HIP1209001_C_Napoleon()Fullset.indb

重要提示 閣下如對本招股章程的內容有任何疑問 應徵求獨立專業意見 China Harmony Auto Holding Limited 中國和諧汽車控股有限公司 於開曼群島註冊成立的有限公司 全球發售 全球發售項下發售股份數目 275,126,000股股份 視乎超額配股權行使與否而定 香港發售股份數目 27,513,000股股份 可予調整 國際發售股份數目 247,613,000股股份 可予調整及視乎超額配股權行使 與否而定 最高發售價 每股發售股份8.88港元 另加1.0%經紀佣金 0.003%證監會交易徵費及0.005%聯交所 交易費 須於申請時以港元繳足 可予退還 面值 每股股份0.01港元 股份代號 3836 獨家全球協調人 聯席賬簿管理人 聯席牽頭經辦人及聯席保薦人 香港交易及結算所有限公司 香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責 對其準確性或完整性亦不發表任何聲 明 並明確表示概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任 本招股章程連同本招股章程附錄五 送呈公司註冊處處長及備查文件 一節所述文件 已根據香港法例第32章 公司條例 第342C條的規定 送呈香港公 司註冊處處長登記 香港證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上述任何其他文件的內容概不負責 發售價預期將由聯席賬簿管理人 代表包銷商 與本公司於2013年6月6日 星期四 或前後協商釐定 惟無論如何不得遲於2013年6月11日 星期二 除 另有宣佈者外 發售價將不超過每股發售股份8.88港元 目前預期將不低於每股發售股份6.08港元 投資者於申請香港發售股份時須支付最高發售價每 股發售股份8.88港元 另加1.0%經紀佣金 0.003%證監會交易徵費及0.005%聯交所交易費 如發售價低於每股發售股份8.88港元 多繳款項可予退還 在本公司的同意下 聯席賬簿管理人 代表包銷商 可於遞交香港公開發售申請截止日期上午或之前的任何時間 調低本招股章程所列指示性發售價範 圍及 或全球發售項下提呈發售的發售股份數目 在此情況下 本公司將於遞交香港公開發售申請截止日期上午前在南華早報 以英文 及香港經濟日 報 以中文 刊登調低指示性發售價範圍及 或發售股份數目的通知 進一步詳情載於本招股章程 全球發售的架構 及 如何申請香港發售股份 兩 節 本公司與聯席賬簿管理人 代表包銷商 如基於任何原因未能於2013年6月11日 星期二 香港時間 或之前協定發售價 全球發售 包括香港公開 發售 將不會進行並將告失效 請參閱本招股章程 包銷 包銷安排及開支 香港公開發售 終止理由 一節 發售股份並無亦將不會根據美國證券法或美國任何州立證券法登記 亦不可於美國境內提呈發售 出售 質押或轉讓 惟根據美國證券法144A規則中的 登記規定豁免及其有關限制或根據美國證券法登記規定的另一項豁免 可向合資格機構買家提呈發售 出售或交付發售股份則除外 發售股份根據S規 例可於美國境外以離岸交易方式提呈發售 出售或交付 2013年5月31日

(1) www.hkeipo.hk (2)................ 201365....................... 201365 (3)............... 201365....................... 201365 (4)............ 201365............................ 201365............................................ 201366 (1)...................... 2013611 (2).......................... 2013611 (3) www.hkexnews.hk www.hexieauto.com (1)(2)........... 2013611 www.tricor.com.hk/ipo/result..................................... 2013611 (5)(7)...................... 2013611 (6)(7)................... 2013611.......................... 2013613 i

(1) (1) (2) www.hkeipo.hk (3) 201365 (4) (5) (i)(ii) 2013613 (6) (7) 1,000,000 2013611 2826 1,000,000 ii

571V iii

1.00 1.26531.007.7622 iv

.................................................................................................................................................................................. i iii v.............................................................. 1.............................................................. 11........................................................... 21.................................................... 42......................................................... 43............................................. 44........................................................... 48........................................................... 50.............................................................. 65......................................................... 76......................................................... 98............................................... 133.................................................... 138........................................................... 146.............................................................. 147........................................................... 149............................................... 187......................................................... 189.............................................................. 192...................................................... 200................................................. 208 v

............................................... I-1....................................... II-1........................... III-1............................................ IV-1................................ V-I vi

ACMR 25 ACMR ACMR MINI 20 14ACMR 20129.7% 2012 2010201120121231112,700,000 220,500,000350,700,0006.3%7.3%6.2% 4S/5S (i)(ii) 200520052010 2012 252011114S 2517 2010 1

4S/5S4S 5S4S 1231 2010 2011 2012....................... 4 7 13 14.................... 2 2.................... 1 1 2 3 MINI....................... 1 1 1 2................ 2 2.................. 1 1.................... 1 1....................... 6 9 22 25 1231 2010 2011 2012 (%) (%) (%) (%) (%) (%).............. 1,616,681 89.7 9.8 2,752,772 90.8 11.4 5,244,449 92.7 9.2.................. 184,677 10.3 39.6 279,084 9.2 37.6 412,295 7.3 44.0................... 1,801,358 100 12.8 3,031,856 100 13.8 5,656,744 100 11.7 2

2010201120121231 73.2%79.2% 82.9%2012 MINI20122012 95.0%5.0% 1231 2010 2011 2012 (%) (%) (%)................. 2,199 1,183,857 73.2 3,985 2,180,202 79.2 9,340 4,343,837 82.9.............. 768 418,622 25.9 873 506,484 18.4 1,120 547,297 10.4 MINI..................... 59 14,202 0.9 228 66,086 2.4 338 90,694 1.7.............. 32 190,490 3.6.......... 10* 40,315 0.8............ 28 20,459 0.4............... 2 5,367 0.1.............. 3 5,990 0.1................. 3,026 1,616,681 100.0 5,086 2,752,772 100.0 10,873 5,244,449 100.0 * 4S 115 150 151 3

ACMR 2010201120121231 0.2%1.2%1.2% 20133 117 2010201120121231 31.5%25.1%27.4% 4S 4S 4

1% 10% 0.05% 1231 2010 2011 2012................................ 145,817 309,027 655,809........................... 14,673 24,665 54,745.................................. 160,490 333,692 710,554 201020112012123129 3438 170 5

2013 BMW AG 2013 i ii 20129 (i) (ii) 20132014 58 1,700,000 20%201361 2012 4.6% 6

20121231 1231 2010 2011 2012.................................. 1,801,358 3,031,856 5,656,744.......................... (1,569,951) (2,614,356) (4,993,298).................................. 231,407 417,500 663,446......... 10,229 25,387 88,918 (1)................ 13,405 53,516 147,740........................ (64,517) (106,737) (237,030)............................. (18,716) (30,330) (71,611)............................... 171,808 359,336 591,463............................. (19,956) (61,872) (116,403)...................... 222............................. 151,852 297,464 475,282................................ (39,152) (77,014) (124,563) (2).............................. 112,700 220,450 350,719 (3) (1) 20091115% 1231 2010 2011 2012.................................. 305,633 990,077 1,648,198.................................. 31,029 232,552 980,577.............................. 94,070 375,551 1,036,772 7

(2) 1231 2010 2011 2012.................................. 112,700 220,450 350,719...................... (13,405) (53,516) (147,740).............................. 3,351 13,379 36,935................................ 102,646 180,313 239,914 (3) 2012 201227,300,000 11.4%2012(i)(ii) 212,600,000 63.87% Eagle Seeker 20118 2012320129 Success Intergrow Success Intergrow14.16% 45.15%Success Intergrow Eagle SeekerSuccess Intergrow 20112012 20112012 201120122011 2012 88 8

19,110,898 1.75% 6.08 8.88 (1)............... 6,537,000,000 9,547,000,000 (2)...... 2.10 2.77 (1) 1,075,126,000 (2) 6.088.882012111,075,126,000 7.48 1,875,000,000 601,125,000,000 20131011 4S4S 240,000,00080,000,000200,000,000 2014194S12 19700,000,000 20%375,000,000 9

