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HANG SANG (SIU PO) INTERNATIONAL HOLDING COMPANY LIMITED 3626

重要提示閣下如對本招股章程的任何內容有任何疑問應尋求獨立專業意見 Hang Sang (Siu Po) International Holding Company Limited 於開曼群島註冊成立的有限公司股份發售股份發售下發售股份之數目公開發售股份數目配售股份數目最高發售價面值股份代號 46,000,000 股 4,600,000 股可予調整 41,400,000 股可予調整每股發售股份 1.36 港元另加 1% 經紀佣金 0.0027% 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視乎最後定價而可予退還每股 0.01 港元 3626 聯席保薦人聯席賬簿管理人及聯席牽頭經辦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香港公司註冊處處長及備查文件一節所述文件已根據公司清盤及雜項條文條例香港法例第三十二章第 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預期發售價將由本公司與聯席牽頭經辦人為彼等本身及代表包銷商於定價日協定定價日預定為二零一六年五月九日星期一或前後惟無論如何不得遲於二零一六年五月十日星期二目前發售價預期將不會超過每股發售股份 1.36 港元及不會少於每股發售股份1.10港元除另有公佈投資者申請公開發售股份必須於申請時支付最高發售價每股發售股份1.36港元除另有公佈連同 1% 經紀佣金 0.0027% 證監會交易徵費及 0.005% 聯交所交易費若發售價最後協定低於 1.36 港元便可予退還聯席牽頭經辦人為彼等本身及代表包銷商在本公司同意下可於公開發售提交申請最後一天的早上或之前隨時縮小本招股章程列示的指示發售價範圍在此情況下有關縮小指示發售價範圍的通告將於公開發售提交申請最後一天的早上或之前於聯交所網站 www.hkexnews.hk 及本公司網站 www.hangsangpress.com 登載更多詳情載列於本招股章程股份發售的架構及如何申請公開發售股份一節倘本公司與聯席牽頭經辦人為彼等本身及代表包銷商因任何理由於二零一六年五月十日星期二或之前未能協定發售價則股份發售將不會進行並將告失效有意投資者在作出投資決定前務請審慎考慮本招股章程及相關申請表格所載全部資料包括本招股章程風險因素一節所載風險因素根據有關發售股份之包銷協議包含之終止規定聯席牽頭經辦人為彼等本身及代表包銷商在某些情況下有權獨自酌情於上市日期目前預定為二零一六年五月十八日星期三上午八時正香港時間之前隨時根據包銷協議終止包銷商之責任更多有關終止規定條款之詳情載列於本招股章程包銷終止理由一節務請閣下垂注本公司並無允許提呈發售股份或本招股章程於香港以外任何司法權區分發因此本招股章程或申請表格可能不能用於及並非及不旨在在任何司法權區或任何情況下構成要約或邀請而此要約或邀請並未經授權或向任何人士作出此要約或邀請屬於違法於其他司法權區分發本招股章程或申請表格及提呈發售股份可能受法律管制因此持有本招股章程或任何申請表格之人士應自行了解及留意任何該等管制任何違反該等管制之行為可能構成觸犯適用的證劵條例二零一六年四月三十日

(1) (www.hkexnews.hk) (www.hangsangpress.com) (2)......................... (3).............. (2)......................... (4).............................. (1)....... (2) F............ (3) (1) (2) (www.hkexnews.hk) (www.hangsangpress.com)....... www.iporesults.com.hk.................. 6 10..................... 5 7 10........................ i

(1) (1) (2) E. (3) A. 4. (4) (5) (6) (i)(ii) (7) 1,000,000 18317 1712-1716 1,000,000 1,000,000 (8) 1,000,000 (7) ii

(1) (9) I. (10) I. iii

Hang Sang (Siu Po) International Holding Company Limited...................................................................................................... i iv...................................................... 1...................................................... 15.................................................. 23................................................ 26.................................................. 28................................... 47...................................... 50.................................................. 54.................................................. 56 iv

...................................................... 70........................................... 78...................................................... 84.................................................. 140........................................... 179.................................................. 186...................................................... 189...................................... 193...................................... 205...................................................... 206............................................. 214........................................ 221...................................... I-1............................. II-1................. III-1................................... IV-1...................... V-1 v

33,000 111 112 (i) (ii) (iii) (i) (ii) 116,400,000 120,000,000 125,100,000 41,400,000 97.3% 95.1% 94.0% 93.4% 1

119,600,000 126,300,000 133,100,000 44,400,000 4.8% 5.2% 4.6% 4.9% 13.5% 13.8% 15.0% 16.9% 16.5% 11.3% 11.0% 11.9% 55.7% 45.2% 45.6% 50.8% 2

28.9 26.429.726.2%8.8 7.27.2 7.6% 2% 3% (i) (ii) 85 87 (i) (ii)(iii) (iv) ERP (v) 3

2846 (i) (ii)354 (iii) 358 (iv) 282 4

A W Printing HSSP HSSP 62%38% 75% 30% 78 83 179 185 193 204 (i) (ii) (iii) 119,568 126,275 133,097 44,991 44,371 47,705 53,968 56,846 19,279 21,015 39.9% 42.7% 42.7% 42.9% 47.4% 19,794 23,294 27,472 9,556 4,454 16.6% 18.4% 20.6% 21.2% 10.0% 5

119,600,000 5.6%126,300,000 5.4%133,100,000 (i) (ii) (i) (ii) 45,000,00044,400,000 % % % % 33,334 27.9 34,352 27.2 37,945 28.5 12,127 27.3 20,201 16.9 23,980 19.0 23,762 17.9 8,818 19.9 16,851 14.1 17,277 13.7 15,484 11.6 4,154 9.4 7,297 6.1 7,619 6.0 11,804 8.9 4,477 10.1 6,923 5.8 8,905 7.1 9,220 6.9 2,035 4.6 6,268 5.2 6,357 5.0 4,988 3.7 1,801 4.0 5,745 4.8 6,864 5.4 5,551 4.2 2,093 4.7 5,581 4.7 4,232 3.4 3,824 2.9 1,030 2.3 4,577 3.8 6,615 5.2 10,552 7.9 3,620 8.2 12,791 10.7 10,074 8.0 9,967 7.5 4,216 9.5 119,568 100.0 126,275 100.0 133,097 100.0 44,371 100.0 6

% % % % 67,112 56.1 256,520 0.26 72,312 57.3 282,311 0.26 74,875 56.3 308,458 0.24 27,062 61.0 113,998 0.24 6,709 5.6 37,726 0.18 7,203 5.7 39,025 0.18 13,186 9.9 81,205 0.16 3,366 7.6 22,784 0.15 11,899 10.0 106,712 0.11 12,465 9.9 107,063 0.12 11,216 8.4 99,256 0.11 3,701 8.3 34,055 0.11 14,548 12.2 15,382 0.95 11,345 9.0 10,489 1.08 10,138 7.6 7,936 1.28 3,979 9.0 2,493 1.60 7,574 6.3 50,818 0.15 8,684 6.9 55,410 0.16 8,494 6.4 53,538 0.16 2,435 5.5 15,606 0.16 11,726 9.8 86,580 0.14 14,266 11.2 103,629 0.14 15,188 11.4 93,681 0.16 3,828 8.6 26,975 0.14 119,568 100.0 553,738 0.22 126,275 100.0 597,927 0.21 133,097 100.0 644,074 0.21 44,371 100.0 215,911 0.21 % % % % 40.5 43.3 43.9 45.7 26.0 28.4 29.5 48.7 47.9 50.2 50.6 53.0 31.7 34.5 35.6 47.8 47.9 50.2 50.7 53.0 47,700,000 54,000,000 56,800,000 21,000,000 39.9% 42.7% 42.7% 47.4% 71,900,000 72,300,000 7

