The United Laboratories International Holdings Limited 32 342C 2.752.25 2.751%0.004%0.005% 2.75 2.252.75
www.eipo.com.hk (2)..................... (3).............................................................. (4).............................................................. (5)........................................................................................................... (6)............ (6),(7)...................................................................... i
1. 2. www.eipo.com.hk eipo 3. 4. 5. 2.75 2.75 1% 0.004%0.005% 6. 1,000,000 183 17 1712-1716 7. ii
................................................................ 1 25............................................................... 36............................................................... 39......................................... 61................................................................... 70..................................................... 72............................................................... 74............................................................... 76............................................................... 87................................................................... 94............................................... 170................................................................... 176............................................................... 177............................................................... 178............................................... 230................................................................... 233 iii
......................................................... 239................................................... 246................................................... 258.............................................. I-1............................................ II-1................................................ III-1...................... IV-1.......................................... V-1................................ VI-1 iv
20 DSM Anti-infectives India Ltd. HELM AG Daewoong Chemical Co., Ltd. Indukern Chemie A.G. 0 0 53,903 3.1 197,373 9.5 639,897 53.3 896,447 52.1 1,077,294 51.8 560,207 46.7 770,092 44.8 805,812 38.7 1,200,104 100 1,720,442 100 2,080,479 100 1
78.6% 118,600,000212,300,000 445,800,0009.9% 12.3% 21.4% 2216% 55.1% 20.1% 64% 17% 53.8% 24.8% 2.1% 12.3% 6.6%28.2% 31.1% 43.4% 6.5%20.9% 2
1,200,100,000 43.4% 1,720,400,000 1,720,400,000 20.9% 2,080,500,000 EBITDA282,200,000 19.7% 337,700,000 337,700,000 48.4% 501,200,000 149,400,000 173,800,000 51,500,00052,100,000 25,400,000-3
148 127 722 30 30 19 1181 97 533 33 49 4 11 4 1. 8929 2. 713 3. 4. 4
27.8% 24.8% 20.7% 9,400,00010,700,00013,900,000 532,800,000740,800,000775,200,000 5
257 33.8% 34.8% 29.6% 85.4% 1 84.2% 1 90.5% 1 50.5% 1 65.5% 1 65.3% 1 9.7% 4 13.2% 4 16.4% 4 6.8% 3 5.6% 5 7.1% 5-22.2% 2 24.7% 1 22.5% 1 22.9% 2 31.4% 2 30.2% 2 6
6-APA 7-ACA - - - 800 24 20 717,160.75 GMP 7
DMF 15377 EDQM USP USP USP 8
7,590 7,700 361.1 366.5583.9592.7 12.8%7.4% IMS Health 15% 16%4% 5%5% 6% 15% 9
3030 10 505110 80% 10158 2,019 247 10
1,451 50.7%4.147.2% DSM Anti-infectives India Ltd. HELM AG Daewoong Chemical Co., Ltd. Indukern Chemie A.G. 11
7-ACA G7-ACA- 6-APA 7-ACA - 6-APA 6-APA 7-ACA 7-ACA 6-APA 7-ACA 24 800 24 12
72 55 13
118,600,000212,300,000445,800,000 9.9% 12.3% 21.4% 6-APA 7-ACA - 14
6-APA 7-ACA 7-ACA6-APA 6-APA5786-APA 4,045 3,467 15
24 89 37 26 (i)(ii) 16
20 1,200,104 1,720,442 2,080,479 (801,556) (1,120,682) (1,344,180) 398,548 599,760 736,299 35,508 12,867 9,918 (125,300) (261,167) (284,093) (93,952) (104,938) (122,956) (14,726) (15,356) (37,791) (18,684) (47,353) (85,485) (5,118) (8,342) (2,726) 8,612 176,276 175,471 221,778 (26,917) (42,526) (47,940) 149,359 132,945 173,838 132,111 116,566 173,838 17,248 16,379 149,359 132,945 173,838 0.15 0.13 0.19 EBITDA (1) 282,235 337,703 501,260 17
(1) EBITDA EBITDAEBITDA EBITDA EBITDAEBITDA EBITDA EBITDA EBITDA EBITDA 1,019,949 1,511,964 1,977,633 1,466,959 1,819,269 1,734,587 1,010,099 1,771,834 1,972,526 501,412 434,392 428,099 881,112 1,012,965 1,311,595 94,285 112,042 18
(2)....................... 2,700,000,000 3,300,000,000 (3 4)............... 1.59 1.71 (1) (2) 1,200,000,000 (3) 1,200,000,000 (4) 277,083,000 2.502.252.75 672,200,000 (1) 294,000,00043.7% (2) 106,900,00015.9% (3) 73,500,00010.9% 19
(4) 180,400,00026.8% 5.76 6.12 (5) 17,400,0002.7% 4 35% 20
(i) (ii) (iii)(iv) 21
22
23
24
(Bear World Limited) (Bowden Trading Limited) (Gesell Holdings Limited) 100% (Heren Far East Limited) 100% BVI 25
22 32 (The United Laboratories International Holdings Limited) BVI BVI 21 314.420 26
EBITDA 14 6 27
270,000,000 28
(Lynbond International Limited) 300,000,000 29
2.75 1%0.004%0.005% 45,000,000 15% Butterfield Fund Services (Cayman) Limited 30
1%0.004% 0.005% 30,000,000 144A S 144A 31
45,000,000 BVI 571 0.01 32
45,000,000 2 (Team Crown Trading Limited) (Team Profit Management Limited) DBS Trustee H.K. (Jersey) Limited (The United Laboratories (Hong Kong) Group Limited) 33
(The United Laboratories (Hong Kong) Holding Limited) (The United Laboratories, Limited) 49.5%46% 3% 1.5% eipo (www.eipo.com.hk) eipo www.eipo.com.hk 34
75% 25% 35
7-ACA 36
GMP (i) (ii) (iii) 37
6-APA 7-ACA 6-APA 6-7-ACA 7- - - - 38
52 39 32.8% 250250 15.2% 17.3% 14.1% 39
50% 21.9% 24.6% 20.8% 46.8% 54.9% 53.6% 40
149,400,000132,900,000173,800,000 12.4% 7.7% 8.4% 41
GMP GMP 42
43
250250 15.2% 17.3% 13.9% 250 44
21.4% 12.3% 143,500,000 777,000788,688 45
183 46
200,000 203,009 10,00010,150200,000203,009 47
46.7% 15.8% 24% 30% 4.4% 8.4% 48
109.4122.2131.8 49
50
1,306,200,000 39.5% 134,533,000 42,238,000 9,900,000 259,900,000 5,100,000 51
82.6% 84.4% 68.2% 31.8% 38.1% 32.6% 9.9% 12.3% 21.4% 52
400,000,000406,000,000 53
54
5 55
33% 50% 50% 24%50% 24% 50% 15% 10% 15% 24% 24% 56
25% 118,600,000212,300,000445,800,000 9.9% 12.3% 21.4% 57
1,600,0001,900,000 1,000,000 100% 75% BVI 58
59
60
30,000,000 270,000,000 61
144A S903904 FSMA86(7) (i) 2003/71/EC 2.1(e)(i) (ii) (iii)fsa 2.1(f)(ii) FSMA 87RFSA(iii) FSMA 85 (a) 19(5) (b)49(2) 289 14 (a) 62
14 272B274275 (b) 276 25 (i) (ii) (iii) Wertpapierprospektgesetz 1124 Wertpapierprospektgesetz Prospekt Basisprospekt Registrierungsformular Wertpapierbeschreibung Zusammenfassung(i) Bundesanstalt für Finanzdienstleistungsaufsicht (ii) (i)2(6)(ii) 50,000.00(iii)32 2100 63
Commission bancaire, financière et des assurances / Commissie voor het Bank-, Financie- en Assurantiewezen 110 2003/71/EC 2001/34/EC (Wet op het Financieel ToezichtWFT ) 5:2 i. WFT 5:3(1)(a)(gekwalificeerde beleggers) ii.100 iii. 50,000 iv. 100,000 L.411-1 64
