Annual Report 2009

2 3-5 6-9 10-20 21-30 31-32 33 34 35-36 37 38-39 40 41-100 1

3 28 28 26 http://www.sywg.com.hk 2

7,488 420%59.4%3 5,520 2 2,290 2.71 420% 14.11 2 8%4 33.58.7% 8% 17.7% 5.7% 23,000 11,345 102.7% 13,863 6,404 116.5% 3

(0396) 4

Q 5

B 13.5% 2 6,060 1 8,900 37.9% 4,717 7,010 32.7% 6

530,759,126 10 1,200 7

8,5001 7,800 3 6,7001 3,400 1 3,400 1.29 0.13 The New China Hong Kong Highway Limited 26.19% 60%1 2,800 6 9,900 2 400 4% 10% 8

189 167 8,550 9

A.4.1 14 A.4.1 A.1 4 100% 4 100% 4 100% 4 100% 4 100% 4 100% 4 100% 4 100% 2 50% 3 75% 14 10

D.2 A.2 11

A.3 12

A.4 3.08 3.09 3.13 A.5 A.5.2(a) (d) 13

10 A.6 D.1 B.1 B.1.3(a) (f) 14

2 100% 2 100% 2 100% C.1 31 32 15

C.2 C.3 2 100% 2 100% 2 100% 16

(1) (2) (3) (4) 1,678 175 61 17

D.1 (1) (2) (3) (4) (5) (6) 18

D.2 C.3 B.1 E.1 20 10 19

E.2 (http://www.hkexnews.hk) (http://www.sywg.com.hk) 20

16 33 100 1 2 21

355,242,738 222,881,804 644,603,740 229,778,162 101,438,022 (91,920,767) (65,432,036) (167,971,003) (48,484,678) (20,005,871) (85,979,793) (48,193,878) (127,351,720) (92,010,431) (42,651,283) (6,153,109) (5,884,932) (5,195,375) (4,370,568) (2,028,359) (352,328) (915,792) (9,786,301) (282,541) (954,361) 8,874,201 (28,916,337) 29,747,489 48,314,483 825,270 46,304,649 (29,800,555) 33,291,492 10,806,166 (30,192,357) 1,700,000 3,200,000 1,319,074 2,177,292 892,075 144,607 (96,005,267) (80,627,995) (101,075,332) (48,080,245) (30,667,760) 13,003,124 22,473,494 15,373,215 8,636,045 85,850,019 22,026,250 257,821,729 136,120,964 27,917,206 (11,720,185) (7,945,187) (32,802,473) (6,232,000) (1,054,000) 74,129,834 14,081,063 225,019,256 129,888,964 26,863,206 74,875,249 14,396,208 225,324,940 129,888,964 26,863,206 (745,415) (315,145) (305,684) 74,129,834 14,081,063 225,019,256 129,888,964 26,863,206 22

3,743,387,015 2,555,720,256 4,101,069,587 2,582,896,294 1,308,191,548 (2,728,327,172) (1,605,775,222) (3,074,705,519) (1,785,431,223) (618,373,139) (2,633,756) (3,379,171) (1,694,316) 1,012,426,087 946,565,863 1,024,669,752 797,465,071 689,818,409 13 30(b) 79B 80,105,812 10,615,183 314,739,683 50,000 23

30% 5% 104(A) 24

59 28 51 56 30 45 22 58 10 25

70 9 20 10 43 17 57 54 58 34 SIG Capital Limited GGV Capital 26

47 10 47 10 45 72 4821 47 21 Dutch ABN-AMRO 3 27

XV 352 10 1,300,000 0.24 XV 352 28

336 Shenyin Wanguo Holdings (B.V.I.) LimitedSWHBVI 268,334,875* 50.56 Venture-Some Investments LimitedVSI 268,334,875* 50.56 268,334,875* 2,045,000* 50.56 0.38 270,379,875* 50.94 * SWHBVI VSI50.51%VSI VSISWHBVI268,334,875 2,045,000 2,045,000 336 14A 34 34(i) (ii) (iii) 29

25% 30

33100 141 31

8 2 18 32

5 355,242,738 222,881,804 (91,920,767) (65,432,036) 6 (85,979,793) (48,193,878) 13 (6,153,109) (5,884,932) 6 (352,328) (915,792) 18 8,874,201 (28,916,337) 825,270 46,304,649 18 (30,192,357) 5 1,319,074 (96,005,267) (80,627,995) 18 13,003,124 6 85,850,019 22,026,250 9 (11,720,185) (7,945,187) 74,129,834 14,081,063 10 74,875,249 14,396,208 (745,415) (315,145) 74,129,834 14,081,063 12 14.11 2.71 11 33