10%187,000,000 10% 20 144S 20107 4S 2012559,300,000 201212 3120131231 20% 10

Ace Manufacturing Ace Manufacturing Holding Limited20121 16 201110 12 2013520 2013321 2012326 22 19613 11

32 2012924 Eagle Seeker Crystalline Prestige Crystalline Prestige Investments Limited2012 926 201182 Eagle Seeker2013520Eagle Seeker Eagle Seeker Eagle Seeker Company Limited20111216 12

GrandsunLC Fund VLC Parallel Fund VMCP Asia MCPC IIYushang Grandsun Grandsun International Investment Limited 2004428 20125 14 2012719 2011727 2012521 20111110 13

200873 www.hkeipo.hk www.hkeipo.hk 27,513,000 2013530 2011930 20107 19 14

247,613,000 S144A 201366 2013524 LC Fund V LC Fund V, L.P.2011419 LC Parallel Fund V LC Parallel Fund V LC Parallel Fund V, L.P.2011523 LC Fund V LC Gloricar LC Gloricar Investment Limited2011829 Legend Capital LC Fund VLC Parallel Fund V 2013613 15

2013417 2012626 Magic Frontier Magic Frontier Limited20111220 MCP Asia MCP Asia (Candlenut) Holdings Limited2009 722LC Fund V MCPC II MCPC II (Candlenut) Holdings Limited20107 29 Morgan Creek Funds MCP AsiaMCPC II 1.0% 0.003%0.005% 41,268,500 16

201366 2013611 144A S S 2013520 144A 144A 571 17

201111 1090% 0.01 2013225 201321 Success Intergrow Success Intergrow Company Limited201112 19 20121024 2010201120121231 1933 2010128 18

201279 2012420 2011 1222 2009424 20101213 201292940% 201211 1951% 2012417 65% 201112 2630% 20021112 90% 2006 1019 19

200958 Yushang Yushang Limited201093 2009724 201254 200534 20

21

2012201112319 201212312225 20114S 22

2513 20122013 202013 2012 MINI2012 201295.0%2012 20122012 5.0% 2005 945 201139 14 23

2010201120121231 89.7%90.8%89.8%201020112012 123165.7%71.9% 76.7%20122011 2514 10 201020111231 2012 4.3% 24

2517201111 4S 20101231 18.02012123156.6 77.3% 15% 20102011 20121231112,700,000220,500,000 350,700,0002010201120121231 102,600,000 180,300,000239,900,000 201220111231 25 2010201120121231 89.7%90.8%92.7%9.8%11.4%9.2% 2010201120121231 10.3%9.2%7.3%39.6%37.6%44.0% 25

2010201120121231 67,500,000201,000,000893,300,000201020112012 1231395,400,000859,500,000 20.72010201120121231 20,000,00061,900,000116,400,000 2010201120121231 945,300,0001,856,900,0003,512,800,000 68.9%66.3%84.3% 26

20121231 20121231315,800,00020111231 498,200,000(i) 918,200,000(ii) 313,700,00020121231559,000,000 2013331456,900,00020121231 315,800,000737,600,000 596,400,0002013331 (i)311,800,000(a) 131,800,000(b)20121231 180,000,0002013331 12(ii)2013331 350,100,0002013331 266,500,000 2010201120121231 92,200,000124,600,000317,700,000 2010201120121231 293438 27

2010201120121231 99.7%99.8%97.9% 2010 20112012123197.5%97.8%96.3% 2010201120121231 72.7%80.9%87.0% ;24.8% 16.9%9.3% 28

20133 29

2012123124 15,255114,261 3,18920.9% 20,48717.9% 8,6717.6% 4S 1,1777.7% 67,45759% 12201020112012 1231 284,400,00011.430.815.8%37.6% 54.5% 30

174,000,000 20 14 20 2010 20112012123123.2%16.7%9.7%20129 2012 10201291011 12675875792013331 6320127878922012630 115 31

1,700,000 20%201361 32

200641 200891 1994 20118,500 2010122320112012 240,00020,0002013 33

2008 2070 34

200811 10% 25%5%2009101 5% 20092 5% 35

25% 25% 10% 36

10%50% 200510212005111 30 37

38

(i)(ii) (iii) 39

6.088.88 2.102.77 1,075,126,000 40

41

8.12 8.12 (a) 3.05 (b) (c) (d) (e) 42

43

17 116 91 923 351 7 111405 145 47 17 116 27 44

811 2501 2B 6 33 11 5101 45

2 68 2 68 1 29 3 35 53 21008 Conyers Dill & Pearman (Cayman) Limited Cricket Square Hutchins Drive PO Box 2681 Grand Cayman KY1-1111 Cayman Islands 46

15 26 77 334 1 22 10 () 1 47

A15A Cricket Square, Hutchins Drive PO Box 2681 Grand Cayman, KY1-1111 Cayman Islands www.hexieauto.com XI 1 28 (ACS, ACIS) 351 1 28 Codan Trust Company (Cayman) Limited Cricket Square, Hutchins Drive PO Box 2681 Grand Cayman, KY1-1111 Cayman Islands 48

28 26 16 1102-03 49

ACMR ACMR ACMR ACMR1992 ACMR ACMR ACMRACMR20135 ACMRACMR ACMR ACMR408 ACMRACMR320,000 50

2010 200621.6 201251.915.7% 200616,500201238,35415.1% 20062012 60,000 35,083 38,354 40,000 50,000 40,000 30,000 20,000 16,500 21,631 20,169 26,581 23,708 31,405 25,608 34,090 29,992 40,120 47,156 51,932 30,000 20,000 10,000 10,000 0 2006 2007 2008 2009 2010 2011 2012 0 51

20062012 5.777.123.6%200644% 201253%20062012 1,600 1,400 1,200 737.4 727.5 721.4 712.9 1,000 800 47% 46% 600 45% 44% 400 577.1 593.8 606.7 621.9 200 674.2 50% 51% 656.6 53% 642.2 665.6 690.8 711.8 54% 52% 50% 48% 46% 44% 42% 0 2006 2007 2008 2009 2010 2011 2012 40% 20062012 11,75924,565 13.0%20062012 25,000 17.2% 20% 20,000 15,000 10,000 5,000 12.1% 11,759 13,786 14.5% 8.8% 15,781 17,175 11.3% 19,109 14.1% 21,810 12.6% 24,565 15% 10% 5% 0 2006 2007 2008 2009 2010 2011 2012 0% 52

ACMR20062011 15.1%3.5%13.4%201185,000 20062011 4.2 5.0% 4.0 3.8 3.3% 3.7% 4.1% 3.5% 3.8% 2.4% 4.0% 3.0% 3.6 3.4 3.2 3.46 3.58 3.73 3.86 4.01 4.11 2.0% 1.0% 3.0 2006 2007 2008 2009 2010 2011 0.0% ACMR 53

54 ACMR (i)(ii)(iii)(iv) 130 1830 8 MINI ACMR ACMR 20064,300,000201213,300,00020.6%

4,500,00014,300,00021.5% 20062012 16 14 12 10 8 6 4 2 0 4.304.45 5.38 5.58 5.68 6.06 8.388.75 14.32 13.23 13.26 12.15 12.25 11.27 2006 2007 2008 2009 2010 2011 2012 60% 50% 40% 30% 20% 10% 0% ACMR 2009 2010 20092009 201020092011 2009 20102012 2006 2007 2008 2009 2010 2011 2012 *......... 4.45 5.58 6.06 8.75 12.15 13.23 14.32 21.5%.......... 7.78 7.6 6.81 5.46 5.64 6.19 7.24 1.2%.......... 4.64 4.4 4.23 3.92 4.21 3.53 4.57 0.3%.......... 1.56 1.98 2.19 2.48 2.65 3.25 3.63 15.1%.......... 3.46 3.15 3.09 3.81 2.92 3.17 3.08 1.9% * ACMR 55

ACMR2012 1006.2%10.8% 57.8%61.6%47.9%30.2% ACMR20132016 9%20132016 25 20 15 14.32 15.61 15.46 17.01 16.70 18.55 18.04 20.22 10 5 0 2013 2014 2015 2016 ACMR 56

