untitled

KWAN ON HOLDINGS LIMITED (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 1933 (k)

KWAN ON HOLDINGS KWAN ON HOLDINGS LIMITED [ ] [] [][] [] [] [] 1% 0.0027% 0.005% [] [] [ ] 32 342C [ ] [ ]

i

[ ] ii

[ ] http://www.kwanonconstruction.com............................................................................................................................................................ i ii iii........................................................ 1........................................................ 18.................................................... 27.................................................. 30.................................................... 32 [ ]...................................... 46 [ ]........................................ 49.................................................... 51.................................................... 53.................................................... 67.................................................. 79........................................................ 99.................................................... 177..................................... 185............................................. 190 iii

.................................................... 200........................................................ 208.................................................... 211........................................................ 271 [ ]........................................... 278........................................... I-1................................... II-1....................... III-1........................................ IV-1........................ V-1 iv

[] [] [ ] (i) (ii) (iii) (iv) 17/WSD/93 1

95.5% 97.7% 99.9% 648 2

% 20 2 10.0 34 8 23.5 28 2 7.1 3

12 8.1954 143 1. GE/2010/21 2008 I M 6/WSD/11 15/WSD/11 42 DC/2012/05 SD B807 B KL/2012/03 4 GE/2012/11 2009 C GE/2013/06 2008 J GE/2013/17 2008 M 2 20130375 56 GE/2013/16 2008 N 1 1.5109 1.4233 94.2% 876 2,749 1.4726 1.2997 88.3% 1,729 3,279 892 1.6447 6,668 40.5% 9,779 3,148 4,970 1.4235 1.0011 70.3% 4,224 4,159 2,466 1,101 1,082 98.3% 19 313 8.3017 1.8414 22.2% 6.4603 1.8275 2.1510 8,682 3,458 39.8% 5,224 3,010 2,643 1.0926 4,574 41.9% 6,352 3,853 669 7,504 2,951 39.3% 4,553 3,418 2,349 4,000 262 6.5% 3,738 1,000 2,955 2.0807 0.0% 2.0807 1,785 8,210 19.6554 7.4650 4

1. 2. 2. 10/WSD/10 1 41 4/WSD/11 9/WSD/13 2 22 2.7659 2.8580 5,618 6.1857 2.7659 2.0968 6,691 1.4576 1.4023 553 2,809 2,640 169 4.5044 3.7631 7,413 5

4/WSD/119/WSD/13 11 4/WSD/11 9/ WSD/13 1 2 (i) (ii) (iii)(iv) (v) (vi)(vii) (viii)(ix)(x)(xi) (i) (ii) 1(iii) 2 10/WSD/10 1 4/WSD/11 9/WSD/13 1 10 4/WSD/119/WSD/13 2 11 12 1 2 6

20 200 [ ] 7

22 41 1.85 23 (i)(ii) (iii) (i)(ii) (iii)(iv) (i) (ii)iii 8

311,880 393,283 153,485 332,363 29,927 51,617 21,267 19,276 9,490 29,418 9,044 8,616 5,728 23,628 6,278 7,435 1,483 20,043 4,338 4,186 (i)(ii)(iii) (iv) 158,892 208,084 87,007 119,767 43,237 107,914 31,981 135,043 109,751 63,335 31,116 74,603 13,950 3,381 2,950 311,880 393,283 153,485 332,363 26.1% 8,140 4,9206,4701,400 4,640 570 2,360 2,170TK/2008/01 880 430 9

1.789 116.5% KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/17 1.598 630 740 14.8% 14.7% 9.0% -2.4% -10.4% 22.0% 38.6% 10.6% 11.6% -5.0% 4.2% 9.5% 14.9% 4.8% -28.4% 9.6% 13.1% 13.9% 5.8% 9.6% 13.1%(i) (ii) -10.4% 22.0% TK/2008/01 880 TK/2008/01 1,000 TK 2008 01 TK/2008/01 15.2% DC/2012/05 10

SX X121 100 GE/2011/03 210 18,492 15,066 24,569 111,834 189,741 222,631 4,691 750 684 138,032 186,226 221,250 (26,198) 3,515 1,381 (12,397) 17,831 25,266 2,620 1,240TK/2008/01 26/WSD/06 6/WSD/06 7901,4601,880 4,760 1,070 11

(36,822) 73,587 (17,856) (12,526) 4,378 (18,384) 6,533 12,068 11,352 (22,992) 67,041 42,153 0.8 1.0 1.0 1.8% 6.0% 2.2% -46.2% 132.5% 29.4% 4.4% 11.5% 3.0% -387.8% 234.7% 233.9% 4.5 11.5 10.5 12

[ ] [ ] [ ] [ ] [][] [ ] [ ] [ ] [][][] [ ] (i)(ii) (iii) (iv) 32 7 13

[ ] [ ] i Fortune Decade 40.41%ii Twilight Treasure 34.59% Success Ally Decade Success87.5% 12.5%iii 25% Success Ally Decade Success Garwealth Bright Link Success Ally 14

(i)(ii) 2,020 [ ] [].................................................... [] 1................................... [] 2................... [] 1. [ ] [ ] 2. [] [ ] 15

[ ] [] [ ] [ ] [ ]%[ ] [ ]%[ ] []%[] [ ]%[ ] [][] [] [ ] [ ] (i) (ii) (iii) (iv) 16

(v) (vi) (vii) [ ] 17

[ ] 20.06(2) 0.04% 99.96% Bright Link Bright Link Co., Ltd. 3. [ ] 18

223 622 32 20.06(7) Decade Success Fortune Decade Success Ally Twilight Treasure Decade Success Decade Success Investments Limited 19

[ ] [ ] 282 Fortune Decade Fortune Decade Investments Limited Garwealth Garwealth Investment Limited www.hkgem.com 20

112 Bright Link Garwealth 2.45%0.01% 45.45% 30.23% 21.87% Technic Light Limited 21

4/ WSD/11 1 10/WSD/10 2 9/ WSD/13 [ ] [ ] 608 22

[ ] [ ] [ ] Bright Link Garwealth28.57%0.01% 42.86% 28.57% [ ] [ ] [ ][ ] [ ] [ ] [ ] [ ] [ ] 1% 0.0027%0.005% [ ] [ ] [ ] [ ] [ ] [ ] [ ] 23

[ ] [ ] [ ] 571 [ ] [ ] Success Ally Success Ally Investments Limited Twilight Treasure Twilight Treasure Limited Decade Success Success Ally12.5% 87.5% 24

1 [ ] [] [ ] Fortune Decade Twilight Treasure 25

Win Vision Win Vision Holdings Limited % 26

B-13 27

7,500 1.85 1.85 ISO ISO9000 ISO ISO9001 ISO9001 ISO9000 ISO9001 2000 ISO9001 2008ISO9001 2008 ISO9002 ISO9002 ISO9000 ISO9002 1994 28

123 3 59A 17 29

30

31

95.5% 97.7% 99.9% 32

[ ] [ ] 3.119 3.933 3.324 5702,360 740 2,620 1,240 (i)tk/2008/01 26/WSD/06 6/ 33

WSD/06(ii) 790 1,280 1,880 1 2009.51,880 34

9.58%10% 203428 2 8 2 10.0% 23.5% 7.1% TK/2008/01 26/WSD/06 6/WSD/06 1.8762.2182.318 66.5% 64.9% 74.1% 18.5% 14.1% 28.2% 54.2% 48.3% 63.6% 35

9/WSD/134/WSD/11 9/WSD/13 4/WSD/11 2 38 35(1) 9/WSD/134/WSD/11 1.4941.2027,380 79.7% 54.2% 31.8% 36

331 448595628 5,540 5,7603,560 30 72.5 37

2,6502,4102,130 20 82A 11 82A2,581,731 82A 1 11 38

82A 3,599,641 528,352 681,118 1 82A / 39

/ 40

50.9% 52.9% 36.0% 236 / 41

5 5,000 42

311 400 358 354 499 [ ] [][][] [ ] [ ] [ ] 43

[ ] [ ] 75%[] 44

[ ] 45

[ ] [ ] 46

[ ] [ ] 47

[ ] [ ] 48

[ ] 2-8 F 2 2 8 3 27 E 8 40 E 23 2 5A 2907 49

[ ] [ ] 18 2 16 1606 [ ] 39 19 Conyers Dill & Pearman(Cayman) Limited Cricket Square Hutchins Drive Grand Cayman KY1-1111 Cayman Islands [ ] 111 25 50

PO Box 2681, Grand Cayman, KY1-1111 Cricket Square, Hutchins Drive Cayman Islands 41 43 45 47 5 http://www.kwanonconstruction.com CPA ACIS ACS 2 8 7 2-8 F 2 2 8 7 [ ] 51

[ ] 83 99 16 18 2 16 1606 52

[ ] 53

8,307 30 15 3,000 236 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 11% 15% 14% 89% 100% 100% 100% 85% 86% 41% 59% (www. wsd.gov.hk) 54