5.5%76,300,000 25,700,0009.2% 23,400,000 1,500,000 900,000 1,200,000 500,000 200,000 1,100,000 900,000 1,200,000 400,000 9,300,000 11,300,000 10,900,000 3,500,000 2,800,000 16,200,000 15,700,000 14,300,000 4,800,000 12,100,000 3,900,000 4,300,000 3,800,000 1,300,000 8

1,800,000 400,000 300,000200,000 17.7% 23,300,000 17.9% 27,500,000 53.4% 4,500,000 18,300,000 8,700,000 38,100,000 13,300,000 18,300,000 8,700,000 16,900,000 27,600,000 8,700,000 38,100,000 52,200,000 65,700,000 10,100,000 43,600,000 27,600,000 27,600,000 10,300,000 38,100,000 13,300,000 10,300,000 32,800,000 30,000,00023,600,000 6,400,000 9

(i)(ii) (iii) 13 16 1625 4,700,0002,600,00090% 0 30 16,400,000 12,300,000 10,700,000 300,000 500,000 500,000 503629 200,000 20,700,000 16,500,000700,000 46 55.7 400,000 31,800,000 33,800,000 37,800,000 35,500,000 15,600,000 14,100,000 13,300,000 14,000,000 7,900,000 7,000,000 6,400,000 10

40 35 31 9,100,000 48 1 3 95.6% 110.9% 56.7% 19.4% 34.8% 35.0% 35.3% 5.9% 1.5 1.2 2.4 1.3 1.4 1.1 2.3 1.2 173174 26,500,000 1.23 1.10 1.36 6,600,000 19,900,000 A W Printing 18,000,000 12,000,000 11

(i) (ii) (i) C C (ii) (i)(ii) (iii) (iv) (v)(vi) (vii) 12

1.10 1.36 (1) 202,400,000 250,200,000 (2) 0.29 0.35 (1) 184,000,000 (2) 1 3 (3) 1.23 30,100,000 43.2% 13,000,000 11.6% 3,500,000 24.3% 7,300,000 8.3% 2,500,000 ERP 13

10.6% 3,200,000 2.0% 600,000 205 15,000,000 20,000,000 A W Printing3,000,000 3,000,000 A W Printing 18,000,000 12,000,000 23,600,000 6,400,000 90.9% 98.7% 109.2% 160 161 14

A W Printing A W Printing & Packaging Limited A. 4. 223 15

622 32 Hang Sang (Siu Po) International Holding Company Limited HSSP 16

6 Hang Sang (Siu Po) Holding Hang Sang (Siu Po) Holding Limited HSSP HSSP Limited 62% 38% 17

A. 4. Locke Lord Locke Lord 18

1% 0.0027% 0.005% 41,400,000 19

622 32 1 4,600,000 20

S S HSSP Hang Sang (Siu Po) Holding A.4. 571 0.01 D. 21

14 6 A. 3. A. 3. % 22

G7 G7 G7G7 G7 23

ISO ISO 9001 ISO 9001 ISO 9001 2008 UV 24

500 UV 25

(1) (2)(3) 116,400,000 120,000,000 125,100,000 41,400,000 97.3% 95.1% 94.0% 93.4% 28

(III) 30 29

16,400,000 12,300,000 10,700,000 16,500,000 50362946 55.7 97.4 20.8% 14.8% 15.2% 28.1% 30

55.7% 45.2% 45.6% 50.8% % % % % 19,384 40.6 18,591 40.3 17,266 34.8 5,884 39.2 1,762 3.7 1,956 4.2 1,861 3.7 550 3.7 1,932 1,642 1,676 1,524 120 75 62 63 31

28.9% 26.4% 29.7% 26.2% 32

4,800,000 5,000,000 5,300,000 1,800,000 16 5 B C D 1,700,000 33

16 13,000,000 10 ERP 34

RFID 35

(i) (ii)354 (iii) 358 (iv) 282 36

22.4% 23.6% 21.4% 27.6% 2,600,000 3,200,000 3,300,000 4,700,000 4.6% 4.8% 4.2% 6.2% (i)(ii) (iii) 13161625 200,000 700,000 600,000 200,000 37

26,500,000 1.23 1.10 1.36 6,600,000 19,900,000 39.9% 42.7% 42.7% 47.4%16.6% 18.4% 20.6% 10.0% 119,600,000 126,300,000 133,100,000 44,400,00047,700,000 54,000,000 56,800,000 21,000,000 39

(H1N1) 42

D. HSSP 62% 38% 75.0% 43

3. 15,000,000 20,000,000 A W Printing 3,000,000 3,000,000 A W Printing 18,000,000 12,000,000 23,600,000 6,400,000 44

571V 47

2,000 3626 48

Codan Trust Company (Cayman) Limited 1 7.75 49

10 24 140 A 95 1 1C 45-47 17 3 24 G 93 25 50

60 28 6 88 173 12 1209 6 317-319 1601-2 1 60 28 1 4 28 12 51

1 38 16 4701 122 124 19 Locke Lord 1 21 Conyers Dill & Pearman Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 56 29 52

26 38 3806 88 173 12 1209 6 388 15 53

Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 16 5 C www.hangsangpress.com (CPA) 95 1 1C 1 1 6 G 54

Codan Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 183 17 1712 1716 1 99 1 55

582,090 (i) (ii) 56

(a) (b)(c) 4.7% 4.3% 4.1% 3.9% 3.7% 3.7% 3.0% 2.4% 2.3% 1055 1080 1105 1146 1180 1235 1290 1345 1400 1455 1512 Wazior Advisory; 11,800 10% 12% 1 1 Bureau of Economic Analysis: Personal consumption expenditure by clothing and footwear (2014Q1-2015Q4), Price indexes for personal consumption expenditure by clothing and footwear (2014Q1-2015Q4) 57

ABC D A 90% A 3,300,000,000 0.3% 1 B B 30% B B 16,400,000,0001.4%- 1.5% 2 C 35% C C C 2,300,000,000 0.2% 3 D D 38 1,000,000,000 1,500,000,0000.1% 4 1 A 10-K, Capital IQ 2 B 10-K, Capital IQ 3 C 10-K, Capital IQ 4 10-K, Capital IQ 58

7.8 8.0 3.2% 2.5% 8.2 4.9% 4.7% 3.8% 8.6 9.0 9.3 Smithers Pira 90 3.8% 59

47% 10% 13% 11% 5% 37% 31% 9% 12% 5% 6% 1.8% 63% 60

31% 26% 4% 6% 13% 20% 37% 22% 15% 8% 11% 7% 5.1% 61

1 2 3 5% 8%1000 2%-3% 62

(i) (ii) (iii) ERP 13,000,000 ERP 1,500,000 300,000 1,200,000 63

1-5% 5-10% 30-40% 50-60% 1 875 IBISWorld 1.0% 2.1% 2 1000 950 900 850 800 750 881 948 770 775 777 832 865 875 875 700 650 600 550 Index Mudi c.i.f. IBISWorld 1 2 IBISWorld 65

1,000 950 900 850 830 800 750 700 650 600 550 680 743 724 572 651 650 686 698 657 657 664 643 Bloomberg 671 647 1,000 950 900 850 800 750 700 650 600 550 808 795 808 813 800 792 796 800 800 822 824 831 831 Bloomberg 823 824 66

