CHINA 33 MEDIA GROUP LIMITED (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) 32 2(1) (l)
[20] 1
20 [20] 2008 12 2019 1 2
86 6,920 2009 2010 2012110,00013,000 200420082020 120,000 50,000 500,000 90% 2002 9 2007 4 2008 1 2008 4 2008 6 2008 8 2010 1 3
2008 12 31 28.7 2009 12 31 104.7 2010 6 30 95.02009 2009 4
12 31 6 30 2008 (1) 2009 2009 2010.................. 26,954 77,889 28,552 75,965.................. 17,571 9,671 4,634...................... 1,753 9,259 3,909 14,355......................... 28,707 104,719 42,132 94,954 12 31 6 30 2008 (1) 2009 2009 2010....... (2).................. 22,457 54,349 19,375 38,924 (2).................. 2,325 7,139 3,168 7,438 (3)................ 1,570 14,728 5,479 25,855..................... 602 1,673 530 3,748 26,954 77,889 28,552 75,965 (1) 2008 12 312008 12 31 (2) (3) 5
3.815.4 10.6 2008 12 3112.52009 12 31 61.42008 12 31 43.5%2009 12 3158.7% 2010 6 30 69.4%2009 6 30 51.1% (a) (b) (c) (d) (e) (f) 6
20131231 2016 122019 2 2019 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 7
19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 8
56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 2008 1 2010 1 9
2010 1 1 2012 1 1 84 2008 6 1 2015 6 1 10
30 2008 8 1 2015 8 1 109 2009 1 1 2014 12 31 11
70 2009 1 1 2013 12 31 2008 1 1 73 2014 7 31 12
0.2 0.6 0.3 20 2008 6 13
2008 6 21 12 (i) 11.5 8(ii) 29 100,000 800,000 29 20 14
(a) (b) (c) (a) (b) (c) (d) (e) 200611 2007 4 2008 4 15
2008 6 6 2013 12 31 2008 16
5 2008 6 2010 1 (a) (b) (c) (d) 20101 20086 17
(1) 2010 11 12 (2) (3)2010 12 (4) 2011 1 2011 2 201012 (a) / (b) (c) 18
2010 11 30158 25.7 (1) (2) 2008 6 30 2008 2008 2008 5 2008 2008 19
2008 2008 6 30 2008 7 1 2008 12 31 2008 12 31 12 31 6 30 2008 2009 2009 2010 ( )...................... 28,707 104,719 42,132 94,954................... (16,217) (43,295) (20,586) (29,071) 12,490 61,424 21,546 65,883............. 194 915 281 344............. (11,518) (26,677) (9,556) (16,288).................. (8,884) (18,253) (9,465) (9,127)............... (1,287) (2,967) (1,220) (113)........... 46 52 5.......... (8,959) 14,494 1,586 40,704.......... 434 (5,814) (1,508) (10,632)........ (8,525) 8,680 78 30,072............... (7,954) 8,690 285 30,479................. (571) (10) (207) (407) (8,525) 8,680 78 30,072 20
12 31 6 30 2008 2009 2010................................... 60,569 50,943 47,749..................................... 50,850 92,084 127,023..................................... 82,837 107,810 110,184.......................... (31,987) (15,726) 16,839..................................... 19,413 28,532 59,145 12 31 6 30 2008 2009 2010........................ 11,799 27,537 45,014......... 2,227 4,854 7,541........................ 69 2,005 2,877.................... 36,755 57,688 71,591......................... 50,850 92,084 127,023 2,596 2,915 7,316.............. 14,231 31,018 28,039 2,119 1,884 1,381................ 62,427 62,398 63,386.......................... 1,464 9,595 10,062......................... 82,837 107,810 110,184.................. (31,987) (15,726) 16,839 21
2008 2009 12 31 32.0 15.7 2008 5 7 62.4 2008 4 8 2008 6 8 200811.5 2008 12 312009 12 312010 6 30 62.4 62.4 63.4 2010 6 3016.8 34.3 2010 6 3045.0 7.3 % % 22
2008 1 1 2008 6 30 2008 7 1 2008 12 31 2008 12 31 2008 1 1 2008 6 30 2008 6 30 29 2008 6 30..................................................................... 22,242................................................................. (18,302)..................................................................... 3,940........................................................... 254.......................................................... (6,696)...................................................... (6,601)............................................................... (9,103)............................................................... (387)................................................................. (9,490).............................................. (9,490)............................................................... (9,490) 23
2008 6 30........................................................ 4,523....................................................... 747.......................................................... 5,270............................................................ 8,446........................................... 15,795............................................................ 35....................................................... 6,759............................................................ 31,035............................................................ 641................................................. 15,890............................................................ 11,885................................................... 12,921................................................................ 383............................................................ 41,720............................................................ (10,685)................................................................ (5,415).................................................................... 7,010.................................................................... (12,825) (5,815).............................................................. 400............................................................ (5,415) 24
12 31 6 30 2008 2009 2010 23,238 31,599 34,109 189 201 353 20 16 14,622 6,786 50,000 84,000 50,000 57,000 92,820 1,108,274 1,651,138 2008 12 3120082008 7 1 2011 12 31 30% 25
2010 12 31 2010 12 31 600,000,000 2010 12 31 2009 12 31 2010 12 31 (1) (2) 20101 (3) (4) 2010 6 30 30.5 2010 6 30 2010 12 31 26
2009 12 31 27
28
2007 6 25 2008114 2010 12 17 2010 11 1 2004 10 15 2008 6 16 60% 40% 2007 1 9 29
2009 11 25 2010 11 5 2219613 32 China 33 Media Group Limited 2010 5 5 30
28 25 United Energy Epoch Invest Epoch Invest Group Limited 2010 12 17 20101217 20101217 31
2002 9 16 2009 4 9 70% 30% Gain Kong Gain Kong Management Limited 2010 11 10 2008 3 13 32
Epoch InvestGain KongMake Sense Smartisian Holdings 2010 11 17 2007 9 26 33
2010 LED Successful Pot47.32%47.32% 5.36% Long Sunny Long Sunny Trading Limited 2006 8 Make Sense Make Sense Group Limited 34
2010 12 17 2007514 35% 20% 45% 70% 60% 35
