Fullshare Holdings Limited (: 00607) 2014

2 3 8 10 20 25 36 43 45 46 48 49 51 134 1

33 43 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 18 1 25 2526 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 183 22 www.fullshare.com 00607 2

46 7 3

39 5 34 4

48 56 8 Berkeley 0081 50 ABB 3606 24 5

66 38 Henderson China Development Limited 54 VMS Investment Group 8181 00659 51 Baker & McKenzie 00190 00178 00432 6

36 12 38 10 38 41 7

EPC EPC PPP 2015 525%40% 1 100 100% 8

(a) EPC (b) (c) 2015 9

631,240 27% 107,33049,630 6%5,881 503,7668% 73,6693% 6,838 12% 437,882 61,871 EPCEMC 12,5534% 10

165,604 373,678 100% 139,205 46,898 75,176 299,547 100% 89,123 277,881 100% 18-7/02 C 11,804 52,678 90% 51,172 146,617 60,407 90% 49,220 96,298 80% 506,128 619,871 231,881 577,428 489,986 599,942 206,581 577,428 11

139,205 421,621 415,048 299,547 89,123 277,881 859,393643,793 12,553 228,15327% 156,987107,330 5,4745,881 627,32718% 514,170 12,085 125,24220%31% 232,06644% 129,623 4%27% 20% 12

2,307272% 8,580 2,9222,887 1,2621,902 29,85826% 22,241 25,81691% 49,378 80%5 237,978 1,360,1185 13

292,8665 3,0354.2 2%0.8 2% 1,058,591 1,360,118237,978 63,549 113,255292,866 179,611116,062 25,329 31,18212,24325,348 5,893 32,042 14

1,102,859 1,360,118 237,978 19,281 233,380292,866 32,04291,528 251,082 116,358116% 757,190 199,690 557,500 270,000180,000 90,000487,190 479,690 5 5683,247 15

251,082 116,358 972,852953,247 31%65% 1,458,398 194,745 2,793,443 1,456,999 1,641,860 861,664 1.71.7 75,066 5 485,000 7,089 5 16

43 19 80%5 2 14 9 42 44 17

189106 24,32414,112 49 14 40 18

20% 50% 70% EPCEMC 19

189 177 12 13.23% 3.17% 9.52% 7.94% 20.10% 27.51% 66.67% 51.86% <=25 26-35 36-45 46-55 >=56 <> <> <> <> <> <> < > <> 20

29270 < > 21

EPCEMC <> 103,000 139,205421,621 3,100 68,000 32,900,000 50% LEED 22

PM2.5 PM2.5PM2.5 PM2.599% <> < > <> 23

24

14 1. A.2.1 A.2.1 2. A.4.1 3. E.1.2 E.1.2 25

10 26

27/35 0/1 0/2 33/35 1/1 2/2 17/17 1 3 1/1 1 0/1 2 3 3 4 33/35 1/1 2/2 5 27/35 0/1 0/2 27/35 1/1 2/2 25/35 1/1 2/2 27/35 1/1 2/2 1. 2. 3. 4. 5. 27

(a) (b) (c) (d) (e) 3.10(1) (2) 3.13 25 28

29

1 3 3 1,000,000 2 1,000,0002,000,000 1 15 30

3 3 3 31

3 1 3 15 1,118,121 765,147 1,559,963 2,286,071, 32

43 44 www.fullshare.com (i) www.hkex.com.hk www.fullshare.com (ii) (iii) (iv) (v) (vi) www.fullshare.com (vii) 33

21 22 3 34

88 1. 2. 3. 13.51(2) 4. www.fullshare.com 35

EPC EMC 46 45 737,703 118,978 82,603 82,603 (506,365) 820,306 (304,784) 22 18 36

19 35(b) 0.45 680,000,000 680,000,000 241,280,000 305,450,000 229,190,000 290,000,000 0.481,000,000,000 780,000,000 298,360,000 371,610,000 120,810,000 152,220,00050,000,000 63,000,000 100% 127,550,000 156,390,000 10%5% 19% 65% 37

5% 38

3.13 571XV(i) 352(ii) 2 10,143,036,404 1 74.75% (1) Magnolia Wealth International LimitedMagnolia (2) Magnolia 10,143,036,404 XVXV7 8352 39

Magnolia Magnolia2%0.05 Magnolia8,400,000,0001,600,000,000 80,000,000 1,600,000,000 0931 Magnolia 380,000,00080,000,000Magnolia 18 100% 99% 1% 99% 1%667,000,000 840,420,000 40

