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INSPUR INTERNATIONAL LIMITED 596 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 1 A 30 B&C 76% (1) (2) (3) (4) 7

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II (a) IIII (b) II (c) I I (d) II (e) II (f) 410,000,000 1,110,000,000 (a) (b) (c) (d)(e) (f) II I II 16

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20,000,000 2,000,000,000 9,527,363 952,736,331 I II (1) 481,879,286 50.58% 621,679,686 54.58% 4,000 0.00% 4,000 0.00% 46,384,000 4.07% 470,853,045 49.42% 470,853,045 41.35% 952,736,331 100.00% 1,138,920,731 100.00% (1) 481,883,286 193,401,286 20

I IT II II IT IIII24% II24% 21

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75.99% I22,348,200 51% (i)246,075,000 51%(ii) 236,425,000 49% 27,846,0002.79% 2.53% 0.14% 100% 5.46% (1) OSS OSS(2) (Hadoop) IT IT (1) 18 500 12 41210 165 24

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SaaS ICT SaaS 30

IT I II 14.22I II 31

25% 100% I I A IIII I I II IIII II 3,056,640,000975,354,000 3,252,873,0001,469,632,000 32

A A I II 113,051,000155,891,000 (1) (2) 33

1. (a) (b) (c) 2. ITERP 200 34

IT IT 1% 1% 1% 1% 1% 28.31% 27.99% 30% 35

3. ITIT (a) (b) (c) ITIT 36

4. 5. 5.00 7,263 37

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1. (a) (b) 2. (a) (b) 3. (a) (b) 4. (a) (b) 5. (a) (b) 39

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ITIT ITIT ITITIT 50.58% 5% 41

1 A 30 B&C 200 202 (i) (ii) (i)i I (ii) A I III I I 183 17 1712-1716 183 17M 13.39(4) 66 42

(i) I(ii) (i)i (ii) 47 7545 46 I I 45 46 45 46 43

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I I I I. I 1. 596 (1) (2) 50

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(2) I (3) I I II I Popular Vision Limited Popular Vision Limited51% II I 770,387,200 (1) 299,800,000 2.65 I 139,800,400 (2) 467,200,000 I 3,387,200 1 0.80924 1,110,000,000 1,227,000,000117,000,000 89,847,000 44,562,000 19,297,000 54

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4. 410,000,0001,110,000,000 1,227,000,000 (i) (i) (ii) (iii)(iv) I (ii) 57

5.59% Duff & Phelps Corporation 12 58

30% Paul Hanouna Atulya Sarin Alan C. Shapiro Value of Corporate Control: Some International Evidence Philip Saunders Control Premiums, Minority Discounts, and marketability Discounts30.0% 50.0% 30.0% 30.0% (i) (ii)(iii) Philip Saunders Control Premiums, Minority Discounts, and marketability Discounts 20.0% 35.0% 16.11%16.11% (iii) (i) (ii) (i) (ii) (iii) 59

4.1. 186,184,400 19.54% 16.35% 1,861,844 2.65 (i) 2.84 6.69% (ii) 2.73 2.93% (iii) 2.71 2.21% (iv) 2.67 0.75% (v) 21.56% 2.18 60

(A ) I 12 3 2.5 2 1.5 1 0.5 0 (www.hkex.com.hk) 2.12 1.58 2.75 2.6525%67.7% 3.6% (i) (ii)(iii) (B ) I 61

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(i) 9.97%27.7% 4.41%(ii)7.95% 35.5% 5.55% (i)(iii) 4.2 1,364,900,000 197,000,000 SaaS (i) (ii) (iii) (iv) (v)(vi) 10 0.75% 63

5. SaaS I I 6. 8.07% (i) (ii)i (iii) 64

7. A A I II 113,051,000155,891,000 3,056,640,000975,350,000 3,252,870,0001,469,630,000 II. 1. 65

2. (i) (a) (b) (c) 66

(ii) ITERP 200 IT IT 1% 1% 1% 67

1% 1% 28.31% 27.99% 30% (iii) ITIT (a) (b) (c) ITIT 68

(iv) (v) 1% 69

30 21030 120 3. IT IT 70

IT 1% 14A(i) (ii) 71

4. 9,463 8,435 12,669 323,192 270,258 310,868 3,174 2,678 2,929 50,131 22,963 19,363 9,542 9,966 5,215 504 1,400 630 47,927 62,485 90,511 479 625 905 51,786 14,977 22,255 4,712 3,300 3,513 5,786 8,814 72

