Yadea Group Holdings Ltd. [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [][] [ ] [ ] [ ] 1.0% 0.0027%0.005% 0.00001 [ ] [ ] [ ] [ ] [ ]

Yadea Group Holdings Ltd. (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) 1933

Yadea Group Holdings Ltd. [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [][] [ ] [ ] [ ] 1.0% 0.0027%0.005% 0.00001 [ ] [ ] [ ] [ ] [ ] 342C [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][ ] [][][][][][][ ] 1.0% 0.0027%0.005%[ ] [ ] [ ] [ ][ ] [ ] [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][ ] [ ][ ] [ ][ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][ ] [ ] [ ] [ ] [ ] [ ] [ ][ ] 144A [ ] S [ ] [ ]

[ ] i

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[ ] [ ][ ][ ] [ ] [ ] [ ] 2015 10.5% 201524.0% 201511.2% 9.2%2009 78 94 2015 12 311,700 50 20151.9% 1

2015 12 31 5.0 APP Lightning Motors 11.1%664 15 27037948 2013174.1 28.4% 2014223.568.0% 2015 375.5201475.6 2013 5,059.220145,824.1 2015 6,429.2 2014 2

12 31 2013 2014 2015 (1).............. 2,607,007 51.5 3,244,385 55.7 3,483,214 54.2............... 1,253,472 24.8 1,405,911 24.1 1,455,416 22.6............. 1,027,624 20.3 1,109,598 19.1 1,427,914 22.2................. 75,331 1.5 18,429 0.3......... 95,766 1.9 45,819 0.8 62,643 1.0...................... 5,059,200 100 5,824,142 100 6,429,187 100 (1) 2013 2014201512312.1%2.9%1.7% 20151231 255.0 20132014 2015 12 3169.2%78.3% 65.7% 20152013 2014 2015 2013201420151231 1,594,6181,869,2902,044,6101,137,225 1,141,6461,276,448 2013 2014 2015 12 31 1,635 1,7361,704 1,1021,2311,1402015 2014 3

2013 20142015 12 31 17.6%21.3%25.2%12.1%17.0%18.2% 20132014 20142015 2013 20142015 12 31 328.8432.5492.8 6.5%7.4% 7.7% 2015 12 31 1,760 50 2013 2014 2015 12 314,952.3 5,657.96,322.197.9%97.1% 98.3%106.9 166.2107.12.1%2.9% 1.7% 4

20132014 2015 12 31 1,459.5 1,559.7 1,684.435.2%35.8% 34.4% [ ] [ ] 2013 2014 2015 12 31 484.4479.8340.1 11.7%11.1%7.0%2016201720181231 166.4 55.6 25.0 223 5

(1) (2) 78 20132014 2015 12 31 253 (1) 201320142015 99.4%98.6%99.0% (2) 6

12 31 2013 2014 2015................................ 5,059,200 5,824,142 6,429,187............................ (4,404,654) (4,855,684) (5,211,994)................................ 654,546 968,458 1,217,193................. 27,184 81,280 85,770..................... (275,792) (349,390) (453,544)............................ (192,234) (394,616) (358,528)............................ (427) (251) (24)............. 12,178 1,222.......................... 225,455 306,703 490,867.......................... (51,382) (83,239) (115,400)............................ 174,073 223,464 375,467 [ ].......................... 450 6,742 17,837 (1)............. 75,574........... 10,704 23,177 42,651 (2)............ 163,819 282,603 350,653 (1) (2) 7

12 31 2013 2014 2015....................... 876,270 839,363 1,025,508........................ 1,709,334 2,077,948 2,964,260........................ 1,958,355 2,400,738 3,185,771....................... 22,160..................... (249,021) (322,790) (221,511)................. 627,249 516,573 803,997........................ 627,249 516,573 781,837.......................... 627,249 516,573 781,837 (i) (ii) 282 20132014 2015 12 31 3.34%3.23% 4.31% 184 8

12 31 2013 2014 2015........... 444,077 861,648 793,857........... (333,346) (256,077) (410,876)... 52,490 (387,273) (98,219)........... 163,221 218,298 284,762 (1) 12 31 2013 2014 2015 (%)........................... 12.9 16.6 18.9 (%)......................... 3.4 3.8 5.8....................... 31.4 19.6 10.5 (%)......................... 32.2 39.1 57.8 (%)....................... 8.0 8.1 10.9.......................... 529.0 1,222.9 20,453.8 12 31 2013 2014 2015............................ 0.87 0.87 0.93............................ 0.69 0.80 0.89....................... 1.6 1.7 2013201420151231249.0 322.8221.5 456.7 83.3 (1) 301 276 9

201320142015 12 31 5%31.3%23.0%19.6% 117.5%99.5% 63.6% 5%38.6% 30.1% 26.4%145.3%130.3% 85.6% 205 10

212 39 201320142015 12 31 0.010%0.008%2014 6 [ ] [ ] 163 [ ] [ ] [ ]% [ ]% [ ] 236 125 [ ] 11

[ ] 2014 10 27 [ ] Yadea Group ManagementYadea HK[]20141210 [ ] 1,9301.00 A 125,000,000[][] [ ] [ ] [ ] 2015 6 11A [ ] [ ] [ ] [ ] 4381.00A 99.86[ ] [ ] [ ] [ ] [ ] [ ] [ ] A [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ]% [ ]% [ ] 116 [] 2015129154.0 2015 1 30 13.6 [] 300 12

[ ] [ ] [ ] [ ] [ ]................................................ [ ]................ [ ] (1) [ ] (2) (i)[ ](ii)[ ][ ] [ ] [ ] [ ][ ] (3) II-1 [ ] [ ][ ] [][][][] [ ] [ ] [ ] [][] [ ] [ ] 306 13

[ ] [ ] 50 (i) (ii)(iii) (iv) [ ] 30 (i) (ii) [ ] 10 [ ] 10 [ ] [ ] [ ] [ ] [ ] 201320142015[ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][] 14

2015 12 31 2016 3 312015 2015 20152015 540.0 456.7 83.3 15

[ ] [ ] [ ] [ ] [ ] 16

[ ] CNAS 622 32 2014717 20151113 17

2014 7 18 DJG Holdings Limited 2015 1 22 [][ ] [ ] [ ] 2015615 2014715 XSC Holdings Limited 2015 1 22 2014715 WJZ Holdings Limited 2015122 [ ] 2014 7 18 QJH Holdings Limited 2015 1 26 [ ] [ ] [ ] 18

[ ] Kuanjie (Cayman) Investment Center LP Broad Street (Cayman) Investment Center LP [ ] 20113 14 2015715 [ ] 19

[ ] [ ] 20

[ ] 20144 28 2001620 2005 12 22 2006 12 18 21

2014715 CXR Holdings Limited 2015 1 22 [ ] 2014 7 15 LYM Holdings Limited 2015 1 22 [ ] 2014715 ZCY Holdings Limited 2015 1 22 22

[ ] [ ] [ ] [ ] 2014715 CMY Holdings Limited 2015 1 22 23

19995281999 10 1 GB17761-1999 [ ] [ ] 0.00001 [ ] [ ] [][] [] 24

[ ] [ ] [ ] [ ] [ ] Yadea Group ManagementYadea HK []A20141027 [ ] [ ] [ ] 2014 10 27 20141230 [ ] [ ] Yadea Group ManagementYadea HK [ ] [] [] [ ] [ ] 144A [ ] 25

S S [ ] Paul Hastings LLP HWL Ebsworth Lawyers [ ] [ ] A [ ] Junjin Investment Management Ltd [ ] 26

A 2014 10 27 [ ] [ ] 1.00 A 2015 8 28 A 100,000 0.00001 A A [ ] [ ] [][]A 2015611 571 2015515 A [ ] [ ] D. 1. [ ] 27

2011125 20098 25 2015 12 31 1933 [ ] [ ] 2014630 28

2014 313 67.3%28.5%1.7%0.7% 0.65%0.35%0.35%0.23% 0.22% 2010 12 17 2011811 Yadea Group Management Yadea Group Management Holdings Limited 2014724 Yadea HK Yadea HK Holdings Limited201485 2007 4 5 20142 7 [ ] 2002928 2006328 2009 12 28 29

2014715 XB Holdings Limited 2015 1 22 30

ABS E-ABS GPRS GPS GT GT-R GT ICP IPM ISO 31

32

33

[] [ ] (i)(ii)(iii) (iv)[ ] 34

2015 12 31 1,700 2015 201420142015 2015 2013 2014 2015 2013 20142015 35

201555% 2013 2014 2015 12 31 20132014 2015 12 31 249.0 322.8221.5 540.0456.7 83.3 36

37

38

201315% 2014201515% 15%2016 12 31 39

2015 12 31 3,800 30 40

2013 2014 2015 1231345.6 555.0 861.7 41

0.05% 42

(2) (1) (1) 201320142015 99.4%98.6% 99.0% (2) 43

(i) (ii) 2010 1 200,000 44

1979 45

46

[ ] 2006 7 14 47

[ ] 20% 10% 10% 2006 8 21 25%5% 25% 10% 2009 8 242010 6 21 5% 7 2015 2 3 7 2009 12 10 698 7 7 48

7 (i) (ii) 7 7 7 7 7 7 [ ] [ ] H5N1H7N9 (H1N1) ( ) 49

[ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 50

[ ] [][] [ ] [] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 154.020151 30 51

[ ] 52

53

[ ] [ ] [][] [ ] [ ] 54

[ ] 55

[ ] 56

[ ] 57

[ ] 58

[ ] 8.12 [ ] 8.12 8.12 (i) 3.05 (ii) (iii) (iv) (i) (ii) (v) (vi) 59

(vii) 3A.19 [ ] 13.46 [ ] (viii) [ ] 3.28 8.17 3.281 (i) (ii) 159 (iii) 50 3.282 (i) (ii) (iii) 3.2915 (iv) 60

20055 3.28(1) 3.28 3.288.17 [] 14 3.28 8.17 3.28(2) [ ] [ ] 15 3.28 8.17[ ] [ ] 3.28 8.17 61

[ ] 14A 62

62 62 2 4 1 202 61 1 1 101 66 202 83 19 10 63

2021 5 1101 17 2 302 1064 602-01 64

8 18 [ ] 65

[ ] 66

[ ] 1 21-22 Paul Hastings LLP 875 15th Street. N.W. Washington, D.C. 20005 U.S. 67

HWL Ebsworth Lawyers Level 5, HWL Ebsworth Building 6 National Circuit Barton ACT 2600 Australia 5 INN B 6 Appleby 2206 19 [ ] [ ] [ ] 1 22 68

500 B 1014-1018 381 2618-38 [ ] 183 45 69

PO Box 1350 Clifton House 75 Fort Street Grand Cayman KY1-1108 Cayman Islands 1 36 www.yadea.com.cn 66 202 ACISACS 1 36 2 4 1 202 ACISACS 1 36 70

[ ] 1 279 62 68 71

[ ] [ ][ ] [ ] 1961 401,800 1990 [ ] (i) (ii) (i)(ii) 72

(iii) 1,030,000 [ ] 2010201510.60% 21 201520206.2% 20102020 100 90 80 70 60 50 40 30 20 10 0 40.89 48.41 10.60% 53.41 58.80 63.65 67.67 71.95 6.22% 76.23 80.93 85.99 91.48 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 201019,1102015 31,19010.3% 202049,470 2015 2020 9.7% 73

2010 5,920 2015 11,42014.0%2020 23,6102015 202015.6% 20102020 60 50 40 30 20 10 0 2010-2015 2015-2020 10.29% 9.66% 49.47 44.73 14.04% 15.63% 40.53 36.90 33.81 31.19 28.84 26.66 24.56 23.61 21.81 19.11 20.13 17.35 14.86 5.92 6.98 7.92 8.89 10.49 11.42 12.74 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 74

(1).......... 240 240 > 4.......... 20 20 > 50........ 150 75 75...... 60 80 50 80 50 2013 2014 2015 99.4%98.6% 99.0% (1) 2010 2010201530.6 39.2140.4235.4 202049.9 321.5 20102020 350 300 250 200 150 100 50 0 140.36 2010-2015 2015-2020 10.90% 6.43% 5.04% 4.94% 6.63% 8.36% 30.63 69.34 160.45 72.53 31.37 181.48 85.63 35.50 201.99 38.08 93.79 219.06 95.57 38.27 235.42 95.59 39.17 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 252.18 100.5 40.67 269.71 107.72 42.35 287.60 116.04 44.39 305.52 128.26 46.86 321.47 142.79 49.85 75

2010588,0002015 1,984,00027.5% 1.9%5.1% 20155.1%2020 8.0% 20102015 2,500 2,000 27.5% 1,984 1,500 1,000 500 588 607 665 819 1,112 0 2010 2011 2012 2013 2014 2015 20102015 75.383.52.1% 201034.3%201540.2% 2015 86.8% 84.9% 2015 199.82020276.3 201025.9201534.05.6% 202044.0 5.3% 76

2010 5822015822 7.1% 20201,247 2015 8.7% 20102020 300 250 200 150 100 50 0 2009-2015 2015-2018 11.87% 6.69% 5.62% 5.29% 7.14% 8.70% 114.05 25.85 58.21 2010 132.89 61.20 26.49 152.35 72.50 30.49 170.95 32.99 80.69 186.35 82.05 33.05 199.83 82.19 33.98 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 213.51 86.57 35.38 228.53 93.41 36.64 243.78 101.45 38.68 259.17 111.81 41.09 276.26 124.73 43.98 2020 28.2 888.77.5% 10.8% 2.0% 4.3%2020 15.8359 20102020 100 90 80 70 60 50 40 30 20 10 0 2010-2015 2015-2020 6.89% 7.48% 8.23% 10.82% 35.79 14.07 14.60 38.12 45.94 51.99 53.03 53.16 56.84 17.09 18.81 18.86 19.63 20.87 21.92 2010 2011 2012 2013 2014 2015 2016 62.39 2017 23.63 69.02 2018 25.68 77.83 2019 28.15 88.87 2020 77