8.3% 32.5 28 30 32.5 1. 2. 1 1 Annual E-business Report (2014) MasterCard 67

3% 4% 6% 9.5 10.0 10.6 11.3 11.9 Smithers Pira 68

1 17% 2 2.1% UV 1 Smithers Pira 2 Primir Research Explores Tag & Label Printing Trends 2013-2018 69

1 59 (i) (ii) (iii) (iv) (v) 500,000 500,000 9 70

10,000 59AF 14 (i) (ii) (iii) (iv) (a) 200,000(b) 100,000 509 (i) 71

(ii) (iii) (iv) (v) 200,000 200,000 200,000 500,000 314 2 282 72

40 100,000 100,000 48 100,000 608 57 32.5 3 358 73

(a)(b) (c)(d) (a) 200,000 (b) 400,000 10,000 354 354C 200,000 74

400 4 26 5 528 31 118 75

119A 118 119A 50,000 559 559A 10 14 48 19 21 18 76

23 25 77

540,000 1.8 A W Printing 100,000 1.00 A W Printing HSSP HSSP 30%HSSP 75% A W Printing A W Printing ERP 78

Forest Stewardship CouncilFSC FSC FSC The Best Raw Material Supplier-2008 (Trims Group) FSC FSC FSC G7 G7 G7 G7 G7 G7 79

A. 5. HSSP 62% 38%Hang Sang (Siu Po) Holding 100% 62% 38% 99.99% 0.01% A W Printing 80

62% 38% 100% 75% 25% Hang Sang (Siu Po) Holding 5 100% 100% A W Printing 1 2 3 HSSP 62% 38% HSSP50,0000.10 HSSP 6238 0.10 4 1 Sharon Pierson 0.01HSSP 81

99 HSSPHSSP A. 5. 5 Hang Sang (Siu Po) Holding A W Printing 4,000,000HSSP 100,000 100,0001.00 62,00038,000 Hang Sang (Siu Po) Holding 62,000 38,000 1,000,000 HSSP A W Printing A W Printing 500,000 500,0001.00 A W Printing 1 1 A W Printing 1.00 Marco (Nominees) Limited Polo (Nominees) Limited Marco (Nominees) Limited Polo (Nominees) Limited1.00 199,99999,999 A W Printing 200,00099,999 A W Printing 1.80Marco (Nominees) Limited Polo (Nominees) Limited 1 A W Printing1.80 Polo (Nominees) Limited 82

Hang Sang (Siu Po) Holding 299,999 1 A W Printing 3,000,000 HSSP A W Printing Hang Sang (Siu Po) Holding Hang Sang (Siu Po) Holding 50,0000.10 Hang Sang (Siu Po) Holding 100 Hang Sang (Siu Po) Holding Hang Sang (Siu Po) Holding A.5. 83

A W Printing 84

33,000 (i)(ii) (iii)(i) (ii) 28.9% 26.4% 29.7% 26.2% 101 44.344.538.5 42.9% 119,600,000 126,300,000 133,100,000 44,400,000 19,800,000 23,300,000 27,500,000 4,500,000 85

A 1 B 1 C 2 D 3 1 A B 2 C 3 D 86

5% 8% 10,000,000 2% 3% 87

43.2%13,000,000 1.23 1.10 1.36 (i) (ii) (iii) UV 8,000 88

11.63,500,000 1.23 1.10 1.36 89

24.37,300,000 1.23 1.10 1.36 90

7,300,000 7,300,000 ERP ERP ERP 2,500,000 8.3%1.23 1.10 1.36 10.63,200,000 1.23 1.10 1.36 91

13.0 3.5 1 3.4 1 3.9 ERP ERP 2.5 1. 2. 92

3.2 93

(i) 94

(ii) (a) (b) (i) 95

(ii) (iii) (iv) (v) (vi) (i) (ii) 96

(i) (ii) 3 4 3 3 4 2 1 2 1 1 1 1 1 2 97

(1) (2) A B B C C C C (3) (4) (i)(ii) (iii) (iv) 98

(I) (i)(ii) (i)(ii) (i)(ii) 0 2 (II) (i) (ii) A B C A A A A A 99

A A A A B B B B B B B B (a) B (b) B (a) B (b) B 50% B C C C C 100

C C AB C A B C Locke Lord (i)(ii) 3 5 (i)(ii) 0 2 101

2,600,000 2,400,000 1,700,000 500,000 700,000 1,700,000 2,500,000 1,300,000 (III) 30 (i) (ii) (iii) (iv) (v) (vi) (a) (b) 102

30 30 (i) (ii) (iii) (i) (ii) (iii) 30 (i) 30(ii) 103

(IV) (i) (ii) 1 3 104

73,800,000 79,500,000 88,100,000 30,400,000 61.7% 63.0% 66.2% 68.6% 105

(a) (b) 107

(i) (ii) 108

28.926.429.726.2% 8.87.27.2 7.6% 5% 6,400,000 5,200,000 5,500,000 1,600,000 12,000 53,000 8,000 33,000 109

3.310 1 1610 10 10 500,000 400,000 700,000 100,000 110

1 53,877 53,877 67,588 22,448 2 42,369 38,543 45,531 12,693 (%) 3 4 78.6 71.5 67.4 56.5 (1) 277 92 (2) (3) (4) 111

56.5% 112

ISO 9001:2008 ISO 9001:2008 Best Raw Material Supplier Award 2008 (Trims Group) G7 IDEAlliance G7 G7 113

(a) (b) (c)(d) (e) (f) 1 3 % % % % 19,384 40.6 18,591 40.3 17,266 34.8 5,884 39.2 1,762 3.7 1,956 4.2 1,861 3.7 550 3.7 114

1,932 1,642 1,676 1,524 120 75 62 63 UV 115

1 +/-50% +/-40% +/-30% +/-20% +/-10% +/-10,573 +/-8,458 +/-6,344 +/-4,229 +/-2,115 +/-10,274 +/-8,219 +/-6,164 +/-4,109 +/-2,055 +/-9,564 +/-7,651 +/-5,738 +/-3,825 +/-1,913 +/-3,217 +/-2,574 +/-1,930 +/-1,287 +/-643 2 -/+8,828 -/+7,062 -/+5,297 -/+3,531 -/+1,766 -/+8,579 -/+6,863 -/+5,147 -/+3,431 -/+1,716 -/+7,986 -/+6,389 -/+4,791 -/+3,194 -/+1,597 -/+2,686 -/+2,149 -/+1,612 -/+1,075 -/+537 1 10% 50% 2 13 16 1625 4,700,0002,600,000 90%0 30 116

200,000 700,000 600,000 200,000 16.5% 11.3% 11.0% 11.9% 55.7% 45.2% 45.6% 50.8% E 2 10 11.9% F 3 2 10.6% B 1 2 10 10.5% D 1 13 9.7% G 1 1 8.2% 117

B 2 10 11.0% 1 D 1 13 9.4% F 3 2 9.1% E 2 10 9.1% G 1 1 7.0% B 2 10 11.3% 1 D 1 13 9.6% F 3 2 9.1% E 2 10 7.7% C 2 3 7.6% 118

A 2 3 10 16.5% B 1 2 10 13.3% C 2 3 10.3% D 1 13 9.7% E 2 10 5.8% 1 BB1 B2 B1 12,000 53,000 8,000 B2 B1 B1 B2 2 AA1 A2 A2 A1 5% 6,400,000 5,200,000 5,500,000 1,600,000 12,000 53,000 8,000 119

(i)(ii)(iii) (i) (ii) (iii) 120

13,600,000 20,800,000 21,500,000 7,100,000 (i) 121

(III) 400,000 400,000 400,000 100,000 12.8% 11.7% 12.3% 7.7% (ii) (III) 100,000 200,000 200,000 55,000 3.6% 5.0% 5.1% 2.9% 122