74,129,834 14,081,063 10,540,388 (112,981,131) 6 (8,874,201) 28,916,337 30,192,357 19 (66,030) 9,200,000 1,600,157 (44,672,437) 7,902,050 1,600,157 (36,770,387) 75,729,991 (22,689,324) 10 76,475,406 (22,374,179) (745,415) (315,145) 75,729,991 (22,689,324) 34

13 7,415,136 9,476,238 14 1,358,175 1,399,125 15 4,211,831 4,211,831 11,920,307 9,497,048 17 57,632,404 57,632,404 18 135,093,358 156,929,503 19 2,442,770 3,036,770 220,073,981 242,182,919 18 177,837,092 65,813,019 20 624,146,678 183,657,637 21 685,695,396 191,158,701 22 10,869,304 7,909,838 368,549 8,739,296 23 1,939,341,239 1,355,956,147 24 85,054,776 500,302,699 3,523,313,034 2,313,537,337 25 2,508,232,995 1,503,625,709 26 71,386,274 64,037,261 27 134,290,445 7,480,043 35,906,252 2,721,389,757 1,603,569,222 801,923,277 709,968,115 1,021,997,258 952,151,034 19 66,030 28 6,871,385 2,206,000 6,937,415 2,206,000 1,015,059,843 949,945,034 35

29 265,379,563 265,379,563 30(a) 736,431,341 675,878,709 11 10,615,183 5,307,591 1,012,426,087 946,565,863 2,633,756 3,379,171 1,015,059,843 949,945,034 36

30(a) 30(a) 265,379,563 314,739,683 15,043 43,406,434 138,611 13,745,720 339,476,376 47,768,322 1,024,669,752 1,694,316 1,026,364,068 (44,672,437) 7,902,050 14,396,208 (22,374,179) (315,145) (22,689,324) 2,000,000 2,000,000 (47,768,322) (47,768,322) (47,768,322) 11 (7,961,388) (7,961,388) (7,961,388) 11 (5,307,591) 5,307,591 265,379,563 314,739,683 15,043 (1,266,003) 138,611 21,647,770 340,603,605 5,307,591 946,565,863 3,379,171 949,945,034 1,600,157 74,875,249 76,475,406 (745,415) 75,729,991 (5,307,591) (5,307,591) (5,307,591) 11 (5,307,591) (5,307,591) (5,307,591) 11 (10,615,183) 10,615,183 265,379,563 314,739,683* 15,043* 334,154* 138,611* 21,647,770* 399,556,080* 10,615,183 1,012,426,087 2,633,756 1,015,059,843 * 736,431,341 675,878,709 37

85,850,019 22,026,250 5 (5,385,990) (22,777,746) 5 (821,410) (870,436) (13,003,124) 18 (8,874,201) 28,916,337 6 (43,873) 13 6,153,109 5,884,932 14 40,950 40,950 (825,270) (46,304,649) 18 30,192,357 6 454,789 76,093,334 4,559,660 (2,423,259) 3,222,143 31 (78,880,670) 70,972,433 (440,489,041) 709,168,679 (494,536,695) 531,739,650 (2,959,466) (2,014,326) (583,385,092) 603,176,292 1,004,607,286 (1,221,474,135) 12,014,398 (90,755,641) (509,959,205) 608,594,755 5,385,990 22,777,746 821,410 870,436 (31,181,647) (5,653,110) (534,933,452) 626,589,827 16,138,738 13 (4,092,007) (8,036,290) 102,273 270 39 (3,989,734) 8,102,718 38

38 (3,989,734) 8,102,718 102,000,000 (132,000,000) 2,000,000 (10,615,182) (55,729,710) 91,384,818 (185,729,710) (447,538,368) 448,962,835 500,302,699 51,339,864 52,764,331 500,302,699 24 34,544,376 306,960,699 24 50,510,400 193,342,000 85,054,776 500,302,699 27 (32,290,445) 52,764,331 500,302,699 39

16 657,200,900 626,177,008 22 1,488,617 774,164 23,581 563,541 24 4,549,350 4,441,232 6,061,548 5,778,937 26 3,037,390 2,709,204 3,024,158 3,069,733 660,225,058 629,246,741 29 265,379,563 265,379,563 30(b) 384,230,312 358,559,587 11 10,615,183 5,307,591 660,225,058 629,246,741 40

1. 3 28 Shenyin Wanguo Holdings (B.V.I.) Limited 2.1 41

2.2 1 27 2 7 8 1 18 * 23 32 1 9 39 13 15 16 18 ** 1 27 2 7 18 32 1 9 39 * ** 5 7 8 1 42