(i) (personnes fournissant le service d'investissement de gestion de portefeuille pour compte de tiers)(ii)(investisseurs qualifiés) L.411-1 L.411-2 D.411-1 D.411-3 652a1156 Finanstilsynet Lov om vaerdipapirhandel6 12 5 Kredittilsynet Sw. Finansinspektionen Lag (1991:980) om handel med finansiella instrument 65
(a) (b) 66
45,000,000 30 45,000,000 15% 67
(i) (ii) (iii)(i) (ii)(iv) (v) (vi) (ii) (iii) (iv) (v) 30 (i) (ii) 68
10.07(3)10.07(1) 7.82141.00 1.000.98518 7.70551.00 69
1 7 29 F C 15A 3 17 H 1 7 29 F 70
19-23 C 12 5 115 403 550-555 26 7 B 71
1 15 1 23 2307 1 15 1 38 12 6 100022 Conyers Dill & Pearman 8 2901 72
10 1619 88 35 188 22 1 73
Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 6 (CPA) (CPA) 1 7 29 F 3 17 H 89 1 39 74
14 83 1 Butterfield Fund Services (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 705 George Town Grand Cayman Cayman Islands British West Indies 183 17 1712-1716 75
7,590 7,700 361.1 366.5583.9592.7 12.8% 4,588 35,884.66,102 47,726.2 7.4%IMS Health 15% 16%4% 5% 5% 6% 3.1%7.6% 4.9%6.6% 28.0% 18.3% 21.1% 54.9% 76
77 22.3 24.9 30.3 39.1 45.9 75.1 89.0 87.3 96.3 112.5 138.3 158.7 183.5 76.0 91.3 119.7 125.8 152.3 176.8 0 100 200 300 400 500 600 700 110.3 133.0 209.4 253.0 54.4
9,073 9,20915,93116,171 20.6% (i) (ii)(iii)(iv) 12,000 6.0 10,000 5.6 5.6 9,422 5.6 10,493 5.7 8,000 6,860 7,703 8,472 5.2 5.5 6,000 5.0 5.0 4,000 2,000 0 3,255 2,622 2,936 2,366 2,476 4.4 4.4 4.2 4.1 4.5 4.0 78
6,8606,963 10,49310,651 11.2% 2,3662,402 3,2553,3048.3% 343348 601610 5.0% 5.7% 9798168171 4.1% 5.2% 65 9.0% 8.0% 7.7 7.0% 6.0% 5.6 6.2 7.0 5.0% 4.9 4.0% 3.0% 2.0% 1.0% 0.0% 5.6% 7.7%65 68.671.4 79
46 308 81 542 984 194 45 8.88 45,260 59,660 3,645 4,810 75 328 94 516 1,690 332 107 21 126,750 108,896 10,058 10,836 CEI(2004) 80
15% 303010 505110 80% 101 582,019 247 81
37.7% 43.0%7,290 13,780 1,451 50.7%4.1 47.2% 60% 80% 5,308 70.1% 3,000 3,00012.7% 3,000 3,000 3 3.05 1.2%3 3.05 10 11.9% - CPA 16257 325,000 329,900586,300 595,100 15.9% 21.5% 82
CPA 6,000 5,546 5,863 5,000 4,932 4,000 4,052 3,000 3,250 2,000 1,000 0 - CPA257 CPA 180 160 140 120 100 80 60 40 20 0 161 153 151 148 140 83
CPA 49.3 30.6% 38.8 24.1% * 24.0 14.9% 10.0 6.2% 8.8 5.5% * CPA131,700 133,700 251,800 255,600 17.6% CPA 3,000 2,500 2,518 2,000 1,500 1,000 1,317 1,548 1,784 2,095 500 0 84
CPA * 390.7 15.5% 200.7 8.0% * 179.2 7.1% 177.1 7.0% 165.6 6.6% * - - -- - - - CPA- 54,900 55,700 100,100 101,60016.2% CPA - 1,400 1,200 1,142 1,210 1,000 1,001 800 821 600 549 400 200 0 85
CPA- - * 399.4 39.9% * 187.7 18.8% * 136.4 13.6% 91.7 9.2% 75.2 7.5% * 86
GMP (1) (2) (3) (4) 87
GMP GMP GMPGMP GMP GMP GMP GMP GMP GMP (1) (2) (3) (4) 88
(i)(ii)(iii)(iv) GMP 89
5 (i) (ii) (iii) GMP GMP 90
GMP 91
(i) (ii)(iii) (i)(ii) (iii)(iv) (v) 92
(2000) 20 10 93
20 DSM Anti-infectives India Ltd. HELM AG Daewoong Chemical Co., Ltd. Indukern Chemie A.G. 0 0 53,903 3.1 197,373 9.5 639,897 53.3 896,447 52.1 1,077,294 51.8 560,207 46.7 770,092 44.8 805,812 38.7 1,200,104 100 1,720,442 100 2,080,479 100 78.6% 118,600,000212,300,000 445,800,0009.9% 12.3% 21.4% 94
2216% 55.1% 20.1% 64% 17% 53.8% 24.8% 2.1% 12.3% 6.6%28.2% 31.1% 43.4% 6.5%20.9% 1,200,100,000 43.4% 1,720,400,000 1,720,400,000 20.9% 2,080,500,000 EBITDA282,200,000 19.7% 337,700,000 337,700,000 48.4% 501,200,000 149,400,000 173,800,000 95
51,500,00052,100,000 25,400,000-148 127 722 30 30 19 1181 97 533 33 494 11 4 96
1. 8929 2. 713 3. 4. 27.8% 24.8% 20.7% 9,400,00010,700,00013,900,000 532,800,000740,800,000775,200,000 39 39.7% 38.4% 32.8% 97
257 33.8% 34.8% 29.6% 85.4% 1 84.2% 1 90.5% 1 50.5% 1 65.5% 1 65.3% 1 9.7% 4 13.2% 4 16.4% 4 6.8% 3 5.6% 5 7.1% 5-22.2% 2 24.7% 1 22.5% 1 22.9% 2 31.4% 2 30.2% 2 6-APA 7-ACA - - - 98
800 24 20 717,160.75 GMP GMPGMP GMP 99
DMF 15377 EDQM USP USP USP 100
7,590 7,700 361.1 366.5583.9592.7 12.8%7.4% IMS Health 15% 16%4% 5%5% 6% 15% 101
3030 10 505110 80% 10158 2,019 247 102
1,451 50.7%4.147.2% DSM Anti-infectives India Ltd. HELM AG Daewoong Chemical Co., Ltd. Indukern Chemie A.G. 103
7-ACA G7-ACA- 6-APA 7-ACA - 6-APA 6-APA 7-ACA 7-ACA 6-APA 7-ACA 24 800 24 104
72 55 105
118,600,000212,300,000445,800,000 9.9% 12.3% 21.4% 6-APA 7-ACA - 106
6-APA 7-ACA 7-ACA6-APA 6-APA5786-APA 4,045 3,467 107
24 89 37 26 (i)(ii) 108
20 10 24 G 6-APA GMP 109
40.1% 46.2% 47% GMP 6-APA 7-ACA - BVI (i) 43 (ii) (iii) 110
111 100% 75% 25% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 46% 3% 25% 75% 49.5% 1.5% 100% 100% 100% 100% BVI BVI 100%
1. DBS Trustee H.K. (Jersey) Limited BVIBVI BVI DBS Trustee H.K. (Jersey) Limited BVI 2. 3. 4. 14,353,000 5. 13% 87% 6. 40% 20% 7. 11,604,000 75% 25% 8. 1.5% 48%49.5% 49.5%3% 46% 1.5% 9. 32 112
- 52 32 32 6-APA 7-ACA - - - 26(i) (ii) 113
3 3 3 6-APA1 0% 3.1% 9.0% 7-ACA2 0% 0% 0.5% - 0% 0% 0% 1. 6-APAG 6-APA 2. 7-ACA 3. 114
25.9% 23.6% 28.6% 26.3% 27.0% 21.1% - 1.1% 1.5% 2.1% 115
11.7% 13.5% 11.5% 2.1% 1.6% 1.3% 8.1% 9.5% 8.0% 116
0.5% 0.5% 1.3% - 3.9% 4.3% 4.1% 4.7% 3.8% 2.7% 1.1% 0.8% 0.6% 117
2.5% 2.9% 2.7% 1.7% 1.5% 1.3% 1.5% 1.1% 0.8% 118
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 1 2 1 1 * 0.25 x 24 2 0.25 x 24 3 * 0.125 x 12 0.125 x 24 4 * 1.0 x 10 5 ** 1.0 x 10 6 120 7 ** 1.0 x 10 8 * 1.0 x 10 9 ** 5 x 48 10 ** 1.0 x 10 11 * 0.1 x 24 12 # ** 0.3 x 12 0.3 x 24 13 0.10% 14 # 2% 15 ** 0.25 x 6 16 120 17 ** 0.1 x 10 18 ** 0.15 x 12 19 12 119
1 2 1 20 # 15 21 * 0.5 x 12 0.5 x 24 22 ** 0.25 x 6 0.25 x 12 23 # 1200.18 24 0.5 x 6 25 ** 0.475 x 6 0.475 x 12 26 ** 1.5 x 8 27 ** 2.0 x 10 28 0.25 x 6 3 29 * 2.0 x 10 3 30 ** 2.0 x 10 3 31 ** 515 32 40 100 33 ** 1.0 x 10 34 0.25 x 6 35 0.30% 36 2 37 55 38 15 39 2.0 x 10 40 ** 30 x 24 30 x 48 41 0.5 x 10 42 2.25 x 10 43 4.5 x 10 44 ** 55 45 ** 1.2 x 10 46 ** 1.5 x 10 47 ** 0.6 x 10 48 0.5 x 10 49 1.0 x 10 50 0.75 x 10 51 1.5 x 10 52 0.5 x 24 1. *** 2. # 120
3. 71 41 65.9% 65.7% 65.7% 4 2.2% 1.6% 1.4% 6 0.2% 0.2% 0.3% 20 28.2% 26.9% 22.0% 71 2005 121
6-APA 84.7% 15.3% 81.9% 18.1% 7-ACA 96.4% 3.6% 14.7% 85.3% 13.1% 87.0% 9.1% 90.9% 7.3% 92.7% 32.4% 67.6% 30.1% 69.9% - 24.4% 75.6% GMP 122
GMP 1 GMP GMP GMP GMP GMP GMP GMP GMP GMP GMP 2 3 1. 2. 3. 123
19 8 3 39 23 13 14 71 48 124
10 3.0% 2.5% 2.2% 1 0.3% 0.3% 0.3% 3.3% 2.8% 2.5% 125
1. 2. (7:1) 3. 4. 5. (7:1) 6. 1. 2. 3. 126
127
7:1 128
129 717,160.75 6-APA ß ß 7-ACA
398,784.53 239,487.3 59,845.02 8,312 10,731.9 6-APA 7-ACA 15,000kw 130
7-ACA GMPGMP GMP GMP GMP GMPGMP GMP GMP 131
