i

AURUM PACIFIC (CHINA) GROUP LIMITED 8148 FIRST SURPLUS INVESTMENTS LIMITED 60% 9 EGM-1 EGM-2 48 183 22 www.hkgem.com www.aurumpacific.com.hk

i

.............................................................. 1....................................................... 5..................................... I-1.......................... II-1................................. III-1.................... IV-1................................... V-1.............................................. VI-1................................................. EGM-1 ii

8148 150,000,000 1

Mooff Games Mooff Games Limited 73.4% 2

110,000,000 Hyper Venture Limited 60% 571 0.04 Side Quest Side Quest Limited 85% First Surplus Investments Limited Twins Box Mooff Games Side Quest 3

Twins Box Twins Box Holdings Limited Triumph Team Ventures Limited % 4

AURUM PACIFIC (CHINA) GROUP LIMITED 8148 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 111 22 FIRST SURPLUS INVESTMENTS LIMITED 60% (i)(ii) (iii) (iv)(v) 60% 150,000,000 (i) 40,000,000 (ii) 110,000,000 5

(i) (ii) (iii) 60%10% 50% 150,000,000 (i) 40,000,000 (ii) 110,000,000 250,000,000 6

(a) (b) (c) (d) (e) 250,000,000 (f) (g) (e) 7

26,700,000 110,000,000 110,000,000 5 (i) (ii) 14,200,000 8

Asiasoft Corporation Public Company Limited Asiasoft12 (i) (ii) 14 19 50% 50% 9

(1) 50% 50% 100% Twins Box 100% Mooff Games 73.4% 85% 100% Side Quest (2) 100% 60% 40% 100% Twins Box 100% Mooff Games 73.4% 85% 100% Side Quest 10

Twins Box Twins Box Mooff Games 73.4% 16.0% 10.6% Side Quest 85% 15% 10% 50% Asiasoft Asiasoft12 50% 90% 10 11

10% 50% 6 (i) (ii) 755,000 12

4 10 1,545 5,376 1,299 3,977 2,800,000 (i) (ii) (iii) 514.6 103.8% 13

(i) (ii) (i) (ii) 283,137,000 437,005,0005,630,000 131,336,000 277,507,000 305,669,000 25,965,000 29,942,000 25% 100%19 14

9EGM-1 EGM-2 48 183 22 15

1. (www.hkgem.com) (www.aurumpacific.com.hk) 3 25 http://www.aurumpacific.com.hk/chinese/reportprn.php?id_no=interim/ cw8148_ir_20160812.pdf&rp_id= 44 139 http://www.aurumpacific.com.hk/chinese/report/annaul2016/cw8148.pdf 38 119 http://www.aurumpacific.com.hk/chinese/report/annaul2015/cw8148.pdf 35 119 http://www.aurumpacific.com.hk/chinese/report/annaul2014/cw8148.pdf 2. a 26,740 b 288 27,028 a b I-1

3. 4. 7,000,000 5. (i) (ii) (iii)(iv) I-2

I-3

166,0001,548,000 96,000 237,000 70,0001,311,000 3,366,000 16,0001,615,00010,053,000 II-1

16,000 1,299,000 3,977,000 6,020,00025,124,000 1,692,000 366,000 3,957,000 24,000,000 6,071,000 94,000 5,977,000 22,930,000 380,000 22,550,000 120% 111% 145,000 116,000 II-2

34 1,252,0006,074,000 (i) Twins Box Glory Brightness Ltd. 100% (ii) MTel LimitedSide Quest 85% (iii) MTel Limited Excel Focus LimitedMooff Games 73.4% II-3

(iv) Funland Overseas Limited 70% (v) Next Step Ventures Limited II-4

First Surplus Investments Ltd. 60% II1 II1 III-1

I III 3.340 II2 29,0003,957,000 24,000,00029,000 1,220,000 2,814,000 III-2

I. 4 166 1,548 (96) (237) 70 1,311 21(b) 3,366 (16) (415) (3,669) (1,200) (4,235) (2,149) 6 (16) (1,545) (5,376) 7 246 1,399 (16) (1,299) (3,977) (16) (1,078) (3,414) (221) (563) (16) (1,299) (3,977) III-3

10 109 170 11 18,568 12 2,105 2,105 13 541 3,427 2,755 24,270 14 1,573 488 15 1,692 366 3,265 854 15 380 29 1,151 1,924 16 94 17 5,977 22,550 29 7,222 24,854 (29) (3,957) (24,000) (29) (1,202) 270 13 18 3,084 18 3,084 (29) (1,220) (2,814) 18 1 1 1 (30) (1,108) (2,139) (29) (1,107) (2,138) (113) (676) (29) (1,220) (2,814) III-4

