 17.11 18.03 210

0.78 0.68 0.88 73,400,000 66.8% 49,000,000 50,000,000 211

3,000,000 212

50,000,000 9.4% 6,900,000 213

20.6% 15,100,000 AF U 3.2% 2,400,000 214

0.78 0.68 0.88 73,400,000 49.0 49.0 0.2 1.5 1.7 1.7 1.8 6.9 0.3 2.1 3.6 3.7 5.4 15.1 0.4 0.5 0.5 0.5 0.5 2.4 215

1 A i) ii) iii) 1 2 B i) ii) iii) 1 2 3 C i) ii) iii) 1 2 3 1 2 3 216

12,400,000 i. ii. iii. iv. v. vi. vii. 217

viii. ix. x. xi. xii. xiii. 73,400,0000.78 0.68 0.88 218

12,830,000 (a) (b) 219

(i) (a) (b) (c) (d) (e) (f) (g) 220

(h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r) (i)(ii) 221

(s) (t) (u) (v) (w) (x) (a) (b) (c) (i) (ii) 222

(ii) (a) (b) (c) (d) (e) (f) (g) 223

(a) (b) (c) 17.29(1) 17.29(4) 17.29(1) 17.29(4) 10.07 (2) (a) (b) 224

(d) (a) (b) (a) (b) (a) 13.16A (i) (ii) (iii) 13.16A (ii) (i) 225

(b) 24 (i) (ii) 13.18(1) 13.18(4) 17.43(1) (4) (i) 17.29 (i) (ii) (iii) (iv) 226

7% 0.78 20,000,000 6A.07 227

11.23(7) 25% 228

a. 12,830,000 b. 115,470,000 12,830,000 10% 2.5% 229

6,415,000 6,415,000 5,000,000 5,000,000 6,415,000 12,830,00050% (a) 3 5 38,490,000 30% 230

(b) (c) (d) 5 10 51,320,000 40% 10 15 64,150,000 50% 15 128,300,000 100% 231

115,470,000 90% 22.5% 232

0.88 0.68 0.88 5,000 4,444.34 0.88 www.hkexnews.hk www.vbg-group.com 233

www.hkexnews.hkwww.vbg-group.com 30 1. 2. 234

3. www.hkexnews.hk www.vbg-group.com 155 (i) (ii) 5,000 8365 235

1. www.hkeipo.hk 2. 18 S (i) (ii) 236

3. (i) (ii) www.hkeipo.hk (i) (ii) 237

(i) 152-155 2 02 18 1 27 2701 (ii) 10 98 G3-G5 62-66 8 1 238

10. 4. (i) (ii) (iii) 239

(iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (i) (ii) S S 902 (h)(3) (xiii) (xiv) 240

(xv) (xvi) (xvii) (xviii) (xix) (i) (ii) 241

5. www.hkeipo.hk www.hkeipo.hk 24 10. 40 40 342E 242

6. 2979 7888 (https://ip.ccass.com) 8 1 (i) 243

(ii) 244

40 245

5,000 5,000 (1) (1) (1) (1) (1) 246

24 10. 40 40 342E 7. 247

(i) (ii) 8. 248

9. 5,000 5,000 www.hkeipo.hk 10. 249

11. www.vbg-group.com www.hkexnews.hk www.vbg-group.com www.hkexnews.hk 24 www.tricor.com.hk/ipo/result 3691 8488 250

12. (i) 40 342E (ii) (iii) 251

(iv) 50% 13. 0.88 252

14. (i) (ii) 253

(i) 1,000,000 183 22 1,000,000 (ii) 1,000,000 1,000,000 254

(iii) 1,000,000 183 22 1,000,000 (iv) 255

256

15. 257

42 ND FLOOR, CENTRAL PLAZA, 18 HARBOUR ROAD, WANCHAI, HONG KONG 10TH FLOOR, ALLIED KAJIMA BUILDING, 138 GLOUCESTER ROAD, WAN CHAI, HONG KONG VBG International Holdings Limited * 22 3 * I-1

% % % % % VBG Company Limited VBG Company 1 100 100 100 100 VBG Capital Holdings Limited VBG Capital Holdings 1 100 100 100 100 100 11,000,000 100 100 100 100 100 1 6 VBG Consulting Holdings LimitedVBG Consulting 1 100 100 100 100 1,000 100 100 100 100 100 VBG Properties Limited VBG Properties ^ 1 100 100 100 100 100 1,300,000 100 100 100 100 100 Gather Shine Investments Limited Gather Shine 1 100 Gather Shine Gather Shine ^ I-2

