2oo5 : 363

2 3 4 8 10 25 32 42 52 60 61 62 64 65 67 70 162 163 166

39 26 (852) 2529 5652 (852) 2529 5067 enquiry@sihl.com.hk The Bank of New York Investor Relations P.O. Box 11258, Church Street Station New York, NY 10286-1258 2

39 26 (852) 2876 2317 (852) 2520 0128 28 26 (852) 2980 1766 (852) 2861 1465 363 363 HK 0363.HK SGHIY www.sihl.com.hk 20 22 3

10.28 25.4% 2.3657.6% 600607 1.86 19% 20.3% 92.4% 4.684,534 9,174 2220 42 39.3% 4

5

33.06 375 28.15% 6.892.7 4.45980 21.17% 4.33 H101TNF 163.860.68 6

7

8

9

10 BOO BOT BOT 50% 100% 30% 100% 90% 100% 100% 100% 55% 45% 60% 70% 50% 100% BOT BOT BOT 19% 1.86 19.8% 10% 3,305 4.65 2.75 375 33.06 BOT/BOO

11

0.5 /0.91 / 0.95 /1.15 / 1.04 /1.32 / 1. 50% 18 2. 100%BOT 30 / 3. 90%BOT 15 40 4. 100%BOT 20 5. 100% BOT 10 12

2.83 30% 2570 25 261,464 1.98 13

14 H101 TNF * * * * * 55% 61% 55% 51% 70.41% 55.75% 51% 58.19% 52.75% 99% 21.31% * 28727 H101TNF 57.6% 2.36 25.2% 600607 1.45 3.52

15

H101 5 TNF 6.8% 13.1% 21.3% 48.7% 1.53 26% 7,10069.6% 16

H101 H103 45% 5,064 17

/ 336,226 +6.8% 122,935 +13.1% 54,603 +21.3% 86,013 +9.3% 124,941 +14.7% 75,614-4.9% 197,642-48.7% 25,966 +25.5% 61,114-32.6% 50,641 +200.7% 153,430 +26.0% 39,860 +20.2% 98,020 +190.8% 99% 6.1 2,87258.5% PTCA 18

100% 30.78% 50% 30% 93.44% 20.3% 4.68 50.1% 28.15% 3.37 12% 15.2 34.3% 3.85 56% 19

600597 68.872.11 33.6% 28.8% 34.3%3,081 71%2.32 20

21

103% 9.45 10.3% 1.26 1.56 10.04% 20% 9,174 4,534 4.9% 981 20.2% 11.71 1.12 8.2%12.9% 2,612 1,498 8% 0.13TDS-CDMA/WCDMA/ CDMA20003G 22

23

13.3 8,92532.4% 17.3% 10.88 1.14 31% 27% 2.15 4,181 24.1% 23.7% 7.649%24 431338 50.2% 5,185 107.5%1,500 2,200 23% 24

2005 2004 6,025,285 3,428,939 75.7% 1,027,940 1,377,660 (25.4%) 21,972,155 20,606,861 6.6% 16,375,892 15,614,861 4.9% 1.07 1.45 (26.2%) 42 55 (23.6%) 20 20 22 35 967,533,000 958,638,000 16.15 16.60 156.26 159.13 (1) 11.2% 10.9% (2) 23 100 39.3% 37.9% (1) / (2) / 60 1.6 18 50 15 1.2 40 12 30 0.8 9 20 6 0.4 10 3 0 0.0 0 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 25

1. 10 2,794 13 7,766 25.4% 1,400 1,200 1,000 800 600 400 200 0 2001 2002 2003 2004 2005 2. 4.9% 19.8% 2005 2004 % 185,769 156,131 19.0 50.1% 2005 25.2% 235,625 149,522 57.6 467,764 586,554 (20.3) 10.5% 45,336 599,377 (92.4) 40.2% 10.0% 2004 39.3% 19.0% 26

2002 21.31%Firebird 24.9%4 3. 3.0% 59.2% 2005 2004 % 181,578 189,208 (4.0) 3,567,264 1,283,622 177.9 2,276,443 1,956,109 16.4 37.8% 2005 5.5% 6,025,285 3,428,939 75.7 37.4% 75.7% 57.1% 2004 27

177.9% 56.63% 51% 5%3% 4. (1) 38.3%56.1%17.8 (2) 2 3,357 3 8,946 (3) 1 3,123 (4) 7,336 28

(5) 1 5,160 (6) 5 1,786 (7) 5. 22 2042 39.3% 37.9%1.4% 18 1. 967,533,000958,638,000 8,895,000 15 12 9 7 6,103 163 7,589 6 3 0 2001 2002 2003 2004 2005 29

2. (1) 22 9,375 6 9,375516 8 8 82.9% (2) (a) 32,034,000 (b) 230,099,000 (c) 165,000 (3) 1,963 3. 60 6,84010 7,004 47% 39% 14% 1. 30

2. 16 8 3. 31

32

/ 4247 3.13 33

// / / / / // / / / / / // 5% 96% / 5/5 / 5/5 5/5 / 5/5 5/5 5/5 5/5 5/5 34

/ 5/5 5/5 3/5 5455 35

www.sihl.com.hk 100% 3/3 3/3 3/3 3/3 1/1 2/2 36

7,142,000 5,956,000 5,185,000 1,892,000 429,000 408,000 317,000 214,000 317,000 272,000 272,000 272,000 37