5. 40,000 48,000 57,600 600,000 720,000 864,000 6,000 7,200 8,640 72,000 86,400 103,680 13,310 14,640 16,100 13,960 16,700 17,540 (i) (ii) 20% (iii) 10% (iv) 7,641 13,960,0007,641*5 *365 10% 73

25.6% 19.25% (i) IT IT (ii) (iii) 10% (i)5%(ii) 5% 2.48% 2.61% 2.7%(i) (ii)10% (i)i I (ii)i (iii) 74

I I 1 6 12 75

1. (http://www.hkexnews.hk) (http://www.inspur.com.hk/) 56 198 http://www.hkexnews.hk/listedco/listconews/sehk/2016/0421/ltn201604211204.pdf 70 218 http://www.hkexnews.hk/listedco/listconews/sehk/2017/0427/ltn201704272179.pdf 40 113 http://www.hkexnews.hk/listedco/listconews/sehk/2018/0427/ltn201804272610.pdf 2. 483,500,000(1) 3,397,000 (2) 4.35% 467,200,000(3) 4.73%4,522,000(4) 5.16% 8,429,000 76

3. 12 4. 1,317,951,000 13.31%25.6% 113,051,000 88.75% SaaS 77

A POPULAR VISION LIMITED POPULAR VISION LIMITED 80136Popular Vision Limited Popular Popular Popular 80136 Popular Popular2 Popular PopularPopular Popular 200 78

A POPULAR VISION LIMITED 2 Popular 2 Popular Popular 80 13 Popular18,827,000 Popular P05540 79

A POPULAR VISION LIMITED Popular A. 6 398,325 560,150 561,657 (242,948) (266,780) (251,148) 155,377 293,370 310,509 7 49,263 38,041 31,274 7 (15) 50 (146,488) (140,791) (117,198) (113,542) (152,821) (170,545) 8 (2,093) (2,497) (4,576) 10 (57,498) 35,352 49,464 9 (3,693) (16,055) (4,948) (61,191) 19,297 44,516 (26,738) 9,830 22,681 (34,453) 9,467 21,835 (61,191) 19,297 44,516 80

A POPULAR VISION LIMITED 14 404,321 395,012 388,009 16 4,055 3,413 2,844 28 15,166 1,180 2,599 15 31,209 31,209 31,209 454,751 430,814 424,661 17 671 18 201,258 240,248 212,127 19 36,364 30,154 36,185 21 39,124 75,202 77 42 30 12 97 2,087 22 74,081 52,389 33,510 351,587 398,132 283,939 23 82,152 80,925 69,780 24 107,633 102,028 116,842 20 148,652 159,126 134,215 25 20,000 20,000 21 20,000 67,200 467,219 358,437 429,279 808,056 (6,850) (31,147) (524,117) 447,901 399,667 (99,456) 27 17,335 7,719 6,451 28 37,015 36,220 41,107 54,350 43,939 47,558 393,551 355,728 (147,014) 81

A POPULAR VISION LIMITED 26 215,530 168,746 (102,990) 215,530 168,746 (102,990) 178,021 186,982 (44,024) 393,551 355,728 (147,014) 82

A POPULAR VISION LIMITED 50,000 (66,792) (16,792) (16,792) (26,738) (26,738) (34,453) (61,191) 1,430 (1,430) 2 (a)) 255,272 255,272 216,262 471,534 (21,472) 25,260 3,788 (3,788) 1,430 283,800 (69,700) 215,530 178,021 393,551 9,830 9,830 9,467 19,297 1,516 (1,516) 2 (b)) 599 (93) 506 (506) (57,120) (57,120) (57,120) 2,946 227,279 (61,479) 168,746 186,982 355,728 22,681 22,681 21,835 44,516 2(c)) (246,075) (29,515) (275,590) (234,756) (510,346) (18,827) (18,827) (18,827) (18,085) (18,085) 2,946 (18,796) (87,140) (102,990) (44,024) (147,014) 83