24 12.5 1 1 (%) 1 (%) 1 (%) 6-APA2 3,467 8 3,467 58 3,467 92 7-ACA 552.5 552.5 26 75.6 7 75.6 19 2,200 88 2,750 97 3,769 96 608 62 688 81 662 84 4 70 4 75 4 91 0.29 (i) 79 0.29 (i) 69 0.29 (i) 90 (i) 125-8,046,000 (ii) 71 7,768,800 (ii) 72 10,486,700 (ii) 74 (ii) 1225 132
1 (%) 1 (%) 1 (%) 920 (iii) 56 920 (iii) 83 920 (iii) 89 (iii) 120 6 75 5.7 100 6 89 0.46 (iv) 67 0.43 (iv) 63 0.46 (iv) 65 (iv) 125 24 92 24 94 24 95 1. (a) (b) (c) (d) 12.5 (e) 6.5 (f) (g) 2. 6-APA 6-APA G 6-APA 3. 133
6-APA 7-ACA - - - - 134
6-APA 6-APA 135
7-ACA 7-ACA 136
- - 19677 GMP 137
GMP 777,000788,688 138
250,000253,761 140,000142,106 60,00060,903 80,00081,203 11,500,00012,400,00019,100,000 4.5% 2.8% 3.6% 66 50 139
26(i) (ii) 1 15,000,000 140
2 Xgen Laboratories 200,000 3 3,000,000 141
26(i) (ii) 26 (i) 1 1 2 3 2 4 5 6 II 7 8 142
1 9 10 11 12 2 13 2 14 2 1. (i) (ii) (iii) 2. 143
(ii) 1 1 2 2 NMDA 2 3 NMDA 3 4 3 5 3 6 3 7 3 8 5-HT3 3 9 3 10-3 11-3 12-4 1 2 144
1. (i) (ii) (iii) 2. 3. 26(i)(ii) 26 145
% % % G 143,223 21.6 14,320 1.5 0.0 7-ACA 131,706 19.9 185,547 19.6 199,901 21.8 1,214 0.2 6,635 0.7 0.0 9,850 1.5 887 0.1 0.0 11,100 1.7 56,757 6.0 69,071 7.5 1,252 0.2 14,901 1.6 26,070 2.9 4,126 0.6 20,971 2.2 26,852 2.9 53,587 8.1 101,921 10.8 131,761 14.4 13,104 2.0 26,886 2.8 42,418 4.6 AE- 26,429 4.0 35,491 3.8 30,585 3.3 18,847 2.8 21,959 2.3 31,594 3.5 33,935 5.1 60,930 6.4 42,804 4.7 28,499 4.3 30,311 3.2 34,091 3.7 185,416 28.0 368,605 39.0 281,761 30.7 662,288 100.0 946,121 100.0 916,908 100.0 G 6-APA 7-ACA- 6-APAG - - 7-ACA6-APA 6-APA 7-ACA 6-APA 7-ACA 7-ACA 7-ACA 7-ACA 146
G G 120 31.8% 38.1% 32.6% 11.5% 14.0% 8.9% 7-ACA 5% 147
% % % 0 0 53,903 3.1 197,373 9.5 6-APA1 0 53,903 3.1 186,696 9.0 7-ACA2 0 0 10,677 0.5 639,897 53.3 896,447 52.1 1,077,294 51.8 311,310 25.9 405,830 23.6 593,991 28.6 315,663 26.3 464,263 27.0 439,316 21.1-12,924 1.1 26,354 1.5 43,987 2.1 560,207 46.7 770,092 44.8 805,812 38.7 263,693 22.0 424,330 24.7 434,369 20.9 250 97,543 8.1 163,704 9.5 166,390 8.0 500 1,042 0.1 250 85,100 7.1 134,583 7.8 123,537 5.9 50012 3,740 0.4 3,991 0.2 3,022 0.2 50024 50,352 4.2 93,100 5.5 112,223 5.4 25,561 2.1 27,380 1.6 27,037 1.3 57 0.0 0.5 1,340 0.1 1,572 0.2 545 0.0 573 0.0 61,065 5.1 35,543 2.1 48,151 2.3-116,002 9.7 153,299 8.9 154,535 7.4 3 101,455 9.4 138,331 8.0 152,111 7.3 17,992 1.5 18,590 1.1 16,646 0.8 1,200,104 100 1,720,442 100 2,080,479 100 148
1. 6-APA 2. 7-ACA 3. 4. - 3.0% 2.2% 90.1% 87.7% 78.6%9.9% 12.3% 21.4% 55.6% 53.5% 51.1% 149
183 8345 60 24 12 (i) (ii) (iii) 150
(iii) 56 2828 587203384 46.7% 15.8% 24% 30% 4.4% 8.4% 5% 100 151
0 30 0 90 3090 30120 4560 600,000600,000 4,600,0004,700,000 700,000700,000 152
24 24 1. 24 2. 3. 4. 153
80024 24 24 24 154
200,000203,009 812 (a) (b) 155
38,000,00039,000,000 1,000,0001,000,000 100,000101,5042,000,000 2,000,000 156
125,300,000261,200,000284,100,000 52 34 39 157
48.6% 56.4% 54.8% 24 22 99 1 1. 0.5 S 7.5 5.6 25.3% 2. 500x12 S 17.2 13.8 19.8% 2 2 500x24 34.2 27.4 19.9% 2 2 3. 250x24 S 19.6 15.7 19.9% 2 2 4. 125x12 S 12.8 10.2 20.3% 2 2 5. 125x12 S 6.8 5.4 20.6% 2 2 6. 250x6 C 34.0 24.8 27.1% 250x12 66.0 48.3 26.8% 7. 1 C 38.0 22.4 41.1% 8. 2 C 75.0 40.3 46.3% 9. 1 C 40.0 20.0 50.0% 10. 2 C 78.0 35.0 55.1% 11. 1 C 17.0 10.0 41.2% 12. 2 C 34.0 17.5 48.5% 13. 1 C 80.0 50.0 37.5% 158
1 14. 0.457 x6 38.3 25.6 33.2% 0.457 x12 72.48 50.0 31.0% 15. 1.2 48.0 38.0 20.8% 16. 0.6 25.0 21.0 16.0% 17. 0.75 20.0 11.3 43.5% 18. 1.5 39.0 20.3 47.9% 19. 375x12 81.0 64.8 20.0% 375x6 42.0 33.0 21.4% 20. 100x10 O 35.5 21.2 40.3% 21. 250x6 O 57.0 46.0 19.3% 22. 150x12 O 35.5 23.6 33.5% 1. 250x6 C 24.8 19.8 20.2% 250x12 48.3 38.6 20.1% 2. 1 C 22.4 10.0 55.4% 3. 2 C 40.3 17.0 57.8% 4. 1 C 20.0 10.0 50.0% 5. 2 C 35.0 17.0 51.4% 6. 1 C 50.0 18.0 64.0% 7. 2 C 79.6 35.7 55.2% 8. 250x6 O 46.0 27.3 40.7% 9. 100x10 O 21.2 13.0 38.7% 1. 250x24 S 18.8 15.6 17.0% 2 2 2. 1 C 6.5 3.0 53.8% 3. 2250 82.8 59.7 27.9% 4. 4500 162.0 101.0 37.7% 5. 100x24 O 14.2 8.8 38.0% 159
1. S C - O 2. 3. 39 60% 1. 0.25 x24 13.5 19.6 9.0 15.7 9.0 15.7 9.0 15.7 2. a) 0.5 x24 15.0 34.2 15.8 27.4 15.8 27.4 15.8 27.4 b) 0.5 x12 8.0 17.2 8.1 13.8 8.1 13.8 8.1 13.8 3. 0.25 x24 13.0 18.8 13.0 18.8 13.0 18.8 9.0 15.6 160
4. 0.6 25.0 21.0 21.0 21.0 5. 2250 82.8 82.8 82.8 59.7 64.3% 39.7% 38.4% 32.8% 5,308 70.1% 3,000 3,00012.7% 3,000 3,000 3 3.05 1.2%3 3.05 10 11.9% 161
162
GMP GMP 163
800,000812,034 3.8% 82 5 5 5 30 5 164
(a) (b) 5 (c) (d) 14,851.42 707,843 12 213,430 12 75,157.87 4,217 4,2171,927 2,290 0.9% 1.1% 2,582.42 165
(i)2,582.42(ii) 1,634.97 1,634.97 166
2000 1996 7-ACA 7-ACA 167
1,850,0001,877,829 12,458,00012,645,405 14,332,09914,547,696 0.2% 0.7% 0.7% (i) (ii) (iii) (i) 30% (ii) 168
8.10 169
65 30 44 20 45 (University of Leicester) 15 170
34 DMF 15377 59 The Thai-Asia Fund Limited The Thai Asset Fund Limited 59 30 45 171
42 42 (Pfizer) 42 20 172
40 40 3A.19 3A.23 (1) (2) (3) (4) 13.46 173
3,845 307 18 877 1 2,321 44 187 9 79 2 3,771 74 174
1,913,0002,015,0003,459,000 44,000 51,000101,000 175
3,800,000,000 38,000,000 1,000 10 899,999,000 8,999,990 300,000,000 3,000,000 1,200,000,000 12,000,000 176
10% BVI 900,000,000 75% BVI BVIBVI 10% 177
13.1313.19 178
1,200,104 1,720,442 2,080,479 (801,556) (1,120,682) (1,344,180) 398,548 599,760 736,299 35,508 12,867 9,918 (125,300) (261,167) (284,093) (93,952) (104,938) (122,956) (14,726) (15,356) (37,791) (18,684) (47,353) (85,485) (5,118) (8,342) (2,726) 8,612 176,276 175,471 221,778 (26,917) (42,526) (47,940) 149,359 132,945 173,838 132,111 116,566 173,838 17,248 16,379 149,359 132,945 173,838 0.15 0.13 0.19 EBITDA (1) 282,235 337,703 501,260 1. EBITDA EBITDAEBITDA EBITDA EBITDAEBITDA EBITDA EBITDA EBITDA EBITDA 179
1,327,932 1,699,141 1,640,077 95,564 80,961 80,392 23,902 24,247 7,454 156,675 274,701 344,115 402,801 631,642 798,387 1,779 342,151 319,946 515,673 106,399 149,041 99,226 440,994 833,957 894,309 532,101 901,079 1,047,460 111,291 166,301 160,100 373,284 251,569 252,129 1,466,959 1,819,269 1,734,587 1,019,949 1,511,964 1,977,633 1,010,099 1,771,834 1,972,526 9,850 (259,870) 5,107 501,412 434,392 428,099 1,476,809 1,559,399 1,739,694 975,397 1,125,007 1,311,595 218,059 201,566 285,471 (666,848) (442,898) (438,415) 316,060 278,577 96,463 (132,729) 37,245 (56,481) 180
90.1% 87.7% 78.6% (1) 12.8%(2) (3) 181
15% 182
22 24.1% 44.5% 12.1% 52 39 32.8% 20.8% EBITDA282,200,000 337,700,000 501,200,000 149,400,000173,800,000 183
12.4% 7.8% 8.3% % % (1) % % (1) % % (1) 0 0 53,903 3.1 (96.7) 197,373 9.5 12.9 639,897 53.3 13.4 896,447 52.1 9.3 1,077,294 51.8 5.9 560,207 46.7 29.9 770,092 44.8 26.1 805,812 38.7 27.3 1,200,104 100 1,720,442 100 2,080,479 100 (1) 5 184