2.2 (a) 7 7 36 (b) 8 8 14 8 14 4 (c) 1 1 43

2.3 1 1 1 1 2 2 2 2 3 1 9 6 24 5 27 1 32 32 3 39 39 1 14 14 5 1 17 4 19 5 4 5 1 2 2 38 9 16 5 81 7 17 36 39 1 2 3 4 5 6 44

2.4 20% 45

2.4 46

2.4 (a) (b) (c) (d) (e) (f) (g) (i) (ii)(iii) (a) (d) (d) (e) 4% 15% 33 1 /3% 25% 47

2.4 48

2.4 39 39 49

2.4 (a) (b) 50

2.4 (a) (b) 51

2.4 52

2.4 39 53

2.4 39 54

2.4 55

2.4 56

2.4 (a) (b) (c) (d) (e) (f) 57

2.4 58

2.4 3. 59

3. (a) 57,632,404 57,632,404 17 (b) 18 (c) 4. 30,192,357 135,093,358 157,754,773 (a) (b) (c) (d) 60

4. 39,494,145 262,273,001 41,800,670 11,674,922 355,242,738 26,690,479 36,096,860 31,783,049 (8,720,369) 85,850,019 399,948,320 2,622,246,657 689,193,639 26,717,080 3,738,105,696 2,442,770 368,549 2,470,000 3,743,387,015 23,704,731 2,549,389,083 144,839,490 2,847,795 2,720,781,099 7,480,043 66,030 2,728,327,172 5,631,079 357,555 164,475 6,153,109 * 3,584,503 384,912 122,592 4,092,007 * 61

4. (53,853,206) 210,714,396 47,397,018 18,623,596 222,881,804 (47,091,747) 26,561,375 41,997,660 558,962 22,026,250 291,571,995 2,028,697,539 195,222,692 25,981,964 2,541,474,190 3,036,770 8,739,296 2,470,000 2,555,720,256 17,601,377 1,533,847,111 14,458,592 3,961,890 1,569,868,970 35,906,252 1,605,775,222 5,361,131 247,318 276,483 5,884,932 * 7,278,212 536,097 221,981 8,036,290 * 62

4. (a) 344,939,703 210,765,859 9,427,503 11,766,332 875,532 349,613 355,242,738 222,881,804 (b) 29,112,560 51,417,652 188,518,651 187,728,497 217,631,211 239,146,149 63

5. 260,593,055 188,991,018 41,788,000 47,315,441 38,392,879 (55,143,030) 8,157,898 17,920,154 348,931,832 199,083,583 5,385,990 22,777,746 91,492 134,716 729,918 735,720 103,506 150,039 6,310,906 23,798,221 355,242,738 222,881,804 1,319,074 64

6. 7 81,548,347 44,266,480 4,778,223 4,615,158 (346,777) (687,760) * 4,431,446 3,927,398 85,979,793 48,193,878 352,328 915,792 25,605,982 23,236,359 1,638,000 1,470,000 454,789 (9,545,209) 2,886,376 (43,873) (8,874,201) 28,916,337 (1,319,074) 1,082,211 * 1,239 199,014 65

7. 161 714,000 582,000 4,002,977 2,897,207 261,600 253,200 4,264,577 3,150,407 4,978,577 3,732,407 (a) 150,000 150,000 150,000 150,000 150,000 150,000 450,000 450,000 66

7. (b) 4,002,977 261,600 4,264,577 132,000 132,000 132,000 132,000 264,000 4,002,977 261,600 4,528,577 264,000 4,002,977 261,600 4,528,577 67

7. (b) 2,897,207 253,200 3,150,407 66,000 66,000 66,000 66,000 132,000 2,897,207 253,200 3,282,407 132,000 2,897,207 253,200 3,282,407 68

8. 7 5,177,387 5,502,250 1,208,000 258,000 442,800 477,600 6,828,187 6,237,850 1,000,001 1,500,000 2 3 1,500,001 2,000,000 1 2,000,001 2,500,000 1 1 4 4 69

9. 16.5% 16.5% 11,412,480 7,757,222 3,393 3,306,059 (289,688) (81,324) 19) 594,000 (3,036,770) 11,720,185 7,945,187 85,850,019 22,026,250 16.5% 16.5% 14,165,253 3,634,331 (286,295) 3,224,735 (2,145,515) (1,149,249) (6,223,553) 3,153,864 1,072,887 (6,365,617) (587,312) 2,202,229 8,969,614 11,720,185 7,945,187 3,771,835 70