3,387.7 3,311.2 3,519.0 3,951.1 4,499.5 (www.budget.gov.hk) 33.877 39.511 1. 2. 3. 55

4. 5. 6. 1,976.7 1,926.1 1,987.8 1,263.8 858.3 2,689 2,707 2,718 2,723 2,733 1,987 2,290 2,221 2,250 2,243 (www.budget.gov.hk) 19.767 12.638 8.583 2,689 2,7232,733 1,987 2,2502,243 113,270 83.999 56

60,00040,000 10 8 10 13 57

504 1,631 1,732 471 627 257 (www.cedd.gov.hk) 1,262.3 997.0 1,038.0 1,029.0 1,000.0 (www.budget.gov.hk) 58

79 56 NE/2014/02 NE/2014/03 3 3 NE/2014/05 1 2 GE/2014/04 2011 F 1 2 GE/2015/05 2013 E 1 GE/2014/02 2010 I 1 54 3 2 3 GE/2015/06 2013 D 1 2 59

(i) (ii) (iii) (iv) 60

13 35 2 19 8 33 18 30 5 6 19 31 5 41 39 17 22 16 40 17 18 15 61

(i) (ii)(iii)(iv) 22 40 1.85 23 39.511 44.995 1.5892.081 4.0% 4.6% 12.638 8.583 4,3201.079 3.4% 12.6% 10.29 10 1.098 6,330 10.7% 6.3% 62

=100 200 150 100 50 http://www.censtatd.gov.hk/ 197.9 94.0 137.3 100 90 80 70 60 50 40 30 20 10 0 http://www.censtatd.gov.hk/ 63

100 32 4 100 32 4 10,000 9,000 8,000 7,000 6,000 5,000 4,000 80 75 70 65 60 55 50 45 40 35 30 http://www.censtatd.gov.hk 6,440 9,330 9,3308,350 64

5962 70 72 77 42 57 56 6 20 1040 6 20 10 40 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 http://www.censtatd.gov.hk 4,5315,510 6,595 7,021 65

4,462 5,118 5,490 5,945 66

7,500 1.85 1.85 67

24 50 68

12 10 3/20073/2007A 0 100 40 69

(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi) (xvii) 70

(xviii) 1,000 71

(a) (b) (c) 311 311R 400 72

10 20 2 358 (a) 20(b) 40 1 354 354N 100 73

499 2 2 I (a) 200(b) 500 (c)6 (d)100 1 608 57 30 282 74

24 40 2 10 57 43C (a) (b) 60 75

14 5 5 43F 43C (1) (2) 314 59 76

50 50 (i)18 (ii)(iii) (iv) (v) (vi) (vii) 20 509 77

20 20 2050 115 38A (i)(ii) (i)(ii) 35 78

17/WSD/93 79

ISO 9002:1994 ISO 9001:2000 ISO 9001:2000 ISO 9001:2008 80

Win Vision 50100,000 5.00 50% 100,000 5.00 500,000 1.00 403,500 1.00 403,000 500 903,500 1.00 500,000 1,403,500 1,000,000 1,000,000 Lam Wing SeeLam 402,500 Garwealth Garwealth 998 81

Tsoi Wai ManTsoi 999 1,403,5001,403,500 0.035% 500 0.035% 500 71.25%1,000,000Garwealth 28.68%402,500 100% 100% Garwealth 0.07% 28.68% 71.25% 135 82

1,000,00010,000 100 50% 10,000 100 2,000,000 10,000 8,002 2,000 23,002 1002,000,0004,300,200 33,000 33,000 Good Fortune Trust 83

20,000 1004,300,200 6,300,20020,000 Good Fortune TrustGood Fortune Trust 53,000 6,300,200 63,002 100 12.70% 8,002 3.18%2,00084.12% 53,000 100% 12.70% 84.12% 3.18% 135 UCL100,000 100,000 1.00UCL 50% UCL UCL900,000 1.00 1,000,000 UCL 84

UFPML UFPML 1,000,0001,000,000 1.00 50% 50%UFPML 100% 135 10,000 10,000 1.00 2.00 Chan Boon HoChan 3,990,000 1.0010,0004,000,000 3,999,998 3,999,999 85

100,000 1.00 4,000,000 4,100,000 100,000 4,099,999 Chan 4,100,000 Chan907,144,192.77 1.52 Chan 6,244,191.25 4,099,999 100,000 1.00 4,100,0004,200,000 100,0001,280,000 1.00 4,200,0005,480,000 1,280,000 4,099,9991,280,001 100,000 4,099,999 3,313,751 371,250 Garwealth3,313,000 2,200,000 1.00 8,000,00010,200,000 2,415,000 1,271,869233115,166 1,027,732 Garwealth 850,000 1.00 10,200,000 11,050,000 984486,416 Garwealth4,340,732 9,021,868 Bright Link6,000,000 86

Bright Link Garwealth 10,199,999 850,000 1.00 2,800,000 1.00 11,050,00013,850,000 2,000,000 1.00 13,850,00015,850,000 87

4,000,000 1.00 15,850,000 19,850,000 5,000,000 1.00 24,850,00024,850,000 1.00 24,849,999 100% 100% Garwealth Bright Link 0.0003% 28.5711% 28.5714% 42.8572% 0.005% 21.868% 2.45% 45.45% 30.227% 99.999996% 0.000004% 135 88

10,00010,000 1.00 3266 899 266633 66.67%666 33.33%333 33.33% 66.67% 135 89

10,00010,000 1.00 9,998 3,999 5,999 60%6,000Lam 40%4,000 Lam 40% 100% 135 90

10,00010,000 1.00 5,000 90,000 1.0010,000100,000 44,999 44,999 100% 0.04% 99.96% 50% 50% 135 91

Win Vision Win Vision 50,000 50,000 1.00 Win VisionFortune Decade Twilight Treasure 3 9,997 Fortune Decade Twilight Treasure533,300 466,699 Fortune Decade Twilight TreasureWin VisionWin Vision 1 1 4 1 10/WSD/10 1 1 2 92

(i) 380,00038,000,000 0.01 Codan Trust Company Cayman) Limited Twilight Treasure (ii) Success Ally Decade Success Success AllyTwilight Treasure 50,00050,000 1.00 Success Ally 3,4541 6,545 Decade SuccessTwilight Treasure 50,00050,000 1.00 Decade Success 1,000 (iii) Fortune Decade Twilight Treasure Win Vision Fortune Decade 50,00050,000 1.00 Fortune Decade1,000 Twilight Treasure 50,00050,000 1.00 Twilight TreasureDecade Success Success Ally1,2508,750 Win Vision 50,00050,000 1.00 Win VisionFortune Decade Twilight Treasure 3 9,997 93

(iv) Success Ally Success Ally 6,545 (v) Success Ally Success Ally 6,546 (vi) Win Vision Win Vision Win VisionTwilight Treasure Win Vision Win VisionTwilight Treasure Win VisionGarwealth Win VisionGarwealthTwilight Treasure Win VisionWin VisionTwilight Treasure Win VisionWin VisionFortune Decade Win Vision Win VisionTwilight Treasure Win VisionWin VisionFortune Decade 94

(vii) Fortune Decade Twilight TreasureWin Vision 1,962,000,000380,000 20,000,000 (a) Fortune Decade Twilight Treasure 533,300 466,699(b) Twilight TreasureFortune Decade Twilight Treasure Win Vision 95

1 2 3 100% 100% 100% Bright Link Garwealth 28.5714% 42.8572% 28.5711% 0.0003% 99.96% 0.04% 2.45% 30.227% 45.45% 21.868% 0.605% 50% 50% 71.25% 28.68% 0.07% 99.999996% 0.000004% 33.33% 66.67% 12.3% 3.18% 84.12% 12.70% 100% 100% 70% 10/WSD/10 * 96

1. 2. 3. [ ] 100% 100% Success Ally Decade Success 100% 87.5% 12.5% Fortune Decade Twilight Treasure 53.33% 46.67% 100% Win Vision 100% 100% 100% 100% 100% 100% 100% 70% 1* 10/WSD/10 * 97

[ ] 100% 100% Success Ally Decade Success 100% 87.5% 12.5% Fortune Decade Twilight Treasure 40.41% 34.59% 25% 100% Win Vision 100% 100% 100% 100% 100% 100% 100% 70% 1* 10/WSD/10 * 98

(i) (ii) (iii) (iv) 1.85 95.5% 97.7% 99.9% 648 158,892 208,084 87,007 119,767 43,237 107,914 31,981 135,043 109,751 63,335 31,116 74,603 13,950 3,381 2,950 311,880 393,283 153,485 332,363 99