4S 20124S............................ 13 197 15.............................. 16 1,759 110 4S20052 4S 4SACMR2010 4S2-3% 4SACMR 40-45%4S4S ACMR4S2006500 20122,95030.4%4S 200620124S 20132016 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016.......... 91% 91% 89% 89% 89% 88% 86% 84% 81% 78% 74%............. 8% 7% 8% 9% 9% 10% 12% 14% 17% 20% 24%........ 1% 2% 3% 2% 2% 2% 2% 2% 2% 2% 2% ACMR 57

ACMR 2009 3,28720129,03140.1% 201282%20062012 ACMR 2006152,20020121,430,00045.3% 20063.4%201210.0%20062012 2006 2007 2008 2009 2010 2011 2012 (%) (%) (%) (%) (%) (%) (%).......... 3.1 0.07 5.0 0.09 10.9 0.18 9.6 0.11 15.8 0.13 31.8 0.24 40.0 0.28 53.0%............ 149.1 3.4 218.7 3.9 329.7 5.4 362.3 4.1 710.8 5.9 1,102.1 8.3 1,392.0 9.7 45.1%............ 152.2 3.4 223.7 4.0 340.6 5.6 371.9 4.3 726.6 6.0 1,133.9 8.6 1,432.0 10.0 45.3%....... 4,450 100.0 5,580 100.0 6,060 100.0 8,750 100.0 12,150 100.0 13,230 100.0 14,320 100 21.5% ACMR ACMR20061,039 20127,41838.8% 23.4% 200617.3%201235.0% 20062012 2006 2007 2008 2009 2010 2011 2012 (%) (%) (%) (%) (%) (%) (%)............. 4.3 0.7 7.0 0.9 11.1 1.4 11.0 1.0 20.8 1.3 40.1 2.1 53.0 2.5 52.2%............... 99.6 16.6 142.2 18.5 183.0 22.7 217.4 20.0 400.9 24.6 586.3 30.6 688.8 32.5 38.0%............... 103.9 17.3 149.2 19.4 194.1 24.1 228.3 21.0 421.7 25.9 626.4 32.7 741.8 35.0 38.8%.......... 600.8 100.0 770.0 100.0 806.0 100.0 1,085.0 100.0 1,628.1 100.0 1,918.4 100.0 2,119.5 100 23.4% ACMR 58

20129 2011 19.4%2012 16.4%201116.5%2012 18.4% 201211 72%2012107.6% 20121111.7%20121214.9% 2012303,200 201140% 20121,080,000 8% ACMR20132016 20131,450,00020163,010,000 27.6%ACMR2013 8,49020161.521.9%ACMR 2013201420152016 560,000547,000525,000469,000 2013201420152016132136 135129 ACMR 10 25 59

2012 2012404.6 201235.62012 0.7% 2012 5.5%2.9%3.7%2.3% ACMR20122006 201220062012 300 250 19.8% 19.7% 19.9% 21.2% 21.4% 23.2% 217.07 24.1% 282.10 25 20 200 15 150 135.84 100 50 30.69 45.01 63.51 83.20 10 5 0 2006 2007 2008 2009 2010 2011 2012 0 ACMR ACMR20062012 54.3%44.7% 60

200610,700201259,700 33.1%2012 5.1%20062012 60 50 10.0% 10.5% 45.4 52.6 59.7 12 10 40 30 6.9% 22.9 33.6 7.7% 7.1% 30.0 5.6% 5.1% 8 6 20 4 10 10.7 2 0 2006 2007 2008 2009 2010 2011 2012 0 ACMR ACMR20062012 54.4%33.1% 61

ACMR20112006 2012 1,000 875 973 4 800 600 400 200 0 1.0% 32 1.3% 65 84 0.8% 0.5% 51 2.5% 366 3.3% 2.9% 2006 2007 2008 2009 2010 2011 2012 3 2 1 0 ACMR 62

ACMR20062.772012 7.4217.9%15.7% ACMR2006412012 12019.3% 20067,342201270,871 45.9%20062012 2006 2007 2008 2009 2010 2011 2012 (%) (%) (%) (%) (%) (%) (%)............ 78 2.4 121 2.3 328 3.1 457 4.4 570 4.0 1,610 6.0 1,812 5.4 68.9%.............. 7,264 4.7 10,291 4.5 15,756 4.9 19,524 5.0 34,789 5.5 59,282 6.3 69,059 5.9 45.5%.............. 7,342 4.6 10,412 4.5 16,084 4.9 19,981 5.0 35,359 5.4 60,892 6.3 70,871 5.9 45.9% ACMR ACMR2012 9.7%ACMR2012 2012 201238.1%29.8% 2012 5.2%3.8%2.1%1.7%2012 9.1%2012 5.0%3.7%2.0%1.6% 63

ACMR 20061.220123.0 15.8200613,313201231,753 15.620069,810 201220,44213.02010 20119 2006 211,0002012542,00017.1% 20062,965201228,09245.5% 2006192012671 81.1%20122.4% 20061.9%ACMR 2005 2011 1185% 201020112012 100%91.9%85.6% 67%201020112012 100%80.9%70.3% 64

200932020092011 20092011 2004521 2009815 2010 2005221 200541 20051110 2005624200581 65

2004430200471 (a)(b)(c) (d) 200111202001 1120 5 20058 292005101 66

4S 200084 200084 2004816 2004101 80% 2010201120121231 74.7%69.9%86.2% 2009518 2010526 1.6 1.63,000 20106 67

201197 201110140037 3,000 2004312 2004101 20101223 2012 240,000 1994 201281 20128120136 30120,000 60,000 19931229 1994711999122520048 2820051027 68

2006882006982009622 2006921 2011825 201191 19864121986412 20001031 197978 1990442001315 69

199411 2008911.0 3%1%3.04.0 15%25%4.020%40% 20073162008 2007126200811 25%15% 2007316 2008 25% 20082008 25%2008 2008 10% 2008 2008200811 10% 70

20091210200811 698 (i)12.5%(ii) 3%17% 5% 2008200811 10%2008 2008 1996129200885 1996620199671 200715200721 71

200510212005111 30 20122 [2012]7 20073 [2007]78 2005721 2007521 0.5% 20059233.0% 72

19864121986412200110 3119797819797 81990442001315 1989122619891226 19879519958 292000429 19845111984111 19965152008228 199610291997 31 73

20021028200391 1998112919981129 20011227200221 1993222200078 19931031199411 35 74

45 45 2007629200811 2008918 20101028 2011711999122 19941214199511 200342720041120101220 1999432002324 75

1992 2002 20021112 90% 2005 20053 28.60%55.65%15.75% 11,130,0005,720,000 3,150,000200511 10,000,00070.43% 19.07%10.50%20057 25 2005 4S 2006 4S 2009 76

2010 MINI 4S 2011 4S 5S 2012 4S 5S 4S 2013 2009114S 4S 20118 (1) 20053200911 90%10% 10%2012107 100% 20101180%24,000,000 80%80% 10%10% 77

(2) 200610200911 65%30%5% 2012106 2009865%800,000 5% 1,000,0005% 70%30% 20101170% 14,000,00070% 70%30% 201012 70%14,000,000 70%70%30% 20113 9,000,00021,000,000 42%30%28% 42%2012107 20111128% 14,000,00028%70% 30% (3) (100%)20094201151,500,000100% 4S (95%)(5%)20095 200969,000,00090% 500,0005%201038,500,000 85%1,000,00010% 78

10% 2012107 201010 20,000,00066.67%30%3.33% 20101120,000,00066.67% 66.67%1,000,000 3.33%3.33% 70%30% 4S2009 7(60%)(20%)(20%) 2012 106 2011312,000,00060% 4,000,00020% 60%40% 2012106 20115 12,000,0008,000,00060% 40% 4S(95%) (5%)20107 2011449,500,00090% 2,750,0005% 90%10% 4S (90%)(10%)201012 (80%)(20%)20117 79