63.19% 79.74%99.9% 14A 14A 15 336 Magnolia 10,143,036,404 74.75% 336 41

Magnolia Magnolia Magnolia Magnolia 41 49 42

45133 43

P05591 44

8 643,793 859,393 (514,170) (627,327) 129,623 232,066 10 8,580 2,307 36 (1,360,118) (292,866) 19 1,324 39 237,978 (22,241) (29,858) (49,378) (25,816) 11 (3,035) (412) (1,058,591) (113,255) 12 (44,268) (88,083) (1,102,859) (201,338) 13 (32,042) 14 (1,102,859) (233,380) (1,109,654) (209,704) (32,042) (1,109,654) (241,746) 6,795 8,366 6,795 8,366 (1,102,859) (233,380) 17 (28.02) (20.92) (28.02) (18.15) 45

18 4,080 2,898 19 5,600 5,600 20 1,474 21 350,000 38 14,045 375,199 8,498 22 50,000 23 327,018 53,608 24 23,219 25 1,802,040 880,104 26 307,336 405,484 27 20,801 28 11,947 1,445 29 251,082 116,358 2,793,443 1,456,999 30 224,378 188,563 31 435,442 476,702 60,035 41,399 32 156,000 33 8,815 34 757,190 155,000 1,641,860 861,664 1,151,583 595,335 1,526,782 603,833 46

35 530,763 439,307 720,011 (661,881) 1,250,774 (222,574) 207,624 27,829 1,458,398 (194,745) 36 683,247 37 7,089 32 43,758 34 115,000 38 17,537 331 68,384 798,578 1,526,782 603,833 45 133 47

35 i ii iii 3,295 396,705 18,229 8,533 (56,516) 370,246 19,463 389,709 2 13,179 26,128 (390,381) (351,074) (351,074) (241,746) (241,746) 8,366 (233,380) 7,069 (7,069) 16,474 422,833 25,298 8,533 (390,381) (305,331) (222,574) 27,829 (194,745) iv) (1,872,821) 1,872,821 36 79,829 1,963,536 2,043,365 2,043,365 35 11,627 530,359 541,986 541,986 (2,349) (2,349) (2,349) 39 173,000 173,000 (1,109,654) (1, 109,654) 6,795 (1,102,859) 8,380 (8,380) 107,930 422,833 33,678 618,725 8,533 (390,381) 449,456 1,250,774 207,624 1,458,398 (i) (i)2(ii) 2 (ii) 10%50% 25% (iii) (iv) 48

(1,058,591) (113,255) (32,042) (1,058,591) (145,297) (237,978) 32,042 1,360,118 292,866 (1,324) 13 (283) 1,030 997 (672) (2,922) 3,035 412 (551) (1,902) (2,887) 60,582 177,524 502,085 627,327 (258,087) (469,171) 400 357,010 35,043 (11,871) (23,526) 89,574 (120,624) (377,104) 505,569 83,593 (60,842) (69,079) (38,494) (22,959) 406,233 (8,445) 49

39 (388,437) (385,879) (1,947) (1,445) 1,445 210 (1,735) (1,790) 3,438 1,902 (50,000) 69 407 (350,000) 40 6,979 (787,167) (379,616) 200,000 170,000 (239,800) (131,500) 8,815 (61,109) (17,427) 36 390,381 37 8,268 35(aii) (1,262) 35(aii) 541,986 (2,349) 515,658 350,345 134,724 (37,716) 116,358 154,074 251,082 116,358 50

1. Magnolia Wealth International LimitedMagnolia Warderly International Holdings LimitedFullshare Holdings Limited 2. 500,000,000Magnolia 0.051,688,000,000 84,400,000Magnolia 1,688,000,0002,110,000,000 51

2. Magnolia1,103,036,404 52.28% 32 37,000,000 3 3Magnolia 52.28% Mighty Fame LimitedMighty Fame500,000,000 (i) (ii) 3 52

2. 39,307,000 50,344,0000.05 1,006,964,000 Magnolia 32,980,000 3. 10 12 27 32 36 39 21 53

3. 21 21 21 21 9 4 15 3 1 1 2 1 2 19 1 16 2 38 16 2 41 27 2 10 28 2 10 2 12 28 11 2 1 2 3 4 54