100% www.sihl.com.hk 3/3 3/3 3/3 7,740,000 7,484,291 8,332,600 58,680 15,875,571 38

548,076,000 56.6%43.4% enquiry@sihl.com.hk 39

ADR Level 1 13,9667,409 13,3786,823 5.31 3.67 3,660 2,421 27,250,000 10,000,000 11.7114.89 19,365,000 Mergen Mergen 63,500 Mergen 85% 73.26% Mergen Mergen 41 Mergen 40

41

63 56 56 42

49 56 53 43

36 39 59 44

68 51 38 45

44 37 39 46

52 31 38 47

58 55 58 59 46 60 48

71 54 40 56 53 48 49

39 43 54 47 59 50 50

50 59 45 55 43 43 51

55 56 57 61 2022 162 40 42 52

51.8 16 17 92101 53

iii 352 XV (I) (a) 4,000,000 0.41% 1,250,000 0.13% 4,200,000 0.43% 200,000 0.02% 200,000 0.02% 200,000 0.02% 54

(b) 800,000 0.08% 560,000 0.06% 480,000 0.05% 300,000 0.03% 300,000 0.03% (II) 15,000 0.005% 15,000 0.005% XV 55

41 14.89 800,000 800,000 11.71 500,000 500,000) 14.89 560,000 560,000 14.89 480,000 480,000 14.89 300,000 300,000 14.89 300,000 300,000 500,000 2,440,000 500,000) 2,440,000 11.71 15,780,000 8,395,000) 7,385,000 14.89 4,560,000 4,560,000 15,780,000 4,560,000 8,395,000) 11,945,000 14.89 3,000,000 3,000,000 16,280,000 10,000,000 8,395,000) 17,385,000 15.75 14.85 56

336 (a) 548,076,000 56.65% (i) 48,436,253 5.01% b 87,653,993 9.06% (ii) i 468,066,000 80,000,000 10,000 100%STC 100% 100% ii 87,653,993 336 57

52(i) 52(i) (i) (ii) (iii) 30% 58

1,242,000 51 58 32 41 59

61161 141 60

2005 2004 7 6,025,285 3,428,939 (3,719,705) (1,505,051) 2,305,580 1,923,888 8 389,460 233,570 162,361 31,127 (830,374) (741,799) (716,676) (401,784) (9,648) (144,532) 9 (82,024) (19,317) 2,839 76,201 102,532 254,132 10 180,661 698,523 (33,376) (26,185) (191,232) 37 (31,247) 2,324 1,449,603 1,685,401 11 (194,042) (186,152) 12 1,255,561 1,499,249 1,027,940 1,377,660 227,621 121,589 1,255,561 1,499,249 14 529,805 495,067 15 1.07 1.45 1.06 1.42 61

2005 2004 16 51,830 45,672 17 2,404,338 1,892,434 18 225,238 185,782 19 1,776,798 1,784,651 20 95,077 39,206 21 397,987 346,204 22 (2,203) 24 2,390,508 2,139,789 25 3,868,057 4,367,157 26 321,054 27 51,032 28 245,512 29 4,277 2,748 30 26,326 25,821 31 68,269 32 6,421 44 25,876 33,232 11,662,056 11,157,037 33 1,215,725 877,785 34 1,539,861 1,487,294 18 8,129 2,162 29 62,757 35 1,070,042 28 1,084,036 188,962 36 28,000 43,121 36 6,040,400 5,766,464 9,964,914 9,449,824 37 345,185 10,310,099 9,449,824 38 1,297,662 1,226,846 65,236 96,816 39 1,320,175 1,240,645 2,683,073 2,564,307 7,627,026 6,885,517 19,289,082 18,042,554 62

2005 2004 40 96,753 95,864 16,279,139 15,518,997 16,375,892 15,614,861 1,832,137 1,476,366 18,208,029 17,091,227 39 973,574 859,390 44 107,479 91,937 1,081,053 951,327 19,289,082 18,042,554 61161 63

2005 2004 17 6,134 5,462 23 1,023,154 772,897 24 141,673 141,673 32 6,421 1,177,382 920,032 13,345 18,735 43 13,271,642 12,620,166 763,000 2,112,664 2,127,892 15,397,651 15,529,793 38,873 46,929 43 387,734 500,195 39 800,000 800,000 1,226,607 1,347,124 14,171,044 14,182,669 15,348,426 15,102,701 40 96,753 95,864 42 14,451,673 14,206,837 14,548,426 14,302,701 39 800,000 800,000 15,348,426 15,102,701 64