90% 42% 30% 28% 95% 5% 60% 40% 10% 10% 20% 80% 80% 30% 10% 10% 70% 90% 90% 100% 20118 17 A. 3.712E1.20 B. 80,000,000 201182220121120 C. 100% D. 80

E. 1.20 F. 80% G. Success Intergrow 100% 20118 20118 30,000,000100% 2011821,000,000 70%9,000,00030% 100% 2011916,000,000 80%100% 2011910% 3,000,000 100% 81

LC Fund V LC Parallel Fund V Grandsun MCP Asia MCPC II Yushang 56.24% 4.10% 28.45% 6.03% 2.59% 2.59% 100% LC Gloricar 100% 100% Eagle Seeker 100% Success Intergrow 100% Magic Frontier 100% 100% Crystalline Prestige 100% Ace Manufacturing 82

120,000,00070%30% 20111180%20% 2012227 80%Ace Manufacturing8,000,000Ace Manufacturing 80%20%2012314Ace Manufacturing160,000,000Ace Manufacturing98.8%1.2%20121126 Ace Manufacturing75,000,000 Ace Manufacturing99.18%0.82% 4S201110 100% 4S 20119100% 5S201111 89%10%1% 4S 20111270%30% 42%2012107 83

80% 20123770% 30,000,00070%30% 2012413100% 1,500,000100% 2012626 45,000,000 90%10% 2012611 40,000,000100% 2012829 55,000,000100% 2012929 50,000,000100% 201292970% 21,000,000100% 201341430,000,000 100% LC GloricarMagic Frontier Success Intergrow 84

100% LC Fund V LC Parallel Fund V Grandsun MCP Asia MCPC II Yushang Eagle Seeker 85.84% 7.96% 0.58% 4.03% 0.85% 0.37% 0.37% Success Intergrow 100% Magic Frontier 100% 100% Crystalline Prestige 100% Ace Manufacturing 100% LC Gloricar 100% 99.18% 0.82% 40% 30% 90% 100% 100% 100% 100% 70% 30% (1) (2) (3) 100% (1) 55%5% (2) 70% (3) 10% 85

........... 20123 (100%).......... 20124 (80%) (20%) (1).......... 20124 (100%).......... 20125 (100%)........... 20125 (100%)........ 20125 MINI (100%).......... 20126 (100%).......... 20127 (100%)........... 20127 (100%).......... 201210 (100%)........ 201211 (51%) (49%) (2)........ 20132 MINI (100%)........ 20132 (100%)........ 20133 (100%)........ 20134 (100%) (1) 20128 920128920121231 15%20128 15%20121231 86

15% 65%35% (2) (1)...... 201112 (30%) (70%) (2)....... 20129 (3) (40%) (55%) (4) (5%) (4) (1) (2) (3) 20101213201292940% (4) 40% 87

371,200,000Success Intergrow 500AA(a) Magic FrontierLC Gloricar 1.2%(b)249,200,000169,200,0002012 3680,000,00020121232012314Ace Manufacturing 160,000,000LC Gloricar 1.2%20129 2012123 A 201235Eagle SeekerSuccess IntergrowMagic FrontierACE ManufacturingLC Gloricar Success Intergrow500A LC Gloricar100%Magic Frontier 249,200,000ASuccess Intergrow14.16% LC Gloricar A LC Fund V.............. 56.24% 2,812,185 19,112,974.17 7.96% LC Parallel Fund V........ 4.10% 205,055 1,393,616.87 0.58% Grandsun International.... 28.45% 1,422,415 3,367,578.30 4.03% 80,000,000 MCP Asia.............. 6.03% 301,725 2,066,129.11 0.85% MCPC II................ 2.59% 129,310 885,449.36 0.37% Yushang............... 2.59% 129,310 13,410.89 0.37% 100.00% 5,000,000 249,200,000 14.16% 1:1 Success Intergrow A Success Intergrow ASuccess Intergrow A 88

A 20111231 0.537.48 45.15% A A 5,000,000 A AA 74.24AA A A1:1 A A 100,000,000 100 89

A 2011237,500,000 2012360,000,000 2011201220112012 1231 (a) (b) 20112012237,500,000 360,000,000A A = (CP x A x B) (C x D) 90

CPAA AA B 20112012 C250,000,000 2011 400,000,000 2012 DA 20112012 2011237,500,0002012 360,000,000 (a)20131231 (b)2012331 50%A Success IntergrowA A10% A2012331 91

201235 A A (a) (b) 92

Legend CapitalGrandsun A (a) A(b) A(c) A Legend Capital LC Fund V2011419 480,000,000LC Parallel Fund V 201152335,000,000 LC Fund VLC Parallel Fund V(TMT) Legend CapitalLegend Capital Legend Capital Grandsun Grandsun2004428GrandsunYip Chi Yu GrandsunGrandsun 93

Morgan Creek Funds MCP AsiaMCPC IIMorgan Creek Capital Management, LLC20092010 MCP AsiaMCPC II Morgan Creek Capital Management, LLC MCP AsiaLC Fund V Morgan Creek FundsMorgan Creek Funds Morgan Creek Funds Yushang Yushang201093 Yip Chi Yu YushangYushang 2013527 (1) Magic FrontierSuccess Intergrow (2) 1:1Success IntergrowASuccess Intergrow (3) Success Intergrow799,999,999 (4) Success IntergrowEagle Seeker Eagle SeekerSuccess IntergrowEagle Seeker 94

Eagle Seeker (%) Eagle Seeker................................... 686,720,000 85.84 LC Fund V.................................... 63,680,000 7.96 LC Parallel Fund V............................... 4,640,000 0.58 Grandsun International........................... 32,240,000 4.03 MCP Asia..................................... 6,800,000 0.85 MCPC II...................................... 2,960,000 0.37 Yushang...................................... 2,960,000 0.37....................................... 800,000,000 100.00 LC Fund V LC Parallel Fund V Grandsun MCP Asia MCPC II Yushang 100% Eagle Seeker 63.87% 5.92% 0.43% 3.00% 0.63% 0.28% 0.28% 25.59% Ace Manufacturing 100% Crystalline Prestige 100% LC Gloricar 100% 100% 99.18% 0.82% 40% 30% 100% 100% 100% 100% 90% 65% 70% 30% (1) (2) (3) (4) 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 51% 100% 100% (5) 100% 95

(1) 55%5% (2) 70% (3) 10% (4) 35% (5) 49% 200688 20069811 (i) 96

(ii) 75 97

ACMR 25 ACMR ACMR MINI 20 14ACMR2012 9.7% 2012 ACMR2005 2005 4S2011ACMR 2005 90%2010 4S4S 5S4S5S 4S 4S 20102011201212 3118.030.356.62010 201277.3%2010 20112012123189.7%90.8%92.7% 98

20102011201212319.8%11.4% 9.2%2010 20112012123139.6%37.6%44.0% 201020112012123131.5% 25.1%27.4%2010201120121231 112,700,000220,500,000350,700,00020102012 76.4% 2005 25 MINI ACMR ACMR 4S 99

47 ACMR 1425 1120 2005 ACMR 2006201245.9% 40.3%13 11ACMR 90%80% 4S 2010201120121231 9.8%11.4%9.2% 100

2011 4S 4S 4S4S 5S 4S 4S 10 101

4S 201020112012 2012 20122012 2012 201220092010 4S 200943 200911 201211 i 102

ACMR 2012 201212 20128 4S 4S 103

ACMR VIP 104

4S5S 1425 1231 2010 2011 2012.......................... 4 7 13 14...................... 2 2...................... 1 1 2 3 MINI.......................... 1 1 1 2................... 2 2..................... 1 1................ 1 1.......................... 6 9 22 25 105

(2) (1*) Mini Cooper (1*) (5) (1/2**) (1*) (1*) (1*) (1) (1) (28) (11/4*/1**) Mini Cooper(2/1*) (2/2*) (1) (1***/1*) (1) (1***) (2) (1/1**) (1/1**) (1) (1) (1) (3) (3) (1**) (1*) * ** *** (1) (1) (1) (1) 4S/5S 4S12164S 5S4S11 144S4S 4S4 S 5S5S4S 106