3. 8(i) (ii) 131339 9 13 39 9 32 4040 3 (a) 40 (b) 3 55

3. 19 34 34 9 9 9 9 9 9 9 56

3. 9 9 939 9 9 39 57

3. 9 399 9 9 39 39 39 9 9 58

3. 1 (i) (ii) (i) (ii) 1 59

3. 15 15 1518 11 15 15 15 15 15 15 15 622 6229358 6229 60

4. 622 911 76 87 32 61

4. (i)(ii)(iii) (i)(ii)(iii) (iv) 62

4. 12 19 2 5 63

4. 64

4. 65

4. 66

4. 67

4. 68

4. 39 7(c) 69

4. 70

4. (i) 37 (ii) (i)(ii) 71

4. 72

4. 12 (i) (ii) 73

4. 74

4. 75

5. 4 56,178,000 38,597,000 307,336,000 405,484,000 76

5. 1,802,040,000 880,104,000 327,018,000 53,608,000 44 77

6. 7. a) 696,818 141,985 683,247 1,196,174 458,525 b) 78

7. b) (i) 76,582 12,064 22,256 690,777 10%10% 10% 10%) 10%10% % 10 (5,433) (10) 5,433 10 67,871 (10) (67,871) 79

7. b) (ii) 34 36 37 34 50 35,000 533,000 80

7. b) 44 365,885,000 485,887,000 81

7. b) 223,322 223,322 223,322 797,238 797,238 757,190 156,000 25,000 25,000 206,000 199,758 8,815 8,815 8,815 579 579 1,737 8,847 11,742 7,089 44 365,885 365,885 1,551,839 25,579 26,737 8,847 1,613,002 1,196,174 188,525 188,525 188,525 168,359 118,702 287,061 270,000 44 485,887 485,887 842,771 118,702 961,473 458,525 7,808 7,808 413,413 429,029 683,247 82

7. b) c) 83

7. c) 683,247 47% i 15.05%ii 4.95 (i) 10%721,000 (ii) 3% 436,000 84

7. c) 683,247 (2,043,365) 390,381 1,360,118 292,866 683,247 1,360,118,000 292,866,000 85

8. 631,240 859,393 12,553 643,793 859,393 9. 1. 2. 39 13 86

9. 631,240 12,553 643,793 859,393 859,393 82,505 1,972 84,477 188,263 188,263 (23,586) (11,588) 5,693 2,024 1,324 (1,360,118) (292,866) 237,978 (3,035) (412) (1,058,591) (113,255) 4 87

9. 2,432,312 382,726 2,815,038 1,347,098 1,347,098 353,604 118,399 3,168,642 1,465,497 607,022 43,239 650,261 657,736 657,736 1,059,983 1,002,506 1,710,244 1,660,242 88

9. 64 2,044 1,647 3,755 671 14 345 1,030 (672) (672) (2,922) (2,922) (551) (551) 3,035 3,035 43,609 526 133 44,268 1,303 6,100 7,403 948 49 997 (1,902) (1,902) 412 412 88,083 88,083 89

9. 9,969 8,485 1,185 13 11,154 8,498 10% 10. 551 1,902 1,262 45 2,922 672 21 2,887 283 286 122 8,580 2,307 1,077,000 90

11. 37,999 22,959 2,997 412 38 25 (37,999) (22,959) 3,035 412 12. 31,182 37,075 25,329 50,677 56,511 87,752 38 (12,243) 331 44,268 88,083 (a) 16.5% (b) 25% (c) 30% 60% 91

12. (1,058,591) (113,255) 25% (264,647) (28,313) 25,329 50,677 354,896 81,701 (15,980) (5,538) (60,393) 5,063 (10,444) 44,268 88,083 38 13. 10,000,0007,808,000 20 32,042 40 32,042 92

13. 32,042,000 40 14. (a) 16,349 10,744 2,673 1,590 19,022 12,334 (b) 1,319 794 1,030 997 4,488 1,746 502,085 627,327 13 93

15. (a) 191 191 191 1,808 75 2,074 59 155 214 4 4 191 1,810 13 2,014 191 614 805 191 191 191 191 191 191 1,400 4,387 88 5,875 94

15. (a) 7 7 10 10 7 7 7 7 7 7 15 1,186 71 1,272 15 15 10 471 481 37 37 37 37 37 37 10 10 10 10 10 10 219 1,657 71 1,947 95

15. (b) 15(a) 1,871 1,626 23 146 1,894 1,772 1,000,000 781,000 1 3 1,500,0012,000,0001,172,000 1,562,000 1 16. 96