13.4% 9.3% 5.9% 29.9% 26.1% 27.3% -96.7% 12.9% 51,500,00052,100,000 25,400,000 6-APA7-ACA 185
118,600,000212,300,000445,800,000 9.9% 12.3% 21.4% % % % 1,081,514 90.1 1,508,093 87.7 1,634,673 78.6 45,750 3.8 44,986 2.6 37,013 1.8 22,335 1.9 61,617 3.6 90,138 4.3 3,277 0.3 17,935 1.0 110,928 5.3 39,948 3.3 74,665 4.3 162,486 7.8 7,280 0.6 13,146 0.8 45,241 2.2 1,200,104 100.0 1,720,442 100.0 2,080,479 100.0 186
(i)(ii)(iii) 90.1% 87.7% 78.6% % % % 0 0 53,903 3.1 197,373 9.5 6-APA 0 53,903 3.1 186,696 9.0 7-ACA 0 0 10,677 0.5 639,897 53.3 896,447 52.1 1,077,294 51.8 311,310 25.9 405,830 23.6 593,991 28.6 315,663 26.3 464,263 27.0 439,316 21.1-12,924 1.1 26,354 1.5 43,987 2.1 560,207 46.7 770,092 44.8 805,812 38.7 263,693 22.0 424,330 24.7 434,369 20.9 250 97,543 8.1 163,704 9.5 166,390 8.0 500 1,042 0.1 250 85,100 7.1 134,583 7.8 123,537 5.9 500x12 3,740 0.4 3,991 0.2 3,022 0.2 500x24 50,352 4.2 93,100 5.5 112,223 5.4 25,561 2.1 27,380 1.6 27,037 1.3 57 0.0 0.5 1,340 0.1 1,572 0.2 545 0.0 573 0.0 61,065 5.1 35,543 2.1 48,151 2.3 ß- 116,002 9.7 153,299 8.9 154,535 7.4 1 101,455 9.4 138,331 8.0 152,111 7.3 17,992 1.5 18,590 1.1 16,646 0.8 1,200,104 100 1,720,442 100 2,080,479 100 1. 187
66.8% 65.1% 64.6% % % % 662,288 82.6 946,121 84.4 916,908 68.2 24,597 3.1 35,457 3.2 54,735 4.1 70,974 8.9 97,632 8.7 153,268 11.4 37,450 4.7 80,022 7.1 169,133 12.6 7,628 1.0 54,423 4.9 85,911 6.4 18,593 2.2 25,053 2.2 33,639 2.5 (19,974) (2.5) (118,026) (10.5) (69,414) (5.2) 801,556 100 1,120,682 100 1,344,180 100 (i) (ii) (iii)(iv)(v)(vi)(vii) (viii) (i)(ii) (iii)(iv)(v) (vi) 2 188
50 5% 20% 20% 25% 20% 25% 189
EBITDA EBITDA EBITDA EBITDA EBITDAEBITDA EBITDA EBITDA EBITDA 149.4 132.9 173.8 18.7 47.4 85.5 26.9 42.5 47.9 83.6 111.0 188.3 3.6 3.9 5.7 EBITDA 282.2 337.7 501.2 218.1 201.6 285.5 (666.8) (442.9) (438.4) 316.1 278.6 96.5 190
% % % 100.0 100.0 100.0 (66.8) (65.1) (64.6) 33.2 34.9 35.4 3.0 0.7 0.5 (10.4) (15.1) (13.7) (7.9) (6.1) (5.9) (1.2) (0.9) (1.8) (1.6) (2.8) (4.1) (0.4) (0.5) (0.1) 0 0 0.4 14.7 10.2 10.7 (2.2) (2.5) (2.3) 12.4 7.7 8.4 1,720,400,000 360,100,000 20.9%2,080,500,000 (i) 180,800,000 20.2%(ii) 35,700,000 4.6% (iii) 143,500,000 266.2% 180,800,000 20.2% 233,500,000 52,700,000 76.3%58.6% 23.7%41.4% 191
35,700,000 4.6% 2502,700,000500 x2419,100,000 250 11,000,000 143,500,000 266.2% 6-APA 1,120,700,000 223,500,000 19.9% 1,344,200,000 (i) 89,100,000 (ii) 55,600,000 29,200,000 118,000,00069,400,000 65.1%64.6% 599,800,000 136,500,000 22.8%736,300,00034.9% 35.4% 12,900,000 3,000,000 22.9% 9,900,0007,200,000 4,100,000 1,400,000 261,200,000 22,900,000 8.8%284,100,000 19,900,000 104,900,000 123,000,000 18,100,00017.3%20.9% 192
15,400,000 22,400,000 146.1% 37,800,000 15,400,0006,800,000 47,400,000 38,100,000 80.5% 85,500,000 24,400,000 10,800,000 8,300,000 5,600,000 67.3% 2,700,000 8,600,000 175,500,000 46,300,000 26.4%221,800,000 42,500,000 5,400,000 12.7% 47,900,000 132,900,000 40,900,000 30.8% 173,800,000 7.7%8.4% 16,400,000 57,300,000 193
1,200,100,000 520,300,000 43.4%1,720,400,000 256,500,000 40.1% 209,900,000 37.5% 40.1% 93,800,000 162,800,000 18.5%23.7% 37.5% 53,900,000 801,600,000 319,100,000 39.8% 1,120,700,00043.4% 283,800,000 66.8%65.1% 398,500,000 201,300,000 50.5%599,800,000 33.2% 34.9% 194
35,500,000 22,600,000 63.7% 12,900,000 24,100,000 (i) (ii) 125,300,000 135,900,000 108.4%261,200,000 (i)26,600,000(ii) 23,100,000 (iii)17,500,000(iv) 17,300,000 (v)10,600,000(vi)8,100,000(vii) 7,100,000 94,000,000 10,900,000 11.7% 104,900,0007,700,000 5,700,0001,800,000 14,700,000 700,000 4.3% 15,400,000 18,700,000 28,700,000 153.4% 47,400,000 34,600,000 195
5,100,000 3,200,000 63% 8,300,000 176,300,000 800,000 0.5%175,500,000 26,900,000 15,600,000 58.0% 42,500,000 58.0%0.5% 149,400,000 16,500,000 11.0%132,900,000 12.4%7.7% 17,200,000 800,000 16,400,00015,500,000 196
5,100,000 798,400,000515,700,000344,100,000 894,300,0001,047,500,000 259,900,000 12,400,000 218,059 201,566 285,471 (666,848) (442,898) (438,415) 316,060 278,577 96,463 (132,729) 37,245 (56,481) 201,600,000285,500,000 197
46,300,000 130,700,000 88,500,000 110,500,000 93,000,000 218,100,000 16,500,000 201,600,000 84,100,000 88,500,00034,500,000 441,000,000 89.1%834,000,000 442,900,000438,400,000 146,900,000396,200,000 184,500,000 666,900,000 224,000,000 442,900,000 112,100,000 20,600,000 278,600,000 96,500,000 376,900,000 932,900,000 1,052,700,000 608,500,000 198
316,100,000 37,500,000 278,600,000202,100,000 46,000,000 65,500,000 739,800,000493,200,00079,300,000 292,300,00023,600,00079,500,000 292,297 23,636 79,455 274,700,000 344,100,000 52,800,000 156,700,000 274,700,000(i) 88,100,000 (ii) 28,300,000 329,500,000 95.7% 71.3 (1) 89.5 (1) 93.4 (1) (1) 365 199
89.5 93.4 (i) (ii) 575,800,000 751,400,000 80,800,00094,800,000 91120 40,800,000 402,800,000631,600,000 122,100,000 94,000,000619038,600,000 12118047,100,000 659,400,000 87.8% 456030 1200 90 (i)(ii) (iii) 200
0 30 107,168 142,759 211,875 3160 29,062 91,077 98,002 6190 11,083 21,543 25,394 91120 5,800 5,939 2,022 121180 2,784 12,402 21,083 180 1,103 5,395 1,552 157,000 279,115 359,928 0 30 50,360 40,340 82,688 3160 70,889 78,045 92,691 6190 35,080 73,667 79,761 91120 19,314 24,760 65,621 121180 26,998 74,050 70,204 180 5,813 504 202,641 296,675 391,469 43,160 55,852 46,990 402,801 631,642 798,387 121180 29.0% 14.0% 17.3% 201
109.4 (1) 122.2 (1) 131.8 (1) 47.8 (2) 59.2 (2) 63.1 (2) 61.6 (3) 63.0 (3) 68.7 (3) (1) 365 (2) 365 (3) 365 122.2 131.8 (i) (ii) (iii) 3271 212195 153226 9284 834,000,000894,300,000 202
113,900,000 39,900,000 93,400,000 441,000,000834,000,000 143,300,000 145,600,000 0 120 0 90 199,647 269,217 318,133 91180 27,713 78,347 89,335 180 13,278 38,670 18,666 240,638 386,234 426,134 0 90 68,822 124,246 183,839 91180 21,391 104,974 163,508 180 4,265 90,213 233,485 347,347 110,143 214,238 120,828 440,994 833,957 894,309 203
150.7 (1) 201.8 (1) 210.0 (1) 109.6 (2) 125.8 (2) 115.7 (2) 41.1 (3) 76.0 (3) 94.3 (3) (1) 365 (2) 365125.8 120 (3) 365 201.8 210 204
1,600,0001,900,000 1,000,000 9.9% 12.3% 21.4% 205
2216.0% 55.1% 20.1% 64% 17% 53.8% (i)(ii) (iii) (iv)(v) 1,200,100,000 43.4% 1,720,400,0001,720,400,000 20.9% 2,080,500,000 EBITDA 282,200,000 19.7% 337,700,000337,700,000 48.0% 501,200,000149,400,000 16.4% 173,800,000 206