94,575 9,886,904 1,071 514 33,820 (927,282) 317,792 5,083,446 14,490,840 380,934 14,871,774 2,119 2,119 (78) 2,041 106 106 106 6 6 6 2,231 2,231 (78) 2,153 1,377,660 1,377,660 121,589 1,499,249 (286) (736) 736 (286) (286) 1,140 1,140 1,140 88,637 88,637 88,637 (110) (110) (110) 1,835 89,777 (736) 1,378,396 1,469,272 121,511 1,590,783 1,289 1,289 1,289 145,854 145,854 145,854 (127) (127) (127) 2,800 2,800 2,800 68,018 (68,018) 1,066,466 1,066,466 84,393 84,393 (64,386) (64,386) (111,026) (111,026) (1,526) (1,526) 14 (495,067) (495,067) (495,067) 95,864 10,032,631 2,800 1,071 514 35,655 (837,505) 385,074 5,898,757 15,614,861 1,476,366 17,091,227 (514) (3,328) 837,505 (834,788) (1,125) (1,125) 95,864 10,032,631 2,800 1,071 (3,328) 35,655 385,074 5,063,969 15,613,736 1,476,366 17,090,102 65

95,864 10,032,631 2,800 1,071 (3,328) 35,655 385,074 5,063,969 15,613,736 1,476,366 17,090,102 9,749 9,749 9,749 76,942 76,942 23,186 100,128 44,177 44,177 44,177 20,334 20,334 20,334 9,749 141,453 151,202 23,186 174,388 1,027,940 1,027,940 227,621 1,255,561 11 11 11 (3,576) (800) (4,376) (4,376) (26) (26) (26) 9,749 137,862 (800) 1,027,940 1,174,751 250,807 1,425,558 889 889 889 103,271 103,271 103,271 (121) (121) (121) 5,027 5,027 1,111 6,138 8,144 8,144 572 8,716 68,826 (68,826) 84,159 84,159 (110,994) (110,994) (79,100) (79,100) 209,706 209,706 (2,315) (2,315) 1,825 1,825 14 (529,805) (529,805) (529,805) 96,753 10,135,781 7,827 1,071 8,144 6,421 173,517 453,100 5,493,278 16,375,892 1,832,137 18,208,029 66

2005 2004 1,449,603 1,685,401 (5,231) (5,529) (31,371) (23,408) (3,215) (4,058) (156,115) (95,216) 82,024 19,317 (3,343) (2,838) 15,462 41,950 41,626 (9) 211,538 119,843 8,783 4,434 36,677 35,855 (180,661) (698,523) / (19,260) (85,928) 9,648 31,247 6,978 (7,133) 24,424 19,135 33,376 / (170,925) (16,593) (2,839) (76,201) (102,532) (254,132) 5,500 2,196 6,138 2,800 (2,324) 26,185 191,232 1,219,069 944,919 (197,012) (226,227) 204,179 3,110 8,832 (362,361) 218,378 866,985 945,902 (122,583) (65,978) (100,721) (114,672) 17,772 21 661,453 765,273 67

2005 2004 320,088 692,215 286,812 103,474 199,601 222,628 104 188,962 (188,962) 160,846 79,631 155,924 95,216 45 43,896 (390,815) 36,509 31,371 23,408 5,686 5,231 5,524 4,836 3,028 4,255 2,295 46 4,122 198,396 3,343 2,838 3,215 4,058 2,587 5,321 1,782 (503,307) (144,300) (350,112) (388,417) (83,368) (7,063) (68,350) (68,269) (52,046) (2,975) (1,569) (2,697) (505) 3,193 (2,478,720) 3,069,902 3 551,193 687,632 68

2005 2004 (529,805) (495,067) (640,022) (26,981) (110,994) (101,561) (82,024) (19,486) (121) (127) 524,617 105,778 104,160 147,143 84,159 84,393 (650,030) (305,908) 562,616 1,146,997 16,287 5,185,693 4,038,696 5,764,596 5,185,693 6,040,400 5,766,464 (275,804) (505,299) (75,472) 5,764,596 5,185,693 69

1. 55 2. / (i) 2 2 2 2 2 3 70

2. / (ii) 336 3 36 3 889.6 19.1 36 1.8 43.6 21 21 71

2. / (ii) 3 3 52.12.2 (iii) 3239 32 39 39 39 24 24 24 39 39 72

2. / (iii) 24 39 51.0245.5 296.5275.3 21.2 1,084.0 24 39 39 39 39 73

2. / (iii) 39 39 39 3 8 (iv) 17 17 3 74

2. / (v) 40 40 40 3 21 21 21 75

2. / 1 1 19 2 21 2 39 2 39 2 39 2 4 6 2 7 : 1 4 2 5 2 6 3 7 29 4 1 2 3 4 76

3. 2 (i) 2005 2004 22,149 1,959 5,407 (6,138) (2,800) (667) (3,020) 2,324 7,133 (2,126) 30,041 (5,820) (ii) 2005 2004 7,133 16,011 (2,800) (6,676) (18,250) (40,542) (30,597) 51,791 45,827 2,324 30,041 (5,820) 25,119 (5,400) 4,922 (420) 30,041 (5,820) 77