75 2005 10 Sequedge Capital Sequedge ASA Capital (Cayman) II Limited Sequedge ASA Capital Limited Sequedge Investment International Limited Kazunari SHIRASequedge ASA Capital Limited60%40% 2007 7 30 2010 11 8 36
0.001 1997 4 2007 4 18 200250 Smartisian Holdings Smartisian Holdings Company Ltd. 2010 12 17 2 Successful Pot Successful Pot Investment Limited 2009 12 312010 6 30 United Energy United Energy Management Limited 37
% 0.8724 1.00 1 7.75 * 38
2008 5 2008 6 20101 39
40
2009 12 31 2008 12 31 28.7 2009 12 31 104.7 264.8 2009 2009 6 30 2010 6 3042.195.0 2006 2008 1 2009 1 41
18 2009 12 31 2008 12 312009 12 3132.0 15.72010630 16.8 2010 6 3063.4 [53.3][19.0] [40.0] 2008 12 31 8.5 2009 12 31 2010 6 30 8.7 30.1 2008 12 31 2009 42
200912 312010 6 30 2.95.01.0 0.2% 15. 43
[ ] 15. 44
27.0 77.9 76.0 93.9%74.4% 80.0%2009 12 31 189.0% 5.2 9.49.02009 12 312010 6 30 31.9%21.8% 30.9% 45
9 2017 6 20 2009 12 312010 6 30 17.64.6 20 29 100,000800,000 46
(a) (b) (c) 47
2,245,0004,936,0003,079,000 93.9% 74.4%80.0% 2007 2008 6.1%8.8% 15.1%2010 6 30 93.8% 48
49
1979 50
25% 10 2006 8 8 2006 9 8 51
75 2010 11 75 75106 75 52
75 75 75 75 53
18 D-18 1 A 221 702 26 23 201 3-501 54
12 4-901 324 601 51206 1 6 12 1302 55
1 40 77 3 34 Conyers Dill and Pearman Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands 8 18 Marsh (Hong Kong) Limited 18 26 56
Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Island XI 1 40 3 8 802 http://www.china33media.com Butterfield Fulcrum Group (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 609 Grand Cayman KY1-1107 Cayman Islands 28 26 57
C-11 4-4A 13 58
(1) (2) (3) (4) 395 150,000 2010 Huicong Market Research 2008 12400100 5,000 230 2006 12 59
(NYSE:DNB)1841 1404005,000 72 218 2010 3 31 60
2012 (a) (b) (c) (d) (e) 61
2001 2000 2009 14.5% 2008 314,050 6.8% 2009 335,350 2000 2009 40,000 20002009 35,000 31,405 34,051 30,000 26,581 25,000 21,631 20,000 15,000 10,000 9,922 10,966 12,033 13,582 15,988 18,494 5,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 62
2000 2009 13.8% 2009 25,125 2000 2009 30,000 20002009 25,000 22,698 25,125 20,000 19,524 16,165 15,000 10,000 7,858 8,622 9,398 10,542 12,336 14,053 5,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 63
2000 2009 162.8 35.5% 2009 621.9 46.6%2000 2009 20002009 1,200 1,000 800 36.2% 600 459.1 37.7% 480.6 40.5% 39.1% 502.1 523.8 46.6% 45.7% 44.9% 43.9% 43.0% 41.8% 542.8 562.1 577.1 593.8 606.7 621.9 50.0% 45.0% 40.0% 35.0% 400 200 30.0% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 25.0% 64
11.8%2000 6,280200917,175 2000 2009 20,000 20002009 18,000 17,175 16,000 15,781 14,000 13,786 12,000 10,000 8,000 6,000 6,280 6,860 7,703 8,472 9,422 10,493 11,759 4,000 2,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 65
200149.9200979.6 59.5%2001 3.91% 2009 5.96% 20012009 20012009 6.00% 5.00% 5.02% 5.23% 5.26% 5.29% 5.54% 5.59% 5.96% 4.00% 3.91% 4.32% 3.00% 2.00% 1.00% 0.00% 2001 2002 2003 2004 2005 2006 2007 2008 2009 66
200068,700200986,000 2000 2009 20012009 90,000 86,000 80,000 70,000 68,700 70,058 71,900 73,000 74,400 75,438 77,084 77,966 80,000 60,000 50,000 40,000 30,000 20,000 10,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 67
20002009 2.4% 14.5%200820% 8%2008 2008 2008 300,000 250,000 227,058 1.72 1.80 1.60 1.40 200,000 1.20 150,000 0.75 0.59 0.90 1.00 0.80 100,000 50,000 0 84,158 63,327 0.06 60,809 57,216 0.05 0.60 0.41 0.48 0.40 35,753 33,862 29,901 29,817 0.20 0.16 0.00 2009 68
2005 2006 2010 12,500 44.2%2003 692 2009 6,232 2005 2 2008 4 2009 2008 3,603 2009 6,322 75.5% 700 600 20032009 623.2 500 400 360.3 300 200 176.5 201.1 100 69.2 72.3 109.9 0 2003 2004 2005 2006 2007 2008 2009 69
200-350 2007 4 18 200 2009 285 2007 4.7 2010 2010 4592007 12 313182009 12 317951.520072009 2007 12 31 2009 12 31 20072009 2007123120091231 600 795 900 800 500 700 580 400 600 300 318 214 285 500 400 200 300 200 100 61 100 0 2007 2008 2009 1231 0 70
2010 6 30 78 2004 2008 2020 120,000 50,000 500,000 90% A. 1. ~ ~ ~ 2. ~ ~ ~ 3. ~~~ 4. ~ ~ ~ ~ 71
1. ~ ~ 2. ~ ~ ~ ~ 3. ~ ~ 4. ~ ~ ~ B. C. ~ ~ ~ ~ ~ ~ ~ ~ 72
73 2008 Qingdao Qingdao Xuzhou Ningbo
2007 12 311,854 2009 12 31 4,664 1.5 2007 1,299 2009 1,240 200720092007 12 31 2009 12 31 20072009 2007123120091231 2,000 4,664 5,000 1,500 1,299 1,248 1,240 4,000 3,000 1,000 1,854 2,268 2,000 500 1,000 0 2007 2008 2009 0 1231 2020 41,000 120,000 34% 74
20063322009486 13.6%2006 142 2009 166 2006 2009 20072009 600 180 500 400 300 332 142 388 148 406 158 486 166 160 140 120 100 80 200 60 100 40 20 0 2006 2007 2008 2009 75
2009 2009 2008 (%) 1 65,375,095 55,938,136 16.9 2 37,048,712 33,435,472 10.8 3 31,921,009 28,235,691 13.1 4 25,078,548 22,877,404 9.6 5 * 24,486,406 21,400,509 14.4 6 * 22,637,762 17,246,806 31.3 7 * 18,944,716 15,877,814 19.3 8 * 15,294,948 11,921,919 28.3 9 * 14,944,716 12,673,198 17.9 10 * 14,038,045 11,138,432 26.0 11 * 11,327,870 9,385,436 20.7 12 11,303,767 9,202,629 22.8 13 * 11,284,282 8,454,808 33.5 14 * 10,837,222 8,881,261 22.0 15 * 9,660,129 8,200,367 17.8 161,880,264 130,892,222 23.7............................. 486,063,491 405,762,104 19.8 * 76
1998 2009 14.8% 2008 1998 2012 35,000 19982012 30,000 25,000 20,000 15,000 10,000 5,000 12,134 9,328 10,420 7,406 5,714 6,175 4,428 4,954 16,642 14,590 18,895 20,291 22,755 26,120 30,682 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 77
20082008 189 2012 3072008201212.9% 2012 2008 2012 2008 2012 170,218 151,836 44,947 39,844 27,540 30,682 22,798 26,531 18,895 20,717 14,236 15,027 12,684 13,550 11,563 11,741 11,142 10,979 10,247 10,208 78
20082009 28.5% 26.0%2008 2009 13.5% 13.4%2008 2009 2008 2009 5.2% 13.5% 2.4% 0.2% 38.2% 5.2% 13.4% 2.2% 0.2% 39.1% 14.4% 16.1% 26.1% 23.8% 79
2008 200927.5%26.4%2008 2009 2008 2009 2008 2009 18.11% 17.26% 9.34% 9.18% 6.11% 6.45% 5.35% 5.50% 5.10% 5.84% 4.77% 5.14% 4.67% 3.91% 4.16% 4.43% 4.01% 4.21% 3.48% 3.13% 1. 80
2. 3. 4. 2007 4 (1) (2) 2005 398.4 2009 906.2 22.8% 15.3%20101,045 200545.02009211.047.2% 2005 2009 20052009 1,000 900 800 700 600 500 398.4 400 906.2 768.4 606.7 608.0 515.8 433.6 409.3 300 329.5 315.6 5.6 8.2 200 3.8 179.0 211.0 2.3 3.3 134.0 100 45.0 62.0 35.6 38.9 59.6 0 68.0 79.0 2005 2006 2007 2008 2009 81
20052009 100% 9% 9% 10% 9% 9% 80% 11% 1% 14% 1% 22% 23% 23% 60% 1% 1% 1% 40% 79% 76% 67% 67% 67% 20% 0% 2005 2006 2007 2008 2009 (1) (1) 82