20102020 40 35 30 25 20 15 10 5 0 2010-2015 2015-2020 4.03% 1.98% 5.30% 4.32% 22.42 23.08 11.78 11.89 26.56 28.70 29.02 29.03 29.73 13.40 14.18 14.19 14.35 14.51 14.72 15.05 15.41 15.83 2010 2011 2012 2013 2014 2015 2016 31.02 2017 32.43 33.98 2018 2019 35.86 2020 201045.6%202036.0%201038.5% 202028.8% (1) 19992003 90 199919995199910 GB17761-1999 (1) 201320142015 99.4%98.6%99.0% 78

20042008 20045 2004 200812 2005 8 2006 12 2007 1 2008 12 2007 5 2008 12 2005 8 2005 7 2006 11 2007 1 2007 7 2007 8 79

2009 2010 6 (1) 2004 23 1220042008 2014 8 2011 6 2011 9 2010 11 2012 6 2010 4 2013 5 (2) 2009 (1) 2010 5 31 2013 (2) 20132014 11.66.10.23% 0.10% 80

(3) 201310 201020152020 49,470 23,610 12498 (3) 20132014201526.5 71.4 112.20.52%1.23%1.74% 81

2013 9.33% 2015 10.50% 82

2010 2,500 2015250 200 2015 10.5% 24.0% 20138.2%9.3% 19.0% 2015 9.8%10.5% 24.0% 2015 2015 2015 66.71% 10.50% 8.75% 4.95% 4.76% 4.33% 68.26% 11.18% 6.62% 5.27% 4.43% 4.24% 63.65% 12.93% 9.17% 5.40% 4.52% 4.33% 2015 2015.... 10.50% 2001 5.0...... 8.75% 1999 5.9...... 4.95% 1997 1.9...... 4.76% 1999 3.5...... 4.33% 2004 2.0 83

2015 15.0% 18.9% 84

20102,25220152,419 1.4% 2020 2,836 2014 2015 2014 2,48320152,4192015 1,385 20141,432 20102020 3,500 3,157 3,031 3,000 2,544 2,611 2,688 2,764 2,812 2,846 2,921 2,708 2,724 2,623 2,721 2,836 2,500 2,000 1,903 1,941 1,982 2,024 2,045 2,023 2,049 2,107 2,155 2,205 2,265 2,252 2,310 2,378 2,446 2,483 2,419 2,447 2,549 1,500 1,000 500 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2015 2015 2015 1..................... >2,239 > 3,139 > 1,201 > 1,694..................... <1,591 < 2,288 < 815 < 1,106 1 85

2010 2015 48 12 48202435 830 20102015 720 610 500 390 280 170 2010 2011 2012 2013 2014 2015 24 4812 35 4820 48124820 2010 412.3 723.7 2011490.5791.0 2015 7 8 48 12 4820 2015 1248124820 295.1 484.1 86

24352011296.7 368.02011 24352015224.5 286.7 CEEC CE EC TÜVCEEC TÜV 800 22,000 TÜV CEEC TÜV CEEC 87

2005 7 9 200591 2005 9 15 2014421201481 2010 8 25 201090 2003 2009 88

201320142015 99.4%98.6%99.0% 1. 1999GB17761-1999 19995281999 10 1 GB17761-1999....... 5.1.1 6.1.1 5.2.1 6.2.1 5.2.2 6.2.2 89

....... 5.1.2 6.1.2 5.1.3 6.1.3 5.1.4 6.1.4 5.1.5 6.1.5 5.1.7 6.1.7 5.2.3.2 6.2.3.2 5.2.3.4 6.2.3.4 5.2.3.5 6.2.3.5 5.2.4.1 6.2.4.1 5.2.4.2 6.2.4.2 5.2.5 6.2.5 5.2.6.2 6.2.6.2 5.2.8.2 6.2.8.2 5.2.8.4 6.2.8.4 5.2.8.5 6.2.8.5 5.2.8.6 6.2.8.6 5.5 6.5....... 5.1.6 6.1.6 5.2.3.1 6.2.3.1 5.2.4.3 6.2.4.3 5.2.6.1 6.2.6.1 5.2.7 6.2.7 5.2.8.1 6.2.8.1 5.2.8.3 6.2.8.3 5.3.1 6.3.1 5.3.2 6.3.2 5.3.3 6.3.3 5.3.4 6.3.4 5.4 6.4 5.6 6.6 90

20 15 4 40 40 30 7 48 1989 4 1 1993 2 22 2000782009827 91

2. 2011 1 192014 3 2011 3 18 (i) (ii) 2005 8 292005 10 1 201198 201112 92

GB17761-1999 (i)1,350(ii) 500(iii)400(iv) 76.2 (v) 55 2013 9 30 93

3. 2009625 148 (GB 24155-2009) GB/T 24156-2009 GB/T 24157-2009 GB/T 24158-2009 2009 12 15 [2009]98 GB17761-1999 (i) 50 (ii) 50 400 (i) 2050 (ii) 50 400 2003 10 28 2004 5 1 2011422201151 94

119 18 2011 10 312012 12 25 2012 1 30 2012 3 1 2007 7 25 [2007]146 (i) (ii) (iii) 2013 10 20 95

2010 4 162010 5 20 2002 11 1 2014 8 31 1994 5 12 2004 4 6 2004 6 252004 7 1 2005 3 312005 6 1 96

2014313 1989 2 212013 6 29 2005 8 10 2005 12 1 2013 7 18 1989 12 262014 4 24 2002 10 28 2003 9 1 1998 11 291998 11 29 97

1984 5 11 1996 5 152008 2 28 2004 12 29 2005 4 1 2015 4 24 2001 12 17 2003109 1984 3 122000 8 252008 12 272001 6 15 2002 12 282010 1 9 98

19822001 10 272013 8 30 2002 8 3 2014 4 29 99

2014 7 4 75 75 75 100

2005 10 75 2005 11 1 2014 7 4 75 75 75 2006 8 8 10 2006 9 8 2009 6 22 10 1997 5 28 1994 7 5 2009 8 27 1995 1 1 2007 6 29 2008 1 1 2012 12 28 2013 7 1 101

2010 10 282011 7 1 1999 1 22 1994 12 14 1995 1 1 1999 4 3 2002 3 242003 4 27 2004 1 1 2010 12 20 2007 3 162008 1 1 2007 12 6 2008 1 1 25% 15% (i) (ii) (iii) 30% 10% 102

(iv) 50 6%50 200 4% 2003% 60% (v) 60% 2009 1 1 2011 10 28 17%13% 20132014 201581.9%84.1%48.6% 2005 10 3 1996 1 1 20,00012 4.1% 103

1996 20017 CE CE 104

2014 5 1999/44 714 12 105

2014 7 17 1997 1997 2001 2001 6 2007 4 2008 5 2009 9 12 2012 8 106

2013 8 2014 7 10 [] [ ] 2015 4 6 [ ] A [ ] 438 A Lightning Motors 12 Lightning Motors 11.1% 2010 12 17 60% 40% 100,000,000 2011 8 11 107

2001 6 20 90% 1 10% 500,000 2008 11 11 80,000,0002009625 30,000,000 2010 6 7 2010 9 9 140,000,000250,000,000 2005 12 222006 12 18 2014 6 30 250,000,000 150,000,000 2014 7 10 (1) 135,000,000 15,000,0002014 12 23 (1) 2014 7 108

2011 1 25 25% 25% ( 50%) 50,000,000 10,000,000 40,000,0002013 1 19 2011 5 15 5%2,500,0002014 12 23 25%20% 55% 2014 8 22 12,500,000 10,000,000 2014 12 23 2009 8 25 80% 20% 500,000 2011429 55%275,00020141223 25%20% 55% 2014822 125,000100,000 2014 12 23 109

2007 4 5 60.8% (1) 39.2% 510,000 20101230 (1) 30.8% 20.2%157,000 103,1002014 12 23 (1) 30%19% 51% 2014 6 25 (1) 153,00096,900 2014 12 23 2009 12 28 80%10%10% 100,000,000 2009 12 28 2010 12 25 10,000,000 80%10% 10% (1) 2014 6 110

2010 12 25 80,000,0002014 12 23 90% 10% 2014710 10,000,0002014 12 23 2011 3 14 10,000,000 2014 4 28 5.71% 94.29%70,000,000 2014 11 28 2014620 64,976,375 2014 10 9 2014 2 7 50,000,000 2024 1 2 111

2015 5 15 10,000,000 2025 5 1 2015 7 15 10,000,000 2025830 [ ] (1) (2) (2) (1) 40% 60% 90% 10% 25% 20% 20% 25% 19% 30% 10% 90% 100% 55% 55% 51% 100% 94.29% 5.71% (1) (2) 112

2014717 50,00050,000 1.00 Reid Services Limited1.00 2014 7 21 Reid Services Limited1.00 2014 7 2134029913070 7046 44 1.00 2014 7 22 13,300 5,700 1.00 66.5%28.5%1.7% 1.5%0.65%0.35%0.35%0.23% 0.22% 2014 11 27 160 1.00 160 67.3%28.5%1.7%0.70% 0.65%0.35%0.35%0.23% 0.22% 2014 12 10 50,000 1.00 1,9301.00 A [ ] 1,9301.00A[] 20,000 21,930 20,0001.00 1,930 1.00 A [ ] [ ] 61.4%26.0%1.6%0.64% 0.59%0.32%0.32%0.21%0.20% 8.8% [ ] [ ] [ ] 113

2015 6 15 A [ ] [ ] 4381.00A [] [ ] 61.4%26.0%1.6%0.64%0.59%0.32%0.32%0.21% 0.20%6.8% 2.0% A [ ] [ ] 2015 8 28 [ ]1.00 100,0000.00001 1.00A 100,000 0.00001 A 4,807,000,000 0.00001 193,000,0000.00001A Yadea Group Management 2014724Yadea Group Management 50,0001.00Yadea Group Management 100 Yadea HK 2014 8 5 Yadea HK Yadea HK 100 100Yadea Group ManagementYadea Group Management 2014128Yadea HK 95%5% 2014 12 8 Yadea HK 114

2014 6 30 250,000,000 150,000,000 90% 10% 2014 2014 8 22 2014 6 30 Yadea Investment Holdings Limited 95% 1,000,0002015 1 7 20141112Yadea Investment Holdings Limited 95% 5% 2014128Yadea HKYadea HK 2014129 78,614,657.352,409,771.52013 12 31 115

[ ] [ ] 2014 10 27 [ ] Yadea Group ManagementYadea HK[]20141210 [ ] 1,9301.00 A 125,000,00020,0001.00 21,930 20,0001.001,930 1.00 A 64,766.84 [ ] [ ] [ ][] [ ] [ ]% [ ] [ ] Kuanjie (Cayman) Investment Center LP Broad Street (Cayman) Investment Center LP[ ] [ ] [ ] [ ] [ ] 2014 10 27 125,000,000 [ ] [ ] [ ] [ ] [ ]% 2014 12 9 116

[ ] [ ] [ ] [ ] [ ] [] [] [ ] [] [ ] [ ] 2015129 154,000,000 [] [ ] [ ] [] [][]20141027[] [ ] [ ] [ ] [ ] [ ] 117

[ ] [ ] [ ] [ ] [][] [ ] [ ] 5% [ ] [ ] [ ] [ ] [ ] (i)[ ] (ii) [ ] [ ] [ ] [][ ] [ ] 118

[ ] [ ] [ ] [ ] 50%[ ] [ ] [ ] [ ] [ ] 80 300 1005 A AA (i)64,766.84 (ii)a 119

A(i)[] (ii) A A (i) 64,766.84 (ii) A A 64,766.84 (i) (ii) (iii) A A A [ ] A A A A [ ] [ ] [ ] [ ] A [ ] 2018 1 1 10% [ ] [ ] [][][] [ ] [ ][ ] [ ] [ ] (i)[] 120

[ ](ii) [ ](iii)[ ] A 2015 6 11 [ ] [ ] A [ ] [ ] [ ] [ ] 4381.00A 99.86227,990.87 [ ] [ ] [ ][] [ ] [ ]% [ ] [ ] Junjin Investment Management Ltd[] [ ] [ ] A 2015 6 11 2015 6 15 99.86[] [ ] [ ][] [ ] [ ]% 121

[ ] [ ] [] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] A [ ] [ ] [ ] [ ] 2015 6 15[ ] [ ] [ ] A [][ ] [ ] [ ] [ ] Kuanjie (Cayman) Investment Center LP Broad Street (Cayman) Investment Center LPBroad Street (Cayman) GP LimitedGS Shanghai Broad Street Investment CenterShanghai Broad Street Investment Center [ ] 122

[ ] Junjin Investment Management Ltd Shanghai Junjin Investment Management Limited Company 2015 6 4 [ ] [ ] [ ] [ ] 10%[ ] [ ] []20121 HKEx-GL29-1220121020137HKEx-GL43-12 2012 10 HKEx-GL44-12 [ ] [ ] [][][][][] [] [ ] [ ] 123

[ ] [ ] [ ] (1) (2) (3) (4) (4) (4) (5) (4) 100% 100% 100% 100% 100% 100% 100% 100% 100% 61.4% 26.0% 1.6% 0.64% 0.59% 0.32% 0.32% 0.21% 0.20% 6.8% (6) 2.0% (6) 100% 100% Yadea Group Management 100% Yadea HK 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% (1) (2) (3) (4) (5) 2013 12 (6) A 1:1 124

[ ] [ ] [ ] [ ] (1) (2) (3) (4) (4) (4) (5) (4) 100% 100% 100% 100% 100% 100% 100% 100% 100% % % % % % % % % % %(6) % (6) % 100% 100% Yadea Group Management 100% Yadea HK 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% (1) (2) (3) (4) (5) 2013 12 (6) A 1:1 125

2006 8 8 2006 9 8 2009 6 22 10 10 10 1997528 2014 7 14 126

[ ] [ ] 2015 10.5% 201524.0% 201511.2% 9.2%2009 2015 12 311,700 50 20151.9% 2015 12 31 5.0 APP Lightning Motors 127

11.1% 664 15270379 48 2013 174.1 28.4% 2014223.568.0% 2015 375.5 201475.6 2013 5,059.220145,824.1 2015 6,429.2 1. 201510.5% 201524.0% 201510.5% 2015 2015 128