3. (iii) 2004 2004 2005 12 31 12 31 1 1 23 2,142,809 (3,020) 2,139,789 1,759 2,141,548 3 4,367,157 4,367,157 43,560 4,410,717 3 346,204 346,204 (45,319) 300,885 (2,203) (2,203) 2,203 17 2,080,378 (187,944) 1,892,434 1,892,434 187,944 187,944 187,944 39 296,544 296,544 51,032 51,032 (51,032) 245,512 245,512 (245,512) 1,084,036 1,084,036 1,084,036 1,084,036 (1,084,036) (3,328) (3,328) 10,314,925 (3,020) 10,311,905 (1,125) 10,310,780 5,904,157 (5,400) 5,898,757 (834,788) 5,063,969 2,800 2,800 2,800 514 514 (514) (3,328) (3,328) (837,505) (837,505) 837,505 5,067,166 (2,600) 5,064,566 (1,125) 5,063,441 1,476,366 1,476,366 1,476,366 5,067,166 1,473,766 6,540,932 (1,125) 6,539,807 1,476,786 (1,476,786) 380,934,000 78

4. / 79

4. 80

4. 2 81

4. 82

4. 83

4. 84

4. 85

4. 86

4. 87

4. 88

4. 89

4. 5. 90

5. 6. (i) 8.27658.110 137 (ii) 16 8 (iii) 91

6. 7. 2005 2004 5,843,707 3,239,731 181,578 189,208 6,025,285 3,428,939 92

8. 2005 2004 135,620 71,947 / 170,925 16,593 31,371 23,408 / 19,260 85,928 / 15,678 21,475 4,817 1,794 5,231 5,529 3,343 2,838 3,215 4,058 389,460 233,570 9. 2005 2004 81,916 19,414 108 72 82,024 19,486 (169) 82,024 19,317 93

10. 2005 2004 126,541 43,259 30 12,506 631,998 3,861 (5,506) 3,603 52,737 10,155 180,661 698,523 11. 2005 2004 75,952 66,633 111,313 66,437 187,265 133,070 (15,759) 30,704 2,342 (15,759) 33,046 44 22,536 20,036 194,042 186,152 94

11. 17.5% 17.5% 7.5% 33% 44 2005 2004 1,449,603 1,685,401 33%33% 478,369 556,182 (34,772) (109,010) 37,372 147,731 (105,097) (302,791) (15,759) 33,046 5,251 8,691 (19,267) (74,088) (69,451) (76,322) (77,952) (1,645) (294) 194,042 186,152 95

12. 2005 2004 421,390 274,966 68,014 65,450 4,965 2,800 399,000 2,418,000 36,604 24,212 530,973 367,428 15,462 41,950 41,626 6,978 211,538 119,843 5,500 2,196 265,966 179,127 7,327 6,353 1,173 / 24,424 19,135 36,677 ) 35,855 9,648 (7,133) 8,783 4,434 189 9,252 5,174 13,809 16,857 23,967 13,587 64,711 15,468 7,968 15,230 45,949 30,597 (9) (19,909) 2,182 96

13. 2005 272 272 272 816 3,571 2,651 2,339 429 200 214 200 1,757 408 11,769 2,913 2,851 2,455 8,219 313 219 188 117 117 954 345 235 203 135 918 7,142 5,956 5,185 429 317 214 317 1,892 408 272 272 272 22,676 2004 206.3 206.3 206.3 619 3,571 895 2,417 190 1,313 200 111 2,326 190 84 51 808 84 638 47 12,925 2,683 1,152 2,521 1,530 68 1,056 83 9,093 345 81 210 138 210 13 7 89 10 1,103 6,599 2,128 5,148 190 2,981 200 111 2,536 190 97 126 1,953 177 638 47 206.3 206.3 206.3 23,740 97

13. 5 2005 951 485 95 94 1,625 14. 2005 2004 2020 193,458 191,602 35 32 336,347 303,465 529,805 495,067 2235 98

15. 2005 2004 1,027,940 1,377,660 (2,240) (15,986) 1,025,700 1,361,674 2005 2004 963,971,274 952,088,546 2,925,399 6,159,364 966,896,673 958,247,910 99

15. 2 2005 2004 2005 2004 1.04 1.45 1.03 1.43 2 0.03 0.03 (0.01) 1.07 1.45 1.06 1.42 100

16. 3,690 41,982 45,672 807 (1,782) 7,133 51,830 51,830,000 45,672,000 2,327,000 349,000 101

17. 426,342 258,430 56,012 1,078,431 79,521 1,898,736 30,061 28,665 20,074 403,477 29,473 511,750 4,827 17,448 13,454 207,375 145,313 388,417 / 34,561 9,110 4,780 25,849 (74,300) (2,812) (2,476) (5,276) (27,840) (38,404) (5,321) (5,321) 492,979 311,177 89,044 1,681,971 180,007 2,755,178 4,966 1,799 1,556 18,000 3,496 29,817 124,150 4,682 9,560 182,269 76,881 397,542 32,513 41,432 16,256 103,484 156,427 350,112 / 144,951 5,203 3,505 108,139 (261,798) (12,394) (12,394) (16,444) (219) (73) (5,848) (22,584) (725) (12,457) (10,928) (20,760) (44,870) (2,587) (2,587) 769,996 351,617 108,920 2,064,668 155,013 3,450,214 760,296 351,617 108,920 2,064,668 155,013 3,440,514 1,000 1,000 8,700 8,700 769,996 351,617 108,920 2,064,668 155,013 3,450,214 76,085 119,242 36,138 542,379 773,844 16,872 26,066 8,404 68,501 119,843 (1,133) (1,547) (4,167) (24,096) (30,943) 91,824 143,761 40,375 586,784 862,744 1,242 850 760 4,793 7,645 23,819 44,270 16,957 126,492 211,538 (479) (479) (3,318) (123) (38) (842) (4,321) (575) (9,656) (9,220) (11,800) (31,251) 112,513 179,102 48,834 705,427 1,045,876 657,483 172,515 60,086 1,359,241 155,013 2,404,338 401,155 167,416 48,669 1,095,187 180,007 1,892,434 102