2009 50% 2009 2009 5% 13% 18% 5% 6% 14% 8% 9% 11% 11% 83
1. 1994 10 27 1995 2 1 2. 198710261987121 2005 1 1 18 (1) 84
(2) 3. 2004 11 302005 1 1 16 4. 20041210< > [2004] 203 1. 2008 9 22 2008 10 1 35 (1) 85
(2) (3) 2. 1. 2001 12 25 2002 2 1 [2001] 343 86
87
2. 20059302005 12 1 [2005] 31 2005 9 30 2005 12 1 [2005] 32 (1) (2) (3) 3. 2004 6 162004 7 1 (1) (2) (3)(4) 4. (1) (2) (3) (4) 88
5. 1994 3 11 6. 2000 4 10 [2000] 430 (1) (2) 1. 2007 10 312007 12 1 89
2. 2005 7 6 [2005]19 3. 1994 3 30 4. 2003 3 17 2003 5 1 2004 12 1 [2003] 18 (1) (2) 90
(3) 1. 2008 1 1 15 2. 2008 1 1 3. 2004 1 1 91
4. 1995 1 1 5. 1999 1 221999 3 19 6. 1999 4 3 2002 3 24 5 92
2002 2002 9 3,000,000 2003 2007 4 2010 3 2006 11 2008 4 2008 8 10 2008 1 2010 1 2008 2008 5 10,000,00010,000,000 93
2008 6 30 2010 12 17 2009 12 7,500,000 2010 1 7,500,000 2008 6 20 2002 9 2006 11 94
2007 4 2007 6 2008 1 2008 3 2008 4 2008 4 2008 6 2008 5 2008 6 2008 8 2009 1 20 95
2009 12 2009 12 2010 2010 2010 1 2010 1 2010 12 96
2010 5 5 2010 12 17 4. 2007 6 25 10,000 10,000 1.0 2007 9 20 1.0 99 1.01.0 2010 12 17 (i)48,999,999 (ii) 1 97
2008 1 14 1,000,0002008 5 13 9,300,000 2010 11 1 2,000,000 2010 11 17 2,010,000 2010 11 10 2,000,000 2010 11 8 2,000,000 98
2010 11 5 2,000,000 2008 6 2010 9 (a) 2002 9 16 3,000,000 (i) 2003 4 1 20% 600,000 2003482003414 30% 30%20% 20% 99
(ii) 2007715 20% 600,000 2007 7 16 2007 7 17 2006 11 21 9. (b) 20041015 1,000,000 2010 4 7 2,000,000 2007 4 6 60% 20% (c) 200719 1,000,000201086 2,000,000 100
(d) 2007 7 30 1,000,000 2009 5 212010 9 8 2,000,000 (e) 2007 9 26 510,0002010 10 9 2,000,000 (f) 2008 3 13 500,0002010 8 19 2,000,000 (g) 20091125 500,0002010 8 25 2,000,000 101
(a) 2008 6 10 2008 6 16 1,000,000 60% 40% 20.11(1) 2008 9 222010 5 7 (b) 2009 4 9 1,000,000 70% 30% 20.11 (1) 102
(c) 2007 4 6 2008 3 1 2007 5 14 1,000,000 35%45% 20%2008 3 (d) 2010 3 24 2010 5 18 3,000,000 51% 49% 103
2007 9 2008 4 10%2008 10 0.001 1,500,000 2010 8 20Long Sunny United Energy 3,500,0001,000,000Long Sunny2,500,000 United EnergySuccessful Pot 1,500,000 Sequedge CapitalSequedge Finance 2010 1 2010 8 Sequedge Capital Sequedge Finance Sequedge Finance Sequedge Capital 2010 1 6 Sequedge Finance Sequedge Capital 5,511,000 1,307,000 14.662%7,500,000 2009 12 31 2010 1 7,500,00020091230 Sequedge Capital Sequedge Finance 104
61,362,000 Sequedge Finance Sequedge Capital 0.95% Sequedge Finance Sequedge Capital Sequedge Finance Sequedge Capital Sequedge FinanceSequedge Finance72.08% Kazunari Shirai27.92%11 Sequedge Capital Sequedge ASA Capital LimitedSequedge ASA Capital Limited Sequedge Investment International Limited 60% 40%Sequedge Investment International Limited Kazunari ShiraiSequedge FinanceSequedge Capital 2010 12 17 2010 1 Sequedge FinanceSequedge Capital 2010920 Sequedge Finance Sequedge Capital (A) Sequedge Finance Sequedge Capital Sequedge Finance Sequedge Capital 105
Sequedge Finance Sequedge Capital (i) (ii) Sequedge Finance Sequedge Capital (B) Sequedge FinanceSequedge Capital Sequedge Finance Sequedge Capital 106
(C) 2009 2010 20091231 30201012 31 70Sequedge Finance Sequedge Capital 3,750,000 Sequedge Finance Sequedge Capital (i)(a) 7,500,0006,818,000Sequedge SP Sequedge Finance Sequedge Capital (b) 120% (ii) 2009 2010Sequedge Finance Sequedge Capital Sequedge Finance Sequedge Capital Sequedge Finance Sequedge Capital 20092011 6 30 107
(D) Sequedge FinanceSequedge Capital (a) (b) Sequedge Finance Sequedge Capital (i)sequedge FinanceSequedge Capital (ii) Sequedge Finance Sequedge Capital (E) (i) Sequedge FinanceSequedge Capital(ii) 108
(F) Sequedge Finance Sequedge Capital 10% Sequedge Finance Sequedge Capital (a) (b) (c) (d) 50% (e) (f) 109
(g) (h) 500,000 (G) Sequedge Finance Sequedge Capital 10% Sequedge Finance Sequedge Capital (H) (I) Sequedge FinanceSequedge Capital Sequedge FinanceSequedge Capital2010 1 6 Sequedge SP Sequedge Finance Sequedge CapitalSequedge Finance Sequedge Capital Sequedge Finance Sequedge Capital Sequedge FinanceSequedge CapitalSequedge FinanceSequedge CapitalSequedge Finance Sequedge Capital Sequedge SP 1.10 Sequedge Finance Sequedge Capital6,818,000 110
13.636%Sequedge FinanceSequedge CapitalSequedge SP Sequedge Finance Sequedge Capital 1.00 10 Sequedge Finance Sequedge Capital (A) (B) (C) 2012 12 31 Sequedge FinanceSequedge Capital Sequedge Finance Sequedge Capital Sequedge Finance Sequedge Capital Sequedge Finance Sequedge Capital 111
2010 5 5 XI 1.00 100 2010 12 17 (i)48,999,999 (ii) 1,000,000 14,714,466 2010 Make Sense 2010 4 26 [1.13] [ ]% 28,211,600 112
Epoch Invest 2010 4 22 [1.01] [ ]% 23,870,000 Gain Kong 2010 8 20 13,500,000 9 Smartisian 2010 [1.22] [ ]% Holdings 4 23 38,192,000 Gain Kong 2010 11 8 Gain Kong1,500,000 750,000750,00013,500,000 2010 11 8 Gain Kong Make Sense 2010 8 20 Make Sense3,182,0006.364% 28,211,600 2009 12 31 2010 2 28,211,600 2010 4 26 Make Sense 28,638,000 Make Sense 1.13 %Make Sense 113
Make Sense20101217 Epoch Invest 2010 8 20 Epoch Invest 1,500,000 3,000,000 6%23,870,000 2009 12 31 2010 2 23,870,0002010 4 22 Epoch Invest27,000,000 Epoch Invest 1.01 %Epoch Invest Gain Kong 2010 8 20 Gain Kong750,0001,500,000 3%13,500,000 9 2010 12 31 2010 3 13,500,0002010 8 20Gain Kong Gain Kong 2010 11 8 Gain Kong1,500,000 750,000 750,00013,500,0002010 11 8 Gain Kong 114
Smartisian Holdings 2010 8 20 Smartisian Holdings2,000,0004,000,000 8%38,192,000 2010 12 31 2010 3 38,192,000 2010 4 23 Smartisian Holdings36,000,000 Smartisian Holdings1.22 %Smartisian Holdings Gain Kong 90,273,600 Gain Kong Make Sense 12 115
Epoch Invest 6 7 12 1% Smartisian Holdings 6 7 12 1.5% 7 12 7 8 3% 15.273% 116
2010 12 17 Successful Pot 41.0% 41.0% (1)............................................. 29,500,000 59.000 Sequedge Finance (2).................................. 4,576,189 9.152 Sequedge Capital (2)................................... 2,241,811 4.484 Long Sunny......................................... 1,000,000 2.000 United Energy....................................... 2,500,000 5.000 Make Sense........................................ 3,182,000 6.364 Epoch Invest........................................ 3,000,000 6.000 Smartisian Holdings................................... 4,000,000 8.000.............................................. 50,000,000 100.000 (1) Successful Pot47.46%47.46% 5.08% (2) Sequedge Finance Sequedge Capital2010 5 12 2010 7 5 Sequedge Finance Sequedge Capital837,585 97,226 2.2 117