(iii) (III) 12,000 12,000 12,000 4,000 0.4% 0.3% 0.4% 0.2% 123

0 2 116,400,000 120,000,000 125,100,000 124

41,400,00097.3% 95.1% 94.0% 93.4% 4.8% 5.2% 4.6% 4.9%13.5% 13.8% 15.0% 16.9% 5% 3,000,000 2,700,000 2,800,000 800,000 3,000 RFID RFID (i)rfid(ii) RFID (iii) RFID RFID RFID RFID 125

ERP ERP 8 126

100,000 300,000 10,000 127

40,243.84 A W Printing A W Printing (a) (b) 128

A W Printing A W Printing A W Printing A W Printing A W Printing A W Printing A W Printing 129

101 3 1 1 9 3 11 22 20 4 3 1 23 101 24,400,000 25,800,000 24,300,000 10,000,000 130

282 485 5%1,500 900,000 900,000 1,000,000 400,000 D. 16 1 A D 2 A D 3 A C D 4 B D 5 B C D 8 131

A 33,000 5.01(2) 32L 6 B. 2. 132

(i) (ii)354 (iii) 358 (iv) 282 133

(I) 122 A W Printing A W Printing 300,000 12 1 2 (II) 354 6 3 200,000 6 10,000 134

(III) 358 9 (a) 4 200,000 (b) 400,000 10,000 6 135

(IV) 282 41 50,000 5 (1) A W Printing (2) (3) 136

(4) (5) 137

8 138

139

140

116,400,000 120,000,000 125,100,000 41,400,000 97.3% 95.1% 94.0% 93.4% % % % % 19,384 40.6 18,591 40.3 17,266 34.8 5,884 39.2 1,762 3.7 1,956 4.2 1,861 3.7 550 3.7 141

1,932 1,642 1,676 1,524 120 75 62 63 UV 142

(a) 143

(b) 10%-30% 30% 20% 20% (c) 144

(d) (a) 145

(b) 400,000 300,000 200,000 (c) 200,000 700,000 600,000 200,000 4 5 146

119,568 126,275 133,097 44,991 44,371 (71,863) (72,307) (76,251) (25,712) (23,356) 47,705 53,968 56,846 19,279 21,015 1,512 927 1,245 498 467 (9,305) (11,283) (10,856) (3,482) (2,750) (16,221) (15,724) (14,335) (4,843) (12,062) 23,691 27,888 32,900 11,452 6,670 (3,897) (4,594) (5,428) (1,896) (2,216) 19,794 23,294 27,472 9,556 4,454 119,600,000 5.6%126,300,000 5.4%133,100,000 (i) (ii) (i)(ii) 147

45,000,00044,400,000 % % % % 33,334 27.9 34,352 27.2 37,945 28.5 12,127 27.3 20,201 16.9 23,980 19.0 23,762 17.9 8,818 19.9 16,851 14.1 17,277 13.7 15,484 11.6 4,154 9.4 7,297 6.1 7,619 6.0 11,804 8.9 4,477 10.1 6,923 5.8 8,905 7.1 9,220 6.9 2,035 4.6 6,268 5.2 6,357 5.0 4,988 3.7 1,801 4.0 5,745 4.8 6,864 5.4 5,551 4.2 2,093 4.7 5,581 4.7 4,232 3.4 3,824 2.9 1,030 2.3 4,577 3.8 6,615 5.2 10,552 7.9 3,620 8.2 12,791 10.7 10,074 8.0 9,967 7.5 4,216 9.5 119,568 100.0 126,275 100.0 133,097 100.0 44,371 100.0 148

1 41,446 57.7 38,891 53.8 42,226 55.4 11,512 49.3 16,133 22.4 17,089 23.6 16,340 21.4 6,439 27.6 2 4,830 6.7 5,331 7.4 5,594 7.3 2,199 9.4 4,019 5.6 4,219 5.8 4,513 5.9 1,512 6.5 3 5,435 7.6 6,777 9.4 7,578 10.0 1,694 7.2 71,863 100.0 72,307 100.0 76,251 100.0 23,356 100.0 1) 2) 3) 71,900,000 72,300,000 2,600,00038,900,000 500,0005,300,000 1,000,00017,100,000 4,000,000 4,200,000 5.5% 76,300,000 8.6% 42,200,00017,100,000 16,300,000 4,200,000 4,500,000 149

25,700,000 9.2% 23,400,000 4,100,00011,500,000 200,000 2,200,000 1,100,0006,400,000 47,700,000 54,000,000 56,800,000 21,000,000 39.9% 42.7% 42.7% 47.4% 1,500,000 900,000 1,200,000 500,000 200,000 1,100,000 900,000 1,200,000 400,000 100,000 2,000 300 150

100,000 26,000 72,000 19,000 9,300,000 11,300,000 10,900,000 3,500,000 2,800,000 611 855 547 145 177 565 587 607 238 169 8,020 9,669 9,591 3,074 2,379 109 172 111 25 25 9,305 11,283 10,856 3,482 2,750 1,200,000 22.6%1,400,000 20.0%1,200,000 3,900,000 5,100,000 5,100,000 800,000 151

4,100,000 4,600,000 4,500,0001,600,000 8,000,000 9,700,000C 1,200,000 9,700,000 9,600,000 3,100,000 2,400,000 B B 400,000C 400,000 C C C C C 16,200,000 15,700,000 14,300,000 4,800,000 12,100,000 152

3,901 4,284 3,827 1,320 1,825 3,630 3,630 3,636 1,212 1,427 731 739 468 212 246 112 279 436 116 21 672 672 519 173 153 444 571 552 89 96 745 745 819 266 266 665 669 354 127 401 499 546 157 154 261 291 288 113 128 304 271 202 71 56 438 431 527 166 153 425 288 164 157 186 285 161 189 193 217 81 68 195 227 240 87 68 1,496 6,288 1,455 1,749 1,419 492 949 16,221 15,724 14,335 4,843 12,062 3,900,000 4,300,000 3,800,000 1,300,000 1,800,000 153

3,600,000 1,200,000 1,400,000 700,000 500,000 400,000 200,000 200,000 100,000 300,000 400,000 100,000 21,000 80,000 700,000500,000 200,000 154

400,000 600,000 100,000 700,000 800,000 300,000 700,000 400,000 400,000 500,000 200,000 300,000 100,000 155

300,000 300,000 200,000 100,000 400,000 400,000 500,000 200,000 400,000 300,000 200,000 200,000 300,000 200,000 100,000 156

200,000 100,000 193,0001,500,000 280,000 6,000 (i) (ii) (iii) 900,000 100,000 400,000 200,000 1,100,000 900,000 1,200,000 400,000 1.7% 0.8% 1.2% 1.5% 157

50,000 2,000,000 1,900,000 30,000 448,000 377,000 71,000 1,900,000 1,800,000 6,300,000 1,500,000 1,700,000 1,400,000 500,000 900,000 400,000 3,900,000 4,600,000 5,400,000 16.5% 158

1,900,000 2,200,000 17.7%23,300,000 17.9%27,500,000 53.4% 4,500,000 (i) (ii) (i) C 159

C (ii) (i) (ii) (iii) (iv) (v)(vi) (vii) 15,000,000 20,000,000 A W Printing3,000,000 3,000,000 18,000,000A W Printing 160

12,000,000 23,600,000 6,400,000 90.9% 98.7% 109.2% 26,500,000 1.23 1.10 1.36 6,600,000 19,900,000 161