17. 4% 5% 20% 33 1 / 3 % 20% 30% 6 2 / 3 % 20% 9,361,000 9,361,000 2,831,000 2,558,000273,000 273,000 20,629,000 20,629,000 15,751,000 14,377,000 1,374,000 1,575,000 22,059,000 19,472,000 74,238,000 71,651,000 103

17. 2,803 24,460 6,809 34,072 646 1,353 1,999 2,803 25,106 8,162 36,071 423 2,417 2,840 (130) (1,724) (1,854) 2,803 25,399 8,855 37,057 261 21,498 6,320 28,079 112 1,908 510 2,530 373 23,406 6,830 30,609 112 1,200 856 2,168 (130) (1,724) (1,854) 485 24,476 5,962 30,923 2,318 923 2,893 6,134 2,430 1,700 1,332 5,462 2005 2004 2005 2004 1,131 1,179 286,613 217,647 369,739 182,329 2,318 2,430 657,483 401,155 2,318 2,430 104

17. 169,000 18. 2005 2004 349 349 46,273 47,360 186,745 140,235 233,367 187,944 8,129 2,162 225,238 185,782 233,367 187,944 105

19. 1,841,082 (14,805) 1,826,277 35,197 1,861,474 41,626 1,100 41,950 84,676 1,776,798 1,784,651 106

20. 39,206 39,206 45 59,121 59,121 753 753 2,975 2,975 42,934 59,121 102,055 4,956 2,022 6,978 37,978 57,099 95,077 39,206 39,206 107

21. 266,175 130,369 / (28,035) 368,509 3 (19,144) 24 (1,759) 25 (43,560) 1,479 37,274 6,592 25 57,159 (2,003) 404,547 8,281 15,462 / (4,599) 19,144 3 (19,144) 1,158 2,003 3,161 5,402 (2,003) 6,560 397,987 346,204 108

21. 31.12.2005 1.1.2005 121,245 121,245 94,434 28,529 28,529 28,566 22,043 21,147 21,098 28,339 28,339 75,727 74,298 5,333 397,987 300,885 2(ii)36 109

21. 6% 5,333,000 22. 2,212 9 2,203 3 (2,203) 2 3 110

23. 2005 2004 1,023,154 772,897 55 24. 2005 2004 2005 2004 3,496,070 3,234,674 166,790 166,790 (1,012,980) (1,001,267) 2,483,090 2,233,407 166,790 166,790 (92,582) (93,618) (25,117) (25,117) 2,390,508 2,139,789 141,673 141,673 111

24. 47,275,000 18,067,000 92,677 3 (7,241) 21 1,759 544 28,314 116,053 5,532 1,709 7,241 3 (7,241) 67,369 1,409 68,778 47,275 18,067 112

24. 1,409,000 2005 2004 14,347,783 10,610,867 (7,507,702) (5,099,488) 6,840,081 5,511,379 2,435,815 2,215,340 6,738,886 7,592,386 61,206 179,354 2,839 76,201 2005 2004 1,691 56 113

25. 2005 2004 1,678,314 1,697,688 182,682 283,465 201,018 294,765 1,834,836 2,100,658 3,896,850 4,376,576 (28,793) (9,419) 3,868,057 4,367,157 3,265,874 3,103,635 3,320,000 72,291,000 123,812 / (41,260) 82,552 3 (10,261) 21 43,560 (74) 21 (57,159) 37 (35,924) 22,694 9,032 6,636 / (5,407) 10,261 3 (10,261) 114

25. 19,374 3,320 72,291 19,374,000 2005 2004 43,287,778 42,031,558 (14,693,352) (13,256,027) 28,594,426 28,775,531 3,893,530 4,304,285 18,020,749 17,520,842 (485,328) 1,142,003 102,532 254,132 57. 115

26. 11,521 17,957 5 291,571 321,054 36,509,000 9,648,000 200435,855,000 116

27. 36,677,000 113,763 5 (62,739) 51,029 3 51,032 39 117

28. 21,169 384,321 405,490 37,907 37,907 6,300 6,300 21,169 428,528 449,697 224,295 48 224,343 288,881 288,881 63,117 63,117 286,089 286,089 17,421 17,421 655,508 655,508 245,464 1,084,084 1,329,548 21,169 428,528 449,697 1,084,036 1,084,036 245,464 48 245,512 245,464 1,084,084 1,329,548 35,855,000 39 39 118

29. 2005 2004 4,444 2,748 62,590 67,034 2,748 4,277 2,748 62,757 67,034 2,748 2005 2004 167 4,277 2,748 4,444 2,748 62,590,000 1% 2005 2004 5.5% 3.5% +1% 119