1 1. 0.5 S 7.5 5.6 25.3% 2. 500x12 S 17.2 13.8 19.8% 2 2 500x24 34.2 27.4 19.9% 2 2 3. 250x24 S 19.6 15.7 19.9% 2 2 4. 125x12 S 12.8 10.2 20.3% 2 2 5. 125x12 S 6.8 5.4 20.6% 2 2 6.* 250x6 C 34.0 24.8 27.1% 250x12 66.0 48.3 26.8% 7.* 1 C 38.0 22.4 41.1% 8.* 2 C 75.0 40.3 46.3% 9.* 1 C 40.0 20.0 50.0% 10.* 2 C 78.0 35.0 55.1% 11. 1 C 17.0 10.0 41.2% 12. 2 C 34.0 17.5 48.5% 13.* 1 C 80.0 50.0 37.5% 14. 0.457 x6 38.3 25.6 33.2% 0.457 x12 72.48 50.0 31.0% 15. 1.2 48.0 38.0 20.8% 16. 0.6 25.0 21.0 16.0% 17. 0.75 20.0 11.3 43.5% 18. 1.5 39.0 20.3 47.9% 19. 375x12 81.0 64.8 20.0% 375x6 42.0 33.0 21.4% 20.* 100x10 O 35.5 21.2 40.3% 21.* 250x6 O 57.0 46.0 19.3% 22. 150x12 O 35.5 23.6 33.5% * 207
1 1.* 250x6 C 24.8 19.8 20.2% 250x12 48.3 38.6 20.1% 2.* 1 C 22.4 10.0 55.4% 3.* 2 C 40.3 17.0 57.8% 4.* 1 C 20.0 10.0 50.0% 5.* 2 C 35.0 17.0 51.4% 6.* 1 C 50.0 18.0 64.0% 7. 2 C 79.6 35.7 55.2% 8.* 250x6 O 46.0 27.3 40.7% 9.* 100x10 O 21.2 13.0 38.7% 1. 250x24 S 18.8 15.6 17.0% 2 2 2. 1 C 6.5 3.0 53.8% 3. 2250 82.8 59.7 27.9% 4. 4500 162.0 101.0 37.7% 5. 100x24 O 14.2 8.8 38.0% 1. S C - O 2. 3. 208
60% 1. 0.25 x 24 (19.9% ) 0.0% 0.0% (17.5%) 2 1 1 2. 0.5 x 12 (19.8% ) 0.0% 0.0% (11.8%) 2 1 1 0.5 x 24 (19.9% ) 0.0% 0.0% (18.5%) 1 1 3a. 0.25 x 24 0.0% 0.0% (17.0%) (2.2%) 3 1 1 3b. 0.25 x 24 0.0% 0.0% (17.0%) 1.3% 4 1 1 4. 0.6 x 10 (16.0% ) 0.0% 0.0% (16.5%) 4 1 1 5. 2 0.0% 0.0% (27.9%) (5.6%) 4 250 1 1 1. 2. 3. 4. 209
(i) (ii) (iii) (iv) (v) 297,294,848 (28.2%) 36,312,335 (31.1%) 256,459,211 6.5% 178,880,378 (22.9%) 623,566,023 46.7% 426,557,725 1.7% 66,039,575 11.0% 91,623,688 43.2% 106,149,217 15.0% 542,214,801 (23.3%) 751,502,046 38.7% 789,166,153 4.9% 1,200,104,000 (6.6%) 1,720,442,000 43.4% 2,080,479,000 20.9% 24.8% 2.1% 12.3% 210
24.8% 2.1% 12.3% 23.3% 28.2% 6.6% 23.3% 218,100,000 31.1% 38.7% 43.4%38.7% 201,600,000 7.6% 121.9% 6.5% 4.6% 20.9%4.6% 285,500,000 41.6% 182.7%24.8% 17.2% 211
5 164,046,498 (38.4% ) 258,639,268 57.7% 265,311,266 2.6% 8 52,747,139 (17.4% ) 28,480,189 (46.0% ) 40,289,632 41.5% -6 65,844,801 (7.5% ) 76,533,491 16.2% 65,609,529 (14.3% ) 3 14,656,411 14.8% 13,785,175 (5.9% ) 11,788,035 (14.5% ) 22 297,294,849 (28.2% ) 377,438,123 27.0% 382,998,462 1.5% 7 26,926,334 (35.5%) 37,160,415 38.0% 2 9,386,029 (14.2%) 7,552,892 (19.5%) 9 36,312,335 (31.1%) 44,713,307 23.1% 1 166,389,693 1.6% 1 2,013,575 6.8% - 2 86,282,478 17.9% 1 1,773,465 (8.5%) 5 256,459,211 6.5% 212
28.2% 24.8% - - 27.0% 1.5% 31.1% 2.1% 23.1% 12.3% 6.5%(i) (ii)6-apa 213
(i) (ii) (iii) 202,549,533 (3.8% ) 128,445,154 47.8% 1 1 297,282,281 31.2% 388,476,539 44.6% 3,688,346 972.2% - 6,497,986 124.1% 0 0% 549,835 2 506,329,800 15.1% 388,476,539 44.6% 132,683,335 52.1% 1 2 214
6-APA 0 0% 53,902,000 186,696,441 246.4% 1 7-ACA 0 0% 0 0% 10,676,458 1 : 0 0% 53,902,000 0% 197,372,899 266.2% 1 215
89 39.7%38.4%32.8% 50% 5 66.7 10 236.3 441.1 204.8 12 17.1 34.6 17.5 216
9.9% 12.3% 21.4% 7.8% 6.1% 5.9%66.8% 65.1%64.6% 217
899,315 1,075,551 1,112,152 70,940 181,067 6,070 6,157 6,370 905,385 1,152,648 1,299,589 292,509 359,229 752,456 612,876 793,419 547,133 905,385 1,152,648 1,299,589 532,101 901,079 1,047,460 175,297 111,045 240,626 197,438 140,524 11,503 549 905,385 1,152,648 1,299,589 (532,101) (901,079) (1,047,460) 373,284 251,569 252,129 1.20% 5.63% 2.80% 6.72% 5.02% 7.06% 218
404,136 746,243 861,390 501,249 406,405 438,199 1.0 2.5 905,385 1,152,648 1,299,589 94 1,906 5,956 4,325 5,842 701 111,291 166,301 160,100 1,344,947,000 935,857,000 237,190,0006,499,0002,995,000517,000161,889,000 219
515,700,000 1.2% 98.8% 1.2% 515,700,000 BVI 160,100,0000.625 220
1,800,000 6,400,000 221
1,385,200,000 230,200,000257,100,000 107,700,000 200,000,000 150,000,000 959,500,000312,500,000 (1) 41.1% 39.8% % (1) 100 41.1%39.5% 222
134,533,00042,238,000 33% 50% 50% 24%50% 24% 50% 15% 223
10% 15% 24% 24% 26,900,00042,500,00047,900,000 21,000,00078.1% 15.3% 24.2% 21.6%15.3% 21.6% 0.1562,500 2.1% 2,999,812 23,417,000 224
400,000,000406,000,000 277,083,000437,183,000 160,100,000 (i) (ii) 225
35% 12 673,120,000679,919,000 717,160.75 221,272 1,950 3 4,954.21 1,125 226
7,341.5 7,218.5 625,802 (1) 5,646 620,156 59,763 679,919 (1) 543,522,000 82,280,000 227
2.75 1,305 744 2,049 1.71 2.25 1,305 600 1,905 1.59 1. 1,311,595,000 3,001,000 3,663,000 2. 2.752.25 3. 1,200,000,000 4. 59,800,000 1,200,000 5. 277,083,000437,183,000 160,100,000277,083,000 228
277,083,000 437,183,000160,100,000277,083,000 229
15.9 43.7% 230
72,100,000 73,200,000 10.9 2.502.252.75 672,200,000 (1) 294,000,00043.7% (2) 106,900,00015.9% (3) 73,500,00010.9% (4) 180,400,00026.8% 5.76 6.12 (5) 17,400,0002.7% 231
4 2.50 2.252.75 101,800,000 232
(i) (a) (b) 233
(c) (d) (e) (1) (2) (3) (ii) 234
(iii) (iv) (v) (vi) (a) (i) (ii) (iii) 235
(i) (ii) (iv) (i) (ii) (iii)(i) (ii) (iii) (b) (a) (i) (ii) (iii) (a) (i) (ii) (iii)(i) (ii) (iv) (i) (ii) (iii)(i) (ii) (iii) (b) (a) (i) (ii) (iii) (c) 236
10.07(1) BVI (i) (ii) (i) (ii) (i) (ii) 3% (a) 0.5%(b) 0.5% 237
30 45,000,000 15% 2.502.252.75 0.004% 0.005% 77,800,000 238
2.75 2.75 1.0% 0.004%0.005% 2,0005,555.5 (i) (ii) (iii) 239
300,000,000 270,000,000 30,000,000300,000,000 25% 30,000,000 10% 300,000,000270,000,000 90% S 144A 30 45,000,000 15% 240
www.iporesults.com.hk 2.50 2.252.75 672,200,000 30,000,000 10% 5,000,000 5,000,000 241
15,000,000 15 50 90,000,000 30% 50 100 120,000,000 40% 100 150,000,000 50% 242
270,000,000 90% 144AS 243
30 45,000,000 15% 45,000,000 15% (a) (b) 244
(c) (i) (ii) (d) (e) (i) (ii)(iii)(iv) (v) 30 245
www.eipo.com.hk eipoeipo eipo eipo eipo eipo 246
(a) 1 1 88 401 306-316 12 463 483 40-50 183 1-2 247
673 1 82-84 4G6 6A 1 G P16 38-46 150-160 54-62 (b) 1992 (c) 248
www.eipo.com.hkeipo 24 (1) 249
(a) (b) (c) 2.75 1% 0.004% 0.005% 250
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1 15,000,000 100% 10,000 100% 10,000 100% 10,000 100% 10,000 100% 100% 2 250,000,000 100% 250,000,000 3 100% 4 254,600,000 I-2
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5 1,200,104 1,720,442 2,080,479 (801,556) (1,120,682) (1,344,180) 398,548 599,760 736,299 6 35,508 12,867 9,918 (125,300) (261,167) (284,093) (93,952) (104,938) (122,956) (14,726) (15,356) (37,791) 7 (18,684) (47,353) (85,485) (5,118) (8,342) (2,726) 8,612 176,276 175,471 221,778 9 (26,917) (42,526) (47,940) 10 149,359 132,945 173,838 132,111 116,566 173,838 17,248 16,379 149,359 132,945 173,838 12 0.15 0.13 0.19 I-6