2. 2009 3. GT-R YD-800 10% 129

AAT X X 201582 664 15 27037948 APP Lightning Motors Lightning Motors 11.1% Lightning Motors 198 201320142015 12 31 83.3133.8133.7 2015123145% 130

4. 2015 12 31 1,700 50 24 5. 10 19 131

16 [] [ ] 1. (i) (ii) [ ] 19% 132

2. AMV DesignBoxer 3. []16% 133

100 4S 2,000 Lightning MotorsLightning [ ] 5% 4. Lightning Motors 11.1% 134

5. 2015 [ ] 13% 2014 135

12 31 2013 2014 2015 (1)................... 1,594,618 1,869,290 2,044,610..................... 1,137,225 1,141,646 1,276,448........................... 2,731,843 3,010,936 3,321,058 12 31 2013 2014 2015 (2)................... 1,635 1,736 1,704..................... 1,102 1,231 1,140 201320142015 2014 20152015........... > 4 240 240........... > 50 20 20......... 150 75 75....... 60 80 50 80 50 136

(1)(2) 201320142015 12 31 2.1%2.9% 1.7% 2013 2014 2015 99.4%98.6%99.0% 0.6%1.4% 1.0% 9320151231 2,165 3,920 137

50 4 2013 2014 2015 12 31 2,607.03,244.4 3,483.2 51.5%55.7% 54.2% 20 76 2015 12 31 1,465 2,980 2013 2014 2015 12 31 1,253.51,405.9 1,455.4 24.8%24.1% 22.6% 138

201320142015 12 31 1,027.61,109.6 1,427.9 20.3%19.1% 22.2% 2013 20142015 12 31 95.845.862.6 1.9%0.8% 1.0% 35 1,2002014 2013201420151231 75.318.41.5% 0.3% APP 664 15270379 48 3 169 139

198 70%19 (i) 92 (ii) 78 (iii) 11 (iv) 17 2009 20132014 2015 12 31 83.3 133.8 133.7350.8 II2.5 140

3D 141

20 GT-R GT-R 17% GT-R85% 15% 2015 12 31 45% 142

83% 85% 85% 4 160% 80% 10% 14,660,000 LIN(Local Interconnect Network) E-ABS E-ABS E-ABS 143

GPSGPRS 20138 2013 2014 3 APP APP APP 144

APPGPSGPRS APP APP APP 2014 5 200,000[ ] 145

2015 3 AAT AAT 12.0 10 ATT (Giovannoni Design SRL) AMV Design Boxer Design and Manufacturing Ltd. Boxer 2014 9 100,000 1989 2014 11AMV Design1988 53,000 Boxer 2014 10 Boxer 1.3 Boxer 146

2015 3 5 108 X X X X LIGHTNING MOTORS 2015 6 Lightning Motors Lightning Motors Lightning Motors 2015 12 Lightning Motors 11.1% 1.3 147

2015 12 31 1,760 2015 12 31 46 11 48 12 9 1 1 48 9 2 48 1 49 3 91 82 139 126 62 69 71 118 77 213 231 87 69 6 1 4 26 2013 20142015 12 31 328.8 432.5492.8 6.5%7.4% 7.7% 201320142015 12 31 84.0126.2135.5 1.7%2.2% 2.1% 148

5%20132014 2015123120.319.7 22.7 149

12 31 2013 2014 2015..................... 1,549 1,790 1,760................. 200 241 (30)....................... 55 106 350....................... 255 347 320 (1) (2) (3)(4) 150

151

150 10% 152

15 12 31 2013 2014 2015...... 155 453 1,203................. 122,338 176,391 422,150................ 2.4% 3.0% 6.6% 2015 12 31 83 153

12 31 2013 2014 2015...... 52 88 223.......... 1 9 62........ 2 7 61.......... 0 2 4........................... 55 106 350 2014 20142015 154

1.8 12 30% 90% 2015 12 311,739 2016 2 2016 155

2012 20142015 1 96% (1) (2) (3) (4) 2013 2014 2015 12 31 9751,2791,463 1,851.92,947.2 3,336.1 33.6%50.6% 51.9% 20151(1) (2) (3) 15 156

240 157

9,000 2015 12 314,7002017 2016 2017110 110 16% [ ] 165.4 1998 1. 2. 3. 4. 158

159

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2014 7 ICP Lightning 2016 78.0 [ ] 5% 2014 2015 1.2 50 162

TÜV SÜDCE EC 71.5% 20132014 2015 12 31 106.9 166.2107.2 2.1%2.9% 1.7%(i) (ii) 2012201320142015 12 31 4,6200.001% 163

201310 201462012 P5+1 2016 1 16 2016 1 16 (i) (ii)(iii) 2012201320142015 12 31 59,9150.008% 2014 (i)(ii) (iii) 2012201320142015 12 31 37,05683,5150.007%0.010% 2013 2014(i) (ii)(iii) 164

(i) (ii)(iii) (i) (ii)(iii) (iv) (v) (i) (ii)(iii) 165

(i) 2014 12 31(ii) (iii) (iv) (v) [ ] [ ] (i) (ii) (iii) (iv) (v)2012 (vi) (vii)(1) (2) [] 2015 1 166

[ ] (i) (ii)[] [ ] (i)(ii) (iii) 20147418 2014 12 31 0.01% 20,000 167

20132014 2015 12 31 233.8 240.9297.3 4.6%4.1% 4.6% 150 10% 168

(i)(ii) 2015 45% 169

170

171

2013 12478 1.00.01%2013 6 2006 6 2015 4 2016 573 17,9702.5 20132014 2015 12 31 1,139,339 1,139,7151,270,1782015 2012 5 349 0.7 130,36120132014 2015 12 31 417,046483,031569,1254,6191,299 2014 20101 706 140,7291.42013 2014201320142015 12 31925,529 1,000,858 996,195 172

2009 3 351 0.420,832 20132014 2015 12 31 258,657356,544450,358 2013 2014 2015 1 1 2 3 2 3 2 3.............. 17,970 573 1.3 87.2% 1.3 87.2% 2.5 (4) 50.8%.............. 130,361 349 0.6 66.6% 0.6 76.5% 0.7 81.3%.............. 140,729 706 1.6 58.4% 1.4 70.2% 1.4 71.2%.............. 20,832 351 0.4 58.3% 0.4 80.4% 0.4 112.6%.............. 309,892 1,979 3.9 69.2% 3.7 78.3% 5.0 65.7% (1) (2) 925.5 11.5 (3) (4) 2015 20132014 2013 2014 2015 201320142015 2012 20132014 2013201487.2%2015 50.8% 2015 4 20122012 5 201366.6%201476.5% 173

201581.3%2013 20142015 2013 58.3% 2014 80.4% 2015 112.6% 20 20162016 2016 1.3 2015 2017 2017 3.92.5 220[] 2014 8 120 174

.... 0.7 1.3 1.0 70.0 [] 2016.... 0.4 1.2 150.0 [] 2017.... 100.0 [] 2017 175

1590 176

15 90....... 20132014 2015 12 31 1,459.5 1,559.7 1,684.435.2%35.8% 34.4% 201320142015 12 31 545.9618.2700.9 13.2%14.2% 14.3% 2008 B. (iii) 2013 2014 2015 12 31 335.7 315.5231.48.1%7.2% 4.7% [ ] 177

16689 178

2010ISO 9001:2008 2011 2012 8 2013 2014 3 2012 2014 8 179

180

1...... a. b. c. d. 2...... a. b. c. d. 3...... a. b. c. d. 181

4...... a. b. c. d. 5...... a. b. c. d. 6...... a. b. c. d. 182

183

2011 201312 2014 201320142015 444.1861.6 793.9 184

(i)(ii) (iii) 12 31 2013 2014 2015................ 32,000 32,000 144,000 144,000 816,000 820,904.............. 313,600 313,600 411,000 411,000 40,000 40,796................ 345,600 345,600 555,000 555,000 856,000 861,700 20132014 12 31 (i)(ii) (iii) (i) (ii)80%2015 11 2015 12 2016 1 (i) (ii) 185

20151231 2015 12 31 (%)................................................ 816,000 95.3% (1)....................................................................................... 40,000 4.7%................................................ 856,000 100% (1) 2015 12 31 2015 12 31.................................................. 180,000.................................................. 275,000....................................................... 60,000.................................................. 106,000....................................................... 67,000.................................................. 50,000....................................................... 55,000....................................................... 13,000.................................................. 50,000........................................................... 856,000 186

50% 12 31 2013 2014 2015.............. 258,600 258,600 391,000 391,000 150,000 150,160.......... 67,000 67,000 164,000 164,000 305,000 308,293.......... 20,000 20,000 401,000 403,247................ 345,600 345,600 555,000 555,000 856,000 861,700 12 31 2013 2014 2015 2015 12 31...... 10,704 23,177 36,951 5,810...... 5,700 5,337 (1).. 320,605 718,383 989,207 1,197,070 (2)................. 3.34% 3.23% 4.31% 2.79% 187

(1) (2) 100% 2015 12.8 (i) (ii) (iii) A.............. 20,000.0 3,215.7 2015 1 8 6.2194 6.2921 233.8 2015 7 8 B.............. 30,000.6 4,838.8 2015 3 19 6.2 6.304 503.2 2015 9 21 C.............. 30,000.0 4,781.3 2015 3 11 6.2745 6.3713 462.8 2015 9 11........... 80,000.6 12,835.8 1,199.8 1.2 0.7 188

201320142015 6,283.68,452.0 9,756.16,085.5 8,265.89,492.1 (i) (ii) (x)(y) (iii) 189

1997 2015 12 31 3,836 2015 12 31.......................................................... 2,234.......................................................... 505.................................................... 514.......................................................... 245.......................................................... 149.......................................................... 121.......................................................... 68.......................................................... 3,836 2015 12 311,0501,2531,044 489 190

(1) (2) (1) 201320142015 99.4%98.6% 99.0% (2) 191

2013 2014 2015 99.4% 98.6% 99.0% 0.6%1.4%1.0% 2009 2010 2015 42.5% 201531.8% 33.3% 70% 192

2015 2013 2012 2012 193

2012 2013 2014 2013 2013 2013 2013 CCTV 194

2015 2014 2014 2014 195

2013 2014 2015 B. 2. 664 15 27037948 196

(i) (ii) <> 197

50 198

2013 2014 2015 12 31 2.64.4 4.9 20162017508,000 84,000 5.01(2) 2015 12 31 15%32L 6(2)34(2) 342(1)(b) 5 199

607,725.219294,285.85................... 33,151 2063 10 7................... 117,256 2061 1 27................... 66,867 2056 11 28................... 77,900 2053 10 4................... 75,372 2053 10 4................... 104,194 2053 10 4................... 132,985.2 2062 9 23........................................ 1,967.82........................................ 40,057........................................ 1,203.24........................................ 37,694.77........................................ 2,975.04........................................ 1,314.06........................................ 5,853.38........................................ 95.56........................................ 49,568.41........................................ 18,789.18........................................ 48,453.56........................................ 51,752.89........................................ 147.99........................................ 5,493.9........................................ 10,021.49........................................ 6,123.11........................................ 4,307.48........................................ 4,307.48........................................ 4,307.48 200

12 84,543.99 12 12 1212 201

................. 11,065.5 2010 7 1 2027 8 31................. 6,904 2010 7 1 2018 11 30................. 80 2012 3 9 2018 3 8................. 13,832 2014 6 1 2017 5 31................. 500 2014 1 1 2016 12 31................. 2,000 2015 1 1 2024 12 31................. 1,774.56 2015 4 1 2018 6 30................. 200 2014 5 17 2019 5 16................. 300 2015 7 1 2020 6 30................. 31,287.93 2016 3 1 2021 2 28 (1)................. 9,600 2010 7 1................. 2020 6 30 7,000 2015 8 25 2016 12 31 (1) 202

2014/09/30 2017/07/05.................. 2014/09/30 2017/07/05 2012/07/20 2017/07/19 2014/06/11 2019/06/10...... 2012/12/03 2016/12/02.................. 2010/04/28 203

300,000....... YU 2011 7 18 2015 5 682,580 2015 12 562,866 (1) (2) 2011 7 18YU 2013 12 31YU 2011 12 YU YU (3) YU YU (4) YU 204

2013 1 25 (i) (ii)46,740 (iii) 60,000 YD500-47 2013 11 5 (i) (ii) (iii) 8,910 205

2009 300,000 2010 7 2013 10 200,000 1,000,000 2014 6 2014 6 2013 102014 6 20151012(i) 200,000 (ii) (i) 200,000 (ii) (iii) 2014 6 2014 6 206

2015 12 31 12.9 (i) (ii) (i) (ii) (iii) 0.05% 2015 12 31 12.9 [ ] 2015 9 207

[ ] 208

(i)(ii) 209

2014 6 7 (i) (ii) (iii) 2014 11 (i) (ii) (iii) 210

2014 11 (i) (ii) (iii) 2015 8 20148 201510 (i) (ii) 2013 201311 3.083.09[ ] 3.083.098.15 8.04[ ] 211

1......... 2014......... 2014......... 2015 1 212

........... 2014......... 2014......... 2015 2013 2014......... 213

......... 2013......... 2014......... 2014......... 2014......... 2015......... 2014 214

......... 2015......... 2015......... 2014......... 2015......... 2015 2015 215

53,792 476 (i) (ii) (i) (ii) 216

1999 GB 17761-1999 2004 34 34 1. 217

2013 2015 10 8 2013 20142015 47.0258.9 113.80.9%4.5% 1.8% 218

(i)2013 2014 2015 (ii)24 1,700 2% (i)(ii) (iii) (iv) 2013 2014 (i)2015 (ii)201312311,54920141231 1,790(iii) 219

2013 2015 2015 2015 (i) (ii) (iii) 201510 2015 26 2015 220

2015 2015 2015 3 26 2000 2013 2016 (i) (ii) (iii) 221

() (i)(a)(b) 1999 (ii) 2015 10 2015 10 [ ] (i) 2015 201520152016 (ii) 2015(iii) 201511 222