17. (1,109,654) (241,746) (1,109,654) (209,704) (32,042) 3,960,630 1,155,454 97

17. 2.77 32,042,000 98

18. 1,243 1,423 1,177 3,843 1,785 5 1,790 13 13 (257) (3) (260) (260) (260) 1,243 2,704 1,179 5,126 1,137 596 2 1,735 251 295 546 (96) (96) 2,380 3,455 1,476 7,311 725 735 154 1,614 396 464 137 997 (245) (2) (247) (136) (136) 1,121 818 289 2,228 352 536 142 1,030 (27) (27) 1,473 1,327 431 3,231 907 2,128 1,045 4,080 122 1,886 890 2,898 99

19. 4,276 1,324 5,600 5,600 5,600 5,600 5,600,000 100

20. 39 32,980 a 39 1,474 40 (32,980) 1,474 b 32,042 40 (32,042) 1,474 a) 1 1 25.8%3% 101

20. b) 2 2 10,000,0007,808,000 2 2 7,808,0002 6,870,00032,042,000 2 7,808,000 21. 350,000,0009.5% 22. 50,000,000 102

23. a 713 b 33,076 24,182 274,792 3,804 906 1,287 17,531 24,335 327,018 53,608 1,516,000 583,000 a 90 265 448 713 448,000 1 b 29,314,000 21,679,000 103

24. 25. 880,104 1,367,338 258,087 469,171 1,029,787 11 37,999 22,959 (403,937) (979,364) 1,802,040 880,104 1,481,186 631,813 320,854 248,291 1,802,040 880,104 96,684 215,755 1,705,356 664,349 1,802,040 880,104 104

25. 1,074,534,000 526,184,000 43 336,296,000 277,130,000 50,777,000 26. 27. 38,577 (17,776) 20,801 28. 43 105

29. (i) (ii) 0.001% 0.4% 0.001% 0.385% (iii) 75,066,000 11,481,000 30. 76,584 28,321 11,947 1,445 88,531 29,766 1,056 38 26,706 12,063 108,085 146,696 224,378 188,563 90 70,835 25,149 91 180 13,731 1,698 181 365 2,400 2,737 1,565 182 88,531 29,766 180 6,352,000 7,530,000 106

31. 32. 156,000,000 22,860,00020,898,00039(a) (b) 33. Magnolia 34. 199,690 180,000 320,000 237,500 90,000 757,190 270,000 757,190 155,000 115,000 757,190 270,000 (757,190) (155,000) 115,000 107

34. 415,000 10,000 70,000 485,000 10,000 272,190 260,000 757,190 270,000 70,000,000 5.6% 6% 5.60% 7.995% 7.80% 7.995% 6.00% 7.50% 6.15% 7.98% 519,690,000 180,000,00040,000,000 180,000,000 190,000,000 320,000,000 108

35. 400,000,00039,307,0002 39 (a) i 400,000 39 39,307 439,307 36 79,829 ii 11,627 530,763 (i) 400,000,000 (ii) 0.45680,000,0000.01 306,000,000241,649,000374,000 0.48780,000,0000.01 374,400,000300,337,0001,975,000 109

35. (b) 0.01 8,000,000,000 80,000 iii 12,000,000,000 120,000 20,000,000,000 200,000 422,000,000 4,220 3,295 iv 1,688,000,000 16,880 13,179 2,110,000,000 21,100 16,474 36 10,000,000,000 100,000 79,829 35a(ii) 1,460,000,000 14,600 11,627 13,570,000,000 135,700 107,930 (iii) 80,000,000200,000,000 12,000,000,0000.01 (iv) 2 110

36. 500,000,000390,381,000 2%420,000,000327,920,000 Magonlia 80,000,000 62,461,000 0.05 10,000,000,0005 683,247 390,381 (2,043,365) 1,360,118 292,866 683,247 2,922,000 683,247,000 2,043,365,000 111

36. 0. 241-0.55 0.26 0.05 0.05 i 42.2-44% 47% ii 47.4-56.4 59.5 iii 13.78-16.42% 15.05% (i) (ii) (iii) 37. 10,400,0008,268,000 1,262,0007% 9.6% 8,268 (1,262) i 121 ii (38) 7,089 i) 38,00083,000 ii) 38,000 112

38. 14,045 (17,537) (331) (3,492) (331) 1,615,000 1,231 1,231 14,045 384 14,429 14,045 1,615 15,660 (331) (331) (331) (331) (16,635) (16,635) (2,186) (2,186) (16,635) (331) (2,186) (19,152) 113

38. 27,978,000 1,265,000 6,460,000 21,518,000 1,265,000 791,000364,000 350,0005,637,000 39. (a) 500,000,00080% 156,000,000 344,000 156,000 500,000 2,360,000 114

39. (a) 2 1,029,787 424,457 252 104,790 (26,552) (79,364) (15,404) (526,990) 910,978 (173,000) 737,978 (237,978) 500,000 344,000 (104,790) 239,210 237,978,000 424,457,000 115