128.1954 14 11 3 20 20 100

1. 10/WSD/10 14 2. 6/WSD/06 3. 6/WSD/11 101

1. TK/2008/01 2. TK/2008/01 102

1. GE/2011/03 2008 C 2. GE/2011/03 2008 C 103

1. TK/2008/01 104

30 30 22 41 20 20 105

3 106

210 8.0% [ ] 7 1 2 8 1 3 8 1 4 8 1 5 8 6 107

1. (a) (b) (c) (d) 2. 3. 4. 5. 6. 7. 8. 108

8C(2)(c) 28 109

(i) (ii) 1(iii) 2 10/WSD/10 1 4/WSD/11 9/WSD/13 1 2 12 648 1 2 3 10 SX X121 11SE A/ F435 1,283 YL/2008/01 16 2 L3 9 266 TK/2008/01 1.6522 110

1 2 3 10 20090074 D 2,712 12 11SW A/CR82 7 481 GE/2011/03 2008 C 6,095 DC/2009/25 9 1,087 24/WSD/09 1.0481 YL/2009/01 7,941 20100095 2011 2013 822 26/WSD/06 2 2.1793 11/WSD/08 3 1.2471 8.1954 111

1. 1 4 5 GE/2010/21 2008 I M 6/WSD/11 15/WSD/11 42 DC/2012/05 SD B807 B KL/2012/03 4 GE/2012/11 2009 C GE/2013/06 2008 J GE/2013/17 2008 M 14 20130375 56 GE/2013/16 2008 N 13 1.5109 1.4233 94.2% 876 2,749 1.4726 1.2997 88.3% 1,729 3,279 892 1.6447 6,668 40.5% 9,779 3,148 4,970 1.4235 1.0011 70.3% 4,224 4,159 2,466 1,101 1,082 98.3% 19 313 8.3017 1.8414 22.2% 6.4603 1.8275 2.1510 8,682 3,458 39.8% 5,224 3,010 2,643 1.0926 4,574 41.9% 6,352 3,853 669 7,504 2,951 39.3% 4,553 3,418 2,349 4,000 262 6.5% 3,738 1,000 2,955 2.0807 0.0% 2.0807 1,785 8,210 19.6554 7.4650 112

2. 10/WSD/10 1 4 1 6 4/WSD/11 14 9/WSD/13 14 11 2 2 2 12 2.7659 2.8580 5,618 6.1857 2.7659 1.4576 2,809 4.5044 2.0968 6,691 1.4023 553 2,640 169 3.7631 7,413 113

1. 2. 20100095 YL/2008/01 26/ WSD/06YL/2008/01 26/WSD/06 20100095 3. 4. (i) (ii) (iii) 5. 6. 1 10/WSD/10 112 7. 8. 9. 10. 11. 4/WSD/11 12 12. 2 9/WSD/13 2 12 13. 114

14. 15. 4/ WSD/119/WSD/13 11 4/ WSD/11 9/WSD/13 12 115

(i) (ii) (iii)(iv) 21 30 116

12 117

% 20 2 10.0 34 8 23.5 28 2 7.1 1 210/WSD/10 4/WSD/11 9/ WSD/1310/WSD/101 118

4/WSD/11 9/WSD/13 12 12 119

TK/2008/01 120

(i) (ii) (iii) 21 121

21 30 60 1 2 12 10/WSD/10 4/WSD/11 9/WSD/136.1857 12 10/WSD/10 1 4 2.7659 1 1 10/WSD/10 10/WSD/10 10/WSD/10 122

10/WSD/10 70% 30%(i) 1 1 10/WSD/10(ii)10/WSD/1010/WSD/10 (iii)10/wsd/10 5 3 2 (iv) 1 10/ WSD/101 111 10 11 1 1 1 111 1 10/WSD/10 1 7,4607,1604,000 11,4201,1901,080 4/WSD/11 4/WSD/11 4/WSD/112.8580 123

51% 49% 1 4/WSD/11 100% 11 51% - 124

11 4/WSD/11 125

(i) (ii) 4/WSD/11 (i)(ii) 11 9/WSD/13 2 2 2 9/WSD/13 5,618 2 50% 126

9/WSD/13 11 50% - 2 2 2 2 2 2 127

2 2 2 2 2 2 2 2 2 11 2 9/WSD/13 2 2 2 2 2 2 2 2 2 2 2 128

(i) (ii) 9/WSD/13 2 2 2 2 (i)(ii) 2 11 2 28 2 2 2 4/WSD/11 9/WSD/13 2 129

38 35(1) 1%5% 21 130

1,8082,853 2,116 6.41% 8.36% 6.76% 20100095 20100095 20130375 5% 6060 60 131

110 9070 (i) (ii) (iii) 132

(i) (ii)(iii)(iv) (v)(vi) (vii) 50.9% 52.9% 55.5% 100% 99.2% 99.9%21 30 133

% 158,892 50.9 123,158 39.5 13,998 4.5 12,512 4.0 3,320 1.1 311,880 100.0% % 208,084 52.9 105,110 26.7 62,761 16.0 8,351 2.1 A 6,070 1.5 390,376 99.2% % 184,380 55.5 119,767 36.0 23,823 7.1 3,979 1.2 408 0.1 332,357 99.9% 134

19 21 16 21 12 21 10 21 7 21 A 2 30 95.5% 97.7% 99.9% (i) (ii) (i)(ii) (iii) 135

5% (i)(ii) 12.3% 9.2% 20.9% 36.3% 31.9% 47.5% % A 34,682 12.3 B 25,176 8.9 C 20,698 7.4 D 11,832 4.2 E 9,842 3.5 102,230 36.3 % A 31,275 9.2 23,292 6.8 F 21,757 6.4 B 17,586 5.1 G 15,002 4.4 108,912 31.9 136

% 65,528 20.9 A 32,935 10.5 H 29,641 9.5 F 13,364 4.3 I 7,308 2.3 148,776 47.5 F30 5% A 5 30 B 5 30 C 3 30 D 4 30 E 6 30 5 30 F 9 7 G 2 30 H 1 30 I 4 30 200 137

TK/2008/01 17.6% 13.1% 26.3% 55.3% 46.1% 52.8% 5% 20 1.876 138

2.218 2.318 66.5% 64.9% 74.0% 18.5% 14.1% 28.2% 54.2% 48.3% 63.6% 5% (i) (ii)(iii) (iv)(v) (vi)(vii) +5% +15% +20% -5% -15% -20% (2,798) (8,393) (11,190) 2,798 8,393 11,190 (2,879) (8,638) (11,517) 2,879 8,638 11,517 (1,782) (5,345) (7,126) 1,782 5,345 7,126 139

+5% +15% +20% -5% -15% -20% (1,323) (3,968) (5,291) 1,323 3,968 5,291 (1,203) (3,609) (4,813) 1,203 3,609 4,813 (1,064) (3,193) (4,257) 1,064 3,193 4,257 (i) (ii) 140

18 (i)(ii) (iii) (iv)7 (v) 5% (vi) 1.4941.2027,380 79.7% 54.2% 31.8% (i) (ii) 141

(iii) (iv) (v) (vi) (vii) 38A (i) (ii) 142

ISO9001:2008 143

10 59A (i) (ii)(iii) (iv)(v) (vi) (vii) 144

(i) (ii) 24 (iii) (iv)(v) (vi) (i) (ii)(iii) (iv) (v)(vi) (vii) (viii)(ix) 59A (i) (ii)(iii) (iv)(v) (i)(ii) (iii) 145

(iv)(v) (i) (ii) (iii) (iv) 24 24 24 (i) (ii) (iii) 146

(iv) (v) (vi) 24 2 7 2B 24 (i) (ii) (iii) (iv) (v)(vi) 147

59AF 13 59AF 4(1) 59AF 3 1 (i) (ii) (iii) (iv) 148

81.51% 282 1,000 1 2 44.3 6.13 40.8 04 05 1. 2. 1,000100,0001.671,00060 3. 593,958 2 4. 149

5. LTIFR 4 1,295,959 3.09 1 1,138,072 0.88 0 1,412,137 0 1,000,000 150

90 1) A 378,350 B 2 468,528 C 218,120 4 3 D 395,830 5 E 6 1. 2. 3. 151

4. 282 5. 6. B 3%3.5% 16G B 59,000 C 25%C 306,000 A D D D 3%D 152

12,000 A A 71,000 40,000 9,000 153

1 1 10/WSD/10 KTS 12067/2014 KTS 12067 2014 59I 47(1) 68(1)(a) 68(2)(a)68(2)(a) 200,000 (i) (ii) (iii) 5.01 5.02 154

(1) (2) (3)(4) (5) (6)(7) (8)(9)(10) 11 1 11 11 82A 1 1 82A 155

1 82A 2,581,731 860,577 1 30% 60%1 1 1 860,577 860,577 82A 7,463 44,643 3,599,641 528,352 3,599,641 528,352 681,118[ 3,599,641 528,352 16.5%] 156