1 (14) (13) (13) (16) (16) (16) 1 (30) (29) (29) 18(a) 21(b) 108 108 (1,078) (1,078) (221) (1,299) 1 (1,108) (1,107) (113) (1,220) 21(b) 2,386 2,386 21(e) 2,383 2,383 (2,386) (3) 21(f) (3,414) (3,414) (563) (3,977) 1 (4,522) 2,383 (2,138) (676) (2,814) III-5

(16) (1,545) (5,376) 6(b) 41 78 21(b) (3,366) (16) (1,504) (8,664) (1,273) 1,251 16 359 (801) 94 (94) (2,324) (8,308) 21(e) (3) 21(b) (1,927) (2,094) (34) (64) (1,961) (2,161) 5,977 8,763 21(f) 18(a) 5,977 8,763 1,692 (1,706) 1,692 15 1,692 (14) III-6

II. 1 Akara Building, 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, the BVIs 302-8 10 1012 Twins Box Holdings 1 100% 1 Limited Twins Box 1 Mooff Games Limited 10,000 73.4% 23 Mooff Games 10,000 Side Quest Limited 3,020,000 85% 23 Side Quest 4,510,001 12,000 100% 3 (1,010,000 ) 1 1 100% 45 (1) (2) (3) III-7

(4) (5) King Creative Limited 2 (a) 27 3.340 (b) 29,0003,957,000 24,000,00029,0001,220,0002,814,000 26 III-8

22,550,000 3 (c) 2(i)(ii) III-9

(d) 1219 2 5 e (i) (ii) (ii)(i) 2(d) 2(i)(ii) (f) 2(i)(ii) III-10

5 3 5 2 3 (g) 2(i)(ii) 2(i)(ii) 3 (h) (i) III-11

(ii) (i) (i) III-12

(ii) III-13

(j) 2(i)(i) (k) (l) (m) (n) (o) III-14

III-15

(p) (q) i (ii) (r) (s) (i) (1) (2) (3) III-16

(ii) (1) (2) (3) (4) (5) (6) (i) (7) (i)(1) (8) (t) III-17

3 2 (a) (b) 12 (c) 13 4 III-18

5 (a) (b) 10% A 144 261 B 20 247 C 330 D 200 E 166 6 (a) 8 1,194 5,805 58 269 1,252 6,074 (b) 5 79 84 41 78 335 III-19

7 (a) 13(b) 246 1,399 (b) (16) (1,545) (5,376) 16.5% (3) (255) (887) (556) 3 9 44 (246) (1,399) III-20

8 383(1) 2 Kwong Wing Heen Gabriel 96 352 5 17 101 369 Carter Mackintosh Adam Law Shu Sang, Joseph 96 352 5 17 101 369 9 8 360 1,442 17 66 377 1,508 1,000,000 4 4 III-21

10 34 34 21(b) 116 116 150 150 5 59 64 21(b) 30 15 30 75 30 20 239 289 41 41 41 41 2 76 78 2 117 119 109 109 30 18 122 170 III-22

11 21(b) 18,568 18,568 12 2,105 21(b) 2,105 2,105 2,105 3.4% 18.9% 19.8% 36 13 (a) 541 3,427 (18) (3,084) 523 343 III-23

(b) 21(b) 296 (19) 277 7 245 1 246 541 (18) 523 21(b) 1,490 (5) (3,064) (1,579) 7 1,396 3 1,399 3,427 (20) (3,064) 343 14 54 1,519 488 1,573 488 15 1,692 366 1,692 366 (380) 1,692 (14) III-24

16 17 18 (a) 1.00 50,000 390,000 1.00 1 8 9 70 10 78 (b) (c) III-25

19 485 5%30,000 25,000 20 (a) 14 (b) III-26

29,0003,957,000 24,000,00029,0001,220,0002,814,000 2 (c) (d) (e) 1,746 582 29 7,223 24,855 (f) III-27

21 (a) 100% Mooff Games 73.4% Side Quest 85% 70% 1 (b) Mooff Side Games Quest 2 85 209 296 1,490 18 98 116 75 18,568 55 245 300 166 64 1,009 1,073 106 (3) (16) (19) (3,069) (32) (625) (106) (763) (9,384) (30) (406) 1,439 1,003 7,952 # 108 (216) (108) (2,386) (30) (298) 1,223 895 5,566 30 398 1,677 2,105 (3,366) 100 2,900 3,000 2,200 100 2,900 3,000 2,200 (64) (1,009) (1,073) (106) 36 1,891 1,927 2,094 # III-28