A POPULAR VISION LIMITED (57,498) 35,352 49,464 6,734 11,389 11,852 354 86 290 578 569 8,401 7,092 965 (12,579) 702 280 109 (1,189) 161 161 120 2,093 2,497 4,576 1,294 35 12 (359) (315) (505) (52,890) 58,449 67,162 1,460 (9,616) (1,268) 29,413 671 133,611 (46,555) 21,016 (12) (128,414) (1,391) 3,669 3,383 10,388 (24,911) 1,460 (11,989) 11,946 65,668 359 315 505 (13,297) (3,107) (3,470) (24,927) 9,154 62,703 84

A POPULAR VISION LIMITED (39,124) (36,078) 75,202 (5,967) (2,271) (4,969) 133,258 (80) 88,167 (38,429) 70,233 20,000 (246,075) (264,271) (15,000) (9,920) 400,019 (18,085) (18,827) (1,216) (2,144) (1,723) (877) (353) (2,853) (17,093) 7,583 (151,815) 46,147 (21,692) (18,879) 27,934 74,081 52,389 74,081 52,389 33,510 74,081 52,389 33,510 85

A POPULAR VISION LIMITED 1. Popular Vision Limited Popular Popular OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands PopularPopular Popular 2. Popular 5 5 33.54% 61% (a) Popular 2.67%51% 13,332,000 86,124,000 155,816,000 97.21% 51% 2.79%49%Popular 97.21% 51% 51% (b) Popular 0.12% 599,000 97.33% 49% 2.53% 97.33% 86

A POPULAR VISION LIMITED (c) Popular51% 246,075,000 236,425,000 2.79% 2.53% 0.14%27,846,000 Popular PopularPopularPopular Popular 5 Popular Popular Popular Popular 524,117,000 31,147,0006,850,000 PopularPopular Popular Popular 467,000,000 PopularPopular Popular 87

A POPULAR VISION LIMITED 467,000,000 Popular Popular(i) (ii) Popular(iii) Popular Popular PopularPopular Popular Popular Popular Popular Popular Popular PopularPopular Popular Popular 88

A POPULAR VISION LIMITED Popular PopularPopular Popular Popular Popular (i) (ii)popular Popular 39 PopularPopular Popular 1219 2 5 89

A POPULAR VISION LIMITED Popular 90

A POPULAR VISION LIMITED 3. Popular Popular 9 1 15 1 16 2 17 4 1 22 2 23 2 1 4 4 9 1 9 2 10 3 28 28 2 40 1 28 1 2 1 2 3 4 91

A POPULAR VISION LIMITED 9 9 Popular9 9 9 39 9 PopularPopular 9 39 92

A POPULAR VISION LIMITED Popular9 9 Popular 39 15 15 1518 11 15 15 15 15 15 93

A POPULAR VISION LIMITED Popular15 15 16 16 1617 16 16 17 16 1617 16 33 2,506,000 3,992,000 30,000 16 94

A POPULAR VISION LIMITED 17 16 4. Popular 2 17 2 36 95

A POPULAR VISION LIMITED Popular Popular Popular Popular 96

A POPULAR VISION LIMITED Popular Popular Popular PopularPopular 97

A POPULAR VISION LIMITED Popular Popular Popular 98

A POPULAR VISION LIMITED Popular 99

A POPULAR VISION LIMITED Popular Popular 100

A POPULAR VISION LIMITED Popular Popular 101

A POPULAR VISION LIMITED Popular (i)(ii) Popular 39 102

A POPULAR VISION LIMITED Popular 30365 103

A POPULAR VISION LIMITED Popular Popular 104

A POPULAR VISION LIMITED Popular Popular Popular Popular Popular Popular Popular 105

A POPULAR VISION LIMITED 5. 4 Popular Popular Popular Popular 31,209,000 15 106

A POPULAR VISION LIMITED Popular 201,258,000 240,248,000 212,127,000 11,640,000 17,762,000 18,727,000 6. ITPopular IT 90,930 64,445 52,417 307,395 495,705 509,240 398,325 560,150 561,657 107

A POPULAR VISION LIMITED 7. 359 315 505 a 14,940 14,490 16,048 b 6,699 9,616 1,268 b 2,884 1,816 2,513 10,597 9,751 10,836 13,768 16 2,053 104 49,263 38,041 31,274 (79) 64 50 (15) 50 (a) (b) 9,583,000 11,432,000 3,781,000 i) ii)iii) 108

A POPULAR VISION LIMITED 8. 1,216 2,144 1,723 34 (c) 877 353 2,853 2,093 2,497 4,576 9. 10,352 3,022 1,480 28 (6,659) 13,033 3,468 3,693 16,055 4,948 16.5% 25% Popular 15% 28 109