82A 157

158

20 159

160

(a) (b) (c) 628 161

264364 30 2 (d) (e) 282 (i) (ii) 162

(iii) (iv) (v) (vi) (vii) 95,000240,000 60,000 163

(i)(ii) (iii) 1 40(1B) 2 164

24(1) 24(1) 8101,320780 (i) 302466072 KWAN ON HOLDINGS 37 42 (ii) 30241767037 42 ;(iii) KWAN ON HOLDINGS 30250501419 37(iv) 302783638 16 kwanonconstruction.com 165

1. 10 3D P11 5,952 2. 499 4,500 78 8 B 3. 4 510 Reality Tower 11 B3 4. 41 43 2,907 45 47 5 5. 41 43 2,907 45 47 4 6. 100 45 16 6 777 8.01B(2) 32L6(2) 342(1)(b) 34(2) 15% 166

30 43C (i)(ii) 167

628264364 1 1 1 1 33 35 39 36 13 13 13 14 5 6 6 6 7 10 7 7 9 12 12 12 14 14 14 15 249 357 503 537 331 448 595 628 (i) (ii) (iii) 168

338,000 289,000401,000 22 41 39.511 44.995 1.5892.0811.1984.0% 4.6% 2.7% 12.638 8.583 169

4,3201.0791.35 3.4% 12.6% 15.7% 10.29 10 1.098 6,330 7,460 10.7% 6.3% 7.5% (i) (ii) (iii)39.511 12.638 10.29 30 170

(i) 952 (ii) 1,215,000 915,000 30 (iii) 314 171

231,711.32 185,000 69,137.68 (iv) 282 25% 341,000 341,000 (v) 282 396,000 1,253,000 172

(vi) 270 (vii) 282 3.5%59,000 (viii) 282 2% 37,000 [ ] 173

15/WSD/11 174

65,000 18,000 5 5,000 (i) (ii) (iii) 175

5.015.02 11.0711.06(i) (ii) (iii) 6A.15(5) (i) 6A.15(5) (ii) 5.01 5.02 (iii)5.015.02 11.0711.06 176

Benease LimitedBenease 10% 80% 10% Bennex International LimitedBennex Benease Bennex 1 1 10/WSD/10 10/WSD/10 3 2 10/WSD/101 20 103 D E 6,00010 11 900,000 75,000 177

900,000900,000 450,000 100 45 16 6 777 12 264,000 22,000 216,000 216,000 128,000 178

216,000 242,000 22,000 900,000 900,000 675,000 1,116,000 1,142,000 697,000 19.07 5% 3,000,000 20.103 179

2-28A-1 1 F 2-281 20 2,787 13 720,000 624,000 240,000 13 216,000 180

72,000 162,000 Benease BeneaseBenease Benease121 1297A 2 A 5,000 Benease 180,000 BeneaseBeneaseBenease Benease Benease 180,000 60,000 Bennex 77 1394B Bennex 77 1394 B 5,600 Bennex 48,000Bennex Bennex 181

Bennex Bennex 36,000 2 9/WSD/13 (1) DC/2012/05 2,050 650 1.4235 DC/2012/05 (2) 15/WSD/111,820 182

1.6447 15/WSD/11 (3) 1 1 110/WSD/10 3,380 2.7659 1 10/WSD/10 (4) KL/2012/037,040 8.1144 KL/2012/03 DC/2012/05 DC/2012/05100 680660 15/WSD/11 15/ WSD/11 110 710130 10/WSD/101 183

110/WSD/10 110 150 200 KL/2012/03 KL/2012/03 740 5,560 DC/2012/05 15/WSD/11 10/WSD/10 KL/2012/03 184

4.5 KL/2012/03 SD B807 4/WSD/11 GE/2012/11 GE/2013/06 GE/2013/17 9/WSD/13 10 185

150 60 186

(a) (b) (c) [ ] [ ] (d) (e) (f) (g) 187

[ ] [] [ ] [ ] [ ]%[ ] [ ]%[ ] []%[] [ ]%[ ] [ ] [] [ ] [ ] [ ] [ ] [] [ ] [ ] [ ] [ ] [] [ ] [ ] [ ] [ ] [] [ ] [ ] [ ] [ ] 188

[ ] A B C 1,200 600 620 P-1.25% 5.25% 4.24% 420 200 [] [] [] [] P 5.25% A 520 670 B C [ ] [] [] [ ] [ ] [ ] [ ] [ ] 189

67 61 45 42 56 41 67 20 190

61 20 45 20 42 16 Credit Suisse First Boston (Hong Kong) Limited Merrill Lynch (Asia Pacific) Limited 191

KSL Holdings Limited8170 56 [ ] ( 2277) ( 8315) ( 8059) 1250 ( ) ( 3366) ( 1418)() AS & T Consultants Limited 291(6) 41 [ ] 192

505 719 ( ) 17.50(2)(h) (x) 40 37 44 48 52 38 40 17 193

37 44 5 48 13 Leung Kee Construction Group Limited 194

52 20 Hyundai-CCECC Joint Venture 38 14 195

5.28 15C.3.3 15 B1.3 15 A.5.2 196

6A.19 (a) 18.03 (b) (c) 6A.26 (1) 197

12 10% % % % 1,419 48.5 1,559 44.5 720 41.4 720 24.6 1,000 28.6 579 33.3 788 26.9 943 26.9 441 25.3 2,927 100 3,502 100 1,740 100 485 198

199

[ ] 30% [ ] [ ] 1 4 (L) 5 [ ] (L) [ ] Twilight Treasure [ ] [ ] 1 2 (L) Success Ally [ ] [ ] 2 3 (L) Fortune Decade [ ] [ ] 1 4 (L) 1. Fortune Decade Twilight Treasure[ ] [ ] 2. Twilight TreasureSuccess Ally Decade Success 87.5% 12.5% 3. Success Ally 4. Fortune Decade 5. [ ] L GarwealthSuccess Ally Bright Link Success Ally 200

Decade Success Decade SuccessTwilight Treasure 12.5% Decade Success (i) (ii) (i) 201

(ii) (iii) (i) (ii) (iii) (iv) (i) 202

(ii) 30% (i) (ii) (iii) (iv) (v) 203

[ ] (i) (ii) (iii) 204

(iv) (v) (vi) (vii) 205

1,800660 150 (1) (2) (3) (i)(ii) (iii) (4) (5) 206

(6) 207

2,000,000,000 [] [1,000,000] 10,000 [] [] [] [] [] [] [] 11.23(7) 25% [] 208

[] (a) 20% (b) [] [ ] 10% (a) (b) (c) 209

210

(i) (ii) (iii) (iv) 95.5% 97.7% 99.9% 158,892 208,084 87,007 119,767 43,237 107,914 31,981 135,043 109,751 63,335 31,116 74,603 13,950 3,381 2,950 311,880 393,283 153,485 332,363 211

(i) (ii) 3.340 2 212

90% 213

2 3 214

(i)(ii) (iii) (iv) 215

11 216

217

311,880 393,283 153,485 332,363 (281,953) (341,666) (132,218) (313,087) 29,927 51,617 21,267 19,276 1,384 948 245 1,636 514 155 33 164 (19,660) (20,509) (11,143) (11,554) 12,165 32,211 10,402 9,522 (2,675) (2,793) (1,358) (906) 9,490 29,418 9,044 8,616 (3,762) (5,790) (2,766) (1,181) 5,728 23,628 6,278 7,435 1,483 20,043 4,338 4,186 4,245 3,585 1,940 3,249 5,728 23,628 6,278 7,435 (A) (i) (ii)(iii) (iv) 218

158,892 208,084 87,007 119,767 43,237 107,914 31,981 135,043 109,751 63,335 31,116 74,603 13,950 3,381 2,950 311,880 393,283 153,485 332,363 26.1%8,140 4,9206,470 1,400 4,640 6/WSD/11 15/WSD/11 2,7302,8602 4/WSD/11 9/WSD/13 870250 24/WSD/09 26/WSD/06 13/WSD/07 6/WSD/06 1,330 11/WSD/08 10/WSD/10470 KL/2012/038.114KL/2012/03 3,390 DC/2012/05 219

5,240 TK/2008/01 YL/2009/01 YL/2008/01 DC/2009/25 20090074 GE/2010/21 GE/2011/03 SX X121 20100095 5,590 GE/2012/11 GE/2013/06 GE/2013/17 970 SD B807 116.5% 1.789 KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/17 1.598 - - 2 4/WSD/11 9/WSD/13 11 220

4/WSD/11 9/WSD/13 4/WSD/11 285.80 145.76 140.23 5.53 8.70 8.36 0.34 87.98 84.53 3.45 29.56 28.40 1.16 9/WSD/13 56.18 28.09 26.40 1.69 2.53 2.37 0.16 10.01 9.41 0.60 10.23 9.62 0.61 221