B 1 3.340 B 2 B 2 3.340 B 2 I-3

A. 5 13,433 55,955 57,377 10,475 15,359 6 45 10,738 153 83 (3) 15 (3,760) (17,837) (28,276) (33,188) (10,168) (11,574) 7 (4,359) 38,417 20,582 390 3,782 10 (2,060) (5,725) (1,026) (4,359) 36,357 14,857 390 2,756 10,242 (3,760) (280) 880 3,760 (10,242) (280) 880 (4,359) 36,357 14,857 110 3,636 I-4

13 360 14 1,364 1,387 1,245 1,190 15 2,640 3,520 17 3,236 1,724 1,387 7,121 4,710 16 350 176 157 17 2,663 34,431 26,866 18,075 18 11,183 6,014 11,313 8,314 11,475 8,677 57,277 35,356 29,707 821 1,073 456 1,303 18 15,901 1,495 2,060 7,688 5,973 16,722 4,628 8,144 7,276 (8,045) 52,649 27,212 22,431 (6,321) 54,036 34,333 27,141 20 21 (6,321) 54,036 34,333 27,141 (6,321) 54,036 34,333 27,141 I-5

22(a) 2,206 2,206 22(b) 6,267 6,030 708 8,473 8,944 22(b) 8,473 8,489 455 455 20 22(c) 455 455 I-6

21 21 21 10,292 1,392 (13,646) (1,962) (4,359) (4,359) 10,292 1,392 (18,005) (6,321) 10,292 1,392 (18,005) (6,321) 36,357 36,357 10,242 10,242 (10,242) (10,242) 36,357 36,357 35,000 35,000 12 (11,000) (11,000) 35,000 (11,000) 24,000 45,292 1,392 7,352 54,036 I-7

21 21 21 45,292 1,392 7,352 54,036 14,857 14,857 (3,760) (3,760) 15 3,760 3,760 14,857 14,857 (10,140) (10,140) 12 (24,420) (24,420) (10,140) (24,420) (34,560) 35,152 1,392 (2,211) 34,333 I-8

21 21 21 35,152 1,392 (2,211) 34,333 2,756 2,756 880 880 880 880 880 2,756 3,636 (35,000) 35,000 12 (10,828) (10,828) (10,828) (10,828) 152 1,392 880 24,717 27,141 45,292 1,392 7,352 54,036 390 390 (280) (280) (280) (280) (280) 390 110 45,292 1,392 (280) 7,742 54,146 I-9

(4,359) 38,417 20,582 390 3,782 (41) (13) (8) (1) (2) 184 216 233 97 104 (7) (4) (975) (10,242) 3,760 19 1 150 (45) 14 19 (4,197) 27,547 24,518 500 3,903 (334) (31,768) 4,329 28,078 8,791 (500) 219 218 1,051 (37,853) (9,985) (17,946) (7,971) 706 252 (617) 105 555 (2,774) (42,322) 10,503 10,945 13,249 41 13 8 1 2 (97) (2,741) (2,733) (42,309) 10,414 10,946 10,510 7 4 (132) (240) (91) (18) (49) 22,506 1,335 (132) 23,608 (87) (18) (49) I-10

35,000 12 (11,000) (13,326) (7,300) 24,000 (13,326) (7,300) (2,865) 5,299 (2,999) 10,928 3,161 8,879 6,014 11,313 11,313 8,314 6,014 11,313 8,314 22,241 11,475 I-11

B. 1. VBG International Holdings Limited* 22 3 P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands 39 18 Jayden Wealth LimitedJayden Wealth * I-12

% % % % % VBG Company LimitedVBG Company 1 100 100 100 100 (i) VBG Capital Holdings Limited VBG Capital Holdings 1 100 100 100 100 100 (i) (iv) 11,000,000 100 100 100 100 100 1 6 (ii) VBG Consulting Holdings LimitedVBG Consulting 1 100 100 100 100 (i) (vii) 1,000 100 100 100 100 100 (iii) VBG Properties LimitedVBG Properties 1 100 100 100 100 100 (i) (v) Gather Shine Investments Limited Gather Shine 1,300,000 100 100 100 100 100 1 100 12 12 (vi) (i) I-13