[ ] 14A A. [ ] 1. 2. 3. 30%70% 4. 80% 20% 5. 40% 60% 6. 7. 80% 20% 223

8. 10% 90% B. 14A (i). 2009 12 31 2013 2014 2015 14,822 15,418 12,507 0.4%0.4% 0.3% [] 2018 12 31 224

B. 201620172018 12 31 6,800,000 3,000,000 201620172018 (ii). 2012 12 31 2013 2014 2015 42,525 58,757 37,729 1.0%1.3% 0.8% 225

[] 2018 12 31 B. 201620172018 12 31 9,100,000 20162017 2018 (iii). 2008 226

12 31 2013 2014 2015 269,157 252,223 181,661 6.5%5.8% 3.7% [ ] 2018 12 31 B. 201620172018 12 31 93,200,000 45,900,00025,000,000 227

20162017 2018 (iv). 2012 12 31 2013 2014 2015 29,370 29,015 18,400 0.7%0.7% 0.4% [ ] 2018 12 31 B. 228

201620172018 12 31 10,200,000 20162017 2018 (v). 2012 12 31 2013 2014 2015 63,959 69,525 43,327 1.5%1.6% 0.9% 229

[ ] 2018 12 31 B. 201620172018 12 31 24,600,000 20162017 2018 (vi). 2011 12 31 2013 2014 2015 64,520 54,888 46,448 1.6%1.3% 0.9% 230

[ ] 2018 12 31 B. 201620172018 12 31 22,500,000 6,700,000 20162017 2018 231

2018 12 31 12 31 12 31 2013 2014 2015 2016 2017 2018....... 14,822 15,418 12,507 6,800 3,000....... 42,525 58,757 37,729 9,100....... 269,157 252,223 181,661 93,200 45,900 25,000....... 29,370 29,015 18,400 10,200....... 63,959 69,525 43,327 24,600....... 64,520 54,888 46,448 22,500 6,700............ 484,353 479,826 340,072 166,400 55,600 25,000 [ ] (1) (2) (3) (4) (5) (6) 2015 45% 232

12 31 2013 2014 2015......... 94.87% 91.99% 86.41%......... 100% 100% 96.08%......... 86.22% 89.79% 87.60%......... 65.54% 75.34% 69.87%......... 98.62% 94.15% 97.20%......... 100% 91.64% 94.69% [ ] 20142015 2016 233

(a) (b) (c) 1 20% (d) (e) (f) (g) 6 7% (h) 2 6% 234

110% 14A 14A.81 14A.82 5% C. B. 14A.105 (i) (ii)14a D. B. (i) (ii)(iii) B. 235

[ ] [ ] [ ] [ ]% [ ]% [ ] [ ] [ ] [ ]% 8.10 [ ] [ ] (a) 236

(b) (c) (d) (e) [ ] (a) (b) (c) (d) 70,089.42,074.6 (e) 237

(f) (g) 2013 2014 2015 12 31 11.7%11.1% 7.0% [ ] [ ] (h) 2527 [ ] 35(d)[ ] [ ] 238

2016 4 22 [ ] (i) 30% (ii) [ ] (i) (ii) (i) (ii) 10%(1) (2) (3) 239

25 (i) (ii) 25 240

(i) (ii) (i) (iii) 241

...... 46 2001 2014 7 17...... 43 2001 2014 7 17...... 44 2013 2014 12 10........ 38 2014 2014 12 10........ 40 2005 2014 12 10........ 39 2014 2014 12 10...... 59 2014 2014 12 10 242

...... 43 2015 2015 1 18...... 43 2015 2015 8 28 46 2014 7 172015 1 19 2014 6 181997 1997 2008 12 30 2013 7 2013 7 43 2014 7 172015 1 19 18 1997 243

1997 2000 9 44 2014 12 10 2015 1 192013 12 1992 2013 1998 2004 2007 2011 12 382014 12 102015 11920143 2001 1 2006 6 2008 7 2014 2 2006 7 2008 6 2003 7 2003 9 1999 6 244

40 2014 12 10 2015 1 19 20055 2001 5 2005 4 2000 10 2001 5 1997 1 2000 10 1995 7 199612 199572013 6 39 2014 12 10 2015 1 19 2013 1 2013 1 2012 1 2012 122007 8 2011 12 2006 3 2007 7 KKR Asia Limited 2004 8 2006 2 1432 1999 5 2004 5 59 2014 12 10 245

1989 5 200912 2004 102011 5 600887 1984 7 1989 5 1997 1984 7 1996 7 432015 1 18 YGE2006 11 2009 5 200952014520145 201411 YOKU 1995 4 2006 10 20112013 40 40 20091220108 1993 7 246

2006 12 432015 8 28 (JD.com)2009 112011 1 2007 4 2009 10 (IBM) 2005720073CertainTeed Corporation 1993 7 1996 4 2002 5 C. 13.51(2)........... 44 2013............. 38 2014 247

........... 38 1999........... 32 2000............. 41 2013........... 33 2007........... 41 2012 38 1999 2 2011 1 20099201410 2006 9 2013 5 2011 11 2014 4 2013 12 20141 248

32 2000 5 2010 8 2014 10 2009 7 412013 4 20061020102 19977200610 1997 6 33 2014 10 2007 2 2013 5 2014 10 2006 7 41 2014 10 2004 4 2006 122007 2 2012 5 2012 10 2013 7 2014 10 19967 2015119 249

2015 1 19 14 3.28 8.17 14 14 14 250

2013201420151231 499,00027,152,000 2,640,000 20132014 2015 12 31 832,000 70,349,000 3,133,000 2016 12 31 3.3 [] D. 1. [ ] 8 9 251

8.12 3A.19 (1) (2) 30 3A.26 (3) (a) (b) (c) [ ] (d) [ ] [ ] 252

2013 20142015 12 31 2013 2014 2015 20132014 2015 12 31 2015 10.5% 2015 24.0% 2015 12 311,700 50 20151.9% 2015 12 31 5.0 2013 174.1 28.4% 2014223.5 68.0% 2015 375.520135,059.22014 5,824.12015 6,429.2 253

2015 12 31 2016 3 3120152015 20152015 540.0 456.783.3 2014 12 9 2013 20142015 12 31 254

2010 69320158225.62% 2020 1,247 2015 5.29% 20132014 2015 12 31 1,594,6181,869,2902,044,610 1,137,2251,141,6461,276,448 20135,059.22014 5,824.120156,429.2 12 31 2013 2014 2015................... 1,635 1,736 1,704................... 1,102 1,231 1,140 255

2013 2014 2015 2014 20142015 2015 2013201420151231 92.9%91.6% 91.6% 15 90 256

2013 2014 2015 12 31 1,5491,7901,760 20151231500 50 2013 2014 2015 12 315.5%6.0% 7.1% 2013 12 31 15% 25% 2014 2015 12 31 15% 25% 2016 257

(i) (ii) (i)(ii) (iii) (a) 258

(b) (c) 2013 20142015123114.0 13.818.2 259

260

12 31 2013 2014 2015....................................... 5,059,200 5,824,142 6,429,187................................... (4,404,654) (4,855,684) (5,211,994)....................................... 654,546 968,458 1,217,193........................ 27,184 81,280 85,770............................ (275,792) (349,390) (453,544)................................... (192,234) (394,616) (358,528)................................... (427) (251) (24).................... 12,178 1,222................................. 225,455 306,703 490,867................................. (51,382) (83,239) (115,400)................................... 174,073 223,464 375,467 (1)................... 163,819 282,603 350,653 (1) [ ] 261

[][] 12 31 2013 2014 2015................................... 174,073 223,464 375,467 [ ]................................. 450 6,742 17,837...................... 75,574...................... 10,704 23,177 42,651.................... 163,819 282,603 350,653 262

12 31 2013 2014 2015 (1)............. 2,607,007 51.5 1,594.6 3,244,385 55.7 1,869.3 3,483,214 54.2 2,044.6............... 1,253,472 24.8 1,137.2 1,405,911 24.1 1,141.6 1,455,416 22.6 1,276.4..................... 3,860,479 76.3 2,731.8 4,650,296 79.8 3,010.9 4,938,630 76.8 3,321.1................. 75,331 1.5 5.1 18,429 0.3 1.6............ 1,027,624 20.3 2,284.6 1,961.6 1,109,598 19.1 2,446.4 2,293.6 1,427,914 22.2 3,115.1 2,117.0........ 95,766 1.9 45,819 0.8 62,643 1.0..................... 5,059,200 100 5,824,142 100 6,429,187 100 (1) 201320142015 12 312.1%2.9% 1.7% 263

2013 2014 2015 12 31 92.9%91.6% 91.6% 20132014 2015 12 31 4.9%6.0% 5.9% 201320142015 12 31 2.2%2.4% 2.5% 12 31 2013 2014 2015............................. 1,019,523 23.1 1,075,449 22.1 1,365,738 26.2..................................... 668,947 15.2 736,627 15.2 751,971 14.4..................................... 323,992 7.4 384,104 7.9 440,682 8.5..................................... 357,970 8.1 359,256 7.4 380,483 7.3..................................... 173,728 3.9 197,042 4.1 189,702 3.6................................... 158,374 3.6 177,787 3.7 182,458 3.5..................................... 1,389,743 31.6 1,518,801 31.2 1,464,942 28.1..................................... 4,092,277 92.9 4,449,066 91.6 4,775,976 91.6............................. 215,396 4.9 290,807 6.0 304,861 5.9................................... 96,981 2.2 115,811 2.4 131,157 2.5........................................ 4,404,654 100.0 4,855,684 100.0 5,211,994 100.0 264

12 31 2013 2014 2015................................. 2,147,128 48.7 2,554,835 52.6 2,606,385 50.0................................. 1,101,270 25.0 1,166,256 24.0 1,191,087 22.9................................... 52,137 1.2 16,547 0.3............................... 1,019,523 23.1 1,075,449 22.1 1,365,738 26.2........................... 84,596 2.0 42,597 1.0 48,784 0.9........................................ 4,404,654 100 4,855,684 100 5,211,994 100 12 31 2013 2014 2015......... 459,879 70.3 17.6% 689,550 71.3 21.3% 876,829 72.0 25.2%......... 152,202 23.3 12.1% 239,655 24.7 17.0% 264,329 21.7 18.2%........... 23,194 3.5 30.8% 1,882 0.2 10.2%....... 8,101 1.2 0.8% 34,149 3.5 3.1% 62,176 5.1 4.4%... 11,170 1.7 11.7% 3,222 0.3 7.0% 13,859 1.2 22.1%................ 654,546 100 12.9% 968,458 100 16.6% 1,217,193 100 18.9% 265

12 31 2013 2014 2015........................ 10,704 23,177 42,651.......................... 7,031 16,820 19,180.............................. 6,372 26,478 14,138.............. (2,339) (198) 988................. 4,344 4,400................. 3,738................................... 1,072 6,865 8,813................................... 27,184 81,280 85,770 266

201320142015 12 31 275.8349.4 453.5 5.5%6.0% 7.1% 12 31 2013 2014 2015........................ 233,778 240,879 297,265.............................. 17,916 42,595 67,241........... 9,596 36,777 44,819................................ 6,525 16,402 29,761.............. 2,389 2,902 2,593................................... 5,588 9,835 11,865................................... 275,792 349,390 453,544 20132014 2015 12 31 192.2 394.6358.63.8%6.8% 5.6% 267

12 31 2013 2014 2015.................... 83,342 133,812 133,679............ 49,943 84,625 101,375 (1)................... 7,842 18,201 36,523......................... 9,326 14,243 10,917.................. 9,178 15,768 15,981................ 7,472 14,845 13,630.................. 16,556 23,951 31,253....... 75,574......................... 8,575 13,597 15,170......................... 192,234 394,616 358,528 (1) 2013 2014 2015 [ ][ ] [ ][ ] 2013201420151231 427,000251,000 24,000 2013 2014 2015 12 3112.21.2 2014 6 30 268

20132014 2015 12 3122.8%27.1% 23.5% 201320142015 12 31 2.61.62.7 2014 2014 201421.8% 12 31 2013 2014 2015... 40,063 83,044 119,834..................... 11,319 195 (4,434)............ 51,382 83,239 115,400 25% 15% 16.5% 20152014 20156,429.220145,824.1 605.110.4% 20143,244.4238.8 7.4% 20153,483.22014 1,405.949.53.5% 2015 1,455.4 2015 269

20141,869,2909.4% 20152,044,610 20141,141,646 11.8% 2015 1,276,448 (i) (ii)2014 1,736 2015 1,70420141,2312015 1,1402015 201520142014 1,109.6318.3 28.7% 2015 1,427.9 (i)(ii) 20155,212.020144,855.7 356.37.3%2014 4,449.1326.97.3% 20154,776.0 2014 115.813.3% 2015131.2 2014 968.5 248.725.7% 20151,217.2 201416.6% 2015 18.9% (i) (ii)(iii) 2014 1,73620151,7042014 1,23120151,140 2015 270

201585.8 201481.34.55.5%(i) 2015 19.5 (ii)2.4 2015 (i)12.3 (ii) 4.43.7 2014 2015453.5 2014 349.4104.129.8%(i) 56.4(ii)24.6 (iii) 13.4 (iv)2015 8.0 20146.0% 20157.1% 2015 358.5 2014 394.6 36.19.1%2014 75.6 (i)[ ] 18.3(ii) 16.8 (iii)7.32014 6.8%2015 5.6% 201524,000 2014 251,000 2015 20152014 1.22014 6 30 2015 2014 306.7 184.260.1% 2015 490.9 2015115.4 201483.2 32.238.7% 271

2014223.5152.0 68.0% 2015375.5 2015350.72014 282.624.1% 20142013 20145,824.120135,059.2 764.915.1% 20132,607.0637.4 24.4%20143,244.42013 1,253.5152.412.2%20141,405.9 2013 1,635 6.2% 2014 1,7362013 1,102 11.7% 2014 1,231 20131,594,618 17.2% 2014 1,869,290 20131,137,2250.4%20141,141,646 (i)(ii) 2013 1,549 2014 1,790 (iii) (iv) 201482.0 8.0%1,027.61,109.6 272