31,929 31,802 33,841 33,841 37,819 20,219 29,070 31,868 7,357 (1,267) (2,228) (14,725) (405) (6) (18,118) (12,306) (27,485) (12,304) (1,037) (127) 2,039 3,978 (4,953) (2,304) 31,802 33,841 37,819 28,888 35,515 20,200,000 25,400,000 (i) 3,800,000 (ii) 83,000 (iii)5,900,000 (iv) 4,000 (v)4,600,000 29,100,000 31,800,000 (i) 4,300,000 (ii) 162

1,300,000 (iii)4,300,000 (iv) 2,000 (v)1,500,000 31,900,000 36,200,000 (i) 3,600,000 (ii) 600,000 (iii)600,000 (iv) 19,000(v)700,000 1,300,000 7,800,000 (i) 1,800,000 (ii) 1,600,000 (iii) 6,300,000 (iv) 28,000 (v)600,000 4,700,000 2,600,000 90%0 30 55.7% 97.4% 1,300,000 6,300,000 163

5,000,000 12 JSD Investment Limited21,000 19,000 JSD Investment Limited JSD Investment Limited 2,200,000 2,700,000 5,200,000 5,200,000 200,000 100,000 14,700,000 14,700,000 2,000 400,000 400,000 2,000 18,100,000 12,300,000 27,500,000 1,000,000 164

18,300,000 8,700,000 38,100,000 13,300,000 2,627 3,219 3,271 4,686 19,788 15,163 14,532 20,662 10,123 3,716 21 19 28 31,802 33,841 37,819 35,515 54,238 52,242 65,745 64,607 15,572 14,078 13,349 13,992 16,944 27,638 10,276 32,832 3,384 1,850 3,994 4,503 35,900 43,566 27,619 51,327 18,338 8,676 38,126 13,280 18,300,000 8,700,000 16,900,000 27,600,000 8,700,000 38,100,000 52,200,000 65,700,00010,100,000 43,600,000 27,600,000 27,600,00010,300,000 38,100,000 165

13,300,000 10,300,000 32,800,000 30,000,000 23,600,000 6,400,000 18,300,000 54,200,000 35,900,000 2,600,000 19,800,000 21,000 31,800,000 15,600,000 16,900,000 3,400,000 8,700,000 52,200,000 43,600,000 3,200,000 15,200,000 19,000 33,800,000 14,100,000 27,600,000 1,900,000 38,100,000 65,700,000 27,600,000 3,300,000 14,500,000 10,100,000 37,800,000 13,300,000 10,300,000 4,000,000 13,300,000 64,600,000 51,300,000 4,700,000 20,700,000 3,700,000 28,000 166

35,500,000 14,000,000 32,800,0004,500,000 31,800,000 33,800,000 37,800,000 35,500,000 0 2 0 2 19,800,000 15,200,000 16,400,000 12,300,000 300,000 500,000 3,400,000 2,900,000 400,000 300,000 91,000 76,000 0 2 50 36 14,500,000 10,700,000 500,000 3,800,000 167

500,000 29 20,700,000 16,500,000700,000 4,200,000 55.7% 97.4% 200,000 46 168

10,513 16,076 3 13,428 13,428 10,688 10,688 8,573 8,565 13,148 12,926 3 6 1,799 1,799 1,221 1,221 1,671 1,602 2,803 2,755 6 1 1,034 1,034 377 377 335 211 514 384 1 121 121 136 135 36 11 16,382 16,382 12,286 12,286 10,715 10,513 16,501 16,076 8,921 8,921 6,078 6,078 5,544 5,544 3,108 2,993 3 5,813 5,813 5,510 5,510 4,221 4,210 11,118 11,021 3 6 514 514 333 333 528 458 1,914 1,855 6 1 1,015 1,015 365 365 286 165 326 196 1 119 119 136 136 35 11 16,382 16,382 12,286 12,286 10,715 10,513 16,501 16,076 5,000,000 200,000 1.9% 169

5,200,000 200,000 13,100,000400,000 2.6% 13,400,000 300,000 15,600,000 14,100,000 13,300,000 14,000,000 7,900,000 7,000,000 6,400,000 9,100,000 3,500,000 3,000,000 3,600,000 1,100,000 900,000 1,400,000 800,000 400,000 3,200,000 2,700,000 2,500,000 3,400,000 170

3 7,911 6,983 5,920 7,927 3 6 13 1 488 1,206 6 1 1 7,924 6,985 6,408 9,133 1 3 7,900,000 7,000,000 40 35 6,400,000 31 6,400,0009,100,000 48 45.9% 2,600,000 3,200,000 3,300,000 4,700,000 4.6% 4.8% 4.2% 6.2% 13 16 16 25 171

4,700,000 2,600,000 90% 0 30 200,000 700,000 600,000 200,000 10,100,0003,700,000 5,000,000 4,100,000 10,100,000 10,600,000 16,000,000 24,500,000 10,300,000 32,800,000 900,000 3,100,000 172

95.6% 110.9% 56.7% 19.4% 34.8% 35.0% 35.3% 5.9% 1.5 1.2 2.4 1.3 1.4 1.1 2.3 1.2 1. 100% 2. 100% 3. 4. 5. 100% 6. 100% 7. 95.6% 110.9% 19,800,000 23,300,000 21,000,000 20,700,000 173

56.7% 15,000,000 20,000,000 A W Printing3,000,000 3,000,000 18,000,000A W Printing 12,000,000 48,100,000 19.4% 5.9% 2,600,000 14,400,000 12,100,00011,200,000 2.4 2.3 10,100,000 27,600,000 10,300,000 1.3 1.2 10,300,000 32,800,000 174

12 16,030 24,510 10,276 32,832 31,127 914 3,128 16,944 27,638 10,276 32,832 31,127 (a) 10,739 119 175

(b) 1 6,310 530 6,958 4,813 2,650 1 5 1,043 1,193 903 764 708 7,353 1,723 7,861 5,577 3,358 1 5 176

30,900,000 16 1 A D 2 A D 3 A C D 4 B D 5 B C D 8 A 1 2 3 1.10 22,924 30,493 53,417 0.29 1.36 22,924 42,153 65,077 0.35 (1) 22,924,000 177

(2) 46,000,000 1.10 1.36 6,288,000 (3) 184,000,000 (4) 13.13 13.19 13.13 13.19 16.5% 178

HSSP62% 38% 30% HSSP 179

80% 180

1.01 (a) (b) (i) 30% (ii) 30% 181

(a) (b) 30% (c) (a) (i) (ii) (b) (i) (ii) 30 (a)(b) 182

(a) (b) (c) (a) (b) (a) 183

(b) (c) (d) (e) (f) (g) 184

(h) 185

JSD Investment Limited JSD Investment Limited 21,000 19,000 10,000 JSD Investment Limited JSD Investment Limited JSD Investment Limited I 10 24 2,208.870,000 I 14A 186

Super Champion Limited Super Champion Limited II140 A A 2,869.770,000 Super Champion Limited II14A 1,680,000 1,680,000 1,680,000 560,000 I II 840,000 840,000 630,000 420,000 I II I II I II I II 187

14A I II 5%3,000,000 I II 14A 188

760,000,000 7,600,000 4,000,100 40,001 133,999,900 1,339,999 46,000,000 460,000 184,000,000 1,840,000 (a) (b) 1,339,999 133,999,900 189

1. 20% 2. A. 4. 10% 190

A.6. A. 4. D. (i) (ii)(iii) (iv)(v) 2. (c) 191

2. (d) 192

56 48 30 66 40 41 56 18 15 193

A W Printing Hang Sang (Siu Po) Holding A W Printing 14A.2.1 A.2.1 48 2 15 A W Printing Hang Sang (Siu Po) Holding A W Printing 30 J.P. Morgan Chase Bank, N.A. Hang Sang (Siu Po) Holding 194