(i) (ii) (iii) 18 Cosmopolitan Properties and Securities Limited Cosmopolitan Properties and Securities Limited (iv) (v) (vi) (vii) VBG Capital Holdings Baron Global Asset Management Limited Baron Global Asset Management LimitedVBG Capital Holdings Limited VBG Properties Baron Properties Holding Limited Baron Properties Holding LimitedVBG Properties Limited VBG Consulting Wan s Enterprises Limited Wan s Enterprises Limited VBG Consulting Holdings Limited 2. I-14

3. I-15

1) (i) (ii) I-16

10 5 5 5 I-17

(i)(ii) (a)(b) 1) (i)(ii) (iii) 2) I-18

3) 4) I-19

I-20

I-21

I-22

(a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) I-23

(v) (vi) (a) (vii) (a)(i) (viii) (a) (b) (c) I-24

3,760,000 3,760,0003 7 (1) (2) 12 (1) 15 (3) 15 9 (3) 16 (4) (1) (2) (3) (4) I-25

15 16 15 15 15 15 15 15 I-26

16 16 16 328 28 2,636,00011,448,000 7,318,000 5,316,000 16 16 4,226,0004,265,000 4,586,0001,963,000 1,934,000 16 I-27

4. (a) 13,433 52,238 57,276 10,475 15,359 3,717 101 13,433 55,955 57,377 10,475 15,359 (b) 1,334 1,348 1,220 1,169 30 39 25 21 1,364 1,387 1,245 1,190 I-28

10% A 4,527 1,653 B 2,753 480 344 200 60 C 2,550 D 200 9,338 800 E 1,700 F 6,000 G 2,170 2,170 H 3,000 3,000 I 3,000 3,000 2,285 J 500 2,000 K 1,700 2,500 L 1,500 11,730 18,818 13,167* 5,370 8,345 * 10% 5. 6,360 22,200 33,502 5,075 12,969 2,456 8,518 984 4,617 25,237 22,891 5,400 2,390 13,433 55,955 57,377 10,475 15,359 I-29

6. 7 4 (366) 89 89 (150) 45 (14) (19) 41 13 8 1 2 10,242 975 4 17 7 7 14 45 10,738 153 83 (3) 7. 9,408 18,138 16,336 6,615 8,115 260 376 418 162 198 9,668 18,514 16,754 6,777 8,313 18 24 22 13 32 184 216 233 97 104 131 145 (19) 90 3,760 19 1 8,092 197 4,226 4,265 4,586 1,963 1,934 I-30

8. William Robert Majcher 1,268 17 1,285 200 20 11 231 William Robert Majcher 1,468 20 28 1,516 I-31

1,640 1,000 18 2,658 60 40 5 105 William Robert Majcher 1,700 1,040 23 2,763 1,890 18 1,908 William Robert Majcher 1,890 18 1,908 I-32

770 8 778 William Robert Majcher 770 8 778 800 8 808 William Robert Majcher 800 8 808 I-33

9. 1 1 1 1 1 4 4 4 4 4 5 5 5 5 5 4,514 7,939 5,765 2,004 3,375 921 1,800 1,186 1,186 200 69 49 55 27 23 5,504 9,788 7,006 3,217 3,598 1,000,000 3 1 1 3 3 1,000,001 1,500,000 1 1 1 1,500,001 2,000,000 1 1 2,000,001 2,500,000 1 3,000,001 3,500,000 1 3,500,001 4,000,000 1 5,000,001 5,500,000 1 I-34

10. 16.5% 25% 2,060 5,725 790 236 2,060 5,725 1,026 (4,359) 38,417 20,582 390 3,783 (817) 6,554 3,277 15 563 374 359 1,998 46 54 (162) (7) 236 461 329 712 179 (4,301) (779) (18) (390) 128 6 (6) 2,060 5,725 1,026 5.4% 27.8% 27.1% I-35

11. 2 12. 11,000 24,420 10,828 2 13,326,000 11,094,000 7,300,000 3,528,000Gather ShineGather Shine Gather ShineGather Shine 25 13. 360 360 (360) 360 1,335,000 975,000 I-36

14. 1,220 141 74 1,435 6 126 132 (123) (30) (31) (184) (19) (19) 1,097 117 150 1,364 1,230 166 210 576 2,182 (133) (49) (60) (576) (818) 1,097 117 150 1,364 1,097 117 150 1,364 65 16 159 240 (127) (33) (56) (216) (1) (1) 1,035 99 253 1,387 1,295 181 369 576 2,421 (260) (82) (116) (576) (1,034) 1,035 99 253 1,387 1,035 99 253 1,387 91 91 (130) (34) (69) (233) 905 65 275 1,245 1,295 181 460 576 2,512 (390) (116) (185) (576) (1,267) 905 65 275 1,245 I-37