(c) 93,000 (d) 166,000 Mooff Games Mooff Games Side Quest7,000628,000 609,000 2,121,0002,636,000 396,000 1,548,0006,714,000 (e) 21(a)70% 3,000 30%2,386,000 2,386,000 2,383,000 2,386 (3) 2,383 (f) Side Quest Side Quest 1,500,000 1 Side Quest 85% III-29

(g) Mooff Games Side Quest Mooff Games Side Quest 26.6% 15% 26.6% 15% 178 469 244 1,032 702 943 1,536 558 (1,587) (891) (2,909) (2,580) (5) (13) (3) (8) (712) 508 (1,132) (998) (189) 76 (301) (375) 646 159 2,998 646 (306) (930) (420) (3,007) (306) (930) (420) (3,007) (81) (140) (112) (451) 118 (463) (112) (2,011) (19) (15) (5) (18) 1,500 22 145 116 III-30

23 (a) 8 96 384 5 18 101 402 24 25 (a) 3,000 7,703 2,004 14,495 6 1,000 84 3,004 14,585 29 35 64 63 5,977 22,550 29 6,075 22,614 (29) (3,071) (8,029) (29) (71) (326) 1 1 1 (30) (72) (327) (29) (71) (326) III-31

(b) 1 (14) (13) (16) (16) 1 (30) (29) (42) (42) 1 (72) (71) (255) (255) 26 60% 27 9 2 15 2 15 16 3 1 1 16 1 38 1 1 2 3 III-32

1516 15 15 15 16 12 III. P06231 III-33

A. 7.31 First Surplus Investments Ltd. 60% IV-1

(1) (2) 50,817 170 50,987 2,624 18,568 67,633 (4) 88,825 21,666 2,105 75,365 (3) 99,136 25,723 (5) 25,723 3,427 3,427 75,107 24,270 168,721 268,098 37 37 16,521 488 17,009 153,800 153,800 3,518 3,518 23 (5) 23 79 79 34,075 366 (40,000) (5) (5,559) 208,030 854 (39,977) 168,907 IV-2

(1) (2) 380 380 1,308 1,924 2,322 (7) 5,554 242 242 3,607 3,607 22,550 (22,550) (4) 139 139 5,296 24,854 (20,228) 9,922 202,734 (24,000) (19,749) 158,985 277,841 270 148,972 427,083 46 46 288 3,084 11,159 (4) 14,531 106,837 (5) 106,837 334 3,084 117,996 121,414 277,507 (2,814) 30,976 305,669 IV-3

1. 2. 3. 75,365,000 5 121,091 30,484 4 (76,210) 75,365 3 3 76,210,000 40% Hyper Venture Limited Triumph Team Ventures Limited 150,000,000 (i) 40,000,000 (ii) 110,000,000 5% 7 14,200,000 First Surplus Investments Ltd. 60% IV-4

3636 3 4. 4a (2,814) 4b 22,550 4c 67,633 4c (11,159) 76,210 (a) (b) (c) (i) 86,201,000 14,223,000 16.5% (ii) 18,568,000 3,064,000 18,568,000 38 IV-5

5. (a)(b)(c) 3 40,000 40,000 (23) 5a 110,000 106,837 5a (25,723) 5b 150,000 121,091 (a) 6.42% 121,000,000110,000,00011,000,000 6.42% 0.47% 4.00%1.95% 3 (b) 57,805,000 44.50% 57,805,000 153,360,000 (i) 150,000,000 (ii) 80.55% (iii) (iv) 0.469% (v) IV-6

(i) 60% 255,600,00028 (ii) First Surplus Investments Ltd. 60% (iii) 22 (iv) (v) 22 55.50% 44.50% 44.50% 3 6. 7. 2,322,000 8. IV-7

B. A 625 2 First Surplus Investments Ltd. IV-1 IV-7 IV-3 IV-7 First Surplus Investments Ltd. 60% 7.317 7 IV-8

1 7.31(7) 3420 7.317 IV-9

(a) (b) (c) 7.31(1) IV-10

First Surplus Investments Limited 100% First Surplus Investments LimitedFirst Surplus100% 1. First Surplus V-1

2. First Surplus First Surplus First Surplus First Surplus First Surplus V-2

3. FIRST SURPLUS First Surplus Side Quest LimitedSide Quest Mooff Games LimitedMooff GamesFirst Surplus FIRST SUPPLUS INVESTMENT LID. 1 (100%) 7,340 (73.4%) 2,567,000 (85%) 12,000 (100%) TWINS BOX HOLDINGS LTD. MOOFF GAMES LIMITED Side Quest Limited 1 (100%) First Surplus Side Quest Mooff Games First Surplus 6 First Surplus Asiasoft Corporation Public Company Limited Playpark Company Limited 12 First Surplus MTRFirst Surplus V-3