20144,855.7 20134,404.7 451.010.2%2013 4,092.3356.88.7% 20144,449.1 2013 654.5 313.948.0% 2014968.5 201312.9%2014 16.6% 2013 1,63520141,7362013 1,102 20141,231 20132014 201358.4%2014 62.1% 201481.3 201327.254.1198.9%(i) 20.12014 7 (ii) 12.52013(iii) 9.82014 2014349.42013 275.873.626.7%(i)2014 24.7 (ii)2014 27.2 20135.5%20146.0% 273

2014394.6 2013 192.2 202.4105.3%(i) 75.6 (ii) 50.5 (iii) 34.7 [] 20133.8%2014 6.8% 2013 427,000 2014 251,000 20141.22013 12.211.0 90.2%2014 6 30 2014 1 1 2014 6 30 2013 20142014 2013 225.5 81.236.0% 2014 306.7 201483.2 201351.4 31.861.9% 2013 174.1 49.428.4% 2014223.5 2014282.62013 163.872.5% 274

12 31 2013 2014 2015................ 447,447 584,301 679,709............... 184,709 225,845 220,612........................ 11,262 12,408 14,162............... 139,081................... 75,800 8,223........................ 4,008 3,041 84,600................... 13,963 13,768 18,202................. 876,270 839,363 1,025,508............................ 361,163 159,621 141,491............. 55,571 111,924 183,225... 119,529 90,680 212,097................. 40,000..... 345,600 555,000 861,700................. 504,384 659,401 779,056............... 283,087 501,322 786,691................... 1,709,334 2,077,948 2,964,260 275

12 31 2013 2014 2015............. 1,614,800 2,106,220 2,880,431......... 190,215 265,448 256,740................... 10,000 12,997................. 49,000............... 73,474........................ 20,866 29,070 35,603................... 1,958,355 2,400,738 3,185,771................... (249,021) (322,790) (221,511)............... 627,249 516,573 803,997................... 22,160........................ 627,249 516,573 781,837............................ 135 135............................ 627,249 516,438 781,702.......................... 627,249 516,573 781,837 12 31 2013 2014 2015...................... 291,252 120,424 101,301......................... 69,911 39,197 40,190......................... 361,163 159,621 141,491 276

2013 12 31 361.2 55.8% 2014 12 31159.618.111.3%20151231 141.5 2013 12 3169.9 20132014 2014 12 31 2013 2014 2015 (1).............. 31.4 19.6 10.5 (1) 2013 2014 2015 365 201331.4201419.6201510.5 12 31 2013 2014 2015.................... 40,667 105,749 181,799......................... (4,090) (2,949) (1,952) 36,577 102,800 179,847.................... 18,994 9,124 3,378......................... 55,571 111,924 183,225 277

180 2015 12 31 183.2 20141231111.971.363.7% 76.1(i)2015 (ii)2015 2014 12 31 111.9 2013 12 3155.656.3 101.3% (i)(ii) 12 31 2013 2014 2015 (1)............. 4.7 5.2 8.4 (1) 2013 2014 2015 365 20145.220158.4 2015 20134.72014 5.2180 278

12 31 2013 2014 2015..................... 25,157 101,121 177,456........ 2,265 318..................... 9,155 1,361 2,391 36,577 102,800 179,847 2015 12 31 167.8 201320142015 12 31 484.9320.0104.3 2013 2014 2015 12 31 279

[]2013 20142015 12 31119.5 90.7212.1 12 31 2013 2014 2015.............. 43,733 38,753 83,949......................... 15,440 15,195 20,508................ 46,383 24,074 44,406................ 44,438................ 4,638 5,959 5,202 [ ]................... 550 2,089 7,794......................... 8,785 4,610 5,800......................... 119,529 90,680 212,097 2015 12 31 2014 12 31 90.7121.4133.8%212.1 (i)45.1 (ii) 44.4 (iii)20.3 2016 (ii) 2015 12 31139.2 280

22.6201544.42016 72.220172018 72.2 2017 44.4201827.8 21 2014 12 31 2013 12 31 119.528.824.1%90.7 22.3 2014 12 31 []1.5 2013201420151231504.4 659.4779.1 20131231504.4 155.030.7% 2014 12 31 659.4 119.718.2% 2015 12 31 779.1 2013 2014 2015 12 31 345.6555.0861.7 12 31 2013 2014 2015........... 345,600 555,000 861,700 20141231555.0 306.755.3% 2015 12 31 861.7 2015 281

20131231345.6 209.460.6% 2014 12 31 555.0 15 90 12 31 2013 2014 2015..................... 701,951 794,727 940,537..................... 912,849 1,311,493 1,939,894......................... 1,614,800 2,106,220 2,880,431 2014 12 312,106.2774.2 36.8% 2015 12 312,880.42015 12 31 628.4 2015 12 31145.8 2015 2013 12 311,614.8491.4 30.4%201412312,106.2 20131231912.820141231 1,311.520132014 180 282

12 31 2013 2014 2015 (1)................... 111.7 139.9 174.6 (1) 2013 2014 2015 365 2013 111.7 2014 139.9 2015174.6 12 31 2013 2014 2015.............. 230,182 302,758 (1)............... 28,751 (1) 283

12 31 2013 2014 2015..................... 1,073,352 1,276,040 1,651,079................... 523,996 782,269 1,180,176................ 14,452 30,691 21,905............ 2,511 16,230 23,930.............. 489 990 3,341......................... 1,614,800 2,106,220 2,880,431 (i)(ii) 2013 12 31 17.5 2014 123147.920141 42 2015 12 31 49.2 284

2013 20142015 12 31190.2 265.4256.7 12 31 2013 2014 2015.............. 79,360 81,896 40,830.............. 28,128 50,689 55,298.......... 38,907 59,018 49,841................ 13,223 34,103 62,491..................... 20,333 19,736 22,667..................... 5,052 7,831 10,138......................... 5,212 12,175 15,475......................... 190,215 265,448 256,740 2015 12 31 256.7 2014 12 31265.48.73.3% 41.12015 28.4 2014 12 31 265.4 20131231190.275.239.5% (i)20.9 (ii)22.6 (iii) 20.1 285

2015 12 31 22.2 20142016 2013201420151231 447.4584.3679.7 20151231220.6 2014 12 31225.8 20141231225.8 2013 12 31184.741.1 22.3% 2013 12 31 139.1 2014 6 30 201320142015 12 3175.8 8.22013 12 31 75.8 2014 12 312014 2014 12 312015 12 31 8.22015 Lightning Motors 11.1% 286

20132014201512314.0 3.084.62015201481.6 72.2 2013 12 31 40.0 2014 12 31 2013 12 31 49.0 201412 31 2010 12 31 2013 2014 2015.............. 73,474 2014 12 31 287

12 31 2013 2014 2015..................... 49,575 12,704..................... 15,101 8,682..................... 7,870 11,889 2,505..................... 6,225 4,328................... 1,407 4,226 2,645..................... 5,939 5,197.... 3,252 7,253 4........ 1,493 2,455 121..................... 937 2,311 295................... 1,470 180 910......................... 93,269 59,225 6,480 12 31 2013 2014 2015...................... 55,669 54,239 84,830...................... 17,220 17,680 10,750...................... 6,430 12,740 7,630...................... 2,650 26,880...................... 6,150..... 2,950......... 480 440.......................... 79,799 87,749 139,190 2013201420151231 12.2 288

12 31 2013 2014 2015..................... 269,157 252,223 181,661..................... 64,520 54,888 46,448................... 2,006 8,373 3,244..................... 63,959 69,525 43,327..................... 42,525 58,757 37,729..................... 29,370 29,015 18,400..................... 14,822 15,418 12,507.... 7,865 15,128 10,218........ 294 8,453......................... 494,518 511,780 353,534 2013201420151231 4.5 B. 35 289

12 31 2013 2014 2015................... 444,077 861,648 793,857...... (333,346) (256,077) (410,876)................... 52,490 (387,273) (98,219).... 163,221 218,298 284,762................. 119,866 283,087 501,322................. 283,087 501,322 786,691 2015 12 31793.9 (i) 774.2(ii)490.9 (i)191.0 (ii) 119.7 2014 12 31861.6 (i)306.7(ii) 491.4 (iii) 2014 201.5 (i) 155.0 (ii) 74.8 2013 12 31444.1 (i)225.5(ii) 533.6(iii) 62.2(i)374.8 (ii) 31.8 290

2015 12 31410.9 (i) 9,756.1 (ii)149.6 9,492.1 2014 12 31256.1 (i) 186.2(ii)150.8 (i)64.7(ii) 25.0 2013 12 31333.3 (i) 198.1 (ii) 148.2(i)30.0 (ii)25.0 (iii) 25.0 2015 12 31 98.2 2015 1 111.2 13.0 2014 12 31387.3 (i) 394.5 (ii)49.0 121.5 2013 12 31 52.5 (i)49.0 (ii) 10.06.1 291

12 31 3 31 2013 2014 2015 2016........................ 361,163 159,621 141,491 161,880......... 55,571 111,924 183,225 217,559................. 119,529 90,680 212,097 241,967............. 40,000................. 345,600 555,000 861,700 736,960............. 504,384 659,401 779,056 551,131........... 283,087 501,322 786,691 538,280............... 1,709,334 2,077,948 2,964,260 2,447,777......... 1,614,800 2,106,220 2,880,431 2,407,607.... 190,215 265,448 256,740 230,229............... 10,000 12,997 12,927............. 49,000........... 73,474................... 20,866 29,070 35,603 21,147............... 1,958,355 2,400,738 3,185,771 2,671,910............... (249,021) (322,790) (221,511) (224,133) 201320142015 12 312016 3 31 249.0322.8 221.5 224.1 2015 12 31221.52016 3 31224.1 292

2014 1231322.8201512 31221.5(i) 306.7(ii) 119.7(iii)285.4 (iv) 71.3 774.2 2013 12 31249.02014 12 31322.8(i) 491.4 (ii) 201.5(iii) 2014 (i)218.2(ii) 209.4(iii) 155.0 293

2013201420151231249.0 322.8221.5 456.7 83.3 12 20132014 20151231 12 31 2013 2014 2015........ 29,081 45,843 2,634................... 148,203 150,794 149,588................ 177,284 196,637 152,222 12 31 2013 2014 2015.......... 101,289 29,997 5,516 [ ] 294

12 31 2013 2014 2015...................... 3,513 4,282 8,364............ 7,359 9,333 13,027...................... 9,533 8,433 7,333......................... 20,405 22,048 28,724 12 31 3 31 2013 2014 2015 2016................... 10,000 (1) 12,997 12,927........................ 10,000 12,997 12,927 (1) 295

2013 12 31 10.0 2014 12 31 2015 12 31 2016 3 31 2.0 Lightning Motors 11.1% 540.0 456.7 83.3 201220.0 2013 12 31 2016 3 31 2016 3 31 296

(1) 12 31 2013 2014 2015 (%) (%) (%) 5%....... 449,932 (31.3) 8.9 746,005 (23.0) 12.8 978,394 (19.6) 15.2 5%....... 859,160 31.3 17.0 1,190,911 23.0 20.4 1,455,992 19.6 22.6 12 31 2013 2014 2015 (%) (%) (%) 5%... 907,506 38.6 17.1 1,259,665 30.1 20.6 1,538,652 26.4 22.8 5%... 401,586 (38.6) 8.4 677,251 (30.1) 12.2 895,734 (26.4) 14.7 (1) [] 297

(1) 12 31 2013 2014 2015 (%) (%) (%) 5%........... (30,541) (117.5) (0.6) 1,010 (99.5) 0.02 136,668 (63.6) 2.1 5%........... 378,687 117.5 7.5 445,916 99.5 7.7 614,266 63.6 9.6 12 31 2013 2014 2015 (%) (%) (%) 5%....... 427,033 145.3 8.0 514,672 130.3 8.4 696,926 85.6 10.3 5%....... (78,887) (145.3) (1.6) (67,742) (130.3) (1.2) 54,008 (85.6) 0.9 (1) [] 298

15 2015 12 31 2013 2014 2015 12 31 2%3% 2% 299

% 2013...................... (5) 49...................... 5 (49) 2014...................... (5) 535...................... 5 (535) 2015...................... (5) 247...................... 5 (247) 2015129154.0 2015 1 3013.6 [ ] 300

12 31 2013 2014 2015 (%) (1)...................... 12.9 16.6 18.9 (%) (2).................... 3.4 3.8 5.8 (%) (3).................... 32.2 39.1 57.8 (%) (4).................. 8.0 8.1 10.9 (5)..................... 529.0 1,222.9 20,453.8 12 31 2013 2014 2015 (6)....................... 0.87 0.87 0.93 (7)....................... 0.69 0.80 0.89 (%) (8)................ 1.6 1.7 1. 100% 2. 100% 3. 100% 4. 100% 301

5. 6. 7. 8. 100%20141231 2013 20142015 12 31 3.4%3.8% 5.8% 20132014 2015 12 31 32.2% 39.1%57.8% 20132014201512318.0% 8.1% 10.9% 2013201420151231529.01,222.9 20,453.8 302

201320142015 12 310.870.87 0.93 2014 12 310.872015 12 310.932015 201320142015 12 310.690.80 0.89 2013 2015 12 31 1.6% 1.7% 2014 12 31 [ ] 201320142015[ ] [ ] [][][] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 2015 [ ][ ] [ ] [ ] [ ] [ ] [ ][ ] 303

4.29 [ ] 2015 12 31 2015 12 31 20151231 2015 12 31 [ ] 1 2 3 4 [ ] [ ].... [] [] [] [] [] [ ] [ ].... [] [] [] [] [] (1) 2015 12 31............................... 781,837.................................... 14,162........................... 767,675 (2) [ ][ ][ ][ ] [ ][ ]2015 12 31 [ ][ ] (3) [ ] [][] (4) 1.001.2011 (5) 20151231 304

[ ] 13.13 13.19 2015 12 31 2015 12 31 15% 5.01A 5.01B 5 6(2) 3 34(2) 342(1)(b) 305

[][][][] [ ] [ ] [ ] [][] [ ] [ ] 50%[ ] (i) 19%(ii) 16%(iii) 10%(iv) 5% 30%[ ] (i) 5% 12% (ii) 13% 10%[ ] 10% [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][] [ ] [ ][] [ ] [ ] 306