A POPULAR VISION LIMITED (57,498) 35,352 49,464 (8,978) 4,089 6,517 11,971 15,250 5,382 (11,933) (5,092) (6,840) 3,908 3,227 (1,856) 8,729 900 (111) (4) (463) 3,693 16,055 4,948 110

A POPULAR VISION LIMITED 10. 177 131 101 8,401 7,092 965 702 280 109 24,167 34,676 37,798 10,846 12,981 11,901 (12,579) (1,189) 354 86 80,569 44,406 42,813 35 12 161 161 120 6,734 11,389 11,852 290 578 569 11 94,761 132,801 128,496 7,692 11,740 13,300 11. PopularHE, Junlin 111

A POPULAR VISION LIMITED 12. Popular Popular 3,289 3,653 3,811 236 223 183 3,525 3,876 3,994 1,000,000 5 5 5 1,000,001 1,500,000 1,500,001 2,000,000 5 5 5 Popular Popular Popular 13. Popular 18,827,000Popular 112

A POPULAR VISION LIMITED 14. 13,854 334 14,188 454 5,513 5,967 (222) (135) (357) 31 1,641 625 401,003 403,269 15,727 824 406,516 423,067 2,271 2,271 32 (220) (220) (2,404) (13) (2,417) 15,374 811 406,516 422,701 4,969 4,969 (458) (458) 19,885 811 406,516 427,212 12,053 155 12,208 1,623 65 5,046 6,734 (188) (8) (196) 13,488 212 5,046 18,746 1,134 92 10,163 11,389 32 (190) (190) (2,256) (2,256) 12,176 304 15,209 27,689 1,601 88 10,163 11,852 (338) (338) 13,439 392 25,372 39,203 2,239 612 401,470 404,321 3,198 507 391,307 395,012 6,446 419 381,144 388,009 113

A POPULAR VISION LIMITED 10% - 33 1 / 3 % 10% - 20% 2.5% 15. 31 31,209 31,209 31,209 IT 31,209 31,209 31,209 Popular 15% Popular9% 114

A POPULAR VISION LIMITED Popular 16. 31 4,345 4,345 32 (92) 4,253 290 290 578 32 (28) 840 569 1,409 4,055 3,413 2,844 Popular 115

A POPULAR VISION LIMITED 5-10 290 578 569 17. 671 18. 207,056 255,191 227,418 5,842 2,819 3,436 (11,640) (17,762) (18,727) 201,258 240,248 212,127 Popular 30 365 116

A POPULAR VISION LIMITED 0 30 6,715 32,247 32,917 31 60 40,862 29,734 15,454 61 90 19,320 20,313 4,731 91 120 24,496 14,443 19,454 121 180 23,126 33,877 9,261 180 86,739 109,634 130,310 201,258 240,248 212,127 Popular Popular 78% 82% 80% Popular 111,060,000 148,145,000 145,493,000 PopularPopular (15,818) (11,640) (17,762) (8,401) (7,092) (965) 970 12,579 (11,640) (17,762) (18,727) 18,727,00017,762,00011,640,000 117

A POPULAR VISION LIMITED 19. 184 1,968 6,582 4,124 36,508 25,884 34,221 (2,112) (2,312) (2,344) 36,364 30,154 36,185 (2,599) (2,112) (2,312) (702) (280) (109) 80 77 1,189 (2,112) (2,312) (2,344) 20. 308,215 303,466 365,929 (456,867) (462,592) (500,144) (148,652) (159,126) (134,215) (148,652) (159,126) (134,215) (148,652) (159,126) (134,215) 118

A POPULAR VISION LIMITED 354,000 86,000 21. 20,000,000 67,000,000 467,000,0006% 6% 4.35% 22. Popular 0.01% 1.35% 23. 30 180 0 30 49,327 66,604 57,523 31 60 6,072 3,670 1,958 61 90 12,876 3,260 263 90 13,877 7,391 10,036 82,152 80,925 69,780 119

A POPULAR VISION LIMITED 24. 341 20,643 10,822 16,197 86,649 91,206 100,645 107,633 102,028 116,842 25. 20,000 20,000 16% 26. 1 50,000 324,528 1 7 120

A POPULAR VISION LIMITED Popular 7 7 7 7 7 7 Popular 27. Popular iii) iii) Popular 121