29. 2005 2004 4,444 62,590 2,748 67,034 2,748 62,590,000 55% 45% 4,444,000 2,748,000 30. 31. 120

32. 31.12.2005 1.1.2005 6,421 (3,328) 8 0.45% 33. 2005 2004 649,608 458,346 112,557 84,230 330,465 202,042 123,095 133,167 1,215,725 877,785 121

34. 2005 2004 1,003,161 769,906 (60,014) (75,237) 943,147 694,669 596,714 792,625 1,539,861 1,487,294 2005 2004 30 496,563 330,531 31 60 174,943 162,563 61 90 78,413 82,419 91 180 106,355 56,385 181 360 57,750 43,321 360 29,123 19,450 943,147 694,669 122

35. 147,806 98,356 823,880 1,070,042 36. 28,000,000 43,121,000 4.07%0.98% 37. (a) 28.15% 336,680,000 323,731,000 348,642,00035,924,000 31,247,000 123

37. (b) 27,790,000 ( 2005 11,915 15,875 27,790 38. 578,475,000 505,911,000 2005 2004 30 356,876 318,942 31 60 91,492 85,854 61 90 42,345 35,779 91 180 37,727 29,036 181 360 25,738 25,093 360 24,297 11,207 578,475 505,911 124

39. 2005 2004 2005 2004 2,171,265 2,038,333 1,600,000 1,600,000 122,484 61,702 2,293,749 2,100,035 1,600,000 1,600,000 393,267 151,145 1,900,482 1,948,890 1,600,000 1,600,000 2,293,749 2,100,035 1,600,000 1,600,000 1,320,175 1,240,645 800,000 800,000 865,495 15,941 800,000 100,812 833,860 800,000 7,267 9,589 2,293,749 2,100,035 1,600,000 1,600,000 (1,320,175) (1,240,645) (800,000) (800,000) 973,574 859,390 800,000 800,000 2005 2004 420,974 355,954 65,495 10,341 62,021 11,936 38,626 162 165 162 7,267 9,589 594,548 388,144 125

39. 0.45% 2.5% 3 2005 2004 2.4% 9% 2.4% 9% 0.97% 4.65% 0.66% 1.28% 524,617,000 2006 43,990,000 ( 126

40. 0.10 2,000,000,000 200,000 0.10 945,748,000 94,575 12,890,000 1,289 958,638,000 95,864 8,895,000 889 967,533,000 96,753 41. (a) (i)20% (ii) 1 127

41. (a) (i) (ii) (iii) 30% 1% 1.8%1.7% 11.71 16,280,000 (8,895,000) 7,385,000 14.89 10,000,000 10,000,000 16,280,000 10,000,000 (8,895,000) 17,385,000 11.71 26,120,000 (9,840,000) 16,280,000 128

41. (a) 11.71 500,000 (500,000) 14.89 2,440,000 2,440,000 500,000 2,440,000 (500,000) 2,440,000 11.71 500,000 500,000 1. 30% 2. 30% 3. 40% 4. 129

41. (a) 1. 30% 2. 30% 3. 40% 4. 15.75 14.86 14.85 104,160,000 147,143,000 10,000,000 9,946,000 0.9946 14.85 14.89 16.7% 2.5 3.48% 3.7% 1 3,911,000 2,738,000 130

41. (b) Mergen Biotech Mergen Biotech Ltd. Mergen Biotech Mergen Biotech Mergen Biotech Mergen BiotechMergen Biotech Mergen Mergen Biotech Mergen Biotech 1 MergenMergen Biotech Mergen Mergen Biotech MergenMergen 8.22 Mergen Biotech Mergen Biotech Mergen BiotechA1 Mergen Biotech Mergen Biotech Mergen Biotech Mergen 10%Mergen Biotech Mergen Mergen BiotechMergen Biotech 10% Mergen Biotech Mergen1% Mergen 8.22 39,000 Mergen 131

41. (b) Mergen Biotech 1. 70% 2. 15% 3. 15% 4. Mergen BiotechMergen Biotech 63,400 Mergen Mergen 8.22 39,000 Mergen Mergen Biotech Mergen Biotech 8.1% Mergen Biotech 63,400 5,233,000 15.24 8.22 59.9% 5 2.66% 1 Mergen Biotech 132

42. 9,886,904 1,071 1,137,728 2,836,253 13,861,956 694,221 694,221 145,854 145,854 (127) (127) 14 (495,067) (495,067) 10,032,631 1,071 1,137,728 3,035,407 14,206,837 (3,328) (3,328) 10,032,631 1,071 1,137,728 (3,328) 3,035,407 14,203,509 9,749 9,749 661,159 661,159 9,749 661,159 670,908 103,271 103,271 (121) (121) 3,911 3,911 14 (529,805) (529,805) 10,135,781 3,911 1,071 1,137,728 6,421 3,166,761 14,451,673 3,166.8 3,035.4 133