First Surplus First Surplus 30%iOS 4. Hagenuk MT-2000 OEM Palm Symbian Adobe Flash Lite NTT DoCoMo s DoJa Sun s Java ME Qualcomm s BREW WIPI Blackberry NookWindowsiOS Windows 10 Windows ios app V-4

1 First Surplus 2 1. 2. 1. 2. 3. 1. 2. 3. V-5

3 V-6

1. 2. 91 3. 4. 5. 6. V-7

11 2G 3G4G 1. 2. 3. V-8

14 1 Rovio Entertainment Popcap Games Imangi Studios King Limited Ustwo Game Netmarble Games + V-9

2 Gungho Entertainment Mad Head Supercell Supercell Com2us V-10

514.6 103.8% 1,400 39.2% 50% 10% 396 10.9% VR 4G V-11

4 300 250 200 150 100 67.1 24.5% 89.2 32.9% 110.5 23.9% 143.6 30.0% 182.7 27.2% 220.8 20.9% 251.1 13.7% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 50 5.0% 0 2012 2013 2014 2015 2016 2017 2018 0.0% 5 120% 100% 80% 60% 40% 20% 0% 72% 15% 66% 18% 13% 17% 56% 19% 25% 46% 15% 39% 38% 33% 30% 12% 50% 2012 2013 2014 2015 2016 10% 9% 57% 61% 2017 2018 V-12

6 60 50 40 30 20 10 0 6.23 86.8% 40.8% 8.77 14.84 69.2% 27.6 86.0% 56.22 2011 2012 2013 2014 2015 120.0% 103.7% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 7 500 400 300 200 100 0 89.1 51.369.9% 73.7% 248.5% 310.5 367.5 396.4 300.0% 250.0% 200.0% 150.0% 100.0% 50.0% 18.4% 7.9% 0.0% 2011 2012 2013 2014 2015 DataEye V-13

IPIP 16% 41% IP 41% 26% 8 IPIP IP IP 2% 14% 59% 41% IP 6% 41% 11% 26% DataEye IP IP V-14

9IP IP 15.2% 14.2% 13.1% 9.3% 9.0% 8.3% IP 7.3% 35 18 10 5 2,500 V-15

10 3000 2500 2000 2557 2042 1500 1407 1000 889 725 500 388 350 206 168 125 0 Talking Data 2015 11.6%7.0% 6.7% 30 29% 21%7 9% 8% ios4.9 4.9 ios 4.5%3.9% ios ios V-16

IP V-17

BAT IP 5. 13 6. 1 First Surplus 1 V-18

7. First Surplus First Surplus V-19

8. First Surplus V-20

9. a) First Surplus b) First Surplus c) First Surplus d) e) V-21

10. 14 First Surplus a) b) First Surplus First Surplus 300315 CH Equity 799 HK Equity IGG Inc. 1022 HK Equity 484 HK Equity 8267 HK Equity 777 HK Equity 002354 CH Equity 434 HK Equity 002174 CH Equity 1. 2. 3. V-22

1 IESEPricewaterhouseCoopers Pablo FernandezCompany Valuation Methods The Most Common Errors in Valuations First Surplus First Surplus First Surplus First Surplus First Surplus First Surplus First Surplus First Surplus First Surplus V-23

= FCFE1 (1+ke) 1 + FCFE2 (1+ke) 2 + FCFE3 (1+ke) 3 +... 1 a) FCFEi i FCFE =+ + + + b) K e 1 = FCFE1 (k e g) = FCFE0 (1+g) (k e g) g V-24

(FCFE0) (ke) (g) 3 (FCFE0) (Ke) (g) 1022 HK Equity 2,563.08 350.91 24.03% 9.09% 28.65 002354 CH Equity 29,725.28 99.37 12.64% 12.26% 43.51 002174 CH Equity 32,137.47 403.75 13.85% 12.44% 46.26 300315 CH Equity 33,928.40 516.45 14.39% 12.67% 44.57 799 HK Equity IGG Inc. 4,591.70 386.80 8.00% -0.39% 10.12 434 HK Equity 2,134.57 266.05 8.33% -3.67% 4.72 777 HK Equity NetDragon Websoft 11,963.94 (1,569.40) 16.28% 33.84% Holdings Ltd. 484 HK Equtiy 1,383.31 9.78 6.85% 6.10% 8267 HK Equity 1,586.13 (147.21) 12.58% 24.10% IGG Inc.NetDragon Websoft Holdings Ltd. First Surplus First Surplus 40.7 11.62% V-25