10. 11. 41,593,499 42,915,047 30(b) 1 1.5 5,307,591 7,961,388 2 1 10,615,183 5,307,591 15,922,774 13,268,979 12. (a) 74,875,249 14,396,208530,759,126 530,759,126 (b) 71

13. 2,047,500 19,353,402 30,548,156 3,500,229 55,449,287 (1,214,850) (15,894,271) (26,113,764) (2,750,164) (45,973,049) 832,650 3,459,131 4,434,392 750,065 9,476,238 832,650 3,459,131 4,434,392 750,065 9,476,238 724,866 3,367,141 4,092,007 (81,900) (3,085,791) (2,695,305) (290,113) (6,153,109) 750,750 1,098,206 5,106,228 459,952 7,415,136 2,047,500 12,514,141 26,918,816 3,500,229 44,980,686 (1,296,750) (11,415,935) (21,812,588) (3,040,277) (37,565,550) 750,750 1,098,206 5,106,228 459,952 7,415,136 72

13. 2,047,500 15,591,585 28,638,006 2,744,482 49,021,573 (1,132,950) (13,583,227) (24,033,917) (2,491,540) (41,241,634) 914,550 2,008,358 4,604,089 252,942 7,779,939 914,550 2,008,358 4,604,089 252,942 7,779,939 4,755,320 2,525,223 755,747 8,036,290 (442,073) (12,986) (455,059) (81,900) (2,862,474) (2,681,934) (258,624) (5,884,932) 832,650 3,459,131 4,434,392 750,065 9,476,238 2,047,500 19,353,402 30,548,156 3,500,229 55,449,287 (1,214,850) (15,894,271) (26,113,764) (2,750,164) (45,973,049) 832,650 3,459,131 4,434,392 750,065 9,476,238 73

14. 1,440,075 1,481,025 (40,950) (40,950) 1,399,125 1,440,075 (40,950) (40,950) 1,358,175 1,399,125 15. 4,211,831 16. 206,066,150 201,066,150 617,867,387 554,218,002 823,933,537 755,284,152 (71,593,929) (36,268,436) 752,339,608 719,015,716 (95,138,708) (92,838,708) 657,200,900 626,177,008 74

16. 170,000,000 170,000,000 92,838,708 16,767,554 2,300,000 76,071,154 95,138,708 92,838,708 181,614,441 191,593,866 130,000,000 100 100 13,000,000 100 100 15,000,000 10,000,000 100 100 75

16. 1,000,000 100 100 300,000 100 100 10,000 100 100 25,000,000 100 100 15,000,000 100 100 2 100 100 375,000 100 100 2 100 100 2 100 100 2 100 100 76

16. First Million Holdings Ltd * 1 100 100 Crux Assets Limited* 1 100 100 1,000 100 100 10,000,000 60 60 * 17. 57,632,404 77

17. 18. 10% 4.2% ^ 4,563,848 2,980,864 * 24,244,399 2,470,000 2,470,000 7,033,848 29,695,263 # 128,059,510 128,059,510 * (825,270) 135,093,358 156,929,503 ^ 44,621,930 45,333,925 133,215,162 20,479,094 177,837,092 65,813,019 78

18. * 662,868,061 C 0.15 662,868,06066,286,806 129 (1) C 81.6%20% ^ 49,185,778 54,304,924 # The New China Hong Kong Highway LimitedNCHK 26.19% 26.19% NCHKNCHK 60%NCHK NCHK 60% 50%NCHK 40%NCHK NCHKNCHK NCHK NCHK NCHK128,059,510 13,003,124 128,059,510 128,059,510 79

18. 177,837,092 65,813,019 10,540,388 112,981,1318,874,201 28,916,337 825,270 46,304,649 30,192,357 30,192,357 0.25% 80

19. 9 3,036,770 3,036,770 9 (594,000) 2,442,770 9,200,000 525,714 (9,200,000) 66,030 66,030 81

19. 149,952,000 175,185,000 20. 646,067,497 205,578,456 (21,920,819) (21,920,819) 624,146,678 183,657,637 79,199,057 51,050,060 607,473,618 173,406,238 8,284,129 308,027 2,597,441 2,380,426 27,712,309 29,483,765 646,067,497 205,578,456 82

20. 21,920,819 21,920,819 21,920,819 21,920,819 566,868,440 154,528,397 43,425,202 18,906,909 8,164,535 3,465,029 5,688,501 6,757,302 624,146,678 183,657,637 5,955,027 7,510,926 83