43. 80 50 44. 81,187 (5,100) 1,290 (5,476) 71,901 11 20,758 150 2,104 (2,976) 20,036 (33,232) (33,232) 101,945 (4,950) 3,394 (41,684) 58,705 62 65 235 362 11 (595) 2,126 (2,850) 6,555 17,300 22,536 101,412 2,126 (7,800) 10,014 (24,149) 81,603 2005 2004 107,479 91,937 (25,876) (33,232) 81,603 58,705 134

44. 76.9142.5 44.628.3 7.85.0 32.3 114.2 45. (a) 22,480,000 21,208,000 30% 51% (b) 14,070,000 13,529,000 39% 66% (c) 134,800,000 129,615,000 30.006% 51.007% 37,274,000 135

45. 2005 2004 41,982 85,058 (134 ) 84,924 243,324 (11,994 ) 231,330 81,288 397,542 511,750 20,454 20,454 26,959 26,959 15,363 62,776 114,148 52,890 52,890 6,231 6,231 59,121 39,206 591,998 / 18,525 18,525 96 18,621 102,302 33,232 47,468 47,468 54,709 54,709 31,661 133,838 348,058 77,526 (10,362 ) 67,164 128,861 128,861 76,058 272,083 572,538 1,529 1,529 1,529 15,205 15,205 41,007 41,007 152,036 208,248 514,285 (125,250 ) (125,250 ) (230,403 ) (230,403 ) (70,542 ) (426,195 ) (616,796 ) (2,822 ) (2,822 ) (2,822 ) (8,001 ) (71,220 ) (71,220 ) (205,567 ) (205,567 ) (25,962 ) (302,749 ) (401,293 ) (4,118 ) (5,852 ) (9,970 ) (9,970 ) 65,177 36,542 101,719 56,068 (5,763 ) 50,305 259,998 412,022 1,843,409 (48,347 ) (17,036 ) (134,353 ) (199,736 ) (1,066,466 ) 53,372 33,269 125,645 212,286 776,943 (10,963 ) 2,247 (8,716 ) 37,274 37,274 130,369 (2,212 ) 42,409 35,516 162,919 240,844 905,100 21,208 13,529 129,615 164,352 905,100 21,201 33,304 54,505 21,987 21,987 42,409 35,516 162,919 240,844 905,100 (21,208 ) (13,529 ) (129,615 ) (164,352 ) (905,100 ) 15,205 41,007 152,036 208,248 514,285 (6,003 ) 27,478 22,421 43,896 (390,815 ) 136

45. 469.7 26.1 1,011.0 60.6 46. 2005 2004 18,263 1,493 199,671 3,683 4,791 130 44 1,205 (15,466) (44) (962) 13,137 199,671 (2,315) 10,822 199,671 16,345 11 (286) 10,833 215,730 (5,506) 3,603 5,327 219,333 137

46. 2005 2004 5,327 198,396 20,937 5,327 219,333 5,327 198,396 (1,205) 4,122 198,396 47. 2005 2004 2005 2004 29,831 32,530 6,562 2,981 67,283 78,279 3,281 67 92,225 101,638 189,339 212,447 9,843 3,048 20 1 2 165 1719.83.1 138

47. 2005 2004 2005 2004 797 1,707 2,151 106 849 903 2,556 2,151 48. 2005 2004 29,182 267,170 40,718 40,410 85,055 126,096 73,938 7,328 312 228,893 441,316 1,747,066 85,519 64,721 157,931 1,832,585 222,652 139

48. 2005 2004 27,519 13,011 432,656 430,615 68,057 76,763 547,908 500,713 116,550 125,704 116,550 125,704 75.5 49. 2005 2004 18,000 18,000 1,635 1,887 50,471 33,019 19,635 103,377 52(I)(c) 140

50. (i) 32.065.4 (ii) 230.16.3 (iii) 0.21 (i) 3.8 (ii) 5.3 158,548,000 2,400,000 28.028.9 10.4 51. 141

51. 52. (i) (a) 2005 2004 7,279 5,174 (i) 13,800 13,020 (i) 700 840 (i) (ii) 158 237 (ii) 287 286 3,007 2,997 (i) 142

52. (i) (a) 2005 2004 Eternal Success Holdings 4,654 Limited Eternal (iii)) 13 61 (iv) 113,491 22,198 (iv) (v) 136 11,450 (vi) 71,509 (vii) 146,981 (vii) 143

52. (i) (a) 2005 2004 68,269 (viii) (iv) 40,706 (iv) 28,688 (iv) 131,028 4,237 (iv) (iv) 765 (iv) 7,547 7,098 173 331 711 750 9,230 144

52. (i) (a) 2005 2004 (v) 1,887 19,217 3,774 14,615 486 (i) (ii) (iii) Eternal4,216,240 4,654,000 (iv) (v) (vi) 11,450,000 5% 145

52. (i) (a) (vii) 40% 75,800,000 71,509,000 155,800,000146,981,00048% (viii) 71,000,000 68,269,00069.6% (b) 47 (c) 50 2004 12,736 32,075 5,660 50,471 146

52. (ii) (a) 2005 2004 4,700 2,528 620 114 2,316 1,392 1,109 8,020 385 227 1,651 107 534 10,175 9,601 2,002 628 2,380 147

52. (ii) (a) 2005 2004 2,404 2,358 38,512 62,590 3,000 3,000 1,980 1,134 251 180 397 145 1,202 1,225 148