2008 5 2008 6 2010 1 2010 12 172008 6 2010 9 2008 6 2010 9 (1) 2010 1112 (2)(3) 2010 12 (4) 2011 1 2011 2 2010 12 118
(i) (ii) 119
(iii) 2010 11 30 [158] [25.7] (1) (2) 120
100% 100% 100% Successful Pot 100% 15 100% 50% 47.46% 50% 47.46% 5.08% 16 Sequedge Finance Sequedge Capital Long Sunny United Energy Make Sense Epoch Invest Smartisian Holdings 44.25% 4.864% 3.363% 1.500% 3.750% 4.773% 4.500% 6.000% 27% 100% 100% 4 70% 11 49% 12 13 5 60% 20% 6 14 7 8 9 10 2 3 100% 121
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 30% (12) (13) (14) 2008 3 (15) 2007 United Energy United Energy1 146 United Energy United EnergyUnited Energy (16) 2011 9 17 122
20 123
20 [20] 2008 12 2019 1 124
86 6,920 2009 2010 2012110,00013,000 200420082020 120,000 50,000 500,000 90% 2008 12 3128.72009 12 31 104.7 2010 6 30 95.0 2009 2009 12 31 6 30 2008 (1) 2009 2009 2010................. 26,954 77,889 28,552 75,965................. 17,571 9,671 4,634..................... 1,753 9,259 3,909 14,355........................ 28,707 104,719 42,132 94,954 125
12 31 6 30 2008 (1) 2009 2009 2010 (2).................. 22,457 54,349 19,375 38,924 (2).................. 2,325 7,139 3,168 7,438 (3)................ 1,570 14,728 5,479 25,855....................... 602 1,673 530 3,748........................ 26,954 77,889 28,552 75,965 (1) 2008 12 312008 12 31 (2) (3) 2008 12 3112.52009 12 31 61.42008 12 31 43.5% 2009 12 31 58.7% 2010 6 30 69.4%2009 6 30 51.1% 126
2008 12 311,461.32009 12 311,524.5 121.8 127.0 2010 6 30 135.2 86 6,920 2009 2010 2020 110,000 13,000 2009285.0 20074.72007 12 31318 2009 12 317952010 2010 459.0 127
(a) (b) (c) 128
18 1014 10 129
(a) (b) (c) 900,000 5% 2010 11 1563 130
2010 9 13 2011 2011 LED LED LED LED 131
(a) (b) (c) (d) 2010 10105 132
560,000 10% 153,000 133
(a) (b) (c) 134
135 /
20131231 2016 122019 2 2019 12 136
2003 2006 11 1996 2008 4 137
2008 8 2008 8 11 138
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 139
35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 140
72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 2008 1 2010 1 20091231 10% 90%10 2002 141
1520 3030 10 30 10% 15 30 2010112012 1 1 142
84 2008 6 1 2015 6 1 2008 8 1 30 2015 8 1 143
2009 1 1 109 2014 12 31 2009 1 1 70 2013 12 31 144
2008 1 1 73 2014 7 31 0.20.6 0.3 20 2008 6 145
2008 6 20 30 40 20086 146
2008 6 21 12 (i) 11.5 8(ii) 29 100,000 800,000 29 20 147
148
CF 2010 6 30 10 100 149
2010 6 30307 4A 150
200912 2010 2010 2008 100 2009 7 27.0 77.9 76.0 93.9%74.4% 80.0% (a)(b) (c) 151
12 2009 12 312010 6 30 17.6 4.6 16.8% 4.9% 1.8 9.3 14.4 6.1%8.8% 15.1% 152
2008 3.1% 4.2% 4.3% 9.2% 11.7% 3.5% 16.7% 0.1% 8.4% 19.3% 1.4% 2.4% 2.6% 5% 1.1% 7.1% 2009 6.7% 1% 4.7% 10.7% 17.1% 10.5% 5.5% 4.1% 16.1% 4.5% 1.0% 2.2% 3.0% 2.4% 10.5% 2010630 3.2% 7.5% 13.2% 1% 7.7% 12% 12.5% 2.9% 0.6% 11.2% 7.1% 0.4% 1.4% 4.7% 14.6% 153
2008 6.3% 3.8% 89.9% 2009 2.7% 32.2% 32.4% 0.1% 10% 2.7% 5.4% 23.6% 2010630 25.1% 13.2% 17.8% 24.9% 0.6% 0.5% 0.6% 0.4% 10% 154
200989%11% 2010 6 30 95% 5% 281 21 (i) (ii)........................................................................................................................................................... 10 44 6 5 155
........................................................................................................... 8 1 0 19.8%27.1% 18.1% 5.5%15.0% 4.4% 2010 6 30 5% 156
2010 6 30 157
44.8%46.4%45.1% 15.5%15.9% 17.5% 35%20% 45% 12.9%10.6% 10.0% 4.9%4.5% 3.9% 2009 12 23 2010 1 1 2010 12 31 7,000,000 20.11(4)20.33(4) 2010 6 30 2010 6 30 10.1% 5% 158
2008 6 6 2013 12 31 2008 6 6 2016 12 31 2007 4 6 2017 4 5 2008 4 162018 4 15 159
(1) 2006 1121 2011 12 31 250,000 300,000350,000350,000400,000 2011 1 1 2010 11 22 2011 1 1 2016 12 31 2016 12 31 2 2.1 2.2 2.3 2.4 2.6 (2) 200746 200831 160
2008 3 1 2009 2 281,600,000 400,000 500,000 400,000 0.5% (3) 2008 4 16 2009 1 20 500,000 1,000,0001,500,000 400,000 400,000 2010 1 1 300,000 161
1,425,000 2,992,000 1,930,000 2010 12 31 6 30 2008 2009............................... 150,000 350,000 175,000............................... 1,625,000 3,392,000 2,130,000............................. 470,000 1,194,000 774,000 2,245,000 4,936,000 3,079,000............................... 800,000 1,934,000 1,134,000................................ 3,045,000 6,870,000 4,213,000 162
(2) (3) 20.33(4) 163
164
(1) (2) 165
100(3) (4) (1) (2) (3) (a) (b) (c) (d) 166
2009 12 312010 6 30 2.95.01.0 2010 1 0.2% 167
15. 168
........... 45 2010 5 5........... 46 2010 5 5........... 41 2010 12 17........... 38 2010 12 17........... 42 2010 12 17............. 65 2010 12 17........... 46 2010 12 17........... 46 2010 12 17........... 62 2010 12 17 45 2010551985 1985 8 1989 8 1989 9 1989 12 18 1990 1992 1992 1999 19992002 2002 169
462010 5 5 1986 2000 7 10 1986199719971999 199920022002 8 2010 4 412010 12171991 200719911993 199319931996 1997200020012003 20032007 38 2010 12 17 1990 19931993 199719972000 20002003851 20032007 2008 170
42 2010 12 17 1987 1992 19921994 10 1994 1995 1995 20042004 2006 2006Make Sense Group Limited 65201012171982 1982198319831984 19841992 19921995 1995200120012005 2009 2000 9 13 171
46 2010 12 17 1985 1988 20091988 2003 5.05(2) 46 2010 12 17 1984 1987 199119911993 19932000 2000 622010121719752009 1987 17.50(2) 11. 172
..... 41 2009 6 24..... 36 2010 3 22...... 33 2009 2 10..... 35 2010 3 22 41 2009 6 1988 1988 1995 95037 10 1996 2000 2000 2004 20042007 20082009 36 2007 1996 19962003 173
2003 2004 2006 2006 2007 33 199920022009 200320032005 20052007 2007 2009 35 1996 2007 1999 2002 2002 2003 2003 2005 2005 2007 35 2010 5 2000 2000 11 2008 1 7 2008 1 2010 5 834 346 174
/ 1.6 0.9 0.6 2010 12 31 1.0 2010 6 30 584 2010 6 30........................................................... 25...................................................... 18........................................................ 17........................................................... 290........................................................... 28........................................................... 66........................................................... 140........................................................... 584 2009 12 31 2010 6 30 [3.5] 6.3 1.7 175