21. 696,656,260 202,119,565 2,212,158 2,212,158 698,868,418 204,331,723 (13,173,022) (13,173,022) 685,695,396 191,158,701 2,751,166,300 830,381,948 271,485,000 27 685,540,902 191,004,207 84

21. 685,540,902 191,004,207 13,327,516 13,327,516 698,868,418 204,331,723 13,173,022 13,173,02213,327,516 13,327,516 22. 7,727,523 2,956,067 209,133 205,033 3,141,781 4,953,771 1,279,484 569,131 10,869,304 7,909,838 1,488,617 774,164 85

23. 24. 34,544,376 306,960,699 4,549,350 4,441,232 50,510,400 193,342,000 85,054,776 500,302,699 4,549,350 4,441,232 25. 2,508,232,995 1,503,625,709 51,031,736 4,703,508 86

25. 16,847,778 14,834,896 1,825,906,934 1,289,268,273 26. 7,053,339 4,958,275 1,043,535 978,991 64,332,935 59,078,986 1,993,855 1,730,213 71,386,274 64,037,261 3,037,390 2,709,204 27. +1% 32,290,445 +1% +1.75% 102,000,000 134,290,445 87

27. 134,290,445 (a) 118,125,000 21 40,000,000 (b) 153,360,000 21 102,000,000 (c) (d) (e) 28. 29. 0.50 2,000,000,000 1,000,000,000 530,759,126 265,379,563 88

30. (a) 37 (b) 314,739,683 656,293 99,347,637 414,743,613 (42,915,047) (42,915,047) 11 (7,961,388) (7,961,388) 11 (5,307,591) (5,307,591) 314,739,683 656,293 43,163,611 358,559,587 41,593,499 41,593,499 11 (5,307,591) (5,307,591) 11 (10,615,183) (10,615,183) 314,739,683 656,293 68,834,336 384,230,312 89

31. (a) (b) 662,868,060 662,868,06066,286,806 62,286,80633,143,403 25,520,421 128,059,510 32. 33. 1,329,500,000 522,000,000134,290,445 (a) 953,671 1,218,531 (b) 25,018,954 24,251,756 10,278,931 23,240,178 35,297,885 47,491,934 90

34. (a) (b) (c) (d) 4,375,861 5,074,105 5,150,000 3,150,000 122,974 19,734 17,787,388 14,123,946 1,221,000 1,230,900 19,008,388 15,354,846 7 (e) 20 25 (d) 14A 91

35. 11,920,307 11,920,307 135,093,358 135,093,358 177,837,092 177,837,092 624,146,678 624,146,678 685,695,396 685,695,396 3,141,781 3,141,781 1,939,341,239 1,939,341,239 85,054,776 85,054,776 177,837,092 3,349,300,177 135,093,358 3,662,230,627 2,508,232,995 13,924,724 134,290,445 2,656,448,164 92

35. 9,497,048 9,497,048 157,754,773 157,754,773 65,813,019 65,813,019 183,657,637 183,657,637 191,158,701 191,158,701 4,953,771 4,953,771 1,355,956,147 1,355,956,147 500,302,699 500,302,699 65,813,019 2,245,526,003 157,754,773 2,469,093,795 825,270 825,270 1,503,625,709 1,503,625,709 7,164,275 7,164,275 825,270 1,510,789,984 1,511,615,254 93

35. 1,279,484 569,131 4,549,350 4,441,232 5,828,834 5,010,363 1,043,535 978,991 36. 94

36. 4,563,848 4,563,848 2,470,000 2,470,000 175,364,168 2,472,924 177,837,092 179,928,016 4,942,924 184,870,940 37. 2.4 95

37. * 25 1,822,713 (25) (1,822,713) 25 1,915,508 (25) (1,915,508) * B 1% 1% 96

37. 20 21 97

37. 2,098,617,347 409,615,648 2,508,232,995 7,053,339 6,871,385 13,924,724 32,290,445 102,064,423 134,354,868 2,130,907,792 518,733,410 6,871,385 2,656,512,587 1,380,719,328 122,906,381 1,503,625,709 4,958,275 2,206,000 7,164,275 1,380,719,328 127,864,656 2,206,000 1,510,789,984 18 18 98

37. 1% * % 1 45,638 (1) (45,638) 1 446,219 (1) (446,219) 1 1,332,152 (1) (1,332,152) 1 29,809 (1) (29,809) 1 453,339 (1) (453,339) 1 204,791 (1) (204,791) 1 242,444 (1) (242,444) 1 (17,069) (1) 23,698 * 99

37. 134,290,445 1,015,059,843 949,945,034 13.2% 0% 38. 39. 100