A POPULAR VISION LIMITED 28. (30,146) 1,341 297 (28,508) (6,869) 13,716 (240) 52 6,659 (37,015) 13,716 1,101 349 (21,849) 795 (13,896) 68 (13,033) (158) (158) (36,220) (180) 1,101 259 (35,040) 795 (4,263) (3,468) (35,425) (4,443) 1,101 259 (38,508) 15,166 1,180 2,599 (37,015) (36,220) (41,107) 29. PopularPopular Popular PopularPopular Popular Popular 122

A POPULAR VISION LIMITED 30. (a) 201,258 240,248 212,127 34,396 23,572 31,877 39,124 75,202 74,081 52,389 33,510 348,859 391,411 277,514 77 42 30 348,936 391,453 277,544 82,152 80,925 69,780 11,321 9,002 8,528 20,000 20,000 20,000 67,200 467,219 113,473 177,127 565,527 (b) Popular 123

A POPULAR VISION LIMITED Popular Popular Popular Popular Popular Popular Popular 50 74,021 315 370 20,000 850 10,000 45,941 196 230 20,000 850 10,000 33,413 142 167 124

A POPULAR VISION LIMITED Popular Popular Popular Popular PopularPopular Popular Popular Popular 125

A POPULAR VISION LIMITED Popular Popular % 82,152 82,152 82,152 11,321 11,321 11,321 6.00% 20,000 20,000 20,000 113,473 113,473 113,473 % 80,925 80,925 80,925 9,002 9,002 9,002 6.00% 67,200 67,200 67,200 5.05% 20,278 20,278 20,000 177,405 177,405 177,127 % 69,780 69,780 69,780 8,528 8,528 8,528 19 19 19 4.35% 467,200 467,200 467,200 5.05% 20,278 20,278 20,000 565,805 565,805 565,527 126

A POPULAR VISION LIMITED (c) Popular Popular (d) Popular 31. 2.786% 51% 51%255,272,000 127

A POPULAR VISION LIMITED 403,269 4,345 1,638 30,084 89,172 1,537 133,258 (867) (171,965) (20,000) (30,146) 440,325 255,272 216,262 (440,325) 31,209 133,258 133,258 31,209,000 432,291,00066,541,000 128

A POPULAR VISION LIMITED 89,172,000 89,172,000 (49%) 216,262,000 32. Popular 100%23,050,000 Popular 23,050 129

A POPULAR VISION LIMITED 30 64 158 6,001 402 23,130 (2,301) (3,140) 24,344 23,050 (24,344) (1,294) 23,050 (23,130) (80) 130

A POPULAR VISION LIMITED 33. Popular Popular 1,816 3,990 30 691 2 2,507 3,992 30 Popular Popular 10,597,000 9,751,000 10,836,000 Popular 3,706 3,118 1,004 3,238 3,245 1,118 6,944 6,363 2,122 131

A POPULAR VISION LIMITED 34. Popular (a) 11 Popular (b) (i) 39,124 75,202 (i) 19 (ii) 20,000 67,200 467,200 (i) Popular (ii) 4.35%6%6% (c) 877 353 2,853 132

A POPULAR VISION LIMITED 35. 46.3% 46.3% 49% 126,845 149,064 281,872 414,076 399,047 424,660 (87,344) (101,993) (748,819) (39,506) (38,711) (47,558) 222,216 218,620 (45,821) 191,855 188,787 (44,024) 73,607 134,663 561,657 (14,067) (3,595) 18,646 (12,167) (3,068) 17,960 (26,254) (6,663) 36,606 (43,868) (34,086) 124,109 (4,507) (2,175) (4,969) (15,000) 10,000 (139,331) 133

A POPULAR VISION LIMITED 36. Popular 100% 100% 100% 100% 100% 100% 51% 51% 51% IT 51% 51% 100% 51% 51% 100% 97.21% 97.33% 100% IT 100% 100% 100% 134

A POPULAR VISION LIMITED 37. POPULAR Popular 90 83 7 7 (90) (83) (83) (76) 7 7 7 7 135

A POPULAR VISION LIMITED 37. Popular Popular 35,000 35,000 (15,000) (2,093) (17,093) 2,093 2,093 20,000 (20,000) 57,120 57,120 20,000 (9,920) (2,497) 7,583 2,497 2,497 20,000 47,200 67,200 400,019 (4,576) (36,912) 358,531 4,576 4,576 36,912 36,912 20,000 447,219 467,219 38. PopularPopular 136