20 176
20 20 2008 12 2019 1 177
86 6,920 2009 2010 2012110,00013,000 200420082020 120,000 50,000 500,000 90% 2008 12 3128.72009 12 31 104.7 2010 6 30 95.0 2008 12 3112.52009 12 31 61.42008 12 31 43.5% 2009 12 31 58.7% 2010 6 30 69.4%2009 6 3051.1% 2008630 2008 2008 5 2008 12172008 2008 6 302008 2008 178
2008 5 2008 6 2010 1 2008 2010 2008 2009 12 312010 6 30 179
180
19984,428200920,291 14.8%2008 2009 93.9%74.4% 80.0% 86 6,920 2009201011 2012110,00013,000 2004 2008 2020 120,000 50,000 181
2006 2008 1 2010 1 200812311.8428.2%2009 12 319.3 2010 6 30 14.4 15.1% 2009200912312010 6 3017.64.6 20 182
183
31.9%21.8% 30.9% 25% 2008 25% 10% 25% 20% 2008 12 312008 1 1 184
2008 12 31 0.4 2009 12 315.840.1% 200920106301.510.6 95.1%26.1% 2009 6 302009 12 31 2009 6 302009 12 31 185
20 5 10 5 186
2.5 9.8 5.5 9 187
188
2009 12 3120092010 6 30 12 31 6 30 2008 2009 2009 2010............................. 28,707 104,719 42,132 94,954.......................... (16,217) (43,295) (20,586) (29,071)............................. 12,490 61,424 21,546 65,883.................... 194 915 281 344.................... (11,518) (26,677) (9,556) (16,288).......................... (8,884) (18,253) (9,465) (9,127)...................... (1,287) (2,967) (1,220) (113).................. 46 52 5................ (8,959) 14,494 1,586 40,704................ 434 (5,814) (1,508) (10,632).............. (8,525) 8,680 78 30,072...................... (7,954) 8,690 285 30,479........................ (571) (10) (207) (407) (8,525) 8,680 78 30,072 2008 6 30 2008 12 31 18 189
28,707 104,719 42,132 93,639 (i)(ii) (iii) 2009 12 3120092010 6 30 12 31 6 30 2008 2009 2009 2010...................... 26,954 77,889 28,552 75,965...................... 17,571 9,671 4,634.......................... 1,753 9,259 3,909 14,355............................. 28,707 104,719 42,132 94,954 200910 12 2008 1 2010 1 190
12 31 6 30 2008 (1) 2009 2009 2010....... (1).................. 22,457 54,349 19,375 38,924 (1).................. 2,325 7,139 3,168 7,438 (2)................ 1,570 14,728 5,479 25,855..................... 602 1,673 530 3,748 26,954 77,889 28,552 75,965 (1) (2) 191
2009 12 31 2009 2010 6 30 12 31 6 30 2008 2009 2009 2010.......... 23,238 31,599 27,635 34,109 189 201 169 353 2008 6 30 2008 2008 7 1 2008 12 31 0.61.73.7 200818920092012010 6 30 353 2008 23,238 2009 31,599 2010 6 30 34,109 192
183840 12 31 6 30 2008 2009 2010...................... 4 3............ 20 16.................. 14,622 6,786 50,000 50,000.... 84,000 57,000 15 30 15 3012 20 92,820 1,108,274 1,651,138 193
20082010 1 2009 12 3120092010 6 30 12 31 6 30 2008 2009 2009 2010 % % % %............... 5,169 33.5 9,418 28.5 4,359 27.7 8,969 36.5......... 2,131 13.8 6,734 20.4 3,308 21.0 3,898 15.9 3,540 23.0 7,882 23.9 3,615 23.0 7,269 29.5 4,450 28.9 8,900 27.0 4,449 28.3 4,449 18.1................... 121 0.8 58 0.2 3 0.0 15,411 100.0 32,992 100.0 15,731 100.0 24,588 100.0......... 678 7.7 6,900 78.7 3,469 85.4 2,994 83.5 55 100.0 110 1.3 55 1.4 55 1.5..... 1,076 12.3 538 13.2 538 15.0 55 100.0 8,764 100.0 4,062 100.0 3,587 100.0......... 44 5.9 20 1.3 9 1.2 141 15.7 465 61.9 929 60.4 465 58.6 465 51.9................. 228 30.3 590 38.3 319 40.2 290 32.4................... 14 1.9 751 100.0 1,539 100.0 793 100.0 896 100.0.................... 16,217 43,295 20,586 29,071 194
31.9%21.8% 30.9% 12 31 6 30 2008 2009 2009 2010....... 2,245 4,936 2,336 3,079........... 800 1,934 933 1,134......... 495 1,012 346 125..... 2,931 3,540 7,882 3,615 7,269......... 6,900 3,469 2,994............... 228 590 319 290 3,769 15,372 7,403 10,553 195
2008 6 2008 2009 12 3120092010 6 30 12 31 6 30 2008 2009 2009 2010 % % % %............. 11,543 42.8 44,897 57.6 12,821 44.9 51,377 67.6............. (55) 8,807 50.1 5,609 58.0 1,047 22.6................. 1,002 57.2 7,720 83.4 3,116 79.7 13,459 93.8.................... 12,490 43.5 61,424 58.7 21,546 51.1 65,883 69.4 196
2010 6 30 2009 12 31 2009 2010 6 30 12 31 6 30 2008 2009 2009 2010.......................... 190 751 241 167............................. 4 164 40 177............................. 194 915 281 344 2009 12 31 2009 2010 6 30 12 31 6 30 2008 2009 2009 2010 % % % %................. 6,836 59.4 15,284 57.3 6,430 67.3 7,122 43.7....... 2,066 17.9 4,750 17.8 1,483 15.5 4,701 28.9....... 1,562 13.6 2,824 10.6 833 8.7 2,336 14.4............... 864 7.5 2,366 8.9 743 7.8 1,278 7.8.................... 190 1.6 1,453 5.4 67 0.7 851 5.2.................... 11,518 100.0 26,677 100.0 9,556 100.0 16,288 100.0 197
4.0% 10.5% 40.1%25.5% 17.2% 2009 12 31 2009 2010 6 30 12 31 6 30 2008 2009 2009 2010 % % % %....................... 2,834 31.9 6,280 34.4 3,599 38.0 3,026 33.2.......................... 428 4.8 1,098 6.0 279 2.9 680 7.5..................... 1,461 16.4 2,718 14.9 1,354 14.3 1,413 15.5..................... 1,402 15.8 2,504 13.7 1,195 12.6 1,497 16.4....................... 105 1.2 736 4.0 308 3.3 103 1.1........................ 651 7.3 1,480 8.1 699 7.4 748 8.2..................... 842 9.5 115 0.7 58 0.6 58 0.6..................... 62 0.7 1,530 8.4 1,378 14.6 38 0.4..................... 303 3.4 1,078 5.9 217 2.3 888 9.7.......................... 796 9.0 714 3.9 378 4.0 676 7.4.......................... 8,884 100.0 18,253 100.0 9,465 100.0 9,127 100.0 198
30.9%17.4% 9.6% 20% 20% 25% 25% 10% 25% 20% 2008 12 312008 1 1 199
2008 12 31 0.4 2009 12 315.840.1% 200920106301.510.6 95.1%26.1% 2009 6 302009 12 31 2009 6 30 2009 12 31 12 31 6 30 2008 2009 2009 2010................ (8,959) 14,494 1,586 40,704.............. (2,240) 3,624 397 10,176.................. (12) (13) (1)...................... (34) (72) (16) (4)...................... 1,612 2,545 1,080 244.................. 199 127 311............. (135) (499) (92)............................. (176) 229 12 (94)... (434) 5,814 1,508 10,632 200
2010 6 30 2009 6 30 2009 6 3042.12010 6 30 95.0 125.4% 2009 2010 6 30 67.8% 80.0%2009 6 3028.6 2010 6 30 76.0 166.1% 2009 6 3027,6352010 6 30 34,109169353 2009 7 1 2010 6 30 2009 6 30 3 2010 6 30 10 2009 6 309.72010 6 30 4.6 52.1% 2009 6 30 23.0% 2010 6 30 4.9% 200812 202009 1 1 2009 10 30 2009 11 14 2010 6 302009 2009 6 3050,000 201