[][][][][] [ ] [ ] [ ] [ ][] [ ] (i)[ ] [ ] (ii)[ ] [ ] [ ] [ ][] [ ] (i) [ ] [ ] (ii) [ ] [ ] [ ] [ ] [ ] [ ] 307

[ ] [ ] 5,000,000,0000.00001 50,000 (i) 4,807,000,0000.00001 48,070 (ii) 193,000,0000.00001A 1,930 2,193,000,0000.00001 21,930 (i) 2,000,000,0000.00001 20,000 (ii) 193,000,0000.00001A 1,930 [ ] [ ] [ ] [ ] 0.00001 [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] A [ ] 308

[ ] [ ] [ ] [ ] 0.00001 [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] A [ ] [ ] [ ] A [ ] [ ] (i) (ii)(iii) (iv)(v) 2. 2.5 309

2. 2.4 [ ] [ ] [ ] (a) (b) (c) (d) 17 (a) [ ] [ ] 20%[ ] (b) (a) (b) (c) A. 310

3.[ ] [ ] [ ] [ ] [ ] [ ] 10%[ ] [ ] A. 7. (a) (b) (c) A. 3.[ ] 311

[ ] [ ] XV2 3 10% [ ] [ ] [ ] (1)(5) [ ] [ ] [ ] (1)(6) (2) (4).......... [ ] [] [] [] (3) (4).......... [ ] [] [] [] (2) (4)............ [ ] [] [] [] (3) (4)............ [ ] [] [] [] (1) LXV (2) (3) (4) (5) [] [] [][] (6) [ ] [ ] [ ][ ] 312

C. [ ] [ ] [ ] XV2 3 10% 313

[ ] 314

[ ] 315

[ ] 316

[ ] [ ] 317

[ ] 318

[ ] 319

[ ] 320

[ ] 321

(A) [ ] (B) [ ] 322

[ ] (A) [ ] 323

(B) [ ] 324

[ ] 325

[ ] [ ] [ ] [ ] 326

[ ] 327

[ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 328

[ ] [ ] [ ] [ ] [ ] [ ][ ][ ] [ ][ ] 3A.07 329

[ ] 330

[ ] 331

[ ] 332

[ ] 333

[ ] 334

[ ] 335

[ ] 336

[ ] 337

[ ] 338

[ ] 339

[ ] 340

[ ] 341

[ ] 342

[ ] 343

[ ] 344

[ ] 345

[ ] 346

[ ] 347

[ ] 348

[ ] 349

[ ] 350

[ ] 351

[ ] 352

[ ] 353

[ ] 354

[ ] 355

[ ] 356

[ ] 357

II 2.1 2013 2014 2015 12 31 2013201420151231 2014 2015 12 31 [ ] [ ] 2014717II 2.12014 12 9 II1 12 31 II1 2013 20142015 12 31 I-1

3.340 [ ] II2.1 2013201420151231 20142015 12 31 I-2

I. II2.1 II 12 31 2013 2014 2015................... 5(a) 5,059,200 5,824,142 6,429,187............... 6(a) (4,404,654) (4,855,684) (5,211,994)................... 654,546 968,458 1,217,193.... 5(b) 27,184 81,280 85,770........ (275,792) (349,390) (453,544)............... (192,234) (394,616) (358,528)............... 7 (427) (251) (24)............... 12,178 1,222............. 6 225,455 306,703 490,867............. 10 (51,382) (83,239) (115,400)............... 174,073 223,464 375,467........ 11 174,073 223,464 375,467.......... 12 I-3

II 12 31 2013 2014 2015............... 174,073 223,464 375,467............. (63) 989..... (63) 989..... (63) 989...... 174,073 223,401 376,456........ 174,073 223,401 376,456 I-4

II 12 31 2013 2014 2015....... 14 447,447 584,301 679,709...... 15 184,709 225,845 220,612............... 16 11,262 12,408 14,162...... 17 139,081.......... 18 75,800 8,223............... 21 4,008 3,041 84,600.......... 28 13,963 13,768 18,202........ 876,270 839,363 1,025,508................... 19 361,163 159,621 141,491.... 20 55,571 111,924 183,225........ 21 119,529 90,680 212,097........ 35(c) 40,000............. 22 345,600 555,000 861,700........ 23 504,384 659,401 779,056...... 24 283,087 501,322 786,691.......... 1,709,334 2,077,948 2,964,260.... 25 1,614,800 2,106,220 2,880,431 26 190,215 265,448 256,740.......... 27 10,000 12,997........ 35(d) 49,000...... 35(e) 73,474............... 20,866 29,070 35,603.......... 1,958,355 2,400,738 3,185,771 I-5

II 12 31 2013 2014 2015.......... (249,021) (322,790) (221,511)...... 627,249 516,573 803,997.......... 26 22,160............... 627,249 516,573 781,837................... 29 135 135................... 31 627,249 516,438 781,702................. 627,249 516,573 781,837 I-6

II * * * * * * 29 31(i) 31(ii) 31(iii) 31(iv) 2013 1 1............... 292,975 9,906 150,295 453,176.... 174,073 174,073............ 13,656 (13,656) 2013 12 31 2014 1 1............. 292,975 23,562 310,712 627,249................... 223,464 223,464.... (63) (63).......... (63) 223,464 223,401............ 35(b)(v) (100,000) (117,103) (217,103)........ 29 135 121,316 121,451...... (313,999) (313,999)...... 30 75,574 75,574............ 14,085 (14,085) 2014 12 31 2015 1 1............. 135 (121,024) 121,316 37,647 (63) 75,574 402,988 516,573................... 375,467 375,467.... 989 989.......... 989 375,467 376,456........ 13 (111,192) (111,192)............ 28,065 (28,065) 2015 12 31........... 135 (121,024) 10,124 65,712 926 75,574 750,390 781,837 * 201320142015 12 31 627,249,000 516,438,000781,702,000 I-7

II 12 31 2013 2014 2015................ 225,455 306,703 490,867............... 7 427 251 24............... (12,178) (1,222)........... 5(b) (7,031) (16,820) (19,180)... 5(b) (4,344) (4,400)... 5(b),6(c) 2,339 198 (988)............. 6(c) 29,731 34,766 53,054... 6(c) 2,941 3,741 4,550........... 6(c) 679 1,499 2,207... 6(c) (1,141) (997)... 6(c) 289 31... 5(b) (3,738)... 6(b) 75,574....... 5(b) (10,704) (23,177) (42,651) 227,604 372,265 486,886....... (374,817) (155,017) (119,655)............ 18,314 (55,212) (70,304)........ (31,798) 28,849 (190,953).................. 34,896 201,511 18,130... 533,601 491,420 774,211............... 62,166 52,672 8,843......... 469,966 936,488 907,158................ (25,889) (74,840) (113,301) 444,077 861,648 793,857 I-8

II 12 31 2013 2014 2015......... 7,031 16,820 19,180..... 4,344 4,400......... 30,000............... (148,203) (150,794) (149,588)........... 753 3,470 2,972..... (29,081) (45,843) (2,634)............. (10,124) (2,645) (8,916)... 6,085,484 8,265,769 9,492,051... (6,283,550) (8,451,992) (9,756,100)......... (40,000)..... 25,000 15,000............. 25,000 25,000............... 64,738......... (7,841)............... (333,346) (256,077) (410,876) I-9

II 12 31 2013 2014 2015......... 10,000 12,997............. (10,000)... (6,083) 7,061....... (394,534)......... 49,000..... (49,000)........... 35(b)(v) (62,000)........... 29 121,451.................. (427) (251) (24)....... 13 (111,192)........... 52,490 (387,273) (98,219)............... 163,221 218,298 284,762... 119,866 283,087 501,322............. (63) 607... 283,087 501,322 786,691........... 24 283,087 501,322 786,691........... 283,087 501,322 786,691 I-10

II 12 31 2014 2015.................... 36 75,574 75,574........................ 18 8,223...................... 75,574 83,797.................... 1,227 1,218............................. 816.................... 24 122,161 12,731........................ 123,388 14,765.................... 2,000 2,000........................ 27 12,997........................ 2,000 14,997................. 121,388 (232).................... 196,962 83,565............................. 196,962 83,565................................. 29 135 135................................. 31 196,827 83,430............................... 196,962 83,565 I-11

II. 1. Clifton House, 75 Fort Street, Grand Cayman KY1-1108, Cayman Islands Yadea Group Management Holdings Limited (i)...... Yadea HK Holdings Limited (ii)............. (ii)........... (iii)....... (iv)........... (v)........... (vi)....... 2014 7 24 2014 8 5 2014 6 30 2001 6 20 2002 9 28 2007 4 5 2009 8 25 100 100% 100 100% 1,000,000 100% 150,000,000 100% 100,000,000 100% 510,000 100% 500,000 100% I-12

(iii)........... (vi)....... (vii).......... (viii)...... (ii)........... (ix)........... (ix)........... 2010 12 17 2011 1 25 2011 3 14 2014 2 7 2014 4 28 2015 5 15 2015 7 15 100,000,000 100% 50,000,000 100% 10,000,000 100% 50,000,000 100% 70,000,000 100% 10,000,000 100% 10,000,000 100% (i) (ii) (iii) 201320141231 2015 12 31 (iv) 2013 2014 2015 12 31 I-13

(v) 2013 12 31 2014 12 31 2015 12 31 (vi) 2013 2014 2015 12 31 (vii) 2013 2014 2015 12 31 (viii) 2014 12 31 2015 12 31 (ix) 2.1 2014 12 9 2013 2014 2015 12 31 2.2 2.3 2013 2014 2015 12 31 249,021,000 322,790,000221,511,000 2015 12 31 447 I-14

2.4 9 3 10 1 28 2011 11 2 14 4 15 3 16 2 38 16 2 41 10 2 12 282011 1 2 272011 2 2012 2014 2 1 2 2016 1 1 3 2018 1 1 4 2016 1 1 2.5 (a) (b) (c) 5 20% I-15

I-16

(a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) I-17

4.75% 9.50% 19.00% 9.50% 23.75% 19.00% 31.67% 9.50% 31.67% I-18

39 39 I-19

(a)(b) (a) (b) I-20

I-21

I-22

(a) (b) (c) I-23

30 I-24

3. 201320142015 12 31 13,963,000 13,768,000 18,202,000 28 I-25

20132014 2015 12 3136,577,000102,800,000 179,847,000 20132014 20151231361,163,000159,621,000141,491,000 2013201420151231 447,447,000 584,301,000 679,709,000 2013 2014 2015 12 31 345,600,000 555,000,000 861,700,000 I-26

4. 90% 90% 8 10% 8 5. (a) 12 31 2013 2014 2015................................ 5,059,200 5,824,142 6,429,187 (b) 12 31 2013 2014 2015........................... 7,031 16,820 19,180 *............................... 6,372 26,478 14,138................... 4,344 4,400........ 10,704 23,177 42,651................... 3,738........................... (2,339) (198) 988.................................... 1,072 6,865 8,813 27,184 81,280 85,770 * I-27

6. 12 31 2013 2014 2015 (a)...................... 4,404,654 4,855,684 5,211,994 (b) 8......................... 149,183 228,740 265,647.............. 75,574.............. 23,670 39,893 49,717 172,853 344,207 315,364 (c).......... 14 29,731 34,766 53,054.............. 15 2,941 3,741 4,550...................... 16 679 1,499 2,207................ 233,778 240,879 297,265......................... 339 439 439 *.......................... 83,342 133,812 133,679........................... 17,916 42,595 67,241...................... 4,541 6,045 7,324..................... 2,339 198 (988).............. 20 (1,141) (997).............. 289 31 * 20132014 2015 12 31 5,032,00019,332,000 20,810,000 6(b) I-28

7. 12 31 2013 2014 2015............................... 427 251 24 8. 2014 7 17 2014 12 10 2014 12 10 2014 12 10 2015 1 18 2015 8 28 12 31 2013 2014 2015.............................................................. 470 1,412 2,572..................... 25,695................. 29 45 68 499 27,152 2,640 I-29

2013 12 31............................ 195 10 205............................ 153 9 162............................ 37 37............................................................ 85 10 95 470 29 499 2014 12 31............................ 360 12 372............................ 120 12 132............................ 445 25,695 3 26,143.............................. 298 6 304.............................. 189 12 201 1,412 25,695 45 27,152 2015 12 31............................ 441 14 455............................ 281 14 295............................ 1,050 14 1,064.............................. 400 12 412.............................. 400 14 414 2,572 68 2,640 I-30

20141 30 20141231 9. 8 12 31 2013 2014 2015....................... 444 1,092 1,580....................... 43,077................... 20 38 35 464 44,207 1,615 12 31 2013 2014 2015 1,000,000............................ 3 3 6,500,001 7,000,000.................. 1 7,000,001 7,500,000.................. 1 12,500,001 13,000,000................ 1 29,000,001 29,500,000................ 1 3 4 3 2014 1 30 20141231 I-31

10. 12 31 2013 2014 2015............... 40,063 83,044 119,834 28............................ 11,319 195 (4,434)........................... 51,382 83,239 115,400 16.5% 15% 2012 5 2013 12 31 15% 2013 1220142015 12 31 15% 25% 12 31 2013 2014 2015.................................. 225,455 306,703 490,867 (25%).................. 56,364 76,676 122,717 (a).............. (3,044) (306)............................. (2,506) (10,296) (9,473)............................. 1,616 22,615 3,046............................... (1,086) (1,100) (50)....................... (4,701)................. (846)....................... 38 351 6........... 51,382 83,239 115,400 (a) 2013 2014 2015 12 31 1,970,000 743,000 I-32