4S5S 4S5S MINI ACMR MINI 200574S 17 11 90%80%100% 4S 2010ACMR 10 201174S201111 4S 107

20 2005 108

25........... 4S 2005715 20131231........... 2009727 20131231........... 4S 20091021 20131231........... 4S 20101029 20131231........... 4S 2011914 20141231........... 4S 20111114 20141231........... 20111227 20131231........... 2012227 20131231........... 4S 2012621 20151231........... 4S 2012725 20151231........... 2012727 20131231........... 2012920 20131231......... 5S 2012922 (1)........... 5S 2013326 20161231............. 4S 2012927 (1)...... 4S 2007116 20131231...... 2012228 20131231...... 4S 2013328 (1)......... 201227 (1)............. 201259 (2)............. 4S 2012713 (1)............. 4S 2012713 (1) MINI........... 2010929 20131231........... 4S 201349 (1).. 4S 20121217 (3) (1) (2) 24 (3) 180 109

.......... 4S 40% 2012929...... 4S 30% 20111226 4S 110

20 20 20 4S4S4S 111

14,119504S 1.20 1,200650 310130206.09 1.18 1420132013430 3513 201212313.427 20 20 (*) (1)(3)................. 4S 201310 5,000 45,500 (1)(5)................. 4S 20138 49,430 122,900 (1)(4)(5)................ 4S 20138 40,000 (1)(5)................. 20137 1,520 40,000 (1)(5)................. 20137 2,000 5,000 (1)(4)(5)................. 20139 10,000 (1)(4)(5).......... 201310 60,000 (1)(4)(5)................. 20139 10,000 (1)(4)(5)................ 4S 20138 2,470 24,000 (1)(5)................. 4S 20138 2,900 24,000 112

(*) MINI (1)(3)................. 4S 201310 5,000 22,400 (1)(5)................. 20138 1,300 3,100 (2)(5)............ 4S 20135 1,700 5,000 (2)(5)............ 4S 201310 1,000 40,000 (2)(5)............ 4S 201310 1,000 40,000 (2)(5).................. 4S 201310 30,800 55,640 (6) (1)(4)(5)........ 4S 20138 5,000 15,400 (2)(5)............... 4S 20138 6,500 15,400 (1)(5)................. 4S 20138 2,500 15,400 (1)(4)(5)..................... 4S 20138 15,000......................... 118,120 608,740 (*) (1) (2) (3) (4) (5) (6) 90,000,000 113

4S5S 4S5S 4S 4S4S 27 114

20102011 2012123116.227.5 52.489.7%90.8%92.7% 1231 2010 2011 2012 % % %........................ 2,199 1,183,857 65.7 3,985 2,180,202 71.9 9,340 4,343,837 76.7.................... 768 418,622 23.2 873 506,484 16.7 1,120 547,297 9.7 MINI........................ 59 14,202 0.8 228 66,086 2.2 338 90,694 1.6.................... 32 190,490 3.4................. 10* 40,315 0.7................... 28 20,459 0.4...................... 2 5,367 0.1.................... 3 5,990 0.1........................ 3,026 1,616,681 89.7 5,086 2,752,772 90.8 10,873 5,244,449 92.7 * 4S 5S4S/5S i ii 115

2012 MINI20122012 5.0% 1,700,00020% 10% 0.05% 90 0.05% 116

2010201120121231 92,200,000124,600,000317,700,000 4S1520 ACMR 201020112012 2.0%2.2%2.1% 0.2%1.2%1.2% 117

20133 2013326 (i)(ii) (iii) 201331 ; ERP 118

2010201120121231 184,700,000279,100,000412,300,000 10.3%9.2%7.3%4S 4S 4S 5,00010,000 4S 4S 119

4S 4S 4S4S 4S 4S........ F20 F30 F35 201212........ F02 N54 E84 F20 F30 F35 201211 DMELEWFEM NBT/HU-NBT-HUCIC........ F35 201210 PSC........ E70 E71 20129 120

........ E70 E71 E9x F07 F10 F18 N55 E84 F18 E84 20128 VANOS........ E8x E9x 20127 EPS........ E88 20124 EMOA........ E60 E61 E63 E64 F20 E84 F18 20123 IHKA........ E84 E89 F10 F11 F25 F30 N20 20122........ F12 F13 F02 F07 F10 F11 201112 DVD........ E7x F0x F1x E70 E71 N55 F02 F04 201111........ E84 201110........ E83 N52K 2.5L 20119 DME........ F04 20118 DME........ F10 20117........ E60 E71 E82 E88 E9x F0x N54 F04 20115 EME........ E60 E71 E82 E88 E89 E9x F0x N54 20113........ E70 E71 F2x 20112........ E71 E8x E9x F0x N54 20111 DME........ E72 F04 E70 N52K 201011........ E6x E65 E66 E67 N62 N62T N73 201010 F01 F02 F03 F04........ F07 E71 E89 E90 F02 N54 E8x E9x E6x 20107 DME........ F07 N55 E6x E7x E8x E9x Fxx N53 N54 20106 DMEPDM........ F02 F07 20102 DME........ F02 20097........ E70 N52K 20096 121

........ E70 N62T 20133 MINI........ R5x R60 20123 MINI........ R55 R56 R57 R60 N14 N18 20121 MINI........ R5x R60 20117.... RX300 201112.... GS300/RX300 201011.... LX470 20108.... LS460/460L/600HL 20107.... LS460/600HL 20106 (VVT-i) VGRS ECU.... ES350/RX350 20104.... RX300/350 20113 4S 4S 122

4S 4S 4S 2010 201120121231 99.7%99.8%97.9%5% 2010201120121231 72.7%80.9%87.0% 123

20129 60% 20125 20129 201291011 12675875792013331 6320127878922012630 11120113 20092011 10,000,000201210743 20102011201212312934 38 124

2010201120121231 15,500,00024,000,000 52,000,000 1% 1% VIP 4S 125

1,982.................................................. 852............................................. 754...................................................... 222................................................. 121...................................................... 33...................................................... 1,982 20102011 201212313,800,000 6,000,00012,500,000 126

1519992012 2 ACMR 127

13113 2 2012123154 165419 7Best Character Auto Group 66 3 ACMR2011 20121% 5.01(2)20121231 224 56(2) 2012123115% 342(1)(b)34(2) 128

13,163.91 3,936.01 201046 201346 3 40 3 9,227.90 20091231 20121231 40 2012123124 15,255114,261 3,18920.9% 20,48717.9% 8,6717.6% 4S 1,1777.7% 67,45759.0% 129

20121231122010 20112012123112 284,400,0001,140,000,0003,080,000,000 15.8%37.6%54.5% (i)(ii) (iii) 55,000,000 12 12 Eagle Seeker E. 130

15,507.75 30 2040 91 1018 1,006 2 2014 331 1,020 15 2024 331 8,671 20 2031 51 9,267 50 2059 1031 1420 609,000,000118,000,000 131

132

Eagle Seeker 63.87%Eagle Seeker 2008112012 4 2010201120121231463 925118 20124 (i)(ii) (iii) 8.10 133

714 35(b) 2012123135(a) (i) (ii) 134

20119 1.8 Eagle Seeker2013520 (a)(b) 25 135

10 a) 10% b) 10% (1) (2) 136

2013526 780,000 0.1% 137

12714 42 2012924 45 2012924 54 2012116 37 2012924 33 2012924 36 2012924 45 2013131 55 2012924 64 2013318 63 2013318 70 2013318 62 2013318 422012924 2005 19922001 1992 138

2002 452012924 1992 200019922001 200362005720057 20099 542012116 2012101989 1219936 20 2009220103OTCBB: ASOE 20106201152010120115OTC OTCCELM 20078OTCDGNG 2006720116 KNDI 139

1026 CHLN 2011627 201192 372012924 2002 20054 332012924 2008 20097 2011220112 140

362012 9242001 20025 20074 20116 451992 619927 200312 20069 5520129241987 20012004 6301992 0099219942001 1997 20012001 20074 0022302004420125 02992009 820128 002565 6420133181982 30 19828199471994 71998919989200312 141