B 139158 139158 51% 1 200 137

B 2 2 139 P05540 138

B A. 5 6 (963) (1,536) 1,673 13 (21,472) (2) (4) 8 (22,435) (1,538) 1,669 7 (22,435) (1,538) 1,669 (22,435) (1,538) 1,669 (22,435) (1,538) 1,669 139

B 13 12 1,026 904 840 14 23,461 24,877 23,144 (22,435) (23,973) (22,304) (22,435) (23,973) (22,304) (22,435) (23,973) (22,304) 15 15 (22,435) (23,973) (22,304) (22,435) (23,973) (22,304) 140

B (22,435) (22,435) (22,435) (22,435) (22,435) (22,435) (1,538) (1,538) (1,538) (1,538) (23,973) (23,973) 1,669 1,669 1,669 1,669 (22,304) (22,304) 141

B (22,435) (1,539) 1,669 21,472 (963) (1,539) 1,669 23,461 1,417 (1,733) 22,498 (122) (64) (21,472) (21,472) 1,026 (122) (64) 1,026 904 12 1,026 904 840 142

B 1. Vistra Corporate Services Centre, Wickams Cay II, Road Town, Tortola, VG1110, British Virgin Islands 2. 22,304,000 23,973,00022,435,000 Hongzhi CUI 23,144,000 Depot Depot 143

B 3. 9 1 15 1 16 2 144

B 17 4 1 22 2 23 2 1 4 4 9 1 9 2 10 28 3 28 2 40 1 28 1 2 1 2 3 4 9 9 9 9 9 145

B 39 9 9 39 9 9 39 4. 146

B 2 17 2 36 147

B 148

B 149

B 30365 150

B 5. 6. (963) (1,536) 1,673 151

B 7. (22,435) (1,538) 1,669 16.5%16.5% 16.5% (3,702) (254) 275 (275) 3,702 254 8. 9 9. CUI Hongzhi 10. 152

B 11. 12. 0.01% 13. 21,472 21,472 21,272 (21,472) (21,472) (21,472) (21,472) (21,472) (21,472) 49% 49% 49% 153

B 9,466 558 424,660 224,730 249,046 281,871 14,845 5,228 47,558 271,079 270,143 748,820 324,717 425,781 561,657 (43,998) 25,960 36,607 (51,728) (25,767) (89,847) 49% 49% 49% (25,347) (12,627) (44,025) 14. 154

B 15. 1 50,000 324,528 50,000 324,528 1 7 1 7 7 7 7 7 7 7 7 7 155

B 16. 17. (a) 1,026 904 840 23,461 24,877 23,144 (b) 156

B 22,304,00023,973,000 22,435,000 Hongzhi CUI 23,144,000Hongzhi CUI 157

B 18. (a) 10 (b) 23,461 24,877 23,144 19. 20. Cui Hong Zhi 1 1 1 99 100% 158

A I I I B II I 307,400,000 495,700,000 509,240,000 IT90,930,000 64,450,000 52,420,000 I I 39% 55% I 398,300,000 560,200,000 561,700,000I 40.6% 19%2.73% I I155,400,000 293,400,000 310,500,000 39.0% 52.4% 55.3% 159

A I I 113,500,000 152,800,000 170,500,000 34.6% 11.6%I I 146,500,000 140,800,000 117,200,000 16.8% I I 49,300,000 38,000,000 31,300,000 I 2,100,000 2,500,000 4,600,000 83.3% I 3,700,000 16,100,000 4,900,000 160

A I I 61,200,00019,300,00044,500,000 3.44% 7.93%I I I I I I I I 20,000,000 16% 467,200,0004.35% I 39,100,000 75,200,000 I 20,000,000 67,200,000 467,200,000 I 74,100,000 52,400,000 33,500,000 29.3% 46,000,00036.0% 36,900,000 161

A I I 201,300,000 240,200,000 212,100,000 19.4% I 11.7% 28,000,000 I 82,200,000 80,900,000 69,800,000 1.5%I 13.8% I 20,000,000 20,000,000 16% Popular Vision Limited Popular Vision Limited1 Popular Vision Limited I I 18,800,000 51.19% 57.09% 120.75% 410,000,000 98.1% 92.7% 35.1% 410,000,000 5,970,000 2,270,000 4,970,000 162

