CHINA OCEAN SHIPBUILDING INDUSTRY GROUP LIMITED 00651 SUCCESS CAPTURE LIMITED 517 168-200 171702-03 SGM-1SGM-2 48 18322
............................................................. 1....................................................... 5.............................................. 18.............................................. 47.............................................. 49................................................. SGM-1 i
6 1,730,000,000 1
60 73.2 1788/2015 0.26 2
Brilliant Plus Holdings Limited 10,0001.00 571 SGM-1SGM-2 3
0.05 Success Capture Limited 10,000 1.00 Pacific Greatest Limited % 11.22 4
CHINA OCEAN SHIPBUILDING INDUSTRY GROUP LIMITED 00651 Clarendon House 2 Church Street Hamilton HM11 Bermuda 168-200 171702-03 SUCCESS CAPTURE LIMITED 67,470,000 259,500,000 450,000,0001,470,500,000 5
1,730,000,000 (i) (ii)(iii) (i) (ii) Pacific Greatest Limited Brilliant Plus Holdings Limited (iii) 22% 78% 11,160,722,155 67,470,000450,000,000 450,000,000 6
1. 67.47259,500,000 2. 60382.33 1,470,500,000 60 1,730,000,000(i)15.5% (ii)13.4% 0.26 (i) 0.2398.79% (ii) 5 0.232411.88% (iii) 0.273.7% 7
86,500,000 6073.2 259,500,00015% 1,470,500,000 600 = 1,470,500,000 60,000,000 (i) (ii) 0 60 8
(i) (ii) (iii) (iv) (v)(vi) (A) (B) (C) 9
(D) (E) (F) (G) 450,000,000 (H) (I) (J) (K) (L) (A)(B)(D)(E) 10
1,730,000,000 1,730,000,000 % % 654,917,500 5.87 654,917,500 5.08 1,730,000,000 13.42 10,505,804,655 94.13 10,505,804,655 81.50 11,160,722,155 100.00 12,890,722,155 100.00 (i) (ii) GPS 10-20 11
60 6,368.4 (62.1) 175.3 (62.1) 174.8 31,502,182 22%24%16% 17.82%20%0.18% 12
13
(i)(ii)(iii) (i) (ii) (iii) (i)(ii) 1-21-2 (iii) 10 (iv)(v) (vi) (vii) (vii) 60 14
14.6114.62 14A.68(7) 14.62(2) 14.62(2) 14.62(3) 14.62(3) (i)(ii) (iii) () 6 15
14.07 5%25%14 168-200171702-03 SGM-1SGM-2 48 18322 16
17
(852) 2529 6878 (852) 2529 6806 info@romagroup.com http://www.romagroup.com KYTH/BV2961/AUG15 Success Capture Limited100% Success Capture Limited100% 1. 18
2. 3. 3.1 314,178.26.7% 19
12.2% 7.0%1 1 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 2010 2011 2012 2013 2014 3.2 2.0%3.0% 1.5%2 20
2 % 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 6 2013 9 12 3 2014 6 9 12 3 2015 6 2.8%6.5% 1.2%1.9%4.6%4.1% 2.5%1.5% 3.0%3 3 7 % 6 5 4 3 2 1 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 21
4. 4.1 Statista Inc. 59,000,000154,000,000 15%4 4 180 160 140 120 100 80 60 40 20 0 2007 2008 2009 2010 2011 2012 2013 2014 Statista Inc. 4.2 190,000400 400,0001,100,000 5,600,0002,900,000 22
50,000,000 4.3 ResearchInChina2012-2013 104 3,8521,210 31.4%19.6%26.1% (ADAS)ResearchInChina2013-2017 ADAS6 27 29.0% 23
5. 100% 100% 100% 100% 60% 60% 24
60%60% 6. 7. 25
8. 8.1 8.2 26
8.3 8.4 8.4.1 = ++ 27
PVCF = CF1/(1+r) 1 + CF2/(1+r) 2 + + CFn/(1+r) n PVCF = CF = r = n = WACC = We Re + Wd x Rd (1 - Tc) Re = Rd = We = Wd = Tc = 28
8.4.2 8.4.3 Re = Rf + + Re = Rf = = 8.4.4 29
2398.HK 000551.CH 002483.CH 600605.CH 30
a) 3.27% b) 14.36% c) 11.09% d) 1.11 e) 2.00% f) 3.87% g) 21.40% h) 7.15% i) 80.42% j) 19.58% k) 25.00% 18.26% a) b) c) d) e) f) Duff & Phelps, LLC g) h) 31
i) j) k) 18.26% 8.4.5 002151.CH 002232.CH 32
002383.CH GPSGLONASS 002405.CH l) 3.27% m) 14.36% n) 11.09% o) 1.20 p) 2.00% q) 3.87% r) 22.47% s) 7.15% t) 99.31% u) 0.69% v) 25.00% 22.35% 33
l) m) n) o) p) q) Duff & Phelps, LLC r) s) t) u) v) 22.35% 8.4.6 FMV Restricted Stock Study Companion Guide 16.11% 34
8.4.7 1%2% +2% 20.26% 342,000,000 +1% 19.26% 367,000,000 0% 18.26% 397,000,000 1% 17.26% 430,000,000 2% 16.26% 469,000,000 +2% 24.35% 99,000,000 +1% 23.35% 109,000,000 0% 22.35% 121,000,000 1% 21.35% 133,000,000 2% 20.35% 147,000,000 8.4.8 397,000,000 121,000,000 518,000,000 35
9. 9.1 9.1.1 (i)(ii) 36
(i)(ii) 13,000 (i)50,000 (ii)15,500 306 363 15.0%3.0% 18.5% 3.0% 3.0% 37
9.1.2 (i) (ii) 224265 18.6% 3.0% 9.1.3 11%17% 9.1.4 15 182328 34 9.1.5 25% 9.1.6 19 38
2 9.2 9.2.1 (i) (ii)(iii) 109 438 315 390 20.0% 3.0% 23.6% Compass Info Consulting Corporation 8.0% 20.0% 3.0% 3.0% 39
9.2.2 249305 22.4% 3.0% 9.2.3 12%3% 9.2.4 39436079 97 9.2.5 25% 9.2.6 19 2 40
10. 11. 41
12. 11.2193 42
13. 100% 518,000,000 168-200 171702-03 43
44
45
46
Success Capture Limited Success Capture Limited 14.61 47
168-200 171702-03 48
SUCCESS CAPTURE LIMITED Success Capture Limited 14.61 49
14.62(2) 3000 168-200 1702-03 P05256 50
CHINA OCEAN SHIPBUILDING INDUSTRY GROUP LIMITED 00651 168-200171702-03 1. (a) (i) Pacific Greatest Limited(ii) Brilliant Plus Holdings Limited (iii) Success Capture Limited450,000,000 A (i) 0.26259,500,000 0.05 (ii) 60 1,470,500,000 (b) SGM 1
(c) 168-200 17 1702-03 1. 2. 48 18322 3. SGM 2