905 65 275 1,245 19 14 16 49 (54) (16) (34) (104) 870 63 257 1,190 1,314 195 476 576 2,561 (444) (132) (219) (576) (1,371) 870 63 257 1,190 1,035 99 253 1,387 18 18 (54) (14) (29) (97) 981 85 242 1,308 1,295 181 387 576 2,439 (314) (96) (145) (576) (1,131) 981 85 242 1,308 I-38

15. 2,640 3,520 12,264,000 7,300,000 22,506,000 10,242,000 6,400,000 40,000,000 3,760,000 3,760,000 880,000 16. 350 176 157 I-39

17. 80 31,420 25,659 13,744 501 646 2,261 2,351 2,082 2,365 2,182 1,980 2,583 3,011 4,443 4,331 2,663 34,431 30,102 18,075 (3,236) # 2,663 34,431 26,866 18,075 # 3,528,000 Gather Shine Gather Shine 3,528,000 1 30 40 28,400 24,449 2,642 31 60 40 140 380 4,887 61 90 1,040 400 65 90 1,840 430 6,150 80 31,420 25,659 13,744 I-40

40 28,400 24,449 2,642 30 40 140 380 4,887 31 60 1,040 400 65 61 90 40 30 90 1,800 400 6,150 40 3,020 1,210 11,102 80 31,420 25,659 13,744 18. Baron Group Limited 11,183 Baron Group Limited 13,305 Wan s Group Limited 2,596 1,495 15,901 1,495 I-41

9,688,000 19. 64,299 41,812 41,812 41,812 2,154 1,316 2,029 66,453 41,812 43,128 43,841 5 787 1,367 1,316 1,316 713 2,154 1,316 2,029 20. 50,000 50,000 1 1 I-42

21. I-7 I-9 1,300,000 1,300,000 35,000,000 3 3 22. (a) VBG Company 100% (b) I-43

24. (a) 100 (b) 8 25. Gather Shine 3,528,000 Gather Shine Gather ShineGather Shine 12 Gather Shine 3,528 (3,528) Gather Shine 3,528,000 I-45

26. 2,162 33,785 27,841 17,749 11,183 6,014 11,313 8,314 11,475 8,176 56,281 36,155 29,224 I-46

100%19%14% 25% 100%69%54% 75% 10% 35,00018,00016,000 10% 264,000 352,000 3 I-47

27. 13 1 2 1 3 (a) 1 2,640 3,520 350 176 157 350 2,816 3,677 (b) I-48

28. 2,625 4,624 4,804 4,598 11 6,824 2,514 718 2,636 11,448 7,318 5,316 29. 30. C. I-49

A. 7.31 1 2 3 0.68 27,141 69,731 96,872 0.19 0.88 27,141 93,595 120,736 0.24 1. 27,141,000 2. 8,289,000 128,300,000 0.68 0.88 II-1

3. 513,200,000 4. II-2

B. 42 ND FLOOR, CENTRAL PLAZA, 18 HARBOUR ROAD, WANCHAI, HONG KONG 10TH FLOOR, ALLIED KAJIMA BUILDING, 138 GLOUCESTER ROAD, WAN CHAI, HONG KONG VBG International Holdings Limited * II-1 II-2 II-1 II-2 7.317 7 * II-3