11. 2015 12 31 3,256,000 31 12. 2.1 13. 2015 1 29 154,000,0002015 1 302015 1 2913,600,000 14. 2013 12 31 2013 1 1............................ 229,403 35,832 39,744 16,001 5,431 91,328 417,739........................ (43,535) (12,487) (20,271) (7,214) (3,107) (86,614)........................ 185,868 23,345 19,473 8,787 2,324 91,328 331,125 2013 1 1.......................... 185,868 23,345 19,473 8,787 2,324 91,328 331,125............................ 456 6,418 11,561 5,600 3,439 121,671 149,145............................ (1,404) (509) (1,151) (28) (3,092) 6............ (12,248) (4,157) (8,533) (3,985) (808) (29,731)............................ 20,633 851 (21,484) 2013 12 31.......................... 194,709 25,053 21,992 9,251 4,927 191,515 447,447 2013 12 31............................ 250,492 39,406 48,205 19,421 8,839 191,515 557,878........................ (55,783) (14,353) (26,213) (10,170) (3,912) (110,431)........................ 194,709 25,053 21,992 9,251 4,927 191,515 447,447 2014 12 31 2014 1 1............................ 250,492 39,406 48,205 19,421 8,839 191,515 557,878........................ (55,783) (14,353) (26,213) (10,170) (3,912) (110,431)........................ 194,709 25,053 21,992 9,251 4,927 191,515 447,447 2014 1 1... 194,709 25,053 21,992 9,251 4,927 191,515 447,447............................ 23,580 5,619 3,760 6,166 2,601 133,562 175,288............................ (3,565) (61) (14) (28) (3,668) 6............ (15,552) (4,981) (7,070) (5,259) (1,904) (34,766)............................ 207,411 9,748 4,656 4,534 (226,349) 2014 12 31.......................... 410,148 31,874 18,621 14,800 10,130 98,728 584,301 I-33

2014 12 31............................ 481,483 51,098 49,378 30,104 15,772 98,728 726,563........................ (71,335) (19,224) (30,757) (15,304) (5,642) (142,262)........................ 410,148 31,874 18,621 14,800 10,130 98,728 584,301 2015 12 31 2015 1 1............................ 481,483 51,098 49,378 30,104 15,772 98,728 726,563........................ (71,335) (19,224) (30,757) (15,304) (5,642) (142,262)........................ 410,148 31,874 18,621 14,800 10,130 98,728 584,301 2015 1 1.......................... 410,148 31,874 18,621 14,800 10,130 98,728 584,301............................ 752 25,082 4,005 11,131 3,572 105,904 150,446............................ (170) (1,814) (1,984) 6............ (26,526) (8,503) (7,106) (8,302) (2,617) (53,054)............................ 107,482 55,318 3,025 927 (166,752) 2015 12 31.......................... 491,856 103,601 13,706 20,654 12,012 37,880 679,709 2015 12 31............................ 589,717 131,284 43,702 44,260 20,271 37,880 867,114........................ (97,861) (27,683) (29,996) (23,606) (8,259) (187,405)........................ 491,856 103,601 13,706 20,654 12,012 37,880 679,709 2013 2014 2015 12 3161,339,000 251,537,000 226,165,000 201320142015 12 31 243,875,000 341,880,000 416,463,000 15. 12 31 2013 2014 2015............................... 168,093 184,709 225,845........................................ 20,581 45,843............................... (2,941) (3,741) (4,550)............................... (1,024) (966) (683)............................... 184,709 225,845 220,612 37 47 I-34

2013 2014 2015 12 31 164,310,000 180,517,000 220,612,000 16. 2013 12 31 2013 1 1.................................. 1,817................................................................. 10,124 6................................................. (679) 2013 12 31..................................................... 11,262 2013 12 31................................................................. 12,776............................................................. (1,514)............................................................. 11,262 2014 12 31 2014 1 1.................................. 11,262................................................................. 2,645 6................................................. (1,499) 2014 12 31..................................................... 12,408 2014 12 31................................................................. 15,421............................................................. (3,013)............................................................. 12,408 2015 12 31 2015 1 1.................................. 12,408................................................................. 3,961 6................................................. (2,207) 2015 12 31..................................................... 14,162 2015 12 31................................................................. 19,382............................................................. (5,220)............................................................. 14,162 17. 12 31 2013 2014 2015........................... 139,081 I-35

........ 2010 1 20 200,000 50% 12 31 2013 2014 2015..................................... 328,482................................... 53..................................... (50,373)..................................... 278,162............................ 50%............... 139,081................................ 139,081 12 31 2013 2014 * 2015......................................... 40,181 7,024...................... 24,356 2,444..................................... 30,000 * 2014 6 30 201412312014630 35(b)(v) 18. 12 31 2013 2014 2015...................... 75,800 8,223 I-36

2013 12 3175,800,000 35(b)(v) 12 31 2015.................................................. 8,223 19. 12 31 2013 2014 2015....................................... 291,252 120,424 101,301......................................... 69,911 39,197 40,190 361,163 159,621 141,491 20. 12 31 2013 2014 2015..................................... 40,667 105,749 181,799......................................... (4,090) (2,949) (1,952) 36,577 102,800 179,847..................................... 18,994 9,124 3,378 55,571 111,924 183,225 15 2013 2014 2015 12 31 484,865,000320,041,000104,327,000 I-37

12 31 2013 2014 2015..................................... 25,157 101,121 177,456........................ 2,265 318..................................... 9,155 1,361 2,391 36,577 102,800 179,847 12 31 2013 2014 2015......................................... 4,090 4,090 2,949 6....................... (1,141) (997)......................................... 4,090 2,949 1,952 201320142015 12 31 4,090,0002,949,0001,952,000 4,090,000 2,949,000 1,952,000 12 31 2013 2014 2015............................ 36,577 102,800 178,333.............................. 1,514 36,577 102,800 179,847 I-38

21. 12 31 2013 2014 2015.......... 4,008 3,041 7,475 (iii)............................. 72,170...................... 4,955 4,008 3,041 84,600 12 31 2013 2014 2015 (i)............................ 43,733 38,753 83,949................................ 46,383 24,074 44,406......................................... 15,440 15,195 20,508 (ii).............................. 4,638 5,959 5,202 (iii)............................. 44,438 [ ]............ 550 2,089 7,794......................................... 8,785 4,610 5,800 119,529 90,680 212,097 (i) 201320142015 12 31 12,193,000 2015 12 31 35(c) (ii) 17% (iii) I-39

22. 12 31 2013 2014 2015........................... 345,600 555,000 861,700 18020132014 2015 12 31 32,000,000 144,000,000820,904,000313,600,000 411,000,00040,796,000201320142015 12 31 20,000,00074,000,000656,347,000 23. 12 31 2013 2014 2015..................................... 504,384 659,401 779,056 24. 12 31 2013 2014 2015.............................. 283,087 501,322 786,691 2013 2014 2015 12 31 490,000123,709,00013,846,000 I-40

12 31 2014 2015............................................ 122,161 12,731 25. 12 31 2013 2014 2015..................................... 701,951 794,727 940,537..................................... 912,849 1,311,493 1,939,894 1,614,800 2,106,220 2,880,431 12 31 2013 2014 2015..................................... 1,073,352 1,276,040 1,651,079................................... 523,996 782,269 1,180,176................................ 14,452 30,691 21,905............................ 2,511 16,230 23,930.............................. 489 990 3,341 1,614,800 2,106,220 2,880,431 201320142015 12 31 93,269,000 59,225,0006,480,000 201320142015 12 31 79,799,00087,749,000 139,190,000 35(d) 20132014 12 31 325,000,000395,000,000 230,182,000302,758,000 2013 2014 12 31 2013 2014 12 31 200,000,000 28,751,000 2013 2014 12 31 I-41

15 90 26. 12 31 2013 2014 2015............ 28,128 50,689 55,298.............................. 79,360 81,896 40,830.......................... 38,907 59,018 49,841..................................... 20,333 19,736 22,667..................................... 5,052 7,831 10,138................................ 13,223 34,103 62,491......................................... 5,212 12,175 15,475 190,215 265,448 256,740 12 31 2013 2014 2015................................ 22,160 27. 12 31 2013 2014 2015 (%) (%) (%) (a).............................. 6.95 10,000 (b).............................. 1.91 12,997 10,000 12,997 12 31 2014 2015 (%) (%) (b)........................................................ 1.91 12,997 (a) 2013 12 31 10,000,000 2014 (b) 2015 12 31 12,997,000 2016 I-42

28. 2013 1 1.................... 14,190 9,730 1,362 25,282 10................. (13,137) 1,639 179 (11,319) 2013 12 312014 1 1.. 1,053 11,369 1,541 13,963 10................. (1,053) 658 200 (195) 2014 12 312015 1 1.. 12,027 1,741 13,768 10................. 759 4,929 (1,254) 4,434 2015 12 31................... 759 16,956 487 18,202 2013 2014 2015 12 31 1,883,0003,288,0001,390,000 10%2008 1 1 2007 12 31 10% 201320142015 12 31 197,096,000 266,402,000 624,916,000 I-43

29. 2014 12 31 2015 0.00001 4,807,000,000 193,000,000 A 2014 12 311.00 48,070 1,930 A........................... 50 50 0.00001 2,000,000,000 2014 12 311.00 20,000.............................................. 20 20 0.00001 193,000,000 A 2014 12 311.00 1,930 A........................................ 2 2.............................. 22 22 135 135 2014 7 1750,000 50,0001.001.00 2014 7 21 2014 7 2134029913070704644 2014 7 2213,300 5,700 20141210 50,0001.001,930 A 1,930 A 125,000,000 Kuanjie (Cayman) Investment Center LP Broad Street (Cayman) Investment Center LP 2015 8 28 1.0048,0701,930 A 0.00001 4,807,000,000193,000,000 A 30. 2014 1 6 5% 2014 9 1 5% 4.2% 75,574,000 20141231 14.53%3% I-44

31. (i) (ii) (iii) 10%50% 25% (iv) * 2014 7 17................ (63) (63) 30.... 75,574 75,574 29......... 121,316 121,316 2014 12 31.............. 121,316 (63) 75,574 196,827............. 1,051 (3,256) (2,205) 13.... (111,192) (111,192) 2015 12 31.............. 10,124 988 75,574 (3,256) 83,430 * Kuanjie (Cayman) Investment Center LP I-45

32. 2013 2014 2015 12 31 33. 141522 23 34. (a) 12 31 2013 2014 2015...................... 101,289 29,997 5,516 (b) 12 31 2013 2014 2015.................................. 3,513 4,282 8,364........... 7,359 9,333 13,027.................................. 9,533 8,433 7,333 20,405 22,048 28,724 I-46

35. (a)........................................................................................................................................................................................ (b) 2125 27 i) 12 31 2013 2014 2015............................ 269,157 252,223 181,661............................ 64,520 54,888 46,448............................ 2,006 8,373 3,244............................ 63,959 69,525 43,327............................ 42,525 58,757 37,729............................ 29,370 29,015 18,400............................ 14,822 15,418 12,507............................ 7,865 15,128 10,218............................ 294 8,453 494,518 511,780 353,534 I-47

ii) 12 31 2013 2014 2015............................ 4,510 iii) 12 31 2013 2014 2015............................ 40,000............................ 25,000 15,000............................ 49,000............................ 49,000 iv) 12 31 2013 2014 2015........... 7,061................ 6,083 v) 2014 6 30 2014 6 30217,103,000 62,000,000 140,303,000 14,800,000 I-48

(c) 2015 12 31............................................................. 9,308............................................................. 643............................................................. 1,218............................................................. 1,024 12,193 2013 12 31............................................................. 15,000........................................................ 25,000 40,000 2013 12 31 2014 12 31 (d) 12 31 2013 2014 2015................................ 49,575 12,704................................ 15,101 8,682................................ 7,870 11,889 2,505................................ 6,225 4,328................................ 1,407 4,226 2,645................................ 5,939 5,197................................ 3,252 7,253 4................................ 1,493 2,455 121................................ 937 2,311 295................................ 1,470 180 910 93,269 59,225 6,480 I-49

12 31 2013 2014 2015................................ 55,669 54,239 84,830................................ 17,220 17,680 10,750................................ 6,430 12,740 7,630................................ 2,650 26,880................................ 6,150................................ 2,950................................ 480 440 79,799 87,749 139,190 12 31 2013 2014 2015................................ 49,000 (e) 12 31 2013 2014 2015................. 73,474 20141231 (f) 12 31 2013 2014 2015.................................... 564 2,613 4,180................... 72,098............... 39 69 109 603 74,780 4,289 I-50

8 (b)14a(b)(i) 36. 12 31 2014 2015...................................... 75,574 75,574 1 37. 2013 12 31.................... 75,800 75,800............. 55,571 55,571...... 24,225 24,225.................. 40,000 40,000....................... 345,600 345,600.................. 504,384 504,384............... 283,087 283,087 345,600 75,800 907,267 1,328,667 I-51

........................................................ 1,614,800................................... 53,673............................................................... 10,000.......................................................... 73,474............................................................. 49,000 1,800,947 2014 12 31....................... 111,924 111,924.............................. 19,805 19,805............. 555,000 555,000............................ 659,401 659,401......................... 501,322 501,322 555,000 1,292,452 1,847,452........................................................ 2,106,220................................... 82,600 2,188,820 I-52

2015 12 31..................... 8,223 8,223............... 183,225 183,225......... 26,308 26,308....... 861,700 861,700................... 779,056 779,056................. 786,691 786,691 861,700 8,223 1,775,280 2,645,203.................................................. 2,880,431............................... 93,440........................................................ 12,997 2,986,868 2015 12 31.................................. 8,223 8,223.............................. 1,218 1,218.............................. 12,731 12,731 8,223 13,949 22,172 I-53

.................................................... 2,000........................................................ 12,997 14,997 2014 12 31.................................................... 1,227.................................................... 122,161 123,388.................................................... 2,000 38. 12 31 2013 2014 2015..................................... 345,600 555,000 861,700 12 31 2013 2014 2015..................................... 345,600 555,000 861,700 I-54

2013 12 31...................... 345,600 345,600 2014 12 31...................... 555,000 555,000 I-55

2015 12 31...................... 861,700 861,700 39. 2%3% 2% % 2013 12 31.......................... (5) 49.......................... 5 (49) 2014 12 31.......................... (5) 535.......................... 5 (535) 2015 12 31.......................... (5) 247.......................... 5 (247) I-56