66 425 1005 82 39 445 287 1399 672 976 882 692 1619 876 1041 2310 40 Richards Butler 2388 41 195

17 340 8239 1323) 8047 (i) (ii) 196

(iii) XV 13.51(2)(h) (v) 197

33 45 42 50 45 45 40 33 8 198

1041 45 13 42 15 50 15 45 A W Printing A W PrintingA W Printing 17 45 10 15 40 199

13 (i) (ii) 3.21C.3 3.25B.1 (i) (ii)(iii) (iv) 200

A.5.1 3,600,000 3,600,000 3,600,000 1,400,000 3,600,000 3,600,000 3,600,000 1,400,000 1,800,000 1,900,000 1,400,000 500,000 4,400,000 201

3A.19 (a) (b) (c) 3A.23(1) 3A.23(3) (i) (ii) (iii) (iv) (d) 3A.23 (e) 14A (f) 202

(g) (h) 13.46 101 3 1 1 9 3 11 22 20 4 3 1 23 101 203

485 5 1,500 5% 900,000 900,000 1,000,000 400,000 20,800,000 22,200,000 20,600,000 8,600,000 D. 204

1.23 30,100,000 : 43.2% 13,000,000 11.6% 3,500,000 24.3% 7,300,000 8.3% 2,500,000 ERP 10.6% 3,200,000 2.0% 600,000 1.36 5,800,000 1.10 5,800,000 205

(a) (i) 206

(ii) (iii) (i)(ii) (iv) H5N1 H1N1 (v) (vi) (vii) (viii) (ix) 207

(x) (xi) (xii) (b) (i) 208

(ii) (iii) (iv) (v) 10.08 209

10.07(1) (a) 155 (b) 155 10.07(2) 3 (a) 155 210

(b) (a) (b) (c)(a) (b) (d) (a) (b) (c) (a) (b) (c) (a) (b) (c) (i) (a) 211

155 (b) (c)(a) (b) (d) (a) (b) (c) (ii) (i)(a) (b) (c) (iii) (i) (ii) 212

2.07C 2.5% 1.231.10 1.36 26,500,000 3A.07 213

(i) 4,600,000 (ii) S 41,400,000 25% 4,600,000 10% 2.5% 214

18 4.2 15 4,600,000 10% 15 50 13,800,000 30% 50 100 18,400,000 40% 100 23,000,000 50% 215

1.36 1.36 41,400,000 90% S 216

1.36 1.10 (www.hangsangpress.com) (www.hkexnews.hk) 217

(www.hangsangpress.com) (www.hkexnews.hk) (a) 218

(b) (c) (d) www.hkexnews.hk www. hangsangpress.com 155 219

2,000 3626 220

A. 1. 2. 18 S 221

3. (1) 60 28 317-319 16 1601-02 222

(2) 4-4A 38-40A 2 P9-12 1C G37-40 21-27 8 8 1 2 1 Horsford Nominees Limited Hang Sang (Siu Po) Public Offer 223

E. 4. 2979 7888 (https://ip.ccass.com) 8 1 2 1 224

(i) (ii) 225

40 226

2,000 227

2,000 (1) (1) (1) (1) (1) (1) 24 E. 228

40 40 342E 5. 229

B. (i) (ii) (iii) (iv) (v) (vi) (vii) 230

(viii) (ix) (x) (xi) (xii) (i) (ii) S S 902(h)(3) (xiii) (xiv) (xv) (xvi) (xvii) 231

(xviii) (xix) (i) (ii) C. (i) (ii) D. 2,000 2,000 232

E. F. www.hangsangpress.com www.hkexnews.hk www. hangsangpress.com www.hkexnews.hk 24 www.iporesults.com.hk 233

2862 8669 G. (i) 40 342E 234

(ii) (iii) (iv) A.5. 235

100% H. 1.36 I. (i) (ii) 236

(i) 1,000,000 183 17 1712 1716 1,000,000 (ii) 1,000,000 1,000,000 237

F. (iii) F. 238

J. 239

Hang Sang (Siu Po) International Holding Company Limited Hang Sang (Siu Po) International Holding Company Limited 22 (1961 I-1

II 1.1 3.340 II 1.2 I-2

2410 I-3

I. 6 119,568 126,275 133,097 44,991 44,371 (71,863) (72,307) (76,251) (25,712) (23,356) 47,705 53,968 56,846 19,279 21,015 7 1,512 927 1,245 498 467 (9,305) (11,283) (10,856) (3,482) (2,750) (16,221) (15,724) (14,335) (4,843) (12,062) 8 23,691 27,888 32,900 11,452 6,670 11 (3,897) (4,594) (5,428) (1,896) (2,216) 19,794 23,294 27,472 9,556 4,454 13 12 I-4

14 2,595 14,376 12,051 11,239 15 2,627 3,219 3,271 4,686 16 19,788 15,163 14,532 20,662 20(i) 10,123 3,716 17 21 19 17 28 18 31,802 33,841 37,819 35,515 54,238 52,242 65,745 64,607 19 15,572 14,078 13,349 13,992 20(ii) 16,944 27,638 10,276 32,832 3,384 1,850 3,994 4,503 35,900 43,566 27,619 51,327 18,338 8,676 38,126 13,280 20,933 23,052 50,177 24,519 21 229 2,054 1,707 1,595 20,704 20,998 48,470 22,924 22(a) 20,704 20,998 48,470 22,924 20,704 20,998 48,470 22,924 I-5

(a) 43 43 (43) 22(a) (43) (43) (a) I-6

22(a)22(b) 400 18,510 18,910 19,794 19,794 12 (18,000) (18,000) 400 20,304 20,704 23,294 23,294 12 (23,000) (23,000) 400 20,598 20,998 27,472 27,472 400 48,070 48,470 4,454 4,454 12 (30,000) (30,000) 400 22,524 22,924 400 20,598 20,998 9,556 9,556 400 30,154 30,554 I-7

8(b) 425 288 164 23,691 27,888 32,900 11,452 6,670 8(b) (201) (87) 8(b) 1,497 2,946 2,732 882 812 7 (107) (2) (2) 15 175 687 558 40 158 25,393 31,807 36,188 12,374 7,804 (83) (1,279) (610) (1,621) (1,573) (5,853) 4,337 631 (4,333) (6,294) (4) 2 19 (8) (28) 4,604 (1,494) (729) 4,575 643 24,057 33,373 35,499 10,987 552 (3,838) (4,303) (3,631) (3,630) (1,819) 20,219 29,070 31,868 7,357 (1,267) I-8

14 (2,661) (14,727) (407) (6) 239 (5,161) 5,248 7 107 2 2 (2,228) (14,725) (405) (6) (18,118) (12,306) (27,485) (12,304) (1,037) (18,118) (12,306) (27,485) (12,304) (1,037) (127) 2,039 3,978 (4,953) (2,304) 31,929 31,802 33,841 33,841 37,819 18 31,802 33,841 37,819 28,888 35,515 I-9

II. 1. 1.1 Hang Sang (Siu Po) International Holding Company Limited HSSP Limited 62% 38% H ang Sang (Siu Po) Holding Limited 10 100% 100% (a) 100,000 100% 100% 100% 100% 100% (b) A W Printing & Packaging Limited A W Printing 300,000 100% 100% 100% 100% 100% (b) (a) (b) A W Printing I-10