13 1,327,932 1,699,141 1,640,077 14 95,564 80,961 80,392 15 730 2,901 3,001 16 7,966 6,422 3,663 23,902 24,247 7,454 17 10,865 2,726 18 2,871 19 1,466,959 1,819,269 1,734,587 20 156,675 274,701 344,115 21 402,801 631,642 798,387 18 1,779 14 2,115 1,741 1,888 22 4,626 5,122 23 342,151 319,946 515,673 24 5,182 129,771 216,565 24 106,399 149,041 99,226 1,019,949 1,511,964 1,977,633 25 440,994 833,957 894,309 31,993 29,050 24,100 26 592 27 532,101 901,079 1,047,460 28 4,325 5,842 701 24 94 1,906 5,956 1,010,099 1,771,834 1,972,526 9,850 (259,870) 5,107 1,476,809 1,559,399 1,739,694 27 373,284 251,569 252,129 29 111,291 166,301 160,100 30 16,837 16,522 15,870 501,412 434,392 428,099 975,397 1,125,007 1,311,595 31 390 390 390 880,722 1,012,575 1,311,205 881,112 1,012,965 1,311,595 94,285 112,042 975,397 1,125,007 1,311,595 I-7
390 208,792 122,451 1,253 416,107 748,993 77,037 826,030 8 8 8 132,111 132,111 17,248 149,359 8 132,111 132,119 17,248 149,367 30,421 (30,421) 390 208,792 152,872 1,261 517,797 881,112 94,285 975,397 15,490 15,490 1,378 16,868 (203) (203) (203) 15,287 15,287 1,378 16,665 116,566 116,566 16,379 132,945 15,287 116,566 131,853 17,757 149,610 37,654 (37,654) 390 208,792 190,526 16,548 596,709 1,012,965 112,042 1,125,007 47,552 47,552 47,552 173,838 173,838 173,838 47,552 173,838 221,390 221,390 77,240 77,240 (112,042) (34,802) 1,854 (1,854) 390 286,032 192,380 64,100 768,693 1,311,595 1,311,595 208,792,00077,240,000 I-8
176,276 175,471 221,778 (201) 3,433 2,243 3,709 6,260 1,318 1,604 2,194 2,981 1,986 1,727 2,701 83,685 110,958 188,315 5,118 8,342 2,726 (8,612) 3,960 1,039 (110) 18,684 47,353 85,485 (1,062) (1,528) (2,971) 293,759 355,249 495,854 (19,773) (86,796) (62,308) (75,010) (46,251) (130,732) 84,057 88,539 110,495 283,033 310,741 413,309 (36,699) (46,419) (54,311) (28,275) (62,756) (73,527) 218,059 201,566 285,471 (508,398) (396,249) (146,946) 5,357 8,211 212 20,563 2,663 (10,961) (3,190) (281) 15,125 (5,471) (536) (124,589) (82,436) 24,536 (147,018) (184,529) (2,871) 1,092 32 (1,415) 15,070 (13,800) (31,095) 8,612 (4) (496) 5,122 1,062 1,528 2,971 (666,848) (442,898) (438,415) I-9
810,581 608,504 1,052,652 46,000 (442,377) (376,852) (932,889) (2,951) (592) (45,998) (18,159) (3,195) 1,517 (5,141) 316,060 278,577 96,463 (132,729) 37,245 (56,481) 8 3,585 2,616 239,026 106,305 147,135 106,305 147,135 93,270 106,399 149,041 99,226 (94) (1,906) (5,956) 106,305 147,135 93,270 I-10
46% 48% 100% 100% 100% 3%* 13% 6%* * 3% 46% 3% 6% Manstrong Group Limited ManstrongManstrong 5 I-11
1 1 7 1 8 8 29 7 2 2 3 8 4 9 5 10 2 6 11 7 12 1 2 3 4 5 6 7 8 I-12
I-13
50 5% 20% 20% 25% 20% 25% I-14
I-15
I-16
I-17
I-18
I-19
183,267,000 113,133,000 134,533,00042,238,000 I-20
1,190,642 1,692,384 2,066,276 9,462 28,058 14,203 1,200,104 1,720,442 2,080,479 (i)5(ii) 5(iii) 5 639,897 560,207 1,200,104 44,980 95,595 (140,575) 44,980 735,492 560,207 (140,575) 1,200,104 (51,490) 85,832 167,653 201,995 1,062 (2,979) (18,684) (5,118) (5,118) 176,276 (26,917) 149,359 I-21
922,795 546,874 548,016 2,017,685 10,865 10,865 458,358 2,486,908 65,221 306,849 68,924 440,994 1,070,517 1,511,511 714,451 10,380 15,017 739,848 25,090 18,255 43,930 87,275 3,960 3,960 53,903 896,447 770,092 1,720,442 288,044 90,329 (378,373) 341,947 986,776 770,092 (378,373) 1,720,442 (52,116) 82,971 201,240 232,095 2,160 (3,089) (47,353) (8,342) (8,342) 175,471 (42,526) 132,945 I-22
1,311,242 776,504 634,010 2,721,756 2,726 2,726 606,751 3,331,233 348,324 395,062 90,571 833,957 1,372,269 2,206,226 354,723 116,843 21,654 493,220 49,281 17,215 48,383 114,879 1,039 1,039 I-23
197,373 1,077,294 805,812 2,080,479 609,780 97,180 (706,960) 807,153 1,174,474 805,812 (706,960) 2,080,479 25,430 63,049 219,824 308,303 10,585 (17,511) (85,485) (2,726) (2,726) 8,612 8,612 221,778 (47,940) 173,838 1,329,790 972,605 576,582 2,878,977 833,243 3,712,220 366,783 446,584 80,942 894,309 1,506,316 2,400,625 I-24
57,297 14,404 7,576 79,277 111,305 25,920 56,772 193,997 1,081,514 1,508,093 1,634,673 45,750 44,986 37,013 22,335 61,617 90,138 3,277 17,935 110,928 39,948 74,665 162,486 7,280 13,146 45,241 1,200,104 1,720,442 2,080,479 1,791,711 2,508,286 2,682,331 739,818 486,579 79,272 225,974 213,470 196,646 30 6,641 5 2,017,685 2,721,756 2,878,977 739,848 493,220 79,277 I-25
1,062 1,528 2,971 110 1,628 1,933 982 24,141 7,664 7,669 465 38 4,130 1,013 1,737 1,260 35,508 12,867 9,918 127 10 6,736 9,010 11,958 28,148 62,746 73,527 35,011 71,766 85,485 (16,327) (24,413) 18,684 47,353 85,485 I-26
789 214 519 391 1,913 12 10 12 10 44 801 224 531 401 1,957 801 224 531 401 1,957 869 197 540 409 2,015 12 16 12 11 51 881 213 552 420 2,066 881 213 552 420 2,066 I-27
1,896 212 506 845 3,459 12 65 12 12 101 1,908 277 518 857 3,560 1,908 277 518 857 3,560 1,107 1,104 2,199 24 24 36 1,131 1,128 2,235 1,000,000, I-28
10,256 10,359 20,736 29,499 39,666 755 3,086 (1,433) 30 21,491 42,841 48,592 5,426 (315) (652) 26,917 42,526 47,940 17.5% 50% I-29
176,276 175,471 221,778 33% 58,171 57,905 73,187 1,689 2,753 900 6,614 7,738 14,757 (6) (780) (3,626) 755 3,086 (1,433) (106) (24) 16,324 22,297 1,156 2,370 10,420 15,871 (42,780) (39,072) (32,426) (15,275) (22,199) (21,829) (839) 402 1,383 26,917 42,526 47,940 I-30
(201) 3,433 2,243 3,709 6,260 1,318 1,420 1,702 1,880 83,685 110,958 188,315 1,604 2,194 2,981 1,986 1,727 2,701 87,275 114,879 193,997 (970) (1,144) (1,187) 86,305 113,735 192,810 3,960 1,039 1,097 1,802 1,512 106,215 122,821 138,956 3,289 7,335 8,275 109,504 130,156 147,231 (1,928) (2,264) (2,176) 107,576 127,892 145,055 11,529 12,383 19,132 900,000,0001,000 899,999,000 I-31
256,349 423,002 37,904 27,790 180,971 926,016 4,698 8,049 3,293 1,859 715,793 733,692 570 115 685 (15,122) (228) (191) (203) (15,744) 221,323 481,933 253 (703,509) 467,248 913,326 41,259 29,561 193,255 1,644,649 4,932 11,409 531 399 2,759 20,030 1,808 114,567 3,609 1,921 370,779 492,684 (9,296) (322) (2,499) (12,117) 107,266 414,876 3,154 (525,296) (17,708) (17,708) 581,254 1,427,174 48,231 29,382 41,497 2,127,538 15,856 45,286 1,523 957 1,235 64,857 17,690 43,589 3,231 698 14,069 79,277 (608) (453) (1,423) (2,484) 16,138 22,311 12,946 (51,395) (2,663) (2,663) 630,938 1,535,089 65,478 29,614 5,406 2,266,525 40,026 161,010 19,899 18,524 239,459 12,445 61,828 6,403 3,009 83,685 (5,897) (218) (128) (184) (6,427) 46,574 222,620 26,174 21,349 316,717 493 2,488 326 282 3,589 17,919 85,954 4,264 2,821 110,958 (1,123) (217) (1,527) (2,867) 64,986 309,939 30,547 22,925 428,397 1,735 8,724 922 737 12,118 20,695 156,643 8,133 2,844 188,315 (582) (411) (1,389) (2,382) 87,416 474,724 39,191 25,117 626,448 420,674 690,706 15,085 8,212 193,255 1,327,932 516,268 1,117,235 17,684 6,457 41,497 1,699,141 543,522 1,060,365 26,287 4,497 5,406 1,640,077 I-32