20081220101120118 30014920124 000913 6320133181986 1996 20061970 4019827 19957 200541997112004220077 20041220106 0489.HK 601106 1800601800 600900 702013318 251987819938 1993819962 142

20081200912 6220133181976 1994 19942004 20101995 20070506 20082011 0906 302007 2009 20053 482012101986 719893 20027 1019993 20106201210 143

372013419 2004 10 H 2317 1997 2000 3.213.2314 14 14 3A.19 3A.23 144

2010201120121231 2,200,0002,900,0003,900,000 2010201120121231 1,900,0002,400,0003,100,000 20131231 3,900,000 2010201120121231 2010201120121231 D. 145

XV23 10% Eagle Seeker.... 686,720,000 85.84% 686,720,000 63.87% (1)....... 686,720,000 85.84% 686,720,000 63.87% (1) Eagle SeekerEagle Seeker XV23 10% 146

2,000,000,000 20,000,000 1 0.01 800,000,000 8,000,000 275,126,000 2,751,260 1,075,126,000 10,751,260 (i) 20% (ii) (1) (2) (3) 147

A. 3.2013520 10% A.3. (i) (ii) (iii) 2013520 148

2010 201120121231 201020112012123118.0 30.356.62010201277.3% 2010201120121231 89.7%90.8%92.7%2010201120121231 9.8%11.4%9.2% 20102011201212 3139.6%37.6%44.0%20102011 2012123131.5%25.1%27.4% 2010201120121231112,700,000 220,500,000350,700,0002010201276.4% 149

ACMR 2006152,00020121,430,000 45.3%ACMR 2013201620131,450,0002016 3,000,00027.4% 2013 20102011201212 316922 ACMR ACMR 150

2010201120121231 12.8%13.8%11.7% 20102011 2012123189.7%90.8%92.7%2010 20112012123139.6%37.6%44.0% 31.5%25.1%27.4%2010 2011201212319.8%11.4%9.2% 4S 4S 4S 2010201120121231 87.2%86.2%88.3% 151

312 2010201120121231 92,200,000124,600,000317,700,000 20102011201212317.7% 9.7%6.1%12.8%13.8%11.7% 3 (i)(ii) (iii) 152

2010201120121231 2,800,0006,700,00010,100,000 20121231 201212312012630 153

1231 2010 2011 2012.................................. 1,801,358 3,031,856 5,656,744.......................... (1,569,951) (2,614,356) (4,993,298).................................. 231,407 417,500 663,446......... 10,229 25,387 88,918 (1)................ 13,405 53,516 147,740........................ (64,517) (106,737) (237,030)............................. (18,716) (30,330) (71,611)............................... 171,808 359,336 591,463............................. (19,956) (61,872) (116,403)...................... 222............................. 151,852 297,464 475,282................................ (39,152) (77,014) (124,563) (2)............................. 112,700 220,450 350,719 (3) (1) 20091115% 1231 2010 2011 2012.................................. 305,633 990,077 1,648,198.................................. 31,029 232,552 980,577.............................. 94,070 375,551 1,036,772 154

(2) 1231 2010 2011 2012.................................. 112,700 220,450 350,719...................... (13,405) (53,516) (147,740).............................. 3,351 13,379 36,935................................ 102,646 180,313 239,914 (3) 2012 201227,300,000 11.4%2012(i)(ii) 212,600,000 (%) 1231 2010 2011 2012 (%) (%) (%) (%) (%).......... 1,616,681 89.7 9.8 2,752,772 90.8 11.4 5,244,449 92.7 9.2.............. 184,677 10.3 39.6 279,084 9.2 37.6 412,295 7.3 44.0............... 1,801,358 100 12.8 3,031,856 100 13.8 5,656,744 100 11.7 2010201120121231 89.7%90.8%92.7% 155

1231 2010 2011 2012 % % %.............. 2,199 1,183,857 73.2 3,985 2,180,202 79.2 9,340 4,343,837 82.9.......... 768 418,622 25.9 873 506,484 18.4 1,120 547,297 10.4 MINI.............. 59 14,202 0.9 228 66,086 2.4 338 90,694 1.7.......... 32 190,490 3.6....... 10* 40,315 0.8......... 28 20,459 0.4............ 2 5,367 0.1.......... 3 5,990 0.1.............. 3,026 1,616,681 100.0 5,086 2,752,772 100.0 10,873 5,244,449 100.0 * 4S 201020112012123173.2% 79.2%82.9% 20102011 20121231538,000 547,000465,000 2012 20102011 2012123125.9%18.4%10.4% 2010201120121231 184,700,000279,100,000412,300,000 4S4S 156

2010201120121231 10.3%9.2%7.3% 4S 1231 2010 2011 2012 (%) (%) (%)........... 1,458,326 92.9 2,440,304 93.3 4,762,592 95.4............... 111,625 7.1 174,052 6.7 230,706 4.6............. 1,569,951 100 2,614,356 100 4,993,298 100 20102011 2012123192.9%93.3%95.4% 2010201120121231 7.1%6.7%4.6%20121231 157

201020112012123112.8% 13.8%11.7% 2010201120121231 9.8%11.4%9.2%20102011 (i) (ii) 2012 2010201120121231 39.6%37.6%44.0%20102011 2012 2010201120121231 31.5%25.1%27.4%20102011(i) (ii)4s20112012 1231 2010 2011 2012............................... 4,563 13,211 61,141................ 2,474 3,843 5,326........................... 1,514 2,818 8,429............ 497.................................. 1,678 5,018 14,022.................................. 10,229 25,387 88,918 (i)(ii) 158

2010201120121231 4,600,00013,200,00061,100,000 2012 (i)(ii) (iii) 15% (i)(ii) 1231 2010 2011 2012 (%) (%) (%).......... 64,517 3.6 106,737 3.5 237,030 4.2.......... 18,716 1.0 30,330 1.0 71,611 1.3........... 83,233 4.6 137,067 4.5 308,641 5.5 20102011201212314.6% 4.5%5.5%20102011 2012 2012 159

1231 2010 2011 2012............................. 20,576 35,720 71,094............................... 2,202 6,814 18,649................................ 1,774 2,069 6,413.................................. 3,215 8,548 23,961............................... 2,966 3,345 4,683................................ 1,699 1,661 3,239................................ 1,538 1,895 3,861.......................... 15,489 24,005 51,989.................................. 7,913 14,093 33,631........................... 3,991 5,424 15,103.................................. 3,154 3,163 4,407.................................. 64,517 106,737 237,030 2010201120121231 20,600,00035,700,00071,100,000 1.1%1.2%1.3% 2010201120121231 15,500,00024,000,00052,000,000 0.9%0.8%0.9% 2010201120121231 7,900,00014,100,00033,600,000 0.4%0.5%0.6% 160

1231 2010 2011 2012............................. 2,287 3,969 11,417............................... 2,307 4,023 6,332................................ 3,591 4,064 5,648................................ 2,225 3,762 3,317.................................. 800 1,026 3,808.................................. 228 298 833............................... 671 1,561 13,724.................................. 879 1,566 3,737.......................... 400 400 400........................... 234 205 334.................................. 449 616 990............................. 245 370 1,884............ 1,630............................... 1,734 3,487 9,285.................................. 2,666 4,983 8,272.................................. 18,716 30,330 71,611 20102011201212 3118,700,00030,300,000 71,600,0001.0%1.0%1.3% 1231 2010 2011 2012...... 19,654 60,327 131,275...................... 302 1,545 4,844.......................... (19,716).................................. 19,956 61,872 116,403 161

25%2010 20112012123125.8%25.9%26.2% 20121231 255,400,000 2010201120121231112,700,000 220,500,000350,700,0006.3%7.3% 6.2%2010201120121231 3,400,00013,400,000 36,900,000102,600,000180,300,000 239,900,000 2010201120121231 5.7%5.9%4.2% 183,300,000 158,800,00024,500,000 14,000,0002012123110,500,000 20136.088.88 1,075,126,000 2012123120111231 2011123130.386.8%2012 123156.6 2011123127.590.5% 2012123152.4 201112315,086201212 3110,873(i) (ii)2011(iii)13 2011119 2012 20111231279,100,00047.7% 20121231412,300,000(i)2012 (ii)4s 162