1.2 5 2. 3 5 3. 9 2 15 2 1 1 16 1 38 27 1 10 3 28 1 I-11

1 2 3 15 15 18 11 13 4. (i) 4(viii (ii) I-12

(i) (ii) 39 4(ix) (iii) : (iv) 10%-30% 30% 20% 20% I-13

(v) (vi) (vii) I-14

(a) (b) (a) (b) (i) (viii) (ii) I-15

I-16

(ix) I-17

(x) (xi) (xii) I-18

(xiii) (xiv) (xv) (xvi) I-19

(xvii) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) 5. 4 I-20

14 425,000 288,000 164,000 16 175,000 687,000 558,000 40,000 158,000 15 6. (a) 119,568 126,275 133,097 44,991 44,371 I-21

(b) 33,334 34,352 37,945 13,703 12,127 20,201 23,980 23,762 7,939 8,818 16,851 17,277 15,484 5,860 4,154 7,297 7,619 11,804 3,300 4,477 6,923 8,905 9,220 2,170 2,035 6,268 6,357 4,988 1,958 1,801 5,745 6,864 5,551 2,026 2,093 5,581 4,232 3,824 774 1,030 4,577 6,615 10,552 3,554 3,620 12,791 10,074 9,967 3,707 4,216 119,568 126,275 133,097 44,991 44,371 (c) 10% 7. 107 2 2 1,066 899 1,171 488 448 201 138 26 72 10 19 1,512 927 1,245 498 467 I-22

8. (a) 9 # 23,524 24,888 23,328 7,834 9,627 874 942 954 300 353 24,398 25,830 24,282 8,134 9,980 (b) 70 70 70 15(b) 71,863 72,307 76,251 25,712 23,356 1,497 2,946 2,732 882 812 15 26 49 24 23 8,020 9,669 9,591 3,074 2,379 (201) 16 425 288 164 6,288 236 309 345 111 116 6,445 6,642 7,012 2,335 2,338 1,496 # 16,133,000 17,089,000 16,340,000 5,383,000 6,439,000 381,000 1,703,000 1,661,000 548,000 486,000 4,019,000 4,219,000 4,513,000 1,509,000 1,512,000 I-23

9. 1,800 15 1,815 1,800 15 1,815 3,600 30 3,630 1,800 15 1,815 1,800 15 1,815 3,600 30 3,630 1,800 18 1,818 1,800 18 1,818 3,600 36 3,636 600 6 606 600 6 606 1,200 12 1,212 600 6 606 600 6 606 210 5 215 1,410 17 1,427 1,680,000 1,680,000 1,680,000 560,000 560,000 840,000 280,000 I-24

10. 9 1,721 1,891 1,320 404 472 45 41 54 18 12 1,766 1,932 1,374 422 484 0 1,000,000 3 3 3 3 2 11. I-25

16.5% 75% 10,000 20,000 20,000 3,705 2,769 5,775 2,019 2,328 21 192 1,825 (347) (123) (112) 3,897 4,594 5,428 1,896 2,216 23,691 27,888 32,900 11,452 6,670 16.5% 3,909 4,601 5,429 1,890 1,101 3 5 8 6 1,092 (1) (1) (1) (20) (20) (20) 6 9 12 23 3,897 4,594 5,428 1,896 2,216 12. 18,000 23,000 30,000 I-26

150 15,000,000 20020,000,000 103,000,000103,000,000 A W Printing 18018,000,000A W Printing 4012,000,000 13. 1.2 I-27

14. 18,120 1,152 4,605 2,110 25,987 839 1,477 56 289 2,661 (390) (390) 18,959 2,239 4,661 2,399 28,258 13,061 1,190 476 14,727 32,020 2,239 5,851 2,875 42,985 56 153 198 407 32,076 2,239 6,004 3,073 43,392 17,892 580 4,306 1,740 24,518 381 672 244 200 1,497 (352) (352) 18,273 900 4,550 1,940 25,663 1,703 672 289 282 2,946 19,976 1,572 4,839 2,222 28,609 1,661 519 298 254 2,732 21,637 2,091 5,137 2,476 31,341 491 148 96 77 812 22,128 2,239 5,233 2,553 32,153 686 1,339 111 459 2,595 12,044 667 1,012 653 14,376 10,439 148 867 597 12,051 9,948 771 520 11,239 I-28

15. (a) 1,218 1,492 1,373 1,963 242 106 124 131 1,167 1,621 1,774 2,592 2,627 3,219 3,271 4,686 (b) 71,688 71,620 75,693 25,672 23,198 175 687 558 40 158 71,863 72,307 76,251 25,712 23,356 16. 16,716 12,832 11,261 17,211 16(b) (334) (546) (546) (710) 16,382 12,286 10,715 16,501 1,834 1,906 2,052 2,052 1,449 181 172 122 123 790 1,593 1,987 3,406 2,877 3,817 4,161 19,788 15,163 14,532 20,662 I-29

(a) 0 2 26.3 3 13,428 10,688 8,573 13,148 3 6 1,799 1,221 1,671 2,803 6 1 1,034 377 335 514 1 121 136 36 16,382 12,286 10,715 16,501 (b) 334 546 546 425 288 164 (91) (76) 334 546 546 710 425,000 288,000 164,000 I-30

(c) 8,921 6,078 5,544 3,108 3 5,813 5,510 4,221 11,118 3 6 514 333 528 1,914 6 1 1,015 365 286 326 1 119 136 35 16,382 12,286 10,715 16,501 17. JSD Investment Limited 16 21 19 JSD Investment Limited 32 39 30 HSSP Limited 28 I-31

HSSP Limited 28 25(i) 18. 31,802 33,841 37,819 35,515 19. 7,924 6,985 6,408 9,133 3,479 3,026 3,648 1,123 927 1,400 759 372 3,242 2,667 2,534 3,364 15,572 14,078 13,349 13,992 1 3 3 7,911 6,983 5,920 7,927 3 6 13 1 488 1,206 6 1 1 7,924 6,985 6,408 9,133 I-32

20. (i) 10,123 3,716 5,047 4,095 10,123 10,556 (ii) 16,030 24,510 10,276 32,832 914 3,128 16,944 27,638 10,276 32,832 21. 37 229 2,054 1,707 11 192 1,825 (347) (112) 229 2,054 1,707 1,595 I-33

22. (a) 38,000,000 0.01 38,000,000 380 1 99 100 380,00038,000,000 0.01 0.01 4,000,0000.01 (b) 2 23. (a) 10,739 I-34

(b) 1 6,310 530 6,958 4,813 1 5 1,043 1,193 903 764 7,353 1,723 7,861 5,577 1 5 24. A W Printing 18,000,000 23,000,000 AW Printing 30,000,000 23,600,000 6,400,000 25. HSSP Limited JSD Investment Limited Super Champion Limited I-35

(i) JSD Investment Limited Super Champion Limited 21 19 10 8 840 840 840 280 280 840 840 840 280 280 (ii) 17 20 (iii) 9 6,851 7,108 5,953 1,917 2,495 134 131 138 46 49 6,985 7,239 6,091 1,963 2,544 8(a) I-36

26. 26.1 18,339 14,982 14,360 20,540 21 19 10,123 3,716 28 31,802 33,841 37,819 35,515 50,162 48,842 62,302 59,799 14,645 12,678 12,590 13,620 16,944 27,638 10,276 32,832 31,589 40,316 22,866 46,452 43 I-37

26.2 25,551 29,319 29,067 30,047 17,449 12,554 11,885 17,009 (4,801) (4,807) (5,017) (3,046) 38,199 37,066 35,935 44,010, I-38