- 1 - - 2 (i) (ii)(iii)(iv) (v) (vi) (vii) (i)(ii) 187,555 221,878 87,953 231,829 55,402 57,585 27,611 35,632 26,455 24,063 5,925 21,284 4,578 4,958 2,345 2,584 24,846 31,982 14,253 19,436 989 107 87 1,561 124 (17,872) (468) (5,956) 2,198 281,953 341,666 132,218 313,087 222

(i) (ii) 160 24/WSD/09 10/WSD/10 24/WSD/09 10/WSD/10 223

66 259 55 168 68 248 218 91 281 98 36 31 20 655 250 113 141 5 460 60 55 27 17 508 104 67 25 153 1,384 948 245 1,636 224

(i) (ii) (iii)(iv) 7,919 10,008 4,410 5,513 1,253 1,151 665 777 280 34 17 283 893 836 451 415 507 499 177 363 4,809 5,305 2,825 1,367 1,653 1,104 589 505 555 209 162 207 1,791 1,363 1,847 2,124 19,660 20,509 11,143 11,554 [ ] 3% 225

0.5% 3.25% 3% 2.75% ISO 16.5% 39.6% 19.7% 13.7% 16.5% 226

(B) 3.933 3.119 4,920 6,460 1,400 4,640 23 1,710 17 1,830 2.820 5,970 3.417 510 67.1%240TK/2008/01 GE/2011/0350 1,790 16024/ WSD/09 10/WSD/10 24/WSD/09 10/WSD/10 227

14.8% 14.7% -10.4% 22.0% 11.6% -5.0% 14.9% 9.6% 13.1%(i) (ii) -10.4%22.0% TK/2008/01 880TK/2008/01 1,000TK/2008/01 15.2% DC/2012/05 SX X121 100 GE/2011/03 210 228

140 90 30 20 30 2050 1710 2,050 4.3% 220 280 270 39.6% 19.7% 229

570 2,360 2,170 TK/2008/01 880 450 3.324 1.535 KL/2012/03 1.072 GE/2012/11 GE/2013/06 GE/2013/175,260 20 1,660 17 900 KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/17 1.598 48.0% 1.322 3.1311.809 136.8% (i)1.439(ii) 1,540(iii)520(iv) 820 1.087 KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/17 (i)kl/2012/03 (ii) 24/WSD/09 6/WSD/11 230

9.0% -2.4% 38.6% 10.6% 4.2% 9.5% 4.8% -28.4% 9.0% -2.4% 24/WSD/09 6/WSD/1124/ WSD/0924/WSD/09 6/WSD/11 38.6% 10.6% TK/2008/01880 4.2%9.5%. GE/2012/11 GE/2013/06 4.8% -28.4% (i) (ii) (SD B807) 11 231

20 160(i) 20 (ii) 20 (iii)10 (iv) 50 164,000 33,000 1,160 3.7%(i) 110 (ii) 20(iii) 30(iv) 30 (v) 150 14090 160 13.7%16.5% 232

192,675 740 630 (A) 9,863 9,698 11,116 1,176 7,453 5,368 13,453 18,492 15,066 24,569 22,164 12,078 7,757 2,551 53,114 84,326 128,744 78 88 1,474 397 837 88 43 193 31,712 24,691 39,671 2,844 67,041 42,153 111,834 189,741 222,631 130,326 204,807 247,200 233

182,554 182,554 25,836 14,254 66,733 24,228 58,244 64,530 134,215 9,805 1,950 1,500 4,962 4,675 44 21,766 41,490 58,793 121 118 120 3,044 6,686 2,394 138,032 186,226 221,250 (26,198) 3,515 1,381 (7,706) 18,581 25,950 3,250 357 236 176 1,084 514 508 4,691 750 684 (142,723) (186,976) 221,934 (12,397) 17,831 25,266 32,733 32,733 32,733 (48,358) (19,315) (15,129) (15,625) 13,418 17,604 3,228 4,413 7,662 (12,397) 17,831 25,266 234

440 41050 990 970 1,110 220 360 170 210 540 1,350 KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/17 11,312 5,327 3,204 10,852 6,751 4,553 22,164 12,078 7,757 235

11,312 5,327 3,204 1,398 1,130530320 10/ WSD/10 160 24/WSD/09 6/WSD/11 780 430 31,798 49,663 81,814 10,338 11,100 13,372 3,414 9,667 16,009 7,564 13,896 17,549 53,114 84,326 128,744 236

3,180 4,970KL/2012/03 1,220 4,970 8,180KL/2012/03 4/WSD/11 35.5 37.8 36.2 30 35.5 37.8 KL/2012/03 1,220 36.2 GE/2012/11 GE/2013/06 GE/2013/17 237

18,378 39,938 58,971 13,420 9,715 22,620 10 223 31,798 49,663 81,814 81,697 7,020 85.8% 10,000223,000 1% 10% 1,0301,110 440 370 1,340 28060 (i)(ii) 1 2 238

970 340 KL/2012/03 1,600 960 630 KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/17 320 KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/17 21 1,430 6,670 KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/17 (i) (ii) 239

KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/17 35,688 28,162 85,614 14,824 13,807 18,862 7,732 22,561 29,739 58,244 64,530 134,215 1 2 3,570 2,820 8,560 240

47.6 34.1 33.3 47.6 34.1 3,570 2,820 30 45 33.3 8,340 770 2,260 2,970 241

300 670 250 530 90 11 9,450 1,950 1,500 355 4,962 4,675 14,767 6,625 1,500 3,250 18,017 6,625 1,500 1,110 200 210 90030 30 242

(B) (I) (36,822) 73,587 (17,856) (12,526) 4,378 (18,384) 6,533 12,068 11,352 (42,815) 90,033 (24,888) 19,823 (22,992) 67,041 (22,992) 67,041 42,153 3,680 1,580(i) 1,400(ii)2,610 (iii) 290(iv) 890 (v) 2090 243

7,360 3,760 2,940 410(i) 850 10/WSD/10 (ii)2,900 KL/2012/031,220KL/2012/03 630KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/07320 (iii)620 (iv) 5,250 KL/2012/03 GE/2012/11 GE/2013/06 GE/2013/07 (v)230 1,790 860220550 (i) KL/2012/03 4/WSD/11 5,240(ii)420 (iii)6,950 (iv)kl/2012/03 4,250 KL/2012/03 1,250(i)500(ii) 460 (iii)1,010 244

440 700 440 1,840(i) 370(ii) 20(iii)1,500 650(i)4,460 5,240(ii) 1,620(iii)1,770(iv) 210 (v) 240 1,210 (i)6,230 5,460(ii)1,200(iii) 210 (iv) 270 1,140(i)5,6002,970 (ii) 80(iii)900(iv) 470 245

(II) 22,164 12,078 7,757 19,008 2,551 2,551 53,114 84,326 128,744 71,751 1,922 1,474 1,474 714 78 88 88 108 43 193 126 31,712 24,691 39,671 39,678 2,844 67,041 42,153 44,522 111,834 189,741 222,631 178,458 25,836 14,254 66,733 24,228 13,987 58,244 64,530 134,215 103,844 9,805 1,950 1,500 1,500 4,962 4,675 44 220 21,766 41,490 58,793 49,485 121 118 120 121 3,044 6,686 2,394 3,292 138,032 186,226 221,250 172,449 (26,198) 3,515 1,381 6,009 2,620 1,240 TK/2008/01 26/WSD/06 6/WSD/06 246

790 1,460 1,880 11 790 1,280 4,760 1,070 TK/2008/01 TK/2008/01 84%TK/2008/01 TK/2008/01 26/WSD/06 26/WSD/06 11/WSD/0811/WSD/08 247

6/WSD/06 3,2008,4004,000 34.6%6/WSD/06 (i)6/wsd/06(ii)tk/2008/01 (iii)26/wsd/06 (iv) 6,420 KL/2012/035,810 5,310 8,430 1,4306,670 5,820 6,450 TK/2008/01 7,000 1,000 200 43 4/WSD/11 248

2.86 1,2172 2 2 9/WSD/13 6,050 1,020 (i) B SD B8071,100 330 (ii) 4 KL/2012/03 8.114 1,445(iii) GE/2012/118,530 699 570 150iv J GE/2013/06) 1.076 546v M GE/2013/17) 7,440 730 249

250 1 2 1. 2.