2011123126.191.2% 2012123149.9 2011123124.495.1% 2012123147.690.5% 20111231174,100,000 32.5%20121231230,700,000 47.7% 2011123113.8%20121231 11.7% 2011123111.4%20121231 9.2%2012 2011123137.6%20121231 44.0%2012 2011123125,400,000 250%2012123188,900,0002011 123113,200,000363%20121231 61,100,000(i)(ii) (iii) 2011123153,500,000176% 20121231147,700,000 20111231106,700,000 122.1%20121231237,000,000 2011123135,700,00099.2% 2012123171,100,000 163

20111231 24,000,000116.7%2012123152,000,000 2011123114,100,000138.3%2012 123133,600,000 2011123130,300,000 136.3%2012123171,600,000 201112311,600,00020121231 13,700,000 2011123161,900,000 88.0%20121231116,400,000 20111231220,500,00059.0% 20121231350,700,00020111231 7.3%201212316.2%2011 20121231 13,400,00036,900,000180,300,000 239,900,0002011201233.1% 2012 2012 212,600,000201120121231 5.9%4.2% 2011123120101231 2010123118.068.3%2011 123130.3 2010123116.269.8% 2011123127.5 201012313,026 201112315,086(i) (ii)2010(iii) 164

20101231184,700,00051.1% 20111231279,100,000(i) 4S(ii) 2010123115.766.2% 2011123126.1 2010123114.667.1% 2011123124.469.8% 20101231111,700,000 55.9%20111231174,100,000 51.1% 2010123112.8%20111231 13.8% 201012319.8%20111231 11.4% 2010123139.6%201112 3137.6% 2010123110,200,000 149.0%2011123125,400,000 201012314,600,000187.0%20111231 13,200,000(i)(ii) 2010123113,400,000 2011123153,500,000 165

2010123164,500,000 65.4%20111231106,700,000 2010123120,600,00073.3% 2011123135,700,000 20101231 15,500,00054.8%2011123124,000,000 201012317,900,00078.5%2011 123114,100,000 2010123118,700,000 62.0%2011123130,300,000 2010123120,000,000 2011123161,900,000 20101231112,700,00095.7% 20111231220,500,00020101231 6.3%201112317.3%2010 20111231 3,400,00013,400,000102,600,000 180,300,0002010201175.7% 201020111231 5.7% 5.9% 12 166

1231 2010 2011 2012..................... 97,105 92,843 90,979..................... (253,339) (883,232) (1,202,082)..................... 231,153 776,297 1,274,420.......... 74,919 (14,092) 163,317................. 193,475 179,383 342,685 2012123191,000,000 2012123120111231(i)475,000,000 (ii) 95,800,000(iii)(a)20121231 20121231 139,400,000(b)170,100,000 355,100,000(i) 376,900,000(ii) 384,000,000 2011123192,800,000 2011123120101231(i)318,800,000 (ii) 304,200,000(iii)(a)20111231 20111231 42,900,000(b)54,700,000 110,600,000(i) 389,600,000(ii) 173,200,000(iii) 65,200,000 2010123197,100,000 2010123120091231(i)166,300,000 (ii) 165,000,000(iii)(a)20101231 20101231 42,100,000(b)26,100,000 167

75,400,000(i) 168,500,000(ii) 69,500,000(iii) 62,600,000 201212311,202,100,000 (i)98,000,000 (ii)877,400,000(iii) 250,000,000 20111231883,200,000 (i)630,900,000 (ii)174,800,000(iii) 76,000,000 20101231253,300,000 (i)198,200,000 (ii)56,400,000 2012123113.0 37.125.1 20111231776,300,000 18.113.5 20101231231,200,000 660,000,000 471,100,000 12 168

1231 331 2010 2011 2012 2013........................ 160,490 333,692 710,554 977,017.................. 11,678 16,666 59,112 54,130.... 289,756 672,401 688,221 773,287................ 305,633 993,194 679,448 616,935................ 215,837 281,023 665,055 780,145..................... 9,974 13,646 17,333 39,541.............. 193,475 179,383 342,685 517,786................... 1,186,843 2,490,005 3,162,408 3,758,841............. 395,416 859,535 1,777,774 2,089,582......... 418,081 722,329 818,129 1,168,255......... 131,760 274,992 626,852 667,771................... 58,161 134,977 255,415 290,155................... 1,003,418 1,991,833 3,478,170 4,215,763............ 183,425 498,172 (315,762) (456,922) 20121231315,800,00020111231 498,200,00015 672,000,000(i) 918,200,000(ii) 351,900,000(i) 376,900,000(ii)384,000,000(iii) 163,300,000313,700,000 559,000,0002013 331456,900,00020121231 315,800,000737,600,000 596,400,0002013331(i) 311,800,000(a) 131,800,000(b)20121231 180,000,000201333112 (ii)2013331 350,100,0002013331 266,500,0002013430 169

3513 20121231 1231 2010 2011 2012................................ 145,817 309,027 655,809........................... 14,673 24,665 54,745.................................. 160,490 333,692 710,554 20101231160,500,000107.9%20111231 333,700,000113.0%20121231710,600,000 (i) (ii)2013331 437,900,000201212312012 123161.6 (1) 1231 2010 2011 2012................................ 28 34 37........................... 40 41 63.................................. 29 34 38 (1) (i) (ii) 170

201020112012123129 3438 2011 1231412012123163 2010123128201112 31342012123137 2010201120121231100,200,000 220,600,000408,400,000 (i) (ii) (iii) 6090 2010201120121231 11,700,00016,700,00059,100,00020121231 (i)(ii) 2010201120121231 20121231 171

1231 2010 2011 2012.......................... 198,557 532,738 262,433............................... 77,380 101,018 229,329 (1).......................... 11,027 30,376 164,094............................... 626 1,673 9,629.................................. 2,166 6,596 22,736.................................. 289,756 672,401 688,221 (1) 17% 2010201120121231 198,600,000532,700,000262,400,000 (i)(ii) 20111231 2011 20121231 2010201120121231 77,400,000101,000,000229,300,000 20121231 2011123130,400,00020121231 164,100,000 20121231 172

1231 2010 2011 2012........................... 5,633 7,457 11,383............................... 412,448 714,872 806,746.................................. 418,081 722,329 818,129 1231 2010 2011 2012 3................................ 376,984 616,424 777,735 36............................... 40,759 105,455 37,193 612.............................. 151 2,836 12............................. 338 299 365.................................. 418,081 722,329 818,129 2010201120121231 390.2%85.3%95.1% (i)(ii) 2010201120121231 777956 173

1231 2010 2011 2012............................. 10,546 43,197 39,992........................ 900 3,864 8,764............................... 62,017 104,946 244,313.................... 46,869 101,531 271,641........................... 186 1,232 10,846...................... 9,148 17,207 25,851.................................. 2,094 3,015 25,445.................................. 131,760 274,992 626,852 2010 20112012123162,000,000104,900,000 244,300,000 201020112012123146,900,000 101,500,000271,600,000 2010201120121231 900,0003,900,0008,800,000 174

201020112012123167,500,000 201,000,000893,300,000 4S20102011201212 314S4S4S 31,400,000168,100,000314,100,0004S 2010201120121231 1,000,000 2,000,00059,000,000 1231 2010 2011 2012................. 67,287 200,736 892,903 (1).......................... 225 238 377.................................. 67,512 200,974 893,280 (1) 20102011 201212311,000,0001,000,0001,100,000 2012 1231164,600,000 1231 2010 2011 2012........................ 32,856 5,600 164,592 175

130 1231 2010 2011 2012....................... 979 1,608 10,446 3,342 23,451 11,277................. 2,818 7,165 76,342 12,273 73,019 38,763....................... 2,966 87,032 67,572 103,708 30,078 163,138......................... 6,763 95,805 154,360 119,323 126,548 213,178 1231 2010 2011 2012.......................... 305,633 990,077 676,452........................... 3,117 2,996.................................. 305,633 993,194 679,448 15% 176