84,000 2010 6 30 50,000 57,000 2010 11 172010 112011 11 12 2010 12 2011 11 12 2009 2010 6 30 9.3% 15.1% 2009 6 30 3.9 2010 6 30 14.4 2010 1 2009 6 30 182,285 2010 6 30 1,651,138 2009 6 3020.62010 6 30 29.141.2% 2009 6 30 4.4 2010 6 30 9.0105.8% 2009 6 307822010 6 301,410 2009 6 30 222,195 2010 6 30366,642 2009 6 30 3.3 2010 6 303.917.8% 2009 6 301212010 6 30206 202
2009 6 30 7.4 2010 6 30 10.6 2010 6 30 2009 2010 6 30 2009 6 3021.52010 6 30 65.9 2009 6 30 51.1%2010 6 3069.4%20092010 6 30 6 30 2009 2010.................................... 44.9% 67.6%.................................... 58.0% 22.6%........................................ 79.7% 93.8% 2009 6 3044.9%2010 6 30 67.6% 2009 6 3058.0%2010 6 30 22.6% 2009 6 3079.7%2010 6 30 93.8% 2009 2010 6 30 0.3 203
2009 6 30 9.6 2010 6 3016.370.4% 20096306.42010630 7.1 2009 6 30 1.5 2010 6 30 4.7 2009 6 300.82010 6 30 2.3 2009 6 30 260 2010 6 30 307 2010 6 30 2009 6 30 0.10.82010 6 300.9 0.4 2009 6 30 9.5 2010 6 30 9.1 3.6% 2009 6 30 1.2 2010 6 300.190.7% 204
2009 6 30 1.5 2010 6 30 10.6 605.0% 2009 6 301.62010 6 3040.7 2009 2010 6 30 95.1% 26.1% 2009 6 30 0.3 2010 6 30 30.5 2009 6 300.7%2010 6 30 32.1% 2009 12 31 2008 12 31 2008 6 30 2008 2008 12 31 2008 12 312009 2009 2008 2008 28.7 2009 104.7 264.8%2009 2009 12 31 93.9% 74.4% 2008 27.0 2009 77.9 189.0%2007 205
2008 23,238 200931,59920081892009201 2008 8 2009 200912009123116.8% 2009123120 50,000 84,000 2009 12 31 6.1% 8.8% 20081.820099.3 2008 12 31 92,820 2009 12 31 1,108,274 2008 2008 2009 2008 16.2 2009 43.3 167.0% 2008 5.2 2009 9.4 82.2%2008176,092 2009 244,881 2009 206
2008 2.22009 7.4 241.7%2009 20081231 1002009 12 31136 20083.8200915.4 20092008 2009 2009 6.9 20092008 2009 2008 12.5 2009 61.4 200843.5%200958.7%2009 12 31 2008 2009....................................... 42.8% 57.6%....................................... 50.1%........................................... 57.2% 83.4% 200842.8%200957.6% 200857.2%200983.4% 207
2008 0.22009 0.9 2008 0.2 2009 0.8 2008 11.5 2009 26.7 131.6%20086.8 2009 15.3 2008 2.1 20094.820081.6 2009 2.8 2009 2008 12 31 210 2009 12 31 283 2009 20088.9200918.3105.5% 20082.820096.3 20081.520092.7 2008 1.4 2009 2.5 2008 12 31492009 12 3161 2009 2008 1.3 2009 3.0 130.5% 208
2008 12 310.4 2008 9.0 2009 12 31 5.8 14.5 2009 12 31 40.1 % 2009 12 31 8.72008 12 318.0 200827.7%2009 8.3% 12 31 6 30 2008 2009 2010............................ 60,569 50,943 47,749.............................. 50,850 92,084 127,023.............................. 82,837 107,810 110,184.................. (31,987) (15,726) 16,839............................. 19,413 28,532 59,145 209
2008 2009 12 31 2010 6 30 12 31 6 30 2008 2009 2010..................... 5,567 6,492 7,139............................ 36,777 26,838 21,869 11,500 10,424 9,886 1,470.................... 1,793 1,845 1,850........................ 123 162 4,932 5,221 5,373....................... 60,569 50,943 47,749 2009 2009 1.6 2010 6 302010 6 30 1.3 2008 6 200841.7 9 49% 20% 210
2008 6 2017 6 2008 8 5.85% 20082009 12 312010 6 302010 10 31 12 31 6 30 10 31 2008 2009 2010 2010................... 11,799 27,537 45,014 51,283.... 2,227 4,854 7,541 19,998................... 69 2,005 2,877 2,383............... 36,755 57,688 71,591 76,238.................... 50,850 92,084 127,023 149,902................... 2,596 2,915 7,316 5,373......... 14,231 31,018 28,039 24,230................... 2,119 1,884 1,381 1,864........... 62,427 62,398 63,386 63,827....................... 1,464 9,595 10,062 11,712.................... 82,837 107,810 110,184 107,006............. (31,987) (15,726) 16,839 42,896 211
2008 2009 12 31 2010 6 30 12 31 6 30 2008 2009 2010.......................... 13,299 32,107 49,590.............................. (1,500) (4,570) (4,576) 11,799 27,537 45,014 2008 2009 12 31 2010 6 30 12 31 6 30 2008 2009 2010 3....................... 5,532 14,699 29,006 3 6............................. 3,674 8,929 15,128 6 1........................... 3,964 5,383 3,233 1................................ 129 3,096 2,233................................. 13,299 32,107 49,590 212
2008 12 3111.82009 12 31 27.5 2010 6 30 45.0 64.4 68.6 69.7 365 200820082008 6 30 2008 2008 6 30 2008 12 31 2008 2010 6 30 72% 12 31 6 30 2008 2009 2010.......................... 1,500 4,570...................... 58.................. 1,442 3,070 6.......................... 1,500 4,570 4,576 11.3%14.2% 9.2% 213
20082009 12 312010 6 30 12 31 6 30 2008 2009 2010.......................... 937 1,036 1,068.............................. 246 1,062 1,096.......................... 1,775.................. 921 811 1,077.............................. 123 1,945 2,525 2,227 4,854 7,541.............................. 4,932 5,221 5,373 7,159 10,075 12,914 2008 12 310.22009 12 31 2010 6 30 1.1 2010 6 30 1.8 2008 12 31 0.1 2009 12 31 1.9 2010 6 30 2.5 214
20082009 12 312010 6 30 12 31 6 30 2008 2009 2010.......................... 2,596 2,915 7,316.................... 2,007 8,518 7,433 1,116 692 517........................ 8,371 14,060 14,952.......................... 1,057 2,960 3,120.......................... 1,409 4,550 1,565.......................... 271 238 452................................. 16,827 33,933 35,355 2008 2009 12 31 2010 6 30 12 31 6 30 2008 2009 2010 3.............................. 2,331 2,585 6,524 3 6............................. 205 792 6.............................. 60 330................................. 2,596 2,915 7,316 215
2008 12 312.62009 12 312.92010 6 307.3200912 312010 6 3018.2 23.2 32.1 365 2008 2008 2008 6 30 20082008 6 302008 12 31 2008 2010 6 30 2008 12 313592009 12 31480 2010 6 30 584 2009 12 314.62010 6 301.6 2009 12 31 2010 6 30 216
20082009 12 312010 6 30 12 31 6 30 2008 2009 2010............................... 69 1,014 1,449............................... 976 1,428............................... 15 69 2,005 2,877............................... 1,563 1,340 837............................... 556 544 544................................. 62,427 62,398 63,386 64,546 64,282 64,767 66.0 53.3 19.0 40 217
12 31 6 30 2008 2009 2010 (1)............................ 0.61 0.85 1.15 (2)............................ 0.61 0.85 1.15 (3).......................... (21.54)% 6.83% 38.36% (1) (2) (3) 100% 20082009 12 3120082009 62.4 2008 5 7 2008 4 8 20086 8 2008 11.5 2010 6 30 16.8 218