39. (a) 1,153,000 643,793,000 1,105,422,000 300,000,000 300,000,000600,000,000 600,000,000 173,000,000 116

39. (b) 200,000,000 25,000,00025,000,000 50,000,000 150,000 43,758 193,758 713,000 117

39. (b) 544 205,963 8,930 10,000 773 (33,926) 192,284 20 1,474 193,758 150,000 (773) 149,227 205,963,000 41,00012,553,000 118

39. (b) 651,893,000 1,102,733,000 Mighty Fame 3 2 39,307 (i) (6,327) 32,980 119

39. (i) 13 583 3,673 # (4,812) 11,014 (4,144) 6,327 # 2279,270,000 390,381 (3,673) (829) 385,879 500,000,000390,381,000 327,626,000 859,393,0002,074,000 120

39. 40. 13 7,808 2,765 3,223 3,389 808 829 (4,144) 6,870 (938) 7,808 (6,870) 7,808 (829) 6,979 121

41. 5% 2,761,000 1,661,000 42. a) 5,047 1,931 4,594 2,396 301 9,641 4,628 122

42. a) 1,262,000 2,623 2,424 5,047 b) 1,010,521 1,351,191 654,323 446,738 667,000 123

43. 1,074,534 526,184 11,947 1,445 1,086,481 527,629 44. 365,885 485,887 (i) (ii) 124

45. (a) 1. 2,064 10,580 2. 89 3. 787 787 4. 68 98 5. (i) 1,196 6. Magnolia 2,922 7. 130 8. 99 (3) (4) (5) (7)14A (i) 1,077,000 125

45. (b) 7,373 2,970 186 284 7,559 3,254 46. a) 400,000,000 100% 100% 240,000,000 90% 90% 865,000,000 80% 200,000,000 100% 126

46. a) (i) (ii) 9 1 4 1 3 2 b) 240,000,000 10% 10% 6,795 8,366 34,624 27,829 865,000,000 20% 173,000 6,795 8,366 207,624 27,829 127

46. b) 509,108 644,874 20,357 6,717 182,895 372,965 331 331 311,615 250,466 34,624 27,829 411,787 442,489 (343,842) (358,825) 67,945 83,664 61,150 75,298 6,795 8,366 67,945 83,664 90,790 44,747 5,199 (182) (42,500) (96,202) 53,489 (51,637) 128

46. b) 1,567,111 1,616 708,802 686,925 173,000 86 (1,239) (1,153) (1,153) (1,153) 201,215 (230,000) (47,369) (76,154) 129

47. a 1,186 13 1,186 13 507 1,003 583 b 874,501 390,429 73,303 11,442 949,314 402,454 6,360 7,530 c 8,815 15,175 7,530 934,139 394,924 935,325 394,937 d 107,930 16,474 d 820,306 (304,784) 928,236 (288,310) 683,247 7,089 935,325 394,937 (a) (b) (c) 130

47. (d) 3,295 66,261 82,603 (454,102) (301,943) 13,179 52,717 65,896 (52,263) (52,263) 16,474 118,978 82,603 (506,365) (288,310) 79,829 1,963,536 2,043,365 11,627 530,359 541,986 (2,349) (2,349) (1,366,456) (1,366,456) (1,872,821) 1,872,821 107,930 737,703 82,603 928,236 48. 36 49. (a) 99% 1% 667,000,000 131

49. (a) (b) 100%99% 1%438,000,000 132

49. Magnolia961,538,450 7.09%Superb Colour Limited 499,999,994 519,000,00048,825.47 1813.5% 133

111,634 310,933 399,140 859,393 643,793 20,760 125,500 107,391 (113,255) (1,058,591) (8,027) (47,610) (73,994) (88,083) (44,268) 12,733 77,890 33,397 (201,338) (1,102,859) (32,042) 12,733 77,890 33,397 (233,380) (1,102,859) 12,915 76,693 30,466 (241,746) (1,109,654) (182) 1,197 2,931 8,366 6,795 12,733 77,890 33,397 (233,380) (1,102,859) 1,685,762 1,744,279 1,681,096 1,465,497 3,168,642 (1,526,573) (1,513,701) (1,291,387) (1,660,242) (1,710,244) 159,189 230,578 389,709 (194,745) 1,458,398 129,117 188,455 370,246 (222,574) 1,250,774 30,072 42,123 19,463 27,829 207,624 159,189 230,578 389,709 (194,745) 1,458,398 2 134