: 111,425 108,772 106,953 : 309,249 407,496 436,570 420,674 516,268 543,523 24,413,000 16,327,000 28,992,000 14,655,000 : 25,534 25,058 23,747 57,353 57,644 58,533 14,792 97,679 82,702 82,280 95,564 80,961 80,392 2,115 1,741 1,888 97,679 82,702 82,280 I-33
730 730 42 2,129 2,901 100 3,001 5 730 740 766 2,161 2,235 730 2,901 3,001 8.8%0% a. b. I-34
6,415 5,471 11,886 171 536 12,593 437 13,030 2,316 1,604 3,920 57 2,194 6,171 215 2,981 9,367 7,966 6,422 3,663 I-35
14,136 14,136 (3,271) (11,410) 10,865 2,726 25% 8,612,000 181,009 165,106 (137,548) (154,202) 43,461 10,904 10,865 2,726 I-36
72,397 99,938 17,841 (20,470) (33,367) (12,448) (5,118) (8,342) (2,726) 5.41 23,417 23,417 23,417 (23,417) (23,417) (23,417) 23,417,000 I-37
85,753 114,060 115,875 20,150 21,733 74,577 50,772 138,908 153,663 156,675 274,701 344,115 149,658 268,100 336,485 7,017 6,601 7,630 156,675 274,701 344,115 30 120 0 30 107,168 142,759 211,875 3160 29,062 91,077 98,002 6190 11,083 21,543 25,394 91120 5,800 5,939 2,022 121180 2,784 12,402 21,083 180 1,103 5,395 1,552 157,000 279,115 359,928 0 30 50,360 40,340 82,688 3160 70,889 78,045 92,691 6190 35,080 73,667 79,761 91120 19,314 24,760 65,621 121180 26,998 74,050 70,204 180 5,813 504 202,641 296,675 391,469 43,160 55,852 46,990 402,801 631,642 798,387 I-38
3% 161B 195,133 342,151 319,946 515,673 437,578 327,583 515,673 124,529 205,289 5,182 5,242 5,385 5,891 5,182 129,771 216,565 I-39
1.00% 1.25% 1.44% 3.10% 1.44% 3.25% 83,386 143,154 88,445 20,391 4,907 8,445 2,615 973 2,336 7 7 106,399 149,041 99,226 0.72% 1.00% 0.72% 2.53% 0.72% 2.58% 94 1,906 5,956 I-40
6.50% 6.50% 9.25% 9.25% 9.50% 0 120 0 90 199,647 269,217 318,133 91 180 27,713 78,347 89,335 180 13,278 38,670 18,666 240,638 386,234 426,134 0 90 68,822 124,246 183,839 91 180 21,391 104,974 163,508 180 4,265 90,213 233,485 347,347 110,143 214,238 120,828 440,994 833,957 894,309 I-41
601 592 (9) 592 592 5.256.75 899,315 1,075,551 1,112,152-70,940 181,067 6,070 6,157 6,370 905,385 1,152,648 1,299,589 292,509 359,229 752,456 612,876 793,419 547,133 905,385 1,152,648 1,299,589 I-42
532,101 901,079 1,047,460 175,297 111,045 240,626 197,438 140,524 11,503 549 905,385 1,152,648 1,299,589 (532,101) (901,079) (1,047,460) 373,284 251,569 252,129 1.20% 5.63% 2.80% 6.72% 5.02% 7.06% 404,136 746,243 861,390 501,249 406,405 438,199 1 2.5 905,385 1,152,648 1,299,589 I-43
1.20% 1.87% 4.53% 4.69% 6.16% 6.81% 0.625 17,721 (6,310) 11,411 (867) 6,293 5,426 16,854 (17) 16,837 (332) 17 (315) 16,522 16,522 (652) (652) 15,870 15,870 I-44
33,506 38,597 82,169 23,011 29,271 30,589 7,875 24,667 25,628 2,889 6,322 8,565 67,281 98,857 146,951 : 97 53,342 120,934 124,437 53,439 120,934 124,437 17,000 48,693 48,693 48,693 65,362 65,362 2,531 48,693 114,055 116,586 4,649 6,879 7,851 53,342 120,934 124,437 I-45
1,415,000 730,000a 11,604,000 2,129,000b 14,353,000 c 685 26,256 32,560 182,808 15,224 26,674 553 (226,176) (5,131) (6,391) 685 9,475 36,902 730 2,129 (22,549) 1,415 11,604 14,353 (1,415) (11,604) (14,353) 26,674 553 (1,415) 15,070 (13,800) I-46
(a) 201,000 1,200,100,000 168,200,000 8,356,00014,535,000 (b) 877,000 7,872,00071,849,000 (i) 32,560 (ii) 182,808 26,674 242,042 (iii) 226,176 (iv) 6,391 232,567 9,475 943 8,532 9,475 I-47
(v) 491,549 (357,021) 134,528 79 (122,556) (1,846) (1,673) (vi) 8,532 (vii) 8,532 943 943 8,532 8,532 943 8,532 9,475 I-48
8,532 1,096 (72) 9,556 (32,560) (183,904) 226,176 19,268 72 6,391 25,731 943 26,674 26,674 I-49
(i) (ii) 0 30 81,935 3160 26,060 6190 2,197 91180 2,509 180 359 113,060 69,748 182,808 (iii) 0 90 201,338 91180 2,997 204,335 21,841 226,176 (iv) (v) I-50
(vi) 1,096 154 108 46 154 19,869 (vii) 8,532 33 2,816 (25) 383 (3,174) (c) 145,000 2,080,500,000 221,800,000 11,958,0009,010,000 6,736,000 I-51
173 330 618 131 58 125 304 388 743 18 18 19 39 20 3 57 38 22 19 19 19 I-52
292,297 23,636 79,455 174,510 485,974 484,384 56,041 66,179 67,973 89,867 187,260 162,944 5,182 129,771 216,565 325,600 869,184 931,866 I-53
17,708 2,663 2,855 20,563 2,663 8,763,000 2,584,000 6,604,000 4,130,000 7 23 29 2,527 1,311,595,000 I-54
I-55 4,926,000 (a) 277,083,000 437,183,000 160,100,000 (b) (c) (d) 4 42,238,000
4.29 2.75 1,304,931 744,212 2,049,143 1.71 2.25 1,304,931 600,224 1,905,155 1.59 1. 1,311,595,000 3,001,000 3,663,000 2. 300,000,0002.752.25 3. 1,200,000,000 4. 59,800,000 1,200,000 5. 277,083,000437,183,000 160,100,000277,083,000 II-1
300,000,000 4 297 429(7) 300 II-2
429(1) (a) (b) (c) 429(1) II-3
27 26 13 6 III-1
3% 512 III-2
10.99 B.Sc. FRICS FHKIS 24 27 III-3
1. 97,000,000 6 2. 3,500,000 52 25 C 881 100,500,000 III-4
3. 116,247,000 4. 62,817,000 4 5. 10,558,000 58-5 6. 366,352,000 83 III-5
7. 7,105,000 4 5 7 8. 1,813,000 B1 9. 429,000 116-1 1403 10. 240,000 6 3 B 603 11. 309,000 1 13-1 III-6
12. 803,000 1131201 13. 273,000 48 2 2202 14. 1,042,000 73 4 301 302 15. 246,000 F17 D43 16. 214,000 6 3 2302 17. 567,000 52 A 1501 III-7
18. 363,000 28 2001 19. 449,000 3 2C 20. 419,000 1 1204 21. 362,000 123 12-03 22. 318,000 15 1201 III-8
23. 317,000 11 A 11408 24. 522,000 351 21112 J 25. 539,000 188 A 802 26. 316,000 A 1301 572,620,000 III-9
27. B C D18 28. 15 29. 26 30. 7405 673,120,000 III-10
1. 6 10,731.9 14,746.92 97,000,000 313 K 3102 99 3% 1. YL1083091 2. 3. YL1083778 4. B(11)(b)(i)(A) (B) 1 2 III-11
2. 52 25 C 881 11 32856 17 28 25 1,125 104.5 11107 99 3% 3,500,000 1. ST754999 2. ST208342 ST217930 ST325633 3. ST892685 III-12
3. 239,487.3 19 40,177.59 116,247,000 1. 20 C5223952C5223970 C5229351239,487.319 40,177.59 2. 3. 1,560 8 4. 56 25 III-13
5. 420 8 6. 80 10 7. 4505 30,00045 8. 100 4 1,000 9. (i) 239,487.3 (ii) 19 40,177.59 (iii) (iv) III-14
4. 4 59,845.02 411 43,499.33 62,817,000 1. 3(2003) 3302233302253 59,643.42 2. 1(2007) 330322 201.60 3. 4 C1625723C1625724 C5171682 C517168311 43,499.33 4. 5. 1,550 30,000 37 III-15
6. 7. (i) 4 59,845.02 (ii) 11 43,499.33 (iii) III-16
5. 58-5 8,312 5 11,037.96 10,558,000 50 1. 1(2001) 00907 8,312 50 2. 1 C0568398 8,455.54 3. 4. 42,582.42 868,000 III-17
5. (i) 8,312 (ii) 8,455.54 (iii) (iv) 4 2,582.42 III-18
6. 8 3 398,784.53 3 43 111,809.82 366,352,000 50 1. 2 (2003)35-223335-2234 2 323,626.66 2. 30 00470660047068 0047069004707000470740047078004718500467240046728 0046729004673100467980046801004680300468100046811 00468150054593005460240 110,174.85 3. 4. 22 463.34308,895 III-19
5. 2 398,784.53323,626.66 75,157.87 6. 75,157.87 14,059,000 7. 31,634.97 1,406,000 3 1,634.97 8. (i) 2323,626.66 (ii) 40 110,174.85 (iii) 175,157.87 (iv) 3 1,634.97 (v) 2 323,626.6630 97,298.08 III-20