A I Popular Vision Limited I I I I I51% 246,075,000100% 236,425,000100% 27,846,0002.79% 2.53% 0.14%I 100% 5.46% I I 1,4641,432 1,114 102,450,000 144,540,000 141,800,000I 163

A I I 164

B II II II 165

1. (A) Popular Vision Limited Popular 51% ABPopular 166

(B) A B 1 2 2 3 4 5 6 323,331 465,995 789,326 567,920 567,920 3,416 3,416 34,017 34,017 3,121 3,121 37,482 37,482 21,582 21,582 150,116 150,116 145,558 145,558 1,242,524 510,014 1,752,538 12,586 12,586 159,209 254,763 413,972 880 880 73,720 43,458 117,178 86,283 86,283 36 36 1,429 1,429 115,106 115,106 2,506 2,506 14,126 14,126 1,350,777 40,245 1,009 (655,798) 736,233 1,814,116 341,008 1,009 1,500,335 167

A B 1 2 2 3 4 5 6 114,589 83,805 198,394 439,642 140,326 579,968 242,498 161,191 403,689 24,020 24,020 561,126 27,796 (561,103) 27,819 2,952 2,952 27,349 27,349 70,280 70,280 20,174 20,174 917,484 970,468 27,796 1,354,645 896,632 (629,460) (26,787) 145,690 2,139,156 (119,446) (26,787) 1,898,228 5,699 7,748 13,447 52,171 49,369 101,540 57,870 57,117 114,987 2,081,286 (176,563) (26,787) 1,783,241 168

A B 1 2 2 3 4 5 6 9,527 1,862 11,389 2,067,510 (123,690) (26,787) (110,396) 1,806,637 2,077,037 (123,690) (26,787) 1,818,026 4,249 (52,873) 13,839 (34,785) 2,081,286 (176,563) (26,787) 1,783,241 1. 2. A B 1 0.8326 3. 169

4. I (a) 370,471,000 2.65 I 139,800,400 (b) 561,102,0004,068,000 467,200,000I 3,387,2001 0.8326 II (a) 90,626,942 (b) 122,917,6002.65 II 46,384,000 I II 90,627 398,435 565,171 1,054,233 5. 13,839,000 170

Popular Vision Limited51% 167 170 167 170 4.29 7 7 1 171

4.29(7) 3420 4.297 172

(a) (b) (c) 4.29(1) 173

1 A 30 B&C 100% 100% 1. 2. 174

3. 100% 100% Beijing Yuanshuo Technology Co., Ltd. Beijing Tianyuan Weiye Technology Co., Ltd. 33.54% 5.46% 61% Beijing Tianyuan Network Technology Co., Ltd. 100% Chongqing Qingtian Boyuan Technology Co., Ltd. 175

4. 1,300,000,000,000 5,500,000,000,000 23% 6 5 4 3 2 1 1.3 38.7% 1.8 31.5% 2.5 3.1 5.5 4.9 4.3 3.7 23.4% 21.1% 15.7% 13.1% 13.9% 50.0% 40.0% 30.0% 20.0% 10.0% 0 2010 2011 2012 2013 2014 2015 2016 2017 0.0% ERP ERP78.3% 22.1% 420,800,000,000 1,700,000,000,000 176

20,000 15,000 10,000 5,000 0 4,208 6,157 8,090 9,877 12,031 13,656 15,400 17,000 2010 2011 2012 2013 2014 2015 2016 2017 SPEEDA ERP ERP SaaS ERP ERPSaaS IaaS ERPSaaS ERP IaaS IaaS ERP 8,700,000,000SaaS7,500,000,000 IaaS SaaS ERP Gartner 25.4% 65,500,000,000 35.9% 51,500,000,000 SPEEDA 177

5. 6.9%6.8% 6.5% 4.5% 7.5% 15% 123.9 2.3% 2.8% 9.2% 7.5% 0.2%-0.5% 47,000,000,000640,000,000,000 5.0% 4.0% 14.1% 15.9% 178