(i) (ii) (iii) 6/WSD/06 350 1,780 2,9703,020 (i) 2,360 (ii)900 (iii) 6,420KL/2012/03 5,810 5,310 251

8,430 1,430 6,670 5,820 6,450 140 2,530 210 740 600 252

21,766 41,490 58,793 49,485 25,836 121 118 120 121 9,805 1,950 1,500 1,500 4,962 4,675 62,490 48,233 60,413 51,106 3,250 357 236 176 145 3,607 236 176 145 66,097 48,469 60,589 51,251 4,95030 150 6,610 4,8506,060 1.2346,690 5,650 253

[ ] [ ] [ ]% (A) 11,092 35,296 53,908 45,216 3,897 2,548 2,502 2,527 5,540 3,646 2,383 1,742 1,237 21,766 41,490 58,793 49,485 2,1804,1505,880 4,950 254

% % % 2.92 7.92 3.75 6.50 4.00 6.75 5.25 5.25 (B) 2,580 1.5% 3% (C) 478,000 354,000296,000266,000 255

134 127 127 127 373 243 180 148 507 370 307 275 (29) (16) (11) (9) 478 354 296 266 (D) (a) (b) (c) 3,1702,470 3,970 3,970 (d) (e) (f) 80%4,000,000 256

(g) 860680580 540 (h) (i) (j) (a) 1,000 (E) 1.234 5,650 4,450 257

6 KL/2012/03 SD B807 GE/2012/11 GE/2013/06 GE/2013/17 GE/2013/16 12.9778 2 2 4/WSD/11 9/WSD/132.8586,050 4/WSD/11 1 2 SD B807 KL/2012/03 7,100 3,100 9/WSD/132 (F) (I) 30 258

3,086 2,035 2,775 2,678 612 2,488 5,764 2,647 5,263 1 3 (II) 32 (G) 259

1 0.8 1.0 1.0 2 1.8% 6.0% 2.2% 3-46.2% 132.5% 29.4% 4 4.4% 11.5% 3.0% 5-387.8% 234.7% 233.9% 6 4.5 11.5 10.5 1. 2. 100% 3. 100% 4. 100% 5. 100% 6. 0.8 1.0 1.0 1.8% 6.02.2% KL/2012/03 DC/2012/05 1,390TK/2008/01880 24/WSD/09 6/WSD/11 260

-46.2% 132.529.4% TK/2008/01 26/WSD/06 6/ WSD/067901,4601,880 132.5% 2,360 4.4% 11.53.0% 11.5% 2,360-387.8% 234.7% 233.9% 234.7%(i) 4,7604,150 (ii) 1,240 1,780 4.5 11.5 10.5 11.5 2,360 261

TK/2008/01 17 17.1517.21 26 262

(A) 2,020 (B) 263

[ ] [ ] [ ] [] 1 2 3 [] [] [] [] [] [] (1) (2) [] [ ] [ ] [ ] [ ] [ ] [ ] [ ] (3) [ ] [ ] (4) 264

(a) 89% 88 94% (b) 265

3 3 12 32,834 24,511 899 58,244 34 100 373 507 21,766 21,766 25,836 25,836 9,805 3,250 13,055 4,962 4,962 95,203 24,545 100 4,522 124,370 54,378 5,810 1,328 3,014 64,530 32 95 243 370 41,490 41,490 1,950 1,950 4,675 4,675 44 44 102,537 5,842 1,423 3,257 113,059 266

3 3 12 60,528 66,903 6,784 134,215 32 95 180 307 58,793 58,793 1,500 1,500 120,821 66,935 95 6,964 194,815 2,1804,1505,880 1 1 3 3 12 7,879 687 3,093 11,431 23,090 17,373 2,552 16,170 6,505 42,600 28,708 19,751 6,011 5,083 59,553 (c) 267

25 50 25 3,1508,7707,780 0.25% 25 6 8 4 (6) (8) (4) 268

50 (200) (175) (123) 200 175 123 (d) 269

138,595 179,776 219,032 (2,844) (67,041) (42,153) 135,751 112,735 176,879 (15,625) 13,418 17,604 120,126 126,153 194,483 113% 89% 91% (e) 1,860 790 270

[ ] [ ] [ ] [ ] [ ] 271

[ ] 272

[ ] 273

[ ] 274

(i) (ii) 13.18(4) 155 17.43 (1) (4) (iii) (i) 17.43 [ ] (a) (b) 275

17.27(2) 30% (c) (d) [ ] [ ] 2.5% [ ] [][]% 18.03 [] [ ] [ ] 276

[] [ ] 277

[ ] [ ] 278

[ ] [ ] 279

II1 223 II1 I-1

1 Win Vision Holdings Limited Win Vision Holdings LimitedWin Vision 100% 10,000 10,000 1 100% 24,850,000 24,850,000 1 (a) 100% 6,300,200 63,002 100 (b) 100% 1,403,500 1,403,500 1 (b) 100% 90,000 90,000 1 (a) 100% 10,000 10,000 1 (b) 100% 999 999 1 (b) 100% 2 2 1 (b) 1 70% (a) (c) I-2

(a) (b) (c) David Siu & Company David Siu & Company Win Vision II1 II2 II 1 II1 II2 3.340 2410 I-3

II1II2 II1II2 II1II2 I-4

I. 1. 5 311,880 393,283 153,485 332,363 (281,953) (341,666) (132,218) (313,087) 29,927 51,617 21,267 19,276 5 1,384 948 245 1,636 5 514 155 33 164 (19,660) (20,509) (11,143) (11,554) 6 12,165 32,211 10,402 9,522 8 (2,675) (2,793) (1,358) (906) 9,490 29,418 9,044 8,616 10 (3,762) (5,790) (2,766) (1,181) 5,728 23,628 6,278 7,435 1,483 20,043 4,338 4,186 4,245 3,585 1,940 3,249 5,728 23,628 6,278 7,435 I-5

189,741 189,741 2. 13 9,863 9,698 11,116 29 1,176 16 7,453 5,368 13,453 18,492 15,066 24,569 14 22,164 12,078 7,757 15 2,551 16 53,114 84,326 128,744 1,922 1,474 1,474 17 78 88 88 33 43 193 18 31,712 24,691 39,671 18 2,844 67,041 42,153 111,834 189,741 222,631 130,326 204,807 247,200 18 25,836 15 14,254 66,733 24,228 19 58,244 64,530 134,215 17 9,805 1,950 1,500 17 4,962 4,675 33 44 20 21,766 41,490 58,793 21 121 118 120 3,044 6,686 2,394 138,032 186,226 221,250 (26,198) 3,515 1,381 I-6

(7,706) 18,581 25,950 17 3,250 21 357 236 176 22 1,084 514 508 4,691 750 684 (142,723) (186,976) 221,934 (12,397) 17,831 25,266 23 32,733 32,733 32,733 24 (48,358) (19,315) (15,129) (15,625) 13,418 17,604 3,228 4,413 7,662 (12,397) 17,831 25,266 I-7

3. 17 2,353 2,385 7,164 2,353 2,385 7,164 (2,353) (2,385) (7,164) 23 24 (2,353) (2,385) (7,164) (2,353) (2,385) (7,164) I-8

4. 32,655 (54,932) (22,277) 1,323 (20,954) 1,483 1,483 4,245 5,728 78 78 78 11 5,091 5,091 5,091 (2,340) (2,340) 32,733 5,091 (53,449) (15,625) 3,228 (12,397) 20,043 20,043 3,585 23,628 (2,400) (2,400) 17 9,000 9,000 9,000 32,733 5,091 (24,406) 13,418 4,413 17,831 4,186 4,186 3,249 7,435 32,733 5,091 (20,220) 17,604 7,662 25,266 32,733 5,091 (53,449) (15,625) 3,228 (12,397) 4,338 4,338 1,940 6,278 17 9,000 9,000 9,000 32,733 5,091 (40,111) (2,287) 5,168 2,881 I-9

5. 9,490 29,418 9,044 8,616 3,778 4,108 2,092 2,167 2,675 2,793 1,358 906 (96) (86) (47) (17) (514) (155) (33) (164) (655) (250) (113) (141) 108 107 14 1,561 124 20 20 989 106 87 15,775 37,622 12,422 11,491 (8,863) 8,525 1,807 4,197 (14,034) (29,003) (9,965) (52,362) (26,093) 6,233 (8,846) 69,547 (43) (150) 44 (44) (2,551) (2,913) 52,479 (1,305) (42,505) (36,128) 75,857 (5,887) (12,377) (907) (2,270) (426) (5,479) 213 (36,822) 73,587 (6,313) (17,856) (4,991) (4,428) (334) (3,664) 688 640 33 243 1,100 (1,248) (10,060) 7,021 9,979 (14,980) 60 55 27 17 (28,400) 26,800 I-10

(10) 4,625 (12,526) 4,378 9,705 (18,384) 52,431 62,330 33,035 55,962 (44,551) (54,606) (24,116) (29,659) 12,000 (9,000) 17,678 2,000 (16,157) (4,105) (116) (450) 88 156 (3,000) 2,825 (775) (375) (75) (1,675) (159) (124) (62) (58) (2,419) (2,740) (1,316) (768) (2,340) (2,400) 6,533 12,068 7,506 11,352 (42,815) 90,033 10,898 (24,888) 19,823 (22,992) (22,992) 67,041 (22,992) 67,041 (12,094) 42,153 18 34,556 91,732 25,962 81,824 18 (31,712) (24,691) (21,733) (39,671) (25,836) (16,323) (22,992) 67,041 (12,094) 42,153 I-11