2013 12 31 3 3 12 1 5....................... 10,257 10,257................. 33,449 1,127,022 454,329 1,614,800............... 22,430 4,825 26,418 53,673................... 73,474 73,474..................... 49,000 49,000 178,353 1,131,847 491,004 1,801,204 2014 12 31 3 3 12 1 5................. 146,132 1,332,643 627,445 2,106,220............... 23,957 13,585 45,058 82,600 170,089 1,346,228 672,503 2,188,820 I-57

2015 12 31 3 3 12 1 5....................... 65 13,183 13,248................. 187,708 1,794,473 898,250 2,880,431............... 46,936 13,039 33,465 93,440 234,644 1,807,577 944,898 2,987,119 12 31 2013 2014 2015............................ 1,614,800 2,106,220 2,880,431......... 53,673 82,600 93,440.................................. 10,000 12,997.............................. 73,474................................ 49,000.......................... (283,087) (501,322) (786,691)............................. (504,384) (659,401) (779,056)....................................... 1,013,476 1,028,097 1,421,121.......................... 627,249 516,573 781,837................................ 1,640,725 1,544,670 2,202,958 62% 67% 65% I-58

40. D.1. [ ] [ ] 10% III. 20151231 [ ] I-59

A. 4.29 [ ] 2015 12 31 2015 12 31 20151231 2015 12 31 2015 12 31 [ ] 1 2 3 4 [ ] [ ]............ [] [] [ ] [] [] [ ] [ ]............ [] [ ] [] [] [] II-1

(1) 2015 12 31.............................. 781,837.................................... 14,162........................... 767,675 (2) [ ][ ][ ][ ] [ ][ ]2015 12 31 [ ][ ] (3) [ ] [][] (4) 1.001.2011 (5) 20151231 II-2

[ ] II-3

[ ] II-4

[ ] II-5

2014 7 17 1. 1.1 1.2 2. 2016 4 22 2.1 2.1.1 2.1.2 III-1

4 2.2 2.2.1 2.2.2 III-2

2.2.3 2.2.4 2.2.5 III-3

(a) (b) (c) (d) (e) 2.2.6 III-4

2.2.7 III-5

7 7 (a) (b) (c) (6) (d) (e) (f) III-6

(g) (h) 2.2.8 2.2.9 30 2.2.10 III-7

2.3 2.4 2.5 (a) (b) (c) (d) (e) (f) (g)(h) 2.6 III-8

21 95% 21 15 14 2.7 2.7.1 2.7.2 2.7.3 III-9

2.7.4 2.8 15 2.9 21 21 III-10

21 2.10 2114 2.10.1 2.10.2 95% III-11

(a) (b) (c) (d) (e) (f) 20% (g) 2.11 III-12

30 2.12 2.13 2.14 III-13

2.14.1 2.14.2 (a) (b) III-14

20% 2.15 2.16 III-15

20% 20% 14 14 20% 2.17 [ ] 2.18 III-16

2.19 3(f) 2.20 2.20.1 2.20.2 2.21 III-17

2.21.1 12 2.21.2 123 3 (iii) 2.21.3 2.22 3. 2014 7 17 3.1 3.2 III-18

3.2.1 3.2.2 3.2.3 37 3.2.4 3.2.5 3.3 3.4 III-19

37A(1)(a) (b) (c) 37A(1) 3.5 3437A(7) 34 2.14 37A(7) (c) III-20

3.6 Foss v. Harbottle 3.6.1 3.6.2 3.6.3 3.7 3.8 59(i) (ii) (iii) 59 III-21

Tax Information Authority Tax Information Authority Law2009 3.9 3.10 2011 6 3.10.1 3.10.2 (a) (b) 2011 6(3) 2014 8 5 3.11 3.12 III-22

3.13 3.14 2009 3.15 (i)(ii)(iii) III-23

(i) (ii) 3.16 75% 3.17 90% III-24

3.18 4. Appleby III-25

A. 1. 2014 7 17 1 36 2015 1 29 16 2. 50,000 50,0001.00 2014 7 17 Reid Services Limited 1.002014 7 21 2014 7 2134029913070 7046 44 1.00 2014 7 22 13,300 5,700 1.00 2014 12 10 50,000 1.00 1,9301.00A 1,930 1.00A[] 20,0001.0021,930 20,000 1.001,9301.00 A 2015828 1.00100,0000.00001 1.00 A 100,000 0.00001 A IV-1

4,807,000,000 0.00001 193,000,0000.00001A [ ] [ ] [ ] [] [ ] [ ] A. 3.[ ] 3. [ ] (i) [ ] (a) [] (b) [ ] 193,000,0000.00001A A [ ] 0.00001 [ ] 193,000,0000.00001 A0.00001 50,0005,000,000,0000.00001 (c) (i)[ ] [ ][ ] [ ] [ ] (ii)[ ] [ ] [ ] [ ] [ ] (i) [ ] [ ] [ ] [ ] [ ] [ ] [ ] (ii) [ ] [ ] (iii) D. 1. [ ] IV-2

(d) [ ] [ ] [ ] [ ][ ] [ ] A (e) (d)[ ] [ ] 20% [ ] (i) (ii) (iii) (f) [ ] [ ] [ ] 10% IV-3

(i) (ii) (iii) (g) (e) (f) [ ] [ ] [ ] 10% 4. [] 5. Yadea Group Management 2014 7 24 Yadea Group Management 50,0001.00 Yadea HK 2014 8 5 Yadea HK100 Yadea Group Management 100 IV-4

2014 6 30 1,000,0002014 12 8 2014 6 30 150,000,000 2015 5 15 10,000,000 2015 7 15 10,000,000 6. 1 7. (a) (i) IV-5

[ ] [] [] [ ] 10% (ii) (iii) [ ] 10% [ ] 30 [ ] 5% (iv) IV-6

(v) (a) (b) (vi) 30 (vii) (b) IV-7

(c) (d) [ ] [ ] [ ] [ ] (i) (ii) (iii) (e) IV-8

26 [ ] [ ] [ ] 10% [ ]% [ ] 25% 8.08 B. 1. (1) 2014 6 17 30% 153,000 (2) 2014 6 17 19% 96,900 (3) 2014 6 17 94.29%64,976,375 IV-9

(4) 2014 7 2 10% 15,000,000 (5) 2014 7 2 90% 135,000,000 (6) 2014822 25%12,500,000 (7) 2014822 20%10,000,000 (8) 2014 8 22 25%125,000 (9) 2014 8 22 20%100,000 (10) Yadea HK2014 12 1 Yadea HK 95% (11) Yadea HK2014 12 1 Yadea HK 5% (12) 2014 12 4 60%78,614,657.28 IV-10

(13) 2014 12 4 40%52,409,771.52 (14) [ ] (15) [][ ] [ ] 2014 10 27 (16) [ ] 2014 12 30 [ ] (17) (18) [ ] D. 3. (19) [ ] (20) [ ] [ ] [ ] [ ] [ ] (21) [ ] IV-11

2. (a) (1) 1 303064185AA 4, 12, 35, 36, 2024 7 10 37 39 12243913 12 2024 8 13 2 303064176 4, 12, 35, 36, 37, 39 42 2024 7 10 3 5124248 12 2018 12 27 5061770 3 2019 10 20 5061771 6 2018 12 6 5061772 7 2018 12 6 5061769 2 2019 5 13 5061768 1 2019 8 13 5061776 28 2019 6 13 5062060 41 2019 11 20 5061774 9 2018 12 6 5061773 8 2018 12 6 5061775 17 2019 5 27 4 5877131 12 2019 10 20 5 10511982 1 2023 7 20 10522556 2 2023 4 13 7355860 4 2020 9 20 7355914 5 2020 11 20 10512085 2023 8 6 7355957 6 2020 12 13 7356000 7 2020 12 13 10512149 2024 3 20 10512175 8 2023 4 13 7356331 9 2020 12 27 10512291 2024 1 6 7356358 10 2020 9 20 (1) B.2.(c) IV-12

(1) 7356673 11 2021 1 20 5877132 12 2019 10 20 7356695 13 2020 12 6 7356712 14 2020 8 13 10512396 2023 4 13 7356737 15 2020 8 13 7359246 16 2020 10 13 10522578 2023 7 13 7359282 18 2020 10 13 10522607 2023 7 13 7359325 19 2021 6 13 10522679 2023 6 20 7359354 20 2020 12 27 10522700 2023 12 6 7359381 21 2020 12 27 10512446 2023 7 13 7359416 22 2020 10 13 10517069 2023 4 13 7359952 23 2020 10 13 7359973 24 2020 12 27 10517078 2023 4 13 736003 25 2020 12 20 10517094 2023 9 20 7362451 26 2020 10 13 7362548 27 2020 12 27 10517111 28 2023 4 13 7362532 29 2021 4 6 7362621 30 2020 12 27 10517135 2023 7 13 7362651 31 2020 10 20 7362682 32 2020 8 27 10517159 2023 7 13 7362708 34 2020 10 20 7362745 37 2021 4 20 10517199 2023 7 13 10005539 38 2022 11 20 10517228 2023 4 13 7362770 39 2020 12 6 7362805 40 2021 4 20 10517270 41 2023 7 13 7365250 42 2021 8 20 10522729 2023 7 13 7365267 43 2020 10 20 10522493 2023 7 13 7365310 44 2020 12 27 7365347 45 2020 10 13 IV-13

(1) 6 9938112 12 2022 11 13 7 10152474 12 2023 4 6 8 1649965 3423456 12 2021 10 13 2024 8 20 9 1665995 3423465 10 1685877 3423464 12 2021 11 13 2024 8 20 12 2021 12 20 2024 8 20 11 3727175 12 2015 7 13 12 1617902 3423466 12 2021 8 13 2024 8 20 13 12020975 12021016 12 9 2025 6 27 2024 6 27 14 5460892 12 2019 9 27 IV-14

(b) 1 15035397 40 2012 2 23 41 2012 2 22 42 2014 7 4 43 44 45 15022047 1 2014 7 2 2 3 4 5 6 7 8 9 10 11 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 IV-15

2 12243961 12 2013 3 11 3 13977173 9 2014 1 24 13977119 12 4 13977177 9 2014 1 24 13977125 12 5 13977189 9 2014 1 24 13977131 12 6 13977200 9 2014 1 24 13977143 12 7 15038973 12 2014 7 4 8 13977106 12 2014 1 24 9 15012362 12 2014 7 1 10 15012384 12 2014 7 1 IV-16

11 15039021 12 2014 7 4 12 13977112 12 2014 1 24 13 15038956 12 2014 7 4 14 15038968 12 2014 7 4 15 15039006 12 2014 7 4 16 15039009 12 2014 7 4 17 10512372 12 2012 2 21 18 15012281 12 2014 7 1 B. 2. (c) IV-17

(c) 4 12 35 36 37 39 42 1 2 4 5 6 IV-18

7 8 9 10 11 12 13 14 15 16 18 IV-19

19 20 21 22 23 24 25 26 27 28 29 30 31 32 34 IV-20

37 38 39 40 41 42 43 44 45 yadea.com.cn 2019 11 13 IV-21

C. 1. (a) [ ] [ ] [ ] XVXV 7 8 352 [] (i) 1 3 [ ] [] 2 3 [ ] [] 4 [ ] [] (1) [ ] XV (2) [ ] XV (3) (4) [ ] XV IV-22

(ii) [ ] 100% [ ] 100% (b) [] [ ] [][] (c) 2015 12 312,640,000 300,000 2016 12 31 3,273,440 C. 1. (b) 2. (a) [ ] [ ] [ ] IV-23

XV2 3 1 [ ] []% 1 [ ] []% (1) (b) 10% 3. 4. (a) XV78 352 [ ] (b) D. 10. IV-24

(c) (d) (e) [ ] [ ] XV2 3 10% (f) 5% D. 1. [ ] (a) (b) IV-25

(i) (ii) (c) (i) 30% (ii) 10% 10% [ ] (iii) (i)(iv) 10% 17.02(2)(d) 17.02(4) (iv) (i)(iii) IV-26

(iii) 17.02(2) (d) 17.02(4) (d) 1% 17.03(9) (1) (e) (i) (ii) (1) 0.1% (2) 5 IV-27

(f) (g) (h) (i) (ii) [ ] (iii) 1 (i) (i) IV-28

(ii) (j) (i) (ii) (k) (l) (m) (o) IV-29

(n) (o) (p) (i)(1) (2) (3) (ii) (i)(1)(2)(3) (q) IV-30

(r) (s) (k)(m) (n) (o) (k)(m)(n) (o) (t) (i) (ii)(iii) (1) (2) (3) IV-31

2005 9 5 17.03(13) (u) (c)(iii) (iv) (v) (w) (i) (f) (ii) (k)(m)(n)(o)(q) (r) (iii) (iv) (v) IV-32

(vi) (vii) (m)(n) (x) (i) [ ] [ ] (ii) 17.03 (iii) (iv) (v) (y) IV-33

(z) [ ] 2. 3. B. 1. [ ] 4. 5. [ ] [ ] [ ] 3A.07 5,000,000 6. 6,033 IV-34

7. 8. (a) 0.1% 2006 2 1120052006 2 11 (b) (c) [] 9. Appleby 1 6 [ ] IV-35

Paul Hastings LLP HWL Ebsworth Lawyers Paul Hastings LLPPaul Hastings LLP HWL Ebsworth LawyersHWL Ebsworth Lawyers 10. Appleby Paul Hastings LLPHWL Ebsworth Lawyers 11. [ ] [ ] [ ] [ ] [ ] Kuanjie (Cayman) Investment Center LP (1) [] Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands [ ] [] (1) [ ][ ][ ] [ ] IV-36

12. 32L 4 13. 44A 44B 14. (a) (i) (ii) (iii) (iv) (b) (c) D. 10. (d) 20151231 IV-37

(e) 12 (f) [ ] [ ] [ ] [ ] (g) (h) IV-38

A. (a) [ ] (b) B. 1. (c) D. 10. (d) [ ] B. 14 1 21 22 (a) (b) 2015 12 31 (c) (d) (e) Appleby (f) Paul Hastings LLP (g) HWL Ebsworth Lawyers (h) (i) (j) (k) B. 1. (l) D. 10. V-1

(m) C. 1. (b) (n) [ ] (o) V-2