BMI Research 5.8%7.2% 12,026.4 13,383.8 14,537.6 15,746.9 17,048.9 18,503.4 20,041.1 21,695.7 23,493.3 25,446.6 6.8 6.5 6.2 5.8 5.4 5.4 5.4 5.4 5.4 5.4 1,409.52 1,415.05 1,420.06 1,424.55 1,428.48 1,431.85 1,434.68 1,437.00 1,438.84 1,440.21 8,532 9,458 10,237 11,053 11,934 12,922 13,969 15,097 16,328 17,668 1.6 1.8 2.2 2.3 2.4 2.5 2.7 2.7 2.7 2.7 1.2 0.9 0.8 0.6 0.4 0.3 0.1 0.0-0.1-0.2 6.78 6.60 6.59 6.59 6.57 6.55 6.55 6.55 6.55 6.55 National sources BMI BMI research 6. 13 7. 1 1 25 (IASB) 179

8. 180

9. 181

10. a b) c) d) e) FMV Opinions, Inc FMV 16.11% f Paul Hanouna Atulya Sarin Alan C. Shapiro (Value of Corporate Control: Some International Evidence)30.00% 100% 11. 182

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Nina MilenkoviĆ 1 M adj = 1 M Or + (SRP S SRP B ) M adj M or SRP s SRP B (Market Multiples Adjustments for Differences in Risk Profile - An Airline Company Example) Duff & Phelps Valuation Handbook 2017 5.59% 0.89% 2.68% 16.47 1588 HK Equity 2.68% 8.30 268 HK Equity 1.51% 17.14 002063 CH Equity 1.72% 15.66 300047 CH Equity 2.08% 16.20 300229 CH Equity 1.72% 16.34 300365 CH Equity 1.72% 16.21 300377 CH Equity 1.66% 17.91 300468 CH Equity 2.08% 18.00 300682 CH Equity 1.66% 18.70 300687 CH Equity 2.08% 16.89 600446 CH Equity 1.66% 20.45 600570 CH Equity 0.89% 15.88 16.47 184

100% 16.47 68,300,000 16.11% FMV Opinions, Inc FMV 30.00%Paul Hanouna Atulya Sarin Alan C. Shapiro(Value of Corporate Control: Some International Evidence) 100% 16.11% 30% 100% 16.47 68,300,000 1,125,000,000 1,227,000,000 12. 185

13. a) b) c) d e) 186

14. 100%1,227,000,000 CFA, FRM MSc, CMA (Aust.) 1. 10 2. 3. Wayne Hu 187

1. 2. 3. 4. 5. 6. 7. 188

a. b. c. d. 12 1 1588 HK Equity 2 268 HK Equity 189

3 002063 CH Equity 4 300047 CH Equity 5 300229 CH Equity 6 300365 CH Equity 190

(FRP) (GRP) (EISP) 7 300377 CH Equity 8 300468 CH Equity 9 300682 CH Equity 191

10 300687 CH Equity 11 600446 CH Equity 12 600570 CH Equity 192

1. 2. (a) XV(a)XV 7 8 (b)352 (c) (i) 4,000 0.00% (ii) 1 1,000,000 0.10% 1 193

XV (a)xv7 8 (b) 352(c) (b) XV2 3 XV 2 3 10% 621,679,686 65.25% 621,679,686 65.25% 193,401,286 20.30% 66,396,000 6.96% 621,679,686(1) 288,478,000(2)100% 193,401,286 (3) I 139,800,400 621,679,686(1) 100% 288,478,000 193,401,286 (2)I 194

10% 200,000 690,000 300,000 50,000 Webgroup Co. 14,504 Zheng Jianyang 3,868,500 34.5% 15% 10% 10.36% 11.05% 25% 5,680,000 23% 5,320,000 Odoo S.A Inspur Odoo (HK) Limited 1,000,000 20% 195

XV2 3 10% XV2 3 3. 4. 5. 6. 196

7. 1 6 197

8. (a) (b) I I (c) IIII (d) (e) 9. (a) Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 1 A 30 B&C (b) Royal Bank of Canada Trust Company (Cayman) Limited4th Floor, Royal Bank House, 24 Shedden Road, George Town, Grand Cayman KY1-1110, Cayman Islands 183 17M (c) (d) 198

10. (a) (b) (c) (d) 4546 (e) 4775 (f) (g) 199

INSPUR INTERNATIONAL LIMITED 596 1 A 30 B&C 1. (a) I I A I I I (b) IIII B IIII II (c) 200

2. (a) C (b) (c) Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 1 A 30 B&C 1. 2. 3. 48 183 17M 201

4 183 17 1712-1716 5. 6. 202