1231 2010 2011 2012.............................. 305,633 990,077 1,648,198.............................. 31,029 232,552 980,577........................... 94,070 375,551 1,036,772 2010201120121231 13,400,00053,500,000147,700,000 7.8%14.9%25.0%3,400,00013,400,000 36,900,0002010201120121231 102,600,000180,300,000239,900,000 20121231 14A 2010201120121231 345,400,000724,500,0001,560,000,000 2010 201120121231160,400,000 168,000,000315,200,000 HAT 180,000,000HAT 177

2012123116 32,600,000 14A.31 7 1231 2010 2011 2012 2013430 (%) (%) (%) (%).......... 5.3-8.3 320,000 6.6-12.8 671,000 6.2-12.0 1,283,000 6.0-12.0 1,188,846.......... 5.3-6.0 75,416 5.8-9.2 188,535 5.8-8.5 494,774 5.8-8.5 1,226,376 395,416 859,535 1,777,774 2,415,222.......... 6.6-7.2 60,000 8.7 59,630.......... 8.5 230,000 8.5 50,000 290,000 109,630 395,416 859,535 2,067,774 2,524,852 178

2010201120121231 150,400,000498,500,0001,344,800,000 1231 2013 2010 2011 2012 430.......................... 30,000 105,000 455,000 722,899.......................... 225,000 331,000 675,000 904,340.................... 120,416 393,535 889,774 877,613.......................... 20,000 30,000 48,000 20,000............................ 395,416 859,535 2,067,774 2,524,852 2013430 2011123113,000,000 201020121231 20121231 179

20121231 2012 1231 1 2 3 4 6.08................... 587,708 1,195,772 1,783,480 1.66 2.10 8.88................... 587,708 1,767,481 2,355,189 2.19 2.77 1. 20121231 20121231588,758,000 1,050,000 2. 6.088.88 3. 1,075,126,000201212316.08 1,075,126,000201212318.88 4. 1.001.2653 5. 20121231 180

2010201120121231 20101231 3 312 15 5..... 90,613 314,030 404,643.......... 1,106 380,527 36,448 418,081.......... 13,540 13,540................. 14,646 471,140 350,478 836,264 181

20111231 3 312 15 5..... 261,075 625,915 886,990.......... 725 561,699 159,905 722,329.......... 50,076 50,076................. 50,801 822,774 785,820 1,659,395 20121231 3 312 15 5.... 753,563 1,094,347 298,412 2,146,322......... 3,805 584,558 229,766 818,129......... 74,434 74,434................ 78,239 1,338,121 1,324,113 298,412 3,038,885 2010201120121231 182

1231 2010 2011 2012.................... 395,416 859,535 2,067,774................. 418,081 722,329 818,129................. 131,760 274,992 626,852................... (193,475) (179,383) (342,685)............................. 751,782 1,677,473 3,170,070................... 339,855 853,371 588,758......................... 68.9% 66.3% 84.3% 1231 2010 2011 2012 (1).............................. 1.18 1.25 0.91 (2).......................... 68.9% 66.3% 84.3% (1) (2) 1231 2010 2011 2012 (3)......................... 32.1% 25.6% 22.6% (4)............................ 44.7% 36.8% 48.0% (5)............................ 11.1% 10.5% 9.7% (3) (4) (i)(ii) (5) (i)(ii) 183

20102011201212311.181.250.91 201012311.18201112311.25 120,000,000 201112311.25201212310.912012 201020112012123168.9%66.3% 84.3%2010123168.9%20111231 66.3%120,000,000 2011123166.3%20121231 84.3%2012 201020112012123132.1% 25.6%22.6%(i) (ii) 20102011201212317.1%8.8% 7.7%20102011201212314.52.9 2.920102012(i) (ii) 20101231 4.520111231201212312.9 2011 2011 20112012 2011 2013 184

201020112012123144.7% 36.8%48.0%2010123144.7%2011 123136.8% 120,000,000 2011123136.8%48.0%(i) (ii)559,300,000 201020112012123111.1% 10.5%9.7%2010123111.1%201112 3110.5%(i) (ii)120,000,000 2011 123110.5%9.7% 2013520 19,110,898 1.75%18 185

2012559,300,000 201212 3120131231 20% 13.1313.19 13.1313.19 186

7.48 1,875,000,000 7.48 290,000,000 8.88 362,000,000 6.08 362,000,000 601,125,000,000 20131011 4S4S 240,000,00080,000,000200,000,000 2014194S12 19700,000,000 20%375,000,000 10%187,000,000 10% 2014 4S5S 20 187

4S 188

50,000,0007.48 51,871,500 18.85%4.82% 7.76 1 7.761 2013611 19986 60 45 20121231 324124 189

(1) (2) (3) (4) (5) (6) 180 (1) 190

(2) (3) (4) 191

2013530 27,513,000 (i) (ii) 18,844,256 (a) (i) (ii) SARSH7N9H5N1 192

(iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) 193

(xiv) (xv) (xvi) (1) (2) (3) (4) (b) (i) (ii) 194

(iii) (iv) (v) (vi) (vii) (viii) 10.08 10.08 195

(i) (ii) (a) (b) (c) (a)(b) (d) (a)(b)(c) (a)(b)(c) (a)(b)(c) 8.2425% 196

(i) (ii) (iii) (i)(ii)(i)(ii) (iv) (i)(ii)(iii) (i) 197

(ii) (iii) (i)(ii)(i) (ii)(iii) (iv) (i)(ii)(iii) 3.1% 3% 7.486.08 8.88 183,000,000 198

3A.07 199

(a) 27,513,000 (b) S144A 247,613,000 27,513,000 10%(i)(ii) 2.6% 5,000,000 200

5,000,000 13,756,500 (i) 15 50(ii) 50100(iii) 100 82,537,500(i)110,050,500(ii) 137,563,000(iii) 30%40%50% 8.88 5004,484.75 201

8.88 247,613,000 90% S 30 202

41,268,50015% 3.7% 30 (a) (b) (c)(a)(b) (d)(e) (f) (b)(c)(d)(e) 203

20137530 41,268,500 15% Eagle Seeker 10.07(1)(a) 10.07(3) Eagle Seeker 41,268,500 Eagle Seeker(i)(ii) 204

Eagle Seeker 2013662013611 8.88 6.08 8.881%0.003%0.005%500 4,484.75 www.hkexnews.hk www.hexieauto.com 205

10% 2013611 www.hkexnews.hkwww.hexieauto.com (a) (i) (ii) (b) (c) (d) 206

2013630 30 2013611 www.hkexnews.hkwww.hexieauto.com 15. 155 (i)(ii) (i) (ii) 500 3836 207

1. www.hkeipo.hk 2. 18 (i) (ii) 208

3. www.hkeipo.hk 2013531201365 201361 (1) 2 68 1 29 209

(2)............................................. 10 46 253-261 A-C 345 776-778 541 N57 6266 G16 9 G6............................................. 13 252 25 193-209 608 G8B P2 4-4A 8-18 136 2013531201365 1992 210

4. (i) (ii) (iii) (iv) (v) (vi) (vii) www.hkeipo.hk www.hkeipo.hk www.hkeipo.hk www.hkeipo.hk (viii) (ix) 211

(x) (xi) (xii) (xiii) (xiv) SS902(h)(3) (xv) (xvi) (xvii) 1,000,000 (xviii) (xix) 212

5. 2. www.hkeipo.hk www.hkeipo.hk www.hkeipo.hk 2013531201365 www.hkeipo.hk 20136511. 24 www.hkeipo.hk www.hkeipo.hk www.hkeipo.hk 14. 213

6. 2979 7888 (https://ip.ccass.com) 199 2 (a) (b) 214

40 215

216

500500 2013531 (1) 201361 (1) 201363 (1) 201364 (1) 201365 (1) (1) 2013531201365 24 201365 11. 40 40342E 217