52. (ii) (a) 2005 2004 29,972 2,995 3,680 27,200 30,700 7,477 (b) 49 50 (iii) 2005 2004 24,413 26,523 1,204 25,617 26,523 149

53. / 52 / 2005 2004 850,703 317,550 240,810 128,669 283,988 106,774 4,591 2,106 ( ) 150

54. 2,587,000 5,321,000 1,985,000 1,415,000 18,237,000 17,302,000 55. / / / / 128,500,000 55% (i) 2,000,000,000 100% (ii) / 1 100% 2 100% 151

55. / / / / / 100% 40,893,400 Nanyang Tobacco (Marketing) / 100% Company, Limited 1 100,000,000 2 100% 8,000,000 93.44% 2,000,000 1,829,510 (iii) 56.63% 306,512,351 (i) 47,830,000 61% 152

55. / / / / 51,000,000 55% (i) 15,343,300 70.4% (i) 53,160,000 51.007% (i) (i) (ii) (iii) A 153

56. / 50% 20% 50% 50% 30% 154

57. 9.92% 9.92% 30.8% 30.8% 30% 30% 155

58. (a) (b) (c) Shanghai Industrial YKB Limited 10 3 56.63% 43.62% 10 1.2 8.46 44,099,410 30.78% 25.17% 447.12 10% 59. 156

59. 2005 181,578 3,567,264 2,276,443 6,025,285 146,673 336,477 551,149 109,578 1,143,877 156,826 (82,024) 26,669 48,677 (104,648) 32,141 2,839 26,632 162,386 (86,486) 102,532 180,661 (26,185) (31,247) 2,324 1,449,603 (194,042) 1,255,561 157

59. 2005 2,419,323 4,113,766 3,858,753 145,844 10,537,686 778,176 89,527 1,124,418 398,387 2,390,508 563,110 963,308 2,341,639 3,868,057 5,175,904 21,972,155 12,590 803,191 418,756 15,000 1,249,537 2,514,589 3,764,126 15,679 374,102 579,334 4,436 973,551 42,234 90,136 130,294 3,302 265,966 9,648 9,648 10,940 13,484 24,424 1,365 7,474 (56) 8,783 2,227 3,911 6,138 158

59. 2004) 189,208 1,283,622 1,956,109 3,428,939 145,880 251,186 504,737 66,497 968,300 (67,830) (19,317) 1,419 9,733 60,895 4,154 76,201 783 9,347 170,019 73,983 254,132 698,523 (33,376) (191,232) 1,685,401 (186,152) 1,499,249 159

59. 2004) 2,497,861 3,701,417 2,779,111 465,135 9,443,524 301,120 158,474 1,312,279 367,916 2,139,789 11,015 292,621 1,628,528 2,434,993 4,367,157 4,656,391 20,606,861 17,323 802,500 323,698 1,143,521 2,372,113 3,515,634 2,466 912,505 311,448 2,319 1,228,738 43,392 38,652 93,984 3,099 179,127 72,532 72,532 641 3,694 14,800 19,135 1,264 3,170 4,434 2,800 2,800 160

59. 2005 2004 4,557,639 1,943,374 931,842 1,259,255 485,762 186,332 50,042 39,978 6,025,285 3,428,939 2005 2004 2005 2004 15,643,338 13,891,096 876,571 991,257 16,559 24,900 5,966,485 6,365,700 96,980 237,481 307,398 325,165 21,933,780 20,606,861 973,551 1,228,738 161

) ) ) ) 3,199,418 3,380,037 2,825,978 3,428,939 6,025,285 1,442,977 1,383,809 1,570,254 1,685,401 1,449,603 (61,862) (114,363) (165,504) (186,152) (194,042) 1,381,115 1,269,446 1,404,750 1,499,249 1,255,561 1,202,534 1,126,343 1,259,166 1,377,660 1,027,940 178,581 143,103 145,584 121,589 227,621 1,381,115 1,269,446 1,404,750 1,499,249 1,255,561 1.34 1.22 1.34 1.45 1.07 1.32 1.21 1.33 1.42 1.06 ) ) ) ) 14,836,204 16,462,662 17,075,454 20,606,861 21,972,155 (1,915,487) (2,346,307) (2,203,680) (3,515,634) (3,764,126) 12,920,717 14,116,355 14,871,774 17,091,227 18,208,029 12,438,408 13,497,806 14,490,840 15,614,861 16,375,892 482,309 618,549 380,934 1,476,366 1,832,137 12,920,717 14,116,355 14,871,774 17,091,227 18,208,029 162

1. 2. 3. 4. 5. A. (B) B. (A) 10% 10% (A) C. i. ii iii 163

6. A. 57B B. (A) C. (A) 20%(i)(ii) (iii) / / (iv) D. i. ii. iii. 164

7. 5 6 6 5 10% 1. 2. 3. 48 4. 5. http://www.hkex.com.hk http://www.sihl.com.hk 165

600597 906 980 Mergen Mergen Biotech Limited 166

571 600315 600607 SIIC Capital (B.V.I.) Ltd. 981 Shanghai Industrial Investment Treasury Co. Ltd. 167

168