20082009123120106 30 2008200912312010630(21.54)% 6.83% 38.36% 20092010 6 30 2009 2010 6 30 20082009 12 3132.0 15.7 2010 6 30 16.8 2010 10 31 2010 10 31................................................. 51,283.................................. 19,998................................................. 2,383............................................. 76,238................................................. 149,902................................................. 5,373....................................... 24,230................................................. 1,864......................................... 63,827..................................................... 11,712................................................. 107,006................................................. 42,896 219
12 31 6 30 2008 2009 2010.............. 2,735 21,462 15,172.............. (8,488) (589) (2,237).............. 42,216 36 966................ 36,463 20,909 13,901.............. 36,755 57,688 71,591 2008630 (10.4) 29.0 46.8 2010 6 3015.2 40.7 46.8 18.0 2.73.0 4.4 220
200921.5 14.5 29.0 20.32.6 1.9 0.3 16.8 2008 2.7 9.0 1.5 8.8 2.04.8 1.7 2010 6 30 2.2 0.8 1.5 2009 0.6 0.8 0.2 2008 8.5 3.0 11.5 6.8 221
2010 6 30 1.0 1.00.5 0.5 200936,000 0.3 0.2 200842.2 49.5 7.3 56 2009 2010 12 31 6 30 1,480,000 56 560,000 222
2009 12 31 2010 6 30 62.0 2.3 2.8 12 31 6 30 2008 2009 2010 2,643............. 1,994 420 1,271...................... 2,371 241 52............................. 1,739 1,610 4.......................... 41,747.................... 11,500................ 1,470................................. 61,994 2,271 2,797 2008 2009 12 31 2010 6 30 12 31 6 30 2008 2009 2010 1................................ 2,554 2,667 2,477 1 5......................... 5,385 4,005 2,478................................. 7,939 6,672 4,955 223
12 2010 6 30 2010 6 30 1.9 6.8 4.5 1.9 6.6 4.6 0.12.22.0 0.1 1.1 1.6 4.6%1.8% 2007 224
2009 12 31 2010 6 2010 6 225
2010 12 30 2010 10 31 20101031 2010 6 30 2010 12 31 2010 12 31 2009 12 31 20101231 (1) (2) 2010 1 (3) (4) 226
2010 6 30 30.5 2010 6 30 2010 12 31 2010 5 5 2010 10 31 2011 12 3130% 2010630 Marsh (Hong Kong) Limited2010 10 31 2010 6 30 227
19 228
% 2008 12 31........................... 5 286........................... (5) (286) % 2009 12 31........................... 5 275........................... (5) (275) 2010 6 30........................... 5 349........................... (5) (349) 229
2008 2009 12 31 2010 6 30 12 31 6 30 2008 2009 2010 2,596 2,915 7,316 14,231 31,018 28,039 2,119 1,884 1,381 62,427 62,398 63,386 (36,755) (57,688) (71,591) 44,618 40,527 28,531 16,932 25,761 56,781 61,550 66,288 85,312 72% 61% 33% 230
2013 12 31 2010 12 31 2011 6 30 2011 12 31 2012 6 30 2012 12 31 2013 6 30 2013 12 31 231
2010 12 31 2011 6 30 2011 12 31 2012 6 30 2012 12 31 2013 6 30 2013 12 31 60 60 60 60 2010 12 31 2011 6 30 2011 12 31 2012 6 30 2012 12 31 2013 6 30 2013 12 31 LED LED 2010 12 31 2011 6 30 2011 12 31 2012 6 30 2012 12 31 2013 6 30 2013 12 31 232
2010 12 31 2011 6 30 2011 12 31 2012 6 30 2012 12 31 2013 6 30 2013 12 31 40.0 20.0 233
2008 5 2008 6 2010 1 2008 6 2010 1 20086 234
2008 2008 2008 2008 235
2010 1 2008 6 1 124 23 23 5 (1) (2) (3) (4) (5) 236
2010 12 17 2010 12 17 30 20101217 237
2010 12 17 30 2010 12 17 2010 12 17 238
2010 12 17 2010 12 17 239
(i) (ii) (iii) (iv) (i) (ii) (iii) (iv) (v) (vi) 240
2008 6 2010 1 (a) (b) 2008 6 2008 6 (c) (d) (e) 241
(f) (g) (h) 20086 242
(1)(2) (3) 2008 243
(1) (a) 20.11(1) (b) 50% 20.11(4) (c) 20.11(1) (d) 20.11(1) (e) 35%45%20% 20.11(4) (2) (i) 2009 12 23 2,931,000 244
(ii) 2008 4 16 2009 1 20 470,000 1,194,000 774,000 (iii) 200831 800,000 1,934,000 1,134,000 200,000 400,000 200,000 (iv) 1,425,000 2,992,000 1,930,000 (a) (b) 19.04(9) 10% 20.33(4) 245
(3) (a) 246
2010 12 17 30 (b) 2010 12 17 30 (c) 247
2010 12 17 (d) 14 2010 12 17 (e) 2010 12 17 248
20 (4) (i)(ii) 20 20 249
40,000,000,000 40,000,000 50,000,000 50,000 400,000,000 400,000 150,000,000 150,000 600,000,000 600,000 250
XV2 3 10% (%) 1............... 265,500,000 44.25 1............... 265,500,000 44.25 2.......... 265,500,000 44.25 1............... 265,500,000 44.25 3.......... 265,500,000 44.25 Kazunari Shirai 4.... 49,362,000 8.227 Junko Shirai 5...... 49,362,000 8.227 Smartisian Holdings 6.... 36,000,000 6 6.......... 36,000,000 6 6.......... 36,000,000 6.............. 40 400,000 300,000 30 251
(1) 47.46% 47.46% (2) 265,500,000 (3) 265,500,000 (4) Sequedge Finance 29,185,701 Sequedge Capital 20,176,299 Kazunari SHIRAI Sequedge Finance 72.08% Sequedge Capital 60% (5) Junko SHIRAIKazunari SHIRAIJunko SHIRAIKazunari SHIRAI (6) Smartisian HoldingsSmartisian Holdings Smartisian Holdings Smartisian Holdings 252
(%) (1)................... 265,500,000 44.25 (1)................. 265,500,000 44.25 (1)................... 265,500,000 44.25 (1)................. 265,500,000 44.25 (1)................... 265,500,000 44.25 (1) 47.46% 47.46% 253
2010 12 17 (i) (ii) (iii) (iv) (A) (a) 254
(b) (B) 255
2008 2009 12 312010 6 3069,0002.0 2.92.11.9 1.4 2008 2009 12 31 2010 6 30 62.462.463.4 256
8 18 2 2.1 2.2 20082009 12 31 2010 6 30 2009 6 30 22 1961 3 2010 5 5 2010 12 17 12 31 I-1
2 36 20082009 12 312010 6 30 2 2.1 2.2 3.340 I-2
2410 2 2.1 2.2 2008 2009 12 31 2010 6 30 2009630 I-3
1. 12 31 6 30 2008 2009 2009 2010 7 28,707 104,719 42,132 94,954 (16,217) (43,295) (20,586) (29,071) 12,490 61,424 21,546 65,883 7 194 915 281 344 (11,518) (26,677) (9,556) (16,288) (8,884) (18,253) (9,465) (9,127) (1,287) (2,967) (1,220) (113) 46 52 5 8 (8,959) 14,494 1,586 40,704 11 434 (5,814) (1,508) (10,632) ) (8,525) 8,680 78 30,072 (7,954) 8,690 285 30,479 (571) (10) (207) (407) (8,525) 8,680 78 30,072 I-4
12 31 6 30 2008 2009 2009 2010 (8,525) 8,680 78 30,072 247 24 2 (8,278) 8,704 78 30,074 (7,707) 8,714 285 30,481 (571) (10) (207) (407) (8,278) 8,704 78 30,074 I-5
12 31 6 30 2008 2009 2010 14 5,567 6,492 7,139 15 36,777 26,838 21,869 16 11,500 10,424 9,886 17 1,470 18 1,793 1,845 1,850 25 123 162 20 4,932 5,221 5,373 60,569 50,943 47,749 19 11,799 27,537 45,014 20 2,227 4,854 7,541 24 69 2,005 2,877 21 36,755 57,688 71,591 50,850 92,084 127,023 22 2,596 2,915 7,316 23 14,231 31,018 28,039 24 2,119 1,884 1,381 24 62,427 62,398 63,386 1,464 9,595 10,062 82,837 107,810 110,184 (31,987) (15,726) 16,839 28,582 35,217 64,588 25 9,169 6,685 5,443 19,413 28,532 59,145 I-6