1 7.31(7) 3420 7.31 7 II-4

(a) (b) (c) 7.31(1) 39 18 II-5

22 3 1. (a) (b) 27(2) 2. (a) (i) (ii) III-1

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

(30) (v) (vi) (vii) (20%) III-3

(14) (20%) (b) (i) III-4

(aa) (bb) (cc) (6) (dd) (ee) (ff) (ii) (a) (b) III-5

(iii) (iv) (v) III-6

(vi) (vii) 622 (viii) III-7

(aa) (bb) (cc) III-8

(dd) (ee) (c) (d) (e) (i) (15) III-9

(ii) (iii) (15) (18) III-10

(iv) (21) (20) (14) (10) (aa) (bb) (cc) (dd) (ee) (ff) (gg) (20%) (v) III-11

(vi) (f) (21) III-12

(g) (i) (ii) (a) (b) III-13

(h) (2) 2.50 1.00 (i) 3(f) (j) III-14

(i) (ii) (k) 3. (a) III-15

(b) (a) (b)(c) 37 (d)(e) (c) (d) III-16

(e) (f) (a)(b) (c) III-17

(a) (b) (c) (d) (g) (h) (i) (ii) (iii) III-18

(i) (j) 6 (1) (2) (k) (l) (m) III-19

(n) (o) (60) (p) (a)(b) (c) III-20

21 (q) (75%) (r) (4) (90%)(4)(2) (1) (s) III-21

4. Conyers Dill & Pearman III-22

A. 1. 39 18 16 599 1 25 D 3502 2. (a) (b) 50,000 50,000 1.00 1.00 Jayden Wealth Limited (i)39,000,000 390,000(ii)7800.01 Jayden Wealth(iii) Jayden Wealth1.00 7.801.00 (iv) 1.00 (c) 1,961,000,000 390,000 20,000,000 (d) 513,200,000 1,486,800,000 IV-1

(e) (f) 3. (a) (b) (c) 1,961,000,000 0.01 390,000 39,000,0000.01 20,000,000 2,000,000,000 0.01 (i) (ii) (iii) 30 (i) (ii) IV-2

(iii) 3,848,992.2 384,899,220 (d) 20% (i) (ii) (iii) (e) 10% (i) IV-3

(ii) (iii) (f) (d) (e) 10% 4. 5. 6. (a) (i) IV-4

10% (ii) (iii) (b) 513,200,000 51,320,000 IV-5

25% B. 1. (a) (b) (c) (d) (e) Baron Asia Limited Baron Asia Limited1,300,000 Baron Asia Limited 1,300,000 Jayden Wealth Limited Jayden Wealth Limited 2. (a) 1. VBG VBG Company Limited 36 303579274 2. VBG Company Limited 36 303624345 IV-7

(b) vbg-group.com C. 1. (a) XVXV 7 8 352 5.46 5.67 (i) 384,900,000 75% 384,900,000 Jayden WealthJayden Wealth (ii) Jayden Wealth 1 100% IV-8

(b) XV 2 3 10% Jayden Wealth 384,900,000 75% Jayden WealthJayden Wealth 2. (a) (b) (c) 738,000 2,178,000 William Robert Majcher 120,000120,000120,000120,000 IV-9

3. (a) (b) (c) (d) 1,500,0002,800,0001,900,000 800,000 2,600,000 (i) (ii) 4. 5. 24 6. (a) IV-10

XV2 3 10% (b) (c) (d) (e) (f) (g) (h) XV XV7 8 352 5.46 5.67 5% IV-11

D. 23 (a) (i) (ii) (aa) (bb) (cc) (dd) (ee) (ff) IV-12

(gg) (hh) (iii) (aa) 30% (bb) 10% 51,320,000 (cc) (aa)(dd) 10% 23.02(2)(d)23.02(4) (dd) (aa)(cc) (cc) 23.02(2)(d) 23.02(4) IV-13

(iv) (v)(bb)12 1.0%12 23.03(9)(1) (v) (aa) (v)(bb) (bb) (v)(aa) 12 i. 0.1% ii. 5,000,000 (vi) 21 IV-14

10 (vii) (viii) (i) (ii) (iii) 1.00 (ix) (aa) (bb) IV-15

(x) (aa) (bb) (xi) 10 (xii) (xiv) (xiii) 12 IV-16

(xiv) (xv) (aa) (bb) (cc) (aa)(bb) (cc) (xvi) (xvii) IV-17

(xviii) (i) (ii) (xii)(xiii)(xiv) (xv) (xii)(xiii)(xiv) (xv) (xix) (i) (ii) (iii) (iv) IV-18

(xx) (iii)(cc) (dd) (xxi) (xxii) (xxiii) (aa) (vi) (bb) (xii)(xiii)(xiv)(xv)(xvi) (xvii) (cc) (xxii) (xxiv) (aa) (bb) 23.03 IV-19

(cc) (dd) 23 (ee) (b) (i) 23 (ii) (iii) (iv) IV-20

E. 1. Jayden Wealth (c) (a)(i) (ii) (b) (a) (b) (c) 2. 3. 6A.07 4,200,000 IV-21

4. 29,000 5. 18.03 6. 7. 6 8. 9. 44A 44B IV-22

10. Vistra Cayman Trust Limited 11. 12. (a) (b) 13. (a) (i) (aa) (bb) IV-23

(cc) (dd) (ee) (ii) (iii) 24 7. (aa) (bb) (iv) (v) (vi) (vii) (viii) (ix) 14. 32L 4 IV-24

(a) (b) (c) 14 128 27 (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) V-1

(k) (l) (m) V-2