7. 4 5 7 811.66 23 3,947 70 7,105,000 1. 2 C0900213C09092962 811.663 3,947 2. 3. (i) 2 811.66 (ii) 3 3,947 (iii) III-21
8. B1 602.94 1,007.21 70 3 1,813,000 1. 1 C0900212602.94 1,007.21 2. 3. 98 1,600 4. (i) 602.94 (ii) 1,007.21 (iii) (iv) III-22
9. 116-1 1 403 1 84 119.09 429,000 1. 000125 119.09 2. 3. (i) 119.09 (ii) III-23
10. 6 3 B 603 1 66 82.96 240,000 1. 200705057 82.96 2. 3. (i) 82.96 (ii) III-24
11. 1 13-1 1 2613 103.13 309,000 1. 1026375 103.13 2. 3. (i) 103.13 (ii) III-25
12. 113 1201 1 72 111.54 803,000 1. 00469 111.54 2. 3. (i) 111.54 (ii) III-26
13. 48 2 2 202 1 72 109 273,000 1. 9809041 109 2. 3. (i) 109 (ii) III-27
14. 73 4301 302 1 73 130.2 1,042,000 1. 200442980044299 130.2 2. 3. (i) 130.2 (ii) III-28
15. F17 D43 1 84 98.37 246,000 1. 00001937 98.37 2. 3. (i) 98.37 (ii) III-29
16. 6 3 2302 73 116.247 214,000 1. 2006096397 116.247 2. 3. (i) 116.247 (ii) III-30
17. 52 A 1501 1 2215 106.92 567,000 1. 5144 106.92 2. 3. (i) 106.92 (ii) III-31
18. 28 2001 1 2020 121.08 363,000 1. 1000091460 121.08 2. 3. (i) 121.08 (ii) III-32
19. 3 2C 1 92 89.86 449,000 1. R9902318 89.86 2. 3. (i) 89.86 (ii) III-33
20. 1 1204 1 3112 110.26 419,000 1. 00576167 110.26 2. 3. (i) 110.26 (ii) III-34
21. 123 12-03 1 1312 120.73 362,000 1. 9909951 120.73 2. 3. (i) 120.73 (ii) III-35
22. 15 1201 1 72 106.58 318,000 1. 00151341 106.58 2. 3. (i) 106.58 (ii) III-36
23. 11 A 1 1408 1 74 92.02 317,000 1. 9801136487 92.02 2. 3. (i) 92.02 (ii) III-37
24. 351 2 1112 J 1 231112 118.62 522,000 1. 1999505004 118.62 2. 3. (i) 118.62 (ii) III-38
25. 188 A 802 1 118 112.37 539,000 1. 54304 112.37 2. 3. (i) 112.37 (ii) III-39
26. A 1 301 1 93 101.86 316,000 1. 003269 101.86 2. 3. (i) 101.86 (ii) III-40
27. B C D 18 8 4,000 16,000 18,000 1. 4,000 16,000 2. 18,000 3. (i) (ii) (iii) III-41
28. 15 6 15 418.5 3,600 1. 418.5 15 3,600 2. (i) (ii) (iii) III-42
29. 26 626 2,800 21,000 1. 2,800 140 21,000 2. (i) (ii) (iii) III-43
30. 7 405 9 123 25 1. 123 25 2. 3. (i) III-44
223 (a) 27(2) (b) (i) IV-1
(ii) (iii) (iv) (v) IV-2
(aa) (bb) (cc) IV-3
(dd) (ee) 5% (ff) (vi) IV-4
(vii) (aa) IV-5
(bb) (cc) (6) (dd) (ee) (ff) (viii) (ix) IV-6
(x) (30) (i) (ii) (iii) (iv) (v) IV-7
(21) (95%) (21) (15) IV-8
(i) (ii) (iii) (iv) (v) 5% IV-9
15 18 (21) IV-10
(e) (21) (14) (i) (ii) (95%) (aa) (bb) (cc) (dd) (ee) IV-11
(ff) (20%) (gg) IV-12
(30) (i) (ii) IV-13
(a) (b) IV-14
(20) (14) (20) IV-15
(2) 2.50 1.00 3(f) (i) (ii) IV-16
(i) 12 (ii) 12 (iii) IV-17
(a)(b) (c)37(d)(e) (f) IV-18
34 34 2(m) (a) (b) (c) IV-19
(i)(ii) (iii) 6 (1) IV-20
(2) IV-21
(75%) IV-22
(90%) Conyers Dill & Pearman IV-23
6 XI 6 380,00038,000,000 0.01 0.01 3,762,000,000 380,00038,000,000 (999) 38,000,0003,800,000,000 1,200,000,0002,600,000,000 (a) (b) 3,762,000,000380,000 38,000,000 V-1
(c) (i) (ii) (iii) 8,999,990 899,999,000 899,999,000 BVI (d) 20% (i) (ii) (iii) V-2
(e) 10% (i) (ii) (iii) (f) (d) (e) 10% 13% 87% V-3
40% 20% 75% 25% 1.5% 48%49.5% 49.5% 3% 46.0%1.5% (a) 96,000,000 250,000,000 (b) 2,000,00012,000,000 V-4
(i) 10% (ii) (iii) V-5
1,200,000,000 120,000,000 26 V-6
25% (a) (i) 50%6,150,000(ii) 25%3,075,000 (iii)25% 3,075,000 (b) 66.67%10,000,000 33.33% 5,000,000 (c) 87%217,500,000 13% 32,500,000 (d) 1.5%9,600,000 V-7
(e) BVI 999 (f) (g) (h) (i) (j) BVI (k) V-8
30C 3044591 5 3044592 5 1250268 5 1250269 5 1250270 V-9
5 1250271 5 1250272 5 1250273 5 1295228 5 1305212 V-10
5 1340295 5 1340296 5 1352794 5 1352796 V-11
5 1367732 5 1367733 5 1389390 5 1398419 V-12
5 1398420 5 1398421 5 1398422 5 1398423 V-13
5 1404448 5 1407402 5 1410428 5 1413373 V-14
5 1413374 5 1413390 5 1413391 5 1416368 V-15
5 1437355 5 1488613 5 1488614 5 1520469 V-16
5 1520470 5 1544528 5 1596404 5 1608543 V-17
5 1608544 5 1608545 5 1697095 5 1906151 V-18
5 1906158 5 1906433 5 1907072 5 1907245 V-19
5 1974036 5 1976720 5 2022301 30 1965762 V-20
32 1981013 5 1182339 5 3428602 5 3444238 V-21
5 3390094 44 3313300 5 3296850 5 1908033 5 3142477 V-22
5 1911706 5 3560392 5 631604 5 631605 5 631606 5 767027 5 767028 V-23
5 1196322 42 1199808 16 1204461 42 1207825 29 1229369 30 1283930 V-24
30 1286394 5 1377756 5 1377757 5 1800699 5 1360202 5 1512426 30 1361537 V-25
5 3955691 5 3955692 5 1998B12210 5 5 4188377 5 4938392 V-26
B1 470334 ZL200430095196.4 25 470304 ZL200430095197.9 524 470406 ZL200430095199.8 312 OTC 470507 ZL200430095201.1 11 470595 ZL200430095214.9 12 470511 ZL200430095215.3 146 470296 ZL200430095217.2 23 484326 ZL200430095222.3 24 470320 ZL200430095223.8 17 470464 ZL200430095226.1 470321 ZL200430095233.1 56120 57 470593 ZL200430095234.6 58 470513 ZL200430095235.0 13 V-27
200510033869.7 200610032640.6 200610033066.6 200610033692.5 200610033852.6 http://www.tul.com.cn V-28
1,800,000 1,200,000 960,000 180,000 1,957,0002,066,0003,560,000 2,066,000 4,926,000 XV V-29
XV7 8 352 1 2 900,000,000(L) 75.0% 3 45,000,000(S) 75.0% BVI 100% 4 1(L) BVI 100% 5 1(L) 1. L S 2. XVBVI BVI BVIBVI BVI 900,000,000 3. XVBVI BVI BVIBVIXV 45,000,000 BVIBVI 4. XVBVI 5. XVBVI V-30
XV2 3 10% 1 BVI 900,000,000(L) 75.0% BVI 45,000,000(S) 3.75% 2 BVI 900,000,000(L) 75.0% 3 BVI 45,000,000(S) 3.75% 4 DBS Trustee H.K. 900,000,000(L) 75.0% (Jersey) Limited 5 DBS Trustee H.K. 45,000,000(S) 3.75% (Jersey) Limited 6 1. LS 2. BVI45,000,000 3. BVIBVIXV BVI BVI900,000,000 4. BVI45,000,000 5. DBS Trustee H.K. (Jersey) LimitedXV DBS Trustee H.K. (Jersey) Limited900,000,000 6. DBS Trustee H.K. (Jersey) LimitedXV DBS Trustee H.K. (Jersey) Limited 45,000,000 V-31
(g) (a) XV XV78 352 (b) (c) (d) (i) (ii) V-32
(i) 30% (ii) (iii) (i) (a) V-33
(b) (ii) (iii) (a) (b) (c) (d) V-34
(i) (ii) (iii) (iii) (aa) (i) (ii) V-35
(bb) (i) (ii) (iv) 10.00 (v) (aa) (bb) (cc) 10% 120,000,000 (bb) 10% V-36
(cc) (dd) 30% (vi) 12 1% (vii) (aa) (bb) 12 (i) 0.1% (ii) 5,000,000 V-37
(viii) (ix) (x) (xi) V-38
(xii) (aa) (bb) (cc) (dd) (ee) (ff) V-39
(xiii) (aa) (bb) (cc) (dd) (ee) V-40
(xiv) (aa) (bb) (aa) (bb) (cc) (xv) (aa) (xii) (xiii)(xiv) (bb) V-41
(xvi) (xvii) (viii) (xviii) (xix) V-42
(xx) (aa) (viii) (bb) (xi) (cc) (xii) (xiii) (xiv) (xv) (xvi) (dd) (xviii) (xix) (xxi) (xxii) (aa) (bb) (cc) (xxiii) V-43
(xxiv) (aa) 17.03 (bb) (cc) (dd) 17 (xxv) (xxvi) V-44
(j) BVI (a) 11135 43 (b) (i) (ii) (i) (ii) (iii) V-45
5 5 5 30 5 (a) (b) 5 (c) (d) 5,273.9 41,249.3 V-46
Portcullis TrustNet Chambers P.O. Box 3444 Road Town Tortola British Virgin Islands 50,0001.00 1 46 Conyers Dill & Pearman V-47
Conyers Dill & Pearman 0.1% 44A44B 32L4 V-48
(a) (b) (c) (d) (e) (f) (g) Butterfield Fund Services (Cayman) Limited V-49
138 (a) (b) (c) (d) C (e) (f) (g) (h) Conyers Dill & Pearman (i) (j) (k) (l) VI-1