II. 1. (a) 22 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 103E41 43 45 47 5 (b) (c) I-12

2. 1 2 3 16 3 38 15 4 9 5 27 3 11 3 1 2 3 4 5 622 15 1. 2. 3. 4. I-13

5. 15 15 9 9 9 9 9 39 12 9 27 11 3 3 2.1 2.2 I-14

15% 25% 20% 25% 25% 2.3 2.4 (i) I-15

(ii) (iii) (iv) (v) I-16

(vi) (a) (b) (vii) 2.5 2.6 (i) I-17

(ii) (iii) 2.7 (i)(ii) (iii)(iv) 2.8 I-18

2.9 2.7 2.10 2.11 2.12 I-19

2.13 2.14 (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (i) (ii) (iii) I-20

2.15 2.16 3. (i) 1 1 1 1 70% 1 1 I-21

(ii) 2 2 2 50% 51% 49% (i) (ii) 2.12 (iii) 2.4(ii) I-22

(iv) 4. 10% 158,892 208,084 87,007 119,767 123,158 105,110 36,098 184,380 * 62,761 25,119 * 282,050 375,955 148,224 304,147 * 10% 5. 2.9 I-23

85 60 55 27 17 36 31 20 281 98 655 250 113 141 248 218 91 508 104 394 85 781 1,384 948 245 1,636 514 155 33 164 6. 264 193 98 113 3,778 4,108 2,092 2,167 1,659 2,244 1,169 1,335 478 1,112 462 406 989 106 87 1,561 124 20 20 7 63,074 67,594 32,021 40,804 I-24

7. 60,609 64,927 30,784 39,271 2,465 2,667 1,237 1,533 63,074 67,594 32,021 40,804 8. 20 13 7 1 1,154 1,173 672 6 1,245 1,554 637 840 256 53 42 59 2,675 2,793 1,358 906 I-25

9. (i) 720 720 570 9 579 420 21 441 1,710 30 1,740 1,559 1,559 985 15 1,000 898 45 943 3,442 60 3,502 1,385 34 1,419 705 15 720 747 41 788 2,837 90 2,927 719 719 430 8 438 399 20 419 1,548 28 1,576 I-26

1,248,000 29 153,000 1,191,000 12,00091,000 (ii) 1,401 1,710 755 822 48 30 15 17 1,449 1,740 770 839 1,000,000 2 2 2 2 I-27

10. 3,567 6,360 3,358 1,187 22 195 (570) (592) (6) 3,762 5,790 2,766 1,181 16.5% 9,490 29,418 9,044 8,616 16.5% 1,566 4,854 1,492 1,422 (17) (14) (8) (3) 388 810 479 258 2,077 273 945 3,834 (67) (783) (752) (3,892) (185) 650 610 (438) 3,762 5,790 2,766 1,181 82A 82A 2,582,000 861,000 861,000 82A I-28

681,000 11. 5,091,000 12. 1(c) I-29

13. 16,640 1,366 11,024 29,030 334 3,416 1,829 5,579 (1,506) (952) (2,458) 15,468 4,782 11,901 32,151 353 993 3,082 4,428 (1,003) (956) (1,959) 14,818 5,775 14,027 34,620 1,905 11 1,748 3,664 (280) (1,144) (1,424) 16,443 5,786 14,631 36,860 12,581 1,303 6,910 20,794 1,761 155 1,862 3,778 (1,372) (912) (2,284) 12,970 1,458 7,860 22,288 1,261 997 1,850 4,108 (527) (947) (1,474) 13,704 2,455 8,763 24,922 376 554 1,237 2,167 (280) (1,065) (1,345) 13,800 3,009 8,935 25,744 2,498 3,324 4,041 9,863 1,114 3,320 5,264 9,698 2,643 2,777 5,696 11,116 I-30

21 7 478 331 282 485 331 282 14. 11,312 5,327 3,204 10,852 6,751 4,553 22,164 12,078 7,757 15. 1,361,927 1,252,851 1,312,985 99,471 114,865 149,328 1,461,398 1,367,716 1,462,313 (1,475,652) (1,434,449) (1,483,990) (14,254) (66,733) (21,677) 2,551 (14,254) (66,733) (24,228) (14,254) (66,733) (21,677) 1610,338,00011,100,000 13,372,000 I-31

16. (a) 31,798 49,663 81,814 (b)15 10,338 11,100 13,372 (c) 3,414 9,667 16,009 (c) 15,017 19,264 31,002 60,567 89,694 142,197 (d) (7,453) (5,368) (13,453) 53,114 84,326 128,744 (a) 21 22,296 17,577 46,481 31,249 49,252 81,514 1 18,378 39,938 58,971 1 3 13,420 9,715 22,620 3 1 10 223 31,798 49,663 81,814 I-32

: 18,378 39,938 58,971 1 12,782 9,641 19,332 1 3 638 74 3,345 3 12 10 166 31,798 49,663 81,814 (b) 10,338 11,120 13,392 (20) (20) 10,338 11,100 13,372 20 20 20,000 20,000 I-33

(c) 989 989 106 1,095 989,0001,095,000 1,095,000 989,0001,095,000 1,095,000 (d) 7,453,0005,368,00013,453,000 17. 4,625 4,625 Twilight Treasure Limited 78 78 4,625 4,703 78 I-34

Twilight Treasure Limited 78 83 83 Fortune Decade Investments Limited 5 5 78 88 88 Twilight Treasure Limited 83 83 83 Fortune Decade Investments Limited 5 5 5 88 88 88 9,450 1,950 1,500 355 9,805 1,950 1,500 2,912 3,000 2,050 1,675 4,962 4,675 3,250 I-35

Twilight Treasure Limited Fortune Decade Investments Limited 3,250,000 12 9,000,000 18. 2,844 67,041 42,153 31,712 24,691 39,671 (31,712) (24,691) (39,671) 2,844 67,041 42,153 20 1.5% 3% 20 I-36

19. (a) 35,688 28,162 85,614 (b) 14,824 13,807 18,862 (c) 7,732 22,561 29,739 58,244 64,530 134,215 (a) 24,510 21,024 66,903 9,283 5,810 17,259 1,895 1,328 1,452 35,688 28,162 85,614 30 45 (b) (c) I-37

20. 11,092 23,296 50,908 10,674 6,194 4,885 21,766 29,490 55,793 12,000 3,000 21,766 41,490 58,793 11,092 35,296 53,908 3,897 2,548 2,502 5,540 3,646 2,383 1,237 21,766 41,490 58,793 % % % 2.92 7.92 3.75 6.50 4.00 6.75 5.25 5.25 (a) (b) 1,000 9(i) I-38

(c) (d) 31,712,00024,691,000 39,671,000 18 (e) (f) 80% 4,000,000 (g) (h) (i) 8,600,0006,800,000 5,832,000 40,896,000 12,000,0006,000,000 6,000,000 9,000,000 3,000,000 0.25% I-39

21. 127 7 120 180 4 176 307 11 296 127 9 118 243 7 236 370 16 354 134 13 121 373 16 357 507 29 478 3,086 2,035 2,775 2,678 612 2,488 5,764 2,647 5,263 I-40

22. 889 10 195 1,084 10 (570) 514 10 (6) 508 117,206,000114,119,000113,770,000 23. 380,000 38,000,000 0.011 0.01Twilight Treasure Limited I-41

24. (2,353) (2,353) (32) (2,385) (4,779) (7,164) 25. 588,000 11 9,000,000 17 I-42

26. 20 (i) Benease Limited (a) (e) 180 60 60 Bennex International Limited (b) (e) 36 (e) 840 456 348 128 (c) (e) 900 900 450 450 (d) (e) 1,074 1,451 806 1,973 (a) (b) (c) d 1 e (ii) 1,776,000 1,362,000 1,493,000 16 9 27. I-43

(a) 89% 88% 94% 16 (b) I-44

3 3 12 1 60,528 66,903 6,784 134,215 32 95 180 307 58,793 58,793 1,500 1,500 120,821 66,935 95 6,964 194,815 54,378 5,810 1,328 3,014 64,530 32 95 243 370 41,490 41,490 1,950 1,950 4,675 4,675 44 44 102,537 5,842 1,423 3,257 113,059 3 3 12 1 32,834 24,511 899 58,244 34 100 373 507 21,766 21,766 25,836 25,836 9,805 3,250 13,055 4,962 4,962 95,203 24,545 100 4,522 124,370 I-45

21,766,00041,490,00038,418,000 3 1 1 3 12 1 28,708 19,751 6,011 5,083 59,553 17,373 2,552 16,170 6,505 42,600 7,879 687 3,093 11,431 23,090 (c) 18 20 25 50 25 31,508,000 87,732,000 77,824,000 0.25% I-46