12 31 6 30 2008 2009 2010 27 28 16,932 25,761 56,781 16,932 25,761 56,781 2,481 2,771 2,364 19,413 28,532 59,145 I-7
* * * * 28(a) 28(b) 2008 1 1 802 (803) (1) (1) 29 23,797 23,797 3,052 26,849 26 843 843 843 247 (7,954) (7,707) (571) (8,278) 67 (67) 2008 12 31 2009 1 1 25,442 67 247 (8,824) 16,932 2,481 19,413 300 300 26 115 115 115 24 8,690 8,714 (10) 8,704 1,549 (1,549) 2009 12 31 2010 1 1 25,557 1,616 271 (1,683) 25,761 2,771 28,532 481 481 481 26 58 58 58 2 30,479 30,481 (407) 30,074 2010 6 30 26,096 1,616 273 28,796 56,781 2,364 59,145 I-8
* * * * 28(a) 28(b) 2009 1 1 25,442 67 247 (8,824) 16,932 2,481 19,413 300 300 26 58 58 58 ) 285 285 (207) 78 2009 6 30 ) 25,500 67 247 (8,539) 17,275 2,574 19,849 * 2008 2009 12 31 2010 6 30 16,932,000 25,761,000 56,781,000 I-9
12 31 6 30 2008 2009 2009 2010 ) (8,959) 14,494 1,586 40,704 7 (190) (751) (241) (167) 8 26 46 8 428 1,098 279 680 8 4,970 9,939 4,969 4,969 8 1,076 538 538 8 1,442 3,070 1,193 6 8 843 115 58 58 (46) (52) (5) (1,486) 29,035 8,382 46,783 30 (4,795) (20,288) (25,565) (18,043) 8,772 (2,627) 70 (2,687) (34) (1,936) 23 (872) 1,955 319 (2,058) 4,401 (1,661) 16,787 4,686 (2,979) 2,751 21,290 (14,462) 26,603 54 462 96 15 (70) (290) (137) (11,446) 2,735 21,462 (14,503) 15,172 I-10
12 31 6 30 2008 2009 2009 2010 30 (2,953) (791) (243) (767) 206 202 29 6,759 (1,470) 16 (11,500) (1,000) (8,488) (589) (243) (2,237) 481 300 300 (7,290) (235) 385 (503) 49,506 (29) (3) 988 42,216 36 682 966 36,463 20,909 (14,064) 13,901 45 36,755 36,755 57,688 247 24 2 36,755 57,688 22,691 71,591 I-11
12 31 6 30 2008 2009 2009 2010 9,287 41,525 7,225 30,891 27,468 16,163 15,466 40,700 36,755 57,688 22,691 71,591 I-12
2010 6 30 23 39 (39) (39) 27 (39) (39) I-13
2. 1. 22 1961 3 2010 5 5 Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KYI-1111, Cayman Islands 2.1 2.1.1 2010 12 17 1.00100 (i)48,999,999 (ii) 1,000,000 14.7 2008 2009 12 312010 6 30 2.1.2 I-14
2010 6 30 2007 6 25 100 100% i 2008 1 14 9,300,000 2008 2009 12 31 8,300,000 100% ii 2002 9 16 3,000,000 100% ii 2004 10 15 2,000,000 2008 2009 12 31 1,000,000 100% ii ii ii ii 2007 1 9 1,000,000 100% 2007 7 30 1,000,000 100% 2007 9 26 510,000 100% 2008 3 13 500,000 100% 2008 6 16 1,000,000 60% 2009 4 9 1,000,000 70% 2009 11 25 500,000 100% I-15
(i) (ii) 2007 6 25 2008 1 14 2008630 29 2010 12 17 2.2 20082009201011 I-16
3. 1 1 7 1 9 2 24 1 32 32 1 14 14 1 1 19 2010 1 3 7 1 27 34 13 2011 1 1 1 2011 1 1 2 2013 1 1 4. 2.1.1 I-17
39 (a) (b) (c) 20% I-18
20% (a) (b) (c) (d) (e) (f) (g) (i) (ii)(iii) (a) (d) (d) (e) I-19
20 5 10 5 2.5 9.8 5.5 I-20
9 39 (a) (b) I-21
39 I-22
I-23
(a) (b) (c) I-24
26 I-25
5. (1) (2) (3) I-26
5.5 6. (a) (b) (c) I-27
2008 12 31 26,954 1,753 28,707 10,101 (55) 1,002 11,048 190 4 46 (20,247) (8,959) 434 (8,525) 40,895 17,364 6,749 65,008 1,793 44,618 111,419 (4,603) (4,603) (87,403) (92,006) ) 428 4,450 55 465 4,970 1,442 1,442 * 34,720 12,487 6,040 53,247 ** 8,747 * ** I-28
2009 12 31 77,889 17,571 9,259 104,719 41,827 8,807 7,720 58,354 751 164 52 (44,827) 14,494 (5,814) 8,680 38,317 23,187 8,516 70,020 1,845 71,162 143,027 (7,763) (3,670) (11,433) (103,062) (114,495) ) 1,098 8,900 110 929 9,939 1,076 1,076 3,070 3,070 ) 2,271 I-29
2009 6 30 28,552 9,671 3,909 42,132 11,628 5,609 3,116 20,353 241 40 (19,048) 1,586 (1,508) 78 ) 279 4,450 54 465 4,969 538 538 1,193 1,193 I-30
2010 6 30 75,965 4,634 14,355 94,954 51,371 1,047 13,459 65,877 167 177 5 (25,522) 40,704 (10,632) 30,072 53,987 16,890 11,265 82,142 1,470 1,850 89,310 174,722 (12,649) (2,100) (14,749) (100,878) (115,627) ) 680 4,450 54 465 4,969 538 538 6 6 * 2,797 * I-31
2008 12 3110% 2009 12 31 15,755,000 10% 2009 6 30 9,671,00010% 2010 6 30 10% 7. 12 31 6 30 2008 2009 2009 2010 29,068 82,992 30,833 80,851 18,867 10,180 4,878 1,787 9,570 4,115 15,110 30,855 111,429 45,128 100,839 (2,148) (6,710) (2,996) (5,885) 28,707 104,719 42,132 94,954 190 751 241 167 4 164 40 177 194 915 281 344 I-32
8. 12 31 6 30 2008 2009 2009 2010 428 1,098 279 680 4,970 9,939 4,969 4,969 1,076 538 538 1,442 3,070 1,193 6 1,681 3,387 1,625 1,811 9 9,284 23,025 9,535 15,595 843 115 58 58 * 3,471 6,260 3,279 1,716 13,598 29,400 12,872 17,369 8 8 65 26 46 * 9. 161 12 31 6 30 2008 2009 2009 2010 685 800 400 490 843 115 58 58 26 26 13 14 1,554 941 471 562 I-33
(a) 2010 12 17 (b) 2008 12 31 165 4 169 165 3 168 355 843 19 1,217 685 843 26 1,554 2009 12 31 240 4 244 240 3 243 320 115 19 454 800 115 26 941 2009 6 30 120 2 122 120 2 122 160 58 9 227 400 58 13 471 2010 6 30 120 2 122 120 2 122 250 58 10 318 490 58 14 562 I-34
10. 20082009 12 3120092010 6 30 20082009 12 3120092010 6 30 12 31 6 30 2008 2009 2009 2010 864 460 457 839 18 7 16 18 882 467 473 857 500,000 26(a) 11. 2008 1 1 25% 12 31 6 30 2008 2009 2009 2010 1,151 8,421 2,750 11,913 25 (1,585) (2,607) (1,242) (1,281) (434) 5,814 1,508 10,632 I-35
12 31 6 30 2008 2009 2009 2010 (8,959) 14,494 1,586 40,704 (2,240) 3,624 397 10,176 (12) (13) (1) (34) (72) (16) (4) 1,612 2,545 1,080 244 199 127 311 (135) (499) (92) 176 229 12 (94) (434) 5,814 1,508 10,632 12. 2010 5 5 2010 6 30 39 13. I-36
14. 2008 12 31 2008 1 1 29 2,643 438 1,307 1,406 5,794 1,933 432 588 2,953 (2,643) (45) (184) (2,872) 2008 12 31 2,371 1,694 1,810 5,875 2008 1 1 112 72 91 153 428 (112) (1) (7) (120) 2008 12 31 72 90 146 308 2008 12 31 2,299 1,604 1,664 5,567 2009 12 31 2009 1 1 2,371 1,694 1,810 5,875 241 1,610 420 2,271 (214) (112) (326) 2009 12 31 2,398 3,304 2,118 7,820 2009 1 1 72 90 146 308 453 210 435 1,098 (25) (53) (78) 2009 12 31 500 300 528 1,328 2009 12 31 1,898 3,004 1,590 6,492 2010 6 30 2010 1 1 2,398 3,304 2,118 7,820 52 4 1,271 1,327 2010 6 30 2,450 3,308 3,389 9,147 2010 1 1 500 300 528 1,328 246 169 265 680 2010 6 30 746 469 793 2,008 2010 6 30 1,704 2,839 2,596 7,139 I-37
15. 2008 12 31 2008 1 1 29 40,120 1,627 41,747 2008 12 31 40,120 1,627 41,747 2008 1 1 4,822 148 4,970 2008 12 31 4,822 148 4,970 2008 12 31 35,298 1,479 36,777 2009 12 31 2009 1 1 40,120 1,627 41,747 2009 12 31 40,120 1,627 41,747 2009 1 1 4,822 148 4,970 9,643 296 9,939 2009 12 31 14,465 444 14,909 2009 12 31 25,655 1,183 26,838 2010 6 30 2010 1 1 40,120 1,627 41,747 2010 6 30 40,120 1,627 41,747 2010 1 1 14,465 444 14,909 4,822 147 4,969 2010 6 30 19,287 591 19,878 2010 6 30 20,833 1,036 21,869 I-38