26.3 0 2 20.8% 14.8% 15.2% 28.1% 26.1 16 26.4 I-39

26.5 1 14,645 14,645 14,645 16,944 16,944 16,944 31,589 31,589 31,589 12,678 12,678 12,678 27,638 27,638 27,638 40,316 40,316 40,316 12,590 12,590 12,590 10,276 10,276 10,276 22,866 22,866 22,866 13,620 13,620 13,620 32,832 32,832 32,832 46,452 46,452 46,452 1 43 43 43 I-40

26.6 27. (i) (ii) (iii) III. (a) 4,000,000 0.01 (b) (c) 17 1720 I-41

IV. 28 12 P05707 I-42

A. 29 1 2 3 1.10 22,924 30,493 53,417 0.29 1.36 22,924 42,153 65,077 0.35 II-1

(1) 22,924,000 (2) 46,000,000 1.10 1.36 6,288,000 (3) 184,000,000 (4) II-2

B. Hang Sang (Siu Po) International Holding Company Limited Hang Sang (Siu Po) International Holding Company Limited II-1 II-2 II-1 II-2 4.29 7 7 II-3

4.29 (7) 3420 4.29 7 II-4

II-5

(a) (b) (c) 4.29(1) 28 12 P05707 II-6

1. (a) 27(2) (b) 2. (a) (i) III-1

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

(v) (vi) III-3

( ) (aa) (bb) (cc) ; (dd) (ee) (vii) III-4

III-5

(viii) (2) (aa) (bb) (cc) (6) III-6

(dd) (ee) (ff) (ix) (x) (xi) (60) III-7

(b) (c) (i) (ii) (iii) (iv) (v) (d) III-8

(e) 2(i) (15) (f) III-9

(g) (15) (18) (h) III-10

. (21) (i) (21) (20) (14)(10) III-11

(i) (ii) (95%) (j) III-12

(30) (k) (l) III-13

(m) (i) (ii) (a) (b) III-14

(1) (6) (n) (o) (20) III-15

. (14) (20) (p) (2) 2.50 1.00 (q) (2) III-16

(2) (r) 3(f) (s). (i) (ii) III-17

(t) (i) (3) (12) (ii)(12) (iii) (3) (u) 3. (a) III-18

(b) (a) (b)(c) 37(d)(e) (c) III-19

(d) III-20

(e) 34 34 2(m) (f) (a) (b)(c) (a) (b) (c) (d) III-21

(g) (h) (i) (ii) (iii) (i) (j) 6 (1) (2) III-22

(k) (l) (m) III-23

(n) (28) III-24

(21) (o) (75%) (p) (4) (90%) (4) (2) (1) (q) III-25

4. Conyers Dill & Pearman III-26

A. 1. (a) 16 5 C 16 1024 (b) 2. 380,00038,000,000 0.01 (a) Sharon Pierson 0.01 HSSP (b) 99HSSP (c) 4,000,000 HSSP A W Printing Hang Sang (Siu Po) Holding (d) 722,000,000380,0007,600,000 7,600,000760,000,000 IV-1

1,840,000 184,000,000 576,000,000 3. (a) Hang Sang (Siu Po) Holding 620,000380,000 62,00038,000 Hang Sang (Siu Po) Holding (b) A W Printing Hang Sang (Siu Po) Holding 2,999,99010 A W Printing 299,9991Hang Sang (Siu Po) Holding (c) Hang Sang (Siu Po) Holding 1000.10 Hang Sang (Siu Po) Holding 0.10 IV-2

4. 722,000,000 380,0007,600,000 (a) (i) (ii) (b) 1,339,999 HSSP 133,999,900 (c) IV-3

(i)(ii) (iii) (iv) 20% (d) 10% (e) (c) (d) (f) (g) (c) (c)(d) (1) (2) (3) IV-4

(c)(e) 5. (a) Hang Sang (Siu Po) Holding Hang Sang (Siu Po) Holding62,000 38,000 HSSP 1,000,000 (b) A W Printing Hang Sang (Siu Po) Holding Hang Sang (Siu Po) Holding A W Printing 299,999 1 HSSP 3,000,000 IV-5

6. (a) (b) 10% (i)(ii) (iii) (c) IV-7

(d) (e) (f) 184,000,000 18,400,000 (g) IV-8

26 B 1. (a) Hang Sang (Siu Po) HoldingHSSP (i) Hang Sang (Siu Po) Holding 62,000 Hang Sang (Siu Po) Holding HSSP 620,000 (ii) Hang Sang (Siu Po) Holding 38,000Hang Sang (Siu Po) Holding HSSP380,000 (b) (i) Hang Sang (Siu Po) Holding A W Printing 299,999Hang Sang (Siu Po) Holding HSSP2,999,990(ii)Hang Sang (Siu Po) Holding A W Printing 1 Hang Sang (Siu Po) Holding HSSP10 (c) HSSP HSSP IV-9

A1 B1 C1 D1 A2 B2 C2 D2 (d) HSSP (e) 2. (a) 40 303538477 16 40 303538486 40 303538503 16 40 303538512 (1) 16 (2) 40 IV-10

(b) www.hangsangpress.com www.awhkg.com A W Printing & Packaging Limited C. 1. (i) XVXV 7 8 352 1 2 138,000,000 75% 2 138,000,000 75% IV-11

1 2 HSSP 62% 38% HSSP HSSP (ii) HSSP 62 62% HSSP 38 38% 2. XV2 3 10% 1 HSSP 138,000,000 75% 2 138,000,000 75% IV-12

1 3 2 138,000,000 75% 1 2 HSSP 62% 38% HSSP HSSP 3 Shu Yau Chun Jan 3. (a) 4,400,000 (b) 360,000 IV-13

1. 2. (i) (ii) ((i) (ii) (iii) (iv) (v) 3. (a) (i) (ii) (iii) (b) IV-15

4. (a) 1 (b) 4(a) 1 (c) (i) (1) (2) IV-16

(ii) (d) (e) 4(d)12 (i) 0.1% (ii) 5,000,000 (f) 4(e) 5. 7 (i) (ii) IV-17

(iii) 5(ii) 6. (a) 6(b) 6(c) 10%18,400,000 10% (b) 10% 6(b) 17.02(2)(c) (d)17.02(4) (c) 6(c) IV-18

17.02(2)(d)17.02(4) (d) 30%30% 6(d) (e) 12 1% 12 1% 17.02(2)(d)17.02(4) IV-19

7. (a) (i) (ii) (iii) (iv) (b) 7(a) 8. IV-20

9. 10. 11. (a) (b) IV-21

(ii) 12. (i) (ii) 11(b) (d) (iii) 11(e) (iv) 11(f) (v) (a) (b) (c) IV-23

(d) 12(v) (vi) 12(v (vii) 9 (viii) (ix) (x) 13. (a) 13(b) (b) 13(c) (d) (i) (1) IV-24

(2) (3) (ii) (iii) (iv) (c) 13(b) (d) 14. IV-25

E. 1. B. 1. (c) (a) 11135 43 (b) (a) (b) (i) IV-26

(ii) (c) (d) 2. IV-27

3. 3A.07 3,400,000 3,200,000 4. 40,000 5. 6. 6 6 IV-28

Conyers Dill & Pearman Locke Lord 7. 8. Codan Trust Company (Cayman) Limited 9. (a) XV XV7 8 352 IV-29

(b) (c) (d) (i) (ii) (e) (f) (g) (h) (i) (j) (k) IV-30

(l) (m) (n) (o) (p) (q) (r) 10. 44A 44B IV-31

(a) (b) E.7. (c) B. 1. 14 38 (a) (b) (c) (d) (e) Conyers Dill & Pearman (f) (g) B. 1. V-1

(h) C. 3. (i) D. (j) E.7. (k) (l) (m) Locke Lord (n) I II V-2