= 1+g 36.5 First Surplus= + 1 X a b 1 10 1.02%14.99% 13.97% 1 1= u + u (1-t) D E a b c u = t16.50% D E u 1022 HK Equity 1.57 20.36 3,473.96 8.54% 1.56 002354 CH Equity 0.96 105.93 17,888.99 6.65% 0.96 V-26

0021714 CH Equity 1.33 168.67 21,328.35 12.14% 1.32 300315 CH Equity 1.10 542.58 33,010.92 7.42% 1.09 * 1022 HK Equity 1.56 002354 CH Equity 0.96 0021714 CH Equity 1.32 300315 CH Equity 1.09 1.23 1.230.90% 1.24First Surplus 18.35% Duff & Phelps Valuation Handbook 2016 3.58% First Surplus First Surplus 3.5% 1.0% 5.0% First Surplus 3.5%First Surplus 25.43% First Surplus 17.9 V-27

= =36.5 * (18.35% - 11.62%)/(25.43% - 11.62%) =17.9 First Surplus First Surplus First Surplus FMV 16.1% First SurplusPaul Hanouna Atulya Sarin Alan C. ShapiroValue of Corporate Control: Some International Evidence20.0% First Surplus 18.0 17.9 * (1+20.0%) * (1-16.1%) = 18.0 First Surplus First Surplus 14.2 Asiasoft Corporation Public Company Limited12 First Surplus14,200,000 255,600,000 11. First Surplus First Surplus V-28

First Surplus 12. a) First Surplus b) First Surplus c) First Surplus d) First Surplus First Surplus e) First Surplus First Surplus V-29

13. First Surplus 100% 255,600,000 CFA, FRM MSc, CMA (Aust.) 1. 10 2. 3. V-30

1. 2. 3. 4. 5. 6. 7. 8. V-31

A. 300315 CH Equity B. IGG Inc. 799 HK Equity IGG Inc. C. 1022 HK Equity D. 484 HK Equity E. 8267 HK Equity F. 777 HK Equity V-32

G. 002354 CH Equity H. 434 HK Equity I. 002174 CH Equity V-33

16.0 17.0 18.0 19.0 20.0 227,200,000 241,400,000 255,600,000 269,800,000 284,000,000 V-34

1. 2. (a) 571 XV XV7 8 352 5.46 5.67 (b) 336 XV2 3 78,668,000 8.67% VI-1

Yin Wing Hei 40.0% Mooff Games 16.0% Mooff Games 10.6% Side Quest 15.0% XV2 3 10% 3. 4. 5. VI-2

6. (i) 0.65 50,000,000 (ii) 0.65 50,000,000 (iii) Twins Box Glory Brightness Ltd. (iv) Mix Billion Holdings Limited 90,000,000 (v) MTel LimitedSide Games 85% Mooff Games 60% (vi) Excel Focus Limited Mooff Games 13.4% VI-3

(vii) 0.10 600,000,000 (viii) 15,000,000,000 0.02 (ix) Apex City International Limited Best Global Ventures Limited First Growth Global Limited Intellectual Property Trade Pte. LtdApex City International LimitedBest Global Ventures Limited First Growth Global Limited Intellectual Property Trade Pte. Ltd0.02 (x) 7,200,000 (xi) 0.10 840,000,000 (xii) Funland Overseas Limited 70% VI-4

(xiii) Mix Billion Holdings Limited Mix Billion Holdings Limited 93,750,000 (xiv) Next Step Ventures Limited (xv) 0.24 (xvi) Lead Billion Enterprises Limited Lead Billion Enterprises LimitedViva Star International Limited Viva Star International Limited 26,967,230 Lead Billion Enterprises Limited (xvii) 0.129 151,200,000 (xviii) 7. VI-5

(i) (ii) 8. (a) (b) (c) (d) (e) 5.28 5.29 1. 28 VI-6

8022 2. 64 37 3. 32 10 (f) Cricket Square, Hutchins Drive, P.O. Box 2681,Grand Cayman KY1-1111, Cayman Islands (g) 111 22 (h) (i) Codan Trust Company (Cayman) Limited (j) VI-7

9. 111 22 (a) (b) (c) (d) (e) (f) (g) (h) 19 20 VI-8

AURUM PACIFIC (CHINA) GROUP LIMITED 8148 9 (a) A (b) 1. 2. EGM-1

3. 48 183 22 4. 12 12 5. 6. EGM-2