25 6 8 4 (6) (8) (4) 50 (200) (175) (123) 200 175 123 (d) I-47

138,595 179,776 219,032 (2,844) (67,041) (42,153) 135,751 112,735 176,879 (15,625) 13,418 17,604 120,126 126,153 194,483 113% 89% 91% 28. 47,289 72,572 113,906 1,176 78 88 88 43 193 31,712 24,691 39,671 2,844 67,041 42,153 83,099 164,435 196,011 58,244 64,530 134,215 478 354 296 21,766 41,490 58,793 13,055 1,950 1,500 4,962 4,675 44 25,836 2,353 2,385 7,164 124,341 113,043 194,804 2,353 2,385 7,164 I-48

29. 9(i) 200,000 1,560,000 1,176,000 30. 21 500 31. 70%1 1 74,595 71,628 39,451 40,413 14,151 11,948 6,465 10,828 14,151 11,948 6,465 10,828 4,245 3,585 1,940 3,249 2,340 2,400 (975) 11,632 321 (433) (1,436) (6,402) (2,400) (8,813) 9,232 321 433 I-49

27,696 28,637 37,944 5,497 3,038 2,097 (22,201) (16,798) (14,364) (232) (167) (139) 10,760 14,710 25,538 3,228 4,413 7,662 32. (a) (b) (c) 1,215,000 915,000 300,000 314 185,000 282 25% 341,000 341,000 I-50

(d) (e) (f) (g) 282 396,000 270 32(c) 282 3.5%59,000 282 2% 37,000 9,516,000 (i) I-51

33. 2 50% 51% III. II9(i) IV. (a) (b) (i) 1,962,000,000380,000 20,000,000 (ii) 999,999 0.01 Win Vision I-52

(iii) % V. P03113 111 25 I-53

7.31 [ ] [ ] (A) [ ] [ ] [ ] [ ] 1 2 3 [] [ ] 17,604 [ ] [] [] (1) (2) [] [ ] [ ] [ ] [ ] II-1

[ ] [ ] [ ] [ ] (3) [ ] [ ] (4) II-2

[ ] II-3

[ ] II-4

[ ] II-5

22 3 1. (a) 27(2) (b) 2. (a) (i) III-1

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

(v) III-3

(aa) (bb) (cc) (dd) (ee) (vi) III-4

(vii) III-5

(aa) (bb) (cc) (6) (dd) (ee) (ff) III-6

(viii) (ix) (x) (30) (b) III-7

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

(e) (21) (10) (95%) (21)(10) (15) (f) III-9

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

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

(i) (ii) (95%) (aa) (bb) (cc) (dd) (ee) (ff) (20%) (gg) (j) III-12

(30) III-13

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

(n) III-15

(o) 20% (14) (20%) (p) (2)2.50 1.00 III-16

(q) (r) 3(f) (s) (i) (ii) III-17

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

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

(c) (d) III-20

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

(a)(b) (c) (d) (g) (h) (i) (ii)(iii) (i) III-22

(j) 6 (1) (2) (k) (l) (m) III-23

(n) (28) III-24

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

(q) 4. Conyers Dill & Pearman (Cayman) Limited III-26

A. 1. 41 43 45 475 XI 41 43 45 475 2 8 7 2. 380,000 38,000,000 0.01 Codan Trust Company (Cayman) Limited Twilight Treasure 1,962,000,000 380,000 20,000,000 Fortune Decade Twilight TreasureWin Vision (i)fortune Decade Twilight Treasure 533,300466,699(ii) Twilight Treasure [ ] [ ] [ ] [ ] [ ] IV-1

3. (a) (b) 1,962,000,000 380,000 38,000,00020,000,0002,000,000,000 (c) Twilight Treasure Fortune Decade Win Vision(i)Twilight Treasure Fortune Decade 466,699533,300 (ii) Codan Trust Company (Cayman) Limited Twilight Treasure (d) (i) (ii) (i) [ ] [ ] [ ] (ii) (iii) [] 8,390,000 839,000,000 IV-2

(iv) (a) (b) (c)[ ] (aa)[ ] 20%(bb)(v) (v) [] 10% (vi) (iv) (v) IV-3

4. (a) Win Vision50,000 50,000 1.00 10,000 3 9,997 Fortune Decade Twilight Treasure (b) Codan Trust Company (Cayman) Limited Twilight Treasure (c) Win Vision Twilight Treasure Win Vision 2 1.00 (d) Win Vision Twilight Treasure Win Vision 3 1.00 (e) Win VisionGarwealth Twilight Treasure Win Vision 3 1.00 (f) Win Vision Twilight Treasure Win Vision 2 1.00 (g) Win Vision Fortune Decade Win Vision 11.00 IV-4

(h) Win Vision Twilight Treasure Win Vision 2 1.00 (i) Win Vision Fortune Decade Win Vision 1 1.00 (j) 1,962,000,000380,000 20,000,000 (k) Twilight Treasure Fortune DecadeWin Vision (i)twilight Treasure Fortune Decade 466,699 533,300(ii) Twilight Treasure 5. 6. (A) IV-5

(i) [ ] 10% (ii) (B) (C) IV-6

[] [ ] (D) 26 B. IV-7

(a) Twilight Treasure Fortune Decade Twilight Treasure Fortune Decade Win Vision(i) Fortune Decade Twilight Treasure 533,300466,699 (ii) Twilight Treasure (b) Win VisionGarwealth Win VisionGarwealth Win VisionFortune Decade Twilight Treasure 2 12Win Vision (c) (d) (e) C. 302466072 37 1 42 2 IV-8

KWAN ON HOLDINGS KWAN ON HOLDINGS 302417670 37 3 42 2 302505014 9 4 19 5 37 6 302783638 16 7 1. 37 2. 42 3. 37 4. 9 5. 19 IV-9

6. 37 7. 16 kwanonconstruction.com D. 1. [ ] [ ] XV23 336 10% Twilight Treasure 1 2 Success Ally 2 3 [](L) [] [](L) [] IV-10

Fortune Decade [](L) [] 1 4 5 [](L) [] 1. Fortune Decade Twilight Treasure[ ] [ ] 2. Twilight Treasure Success Ally Decade Success 87.5% 12.5% 3. Success Ally 4. Fortune Decade 5. [ ] L 2. [ ] XV XV 78 352 IV-11

5.46 5.67 1 1 3 2 4 [](L) [] [](L) [] L 1. Fortune Decade Twilight Treasure[ ] [ ] 2. Twilight Treasure Success Ally Decade Success 87.5% 12.5% 3. Success Ally 4. Decade Success 3. 10% IV-12

1,440,000 1,140,000 840,000 150,000 150,000 150,000 3,502,000 3,582,000 IV-13

4. 5. 26 6. (a) [] [] XV2 3 10% (b) XV XV7 8 352 5.46 5.67 (c) IV-14

(d) (e) (f) (g) E. (a) IV-15

(b) 21 21 1.00 (c) (a) (b) (c) (d) (i) 10% [] []10% 10% IV-16

10% (ii) 10% (iii) 30% (iv) 12 1% 12 1% IV-17

(e) 10 21 (f) (i) IV-18

(ii) (aa) 17.48 (bb) 18.4918.7818.79 (g) (h) (i) (h) 12 IV-19

(j) (d) (k) (A) (aa) (bb) (cc) d(i) (dd) (aa) IV-20

(bb) (cc) (dd) (ee) (B) (l) (m) IV-21

(n) (o) (o) (p) IV-22

(q) (r) (i) 23.03 (ii) (iii) IV-23

(s) (i) (ii) (iii) (t) 12 (i) 0.1% (ii) 500 (aa) IV-24

(bb) (cc) (u) (i) (ii) (h) (i) (n) (iii) (l) (iv) (o) (v) (vi) (vi) (vii) (m) (viii) (g) IV-25

(ix) (j) (v) (w) (k) (x) 10% (y) IV-26

F. 1. 2 (a) (b) 2 (c) 2 (d) (e) 2 [ ] IV-27

11135 43 42 42(1) 2. (i) 952 IV-28

(ii) 1,215,000 915,000 30 (iii) 314 231,711.32 IV-29

185,000 69,137.68 (iv) 282 25% 341,000 341,000 (v) 282 396,000 1,253,000 (vi) 270 IV-30

(vii) 282 3.5% 59,000 (viii) 282 2% 37,000 3. 6A.07350 4. IV-31

18.03 5. 85,800 6. 7. Fortune Decade Twilight Treasure 1729945 1728265 Fortune Decade Decade Success Success Ally Twilight Treasure 12.5% 87.5% P.O Box 957, Offshore Incorporations Centre, Road Town, Tortola, BVI P.O Box 957, Offshore Incorporations Centre, Road Town, Tortola, BVI [] 60,000,000 60,000,000 IV-32

8. Conyers Dill & Pearman (Cayman) LimitedCDP 1 6 9. CDP 10. 44A 44B 11. [] [] IV-33

12. (a) (i) (ii) (iii) (iv) (v) (b) (c) (d) IV-34

14 3919 (a) (b) (c) (d) (e) CDP (f) (g) (h) (i) (j) V-1